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Table of Contents                                     
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 September 30, 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 October 22, 2021, there were 660,231,928 shares of common stock, $.01 par value, of the registrant outstanding.

Table of Contents                                 
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
September 30,
Nine Months Ended
September 30,
2021202020212020
Revenue:
Processing and services (1)
$3,407 $3,153 $9,822 $9,118 
Product756 633 2,147 1,902 
Total revenue4,163 3,786 11,969 11,020 
Expenses:
Cost of processing and services1,530 1,387 4,425 4,488 
Cost of product521 481 1,500 1,467 
Selling, general and administrative1,476 1,412 4,289 4,193 
Gain on sale of businesses (36) (464)
Total expenses3,527 3,244 10,214 9,684 
Operating income636 542 1,755 1,336 
Interest expense, net(172)(174)(523)(535)
Other income14 13 36 34 
Income before income taxes and income from investments in unconsolidated affiliates478 381 1,268 835 
Income tax provision(54)(124)(300)(176)
Income from investments in unconsolidated affiliates22 19 80 3 
Net income446 276 1,048 662 
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interests18 12 47 4 
Net income attributable to Fiserv, Inc.$428 $264 $1,001 $658 
Net income attributable to Fiserv, Inc. per share – basic$0.65 $0.39 $1.51 $0.98 
Net income attributable to Fiserv, Inc. per share – diluted$0.64 $0.39 $1.49 $0.96 
Shares used in computing net income attributable to Fiserv, Inc. per share:
Basic661.4 669.8 664.6 672.6 
Diluted669.7 680.3 674.1 684.1 
(1)Includes processing and other fees charged to related party investments accounted for under the equity method of $46 million and $62 million for the three months ended September 30, 2021 and 2020, respectively, and $160 million and $174 million for the nine months ended September 30, 2021 and 2020, respectively (see Note 18).
See accompanying notes to consolidated financial statements.
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Fiserv, Inc.
Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Net income$446 $276 $1,048 $662 
Other comprehensive income (loss):
Fair market value adjustment on cash flow hedges, net of income tax provision of $1 million, $2 million, $1 million and $0 million
3 6 4 1 
Reclassification adjustment for net realized gains on cash flow hedges included in cost of processing and services, net of income tax benefit of $1 million, $0 million, $2 million and $0 million
(2) (6) 
Reclassification adjustment for net realized losses on cash flow hedges included in net interest expense, net of income tax provision of $2 million, $1 million, $4 million and $4 million
4 4 12 12 
Unrealized gain on defined benefit pension plans, net of income tax provision of $0 million
  1  
Foreign currency translation(349)(180)(298)(636)
Total other comprehensive loss(344)(170)(287)(623)
Comprehensive income$102 $106 $761 $39 
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interests
18 12 47 4 
Less: other comprehensive (loss) income attributable to noncontrolling interests(18)17 (25)28 
Comprehensive income attributable to Fiserv, Inc.$102 $77 $739 $7 
See accompanying notes to consolidated financial statements.
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Fiserv, Inc.
Consolidated Balance Sheets
(In millions)
(Unaudited)
September 30,
2021
December 31,
2020
Assets
Cash and cash equivalents$933 $906 
Trade accounts receivable, less allowance for doubtful accounts2,793 2,482 
Prepaid expenses and other current assets1,455 1,310 
Settlement assets13,244 11,521 
Total current assets18,425 16,219 
Property and equipment, net1,717 1,628 
Customer relationships, net10,347 11,603 
Other intangible assets, net3,921 3,755 
Goodwill36,303 36,322 
Contract costs, net782 692 
Investments in unconsolidated affiliates2,602 2,756 
Other long-term assets1,670 1,644 
Total assets$75,767 $74,619 
Liabilities and Equity
Accounts payable and accrued expenses$3,340 $3,186 
Short-term and current maturities of long-term debt449 384 
Contract liabilities529 546 
Settlement obligations13,244 11,521 
Total current liabilities17,562 15,637 
Long-term debt20,540 20,300 
Deferred income taxes4,113 4,389 
Long-term contract liabilities204 187 
Other long-term liabilities764 777 
Total liabilities43,183 41,290 
Commitments and Contingencies (see Note 17)
Redeemable Noncontrolling Interests260 259 
Fiserv, Inc. Shareholders’ Equity:
Preferred stock, no par value: 25 million shares authorized; none issued
  
Common stock, $0.01 par value: 1,800 million shares authorized; 784 million and 789 million shares issued, respectively
8 8 
Additional paid-in capital22,974 23,643 
Accumulated other comprehensive loss(649)(387)
Retained earnings14,442 13,441 
Treasury stock, at cost, 124 million and 121 million shares
(5,179)(4,375)
Total Fiserv, Inc. shareholders’ equity31,596 32,330 
Noncontrolling interests728 740 
Total equity32,324 33,070 
Total liabilities and equity$75,767 $74,619 
See accompanying notes to consolidated financial statements.
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Fiserv, Inc.
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Nine Months Ended
September 30,
20212020
Cash flows from operating activities:
Net income$1,048 $662 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and other amortization861 833 
Amortization of acquisition-related intangible assets1,554 1,603 
Amortization of financing costs and debt discounts41 36 
Share-based compensation190 286 
Deferred income taxes(266)(125)
Gain on sale of businesses (464)
Income from investments in unconsolidated affiliates(80)(3)
Distributions from unconsolidated affiliates17 12 
Non-cash impairment charges6 44 
Other operating activities(26)(4)
Changes in assets and liabilities, net of effects from acquisitions and dispositions:
Trade accounts receivable(298)460 
Prepaid expenses and other assets(242)(150)
Contract costs(210)(229)
Accounts payable and other liabilities97 34 
Contract liabilities(1)(34)
Net cash provided by operating activities2,691 2,961 
Cash flows from investing activities:
Capital expenditures, including capitalized software and other intangibles(814)(689)
Proceeds from sale of businesses 578 
Payments for acquisition of businesses, net of cash acquired(495)(137)
Distributions from unconsolidated affiliates91 94 
Purchases of investments(250) 
Proceeds from sale of investments503  
Net cash used in investing activities(965)(154)
Cash flows from financing activities:
Debt proceeds5,177 8,125 
Debt repayments(6,515)(9,307)
Net proceeds from (repayments of) commercial paper and short-term borrowings1,388 (28)
Payments of debt financing costs (16)
Proceeds from issuance of treasury stock105 108 
Purchases of treasury stock, including employee shares withheld for tax obligations(1,768)(1,612)
Distributions paid to noncontrolling interests and redeemable noncontrolling interests
(41)(61)
Payments of acquisition-related contingent consideration(36) 
Other financing activities(2)6 
Net cash used in financing activities(1,692)(2,785)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(11)(4)
Net change in cash, cash equivalents and restricted cash23 18 
Cash, cash equivalents and restricted cash, beginning balance919 933 
Cash, cash equivalents and restricted cash, ending balance$942 $951 
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 and nine months ended September 30, 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. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated in consolidation. 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 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%.
The Company maintains a majority controlling interest in certain entities, mostly related to consolidated merchant alliances (see Note 18). 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 attributable to noncontrolling interests and redeemable noncontrolling interests. Noncontrolling interests are presented as a component of equity in the consolidated balance sheets. 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 9).
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 September 30, 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 $9 million and $13 million at September 30, 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 September 30, 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 settlement obligations for amounts payable to merchants and for outstanding payment instruments issued to payees that have not yet been presented for settlement.
Allowance 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 credit risk. Despite these efforts, the Company experiences some level of losses due to merchant defaults.
The aggregate merchant credit loss expense, recognized by the Company within cost of processing and services in the consolidated statements of income, was not significant for the three months ended September 30, 2021. The Company recognized aggregate merchant credit loss expense of $35 million for the three months ended September 30, 2020. The Company recognized aggregate merchant credit loss expense of $31 million and $89 million for the nine months ended September 30, 2021 and 2020, respectively. The amount of collateral held by the Company was $2.6 billion and $1.2 billion at September 30, 2021 and December 31, 2020, respectively. The Company maintains an allowance for merchant credit losses that are expected to exceed the amount of collateral held. The allowance includes estimated losses from anticipated chargebacks and fraud events that have been incurred on merchants’ payment transactions that have been processed but not yet reported to the Company, which is recorded within accounts payable and accrued expenses in the consolidated balance sheets, as well as estimated losses on refunded amounts to cardholders that have not yet been collected from the merchants, which is recorded within prepaid expenses and other current assets in the consolidated balance sheets. The allowance is based primarily on the Company’s historical experience of credit losses and other relevant factors such as changes in economic conditions or increases in merchant fraud. The aggregate merchant credit loss allowance was $45 million and $59 million at September 30, 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
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(“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 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 September 30, 2021.
Other Investments
The Company maintains investments in various equity securities without a readily determinable fair value. Such investments totaled $95 million and $160 million at September 30, 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. To the extent such events or changes occur, the Company evaluates the fair value compared to its cost basis in the investment. Gains or losses from a sale of these investments or a change in fair value are included within other income in the consolidated statements of income for the period. During the nine months ended September 30, 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 certain equity securities and gains and losses from sales of equity securities during the three and nine months ended September 30, 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
September 30,
Nine Months Ended
September 30,
(In millions)2021202020212020
Interest expense
$173 $176 $526 $541 
Interest income
1 2 3 6 
Interest expense, net
$172 $174 $523 $535 
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, including 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
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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.
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 19. 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 U.S. comprising approximately 14% of total revenue for each of the three months ended September 30, 2021 and 2020, and 14% and 13% of total revenue for the nine months ended September 30, 2021 and 2020, respectively.
(In millions)Reportable Segments
Three Months Ended September 30, 2021 AcceptanceFintechPaymentsCorporate
and Other
Total
Type of Revenue
Processing$1,446 $389 $1,132 $4 $2,971 
Hardware, print and card production232 10 236  478 
Professional services12 124 66  202 
Software maintenance 139 2  141 
License and termination fees12 45 16  73 
Output solutions postage   209 209 
Other14 54 19 2 89 
Total Revenue$1,716 $761 $1,471 $215 $4,163 
(In millions)Reportable Segments
Three Months Ended September 30, 2020AcceptanceFintechPaymentsCorporate
and Other
Total
Type of Revenue
Processing$1,245 $364 $1,112 $9 $2,730 
Hardware, print and card production179 12 176  367 
Professional services9 120 59  188 
Software maintenance 141 1  142 
License and termination fees7 41 21  69 
Output solutions postage   207 207 
Other14 49 18 2 83 
Total Revenue$1,454 $727 $1,387 $218 $3,786 

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(In millions)Reportable Segments
Nine Months Ended September 30, 2021 AcceptanceFintechPaymentsCorporate
and Other
Total
Type of Revenue
Processing$4,044 $1,152 $3,331 $26 $8,553 
Hardware, print and card production636 33 667  1,336 
Professional services30 350 195  575 
Software maintenance 417 6  423 
License and termination fees33 133 43  209 
Output solutions postage   616 616 
Other36 166 55  257 
Total Revenue$4,779 $2,251 $4,297 $642 $11,969 

(In millions)Reportable Segments
Nine Months Ended September 30, 2020AcceptanceFintechPaymentsCorporate
and Other
Total
Type of Revenue
Processing$3,466 $1,064 $3,265 $47 $7,842 
Hardware, print and card production531 33 528  1,092 
Professional services20 347 174 1 542 
Software maintenance 423 2 2 427 
License and termination fees19 139 61  219 
Output solutions postage   640 640 
Other42 153 63  258 
Total Revenue$4,078 $2,159 $4,093 $690 $11,020 
Contract Balances
The following table provides information about contract assets and contract liabilities from contracts with customers:
(In millions)September 30, 2021December 31, 2020
Contract assets$531 $433 
Contract liabilities733 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 $469 million of revenue during the nine months ended September 30, 2021 that was included in the contract liability balance at the beginning of the period.
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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 were unsatisfied (or partially unsatisfied) at September 30, 2021:
(In millions)
Year Ending December 31,
Remainder of 2021$550 
20221,997 
20231,675 
20241,288 
Thereafter2,216 
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 Pineapple Payments
On May 4, 2021, the Company acquired Pineapple Payments Holdings, LLC (“Pineapple Payments”), an independent sales organization that provides payment processing, proprietary technology, and payment acceptance solutions for merchants, for approximately $207 million, net of $6 million of acquired cash, and including earn-out provisions estimated at a fair value of $30 million (see Note 6). Pineapple Payments is included within the Acceptance segment, and expands the reach of the Company’s payment solutions through its technology- and relationship-led distribution channels.
During the three months ended September 30, 2021, the Company identified and recorded measurement period adjustments to the preliminary Pineapple Payments 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 a decrease to goodwill of $42 million. The offsetting amounts to the change in goodwill were related to an increase in identifiable intangible assets, including customer relationships and residual buyout intangible assets, of $46 million and a decrease in other net assets of $4 million. The Company recorded measurement period adjustments to the identifiable intangible assets as a result of additional refinements to valuations, including estimated future cash flows. Such measurement period adjustments did not have a material impact on the Company’s consolidated statements of income. The updated preliminary purchase price allocation resulted in the recognition of identifiable intangible assets of $127 million, goodwill of $82 million and other net assets of $4 million.
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The allocation of the purchase price is preliminary and is subject to further adjustment, pending additional refinement and final completion of valuations. Goodwill, of which $59 million is expected to be deductible for tax purposes, is primarily attributed to the anticipated value created by the accelerated delivery of new and innovative capabilities to merchant clients. The preliminary amounts allocated to identifiable intangible assets are as follows:
(In millions)Gross Carrying AmountWeighted-Average Useful Life
Customer relationships$90 17 years
Residual buyouts20 8 years
Acquired software and technology6 7 years
Non-compete agreements and other11 5 years
Total$127 14 years
The results of operations for Pineapple Payments 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.
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 $271 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 statements of income during the nine months ended September 30, 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.
During the nine months ended September 30, 2021, the Company identified and recorded measurement period adjustments to the preliminary Ondot 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 a decrease to goodwill of $37 million. The offsetting amounts to the change in goodwill were related to an increase in acquired software and technology of $30 million, customer relationships of $15 million and deferred income tax liabilities of $8 million. The Company recorded measurement period adjustments to the intangible assets as a result of additional refinements to valuations, including estimated future cash flows. Such measurement period adjustments did not have a material impact on the Company’s consolidated statements of income.
The allocation of purchase price recorded for Ondot was finalized in the third quarter of 2021 as follows:
(In millions)
Cash and cash equivalents$13 
Receivables and other assets9 
Intangible assets142 
Goodwill173 
Payables and other liabilities(31)
Total consideration$306 
Less: Fair value of previously held equity interest(22)
Total purchase price$284 
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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 amounts allocated to identifiable intangible assets are as follows:
(In millions)Gross Carrying AmountWeighted-Average Useful Life
Acquired software and technology$90 6 years
Customer relationships35 6 years
Non-compete agreements and other17 4 years
Total$142