0000798354-24-000100 | 10-Q | XBRL Viewer

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Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Processing, administrative, and other fees	$ 4,883	$ 4,547
Equity investments \| Related Party Fees
Processing, administrative, and other fees	$ 40	$ 46

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Derivatives and Hedging Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging Instruments

In order to limit exposure to risk, the Company maintains derivative instruments with creditworthy institutions to hedge against changing interest rates and foreign currency rate fluctuations. The Company utilizes forward exchange contracts, fixed-to-fixed cross-currency rate swap contracts and other non-derivative hedging instruments to manage such risk. The Company has designated these instruments as cash flow hedges, net investment hedges, or fair value hedges, as further described below. Derivative instruments maintained by the Company are measured on a recurring basis and are recorded at fair value either as an asset or liability in the consolidated balance sheets (see Note 8).

Cash Flow Hedges

The Company maintains forward exchange contracts, designated as cash flow hedges, to hedge foreign currency exposure to the Indian Rupee. The notional amount of these derivatives was $447 million and $443 million at March 31, 2024 and December 31, 2023, respectively. Based on the amounts recorded in accumulated other comprehensive loss at March 31, 2024, the Company estimates that it will recognize gains of approximately $3 million in cost of processing and services during the next twelve months as foreign exchange forward contracts settle.

The Company previously entered into treasury lock agreements (“Treasury Locks”), designated as cash flow hedges to manage exposure to fluctuations in benchmark interest rates in anticipation of the issuance of fixed rate debt in connection with the acquisition and refinancing of certain indebtedness of First Data Corporation and its subsidiaries. In 2019, concurrent with the issuance of U.S dollar-denominated senior notes, the Treasury Locks were settled resulting in a loss, net of income taxes, and recorded in accumulated other comprehensive loss that is being amortized to earnings over the terms of the originally forecast interest payments. The unamortized balance recorded in accumulated other comprehensive loss related to the Treasury Locks was $112 million and $116 million at March 31, 2024 and December 31, 2023, respectively. Based on the amounts recorded in

accumulated other comprehensive loss at March 31, 2024, the Company estimates that it will recognize approximately $14 million in net interest expense during the next twelve months related to settled interest rate hedge contracts.

Net Investment Hedges

At March 31, 2024, aggregate notional fixed-to-fixed cross-currency rate swaps of 475 million Euros and 751 million Singapore Dollars have been designated as net investment hedges to hedge a portion of the Company’s net investment in certain subsidiaries whose functional currencies are the Euro and Singapore Dollar. The Company has also designated certain of its Euro- and British Pound-denominated senior notes and Euro commercial paper notes as net investment hedges to hedge a portion of its net investment in certain subsidiaries whose functional currencies are the Euro and the British Pound.

Foreign currency transaction gains or losses on the qualifying net investment hedge instruments are recorded as foreign currency translation within other comprehensive (loss) income in the consolidated statements of comprehensive income and will remain in accumulated other comprehensive loss in the consolidated balance sheets until the sale or complete liquidation of the underlying foreign currency-denominated subsidiaries.

Foreign currency transaction gains (losses), net of income tax, related to net investment hedges that were recorded as foreign currency translation within other comprehensive (loss) income in the consolidated statements of comprehensive income were as follows:


	Three Months Ended March 31,
(In millions)	2024		2023
Cross-currency rate swap contracts	$	16	$	(2)
Foreign currency-denominated debt	77		(64)

The Company recorded income tax impacts of $(31) million and $22 million during the three months ended March 31, 2024 and 2023, respectively, in other comprehensive (loss) income from the translation of foreign currency-denominated senior notes, Euro commercial paper notes and cross-currency rate swap contracts.

Fair Value Hedges

The Company maintains a fixed-to-fixed cross-currency rate swap contract of 525 million notional British Pounds, designated as a fair value hedge, to mitigate the spot foreign exchange rate risk on the principal amount of its British Pound-denominated 2.250% senior notes due in July 2025. Changes in the fair value of the cross-currency rate swap, along with the offsetting changes in the fair value of the senior notes, attributable to fluctuations in the British Pound/U.S. dollar spot rates are recognized in other expense, net within the consolidated statements of income. The Company also maintains fixed-to-fixed cross-currency rate swap contracts in the aggregate notional amount of 157 million Euros, designated as fair value hedges, to mitigate the spot foreign exchange rate risk on the principal amount of a Euro-denominated intercompany note. Changes in the fair value of the cross-currency rate swaps, along with the offsetting change in the fair value of the intercompany note, attributable to fluctuations in the Euro/U.S. dollar spot rates are recognized in other expense, net within the consolidated statements of income. Changes in the fair value of cross-currency rate swaps attributable to fluctuations in foreign currency spot rates, along with the offsetting changes in the fair values of the hedged notes, of $2 million were recognized in other expense, net within the consolidated statements of income for the three months ended March 31, 2024.

Derivatives and Hedging Instruments - Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) (Details) - Net Investment Hedging - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cross-currency rate swap contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency translation	$ 16	$ (2)
Foreign currency-denominated debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency translation	$ 77	$ (64)

Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Equity

The following tables provide changes in equity during the three months ended March 31, 2024 and 2023:


	Fiserv, Inc. Shareholders’ Equity

Three Months Ended March 31, 2024	Number of Shares		Amount
(In millions)	Common Shares	Treasury Shares	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Noncontrolling Interests		Total Equity

Balance at December 31, 2023	784	190	$	8	$	23,103	$	(783)	$	20,444	$	(12,915)	$	651	$	30,508
Net income (1)									735				11		746



Distributions paid to noncontrolling interests (2)													(27)		(27)



Other comprehensive loss							(211)						(13)		(224)


Share-based compensation					86										86
Shares issued under stock plans		(2)			(328)						174				(154)
Purchases of treasury stock		10									(1,512)				(1,512)



Balance at March 31, 2024	784	198	$	8	$	22,861	$	(994)	$	21,179	$	(14,253)	$	622	$	29,423

(1)The total net income presented in equity for the three months ended March 31, 2024 is different than the amount presented in the consolidated statement of income due to the net income attributable to redeemable noncontrolling interest of $6 million not included in equity.

(2)The total distributions presented in equity for the three months ended March 31, 2024 excludes $7 million in distributions paid to redeemable noncontrolling interest not included in equity.


	Fiserv, Inc. Shareholders’ Equity

Three Months Ended March 31, 2023	Number of Shares		Amount
(In millions)	Common Shares	Treasury Shares	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock				Total Equity
													Noncontrolling Interests
Balance at December 31, 2022	784	154	$	8	$	23,011	$	(1,189)	$	17,376	$	(8,378)	$	699	$	31,527

Net income (1)									563				6		569



Other comprehensive income							135						12		147

Share-based compensation					93										93
Shares issued under stock plans		(2)			(158)						99				(59)
Purchases of treasury stock		13									(1,483)				(1,483)


Balance at March 31, 2023	784	165	$	8	$	22,946	$	(1,054)	$	17,939	$	(9,762)	$	717	$	30,794

(1)The total net income presented in equity for the three months ended March 31, 2023 is different than the amount presented in the consolidated statement of income due to the net income attributable to redeemable noncontrolling interest of $7 million not included in equity.

- Definition

The entire disclosure for equity.

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+ Details

Debt - Narrative (Details) R$ in Millions, $ in Millions	1 Months Ended	3 Months Ended
Debt - Narrative (Details) R$ in Millions, $ in Millions	Feb. 29, 2024	Mar. 31, 2024 USD ($)	Mar. 31, 2024 BRL (R$)	Mar. 04, 2024 USD ($)	Dec. 31, 2023 USD ($)
Foreign lines of credit
Debt Instrument [Line Items]
Debt instrument, face amount		$ 103	R$ 514
Weighted-Average Interest Rate		40.354%	40.354%		63.06%
Foreign lines of credit \| Certificado de Deposito Interbancario (CDI)
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 2,000
Senior Notes \| 5.150% senior notes due March 2027
Debt Instrument [Line Items]
Debt instrument, face amount				$ 750
Debt instrument, interest rate		5.15%	5.15%	5.15%
Outstanding borrowings		$ 750			$ 0
Senior Notes \| 5.350% senior notes due March 2031
Debt Instrument [Line Items]
Debt instrument, face amount				$ 500
Debt instrument, interest rate		5.35%	5.35%	5.35%
Outstanding borrowings		$ 500			0
Senior Notes \| 5.450% senior notes due March 2034
Debt Instrument [Line Items]
Debt instrument, face amount				$ 750
Debt instrument, interest rate		5.45%	5.45%	5.45%
Outstanding borrowings		$ 750			0
Senior Notes \| 2.750% Senior Notes Due July 2024
Debt Instrument [Line Items]
Debt instrument, interest rate				2.75%
Commercial Paper \| U.S. dollar commercial paper notes
Debt Instrument [Line Items]
Debt maturities (in days)		397 days
Outstanding borrowings		$ 0			$ 418
Weighted-Average Interest Rate					5.454%
Commercial Paper \| Euro commercial paper notes
Debt Instrument [Line Items]
Debt maturities (in days)		183 days
Outstanding borrowings		$ 1,286			$ 1,321
Weighted-Average Interest Rate		4.016%	4.016%		4.029%
Revolving credit facility \| Line of Credit
Debt Instrument [Line Items]
Outstanding borrowings		$ 0			$ 74
Maximum borrowing capacity		$ 6,000
Debt instrument, covenant, debt-to-EBITDA ratio		3.75	3.75

Intangible Assets - Schedule of Intangible Assets by Class (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 21,975		$ 21,901
Accumulated Amortization	11,049		10,691
Net Book Value	10,926		11,210
Amortization of intangible assets	534	$ 595
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	14,593		14,669
Accumulated Amortization	7,846		7,594
Net Book Value	6,747		7,075
Acquired software and technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,121		2,148
Accumulated Amortization	1,180		1,148
Net Book Value	941		1,000
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	639		641
Accumulated Amortization	370		356
Net Book Value	269		285
Purchased software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,078		1,087
Accumulated Amortization	482		520
Net Book Value	596		567
Capitalized software and other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,544		3,356
Accumulated Amortization	1,171		1,073
Net Book Value	$ 2,373		$ 2,283

Fair Value Measurements - Assets and Liabilities Measured at Fair Value On a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Level 2 \| Fair Value Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross-currency rate swap contract	$ 4	$ 1
Level 2 \| Net Investment Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross-currency rate swap contract	40	61
Level 2 \| Prepaid expenses and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward exchange contracts designated as cash flow hedges	3	2
Cross-currency rate swap contract designated as fair value hedge	1	0
Level 2 \| Other long-term assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross-currency rate swap contract designated as fair value hedge	1	3
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	3	2
Contingent debt guarantee	$ 22	$ 23

Redeemable Noncontrolling Interest - Narrative (Details)	Mar. 31, 2024 noncontrolling_interest
First Data Joint Venture
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owner	1.00%
First Data
Noncontrolling Interest [Line Items]
Number of redeemable noncontrolling interests	1

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 735	$ 563

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Paragraph 1A
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revolving Credit Facility \| Line of Credit
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Maximum borrowing capacity	$ 6,000
Revolving Credit Facility \| Variable-Rate Revolving Credit Facilities Due April 2027 \| Line of Credit \| Lending Joint Ventures
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Maximum borrowing capacity	83
Term Loan Facilities \| Variable-Rate Term Loan Facilities Due April 2027 \| Line of Credit \| Lending Joint Ventures
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Maximum borrowing capacity	437
Long-term debt	52
Carrying value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Total debt	23,500		$ 22,200
Level 2 \| Fair value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Total debt	22,700		21,600
Financial Guarantee
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Carrying value of non-contingent liability	520
Financial Guarantee \| Lending Joint Ventures
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Carrying value of non-contingent liability	28		$ 31
Other (expense) income	$ 4	$ 2

Derivatives and Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of net investment hedges in accumulated other comprehensive income (loss)


	Three Months Ended March 31,
(In millions)	2024		2023
Cross-currency rate swap contracts	$	16	$	(2)
Foreign currency-denominated debt	77		(64)

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue

The table below presents the Company’s revenue disaggregated by business line, including a reconciliation with its reportable segments. The Company’s disaggregation of revenue for the three months ended March 31, 2023 has been recast to reflect the Segment Realignment. The Company serves its global client base by working among its geographic teams across various regions, including the U.S. and Canada; Europe, Middle East and Africa (“EMEA”); Latin America (“LATAM”); and Asia Pacific (“APAC”). The majority of the Company’s revenue is earned domestically, with revenue generated within its EMEA, LATAM and APAC regions comprising approximately 15% and 13% of total revenue for the three months ended March 31, 2024 and 2023, respectively.


(In millions)	Three Months Ended March 31,
Revenue by Business Line	2024		2023
Small Business	$	1,488	$	1,285
Enterprise	463		437
Processing	302		274
Total Merchant segment revenue	$	2,253	$	1,996
Digital Payments	$	920	$	873
Issuing	761		731
Banking	604		619
Total Financial segment revenue	$	2,285	$	2,223
Corporate and Other	$	345	$	328
Total Revenue	$	4,883	$	4,547

Contract with customer, asset and liabilities

The following table provides information about contract assets and contract liabilities from contracts with customers:


(In millions)	March 31, 2024		December 31, 2023
Contract assets	$	784	$	754
Contract liabilities	1,026		1,011

Schedule of remaining performance obligations

The following table includes estimated processing and services revenue expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) at March 31, 2024:



(In millions)
Year Ending December 31,
Remainder of 2024	$	1,828
2025	2,053
2026	1,505
2027	965
Thereafter	1,071

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Changes in accumulated other comprehensive loss by component, net of income taxes

Changes in accumulated other comprehensive loss by component, net of income taxes, consisted of the following:


(In millions)	Derivatives		Foreign Currency Translation		Pension Plans		Total
Three Months Ended March 31, 2024
Balance at December 31, 2023	$	(78)	$	(688)	$	(17)	$	(783)
Other comprehensive income (loss) before reclassifications (see Note 1)	1		(151)		(63)		(213)
Amounts reclassified from accumulated other comprehensive loss	2		—		—		2
Net current-period other comprehensive income (loss)	3		(151)		(63)		(211)
Balance at March 31, 2024	$	(75)	$	(839)	$	(80)	$	(994)

Three Months Ended March 31, 2023
Balance at December 31, 2022	$	(103)	$	(1,064)	$	(22)	$	(1,189)
Other comprehensive income before reclassifications	5		125		2		132
Amounts reclassified from accumulated other comprehensive loss	3		—		—		3
Net current-period other comprehensive income	8		125		2		135



Balance at March 31, 2023	$	(95)	$	(939)	$	(20)	$	(1,054)

Redeemable Noncontrolling Interest

3 Months Ended

Mar. 31, 2024

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

The minority partner in one of the Company’s existing merchant alliance joint ventures maintains a redeemable noncontrolling 1% interest which is presented outside of equity and carried at its estimated redemption value. The minority partner is entitled to a contractually determined share of the entity’s income, and the joint venture agreement contains redemption features whereby the interest held by the minority partner is 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 joint venture may be terminated by either party for convenience any time after December 31, 2024. 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 interest at a price equal to the fair market value of the minority interest through a distribution of cash, certain merchant contracts of the joint venture, or a combination thereof. In conjunction with the termination of the joint venture, the minority partner may also exercise an option to purchase certain additional merchant contracts at fair market value.

The following table presents a summary of the redeemable noncontrolling interest activity during the three months ended March 31:


(In millions)	2024		2023
Balance at beginning of period	$	161	$	161
Distributions paid to redeemable noncontrolling interest	(7)		(8)
Share of income	6		7



Balance at end of period	$	160	$	160

Redeemable Noncontrolling Interest - Redeemable Noncontrolling Interest Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period	$ 161	$ 161
Distributions paid to redeemable noncontrolling interest	(7)	(8)
Share of income	6	7
Balance at end of period	$ 160	$ 160

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Subscriber funds	$ 1,000	$ 3,500
Subsidiary Merchant Matters \| Minimum
Loss Contingencies [Line Items]
Estimated range of exposure	0
Subsidiary Merchant Matters \| Maximum
Loss Contingencies [Line Items]
Estimated range of exposure	100
First Data \| First Data Subsidiary Merchant Matters
Loss Contingencies [Line Items]
Loss contingency accrual	$ 34	$ 32

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 752	$ 576
Other comprehensive (loss) income:
Fair market value adjustment on derivatives	1	5
Tax impacts of derivatives	(1)	(3)
Unrealized (loss) gain on defined benefit pension plans	(84)	3
Tax impacts of defined benefit pension plans	21	(1)
Foreign currency translation	(133)	115
Tax impacts of foreign currency translation	(31)	22
Total other comprehensive (loss) income	(224)	147
Comprehensive income	528	723
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest	17	13
Less: other comprehensive (loss) income attributable to noncontrolling interests	(13)	12
Comprehensive income attributable to Fiserv, Inc.	524	698
Foreign currency forward exchange contracts
Other comprehensive (loss) income:
Reclassification adjustment for net realized (gains) losses on cash flow hedges	(1)	1
Treasury Lock
Other comprehensive (loss) income:
Reclassification adjustment for net realized (gains) losses on cash flow hedges	$ 4	$ 5

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Summary of restricted stock and performance activity

A summary of restricted stock unit, restricted stock award and performance share unit activity during the three months ended March 31, 2024 is as follows:


	Restricted Stock Units and Awards			Performance Share Units
	Shares (In thousands)	Weighted-Average Grant Date Fair Value		Shares (In thousands)	Weighted-Average Grant Date Fair Value
Units and awards - December 31, 2023	5,419	$	103.11	3,219	$	104.09

Granted	1,963	147.57		273	157.52
Forfeited	(102)	108.34		(44)	113.73
Vested	(2,207)	103.59		(217)	103.59
Units and awards - March 31, 2024	5,073	$	119.99	3,231	$	107.97

Summary of stock option activity

A summary of stock option activity during the three months ended March 31, 2024 is as follows:


	Shares (In thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In millions)
Stock options outstanding - December 31, 2023	3,865	$	72.36

Granted	—	—
Forfeited	(10)	108.15
Exercised	(1,784)	55.95
Stock options outstanding - March 31, 2024	2,071	$	86.31	4.55	$	152
Stock options exercisable - March 31, 2024	2,022	$	85.70	4.49	$	150

Revenue Recognition - Remaining Performance Obligation (Details) $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 1,828
Performance obligations expected to be satisfied, expected timing	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 2,053
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 1,505
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 965
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 1,071
Performance obligations expected to be satisfied, expected timing

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair values of cash equivalents, trade accounts receivable, other current assets, settlement assets and obligations, accounts payable, and client deposits approximate their respective carrying values due to the short period of time to maturity. Derivative instruments maintained by the Company (see Note 7) 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. Contingent consideration related to certain of the Company’s acquisitions is estimated using the present value of a probability-weighted assessment approach based on 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.

Assets and liabilities measured at fair value on a recurring basis consisted of the following:

Fair Value

(In millions)

Classification

Fair Value Hierarchy

March 31,
2024

December 31,
2023

Assets

Forward exchange contracts designated as cash flow hedges

Prepaid expenses and other current assets

Level 2

Cross-currency rate swap contract designated as fair value hedge

Prepaid expenses and other current assets

Level 2

—

Cross-currency rate swap contract designated as fair value hedge

Other long-term assets

Level 2

Liabilities

Cross-currency rate swap contracts designated as fair value hedges

Other long-term liabilities

Level 2

Cross-currency rate swap contracts designated as net investment hedges

Other long-term liabilities

Level 2

Contingent consideration

Accounts payable and accrued expenses

Level 3

Contingent debt guarantee

Other long-term liabilities

Level 3

Debt

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 foreign lines of credit, commercial paper notes and revolving credit facility borrowings 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 $22.7 billion and $21.6 billion at March 31, 2024 and December 31, 2023, respectively, and the carrying value was $23.5 billion and $22.2 billion at March 31, 2024 and December 31, 2023, respectively.

Debt Guarantee Arrangements

The Company maintains noncontrolling ownership interests in Sagent M&C, LLC and defi SOLUTIONS Group, LLC (collectively the “Lending Joint Ventures”), which are accounted for under the equity method. The Lending Joint Ventures maintain variable-rate term loan facilities with aggregate outstanding borrowings of $437 million in senior unsecured debt at March 31, 2024 and variable-rate revolving credit facilities with an aggregate borrowing capacity of $83 million with a syndicate of banks, which mature in April 2027. There were $52 million of aggregate outstanding borrowings on the revolving credit facilities at March 31, 2024. The Company has guaranteed the debt of the Lending Joint Ventures.

The Company maintains liabilities for its obligations to perform over the term of its debt guarantee arrangements with the Lending Joint Ventures, which are reported within other long-term liabilities in the consolidated balance sheets. The Company has provided aggregate guarantees of $520 million associated with the debt of the Lending Joint Ventures and is entitled to receive a defined fee in exchange for its guarantee of this indebtedness. The Company has not made any payments under the guarantees, nor has it been called upon to do so, and does not anticipate that the Lending Joint Ventures will fail to fulfill their debt obligations.

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 $28 million and $31 million approximates the fair value at March 31, 2024 and December 31, 2023, respectively (Level 3 of the fair value hierarchy). Such guarantees will be amortized in future periods over the contractual term of the debt. The contingent component of the Company’s debt guarantee arrangements represents the current expected credit losses to which the Company is exposed. The amount of the liability, as reflected within the table above, is estimated based on certain financial metrics of the Lending 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. The Company recognized $4 million and $2 million during the three months ended March 31, 2024 and 2023, respectively, within other expense, net 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 Lending Joint Ventures.

Other Non-Financial Assets

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 assets, equity securities without a readily determinable fair value, goodwill and other intangible assets, and are subject to fair value adjustment in certain circumstances.

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of debt, net of discounts and debt issuance costs

The Company’s debt consisted of the following:


(In millions)	March 31, 2024		December 31, 2023
Short-term and current maturities of long-term debt:
Foreign lines of credit	$	380	$	442
Finance lease and other financing obligations	291		313
Total short-term and current maturities of long-term debt	$	671	$	755

Long-term debt:
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)	662		672
3.200% senior notes due July 2026	2,000		2,000
5.150% senior notes due March 2027	750		—
2.250% senior notes due June 2027	1,000		1,000
1.125% senior notes due July 2027 (Euro-denominated)	541		555
5.450% senior notes due March 2028	900		900
5.375% senior notes due August 2028	700		700
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)	541		555
5.350% senior notes due March 2031	500		—
4.500% senior notes due May 2031 (Euro-denominated)	865		889
3.000% senior notes due July 2031 (British Pound-denominated)	662		672
5.600% senior notes due March 2033	900		900
5.625% senior notes due August 2033	1,300		1,300
5.450% senior notes due March 2034	750		—
4.400% senior notes due July 2049	2,000		2,000
U.S. dollar commercial paper notes	—		418
Euro commercial paper notes	1,286		1,321
Revolving credit facility	—		74


Unamortized discount and deferred financing costs	(152)		(145)
Finance lease and other financing obligations	649		652
Total long-term debt	$	23,754	$	22,363

Schedule of short-term debt

The following table provides a summary of the outstanding borrowings and weighted average interest rates of the Company’s foreign lines of credit and other borrowing arrangements by country at March 31, 2024 and December 31, 2023:


	Outstanding Borrowings (in millions)				Weighted-Average Interest Rate
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Argentina	$	155	$	208	83.821	%	121.581	%
Brazil	120		123		12.628	%	13.500	%
Uruguay	65		55		10.695	%	11.125	%
Other	40		56		3.658	%	4.912	%
Total	$	380	$	442	40.354	%	63.060	%

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 752	$ 576
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and other amortization	401	352
Amortization of acquisition-related intangible assets	373	433
Amortization of financing costs and debt discounts	11	10
Share-based compensation	86	93
Deferred income taxes	(24)	(87)
Net loss on sale of businesses and other assets	0	4
Loss from investments in unconsolidated affiliates	8	12
Distributions from unconsolidated affiliates	8	11
Non-cash impairment charges	14	0
Other operating activities	10	(1)
Changes in assets and liabilities, net of effects from acquisitions and dispositions:
Trade accounts receivable	3	255
Prepaid expenses and other assets	(315)	(224)
Contract costs	(57)	(66)
Accounts payable and other liabilities	(457)	(336)
Contract liabilities	18	98
Net cash provided by operating activities	831	1,130
Cash flows from investing activities:
Capital expenditures, including capitalized software and other intangibles	(420)	(339)
Distributions from unconsolidated affiliates	22	34
Purchases of investments	(3)	(5)
Proceeds from sale of investments	3	0
Other investing activities	1	(4)
Net cash used in investing activities	(397)	(314)
Cash flows from financing activities:
Debt proceeds	2,743	2,071
Debt repayments	(987)	(424)
Net repayments of commercial paper and short-term borrowings	(484)	(781)
Payments of debt financing costs	(11)	(15)
Proceeds from issuance of treasury stock	39	29
Purchases of treasury stock, including employee shares withheld for tax obligations	(1,674)	(1,530)
Settlement activity, net	219	(460)
Distributions paid to noncontrolling interests and redeemable noncontrolling interest	(34)	(8)
Other financing activities	0	(31)
Net cash used in financing activities	(189)	(1,149)
Effect of exchange rate changes on cash and cash equivalents	(17)	17
Net change in cash and cash equivalents	228	(316)
Cash and cash equivalents, beginning balance	2,963	3,192
Cash and cash equivalents, ending balance	$ 3,191	$ 2,876

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Allowance for doubtful accounts	$ 69,000,000			$ 86,000,000
Prepaid expenses	543,000,000			423,000,000
Other current assets	2,052,000,000			1,921,000,000
Income taxes receivable, current	568,000,000			534,000,000
Accumulated impairment loss	0
Equity securities without a readily determinable fair value	174,000,000			156,000,000
Foreign currency translation loss	35,000,000	$ 18,000,000
Defined benefit plan, actuarial gain (loss), immediate recognition as component in net periodic benefit (cost) credit	(63,000,000)
Forecast
Business Acquisition [Line Items]
Defined benefit plan, cost of providing special and contractual termination benefits			$ 25,000,000
Pension and other postretirement benefits expense (reversal of expense), noncash			$ 150,000,000
Merchants Utilizing Clover Capital Cash Advance Program
Business Acquisition [Line Items]
Receivable, before allowance for credit loss, current	297,000,000			281,000,000
Allowance for credit loss, current	13,000,000			12,000,000
Foreign Banks and Alliance Partners
Business Acquisition [Line Items]
Receivable, before allowance for credit loss, current	520,000,000			381,000,000
Merchant credit losses
Business Acquisition [Line Items]
Aggregate merchant credit loss expense	25,000,000	$ 15,000,000
Collateral held	692,000,000			690,000,000
Loss contingency accrual	$ 34,000,000			$ 36,000,000

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s income tax provision and effective income tax rate were as follows:


	Three Months Ended March 31,
(In millions)	2024			2023
Income tax provision	$	153		$	124
Effective income tax rate	16.7		%	17.4		%

The income tax provision as a percentage of income before income taxes and loss from investments in unconsolidated affiliates was 16.7% and 17.4% for the three months ended March 31, 2024 and 2023, respectively. The effective income tax rate for both the three months ended March 31, 2024 and 2023 included discrete tax benefits from equity compensation.

Pursuant to provisions under the Inflation Reduction Act, the Company has purchased transferable federal tax credits from various counterparties. Such federal tax credits were purchased at negotiated discounts, resulting in an income tax benefit. Receivables associated with transferable federal tax credits are recorded within prepaid expenses and other current assets, and amounts owed to counterparties for the purchased credits are recorded within accounts payable and accrued expenses within the consolidated balance sheet at March 31, 2024 and December 31, 2023.

The Company’s potential liability for unrecognized tax benefits before interest and penalties was approximately $88 million at March 31, 2024. The Company believes it is reasonably possible that the liability for unrecognized tax benefits may decrease by up to $5 million over the next twelve months as a result of possible closure of tax audits, audit settlements, and the lapse of the statutes of limitations in various jurisdictions.

As of March 31, 2024, the Company’s U.S. federal income tax return for 2023, and tax returns in certain states and foreign jurisdictions for 2017 through 2023, remain subject to examination by taxing authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements for the three months ended March 31, 2024 and 2023 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, 2023.
Segment Realignment	Segment Realignment Effective for the three months ended March 31, 2024, the Company realigned its reportable segments to correspond with changes in its business designed to further enhance operational performance in the delivery of its integrated portfolio of products and solutions to its financial institution clients (the “Segment Realignment”). The Company’s new reportable segments are the Merchant Solutions (“Merchant”) segment and the Financial Solutions (“Financial”) segment. Segment results for the three months ended March 31, 2023 have been recast to reflect the Segment Realignment. See Note 20 for additional information.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Fiserv, Inc. and its subsidiaries in which the Company holds a majority controlling financial interest. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated in consolidation. Control is typically 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 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 of between 20% and 50%; however, for partnerships and limited liability companies, an ownership interest of between 3% and 50% or board of director representation may also constitute significant influence. The Company maintains a majority controlling financial interest 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 attributable to noncontrolling interests and redeemable noncontrolling interest. 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
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash and investments with original maturities of 90 days or less and are stated at cost in the consolidated balance sheets, which approximates market value. Cash and cash equivalents that are restricted from use due to regulatory or other requirements are included in other long-term assets in the consolidated balance sheets. Cash and cash equivalents held on behalf of merchants and other payees are included in settlement assets in the consolidated balance sheets. The changes in settlement cash and cash equivalents are included in settlement activity, net within cash flows from financing activities in the consolidated statements of cash flows.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company analyzes the collectability of trade accounts receivable by considering historical bad debts and issued client credits, 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.
Settlement Assets and Obligations	Settlement Assets and Obligations Settlement assets and obligations represent intermediary balances arising from the settlement process, which involves the transfer of funds among card issuers, payment networks, processors, merchants and consumers, and collateral amounts held to manage merchant credit risk, primarily associated with the Company’s merchant acquiring services. As a processor, the Company facilitates the clearing and settlement activity for the merchant and records settlement assets and obligations upon processing a payment transaction. Settlement assets represent cash received or amounts receivable from agents, payment networks, bank partners, merchants or direct consumers. Settlement obligations represent amounts payable to merchants and payees. Certain merchant settlement assets (included within settlement receivables) that relate to settlement obligations are held by partner banks to which the Company does not have legal ownership, but which the Company has the right to use, 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	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 a 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 mitigate this risk. Collateral held by the Company, or held by partner banks for the Company’s benefit, 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 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 $25 million and $15 million for the three months ended March 31, 2024 and 2023, respectively. The Company maintains an allowance for merchant credit losses that are expected to exceed the amount of merchant collateral. The amount of merchant collateral available to the Company was $692 million and $690 million at March 31, 2024 and December 31, 2023, respectively. 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 factors such as changes in economic conditions or increases in merchant fraud.
Goodwill	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 operating segments. The Company’s most recent annual impairment assessment of its reporting units in the fourth quarter of 2023 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 interest or currency exchange rate environments; a shift in strategic initiatives; a deterioration in financial performance within a particular reporting unit; or significant changes in the composition of, or assumptions used in, the quantitative test for certain of the Company’s reporting units (such as an increase in risk-adjusted discount rates) could have a future material impact on one or more of the estimates and assumptions used to evaluate goodwill impairment. Additionally, a significant change in a merchant alliance business relationship or operating performance could result in a material goodwill impairment charge.
Foreign Currency	Foreign Currency The U.S. dollar is the functional currency of the Company’s U.S.-based and certain foreign-based businesses. Where the functional currency differs from the U.S. dollar, assets and liabilities are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average exchange rates during the reporting period. Gains and losses from foreign currency translation are recorded as a separate component of accumulated other comprehensive loss. Gains and losses from foreign currency transactions are included in determining net income for the reporting period. Financial statements of subsidiaries located in highly inflationary economies outside of the U.S. are remeasured into U.S. dollars, and the foreign currency gains and losses from the remeasurement of monetary assets and liabilities are reflected in the consolidated statements of income, rather than as foreign currency translation within accumulated other comprehensive loss in the consolidated balance sheets. The remeasurement of monetary assets and liabilities in highly inflationary economies, including Argentina, resulted in foreign currency exchange losses of $35 million and $18 million for the three months ended March 31, 2024 and 2023, respectively, which is included within other expense, net in the consolidated statements of income. To reduce exposure to changes in the value of the Company’s net investments in certain of its foreign currency-denominated subsidiaries due to changes in foreign currency exchange rates, the Company uses fixed-to-fixed cross-currency rate swap contracts and foreign currency-denominated debt as economic hedges of its net investments in such foreign currency-denominated subsidiaries. Foreign currency transaction gains or losses on the qualifying net investment hedge instruments are recorded as foreign currency translation, net of tax, within other comprehensive (loss) income in the consolidated statements of comprehensive income and will remain in accumulated other comprehensive loss within the consolidated balance sheets until the sale or complete liquidation of the underlying foreign currency-denominated subsidiaries.
Derivatives	Derivatives Derivatives are entered into for periods consistent with related underlying exposures and are recorded in the consolidated balance sheets as either an asset or liability measured at fair value. If the derivative is designated as a cash flow hedge, changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive loss and recognized in the consolidated statements of income when the hedged item affects earnings. If the derivative is designated as a net investment hedge, changes in the fair value of the derivative, net of tax, are recorded in the foreign currency translation component of other comprehensive (loss) income until the sale or complete liquidation of the underlying net investment. If the derivative is designated as a fair value hedge, changes in the fair value of the derivative are recorded in the same line item as the changes in the fair value of the hedged item and recognized in the consolidated statements of income. To the extent a derivative is not designated as a hedge, changes in fair value are recognized in the consolidated statements of income. The Company’s policy is to enter into derivatives with creditworthy institutions and not to enter into such derivatives for speculative purposes.
Defined Benefit Pension Plans	Defined Benefit Pension Plans The Company maintains frozen noncontributory defined benefit pension plans covering certain employees in Europe and the U.S. Effective September 30, 2023, the Company terminated the United Kingdom (“U.K.”) and U.S. defined benefit pension plans. In March 2024, the Company entered into a group annuity insurance contract to provide for the administration of future payments to eligible plan participants of the terminated U.K. plan. In connection with the buy-in of this insurance policy, the plan’s projected benefit obligation was remeasured to the value of the group annuity insurance contract, resulting in an unrecognized loss, net of tax, of approximately $63 million recorded in accumulated other comprehensive loss within the consolidated balance sheet at March 31, 2024. Upon the settlement of the terminated plans, which is expected to be completed in 2024, the Company will fund the estimated plan termination liability shortfall for the U.S. defined benefit pension plan of approximately $25 million and expects to recognize a non-cash pre-tax pension settlement charge for the terminated plans of approximately $150 million, which also includes the recognition of remaining net actuarial unrecognized losses recorded within accumulated other comprehensive loss. The amount of accrued vested benefits to be received by participants will not be impacted.
Interest Expense, Net	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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies the guidance in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement (“Topic 820”), when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASC Topic 820. For public entities, ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The provisions within ASU 2022-03 are to be applied prospectively with any adjustments from the adoption recognized in earnings and disclosed on the date of adoption. The Company adopted ASU 2022-03 effective January 1, 2024, and the adoption did not have a material impact on the Company’s consolidated financial statements or disclosures for the three months ended March 31, 2024. Recently Issued Accounting Pronouncements In 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvement to Income Tax Disclosures (“ASU 2023-09”), which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. ASU 2023-09 requires entities to consistently categorize and provide greater disaggregation of information within the income tax reconciliation to enable users of financial statements to understand the nature and magnitude of factors contributing to the difference between the effective and statutory tax rates. For public entities, the provisions within ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, and for interim periods of fiscal years beginning after December 15, 2025. The Company is currently assessing the impact the adoption of ASU 2023-09 will have on its consolidated financial statement disclosures. In 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances and expands the current annual and interim requirements on segment information disclosures. Under the new disclosure requirements, entities will be required to disclose, on an annual and interim basis: significant segment expense categories and amounts for each reportable segment that are included in the reported measure of segment profit or loss and regularly provided to the chief operating decision maker (“CODM”); an aggregate amount and qualitative description of other segment items included in each reported measure of segment profit or loss for each reportable segment; measures of a segment’s profit or loss that are used by the CODM to assess segment performance and decide how to allocate resources; and disclosure of the title and position of the individual or the name of the group identified as the CODM. For public entities, the provisions within ASU 2023-07 are to be applied retrospectively for all comparative periods and are effective for fiscal years beginning after December 15, 2023, and for interim periods of fiscal years beginning after December 15, 2024. The Company is currently assessing the impact the adoption of ASU 2023-07 will have on its consolidated financial statement disclosures.
Revenue Recognition	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. Contract assets, reported within other long-term assets in the consolidated balance sheets, primarily relate to customer discounts where revenue recognition and payment of consideration under the contract 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 applies the optional exemption under ASC Topic 606, Revenue from Contracts with Customers (“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.
Fair Value Measurements	Fair Value Measurements The fair values of cash equivalents, trade accounts receivable, other current assets, settlement assets and obligations, accounts payable, and client deposits approximate their respective carrying values due to the short period of time to maturity. Derivative instruments maintained by the Company (see Note 7) 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. Contingent consideration related to certain of the Company’s acquisitions is estimated using the present value of a probability-weighted assessment approach based on 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.

Share-Based Compensation - Summary of Restricted Stock and Performance Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units and Awards
Shares (In thousands)
Balance at beginning of period (in shares) \| shares	5,419
Granted (in shares) \| shares	1,963
Forfeited (in shares) \| shares	(102)
Vested (in shares) \| shares	(2,207)
Balance at end of period (in shares) \| shares	5,073
Weighted-Average Grant Date Fair Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 103.11
Granted (in dollars per share) \| $ / shares	147.57
Forfeited (in dollars per share) \| $ / shares	108.34
Vested (in dollars per share) \| $ / shares	103.59
Balance at end of period (in dollars per share) \| $ / shares	$ 119.99
Performance Share Units
Shares (In thousands)
Balance at beginning of period (in shares) \| shares	3,219
Granted (in shares) \| shares	273
Forfeited (in shares) \| shares	(44)
Vested (in shares) \| shares	(217)
Balance at end of period (in shares) \| shares	3,231
Weighted-Average Grant Date Fair Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 104.09
Granted (in dollars per share) \| $ / shares	157.52
Forfeited (in dollars per share) \| $ / shares	113.73
Vested (in dollars per share) \| $ / shares	103.59
Balance at end of period (in dollars per share) \| $ / shares	$ 107.97

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss by component, net of income taxes, consisted of the following:


(In millions)	Derivatives		Foreign Currency Translation		Pension Plans		Total
Three Months Ended March 31, 2024
Balance at December 31, 2023	$	(78)	$	(688)	$	(17)	$	(783)
Other comprehensive income (loss) before reclassifications (see Note 1)	1		(151)		(63)		(213)
Amounts reclassified from accumulated other comprehensive loss	2		—		—		2
Net current-period other comprehensive income (loss)	3		(151)		(63)		(211)
Balance at March 31, 2024	$	(75)	$	(839)	$	(80)	$	(994)

Three Months Ended March 31, 2023
Balance at December 31, 2022	$	(103)	$	(1,064)	$	(22)	$	(1,189)
Other comprehensive income before reclassifications	5		125		2		132
Amounts reclassified from accumulated other comprehensive loss	3		—		—		3
Net current-period other comprehensive income	8		125		2		135



Balance at March 31, 2023	$	(95)	$	(939)	$	(20)	$	(1,054)

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”), which clarifies the guidance in Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement (“Topic 820”), when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASC Topic 820. For public entities, ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The provisions within ASU 2022-03 are to be applied prospectively with any adjustments from the adoption recognized in earnings and disclosed on the date of adoption. The Company adopted ASU 2022-03 effective January 1, 2024, and the adoption did not have a material impact on the Company’s consolidated financial statements or disclosures for the three months ended March 31, 2024. Recently Issued Accounting Pronouncements In 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) - Improvement to Income Tax Disclosures (“ASU 2023-09”), which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. ASU 2023-09 requires entities to consistently categorize and provide greater disaggregation of information within the income tax reconciliation to enable users of financial statements to understand the nature and magnitude of factors contributing to the difference between the effective and statutory tax rates. For public entities, the provisions within ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, and for interim periods of fiscal years beginning after December 15, 2025. The Company is currently assessing the impact the adoption of ASU 2023-09 will have on its consolidated financial statement disclosures. In 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances and expands the current annual and interim requirements on segment information disclosures. Under the new disclosure requirements, entities will be required to disclose, on an annual and interim basis: significant segment expense categories and amounts for each reportable segment that are included in the reported measure of segment profit or loss and regularly provided to the chief operating decision maker (“CODM”); an aggregate amount and qualitative description of other segment items included in each reported measure of segment profit or loss for each reportable segment; measures of a segment’s profit or loss that are used by the CODM to assess segment performance and decide how to allocate resources; and disclosure of the title and position of the individual or the name of the group identified as the CODM. For public entities, the provisions within ASU 2023-07 are to be applied retrospectively for all comparative periods and are effective for fiscal years beginning after December 15, 2023, and for interim periods of fiscal years beginning after December 15, 2024. The Company is currently assessing the impact the adoption of ASU 2023-07 will have on its consolidated financial statement disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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-Section 65
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


(In millions)	March 31, 2024		December 31, 2023
Trade accounts payable	$	540	$	449
Client deposits	950		931
Transferable federal tax credits (see Note 15)	307		804
Accrued compensation and benefits	289		344
Accrued taxes	205		203

Accrued interest	222		298

Accrued payment network fees	250		232
Operating lease liabilities	114		118
Accrued professional fees	103		96

Other accrued expenses	977		880
Total	$	3,957	$	4,355

Shares Used in Computing Net Income Per Share Attributable to Fiserv, Inc.

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Shares Used in Computing Net Income Per Share Attributable to Fiserv, Inc.

The computation of shares used in calculating basic and diluted net income per share is as follows:


	Three Months Ended March 31,
(In millions)	2024	2023
Weighted-average common shares outstanding used for the calculation of net income attributable to Fiserv, Inc. per share - basic	590.9	626.9
Common stock equivalents	3.9	4.4
Weighted-average common shares outstanding used for the calculation of net income attributable to Fiserv, Inc. per share - diluted	594.8	631.3

For the three months ended March 31, 2024 and 2023, stock options for 38 thousand and 2.2 million shares, respectively, were excluded from the calculation of weighted-average outstanding shares - diluted because their impact was anti-dilutive.

Investments in Unconsolidated Affiliates (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments in and Advances to Affiliates [Line Items]
Investments in unconsolidated affiliates	$ 2,220,000,000		$ 2,262,000,000
Equity securities without a readily determinable fair value	174,000,000		156,000,000
Equity securities without readily determinable fair value, upward price adjustment, annual amount	21,000,000	$ 0
Banc of America Merchant Services
Investments in and Advances to Affiliates [Line Items]
Investments in unconsolidated affiliates	$ 1,900,000,000		$ 1,900,000,000

Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares balance at beginning of period (in shares)	190
Balance at beginning of period	$ 30,508	$ 31,527
Net income (loss)	746	569
Distributions paid to noncontrolling interests	(27)
Other comprehensive income (loss)	(224)	147
Share-based compensation	86	93
Shares issued under stock plans	(154)	(59)
Purchases of treasury stock	$ (1,512)	(1,483)
Treasury shares balance at end of period (in shares)	198
Balance at end of period	$ 29,423	30,794
Net income attributable to redeemable noncontrolling interest	6	7
Distributions paid to redeemable noncontrolling interests	$ 7	$ 8
Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares balance at beginning of period (in shares)	784	784
Balance at beginning of period	$ 8	$ 8
Common shares balance at end of period (in shares)	784	784
Balance at end of period	$ 8	$ 8
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares balance at beginning of period (in shares)	190	154
Balance at beginning of period	$ (12,915)	$ (8,378)
Shares issued under stock plans (in shares)	(2)	(2)
Shares issued under stock plans	$ 174	$ 99
Purchases of treasury stock (in shares)	10	13
Purchases of treasury stock	$ (1,512)	$ (1,483)
Treasury shares balance at end of period (in shares)	198	165
Balance at end of period	$ (14,253)	$ (9,762)
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	23,103	23,011
Share-based compensation	86	93
Shares issued under stock plans	(328)	(158)
Balance at end of period	22,861	22,946
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(783)	(1,189)
Other comprehensive income (loss)	(211)	135
Balance at end of period	(994)	(1,054)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	20,444	17,376
Net income (loss)	735	563
Balance at end of period	21,179	17,939
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	651	699
Net income (loss)	11	6
Distributions paid to noncontrolling interests	(27)
Other comprehensive income (loss)	(13)	12
Balance at end of period	$ 622	$ 717

Business Segment Information - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Segment Reporting Information [Line Items]

Revenue

$ 4,883

$ 4,547

Operating income (loss)

1,181

934

Corporate and Other

Segment Reporting Information [Line Items]

Revenue

345

328

Operating income (loss)

(596)

(601)

Merchant Segment | Operating segments

Segment Reporting Information [Line Items]

Revenue

2,253

1,996

Operating income (loss)

769

592

Financial Segment | Operating segments

Segment Reporting Information [Line Items]

Revenue

2,285

2,223

Operating income (loss)

1,008

943

Processing and services revenue

Segment Reporting Information [Line Items]

Revenue

^[1]

4,000

3,673

Processing and services revenue | Corporate and Other

Segment Reporting Information [Line Items]

Revenue

Processing and services revenue | Merchant Segment | Operating segments

Segment Reporting Information [Line Items]

Revenue

2,010

1,727

Processing and services revenue | Financial Segment | Operating segments

Segment Reporting Information [Line Items]

Revenue

1,985

1,940

Product revenue

Segment Reporting Information [Line Items]

Revenue

883

874

Product revenue | Corporate and Other

Segment Reporting Information [Line Items]

Revenue

340

322

Product revenue | Merchant Segment | Operating segments

Segment Reporting Information [Line Items]

Revenue

243

269

Product revenue | Financial Segment | Operating segments

Segment Reporting Information [Line Items]

Revenue

$ 300

$ 283

[1]	Includes processing and other fees charged to related party investments accounted for under the equity method of $40 million and $46 million for the three months ended March 31, 2024 and 2023, respectively (see Note 19).

- Definition

+ References

+ Details

Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Identifiable intangible assets consisted of the following:


(In millions)	Gross Carrying Amount		Accumulated Amortization		Net Book Value
March 31, 2024
Customer relationships	$	14,593	$	7,846	$	6,747
Acquired software and technology	2,121		1,180		941
Trade names	639		370		269
Purchased software	1,078		482		596
Capitalized software and other intangibles	3,544		1,171		2,373
Total	$	21,975	$	11,049	$	10,926

December 31, 2023
Customer relationships	$	14,669	$	7,594	$	7,075
Acquired software and technology	2,148		1,148		1,000
Trade names	641		356		285
Purchased software	1,087		520		567
Capitalized software and other intangibles	3,356		1,073		2,283
Total	$	21,901	$	10,691	$	11,210

Amortization expense associated with the above identifiable intangible assets was $534 million and $595 million for the three months ended March 31, 2024 and 2023, respectively.

Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental cash flow information

Supplemental cash flow information consisted of the following:


	Three Months Ended March 31,
(In millions)	2024		2023
Interest paid	$	335	$	222
Income taxes paid	700		291
Treasury stock purchases settled after the balance sheet date	47		33

Software obtained under financing arrangements	96		8
Right-of-use assets obtained in exchange for lease liabilities - operating leases	33		39
Right-of-use assets obtained in exchange for lease liabilities - finance leases	58		29

Derivatives and Hedging Instruments - Narrative (Details) € in Millions, £ in Millions, $ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 SGD ($)	Mar. 31, 2024 GBP (£)	Dec. 31, 2023 USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimate of gains (losses) related to foreign currency exchange contracts during the next 12 months	$ 3
Accumulated other comprehensive loss	994					$ 783
Estimated interest expense related to settled interest rate hedge contracts during the next twelve months	14
Foreign currency translation adjustment, tax	31	$ (22)
Change in fair value of cross-currency rate swaps	$ 2
2.250% senior notes due July 2025 (British Pound-denominated) \| Senior Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, interest rate	2.25%		2.25%	2.25%	2.25%
Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Foreign currency translation adjustment, tax	$ (31)	$ 22
Treasury Lock
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Accumulated other comprehensive loss	112					116
Indian Rupee \| Foreign currency forward exchange contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount	$ 447					$ 443
Euro Member Countries, Euro \| Cross-currency rate swap contracts \| Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount \| €			€ 475
Euro Member Countries, Euro \| Cross-currency rate swap contracts \| Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount \| €			€ 157
Singapore, Dollars \| Cross-currency rate swap contracts \| Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount				$ 751
United Kingdom, Pounds \| 2.250% senior notes due July 2025 (British Pound-denominated) \| Senior Notes
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, interest rate	2.25%		2.25%	2.25%	2.25%
United Kingdom, Pounds \| Cross-currency rate swap contracts \| Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, notional amount \| £					£ 525

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 30,508	$ 31,527
Total other comprehensive (loss) income	(224)	147
Balance at end of period	29,423	30,794
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(783)	(1,189)
Other comprehensive income (loss) before reclassifications	(213)	132
Amounts reclassified from accumulated other comprehensive loss	2	3
Total other comprehensive (loss) income	(211)	135
Balance at end of period	(994)	(1,054)
Derivatives
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(78)	(103)
Other comprehensive income (loss) before reclassifications	1	5
Amounts reclassified from accumulated other comprehensive loss	2	3
Total other comprehensive (loss) income	3	8
Balance at end of period	(75)	(95)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(688)	(1,064)
Other comprehensive income (loss) before reclassifications	(151)	125
Amounts reclassified from accumulated other comprehensive loss	0	0
Total other comprehensive (loss) income	(151)	125
Balance at end of period	(839)	(939)
Pension Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(17)	(22)
Other comprehensive income (loss) before reclassifications	(63)	2
Amounts reclassified from accumulated other comprehensive loss	0	0
Total other comprehensive (loss) income	(63)	2
Balance at end of period	$ (80)	$ (20)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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-Section 50
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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Redeemable Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2024

Noncontrolling Interest [Abstract]

Schedule of redeemable noncontrolling interests activity

The following table presents a summary of the redeemable noncontrolling interest activity during the three months ended March 31:


(In millions)	2024		2023
Balance at beginning of period	$	161	$	161
Distributions paid to redeemable noncontrolling interest	(7)		(8)
Share of income	6		7



Balance at end of period	$	160	$	160

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents on the consolidated balance sheets	$ 1,214	$ 1,204	$ 1,046
Cash and cash equivalents included in settlement assets	1,975	1,756	1,823
Other restricted cash	2	3	7
Total cash and cash equivalents on the consolidated statements of cash flows	$ 3,191	$ 2,963	$ 2,876	$ 3,192

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cash Flow Information

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Elements [Abstract]

Cash Flow Information

Supplemental cash flow information consisted of the following:


	Three Months Ended March 31,
(In millions)	2024		2023
Interest paid	$	335	$	222
Income taxes paid	700		291
Treasury stock purchases settled after the balance sheet date	47		33

Software obtained under financing arrangements	96		8
Right-of-use assets obtained in exchange for lease liabilities - operating leases	33		39
Right-of-use assets obtained in exchange for lease liabilities - finance leases	58		29

Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The Company recognized $86 million and $93 million of share-based compensation expense during the three months ended March 31, 2024 and 2023, respectively. The Company’s share-based compensation awards are typically granted in the first quarter of the year, and may also occur throughout the year in conjunction with acquisitions of businesses. At March 31, 2024, the total remaining unrecognized compensation cost for restricted stock units and awards, performance share units, and unvested stock options, net of estimated forfeitures, of $558 million is expected to be recognized over a weighted-average period of 2.2 years.

A summary of restricted stock unit, restricted stock award and performance share unit activity during the three months ended March 31, 2024 is as follows:


	Restricted Stock Units and Awards			Performance Share Units
	Shares (In thousands)	Weighted-Average Grant Date Fair Value		Shares (In thousands)	Weighted-Average Grant Date Fair Value
Units and awards - December 31, 2023	5,419	$	103.11	3,219	$	104.09

Granted	1,963	147.57		273	157.52
Forfeited	(102)	108.34		(44)	113.73
Vested	(2,207)	103.59		(217)	103.59
Units and awards - March 31, 2024	5,073	$	119.99	3,231	$	107.97

A summary of stock option activity during the three months ended March 31, 2024 is as follows:


	Shares (In thousands)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In millions)
Stock options outstanding - December 31, 2023	3,865	$	72.36

Granted	—	—
Forfeited	(10)	108.15
Exercised	(1,784)	55.95
Stock options outstanding - March 31, 2024	2,071	$	86.31	4.55	$	152
Stock options exercisable - March 31, 2024	2,022	$	85.70	4.49	$	150

Debt - Schedule of Foreign Lines of Credit by Country (Details) - Foreign lines of credit - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Outstanding Borrowings	$ 380	$ 442
Weighted-Average Interest Rate	40.354%	63.06%
Argentina
Debt Instrument [Line Items]
Outstanding Borrowings	$ 155	$ 208
Weighted-Average Interest Rate	83.821%	121.581%
Brazil
Debt Instrument [Line Items]
Outstanding Borrowings	$ 120	$ 123
Weighted-Average Interest Rate	12.628%	13.50%
Uruguay
Debt Instrument [Line Items]
Outstanding Borrowings	$ 65	$ 55
Weighted-Average Interest Rate	10.695%	11.125%
Other
Debt Instrument [Line Items]
Outstanding Borrowings	$ 40	$ 56
Weighted-Average Interest Rate	3.658%	4.912%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Investments in Unconsolidated Affiliates	3 Months Ended
Investments in Unconsolidated Affiliates	Mar. 31, 2024
Investments in and Advances to Affiliates [Abstract]
Investments in Unconsolidated Affiliates	Investments in Unconsolidated Affiliates The Company maintains investments in various affiliates that are accounted for as equity method investments, the most significant of which are related to the Company’s merchant alliances. The Company’s share of net income or loss from these investments is reported within 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. The Company reviews its equity method investments each reporting period for indications of an other-than-temporary deterioration in value, including significant changes in business relationships with merchant alliances. A deterioration in value of an equity method investment determined to be other-than-temporary is recorded as a current-period impairment charge within loss from investments in unconsolidated affiliates in the consolidated statements of income. The estimated fair values of the Company’s investments in unconsolidated merchant alliances assume a continuation beyond the existing contractual term. A renewal of certain of the merchant alliance agreements beyond the current contractual term is not solely within the Company’s control. Merchant Alliances The Company maintains ownership interests in various merchant alliances. A merchant alliance is an agreement between the Company and a financial institution that combines the processing capabilities and management expertise of the Company with the visibility and distribution channel of the financial institution. A merchant alliance acquires credit and debit card transactions from merchants. The Company provides processing and other services to the alliance and charges fees to the alliance based on contractual pricing (see Note 19). The Company’s investment in its merchant alliances was $1.9 billion at both March 31, 2024 and December 31, 2023, and is reported within investments in unconsolidated affiliates in the consolidated balance sheets. Other Equity Investments The Company also maintains investments, over which it does not have significant influence, in various equity securities without a readily determinable fair value. Such investments totaled $174 million and $156 million at March 31, 2024 and December 31, 2023, 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 expense, net in the consolidated statements of income for the period. Adjustments made to the values recorded for certain equity securities and gains and losses from sales of equity securities were $21 million during the three months ended March 31, 2024 and were not significant during the three months ended March 31, 2023.

Shares Used in Computing Net Income Per Share Attributable to Fiserv, Inc. - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Stock options excluded from the calculation of diluted weighted-average outstanding shares because their impact was anti-dilutive (in shares)	38	2,200

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 86	$ 93
Unrecognized compensation cost	$ 558
Weighted-average period unrecognized compensation cost will be recognized (in years)	2 years 2 months 12 days

Income Taxes - Income Tax Provision and Effective Income Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 153	$ 124
Effective income tax rate	16.70%	17.40%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of income tax provision and effective income tax rate

The Company’s income tax provision and effective income tax rate were as follows:


	Three Months Ended March 31,
(In millions)	2024			2023
Income tax provision	$	153		$	124
Effective income tax rate	16.7		%	17.4		%

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets by class

Identifiable intangible assets consisted of the following:


(In millions)	Gross Carrying Amount		Accumulated Amortization		Net Book Value
March 31, 2024
Customer relationships	$	14,593	$	7,846	$	6,747
Acquired software and technology	2,121		1,180		941
Trade names	639		370		269
Purchased software	1,078		482		596
Capitalized software and other intangibles	3,544		1,171		2,373
Total	$	21,975	$	11,049	$	10,926

December 31, 2023
Customer relationships	$	14,669	$	7,594	$	7,075
Acquired software and technology	2,148		1,148		1,000
Trade names	641		356		285
Purchased software	1,087		520		567
Capitalized software and other intangibles	3,356		1,073		2,283
Total	$	21,901	$	10,691	$	11,210

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Processing, administrative, and other fees	$ 4,883	$ 4,547
Amounts due from unconsolidated merchant alliances	3,574		$ 3,582
Affiliated entities
Related Party Transaction [Line Items]
Processing, administrative, and other fees	40	$ 46
Amounts due from unconsolidated merchant alliances	$ 38		$ 38

- Definition

+ References

+ Details

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements for the three months ended March 31, 2024 and 2023 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, 2023.

Segment Realignment

Effective for the three months ended March 31, 2024, the Company realigned its reportable segments to correspond with changes in its business designed to further enhance operational performance in the delivery of its integrated portfolio of products and solutions to its financial institution clients (the “Segment Realignment”). The Company’s new reportable segments are the Merchant Solutions (“Merchant”) segment and the Financial Solutions (“Financial”) segment. Segment results for the three months ended March 31, 2023 have been recast to reflect the Segment Realignment. See Note 20 for additional information.

Principles of Consolidation

The consolidated financial statements include the accounts of Fiserv, Inc. and its subsidiaries in which the Company holds a majority controlling financial interest. All intercompany transactions and balances between the Company and its subsidiaries have been eliminated in consolidation. Control is typically 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 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 of between 20% and 50%; however, for partnerships and limited liability companies, an ownership interest of between 3% and 50% or board of director representation may also constitute significant influence.

The Company maintains a majority controlling financial interest 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 attributable to noncontrolling interests and redeemable noncontrolling interest. 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 11).

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“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.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and investments with original maturities of 90 days or less and are stated at cost in the consolidated balance sheets, which approximates market value. Cash and cash equivalents that are restricted from use due to regulatory or other requirements are included in other long-term assets in the consolidated balance sheets. Cash and cash equivalents held on behalf of merchants and other payees are included in settlement assets in the consolidated balance sheets. The changes in settlement cash and cash equivalents are included in settlement activity, net within cash flows from financing activities in the consolidated statements of cash flows.

The following table provides a reconciliation between cash and cash equivalents on the consolidated balance sheets and the consolidated statements of cash flows:


(In millions)	March 31, 2024		December 31, 2023		March 31, 2023
Cash and cash equivalents on the consolidated balance sheets	$	1,214	$	1,204	$	1,046
Cash and cash equivalents included in settlement assets	1,975		1,756		1,823
Other restricted cash	2		3		7
Total cash and cash equivalents on the consolidated statements of cash flows	$	3,191	$	2,963	$	2,876

Allowance for Doubtful Accounts

The Company analyzes the collectability of trade accounts receivable by considering historical bad debts and issued client credits, 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 $69 million and $86 million at March 31, 2024 and December 31, 2023, respectively.

Prepaid Expenses and Other Current Assets

Prepaid expenses represent advance payments for goods and services to be consumed in the future, such as maintenance, postage and insurance, and totaled $543 million and $423 million at March 31, 2024 and December 31, 2023, respectively. Other current assets, including net income tax receivables, Clover Capital cash advances and settlement advance cash payments, totaled $2,052 million and $1,921 million at March 31, 2024 and December 31, 2023, respectively. The net income tax receivable balance, including receivables associated with transferable federal tax credits (see Note 15), were $568 million and $534 million at March 31, 2024 and December 31, 2023, respectively.

The Company offers merchants advance access to capital through its Clover Capital cash advance program. Under this program, merchants sell fixed amounts of their future credit card receivables to the Company in exchange for an up-front purchase price payment. Future credit card receivables purchased by the Company under the Clover Capital program were $297 million and $281 million at March 31, 2024 and December 31, 2023, respectively. The Company maintained a reserve of $13 million and $12 million at March 31, 2024 and December 31, 2023, respectively, based on an estimate of uncollectible amounts.

The Company also offers merchants within its international operations advance access to capital by providing them the opportunity to receive settlement cash payments in advance in exchange for their receivables from card issuers, including when the cardholders have elected to pay over time in installments. The Company maintains short-term lines of credit with foreign banks and alliance partners to fund such anticipated settlement activity (see Note 10). These local currency denominated arrangements are primarily associated with the Company’s operations in Latin America, the most significant of which are denominated in Argentine Peso and Brazilian Real. The Company’s outstanding cash advances from card issuers related to this settlement funding activity were $520 million and $381 million at March 31, 2024 and December 31, 2023, respectively.

Settlement Assets and Obligations

Settlement assets and obligations represent intermediary balances arising from the settlement process, which involves the transfer of funds among card issuers, payment networks, processors, merchants and consumers, and collateral amounts held to manage merchant credit risk, primarily associated with the Company’s merchant acquiring services. As a processor, the Company facilitates the clearing and settlement activity for the merchant and records settlement assets and obligations upon processing a payment transaction. Settlement assets represent cash received or amounts receivable from agents, payment networks, bank partners, merchants or direct consumers. Settlement obligations represent amounts payable to merchants and payees.

Certain merchant settlement assets (included within settlement receivables) that relate to settlement obligations are held by partner banks to which the Company does not have legal ownership, but which the Company has the right to use, 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 a 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 mitigate this risk. Collateral held by the Company, or held by partner banks for the Company’s benefit, 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 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 $25 million and $15 million for the three months ended March 31, 2024 and 2023, respectively.

The Company maintains an allowance for merchant credit losses that are expected to exceed the amount of merchant collateral. The amount of merchant collateral available to the Company was $692 million and $690 million at March 31, 2024 and December 31, 2023, respectively. 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 factors such as changes in economic conditions or increases in merchant fraud. The aggregate merchant credit loss allowance was $34 million and $36 million at March 31, 2024 and December 31, 2023, 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 operating segments. The Company’s most recent annual impairment assessment of its reporting units in the fourth quarter of 2023 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 interest or currency exchange rate environments; a shift in strategic initiatives; a deterioration in financial performance within a particular reporting unit; or significant changes in the composition of, or assumptions used in, the quantitative test for certain of the Company’s reporting units (such as an increase in risk-adjusted discount rates) could have a future material impact on one or more of the estimates and assumptions used to evaluate goodwill impairment. Additionally, a significant change in a merchant alliance business relationship or operating performance could result in a material goodwill impairment charge.

In connection with the Segment Realignment, the Company performed an interim goodwill impairment assessment in the first quarter of 2024 for the impacted reporting units, and determined that its goodwill was not impaired based on an assessment of various qualitative factors. Examples of qualitative factors that the Company assesses include its share price, its financial performance, market and competitive factors in its industry and other events specific to its reporting units. There is no accumulated goodwill impairment for the Company through March 31, 2024.

Foreign Currency

The U.S. dollar is the functional currency of the Company’s U.S.-based and certain foreign-based businesses. Where the functional currency differs from the U.S. dollar, assets and liabilities are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at the average exchange rates during the reporting period. Gains and losses from foreign currency translation are recorded as a separate component of accumulated other comprehensive loss. Gains and losses from foreign currency transactions are included in determining net income for the reporting period.

Financial statements of subsidiaries located in highly inflationary economies outside of the U.S. are remeasured into U.S. dollars, and the foreign currency gains and losses from the remeasurement of monetary assets and liabilities are reflected in the consolidated statements of income, rather than as foreign currency translation within accumulated other comprehensive loss in the consolidated balance sheets. The remeasurement of monetary assets and liabilities in highly inflationary economies, including Argentina, resulted in foreign currency exchange losses of $35 million and $18 million for the three months ended March 31, 2024 and 2023, respectively, which is included within other expense, net in the consolidated statements of income.

To reduce exposure to changes in the value of the Company’s net investments in certain of its foreign currency-denominated subsidiaries due to changes in foreign currency exchange rates, the Company uses fixed-to-fixed cross-currency rate swap contracts and foreign currency-denominated debt as economic hedges of its net investments in such foreign currency-denominated subsidiaries. Foreign currency transaction gains or losses on the qualifying net investment hedge instruments are recorded as foreign currency translation, net of tax, within other comprehensive (loss) income in the consolidated statements of comprehensive income and will remain in accumulated other comprehensive loss within the consolidated balance sheets until the sale or complete liquidation of the underlying foreign currency-denominated subsidiaries.

Derivatives

Derivatives are entered into for periods consistent with related underlying exposures and are recorded in the consolidated balance sheets as either an asset or liability measured at fair value. If the derivative is designated as a cash flow hedge, changes in the fair value of the derivative are recorded as a component of accumulated other comprehensive loss and recognized in the consolidated statements of income when the hedged item affects earnings. If the derivative is designated as a net investment hedge, changes in the fair value of the derivative, net of tax, are recorded in the foreign currency translation component of other comprehensive (loss) income until the sale or complete liquidation of the underlying net investment. If the derivative is designated as a fair value hedge, changes in the fair value of the derivative are recorded in the same line item as the changes in the fair value of the hedged item and recognized in the consolidated statements of income. To the extent a derivative is not designated as a hedge, changes in fair value are recognized in the consolidated statements of income. The Company’s policy is to enter into derivatives with creditworthy institutions and not to enter into such derivatives for speculative purposes.

Defined Benefit Pension Plans

The Company maintains frozen noncontributory defined benefit pension plans covering certain employees in Europe and the U.S. Effective September 30, 2023, the Company terminated the United Kingdom (“U.K.”) and U.S. defined benefit pension plans. In March 2024, the Company entered into a group annuity insurance contract to provide for the administration of future payments to eligible plan participants of the terminated U.K. plan. In connection with the buy-in of this insurance policy, the plan’s projected benefit obligation was remeasured to the value of the group annuity insurance contract, resulting in an unrecognized loss, net of tax, of approximately $63 million recorded in accumulated other comprehensive loss within the consolidated balance sheet at March 31, 2024.

Upon the settlement of the terminated plans, which is expected to be completed in 2024, the Company will fund the estimated plan termination liability shortfall for the U.S. defined benefit pension plan of approximately $25 million and expects to recognize a non-cash pre-tax pension settlement charge for the terminated plans of approximately $150 million, which also includes the recognition of remaining net actuarial unrecognized losses recorded within accumulated other comprehensive loss. The amount of accrued vested benefits to be received by participants will not be impacted.

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)	2024		2023
Interest expense	$	(271)	$	(210)
Interest income	10		8
Interest expense, net	$	(261)	$	(202)

Acquisitions and Dispositions	3 Months Ended
Acquisitions and Dispositions	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Dispositions	Acquisitions and Dispositions Acquisitions were accounted for as business combinations using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. Purchase price was allocated to the respective identifiable assets acquired and liabilities assumed based on the estimated fair values at the date of acquisitions. The results of operations for the following acquired and divested businesses are included in the consolidated results of the Company from the respective dates of acquisition and through the respective dates of disposition. Pro forma information for these acquired businesses is not provided because they did not have a material effect, individually or in the aggregate, on the Company’s consolidated results of operations. Acquisitions On October 9, 2023, the Company acquired Skytef Solucões em Captura de Transações Ltda (“Skytef”), a distributor for independent software vendor partners and merchants of the Company’s Electronic Funds Transfer payments software. Skytef is included within the Merchant segment and expands the Company’s distribution network and POS applications. On November 1, 2023, the Company acquired Sled S.A. (“Sled”), a provider of instant payment solutions. Sled is included within the Merchant segment and expands the Company’s direct payment service capabilities. The Company acquired these businesses in Latin America for an aggregate purchase price, including hold-backs, of $17 million. The purchase price allocations for the Skytef and Sled acquisitions were finalized in the first quarter of 2024, and measurement period adjustments did not have a material impact on the Company’s consolidated income statement. Dispositions On July 25, 2023, the Company sold its financial reconciliation business, which was reported within the Financial segment, for cash proceeds of $235 million. The Company recognized a pre-tax gain of $172 million on the sale, recorded within net gain (loss) on sale of businesses and other assets, with a related tax expense of $48 million recorded within the income tax provision, in the consolidated statement of income for the year ended December 31, 2023. The pre-tax gain was comprised of the difference between the consideration received and the net carrying amount of the business, including $38 million of allocated goodwill; $15 million of other net assets, primarily consisting of trade accounts receivable and capitalized software; and $10 million of accumulated foreign currency translation losses which were reclassified from accumulated other comprehensive loss.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Fiserv, Inc. Shareholders’ Equity:
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,800,000,000	1,800,000,000
Common stock, shares issued (in shares)	784,000,000	784,000,000
Treasury stock (in shares)	198,000,000	190,000,000

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions A portion of the Company’s business is conducted through merchant alliances between the Company and financial institutions. A merchant alliance is an agreement between the Company and a financial institution that combines the processing capabilities and management expertise of the Company with the visibility and distribution channel of the financial institution. A merchant alliance acquires credit and debit card transactions from merchants. The Company provides processing and other services to the alliance and charges fees to the alliance based on contractual pricing. To the extent the Company maintains a controlling financial interest in an alliance, the alliance’s financial statements are consolidated with those of the Company and the related processing fees are treated as an intercompany transaction and eliminated in consolidation. To the extent the Company has significant influence in, but not control of, an alliance, the Company uses the equity method to account for its investment in the alliance. As a result, the processing and other service fees charged to merchant alliances accounted for under the equity method are recognized in the Company’s consolidated statements of income primarily as processing and services revenue. Such fees totaled $40 million and $46 million for the three months ended March 31, 2024 and 2023, respectively. No directors or officers of the Company have ownership interests in any of the alliances. The formation of each of these alliances generally involves the Company and the financial institution contributing contracts with merchants to the alliance and a cash payment from one owner to the other to achieve the desired ownership percentage for each. The Company and the financial institution enter into a long-term processing service agreement, which governs the Company’s provision of transaction processing services to the alliance. The Company had approximately $38 million of amounts due from unconsolidated merchant alliances included within trade accounts receivable, net in the Company’s consolidated balance sheets at both March 31, 2024 and December 31, 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Business Segment Information

Following the Segment Realignment (see Note 1), the Company’s operations are comprised of the Merchant segment and the Financial segment. The businesses in the Merchant segment provide commerce-enabling products and services to companies of all sizes around the world. These products and services include merchant acquiring and digital commerce services; mobile payment services; security and fraud protection solutions; stored-value solutions; and pay-by-bank solutions. The businesses within the Merchant segment consist of the following:

•Small Business – provides products and services to small businesses and independent software vendors, including Clover®, the Company's point-of-sale integrated commerce operating system for small business clients

•Enterprise – provides products and services to large businesses, including CaratSM, the Company's integrated commerce operating system for enterprise clients

•Processing – provides products and services to financial institutions, joint ventures, and other third party resellers which have direct relationships with merchants

The Company distributes the products and services in the Merchant segment businesses through a variety of channels, including direct sales teams, strategic partnerships with agent sales forces, independent software vendors, financial institutions and other strategic partners in the form of joint venture alliances, revenue sharing alliances and referral agreements.

The businesses in the Financial segment provide products and services to financial institution, corporate and public sector clients across the world, enabling the processing of customer loan and deposit accounts, digital payments and card transactions. The businesses within the Financial segment consist of the following:

•Digital Payments – provides debit card processing services; debit network services; security and fraud protection products; bill payment; person-to-person payments; and account-to-account transfers

•Issuing – provides credit card processing services; prepaid card processing services; card production services; print services; government payment processing; and student loan processing

•Banking – provides customer loan and deposit account processing; digital banking; financial and risk management; professional services and consulting; and check processing

Corporate and Other supports the reportable segments described above, and consists of amortization of acquisition-related intangible assets, unallocated corporate expenses and other activities that are not considered when management evaluates segment performance, such as gains or losses on sales of businesses, certain assets or investments; costs associated with acquisition and divestiture activity; certain services revenue associated with various dispositions; and postage reimbursements.

Operating results for each segment were as follows:


	Reportable Segments
(In millions)	Merchant		Financial		Corporate and Other		Total
Three Months Ended March 31, 2024
Processing and services revenue	$	2,010	$	1,985	$	5	$	4,000
Product revenue	243		300		340		883
Total revenue	$	2,253	$	2,285	$	345	$	4,883
Operating income (loss)	$	769	$	1,008	$	(596)	$	1,181

Three Months Ended March 31, 2023
Processing and services revenue	$	1,727	$	1,940	$	6	$	3,673
Product revenue	269		283		322		874
Total revenue	$	1,996	$	2,223	$	328	$	4,547
Operating income (loss)	$	592	$	943	$	(601)	$	934

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consisted of the following:


(In millions)	March 31, 2024		December 31, 2023
Trade accounts payable	$	540	$	449
Client deposits	950		931
Transferable federal tax credits (see Note 15)	307		804
Accrued compensation and benefits	289		344
Accrued taxes	205		203

Accrued interest	222		298

Accrued payment network fees	250		232
Operating lease liabilities	114		118
Accrued professional fees	103		96

Other accrued expenses	977		880
Total	$	3,957	$	4,355

Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of stockholders equity

The following tables provide changes in equity during the three months ended March 31, 2024 and 2023:


	Fiserv, Inc. Shareholders’ Equity

Three Months Ended March 31, 2024	Number of Shares		Amount
(In millions)	Common Shares	Treasury Shares	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock		Noncontrolling Interests		Total Equity

Balance at December 31, 2023	784	190	$	8	$	23,103	$	(783)	$	20,444	$	(12,915)	$	651	$	30,508
Net income (1)									735				11		746



Distributions paid to noncontrolling interests (2)													(27)		(27)



Other comprehensive loss							(211)						(13)		(224)


Share-based compensation					86										86
Shares issued under stock plans		(2)			(328)						174				(154)
Purchases of treasury stock		10									(1,512)				(1,512)



Balance at March 31, 2024	784	198	$	8	$	22,861	$	(994)	$	21,179	$	(14,253)	$	622	$	29,423

(2)The total distributions presented in equity for the three months ended March 31, 2024 excludes $7 million in distributions paid to redeemable noncontrolling interest not included in equity.


	Fiserv, Inc. Shareholders’ Equity

Three Months Ended March 31, 2023	Number of Shares		Amount
(In millions)	Common Shares	Treasury Shares	Common Stock		Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Treasury Stock				Total Equity
													Noncontrolling Interests
Balance at December 31, 2022	784	154	$	8	$	23,011	$	(1,189)	$	17,376	$	(8,378)	$	699	$	31,527

Net income (1)									563				6		569



Other comprehensive income							135						12		147

Share-based compensation					93										93
Shares issued under stock plans		(2)			(158)						99				(59)
Purchases of treasury stock		13									(1,483)				(1,483)


Balance at March 31, 2023	784	165	$	8	$	22,946	$	(1,054)	$	17,939	$	(9,762)	$	717	$	30,794

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 1,214	$ 1,204
Trade accounts receivable, less allowance for doubtful accounts	3,574	3,582
Prepaid expenses and other current assets	2,595	2,344
Settlement assets	29,711	27,681
Total current assets	37,094	34,811
Property and equipment, net	2,226	2,161
Intangible assets, net	10,926	11,210
Goodwill	37,038	37,205
Contract costs, net	941	968
Investments in unconsolidated affiliates	2,220	2,262
Other long-term assets	2,253	2,273
Total assets	92,698	90,890
Liabilities and Equity
Accounts payable and accrued expenses	3,957	4,355
Short-term and current maturities of long-term debt	671	755
Contract liabilities	779	761
Settlement obligations	29,711	27,681
Total current liabilities	35,118	33,552
Long-term debt	23,754	22,363
Deferred income taxes	3,048	3,078
Long-term contract liabilities	247	250
Other long-term liabilities	948	978
Total liabilities	63,115	60,221
Commitments and Contingencies (see Note 18)
Redeemable Noncontrolling Interest	160	161
Fiserv, Inc. Shareholders’ Equity:
Preferred stock, no par value: 25 million shares authorized; none issued	0	0
Common stock, $0.00 par value: 1,800 million shares authorized; 784 million shares issued	8	8
Additional paid-in capital	22,861	23,103
Accumulated other comprehensive loss	(994)	(783)
Retained earnings	21,179	20,444
Treasury stock, at cost, 198 million and 190 million shares, respectively	(14,253)	(12,915)
Total Fiserv, Inc. shareholders’ equity	28,801	29,857
Noncontrolling interests	622	651
Total equity	29,423	30,508
Total liabilities and equity	92,698	90,890
Customer relationships, net
Assets
Intangible assets, net	6,747	7,075
Other intangible assets, net
Assets
Intangible assets, net	$ 4,179	$ 4,135

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Restrictions on cash and cash equivalents

The following table provides a reconciliation between cash and cash equivalents on the consolidated balance sheets and the consolidated statements of cash flows:


(In millions)	March 31, 2024		December 31, 2023		March 31, 2023
Cash and cash equivalents on the consolidated balance sheets	$	1,214	$	1,204	$	1,046
Cash and cash equivalents included in settlement assets	1,975		1,756		1,823
Other restricted cash	2		3		7
Total cash and cash equivalents on the consolidated statements of cash flows	$	3,191	$	2,963	$	2,876

Schedule of cash and cash equivalents

The following table provides a reconciliation between cash and cash equivalents on the consolidated balance sheets and the consolidated statements of cash flows:


(In millions)	March 31, 2024		December 31, 2023		March 31, 2023
Cash and cash equivalents on the consolidated balance sheets	$	1,214	$	1,204	$	1,046
Cash and cash equivalents included in settlement assets	1,975		1,756		1,823
Other restricted cash	2		3		7
Total cash and cash equivalents on the consolidated statements of cash flows	$	3,191	$	2,963	$	2,876

Schedule of interest expense, net

Interest expense, net consisted of the following:


	Three Months Ended March 31,
(In millions)	2024		2023
Interest expense	$	(271)	$	(210)
Interest income	10		8
Interest expense, net	$	(261)	$	(202)

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

The Company’s debt consisted of the following:


(In millions)	March 31, 2024		December 31, 2023
Short-term and current maturities of long-term debt:
Foreign lines of credit	$	380	$	442
Finance lease and other financing obligations	291		313
Total short-term and current maturities of long-term debt	$	671	$	755

Long-term debt:
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)	662		672
3.200% senior notes due July 2026	2,000		2,000
5.150% senior notes due March 2027	750		—
2.250% senior notes due June 2027	1,000		1,000
1.125% senior notes due July 2027 (Euro-denominated)	541		555
5.450% senior notes due March 2028	900		900
5.375% senior notes due August 2028	700		700
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)	541		555
5.350% senior notes due March 2031	500		—
4.500% senior notes due May 2031 (Euro-denominated)	865		889
3.000% senior notes due July 2031 (British Pound-denominated)	662		672
5.600% senior notes due March 2033	900		900
5.625% senior notes due August 2033	1,300		1,300
5.450% senior notes due March 2034	750		—
4.400% senior notes due July 2049	2,000		2,000
U.S. dollar commercial paper notes	—		418
Euro commercial paper notes	1,286		1,321
Revolving credit facility	—		74


Unamortized discount and deferred financing costs	(152)		(145)
Finance lease and other financing obligations	649		652
Total long-term debt	$	23,754	$	22,363

The Company was in compliance with all financial debt covenants during the three months ended March 31, 2024.

Senior Notes

On March 4, 2024, the Company completed the public offering and issuance of $2.0 billion of senior notes, comprised of $750 million aggregate principal amount of 5.150% senior notes due in March 2027, $500 million aggregate principal amount of 5.350% senior notes due in March 2031 and $750 million aggregate principal amount of 5.450% senior notes due in March 2034. Interest on these senior notes is paid semi-annually. The Company used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of the Company’s commercial paper notes and for share repurchases, and expects to use a portion of the net proceeds from this senior notes offering to repay a portion of its 2.750% senior notes upon maturity in July 2024.

At March 31, 2024, the 2.750% senior notes due in July 2024 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 and through use of a portion of the net proceeds from the March 2024 issuance of the senior notes as described above.

The indentures governing these senior notes contain covenants that, among other matters, limit (i) the Company’s ability to consolidate or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, another person, (ii) the Company’s and certain of its subsidiaries’ ability to create or assume liens, and (iii) the Company’s and certain of its subsidiaries’ ability to engage in sale and leaseback transactions. The Company may, at its option, redeem these senior notes, in whole or in part, at any time and from time to time at the applicable redemption price.

Commercial Paper

The Company maintains unsecured U.S. dollar and Euro commercial paper programs. From time to time, the Company may issue under these programs U.S. dollar commercial paper with maturities of up to 397 days from the date of issuance and Euro commercial paper with maturities of up to 183 days from the date of issuance. Outstanding borrowings under the U.S. dollar program were $418 million at December 31, 2023, with a weighted average interest rate of 5.454%. There were no outstanding borrowings under the U.S. dollar program at March 31, 2024. Outstanding borrowings under the Euro program were $1.3 billion at both March 31, 2024 and December 31, 2023, with weighted average interest rates of 4.016% and 4.029%, respectively. The Company intends to maintain available capacity under its revolving credit facility, as described below, in an amount at least equal to the aggregate outstanding borrowings under its commercial paper programs. Outstanding borrowings under the commercial paper programs are classified in the consolidated balance sheets as long-term as the Company has the intent to refinance this commercial paper on a long-term basis through the continued issuance of new commercial paper upon maturity, and the Company also has the ability to refinance such commercial paper under its revolving credit facility.

Revolving Credit Facility

The Company maintains a senior unsecured multicurrency revolving credit facility, which matures in June 2027 and provides for a maximum aggregate principal amount of availability of $6.0 billion. Borrowings under the credit facility bear interest at a variable base rate, determined by the term and currency of the borrowing, plus a specified margin based on the Company’s long-term debt rating. There were no outstanding borrowings under the revolving credit facility at March 31, 2024. The credit facility also requires the Company to pay a facility fee based on the aggregate commitments in effect under the agreement from time to time. The credit facility contains various restrictions and covenants that require the Company to, among other things, limit its consolidated indebtedness as of the end of each fiscal quarter to no more than 3.75 times the Company’s consolidated net income before interest, taxes, depreciation, amortization, non-cash charges and expenses and certain other adjustments during the period of four fiscal quarters then ended, subject to certain exceptions.

Foreign Lines of Credit

The Company maintains certain short-term lines of credit and other borrowing arrangements with foreign banks and alliance partners primarily to fund settlement activity associated with operations in Latin America. The Company entered into an annually renewable term loan facility, which was fully funded in April 2023, to fund settlement advance cash payments in Brazil. This term loan has a notional value of 514 million Brazilian real ($103 million USD equivalent) at March 31, 2024 and bears interest at a variable Certificado de Depósito Interbancário (CDI) Rate, plus a specified margin per annum. In February 2024, this term loan facility was amended, which amendment extended its maturity date to April 2025 and decreased the specified margin to 1.25% per annum.


	Outstanding Borrowings (in millions)				Weighted-Average Interest Rate
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
Argentina	$	155	$	208	83.821	%	121.581	%
Brazil	120		123		12.628	%	13.500	%
Uruguay	65		55		10.695	%	11.125	%
Other	40		56		3.658	%	4.912	%
Total	$	380	$	442	40.354	%	63.060	%

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 04, 2024	Dec. 31, 2023
Short-term and current maturities of long-term debt:
Total short-term and current maturities of long-term debt	$ 671		$ 755
Finance lease and other financing obligations	291		313
Long-term debt:
Unamortized discount and deferred financing costs	(152)		(145)
Finance lease and other financing obligations	649		652
Total long-term debt	$ 23,754		22,363
Senior Notes \| 2.750% senior notes due July 2024
Debt Instrument [Line Items]
Interest rate, stated percentage	2.75%
Long-term debt:
Long-term debt	$ 2,000		2,000
Senior Notes \| 3.850% senior notes due June 2025
Debt Instrument [Line Items]
Interest rate, stated percentage	3.85%
Long-term debt:
Long-term debt	$ 900		900
Senior Notes \| 2.250% senior notes due July 2025 (British Pound-denominated)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.25%
Long-term debt:
Long-term debt	$ 662		672
Senior Notes \| 3.200% senior notes due July 2026
Debt Instrument [Line Items]
Interest rate, stated percentage	3.20%
Long-term debt:
Long-term debt	$ 2,000		2,000
Senior Notes \| 5.150% senior notes due March 2027
Debt Instrument [Line Items]
Interest rate, stated percentage	5.15%	5.15%
Long-term debt:
Long-term debt	$ 750		0
Senior Notes \| 2.250% senior notes due June 2027
Debt Instrument [Line Items]
Interest rate, stated percentage	2.25%
Long-term debt:
Long-term debt	$ 1,000		1,000
Senior Notes \| 1.125% senior notes due July 2027 (Euro-denominated)
Debt Instrument [Line Items]
Interest rate, stated percentage	1.125%
Long-term debt:
Long-term debt	$ 541		555
Senior Notes \| 5.450% senior notes due March 2028
Debt Instrument [Line Items]
Interest rate, stated percentage	5.45%
Long-term debt:
Long-term debt	$ 900		900
Senior Notes \| 5.375% senior notes due August 2028
Debt Instrument [Line Items]
Interest rate, stated percentage	5.375%
Long-term debt:
Long-term debt	$ 700		700
Senior Notes \| 4.200% senior notes due October 2028
Debt Instrument [Line Items]
Interest rate, stated percentage	4.20%
Long-term debt:
Long-term debt	$ 1,000		1,000
Senior Notes \| 3.500% senior notes due July 2029
Debt Instrument [Line Items]
Interest rate, stated percentage	3.50%
Long-term debt:
Long-term debt	$ 3,000		3,000
Senior Notes \| 2.650% senior notes due June 2030
Debt Instrument [Line Items]
Interest rate, stated percentage	2.65%
Long-term debt:
Long-term debt	$ 1,000		1,000
Senior Notes \| 1.625% senior notes due July 2030 (Euro-denominated)
Debt Instrument [Line Items]
Interest rate, stated percentage	1.625%
Long-term debt:
Long-term debt	$ 541		555
Senior Notes \| 5.350% senior notes due March 2031
Debt Instrument [Line Items]
Interest rate, stated percentage	5.35%	5.35%
Long-term debt:
Long-term debt	$ 500		0
Senior Notes \| 4.500% senior notes due May 2031 (Euro-denominated)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.50%
Long-term debt:
Long-term debt	$ 865		889
Senior Notes \| 3.000% senior notes due July 2031 (British Pound-denominated)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.00%
Long-term debt:
Long-term debt	$ 662		672
Senior Notes \| 5.600% senior notes due March 2033
Debt Instrument [Line Items]
Interest rate, stated percentage	5.60%
Long-term debt:
Long-term debt	$ 900		900
Senior Notes \| 5.625% senior notes due August 2033
Debt Instrument [Line Items]
Interest rate, stated percentage	5.625%
Long-term debt:
Long-term debt	$ 1,300		1,300
Senior Notes \| 5.450% senior notes due March 2034
Debt Instrument [Line Items]
Interest rate, stated percentage	5.45%	5.45%
Long-term debt:
Long-term debt	$ 750		0
Senior Notes \| 4.400% senior notes due July 2049
Debt Instrument [Line Items]
Interest rate, stated percentage	4.40%
Long-term debt:
Long-term debt	$ 2,000		2,000
Commercial Paper \| U.S. dollar commercial paper notes
Long-term debt:
Long-term debt	0		418
Commercial Paper \| Euro commercial paper notes
Long-term debt:
Long-term debt	1,286		1,321
Line of Credit \| Revolving credit facility
Long-term debt:
Long-term debt	0		74
Foreign lines of credit
Short-term and current maturities of long-term debt:
Total short-term and current maturities of long-term debt	$ 380		$ 442

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Trade accounts payable	$ 540	$ 449
Client deposits	950	931
Transferrable federal tax credits	307	804
Accrued compensation and benefits	289	344
Accrued taxes	205	203
Accrued interest	222	298
Accrued payment network fees	250	232
Operating lease liabilities	114	118
Accrued professional fees	103	96
Other accrued expenses	977	880
Total	$ 3,957	$ 4,355

Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
Cash Flow Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 335	$ 222
Income taxes paid	700	291
Treasury stock purchases settled after the balance sheet date	47	33
Software obtained under financing arrangements	96	8
Right-of-use assets obtained in exchange for lease liabilities - operating leases	33	39
Right-of-use assets obtained in exchange for lease liabilities - finance leases	$ 58	$ 29

Shares Used in Computing Net Income Per Share Attributable to Fiserv, Inc. - Schedule of Weighted-Average Number of Shares (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Weighted-average common shares outstanding used for the calculation of net income attributable to Fiserv, Inc. per share – basic (in shares)	590.9	626.9
Common stock equivalents (in shares)	3.9	4.4
Weighted-average common shares outstanding used for the calculation of net income attributable to Fiserv, Inc. per share – diluted (in shares)	594.8	631.3

Shares Used in Computing Net Income Per Share Attributable to Fiserv, Inc. (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Computation of shares used in calculating basic and diluted net income per common share

The computation of shares used in calculating basic and diluted net income per share is as follows:


	Three Months Ended March 31,
(In millions)	2024	2023
Weighted-average common shares outstanding used for the calculation of net income attributable to Fiserv, Inc. per share - basic	590.9	626.9
Common stock equivalents	3.9	4.4
Weighted-average common shares outstanding used for the calculation of net income attributable to Fiserv, Inc. per share - diluted	594.8	631.3

Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

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 and the Financial reportable segments. Additional information regarding the Company’s business segments is included in Note 20. The table below presents the Company’s revenue disaggregated by business line, including a reconciliation with its reportable segments. The Company’s disaggregation of revenue for the three months ended March 31, 2023 has been recast to reflect the Segment Realignment. The Company serves its global client base by working among its geographic teams across various regions, including the U.S. and Canada; Europe, Middle East and Africa (“EMEA”); Latin America (“LATAM”); and Asia Pacific (“APAC”). The majority of the Company’s revenue is earned domestically, with revenue generated within its EMEA, LATAM and APAC regions comprising approximately 15% and 13% of total revenue for the three months ended March 31, 2024 and 2023, respectively.


(In millions)	Three Months Ended March 31,
Revenue by Business Line	2024		2023
Small Business	$	1,488	$	1,285
Enterprise	463		437
Processing	302		274
Total Merchant segment revenue	$	2,253	$	1,996
Digital Payments	$	920	$	873
Issuing	761		731
Banking	604		619
Total Financial segment revenue	$	2,285	$	2,223
Corporate and Other	$	345	$	328
Total Revenue	$	4,883	$	4,547

Contract Balances

The following table provides information about contract assets and contract liabilities from contracts with customers:


(In millions)	March 31, 2024		December 31, 2023
Contract assets	$	784	$	754
Contract liabilities	1,026		1,011

Contract assets, reported within other long-term assets in the consolidated balance sheets, primarily relate to customer discounts where revenue recognition and payment of consideration under the contract 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 $285 million of revenue during the three months ended March 31, 2024 that was included in the contract liabilities balance at the beginning of the period.

Transaction Price Allocated to Remaining Performance Obligations



(In millions)
Year Ending December 31,
Remainder of 2024	$	1,828
2025	2,053
2026	1,505
2027	965
Thereafter	1,071

The Company applies the optional exemption under ASC Topic 606, Revenue from Contracts with Customers (“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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Legislative Matters In the normal course of business, the Company or its subsidiaries are named as defendants in lawsuits in which claims are asserted against the Company. The Company maintained an accrual of $34 million and $32 million at March 31, 2024 and December 31, 2023, respectively, related to its various legal proceedings, primarily associated with the Company’s merchant acquiring business and certain tax matters. The Company’s estimate of the possible range of exposure for various legal proceedings in excess of amounts accrued is $0 million to approximately $100 million. In the opinion of management, the liabilities, if any, which may ultimately result from such legal proceedings are not expected to have a material adverse effect on the Company’s consolidated financial statements. Electronic Payments Transactions In connection with the Company’s processing of electronic payments transactions, which are separate and distinct from the settlement payment transactions described in Note 1, funds received from subscribers are invested from the time the Company collects the funds until payments are made to the applicable recipients. These subscriber funds are invested in short-term, highly liquid investments. Subscriber funds, which are not included in the Company’s consolidated balance sheets, can fluctuate significantly based on consumer bill payment and debit card activity and totaled approximately $1.0 billion and $3.5 billion at March 31, 2024 and December 31, 2023, respectively. Indemnifications and Warranties The Company may indemnify its clients from certain costs resulting from claims of patent, copyright or trademark infringement associated with its clients’ use of the Company’s products or services. The Company may also warrant to clients that its products and services will operate in accordance with identified specifications. From time to time, in connection with sales of businesses, the Company agrees to indemnify the buyers of such businesses for liabilities associated with the businesses that are sold. Payments, net of recoveries, under such indemnification or warranty provisions were not material to the Company’s consolidated financial statements.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 19, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-38962
Entity Registrant Name	FISERV, INC.
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-1506125
Entity Address, Address Line One	600 N. Vel R. Phillips Avenue
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53203
City Area Code	262
Local Phone Number	879-5000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		585,101,873
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000798354
Current Fiscal Year End Date	--12-31
Common Stock, par value $0.01 per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FI
Security Exchange Name	NYSE
1.125% Senior Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	1.125% Senior Notes due 2027
Trading Symbol	FI27
Security Exchange Name	NYSE
1.625% Senior Notes due 2030
Document Information [Line Items]
Title of 12(b) Security	1.625% Senior Notes due 2030
Trading Symbol	FI30
Security Exchange Name	NYSE
2.250% Senior Notes due 2025
Document Information [Line Items]
Title of 12(b) Security	2.250% Senior Notes due 2025
Trading Symbol	FI25
Security Exchange Name	NYSE
3.000% Senior Notes due 2031
Document Information [Line Items]
Title of 12(b) Security	3.000% Senior Notes due 2031
Trading Symbol	FI31
Security Exchange Name	NYSE
4.500% Senior Notes Due 2031
Document Information [Line Items]
Title of 12(b) Security	4.500% Senior Notes due 2031
Trading Symbol	FI31A
Security Exchange Name	NYSE

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 4,883	$ 4,547
Operating segments \| Merchant Segment
Disaggregation of Revenue [Line Items]
Revenue	2,253	1,996
Operating segments \| Financial Segment
Disaggregation of Revenue [Line Items]
Revenue	2,285	2,223
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	$ 345	$ 328
Geographic Concentration Risk \| Non-US \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Percentage of concentration risk	15.00%	13.00%
Small Business \| Operating segments \| Merchant Segment
Disaggregation of Revenue [Line Items]
Revenue	$ 1,488	$ 1,285
Enterprise \| Operating segments \| Merchant Segment
Disaggregation of Revenue [Line Items]
Revenue	463	437
Processing \| Operating segments \| Merchant Segment
Disaggregation of Revenue [Line Items]
Revenue	302	274
Digital Payments \| Operating segments \| Financial Segment
Disaggregation of Revenue [Line Items]
Revenue	920	873
Issuing \| Operating segments \| Financial Segment
Disaggregation of Revenue [Line Items]
Revenue	761	731
Banking \| Operating segments \| Financial Segment
Disaggregation of Revenue [Line Items]
Revenue	$ 604	$ 619

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	16.70%	17.40%
Unrecognized tax benefits	$ 88
Decrease in unrecognized tax benefits reasonably possible	$ 5

Revenue Recognition - Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 784	$ 754
Contract liabilities	$ 1,026	$ 1,011

Acquisitions and Dispositions (Details) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
	Nov. 01, 2023	Jul. 25, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Tax expense			$ 153	$ 124
Disposal Group, Disposed of by Sale \| Financial Reconciliation Business
Business Acquisition [Line Items]
Net proceeds from sale of businesses and other assets		$ 235
Gain (loss) on disposition of business					$ 172
Tax expense					48
Disposal group, including discontinued operation, goodwill					38
Disposal group, including discontinued operation, trade receivable and capitalized software					15
Disposal group, including discontinued operation, accumulated foreign currency translation loss					$ 10
Skytef and Sled
Business Acquisition [Line Items]
Payments for acquisitions of businesses	$ 17

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounting Policies [Abstract]
Interest expense	$ (271)	$ (210)
Interest income	10	8
Interest expense, net	$ (261)	$ (202)

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Share-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Shares
Stock options outstanding - balance at beginning of period (in shares) \| shares	3,865
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(10)
Exercised (in shares) \| shares	(1,784)
Stock options outstanding - balance at end of period (in shares) \| shares	2,071
Stock options exercisable (in shares) \| shares	2,022
Weighted-Average Exercise Price
Stock options outstanding - balance at beginning of period (in dollars per shares) \| $ / shares	$ 72.36
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	108.15
Exercised (in dollars per share) \| $ / shares	55.95
Stock options outstanding - balance at end of period (in dollars per shares) \| $ / shares	86.31
Stock options exercisable (in dollars per share) \| $ / shares	$ 85.70
Weighted-Average Remaining Contractual Term (Years)
Stock options outstanding (in years)	4 years 6 months 18 days
Stock options exercisable (in years)	4 years 5 months 26 days
Aggregate Intrinsic Value (In millions)
Stock options outstanding \| $	$ 152
Stock options exercisable \| $	$ 150

Business Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of segment reporting information

Operating results for each segment were as follows:


	Reportable Segments
(In millions)	Merchant		Financial		Corporate and Other		Total
Three Months Ended March 31, 2024
Processing and services revenue	$	2,010	$	1,985	$	5	$	4,000
Product revenue	243		300		340		883
Total revenue	$	2,253	$	2,285	$	345	$	4,883
Operating income (loss)	$	769	$	1,008	$	(596)	$	1,181

Three Months Ended March 31, 2023
Processing and services revenue	$	1,727	$	1,940	$	6	$	3,673
Product revenue	269		283		322		874
Total revenue	$	1,996	$	2,223	$	328	$	4,547
Operating income (loss)	$	592	$	943	$	(601)	$	934

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value, assets and liabilities measured on recurring basis

Assets and liabilities measured at fair value on a recurring basis consisted of the following:

Fair Value

(In millions)

Classification

Fair Value Hierarchy

March 31,
2024

December 31,
2023

Assets

Forward exchange contracts designated as cash flow hedges

Prepaid expenses and other current assets

Level 2

Cross-currency rate swap contract designated as fair value hedge

Prepaid expenses and other current assets

Level 2

—

Cross-currency rate swap contract designated as fair value hedge

Other long-term assets

Level 2

Liabilities

Cross-currency rate swap contracts designated as fair value hedges

Other long-term liabilities

Level 2

Cross-currency rate swap contracts designated as net investment hedges

Other long-term liabilities

Level 2

Contingent consideration

Accounts payable and accrued expenses

Level 3

Contingent debt guarantee

Other long-term liabilities

Level 3

Revenue Recognition - Revenue Recognized (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized which was included in the contract liability balance	$ 285

Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Revenue

$ 4,883

$ 4,547

Selling, general and administrative

1,697

1,604

Net loss on sale of businesses and other assets

Total expenses

3,702

3,613

Operating income

1,181

934

Interest expense, net

(261)

(202)

Other expense, net

(7)

(20)

Income before income taxes and loss from investments in unconsolidated affiliates

913

712

Income tax provision

(153)

(124)

Loss from investments in unconsolidated affiliates

(8)

(12)

Net income

752

576

Less: net income attributable to noncontrolling interests and redeemable noncontrolling interest

Net income attributable to Fiserv, Inc.

$ 735

$ 563

Net income attributable to Fiserv, Inc. per share:

Basic (in dollars per share)

$ 1.24

$ 0.90

Diluted (in dollars per share)

$ 1.24

$ 0.89

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

Basic (in shares)

590.9

626.9

Diluted (in shares)

594.8

631.3

Processing and services

Revenue

^[1]

$ 4,000

$ 3,673

Cost of goods sold and services

1,354

1,405

Product

Revenue

883

874

Cost of goods sold and services

$ 651

$ 600

[1]	Includes processing and other fees charged to related party investments accounted for under the equity method of $40 million and $46 million for the three months ended March 31, 2024 and 2023, respectively (see Note 19).