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Segment Information (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Segment Information    
Schedule of operating segment results

 

 

 

 

Three months ended September 30, 2013

 

(in millions)

 

Retail and
Alliance
Services

 

Financial
Services

 

International

 

All Other
and
Corporate

 

Totals

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Transaction and processing service fees

 

$

819.8

 

$

331.1

 

$

331.4

 

$

18.8

 

$

1,501.1

 

Product sales and other

 

96.9

 

15.3

 

92.8

 

13.2

 

218.2

 

Equity earnings in affiliates (a) 

 

—

 

—

 

7.4

 

—

 

7.4

 

Total segment reporting revenues

 

$

916.7

 

$

346.4

 

$

431.6

 

$

32.0

 

$

1,726.7

 

Internal revenue

 

$

5.8

 

$

9.1

 

$

2.6

 

$

—

 

$

17.5

 

External revenue

 

$

910.9

 

$

337.3

 

$

429.0

 

$

32.0

 

$

1,709.2

 

Depreciation and amortization

 

$

114.1

 

$

82.5

 

$

65.0

 

$

9.4

 

$

271.0

 

Segment EBITDA

 

$

410.3

 

$

162.7

 

$

126.0

 

$

(71.9

)

$

627.1

 

Other operating expenses and other income (expense) excluding divestitures

 

$

(16.8

)

$

(3.5

)

$

(7.3

)

$

(18.7

)

$

(46.3

)

 

 

 

Three months ended September 30, 2012

 

(in millions)

 

Retail and
Alliance
Services

 

Financial
Services

 

International

 

All Other
and
Corporate

 

Totals

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Transaction and processing service fees

 

$

807.6

 

$

334.5

 

$

321.9

 

$

19.3

 

$

1,483.3

 

Product sales and other

 

102.6

 

12.6

 

95.8

 

9.1

 

220.1

 

Equity earnings in affiliates (a) 

 

—

 

—

 

9.3

 

—

 

9.3

 

Total segment reporting revenues

 

$

910.2

 

$

347.1

 

$

427.0

 

$

28.4

 

$

1,712.7

 

Internal revenue

 

$

5.4

 

$

7.8

 

$

2.3

 

$

—

 

$

15.5

 

External revenue

 

$

904.8

 

$

339.3

 

$

424.7

 

$

28.4

 

$

1,697.2

 

Depreciation and amortization

 

$

125.5

 

$

83.6

 

$

69.9

 

$

10.4

 

$

289.4

 

Segment EBITDA

 

$

409.4

 

$

149.5

 

$

119.5

 

$

(69.9

)

$

608.5

 

Other operating expenses and other income (expense) excluding divestitures

 

$

(21.9

)

$

—

 

$

(5.4

)

$

(31.9

)

$

(59.2

)

 

 

 

Nine months ended September 30, 2013

 

(in millions)

 

Retail and
Alliance
Services

 

Financial
Services

 

International

 

All Other
and
Corporate

 

Totals

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Transaction and processing service fees

 

$

2,414.6

 

$

979.5

 

$

973.0

 

$

57.0

 

$

4,424.1

 

Product sales and other

 

291.7

 

34.7

 

269.5

 

33.5

 

629.4

 

Equity earnings in affiliates (a)

 

—

 

—

 

22.6

 

—

 

22.6

 

Total segment reporting revenues

 

$

2,706.3

 

$

1,014.2

 

$

1,265.1

 

$

90.5

 

$

5,076.1

 

Internal revenue

 

$

16.7

 

$

25.5

 

$

7.5

 

$

—

 

$

49.7

 

External revenue

 

$

2,689.6

 

$

988.7

 

$

1,257.6

 

$

90.5

 

$

5,026.4

 

Depreciation and amortization

 

$

338.2

 

$

245.7

 

$

198.5

 

$

34.7

 

$

817.1

 

Segment EBITDA

 

$

1,193.8

 

$

446.5

 

$

341.6

 

$

(201.7

)

$

1,780.2

 

Other operating expenses and other income (expense) excluding divestitures

 

$

10.8

 

$

(8.4

)

$

18.1

 

$

(89.7

)

$

(69.2

)

 

 

 

Nine months ended September 30, 2012

 

(in millions)

 

Retail and
Alliance
Services

 

Financial
Services

 

International

 

All Other
and
Corporate

 

Totals

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Transaction and processing service fees

 

$

2,363.4

 

$

1,011.4

 

$

952.6

 

$

66.3

 

$

4,393.7

 

Product sales and other

 

308.0

 

30.0

 

276.0

 

30.8

 

644.8

 

Equity earnings in affiliates (a)

 

—

 

—

 

27.9

 

—

 

27.9

 

Total segment reporting revenues

 

$

2,671.4

 

$

1,041.4

 

$

1,256.5

 

$

97.1

 

$

5,066.4

 

Internal revenue

 

$

14.9

 

$

23.4

 

$

6.8

 

$

—

 

$

45.1

 

External revenue

 

$

2,656.5

 

$

1,018.0

 

$

1,249.7

 

$

97.1

 

$

5,021.3

 

Depreciation and amortization

 

$

391.5

 

$

255.5

 

$

213.2

 

$

33.5

 

$

893.7

 

Segment EBITDA

 

$

1,176.6

 

$

457.2

 

$

332.4

 

$

(186.0

)

$

1,780.2

 

Other operating expenses and other income (expense) excluding divestitures

 

$

(28.8

)

$

(5.1

)

$

(25.7

)

$

(52.4

)

$

(112.0

)

 

 

 

 

 

Year ended December 31, 2012

 

(in millions) 

 

Retail and
Alliance
Services

 

Financial
Services

 

International

 

All Other and
Corporate

 

Totals

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Transaction and processing service fees

 

$

3,198.8

 

$

1,350.0

 

$

1,291.2

 

$

85.2

 

$

5,925.2

 

Product sales and other

 

404.0

 

40.1

 

391.0

 

39.8

 

874.9

 

Equity earnings in affiliates (a)

 

—

 

—

 

36.2

 

—

 

36.2

 

Total segment reporting revenues

 

$

3,602.8

 

$

1,390.1

 

$

1,718.4

 

$

125.0

 

$

6,836.3

 

Internal revenue

 

$

20.2

 

$

31.5

 

$

9.9

 

$

—

 

$

61.6

 

External revenue

 

3,582.6

 

1,358.6

 

1,708.5

 

125.0

 

6,774.7

 

Depreciation and amortization

 

520.1

 

337.2

 

282.9

 

45.1

 

1,185.3

 

Segment EBITDA

 

1,594.8

 

603.1

 

483.8

 

(246.0

)

2,435.7

 

Other operating expenses and other income (expense) excluding divestitures

 

(29.1

)

(5.1

)

(24.3

)

(64.0

)

(122.5

)

Expenditures for long-lived assets

 

25.1

 

49.2

 

163.9

 

132.1

 

370.3

 

Equity earnings in affiliates

 

137.8

 

—

 

20.4

 

—

 

158.2

 

Investment in unconsolidated affiliates

 

1,219.6

 

—

 

193.5

 

—

 

1,413.1

 

 

 

 

Year ended December 31, 2011

 

(in millions)

 

Retail and
Alliance
Services

 

Financial
Services

 

International

 

All Other and
Corporate

 

Totals

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Transaction and processing service fees

 

$

2,974.5

 

$

1,350.0

 

$

1,337.9

 

$

108.3

 

$

5,770.7

 

Product sales and other

 

407.5

 

29.5

 

388.8

 

32.9

 

858.7

 

Equity earnings in affiliates (a)

 

—

 

—

 

34.6

 

—

 

34.6

 

Total segment reporting revenues

 

$

3,382.0

 

$

1,379.5

 

$

1,761.3

 

$

141.2

 

$

6,664.0

 

Internal revenue

 

$

17.5

 

$

37.8

 

$

9.8

 

$

—

 

$

65.1

 

External revenue

 

3,364.5

 

1,341.7

 

1,751.5

 

141.2

 

6,598.9

 

Depreciation and amortization

 

571.1

 

347.7

 

222.7

 

45.1

 

1,186.6

 

Segment EBITDA

 

1,407.5

 

593.5

 

454.3

 

(206.8

)

2,248.5

 

Other operating expenses and other income (expense) excluding divestitures

 

(0.4

)

(10.5

)

(12.1

)

45.8

 

22.8

 

Expenditures for long-lived assets

 

33.4

 

60.0

 

168.0

 

143.4

 

404.8

 

Equity earnings in affiliates

 

118.5

 

—

 

34.9

 

—

 

153.4

 

Investment in unconsolidated affiliates

 

1,288.9

 

—

 

201.7

 

—

 

1,490.6

 

 

 

 

Year ended December 31, 2010

 

(in millions)

 

Retail and
Alliance
Services

 

Financial
Services

 

International

 

All Other and
Corporate

 

Totals

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Transaction and processing service fees

 

$

2,923.9

 

$

1,362.2

 

$

1,237.5

 

$

126.8

 

$

5,650.4

 

Product sales and other

 

390.9

 

46.8

 

353.9

 

23.9

 

815.5

 

Equity earnings in affiliates (a)

 

—

 

—

 

29.4

 

—

 

29.4

 

Total segment reporting revenues

 

$

3,314.8

 

$

1,409.0

 

$

1,620.8

 

$

150.7

 

$

6,495.3

 

Internal revenue

 

$

18.0

 

$

36.0

 

$

8.4

 

$

—

 

$

62.4

 

External revenue

 

3,296.8

 

1,373.0

 

1,612.4

 

150.7

 

6,432.9

 

Depreciation and amortization

 

676.2

 

362.9

 

289.9

 

51.2

 

1,380.2

 

Segment EBITDA

 

1,322.3

 

553.0

 

329.8

 

(178.1

)

2,027.0

 

Other operating expenses and other income (expense) excluding divestitures

 

(60.2

)

(8.5

)

(26.4

)

(21.0

)

(116.1

)

Expenditures for long-lived assets

 

27.9

 

69.9

 

171.3

 

100.6

 

369.7

 

Equity earnings in affiliates

 

104.8

 

—

 

12.5

 

—

 

117.3

 

Investment in unconsolidated affiliates

 

1,013.5

 

—

 

194.7

 

—

 

1,208.2

 

 
Schedule of reconciliation of reportable segment amounts to the consolidated balances

 

 

 

 

Three months ended
September 30,

 

Nine months ended
September 30,

 

(in millions)

 

2013

 

2012

 

2013

 

2012

 

Segment Revenues:

 

 

 

 

 

 

 

 

 

Total reported segments

 

$

1,694.7

 

$

1,684.3

 

$

4,985.6

 

$

4,969.3

 

All Other and Corporate

 

32.0

 

28.4

 

90.5

 

97.1

 

Adjustment to reconcile to Adjusted revenue:

 

 

 

 

 

 

 

 

 

Official check and money order revenues (b)

 

(0.8

)

(2.3

)

(3.2

)

(11.9

)

Eliminations of intersegment revenues

 

(17.5

)

(15.5

)

(49.7

)

(45.1

)

Adjusted revenue

 

1,708.4

 

1,694.9

 

5,023.2

 

5,009.4

 

Adjustments to reconcile to Consolidated revenues:

 

 

 

 

 

 

 

 

 

Adjustments for non-wholly-owned entities (c) 

 

3.0

 

11.8

 

26.3

 

48.5

 

Official check and money order revenues (b)

 

0.8

 

2.3

 

3.2

 

11.9

 

ISO commission expense

 

123.5

 

120.6

 

362.6

 

355.7

 

Reimbursable debit network fees, postage and other

 

876.4

 

844.4

 

2,596.5

 

2,498.0

 

Consolidated revenues

 

$

2,712.1

 

$

2,674.0

 

$

8,011.8

 

$

7,923.5

 

Segment EBITDA:

 

 

 

 

 

 

 

 

 

Total reported segments

 

$

699.0

 

$

678.4

 

$

1,981.9

 

$

1,966.2

 

All Other and Corporate

 

(71.9

)

(69.9

)

(201.7

)

(186.0

)

Adjusted EBITDA

 

627.1

 

608.5

 

1,780.2

 

1,780.2

 

Adjustments to reconcile to “Net loss attributable to First Data Corporation”:

 

 

 

 

 

 

 

 

 

Adjustments for non-wholly-owned entities (c)

 

0.5

 

4.1

 

3.2

 

3.8

 

Depreciation and amortization

 

(271.3

)

(293.5

)

(818.2

)

(897.1

)

Interest expense

 

(469.0

)

(488.6

)

(1,410.2

)

(1,430.4

)

Interest income

 

2.7

 

2.1

 

8.0

 

6.3

 

Other items (d)

 

(49.8

)

(70.8

)

(86.4

)

(137.1

)

Income tax (expense) benefit

 

(28.6

)

69.4

 

(101.7

)

252.3

 

Stock-based compensation

 

(5.5

)

(3.4

)

(36.1

)

(10.4

)

Official check and money order EBITDA (b)

 

0.4

 

1.4

 

1.9

 

6.2

 

Costs of alliance conversions

 

(17.8

)

(22.8

)

(59.1

)

(56.5

)

KKR related items

 

(8.3

)

(8.4

)

(24.4

)

(25.2

)

Debt issuance costs

 

0.1

 

(10.0

)

(3.2

)

(14.0

)

Net loss attributable to First Data Corporation

 

$

(219.5

)

$

(212.0

)

$

(746.0

)

$

(521.9

)

 

(a)                  Excludes equity losses that were recorded in expense and the amortization related to the excess of the investment balance over the Company’s proportionate share of the investee’s net book value for the International segment.

(b)                  Represents an adjustment to exclude the official check and money order businesses from revenue and EBITDA due to the Company’s wind down of these businesses.

(c)                   Represents the net adjustment to reflect First Data’s proportionate share of alliance revenue and EBITDA within the Retail and Alliance Services segment, equity earnings in affiliates included in International segment revenue and amortization related to equity method investments not included in segment EBITDA.

(d)                  Includes restructuring, certain retention bonuses, litigation and regulatory settlements, and impairments as applicable to the periods presented and “Other income (expense)” as presented in the Consolidated Statements of Operations.

 

 

 

 

 

Year ended December 31,

 

(in millions)

 

2012

 

2011

 

2010

 

Segment Revenues:

 

 

 

 

 

 

 

Total reported segments

 

$

6,711.3

 

$

6,522.8

 

$

6,344.6

 

All Other and Corporate

 

125.0

 

141.2

 

150.7

 

Adjustments to reconcile to Adjusted revenue:

 

 

 

 

 

 

 

Official check and money order revenues (b)

 

(12.7

)

(9.9

)

8.0

 

Eliminations of intersegment revenues

 

(61.6

)

(65.1

)

(62.4

)

Adjusted revenue

 

6,762.0

 

6,589.0

 

6,440.9

 

Adjustments to reconcile to Consolidated revenues:

 

 

 

 

 

 

 

Adjustments for non-wholly-owned entities (c)

 

73.2

 

179.7

 

224.1

 

Official check and money order revenues

 

12.7

 

9.9

 

(8.0

)

ISO commission expense

 

470.9

 

403.5

 

333.8

 

Reimbursable debit network fees, postage and other

 

3,361.5

 

3,531.5

 

3,389.6

 

Consolidated revenues

 

$

10,680.3

 

$

10,713.6

 

$

10,380.4

 

Segment EBITDA:

 

 

 

 

 

 

 

Total reported segments

 

$

2,681.7

 

$

2,455.3

 

$

2,205.1

 

All Other and Corporate

 

(246.0

)

(206.8

)

(178.1

)

Adjusted EBITDA

 

2,435.7

 

2,248.5

 

2,027.0

 

Adjustments to reconcile to Net loss attributable to First Data Corporation:

 

 

 

 

 

 

 

Divested businesses

 

—

 

—

 

1.1

 

Adjustments for non-wholly-owned entities (c)

 

6.8

 

59.5

 

34.3

 

Depreciation and amortization

 

(1,191.6

)

(1,245.0

)

(1,414.4

)

Interest expense

 

(1,897.8

)

(1,833.1

)

(1,796.6

)

Interest income

 

8.8

 

7.9

 

7.8

 

Other items (d)

 

(156.9

)

62.4

 

(97.4

)

Income tax benefit

 

224.0

 

270.1

 

323.8

 

Stock based compensation

 

(11.8

)

(16.9

)

(16.1

)

Official check and money order EBITDA (b)

 

6.4

 

(0.5

)

(21.2

)

Costs of alliance conversions

 

(77.2

)

(28.4

)

(25.7

)

Stock plan modification expenses

 

—

 

—

 

(7.8

)

KKR related items

 

(33.6

)

(37.4

)

(28.5

)

Debt issuance costs

 

(13.7

)

(3.2

)

(8.1

)

Net loss attributable to First Data Corporation

 

$

(700.9

)

$

(516.1

)

$

(1,021.8

)

 

 

(a)                  Excludes equity losses that were recorded in expense and the amortization related to the excess of the investment balance over the Company’s proportionate share of the investee’s net book value for the International segment.

(b)                  Represents an adjustment to exclude the official check and money order businesses from revenue and EBITDA due to the Company’s wind down of these businesses.

(c)                   Net adjustment to reflect First Data’s proportionate share of alliance revenue and EBITDA within the Retail and Alliance Services segment, equity earnings in affiliates included in International segment revenue and amortization related to equity method investments not included in segment EBITDA.

(d)                  Includes restructuring, litigation and regulatory settlements and impairments as applicable to the periods presented and “Other income (expense)” as presented in the Consolidated Statement of Operations.
Schedule of segment assets

 

 

(in millions)

 

As of September 30,
2013

 

As of December 31,
2012

 

Assets:

 

 

 

 

 

Retail and Alliance Services

 

$

25,607.6

 

$

25,885.7

 

Financial Services

 

4,192.3

 

4,477.1

 

International

 

5,061.4

 

5,305.7

 

All Other and Corporate

 

1,982.4

 

2,230.5

 

Consolidated

 

$

36,843.7

 

$

37,899.0

 

 

 

 

 

As of December 31,

 

(in millions)

 

2012

 

2011

 

Assets:

 

 

 

 

 

Retail and Alliance Services

 

$

25,885.7

 

$

27,882.2

 

Financial Services

 

4,477.1

 

4,647.8

 

International

 

5,305.7

 

5,332.9

 

All Other and Corporate

 

2,230.5

 

2,413.4

 

Consolidated

 

$

37,899.0

 

$

40,276.3

 

 
Schedule of reconciliation of reportable segment depreciation and amortization amounts to the consolidated balances

 

 

 

 

Three months ended
September 30,

 

Nine months ended
September 30,

 

(in millions)

 

2013

 

2012

 

2013

 

2012

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

Total reported segments

 

$

261.6

 

$

279.0

 

$

782.4

 

$

860.2

 

All Other and Corporate

 

9.4

 

10.4

 

34.7

 

33.5

 

 

 

271.0

 

289.4

 

817.1

 

893.7

 

Adjustments to reconcile to consolidated depreciation and amortization:

 

 

 

 

 

 

 

 

 

Adjustments for non-wholly-owned entities

 

20.0

 

25.5

 

60.3

 

76.7

 

Amortization of initial payments for new contracts

 

10.4

 

12.0

 

30.7

 

33.7

 

Total consolidated depreciation and amortization

 

$

301.4

 

$

326.9

 

$

908.1

 

$

1,004.1

 

 

 

 

 

Year ended December 31,

 

(in millions)

 

2012

 

2011

 

2010

 

Depreciation and Amortization:

 

 

 

 

 

 

 

Total reported segments

 

$

1,140.2

 

$

1,141.5

 

$

1,329.0

 

All Other and Corporate

 

45.1

 

45.1

 

51.2

 

 

 

1,185.3

 

1,186.6

 

1,380.2

 

Adjustments to reconcile to consolidated depreciation and amortization:

 

 

 

 

 

 

 

Adjustments for non-wholly-owned entities

 

101.1

 

115.1

 

107.2

 

Amortization of initial payments for new contracts

 

44.5

 

42.5

 

38.6

 

Total consolidated depreciation and amortization

 

$

1,330.9

 

$

1,344.2

 

$

1,526.0