First Data 2014 Annual Report Download - page 152
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(A Joint Venture)
Financial Statements
December 31, 2014 and 2013
(Dollars in thousands, unless otherwise noted)
First Data Merchant Services,
Corporation
Wells Fargo
Bank, NA
Cost of card services $ 66,980
—
Cost of product sold
16,141
—
Selling, general and administrative
12,206
120,314
Total $ 95,327
120,314
$
First Data Merchant Services,
Corporation
Wells Fargo
Bank, NA
Cost of card services
63,276
—
Cost of product sold
14,729
—
Selling, general and administrative
11,795
115,110
Total $ 89,800
115,110
Included in the balance sheets at December 31, 2014 and 2013 is a advances payable to FDMS of $13,644 and $22,511, respectively. These balances
primarily consist of selling, general and administrative costs, cost of card services and cost of product sold owed to FDMS which are partially offset
by fees owed to WFMS for the contributed portfolio.
Included in the balance sheets at December 31, 2014 and 2013 is an advances payable to Wells Fargo of
$280,982 and $233,167, respectively, which is primarily attributable to non-interest bearing advances, made by Wells Fargo to the Company. These
payable amounts are settled monthly.
Profits and losses of the Company are allocated in accordance with each Member’s Interest. Distributions of allocated income to the Members are
made on a quarterly basis, subject to consent of the Members. Income distributed shall equal 100% of the distributable funds, as defined in the
Membership Agreement, unless a smaller percentage is agreed to by the Members.
152