First Data 2014 Annual Report Download - page 151
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(A Joint Venture)
Financial Statements
December 31, 2014 and 2013
(Dollars in thousands, unless otherwise noted)
Following is a summary of the Company’s intangibles for the years ended December 31, 2014 and 2013:
Beginning balance as of January 1, 2014 $ 2,370 (1,933) 437
Additions
340 — 340
Retirements
(401) 401 —
Amortization
— (298) (298)
Ending balance as of December 31, 2014 $ 2,309 (1,830) 479
Beginning balance as of January 1, 2013 $ 10,940 (10,071) 869
Additions
386 — 386
Retirements
(8,956) 8,956 —
Amortization
— (818) (818)
Ending balance as of December 31, 2013 $ 2,370 (1,933) 437
For the years ended December 31, 2014 and 2013, amortization expense of $298 and $818, respectively, is included in other expenses in the
statement of revenues and expenses.
The Company’s primary operations are conducted through FDMS. FDMS charges the Company fees for services provided pursuant to an operating
agreement (the “Operating Agreement”) dated January 31, 2000, as amended and restated. The Members also agreed to perform 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. The financial
statements may not necessarily be indicative of the financial position that would have existed, or the results of operations or cash flows that would
have occurred had the Company operated as an independent enterprise. During the years ended December 31, 2014 and 2013, the Company
reimbursed FDMS and Wells Fargo for performing the Additional Services as follows:
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