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Redeemable Noncontrolling Interest | 9 Months Ended
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Sep. 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 maintained a redeemable noncontrolling 1% interest which was presented outside of equity and carried at its estimated redemption value. The minority partner was entitled to a contractually determined share of the entity’s income, and the joint venture agreement contained redemption features whereby the interest held by the minority partner was 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 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 redeemed the minority partner’s membership interest in exchange for a future 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 satisfy the purchase of the interest has been reclassified as a current liability in the accompanying consolidated balance sheet (see Note 9). The Company maintains an ongoing relationship with the former minority partner to provide processing and other support services following the termination of the joint venture agreement. The following table presents a summary of the redeemable noncontrolling interest activity during the nine months ended September 30:
(In millions) |  | 2024 |  | 2023
Balance at beginning of period |  | $ | 161 |  |  | $ | 161 |
Distributions paid to redeemable noncontrolling interest |  | (13) |  |  | (19) |
Share of income |  | 13 |  |  | 19 |
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 + Details
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- References No definition available. + Details
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