Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 22, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | FISERV INC | |
Entity Central Index Key | 798,354 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 228,538,696 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue: | ||||
Processing and services | $ 1,125 | $ 1,063 | $ 3,301 | $ 3,141 |
Product | 188 | 200 | 585 | 609 |
Total revenue | 1,313 | 1,263 | 3,886 | 3,750 |
Expenses: | ||||
Cost of processing and services | 541 | 537 | 1,625 | 1,610 |
Cost of product | 172 | 168 | 521 | 519 |
Selling, general and administrative | 258 | 243 | 758 | 728 |
Total expenses | 971 | 948 | 2,904 | 2,857 |
Operating income | 342 | 315 | 982 | 893 |
Interest expense | (41) | (41) | (131) | (123) |
Interest and investment income | 0 | 0 | 1 | 1 |
Loss on early debt extinguishment | 0 | 0 | (85) | 0 |
Income from continuing operations before income taxes and income from investment in unconsolidated affiliate | 301 | 274 | 767 | 771 |
Income tax provision | (117) | (120) | (279) | (287) |
Income from investment in unconsolidated affiliate | 34 | 85 | 35 | 89 |
Income from continuing operations | 218 | 239 | 523 | 573 |
Income (loss) from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 |
Net income | $ 218 | $ 239 | $ 523 | $ 573 |
Net income per share – basic: | ||||
Continuing operations (in dollars per share) | $ 0.94 | $ 0.96 | $ 2.22 | $ 2.29 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 |
Total (in dollars per share) | 0.94 | 0.96 | 2.22 | 2.29 |
Net income per share – diluted: | ||||
Continuing operations (in dollars per share) | 0.92 | 0.95 | 2.18 | 2.25 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 |
Total (in dollars per share) | $ 0.92 | $ 0.95 | $ 2.18 | $ 2.25 |
Shares used in computing net income per share: | ||||
Basic (in shares) | 232.9 | 247.6 | 236 | 250.5 |
Diluted (in shares) | 237 | 251.8 | 240.1 | 254.6 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 218 | $ 239 | $ 523 | $ 573 |
Other comprehensive income (loss): | ||||
Fair market value adjustment on cash flow hedges, net of income tax provision (benefit) of $(1) million, $(1) million, $(1) million and $1 million | (1) | (1) | (1) | 1 |
Reclassification adjustment for net realized losses on cash flow hedges included in interest expense, net of income tax provision of $1 million, $1 million, $6 million and $4 million | 2 | 2 | 9 | 6 |
Foreign currency translation | (10) | (9) | (20) | (4) |
Total other comprehensive income (loss) | (9) | (8) | (12) | 3 |
Comprehensive income | $ 209 | $ 231 | $ 511 | $ 576 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Fair market value adjustment on cash flow hedges, tax provision (benefit) | $ (1) | $ (1) | $ (1) | $ 1 |
Reclassification adjustment for net realized losses on cash flow hedges included in interest expense, tax provision | $ 1 | $ 1 | $ 6 | $ 4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 309 | $ 294 |
Trade accounts receivable, net | 783 | 798 |
Deferred income taxes | 37 | 42 |
Prepaid expenses and other current assets | 402 | 352 |
Total current assets | 1,531 | 1,486 |
Property and equipment, net | 397 | 317 |
Intangible assets, net | 1,906 | 2,003 |
Goodwill | 5,201 | 5,209 |
Other long-term assets | 352 | 322 |
Total assets | 9,387 | 9,337 |
Liabilities and Shareholders’ Equity | ||
Accounts payable and accrued expenses | 1,006 | 905 |
Current maturities of long-term debt | 5 | 92 |
Deferred revenue | 400 | 489 |
Total current liabilities | 1,411 | 1,486 |
Long-term debt | 4,230 | 3,711 |
Deferred income taxes | 720 | 716 |
Other long-term liabilities | 157 | 129 |
Total liabilities | $ 6,518 | $ 6,042 |
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 | 940 | 897 |
Accumulated other comprehensive loss | (75) | (63) |
Retained earnings | 7,875 | 7,352 |
Treasury stock, at cost, 166.2 million and 155.4 million shares | (5,875) | (4,895) |
Total shareholders’ equity | 2,869 | 3,295 |
Total liabilities and shareholders’ equity | $ 9,387 | $ 9,337 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock, shares issued (in shares) | 395,700,000 | 395,700,000 |
Treasury stock, shares (in shares) | 166,200,000 | 155,400,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 523 | $ 573 |
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 | 163 | 147 |
Amortization of acquisition-related intangible assets | 149 | 153 |
Share-based compensation | 51 | 37 |
Excess tax benefits from share-based awards | (34) | (15) |
Deferred income taxes | (2) | (11) |
Income from investment in unconsolidated affiliate | (35) | (89) |
Loss on early debt extinguishment | 85 | 0 |
Dividends from unconsolidated affiliate | 36 | 108 |
Other operating activities | 7 | 0 |
Changes in assets and liabilities: | ||
Trade accounts receivable | 16 | 8 |
Prepaid expenses and other assets | (64) | (37) |
Accounts payable and other liabilities | 135 | 147 |
Deferred revenue | (75) | (61) |
Net cash provided by operating activities from continuing operations | 955 | 960 |
Cash flows from investing activities: | ||
Capital expenditures, including capitalization of software costs | (292) | (225) |
Net proceeds from sale of investments | 1 | 7 |
Other investing activities | (5) | (1) |
Net cash used in investing activities from continuing operations | (296) | (219) |
Cash flows from financing activities: | ||
Debt proceeds | 2,392 | 544 |
Debt repayments, including redemption and other costs | (2,058) | (544) |
Proceeds from issuance of treasury stock | 60 | 39 |
Purchases of treasury stock, including employee shares withheld for tax obligations | (1,066) | (785) |
Excess tax benefits from share-based awards | 34 | 15 |
Other financing activities | (6) | 0 |
Net cash used in financing activities from continuing operations | (644) | (731) |
Net change in cash and cash equivalents from continuing operations | 15 | 10 |
Net cash flows to discontinued operations | 0 | (1) |
Beginning balance | 294 | 400 |
Ending balance | $ 309 | $ 409 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements for the three-month and nine -month periods ended September 30, 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 Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments ("ASU 2015-16"), which eliminates the requirement to restate prior period financial statements for measurement period adjustments related to a business combination. The standard requires that the cumulative impact of a measurement period adjustment be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 also requires companies to disclose the portion of the adjustment recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date, either separately in the income statement or in the notes. For public entities, ASU 2015-16 will be effective prospectively for annual and interim periods after December 15, 2015, with early adoption permitted. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its consolidated financial statements. In April 2015, the FASB issued 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 will 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 does not expect the adoption of ASU 2015-02 to have a material impact 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. In July 2015, the FASB deferred the effective date of the new revenue standard for one year and will permit early adoption as of the original effective date in ASU 2014-09. For public entities, the standard will be effective for annual and interim periods beginning after December 15, 2017. 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 | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 $4.3 billion at September 30, 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 Af
Investment in Unconsolidated Affiliate | 9 Months Ended |
Sep. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Affiliate | 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 $20 million and $21 million at September 30, 2015 and December 31, 2014 , respectively, 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. During each of the three months ended September 30, 2015 and 2014, StoneRiver recognized a gain on the sale of a subsidiary business. The Company's share of the gains and related expenses on these transactions of $32 million in 2015 and $85 million in 2014 was recorded within income from investment in unconsolidated affiliate, with the related tax expenses of $14 million and $32 million , respectively, recorded through the income tax provision, in the consolidated statements of income. The Company received cash dividends from StoneRiver, funded from capital transactions, of $36 million a nd $108 million , during the nine months ended September 30, 2015 and 2014, respectively, which were recorded as reductions in the Company's investment in StoneRiver. These dividends , in their entirety, repres ented returns on the Company's investment and were reported in cash flows from operating activities. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation The Company recognized $15 million and $51 million of share-based compensation expense during the three and nine months ended September 30, 2015 , respectively, and $10 million and $37 million of share-based compensation expense during the three and nine months ended September 30, 2014 , respectively. The Company’s annual grant of share-based awards generally occurs in the first quarter. During the nine months ended September 30, 2015 , the Company granted 1.1 million stock options and 0.3 million restricted stock units at weighted-average estimated fair values of $25.50 and $79.20 , respectively. During the nine months ended September 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 $57.25 , respectively. During the nine months ended September 30, 2015 and 2014 , stock options to purchase 1.9 million and 1.1 million shares, respectively, were exercised. |
Shares Used in Computing Net In
Shares Used in Computing Net Income Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Shares Used in Computing Net Income Per Share | 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 Nine Months Ended (In millions) 2015 2014 2015 2014 Weighted-average common shares outstanding used for the calculation of net income per share – basic 232.9 247.6 236.0 250.5 Common stock equivalents 4.1 4.2 4.1 4.1 Weighted-average common shares outstanding used for the calculation of net income per share – diluted 237.0 251.8 240.1 254.6 For the three months ended September 30, 2015 and 2014, stock options for 1.0 million and 1.3 million shares, respectively, were excluded from the calculation of diluted weighted-average outstanding shares because their impact was anti-dilutive. For the nine months ended September 30, 2015 and 2014, stock options for 0.9 million and 1.2 million shares, respectively, were excluded from the calculation of diluted weighted-average outstanding shares because their impact was anti-dilutive. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consisted of the following: (In millions) Gross Carrying Amount Accumulated Amortization Net Book Value September 30, 2015 Customer related intangible assets $ 2,153 $ 889 $ 1,264 Acquired software and technology 493 405 88 Trade names 120 51 69 Capitalized software development costs 567 198 369 Purchased software 272 156 116 Total $ 3,605 $ 1,699 $ 1,906 (In millions) Gross Carrying Amount Accumulated Amortization Net Book Value December 31, 2014 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 $200 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 Ex
Accounts Payable and Accrued Expenses | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: (In millions) September 30, December 31, Trade accounts payable $ 77 $ 61 Client deposits 299 261 Settlement obligations 183 176 Accrued compensation and benefits 158 192 Other accrued expenses 289 215 Total $ 1,006 $ 905 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt In April 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. In April 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, in April 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. In May 2015, the Company completed an offering of $1.75 billion of senior notes comprised of $850 million aggregate principal amount of 2.7% senior notes due in June 2020 and $900 million aggregate principal amount of 3.85% senior notes due in June 2025. The notes pay interest semi-annually on June 1 and December 1, commencing on December 1, 2015. The interest rate applicable to these notes is subject to an increase of up to two percent in the event that the Company’s credit rating is downgraded below investment grade. The indentures governing the senior notes contain covenants that, among other matters, limit (i) the Company’s ability to consolidate or merge into, or convey, transfer or lease all or substantially all of its properties and assets to, another person, (ii) the Company’s and certain of its subsidiaries’ ability to create or assume liens, and (iii) the Company’s and certain of its subsidiaries’ ability to engage in sale and leaseback transactions. The Company used the net proceeds from this offering to redeem its $600 million aggregate principal amount of 3.125% senior notes due in June 2016 and $500 million aggregate principal amount of 6.8% senior notes due in November 2017. The Company recorded a pre-tax loss on early debt extinguishment of $85 million related to make-whole payments and other costs associated with this redemption. In addition, the Company paid scheduled December 2015 and December 2016 principal payments on the term loan totaling $180 million and repaid outstanding borrowings under the amended and restated revolving credit facility. At September 30, 2015 and December 31, 2014 , the Company’s $300 million aggregate principal amount of 3.125% senior notes due in October 2015 were classified in the consolidated balance sheets as long-term as the Company had the intent to refinance this debt on a long-term basis and the ability to do so under its amended and restated revolving credit facility. In October 2015, the Company used available borrowings under the amended and restated revolving credit facility to repay the $300 million aggregate principal amount of 3.125% senior notes. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of income taxes, consisted of the following: (In millions) Cash Flow Hedges Foreign Currency Translation Other Total Balance at December 31, 2014 $ (41 ) $ (20 ) $ (2 ) $ (63 ) Other comprehensive loss before reclassifications (1 ) (20 ) — (21 ) Amounts reclassified from accumulated other comprehensive loss 9 — — 9 Net current-period other comprehensive (loss) income 8 (20 ) — (12 ) Balance at September 30, 2015 $ (33 ) $ (40 ) $ (2 ) $ (75 ) (In millions) Cash Flow Hedges Foreign Currency Translation Other Total Balance at December 31, 2013 $ (49 ) $ (9 ) $ (2 ) $ (60 ) Other comprehensive (loss) income before reclassifications 1 (4 ) — (3 ) Amounts reclassified from accumulated other comprehensive loss 6 — — 6 Net current-period other comprehensive income (loss) 7 (4 ) — 3 Balance at September 30, 2014 $ (42 ) $ (13 ) $ (2 ) $ (57 ) Based on the amounts recorded in accumulated other comprehensive loss at September 30, 2015 , the Company estimates that it will recognize approximately $12 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 September 30, 2015 and December 31, 2014, the notional amount of these derivatives was approximately $86 million and $73 million , respectively, and the fair value totaling approximately $1 million was recorded within current accrued expenses in the consolidated balance sheet at September 30, 2015 and December 31, 2014, respectively. |
Cash Flow Information
Cash Flow Information | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Information | Cash Flow Information Supplemental cash flow information was as follows: Nine Months Ended (In millions) 2015 2014 Interest paid $ 78 $ 77 Income taxes paid from continuing operations 222 231 Treasury stock purchases settled after the balance sheet date 38 13 |
Business Segment Information
Business Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Business Segment Information | 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 and credit 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 and Other Total Three Months Ended September 30, 2015 Processing and services revenue $ 554 $ 572 $ (1 ) $ 1,125 Product revenue 160 40 (12 ) 188 Total revenue $ 714 $ 612 $ (13 ) $ 1,313 Operating income $ 217 $ 218 $ (93 ) $ 342 Three Months Ended September 30, 2014 Processing and services revenue $ 520 $ 544 $ (1 ) $ 1,063 Product revenue 166 44 (10 ) 200 Total revenue $ 686 $ 588 $ (11 ) $ 1,263 Operating income $ 201 $ 193 $ (79 ) $ 315 Nine Months Ended September 30, 2015 Processing and services revenue $ 1,610 $ 1,694 $ (3 ) $ 3,301 Product revenue 501 119 (35 ) 585 Total revenue $ 2,111 $ 1,813 $ (38 ) $ 3,886 Operating income $ 616 $ 631 $ (265 ) $ 982 Nine Months Ended September 30, 2014 Processing and services revenue $ 1,512 $ 1,634 $ (5 ) $ 3,141 Product revenue 516 124 (31 ) 609 Total revenue $ 2,028 $ 1,758 $ (36 ) $ 3,750 Operating income $ 566 $ 581 $ (254 ) $ 893 As of both September 30, 2015 and December 31, 2014 , goodwill was $3.4 billion and $1.8 billion in the Payments and Financial segments, respectively. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 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. |
Recent Accounting Pronouncements | In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments ("ASU 2015-16"), which eliminates the requirement to restate prior period financial statements for measurement period adjustments related to a business combination. The standard requires that the cumulative impact of a measurement period adjustment be recognized in the reporting period in which the adjustment is identified. ASU 2015-16 also requires companies to disclose the portion of the adjustment recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date, either separately in the income statement or in the notes. For public entities, ASU 2015-16 will be effective prospectively for annual and interim periods after December 15, 2015, with early adoption permitted. The Company does not expect the adoption of ASU 2015-16 to have a material impact on its consolidated financial statements. In April 2015, the FASB issued 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 will 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 does not expect the adoption of ASU 2015-02 to have a material impact 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. In July 2015, the FASB deferred the effective date of the new revenue standard for one year and will permit early adoption as of the original effective date in ASU 2014-09. For public entities, the standard will be effective for annual and interim periods beginning after December 15, 2017. 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. |
Shares Used in Computing Net 21
Shares Used in Computing Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of shares used in calculating basic and diluted net income per common share | The computation of shares used in calculating basic and diluted net income per common share is as follows: Three Months Ended Nine Months Ended (In millions) 2015 2014 2015 2014 Weighted-average common shares outstanding used for the calculation of net income per share – basic 232.9 247.6 236.0 250.5 Common stock equivalents 4.1 4.2 4.1 4.1 Weighted-average common shares outstanding used for the calculation of net income per share – diluted 237.0 251.8 240.1 254.6 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets by class | Intangible assets consisted of the following: (In millions) Gross Carrying Amount Accumulated Amortization Net Book Value September 30, 2015 Customer related intangible assets $ 2,153 $ 889 $ 1,264 Acquired software and technology 493 405 88 Trade names 120 51 69 Capitalized software development costs 567 198 369 Purchased software 272 156 116 Total $ 3,605 $ 1,699 $ 1,906 (In millions) Gross Carrying Amount Accumulated Amortization Net Book Value December 31, 2014 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 23
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Schedule of accounts payable and accrued expenses | Accounts payable and accrued expenses consisted of the following: (In millions) September 30, December 31, Trade accounts payable $ 77 $ 61 Client deposits 299 261 Settlement obligations 183 176 Accrued compensation and benefits 158 192 Other accrued expenses 289 215 Total $ 1,006 $ 905 |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Changes in accumulated other comprehensive loss by component, net of income taxes | Changes in accumulated other comprehensive loss by component, net of income taxes, consisted of the following: (In millions) Cash Flow Hedges Foreign Currency Translation Other Total Balance at December 31, 2014 $ (41 ) $ (20 ) $ (2 ) $ (63 ) Other comprehensive loss before reclassifications (1 ) (20 ) — (21 ) Amounts reclassified from accumulated other comprehensive loss 9 — — 9 Net current-period other comprehensive (loss) income 8 (20 ) — (12 ) Balance at September 30, 2015 $ (33 ) $ (40 ) $ (2 ) $ (75 ) (In millions) Cash Flow Hedges Foreign Currency Translation Other Total Balance at December 31, 2013 $ (49 ) $ (9 ) $ (2 ) $ (60 ) Other comprehensive (loss) income before reclassifications 1 (4 ) — (3 ) Amounts reclassified from accumulated other comprehensive loss 6 — — 6 Net current-period other comprehensive income (loss) 7 (4 ) — 3 Balance at September 30, 2014 $ (42 ) $ (13 ) $ (2 ) $ (57 ) |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | Supplemental cash flow information was as follows: Nine Months Ended (In millions) 2015 2014 Interest paid $ 78 $ 77 Income taxes paid from continuing operations 222 231 Treasury stock purchases settled after the balance sheet date 38 13 |
Business Segment Information (T
Business Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | (In millions) Payments Financial Corporate and Other Total Three Months Ended September 30, 2015 Processing and services revenue $ 554 $ 572 $ (1 ) $ 1,125 Product revenue 160 40 (12 ) 188 Total revenue $ 714 $ 612 $ (13 ) $ 1,313 Operating income $ 217 $ 218 $ (93 ) $ 342 Three Months Ended September 30, 2014 Processing and services revenue $ 520 $ 544 $ (1 ) $ 1,063 Product revenue 166 44 (10 ) 200 Total revenue $ 686 $ 588 $ (11 ) $ 1,263 Operating income $ 201 $ 193 $ (79 ) $ 315 Nine Months Ended September 30, 2015 Processing and services revenue $ 1,610 $ 1,694 $ (3 ) $ 3,301 Product revenue 501 119 (35 ) 585 Total revenue $ 2,111 $ 1,813 $ (38 ) $ 3,886 Operating income $ 616 $ 631 $ (265 ) $ 982 Nine Months Ended September 30, 2014 Processing and services revenue $ 1,512 $ 1,634 $ (5 ) $ 3,141 Product revenue 516 124 (31 ) 609 Total revenue $ 2,028 $ 1,758 $ (36 ) $ 3,750 Operating income $ 566 $ 581 $ (254 ) $ 893 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Billions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Fair value of total debt | $ 4.3 | $ 3.9 |
Investment in Unconsolidated 28
Investment in Unconsolidated Affiliate (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | |||||
Share of net gains on the sales of subsidiary businesses | $ 34 | $ 85 | $ 35 | $ 89 | |
Related tax expenses | $ 117 | 120 | $ 279 | 287 | |
StoneRiver Group, L.P. | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Percentage of interest owned in affiliate (as percent) | 49.00% | 49.00% | |||
Investments in affiliate | $ 20 | $ 20 | $ 21 | ||
Share of net gains on the sales of subsidiary businesses | 32 | 85 | |||
Related tax expenses | $ 14 | $ 32 | |||
Cash dividends on capital transactions from affiliate | $ 36 | $ 108 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 15 | $ 10 | $ 51 | $ 37 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based awards, stock options, granted (in shares) | 1.1 | 1.3 | ||
Share-based awards, stock options, weighted-average estimated fair values (in dollar per share) | $ 25.50 | $ 18.80 | ||
Share-based awards, stock options, exercised (in shares) | 1.9 | 1.1 | ||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based awards, restricted stock units, granted (in shares) | 0.3 | 0.5 | ||
Share-based awards, restricted stock units, weighted-average estimated fair values (in dollar per share) | $ 79.20 | $ 57.25 |
Shares Used in Computing Net 30
Shares Used in Computing Net Income Per Share (Schedule of Weighted-Average Number of Shares) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted-average common shares outstanding used for the calculation of net income per share – basic (in shares) | 232.9 | 247.6 | 236 | 250.5 |
Common stock equivalents (in shares) | 4.1 | 4.2 | 4.1 | 4.1 |
Weighted-average common shares outstanding used for the calculation of net income per share – diluted (in shares) | 237 | 251.8 | 240.1 | 254.6 |
Shares Used in Computing Net 31
Shares Used in Computing Net Income Per Share (Narratives) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Stock options excluded from the calculation of diluted weighted-average outstanding shares because their impact was anti-dilutive (in shares) | 1 | 1.3 | 0.9 | 1.2 |
Intangible Assets (Schedule of
Intangible Assets (Schedule of Intangible Assets by Class) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,605 | $ 3,576 |
Accumulated Amortization | 1,699 | 1,573 |
Net Book Value | 1,906 | 2,003 |
Customer related intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,153 | 2,155 |
Accumulated Amortization | 889 | 797 |
Net Book Value | 1,264 | 1,358 |
Acquired software and technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 493 | 493 |
Accumulated Amortization | 405 | 356 |
Net Book Value | 88 | 137 |
Trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 120 | 120 |
Accumulated Amortization | 51 | 46 |
Net Book Value | 69 | 74 |
Capitalized software development costs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 567 | 574 |
Accumulated Amortization | 198 | 240 |
Net Book Value | 369 | 334 |
Purchased software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 272 | 234 |
Accumulated Amortization | 156 | 134 |
Net Book Value | $ 116 | $ 100 |
Intangible Assets (Narratives)
Intangible Assets (Narratives) (Details) $ in Millions | Sep. 30, 2015USD ($) |
Acquired intangible assets | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated annual amortization expense in 2015 | $ 200 |
Estimated annual amortization expense in 2016 | 150 |
Estimated annual amortization expense in 2017 | 140 |
Estimated annual amortization expense in 2018 | 140 |
Estimated annual amortization expense in 2019 | 130 |
Capitalized and purchased software | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated annual amortization expense in 2015 | $ 115 |
Accounts Payable and Accrued 34
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Trade accounts payable | $ 77 | $ 61 |
Client deposits | 299 | 261 |
Settlement obligations | 183 | 176 |
Accrued compensation and benefits | 158 | 192 |
Other accrued expenses | 289 | 215 |
Total | $ 1,006 | $ 905 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
May. 31, 2015 | Apr. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Oct. 27, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||||||
Senior notes | $ 1,750,000,000 | |||||||
Loss on early debt extinguishment | $ 0 | $ 0 | $ (85,000,000) | $ 0 | ||||
2.7% Senior Notes due June 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes | $ 850,000,000 | |||||||
Debt interest rate (as percent) | 2.70% | |||||||
3.85% Senior Notes due June 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes | $ 900,000,000 | |||||||
Debt interest rate (as percent) | 3.85% | |||||||
Senior notes, interest rate increase in the event the Company's credit rating is downgraded below investment grade (as percent) | 2.00% | |||||||
3.125% Senior Notes due June 2016 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt interest rate (as percent) | 3.125% | 3.125% | ||||||
Face value of the debt repaid | $ 600,000,000 | |||||||
6.8% Senior Notes due November 2017 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt interest rate (as percent) | 6.80% | 6.80% | ||||||
Face value of the debt repaid | $ 500,000,000 | |||||||
Term loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment of debt | 180,000,000 | |||||||
3.125% Senior Notes due October 2015 | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | |||||
Debt interest rate (as percent) | 3.125% | 3.125% | 3.125% | |||||
3.125% Senior Notes due October 2015 | Subsequent event | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes | $ 300,000,000 | |||||||
Debt interest rate (as percent) | 3.125% | |||||||
Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Revolving credit facility with a syndicate of banks | $ 2,000,000,000 | |||||||
Commitment fees | 0 | |||||||
Compensating balance requirements | $ 0 |
Accumulated Other Comprehensi36
Accumulated Other Comprehensive Loss (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of the period | $ (63) | $ (60) | ||
Other comprehensive income (loss) before reclassifications | (21) | (3) | ||
Amounts reclassified from accumulated other comprehensive loss | 9 | 6 | ||
Total other comprehensive income (loss) | $ (9) | $ (8) | (12) | 3 |
Balance at end of the period | (75) | (57) | (75) | (57) |
Cash Flow Hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of the period | (41) | (49) | ||
Other comprehensive income (loss) before reclassifications | (1) | 1 | ||
Amounts reclassified from accumulated other comprehensive loss | 9 | 6 | ||
Total other comprehensive income (loss) | 8 | 7 | ||
Balance at end of the period | (33) | (42) | (33) | (42) |
Foreign Currency Translation | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of the period | (20) | (9) | ||
Other comprehensive income (loss) before reclassifications | (20) | (4) | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Total other comprehensive income (loss) | (20) | (4) | ||
Balance at end of the period | (40) | (13) | (40) | (13) |
Other | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of the period | (2) | (2) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Total other comprehensive income (loss) | 0 | 0 | ||
Balance at end of the period | $ (2) | $ (2) | $ (2) | $ (2) |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Loss (Narratives) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Estimated interest expense related to settled interest rate hedge contracts during the next twelve months | $ 12 | |
Foreign currency forward exchange contracts | Indian Rupee | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Notional amount of derivative | 86 | $ 73 |
Total fair value of cash flow hedge derivatives | $ 1 | $ 1 |
Cash Flow Information (Details)
Cash Flow Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest paid | $ 78 | $ 77 |
Income taxes paid from continuing operations | 222 | 231 |
Treasury stock purchases settled after the balance sheet date | $ 38 | $ 13 |
Business Segment Information (S
Business Segment Information (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Processing and services revenue | $ 1,125 | $ 1,063 | $ 3,301 | $ 3,141 |
Product revenue | 188 | 200 | 585 | 609 |
Total revenue | 1,313 | 1,263 | 3,886 | 3,750 |
Operating income | 342 | 315 | 982 | 893 |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Processing and services revenue | (1) | (1) | (3) | (5) |
Product revenue | (12) | (10) | (35) | (31) |
Total revenue | (13) | (11) | (38) | (36) |
Operating income | (93) | (79) | (265) | (254) |
Payments | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Processing and services revenue | 554 | 520 | 1,610 | 1,512 |
Product revenue | 160 | 166 | 501 | 516 |
Total revenue | 714 | 686 | 2,111 | 2,028 |
Operating income | 217 | 201 | 616 | 566 |
Financial | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Processing and services revenue | 572 | 544 | 1,694 | 1,634 |
Product revenue | 40 | 44 | 119 | 124 |
Total revenue | 612 | 588 | 1,813 | 1,758 |
Operating income | $ 218 | $ 193 | $ 631 | $ 581 |
Business Segment Information (N
Business Segment Information (Narratives) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Goodwill | $ 5,201 | $ 5,209 |
Payments | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 3,400 | |
Financial | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 1,800 | |
Operating segments | Payments | ||
Segment Reporting Information [Line Items] | ||
Goodwill | 3,400 | |
Operating segments | Financial | ||
Segment Reporting Information [Line Items] | ||
Goodwill | $ 1,800 |