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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from                      to                     
Commission File Number 1-38962
 
FISERV, INC.
(Exact Name of Registrant as Specified in Its Charter)
 
 
 
Wisconsin
 
39-1506125
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I. R. S. Employer
Identification No.)
255 Fiserv Drive
Brookfield,
WI
53045
(Address of Principal Executive Offices and zip code)
(262) 879-5000
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $0.01 per share
 
FISV
 
The NASDAQ Stock Market LLC
0.375% Senior Notes due 2023
 
FISV23
 
The NASDAQ Stock Market LLC
1.125% Senior Notes due 2027
 
FISV27
 
The NASDAQ Stock Market LLC
1.625% Senior Notes due 2030
 
FISV30
 
The NASDAQ Stock Market LLC
2.250% Senior Notes due 2025
 
FISV25
 
The NASDAQ Stock Market LLC
3.000% Senior Notes due 2031
 
FISV31
 
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

 

 


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of July 31, 2020, there were 669,649,953 shares of common stock, $.01 par value, of the registrant outstanding.

 


INDEX



PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Fiserv, Inc.
Consolidated Statements of Income
(In millions, except per share data)
(Unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
Revenue:
 
 
 
 
 
 
 
Processing and services (1)
$
2,890

 
$
1,328

 
$
5,965

 
$
2,621

Product
575

 
184

 
1,269

 
393

Total revenue
3,465

 
1,512

 
7,234

 
3,014

Expenses:
 
 
 
 
 
 
 
Cost of processing and services
1,466

 
617

 
3,101

 
1,241

Cost of product
454

 
168

 
986

 
342

Selling, general and administrative
1,377

 
343

 
2,781

 
684

(Gain) loss on sale of businesses
3

 

 
(428
)
 
(10
)
Total expenses
3,300

 
1,128

 
6,440

 
2,257

Operating income
165

 
384

 
794

 
757

Interest expense, net
(174
)
 
(58
)
 
(361
)
 
(115
)
Debt financing activities

 
(37
)
 

 
(96
)
Other income
1

 
2

 
21

 
3

Income (loss) before income taxes and loss from investments in unconsolidated affiliates
(8
)
 
291

 
454

 
549

Income tax (provision) benefit
27

 
(60
)
 
(52
)
 
(91
)
Loss from investments in unconsolidated affiliates
(10
)
 
(8
)
 
(16
)
 
(10
)
Net income
9

 
223

 
386

 
448

Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
7

 

 
(8
)
 

Net income attributable to Fiserv, Inc.
$
2

 
$
223

 
$
394

 
$
448

 
 
 
 
 
 
 
 
Net income attributable to Fiserv, Inc. per share – basic
$

 
$
0.57

 
$
0.58

 
$
1.14

Net income attributable to Fiserv, Inc. per share – diluted
$

 
$
0.56

 
$
0.57

 
$
1.12

 
 
 
 
 
 
 
 
Shares used in computing net income attributable to Fiserv, Inc. per share:
 
 
 
 
 
 
 
Basic
670.0

 
392.5

 
674.1

 
392.1

Diluted
680.8

 
399.6

 
686.0

 
399.4

(1) 
Includes processing and other fees charged to related party investments accounted for under the equity method of $55 million and $9 million for the three months ended June 30, 2020 and 2019, respectively, and $112 million and $18 million for the six months ended June 30, 2020 and 2019, respectively (see Note 21).
See accompanying notes to consolidated financial statements.

1


Fiserv, Inc.
Consolidated Statements of Comprehensive (Loss) Income
(In millions)
(Unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
Net income
$
9

 
$
223

 
$
386

 
$
448

Other comprehensive (loss) income:
 
 
 
 
 
 
 
Fair market value adjustment on cash flow hedges, net of income tax benefit (provision) of ($1 million), $36 million, $2 million and $45 million
3

 
(107
)
 
(5
)
 
(130
)
Reclassification adjustment for net realized loss on cash flow hedges included in cost of processing and services, net of income tax provision of $0 million
1

 

 

 

Reclassification adjustment for net realized losses on cash flow hedges included in net interest expense, net of income tax provision of $1 million, $0, $2 million and $1 million
4

 
1

 
8

 
2

Foreign currency translation
182

 
(2
)
 
(456
)
 
2

Total other comprehensive (loss) income
190

 
(108
)
 
(453
)
 
(126
)
Comprehensive (loss) income
$
199

 
$
115

 
$
(67
)
 
$
322

Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
7

 

 
(8
)
 

Other comprehensive income attributable to noncontrolling interests
23

 

 
11

 

Comprehensive (loss) income attributable to Fiserv, Inc.
$
169

 
$
115

 
$
(70
)
 
$
322

See accompanying notes to consolidated financial statements.

2


Fiserv, Inc.
Consolidated Balance Sheets
(In millions)
(Unaudited)
 
June 30,
2020
 
December 31,
2019
Assets
 
 
 
Cash and cash equivalents
$
869

 
$
893

Trade accounts receivable, less allowance for doubtful accounts
2,512

 
2,782

Prepaid expenses and other current assets
1,114

 
1,503

Settlement assets
12,987

 
11,868

Total current assets
17,482

 
17,046

Property and equipment, net
1,688

 
1,606

Customer relationships, net
12,897

 
14,042

Other intangible assets, net
3,739

 
3,600

Goodwill
36,088

 
36,038

Contract costs, net
606

 
533

Investments in unconsolidated affiliates
2,763

 
2,720

Other long-term assets
1,830

 
1,954

Total assets
$
77,093

 
$
77,539

Liabilities and Equity
 
 
 
Accounts payable and accrued expenses
$
2,933

 
$
3,080

Short-term and current maturities of long-term debt
359

 
287

Contract liabilities
481

 
492

Settlement obligations
12,987

 
11,868

Total current liabilities
16,760

 
15,727

Long-term debt
21,515

 
21,612

Deferred income taxes
4,481

 
4,247

Long-term contract liabilities
159

 
155

Other long-term liabilities
892

 
941

Total liabilities
43,807

 
42,682

Commitments and Contingencies (see Note 20)

 

Redeemable Noncontrolling Interests
258

 
262

Fiserv, Inc. Shareholders’ Equity:
 
 
 
Preferred stock, no par value: 25.0 million shares authorized; none issued

 

Common stock, $0.01 par value: 1,800.0 million shares authorized; 791.4 million shares issued
8

 
8

Additional paid-in capital
23,771

 
23,741

Accumulated other comprehensive loss
(644
)
 
(180
)
Retained earnings
12,877

 
12,528

Treasury stock, at cost, 122.0 million and 111.5 million shares
(4,429
)
 
(3,118
)
Total Fiserv, Inc. shareholders’ equity
31,583

 
32,979

Noncontrolling interests
1,445

 
1,616

Total equity
33,028

 
34,595

Total liabilities and equity
$
77,093

 
$
77,539

See accompanying notes to consolidated financial statements.

3


Fiserv, Inc.
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
 
Six Months Ended
June 30,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income
$
386

 
$
448

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and other amortization
550

 
202

Amortization of acquisition-related intangible assets
1,099

 
89

Amortization of financing costs, debt discounts and other
24

 
105

Share-based compensation
202

 
34

Deferred income taxes
(94
)
 
12

Gain on sale of businesses
(428
)
 
(10
)
Loss from investments in unconsolidated affiliates
16

 
10

Distributions from unconsolidated affiliates
12

 

Settlement of interest rate hedge contracts

 
(183
)
Non-cash impairment charge
40

 

Other operating activities
(3
)
 
(3
)
Changes in assets and liabilities, net of effects from acquisitions and dispositions:
 
 
 
Trade accounts receivable
278

 
60

Prepaid expenses and other assets
62

 
(62
)
Contract costs
(158
)
 
(93
)
Accounts payable and other liabilities
(54
)
 
(28
)
Contract liabilities
(13
)
 
(2
)
Net cash provided by operating activities
1,919

 
579

Cash flows from investing activities:
 
 
 
Capital expenditures, including capitalization of software costs
(488
)
 
(210
)
Proceeds from sale of businesses
584

 
10

Payments for acquisition of businesses, net of cash acquired and including working capital adjustments
(136
)
 
54

Distributions from unconsolidated affiliates
66

 
7

Purchases of investments

 
(3
)
Other investing activities

 
6

Net cash provided by (used in) investing activities
26

 
(136
)
Cash flows from financing activities:
 
 
 
Debt proceeds
5,812

 
9,894

Debt repayments
(6,219
)
 
(2,018
)
Short-term borrowings, net
(1
)
 

Payments of debt financing, redemption and other costs
(16
)
 
(164
)
Proceeds from issuance of treasury stock
86

 
56

Purchases of treasury stock, including employee shares withheld for tax obligations
(1,574
)
 
(185
)
Distributions paid to noncontrolling interests and redeemable noncontrolling interests
(52
)
 

Other financing activities
5

 

Net cash used in financing activities
(1,959
)
 
7,583

Effect of exchange rate changes on cash, cash equivalents and restricted cash
(12
)
 

Net change in cash, cash equivalents and restricted cash
(26
)
 
8,026

Cash, cash equivalents and restricted cash, beginning balance
933

 
415

Cash, cash equivalents and restricted cash, ending balance
$
907

 
$
8,441

See accompanying notes to consolidated financial statements.

4


Fiserv, Inc.
Notes to Consolidated Financial Statements
(Unaudited)
1. Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation
The consolidated financial statements for the three and six months ended June 30, 2020 and 2019 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, 2019.
On July 29, 2019, the Company acquired First Data Corporation (“First Data”) by acquiring 100% of the First Data stock that was issued and outstanding as of the date of acquisition for a total purchase price of $46.5 billion (see Note 4). First Data provides a wide-range of solutions to merchants, including retail point-of sale (“POS”) merchant transaction processing and acquiring, e-commerce services, mobile payment services and the cloud-based Clover® point-of-sale operating system, as well as technology solutions for bank and non-bank issuers. The consolidated financial statements include the financial results of First Data from the date of acquisition.
Segment Realignment
Effective in the first quarter of 2020, the Company realigned its reportable segments to correspond with changes to its operating model to reflect its new management structure and organizational responsibilities (“Segment Realignment”) following the acquisition of First Data. The Company’s new reportable segments are: Merchant Acceptance (“Acceptance”), Financial Technology (“Fintech”) and Payments and Network (“Payments”). Segment results for the three and six months ended June 30, 2019 have been restated to reflect the Segment Realignment. See Note 22 for additional information.
Principles of Consolidation
The consolidated financial statements include the accounts of Fiserv, Inc. and its subsidiaries in which the Company holds a controlling financial interest. Control is normally established when ownership and voting interests in an entity are greater than 50%. Investments in which the Company has significant influence but not control are accounted for using the equity method of accounting, for which the Company’s share of net income (loss) is reported as income (loss) from investments in unconsolidated affiliates and the related tax expense (benefit) is reported within the income tax (provision) benefit in the consolidated statements of income. Significant influence over an affiliate’s operations generally coincides with an ownership interest in an entity of between 20% and 50%. All intercompany transactions and balances have been eliminated in consolidation.
The Company maintains majority controlling interests in certain entities, mostly related to consolidated merchant alliances (see Note 21). Noncontrolling interests represent the minority shareholders’ share of the net income or loss and equity in consolidated subsidiaries. The Company’s noncontrolling interests presented in the consolidated statements of income include net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests. Noncontrolling interests are presented as a component of equity in the consolidated balance sheets and reflect the minority shareholders’ share of acquired fair value in the consolidated subsidiaries, along with their proportionate share of the earnings or losses of the subsidiaries, net of dividends or distributions. Noncontrolling interests that are redeemable upon the occurrence of an event that is not solely within the Company’s control are presented outside of equity and are carried at their estimated redemption value if it exceeds the initial carrying value of the redeemable interest (see Note 12).
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.

5


Risks and Uncertainties
In December 2019, a novel strain of coronavirus (“COVID-19”) was identified and has since continued to spread and negatively impact the economy of the United States and other countries around the world. In March 2020, the World Health Organization recognized the COVID-19 outbreak as a pandemic. In response to the COVID-19 pandemic, the governments of many countries, states, cities and other geographic regions have taken actions to prevent the spread of COVID-19, such as imposing travel restrictions and bans, quarantines, social distancing guidelines, shelter-in-place or lock-down orders and other similar limitations. Accordingly, the COVID-19 pandemic has adversely impacted global economic activity and has contributed to significant volatility in financial markets during 2020.
Global economic and market conditions impact levels of consumer spending. Consequently, the Company’s operating performance, primarily within its merchant acquiring and payment-related businesses, which earn transaction-based fees, has been adversely affected, and may continue to be adversely affected, by the economic impact of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company’s future operational and financial performance will depend on, among other matters, the duration and intensity of the pandemic; governmental and private sector responses to the pandemic and the impact of such responses on the Company; and the impact of the pandemic on the Company’s employees, clients, vendors, operations and sales, all of which are uncertain and cannot be predicted. These changing conditions may also affect the estimates and assumptions made by management. Such estimates and assumptions affect, among other things, the valuations of the Company’s long-lived assets, definite-lived intangible assets and equity method investments; the Company’s deferred tax assets and related valuation allowances; the estimate of current expected credit losses; and certain pension plan assumptions. To the extent economic and market conditions do not continue to improve or deteriorate, the COVID-19 pandemic and the related economic and market decline may also require an interim impairment assessment of the Company’s goodwill during 2020. Changes in any assumptions used may result in future goodwill impairment charges that, if incurred, could have a material adverse impact on the Company’s results of operations, total assets and total equity in the period recognized. Events and changes in circumstances arising subsequent to June 30, 2020, including those resulting from the impacts of the COVID-19 pandemic, will be reflected in management’s estimates for future periods.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash and investments with original maturities of 90 days or less. Cash and cash equivalents are stated at cost in the consolidated balance sheets, which approximates market value. Cash and cash equivalents that were restricted from use due to regulatory or other requirements are included in other long-term assets in the consolidated balance sheets and totaled $38 million and $40 million at June 30, 2020 and December 31, 2019, respectively.
Allowance for Doubtful Accounts
The Company analyzes the collectability of trade accounts receivable by considering historical bad debts, client creditworthiness, current economic conditions, expectations of near term economic trends, changes in client payment terms and collection trends when evaluating the adequacy of the allowance for doubtful accounts for expected credit losses. Any change in the assumptions used in analyzing a specific account receivable may result in an additional allowance for doubtful accounts being recognized in the period in which the change occurs. The allowance for doubtful accounts was $43 million and $39 million at June 30, 2020 and December 31, 2019, respectively.
Reserve for Merchant Credit Losses
With respect to the Company’s merchant acquiring business, the Company’s merchant customers have the legal obligation to refund any charges properly reversed by the cardholder. However, in the event the Company is not able to collect the refunded amounts from the merchants, the Company may be liable for the reversed charges. The Company’s risk in this area primarily relates to situations where the cardholder has purchased goods or services to be delivered in the future. The Company requires cash deposits, guarantees, letters of credit or other types of collateral from certain merchants to minimize this obligation. Collateral held by the Company is classified within settlement assets and the obligation to repay the collateral is classified within settlement obligations in the Company’s consolidated balance sheets. The Company also utilizes a number of systems and procedures to manage merchant risk. Despite these efforts, the Company experiences some level of losses due to merchant defaults. The aggregate merchant credit losses recorded by the Company was $24 million and $54 million for the three and six months ended June 30, 2020, respectively, and is included within cost of processing and services in the consolidated statements of income. The amount of collateral held by the Company was $767 million and $510 million at June 30, 2020 and December 31, 2019, respectively. The Company maintains reserves for merchant credit losses that are expected to exceed the amount of collateral held. The reserves include an estimated amount for anticipated chargebacks and fraud events that have been incurred on merchants’ payment transactions that have been processed but not yet reported to the Company (“IBNR Reserve”), as well as an allowance on refunded amounts to cardholders that have not yet been collected from the merchants. The IBNR Reserve, which is recorded within accounts payable and accrued expenses in the consolidated balance sheets, is

6


based primarily on the Company’s historical experience of credit losses and other relevant factors such as economic downturns or increases in merchant fraud. The aggregate merchant credit loss reserves were $46 million and $34 million at June 30, 2020 and December 31, 2019, respectively.
Goodwill
Goodwill represents the excess of purchase price over the fair value of identifiable assets acquired and liabilities assumed in a business combination. The Company evaluates goodwill for impairment on an annual basis, or more frequently if circumstances indicate possible impairment. Goodwill is tested for impairment at a reporting unit level, determined to be at an operating segment level or one level below. When assessing goodwill for impairment, the Company considers (i) the amount of excess fair value over the carrying value of each reporting unit, (ii) the period of time since a reporting unit’s last quantitative test, (iii) the extent a reorganization or disposition changes the composition of one or more of the reporting units and (iv) other factors to determine whether or not to first perform a qualitative test. When performing a qualitative test, the Company assesses numerous factors to determine whether it is more likely than not that the fair value of its reporting units are less than their respective carrying values. Examples of qualitative factors that the Company assesses include its share price, its financial performance, market and competitive factors in its industry and other events specific to its reporting units. If the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company performs a quantitative impairment test by comparing reporting unit carrying values to estimated fair values.
The Company performed an annual assessment of its reporting units’ goodwill in the fourth quarter of 2019 and no impairment was identified. In connection with the Segment Realignment described above, certain of the Company’s reporting units have changed in composition in which goodwill was allocated to such reporting units using a relative fair value approach. Accordingly, the Company performed an interim goodwill impairment assessment in the first quarter of 2020 for those reporting units impacted by the Segment Realignment, and determined that its goodwill was not impaired based on an assessment of various qualitative factors as described above. There is no accumulated goodwill impairment for the Company through June 30, 2020. See Note 7 for additional information.
Other Investments
The Company maintains investments in various equity securities without a readily determinable fair value. Such investments totaled $164 million and $167 million at June 30, 2020 and December 31, 2019, respectively, and are included within other long-term assets in the Company’s consolidated balance sheets. The Company reviews these investments each reporting period to determine whether an impairment or observable price change for the investment has occurred. When such events or changes occur, the Company evaluates the fair value compared to its cost basis in the investment. Gains or losses from a change in fair value are included within other income in the consolidated statements of income for the period. Adjustments made to the values recorded for these equity securities during the three and six months ended June 30, 2020 were not significant.
Interest Expense, Net
Interest expense, net consists of interest expense primarily associated with the Company’s outstanding borrowings and finance lease obligations, as well as interest income primarily associated with the Company’s investment securities. The Company recognized $176 million and $64 million of interest expense and $2 million and $6 million of interest income during the three months ended June 30, 2020 and 2019, respectively. The Company recognized $365 million and $123 million of interest expense and $4 million and $8 million of interest income for the six months ended June 30, 2020 and 2019, respectively.
2. Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a cloud computing hosting arrangement that is a service contract within the requirements under Accounting Standards Codification (“ASC”) 350 for capitalizing implementation costs incurred to develop or obtain internal-use software. For public entities, ASU 2018-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Entities are permitted to apply either a retrospective or prospective transition approach to adopt the guidance. The Company adopted ASU 2018-15 effective January 1, 2020 using a prospective approach, and the adoption did not have a material impact on its consolidated financial statements.

7


In 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which removes, modifies, and adds certain disclosure requirements of ASC Topic 820, Fair Value Measurement. ASU 2018-13 is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2019 with the additional disclosures required to be applied prospectively and the modified and removed disclosures required to be applied retrospectively to all periods presented. The Company adopted ASU 2018-13 effective January 1, 2020, and the adoption did not have a material impact on its disclosures.
In 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) (“ASU 2016-13” or “CECL”), which prescribes an impairment model for most financial instruments based on expected losses rather than incurred losses. Under this model, an estimate of expected credit losses over the contractual life of the instrument is to be recorded as of the end of a reporting period as an allowance to offset the amortized cost basis, resulting in a net presentation of the amount expected to be collected on the financial instrument. For public entities, ASU 2016-13 is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2019. For most instruments, entities must apply the standard using a cumulative-effect adjustment to beginning retained earnings as of the beginning of the fiscal year of adoption.
The Company adopted ASU 2016-13 effective January 1, 2020 using the required modified retrospective approach, which resulted in a cumulative-effect decrease to beginning retained earnings of $45 million. Financial assets and liabilities held by the Company subject to the “expected credit loss” model prescribed by CECL include trade and other receivables, net investments in leases, settlement assets and other credit exposures such as financial guarantees not accounted for as insurance.
Recently Issued Accounting Pronouncements
In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (“ASU 2020-01”), which clarifies certain interactions between the guidance to account for certain equity securities, investments under the equity method of accounting, and forward contracts or purchased options to purchase securities under Topic 321, Topic 323 and Topic 815. For public entities, ASU 2020-01 is effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently assessing the impact that the adoption of ASU 2020-01 will have on its consolidated financial statements.
In 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which introduces a number of amendments that are designed to simplify the application of accounting for income taxes. Such amendments include removing certain exceptions for intraperiod tax allocation, interim reporting when a year-to-date loss exceeds the anticipated loss, reflecting the effect of an enacted change in tax laws or rates in the annual effective tax rate and recognition of deferred taxes related to outside basis differences for ownership changes in investments. ASU 2019-12 also provides clarification related to when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction. In addition, ASU 2019-12 provides guidance on the recognition of a franchise tax (or similar tax) that is partially based on income as an income-based tax and accounting for any incremental amount incurred as a non-income-based tax. For public entities, ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company plans to adopt ASU 2019-12 effective January 1, 2021 and does not expect the adoption to have a material impact on its consolidated financial statements.
In 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans (“ASU 2018-14”), which removes, clarifies and adds certain disclosure requirements of ASC Topic 715, Compensation - Retirement Benefits. ASU 2018-14 is effective for fiscal years ending after December 15, 2020, with early adoption permitted. Entities must apply the disclosure updates retrospectively. The Company is currently assessing the impact that the adoption of ASU 2018-14 will have on its disclosures.
3. Revenue Recognition
The Company generates revenue from the delivery of processing, service and product solutions. Revenue is measured based on consideration specified in a contract with a customer, and excludes any amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer which may be at a point in time or over time.
Disaggregation of Revenue
The Company’s operations are comprised of the Acceptance segment, the Fintech segment and the Payments segment. Additional information regarding the Company’s business segments is included in Note 22. The tables below present the

8


Company’s revenue disaggregated by type of revenue, including a reconciliation with its reportable segments. The Company’s disaggregation of revenue for the three and six months ended June 30, 2019 have been restated to reflect the Segment Realignment. The majority of the Company’s revenue is earned domestically, with revenue generated outside the United States comprising approximately 12% and 6% of total revenue for the three months ended June 30, 2020 and 2019, respectively, and 13% and 6% of total revenue for the six months ended June 30, 2020 and 2019, respectively.
(In millions)
Reportable Segments
Three Months Ended June 30, 2020
 Acceptance
 
Fintech
 
Payments
 
Corporate
and Other
 
Total
 
 
 
 
 
 
 
 
 
 
Type of Revenue
 
 
 
 
 
 
 
 
 
Processing
$
1,038

 
$
349

 
$
1,063

 
$
13

 
$
2,463

Hardware, print and card production
159

 
9

 
160

 

 
328

Professional services
8

 
115

 
58

 

 
181

Software maintenance

 
141

 

 

 
141

License and termination fees
6

 
52

 
18

 

 
76

Output solutions postage

 

 

 
198

 
198

Other
12

 
48

 
21

 
(3
)
 
78

Total Revenue
$
1,223

 
$
714

 
$
1,320

 
$
208

 
$
3,465

(In millions)
Reportable Segments
Three Months Ended June 30, 2019
Fintech
 
Payments
 
Corporate
and Other
 
Total
 
 
 
 
 
 
 
 
Type of Revenue
 
 
 
 
 
 
 
Processing
$
342

 
$
516

 
$
46

 
$
904

Hardware, print and card production
11

 
75

 

 
86

Professional services
125

 
26

 
2

 
153

Software maintenance
143

 

 
4

 
147

License and termination fees
60

 
18

 

 
78

Output solutions postage

 

 
67

 
67

Other
50

 
27

 

 
77

Total Revenue
$
731

 
$
662

 
$
119

 
$
1,512

(In millions)
Reportable Segments
Six Months Ended June 30, 2020
 Acceptance
 
Fintech
 
Payments
 
Corporate
and Other
 
Total
 
 
 
 
 
 
 
 
 
 
Type of Revenue
 
 
 
 
 
 
 
 
 
Processing
$
2,221

 
$
700

 
$
2,153

 
$
38

 
$
5,112

Hardware, print and card production
352

 
21

 
352

 

 
725

Professional services
11

 
227

 
115

 
1

 
354

Software maintenance

 
282

 
1

 
2

 
285

License and termination fees
12

 
98

 
40

 

 
150

Output solutions postage

 

 

 
433

 
433

Other
28

 
104

 
45

 
(2
)
 
175

Total Revenue
$
2,624

 
$
1,432

 
$
2,706

 
$
472

 
$
7,234


9


(In millions)
 
Reportable Segments
Six Months Ended June 30, 2019
 
Fintech
 
Payments
 
Corporate
and Other
 
Total
 
 
 
 
 
 
 
 
 
Type of Revenue
 
 
 
 
 
 
 
 
Processing
 
$
684

 
$
1,027

 
$
89

 
$
1,800

Hardware, print and card production
 
23

 
150

 

 
173

Professional services
 
238

 
49

 
4

 
291

Software maintenance
 
286

 
1

 
8

 
295

License and termination fees
 
120

 
31

 

 
151

Output solutions postage
 

 

 
144

 
144

Other
 
105

 
55

 

 
160

Total Revenue
 
$
1,456

 
$
1,313

 
$
245

 
$
3,014


Contract Balances
The following table provides information about contract assets and contract liabilities from contracts with customers.
(In millions)
June 30, 2020
 
December 31, 2019
Contract assets
$
387

 
$
382

Contract liabilities
640

 
647


Contract assets, reported within other long-term assets in the consolidated balance sheets, primarily result from revenue being recognized where payment is contingent upon the transfer of services to a customer over the contractual period. Contract liabilities primarily relate to advance consideration received from customers (deferred revenue) for which transfer of control occurs, and therefore revenue is recognized, as services are provided. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company recognized $310 million of revenue during the six months ended June 30, 2020 that was included in the contract liability balance at the beginning of the period.
Transaction Price Allocated to Remaining Performance Obligations
The following table includes estimated processing, services and product revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at June 30, 2020:
(In millions)
 
Year ending December 31,
 
Remainder of 2020
$
980

2021
1,724

2022
1,340

2023
1,032

Thereafter
1,956


The Company applies the optional exemption under ASC Topic 606 (“ASC 606”) and does not disclose information about remaining performance obligations for account- and transaction-based processing fees that qualify for recognition under the as-invoiced practical expedient. These multi-year contracts contain variable consideration for stand-ready performance obligations for which the exact quantity and mix of transactions to be processed are contingent upon the customer’s request. The Company also applies the optional exemptions under ASC 606 and does not disclose information for variable consideration that is a sales-based or usage-based royalty promised in exchange for a license of intellectual property or that is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service in a series. The amounts disclosed above as remaining performance obligations consist primarily of fixed or monthly minimum processing fees and maintenance fees under contracts with an original expected duration of greater than one year.

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4. Acquisitions and Dispositions
Acquisition of First Data
On July 29, 2019, the Company completed the acquisition of First Data, a global leader in commerce-enabling technology and solutions for merchants, financial institutions and card issuers, by acquiring 100% of the First Data stock that was issued and outstanding as of the date of acquisition. The acquisition increases the Company’s footprint as a global payments and financial technology provider by expanding the portfolio of services provided to financial institutions, corporate and merchant clients, and consumers.
As a result of the acquisition, First Data stockholders received 286 million shares of common stock of Fiserv, Inc., at an exchange ratio of 0.303 shares of Fiserv, Inc. for each share of First Data common stock, with cash paid in lieu of fractional shares. The Company also converted 15 million outstanding First Data equity awards into corresponding equity awards relating to common stock of Fiserv, Inc. in accordance with the exchange ratio. In addition, concurrent with the closing of the acquisition, the Company made a cash payment of $16.4 billion to repay existing First Data debt. The Company funded the transaction-related expenses and the repayment of First Data debt through a combination of available cash on-hand and proceeds from debt issuances.
The total purchase price paid for First Data is as follows:
(In millions)
 
Fair value of stock exchanged for shares of Fiserv, Inc. (1)
$
29,293

Repayment of First Data debt
16,414

Fair value of vested portion of First Data stock awards exchanged for Fiserv, Inc. awards (2)
768

     Total purchase price
$
46,475

(1) 
The fair value of the 286 million shares of the Company’s common stock issued as of the acquisition date was determined based on a per share price of $102.30, which was the closing price of the Company’s common stock on July 26, 2019, the last trading day before the acquisition closed the morning of July 29, 2019. This includes a nominal amount of cash paid in lieu of fractional shares.
(2) 
Represents the portion of the fair value of the replacement awards related to services provided prior to the acquisition. The remaining portion of the fair value is associated with future service and will be recognized as expense over the future service period.
The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”). The purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, none of which is expected to be deductible for tax purposes. Goodwill is primarily attributed to synergies from future expected economic benefits, including enhanced revenue growth from expanded capabilities and geographic presence as well as substantial cost savings from duplicative overhead, streamlined operations and enhanced operational efficiency.
The assets and liabilities of First Data have been measured at estimated fair value as of the acquisition date. During the first six months of 2020, the Company identified and recorded measurement period adjustments to the preliminary purchase price allocation, which were the result of additional analysis performed and information identified based on facts and circumstances that existed as of the acquisition date. These measurement period adjustments resulted in an increase to goodwill of $290 million. The offsetting amounts to the change in goodwill were primarily related to customer relationship intangible assets, noncontrolling interests, property and equipment, payables and accrued expenses including legal contingency reserves, and deferred income taxes. The Company recorded a measurement period adjustment of $155 million to reduce the fair value of customer relationship intangible assets as a result of refinements to attrition rates. A measurement period adjustment of $126 million was recorded to reduce the fair value of noncontrolling interests based on changes to the fair value of the underlying customer relationship intangible assets and the incorporation of additional facts and circumstances that existed as of the acquisition date. A measurement period adjustment of $25 million was recorded to reduce the fair value of property and equipment to the estimated fair value of certain real property acquired. Measurement period adjustments were recorded to increase payables and accrued expenses by $36 million, reduce investments in unconsolidated affiliates by $23 million, and increase other long-term liabilities by $21 million. In addition, the Company recorded $178 million to increase recognized deferred tax liabilities related to measurement period adjustments. Such measurement period adjustments did not have a material impact on the consolidated statements of income. The allocation of the purchase price shown below remains preliminary and subject to further adjustment, pending additional refinement and final completion of valuations primarily related to certain legal contingency reserves and deferred tax liabilities. Adjustments to the valuation of assets acquired and

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liabilities assumed will result in a corresponding adjustment to goodwill. The updated preliminary allocation of purchase price recorded for First Data was as follows:
(In millions)
 
Assets acquired (1)
 
     Cash and cash equivalents
$
310

     Trade accounts receivable
1,747

     Prepaid expenses and other current assets
1,047

     Settlement assets
10,398

     Property and equipment
1,156

     Customer relationships
13,458

     Other intangible assets
2,814

     Goodwill
30,797

     Investments in unconsolidated affiliates
2,676

     Other long-term assets
1,223

Total assets acquired
$
65,626

 
 
Liabilities assumed (1)
 
     Accounts payable and accrued expenses
$
1,612

     Short-term and current maturities of long-term debt (2)
243

     Contract liabilities
71

     Settlement obligations
10,398

     Deferred income taxes
3,690

     Long-term contract liabilities
16

     Long-term debt and other long-term liabilities (3)
1,261

Total liabilities assumed
$
17,291

 
 
Net assets acquired
$
48,335

Redeemable noncontrolling interests
252

Noncontrolling interests
1,608

     Total purchase price
$
46,475


(1) 
In connection with the acquisition of First Data, the Company acquired two businesses which it intended to sell and subsequently sold in October 2019. Therefore, such businesses were classified as held for sale and were included within prepaid expenses and other current assets and accounts payable and accrued expenses in the above preliminary allocation of purchase price.