XML 19 R10.htm IDEA: XBRL DOCUMENT v3.23.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
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.
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 13% and 14% of total revenue during the three months ended March 31, 2023 and 2022, respectively.
(In millions)Reportable Segments
Three Months Ended March 31, 2023 AcceptanceFintechPaymentsCorporate
and Other		Total
Type of Revenue
Processing$1,554 $416 $1,187 $6 $3,163 
Hardware, print and card production246 12 287 — 545 
Professional services4 112 80 — 196 
Software maintenance— 137 6 — 143 
License and termination fees10 53 29 — 92 
Output Solutions postage— — — 273 273 
Other33 62 40 — 135 
Total Revenue$1,847 $792 $1,629 $279 $4,547 

(In millions)Reportable Segments
Three Months Ended March 31, 2022AcceptanceFintechPaymentsCorporate
and Other		Total
Type of Revenue
Processing$1,403 $405 $1,113 $6 $2,927 
Hardware, print and card production225 9 236 — 470 
Professional services5 116 62 — 183 
Software maintenance— 138 6 — 144 
License and termination fees14 48 26 — 88 
Output Solutions postage— — — 239 239 
Other6 62 19 — 87 
Total Revenue$1,653 $778 $1,462 $245 $4,138 
Contract Balances
The following table provides information about contract assets and contract liabilities from contracts with customers:
(In millions)March 31, 2023December 31, 2022
Contract assets$595 $551 
Contract liabilities965 860 
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 $223 million of revenue during the three months ended March 31, 2023 that was included in the contract liabilities 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 March 31, 2023:
(In millions)
Year Ending December 31,
Remainder of 2023$1,722 
20241,955 
20251,526 
2026970 
Thereafter1,294 
The Company applies the optional exemption under ASC Topic 606, Revenue from Contracts with Customers (“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.