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Redeemable Noncontrolling Interest

6 Months Ended

Jun. 30, 2024

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

Redeemable Noncontrolling Interest

The minority partner in one of the Company’s existing merchant alliance joint ventures maintains a redeemable noncontrolling 1% interest which is presented outside of equity and carried at its estimated redemption value. The minority partner is entitled to a contractually determined share of the entity’s income, and the joint venture agreement contains redemption features whereby the interest held by the minority partner is redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within the Company’s control.

Effective June 1, 2024, the Company and the merchant alliance joint venture minority partner mutually agreed to terminate the joint venture agreement on September 1, 2024. Under the provisions of the separation agreement, the Company will redeem the minority partner’s membership interest in exchange for a distribution of certain merchant contracts. The redeemable noncontrolling interest was adjusted to reflect the estimated redemption value, with a corresponding adjustment recorded to additional paid-in capital (see Notes 8 and 12). Additionally, as the redeemable noncontrolling interest is now mandatorily redeemable, the Company’s obligation to purchase the interest has been reclassified as a current liability in the accompanying consolidated balance sheet at June 30, 2024 (see Note 9). The Company will maintain an ongoing relationship with the minority partner to provide processing and other support services following termination of the joint venture agreement.

The following table presents a summary of the redeemable noncontrolling interest activity during the six months ended June 30:

(In millions)						2024						2023
Balance at beginning of period						$	161					$	161
Distributions paid to redeemable noncontrolling interest						(13)						(13)
Share of income						13						13
Adjustment to estimated redemption value of redeemable noncontrolling interest						(66)						—
Reclassification to current liability						(95)						—
Balance at end of period						$	—					$	161

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- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/810/tableOfContent

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X

- References

No definition available.

+ Details

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