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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenue $ 3,786 $ 3,128 $ 11,020 $ 6,142
Selling, general and administrative 1,412 1,137 4,193 1,821
Gain on sale of businesses (36) 0 (464) (10)
Total expenses 3,244 2,754 9,684 5,011
Operating income 542 374 1,336 1,131
Interest expense, net (174) (164) (535) (279)
Debt financing activities 0 49 0 (47)
Other income (expense) 13 (3) 34 0
Income before income taxes and income from investments in unconsolidated affiliates 381 256 835 805
Income tax provision (124) (53) (176) (144)
Income from investments in unconsolidated affiliates 19 22 3 12
Net income 276 225 662 673
Less: net income attributable to noncontrolling interests and redeemable noncontrolling interests 12 27 4 27
Net income attributable to Fiserv, Inc. $ 264 $ 198 $ 658 $ 646
Net income attributable to Fiserv, Inc. per share – basic (in dollars per share) $ 0.39 $ 0.34 $ 0.98 $ 1.42
Net income attributable to Fiserv, Inc. per share – diluted (in dollars per share) $ 0.39 $ 0.33 $ 0.96 $ 1.39
Shares used in computing net income attributable to Fiserv, Inc. per share:        
Basic (in shares) 669.8 584.8 672.6 456.3
Diluted (in shares) 680.3 596.9 684.1 465.2
Processing and services        
Revenue [1] $ 3,153 $ 2,608 $ 9,118 $ 5,229
Cost of goods sold and services 1,387 1,204 4,488 2,445
Product        
Revenue 633 520 1,902 913
Cost of goods sold and services $ 481 $ 413 $ 1,467 $ 755
[1] Includes processing and other fees charged to related party investments accounted for under the equity method of $62 million and $40 million for the three months ended September 30, 2020 and 2019, respectively, and $174 million and $58 million for the nine months ended September 30, 2020 and 2019, respectively (see Note 21).