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SEC Filings

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


Worldpay, Inc.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

 

As a result of the changes in ownership interests in Worldpay Holding, periodic adjustments are made in order to reflect the portion of net assets of Worldpay Holding attributable to non-controlling unit holders based on changes in the proportionate ownership interests in Worldpay Holding during those periods.

The table below provides a reconciliation of net income attributable to non-controlling interests based on relative ownership interests as discussed above (in millions):

 

     Year Ended December 31,  
     2018      2017      2016  

Net income

   $ 19.6      $ 182.7      $ 280.9  

Items not allocable to non-controlling interests:

        

Worldpay, Inc. expenses(1)

     64.7        215.8        81.0  
  

 

 

    

 

 

    

 

 

 

Worldpay Holding net income

   $ 84.3      $ 398.5      $ 361.9  
  

 

 

    

 

 

    

 

 

 

Net income attributable to non-controlling interests of Fifth Third(2)

   $ 4.2      $ 49.9      $ 65.8  

Net income attributable to joint venture non-controlling interest(3)

     2.6        2.7        1.9  
  

 

 

    

 

 

    

 

 

 

Total net income attributable to non-controlling interests

   $ 6.8      $ 52.6      $ 67.7  
  

 

 

    

 

 

    

 

 

 

 

(1) 

Primarily represents income tax expense, acquisition related expenses and TRA revaluation adjustments related to Worldpay, Inc.

(2) 

Net income attributable to non-controlling interests of Fifth Third reflects the allocation of Worldpay Holding’s net income based on the proportionate ownership interests in Worldpay Holding held by the non-controlling unit holders. The net income attributable to non-controlling unit holders reflects the changes in ownership interests summarized in the table above.

(3) 

Reflects net income attributable to the non-controlling interest of the joint venture.

11. COMMITMENTS, CONTINGENCIES AND GUARANTEES

Leases

The Company leases office space under non-cancelable operating leases that expire between February 2019 and December 2045. Future minimum commitments under these leases are as follows (in millions):

 

Year Ended December 31,       

2019

   $ 27.8  

2020

     23.2  

2021

     21.7  

2022

     19.0  

2023

     15.6  

Thereafter

     71.2  
  

 

 

 

Total

   $ 178.5  
  

 

 

 

Rent expense for the years ended December 31, 2018, 2017 and 2016 was approximately $33.2 million, $9.3 million and $9.4 million, respectively.

Legal Reserve

From time to time, the Company is involved in various litigation matters arising in the ordinary course of its business. While it is impossible to ascertain the ultimate resolution or range of financial liability with respect to these contingent matters, management believes none of these matters, either individually or in the aggregate, would have a material effect upon the Company’s Consolidated Financial Statements, except as described below.

 

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