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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 March 31, 2021
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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFISVThe NASDAQ Stock Market LLC
0.375% Senior Notes due 2023FISV23The NASDAQ Stock Market LLC
1.125% Senior Notes due 2027FISV27The NASDAQ Stock Market LLC
1.625% Senior Notes due 2030FISV30The NASDAQ Stock Market LLC
2.250% Senior Notes due 2025FISV25The NASDAQ Stock Market LLC
3.000% Senior Notes due 2031FISV31The 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  


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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 April 23, 2021, there were 666,769,382 shares of common stock, $.01 par value, of the registrant outstanding.

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INDEX
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 2.
Item 6.


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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Fiserv, Inc.
Consolidated Statements of Income
(In millions, except per share data)
(Unaudited)
Three Months Ended
March 31,
20212020
Revenue:
Processing and services (1)
$3,054 $3,075 
Product701 694 
Total revenue3,755 3,769 
Expenses:
Cost of processing and services1,397 1,635 
Cost of product510 532 
Selling, general and administrative1,373 1,404 
Gain on sale of business (431)
Total expenses3,280 3,140 
Operating income475 629 
Interest expense, net(176)(187)
Other income21 20 
Income before income taxes and income (loss) from investments in unconsolidated affiliates320 462 
Income tax provision(18)(79)
Income (loss) from investments in unconsolidated affiliates16 (6)
Net income318 377 
Less: net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests14 (15)
Net income attributable to Fiserv, Inc.$304 $392 
Net income attributable to Fiserv, Inc. per share – basic$0.45 $0.58 
Net income attributable to Fiserv, Inc. per share – diluted$0.45 $0.57 
Shares used in computing net income attributable to Fiserv, Inc. per share:
Basic668.6 678.1 
Diluted679.9 691.2 
(1)Includes processing and other fees charged to related party investments accounted for under the equity method of $58 million and $57 million for the three months ended March 31, 2021 and 2020, respectively (see Note 19).
See accompanying notes to consolidated financial statements.
1

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Fiserv, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(In millions)
(Unaudited)
Three Months Ended
March 31,
20212020
Net income$318 $377 
Other comprehensive income (loss):
Fair market value adjustment on cash flow hedges, net of income tax (provision) benefit of ($0 million) and $3 million
1 (8)
Reclassification adjustment for net realized gains on cash flow hedges included in cost of processing and services, net of income tax benefit of $0 million and $0 million
(2)(1)
Reclassification adjustment for net realized losses on cash flow hedges included in net interest expense, net of income tax provision of $1 million and $1 million
4 4 
Unrealized gain on defined benefit pension plans, net of income tax provision of $0 million
1  
Foreign currency translation(162)(638)
Total other comprehensive loss(158)(643)
Comprehensive income (loss)$160 $(266)
Less: net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests
14 (15)
Plus: other comprehensive loss attributable to noncontrolling interests(9)(12)
Comprehensive income (loss) attributable to Fiserv, Inc.$155 $(239)
See accompanying notes to consolidated financial statements.
2

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Fiserv, Inc.
Consolidated Balance Sheets
(In millions)
(Unaudited)
March 31,
2021
December 31,
2020
Assets
Cash and cash equivalents$831 $906 
Trade accounts receivable, less allowance for doubtful accounts2,617 2,482 
Prepaid expenses and other current assets1,251 1,310 
Settlement assets11,741 11,521 
Total current assets16,440 16,219 
Property and equipment, net1,646 1,628 
Customer relationships, net11,171 11,603 
Other intangible assets, net3,824 3,755 
Goodwill36,380 36,322 
Contract costs, net726 692 
Investments in unconsolidated affiliates3,037 2,756 
Other long-term assets1,616 1,644 
Total assets$74,840 $74,619 
Liabilities and Equity
Accounts payable and accrued expenses$3,243 $3,186 
Short-term and current maturities of long-term debt366 384 
Contract liabilities555 546 
Settlement obligations11,741 11,521 
Total current liabilities15,905 15,637 
Long-term debt20,838 20,300 
Deferred income taxes4,289 4,389 
Long-term contract liabilities190 187 
Other long-term liabilities773 777 
Total liabilities41,995 41,290 
Commitments and Contingencies (see Note 18)
Redeemable Noncontrolling Interests259 259 
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; 789.6 million shares issued
8 8 
Additional paid-in capital23,522 23,643 
Accumulated other comprehensive loss(536)(387)
Retained earnings13,745 13,441 
Treasury stock, at cost, 123.0 million and 120.5 million shares
(4,888)(4,375)
Total Fiserv, Inc. shareholders’ equity31,851 32,330 
Noncontrolling interests735 740 
Total equity32,586 33,070 
Total liabilities and equity$74,840 $74,619 
See accompanying notes to consolidated financial statements.
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Fiserv, Inc.
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Three Months Ended
March 31,
20212020
Cash flows from operating activities:
Net income$318 $377 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and other amortization276 279 
Amortization of acquisition-related intangible assets521 553 
Amortization of financing costs and debt discounts13 12 
Share-based compensation66 108 
Deferred income taxes(70)(57)
Gain on sale of business (431)
(Income) loss from investments in unconsolidated affiliates(16)6 
Distributions from unconsolidated affiliates3 11 
Non-cash impairment charge6  
Other operating activities(18) 
Changes in assets and liabilities, net of effects from acquisitions and dispositions:
Trade accounts receivable(129)200 
Prepaid expenses and other assets(39)6 
Contract costs(92)(96)
Accounts payable and other liabilities102 (88)
Contract liabilities11 8 
Net cash provided by operating activities952 888 
Cash flows from investing activities:
Capital expenditures, including capitalized software and other intangibles(234)(246)
Proceeds from sale of business 584 
Payments for acquisition of businesses, net of cash acquired(281)(110)
Distributions from unconsolidated affiliates32 36 
Purchases of investments(227) 
Other investing activities2  
Net cash (used in) provided by investing activities(708)264 
Cash flows from financing activities:
Debt proceeds2,182 1,832 
Debt repayments(1,725)(2,040)
Short-term borrowings, net(56)7 
Proceeds from issuance of treasury stock43 48 
Purchases of treasury stock, including employee shares withheld for tax obligations(742)(970)
Distributions paid to noncontrolling interests and redeemable noncontrolling interests
(10)(26)
Other financing activities(3)15 
Net cash used in financing activities(311)(1,134)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(8)(17)
Net change in cash, cash equivalents and restricted cash(75)1 
Cash, cash equivalents and restricted cash, beginning balance919 933 
Cash, cash equivalents and restricted cash, ending balance$844 $934 
See accompanying notes to consolidated financial statements.
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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 months ended March 31, 2021 and 2020 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, 2020.
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 or loss is reported within income (loss) from investments in unconsolidated affiliates and the related tax expense or benefit is reported within the income tax provision 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 19). 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 the consolidated subsidiaries net carrying value. 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 10).
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.
Risks and Uncertainties
Since early 2020, the world has been, and continues to be, impacted by the novel strain of the coronavirus (“COVID-19”) pandemic. The COVID-19 pandemic, and various measures imposed by the governments of many countries, states, cities and other geographic regions to prevent its spread, have negatively impacted global economic and market conditions, including levels of consumer and business 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 Company has continued to assess the impact of the COVID-19 pandemic on its consolidated financial statements and has determined that there have been no material changes to the significant accounting policies, including estimates and assumptions made by management, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The Company will continue to monitor developments related to the COVID-19 pandemic; however, the extent to which the COVID-19 pandemic may impact the Company’s future operational and financial performance remains uncertain and cannot be predicted. Changing conditions may also affect the estimates and assumptions made by management and may result in an impairment or other charge 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 March 31, 2021, including those resulting from the impacts of the COVID-19 pandemic, will be reflected in management’s estimates for future periods.
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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 $13 million at each of March 31, 2021 and December 31, 2020, respectively.
Allowance for Doubtful Accounts
The Company analyzes the collectability of trade accounts receivable by considering historical bad debts, client creditworthiness, current economic trends, changes in client payment terms and collection trends when evaluating the adequacy of the allowance for doubtful accounts. 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 $50 million and $48 million at March 31, 2021 and December 31, 2020, respectively.
Settlement Assets and Obligations
Settlement assets and obligations result from timing differences between collection and fulfillment of payment transactions primarily associated with the Company’s merchant acquiring services. Settlement assets represent cash received or amounts receivable from agents, payment networks, bank partners or directly from consumers. Settlement obligations represent amounts payable to merchants and payees. Certain merchant settlement assets that relate to settlement obligations are held by partner banks to which the Company does not have legal ownership but has the right to use the assets to satisfy the related settlement obligations. The Company records corresponding settlement obligations for amounts payable to merchants and for payment instruments not yet presented for settlement.
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 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, included within cost of processing and services in the consolidated statements of income, incurred by the Company was $22 million and $30 million for the three months ended March 31, 2021 and 2020, respectively. The amount of collateral held by the Company was $1.9 billion and $1.2 billion at March 31, 2021 and December 31, 2020, 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 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 reserve, which is recorded within prepaid expenses and other current assets in the consolidated balance sheets, was $60 million and $59 million at March 31, 2021 and December 31, 2020, 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, which is one level below the Company’s reportable segments. The Company’s most recent annual impairment assessment of its reporting units in the fourth quarter of 2020 determined that its goodwill was not impaired as the estimated fair values exceeded the carrying values. However, it is reasonably possible that future developments related to the economic impact of the COVID-19 pandemic on certain of the Company’s businesses acquired and recorded at fair value through the acquisition of First Data Corporation (“First Data”) in July 2019, such as an increased duration and intensity of the pandemic and/or government-imposed shutdowns, prolonged economic downturn or recession, or lack of governmental support for recovery, could have a future
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material impact on one or more of the estimates and assumptions used to evaluate goodwill impairment. There is no accumulated goodwill impairment for the Company through March 31, 2021.
Other Investments
The Company maintains investments in various equity securities without a readily determinable fair value. Such investments totaled $117 million and $160 million at March 31, 2021 and December 31, 2020, respectively, and are included within other long-term assets in the 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. During the three months ended March 31, 2021, the Company remeasured its equity interest in Ondot Systems, Inc. (“Ondot”) to fair value upon acquiring a remaining ownership interest in January 2021, resulting in the recognition of a pre-tax gain of $12 million (see Note 4). Other adjustments made to the values recorded for these equity securities during the three months ended March 31, 2021 and 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. Interest expense, net consisted of the following:
Three Months Ended
March 31,
(In millions)20212020
Interest expense
$177 $189 
Interest income
1 2 
Interest expense, net
$176 $187 
2. Recent Accounting Pronouncements
In 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 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 adopted ASU 2020-01 effective January 1, 2021, and the adoption did not have a material impact 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 adopted ASU 2019-12 effective January 1, 2021, and the adoption did not have a material impact on its consolidated financial statements.
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.
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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.
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 Merchant Acceptance (“Acceptance”) segment, the Financial Technology (“Fintech”) segment and the Payments and Network (“Payments”) segment. Additional information regarding the Company’s business segments is included in Note 20. The tables below present the Company’s revenue disaggregated by type of revenue, including a reconciliation with its reportable segments. The majority of the Company’s revenue is earned domestically, with revenue generated outside the United States comprising approximately 13% of total revenue in each of the three months ended March 31, 2021 and 2020.
(In millions)Reportable Segments
Three Months Ended March 31, 2021 AcceptanceFintechPaymentsCorporate
and Other
Total
Type of Revenue
Processing$1,178 $378 $1,077 $12 $2,645 
Hardware, print and card production190 11 232  433 
Professional services9 111 63  183 
Software maintenance 139 2  141 
License and termination fees10 38 13  61 
Output solutions postage   205 205 
Other10 59 18  87 
Total Revenue$1,397 $736 $1,405 $217 $3,755 
(In millions)Reportable Segments
Three Months Ended March 31, 2020AcceptanceFintechPaymentsCorporate
and Other
Total
Type of Revenue
Processing$1,183 $351 $1,090 $25 $2,649 
Hardware, print and card production193 12 192  397 
Professional services3 112 57 1 173 
Software maintenance 141 1 2 144 
License and termination fees6 46 22  74 
Output solutions postage   236 236 
Other16 56 24  96 
Total Revenue$1,401 $718 $1,386 $264 $3,769 
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Contract Balances
The following table provides information about contract assets and contract liabilities from contracts with customers:
(In millions)March 31, 2021December 31, 2020
Contract assets$479 $433 
Contract liabilities745 733 
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 $192 million of revenue during the three months ended March 31, 2021 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 March 31, 2021:
(In millions)
Year Ending December 31,
Remainder of 2021$1,505 
20221,750 
20231,449 
20241,076 
Thereafter1,936 

The Company applies the optional exemption under Accounting Standards Codification (“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.
4. Acquisitions and Dispositions
Acquisition of Ondot
On January 22, 2021, the Company acquired a remaining ownership interest in Ondot, a digital experience platform provider for financial institutions, for approximately $270 million, net of $13 million of acquired cash. The Company previously held a noncontrolling equity interest in Ondot, which was accounted for at cost. The remeasurement of the Company’s previously held equity interest to its acquisition-date fair value resulted in the recognition of a pre-tax gain of $12 million included within other income in the consolidated statement of income during the three months ended March 31, 2021. Ondot is included within the Payments segment and further expands the Company’s digital capabilities, enhancing its suite of integrated payments, banking and merchant solutions.
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The preliminary allocation of purchase price recorded for Ondot was as follows:
(In millions)
Cash and cash equivalents$13 
Receivables and other assets13 
Intangible assets92 
Goodwill210 
Payables and other accrued liabilities(23)
Total consideration$305 
Less: Fair value of previously held equity interest(22)
Total purchase price$283 
The allocation of the purchase price above is preliminary and subject to further adjustment, pending additional refinement and final completion of valuations. Goodwill, not deductible for tax purposes, is primarily attributed to the anticipated value created by the combined scale of integrated digital solutions to consumers, merchants, acquirers, networks and card issuers. The preliminary amounts allocated to identifiable intangible assets are as follows:
(In millions)Gross Carrying AmountWeighted-Average Useful Life
Acquired software and technology$60 6 years
Customer relationships20 10 years
Non-compete agreements and other12 3 years
Total$92 7 years
The results of operations for Ondot are included in the consolidated results of the Company from the date of acquisition. Pro forma information for this acquisition is not provided because it did not have a material effect on the Company’s consolidated results of operations.
Other Acquisitions
On March 1, 2021, the Company acquired Radius8, Inc. (“Radius8”), a provider of a platform that uses consumer location and other information to drive incremental merchant transactions, for approximately $14 million. Radius8 is included within the Acceptance segment and enhances the Company’s ability to help merchants to increase sales, expand mobile application registration and improve one-to-one target marketing. The results of operations for Radius8 are included in the consolidated results of the Company from the date of acquisition. Pro forma information for this acquisition is not provided because it did not have a material effect on the Company’s consolidated results of operations.
On March 25, 2021, the Company announced that it had entered into a definitive agreement to acquire Pineapple Payments Holdings, LLC (“Pineapple Payments”), an independent sales organization that provides payment processing, proprietary technology, and payment acceptance solutions for merchants. The Company expects the acquisition to close in the second quarter of 2021, subject to customary approvals and closing conditions. Upon closing of the acquisition, Pineapple Payments will be included within the Acceptance segment, and will expand the reach of the Company’s payment solutions through its technology- and relationship-led distribution channels.
On March 2, 2020, the Company acquired MerchantPro Express LLC (“MerchantPro”), an independent sales organization that provides processing services, point-of-sale equipment and merchant cash advances to businesses across the United States. MerchantPro is included within the Acceptance segment and further expands the Company’s merchant services business. On March 18, 2020, the Company acquired Bypass Mobile, LLC (“Bypass”), an independent software vendor and innovator in enterprise point-of-sale systems for sports and entertainment venues, food service management providers and national restaurant chains. Bypass is included within the Acceptance segment and further enhances the Company’s ability to help businesses deliver seamless physical and digital customer experiences. On May 11, 2020, the Company acquired Inlet, LLC (“Inlet”), a provider of secure digital delivery solutions for enterprise and middle-market biller invoices and statements. Inlet is included within the Payments segment and further enhances the Company’s digital bill payment strategy.
The Company acquired these businesses for an aggregate purchase price of $167 million, net of $2 million of acquired cash, and including earn-out provisions estimated at a fair value of $45 million (see Note 6). The purchase price allocations for these
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acquisitions resulted in software and customer intangible assets totaling approximately $46 million, residual buyout intangible assets of approximately $35 million, goodwill of approximately $90 million, and net assumed liabilities of approximately $4 million. The purchase price allocation for the MerchantPro acquisition was finalized in the third quarter of 2020, and for the Bypass and Inlet acquisitions in the fourth quarter of 2020. Measurement period adjustments did not have a material impact on the consolidated statements of income. The goodwill recognized from these transactions, of which $36 million is deductible for tax purposes, is primarily attributed to synergies and the anticipated value created by selling the Company’s products and services to the acquired businesses’ existing client base.
The amounts allocated to identifiable intangible assets are as follows:
(In millions)Gross Carrying AmountWeighted-Average Useful Life
Customer relationships$32 14 years
Residual buyouts35 9 years
Acquired software and technology14 8 years
Total$81 11 years
The results of operations for these acquired businesses have been included in the consolidated results of the Company from the dates of acquisition. Pro forma information for these acquisitions is not provided because they did not have a material effect on the Company’s consolidated results of operations.
Dispositions

Effective July 1, 2020, the Company and Bank of America (“BANA”) dissolved the Banc of America Merchant Services joint venture (“BAMS” or the “joint venture”), of which the Company maintained a 51% controlling ownership interest. Upon dissolution of the joint venture’s operations, the joint venture transferred a proportionate share of value, primarily the client contracts, to each party via an agreed upon contractual separation. The remaining activities of the joint venture will consist of supporting the transition of the business to each party and an orderly wind down of remaining BAMS assets and liabilities. Pursuant to the separation agreement, the joint venture retains the responsibility for certain contingencies that may arise from pre-dissolution activities, including potential credit losses for specified merchants in excess of established reserves and certain legal claims and contingencies. The Company may be obligated to fund a proportionate share of any such losses as incurred.

The Company will continue to provide merchant processing and related services to former BAMS clients allocated to BANA, at BAMS pricing, through June 2023. The Company will also provide processing and other support services to new BANA merchant clients pursuant to a five-year non-exclusive agreement which, after June 2023, will also apply to the former BAMS clients allocated to BANA. In addition, both the Company and BANA are entitled to certain transition services, at fair value, from each other through June 2023. The business transferred to the Company will continue to be operated and managed within the Company’s Acceptance segment.

On February 18, 2020, the Company sold a 60% controlling interest of its Investment Services business, subsequently renamed as Tegra118, LLC (“Tegra118”). The Company received pre-tax proceeds of $584 million, net of related expenses, resulting in a pre-tax gain on the sale of $431 million, with the related tax expense of $113 million recorded through the income tax provision, in the consolidated statement of income for the three months ended March 31, 2020. The pre-tax gain included $177 million related to the remeasurement of the Company’s 40% retained interest based upon the enterprise value of the business. The revenues, expenses and cash flows of the Investment Services business were consolidated into the Company’s financial results through the date of the sale transaction, and are reported within Corporate and Other (see Note 20). In conjunction with the sale transaction, the Company also entered into transition services agreements to provide, at fair value, various administration, business process outsourcing, technical and data center related services for defined periods to Tegra118 (see Note 19).

On February 2, 2021, Tegra118 completed a merger with a third party, resulting in a dilution of the Company’s ownership interest in the combined new entity, Wealthtech Holdings, LLC (“Wealthtech”). In connection with the transaction, the Company made an additional capital contribution of $200 million into the combined entity and recognized a pre-tax gain of $28 million within income (loss) from investments in unconsolidated affiliates in the consolidated statement of income, with related tax expense of $6 million recorded through the income tax provision, during the three months ended March 31, 2021. The Company’s remaining 24% ownership interest in Wealthtech is accounted for as an equity method investment.
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5. Intangible Assets
Identifiable intangible assets consisted of the following:
(In millions)Gross
Carrying
Amount
Accumulated
Amortization
Net Book
Value
March 31, 2021
Customer relationships$15,256 $4,085 $11,171 
Acquired software and technology2,617 953 1,664 
Trade names629 189 440 
Purchased software971 244 727 
Capitalized software and other intangibles1,439 446 993 
Total$20,912 $5,917 $14,995 
(In millions)Gross
Carrying
Amount
Accumulated
Amortization
Net Book
Value
December 31, 2020
Customer relationships$15,271 $3,668 $11,603 
Acquired software and technology2,562 879 1,683 
Trade names618 172 446 
Purchased software913 207 706 
Capitalized software and other intangibles1,332 412 920 
Total$20,696 $5,338 $15,358 
Amortization expense associated with the above identifiable intangible assets was as follows:
Three Months Ended
March 31,
(In millions)20212020
Amortization expense$642 $647 

Amortization expense during the three months ended March 31, 2020 includes $10 million of accelerated amortization associated with the termination of certain vendor contracts (see Note 14).
6. Fair Value Measurements
The fair values of cash equivalents, trade accounts receivable, settlement assets and obligations, accounts payable, and client deposits approximate their respective carrying values due to the short period of time to maturity. The Company’s derivative instruments are measured on a recurring basis based on foreign currency spot rates and forwards quoted by banks and foreign currency dealers and are marked to market each period (see Note 12). Contingent consideration related to certain of the Company’s acquisitions (see Note 4) is estimated based on the present value of a probability-weighted assessment approach derived from the likelihood of achieving the earn-out criteria. The fair value of the Company’s contingent liability for current expected credit losses associated with its debt guarantees, as further described below, is estimated based on assumptions of future risk of default and the corresponding level of credit losses at the time of default.

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Assets and liabilities measured at fair value on a recurring basis consisted of the following:
Fair Value
(In millions)ClassificationFair Value HierarchyMarch 31,
2021
December 31,
2020
Assets
   Cash flow hedgesPrepaid expenses and other current assetsLevel 2$8 $9 
Liabilities
   Contingent considerationAccounts payable and accrued expensesLevel 339 46 
   Contingent considerationOther long-term liabilitiesLevel 32  
   Contingent debt guarantee Other long-term liabilitiesLevel 37 8 
The Company’s senior notes are recorded at amortized cost but measured at fair value for disclosure purposes. The estimated fair value of senior notes was based on matrix pricing which considers readily observable inputs of comparable securities (Level 2 of the fair value hierarchy). The carrying value of the Company’s term loan credit agreement, revolving credit facility borrowings, foreign lines of credit and debt associated with the receivables securitization agreement approximates fair value as these instruments have variable interest rates and the Company has not experienced any change to its credit ratings (Level 2 of the fair value hierarchy). The estimated fair value of total debt, excluding finance leases and other financing obligations, was $21.9 billion and $22.5 billion at March 31, 2021 and December 31, 2020, respectively, and the carrying value was $20.4 billion and $19.9 billion at March 31, 2021 and December 31, 2020, respectively.
The Company maintains noncontrolling ownership interests in defi SOLUTIONS Group, LLC and Sagent M&C, LLC, respectively, which are accounted for using the equity method of accounting. These joint ventures maintain variable-rate term loan facilities with aggregate outstanding borrowings of $380 million in senior unsecured debt at March 31, 2021 and variable-rate revolving credit facilities with an aggregate borrowing capacity of $45 million with a syndicate of banks, which mature in March 2023. Outstanding borrowings on the revolving credit facilities at March 31, 2021 were $13 million. The Company has guaranteed this debt and does not anticipate that the respective joint ventures will fail to fulfill their debt obligations. The Company maintains a liability for its non-contingent obligations to perform over the term of the guarantees, which is reported within accounts payable and accrued expenses and other long-term liabilities in the consolidated balance sheets. The non-contingent component of the Company’s debt guarantee arrangements is recorded at amortized cost but measured at fair value for disclosure purposes. The carrying value of the Company’s non-contingent liability of $16 million and $18 million approximates the fair value at March 31, 2021 and December 31, 2020, respectively (Level 3 of the fair value hierarchy). Such guarantees will be amortized in future periods over the contractual term. In addition, the Company maintains a contingent liability ($7 million and $8 million at March 31, 2021 and December 31, 2020, respectively, as reported within other long-term liabilities in the consolidated balance sheet), representing the current expected credit losses to which the Company is exposed. This contingent liability is estimated based on certain financial metrics of the respective joint ventures and historical industry data, which is used to develop assumptions of the likelihood the guaranteed parties will default and the level of credit losses in the event a default occurs (Level 3 of the fair value hierarchy). The Company recognized $3 million and $2 million during the three months ended March 31, 2021 and 2020, respectively, within other income in its consolidated statements of income related to its release from risk under the non-contingent guarantees as well as a change in the provision of estimated credit losses associated with the indebtedness of the joint ventures. The Company has not made any payments under the guarantees, nor has it been called upon to do so.
In addition, certain of the Company’s non-financial assets are measured at fair value on a non-recurring basis, including property and equipment, lease right-of-use (“ROU”) assets, equity securities without a readily determinable fair value, goodwill and other intangible assets, and are subject to fair value adjustment in certain circumstances. Additional information about fair value adjustments recorded on a non-recurring basis during the three months ended March 31, 2021 and 2020 is included in Note 14 to the consolidated financial statements.
7. Leases
The Company owns certain point-of-sale (“POS”) terminal equipment which it leases to merchants. The terms of the leases typically range from one month to five years.

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Components of Lease Income
Three Months Ended
March 31,
(In millions)20212020
Sales-type leases:
   Selling profit (1)
$13 $14 
   Interest income (1)
19 19 
Operating lease income (2)
71 24 
(1)Selling profit includes $30 million and $28 million recorded within product revenue with a corresponding charge of $17 million and $14 million recorded within cost of product in the consolidated statements of income for the three months ended March 31, 2021 and 2020, respectively. Interest income is included within product revenue in the consolidated statements of income.
(2)Operating lease income includes a nominal amount of variable lease income and is included within product revenue in the consolidated statements of income for the three months ended March 31, 2021 and 2020.

Lease Payment Receivables Portfolio
The Company accounts for lease payment receivables in connection with POS terminal equipment as a single portfolio. The Company recognizes an allowance for expected credit losses on lease payment receivables at the commencement date of the lease by considering the term, geography and internal credit risk ratings of such lease. The internal credit risk ratings are established based on lessee-specific risk factors, such as FICO score, number of years the lessee has been in business and the nature of the lessee’s industry, which are considered indicators of the likelihood a lessee may default in the future. The reserve for estimated credit losses on lease payment receivables was $62 million and $64 million at March 31, 2021 and December 31, 2020, respectively.
The Company determines delinquency status on lease payment receivables based on the number of calendar days past due. The Company considers lease payments that are 90 days or less past due as performing. Lease payments that are greater than 90 days past due are placed on non-accrual status in which interest income is no longer recognized. Lease payment receivables are fully written off in the period they become delinquent greater than 180 days past due. The amortized cost balance of net investment leases was $238 million and $237 million at March 31, 2021 and December 31, 2020, respectively. Lease payment receivables that were determined to be on non-accrual status were nominal at each of March 31, 2021 and December 31, 2020.
8. Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consisted of the following:
(In millions)March 31, 2021December 31, 2020
Trade accounts payable$483 $437 
Client deposits716 702 
Accrued compensation and benefits358 419 
Accrued taxes162 130 
Accrued interest207 220 
Other accrued expenses1,317 1,278 
Total$3,243 $3,186 
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9. Debt
The Company’s debt consisted of the following:
(In millions)March 31, 2021December 31, 2020
Short-term and current maturities of long-term debt:
Lines of credit$88 $144 
Finance lease and other financing obligations278 240 
Total short-term and current maturities of long-term debt$366 $384 
Long-term debt:
4.750% senior notes due June 2021
$400 $400 
3.500% senior notes due October 2022
700 700 
0.375% senior notes due July 2023 (Euro-denominated)
588 612 
3.800% senior notes due October 2023
1,000 1,000 
2.750% senior notes due July 2024
2,000 2,000 
3.850% senior notes due June 2025
900 900 
2.250% senior notes due July 2025 (British Pound-denominated)
723 709 
3.200% senior notes due July 2026
2,000 2,000 
2.250% senior notes due June 2027
1,000 1,000 
1.125% senior notes due July 2027 (Euro-denominated)
588 612 
4.200% senior notes due October 2028
1,000 1,000 
3.500% senior notes due July 2029
3,000 3,000 
2.650% senior notes due June 2030
1,000 1,000 
1.625% senior notes due July 2030 (Euro-denominated)
588 612 
3.000% senior notes due July 2031 (British Pound-denominated)
723 709 
4.400% senior notes due July 2049
2,000 2,000 
Receivable securitized loan500 425 
Term loan facility1,250 1,250 
Unamortized discount and deferred financing costs(147)(155)
Revolving credit facility511 22 
Finance lease and other financing obligations514 504 
Total long-term debt$20,838 $20,300 
The Company was in compliance with all financial debt covenants during the three months ended March 31, 2021. The Company maintains an amended and restated revolving credit facility, which matures in September 2023, with aggregate commitments available for $3.5 billion of total capacity. At March 31, 2021, the 4.75% senior notes due in June 2021 were classified in the consolidated balance sheet as long-term, as the Company has the intent to refinance this debt on a long-term basis and the ability to do so under its revolving credit facility.
10. Redeemable Noncontrolling Interests
The Company maintains two redeemable noncontrolling interests which are presented outside of equity and carried at their estimated redemption values. Each minority partner owns 1% of the equity in the joint venture; in addition, each minority partner is entitled to a contractually determined share of the entity’s income. The agreements contain redemption features whereby interests held by the minority partner are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within the Company’s control. The minority interests have a total estimated redemption value of $259 million at March 31, 2021, which may be terminated by either party for convenience any time after September 1, 2021 and December 31, 2024, respectively. In the event of termination for cause, as a result of a change in control, or for convenience after the predetermined date, the Company may be required to purchase the minority partner membership interests at a price equal to the fair market value of the minority interest.
The following table presents a summary of the redeemable noncontrolling interests activity during the three months ended March 31:
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(In millions)20212020
Balance at beginning of period$259 $262 
Distributions paid to redeemable noncontrolling interests(10)(12)
Share of income10 9 
Balance at end of period$259 $259 
11. Equity
The following tables provide changes in equity during the three months ended March 31, 2021 and 2020:
Fiserv, Inc. Shareholders’ Equity 
Three Months Ended
March 31, 2021
Number of SharesAmount
(In millions)Common SharesTreasury SharesCommon StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Treasury StockNoncontrolling InterestsTotal Equity
Balance at December 31, 2020789 121 $8 $23,643 $(387)$13,441 $(4,375)$740 $33,070 
Net income (1)
304 4 308 
Other comprehensive loss(149)(9)(158)
Share-based compensation66 66 
Shares issued under stock plans(3)(187)99 (88)
Purchases of treasury stock5 (612)(612)
Balance at March 31, 2021789 123 $8 $23,522 $(536)$13,745 $(4,888)$735 $32,586 
(1)The total net income presented in equity for the three months ended March 31, 2021 is different than the amount presented in the consolidated statement of income due to the net income attributable to redeemable noncontrolling interests of $10 million not included in equity.
Fiserv, Inc. Shareholders’ Equity
Three Months Ended
March 31, 2020
Number of SharesAmount
(In millions)Common Shares
Treasury Shares
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Retained
Earnings
Treasury StockTotal Equity
Noncontrolling Interests
Balance at December 31, 2019