First Data 2014 Annual Report Download

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(State of incorporation) (I.R.S. Employer Identification No.)
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(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code 
Securities registered pursuant to Section 12(b) of the Act: 
Securities registered pursuant to Section 12(g) of the Act: 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No ý
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ý No o *
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes o No ý *
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and
posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and
post such files). Yes ý No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the
best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ý
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large
accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o Accelerated filer o
Non-accelerated filer x Smaller Reporting Company o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes o No ý
The aggregate market value of the registrant’s voting stock held by non-affiliates is zero. The registrant is privately held. There were 1,000 shares of the registrant’s common stock
outstanding as of January 31, 2015.
* The registrant has not been subject to the filing requirements of Section 13 or 15(d) of the Exchange Act since January 1, 2015; however, registrant filed all reports since that date
that would have been required to be filed if it were subject to Section 13 or 15(d) of the Exchange Act.
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Table of contents

  • Page 1
    ..., NEW YORK, NEW YORK 10281 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (800) 735-3362 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark...

  • Page 2
    ... Market Risk Financial Statements and Supplementary Data Changes in and Disagreements with Accountants on Accounting and Financial Disclosure Controls and Procedures Other Information 23 23 24 47 48 111 111 114 Directors, Executive Officers and Corporate Governance Executive Compensation Security...

  • Page 3
    ...of new laws, regulations, credit card association rules or other industry standards; (8) adverse impacts from currency exchange rates or currency controls imposed by any government or otherwise; (9) our ability to successfully convert accounts under service contracts with major clients; (10) changes...

  • Page 4
    ... of Kohlberg Kravis Roberts & Co. (KKR) that resulted in our equity becoming privately held. We have operations and offices located within the United States (U.S.) (domestic) and outside of the U.S. (international) where sales, customer service and/or administrative personnel are based. Revenues...

  • Page 5
    ... and referral programs, the alliance/referral partners typically act as a merchant referral source. We benefit by providing processing services for the alliance/referral partners and their merchant customers. Both we and the alliance may provide management, sales, marketing, and other administrative...

  • Page 6
    ... partner or a processing customer. When the merchant swipes the card through the POS device (which is often sold or leased, and serviced by us), we obtain authorization for the transaction from the card issuer through the payment or debit network, verifying that the cardholder has sufficient credit...

  • Page 7
    ... including processing fees for transactions processed and fees for card production and shipments. Money Network offers prepaid products to address the needs of employers, employees, merchants, and unbanked individuals. Money Network provides open loop electronic payroll distribution solutions that...

  • Page 8
    ... the following acquisitions and product developments. CloverTM In 2012, we acquired Clover Network, Inc. (Clover), a provider of payment network services. In 2013 we unveiled Clover Station-a reliable and easy to use POS and business management solution for merchants. With security and reliability...

  • Page 9
    ... purchases. Other services provided include customized communications to cardholders, information verification associated with granting credit, debt collection, and customer service. Revenues for credit and retail card issuing and processing services are derived from fees payable under contracts...

  • Page 10
    ...and retail private label cards to consumers and businesses to manage customer accounts. Output services include statement and letter printing, embossing and mailing services, and call center services. ATM services include processing, acquiring, and switching services. Additionally, the International...

  • Page 11
    ... provides electronic tax payment processing services for the Electronic Federal Tax Payment System. Corporate operations include administrative and shared service functions such as the executive group, legal, tax, treasury, internal audit, finance, accounting, human resources, information technology...

  • Page 12
    ... Financial Protection Bureau to regulate consumer financial products and services (including some offered by our customers). Separately, under the Dodd-Frank Act, debit interchange transaction fees that a card issuer receives and that are established by a payment card network for an electronic debit...

  • Page 13
    ... and interchange arrangements for ATMs and Electronic Funds Transfer at Point of Sale (eftpos®) in Australia. The network operating rules, ATM Access Code and eftpos® Access Code impose a variety of sanctions, including suspension or termination of membership and fines for non-compliance. Cashcard...

  • Page 14
    ... calls to cellular phones, which could impair the collection by TRS of returned checks and those purchased under TeleCheck's guarantee services. Moreover, reducing or eliminating access to and use of information on drivers licenses, requiring blocking of access to credit reports or scores, mandating...

  • Page 15
    ... Housing Assistance Tax Act of 2008 included an amendment to the Internal Revenue Code that requires information returns to be made for each calendar year by merchant acquiring entities and third-party settlement organizations with respect to payments made in settlement of payment card transactions...

  • Page 16
    ... typically act as a merchant referral source when the institution has an existing banking or other relationship. We provide transaction processing and related functions. Both alliance partners may provide management, sales, marketing, and other administrative services. The alliance structure allows...

  • Page 17
    ... in the general economic conditions, particularly in the United States or Europe, or increases in interest rates in key countries in which we operate may adversely affect our financial performance by reducing the number or average purchase amount of transactions involving payment cards. A reduction...

  • Page 18
    ... the future. The acquisition and integration of businesses involves a number of risks. The core risks are in the areas of valuation (negotiating a fair price for the business) and integration (managing the complex process of integrating the acquired company's people, products, technology, and other...

  • Page 19
    ... for working capital, capital expenditures, product development, debt service requirements, acquisitions, and general corporate or other purposes; and limiting our flexibility in planning for, or reacting to, changes in our business or market conditions and placing us at a competitive disadvantage...

  • Page 20
    .... Regulatory and Legal Risks Failure to compln with or changes in laws, regulations and enforcement activities man adverseln affect the products, services and markets in which we operate. We, and our customers, are subject to laws and regulations that affect the electronic payments industry in the...

  • Page 21
    ... regulate consumer financial products and services (including many offered by our customers), restricting debit card fees paid by merchants to issuer banks and allowing merchants to offer discounts for different payment methods. Changes in credit card association or other network rules or standards...

  • Page 22
    ... operations for International are located in Basildon, United Kingdom; Frankfurt, Germany; Buenos Aires, Argentina; Athens (Kryoneri), Greece; Thane, India; and Sydney, Australia. Our All Other and Corporate facilities include New York, New York; Atlanta, Georgia; and Greenwood Village, Colorado...

  • Page 23
    ... secured notes, senior unsecured notes, and senior subordinated notes limit our ability to pay dividends. See "Management's Discussion and Analysis of Financial Condition and Results of Operations - Capital Resources and Liquidity" included in Part II, Item 7 and Note 10 "First Data Corporation...

  • Page 24
    ... Executive Overview We operate electronic commerce businesses providing services that include merchant transaction processing and acquiring services; credit, retail, and debit card issuing and processing services; prepaid card services; and check verification, settlement and guarantee services...

  • Page 25
    ...our check verification, settlement, and guarantee business. The segment also manages prepaid stored-value card issuance and processing services (i.e. gift cards) for retailers and others. Financial Services segment The Financial Services segment provides issuer card and network solutions and payment...

  • Page 26
    ...and retail private label cards to consumers and businesses to manage customer accounts. Output services include statement and letter printing, embossing and mailing services, and call center services. ATM services include processing, acquiring, and switching services. Additionally, the International...

  • Page 27
    ...the transaction and processing service fees revenue growth rate for 2013 compared to 2012. Product sales and other revenue increased during 2014 compared to 2013 due to higher equipment sales and revenue streams with lower variable expenses such as portfolio growth in the leasing business, including...

  • Page 28
    ... Year ended December 31, (in millions) 2014 2013 2012 Percent Change 2014 vs. 2013 2013 vs. 2012 Salaries, wages, bonus, and other Outside professional services Commissions Other Selling, general, and administrative expense $ 740.9 721.8 146.8 352.3 1,961.8 $ 741.2 684.2 136.4 327.0 1,888...

  • Page 29
    ... swaps and cross currency swaps that are not designated as accounting hedges while the loss in 2012 was primarily driven by fair value adjustments related to interest rate swaps. Non-operating foreign currency gains and (losses) Amounts represent net gains and losses related to currency translations...

  • Page 30
    ... to 2012 due most significantly to increased profit by one of our merchant alliances driven by increased volumes and network routing incentives. Segment results We classify our businesses into three segments: Merchant Solutions, Financial Services, and International. All Other and Corporate is...

  • Page 31
    ... recorded as contra revenue. Corporate operations include administrative and shared service functions such as the executive group, legal, tax, treasury, internal audit, accounting, human resources, information technology, and procurement. Costs incurred by Corporate that are directly attributable to...

  • Page 32
    ... from the acquisition of a payment solutions business that occurred in the fourth quarter of 2012. Processing fees and other revenue from alliance partners increased in 2014 compared to 2013 and 2013 compared to 2012 due to increased volume within our merchant alliances. Product sales and other...

  • Page 33
    ...debit processing revenue growth in 2014 compared to 2013. Credit card and retail card processing revenue increased due to net new business and growth from existing customers, partially offset by price compression on contract renewals and other net pricing incentives. Domestic active card accounts on...

  • Page 34
    ... customers. Other revenue consists mostly of revenue from remittance processing, information services, online banking and bill payment services as well as voice services. Other revenue decreased in 2013 compared to 2012 due to decreases in information services, check clearing and voice services...

  • Page 35
    ... growth from existing customers in Argentina, new business from existing clients in the United Kingdom and Greece, as well as inflation in Argentina. In 2014, foreign currency exchange rate movements negatively impacted the transaction and processing service fees revenue growth rate by approximately...

  • Page 36
    ...in affiliates and revenues) Charges related to other operating expenses and other income Other non-cash and non-operating items, net Increase (decrease) in cash, excluding the effects of acquisitions and dispositions, resulting from changes in: Accounts receivable, current and long-term Other assets...

  • Page 37
    ... millions) 2014 2013 2012 Proceeds from dispositions, net of expenses paid Additions to property and equipment Payments to secure customer service contracts, including outlays for conversion, and capitalized systems development costs Acquisitions, net of cash acquired Proceeds from sale of property...

  • Page 38
    ... and equipment and Panments to secure customer service contracts, including outlans for conversion, and capitalized snstems development costs) Capital expenditures in 2014 increased compared to 2013 due primarily to technology additions and International ATM and POS additions. Capital expenditures...

  • Page 39
    ...we did not already own of First Data Polska S.A for $1 million. In April 2012, we acquired the remaining approximately 30 percent noncontrolling interest in Omnipay, a provider of card and electronic payment processing services to merchant acquiring banks, for approximately 37 million euro, of which...

  • Page 40
    ... 23.2 $ 3,057.3 (1) Includes interest expense and interest income. (2) Includes amortization of initial payments for new contracts which is recorded as a contra-revenue within "Transaction and processing service fees" of $45 million and amortization related to equity method investments, which is...

  • Page 41
    ... First Data operate Bank of America N.A.'s legacy settlement platform and costs associated with the termination of the Chase Paymentech alliance, both of which are considered business optimization projects, and other technology initiatives. (10) Represents KKR annual sponsorship fees for management...

  • Page 42
    ... maintenance and support, technical consulting services, and telecommunications services. (f) Other includes obligations related to materials, data, non-technical contract services, facility security, investor management fees, maintenance, and marketing promotions. (c) As of December 31, 2014, we...

  • Page 43
    ...that we save by owning rather than leasing the asset. As of October 1, 2014, the most recent impairment analysis date, the fair value of the First Data trade name exceeded its carrying value. Reserve for merchant credit losses and check guarantees With respect to the merchant acquiring business, our...

  • Page 44
    ... the aggregate merchant credit losses incurred compared to total dollar volumes processed: Year ended December 31, 2014 2013 2012 FDC and consolidated and unconsolidated alliances credit losses (in millions) FDC and consolidated alliances credit losses (in millions) Total dollar volume acquired (in...

  • Page 45
    ... models require estimates of a number of key valuation inputs including expected volatility, expected dividend yield, expected term, and risk-free interest rate. Certain of these inputs are more subjective due to FDH being privately held and thus not having objective historical or public information...

  • Page 46
    ... Financial Statements included in Part II, Item 8 of this Form 10-K for details regarding our stock-based compensation plan. New Tccounting Guidance Refer to Note 1 "Summary of Significant Accounting Policies" to our Consolidated Financial Statements included in Part II, Item 8 of this Form 10-K for...

  • Page 47
    ..., the analysis is unable to reflect the potential effects of more complex market changes that could arise, which may positively or negatively affect income. Foreign Currency Risk We are exposed to changes in currency rates as a result of our investments in foreign operations, revenues generated in...

  • Page 48
    ... (Item 15(a)) First Data Corporation and Subsidiaries: Consolidated Financial Statements: Report of Ernst & Young LLP, Independent Registered Public Accounting Firm Consolidated Statements of Operations for the years ended December 31, 2014, 2013, and 2012 Consolidated Statements of Comprehensive...

  • Page 49
    ... all material respects the information set forth therein. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), First Data Corporation's internal control over financial reporting as of December 31, 2014, based on criteria established...

  • Page 50
    ...(in millions) 2014 2013 2012 Revenues: Transaction and processing service fees: Merchant related services (a) Check services Card services (a) Other services Product sales and other (a) Reimbursable debit network fees, postage, and other Total revenues Expenses: Cost of services (exclusive of items...

  • Page 51
    ...2014 2013 2012 Net loss Other comprehensive income (loss), net of tax: Unrealized gains on securities Unrealized gains on hedging activities Pension liability adjustments Foreign currency translation adjustment Total... Comprehensive loss attributable to First Data Corporation $ (264.5) (6.8) - ...

  • Page 52
    ... liabilities Other long-term liabilities Total liabilities Commitments and contingencies (See Note 9) Redeemable noncontrolling interest First Data Corporation stockholder's deficit: Common stock, $0.01 par value; 1,000 shares authorized and issued (2014 and 2013) Additional paid-in capital Paid-in...

  • Page 53
    ... long-term Income tax accounts Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from dispositions, net of expenses paid Additions to property and equipment Payments to secure customer service contracts, including outlays for conversion, and capitalized systems...

  • Page 54
    ...value of redeemable noncontrolling interest Stock compensation expense and other Capital contributed by Parent Cash dividends paid by First Data Corporation to Parent Purchase of noncontrolling interest Balance, December 31, 2014 (a) 1,000 $ (6,680.2) $ (598.4) $ 7,375.2 $ 3,311.4 $ 3,408...

  • Page 55
    ...Policies Business Description First Data Corporation (FDC or the Company) is a global provider of electronic commerce and payment solutions for merchants, financial institutions, and card issuers. The services the Company provides include merchant transaction processing and acquiring; credit, retail...

  • Page 56
    ... of the guarantee. Check verification fees generally are a fixed amount per transaction while check guarantee fees generally are a percentage of the check amount. The purchase and sale of merchant contracts is an ordinary element of the Company's Merchant Solutions and International businesses, and...

  • Page 57
    ...its ongoing business operations. The Company uses derivative instruments (i) to mitigate cash flow risks with respect to changes in interest rates (forecasted interest payments on variable rate debt), (ii) to maintain a desired ratio of fixed rate and floating rate debt, and (iii) to protect the net...

  • Page 58
    ... recorded on the date of acquisition based on the total fair value of the acquired entity and the noncontrolling interest's share of that value. Reserve for Merchant Credit Losses and Check Guarantees With respect to the merchant acquiring business, the Company's merchant customers (or those of its...

  • Page 59
    ...when an acquired business is integrated into multiple reporting units. The Company's reporting units are at the operating segment level or businesses one level below the operating segment level for which discrete financial information is prepared and regularly reviewed by management. When a business...

  • Page 60
    ... initial payments for new contracts, contract renewals, and conversion costs associated with customer processing relationships to the extent recoverable through future operations, contractual minimums, and/or penalties in the case of early termination. The Company's accounting policy is to limit the...

  • Page 61
    ... flows of the Company for an indefinite period. As an indefinite lived asset, the First Data trade name is not amortized but is reviewed annually for impairment until such time as it is determined to have a finite life. The First Data trade name was not impaired as of December 31, 2014 or 2013. The...

  • Page 62
    ... of existing assets based on non-recurring fair value measurements. New Tccounting Guidance In May 2014, the Financial Accounting Standards Board (FASB) issued guidance that requires companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the...

  • Page 63
    ... additional information regarding the liability for contingent consideration. 2014 Dispositions On May 29, 2014, the Company completed the sale of its 30% minority interest in a transportation payments business, Electronic Funds Source LLC (EFS), which was reported as part of the Merchant Solutions...

  • Page 64
    ... of the Company's settlement assets and obligations are as follows: Ts of December 31, (in millions) 2014 2013 Settlement assets: Current settlement assets: Cash and cash equivalents Investment securities Due from card associations and bank partners Due from merchants Long-term settlement assets...

  • Page 65
    ... currency exchange rates, yield curves, and the credit quality of the counterparties. The models also incorporate the Company's creditworthiness in order to appropriately reflect non-performance risk. Inputs to the derivative pricing models are generally observable and do not contain a high level of...

  • Page 66
    ... Statements of Operations Derivative gains and (losses) were as follows for the periods indicated: Year ended December 31, 2014 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts 2013 Foreign Exchange Contracts Interest Rate Contracts 2012 Foreign Exchange Contracts (in...

  • Page 67
    ... secured revolving credit facility Total Short-term borrowings Current portion of long-term borrowings: 4.85% Unsecured notes due 2014, net of unamortized discount of $0.1 4.95% Unsecured notes due 2015, net of unamortized discount of $0.2 Capital lease obligations Total Current portion of long...

  • Page 68
    ...partners primarily to fund settlement activity, as of December 31, 2014 and 2013, respectively. As of December 31, 2014, the Company had a $150 million committed line of credit for one of our U.S. alliances and the remainder of these arrangements is primarily associated with international operations...

  • Page 69
    ... New Term Loan to be used for general corporate purposes. The interest rate on the March 2018 Old Term Loan was a rate per annum equal to, at the Company's option, LIBOR plus 400 basis points or a base rate plus 300 basis points. Senior Secured Term Loan Facility Due September 2018 On July 18, 2014...

  • Page 70
    ... in part, at established redemption prices. 11.25% Senior Unsecured Notes Due 2021 On March 14, 2014, the Company completed an offer to exchange all of its 11.25% senior unsecured notes due 2021 for publicly tradable notes having substantially identical terms and guarantees, except that the exchange...

  • Page 71
    .... Debt Repurchase On July 11, 2014, First Data Holdings Inc., the direct parent company of the Company, completed a $3.5 billion issuance of its common equity in a private placement. $2.5 billion of the net proceeds were contributed to the Company as a capital contribution and the funds were used...

  • Page 72
    ...of FDC's existing and future direct and indirect wholly owned domestic subsidiaries that guarantees FDC's senior secured credit facilities. Each of the guarantees of the notes is a general senior obligation of each guarantor and rank senior in right of payment to all existing and future subordinated...

  • Page 73
    .... The estimated fair value of the Company's long-term borrowings was primarily based on market trading prices and is considered to be a Level 2 measurement. Note 7: Supplemental Financial Information Supplemental Statements of Operations Information The following table details the components of...

  • Page 74
    ... the bank enter into a long-term processing service agreement as part of the negotiation process. This agreement governs the Company's provision of transaction processing services to the alliance. Management Tgreement First Data has a management agreement with Kohlberg Kravis Roberts & Co. L.P. (KKR...

  • Page 75
    ... 2014, 2013 and 2012, the Company incurred $20 million in management fees in each year. Certain members of the Company's Board of Directors are affiliated with KKR. Transactions and Balances Involving Company Tffiliates In 2014, 2013, and 2012, KKR Capital Markets LLC (KCM) assisted the Company...

  • Page 76
    ...; (2) merchant customer matters often associated with alleged processing errors or disclosure issues and claims that one of the subsidiaries of the Company has violated a federal or state requirement regarding credit reporting or collection in connection with its check verification guarantee, and...

  • Page 77
    ..., under certain circumstances, the equity of Parent held by employees, officers and directors that were obtained in connection with the stock compensation plan. The Company paid cash dividends to its parent, FDH, totaling $686 million during 2014, $28 million during 2013, and $7 million during...

  • Page 78
    ... December 31, 2014 Note 11: Stock Compensation Plans $ 67.4 (34.4) 34.1 2.0 69.1 (34.5) 33.7 2.1 $ 70.4 The Company's parent, FDH, has a stock incentive plan for employees of FDC and its affiliates (stock plan). The stock plan provides the opportunity for certain employees to purchase shares in...

  • Page 79
    ...The Company has a deferred compensation plan for non-employee directors that allows each of these directors to defer their annual compensation. The plan is unfunded. For purposes of determining the investment return on the deferred compensation, each director's account is treated as if credited with...

  • Page 80
    ... the historical exercise and termination behavior of employees that participated in the Company's previous equity plans, the vesting conditions of options granted under the stock plan, as well as the impact of limited liquidity for common stock of a non-publicly traded company. Fair value of stock...

  • Page 81
    ... (in millions) Tmount 2014 2013 2012 $ 14.8 45.5 45.2 Defined Benefit Plans The Company has defined benefit pension plans which are frozen and covers certain full-time employees in the United Kingdom and the U.S. The Company also has separate plans covering certain employees located primarily in...

  • Page 82
    ...ended December 31, 2014 and 2013, as well as a statement of the funded status as of the respective period ends. Ts of December 31, (in millions) 2014 2013 Change in benefit obligation Benefit obligation at beginning of period Service costs Interest costs U.K. plan benefit curtailment gain Actuarial...

  • Page 83
    ... December 31, 2014 2013 2012 Discount rate Expected long-term return on plan assets Rate of compensation increase (a) (a) The rate of compensation increases generally apply to active plans. 4.27% 5.47% 2.08% 4.06% 5.55% 1.96% 4.71% 6.11% 3.60% The Company employs a building block approach in...

  • Page 84
    ... Off-risk assets whereby the focus is risk management, protection, and insurance relative to the liability target invested in, but not limited to, debt, United Kingdom government bonds, and United Kingdom government index-linked bonds; and 2) On-risk assets whereby the focus is on return generation...

  • Page 85
    ..., primarily corporate bonds. The bonds were valued under a market approach using observable inputs including reported trades, benchmark yields, broker/dealer quotes, issuer spreads, and other standard inputs. Private investment funds-redeemable The Company's domestic and United Kingdom plans are...

  • Page 86
    ... future benefit payments, which reflect expected future service, are expected to be as follows: Year ended December 31, (in millions) Tmount 2015 2016 2017 2018 2019 2020-2024 The Company's post-retirement health care and other insurance benefits for retired employees are limited and immaterial...

  • Page 87
    ... recorded as contra revenue. Corporate operations include administrative and shared service functions such as the executive group, legal, tax, treasury, internal audit, accounting, human resources, information technology, and procurement. Costs incurred by Corporate that are directly attributable to...

  • Page 88
    ... present the Company's operating segment results for the years ended December 31, 2014, 2013, and 2012: Year ended December 31, 2014 (in millions) Merchant Solutions Financial Services International Tll Other and Corporate Totals Revenues: Transaction and processing service fees Product sales and...

  • Page 89
    ... 31, 2012 (in millions) Merchant Solutions Financial Services International Tll Other and Corporate Totals Revenues: Transaction and processing service fees Product sales and other Equity earnings in affiliates (a) Total segment reporting revenues Internal revenue External revenue Depreciation and...

  • Page 90
    ... for non-wholly owned entities (b) Official check and money order revenues ISO commission expense Reimbursable debit network fees, postage, and other Consolidated revenues Segment EBITDA: Merchant Solutions Financial Services International Total reported segments All Other and Corporate Adjusted...

  • Page 91
    ... ended December 31, (in millions) 2014 2013 2012 Total reported segments All Other and Corporate Total segment depreciation and amortization Adjustments for non-wholly owned entities Amortization of initial payments for new contracts Total consolidated depreciation and amortization per Consolidated...

  • Page 92
    ..., are as follows: 2014 by Quarter: (in millions) First Second Third Fourth Revenues Expenses Operating profit Interest income Interest expense Loss on debt extinguishment Other income (Loss) income before income taxes and equity earnings in affiliates Income tax expense (benefit) Equity earnings in...

  • Page 93
    ... Rate The Company's effective tax rates differ from statutory rates as follows: (45.0)% (14.3)% 29.8% Year ended December 31, 2014 2013 2012 Federal statutory rate State income taxes, net of federal income tax benefit Nontaxable income from noncontrolling interests Impact of foreign operations...

  • Page 94
    ...) 2014 2013(a) Deferred tax assets related to: Reserves and other accrued expenses Pension obligations Employee related liabilities Deferred revenues Net operating losses and tax credit carryforwards U.S. foreign tax credits on undistributed earnings Foreign exchange (gain)/loss Total deferred...

  • Page 95
    .... The increase to the valuation allowance of $195 million in 2014 was primarily due to current year federal, state, and foreign net operating losses which may not be utilized within the statute of limitations. Included in the total change to the valuation allowance was a release in a certain foreign...

  • Page 96
    ... 31, 2014 are included in the "Long-term deferred tax liabilities" line of the Consolidated Balance Sheets, as these items reduce the Company's net operating loss and credit carryforwards from those periods. The unrecognized tax benefits as of December 31, 2014, 2013, and 2012 included approximately...

  • Page 97
    ... and distribution channel of the bank. The alliance acquires credit and debit card transactions from merchants. The Company provides processing and other services to the alliance and charges fees to the alliance primarily based on contractual pricing. These fees have been separately identified on...

  • Page 98
    ...equity earnings of this alliance exceeded 20% of the Company's consolidated income from continuing operations before income taxes. In accordance with Regulation S-X Rule 309, the financial statements of Wells Fargo Merchant Services, LLC are filed with this Form 10-K as part of Item 15(c). A summary...

  • Page 99
    ... of FDC, either direct or indirect, guarantee the notes (Non-Guarantors). The Guarantors are subject to release under certain circumstances as described below. The credit agreement governing the guarantees of the senior secured revolving credit facility and senior secured term loan facility provide...

  • Page 100
    ... ended December 31, 2012 FDC Parent Company (in millions) Ts previously reported Ts adjusted Guarantor Subsidiaries Ts previously reported Ts adjusted Non-Guarantor Subsidiaries Ts previously reported Ts adjusted Consolidation Tdjustments Ts previously reported Ts adjusted Revenues (Loss) income...

  • Page 101
    ... 31, 2012 FDC Parent Company (in millions) Ts previously reported Ts adjusted Guarantor Subsidiaries Ts previously reported Ts adjusted Non-Guarantor Subsidiaries Ts previously reported Ts adjusted Consolidation Tdjustments Ts previously reported Ts adjusted Net cash (used in) provided by operating...

  • Page 102
    ... Revenues: Transaction and processing service fees Product sales and other Reimbursable debit network fees, postage, and other Total revenues Expenses: Cost of services (exclusive of items shown below) Cost of products sold Selling, general, and administrative Reimbursable debit network fees...

  • Page 103
    ... Revenues: Transaction and processing service fees Product sales and other Reimbursable debit network fees, postage, and other Total revenues Expenses: Cost of services (exclusive of items shown below) Cost of products sold Selling, general, and administrative Reimbursable debit network fees...

  • Page 104
    ... Revenues: Transaction and processing service fees Product sales and other Reimbursable debit network fees, postage, and other Total revenues Expenses: Cost of services (exclusive of items shown below) Cost of products sold Selling, general, and administrative Reimbursable debit network fees...

  • Page 105
    ... Other current assets Total current assets Property and equipment, net of accumulated depreciation Goodwill Customer relationships, net of accumulated amortization Other intangibles, net of accumulated amortization Investment in affiliates Long-term settlement assets (a) Long-term intercompany...

  • Page 106
    ... Other current assets Total current assets Property and equipment, net of accumulated depreciation Goodwill Customer relationships, net of accumulated amortization Other intangibles, net of accumulated amortization Investment in affiliates Long-term settlement assets (a) Long-term intercompany...

  • Page 107
    ... paid Additions to property and equipment Payments to secure customer service contracts, including outlays for conversion, and capitalized systems development costs Acquisitions, net of cash acquired Proceeds from sale of property and equipment Other investing activities Distributions and dividends...

  • Page 108
    ... cash disposed Additions to property and equipment Payments to secure customer service contracts, including outlays for conversion, and capitalized systems development costs Acquisitions, net of cash acquired Proceeds from sale of property and equipment Other investing activities Distributions and...

  • Page 109
    ... in) provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Additions to property and equipment Payments to secure customer service contracts, including outlays for conversion, and capitalized systems development costs Acquisitions, net of cash acquired Contributions to equity method...

  • Page 110
    ... Reclassifications from Other Tccounts (a) Balance at End of Period Description Deductions (b) Year ended December 31, 2014 deducted from receivables Year ended December 31, 2013 deducted from receivables Year ended December 31, 2012 deducted from receivables $ 42.9 46.0 28.4 $ 98.9 93.3 83...

  • Page 111
    ...are filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms. Based on this evaluation, our Chief Executive Officer and our Executive Vice President, Director of Finance (principal financial...

  • Page 112
    ...fully remediated. Changes in Internal Control over Financial Reporting During the first quarter of 2014, we commenced the migration of certain activities performed in Denver, Colorado to Atlanta, Georgia and Melville, New York and certain activities performed in our Captive Shared Service Centers to...

  • Page 113
    ... Reporting. Our responsibility is to express an opinion on the company's internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan...

  • Page 114
    ...number of KKR portfolio companies. Heidi G. Miller has been a member of our Board since April 2014. Prior to retiring in 2012, Ms. Miller had been president of JPMorgan International, a division of JPMorgan Chase & Co., since June 2010. She served as Executive Vice President, Chief Executive Officer...

  • Page 115
    ... includes Credit, Hedge Funds, KKR Capital Markets and KKR's Client and Partner Group. He has played a significant role in several of KKR's private equity investments. Before joining KKR, he was with the Blackstone Group where he was involved in numerous merchant banking and merger and acquisition...

  • Page 116
    ... President Executive Vice President, Head of International Regions Executive Vice President, Head of Financial Services Executive Vice President, Chief Administrative Officer Executive Vice President, Chief Operations Officer Executive Vice President, Head of Consumer and Network Solutions Executive...

  • Page 117
    ... company, and held various executive roles at VeriSign, Wells Fargo Bank and Procter & Gamble. Michael K. Neborak has been our Executive Vice President and Director of Finance since July 2014. Previously, Mr. Neborak was Group Chief Financial Officer of Willis Group Holdings plc from July 2010...

  • Page 118
    ... and profitability during 2014, including credit and retail private label processing, output services and STAR network in the Financial Services segment; Money Network and TransArmor in the Merchant Solutions segment and many geographies and markets in the International segment. New innovative and...

  • Page 119
    ...executive officers other than the Chief Executive Officer as well as the design of all material compensation and benefit plans. Finally, management is responsible for the administration of the Company's executive compensation programs and policies. EXECUTIVE COMPENSATION PROGRAM OIJECTIVES Executive...

  • Page 120
    ... companies Accenture Capital One Financial eBay Fiserv SAIC SunTrust Banks VISA ADP Computer Sciences Corp. Fidelity Nat'l Info Services MasterCard SLM Corp. Symantec Corp. Western Union American Express Discover Financial Fifth Third Bancorp PNC Financial Services State Street Corp. Total System...

  • Page 121
    ...a fully discretionary funding structure for 2014 for the SEIP. This structure was deemed most appropriate to ensure the Committee maintained the discretion and ability to appropriately reward the performance of each executive. The Committee has approved cash bonuses for the 2014 plan year as follows...

  • Page 122
    ... General Provisions for Options and Purchased Shares under the 2007 Equity Plan and Management Stockholder Agreement If an option holder terminates employment with the Company for any reason, all options are subject to call rights by Holdings until a Change in Control or a Qualified Public Offering...

  • Page 123
    ... Plans In 2014, all employees in the U.S., including executive officers, were eligible to participate in the First Data Corporation Incentive Savings Plan (ISP). The ISP is a qualified 401(k) plan designed to comply with Internal Revenue Service (IRS) safe harbor rules. The Company maintains...

  • Page 124
    ... to the Excise Tax imposed by Internal Revenue Code Section 4999. Executives are eligible for this benefit regardless of whether their employment is terminated following a Change in Control. As a condition to receiving severance benefits under the Policy, all employees are required to release FDC...

  • Page 125
    ... additional fees for his Chairman of the Board duties prior to March 10, 2014 when Mr. Bisignano was appointed Chairman. All Directors are eligible to defer their retainer in the First Data Holdings Inc. 2008 Non-Employee Director Deferred Compensation Plan (Director Deferred Comp Plan). Mr. Kravis...

  • Page 126
    ... TTBLE Change in Pension Value Non-Qualified Deferred Compensation Earnings Name and Principal Position Year Salary (1) Bonus (2) Stock Twards (3) Option Twards (4) Non-Equity Incentive Plan Compensation Tll Other Compensation (5) Total Frank J. Bisignano, Chief Executive Officer Michael...

  • Page 127
    ... BENEFITS Employee Stock Purchase Plan Non-Qualified Deferred Compensation Earnings Tax Gross-Up Payments (3) Name Year Financial Planning (1) Defined Contribution Plans Life Insurance (2) Severance Payments (4) Relocation Benefits (5) Other Compensation (6) Total Frank J. Bisignano 2014...

  • Page 128
    ... a Qualified Public Offering. Grants reflected in this column are grants of Stock Options made under the 2007 Stock Incentive Plan for Key Employees of First Data Corporation and its Affiliates. The grant price was determined at the time of the grant by the Board, pursuant to their authority under...

  • Page 129
    ...footnote 1 of the Grants of Plan-Based Awards Table. Market value of the shares is based on the per share price of $4.50 as of December 31, 2014, as determined by the Board of Directors for purposes of the 2007 Stock Incentive Plan for Key Employees of First Data Corporation and its Affiliates. 129

  • Page 130
    ... executive officers participated in a non-qualified deferred compensation plan sponsored by the Company. SEVERTNCE BENEFITS (1) Cash Payments (2) Health & Welfare Benefits (3) Unvested Stock Options (4) Unvested Restricted Stock (5) Estimated 280G Tax Gross-Up Name Financial Planning Total Frank...

  • Page 131
    ... are pledged as security. (3) New Omaha Holdings L.P. is a limited partnership in which investment funds associated with Kohlberg Kravis Roberts & Co. L.P. and other co-investors own the limited partner interests. New Omaha Holdings LLC is the general partner of New Omaha Holdings L.P. KKR 2006 Fund...

  • Page 132
    ... by New Omaha Holdings L.P. The address of each of the entities listed in this footnote is c/o Kohlberg Kravis Roberts & Co. L.P., 9 West 57th Street, New York, New York 10019. (4) Each of Messrs. Kravis, Nuttall and Olson is a member of the Company's board of directors and serves as an executive of...

  • Page 133
    ... independent as he was our interim Chief Executive Officer from March 2010 until October 2010 and is a Senior Advisor of KKR. ITEM 14. PRINCIPTL TCCOUNTTNT FEES TND SERVICES We retained Ernst & Young LLP to audit the accounts and the accounts of our subsidiaries for 2014 and 2013. Ernst & Young LLP...

  • Page 134
    ... Annual Report or, where indicated, were heretofore filed and are hereby incorporated by reference: Incorporated by Reference Exhibit Number 2.1 Exhibit Description Agreement and Plan of Merger, dated as of April 1, 2007, among New Omaha Holdings L.P., Omaha Acquisition Corporation and First Data...

  • Page 135
    ... governing the 12.625% Senior Notes due 2021 Pledge Agreement, dated as of December 17, 2010, among First Data Corporation, the other pledgors named therein and Wells Fargo Bank, National Association, as collateral agent Security Agreement, dated as of December 17, 2010, among First Data Corporation...

  • Page 136
    ... the Credit Agreement, and Credit Suisse AG, Cayman Islands Branch, as administrative agent, including: Exhibit A - Marked Pages of Credit Agreement September 2012 Joinder Agreement, dated as of September 27, 2012, among First Data Corporation, certain of its subsidiaries, Credit Suisse AG, Cayman...

  • Page 137
    ..., and Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent; Exhibit A - Marked Pages of the Conformed Credit Agreement Management Agreement, dated September 24, 2007, among First Data Corporation, Kohlberg Kravis Roberts & Co. L.P. and New Omaha Holdings L.P. Form...

  • Page 138
    ....LAB (1) 101.PRE (1) (1) * Form of Non-Qualified Stock Option Agreement under the First Data 2002 Long-Term Incentive Plan for employees other than Executive Committee Members, as amended July 2005 Subsidiaries of First Data Corporation Certification of CEO pursuant to rule 13a-14(a) or 15d14(a) of...

  • Page 139
    WELLS FTRGO MERCHTNT SERVICES, LLC (A Joint Venture) Financial Statements December 31, 2014 and 2013 (With Independent Auditors' Report Thereon) 139

  • Page 140
    WELLS FTRGO MERCHTNT SERVICES, LLC (A Joint Venture) Financial Statements December 31, 2014 and 2013 Table of Contents Independent Auditors' Report 141 Balance Sheets 143 Statements of Revenues and Expenses 144 Statements of Members' Equity 145 Statements of Cash Flows 146 Notes to ...

  • Page 141
    ..., CA 94105 Independent Tuditors' Report The Members and Board of Directors of Wells Fargo Merchant Services, LLC: We have audited the accompanying financial statements of Wells Fargo Merchant Services, LLC (the Company), which comprise the balance sheets as of December 31, 2014 and 2013, and the...

  • Page 142
    ... material respects, the financial position of Wells Fargo Merchant Services, LLC, as of December 31, 2014 and 2013, and the results of its operations and its cash flows for the years then ended in accordance with U.S. generally accepted accounting principles. San Francisco, California February 19...

  • Page 143
    ... for merchant credit losses of $4.5M in 2014 and $3.4M 2013 Intangibles Other assets Total assets Liabilities and Members' Equity Settlement liabilities Accounts payable and accrued expenses Advances payable to Wells Fargo Bank, N.A. Related party payable to First Data Merchant Services Corporation...

  • Page 144
    ... Revenues: Card services revenue, net of $3.5B and $2.9B in interchange and assessments in 2014 and 2013, respectively Product sales revenue Other revenue Net revenue Expenses: Cost of card services Cost of product sold Selling, general and administrative Other expenses Total expenses Net operating...

  • Page 145
    ... FTRGO MERCHTNT SERVICES, LLC (A Joint Venture) Statements of Members' Equity December 31, 2014 and 2013 (Dollars in thousands) Wells Fargo Bank, N.T. Members' equity at December 31, 2012 Net income Distributions to members Members' equity at December 31, 2013 Net income Distributions to members...

  • Page 146
    ... Changes in operating assets and liabilities: Settlement assets Accounts receivable, net of reserve for merchant credit losses Settlement liabilities Accounts payable and accrued expenses Advances payable to Wells Fargo Bank, N.A. Related party payable to First Data Merchant Services Corporation...

  • Page 147
    ... between First Data Merchant Services Corporation ("FDMS") and Wells Fargo Bank, N.A. ("Wells Fargo"). FDMS is a wholly-owned subsidiary of First Data Corporation ("FDC"), which is owned by an entity controlled by an affiliate of Kohlberg Kravis Roberts & Co. ("KKR"). The Company was established...

  • Page 148
    ... 31, 2014 and 2013, the majority of the Company's cash and cash equivalents were held in Wells Fargo accounts and are FDIC insured. (d) Merchant Collateral and Reserve for Merchant Credit and Fee Losses When a cardholder or a credit issuing institution disputes a transaction, within the Card...

  • Page 149
    ... whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or ligation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as...

  • Page 150
    ... by the Company, including interchange and assessment fees charged by the Card Associations. Such costs totaled $3.5 billion and $2.9 billion for the years ended December 31, 2014 and 2013. The Company recognizes product revenue from merchant referred leases, rentals and sales as such services are...

  • Page 151
    ... certain additional management functions (the "Additional Services") of the Company, for which they will be reimbursed by the Company. These fees are included in cost of card services, cost of product sold and selling, general and administrative expenses within the statement of revenue and expense...

  • Page 152
    ... of card services Cost of product sold Selling, general and administrative Total $ First Data Merchant Services, Corporation 63,276 14,729 11,795 89,800 Wells Fargo Bank, NA - - 115,110 115,110 Wells Fargo Bank, NA - - 120,314 120,314 $ Included in the balance sheets at December 31, 2014 and 2013...

  • Page 153
    ...; as such financial instruments are short-term in nature or carry floating rates of interest. (9) Guarantees and Reserve for Merchant Credit Losses Under the card companies' rules, when a merchant processor acquires card transactions, it has certain liabilities for the transactions. This liability...

  • Page 154
    WELLS FTRGO MERCHTNT SERVICES, LLC (A Joint Venture) Financial Statements December 31, 2014 and 2013 (Dollars in thousands, unless otherwise noted) recoveries, on total processed volumes. The Company calculates its provision and evaluates the appropriateness of its reserves on a monthly basis. The ...

  • Page 155
    ... behalf by the undersigned, thereunto duly authorized. FIRST DATA CORPORATION (Registrant) By: /S/ FRANK BISIGNANO Frank Bisignano Chief Executive Officer Date: February 27, 2015 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following...

  • Page 156
    ... Plan for Key Employees of First Data Corporation and its Affiliates (the "Plan") is designed: (a) to promote the long term financial interests and growth of New Omaha Holdings Corporation (the "Company") and its Subsidiaries by attracting and retaining management and other personnel and key service...

  • Page 157
    ... interpretations, rules, and administration shall be consistent with the basic purposes of the Plan. (b) The Committee may delegate to the Chief Executive Officer and to other senior officers of the Company its duties under the Plan, subject to applicable law and such conditions and limitations as...

  • Page 158
    (c) The Committee may employ counsel, consultants, accountants, appraisers, brokers or other persons. The Committee, the Company, and the officers and directors of the Company shall be entitled to rely upon the advice, opinions or valuations of any such persons. All actions taken and all ...

  • Page 159
    ... Company or any other Service Recipient to terminate any Participant's employment or other service relationship at any time or for any reason. (d) Other than as specifically provided in the Management Stockholder's Agreement, Sale Participation Agreement or Grant Agreement, no benefit under the Plan...

  • Page 160
    ..., reorganization, merger, Change in Control, payment of a dividend (other than a cash dividend paid as part of a regular dividend program) or other similar transaction or occurrence which affects the equity securities of the Company or the value thereof, the Committee shall (i) adjust the number and...

  • Page 161
    ... is six months and one day following the Participant's termination of employment with all Service Recipients (or the earliest date as is permitted under Section 409A of the Code), if such payment or benefit is payable upon a termination of employment and (ii) if any other payments of money or other...

  • Page 162
    ..."), a Change in Control occurred by reason of the consummation of the Agreement and Plan of Merger by and among New Omaha Holdings L.P., a Delaware limited partnership ("Parent"), Omaha Acquisition Corporation, a Delaware corporation and a whollyowned subsidiary of Parent, and First Data Corporation...

  • Page 163
    ...(vii) "Eligible Executive" means an individual who is a member of the Company's Management Committee unless such individual is eligible, by virtue of an acquisition agreement or otherwise, to receive severance, termination, or similar benefits under another policy, plan, program, or agreement. (viii...

  • Page 164
    ... Eligible Executives receiving Severance Benefits under this Policy are not eligible to continue contributions to the Company's qualified retirement plans or nonqualified deferred compensation program. (iii) Incentive Awards. If an Eligible Executive's employment with the Company is terminated after...

  • Page 165
    ...to or for the benefit of the Eligible Executive within five days of receipt of the Accounting Firm's determination. (iii) The Eligible Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by the Company of the Gross...

  • Page 166
    ... termination that the executive engaged while employed by the Company in conduct that would have resulted in a termination for Cause, the Company shall be entitled to immediately cease payment of any remaining severance benefits under this Policy and to repayment by the executive of 90% of the total...

  • Page 167
    ... affected Eligible Executive. 17. Limitation on Individually Negotiated Severance Arrangements As of the Effective Date, this Policy is intended to be the sole source of severance and change in control benefits for Eligible Executives. Absent prior Board approval, no individual agreement shall be...

  • Page 168
    ... a written claim for benefits with the Company's senior human resources executive or such other officer or body designated by the Committee for this purpose. The written claim must include the facts supporting the claim, the amount claimed, and the executive's name and mailing address. If the claim...

  • Page 169
    ...'s office and at other specified locations such as worksites, all documents governing the plan and a copy of the latest annual report (Form 5500 Series) filed with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. The executive...

  • Page 170
    ... Plan Administrator Governance, Compensation & Nominations Committee (the "Committee") of the Boards of Directors of First Data Corporation c/o First Data Corporation Office of the General Counsel 6200 S. Quebec Street, Suite 320 Greenwood Village, CO 80111 Agent for Service of Legal Process First...

  • Page 171
    ...Data Holdings Inc. (Holdings). The Governance, Compensation and Nominations Committee (Committee) of the Board of Directors of Holdings approved an annual cash retainer of $40,000, payable in semi-annual installments, for each non-employee director of Holdings associated with Kohlberg Kravis Roberts...

  • Page 172
    ..., LLC FDR (First Data Resources) Europe B.V. FDR Ireland Limited FDR Limited FDR Missouri Inc. FDR U.K. Limited FDS Holdings, Inc. Federated Union Systems, Limited Federated Union Systems Europe, Ltd. Argentina Ohio Delaware Canada Delaware United Kingdom Delaware Australia Delaware South Africa...

  • Page 173
    ...EC, LLC First Data EESTI OU First Data Europe Limited First Data Egypt LLC First Data Foundation First Data Government Solutions, Inc. First Data Government Solutions, LP First Data Global Services Limited First Data GmbH First Data (Greece) US Holding Corp. First Data Hellas Processing Services and...

  • Page 174
    ...Data Support Services Private Limited First Data Technologies, Inc. First Data Transportation Services Inc. First Data Trust Company, LLC First Data Uruguay SA First Data Voice Services First Merchant Processing (Ireland) Limited FSM Services Inc. FTS (NSW) Pty. Limited Funds & Assets Management LLC...

  • Page 175
    ...Solutions Private Limited Merchant Solutions Pte (Macau) Limited Merchant Solutions (Shanghai) Consultancy Co., Ltd. Money Network Financial, LLC National Payment Systems Inc. New Payment Services, Inc. Omnipay Limited PayPoint Electronic Payment Systems, LLC PaySys de Costa Rica, S.A. PaySys Europe...

  • Page 176
    ...Inc. TeleCheck Services, Inc. TeleCheck Services of Puerto Rico, Inc. Tissington Limited TRS Recovery Services, Inc. Transaction Solutions, LLC Unified Merchant Services ValueLink, LLC Zolter Services Limited Pennsylvania Canada Delaware Georgia Ireland Colorado Delaware Georgia General Partnership...

  • Page 177
    ... and report financial information; and (b) eny fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 27, 2015 /S/ FReNK BISIGNeNO Frank Bisignano Chief Executive Officer

  • Page 178
    ... information; and (b) xny fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 27, 2015 /S/ MICHxEL K. NEBORxK Michael K. Neborak Executive Vice President, Director...

  • Page 179
    ..., 2014 (the "Report") for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code. Frank Bisignano, the Chief Executive Officer of First Data Corporation, certifies...

  • Page 180
    ... December 31, 2014 (the "Report") for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code. Michael K. Neborak, Executive Vice President, Director of Finance...

  • Page 181