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SEC Filings

10-Q
FIRST DATA CORP filed this Form 10-Q on 10/31/2018
Entire Document
 
FIRST DATA CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

 
 
Nine months ended September 30, 2017
(in millions)
 
Global Business Solutions
 
Global Financial Solutions
 
Network & Security Solutions
 
Corporate
 
Total
Revenues:
 
 

 
 

 
 

 
 

 
 

Total revenues
 
$
3,575

 
$
1,211

 
$
1,137

 
$

 
$
5,923

Equity earnings in affiliates
 
26

 

 

 

 
26

Total segment revenues
 
$
3,601

 
$
1,211

 
$
1,137

 
$

 
$
5,949

Depreciation and amortization
 
$
334

 
$
264

 
$
95

 
$
5

 
$
698

Segment EBITDA
 
1,330

 
498

 
520

 
(128
)
 
2,220



The following table presents a reconciliation of reportable segment amounts to the Company’s consolidated balances for the three and nine months ended September 30, 2018 and 2017:
 
 
Three months ended 
 
September 30,
 
Nine months ended 
 
September 30,
(in millions)
 
2018
 
2017
 
2018
 
2017
Total segment revenues
 
$
2,158

 
$
2,067

 
$
6,472

 
$
5,949

Adjustments:
 
 
 
 
 
 
 
 
Non wholly-owned entities(a) 
 

 
14

 
14

 
49

Reimbursable items(b)
 
211

 
995

 
613

 
2,904

Consolidated revenues
 
$
2,369

 
$
3,076

 
$
7,099

 
$
8,902

 
 
 
 
 
 
 
 
 
Total segment EBITDA
 
$
815

 
$
786

 
$
2,409

 
$
2,220

Adjustments:
 
 
 
 
 
 
 
 
Non wholly-owned entities(a)
 
7

 
9

 
29

 
21

Depreciation and amortization
 
(248
)
 
(248
)
 
(753
)
 
(713
)
Interest expense, net
 
(231
)
 
(233
)
 
(698
)
 
(702
)
Loss on debt extinguishment
 
(2
)
 
(1
)
 
(3
)
 
(72
)
Other items (c)
 
173

 
(61
)
 
95

 
(120
)
Stock-based compensation
 
(59
)
 
(62
)
 
(192
)
 
(183
)
Income tax expense
 
(54
)
 
106

 
(44
)
 
66

Net income attributable to First Data Corporation
 
$
401

 
$
296

 
$
843

 
$
517

(a)
Net adjustment to reflect the Company's proportionate share of the results of the Company's investments in businesses accounted for under the equity method and consolidated subsidiaries with noncontrolling ownership interests. Segment revenue for the Company's significant affiliates is reflected based on the Company's proportionate share of the results of the Company's investments in businesses accounted for under the equity method and consolidated subsidiaries with noncontrolling ownership interests. For other affiliates, the Company includes equity earnings in affiliates, excluding amortization expense, in segment revenue.
(b)
Reimbursable items for the three and nine months ended September 30, 2018 reflect adoption of the New Revenue Standard.
(c)
See "Other operating expenses, net" and "Other income (expense)" in the Company's unaudited consolidated statements of income.


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