0000798354-22-000019 | 10-Q | XBRL Viewer

Selling, general and administrative

$ 4,518

$ 4,163

$ 13,106

$ 11,969

1,547

1,476

4,560

4,289

Net gain on sale of business and other assets

120

(27)

^[1]

Total expenses

3,663

3,527

10,545

10,214

Operating income

855

636

2,561

1,755

Interest expense, net

(190)

(172)

(534)

(523)

Other (expense) income

(13)

(83)

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

652

478

1,944

1,268

Income tax provision

(147)

(54)

(382)

(300)

Income (loss) from investments in unconsolidated affiliates

(12)

222

^[1]

Net income

493

446

1,784

^[1]

1,048

^[1]

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

Net income attributable to Fiserv, Inc.

$ 481

$ 428

$ 1,748

$ 1,001

Net income attributable to Fiserv, Inc. per share – basic (in dollars per share)

$ 0.75

$ 0.65

$ 2.71

$ 1.51

Net income attributable to Fiserv, Inc. per share – diluted (in dollars per share)

$ 0.75

$ 0.64

$ 2.68

$ 1.49

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

Basic (in shares)

639.6

661.4

645.2

664.6

Diluted (in shares)

645.0

669.7

651.0

674.1

Processing and services

Cost of goods sold and services

^[2]

$ 3,678

$ 3,407

$ 10,738

$ 9,822

1,443

1,530

4,381

4,425

Product

Cost of goods sold and services

840

756

2,368

2,147

$ 553

$ 521

$ 1,631

$ 1,500

[1]	The company revised, for comparable purposes with the current period’s presentation, the consolidated statement of cash flows presentation for the nine months ended September 30, 2021 to include cash and cash equivalents within settlement assets as a component of total cash and cash equivalents. Additional information is included in Note 1.
[2]	Includes processing and other fees charged to related party investments accounted for under the equity method of $51 million and $46 million for the three months ended September 30, 2022 and 2021, respectively, and $151 million and $160 million for the nine months ended September 30, 2022 and 2021, respectively (see Note 18).

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Related Party Fees \| Equity investments
Processing, administrative, and other fees	$ 51	$ 46	$ 151	$ 160

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI https://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Fair market value adjustment on cash flow hedges, net of income tax benefit (provision) of $2 million, ($1 million), $4 million and ($1 million)

Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Net income

$ 493

$ 446

$ 1,784

^[1]

$ 1,048

^[1]

Other comprehensive loss:

(4)

(11)

Unrealized (loss) gain on defined benefit pension plans, net of income tax benefit (provision) of ($0 million), $0 million, $1 million and ($0 million)

(2)

Foreign currency translation, net of income tax (see Note 12)

(639)

(349)

(937)

(298)

Reclassification adjustment for accumulated foreign currency translation impacts from the sale of a foreign entity included in loss on sale of business, net of income tax benefit of $0 million (see Note 4)

Total other comprehensive loss

(582)

(344)

(883)

(287)

Comprehensive income (loss)

(89)

102

901

761

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

Less: other comprehensive loss attributable to noncontrolling interests

(48)

(18)

(89)

(25)

Comprehensive income (loss) attributable to Fiserv, Inc.

(53)

102

954

739

Cost of Services

Other comprehensive loss:

Reclassification adjustment for net realized (gains) losses on cash flow hedges

(2)

(6)

Interest Expense

Other comprehensive loss:

Reclassification adjustment for net realized (gains) losses on cash flow hedges

$ 3

$ 4

$ 11

$ 12

[1]

The company revised, for comparable purposes with the current period’s presentation, the consolidated statement of cash flows presentation for the nine months ended September 30, 2021 to include cash and cash equivalents within settlement assets as a component of total cash and cash equivalents. Additional information is included in Note 1.

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income tax provision on fair market value adjustment on cash flow hedges	$ 2	$ (1)	$ 4	$ (1)
Income tax provision on unrealized gain on defined benefit plans	0	0	1	0
Income tax (benefit) provision on reclassification adjustment for accumulated foreign currency translations impacts from the sale of a foreign entity included in net (gain) loss on sale of business and other assets	0	0	0	0
Cost of Services
Income tax provision (benefit) on reclassification adjustment for net realized (gains) losses on cash flow hedges	0	1	0	2
Interest Expense
Income tax provision (benefit) on reclassification adjustment for net realized (gains) losses on cash flow hedges	$ (1)	$ (2)	$ (4)	$ (4)

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 893	$ 835
Trade accounts receivable, less allowance for doubtful accounts	3,303	2,860
Prepaid expenses and other current assets	1,484	1,523
Settlement assets	14,195	13,652
Total current assets	19,875	18,870
Property and equipment, net	1,924	1,742
Intangible assets, net	12,456	14,009
Goodwill	36,241	36,433
Contract costs, net	886	811
Investments in unconsolidated affiliates	2,390	2,561
Other long-term assets	1,868	1,823
Total assets	75,640	76,249
Liabilities and Equity
Accounts payable and accrued expenses	3,456	3,550
Short-term and current maturities of long-term debt	528	508
Contract liabilities	545	585
Settlement obligations	14,195	13,652
Total current liabilities	18,724	18,295
Long-term debt	20,847	20,729
Deferred income taxes	3,766	4,172
Long-term contract liabilities	216	225
Other long-term liabilities	944	878
Total liabilities	44,497	44,299
Commitments and Contingencies (see Note 17)
Redeemable Noncontrolling Interests	161	278
Fiserv, Inc. Shareholders’ Equity:
Preferred stock, no par value: 25 million shares authorized; none issued	0	0
Common stock, $0.01 par value: 1,800 million shares authorized; 784 million shares issued	8	8
Additional paid-in capital	22,959	22,983
Accumulated other comprehensive loss	(1,539)	(745)
Retained earnings	16,594	14,846
Treasury stock, at cost, 148 million and 134 million shares	(7,696)	(6,140)
Total Fiserv, Inc. shareholders’ equity	30,326	30,952
Noncontrolling interests	656	720
Total equity	30,982	31,672
Total liabilities and equity	75,640	76,249
Customer relationships, net
Assets
Intangible assets, net	8,464	9,991
Other intangible assets, net
Assets
Intangible assets, net	$ 3,992	$ 4,018

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Fiserv, Inc. Shareholders’ Equity:
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)	148,000,000	134,000,000

Consolidated Statements of Cash Flows - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Cash flows from operating activities:

Net income

^[1]

$ 1,784

$ 1,048

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and other amortization

^[1]

982

861

Amortization of acquisition-related intangible assets

^[1]

1,416

1,554

Amortization of financing costs and debt discounts

^[1]

Share-based compensation

^[1]

244

190

Deferred income taxes

^[1]

(402)

(266)

Net gain on sale of business and other assets

^[1]

(27)

Income from investments in unconsolidated affiliates

^[1]

(222)

(80)

Distributions from unconsolidated affiliates

^[1]

Non-cash impairment charges

^[1]

Other operating activities

^[1]

(2)

(26)

Changes in assets and liabilities, net of effects from acquisitions and dispositions:

Trade accounts receivable

^[1]

(521)

(298)

Prepaid expenses and other assets

^[1]

(203)

(242)

Contract costs

^[1]

(230)

(210)

Accounts payable and other liabilities

^[1]

105

Contract liabilities

^[1]

(30)

(1)

Net cash provided by operating activities

^[1]

2,985

2,691

Cash flows from investing activities:

Capital expenditures, including capitalized software and other intangibles

^[1]

(1,148)

(814)

Net proceeds from sale of business and other assets

^[1]

218

Payments for acquisition of businesses, net of cash acquired

^[1]

(682)

(495)

Distributions from unconsolidated affiliates

^[1]

110

Purchases of investments

^[1]

(45)

(250)

Proceeds from sale of investments

^[1]

503

Net cash used in investing activities

^[1]

(1,534)

(965)

Cash flows from financing activities:

Debt proceeds

^[1]

1,450

5,177

Debt repayments, including debt financing costs

^[1]

(2,945)

(6,515)

Net proceeds from commercial paper and short-term borrowings

^[1]

2,020

1,388

Proceeds from issuance of treasury stock

^[1]

105

Purchases of treasury stock, including employee shares withheld for tax obligations

^[1]

(1,909)

(1,768)

Settlement activity, net

^[1]

114

386

Distributions paid to noncontrolling interests and redeemable noncontrolling interests

^[1]

(30)

(41)

Payments of acquisition-related contingent consideration

^[1]

(36)

Other financing activities

^[1]

(2)

Net cash used in financing activities

^[1]

(1,197)

(1,306)

Effect of exchange rate changes on cash and cash equivalents

^[1]

(84)

(11)

Net change in cash and cash equivalents

^[1]

170

409

Cash and cash equivalents, beginning balance

^[1]

3,205

2,569

Cash and cash equivalents, ending balance

^[1]

$ 3,375

$ 2,978

[1]

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements for the three and nine months ended September 30, 2022 and 2021 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, 2021.

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 income (loss) from investments in unconsolidated affiliates and the related tax expense or benefit is reported within the income tax provision in the consolidated statements of income. Significant influence over an affiliate’s operations generally coincides with an ownership interest 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 18). Noncontrolling interests represent the minority shareholders’ share of the net income or loss and equity in consolidated subsidiaries. The Company’s noncontrolling interests presented in the consolidated statements of income include net income attributable to noncontrolling interests and redeemable noncontrolling interests. Noncontrolling interests are presented as a component of equity in the consolidated balance sheets. Noncontrolling interests that are redeemable upon the occurrence of an event that is not solely within the Company’s control are presented outside of equity and are carried at their estimated redemption value if it exceeds the initial carrying value of the redeemable interest (see Note 10).

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. The Company has determined that there have been no material changes to its estimates and assumptions within its consolidated financial statements to date as a result of the continuing impact of the COVID-19 pandemic. The Company will continue to monitor developments related to the COVID-19 pandemic; however, the extent to which the COVID-19 pandemic may impact the Company’s future operational and financial performance remains uncertain and difficult to predict.

Cash and Cash Equivalents

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

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



(In millions)	September 30, 2022		December 31, 2021		September 30, 2021
Cash and cash equivalents on the consolidated balance sheets	$	893	$	835	$	933
Cash and cash equivalents included in settlement assets	2,475		2,361		2,036
Other restricted cash	7		9		9
Total cash and cash equivalents on the consolidated statements of cash flows	$	3,375	$	3,205	$	2,978

The Company revised the consolidated statement of cash flows for the nine months ended September 30, 2021 to reflect settlement cash and cash equivalents within settlement assets as a component of total cash and cash equivalents on the consolidated statement of cash flows. The changes in settlement cash and cash equivalents for the nine months ended September 30, 2022 and 2021 of $114 million and $386 million, respectively, have been included in settlement activity, net within cash flows from financing activities.

Allowance for Doubtful Accounts

The Company analyzes the collectability of trade accounts receivable by considering historical bad debts, client creditworthiness, current economic trends, changes in client payment terms and collection trends when evaluating the adequacy of the allowance for doubtful accounts. Any change in the assumptions used in analyzing a specific account receivable may result in an additional allowance for doubtful accounts being recognized in the period in which the change occurs. The allowance for doubtful accounts was $47 million and $55 million at September 30, 2022 and December 31, 2021, respectively.

Settlement Assets and Obligations

Settlement assets and obligations result from timing differences between collection and fulfillment of payment transactions and collateral amounts held to manage merchant credit risk, primarily associated with the Company’s merchant acquiring services. Settlement assets represent cash received or amounts receivable from agents, payment networks, bank partners, merchants or directly from consumers. Settlement obligations represent amounts payable to merchants and payees. Certain merchant settlement asset receivables that relate to settlement obligations are held by partner banks to which the Company does not have legal ownership but has the right to use the assets to satisfy the related settlement obligations. The Company records settlement obligations for amounts payable to merchants and for outstanding payment instruments issued to payees that have not yet been presented for settlement.

Allowance for Merchant Credit Losses

With respect to the Company’s merchant acquiring business, the Company’s merchant customers have the legal obligation to refund any charges properly reversed by the cardholder. However, in the event the Company is not able to collect the refunded amounts from the merchants, the Company may be liable for the reversed charges. The Company’s risk in this area primarily relates to situations where the cardholder has purchased goods or services to be delivered in the future. The Company requires cash deposits, guarantees, letters of credit or other types of collateral from certain merchants to minimize this risk. Collateral held by the Company, or funds 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 some level of losses due to merchant defaults.

The aggregate merchant credit loss expense, recognized by the Company within cost of processing and services in the consolidated statements of income, was $18 million for the three months ended September 30, 2022. The aggregate merchant credit loss expense recognized by the Company was not significant for the three months ended September 30, 2021. The Company recognized aggregate merchant credit loss expense of $46 million and $31 million for the nine months ended September 30, 2022 and 2021, respectively. The amount of collateral available to the Company was $1.9 billion and $2.2 billion at September 30, 2022 and December 31, 2021, respectively. The Company maintains an allowance for merchant credit losses that are expected to exceed the amount of merchant collateral. The allowance includes estimated losses from anticipated chargebacks and fraud events that have been incurred on merchants’ payment transactions that have been processed but not yet reported to the Company, which is recorded within accounts payable and accrued expenses in the consolidated balance sheets, as well as estimated losses on refunded amounts to cardholders that have not yet been collected from the merchants, which is recorded within prepaid expenses and other current assets in the consolidated balance sheets. The allowance is based primarily

on the Company’s historical experience of credit losses and other relevant factors such as changes in economic conditions or increases in merchant fraud. The aggregate merchant credit loss allowance was $32 million and $42 million at September 30, 2022 and December 31, 2021, respectively.

Goodwill

Goodwill represents the excess of purchase price over the fair value of identifiable assets acquired and liabilities assumed in a business combination. The Company evaluates goodwill for impairment on an annual basis, or more frequently if circumstances indicate possible impairment. Goodwill is tested for impairment at a reporting unit level, which is one level below the Company’s reportable segments. The Company’s most recent annual impairment assessment of its reporting units in the fourth quarter of 2021 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 rate environment, the economic impact of the COVID-19 pandemic, or significant changes in the composition of, or assumptions used in, the quantitative test on 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. There is no accumulated goodwill impairment for the Company through September 30, 2022.

Other Investments

The Company maintains investments, of which it does not have significant influence, in various equity securities without a readily determinable fair value. Such investments totaled $141 million and $113 million at September 30, 2022 and December 31, 2021, 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) income in the consolidated statement of income for the period. During the nine months ended September 30, 2021, the Company remeasured its equity interest in Ondot Systems, Inc. (“Ondot”) to fair value upon acquiring a remaining ownership interest, resulting in the recognition of a pre-tax gain of $12 million (see Note 4). Other adjustments made to the values recorded for certain equity securities and gains and losses from sales of equity securities during the three and nine months ended September 30, 2022 and 2021, were not significant.

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 are recorded in the foreign currency translation component of other comprehensive loss until the net investment is sold, diluted, or liquidated. 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.

Interest Expense, Net

Interest expense, net consists of interest expense primarily associated with the Company’s outstanding borrowings and finance lease obligations, as well as interest income primarily associated with the Company’s investment securities. Interest expense, net consisted of the following:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021
Interest expense	$	(193)	$	(173)	$	(542)	$	(526)
Interest income	3		1		8		3
Interest expense, net	$	(190)	$	(172)	$	(534)	$	(523)

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent 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 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 is currently assessing the impact the adoption of ASU 2022-03 will have on its consolidated financial statements and disclosures. In 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which among other items, requires that entities disclose current period gross write-offs by year of origination for financing receivables and net investments in leases. For public entities, the provisions within ASU 2022-02 are to be applied prospectively and are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company will adopt the additional disclosures, as applicable, for any write-offs reflected in its consolidated financial statements effective for the year ending December 31, 2023. In 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832) (“ASU 2021-10”), which requires that an entity provide certain disclosures in its annual financial statements about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. ASU 2021-10 is effective for all business entities for annual periods beginning after December 15, 2021 and may be applied either prospectively or retrospectively to the transactions reflected in the financial statements at the date of initial application. The Company will adopt the additional disclosures prospectively, as applicable, to the transactions reflected in its consolidated financial statements for the year ending December 31, 2022. In 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Generally, this should result in recognition and measurement of contract assets and contract liabilities at carryover value consistent with how they were recognized and measured in the acquiree’s financial statements, providing consistent recognition and enhanced comparability with revenue contracts with customers not acquired in a business combination. Prior to adoption of ASU 2021-08, an acquirer generally recognized contract assets and contract liabilities acquired in a business combination at fair value on the acquisition date. For public entities, ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Entities are required to apply a prospective transition approach upon adoption, unless early adoption occurs in an interim period. The Company adopted ASU 2021-08 effective January 1, 2022, with prospective application to business combinations occurring after adoption. In 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments (“ASU 2021-05”), which amends the lease classification requirements for lessors with certain leases containing variable payments. A lessor is to classify and account for a lease with variable lease payments that do not depend on an index or a rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease and the lessor would have otherwise recognized a day-one loss. For public entities, ASU 2021-05 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted. Entities that have adopted ASC Topic 842 prior to the issuance of ASU 2021-05 may apply this update either retrospectively to leases that commenced or were modified on or after the adoption of ASC Topic 842 or prospectively to leases that commence or are modified on or after the date the entity first applies ASU 2021-05. The Company adopted ASU 2021-05 effective January 1, 2022, with prospective application to leases commencing or modified thereafter, and the adoption did not have a material impact on its consolidated financial statements.

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.

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Revenue from Contract with Customer [Abstract]

Revenue Recognition

9 Months Ended

Sep. 30, 2022

Revenue Recognition

Revenue RecognitionThe Company generates revenue from the delivery of processing, service and product solutions. Revenue is measured based on consideration specified in a contract with a customer, and excludes any amounts collected on behalf of third parties. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer which may be at a point in time or over time.

Disaggregation of Revenue

The Company’s operations are comprised of the Merchant Acceptance (“Acceptance”) segment, the Financial Technology (“Fintech”) segment and the Payments and Network (“Payments”) segment. Additional information regarding the Company’s business segments is included in Note 19. The tables below present the Company’s revenue disaggregated by type of revenue, including a reconciliation with its reportable segments. The majority of the Company’s revenue is earned domestically, with revenue generated outside the U.S. comprising approximately 14% of total revenue for each of the three months ended September 30, 2022 and 2021, and the nine months ended September 30, 2022 and 2021.


(In millions)	Reportable Segments
Three Months Ended September 30, 2022	Acceptance		Fintech		Payments		Corporate and Other		Total

Type of Revenue
Processing	$	1,586	$	407	$	1,218	$	6	$	3,217
Hardware, print and card production	254		9		271		—		534
Professional services	5		119		74		—		198
Software maintenance	—		138		7		—		145
License and termination fees	15		36		19		—		70
Output Solutions postage	—		—		—		251		251
Other	18		57		28		—		103
Total revenue	$	1,878	$	766	$	1,617	$	257	$	4,518


(In millions)	Reportable Segments
Three Months Ended September 30, 2021	Acceptance		Fintech		Payments		Corporate and Other		Total

Type of Revenue
Processing	$	1,446	$	389	$	1,132	$	4	$	2,971
Hardware, print and card production	232		10		236		—		478
Professional services	12		124		66		—		202
Software maintenance	—		139		2		—		141
License and termination fees	12		45		16		—		73
Output Solutions postage	—		—		—		209		209
Other	14		54		19		2		89
Total revenue	$	1,716	$	761	$	1,471	$	215	$	4,163


(In millions)	Reportable Segments
Nine Months Ended September 30, 2022	Acceptance		Fintech		Payments		Corporate and Other		Total

Type of Revenue
Processing	$	4,649	$	1,210	$	3,486	$	18	$	9,363
Hardware, print and card production	694		28		744		—		1,466
Professional services	15		366		203		—		584
Software maintenance	—		415		18		—		433
License and termination fees	43		152		79		—		274
Output Solutions postage	—		—		—		712		712
Other	31		176		67		—		274
Total Revenue	$	5,432	$	2,347	$	4,597	$	730	$	13,106


(In millions)	Reportable Segments
Nine Months Ended September 30, 2021	Acceptance		Fintech		Payments		Corporate and Other		Total

Type of Revenue
Processing	$	4,044	$	1,152	$	3,331	$	26	$	8,553
Hardware, print and card production	636		33		667		—		1,336
Professional services	30		350		195		—		575
Software maintenance	—		417		6		—		423
License and termination fees	33		133		43		—		209
Output Solutions postage	—		—		—		616		616
Other	36		166		55		—		257
Total Revenue	$	4,779	$	2,251	$	4,297	$	642	$	11,969

Contract Balances

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


(In millions)	September 30, 2022		December 31, 2021
Contract assets	$	546	$	541
Contract liabilities	761		810

Contract assets, reported within other long-term assets in the consolidated balance sheets, primarily result from revenue being recognized where payment is contingent upon the transfer of services to a customer over the contractual period. Contract liabilities primarily relate to advance consideration received from customers (deferred revenue) for which transfer of control occurs, and therefore revenue is recognized, as services are provided. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company recognized $499 million of revenue during the nine months ended September 30, 2022 that was included in the contract liability balance at the beginning of the period.

Transaction Price Allocated to Remaining Performance Obligations

The following table includes estimated processing, services and product revenue expected to be recognized in the future related to performance obligations that were unsatisfied (or partially unsatisfied) at September 30, 2022:



(In millions)
Year Ending December 31,
Remainder of 2022	$	649
2023	2,139
2024	1,694
2025	1,248
Thereafter	1,778

The Company applies the optional exemption under 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.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Business Combination and Asset Acquisition [Abstract]

Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2022

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 assets acquired and liabilities assumed based on the estimated fair values at the date of acquisitions.

Acquisition of Finxact

On April 1, 2022, the Company acquired a remaining ownership interest in Finxact, Inc. (“Finxact”), a developer of cloud-native banking solutions powering digital transformation throughout the financial services sector, for approximately $645 million, net of $27 million of acquired cash. The Company previously held a noncontrolling equity interest in Finxact, which was accounted for under the equity method. The remeasurement of the Company’s previously held equity interest to its acquisition-date fair value resulted in the recognition of a pre-tax gain of approximately $110 million, included within income (loss) from investments in unconsolidated affiliates during the nine months ended September 30, 2022. Finxact is included within the Fintech segment and advances the Company’s digital banking strategy, expanding its account processing, digital, and payments solutions.

During the three months ended September 30, 2022, the Company identified and recorded measurement period adjustments to the preliminary Finxact purchase price allocation, including refinements to valuations of acquired intangible assets, which were the result of additional analysis performed and information identified based on facts and circumstances that existed as of the acquisition date. These measurement period adjustments resulted in a decrease of goodwill of approximately $3 million, with offsetting amounts to the change in goodwill primarily attributable to an increase in identifiable intangible assets, including acquired software and technology. Such measurement period adjustments did not have a material impact on the Company’s consolidated statements of income.

The preliminary allocation of purchase price for Finxact is as follows:



(In millions)
Cash	$	27
Other net assets	3
Intangible assets	105
Goodwill	668
Total consideration	$	803
Less: fair value of previously held equity interest	(131)
Total purchase price	$	672

Identifiable intangible assets consist primarily of acquired software and technology, with a weighted average useful life of six years. The allocation of the purchase price is preliminary and is subject to further adjustment, pending additional refinement and final completion of valuations. Goodwill, not expected to be deductible for tax purposes, is primarily attributed to the anticipated value created by the combined scale, core platform modernization, and accelerated delivery of enhanced digital banking solutions offered to financial institutions of all sizes.

The results of operations for Finxact are included in the consolidated results of the Company from the date of acquisition. Pro forma information for this acquisition is not provided because it did not have a material effect on the Company’s consolidated results of operations.

Acquisition of BentoBox

On November 22, 2021, the Company acquired BentoBox CMS, Inc. (“BentoBox”), a digital marketing and commerce platform that helps restaurants connect with their guests, for $317 million, net of $24 million of acquired cash. BentoBox is included within the Acceptance segment, and further expands the Company’s Clover® dining solutions and commerce and business management capabilities.

During 2022, the Company identified and recorded measurement period adjustments to the preliminary BentoBox purchase price allocation, including refinements to valuations of acquired intangible assets, which were the result of additional analysis performed and information identified based on facts and circumstances that existed as of the acquisition date. These measurement period adjustments resulted in an increase to goodwill of $62 million, with offsetting amounts to the change in goodwill attributable to a decrease in identifiable intangible assets, including acquired software and technology, of $84 million and deferred tax adjustments of $22 million. Such measurement period adjustments did not have a material impact on the Company’s consolidated statements of income. The allocation of purchase price was finalized in the second quarter of 2022 and resulted in the recognition of identifiable intangible assets of $52 million, goodwill of $266 million and other net assets of $23 million. Goodwill, which is not deductible for tax purposes, is primarily attributed to the anticipated value created by the enhanced strength of the Company’s omnichannel platform to drive increased operational efficiencies for restaurants, enabling operators to deliver seamless and distinct hospitality experiences for their diners.

The amounts allocated to identifiable intangible assets were as follows:



(In millions)	Gross Carrying Amount		Weighted-Average Useful Life
Acquired software and technology	$	25	6 years
Customer relationships and other	27		4 years
Total	$	52	5 years

The results of operations for BentoBox are included in the consolidated results of the Company from the date of acquisition. Pro forma information for this acquisition is not provided because it did not have a material effect on the Company’s consolidated results of operations.

Acquisition of Pineapple Payments

On May 4, 2021, the Company acquired Pineapple Payments Holdings, LLC (“Pineapple Payments”), an independent sales organization that provides payment processing, proprietary technology, and payment acceptance solutions for merchants, for $207 million, net of $6 million of acquired cash, and including earn-out provisions estimated at a fair value of $30 million. Pineapple Payments is included within the Acceptance segment, and expands the reach of the Company’s payment solutions through its technology- and relationship-led distribution channels.

The allocation of purchase price was finalized in the fourth quarter of 2021 and resulted in the recognition of identifiable intangible assets of $127 million, goodwill of $79 million and other net assets of $7 million. Goodwill, of which $59 million is deductible for tax purposes, is primarily attributed to the anticipated value created by the accelerated delivery of new and innovative capabilities to merchant clients.

The amounts allocated to identifiable intangible assets were as follows:



(In millions)	Gross Carrying Amount		Weighted-Average Useful Life
Customer relationships	$	90	17 years
Residual buyouts	20		8 years
Acquired software and technology	6		7 years
Non-compete agreements and other	11		5 years

Total	$	127	14 years

The results of operations for Pineapple Payments are included in the consolidated results of the Company from the date of acquisition. Pro forma information for this acquisition is not provided because it did not have a material effect on the Company’s consolidated results of operations.

Acquisition of Ondot

On January 22, 2021, the Company acquired a remaining ownership interest in Ondot, a digital experience platform provider for financial institutions, for $271 million, net of $13 million of acquired cash and cash equivalents. The Company previously held a noncontrolling equity interest in Ondot, which was accounted for at cost. The remeasurement of the Company’s previously held equity interest to its acquisition-date fair value resulted in the recognition of a pre-tax gain of $12 million, included within other (expense) income in the consolidated statement of income during the nine months ended September 30,

2021. Ondot is included within the Payments segment and further expands the Company’s digital capabilities, enhancing its suite of integrated payments, banking and merchant solutions.

The allocation of purchase price recorded for Ondot was finalized in the third quarter of 2021 as follows:



(In millions)
Cash and cash equivalents	$	13
Receivables and other assets	9
Intangible assets	142
Goodwill	173
Payables and other liabilities	(31)
Total consideration	$	306
Less: fair value of previously held equity interest	(22)
Total purchase price	$	284

Goodwill, not deductible for tax purposes, is primarily attributed to the anticipated value created by the combined scale of integrated digital solutions to consumers, merchants, acquirers, networks and card issuers. The amounts allocated to identifiable intangible assets were as follows:



(In millions)	Gross Carrying Amount		Weighted-Average Useful Life
Acquired software and technology	$	90	6 years
Customer relationships	35		6 years
Non-compete agreements and other	17		4 years
Total	$	142	6 years

The results of operations for Ondot are included in the consolidated results of the Company from the date of acquisition. Pro forma information for this acquisition is not provided because it did not have a material effect on the Company’s consolidated results of operations.

Other Acquisitions

On September 1, 2022, the Company acquired NexTable, Inc. (“NexTable”), a provider of cloud-based reservation and table management solutions for restaurants. NexTable is included within the Acceptance segment and expands the Company’s end-to-end restaurant solutions. On June 1, 2022, the Company acquired The LR2 Group, LLC (“City POS”), an independent sales organization that promotes payment processing services and facilitates the sale of point-of-sale equipment for merchants. City POS is included within the Acceptance segment and expands the reach of the Company’s merchant services business. The Company acquired these businesses for an aggregate purchase price of approximately $41 million, including earn-out provisions estimated at a fair value of approximately $6 million (see Note 7). The allocation of purchase price for these acquisitions resulted in the recognition of identifiable intangible assets of approximately $20 million, goodwill of approximately $22 million and other net assumed liabilities of approximately $1 million. The allocation of purchase price for the CityPOS acquisition was finalized in the third quarter of 2022. Measurement period adjustments did not have a material impact on the consolidated statements of income. The allocation of purchase price for the NexTable acquisition is preliminary and subject to further adjustment, pending additional refinement and final completion of valuations. Goodwill, of which approximately $17 million is expected to be deductible for tax purposes, is primarily attributed to the value created by further expanding the reach of the Company’s payment solutions and through enhanced omnichannel capabilities.

The amounts allocated to identifiable intangible assets for other acquisitions acquired in 2022 were as follows:



(In millions)	Gross Carrying Amount		Weighted-Average Useful Life
Acquired software and technology	$	9	8 years
Customer relationships	11		10 years
Total	$	20	9 years

The results of operations for these acquired businesses are included in the consolidated results of the Company from the respective dates of acquisition. Pro forma information for these acquisitions is not provided because they did not have a material effect on the Company’s consolidated results of operations.

On November 15, 2021, the Company acquired a remaining ownership interest in NetPay Solutions Group (“NetPay”), a multi-channel payment service provider offering a range of capabilities around onboarding, customer lifecycle, risk management and settlement to businesses of all sizes. The Company previously held a noncontrolling interest in NetPay, which was accounted for under the equity method and approximated acquisition-date fair value. NetPay is included within the Acceptance segment and further expands the Company’s merchant services business. On October 1, 2021, the Company acquired Integrity Payments, LLC (“AIP”), an independent sales organization that promotes payment processing services for merchants, which is included within the Acceptance segment. On June 14, 2021, the Company acquired Spend Labs Inc. (“SpendLabs”), a mobile-native, cloud-based software provider of commercial card payment solutions. SpendLabs is included within the Payments segment and further expands the Company’s digital capabilities across mobile and desktop devices for small and mid-sized businesses. On March 1, 2021, the Company acquired Radius8, Inc. (“Radius8”), a provider of a platform that uses consumer location and other information to drive incremental merchant transactions. Radius8 is included within the Acceptance segment and enhances the Company’s ability to help merchants increase sales, expand mobile application registration and improve one-to-one target marketing. The Company acquired these businesses for an aggregate purchase price of $87 million, net of the fair value of the Company’s previously held noncontrolling interest in NetPay of $14 million and including earn-out provisions estimated at a fair value of $4 million (see Note 7). The allocation of purchase price for these acquisitions resulted in the recognition of identifiable intangible assets totaling $47 million, goodwill of $61 million and net assumed liabilities of $7 million. The purchase price allocation for the Radius8 acquisition was finalized in the third quarter of 2021 and for SpendLabs in the fourth quarter of 2021. The purchase price allocations for the NetPay and AIP acquisitions were finalized in the first quarter of 2022. Measurement period adjustments did not have a material impact on the consolidated statements of income. Goodwill, of which $14 million is deductible for tax purposes, is primarily attributed to synergies, the anticipated value created by advancing digital capabilities to the Company’s clients, and selling the Company’s products and services to the acquired businesses’ existing client base.

The amounts allocated to identifiable intangible assets for other acquisitions acquired in 2021 were as follows:



(In millions)	Gross Carrying Amount		Weighted-Average Useful Life
Acquired software and technology	$	31	6 years
Customer relationships	9		10 years
Residual buyouts	7		5 years
Total	$	47	7 years

The results of operations for these acquired businesses have been included in the consolidated results of the Company from the respective dates of acquisition. Pro forma information for these acquisitions is not provided because they did not have a material effect on the Company’s consolidated results of operations.

Dispositions

On September 30, 2022, the Company sold its Korea operations, which were reported within the Acceptance segment, for $50 million, consisting of $43 million in net cash and an equity interest in the buyer of $7 million. The Company recognized a pre-tax loss of $120 million on the sale, recorded within net (gain) loss on sale of business and other assets in the consolidated statements of income. The loss was comprised of the difference between the consideration received and the net carrying amount of the business, including $40 million of allocated goodwill, $48 million of customer relationship net intangible assets and $56 million of accumulated foreign currency translation losses, which were reclassified from accumulated other comprehensive loss.

On October 17, 2022, the Company sold Fiserv Costa Rica, S.A. and its Systems Integration Services operations, which provides information technology engineering services in the U.S. and India, to a single buyer. As part of the agreement, the buyer will provide ongoing services and support to the Company. The transaction is not expected to have a material impact on the Company’s consolidated results of operations.

Intangible Assets

9 Months Ended

Sep. 30, 2022

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
September 30, 2022
Customer relationships	$	14,435	$	5,971	$	8,464
Acquired software and technology	2,484		1,144		1,340
Trade names	628		277		351
Purchased software	1,111		534		577
Capitalized software and other intangibles	2,334		610		1,724
Total	$	20,992	$	8,536	$	12,456


(In millions)	Gross Carrying Amount		Accumulated Amortization		Net Book Value
December 31, 2021
Customer relationships	$	15,103	$	5,112	$	9,991
Acquired software and technology	2,522		901		1,621
Trade names	612		228		384
Purchased software	1,133		479		654
Capitalized software and other intangibles	1,879		520		1,359
Total	$	21,249	$	7,240	$	14,009

Amortization expense associated with the above identifiable intangible assets was as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021
Amortization expense	$	608	$	642	$	1,854	$	1,937

Investments in Unconsolidated Affiliates	9 Months Ended
Investments in Unconsolidated Affiliates	Sep. 30, 2022
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 income (loss) from investments in unconsolidated affiliates and the related tax expense or benefit is reported within the income tax provision in the consolidated statements of income. The Company maintains noncontrolling ownership interests in defi SOLUTIONS Group, LLC and Sagent M&C, LLC (collectively the “Lending Joint Ventures”), respectively, which are accounted for under the equity method. In March 2022, Sagent M&C, LLC (“Sagent”) completed a transaction with a third party for the contribution from and the sale by such third party to Sagent of certain intangible and tangible personal property rights, resulting in a dilution of the Company’s ownership interest in Sagent. As a result of the transaction, the Company recognized a pre-tax gain of $80 million within income (loss) from investments in unconsolidated affiliates, with related tax expense of $19 million recorded through the income tax provision, in the consolidated statement of income during the nine months ended September 30, 2022. The Company’s remaining noncontrolling ownership interest in Sagent continues to be accounted for as an equity method investment. The Lending Joint Ventures maintain, as amended in April 2022, variable-rate term loan facilities with aggregate outstanding borrowings of $437 million in senior unsecured debt at September 30, 2022 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 no outstanding borrowings on the revolving credit facilities at September 30, 2022. The Company has guaranteed this amended debt of the Lending Joint Ventures and does not anticipate that the Lending Joint Ventures will fail to fulfill their debt obligations. See Note 7 for additional information. The Company previously maintained a noncontrolling interest in Tegra118, LLC (“Tegra118”) which was accounted for under the equity method. In February 2021, Tegra118 completed a merger with a third party, resulting in a dilution of the Company’s ownership interest in the combined new entity, Wealthtech Holdings, LLC, which was subsequently renamed as InvestCloud Holdings, LLC (“InvestCloud”). In connection with the transaction, the Company made an additional capital contribution of $200 million into the combined entity and recognized a pre-tax gain of $28 million within income (loss) from investments in unconsolidated affiliates, with related tax expense of $6 million recorded through the income tax provision, in the consolidated statement of income during the nine months ended September 30, 2021. On June 30, 2021, the Company sold its remaining equity method ownership interest in InvestCloud for $466 million, resulting in a pre-tax gain of $33 million recorded within income (loss) from investments in unconsolidated affiliates in the consolidated statements of income, with related tax expense of $8 million recorded through the income tax provision, during the nine months ended September 30, 2021. The Company continues to provide various technical and data center related services under the terms of a pre-existing transition services agreement with InvestCloud.

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The fair values of cash equivalents, trade accounts receivable, settlement assets and obligations, accounts payable, and client deposits approximate their respective carrying values due to the short period of time to maturity. The Company maintains forward exchange contracts, designated as cash flow hedges, to hedge foreign currency exposure. The Company also maintains cross-currency rate swap contracts, designated as net investment hedges, to hedge a portion of its net investment in certain subsidiaries whose functional currencies are the Euro. These derivative instruments are measured on a recurring basis based on foreign currency spot rates and forwards quoted by banks and foreign currency dealers and are marked to market each period (see Note 12). Contingent consideration related to certain of the Company’s acquisitions (see Note 4) is estimated based on the present value of a probability-weighted assessment approach derived from the likelihood of achieving the earn-out criteria. The fair value of the Company’s contingent liability for current expected credit losses associated with its debt guarantees, as further described below, is estimated based on assumptions of future risk of default and the corresponding level of credit losses at the time of default.

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

Fair Value

(In millions)

Classification

Fair Value Hierarchy

September 30,
2022

December 31,
2021

Assets

Forward exchange contracts designated as cash flow hedges

Prepaid expenses and other current assets

Level 2

—

Cross-currency rate swap contracts designated as net investment hedges

Other long-term assets

Level 2

—

Liabilities

Forward exchange contracts designated as cash flow hedges

Accounts payable and accrued expenses

Level 2

—

Forward exchange contracts designated as cash flow hedges

Other long-term liabilities

Level 2

—

Contingent consideration

Accounts payable and accrued expenses

Level 3

Contingent consideration

Other long-term liabilities

Level 3

Contingent debt guarantee

Accounts payable and accrued expenses

Level 3

—

Contingent debt guarantee

Other long-term liabilities

Level 3

—

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, term loan credit agreement, 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 $18.8 billion and $21.8 billion at September 30, 2022 and December 31, 2021, respectively, and the carrying value was $20.5 billion and $20.4 billion at September 30, 2022 and December 31, 2021, respectively.

The Company maintains liabilities for its obligations to perform over the term of its debt guarantee arrangements with the Lending Joint Ventures (see Note 6), which are reported within accounts payable and accrued expenses, and other long-term liabilities in the consolidated balance sheets. In April 2022, the Lending Joint Ventures amended their respective term loans and revolving credit facilities, increasing aggregate borrowing capacity by $75 million and extending the maturity to April 2027. The Company elected to guarantee this incremental indebtedness, resulting in aggregate guarantees of $520 million and a pre-tax expense of $62 million, recorded within other (expense) income in the consolidated statement of income and within other operating activities in the consolidated statement of cash flows, during the nine months ended September 30, 2022 related to such debt guarantee obligations. The Company is entitled to receive a defined fee in exchange for its incremental 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 $43 million and $10 million approximates the fair value at September 30, 2022 and December 31, 2021, 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 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 $2 million and $3 million during the three months ended September 30, 2022 and 2021, respectively, and $8 million and $9 million during the nine months ended September 30, 2022 and 2021, respectively, within other (expense) income in its consolidated statements of income related to its release from risk under the non-contingent guarantees as well as a change in the provision of estimated credit losses associated with the indebtedness of the joint ventures.

Certain of the Company’s non-financial assets are measured at fair value on a non-recurring basis, including property and equipment, lease right-of-use (“ROU”) assets, equity securities without a readily determinable fair value, goodwill and other intangible assets, and are subject to fair value adjustment in certain circumstances.

Accounts Payable and Accrued Expenses

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


(In millions)	September 30, 2022		December 31, 2021
Trade accounts payable	$	469	$	593
Client deposits	839		783
Accrued compensation and benefits	313		392
Accrued taxes	194		154
Accrued interest	165		216
Other accrued expenses	1,476		1,412
Total	$	3,456	$	3,550

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

The Company’s debt consisted of the following:



(In millions)	September 30, 2022		December 31, 2021
Short-term and current maturities of long-term debt:
Foreign lines of credit	$	257	$	240
Finance lease and other financing obligations	271		268
Total short-term and current maturities of long-term debt	$	528	$	508

Long-term debt:

3.500% senior notes due October 2022	$	—	$	700
0.375% senior notes due July 2023 (Euro-denominated)	485		566
3.800% senior notes due October 2023	1,000		1,000
2.750% senior notes due July 2024	2,000		2,000
3.850% senior notes due June 2025	900		900
2.250% senior notes due July 2025 (British Pound-denominated)	569		705
3.200% senior notes due July 2026	2,000		2,000
2.250% senior notes due June 2027	1,000		1,000
1.125% senior notes due July 2027 (Euro-denominated)	485		566
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)	485		566
3.000% senior notes due July 2031 (British Pound-denominated)	569		705
4.400% senior notes due July 2049	2,000		2,000
U.S. dollar commercial paper notes	2,578		916
Euro commercial paper notes	1,082		905
Revolving credit facility	45		97
Receivable securitized loan	—		500
Term loan facility	200		200
Unamortized discount and deferred financing costs	(116)		(125)
Finance lease and other financing obligations	565		528
Total long-term debt	$	20,847	$	20,729

At September 30, 2022, the 0.375% Euro-denominated senior notes due in July 2023 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.

In July 2022, the Company redeemed $700 million in aggregate principal amount of its outstanding 3.50% senior notes due in October 2022 at a redemption price equal to 100% of the aggregate principal amount of the notes being redeemed, plus accrued and unpaid interest. The Company financed the redemption of these notes using proceeds from the issuance of U.S. dollar commercial paper. The Company also repaid $485 million, representing all amounts outstanding on its receivable securitized loan, in July 2022 using proceeds from the issuance of U.S. dollar commercial paper and terminated the underlying receivables financing agreement.

In June 2022, the Company entered into a new senior unsecured multicurrency revolving credit facility with substantially the same syndicate of banks that were lenders under its existing amended and restated revolving credit facility, which the Company voluntarily terminated and replaced. The new credit agreement matures in June 2027 and provides for a maximum aggregate principal amount of availability of $6.0 billion. Borrowings under the new credit facility bear interest at a variable rate based on a Secured Overnight Financing Rate (“SOFR”), or a base rate in the case of U.S. dollar borrowings, in each case, plus a specified margin based on the Company’s long-term debt rating in effect from time to time (4.23% at September 30, 2022). 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 new 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 (“EBITDA”) during the period of four fiscal quarters then ended, subject to certain exceptions. The Company was in compliance with all financial debt covenants during the first nine months of 2022.

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 $2.6 billion and $916 million at September 30, 2022 and December 31, 2021, respectively, with weighted average interest rates of 3.369% and 0.295%, respectively. Outstanding borrowings under the Euro program were $1.1 billion and $905 million at September 30, 2022 and December 31, 2021, respectively, with weighted average interest rates of 0.804% and (0.420)%, respectively. The Company intends to maintain available capacity under its revolving credit facility 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.

Redeemable Noncontrolling Interests

9 Months Ended

Sep. 30, 2022

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interests

The minority partner in one of the Company’s existing merchant alliance joint ventures maintains a redeemable noncontrolling interest which is presented outside of equity and carried at its estimated redemption value. The minority partner owns 1% of the equity in the joint venture; in addition, the minority partner is entitled to a contractually determined share of the entity’s income. The 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 in the form of cash, certain merchant contracts of the joint venture, or a combination thereof to the minority partner. 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.

Effective March 2, 2022, the Company and a joint venture minority partner mutually terminated one of the Company’s merchant alliance joint ventures in which the minority partner held a redeemable noncontrolling interest. In conjunction with this termination, the joint venture minority partner elected to exercise its option to purchase certain additional merchant contracts of the joint venture. The Company received proceeds of $175 million from the sale of such merchant contracts of the joint venture, resulting in the recognition of a pre-tax gain of $147 million within net (gain) loss on sale of business and other assets, with related tax expense of $9 million recorded through the income tax provision, in the consolidated statement of income during the nine months ended September 30, 2022.

The following table presents a summary of the redeemable noncontrolling interests activity during the nine months ended September 30:



(In millions)	2022		2021
Balance at beginning of period	$	278	$	259
Distributions paid to redeemable noncontrolling interests	(28)		(32)
Share of income	22		33


Derecognition of redeemable noncontrolling interest	(111)		—
Balance at end of period	$	161	$	260

Equity

9 Months Ended

Sep. 30, 2022

Equity

The following tables provide changes in equity during the three and nine months ended September 30, 2022 and 2021:



	Fiserv, Inc. Shareholders’ Equity

Three Months Ended September 30, 2022	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 June 30, 2022	784	141	$	8	$	23,010	$	(1,005)	$	16,113	$	(7,017)	$	700	$	31,809
Net income (1)									481				5		486



Distributions paid to noncontrolling interests (2)													(1)		(1)


Other comprehensive loss							(534)						(48)		(582)


Share-based compensation					89										89
Shares issued under stock plans		(1)			(140)						71				(69)
Purchases of treasury stock		8									(750)				(750)



Balance at September 30, 2022	784	148	$	8	$	22,959	$	(1,539)	$	16,594	$	(7,696)	$	656	$	30,982

(1)The total net income presented in equity for the three months ended September 30, 2022 is different than the amount presented in the consolidated statement of income due to the net income attributable to redeemable noncontrolling interests of $7 million not included in equity.

(2)The total distributions presented in equity for the three months ended September 30, 2022 excludes $7 million in distributions paid to redeemable noncontrolling interests not included in equity.



	Fiserv, Inc. Shareholders’ Equity

Three Months Ended September 30, 2021	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 June 30, 2021	784	123	$	8	$	22,960	$	(323)	$	14,014	$	(4,866)	$	739	$	32,532

Net income (1)									428				7		435


Distributions paid to noncontrolling interests (2)													—		—
Other comprehensive loss							(326)						(18)		(344)

Share-based compensation					63										63
Shares issued under stock plans		(2)			(49)						52				3
Purchases of treasury stock		3									(365)				(365)


Balance at September 30, 2021	784	124	$	8	$	22,974	$	(649)	$	14,442	$	(5,179)	$	728	$	32,324

(1)The total net income presented in equity for the three months ended September 30, 2021 is different than the amount presented in the consolidated statement of income due to the net income attributable to redeemable noncontrolling interests of $11 million not included in equity.

(2)The total distributions presented in equity for the three months ended September 30, 2021 excludes $12 million in distributions paid to redeemable noncontrolling interests and $8 million in distributions to Bank of America (“BANA”) related to the dissolution of the Company’s Banc of America Merchant Services joint venture (“BAMS”) not included in equity.



	Fiserv, Inc. Shareholders’ Equity

Nine Months Ended September 30, 2022	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, 2021	784	134	$	8	$	22,983	$	(745)	$	14,846	$	(6,140)	$	720	$	31,672
Net income (1)									1,748				14		1,762

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

Other comprehensive loss							(794)						(89)		(883)

Share-based compensation					244										244
Shares issued under stock plans		(4)			(268)						194				(74)
Purchases of treasury stock		18									(1,750)				(1,750)

Capital contribution from noncontrolling interest													13		13
Balance at September 30, 2022	784	148	$	8	$	22,959	$	(1,539)	$	16,594	$	(7,696)	$	656	$	30,982

(1)The total net income presented in equity for the nine months ended September 30, 2022 is different than the amount presented in the consolidated statement of income due to the net income attributable to redeemable noncontrolling interests of $22 million not included in equity.

(2)The total distributions presented in equity for the nine months ended September 30, 2022 excludes $28 million in distributions paid to redeemable noncontrolling interests not included in equity.



	Fiserv, Inc. Shareholders’ Equity

Nine Months Ended September 30, 2021	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, 2020	789	121	$	8	$	23,643	$	(387)	$	13,441	$	(4,375)	$	740	$	33,070


Net Income (1)									1,001				14		1,015


Distributions paid to noncontrolling interests (2)													(1)		(1)
Other comprehensive loss							(262)						(25)		(287)

Share-based compensation					190										190
Shares issued under stock plans		(5)			(271)						173				(98)
Purchases of treasury stock		13									(1,565)				(1,565)
Retirement of treasury stock (see Note 18)	(5)	(5)			(588)						588				—




Balance at September 30, 2021	784	124	$	8	$	22,974	$	(649)	$	14,442	$	(5,179)	$	728	$	32,324

(1)The total net income presented in equity for the nine months ended September 30, 2021 is different than the amount presented in the consolidated statement of income due to the net income attributable to redeemable noncontrolling interests of $33 million not included in equity.

(2)The total distributions presented in equity for the nine months ended September 30, 2021 excludes $32 million in distributions paid to redeemable noncontrolling interests and $8 million in distributions to BANA related to the BAMS dissolution not included in equity.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2022

Accumulated Other Comprehensive Loss

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



	Three Months Ended September 30, 2022
(In millions)	Cash Flow Hedges		Foreign Currency Translation		Pension Plans		Total
Balance at June 30, 2022	$	(107)	$	(933)	$	35	$	(1,005)
Other comprehensive income (loss) before reclassifications	(4)		(591)		1		(594)
Amounts reclassified from accumulated other comprehensive loss	4		56		—		60
Net current-period other comprehensive loss	—		(535)		1		(534)
Balance at September 30, 2022	$	(107)	$	(1,468)	$	36	$	(1,539)



	Three Months Ended September 30, 2021
(In millions)	Cash Flow Hedges		Foreign Currency Translation		Pension Plans		Total
Balance at June 30, 2021	$	(116)	$	(196)	$	(11)	$	(323)
Other comprehensive income (loss) before reclassifications	3		(331)		—		(328)
Amounts reclassified from accumulated other comprehensive loss	2		—		—		2
Net current-period other comprehensive income (loss)	5		(331)		—		(326)



Balance at September 30, 2021	$	(111)	$	(527)	$	(11)	$	(649)



	Nine Months Ended September 30, 2022
(In millions)	Cash Flow Hedges		Foreign Currency Translation		Pension Plans		Total
Balance at December 31, 2021	$	(107)	$	(676)	$	38	$	(745)
Other comprehensive loss before reclassifications	(11)		(848)		(2)		(861)
Amounts reclassified from accumulated other comprehensive loss	11		56		—		67
Net current-period other comprehensive loss	—		(792)		(2)		(794)
Balance at September 30, 2022	$	(107)	$	(1,468)	$	36	$	(1,539)



	Nine Months Ended September 30, 2021
(In millions)	Cash Flow Hedges		Foreign Currency Translation		Pension Plans		Total
Balance at December 31, 2020	$	(121)	$	(254)	$	(12)	$	(387)


Other comprehensive income (loss) before reclassifications	4		(273)		1		(268)
Amounts reclassified from accumulated other comprehensive loss	6		—		—		6
Net current-period other comprehensive income (loss)	10		(273)		1		(262)

Balance at September 30, 2021	$	(111)	$	(527)	$	(11)	$	(649)

Cash Flow Hedges

The Company maintains forward exchange contracts, designated as cash flow hedges, to hedge foreign currency exposure to the Indian Rupee (see Note 7). The notional amount of these derivatives was $353 million and $341 million at September 30, 2022 and December 31, 2021, respectively. Based on the amounts recorded in accumulated other comprehensive loss at September 30, 2022, the Company estimates that it will recognize losses of approximately $9 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 (“First Data”) and its subsidiaries. In June 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 forecasted interest payments. The unamortized balance recorded in accumulated other comprehensive loss related to the Treasury Locks was $134 million and $145 million at September 30, 2022 and December 31, 2021, respectively. Based on the amounts recorded in accumulated other comprehensive loss at September 30, 2022, the Company estimates that it will recognize approximately $15 million in net interest expense during the next twelve months related to settled interest rate hedge contracts.

Net Investment Hedges

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 has entered into fixed-to-fixed cross-currency rate swap contracts and also uses its foreign currency-denominated debt as economic hedges of its net investments in such foreign currency-denominated subsidiaries. At September 30, 2022, aggregate notional cross-currency rate swaps of €160 million were designated as net investment hedges to hedge a portion of the Company’s net investment in certain subsidiaries whose functional currency is the Euro. The Company has designated 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.

The following table outlines the terms of the Company’s cross-currency rate swap contracts at September 30, 2022:


Effective Date of Contract	Maturity Date of Contract	Notional Amount (EUR)		Fixed Rate Paid (EUR)		Fixed Rate Received (USD)
September 1, 2022	June 1, 2025	80	million	2.096	%	3.85	%
September 15, 2022	July 1, 2026	80	million	1.635	%	3.20	%

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

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



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021
Cross-currency rate swap contracts	$	2	$	—	$	2	$	—
Foreign currency-denominated debt	265		71		513		77

The Company recorded income tax impacts of $89 million and $172 million, during the three and nine months ended September 30, 2022, respectively, in other comprehensive loss from the translation of foreign currency-denominated senior notes, commercial paper notes and cross-currency rate swap contracts.

Share-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

The Company recognized $89 million and $63 million of share-based compensation expense during the three months ended September 30, 2022 and 2021, respectively, and $244 million and $190 million of share-based compensation expense during the nine months ended September 30, 2022 and 2021, 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 September 30, 2022, the total remaining unrecognized compensation cost for unvested stock options, restricted stock units and awards and performance share units, net of estimated forfeitures, of $563 million is expected to be recognized over a weighted-average period of 2.2 years.

A summary of stock option activity during the nine months ended September 30, 2022 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, 2021	10,229	$	56.36

Granted	—	—
Forfeited	(156)	110.94
Exercised	(2,663)	40.04
Stock options outstanding - September 30, 2022	7,410	$	61.07	4.05	$	265
Stock options exercisable - September 30, 2022	6,751	$	56.07	3.70	$	265

A summary of restricted stock unit, restricted stock award and performance share unit activity during the nine months ended September 30, 2022 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, 2021	5,074	$	101.09	1,392	$	96.32

Granted	3,407	93.41		2,850	100.86
Forfeited	(568)	100.77		(107)	96.33
Vested	(1,929)	99.57		(1,077)	103.13
Units and awards - September 30, 2022	5,984	$	97.18	3,058	$	101.02

On April 1, 2022, in conjunction with the acquisition of Finxact (see Note 4), the Company granted 2.4 million restricted stock units with performance vesting provisions to be measured over two and five years, which are presented as performance share units within the table above.

Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

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


	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2022			2021			2022			2021
Income tax provision	$	147		$	54		$	382		$	300
Effective income tax rate	22.5		%	11.3		%	19.7		%	23.7		%

The income tax provision as a percentage of income before income taxes and income (loss) from investments in unconsolidated affiliates was 22.5% and 11.3% for the three months ended September 30, 2022 and 2021, respectively, and was 19.7% and 23.7% for the nine months ended September 30, 2022 and 2021, respectively.

The effective income tax rate for the three months ended September 30, 2021 included discrete tax benefits from subsidiary restructurings and changes in uncertain tax positions.

The effective income tax rate for each of the nine months ended September 30, 2022 and 2021 includes discrete tax benefits from subsidiary restructurings and equity compensation related tax benefits. The effective income tax rate for the nine months ended September 30, 2021 also included $134 million of income tax expense attributed to the revaluation of certain net deferred tax liabilities, primarily related to intangible assets and investments in joint ventures recognized at fair value in connection with the acquisition of First Data, reflecting the effect of enacted corporate income tax rate changes in the United Kingdom (tax rate increase from 19% to 25% starting in 2023) and Argentina (tax rate increase from 25% to 35%).

The Company’s potential liability for unrecognized tax benefits before interest and penalties was approximately $108 million at September 30, 2022. 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, potential audit settlements, and the lapse of the statutes of limitation in various jurisdictions.

As of September 30, 2022, the Company’s U.S. federal income tax return for 2021, and tax returns in certain states and foreign jurisdictions for 2015 through 2021, remain subject to examination by taxing authorities.

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.

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

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

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

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



	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2022	2021	2022	2021
Weighted-average common shares outstanding used for the calculation of net income attributable to Fiserv, Inc. per share - basic	639.6	661.4	645.2	664.6
Common stock equivalents	5.4	8.3	5.8	9.5
Weighted-average common shares outstanding used for the calculation of net income attributable to Fiserv, Inc. per share - diluted	645.0	669.7	651.0	674.1

For each of the three months ended September 30, 2022 and 2021, stock options for 1.6 million shares were excluded from the calculation of weighted-average outstanding shares - diluted because their impact was anti-dilutive. For the nine months ended September 30, 2022 and 2021, stock options for 1.8 million and 1.5 million shares, respectively, were excluded from the calculation of weighted-average outstanding shares - diluted because their impact was anti-dilutive.

Cash Flow Information

9 Months Ended

Sep. 30, 2022

Supplemental Cash Flow Elements [Abstract]

Cash Flow Information

Supplemental cash flow information consisted of the following:



	Nine Months Ended September 30,
(In millions)	2022		2021
Interest paid	$	563	$	533
Income taxes paid	596		555
Treasury stock purchases settled after the balance sheet date	11		—
Distribution of nonmonetary assets (see Note 10)	111		—
Software obtained under financing arrangements	59		143
Right-of-use assets obtained in exchange for lease liabilities - operating leases	109		75
Right-of-use assets obtained in exchange for lease liabilities - finance leases	221		183

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation 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 accruals of $24 million and $32 million at September 30, 2022 and December 31, 2021, 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 litigation matters in excess of amounts accrued is $0 million to approximately $60 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 $1.6 billion at both September 30, 2022 and December 31, 2021. 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 substantially 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.

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions 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 primarily based on contractual pricing. To the extent the Company maintains a majority 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 but not control in 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 $47 million and $42 million for the three months ended September 30, 2022 and 2021, respectively and $140 million and $132 million for the nine months ended September 30, 2022 and 2021, 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 contractual merchant relationships 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 as part of the negotiation process. This agreement governs the Company’s provision of transaction processing services to the alliance. The Company had $55 million and $36 million of amounts due from unconsolidated merchant alliances included within trade accounts receivable, net in the consolidated balance sheets at September 30, 2022 and December 31, 2021, respectively. Joint Venture Transition Services Agreements Pursuant to certain transition services agreements, the Company provides, at fair value, various administration, business process outsourcing, and technical and data center related services for defined periods to certain joint ventures accounted for under the equity method. Amounts transacted through these agreements, including with InvestCloud through June 2021, totaled $5 million and $6 million during the three months ended September 30, 2022 and 2021, respectively, and $14 million and $32 million during the nine months ended September 30, 2022 and 2021, respectively, and were primarily recognized as processing and services revenue in the consolidated statements of income. Share Repurchase On May 3, 2021, New Omaha Holdings L.P. (“New Omaha”), a shareholder of the Company, completed an underwritten secondary public offering of 23.0 million shares of Fiserv, Inc. common stock (the “offering”). The Company did not sell any shares in, nor did it receive any proceeds from, the offering. New Omaha received all of the net proceeds from the offering. In connection with the offering, the Company repurchased from the underwriters 5.0 million shares of its common stock that were subject to the offering, at a price equal to the price per share paid by the underwriters to New Omaha in the offering (the “share repurchase”). The share repurchase totaled $588 million and was funded with cash on hand. The repurchased shares were cancelled and no longer outstanding following the completion of the share repurchase. Prior to the offering, New Omaha owned approximately 13% of the Company’s outstanding shares of common stock. New Omaha owned less than 5% of the Company’s outstanding shares of common stock as of September 30, 2022.

Business Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Business Segment Information

The Company’s operations are comprised of the Acceptance segment, the Fintech segment and the Payments segment. The businesses in the Acceptance segment provide a wide range of commerce-enabling solutions and serve merchants of all sizes around the world. These solutions include point-of-sale merchant acquiring and digital commerce services; mobile payment services; security and fraud protection products; CaratSM, the Company’s omnichannel commerce ecosystem; Clover®, the Company’s cloud-based point-of-sale and business management platform; and Clover Connect, the Company’s independent software vendor platform. The Company distributes the products and services in the global Acceptance 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. Merchants, financial institutions and distribution partners in the Acceptance segment are frequently clients of the Company’s other segments.

The businesses in the Fintech segment provide financial institutions around the world with the technology solutions they need to run their operations, including products and services that enable financial institutions to process customer deposit and loan accounts and manage an institution’s general ledger and central information files. As a complement to the core account processing functionality, the global Fintech segment businesses also provide digital banking, financial and risk management, professional services and consulting, item processing and source capture, and other products and services that support numerous types of financial transactions. Certain of the businesses in the Fintech segment provide products or services to corporate clients to facilitate the management of financial processes and transactions. Many of the products and services offered in the Fintech segment are integrated with products and services provided by the Company’s other segments.

The businesses in the Payments segment provide financial institutions and corporate clients around the world with the products and services required to process digital payment transactions. This includes card transactions such as debit, credit and prepaid card processing and services; a range of network services, security and fraud protection products; card production and print services. In addition, the Payments segment businesses offer non-card digital payment software and services, including bill payment, account-to-account transfers, person-to-person payments, electronic billing, and security and fraud protection products. Clients of the global Payments segment businesses reflect a wide range of industries, including merchants, distribution partners and financial institution customers in the Company’s other segments.

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 transition services revenue associated with various dispositions, and the Company’s Output Solutions postage reimbursements.

Revenue and operating income (loss) for each reportable segment were as follows:


	Reportable Segments
(In millions)	Acceptance		Fintech		Payments		Corporate and Other		Total
Three Months Ended September 30, 2022
Processing and services revenue	$	1,603	$	737	$	1,333	$	5	$	3,678
Product revenue	275		29		284		252		840
Total revenue	$	1,878	$	766	$	1,617	$	257	$	4,518
Operating income (loss)	$	610	$	261	$	738	$	(754)	$	855
Three Months Ended September 30, 2021
Processing and services revenue	$	1,458	$	718	$	1,227	$	4	$	3,407
Product revenue	258		43		244		211		756
Total revenue	$	1,716	$	761	$	1,471	$	215	$	4,163
Operating income (loss)	$	552	$	275	$	643	$	(834)	$	636
Nine Months Ended September 30, 2022
Processing and services revenue	$	4,681	$	2,232	$	3,810	$	15	$	10,738
Product revenue	751		115		787		715		2,368
Total revenue	$	5,432	$	2,347	$	4,597	$	730	$	13,106
Operating income (loss)	$	1,673	$	817	$	2,018	$	(1,947)	$	2,561
Nine Months Ended September 30, 2021
Processing and services revenue	$	4,079	$	2,115	$	3,602	$	26	$	9,822
Product revenue	700		136		695		616		2,147
Total revenue	$	4,779	$	2,251	$	4,297	$	642	$	11,969
Operating income (loss)	$	1,463	$	794	$	1,850	$	(2,352)	$	1,755

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.

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Restrictions on cash and cash equivalents

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements for the three and nine months ended September 30, 2022 and 2021 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, 2021.
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 income (loss) from investments in unconsolidated affiliates and the related tax expense or benefit is reported within the income tax provision in the consolidated statements of income. Significant influence over an affiliate’s operations generally coincides with an ownership interest 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 18). Noncontrolling interests represent the minority shareholders’ share of the net income or loss and equity in consolidated subsidiaries. The Company’s noncontrolling interests presented in the consolidated statements of income include net income attributable to noncontrolling interests and redeemable noncontrolling interests. Noncontrolling interests are presented as a component of equity in the consolidated balance sheets. Noncontrolling interests that are redeemable upon the occurrence of an event that is not solely within the Company’s control are presented outside of equity and are carried at their estimated redemption value if it exceeds the initial carrying value of the redeemable interest
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. The Company has determined that there have been no material changes to its estimates and assumptions within its consolidated financial statements to date as a result of the continuing impact of the COVID-19 pandemic. The Company will continue to monitor developments related to the COVID-19 pandemic; however, the extent to which the COVID-19 pandemic may impact the Company’s future operational and financial performance remains uncertain and difficult to predict.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash and cash equivalents consist of cash and investments with original maturities of 90 days or less. Cash and cash equivalents are stated at cost in the consolidated balance sheets, which approximates market value. Cash and cash equivalents that were restricted from use due to regulatory or other requirements are included in other long-term assets in the consolidated balance sheets. Cash and cash equivalents held on behalf of merchants and other payees are included in settlement assets in the consolidated balance sheets.
Allowance for Doubtful Accounts	Allowance for Doubtful AccountsThe Company analyzes the collectability of trade accounts receivable by considering historical bad debts, client creditworthiness, current economic trends, changes in client payment terms and collection trends when evaluating the adequacy of the allowance for doubtful accounts. Any change in the assumptions used in analyzing a specific account receivable may result in an additional allowance for doubtful accounts being recognized in the period in which the change occurs.
Settlement Assets and Obligations	Settlement Assets and Obligations Settlement assets and obligations result from timing differences between collection and fulfillment of payment transactions and collateral amounts held to manage merchant credit risk, primarily associated with the Company’s merchant acquiring services. Settlement assets represent cash received or amounts receivable from agents, payment networks, bank partners, merchants or directly from consumers. Settlement obligations represent amounts payable to merchants and payees. Certain merchant settlement asset receivables that relate to settlement obligations are held by partner banks to which the Company does not have legal ownership but has the right to use the assets to satisfy the related settlement obligations. The Company records settlement obligations for amounts payable to merchants and for outstanding payment instruments issued to payees that have not yet been presented for settlement.
Allowance for Merchant Credit Losses	Allowance for Merchant Credit Losses With respect to the Company’s merchant acquiring business, the Company’s merchant customers have the legal obligation to refund any charges properly reversed by the cardholder. However, in the event the Company is not able to collect the refunded amounts from the merchants, the Company may be liable for the reversed charges. The Company’s risk in this area primarily relates to situations where the cardholder has purchased goods or services to be delivered in the future. The Company requires cash deposits, guarantees, letters of credit or other types of collateral from certain merchants to minimize this risk. Collateral held by the Company, or funds 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 some level of losses due to merchant defaults. The aggregate merchant credit loss expense, recognized by the Company within cost of processing and services in the consolidated statements of income, was $18 million for the three months ended September 30, 2022. The aggregate merchant credit loss expense recognized by the Company was not significant for the three months ended September 30, 2021. The Company recognized aggregate merchant credit loss expense of $46 million and $31 million for the nine months ended September 30, 2022 and 2021, respectively. The amount of collateral available to the Company was $1.9 billion and $2.2 billion at September 30, 2022 and December 31, 2021, respectively. The Company maintains an allowance for merchant credit losses that are expected to exceed the amount of merchant collateral. The allowance includes estimated losses from anticipated chargebacks and fraud events that have been incurred on merchants’ payment transactions that have been processed but not yet reported to the Company, which is recorded within accounts payable and accrued expenses in the consolidated balance sheets, as well as estimated losses on refunded amounts to cardholders that have not yet been collected from the merchants, which is recorded within prepaid expenses and other current assets in the consolidated balance sheets. The allowance is based primarily on the Company’s historical experience of credit losses and other relevant factors such as changes in economic conditions or increases in merchant fraud.
Goodwill	GoodwillGoodwill represents the excess of purchase price over the fair value of identifiable assets acquired and liabilities assumed in a business combination. The Company evaluates goodwill for impairment on an annual basis, or more frequently if circumstances indicate possible impairment. Goodwill is tested for impairment at a reporting unit level, which is one level below the Company’s reportable segments. The Company’s most recent annual impairment assessment of its reporting units in the fourth quarter of 2021 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 rate environment, the economic impact of the COVID-19 pandemic, or significant changes in the composition of, or assumptions used in, the quantitative test on 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.
Other Investments	Other Investments The Company maintains investments, of which it does not have significant influence, in various equity securities without a readily determinable fair value. Such investments totaled $141 million and $113 million at September 30, 2022 and December 31, 2021, 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) income in the consolidated statement of income for the period. During the nine months ended September 30, 2021, the Company remeasured its equity interest in Ondot Systems, Inc. (“Ondot”) to fair value upon acquiring a remaining ownership interest, resulting in the recognition of a pre-tax gain of $12 million (see Note 4). Other adjustments made to the values recorded for certain equity securities and gains and losses from sales of equity securities during the three and nine months ended September 30, 2022 and 2021, were not significant.
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 are recorded in the foreign currency translation component of other comprehensive loss until the net investment is sold, diluted, or liquidated. 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.
Interest Expense, Net	Interest Expense, NetInterest 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	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 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 is currently assessing the impact the adoption of ASU 2022-03 will have on its consolidated financial statements and disclosures. In 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which among other items, requires that entities disclose current period gross write-offs by year of origination for financing receivables and net investments in leases. For public entities, the provisions within ASU 2022-02 are to be applied prospectively and are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company will adopt the additional disclosures, as applicable, for any write-offs reflected in its consolidated financial statements effective for the year ending December 31, 2023. In 2021, the FASB issued ASU No. 2021-10, Government Assistance (Topic 832) (“ASU 2021-10”), which requires that an entity provide certain disclosures in its annual financial statements about transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. ASU 2021-10 is effective for all business entities for annual periods beginning after December 15, 2021 and may be applied either prospectively or retrospectively to the transactions reflected in the financial statements at the date of initial application. The Company will adopt the additional disclosures prospectively, as applicable, to the transactions reflected in its consolidated financial statements for the year ending December 31, 2022. In 2021, the FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”), which requires that an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Generally, this should result in recognition and measurement of contract assets and contract liabilities at carryover value consistent with how they were recognized and measured in the acquiree’s financial statements, providing consistent recognition and enhanced comparability with revenue contracts with customers not acquired in a business combination. Prior to adoption of ASU 2021-08, an acquirer generally recognized contract assets and contract liabilities acquired in a business combination at fair value on the acquisition date. For public entities, ASU 2021-08 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Entities are required to apply a prospective transition approach upon adoption, unless early adoption occurs in an interim period. The Company adopted ASU 2021-08 effective January 1, 2022, with prospective application to business combinations occurring after adoption. In 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments (“ASU 2021-05”), which amends the lease classification requirements for lessors with certain leases containing variable payments. A lessor is to classify and account for a lease with variable lease payments that do not depend on an index or a rate as an operating lease if the lease would have been classified as a sales-type lease or a direct financing lease and the lessor would have otherwise recognized a day-one loss. For public entities, ASU 2021-05 is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, with early adoption permitted. Entities that have adopted ASC Topic 842 prior to the issuance of ASU 2021-05 may apply this update either retrospectively to leases that commenced or were modified on or after the adoption of ASC Topic 842 or prospectively to leases that commence or are modified on or after the date the entity first applies ASU 2021-05. The Company adopted ASU 2021-05 effective January 1, 2022, with prospective application to leases commencing or modified thereafter, and the adoption did not have a material impact on its consolidated financial statements.
Revenue from Contract with Customer	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 result from revenue being recognized where payment is contingent upon the transfer of services to a customer over the contractual period. Contract liabilities primarily relate to advance consideration received from customers (deferred revenue) for which transfer of control occurs, and therefore revenue is recognized, as services are provided. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period.The Company applies the optional exemption under 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	The fair values of cash equivalents, trade accounts receivable, settlement assets and obligations, accounts payable, and client deposits approximate their respective carrying values due to the short period of time to maturity. The Company maintains forward exchange contracts, designated as cash flow hedges, to hedge foreign currency exposure. The Company also maintains cross-currency rate swap contracts, designated as net investment hedges, to hedge a portion of its net investment in certain subsidiaries whose functional currencies are the Euro. These derivative instruments are measured on a recurring basis based on foreign currency spot rates and forwards quoted by banks and foreign currency dealers and are marked to market each period (see Note 12). Contingent consideration related to certain of the Company’s acquisitions (see Note 4) is estimated based on the present value of a probability-weighted assessment approach derived from the likelihood of achieving the earn-out criteria. The fair value of the Company’s contingent liability for current expected credit losses associated with its debt guarantees, as further described below, is estimated based on assumptions of future risk of default and the corresponding level of credit losses at the time of default.

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

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

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



(In millions)	September 30, 2022		December 31, 2021		September 30, 2021
Cash and cash equivalents on the consolidated balance sheets	$	893	$	835	$	933
Cash and cash equivalents included in settlement assets	2,475		2,361		2,036
Other restricted cash	7		9		9
Total cash and cash equivalents on the consolidated statements of cash flows	$	3,375	$	3,205	$	2,978

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 at:



(In millions)	September 30, 2022		December 31, 2021		September 30, 2021
Cash and cash equivalents on the consolidated balance sheets	$	893	$	835	$	933
Cash and cash equivalents included in settlement assets	2,475		2,361		2,036
Other restricted cash	7		9		9
Total cash and cash equivalents on the consolidated statements of cash flows	$	3,375	$	3,205	$	2,978

Schedule of interest expense, net

Interest expense, net consisted of the following:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021
Interest expense	$	(193)	$	(173)	$	(542)	$	(526)
Interest income	3		1		8		3
Interest expense, net	$	(190)	$	(172)	$	(534)	$	(523)

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of revenue

The tables below present the Company’s revenue disaggregated by type of revenue, including a reconciliation with its reportable segments. The majority of the Company’s revenue is earned domestically, with revenue generated outside the U.S. comprising approximately 14% of total revenue for each of the three months ended September 30, 2022 and 2021, and the nine months ended September 30, 2022 and 2021.


(In millions)	Reportable Segments
Three Months Ended September 30, 2022	Acceptance		Fintech		Payments		Corporate and Other		Total

Type of Revenue
Processing	$	1,586	$	407	$	1,218	$	6	$	3,217
Hardware, print and card production	254		9		271		—		534
Professional services	5		119		74		—		198
Software maintenance	—		138		7		—		145
License and termination fees	15		36		19		—		70
Output Solutions postage	—		—		—		251		251
Other	18		57		28		—		103
Total revenue	$	1,878	$	766	$	1,617	$	257	$	4,518


(In millions)	Reportable Segments
Three Months Ended September 30, 2021	Acceptance		Fintech		Payments		Corporate and Other		Total

Type of Revenue
Processing	$	1,446	$	389	$	1,132	$	4	$	2,971
Hardware, print and card production	232		10		236		—		478
Professional services	12		124		66		—		202
Software maintenance	—		139		2		—		141
License and termination fees	12		45		16		—		73
Output Solutions postage	—		—		—		209		209
Other	14		54		19		2		89
Total revenue	$	1,716	$	761	$	1,471	$	215	$	4,163


(In millions)	Reportable Segments
Nine Months Ended September 30, 2022	Acceptance		Fintech		Payments		Corporate and Other		Total

Type of Revenue
Processing	$	4,649	$	1,210	$	3,486	$	18	$	9,363
Hardware, print and card production	694		28		744		—		1,466
Professional services	15		366		203		—		584
Software maintenance	—		415		18		—		433
License and termination fees	43		152		79		—		274
Output Solutions postage	—		—		—		712		712
Other	31		176		67		—		274
Total Revenue	$	5,432	$	2,347	$	4,597	$	730	$	13,106


(In millions)	Reportable Segments
Nine Months Ended September 30, 2021	Acceptance		Fintech		Payments		Corporate and Other		Total

Type of Revenue
Processing	$	4,044	$	1,152	$	3,331	$	26	$	8,553
Hardware, print and card production	636		33		667		—		1,336
Professional services	30		350		195		—		575
Software maintenance	—		417		6		—		423
License and termination fees	33		133		43		—		209
Output Solutions postage	—		—		—		616		616
Other	36		166		55		—		257
Total Revenue	$	4,779	$	2,251	$	4,297	$	642	$	11,969

Contract with customer, asset and liabilities

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


(In millions)	September 30, 2022		December 31, 2021
Contract assets	$	546	$	541
Contract liabilities	761		810

Schedule of remaining performance obligations



(In millions)
Year Ending December 31,
Remainder of 2022	$	649
2023	2,139
2024	1,694
2025	1,248
Thereafter	1,778

Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of purchase price allocation

The preliminary allocation of purchase price for Finxact is as follows:



(In millions)
Cash	$	27
Other net assets	3
Intangible assets	105
Goodwill	668
Total consideration	$	803
Less: fair value of previously held equity interest	(131)
Total purchase price	$	672

The allocation of purchase price recorded for Ondot was finalized in the third quarter of 2021 as follows:



(In millions)
Cash and cash equivalents	$	13
Receivables and other assets	9
Intangible assets	142
Goodwill	173
Payables and other liabilities	(31)
Total consideration	$	306
Less: fair value of previously held equity interest	(22)
Total purchase price	$	284

Schedule of gross carrying amount and weighted-average useful life allocated to intangible assets

The amounts allocated to identifiable intangible assets were as follows:



(In millions)	Gross Carrying Amount		Weighted-Average Useful Life
Acquired software and technology	$	25	6 years
Customer relationships and other	27		4 years
Total	$	52	5 years

The amounts allocated to identifiable intangible assets were as follows:



(In millions)	Gross Carrying Amount		Weighted-Average Useful Life
Customer relationships	$	90	17 years
Residual buyouts	20		8 years
Acquired software and technology	6		7 years
Non-compete agreements and other	11		5 years

Total	$	127	14 years

The amounts allocated to identifiable intangible assets were as follows:



(In millions)	Gross Carrying Amount		Weighted-Average Useful Life
Acquired software and technology	$	90	6 years
Customer relationships	35		6 years
Non-compete agreements and other	17		4 years
Total	$	142	6 years

The amounts allocated to identifiable intangible assets for other acquisitions acquired in 2022 were as follows:



(In millions)	Gross Carrying Amount		Weighted-Average Useful Life
Acquired software and technology	$	9	8 years
Customer relationships	11		10 years
Total	$	20	9 years

The amounts allocated to identifiable intangible assets for other acquisitions acquired in 2021 were as follows:



(In millions)	Gross Carrying Amount		Weighted-Average Useful Life
Acquired software and technology	$	31	6 years
Customer relationships	9		10 years
Residual buyouts	7		5 years
Total	$	47	7 years

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

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
September 30, 2022
Customer relationships	$	14,435	$	5,971	$	8,464
Acquired software and technology	2,484		1,144		1,340
Trade names	628		277		351
Purchased software	1,111		534		577
Capitalized software and other intangibles	2,334		610		1,724
Total	$	20,992	$	8,536	$	12,456


(In millions)	Gross Carrying Amount		Accumulated Amortization		Net Book Value
December 31, 2021
Customer relationships	$	15,103	$	5,112	$	9,991
Acquired software and technology	2,522		901		1,621
Trade names	612		228		384
Purchased software	1,133		479		654
Capitalized software and other intangibles	1,879		520		1,359
Total	$	21,249	$	7,240	$	14,009

Schedule of amortization expense of intangible assets

Amortization expense associated with the above identifiable intangible assets was as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021
Amortization expense	$	608	$	642	$	1,854	$	1,937

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

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

September 30,
2022

December 31,
2021

Assets

Forward exchange contracts designated as cash flow hedges

Prepaid expenses and other current assets

Level 2

—

Cross-currency rate swap contracts designated as net investment hedges

Other long-term assets

Level 2

—

Liabilities

Forward exchange contracts designated as cash flow hedges

Accounts payable and accrued expenses

Level 2

—

Forward exchange contracts designated as cash flow hedges

Other long-term liabilities

Level 2

—

Contingent consideration

Accounts payable and accrued expenses

Level 3

Contingent consideration

Other long-term liabilities

Level 3

Contingent debt guarantee

Accounts payable and accrued expenses

Level 3

—

Contingent debt guarantee

Other long-term liabilities

Level 3

—

Accounts Payable and Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses consisted of the following:


(In millions)	September 30, 2022		December 31, 2021
Trade accounts payable	$	469	$	593
Client deposits	839		783
Accrued compensation and benefits	313		392
Accrued taxes	194		154
Accrued interest	165		216
Other accrued expenses	1,476		1,412
Total	$	3,456	$	3,550

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of debt, net of discounts and debt issuance costs

The Company’s debt consisted of the following:



(In millions)	September 30, 2022		December 31, 2021
Short-term and current maturities of long-term debt:
Foreign lines of credit	$	257	$	240
Finance lease and other financing obligations	271		268
Total short-term and current maturities of long-term debt	$	528	$	508

Long-term debt:

3.500% senior notes due October 2022	$	—	$	700
0.375% senior notes due July 2023 (Euro-denominated)	485		566
3.800% senior notes due October 2023	1,000		1,000
2.750% senior notes due July 2024	2,000		2,000
3.850% senior notes due June 2025	900		900
2.250% senior notes due July 2025 (British Pound-denominated)	569		705
3.200% senior notes due July 2026	2,000		2,000
2.250% senior notes due June 2027	1,000		1,000
1.125% senior notes due July 2027 (Euro-denominated)	485		566
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)	485		566
3.000% senior notes due July 2031 (British Pound-denominated)	569		705
4.400% senior notes due July 2049	2,000		2,000
U.S. dollar commercial paper notes	2,578		916
Euro commercial paper notes	1,082		905
Revolving credit facility	45		97
Receivable securitized loan	—		500
Term loan facility	200		200
Unamortized discount and deferred financing costs	(116)		(125)
Finance lease and other financing obligations	565		528
Total long-term debt	$	20,847	$	20,729

Redeemable Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2022

Noncontrolling Interest [Abstract]

Schedule of redeemable noncontrolling interests activity

The following table presents a summary of the redeemable noncontrolling interests activity during the nine months ended September 30:



(In millions)	2022		2021
Balance at beginning of period	$	278	$	259
Distributions paid to redeemable noncontrolling interests	(28)		(32)
Share of income	22		33


Derecognition of redeemable noncontrolling interest	(111)		—
Balance at end of period	$	161	$	260

Equity (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of stockholders equity

The following tables provide changes in equity during the three and nine months ended September 30, 2022 and 2021:



	Fiserv, Inc. Shareholders’ Equity

Three Months Ended September 30, 2022	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 June 30, 2022	784	141	$	8	$	23,010	$	(1,005)	$	16,113	$	(7,017)	$	700	$	31,809
Net income (1)									481				5		486



Distributions paid to noncontrolling interests (2)													(1)		(1)


Other comprehensive loss							(534)						(48)		(582)


Share-based compensation					89										89
Shares issued under stock plans		(1)			(140)						71				(69)
Purchases of treasury stock		8									(750)				(750)



Balance at September 30, 2022	784	148	$	8	$	22,959	$	(1,539)	$	16,594	$	(7,696)	$	656	$	30,982

(2)The total distributions presented in equity for the three months ended September 30, 2022 excludes $7 million in distributions paid to redeemable noncontrolling interests not included in equity.



	Fiserv, Inc. Shareholders’ Equity

Three Months Ended September 30, 2021	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 June 30, 2021	784	123	$	8	$	22,960	$	(323)	$	14,014	$	(4,866)	$	739	$	32,532

Net income (1)									428				7		435


Distributions paid to noncontrolling interests (2)													—		—
Other comprehensive loss							(326)						(18)		(344)

Share-based compensation					63										63
Shares issued under stock plans		(2)			(49)						52				3
Purchases of treasury stock		3									(365)				(365)


Balance at September 30, 2021	784	124	$	8	$	22,974	$	(649)	$	14,442	$	(5,179)	$	728	$	32,324



	Fiserv, Inc. Shareholders’ Equity

Nine Months Ended September 30, 2022	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, 2021	784	134	$	8	$	22,983	$	(745)	$	14,846	$	(6,140)	$	720	$	31,672
Net income (1)									1,748				14		1,762

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

Other comprehensive loss							(794)						(89)		(883)

Share-based compensation					244										244
Shares issued under stock plans		(4)			(268)						194				(74)
Purchases of treasury stock		18									(1,750)				(1,750)

Capital contribution from noncontrolling interest													13		13
Balance at September 30, 2022	784	148	$	8	$	22,959	$	(1,539)	$	16,594	$	(7,696)	$	656	$	30,982

(2)The total distributions presented in equity for the nine months ended September 30, 2022 excludes $28 million in distributions paid to redeemable noncontrolling interests not included in equity.



	Fiserv, Inc. Shareholders’ Equity

Nine Months Ended September 30, 2021	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, 2020	789	121	$	8	$	23,643	$	(387)	$	13,441	$	(4,375)	$	740	$	33,070


Net Income (1)									1,001				14		1,015


Distributions paid to noncontrolling interests (2)													(1)		(1)
Other comprehensive loss							(262)						(25)		(287)

Share-based compensation					190										190
Shares issued under stock plans		(5)			(271)						173				(98)
Purchases of treasury stock		13									(1,565)				(1,565)
Retirement of treasury stock (see Note 18)	(5)	(5)			(588)						588				—




Balance at September 30, 2021	784	124	$	8	$	22,974	$	(649)	$	14,442	$	(5,179)	$	728	$	32,324

Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2022

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:



	Three Months Ended September 30, 2022
(In millions)	Cash Flow Hedges		Foreign Currency Translation		Pension Plans		Total
Balance at June 30, 2022	$	(107)	$	(933)	$	35	$	(1,005)
Other comprehensive income (loss) before reclassifications	(4)		(591)		1		(594)
Amounts reclassified from accumulated other comprehensive loss	4		56		—		60
Net current-period other comprehensive loss	—		(535)		1		(534)
Balance at September 30, 2022	$	(107)	$	(1,468)	$	36	$	(1,539)



	Three Months Ended September 30, 2021
(In millions)	Cash Flow Hedges		Foreign Currency Translation		Pension Plans		Total
Balance at June 30, 2021	$	(116)	$	(196)	$	(11)	$	(323)
Other comprehensive income (loss) before reclassifications	3		(331)		—		(328)
Amounts reclassified from accumulated other comprehensive loss	2		—		—		2
Net current-period other comprehensive income (loss)	5		(331)		—		(326)



Balance at September 30, 2021	$	(111)	$	(527)	$	(11)	$	(649)



	Nine Months Ended September 30, 2022
(In millions)	Cash Flow Hedges		Foreign Currency Translation		Pension Plans		Total
Balance at December 31, 2021	$	(107)	$	(676)	$	38	$	(745)
Other comprehensive loss before reclassifications	(11)		(848)		(2)		(861)
Amounts reclassified from accumulated other comprehensive loss	11		56		—		67
Net current-period other comprehensive loss	—		(792)		(2)		(794)
Balance at September 30, 2022	$	(107)	$	(1,468)	$	36	$	(1,539)



	Nine Months Ended September 30, 2021
(In millions)	Cash Flow Hedges		Foreign Currency Translation		Pension Plans		Total
Balance at December 31, 2020	$	(121)	$	(254)	$	(12)	$	(387)


Other comprehensive income (loss) before reclassifications	4		(273)		1		(268)
Amounts reclassified from accumulated other comprehensive loss	6		—		—		6
Net current-period other comprehensive income (loss)	10		(273)		1		(262)

Balance at September 30, 2021	$	(111)	$	(527)	$	(11)	$	(649)

Disclosure of derivative terms

The following table outlines the terms of the Company’s cross-currency rate swap contracts at September 30, 2022:


Effective Date of Contract	Maturity Date of Contract	Notional Amount (EUR)		Fixed Rate Paid (EUR)		Fixed Rate Received (USD)
September 1, 2022	June 1, 2025	80	million	2.096	%	3.85	%
September 15, 2022	July 1, 2026	80	million	1.635	%	3.20	%

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

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



	Three Months Ended September 30,				Nine Months Ended September 30,
(In millions)	2022		2021		2022		2021
Cross-currency rate swap contracts	$	2	$	—	$	2	$	—
Foreign currency-denominated debt	265		71		513		77

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Summary of stock option activity

A summary of stock option activity during the nine months ended September 30, 2022 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, 2021	10,229	$	56.36

Granted	—	—
Forfeited	(156)	110.94
Exercised	(2,663)	40.04
Stock options outstanding - September 30, 2022	7,410	$	61.07	4.05	$	265
Stock options exercisable - September 30, 2022	6,751	$	56.07	3.70	$	265

Summary of restricted stock and performance activity

A summary of restricted stock unit, restricted stock award and performance share unit activity during the nine months ended September 30, 2022 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, 2021	5,074	$	101.09	1,392	$	96.32

Granted	3,407	93.41		2,850	100.86
Forfeited	(568)	100.77		(107)	96.33
Vested	(1,929)	99.57		(1,077)	103.13
Units and awards - September 30, 2022	5,984	$	97.18	3,058	$	101.02

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2022

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 September 30,						Nine Months Ended September 30,
(In millions)	2022			2021			2022			2021
Income tax provision	$	147		$	54		$	382		$	300
Effective income tax rate	22.5		%	11.3		%	19.7		%	23.7		%

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

9 Months Ended

Sep. 30, 2022

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 September 30,		Nine Months Ended September 30,
(In millions)	2022	2021	2022	2021
Weighted-average common shares outstanding used for the calculation of net income attributable to Fiserv, Inc. per share - basic	639.6	661.4	645.2	664.6
Common stock equivalents	5.4	8.3	5.8	9.5
Weighted-average common shares outstanding used for the calculation of net income attributable to Fiserv, Inc. per share - diluted	645.0	669.7	651.0	674.1

Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2022

Supplemental Cash Flow Elements [Abstract]

Schedule of supplemental cash flow information

Supplemental cash flow information consisted of the following:



	Nine Months Ended September 30,
(In millions)	2022		2021
Interest paid	$	563	$	533
Income taxes paid	596		555
Treasury stock purchases settled after the balance sheet date	11		—
Distribution of nonmonetary assets (see Note 10)	111		—
Software obtained under financing arrangements	59		143
Right-of-use assets obtained in exchange for lease liabilities - operating leases	109		75
Right-of-use assets obtained in exchange for lease liabilities - finance leases	221		183

Business Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of segment reporting information

Revenue and operating income (loss) for each reportable segment were as follows:


	Reportable Segments
(In millions)	Acceptance		Fintech		Payments		Corporate and Other		Total
Three Months Ended September 30, 2022
Processing and services revenue	$	1,603	$	737	$	1,333	$	5	$	3,678
Product revenue	275		29		284		252		840
Total revenue	$	1,878	$	766	$	1,617	$	257	$	4,518
Operating income (loss)	$	610	$	261	$	738	$	(754)	$	855
Three Months Ended September 30, 2021
Processing and services revenue	$	1,458	$	718	$	1,227	$	4	$	3,407
Product revenue	258		43		244		211		756
Total revenue	$	1,716	$	761	$	1,471	$	215	$	4,163
Operating income (loss)	$	552	$	275	$	643	$	(834)	$	636
Nine Months Ended September 30, 2022
Processing and services revenue	$	4,681	$	2,232	$	3,810	$	15	$	10,738
Product revenue	751		115		787		715		2,368
Total revenue	$	5,432	$	2,347	$	4,597	$	730	$	13,106
Operating income (loss)	$	1,673	$	817	$	2,018	$	(1,947)	$	2,561
Nine Months Ended September 30, 2021
Processing and services revenue	$	4,079	$	2,115	$	3,602	$	26	$	9,822
Product revenue	700		136		695		616		2,147
Total revenue	$	4,779	$	2,251	$	4,297	$	642	$	11,969
Operating income (loss)	$	1,463	$	794	$	1,850	$	(2,352)	$	1,755

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Dec. 31, 2021

Business Acquisition [Line Items]

Settlement activity, net

^[1]

$ 114,000,000

$ 386,000,000

Allowance for doubtful accounts

$ 47,000,000

47,000,000

$ 55,000,000

Accumulated impairment loss

Equity securities without a readily determinable fair value

141,000,000

113,000,000

Ondot

Business Acquisition [Line Items]

Pre-tax gain from remeasurement

12,000,000

Merchant credit losses

Business Acquisition [Line Items]

Aggregate merchant credit loss expense

18,000,000

46,000,000

$ 31,000,000

Collateral held

1,900,000,000

2,200,000,000

Merchant credit loss allowance

$ 32,000,000

$ 42,000,000

[1]

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 893	$ 835	$ 933
Cash and cash equivalents included in settlement assets	2,475	2,361	2,036
Other restricted cash	7	9	9
Total cash and cash equivalents on the consolidated statements of cash flows	$ 3,375	$ 3,205	$ 2,978

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Interest Expense, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounting Policies [Abstract]
Interest expense	$ (193)	$ (173)	$ (542)	$ (526)
Interest income	3	1	8	3
Interest expense, net	$ (190)	$ (172)	$ (534)	$ (523)

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 4,518	$ 4,163	$ 13,106	$ 11,969
Operating segments \| Acceptance
Disaggregation of Revenue [Line Items]
Revenue	1,878	1,716	5,432	4,779
Operating segments \| Fintech
Disaggregation of Revenue [Line Items]
Revenue	766	761	2,347	2,251
Operating segments \| Payments
Disaggregation of Revenue [Line Items]
Revenue	1,617	1,471	4,597	4,297
Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	$ 257	$ 215	$ 730	$ 642
Geographic Concentration Risk \| Non-US \| Revenue from Contract with Customer Benchmark
Disaggregation of Revenue [Line Items]
Percentage of concentration risk	14.00%	14.00%	14.00%	14.00%
Processing
Disaggregation of Revenue [Line Items]
Revenue	$ 3,217	$ 2,971	$ 9,363	$ 8,553
Processing \| Operating segments \| Acceptance
Disaggregation of Revenue [Line Items]
Revenue	1,586	1,446	4,649	4,044
Processing \| Operating segments \| Fintech
Disaggregation of Revenue [Line Items]
Revenue	407	389	1,210	1,152
Processing \| Operating segments \| Payments
Disaggregation of Revenue [Line Items]
Revenue	1,218	1,132	3,486	3,331
Processing \| Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	6	4	18	26
Hardware, print and card production
Disaggregation of Revenue [Line Items]
Revenue	534	478	1,466	1,336
Hardware, print and card production \| Operating segments \| Acceptance
Disaggregation of Revenue [Line Items]
Revenue	254	232	694	636
Hardware, print and card production \| Operating segments \| Fintech
Disaggregation of Revenue [Line Items]
Revenue	9	10	28	33
Hardware, print and card production \| Operating segments \| Payments
Disaggregation of Revenue [Line Items]
Revenue	271	236	744	667
Hardware, print and card production \| Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Professional services
Disaggregation of Revenue [Line Items]
Revenue	198	202	584	575
Professional services \| Operating segments \| Acceptance
Disaggregation of Revenue [Line Items]
Revenue	5	12	15	30
Professional services \| Operating segments \| Fintech
Disaggregation of Revenue [Line Items]
Revenue	119	124	366	350
Professional services \| Operating segments \| Payments
Disaggregation of Revenue [Line Items]
Revenue	74	66	203	195
Professional services \| Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Software maintenance
Disaggregation of Revenue [Line Items]
Revenue	145	141	433	423
Software maintenance \| Operating segments \| Acceptance
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Software maintenance \| Operating segments \| Fintech
Disaggregation of Revenue [Line Items]
Revenue	138	139	415	417
Software maintenance \| Operating segments \| Payments
Disaggregation of Revenue [Line Items]
Revenue	7	2	18	6
Software maintenance \| Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
License and termination fees
Disaggregation of Revenue [Line Items]
Revenue	70	73	274	209
License and termination fees \| Operating segments \| Acceptance
Disaggregation of Revenue [Line Items]
Revenue	15	12	43	33
License and termination fees \| Operating segments \| Fintech
Disaggregation of Revenue [Line Items]
Revenue	36	45	152	133
License and termination fees \| Operating segments \| Payments
Disaggregation of Revenue [Line Items]
Revenue	19	16	79	43
License and termination fees \| Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Output Solutions postage
Disaggregation of Revenue [Line Items]
Revenue	251	209	712	616
Output Solutions postage \| Operating segments \| Acceptance
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Output Solutions postage \| Operating segments \| Fintech
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Output Solutions postage \| Operating segments \| Payments
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Output Solutions postage \| Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	251	209	712	616
Other
Disaggregation of Revenue [Line Items]
Revenue	103	89	274	257
Other \| Operating segments \| Acceptance
Disaggregation of Revenue [Line Items]
Revenue	18	14	31	36
Other \| Operating segments \| Fintech
Disaggregation of Revenue [Line Items]
Revenue	57	54	176	166
Other \| Operating segments \| Payments
Disaggregation of Revenue [Line Items]
Revenue	28	19	67	55
Other \| Corporate and Other
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 2	$ 0	$ 0

Revenue Recognition - Contract with Customer, Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 546	$ 541
Contract liabilities	$ 761	$ 810

Revenue Recognition - Revenue Recognized (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue recognized which was included in the contract liability balance	$ 499

Revenue Recognition - Remaining Performance Obligation (Details) $ in Millions	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 649
Performance obligations expected to be satisfied, expected timing	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 2,139
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 1,694
Performance obligations expected to be satisfied, expected timing	1 year
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	$ 1,248
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	$ 1,778
Performance obligations expected to be satisfied, expected timing

Acquisitions and Dispositions - Narrative (Details) - USD ($)						3 Months Ended			9 Months Ended
	Sep. 30, 2022	Apr. 01, 2022	Nov. 22, 2021	May 04, 2021	Jan. 22, 2021	Sep. 30, 2022	Sep. 01, 2022	Dec. 31, 2021	Sep. 30, 2022	Nov. 15, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Goodwill	$ 36,241,000,000					$ 36,241,000,000		$ 36,433,000,000	$ 36,241,000,000
Part noncash divestiture, amount of consideration received									111,000,000		$ 0
Disposal Group, Disposed of by Sale \| Korea Operations
Business Acquisition [Line Items]
Consideration from sale of business	50,000,000					50,000,000			50,000,000
Net proceeds from sale of business and other assets	43,000,000
Part noncash divestiture, amount of consideration received	7,000,000
Loss on disposition of business	120,000,000
Disposal group, including discontinued operation, goodwill	40,000,000					40,000,000			40,000,000
Disposal group, including discontinued operation, intangible assets	48,000,000					48,000,000			48,000,000
Disposal group, including discontinued operation, accumulated foreign currency translation loss	56,000,000					56,000,000			56,000,000
Finxact, Inc.
Business Acquisition [Line Items]
Payments for acquisitions of businesses		$ 645,000,000
Acquired cash		27,000,000
Pre-tax gain from remeasurement									$ 110,000,000
Increase (decrease) in goodwill						(3,000,000)
Intangible assets		105,000,000
Goodwill		668,000,000
Other net assets		3,000,000
Previously held non-controlling interest		$ 131,000,000
Finxact, Inc. \| Technology-Based Intangible Assets [Member]
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life									6 years
BentoBox CMS, Inc.
Business Acquisition [Line Items]
Acquired cash			$ 24,000,000
Increase (decrease) in goodwill									$ 62,000,000
Measurement period adjustments, increase (decrease) in intangible assets									$ (84,000,000)
Acquired finite-lived intangible assets, weighted average useful life									5 years
Payments to acquire businesses, gross			317,000,000
Measurement period adjustment, recognized deferred tax liabilities									$ 22,000,000
Intangible assets	52,000,000		52,000,000			52,000,000			$ 52,000,000
Goodwill			266,000,000
Other net assets			$ 23,000,000
BentoBox CMS, Inc. \| Technology-Based Intangible Assets [Member]
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life									6 years
Intangible assets	$ 25,000,000					$ 25,000,000			$ 25,000,000
Pineapple Payments
Business Acquisition [Line Items]
Payments for acquisitions of businesses				$ 207,000,000
Acquired cash				6,000,000
Acquired finite-lived intangible assets, weighted average useful life								14 years
Intangible assets				127,000,000				$ 127,000,000
Goodwill				79,000,000
Other net assets				7,000,000
Earn-out provisions estimated fair value				30,000,000
Goodwill, expected tax deductible amount				$ 59,000,000
Pineapple Payments \| Technology-Based Intangible Assets [Member]
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life								7 years
Intangible assets								$ 6,000,000
Ondot
Business Acquisition [Line Items]
Payments for acquisitions of businesses					$ 271,000,000
Acquired cash					$ 13,000,000
Pre-tax gain from remeasurement											$ 12,000,000
Acquired finite-lived intangible assets, weighted average useful life					6 years
Intangible assets					$ 142,000,000
Goodwill					173,000,000
Goodwill, expected tax deductible amount					0
Previously held non-controlling interest					$ 22,000,000
Ondot \| Technology-Based Intangible Assets [Member]
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life					6 years
Intangible assets					$ 90,000,000
Other Acquisitions
Business Acquisition [Line Items]
Payments for acquisitions of businesses							$ 41,000,000			$ 87,000,000
Acquired finite-lived intangible assets, weighted average useful life							9 years	7 years
Intangible assets							$ 20,000,000	$ 47,000,000		47,000,000
Goodwill							22,000,000			61,000,000
Earn-out provisions estimated fair value							6,000,000			4,000,000
Goodwill, expected tax deductible amount							17,000,000			14,000,000
Other net assumed liabilities							$ 1,000,000
Net assumed liabilities										7,000,000
Other Acquisitions \| Technology-Based Intangible Assets [Member]
Business Acquisition [Line Items]
Acquired finite-lived intangible assets, weighted average useful life							8 years	6 years
Intangible assets							$ 9,000,000	$ 31,000,000
NetPay Solutions Group
Business Acquisition [Line Items]
Previously held non-controlling interest										$ 14,000,000

Acquisitions and Dispositions - Purchase Price Allocation (Details) - USD ($) $ in Millions	Apr. 01, 2022	Jan. 22, 2021	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill			$ 36,241	$ 36,433
Finxact, Inc.
Business Acquisition [Line Items]
Cash and cash equivalents	$ 27
Other net assets	3
Intangible assets	105
Goodwill	668
Total consideration	803
Less: fair value of previously held equity interest	(131)
Total purchase price	$ 672
Ondot
Business Acquisition [Line Items]
Cash and cash equivalents		$ 13
Receivables and other assets		9
Intangible assets		142
Goodwill		173
Payables and other liabilities		(31)
Total consideration		306
Less: fair value of previously held equity interest		(22)
Total purchase price		$ 284

Acquisitions and Dispositions - Gross Carrying Amount and Weighted-Average Useful Life Allocated to Intangible Assets (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jan. 22, 2021	Sep. 01, 2022	Dec. 31, 2021	Sep. 30, 2022	Nov. 22, 2021	Nov. 15, 2021	May 04, 2021
BentoBox CMS, Inc.
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount				$ 52	$ 52
Weighted-Average Useful Life (in years)				5 years
BentoBox CMS, Inc. \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount				$ 27
Weighted-Average Useful Life (in years)				4 years
BentoBox CMS, Inc. \| Acquired software and technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount				$ 25
Weighted-Average Useful Life (in years)				6 years
Pineapple Payments
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 127				$ 127
Weighted-Average Useful Life (in years)			14 years
Pineapple Payments \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 90
Weighted-Average Useful Life (in years)			17 years
Pineapple Payments \| Residual buyouts
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 20
Weighted-Average Useful Life (in years)			8 years
Pineapple Payments \| Acquired software and technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 6
Weighted-Average Useful Life (in years)			7 years
Pineapple Payments \| Non-compete agreements and other
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 11
Weighted-Average Useful Life (in years)			5 years
Ondot
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 142
Weighted-Average Useful Life (in years)	6 years
Ondot \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 35
Weighted-Average Useful Life (in years)	6 years
Ondot \| Acquired software and technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 90
Weighted-Average Useful Life (in years)	6 years
Ondot \| Non-compete agreements and other
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 17
Weighted-Average Useful Life (in years)	4 years
Other Acquisitions
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 20	$ 47			$ 47
Weighted-Average Useful Life (in years)		9 years	7 years
Other Acquisitions \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 11	$ 9
Weighted-Average Useful Life (in years)		10 years	10 years
Other Acquisitions \| Residual buyouts
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount			$ 7
Weighted-Average Useful Life (in years)			5 years
Other Acquisitions \| Acquired software and technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount		$ 9	$ 31
Weighted-Average Useful Life (in years)		8 years	6 years

Intangible Assets - Schedule of Intangible Assets by Class (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 20,992	$ 21,249
Accumulated Amortization	8,536	7,240
Net Book Value	12,456	14,009
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	14,435	15,103
Accumulated Amortization	5,971	5,112
Net Book Value	8,464	9,991
Acquired software and technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,484	2,522
Accumulated Amortization	1,144	901
Net Book Value	1,340	1,621
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	628	612
Accumulated Amortization	277	228
Net Book Value	351	384
Purchased software
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,111	1,133
Accumulated Amortization	534	479
Net Book Value	577	654
Capitalized software and other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,334	1,879
Accumulated Amortization	610	520
Net Book Value	$ 1,724	$ 1,359

Intangible Assets - Schedule of Amortization Expense of Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 608	$ 642	$ 1,854	$ 1,937

Investments in Unconsolidated Affiliates (Details) - USD ($)

3 Months Ended

9 Months Ended

Jun. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Investments in and Advances to Affiliates [Line Items]

Income (loss) from investments in unconsolidated affiliates

$ (12,000,000)

$ 22,000,000

$ 222,000,000

^[1]

$ 80,000,000

^[1]

Term loan facility | Variable-Rate Term Loan Facilities Due March 2023 | Line of Credit | Lending Joint Ventures

147,000,000

$ 54,000,000

382,000,000

300,000,000

Investments in and Advances to Affiliates [Line Items]

Maximum borrowing capacity

437,000,000

Long-term debt

Revolving Credit Facility | Line of Credit

Investments in and Advances to Affiliates [Line Items]

Maximum borrowing capacity

6,000,000,000

Revolving Credit Facility | Variable-Rate Revolving Credit Facilities Due March 2023 | Line of Credit | Lending Joint Ventures

Investments in and Advances to Affiliates [Line Items]

Maximum borrowing capacity

$ 83,000,000

83,000,000

defi SOLUTIONS Group

Investments in and Advances to Affiliates [Line Items]

Income (loss) from investments in unconsolidated affiliates

80,000,000

Investments in and Advances to Affiliates [Line Items]

$ 19,000,000

InvestCloud

Income (loss) from investments in unconsolidated affiliates

28,000,000

InvestCloud | Disposal Group, Disposed of by Sale

6,000,000

Capital contribution

200,000,000

Investments in and Advances to Affiliates [Line Items]

Proceeds from sale of entire ownership interest

8,000,000

$ 466,000,000

Pre-tax gain on sale

$ 33,000,000

[1]

Fair Value Measurements - Assets and Liabilities Measured at Fair Value On a Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward exchange contracts designated as cash flow hedges	$ 0	$ 6
Cross-currency rate swap contracts designated as net investment hedges	3	0
Level 2 \| Accounts payable and accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward exchange contracts designated as cash flow hedges	9	0
Level 2 \| Other long-term liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Forward exchange contracts designated as cash flow hedges	1	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	6	2
Contingent consideration	4	32
Level 3 \| Accounts payable and accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent debt guarantee	0	4
Level 3 \| Other long-term liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent debt guarantee	$ 24	$ 0

Fair Value Measurements - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Apr. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revolving Credit Facility \| Variable-Rate Revolving Credit Facilities Due March 2023 \| Line of Credit \| Lending Joint Ventures
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Line of credit facility, borrowing capacity increase	$ 75,000,000
Carrying value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Total debt		$ 20,500,000,000		$ 20,500,000,000		$ 20,400,000,000
Level 2 \| Fair value
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Total debt		18,800,000,000		18,800,000,000		21,800,000,000
Financial Guarantee
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Carrying value of non-contingent liability		520,000,000		520,000,000
Financial Guarantee \| Lending Joint Ventures
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Carrying value of non-contingent liability		43,000,000		43,000,000		$ 10,000,000
Other (expense) income		$ 2,000,000	$ 3,000,000	8,000,000	$ 9,000,000
Financial Guarantee \| Lending Joint Ventures \| Variable-Rate Revolving Credit Facilities Due March 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other (expense) income				$ 62,000,000

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Trade accounts payable	$ 469	$ 593
Client deposits	839	783
Accrued compensation and benefits	313	392
Accrued taxes	194	154
Accrued interest	165	216
Other accrued expenses	1,476	1,412
Total	$ 3,456	$ 3,550

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Short-term and current maturities of long-term debt:
Total short-term and current maturities of long-term debt	$ 528	$ 508
Finance lease and other financing obligations	271	268
Long-term debt:
Unamortized discount and deferred financing costs	(116)	(125)
Finance lease and other financing obligations	565	528
Total long-term debt	$ 20,847	20,729
Senior Notes \| 3.500% senior notes due October 2022
Debt Instrument [Line Items]
Interest rate, stated percentage	3.50%
Long-term debt:
Long-term debt	$ 0	700
Senior Notes \| 0.375% senior notes due July 2023 (Euro-denominated)
Debt Instrument [Line Items]
Interest rate, stated percentage	0.375%
Long-term debt:
Long-term debt	$ 485	566
Senior Notes \| 3.800% senior notes due October 2023
Debt Instrument [Line Items]
Interest rate, stated percentage	3.80%
Long-term debt:
Long-term debt	$ 1,000	1,000
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	$ 569	705
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 \| 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	$ 485	566
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	$ 485	566
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	$ 569	705
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	2,578	916
Commercial Paper \| Euro commercial paper notes
Long-term debt:
Long-term debt	1,082	905
Line of Credit \| Revolving credit facility
Long-term debt:
Long-term debt	45	97
Line of Credit \| Term loan facility
Long-term debt:
Long-term debt	200	200
Receivable securitized loan
Long-term debt:
Long-term debt	0	500
Foreign lines of credit
Short-term and current maturities of long-term debt:
Total short-term and current maturities of long-term debt	$ 257	$ 240

Debt - Narrative (Details) - USD ($)		1 Months Ended	9 Months Ended
Debt - Narrative (Details) - USD ($)	Jul. 01, 2022	Jul. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Senior Notes \| 3.500% senior notes due October 2022
Debt Instrument [Line Items]
Debt instrument, interest rate			3.50%
Extinguishment of debt, amount		$ 700,000,000
Redemption price, percentage of principal amount redeemed	100.00%
Outstanding borrowings			$ 0	$ 700,000,000
Receivable securitized loan
Debt Instrument [Line Items]
Extinguishment of debt, amount		$ 485,000,000
Outstanding borrowings			$ 0	500,000,000
Commercial Paper \| U.S. dollar commercial paper notes
Debt Instrument [Line Items]
Debt maturities (in days)			397 days
Outstanding borrowings			$ 2,578,000,000	$ 916,000,000
Weighted average interest rate			3.369%	0.295%
Commercial Paper \| Euro commercial paper notes
Debt Instrument [Line Items]
Debt maturities (in days)			183 days
Outstanding borrowings			$ 1,082,000,000	$ 905,000,000
Weighted average interest rate			0.804%	(0.42%)
Revolving credit facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 6,000,000,000
Line of credit facility, interest rate at period end			4.23%
Line of credit facility, covenant ratio			3.75
Outstanding borrowings			$ 45,000,000	$ 97,000,000

Redeemable Noncontrolling Interests - Narrative (Details)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2022

USD ($)

noncontrollingInterest

Sep. 30, 2021

USD ($)

Sep. 30, 2022

USD ($)

noncontrollingInterest

Sep. 30, 2021

USD ($)

Net proceeds from sale of business and other assets

^[1]

$ 218

$ 0

$ 147

$ 54

382

$ 300

First Data Joint Venture

Net proceeds from sale of business and other assets

175

Pre-tax gain

147

$ 9

First Data Joint Venture

Ownership percentage by noncontrolling owner

1.00%

First Data

Number of redeemable noncontrolling interests | noncontrollingInterest

[1]

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

+ References + Details

Redeemable Noncontrolling Interests - Redeemable Noncontrolling Interest Activity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of period			$ 278	$ 259
Distributions paid to redeemable noncontrolling interests	$ (7)	$ (12)	(28)	(32)
Share of income			22	33
Derecognition of redeemable noncontrolling interest			(111)	0
Balance at end of period	$ 161	$ 260	$ 161	$ 260

Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Equity (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)			134,000,000
Balance at beginning of period	$ 31,809	$ 32,532	$ 31,672	$ 33,070
Net income (loss)	486	435	1,762	1,015
Distributions paid to noncontrolling interests	(1)	0	(2)	(1)
Other comprehensive loss	(582)	(344)	(883)	(287)
Share-based compensation	89	63	244	190
Shares issued under stock plans	(69)	3	(74)	(98)
Purchases of treasury stock	$ (750)	(365)	(1,750)	(1,565)
Retirement of treasury stock (see Note 18)				0
Capital contribution from noncontrolling interest			$ 13
Balance at end of period (in shares)	148,000,000		148,000,000
Balance at end of period	$ 30,982	32,324	$ 30,982	32,324
Net income attributable to redeemable noncontrolling interest	7	11	22	33
Distributions paid to redeemable noncontrolling interests	$ 7	12	$ 28	32
Distributions to BANA related to the BAMS dissolution		$ 8		$ 8
Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	784,000,000	784,000,000	784,000,000	789,000,000
Balance at beginning of period	$ 8	$ 8	$ 8	$ 8
Retirement of treasury stock (in shares)				(5,000,000)
Balance at end of period (in shares)	784,000,000	784,000,000	784,000,000	784,000,000
Balance at end of period	$ 8	$ 8	$ 8	$ 8
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period (in shares)	141,000,000	123,000,000	134,000,000	121,000,000
Balance at beginning of period	$ (7,017)	$ (4,866)	$ (6,140)	$ (4,375)
Shares issued under stock plans (in shares)	(1,000,000)	(2,000,000)	(4,000,000)	(5,000,000)
Shares issued under stock plans	$ 71	$ 52	$ 194	$ 173
Purchases of treasury stock (in shares)	8,000,000	3,000,000	18,000,000	13,000,000
Purchases of treasury stock	$ (750)	$ (365)	$ (1,750)	$ (1,565)
Retirement of treasury stock (in shares)				(5,000,000)
Retirement of treasury stock (see Note 18)				$ 588
Balance at end of period (in shares)	148,000,000	124,000,000	148,000,000	124,000,000
Balance at end of period	$ (7,696)	$ (5,179)	$ (7,696)	$ (5,179)
Additional Paid-In Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	23,010	22,960	22,983	23,643
Share-based compensation	89	63	244	190
Shares issued under stock plans	(140)	(49)	(268)	(271)
Retirement of treasury stock (see Note 18)				(588)
Balance at end of period	22,959	22,974	22,959	22,974
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	(1,005)	(323)	(745)	(387)
Other comprehensive loss	(534)	(326)	(794)	(262)
Balance at end of period	(1,539)	(649)	(1,539)	(649)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	16,113	14,014	14,846	13,441
Net income (loss)	481	428	1,748	1,001
Balance at end of period	16,594	14,442	16,594	14,442
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at beginning of period	700	739	720	740
Net income (loss)	5	7	14	14
Distributions paid to noncontrolling interests	(1)	0	(2)	(1)
Other comprehensive loss	(48)	(18)	(89)	(25)
Capital contribution from noncontrolling interest			13
Balance at end of period	$ 656	$ 728	$ 656	$ 728

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 31,809	$ 32,532	$ 31,672	$ 33,070
Total other comprehensive loss	(582)	(344)	(883)	(287)
Balance at end of period	30,982	32,324	30,982	32,324
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(1,005)	(323)	(745)	(387)
Other comprehensive income (loss) before reclassifications	(594)	(328)	(861)	(268)
Amounts reclassified from accumulated other comprehensive loss	60	2	67	6
Total other comprehensive loss	(534)	(326)	(794)	(262)
Balance at end of period	(1,539)	(649)	(1,539)	(649)
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(107)	(116)	(107)	(121)
Other comprehensive income (loss) before reclassifications	(4)	3	(11)	4
Amounts reclassified from accumulated other comprehensive loss	4	2	11	6
Total other comprehensive loss	0	5	0	10
Balance at end of period	(107)	(111)	(107)	(111)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(933)	(196)	(676)	(254)
Other comprehensive income (loss) before reclassifications	(591)	(331)	(848)	(273)
Amounts reclassified from accumulated other comprehensive loss	56	0	56	0
Total other comprehensive loss	(535)	(331)	(792)	(273)
Balance at end of period	(1,468)	(527)	(1,468)	(527)
Pension Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	35	(11)	38	(12)
Other comprehensive income (loss) before reclassifications	1	0	(2)	1
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Total other comprehensive loss	1	0	(2)	1
Balance at end of period	$ 36	$ (11)	$ 36	$ (11)

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

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Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Accumulated Other Comprehensive Loss - Narrative (Details) € in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Estimate of gains (losses) related to foreign currency exchange contracts during the next 12 months	$ (9)	$ (9)
Accumulated other comprehensive loss	1,539	1,539		$ 745
Estimated interest expense related to settled interest rate hedge contracts during the next twelve months	15	15
Net Investment Hedging
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation adjustment, tax	89	172
Foreign currency forward exchange contracts \| Indian Rupee
Accumulated Other Comprehensive Income (Loss) [Line Items]
Notional amount of derivatives	353	353		341
Treasury Lock
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 134	$ 134		$ 145
Cross-currency rate swap contracts \| Euro Member Countries, Euro \| Net Investment Hedging
Accumulated Other Comprehensive Income (Loss) [Line Items]
Notional amount of derivatives \| €			€ 160

Accumulated Other Comprehensive Loss - Disclosure of Derivative Terms (Details) - Net Investment Hedging € in Millions	Sep. 30, 2022 EUR (€)
Cross Currency Interest Rate Contract 1
Derivative [Line Items]
Notional Amount (EUR)	€ 80
Cross Currency Interest Rate Contract 1 \| Euro Member Countries, Euro
Derivative [Line Items]
Fixed Rate Paid (EUR)/Received (USD)	2.096%
Cross Currency Interest Rate Contract 1 \| United States of America, Dollars
Derivative [Line Items]
Fixed Rate Paid (EUR)/Received (USD)	3.85%
Cross Currency Interest Rate Contract 2
Derivative [Line Items]
Notional Amount (EUR)	€ 80
Cross Currency Interest Rate Contract 2 \| Euro Member Countries, Euro
Derivative [Line Items]
Fixed Rate Paid (EUR)/Received (USD)	1.635%
Cross Currency Interest Rate Contract 2 \| United States of America, Dollars
Derivative [Line Items]
Fixed Rate Paid (EUR)/Received (USD)	3.20%

Accumulated Other Comprehensive Loss - Schedule of Net Investment Hedges in Accumulated Other Comprehensive Income (Loss) (Details) - Net Investment Hedging - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cross-currency rate swap contracts
Derivative [Line Items]
Foreign currency transaction gains related to net investment hedges recorded in other comprehensive loss	$ 2	$ 0	$ 2	$ 0
Foreign currency-denominated debt
Derivative [Line Items]
Foreign currency transaction gains related to net investment hedges recorded in other comprehensive loss	$ 265	$ 71	$ 513	$ 77

Share-Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Millions		3 Months Ended		9 Months Ended
	Apr. 01, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 89	$ 63	$ 244	$ 190
Unrecognized compensation cost		$ 563		$ 563
Weighted-average period unrecognized compensation cost will be recognized (in years)				2 years 2 months 12 days
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards, restricted stock units, granted (in shares)				2,850
Performance share units \| Finxact, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based awards, restricted stock units, granted (in shares)	2,400
Performance share units \| Finxact, Inc. \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	2 years
Performance share units \| Finxact, Inc. \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years

Share-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Shares
Stock options outstanding - balance at beginning of period (in shares) \| shares	10,229
Granted (in shares) \| shares	0
Forfeited (in shares) \| shares	(156)
Exercised (in shares) \| shares	(2,663)
Stock options outstanding - balance at end of period (in shares) \| shares	7,410
Stock options exercisable (in shares) \| shares	6,751
Weighted-Average Exercise Price
Stock options outstanding - balance at beginning of period (in dollars per shares) \| $ / shares	$ 56.36
Granted (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	110.94
Exercised (in dollars per share) \| $ / shares	40.04
Stock options outstanding - balance at end of period (in dollars per shares) \| $ / shares	61.07
Stock options exercisable (in dollars per share) \| $ / shares	$ 56.07
Weighted-Average Remaining Contractual Term (Years)
Stock options outstanding (in years)	4 years 18 days
Stock options exercisable (in years)	3 years 8 months 12 days
Aggregate Intrinsic Value (In millions)
Stock options outstanding \| $	$ 265
Stock options exercisable \| $	$ 265

Share-Based Compensation - Summary of Restricted Stock and Performance Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Restricted Stock Units and Awards
Shares
Balance at beginning of period (in shares) \| shares	5,074
Granted (in shares) \| shares	3,407
Forfeited (in shares) \| shares	(568)
Vested (in shares) \| shares	(1,929)
Balance at end of period (in shares) \| shares	5,984
Weighted-Average Grant Date Fair Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 101.09
Granted (in dollars per share) \| $ / shares	93.41
Forfeited (in dollars per share) \| $ / shares	100.77
Vested (in dollars per share) \| $ / shares	99.57
Balance at end of period (in dollars per share) \| $ / shares	$ 97.18
Performance Share Units
Shares
Balance at beginning of period (in shares) \| shares	1,392
Granted (in shares) \| shares	2,850
Forfeited (in shares) \| shares	(107)
Vested (in shares) \| shares	(1,077)
Balance at end of period (in shares) \| shares	3,058
Weighted-Average Grant Date Fair Value
Balance at beginning of period (in dollars per share) \| $ / shares	$ 96.32
Granted (in dollars per share) \| $ / shares	100.86
Forfeited (in dollars per share) \| $ / shares	96.33
Vested (in dollars per share) \| $ / shares	103.13
Balance at end of period (in dollars per share) \| $ / shares	$ 101.02

Income Taxes - Income Tax Provision and Effective Income Tax Rate (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income tax provision	$ 147	$ 54	$ 382	$ 300
Effective income tax rate	22.50%	11.30%	19.70%	23.70%

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

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	22.50%	11.30%	19.70%	23.70%
Income tax expense related to the revaluation of certain net deferred tax liabilities				$ 134
Unrecognized tax benefits	$ 108		$ 108
Decrease in unrecognized tax benefits reasonably possible	$ 5		$ 5

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
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)	639.6	661.4	645.2	664.6
Common stock equivalents (in shares)	5.4	8.3	5.8	9.5
Weighted-average common shares outstanding used for the calculation of net income attributable to Fiserv, Inc. per share – diluted (in shares)	645.0	669.7	651.0	674.1

Shares Used in Computing Net Income Per Share Attributable to Fiserv, Inc. - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Stock options excluded from the calculation of diluted weighted-average outstanding shares because their impact was anti-dilutive (in shares)	1.6	1.6	1.8	1.5

Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
Cash Flow Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Interest paid	$ 563	$ 533
Income taxes paid	596	555
Treasury stock purchases settled after the balance sheet date	11	0
Distribution of nonmonetary assets (see Note 10)	111	0
Software obtained under financing arrangements	59	143
Right-of-use assets obtained in exchange for lease liabilities - operating leases	109	75
Right-of-use assets obtained in exchange for lease liabilities - finance leases	$ 221	$ 183

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Subscriber funds	$ 1,600	$ 1,600
First Data \| First Data Subsidiary Merchant Matters
Loss Contingencies [Line Items]
Loss contingency accrual	24	$ 32
Minimum \| First Data \| First Data Subsidiary Merchant Matters
Loss Contingencies [Line Items]
Estimated range of exposure	0
Maximum \| First Data \| First Data Subsidiary Merchant Matters
Loss Contingencies [Line Items]
Estimated range of exposure	$ 60

Related Party Transactions (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
	May 03, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	May 02, 2021
Equity investments
Related Party Transaction [Line Items]
Amounts due from unconsolidated merchant alliances		$ 55		$ 55		$ 36
Related Party Fees \| Equity investments
Related Party Transaction [Line Items]
Processing, administrative, and other fees		$ 51	$ 46	$ 151	$ 160
New Omaha Holdings
Related Party Transaction [Line Items]
Number of shares to be repurchased (in shares)	5.0
Share repurchase amount	$ 588
New Omaha Holdings \| Fiserv
Related Party Transaction [Line Items]
Ownership percentage by noncontrolling owner (less than at June 30, 2022)		5.00%		5.00%			13.00%
Merchant Alliances \| Related Party Fees \| Equity investments
Related Party Transaction [Line Items]
Processing, administrative, and other fees		$ 47	42	$ 140	132
Lending Solutions Business, Investment Services Business, and InvestCloud Holdings \| Related Party Fees \| Affiliated entities
Related Party Transaction [Line Items]
Processing, administrative, and other fees		$ 5	$ 6	$ 14	$ 32
Fiserv \| New Omaha Holdings
Related Party Transaction [Line Items]
Secondary public offering (in shares)	23.0

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

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

$ 4,518

$ 4,163

$ 13,106

$ 11,969

855

636

2,561

1,755

Corporate and Other

257

215

730

642

Acceptance | Operating segments

(754)

(834)

(1,947)

(2,352)

1,878

1,716

5,432

4,779

Fintech | Operating segments

610

552

1,673

1,463

766

761

2,347

2,251

Payments | Operating segments

261

275

817

794

1,617

1,471

4,597

4,297

Processing and services revenue

738

643

2,018

1,850

Processing and services revenue | Corporate and Other

^[1]

3,678

3,407

10,738

9,822

Processing and services revenue | Acceptance | Operating segments

Processing and services revenue | Fintech | Operating segments

1,603

1,458

4,681

4,079

Processing and services revenue | Payments | Operating segments

737

718

2,232

2,115

1,333

1,227

3,810

3,602

Product revenue

Product revenue | Corporate and Other

840

756

2,368

2,147

Product revenue | Acceptance | Operating segments

252

211

715

616

Product revenue | Fintech | Operating segments

275

258

751

700

Product revenue | Payments | Operating segments

115

136