Company Quick10K Filing
First Data
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 971 $26,217
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-04-30 Quarter: 2019-03-31
10-K 2019-02-27 Annual: 2018-12-31
10-Q 2018-10-31 Quarter: 2018-09-30
10-Q 2018-07-30 Quarter: 2018-06-30
10-Q 2018-05-01 Quarter: 2018-03-31
10-K 2018-02-21 Annual: 2017-12-31
10-Q 2017-10-30 Quarter: 2017-09-30
10-Q 2017-08-07 Quarter: 2017-06-30
10-Q 2017-05-08 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-Q 2016-08-03 Quarter: 2016-06-30
10-Q 2016-05-11 Quarter: 2016-03-31
10-K 2016-02-25 Annual: 2015-12-31
10-Q 2015-11-10 Quarter: 2015-09-30
10-Q 2015-08-04 Quarter: 2015-06-30
10-Q 2015-05-13 Quarter: 2015-03-31
10-Q 2014-11-12 Quarter: 2014-09-30
10-Q 2014-08-08 Quarter: 2014-06-30
10-Q 2014-05-13 Quarter: 2014-03-31
10-K 2014-03-10 Annual: 2013-12-31
10-Q 2013-11-13 Quarter: 2013-09-30
10-Q 2013-08-13 Quarter: 2013-06-30
10-Q 2013-05-14 Quarter: 2013-03-31
10-K 2013-03-19 Annual: 2012-12-31
10-Q 2012-11-13 Quarter: 2012-09-30
10-Q 2012-08-14 Quarter: 2012-06-30
10-Q 2012-05-14 Quarter: 2012-03-31
10-K 2012-03-05 Annual: 2011-12-31
10-Q 2011-11-08 Quarter: 2011-09-30
10-Q 2011-08-12 Quarter: 2011-06-30
10-Q 2011-05-13 Quarter: 2011-03-31
10-K 2011-03-10 Annual: 2010-12-31
10-Q 2010-11-12 Quarter: 2010-09-30
10-Q 2010-08-10 Quarter: 2010-06-30
10-Q 2010-05-14 Quarter: 2010-03-31
10-K 2010-03-11 Annual: 2009-12-31
8-K 2019-07-29 Leave Agreement, M&A, Shareholder Rights, Control, Officers, Amend Bylaw, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-07-23 Other Events
8-K 2019-07-17 Other Events
8-K 2019-05-13 Shareholder Vote
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-04-04 Other Events
8-K 2019-03-15 Shareholder Vote
8-K 2019-02-06 Earnings, Exhibits
8-K 2019-01-17 Enter Agreement, Exhibits
8-K 2019-01-16 Earnings, Other Events, Exhibits
8-K 2018-12-10 Amend Bylaw, Exhibits
8-K 2018-11-06 Officers
8-K 2018-10-29 Earnings, Exhibits
8-K 2018-10-26 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-09-17 Officers
8-K 2018-08-13 Other Events, Exhibits
8-K 2018-08-13 Enter Agreement, Other Events, Exhibits
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-07-20 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-10 Shareholder Vote
8-K 2018-04-30 Earnings, Exhibits
8-K 2018-04-16 Regulation FD, Exhibits
8-K 2018-02-12 Earnings, Exhibits
FDC 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1: Basis of Presentation and Summary of Significant Accounting Policies
Note 2: Borrowings
Note 3: Revenue Recognition
Note 4: Leases
Note 5: Stock Compensation Plans
Note 6: Net Income per Share Attributable To First Data Corporation
Note 7: Segment Information
Note 8: Income Taxes
Note 9: Redeemable Noncontrolling Interest
Note 10: Other Operating Expenses, Net
Note 11: Acquisitions
Note 12: Derivative Financial Instruments
Note 13: Commitments and Contingencies
Note 14: Investment in Affiliates
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 a6302019newexhibit311.htm
EX-31.2 a6302019newexhibit312.htm
EX-32.1 a6302019newexhibit321.htm
EX-32.2 a6302019newexhibit322.htm

First Data Earnings 2019-06-30

FDC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
WP 38,371 27,097 16,552 4,111 2,934 302 1,754 42,766 71% 24.4 1%
EBAY 35,223 21,169 17,063 10,856 8,399 2,401 3,628 43,002 77% 11.9 11%
MELI 30,046 4,595 2,351 1,802 951 16 65 28,918 53% 441.9 0%
FDC 26,217 51,031 43,518 9,569 0 1,213 2,437 41,631 0% 17.1 2%
GPN 25,180 14,584 10,409 3,556 2,371 519 1,171 29,283 67% 25.0 4%
FLT 24,977 11,976 8,132 2,532 0 893 1,344 28,097 0% 20.9 7%
TSS 22,430 7,707 5,212 4,103 1,174 617 1,146 25,990 29% 22.7 8%
MSCI 20,021 3,425 3,657 1,477 1,178 580 878 21,827 80% 24.9 17%
CSGP 19,585 3,621 417 1,293 1,010 291 442 18,287 78% 41.4 8%
BR 15,509 3,881 2,753 4,362 1,230 482 642 16,727 28% 26.1 12%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
 
FORM 10-Q
 
 
   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR 
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period from            to 
Commission file number 001-11073 
 
fdwordmarkfdblue1cc50.jpg
FIRST DATA CORPORATION
(Exact name of registrant as specified in its charter)
www.firstdata.com
 
Delaware
 
47-0731996
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
225 Liberty Street, 29th Floor
New York, New York 10281
(Address of principal executive offices and zip code)
(800) 735-3362
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Class A Common Stock, $0.01 par value per share
 
FDC
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act
Large accelerated filer
 
Accelerated filer
Non-accelerated filer  
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date
Class
 
Outstanding at June 30, 2019
Class A Common Stock, $0.01 par value per share
 
577,143,665

shares
Class B Common Stock, $0.01 par value per share
 
368,628,937

shares
 

1



INDEX
 
 
 
 
PAGE
NUMBER
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Unless otherwise indicated or the context otherwise requires, financial data in this Form 10-Q reflects the consolidated business and operations of First Data Corporation and its consolidated subsidiaries. Unless the context otherwise requires, all references herein to “First Data,” “FDC,” the “Company,” “we,” “our,” or “us” refer to First Data Corporation and its consolidated subsidiaries.
Amounts in this Form 10-Q and the unaudited consolidated financial statements included in this Form 10-Q are presented in U.S. dollars rounded to the nearest million, unless otherwise noted.






2


Table of Contents


Forward-Looking Statements
 
Certain matters we discuss in this Form 10-Q and in other public statements may constitute forward-looking statements. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “estimates,” or “anticipates” or similar expressions which concern our strategy, plans, projections or intentions. Examples of forward-looking statements include, but are not limited to, all statements we make relating to revenue, earnings before net interest expense, income taxes, depreciation, and amortization (EBITDA), earnings, margins, growth rates, and other financial results for future periods. By their nature, forward-looking statements speak only as of the date they are made; are not statements of historical fact or guarantees of future performance; and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Actual results could differ materially and adversely from our forward-looking statements due to a variety of factors, including the following: (1) adverse impacts from global economic, political, and other conditions affecting trends in consumer, business, and government spending; (2) our ability to anticipate and respond to changing industry trends, including technological changes and increasing competition; (3) our ability to successfully renew existing client contracts on favorable terms and obtain new clients; (4) our ability to prevent a material breach of security of any of our systems; (5) our ability to implement and improve processing systems to provide new products, improve functionality, and increase efficiencies; (6) the successful management of our merchant alliance program which involves several alliances not under our sole control and each of which acts independently of the others; (7) our successful management of credit and fraud risks in our business units and merchant alliances, particularly in the context of eCommerce and mobile markets; (8) consolidation among financial institution clients or other client groups that impacts our client relationships; (9) our ability to use our net operating losses without restriction to offset income for US tax purposes; (10) our ability to improve our profitability and maintain flexibility in our capital resources through the implementation of cost savings initiatives; (11) the acquisition or disposition of a material business or assets; (12) our ability to successfully value and integrate acquired businesses; (13) our high degree of leverage; (14) adverse impacts from currency exchange rates or currency controls imposed by any government or otherwise; (15) changes in the interest rate environment that increase interest on our borrowings or the interest rate at which we can refinance our borrowings; (16) the impact of new or changes in current laws, regulations, credit card association rules, or other industry standards; and (17) new lawsuits, investigations, or proceedings, or changes to our potential exposure in connection with pending lawsuits, investigations or proceedings, and various other factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2018, including but not limited to, Item 1 - Business, Item 1A - Risk Factors, and Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations. Additional factors related to the agreement and plan of merger entered on January 16, 2019 between First Data and Fiserv, Inc. (“Fiserv”) that could cause actual results to differ materially and adversely from our forward-looking statements include (1) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of First Data and Fiserv to terminate the definitive merger agreement between First Data and Fiserv; (2) the outcome of any legal proceedings that may be instituted against First Data, Fiserv or their respective stockholders, shareholders or directors; (3) the ability to meet closing conditions to the merger; (4) a delay in closing the merger; (5) difficulties and delays in integrating the First Data and Fiserv businesses, including with respect to implementing systems to prevent a material security breach of any internal systems or to successfully manage credit and fraud risks in business units; (6) failing to fully realize anticipated cost savings and other anticipated benefits of the merger; (7) business disruptions from the proposed merger that will harm First Data’s or Fiserv’s business, including current plans and operations; (8) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the merger, including as it relates to First Data’s or Fiserv’s ability to successfully renew existing client contracts on favorable terms or at all and obtain new clients; (9) certain restrictions during the pendency of the merger that may impact First Data’s or Fiserv’s ability to pursue certain business opportunities or strategic transactions; (10) the ability of First Data or Fiserv to retain and hire key personnel; (11) uncertainty as to the long-term value of the common stock of Fiserv following the merger; (12) the continued availability of capital and financing following the merger; (13) the business, economic and political conditions in the markets in which First Data and Fiserv operate. Except as required by law, we do not intend to revise or update any forward-looking statement as a result of new information, future developments or otherwise.


 


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PART I. FINANCIAL INFORMATION 
ITEM 1.                         FINANCIAL STATEMENTS
FIRST DATA CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions, except per share amounts)
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
Revenues excluding reimbursable items(a)
 
$
2,289

 
$
2,244

 
$
4,413

 
$
4,328

Reimbursable items
 
196

 
204

 
388

 
402

Total revenues
 
2,485

 
2,448

 
4,801

 
4,730

Expenses:
 
 
 
 
 
 
 
 
Cost of revenues (exclusive of items shown below)
 
757

 
751

 
1,514

 
1,530

Selling, general, and administrative
 
688

 
683

 
1,348

 
1,330

Depreciation and amortization
 
253

 
255

 
499

 
505

Other operating expenses, net
 
24

 
17

 
60

 
77

Total expenses excluding reimbursable items
 
1,722

 
1,706

 
3,421

 
3,442

Reimbursable items
 
196

 
204

 
388

 
402

Total expenses
 
1,918

 
1,910

 
3,809

 
3,844

Operating profit
 
567

 
538

 
992

 
886

Interest expense, net
 
(202
)
 
(234
)
 
(405
)
 
(467
)
Loss on debt extinguishment
 
(2
)
 
(1
)
 
(3
)
 
(1
)
Other (expense) income
 
(8
)
 
2

 
(35
)
 
(1
)
Income before income taxes and equity earnings in affiliates
 
355

 
305

 
549

 
417

Income tax expense (benefit)
 
85

 
(37
)
 
114

 
(10
)
Equity earnings in affiliates
 
64

 
60

 
116

 
109

Net income
 
334

 
402

 
551

 
536

Less: Net income attributable to noncontrolling interests and redeemable noncontrolling interest
 
59

 
61

 
107

 
94

Net income attributable to First Data Corporation
 
$
275

 
$
341

 
$
444

 
$
442

 
 
 
 
 
 
 
 
 
Net income attributable to First Data Corporation per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.29

 
$
0.37

 
$
0.47

 
$
0.48

Diluted
 
$
0.28

 
$
0.36

 
$
0.46

 
$
0.47

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
943

 
928

 
940

 
926

Diluted
 
971

 
954

 
969

 
950


(a)
Includes processing fees, administrative service fees, and other fees charged to merchant alliances accounted for under the equity method of $48 million and $96 million for the three and six months ended June 30, 2019, respectively, and $51 million and $103 million for the comparable periods in 2018 .


See notes to unaudited consolidated financial statements.

4



FIRST DATA CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
 
 
Three months ended June 30,
 
Six months ended June 30,
(in millions)
 
2019
 
2018
 
2019
 
2018
Net income
 
$
334

 
$
402

 
$
551

 
$
536

Other comprehensive income (loss):
 
 

 
 

 
 

 
 

Foreign currency translation adjustment
 
1

 
(174
)
 
60

 
(84
)
Pension liability adjustments
 

 

 
2

 

Derivative instruments
 
(50
)
 
(9
)
 
(78
)
 

Total other comprehensive income, net of tax
 
(49
)
 
(183
)
 
(16
)
 
(84
)
Comprehensive income
 
285

 
219

 
535

 
452

Less: Comprehensive income attributable to noncontrolling interests and redeemable noncontrolling interest
 
59

 
53

 
107

 
90

Comprehensive income attributable to First Data Corporation
 
$
226

 
$
166

 
$
428

 
$
362

 
See notes to unaudited consolidated financial statements.


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FIRST DATA CORPORATION
CONSOLIDATED BALANCE SHEETS
 (Unaudited)
(in millions, except par value)
 
As of June 30,
2019
 
As of December 31,
2018
ASSETS
 
 

 
 

Current assets:
 
 

 
 

Cash and cash equivalents
 
$
544

 
$
555

Accounts receivable, net of allowance for doubtful accounts of $46 and $46
 
2,162

 
2,217

Settlement assets
 
23,929

 
11,423

Prepaid expenses and other current assets
 
323

 
319

Total current assets
 
26,958

 
14,514

Property and equipment, net of accumulated depreciation of $1,781 and $1,647
 
922

 
905

Goodwill
 
17,508

 
17,460

Customer relationships, net of accumulated amortization of $5,682 and $5,509
 
1,641

 
1,763

Other intangibles, net of accumulated amortization of $2,450 and $2,271
 
1,935

 
1,893

Investment in affiliates
 
1,078

 
1,055

Other long-term assets
 
989

 
737

Total assets
 
$
51,031

 
$
38,327

LIABILITIES AND EQUITY
 
 

 
 

Current liabilities:
 
 

 
 

Accounts payable and accrued liabilities
 
$
1,727

 
$
1,636

Short-term and current portion of long-term borrowings
 
1,150

 
1,170

Settlement obligations
 
23,929

 
11,423

Total current liabilities
 
26,806

 
14,229

Long-term borrowings
 
15,811

 
16,429

Deferred tax liabilities
 
94

 
97

Other long-term liabilities
 
807

 
528

Total liabilities
 
43,518

 
31,283

Commitments and contingencies (See note 13)
 


 


Redeemable noncontrolling interest
 
92

 
77

First Data Corporation stockholders' equity:
 
 

 
 

Class A Common stock, $0.01 par value; 1,600 shares authorized as of June 30, 2019 and December 31, 2018, 597 shares and 584 shares issued as of June 30, 2019 and December 31, 2018, respectively; and 577 shares and 568 shares outstanding as of June 30, 2019 and December 31, 2018, respectively
 
6

 
6

Class B Common stock, $0.01 par value; 448 shares authorized as of June 30, 2019 and December 31, 2018; 369 shares issued and outstanding as of June 30, 2019 and December 31, 2018
 
4

 
4

Preferred stock, $0.01 par value; 100 shares authorized as of June 30, 2019 and December 31, 2018; no shares issued and outstanding as of June 30, 2019 and December 31, 2018
 

 

Class A Treasury stock, at cost, 20 shares and 16 shares as of June 30, 2019 and December 31, 2018, respectively
 
(347
)
 
(251
)
Additional paid-in capital
 
13,933

 
13,791

Accumulated loss
 
(7,617
)
 
(8,067
)
Accumulated other comprehensive loss
 
(1,326
)
 
(1,310
)
Total First Data Corporation stockholders' equity
 
4,653

 
4,173

Noncontrolling interests
 
2,768

 
2,794

Total equity
 
7,421

 
6,967

Total liabilities and equity
 
$
51,031

 
$
38,327

 See notes to unaudited consolidated financial statements.

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FIRST DATA CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
 
Six months ended June 30,
(in millions)
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES
 
 

 
 

Net income
 
$
551


$
536

Adjustments to reconcile to net cash provided by operating activities:
 
 

 
 

Depreciation and amortization (including amortization netted against equity earnings in affiliates and revenues)
 
525

 
546

Deferred income taxes
 
57

 
(80
)
Charges related to other operating expenses, net and other (expense) income
 
95

 
78

Loss on debt extinguishment
 
3

 
1

Stock-based compensation expense
 
115

 
133

Other non-cash and non-operating items, net
 
4

 
12

Increase (decrease) in cash, excluding the effects of acquisitions and dispositions, resulting from changes in:
 
 

 
 

Accounts receivable, current and long-term
 
100

 
50

Other assets, current and long-term
 
(18
)
 
(1
)
Accounts payable and other liabilities, current and long-term
 
(123
)
 
(139
)
Income tax accounts
 
19

 
2

Net cash provided by operating activities
 
1,328

 
1,138

CASH FLOWS FROM INVESTING ACTIVITIES
 
 

 
 

Additions to property and equipment
 
(211
)

(139
)
Payments to obtain customer contracts, including outlays for conversion,
and capitalized systems development costs
 
(173
)

(151
)
Acquisitions, net of cash acquired
 
(73
)

(17
)
Proceeds from the maturity of net investment hedges
 

 
26

Other investing activities, net
 
(29
)

(9
)
Net cash used in investing activities
 
(486
)
 
(290
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 

 
 

Short-term borrowings, net
 
(38
)

(364
)
Principal payments on long-term debt
 
(616
)

(246
)
Payment of taxes related to net settlement of equity awards
 
(118
)
 
(79
)
Distributions and dividends paid to noncontrolling interests and
redeemable noncontrolling interest
 
(133
)

(128
)
Other financing activities, net
 
67

 
33

Net cash used in financing activities
 
(838
)
 
(784
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
 
(1
)
 
(18
)
Change in cash, cash equivalents, and restricted cash
 
3

 
46

Cash, cash equivalents, and restricted cash at beginning of period(a)
 
583

 
525

Cash, cash equivalents, and restricted cash at end of period(a)
 
$
586

 
$
571

NON-CASH TRANSACTIONS
 
 
 
 
Finance leases, net of trade-ins
 
$
2

 
$
15

(a)
The Company held $42 million and $28 million in restricted cash within "Other long-term assets" in the unaudited consolidated balance sheets as of June 30, 2019 and December 31, 2018, respectively.

See notes to unaudited consolidated financial statements.

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FIRST DATA CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited) 
 
 
First Data Corporation Stockholders
 
 
Common Stock
 
Treasury Stock
 
Additional Paid-In Capital
 
Accumulated Loss
 
Accumulated Other Comprehensive Loss
 
Noncontrolling Interest
 
Total
(in millions)
 
Class A
 
Class B
 
Class A
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance, December 31, 2018
 
568

 
$
6

 
369

 
$
4

 
16

 
$
(251
)
 
$
13,791

 
$
(8,067
)
 
$
(1,310
)
 
$
2,794

 
$
6,967

Adoption of New Lease Standard
 

 

 

 

 

 

 

 
6

 

 

 
6

Dividends and distributions paid to noncontrolling interests(a)
 

 

 

 

 

 

 

 

 

 
(45
)
 
(45
)
Net income(b)
 

 

 

 

 

 

 

 
169

 

 
40

 
209

Other comprehensive income
 

 

 

 

 

 

 

 

 
33

 

 
33

Adjustments to redemption value of redeemable noncontrolling interest
 

 

 

 

 

 

 
(15
)
 

 

 

 
(15
)
Stock compensation expense
 

 

 

 

 

 

 
64

 

 

 

 
64

Stock activity under stock compensation plans and other
 
7

 

 

 

 
4

 
(87
)
 
32

 

 

 

 
(55
)
Balance, March 31, 2019
 
575

 
$
6

 
369

 
$
4

 
20

 
$
(338
)
 
$
13,872

 
$
(7,892
)
 
$
(1,277
)
 
$
2,789

 
$
7,164

Dividends and distributions paid to noncontrolling interests(a)
 

 

 

 

 

 

 

 

 

 
(73
)
 
(73
)
Net income(b)
 

 

 

 

 

 

 

 
275

 

 
52

 
327

Other comprehensive income
 

 

 

 

 

 

 

 

 
(49
)
 

 
(49
)
Stock compensation expense
 

 

 

 

 

 

 
59

 

 

 

 
59

Stock activity under stock compensation plans and other
 
2

 

 

 

 

 
(9
)
 
2

 

 

 

 
(7
)
Balance, June 30, 2019
 
577

 
$
6

 
369

 
$
4

 
20

 
$
(347
)
 
$
13,933

 
$
(7,617
)
 
$
(1,326
)
 
$
2,768

 
$
7,421

(a)
The total distribution presented in the unaudited consolidated statements of equity for the three and six months ended June 30, 2019 excludes $8 million and $15 million, respectively, in distributions paid to redeemable noncontrolling interest not included in equity.
(b)
The total net income presented in the unaudited consolidated statements of equity for the three and six months ended June 30, 2019 is $7 million and $15 million, respectively, different than the amounts presented in the unaudited consolidated statements of income due to the net income attributable to the redeemable noncontrolling interest not included in equity.

See notes to unaudited consolidated financial statements.


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Table of Contents


 
 
First Data Corporation Stockholders
 
 
Common Stock
 
Treasury Stock
 
Additional Paid-In Capital
 
Accumulated Loss
 
Accumulated Other Comprehensive Loss
 
Noncontrolling Interest
 
Total
(in millions)
 
Class A
 
Class B
 
Class A
 
 
 
 
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance, December 31, 2017
 
482

 
$
5

 
443

 
$
4

 
11

 
$
(149
)
 
$
13,495

 
$
(9,059
)
 
$
(1,144
)
 
$
2,862

 
$
6,014

Adoption of New Revenue Standard
 

 

 

 

 

 

 

 
(13
)
 

 

 
(13
)
Dividends and distributions paid to noncontrolling interests(a)
 

 

 

 

 

 

 

 

 

 
(44
)
 
(44
)
Net income(b)
 

 

 

 

 

 

 

 
101

 

 
25

 
126

Other comprehensive income
 

 

 

 

 

 

 

 

 
95

 
4

 
99

Adjustments to redemption value of redeemable noncontrolling interest
 

 

 

 

 

 

 
(6
)
 

 

 

 
(6
)
Stock compensation expense
 

 

 

 

 

 

 
74

 

 

 

 
74

Stock activity under stock compensation plans and other
 
3

 

 
1

 

 
3

 
(53
)
 
15

 

 

 

 
(38
)
Balance, March 31, 2018
 
485

 
$
5

 
444

 
$
4

 
14

 
$
(202
)
 
$
13,578

 
$
(8,971
)
 
$
(1,049
)
 
$
2,847

 
$
6,212

Dividends and distributions paid to noncontrolling interests(a)