Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FISV | |
Entity Registrant Name | FISERV INC | |
Entity Central Index Key | 798354 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 236,788,515 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue: | ||
Processing and services | $1,067 | $1,027 |
Product | 208 | 207 |
Total revenue | 1,275 | 1,234 |
Expenses: | ||
Cost of processing and services | 542 | 541 |
Cost of product | 181 | 180 |
Selling, general and administrative | 238 | 242 |
Total expenses | 961 | 963 |
Operating income | 314 | 271 |
Interest expense | -41 | -41 |
Interest and investment income | 1 | |
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | 274 | 230 |
Income tax provision | -96 | -66 |
Income from investment in unconsolidated affiliate | 4 | |
Income from continuing operations | 178 | 168 |
Income (loss) from discontinued operations, net of income taxes | 0 | 0 |
Net income | $178 | $168 |
Net income (loss) per share - basic: | ||
Continuing operations | $0.75 | $0.66 |
Discontinued operations | $0 | $0 |
Total | $0.75 | $0.66 |
Net income (loss) per share - diluted: | ||
Continuing operations | $0.73 | $0.65 |
Discontinued operations | $0 | $0 |
Total | $0.73 | $0.65 |
Shares used in computing net income (loss) per share: | ||
Basic | 238.8 | 254.4 |
Diluted | 243 | 258.6 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $178 | $168 |
Other comprehensive (loss) income: | ||
Fair market value adjustment on cash flow hedges, net of income tax provision of $1 million | 2 | |
Reclassification adjustment for net realized losses on cash flow hedges included in interest expense, net of income tax provision of $1 million in each period | 2 | 2 |
Foreign currency translation | -10 | 2 |
Total other comprehensive (loss) income | -8 | 6 |
Comprehensive income | $170 | $174 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Fair market value adjustment on cash flow hedges, tax provision | $0 | $1 |
Reclassification adjustment for net realized losses on cash flow hedges included in interest expense, tax provision | $1 | $1 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $296 | $294 |
Trade accounts receivable, net | 765 | 798 |
Deferred income taxes | 39 | 42 |
Prepaid expenses and other current assets | 398 | 352 |
Total current assets | 1,498 | 1,486 |
Property and equipment, net | 338 | 317 |
Intangible assets, net | 1,974 | 2,003 |
Goodwill | 5,204 | 5,209 |
Other long-term assets | 321 | 322 |
Total assets | 9,335 | 9,337 |
Liabilities and Shareholders' Equity | ||
Accounts payable and accrued expenses | 936 | 905 |
Current maturities of long-term debt | 95 | 92 |
Deferred revenue | 470 | 489 |
Total current liabilities | 1,501 | 1,486 |
Long-term debt | 3,757 | 3,711 |
Deferred income taxes | 720 | 716 |
Other long-term liabilities | 139 | 129 |
Total liabilities | 6,117 | 6,042 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, no par value: 25.0 million shares authorized; none issued | ||
Common stock, $0.01 par value: 900.0 million shares authorized; 395.7 million shares issued | 4 | 4 |
Additional paid-in capital | 896 | 897 |
Accumulated other comprehensive loss | -71 | -63 |
Retained earnings | 7,530 | 7,352 |
Treasury stock, at cost, 158.0 million and 155.4 million shares | -5,141 | -4,895 |
Total shareholders' equity | 3,218 | 3,295 |
Total liabilities and shareholders' equity | $9,335 | $9,337 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, no par value | ||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, issued | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 395,700,000 | 395,700,000 |
Treasury stock, shares | 158,000,000 | 155,400,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $178 | $168 |
Adjustment for discontinued operations | 0 | 0 |
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations: | ||
Depreciation and other amortization | 53 | 48 |
Amortization of acquisition-related intangible assets | 49 | 52 |
Share-based compensation | 18 | 15 |
Deferred income taxes | 4 | 1 |
Income from investment in unconsolidated affiliate | -4 | |
Other non-cash items | -1 | -9 |
Changes in assets and liabilities: | ||
Trade accounts receivable | 34 | -1 |
Prepaid expenses and other assets | -17 | -3 |
Accounts payable and other liabilities | 47 | 44 |
Deferred revenue | -19 | -19 |
Net cash provided by operating activities from continuing operations | 346 | 292 |
Cash flows from investing activities: | ||
Capital expenditures, including capitalization of software costs | -90 | -70 |
Net cash used in investing activities from continuing operations | -90 | -70 |
Cash flows from financing activities: | ||
Debt proceeds | 430 | 62 |
Debt repayments | -381 | -62 |
Proceeds from issuance of treasury stock | 28 | 12 |
Purchases of treasury stock, including employee shares withheld for tax obligations | -331 | -335 |
Other financing activities | 8 | |
Net cash used in financing activities from continuing operations | -254 | -315 |
Net change in cash and cash equivalents from continuing operations | 2 | -93 |
Net cash flows from (to) discontinued operations | 0 | 0 |
Beginning balance | 294 | 400 |
Ending balance | $296 | $307 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation | 1 | Basis of Presentation |
The consolidated financial statements for the three-month periods ended March 31, 2015 and 2014 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, 2014. | ||
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. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Changes and Error Corrections [Abstract] | ||
Recent Accounting Pronouncements | 2 | Recent Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability rather than as an asset. The standard does not affect the recognition and measurement of debt issuance costs; therefore, the amortization of such costs shall continue to be reported as interest expense. ASU 2015-03 will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permissible for financial statements that have not been previously issued. The new guidance is to be applied on a retrospective basis to all prior periods. The Company does not expect the adoption of ASU 2015-03 to have a material impact on its consolidated financial statements. | ||
In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”), which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 clarifies how to determine whether equity holders as a group have power to direct the activities that most significantly affect the legal entity’s economic performance and could affect whether it is a variable interest entity. ASU 2015-02 will be effective for annual periods beginning after December 15, 2015; early adoption is allowed, including in any interim period. The Company is currently assessing the impact that the adoption of ASU 2015-02 will have on its consolidated financial statements. | ||
In May 2014, the FASB issued 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. In April 2015, the FASB issued a proposed ASU to defer for one year the effective date of the new revenue standard and to permit entities to early adopt the standard as of the original effective date in ASU 2014-09. Comments on the proposed ASU are due by May 29, 2015. 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. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |
Mar. 31, 2015 | ||
Fair Value Disclosures [Abstract] | ||
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 March 31, 2015 and $3.9 billion at December 31, 2014 and was estimated using quoted prices in inactive markets (level 2 of the fair value hierarchy) or using discounted cash flows based on the Company’s current incremental borrowing rates (level 3 of the fair value hierarchy). | ||
Investment_in_Unconsolidated_A
Investment in Unconsolidated Affiliate | 3 Months Ended | |
Mar. 31, 2015 | ||
Equity Method Investments and Joint Ventures [Abstract] | ||
Investment in Unconsolidated Affiliate | 4 | 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 $21 million at both March 31, 2015 and December 31, 2014, and was reported within other long-term assets in the consolidated balance sheets. To the extent that the Company’s cost basis is different than the basis reflected at the unconsolidated affiliate level, the basis difference is generally amortized over the lives of the related assets and included in the Company’s share of equity in earnings of the unconsolidated affiliate. | ||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | |
Mar. 31, 2015 | ||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-Based Compensation | 5 | Share-Based Compensation |
The Company recognized $18 million and $15 million of share-based compensation expense during the three months ended March 31, 2015 and 2014, respectively. The Company’s annual grant of share-based awards generally occurs in the first quarter. During the three months ended March 31, 2015, the Company granted 1.1 million stock options and 0.3 million restricted stock units at weighted-average estimated fair values of $25.41 and $78.98, respectively. During the three months ended March 31, 2014, the Company granted 1.3 million stock options and 0.4 million restricted stock units at weighted-average estimated fair values of $18.77 and $56.98, respectively. During the three months ended March 31, 2015 and 2014, stock options to purchase 1.4 million and 0.5 million shares, respectively, were exercised. | ||
Shares_Used_in_Computing_Net_I
Shares Used in Computing Net Income Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Shares Used in Computing Net Income Per Share | 6 | Shares Used in Computing Net Income Per Share | |||||||
The computation of shares used in calculating basic and diluted net income per common share is as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2015 | 2014 | |||||||
Weighted-average common shares outstanding used for the calculation of net income per share - basic | 238.8 | 254.4 | |||||||
Common stock equivalents | 4.2 | 4.2 | |||||||
Weighted-average common shares outstanding used for the calculation of net income per share - diluted | 243 | 258.6 | |||||||
For the three months ended March 31, 2015 and 2014, stock options for 0.6 million and 0.7 million shares, respectively, were excluded from the calculation of diluted weighted-average outstanding shares because their impact was anti-dilutive. | |||||||||
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Intangible Assets | 7 | Intangible Assets | |||||||||||
Intangible assets consisted of the following: | |||||||||||||
(In millions) | Gross | Accumulated | Net Book | ||||||||||
Carrying | |||||||||||||
March 31, 2015 | Amount | Amortization | Value | ||||||||||
Customer related intangible assets | $ | 2,155 | $ | 828 | $ | 1,327 | |||||||
Acquired software and technology | 493 | 372 | 121 | ||||||||||
Trade names | 120 | 48 | 72 | ||||||||||
Capitalized software development costs | 560 | 218 | 342 | ||||||||||
Purchased software | 253 | 141 | 112 | ||||||||||
Total | $ | 3,581 | $ | 1,607 | $ | 1,974 | |||||||
(In millions) | Gross | Accumulated | Net Book | ||||||||||
Carrying | |||||||||||||
December 31, 2014 | Amount | Amortization | Value | ||||||||||
Customer related intangible assets | $ | 2,155 | $ | 797 | $ | 1,358 | |||||||
Acquired software and technology | 493 | 356 | 137 | ||||||||||
Trade names | 120 | 46 | 74 | ||||||||||
Capitalized software development costs | 574 | 240 | 334 | ||||||||||
Purchased software | 234 | 134 | 100 | ||||||||||
Total | $ | 3,576 | $ | 1,573 | $ | 2,003 | |||||||
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 $190 million in 2015, $150 million in 2016, $140 million in each of 2017 and 2018, and $130 million in 2019. Annual amortization expense in 2015 with respect to capitalized and purchased software is estimated to approximate $115 million. | |||||||||||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Expenses | 8 | Accounts Payable and Accrued Expenses | |||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
(In millions) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Trade accounts payable | $ | 56 | $ | 61 | |||||
Client deposits | 278 | 261 | |||||||
Settlement obligations | 208 | 176 | |||||||
Accrued compensation and benefits | 110 | 192 | |||||||
Other accrued expenses | 284 | 215 | |||||||
Total | $ | 936 | $ | 905 | |||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Loss | 9 | 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, 2014 | $ | (41 | ) | $ | (20 | ) | $ | (2 | ) | $ | (63 | ) | |||||
Other comprehensive loss before reclassifications | — | (10 | ) | — | (10 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 2 | — | — | 2 | |||||||||||||
Net current-period other comprehensive (loss) income | 2 | (10 | ) | — | (8 | ) | |||||||||||
Balance at March 31, 2015 | $ | (39 | ) | $ | (30 | ) | $ | (2 | ) | $ | (71 | ) | |||||
(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 | 2 | — | 4 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 2 | — | — | 2 | |||||||||||||
Net current-period other comprehensive income | 4 | 2 | — | 6 | |||||||||||||
Balance at March 31, 2014 | $ | (45 | ) | $ | (7 | ) | $ | (2 | ) | $ | (54 | ) | |||||
Based on the amounts recorded in accumulated other comprehensive loss at March 31, 2015, 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 March 31, 2015, the notional amount of these derivatives was approximately $62 million, and the fair value was nominal. As of December 31, 2014, the notional amount of these derivatives was approximately $73 million, and the fair value totaling approximately $1 million was recorded within current accrued expenses in the consolidated balance sheet. | |||||||||||||||||
Cash_Flow_Information
Cash Flow Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Cash Flow Information | 10 | Cash Flow Information | |||||||
Supplemental cash flow information was as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2015 | 2014 | |||||||
Interest paid | $ | 4 | $ | 4 | |||||
Income taxes paid from continuing operations | 13 | 12 | |||||||
Treasury stock purchases settled after the balance sheet date | 12 | 25 | |||||||
Business_Segment_Information
Business Segment Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Business Segment Information | 11 | Business Segment Information | |||||||||||||||
The Company’s operations are comprised of the Payments and Industry Products (“Payments”) segment and the Financial Institution Services (“Financial”) segment. The Payments segment primarily provides debit, credit and prepaid card processing and services, electronic bill payment and presentment services, internet and mobile banking software and services, person-to-person payment services, and other electronic payments software and services. The businesses in this segment also provide card and print personalization services, investment account processing services for separately managed accounts, and fraud and risk management products and services. The Financial segment provides banks, thrifts, credit unions, and leasing and finance companies 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 March 31, 2015 | |||||||||||||||||
Processing and services revenue | $ | 516 | $ | 552 | $ | (1 | ) | $ | 1,067 | ||||||||
Product revenue | 180 | 41 | (13 | ) | 208 | ||||||||||||
Total revenue | $ | 696 | $ | 593 | $ | (14 | ) | $ | 1,275 | ||||||||
Operating income | $ | 191 | $ | 204 | $ | (81 | ) | $ | 314 | ||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Processing and services revenue | $ | 491 | $ | 539 | $ | (3 | ) | $ | 1,027 | ||||||||
Product revenue | 182 | 36 | (11 | ) | 207 | ||||||||||||
Total revenue | $ | 673 | $ | 575 | $ | (14 | ) | $ | 1,234 | ||||||||
Operating income | $ | 180 | $ | 185 | $ | (94 | ) | $ | 271 | ||||||||
As of both March 31, 2015 and December 31, 2014, goodwill was $3.4 billion and $1.8 billion in the Payments and Financial segments, respectively. |
Subsequent_Event
Subsequent Event | 3 Months Ended | |
Mar. 31, 2015 | ||
Subsequent Events [Abstract] | ||
Subsequent Event | 12 | Subsequent Event |
On April 30, 2015, the Company entered into an amended and restated revolving credit agreement that restated its existing $2.0 billion revolving credit agreement with a syndicate of banks and extended its maturity from October 2018 to April 2020. The amended and restated credit agreement also provided that the Company’s subsidiaries that were guaranteeing its obligations under the revolving credit facility were released from their respective guarantees. Borrowings under the amended revolving credit facility continue to bear interest at a variable rate based on LIBOR or on a base rate, plus a specified margin based on the Company’s long-term debt rating in effect from time to time. There are no significant commitment fees and no compensating balance requirements. The amended revolving credit facility contains various restrictions and covenants that are substantially similar to those under the Company’s previously existing credit agreement. On April 30, 2015, the Company also entered into an amendment to its term loan facility to conform certain of its terms to those in the amended and restated credit agreement, including providing that its subsidiaries that were guaranteeing its obligations under the term loan facility were released from their respective guarantees. In addition, on April 30, 2015, the Company provided notice to the trustee under the indenture and supplemental indentures governing its outstanding senior notes that the subsidiary guarantors of the outstanding senior notes were automatically released from all of their obligations under the supplemental indentures and their respective guarantees. |
Subsidiary_Guarantors_of_LongT
Subsidiary Guarantors of Long-Term Debt | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||
Subsidiary Guarantors of Long-Term Debt | 13 | Subsidiary Guarantors of Long-Term Debt | |||||||||||||||||||
As of March 31, 2015, certain of the Company’s 100% owned domestic subsidiaries (“Guarantor Subsidiaries”) jointly and severally, and fully and unconditionally, guaranteed the Company’s indebtedness under its senior notes. The following condensed consolidating financial information is presented on the equity method and reflects summarized financial information for: (i) the Company; (ii) the Guarantor Subsidiaries on a combined basis; and (iii) the Company’s non-guarantor subsidiaries on a combined basis. Certain intercompany amounts reported in the prior period within the 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. On April 30, 2015, the Company provided notice to the trustee under the indenture and supplemental indentures governing its outstanding senior notes that the Guarantor Subsidiaries of the outstanding senior notes were automatically released from all of their obligations under the supplemental indentures and their respective guarantees of the Company’s senior notes. See Note 12 for more information. | |||||||||||||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
Processing and services | $ | — | $ | 795 | $ | 316 | $ | (44 | ) | $ | 1,067 | ||||||||||
Product | — | 205 | 25 | (22 | ) | 208 | |||||||||||||||
Total revenue | — | 1,000 | 341 | (66 | ) | 1,275 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Cost of processing and services | — | 398 | 188 | (44 | ) | 542 | |||||||||||||||
Cost of product | — | 178 | 25 | (22 | ) | 181 | |||||||||||||||
Selling, general and administrative | 19 | 161 | 58 | — | 238 | ||||||||||||||||
Total expenses | 19 | 737 | 271 | (66 | ) | 961 | |||||||||||||||
Operating income (loss) | (19 | ) | 263 | 70 | — | 314 | |||||||||||||||
Interest expense | (35 | ) | (5 | ) | — | — | (40 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | (54 | ) | 258 | 70 | — | 274 | |||||||||||||||
Income tax (provision) benefit | 23 | (94 | ) | (25 | ) | — | (96 | ) | |||||||||||||
Income from investment in unconsolidated affiliate | — | — | — | — | — | ||||||||||||||||
Equity in earnings of consolidated affiliates | 209 | — | — | (209 | ) | — | |||||||||||||||
Income from continuing operations | 178 | 164 | 45 | (209 | ) | 178 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||||
Net income | $ | 178 | $ | 164 | $ | 45 | $ | (209 | ) | $ | 178 | ||||||||||
Comprehensive income | $ | 170 | $ | 164 | $ | 35 | $ | (199 | ) | $ | 170 | ||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
Processing and services | $ | — | $ | 755 | $ | 315 | $ | (43 | ) | $ | 1,027 | ||||||||||
Product | — | 205 | 21 | (19 | ) | 207 | |||||||||||||||
Total revenue | — | 960 | 336 | (62 | ) | 1,234 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Cost of processing and services | — | 396 | 188 | (43 | ) | 541 | |||||||||||||||
Cost of product | — | 174 | 25 | (19 | ) | 180 | |||||||||||||||
Selling, general and administrative | 20 | 165 | 57 | — | 242 | ||||||||||||||||
Total expenses | 20 | 735 | 270 | (62 | ) | 963 | |||||||||||||||
Operating income (loss) | (20 | ) | 225 | 66 | — | 271 | |||||||||||||||
Interest expense | (32 | ) | (7 | ) | (2 | ) | — | (41 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | (52 | ) | 218 | 64 | — | 230 | |||||||||||||||
Income tax (provision) benefit | 37 | (80 | ) | (23 | ) | — | (66 | ) | |||||||||||||
Income from investment in unconsolidated affiliate | — | 4 | — | — | 4 | ||||||||||||||||
Equity in earnings of consolidated affiliates | 183 | — | — | (183 | ) | — | |||||||||||||||
Income from continuing operations | 168 | 142 | 41 | (183 | ) | 168 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||||
Net income | $ | 168 | $ | 142 | $ | 41 | $ | (183 | ) | $ | 168 | ||||||||||
Comprehensive income | $ | 174 | $ | 142 | $ | 43 | $ | (185 | ) | $ | 174 | ||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 25 | $ | 71 | $ | 200 | $ | — | $ | 296 | |||||||||||
Trade accounts receivable, net | — | 503 | 262 | — | 765 | ||||||||||||||||
Prepaid expenses and other current assets | 47 | 232 | 158 | — | 437 | ||||||||||||||||
Total current assets | 72 | 806 | 620 | — | 1,498 | ||||||||||||||||
Due from consolidated affiliates | — | 2,559 | 723 | (3,282 | ) | — | |||||||||||||||
Investments in consolidated affiliates | 11,157 | — | — | (11,157 | ) | — | |||||||||||||||
Intangible assets, net | 22 | 1,715 | 237 | — | 1,974 | ||||||||||||||||
Goodwill | — | 4,154 | 1,050 | — | 5,204 | ||||||||||||||||
Other long-term assets | 34 | 522 | 103 | — | 659 | ||||||||||||||||
Total assets | $ | 11,285 | $ | 9,756 | $ | 2,733 | $ | (14,439 | ) | $ | 9,335 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 175 | $ | 571 | $ | 190 | $ | — | $ | 936 | |||||||||||
Current maturities of long-term debt | 90 | 5 | — | — | 95 | ||||||||||||||||
Deferred revenue | — | 273 | 197 | — | 470 | ||||||||||||||||
Total current liabilities | 265 | 849 | 387 | — | 1,501 | ||||||||||||||||
Long-term debt | 3,750 | 7 | — | — | 3,757 | ||||||||||||||||
Due to consolidated affiliates | 3,282 | — | — | (3,282 | ) | — | |||||||||||||||
Other long-term liabilities | 770 | 43 | 46 | — | 859 | ||||||||||||||||
Total liabilities | 8,067 | 899 | 433 | (3,282 | ) | 6,117 | |||||||||||||||
Total shareholders’ equity | 3,218 | 8,857 | 2,300 | (11,157 | ) | 3,218 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 11,285 | $ | 9,756 | $ | 2,733 | $ | (14,439 | ) | $ | 9,335 | ||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 21 | $ | 80 | $ | 193 | $ | — | $ | 294 | |||||||||||
Trade accounts receivable, net | — | 510 | 288 | — | 798 | ||||||||||||||||
Prepaid expenses and other current assets | 48 | 209 | 137 | — | 394 | ||||||||||||||||
Total current assets | 69 | 799 | 618 | — | 1,486 | ||||||||||||||||
Due from consolidated affiliates | — | 2,467 | 670 | (3,137 | ) | — | |||||||||||||||
Investments in consolidated affiliates | 10,987 | — | — | (10,987 | ) | — | |||||||||||||||
Intangible assets, net | 23 | 1,734 | 246 | — | 2,003 | ||||||||||||||||
Goodwill | — | 4,154 | 1,055 | — | 5,209 | ||||||||||||||||
Other long-term assets | 36 | 496 | 107 | — | 639 | ||||||||||||||||
Total assets | $ | 11,115 | $ | 9,650 | $ | 2,696 | $ | (14,124 | ) | $ | 9,337 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 119 | $ | 586 | $ | 200 | $ | — | $ | 905 | |||||||||||
Current maturities of long-term debt | 90 | 2 | — | — | 92 | ||||||||||||||||
Deferred revenue | — | 285 | 204 | — | 489 | ||||||||||||||||
Total current liabilities | 209 | 873 | 404 | — | 1,486 | ||||||||||||||||
Long-term debt | 3,707 | 4 | — | — | 3,711 | ||||||||||||||||
Due to consolidated affiliates | 3,137 | — | — | (3,137 | ) | — | |||||||||||||||
Other long-term liabilities | 767 | 31 | 47 | — | 845 | ||||||||||||||||
Total liabilities | 7,820 | 908 | 451 | (3,137 | ) | 6,042 | |||||||||||||||
Total shareholders’ equity | 3,295 | 8,742 | 2,245 | (10,987 | ) | 3,295 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 11,115 | $ | 9,650 | $ | 2,696 | $ | (14,124 | ) | $ | 9,337 | ||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash provided by operating activities from continuing operations | $ | 88 | $ | 190 | $ | 68 | $ | — | $ | 346 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures, including capitalization of software costs | — | (71 | ) | (19 | ) | — | (90 | ) | |||||||||||||
Other investing activities | — | (133 | ) | (42 | ) | 175 | — | ||||||||||||||
Net cash used in investing activities from continuing operations | — | (204 | ) | (61 | ) | 175 | (90 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt proceeds | 422 | 8 | — | — | 430 | ||||||||||||||||
Debt repayments | (378 | ) | (3 | ) | — | — | (381 | ) | |||||||||||||
Proceeds from issuance of treasury stock | 28 | — | — | — | 28 | ||||||||||||||||
Purchases of treasury stock, including employee shares withheld for tax obligations | (331 | ) | — | — | — | (331 | ) | ||||||||||||||
Other financing activities | 175 | — | — | (175 | ) | — | |||||||||||||||
Net cash (used in) provided by financing activities from continuing operations | (84 | ) | 5 | — | (175 | ) | (254 | ) | |||||||||||||
Net change in cash and cash equivalents from continuing operations | 4 | (9 | ) | 7 | — | 2 | |||||||||||||||
Net cash flows from (to) discontinued operations | — | — | — | — | — | ||||||||||||||||
Beginning balance | 21 | 80 | 193 | — | 294 | ||||||||||||||||
Ending balance | $ | 25 | $ | 71 | $ | 200 | $ | — | $ | 296 | |||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash provided by operating activities from continuing operations | $ | 59 | $ | 166 | $ | 67 | $ | — | $ | 292 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures, including capitalization of software costs | (2 | ) | (48 | ) | (20 | ) | — | (70 | ) | ||||||||||||
Other investing activities | — | (103 | ) | (46 | ) | 149 | — | ||||||||||||||
Net cash used in investing activities from continuing operations | (2 | ) | (151 | ) | (66 | ) | 149 | (70 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt proceeds | 62 | — | — | — | 62 | ||||||||||||||||
Debt repayments | (62 | ) | — | — | — | (62 | ) | ||||||||||||||
Proceeds from issuance of treasury stock | 12 | — | — | — | 12 | ||||||||||||||||
Purchases of treasury stock, including employee shares withheld for tax obligations | (335 | ) | — | — | — | (335 | ) | ||||||||||||||
Other financing activities | 157 | — | — | (149 | ) | 8 | |||||||||||||||
Net cash used in financing activities from continuing operations | (166 | ) | — | — | (149 | ) | (315 | ) | |||||||||||||
Net change in cash and cash equivalents from continuing operations | (109 | ) | 15 | 1 | — | (93 | ) | ||||||||||||||
Net cash flows from (to) discontinued operations | — | — | — | — | — | ||||||||||||||||
Beginning balance | 139 | 76 | 185 | — | 400 | ||||||||||||||||
Ending balance | $ | 30 | $ | 91 | $ | 186 | $ | — | $ | 307 | |||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
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) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Weighted Average Number of Shares | The computation of shares used in calculating basic and diluted net income per common share is as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2015 | 2014 | |||||||
Weighted-average common shares outstanding used for the calculation of net income per share - basic | 238.8 | 254.4 | |||||||
Common stock equivalents | 4.2 | 4.2 | |||||||
Weighted-average common shares outstanding used for the calculation of net income per share - diluted | 243 | 258.6 | |||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Schedule of Intangible Assets by Class | Intangible assets consisted of the following: | ||||||||||||
(In millions) | Gross | Accumulated | Net Book | ||||||||||
Carrying | |||||||||||||
March 31, 2015 | Amount | Amortization | Value | ||||||||||
Customer related intangible assets | $ | 2,155 | $ | 828 | $ | 1,327 | |||||||
Acquired software and technology | 493 | 372 | 121 | ||||||||||
Trade names | 120 | 48 | 72 | ||||||||||
Capitalized software development costs | 560 | 218 | 342 | ||||||||||
Purchased software | 253 | 141 | 112 | ||||||||||
Total | $ | 3,581 | $ | 1,607 | $ | 1,974 | |||||||
(In millions) | Gross | Accumulated | Net Book | ||||||||||
Carrying | |||||||||||||
December 31, 2014 | Amount | Amortization | Value | ||||||||||
Customer related intangible assets | $ | 2,155 | $ | 797 | $ | 1,358 | |||||||
Acquired software and technology | 493 | 356 | 137 | ||||||||||
Trade names | 120 | 46 | 74 | ||||||||||
Capitalized software development costs | 574 | 240 | 334 | ||||||||||
Purchased software | 234 | 134 | 100 | ||||||||||
Total | $ | 3,576 | $ | 1,573 | $ | 2,003 | |||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consisted of the following: | ||||||||
(In millions) | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Trade accounts payable | $ | 56 | $ | 61 | |||||
Client deposits | 278 | 261 | |||||||
Settlement obligations | 208 | 176 | |||||||
Accrued compensation and benefits | 110 | 192 | |||||||
Other accrued expenses | 284 | 215 | |||||||
Total | $ | 936 | $ | 905 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
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, 2014 | $ | (41 | ) | $ | (20 | ) | $ | (2 | ) | $ | (63 | ) | |||||
Other comprehensive loss before reclassifications | — | (10 | ) | — | (10 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 2 | — | — | 2 | |||||||||||||
Net current-period other comprehensive (loss) income | 2 | (10 | ) | — | (8 | ) | |||||||||||
Balance at March 31, 2015 | $ | (39 | ) | $ | (30 | ) | $ | (2 | ) | $ | (71 | ) | |||||
(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 | 2 | — | 4 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | 2 | — | — | 2 | |||||||||||||
Net current-period other comprehensive income | 4 | 2 | — | 6 | |||||||||||||
Balance at March 31, 2014 | $ | (45 | ) | $ | (7 | ) | $ | (2 | ) | $ | (54 | ) | |||||
Cash_Flow_Information_Tables
Cash Flow Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information was as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(In millions) | 2015 | 2014 | |||||||
Interest paid | $ | 4 | $ | 4 | |||||
Income taxes paid from continuing operations | 13 | 12 | |||||||
Treasury stock purchases settled after the balance sheet date | 12 | 25 |
Business_Segment_Information_T
Business Segment Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information | |||||||||||||||||
(In millions) | Payments | Financial | Corporate | Total | |||||||||||||
and Other | |||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||
Processing and services revenue | $ | 516 | $ | 552 | $ | (1 | ) | $ | 1,067 | ||||||||
Product revenue | 180 | 41 | (13 | ) | 208 | ||||||||||||
Total revenue | $ | 696 | $ | 593 | $ | (14 | ) | $ | 1,275 | ||||||||
Operating income | $ | 191 | $ | 204 | $ | (81 | ) | $ | 314 | ||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
Processing and services revenue | $ | 491 | $ | 539 | $ | (3 | ) | $ | 1,027 | ||||||||
Product revenue | 182 | 36 | (11 | ) | 207 | ||||||||||||
Total revenue | $ | 673 | $ | 575 | $ | (14 | ) | $ | 1,234 | ||||||||
Operating income | $ | 180 | $ | 185 | $ | (94 | ) | $ | 271 | ||||||||
Subsidiary_Guarantors_of_LongT1
Subsidiary Guarantors of Long-Term Debt (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | Condensed Consolidating Statement of Income and Comprehensive Income | ||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
Processing and services | $ | — | $ | 795 | $ | 316 | $ | (44 | ) | $ | 1,067 | ||||||||||
Product | — | 205 | 25 | (22 | ) | 208 | |||||||||||||||
Total revenue | — | 1,000 | 341 | (66 | ) | 1,275 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Cost of processing and services | — | 398 | 188 | (44 | ) | 542 | |||||||||||||||
Cost of product | — | 178 | 25 | (22 | ) | 181 | |||||||||||||||
Selling, general and administrative | 19 | 161 | 58 | — | 238 | ||||||||||||||||
Total expenses | 19 | 737 | 271 | (66 | ) | 961 | |||||||||||||||
Operating income (loss) | (19 | ) | 263 | 70 | — | 314 | |||||||||||||||
Interest expense | (35 | ) | (5 | ) | — | — | (40 | ) | |||||||||||||
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | (54 | ) | 258 | 70 | — | 274 | |||||||||||||||
Income tax (provision) benefit | 23 | (94 | ) | (25 | ) | — | (96 | ) | |||||||||||||
Income from investment in unconsolidated affiliate | — | — | — | — | — | ||||||||||||||||
Equity in earnings of consolidated affiliates | 209 | — | — | (209 | ) | — | |||||||||||||||
Income from continuing operations | 178 | 164 | 45 | (209 | ) | 178 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||||
Net income | $ | 178 | $ | 164 | $ | 45 | $ | (209 | ) | $ | 178 | ||||||||||
Comprehensive income | $ | 170 | $ | 164 | $ | 35 | $ | (199 | ) | $ | 170 | ||||||||||
Condensed Consolidating Statement of Income and Comprehensive Income | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Revenue: | |||||||||||||||||||||
Processing and services | $ | — | $ | 755 | $ | 315 | $ | (43 | ) | $ | 1,027 | ||||||||||
Product | — | 205 | 21 | (19 | ) | 207 | |||||||||||||||
Total revenue | — | 960 | 336 | (62 | ) | 1,234 | |||||||||||||||
Expenses: | |||||||||||||||||||||
Cost of processing and services | — | 396 | 188 | (43 | ) | 541 | |||||||||||||||
Cost of product | — | 174 | 25 | (19 | ) | 180 | |||||||||||||||
Selling, general and administrative | 20 | 165 | 57 | — | 242 | ||||||||||||||||
Total expenses | 20 | 735 | 270 | (62 | ) | 963 | |||||||||||||||
Operating income (loss) | (20 | ) | 225 | 66 | — | 271 | |||||||||||||||
Interest expense | (32 | ) | (7 | ) | (2 | ) | — | (41 | ) | ||||||||||||
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | (52 | ) | 218 | 64 | — | 230 | |||||||||||||||
Income tax (provision) benefit | 37 | (80 | ) | (23 | ) | — | (66 | ) | |||||||||||||
Income from investment in unconsolidated affiliate | — | 4 | — | — | 4 | ||||||||||||||||
Equity in earnings of consolidated affiliates | 183 | — | — | (183 | ) | — | |||||||||||||||
Income from continuing operations | 168 | 142 | 41 | (183 | ) | 168 | |||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | — | — | — | — | ||||||||||||||||
Net income | $ | 168 | $ | 142 | $ | 41 | $ | (183 | ) | $ | 168 | ||||||||||
Comprehensive income | $ | 174 | $ | 142 | $ | 43 | $ | (185 | ) | $ | 174 | ||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | ||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 25 | $ | 71 | $ | 200 | $ | — | $ | 296 | |||||||||||
Trade accounts receivable, net | — | 503 | 262 | — | 765 | ||||||||||||||||
Prepaid expenses and other current assets | 47 | 232 | 158 | — | 437 | ||||||||||||||||
Total current assets | 72 | 806 | 620 | — | 1,498 | ||||||||||||||||
Due from consolidated affiliates | — | 2,559 | 723 | (3,282 | ) | — | |||||||||||||||
Investments in consolidated affiliates | 11,157 | — | — | (11,157 | ) | — | |||||||||||||||
Intangible assets, net | 22 | 1,715 | 237 | — | 1,974 | ||||||||||||||||
Goodwill | — | 4,154 | 1,050 | — | 5,204 | ||||||||||||||||
Other long-term assets | 34 | 522 | 103 | — | 659 | ||||||||||||||||
Total assets | $ | 11,285 | $ | 9,756 | $ | 2,733 | $ | (14,439 | ) | $ | 9,335 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 175 | $ | 571 | $ | 190 | $ | — | $ | 936 | |||||||||||
Current maturities of long-term debt | 90 | 5 | — | — | 95 | ||||||||||||||||
Deferred revenue | — | 273 | 197 | — | 470 | ||||||||||||||||
Total current liabilities | 265 | 849 | 387 | — | 1,501 | ||||||||||||||||
Long-term debt | 3,750 | 7 | — | — | 3,757 | ||||||||||||||||
Due to consolidated affiliates | 3,282 | — | — | (3,282 | ) | — | |||||||||||||||
Other long-term liabilities | 770 | 43 | 46 | — | 859 | ||||||||||||||||
Total liabilities | 8,067 | 899 | 433 | (3,282 | ) | 6,117 | |||||||||||||||
Total shareholders’ equity | 3,218 | 8,857 | 2,300 | (11,157 | ) | 3,218 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 11,285 | $ | 9,756 | $ | 2,733 | $ | (14,439 | ) | $ | 9,335 | ||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 21 | $ | 80 | $ | 193 | $ | — | $ | 294 | |||||||||||
Trade accounts receivable, net | — | 510 | 288 | — | 798 | ||||||||||||||||
Prepaid expenses and other current assets | 48 | 209 | 137 | — | 394 | ||||||||||||||||
Total current assets | 69 | 799 | 618 | — | 1,486 | ||||||||||||||||
Due from consolidated affiliates | — | 2,467 | 670 | (3,137 | ) | — | |||||||||||||||
Investments in consolidated affiliates | 10,987 | — | — | (10,987 | ) | — | |||||||||||||||
Intangible assets, net | 23 | 1,734 | 246 | — | 2,003 | ||||||||||||||||
Goodwill | — | 4,154 | 1,055 | — | 5,209 | ||||||||||||||||
Other long-term assets | 36 | 496 | 107 | — | 639 | ||||||||||||||||
Total assets | $ | 11,115 | $ | 9,650 | $ | 2,696 | $ | (14,124 | ) | $ | 9,337 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 119 | $ | 586 | $ | 200 | $ | — | $ | 905 | |||||||||||
Current maturities of long-term debt | 90 | 2 | — | — | 92 | ||||||||||||||||
Deferred revenue | — | 285 | 204 | — | 489 | ||||||||||||||||
Total current liabilities | 209 | 873 | 404 | — | 1,486 | ||||||||||||||||
Long-term debt | 3,707 | 4 | — | — | 3,711 | ||||||||||||||||
Due to consolidated affiliates | 3,137 | — | — | (3,137 | ) | — | |||||||||||||||
Other long-term liabilities | 767 | 31 | 47 | — | 845 | ||||||||||||||||
Total liabilities | 7,820 | 908 | 451 | (3,137 | ) | 6,042 | |||||||||||||||
Total shareholders’ equity | 3,295 | 8,742 | 2,245 | (10,987 | ) | 3,295 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 11,115 | $ | 9,650 | $ | 2,696 | $ | (14,124 | ) | $ | 9,337 | ||||||||||
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash provided by operating activities from continuing operations | $ | 88 | $ | 190 | $ | 68 | $ | — | $ | 346 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures, including capitalization of software costs | — | (71 | ) | (19 | ) | — | (90 | ) | |||||||||||||
Other investing activities | — | (133 | ) | (42 | ) | 175 | — | ||||||||||||||
Net cash used in investing activities from continuing operations | — | (204 | ) | (61 | ) | 175 | (90 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt proceeds | 422 | 8 | — | — | 430 | ||||||||||||||||
Debt repayments | (378 | ) | (3 | ) | — | — | (381 | ) | |||||||||||||
Proceeds from issuance of treasury stock | 28 | — | — | — | 28 | ||||||||||||||||
Purchases of treasury stock, including employee shares withheld for tax obligations | (331 | ) | — | — | — | (331 | ) | ||||||||||||||
Other financing activities | 175 | — | — | (175 | ) | — | |||||||||||||||
Net cash (used in) provided by financing activities from continuing operations | (84 | ) | 5 | — | (175 | ) | (254 | ) | |||||||||||||
Net change in cash and cash equivalents from continuing operations | 4 | (9 | ) | 7 | — | 2 | |||||||||||||||
Net cash flows from (to) discontinued operations | — | — | — | — | — | ||||||||||||||||
Beginning balance | 21 | 80 | 193 | — | 294 | ||||||||||||||||
Ending balance | $ | 25 | $ | 71 | $ | 200 | $ | — | $ | 296 | |||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||
(In millions) | Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net cash provided by operating activities from continuing operations | $ | 59 | $ | 166 | $ | 67 | $ | — | $ | 292 | |||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Capital expenditures, including capitalization of software costs | (2 | ) | (48 | ) | (20 | ) | — | (70 | ) | ||||||||||||
Other investing activities | — | (103 | ) | (46 | ) | 149 | — | ||||||||||||||
Net cash used in investing activities from continuing operations | (2 | ) | (151 | ) | (66 | ) | 149 | (70 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Debt proceeds | 62 | — | — | — | 62 | ||||||||||||||||
Debt repayments | (62 | ) | — | — | — | (62 | ) | ||||||||||||||
Proceeds from issuance of treasury stock | 12 | — | — | — | 12 | ||||||||||||||||
Purchases of treasury stock, including employee shares withheld for tax obligations | (335 | ) | — | — | — | (335 | ) | ||||||||||||||
Other financing activities | 157 | — | — | (149 | ) | 8 | |||||||||||||||
Net cash used in financing activities from continuing operations | (166 | ) | — | — | (149 | ) | (315 | ) | |||||||||||||
Net change in cash and cash equivalents from continuing operations | (109 | ) | 15 | 1 | — | (93 | ) | ||||||||||||||
Net cash flows from (to) discontinued operations | — | — | — | — | — | ||||||||||||||||
Beginning balance | 139 | 76 | 185 | — | 400 | ||||||||||||||||
Ending balance | $ | 30 | $ | 91 | $ | 186 | $ | — | $ | 307 | |||||||||||
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Billions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ||
Fair value of total debt | $4 | $3.90 |
Investment_in_Unconsolidated_A1
Investment in Unconsolidated Affiliate - Additional Information (Detail) (StoneRiver Group, L.P. [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
StoneRiver Group, L.P. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of interest owned in affiliate | 49.00% | |
Investments in affiliate | $21 | $21 |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $18 | $15 |
Share-based awards, stock options, granted | 1.1 | 1.3 |
Share-based awards, stock options, weighted-average estimated fair values | $25.41 | $18.77 |
Share-based awards, stock options, exercised | 1.4 | 0.5 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based awards, restricted stock units, granted | 0.3 | 0.4 |
Share-based awards, restricted stock units, weighted-average estimated fair values | $78.98 | $56.98 |
Shares_Used_in_Computing_Net_I2
Shares Used in Computing Net Income Per Share - Schedule of Weighted Average Number of Shares (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Weighted-average common shares outstanding used for the calculation of net income per share - basic | 238.8 | 254.4 |
Common stock equivalents | 4.2 | 4.2 |
Weighted-average common shares outstanding used for the calculation of net income per share - diluted | 243 | 258.6 |
Shares_Used_in_Computing_Net_I3
Shares Used in Computing Net Income Per Share - Additional Information (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Stock options excluded from the calculation of diluted weighted-average outstanding shares because their impact was anti-dilutive | 0.6 | 0.7 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Intangible Assets by Class (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $3,581 | $3,576 |
Accumulated Amortization | 1,607 | 1,573 |
Net Book Value | 1,974 | 2,003 |
Customer Related Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,155 | 2,155 |
Accumulated Amortization | 828 | 797 |
Net Book Value | 1,327 | 1,358 |
Acquired Software and Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 493 | 493 |
Accumulated Amortization | 372 | 356 |
Net Book Value | 121 | 137 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 120 | 120 |
Accumulated Amortization | 48 | 46 |
Net Book Value | 72 | 74 |
Capitalized Software Development Costs [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 560 | 574 |
Accumulated Amortization | 218 | 240 |
Net Book Value | 342 | 334 |
Purchased Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 253 | 234 |
Accumulated Amortization | 141 | 134 |
Net Book Value | $112 | $100 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Acquired Intangible Assets [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2015 | $190 |
2016 | 150 |
2017 | 140 |
2018 | 140 |
2019 | 130 |
Capitalized and Purchased Software [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
2015 | $115 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accrued Expenses (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Trade accounts payable | $56 | $61 |
Client deposits | 278 | 261 |
Settlement obligations | 208 | 176 |
Accrued compensation and benefits | 110 | 192 |
Other accrued expenses | 284 | 215 |
Total | $936 | $905 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at Beginning of the period | ($63) | ($60) | ||
Other comprehensive income (loss) before reclassifications | -10 | 4 | ||
Amounts reclassified from accumulated other comprehensive loss | 2 | 2 | ||
Total other comprehensive (loss) income | -8 | 6 | ||
Balance at End of the period | -71 | -54 | ||
Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at Beginning of the period | -41 | -49 | ||
Other comprehensive income (loss) before reclassifications | 2 | |||
Amounts reclassified from accumulated other comprehensive loss | 2 | 2 | ||
Total other comprehensive (loss) income | 2 | 4 | ||
Balance at End of the period | -39 | -45 | ||
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at Beginning of the period | -20 | -9 | ||
Other comprehensive income (loss) before reclassifications | -10 | 2 | ||
Total other comprehensive (loss) income | -10 | 2 | ||
Balance at End of the period | -30 | -7 | ||
Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at Beginning of the period | -2 | -2 | ||
Balance at End of the period | ($2) | ($2) | ($2) | ($2) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Accumulated 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 [Member] | India, Rupees | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Notional amount of derivative | 62 | 73 |
Total fair value of cash flow hedge derivatives | $1 |
Cash_Flow_Information_Schedule
Cash Flow Information - Schedule of Supplemental Cash Flow Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $4 | $4 |
Income taxes paid from continuing operations | 13 | 12 |
Treasury stock purchases settled after the balance sheet date | $12 | $25 |
Business_Segment_Information_S
Business Segment Information - Schedule of Segment Reporting Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Processing and services revenue | $1,067 | $1,027 |
Product revenue | 208 | 207 |
Total revenue | 1,275 | 1,234 |
Operating income | 314 | 271 |
Payments [Member] | ||
Segment Reporting Information [Line Items] | ||
Processing and services revenue | 516 | 491 |
Product revenue | 180 | 182 |
Total revenue | 696 | 673 |
Operating income | 191 | 180 |
Financial [Member] | ||
Segment Reporting Information [Line Items] | ||
Processing and services revenue | 552 | 539 |
Product revenue | 41 | 36 |
Total revenue | 593 | 575 |
Operating income | 204 | 185 |
Corporate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Processing and services revenue | -1 | -3 |
Product revenue | -13 | -11 |
Total revenue | -14 | -14 |
Operating income | ($81) | ($94) |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $5,204 | $5,209 |
Payments [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 3,400 | 3,400 |
Financial [Member] | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $1,800 | $1,800 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], Revolving Credit Facility [Member], USD $) | 0 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2015 | |
Subsequent Event [Line Items] | ||
Revolving credit facility with a syndicate of banks | $2,000,000,000 | $2,000,000,000 |
Commitment fees | 0 | |
Compensating balance requirements | $0 | $0 |
After Amendment [Member] | ||
Subsequent Event [Line Items] | ||
Revolving credit facility, expiration date | 30-Apr-20 | |
Before Amendment [Member] | ||
Subsequent Event [Line Items] | ||
Revolving credit facility, expiration date | 25-Oct-18 |
Subsidiary_Guarantors_of_LongT2
Subsidiary Guarantors of Long-Term Debt - Condensed Consolidating Statement of Income and Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue: | ||
Processing and services | $1,067 | $1,027 |
Product | 208 | 207 |
Total revenue | 1,275 | 1,234 |
Expenses: | ||
Cost of processing and services | 542 | 541 |
Cost of product | 181 | 180 |
Selling, general and administrative | 238 | 242 |
Total expenses | 961 | 963 |
Operating income (loss) | 314 | 271 |
Interest expense | -40 | -41 |
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | 274 | 230 |
Income tax (provision) benefit | -96 | -66 |
Income from investment in unconsolidated affiliate | 4 | |
Income from continuing operations | 178 | 168 |
Income (loss) from discontinued operations, net of income taxes | 0 | 0 |
Net income | 178 | 168 |
Comprehensive income | 170 | 174 |
Parent Company [Member] | ||
Expenses: | ||
Selling, general and administrative | 19 | 20 |
Total expenses | 19 | 20 |
Operating income (loss) | -19 | -20 |
Interest expense | -35 | -32 |
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | -54 | -52 |
Income tax (provision) benefit | 23 | 37 |
Equity in earnings of consolidated affiliates | 209 | 183 |
Income from continuing operations | 178 | 168 |
Income (loss) from discontinued operations, net of income taxes | 0 | 0 |
Net income | 178 | 168 |
Comprehensive income | 170 | 174 |
Guarantor Subsidiaries [Member] | ||
Revenue: | ||
Processing and services | 795 | 755 |
Product | 205 | 205 |
Total revenue | 1,000 | 960 |
Expenses: | ||
Cost of processing and services | 398 | 396 |
Cost of product | 178 | 174 |
Selling, general and administrative | 161 | 165 |
Total expenses | 737 | 735 |
Operating income (loss) | 263 | 225 |
Interest expense | -5 | -7 |
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | 258 | 218 |
Income tax (provision) benefit | -94 | -80 |
Income from investment in unconsolidated affiliate | 4 | |
Income from continuing operations | 164 | 142 |
Income (loss) from discontinued operations, net of income taxes | 0 | 0 |
Net income | 164 | 142 |
Comprehensive income | 164 | 142 |
Non-Guarantor Subsidiaries [Member] | ||
Revenue: | ||
Processing and services | 316 | 315 |
Product | 25 | 21 |
Total revenue | 341 | 336 |
Expenses: | ||
Cost of processing and services | 188 | 188 |
Cost of product | 25 | 25 |
Selling, general and administrative | 58 | 57 |
Total expenses | 271 | 270 |
Operating income (loss) | 70 | 66 |
Interest expense | -2 | |
Income (loss) from continuing operations before income taxes and income from investment in unconsolidated affiliate | 70 | 64 |
Income tax (provision) benefit | -25 | -23 |
Income from continuing operations | 45 | 41 |
Income (loss) from discontinued operations, net of income taxes | 0 | 0 |
Net income | 45 | 41 |
Comprehensive income | 35 | 43 |
Eliminations [Member] | ||
Revenue: | ||
Processing and services | -44 | -43 |
Product | -22 | -19 |
Total revenue | -66 | -62 |
Expenses: | ||
Cost of processing and services | -44 | -43 |
Cost of product | -22 | -19 |
Total expenses | -66 | -62 |
Equity in earnings of consolidated affiliates | -209 | -183 |
Income from continuing operations | -209 | -183 |
Income (loss) from discontinued operations, net of income taxes | 0 | 0 |
Net income | -209 | -183 |
Comprehensive income | ($199) | ($185) |
Subsidiary_Guarantors_of_LongT3
Subsidiary Guarantors of Long-Term Debt - Condensed Consolidating Balance Sheet (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $296 | $294 | $307 | $400 |
Trade accounts receivable, net | 765 | 798 | ||
Prepaid expenses and other current assets | 437 | 394 | ||
Total current assets | 1,498 | 1,486 | ||
Intangible assets, net | 1,974 | 2,003 | ||
Goodwill | 5,204 | 5,209 | ||
Other long-term assets | 659 | 639 | ||
Total assets | 9,335 | 9,337 | ||
Liabilities and Shareholders' Equity | ||||
Accounts payable and accrued expenses | 936 | 905 | ||
Current maturities of long-term debt | 95 | 92 | ||
Deferred revenue | 470 | 489 | ||
Total current liabilities | 1,501 | 1,486 | ||
Long-term debt | 3,757 | 3,711 | ||
Other long-term liabilities | 859 | 845 | ||
Total liabilities | 6,117 | 6,042 | ||
Total shareholders' equity | 3,218 | 3,295 | ||
Total liabilities and shareholders' equity | 9,335 | 9,337 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 25 | 21 | 30 | 139 |
Prepaid expenses and other current assets | 47 | 48 | ||
Total current assets | 72 | 69 | ||
Investments in consolidated affiliates | 11,157 | 10,987 | ||
Intangible assets, net | 22 | 23 | ||
Other long-term assets | 34 | 36 | ||
Total assets | 11,285 | 11,115 | ||
Liabilities and Shareholders' Equity | ||||
Accounts payable and accrued expenses | 175 | 119 | ||
Current maturities of long-term debt | 90 | 90 | ||
Total current liabilities | 265 | 209 | ||
Long-term debt | 3,750 | 3,707 | ||
Due to consolidated affiliates | 3,282 | 3,137 | ||
Other long-term liabilities | 770 | 767 | ||
Total liabilities | 8,067 | 7,820 | ||
Total shareholders' equity | 3,218 | 3,295 | ||
Total liabilities and shareholders' equity | 11,285 | 11,115 | ||
Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 71 | 80 | 91 | 76 |
Trade accounts receivable, net | 503 | 510 | ||
Prepaid expenses and other current assets | 232 | 209 | ||
Total current assets | 806 | 799 | ||
Due from consolidated affiliates | 2,559 | 2,467 | ||
Intangible assets, net | 1,715 | 1,734 | ||
Goodwill | 4,154 | 4,154 | ||
Other long-term assets | 522 | 496 | ||
Total assets | 9,756 | 9,650 | ||
Liabilities and Shareholders' Equity | ||||
Accounts payable and accrued expenses | 571 | 586 | ||
Current maturities of long-term debt | 5 | 2 | ||
Deferred revenue | 273 | 285 | ||
Total current liabilities | 849 | 873 | ||
Long-term debt | 7 | 4 | ||
Other long-term liabilities | 43 | 31 | ||
Total liabilities | 899 | 908 | ||
Total shareholders' equity | 8,857 | 8,742 | ||
Total liabilities and shareholders' equity | 9,756 | 9,650 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Cash and cash equivalents | 200 | 193 | 186 | 185 |
Trade accounts receivable, net | 262 | 288 | ||
Prepaid expenses and other current assets | 158 | 137 | ||
Total current assets | 620 | 618 | ||
Due from consolidated affiliates | 723 | 670 | ||
Intangible assets, net | 237 | 246 | ||
Goodwill | 1,050 | 1,055 | ||
Other long-term assets | 103 | 107 | ||
Total assets | 2,733 | 2,696 | ||
Liabilities and Shareholders' Equity | ||||
Accounts payable and accrued expenses | 190 | 200 | ||
Deferred revenue | 197 | 204 | ||
Total current liabilities | 387 | 404 | ||
Other long-term liabilities | 46 | 47 | ||
Total liabilities | 433 | 451 | ||
Total shareholders' equity | 2,300 | 2,245 | ||
Total liabilities and shareholders' equity | 2,733 | 2,696 | ||
Eliminations [Member] | ||||
Assets | ||||
Due from consolidated affiliates | -3,282 | -3,137 | ||
Investments in consolidated affiliates | -11,157 | -10,987 | ||
Total assets | -14,439 | -14,124 | ||
Liabilities and Shareholders' Equity | ||||
Due to consolidated affiliates | -3,282 | -3,137 | ||
Total liabilities | -3,282 | -3,137 | ||
Total shareholders' equity | -11,157 | -10,987 | ||
Total liabilities and shareholders' equity | ($14,439) | ($14,124) |
Subsidiary_Guarantors_of_LongT4
Subsidiary Guarantors of Long-Term Debt- Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net cash provided by operating activities from continuing operations | $346 | $292 |
Cash flows from investing activities: | ||
Capital expenditures, including capitalization of software costs | -90 | -70 |
Net cash used in investing activities from continuing operations | -90 | -70 |
Cash flows from financing activities: | ||
Debt proceeds | 430 | 62 |
Debt repayments | -381 | -62 |
Proceeds from issuance of treasury stock | 28 | 12 |
Purchases of treasury stock, including employee shares withheld for tax obligations | -331 | -335 |
Other financing activities | 8 | |
Net cash (used in) provided by financing activities from continuing operations | -254 | -315 |
Net change in cash and cash equivalents from continuing operations | 2 | -93 |
Net cash flows from (to) discontinued operations | 0 | 0 |
Beginning balance | 294 | 400 |
Ending balance | 296 | 307 |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities from continuing operations | 88 | 59 |
Cash flows from investing activities: | ||
Capital expenditures, including capitalization of software costs | -2 | |
Net cash used in investing activities from continuing operations | -2 | |
Cash flows from financing activities: | ||
Debt proceeds | 422 | 62 |
Debt repayments | -378 | -62 |
Proceeds from issuance of treasury stock | 28 | 12 |
Purchases of treasury stock, including employee shares withheld for tax obligations | -331 | -335 |
Other financing activities | 175 | 157 |
Net cash (used in) provided by financing activities from continuing operations | -84 | -166 |
Net change in cash and cash equivalents from continuing operations | 4 | -109 |
Net cash flows from (to) discontinued operations | 0 | 0 |
Beginning balance | 21 | 139 |
Ending balance | 25 | 30 |
Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities from continuing operations | 190 | 166 |
Cash flows from investing activities: | ||
Capital expenditures, including capitalization of software costs | -71 | -48 |
Other investing activities | -133 | -103 |
Net cash used in investing activities from continuing operations | -204 | -151 |
Cash flows from financing activities: | ||
Debt proceeds | 8 | |
Debt repayments | -3 | |
Net cash (used in) provided by financing activities from continuing operations | 5 | |
Net change in cash and cash equivalents from continuing operations | -9 | 15 |
Net cash flows from (to) discontinued operations | 0 | 0 |
Beginning balance | 80 | 76 |
Ending balance | 71 | 91 |
Non-Guarantor Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net cash provided by operating activities from continuing operations | 68 | 67 |
Cash flows from investing activities: | ||
Capital expenditures, including capitalization of software costs | -19 | -20 |
Other investing activities | -42 | -46 |
Net cash used in investing activities from continuing operations | -61 | -66 |
Cash flows from financing activities: | ||
Net change in cash and cash equivalents from continuing operations | 7 | 1 |
Net cash flows from (to) discontinued operations | 0 | 0 |
Beginning balance | 193 | 185 |
Ending balance | 200 | 186 |
Eliminations [Member] | ||
Cash flows from investing activities: | ||
Other investing activities | 175 | 149 |
Net cash used in investing activities from continuing operations | 175 | 149 |
Cash flows from financing activities: | ||
Other financing activities | -175 | -149 |
Net cash (used in) provided by financing activities from continuing operations | -175 | -149 |
Net cash flows from (to) discontinued operations | $0 | $0 |