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425
FIDELITY NATIONAL INFORMATION SERVICES, INC. filed this Form 425 on 05/13/2019
Entire Document
 


Worldpay, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

 

5. GOODWILL AND INTANGIBLE ASSETS

Changes in the carrying amount of goodwill, by business segment, are as follows (in millions):

 

     Technology
Solutions
     Merchant Solutions      Issuer Solutions      Total  

Balance as of December 31, 2016

   $ —        $ 3,163.7      $ 574.9      $ 3,738.6  

Goodwill attributable to prior period acquisition(1)

     —          0.4        —          0.4  

Goodwill attributable to Paymetric acquisition

     —          434.0        —          434.0  
  

 

 

    

 

 

    

 

 

    

 

 

 

Balance as of December 31, 2017

   $ —        $ 3,598.1      $ 574.9      $ 4,173.0  
  

 

 

    

 

 

    

 

 

    

 

 

 

Re-allocation of Legacy Vantiv for reorganized reportable segments

     2,697.0        (2,697.0      —          —    

Goodwill attributable to prior period acquisition(1)

     (0.2             —          (0.2

Goodwill attributable to Legacy Worldpay acquisition

     7,367.7        3,183.9        20.3        10,571.9  

Effect of foreign currency translation

     (505.4      (150.7      —          (656.1

Other acquisitions

     49.3        —          —          49.3  
  

 

 

    

 

 

    

 

 

    

 

 

 

Balance as of December 31, 2018

   $ 9,608.4      $ 3,934.3      $ 595.2      $ 14,137.9  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) 

Amount represents adjustments to goodwill associated with prior period acquisition as a result of the finalization of purchase accounting.

As discussed in Note 19—Segment Information, during the first quarter of 2018, the Company reorganized its reportable segments. In connection with this change, the Company reallocated goodwill to the new reporting units using a relative fair value approach.

Intangible assets consist of acquired customer relationships, trade name and customer portfolios and related assets. The useful lives of customer relationships are determined based on forecasted cash flows, which include estimates for customer attrition associated with the underlying portfolio of customers acquired. The customer relationships acquired in conjunction with acquisitions are amortized based on the pattern of cash flows expected to be realized taking into consideration expected revenues and customer attrition, which are based on historical data and the Company’s estimates of future performance. These estimates result in accelerated amortization on certain acquired intangible assets.

 

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