Fiserv (FISV) 10-K risk factor changes: FY2021 vs FY2020

[removed: If any of the following risks] develop into actual events, our business, results of operations or financial condition could be materially and adversely affected, and you may lose all or part of your investment.

[removed: There can be no guarantee] that we will achieve growth in our merchant relationships, alliances or other distribution channels.

[removed: The] [added: Preserving the] confidentiality of [removed: such] sensitive business [removed: information] and personal [removed: consumer] information [removed: residing on][added: is critical to our business.]

We expect that unauthorized parties will continue to attempt to gain access to our systems or facilities, and those of our clients, partners and vendors, through various means and with increasing [removed: sophistication.][added: sophistication, particularly as cybercriminals attempt to profit from the disruption caused by the COVID-19 pandemic given increased online banking, e-commerce and other online activity.]

[removed: Events that could cause operational failures include, but are not limited to, hardware] and [removed: software defects or malfunctions, computer denial-of-service and] other cyberattacks, human error, earthquakes, hurricanes, floods, fires, natural disasters, pandemics, power losses, disruptions in telecommunications services, fraud, military or political conflicts, terrorist attacks, computer viruses or other malware, or other events.

[added: In the event these third parties fail to provide these services adequately or in a timely manner, including as a result of errors in their systems or events beyond their control, or refuse to provide these services on] terms acceptable to us or at all, and we are not able to find timely suitable alternatives, we may no longer be able to provide certain services to customers, which could expose us and our clients to information security, financial, compliance and reputational risks, among others, and have a material adverse effect on our results of operations and financial condition.

The pandemic [added: has negatively impacted and] may continue to negatively [removed: impact] [added: impact,] transaction volumes, create economic uncertainty and financial market volatility, reduce economic activity, increase unemployment and cause a decline in consumer and business confidence, and could in the future further negatively impact the demand for our products and services, including merchant acquiring and payment processing.

Ultimately, the extent of the [added: adverse] impact of the COVID-19 pandemic on our [removed: future operational] [added: business, results of operations, liquidity] and financial [removed: performance] [added: condition] will depend on, among other matters, the duration and intensity of the pandemic; the level of success of global vaccination efforts; governmental and private sector responses to the pandemic and the impact of such responses on us; and the impact of the pandemic on our employees, clients, vendors, [added: supply chain,] operations and sales, all of which are [removed: uncertain] [added: uncertain, difficult to predict] and [removed: cannot be predicted.][added: may remain prevalent for a significant period of time even after the pandemic subsides, including due to a continued or prolonged recession in the U.S. or other major economies.]

[removed: As an unprecedented number of merchants have been required to suspend or terminate their operations, there may be an increase] [added: - Sustained increases] in consumer chargebacks associated with processed transactions that merchant clients have submitted but have not [removed: fulfilled.][added: fulfilled as an unprecedented number of merchants have been required to suspend or terminate their operations.]

[added: -] Clients may require additional time to pay us or fail to pay us at all, which could significantly increase the amount of accounts receivable and require us to record additional allowances for doubtful accounts.

If clients cease operations or file for bankruptcy protection, we may experience lower revenue and earnings and have greater exposure to future transaction declines; [added: and]

- Disruption to our supply chain and third-party delivery service providers, including [removed: if] [added: if:] the factories that manufacture our point-of-sale [removed: devices] [added: devices, payment cards or computer chips for payment cards, or paper stock] are temporarily closed or experience workforce [removed: shortages, if] [added: shortages;] shipping services are interrupted or [removed: delayed,] [added: delayed; there are increased lead times, shortages] or [removed: if] [added: higher costs for certain materials and components; or] there are workforce shortages at our or third-party customer support, software development or technology hosting facilities;

- [removed: Increased risk of failing to meet client contractual obligations, including due to government] [added: Government] orders or other restrictions that limit or prohibit us from providing client-facing services from regular service [removed: locations or] [added: locations,] the failure of our business continuity plans, [added: or supply chain issues that prevent us from meeting client service levels, any of] which [added: may increase the risk of failing to meet client contractual obligations that] could cause loss of revenue, contractual penalties or potential legal [removed: disputes and associated costs; and][added: disputes;]

[added: - The possibility of one or more clusters of COVID-19 cases occurring at our data, call, production or operations centers,] affecting our employees or affecting the systems or employees of our clients or other third parties on which we depend.

The COVID-19 pandemic has caused us to modify our business practices, including [removed: requiring a majority of our employees to work remotely, suspending non-essential] [added: restricting] travel, [removed: suspending all] [added: limiting] non-essential visitors to our facilities, disinfecting [removed: facilities and workspaces extensively and frequently,] [added: facilities,] providing [added: onsite testing and] personal protective equipment to [removed: associates and requiring employees who must be present at our facilities to adhere to] [added: employees, establishing] a variety of safety [removed: protocols.][added: protocols at facilities and requiring U.S. employees to be fully vaccinated unless they have an approved medical, religious, or state exemption.]

Such measures may impact our productivity or effectiveness, and there is no certainty that such measures will be sufficient to mitigate the risks posed by the COVID-19 [removed: pandemic, including the risks to the health of our employees.][added: pandemic.]

In response to the COVID-19 pandemic, federal, state, local and foreign governments [removed: have] issued emergency orders and a significant number of new laws and regulations in a short period of time.

Failure to comply with [removed: any of] these laws and regulations, [added: or changes in the regulatory environment,] including changing interpretations and the implementation of new, varying or more restrictive laws and regulations by federal, state, local or foreign governments, may [removed: result in financial penalties, lawsuits, reputational harm or change the manner in which we or our clients currently conduct some aspects of our business.]

As we [added: continue to] expand internationally and grow our client base outside of the U.S., we may face challenges due to the presence of more established competitors and our [added: relative] lack of experience in such non-U.S. markets, and we may incur higher than anticipated costs.

[removed: At this time, we] [added: We] cannot predict the impact that [removed: the Trade Agreement and] [added: Brexit, including] any future [removed: agreements on services, including the MoU,] [added: trade agreements, divergence in law or currency fluctuations,] will have on our business and our clients, and it is possible that [removed: the terms of any new agreements (or a failure to reach such agreements)] [added: it] may adversely affect our operations and financial results.

For the foreseeable future, we expect to continue to derive revenue primarily from products and services we provide to the financial services industry and [added: from] our merchant acquiring business.

- declining economies, foreign currency fluctuations, [added: inflation,] social unrest, natural disasters, public health crises, including the occurrence of a contagious disease or illness, and the pace of economic recovery can change consumer spending behaviors, such as cross-border travel patterns, on which a significant portion of our revenues are dependent;

- government intervention, including the effect of laws, regulations, [added: treaties] and/or government investments in our clients, may have potential negative effects on our [removed: business] [added: business, operations] and our relationships with our clients or otherwise alter their strategic direction away from our products.

Similar anti-money laundering, counter terrorist financing and proceeds of crime laws apply to movements of currency and payments through electronic transactions and to dealings with persons specified in lists equivalent to OFAC lists in several other countries [added: and require specific data retention obligations to be observed by intermediaries in the payment process.]

[removed: Failure to comply with these laws and regulations, or changes in the regulatory environment, including changing interpretations and the implementation of new, varying or more restrictive laws and regulations by federal, state, local or foreign governments, may] result in significant financial penalties, reputational harm, suspension or termination of our ability to provide certain services, or change or restrict the manner in which we currently conduct our business, all of which could have a material adverse impact on our business, results of operations and financial condition.

[removed: For example,] [added: In Europe,] the General Data Protection Regulation (“GDPR”) extends the scope of the E.U. data protection law to all companies processing data of [added: E.U. residents, regardless of the company’s location, subject to certain limitations.]

E.U. data protection law [removed: continues to develop] [added: continuously develops] and [removed: require] [added: requires] significant changes to our policies and procedures.

[removed: Facebook Ireland Limited, and Maximillian Schrems* (the “Schrems II Decision”)] [added: For example, in 2020, the Court of Justice of the European Union issued a decision] that invalidated the European Commission’s adequacy decision for the E.U.-U.S. Privacy Shield Framework and placed additional safeguards necessary for transfers of personal data to the U.S., requiring companies and regulators to conduct case-by-case analyses to determine whether foreign protections concerning government access to transferred data meet E.U. standards.

[removed: Our] [added: Together with our] vendors and [removed: clients] [added: clients, we] have been directly impacted by [removed: the Schrems II Decision,] [added: this decision,] and our ability to transfer data outside the E.U. may be further impacted by [removed: the Schrems II Decision and] determinations made by regulators in the E.U. We [removed: do not yet know the extent of this impact on our operations.][added: are also subject to U.K. GDPR]

Our efforts to comply with E.U., U.K. and other privacy and data protection laws [removed: (such as the California Consumer Privacy Act, the California Privacy Rights Act taking effect in January 2023,] [added: around] the [removed: Brazilian General Data Protection Law and South Africa’s Protection of Personal Information Act)] [added: world that apply to our businesses] could involve substantial expenses, divert resources from other initiatives and projects and limit the services we are able to offer.

Further, failure to comply with applicable laws in this area could also result in [added: significant] fines, penalties and reputational damage.

In addition, U.S. banking agencies have [added: adopted or] proposed enhanced cyber risk management standards that would apply to us and our financial institution clients and that would address cyber risk governance and management, management of internal and external dependencies, and incident response, cyber resilience and situational awareness.

Several states also have adopted or proposed [added: new privacy and] cybersecurity laws targeting these [removed: issues, including the New York Cybersecurity Requirements for Financial Services Companies and the New York Shield Act to protect personal and private data.][added: issues.]

Nevertheless, unauthorized parties may attempt to copy aspects of our services or to obtain and use [added: information that we regard as proprietary.]

[removed: Further analysis of the Tax Act or future tax laws, regulations or guidance from the Internal Revenue Service, the Securities and Exchange Commission or the Financial Accounting Standards] Board could cause us to adjust current estimates in future periods, which could impact our earnings and have an adverse effect on our results of operations and cash flow.

Failure to effectively manage risk and prevent fraud, or otherwise effectively administer our chargeback [removed: responsibilities, would increase our chargeback liability or expose us to fines or other liabilities.]

Our balance sheet includes goodwill and intangible assets that represent [removed: 69%] [added: 66%] of our total assets at December 31, [removed: 2020.][added: 2021.]

At December 31, [removed: 2020,] [added: 2021,] we had approximately [removed: $20.7] [added: $21.2] billion of debt.

Our indebtedness could: decrease our ability to obtain additional financing for working capital, capital expenditures, general corporate or other purposes; limit our flexibility to make acquisitions; increase our cash requirements to [removed: support the payment of interest; limit our flexibility in planning for, or reacting to, changes in our business and our industry; and increase our vulnerability to adverse changes in general economic and industry conditions.]

In addition, if certain of our outstanding senior notes [added: or commercial paper notes] are downgraded to below investment grade, we may incur additional interest expense.

If any of the following risks

The ongoing COVID-19 pandemic has had, and may continue to have, adverse impacts on our business and may amplify many of our other known risks.

These and other potential negative impacts relating to the COVID-19 pandemic may also heighten or exacerbate the other risk factors described in this Annual Report on Form 10-K.

There can be no guarantee

Events that could cause operational failures include, but are not limited to, hardware and software defects or malfunctions, computer denial-of-service

In Europe, we are continuing to assess the implications of the United Kingdom leaving the European Union (“Brexit”).

We have been required to expend additional resources and incur additional costs to address regulatory requirements applicable to us or our clients, and there could be additional government initiatives to reduce or eliminate payments, costs or fees to merchants, or fees or other sources of revenue to financial institutions, all of which could adversely impact our business and results of operations.

following the U.K.’s exit from the E.U. Single Market and Customs Union.

There is also increased focus on data localization requirements around the world in countries such as the United Arab Emirates, China and India which could impact our business model with respect to our storage and transfer of personal data.

Additionally, future tax laws, regulations or guidance from the Internal Revenue Service, the Securities and Exchange Commission or the Financial Accounting Standards

The U.S. Congress, the Organization for Economic Co-operation and Development (the “OECD”) and other government agencies in jurisdictions in which we do business remain focused on the taxation of multinational corporations.

The OECD, which represents a coalition of member countries, including the U.S., is contemplating changes to numerous longstanding tax principles, including ensuring all companies pay a global minimum tax and expanding taxing rights of market countries.

Because the timing of implementation and the specific measures adopted will vary among participating countries, significant uncertainty remains regarding the impact of these initiatives and their implementation could adversely affect our business or financial results.

responsibilities, would increase our chargeback liability or expose us to fines or other liabilities.

support the payment of interest; limit our flexibility in planning for, or reacting to, changes in our business and our industry; and increase our vulnerability to adverse changes in general economic and industry conditions.

our systems is critical to our business.

In the event these third parties fail to provide these services adequately or in a timely manner, including as a result of errors in their systems or events beyond their control, or refuse to provide these services on

COVID-19 Pandemic Risks

Our business has been, and is likely to continue to be, adversely impacted by the coronavirus (COVID-19) pandemic.

- Payment processing risks associated with disruptions to merchant activity and business failures including chargeback risk.

- Client payment risks.

- Increased cyber and payment fraud risk, as cybercriminals attempt to profit from the disruption given increased online banking, e-commerce and other online activity;

- Challenges to the availability and reliability of our solutions and services due to changes to normal operations, including the possibility of one or more clusters of COVID-19 cases occurring at our data, call or operations centers,

Further, the ability of our employees to get to work has been disrupted across multiple locations, both with respect to their own offices and client sites, due among other things to government work and travel restrictions, including mandatory shutdowns.

We could be required to expend additional resources and incur additional costs to address regulatory requirements applicable to us or our clients, and we may not have the capacity to implement necessary changes within the times prescribed by applicable laws.

There could be government initiatives to reduce or eliminate payments, costs or fees to merchants, or fees or other sources of revenue to financial institutions.

Regulations may be unclear, difficult to interpret or in conflict with other applicable regulations.

As a result, we may have to make judgments about how to comply with these new laws and regulators may not ultimately agree with how we implement applicable regulations.

In addition, during times of economic stress, there tends to be greater regulatory and governmental scrutiny of actions taken in response to such stress and an increased risk of both governmental and third-party litigation.

A lack of further recovery or deterioration in economic and market conditions resulting from the COVID-19 pandemic could negatively impact our ability to generate earnings and cash flows sufficient to service debt and meet lease and other obligations as they come due or to meet our financial debt covenants.

The pandemic could also make obtaining financing more difficult or expensive, and our ability to access the long-term debt markets on favorable interest rate and other terms will depend on market conditions and the ratings assigned by the credit rating agencies to our indebtedness.

There are no comparable recent events that provide guidance as to the impacts the COVID-19 pandemic may continue to have, and, as a result, the ultimate impacts are highly uncertain and subject to change.

The extent to which the pandemic or any resulting worsening of the global business and economic environment adversely impacts our business, results of operations, liquidity and financial condition will depend on future developments, which are highly uncertain and are difficult to predict, including, but not limited to, the duration and intensity of the COVID-19 pandemic, the actions taken to contain or limit the pandemic, including whether vaccination efforts are successful, and how quickly and to what extent pre-pandemic economic and operating conditions can resume.

These factors may remain prevalent for a significant period of time even after the pandemic subsides, including due to a continued or prolonged recession in the U.S. or other major economies.

The impacts of the COVID-19 pandemic could have a material adverse effect on our business, results of operations, liquidity or financial condition and heighten or exacerbate risks described in this Annual Report on Form 10-K.

The United Kingdom’s withdrawal from the European Union Single Market and Customs Union as part of the process known as “Brexit” could adversely affect our results of operations.

Effective December 31, 2020, the U.K. left the E.U. Single Market and Customs Union and also ceased to be subject to international agreements the E.U. is a party to.

On December 24, 2020, the E.U. and the U.K. agreed to the terms of a trade and cooperation agreement which sets out the terms of their future relationship (the “Trade Agreement”).

As a result, and subject to the terms of the Trade Agreement, the rules of the E.U. Single Market and Customs Union relating to the free movement of persons, goods, services and capital between the U.K. and the E.U. ended, and the E.U. and the U.K. formed two separate markets and two distinct regulatory and legal spaces.

Brexit may, among other outcomes, and subject to the terms of the Trade Agreement, disrupt the free movement of goods, services, data and people between the U.K. and the E.U., undermine bilateral cooperation in key policy areas, and significantly disrupt trade between the U.K. and the E.U. In addition, Brexit may lead to legal uncertainty and potentially divergent national laws and regulations as the U.K. determines, going forward and subject to the terms of the Trade Agreement, which E.U. laws and regulations to maintain and which to amend or replace.

The effects of Brexit will depend in part on any agreements, in addition to the Trade Agreement, which the E.U. and the U.K. reach to allow the U.S. and the E.U. to retain access to each other’s markets in areas not covered by the Trade Agreement.

The Trade Agreement offers U.K. and E.U. businesses preferential access to each other’s markets, ensuring imported goods will be free of tariffs and quotas.

However, economic relations between the U.K. and the E.U. will now be on more restricted terms than existed previously.

The Trade Agreement does not incorporate the full scope of the services sector, and businesses such as banking and finance face a more uncertain future.

The U.K. and E.U. plan to put in place a regulatory dialogue on financial services based on a separate memorandum of understanding (“MoU”).

Talks on the MoU are expected to begin by March 2021.

Given the lack of comparable precedent, it is unclear what financial, trade and legal implications the withdrawal of the U.K. from the E.U. will have and how such withdrawal will affect us.

In addition, Brexit may create additional uncertainty in currency exchange rate fluctuations that may result in the strengthening of the U.S. dollar against foreign currencies in which we conduct business.

We translate revenue denominated in foreign currency into U.S. dollars for our financial statements.

During periods of a strengthening U.S. dollar, our reported international revenue and profit is reduced because foreign currencies translate into fewer U.S. dollars.

Any of these effects of Brexit, among others, could materially adversely affect our relationships with our existing and future clients and vendors, which could have an adverse effect on our business, results of operations and business opportunities.

and require specific data retention obligations to be observed by intermediaries in the payment process.

In addition, the CFPB regulates consumer financial products and services (including many offered by our clients), restricts debit card fees paid by merchants to certain issuer banks and allows merchants to offer discounts for different payment methods.

E.U. residents, regardless of the company’s location, subject to certain limitations.

In July 2020, the Court of Justice of the European Union issued a decision in the case *Data Protection Commissioner v.

This section contains an analysis of our results of operations presented in the accompanying consolidated statements of income by comparing the results for the year ended December 31, [removed: 2020 to the results for the year ended December 31, 2019 and by comparing the results for the year ended December 31, 2019] [added: 2021] to the results for the year ended December 31, [removed: 2018.][added: 2020.]

This section provides an analysis of our cash flows and a discussion of our outstanding debt and commitments at December 31, [removed: 2020.][added: 2021.]

We provide account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale (“POS”) [removed: solution.][added: and business management platform.]

We serve clients around the globe, including [added: merchants,] banks, credit unions, other financial institutions, [removed: corporate clients] and [removed: merchants.][added: corporate clients.]

These solutions include POS merchant acquiring and digital commerce services; mobile payment services; security and fraud protection products and services; CaratSM, our omnichannel commerce solution; [removed: and] [added: Clover,] our cloud-based [removed: Clover] POS [added: and business management] platform, which includes a marketplace for proprietary and third-party business [removed: applications.][added: applications; and Clover Connect, our independent software vendor (“ISV”) platform.]

The Fintech segment provides financial institutions around the world with technology solutions that enable them to process customer deposit and loan accounts and manage general ledger and central information files, as well as other products and services that support numerous types of financial transactions such as digital banking, financial and risk management, [removed: cash management,] professional services and consulting, and item processing and source capture services.

Corporate and Other supports the reportable segments described above, and consists of amortization of acquisition-related intangible assets, unallocated corporate expenses and other activities that are not considered when we evaluate segment performance, such as gains or losses on sales of [removed: businesses,] [added: businesses or investments,] costs associated with acquisition and divestiture activity, and our Output Solutions postage reimbursements.

Corporate and Other also includes the historical results of our Investment Services [removed: business,] [added: business prior to the disposition] of [removed: which we sold a 60%] [added: our] controlling [added: financial] interest in February 2020, as well as certain transition services revenue associated with various dispositions.

We frequently review our portfolio to ensure we have the [removed: right set of businesses] [added: necessary business assets] to execute [removed: on] our strategy.

On March 2, 2020, we acquired MerchantPro Express LLC (“MerchantPro”), an [removed: independent sales organization (“ISO”)] [added: ISO] that provides processing services, POS equipment and merchant cash advances to businesses across the United States.

[removed: MerchantPro] [added: Ondot] is included within the [removed: Acceptance] [added: Payments] segment and further expands our [added: digital capabilities, enhancing our suite of integrated payments, banking and] merchant [removed: services business.][added: solutions.]

Bypass is included within the Acceptance segment and further enhances our [removed: omni-commerce capabilities, enabling enterprise businesses] [added: ability] to [added: help businesses] deliver [removed: a] seamless [removed: customer experience that spans] physical and digital [removed: channels.][added: customer experiences.]

[removed: We] funded the transaction-related expenses and the repayment of First Data debt through a combination of available cash on-hand, proceeds from the issuance of senior notes, and term loan and revolving credit facility borrowings.

On January 22, 2021, we acquired [added: a remaining ownership interest in] Ondot Systems, [removed: Inc.,] [added: Inc. (“Ondot”),] a digital experience platform provider for financial institutions.

Upon dissolution of the joint venture’s operations, the joint venture transferred a proportionate share of value, primarily the client contracts, to each party via [added: an agreed upon contractual separation.]

The remaining activities of the joint venture [removed: will] consist [removed: of supporting the transition] [added: primarily] of [removed: the business to each party and] an orderly wind down of remaining BAMS assets and liabilities.

The business transferred to us [removed: will continue] [added: continues] to be operated and managed within our Acceptance segment.

We [removed: will] continue to provide merchant processing and related services to former BAMS clients allocated to BANA, at BAMS pricing, through June 2023.

On February 18, 2020, we sold a 60% controlling interest of our Investment Services business, subsequently renamed as Tegra118, LLC (“Tegra118”), which is reported within Corporate and [removed: Other following the Segment Realignment.][added: Other.]

We received pre-tax proceeds of $578 million, net of related expenses, resulting in a pre-tax gain on the sale of $428 million, with [removed: a] [added: the] related tax expense of $112 million.

On February 2, 2021, Tegra118 completed a merger with a third party, resulting in a dilution of our ownership interest in the combined new entity, Wealthtech Holdings, [removed: LLC.][added: LLC, which was subsequently renamed as InvestCloud Holdings, LLC (“InvestCloud”).]

Our long-term priorities are to (i) [removed: deliver integration value from the First Data acquisition; (ii)] continue to build high-quality revenue while meeting our earnings goals; [removed: (iii)] [added: (ii)] enhance client relationships with an emphasis on digital and payment solutions; [removed: and (iv)] [added: (iii)] deliver innovation and integration which enables differentiated value for our [removed: clients.][added: clients; and (iv) deliver integration value from acquisitions.]

[removed: The traditional financial industry and other market entrants] [added: Financial service providers] regularly introduce and implement new payment, deposit, risk management, lending and investment products, and the distinctions among the products and services traditionally offered by different types of financial institutions continue to narrow as they seek to serve the same customers.

Examples of these solutions include electronic payments and delivery methods such as internet, mobile and tablet banking, sometimes referred to as “digital [removed: channels.”][added: channels,” which enable financial institutions to offer their customers an industry-leading digital banking experience.]

We believe that economies of scale in developing and maintaining the infrastructure, technology, products, services and networks necessary to be competitive in such an environment are essential to justify these investments, and we anticipate that demand for products that facilitate customer interaction with financial institutions, including [removed: electronic transactions through digital] [added: a unified, seamless customer experience across mobile and online] channels, will continue to increase, which we expect to create revenue opportunities for us.

[removed: During] [added: In addition to] the [added: trends described above, during the] past 25 years, the number of financial institutions in the United States has declined at a relatively steady rate of approximately 3% per year, primarily as a result of voluntary mergers and acquisitions.

If a client loss occurs due to merger or acquisition, we [added: typically] receive a contract termination fee based on the size of the client and how early in the contract term the contract is terminated.

The rapid growth in and globalization of mobile and e-commerce, driven by consumers’ desire for [removed: simpler, more] [added: convenient and] efficient shopping experiences, has created an opportunity for merchants to reach consumers in high-growth online and mobile settings, which often requires a merchant acquiring provider to enable and optimize the acceptance of payments.

Merchants are demanding [removed: simpler,] [added: simple,] integrated and modern POS systems to help manage their everyday business operations.

SaaS solutions that integrate payments are often referred to as [removed: Independent Software Vendors (or “ISVs”),] [added: ISVs,] and we believe there are thousands of these potential distribution partnership opportunities available to us.

[removed: As a result of the COVID-19 pandemic and the related decline in global economic activity, we] [added: We] experienced a significant decrease in payments volume and transactions beginning in late March 2020 that negatively impacted our merchant acquiring and payment-related [removed: businesses, which earn transaction-based fees,] [added: businesses] as well as modest declines in other businesses.

[removed: Ultimately,] [added: While this current business trend is positive,] the extent of the [added: adverse] impact of the [removed: COVID-19] pandemic on our [removed: future operational] [added: business, results of operations, liquidity] and financial [removed: performance] [added: condition] will depend on, among other matters, the duration and intensity of the [removed: COVID-19] pandemic; [added: the level of success of global vaccination efforts;] governmental and private sector responses to the pandemic and the impact of such responses on us; [removed: the level of success of global vaccination efforts;] and the impact of the pandemic on our employees, clients, vendors, [added: supply chain,] operations and sales, all of which are [removed: uncertain] [added: uncertain, difficult to predict] and [removed: cannot be predicted.][added: may remain prevalent for a significant period of time even after the pandemic subsides, including due to a continued or prolonged recession in the U.S. or other major economies.]

Goodwill is tested for impairment at a reporting unit level, which is one level below our [removed: reportable segments.]

Our most recent annual impairment assessment of our reporting units in the fourth quarter of [removed: 2020] [added: 2021] determined that our goodwill of [removed: $36] [added: $36.4] billion was not impaired as the estimated fair values of the respective reporting units exceeded the carrying values.

However, for [removed: four] [added: three] of our reporting units that were acquired as part of the First Data acquisition, with aggregate goodwill of [removed: $12] [added: $11.1] billion, the excess of the respective reporting unit’s fair value over carrying value ranged from [removed: 14] [added: 8] to 21 percent.

If future operating performance is below our expectations or there are changes to forecasted revenue growth rates, risk-adjusted discount rates, effective income tax rates, [added: merchant alliance agreements] or some combination thereof, a decline in the fair value of the reporting units could result in, and we may be required to record, a goodwill impairment charge.

It is also reasonably possible that future developments related to the [added: interest rate environment or the] economic impact of the COVID-19 pandemic on certain of our recently acquired (recorded at fair value) First Data businesses, such as an increased duration and intensity of the pandemic and/or government-imposed [removed: shutdowns, prolonged economic downturn or recession, or lack of governmental support for recovery,] [added: restrictions,] could have a future material impact on one or more of the estimates and assumptions used to evaluate goodwill impairment.

We have no accumulated goodwill impairment through December 31, [removed: 2020.][added: 2021.]

Product revenue is generated from print and card production sales, as well as software license [added: and hardware (POS devices)] sales.

We [removed: also] sell or lease hardware (POS devices) and other peripherals as part of our contracts with customers.

Discussion of results for the year ended December 31, 2020 compared to the results for the year ended December 31, 2019 not included herein can be found in Part II, “Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for fiscal year 2020, filed with the Securities and Exchange Commission on February 26, 2021.

On November 22, 2021, we acquired BentoBox CMS, Inc. (“BentoBox”), a digital marketing and commerce platform that helps restaurants connect with their guests.

BentoBox is included within the Acceptance segment and expands our Clover dining solutions and commerce and business management capabilities.

On November 15, 2021, we acquired a remaining ownership interest in NetPay Solutions Group (“NetPay”), a multi-channel payment service provider offering a range of capabilities around onboarding, customer lifecycle, risk management, and settlement to businesses of all sizes.

We previously held a noncontrolling equity interest in NetPay, which was accounted for under the equity method.

NetPay is included within the Acceptance segment and further expands our ability to develop and deliver a wide range of customer-focused solutions and seamless payments experiences for our clients.

On October 1, 2021, we acquired Integrity Payments, LLC (“AIP”), a business that promotes payment processing services for merchants and is included within the Acceptance segment.

On June 14, 2021, we acquired Spend Labs Inc. (“SpendLabs”), a mobile-native, cloud-based software provider of commercial card payment solutions.

SpendLabs is included within the Payments segment and further expands our digital capabilities across mobile and desktop devices for small and mid-sized businesses.

On May 4, 2021, we acquired Pineapple Payments Holdings, LLC (“Pineapple Payments”), an independent sales organization (“ISO”) that provides payment processing, proprietary technology, and payment acceptance solutions for merchants.

Pineapple Payments is included within the Acceptance segment and expands the reach of our payment solutions through its technology- and relationship-led distribution channels.

On March 1, 2021, we acquired Radius8, Inc. (“Radius8”), a provider of a platform that uses consumer location and other information to drive incremental merchant transactions.

Radius8 is included within the Acceptance segment and enhances our ability to help merchants increase sales, expand mobile application registration and improve one-to-one target marketing.

We previously held a noncontrolling equity interest in Ondot, which was accounted for at cost.

We acquired these businesses for an aggregate purchase price of approximately $882 million, net of $43 million of acquired cash and the fair value of our previously held equity interests of $36 million, and including earn-out provisions estimated at an aggregate fair value of $34 million.

The results of operations for these acquired businesses are included in our consolidated results from the respective dates of acquisition.

The results of operations for these acquired businesses are included in our consolidated results from the respective dates of acquisition.

We

In February 2022, we entered into a definitive agreement to acquire the remaining ownership interest in Finxact, Inc. (“Finxact”), a developer of cloud-native banking solutions powering digital transformation throughout financial services, for approximately $650 million.

We expect the acquisition to close in 2022, subject to customary approvals and closing conditions.

Upon closing of the acquisition, Finxact will be included within the Fintech segment.

We expect to recognize a gain on the remeasurement of our previously held equity interest to its fair value at the acquisition date.

The transfer of value to BANA was accounted for at fair value, resulting in the recognition of a pre-tax gain of $36 million, with a related tax expense of $13 million.

The revenues, expenses and cash flows of the Investment Services business were consolidated into our financial results through the date of the sale transaction, and is reported within Corporate and Other.

In connection with the transaction, we made an additional capital contribution of $200 million into the combined entity and recognized a pre-tax gain of $28 million, with a related tax expense of $6 million.

On June 30, 2021, we sold our entire ownership interest in InvestCloud for $466 million, resulting in a pre-tax gain of $33 million, with a related tax expense of $8 million.

We will continue to provide various technical and data center related services for defined periods under the terms of a pre-existing transition services agreement.

Since early 2020, the world has been, and continues to be, impacted by the coronavirus (“COVID-19”) pandemic.

The COVID-19 pandemic, and various measures imposed by the governments of many countries, states, cities and other geographic regions to prevent its spread, have, among other matters, negatively impacted consumer and business spending and, as a result, our operating performance, primarily within our merchant acquiring and payment-related businesses, which earn transaction-based fees.

Merchant acquiring transaction and payment volumes began to partially recover throughout the remainder of 2020 and have continued to grow throughout 2021.

Accordingly, our merchant acquiring and payment-related businesses were less impacted by the COVID-19 pandemic during 2021 than they were throughout most of fiscal 2020.

In 2021, we began observing increasing shortages and delays in the global supply chain for components and inputs necessary to our businesses, such as semiconductors, paper and plastic, and may experience difficulty procuring those components and inputs in the future on a timely basis or at historical prices.

The COVID-19 pandemic has also caused us to modify our business practices, including restricting travel, limiting non-essential visitors to our facilities, disinfecting facilities, providing onsite testing and personal protective equipment to employees, establishing a variety of safety protocols at facilities, and requiring U.S. employees to be fully vaccinated unless they have an approved medical, religious, or state exemption.

reportable segments.

The amount of tax benefit recognized reflects the largest benefit that we

As of December 31, 2021, we have achieved 80% of our $600 million revenue synergy target and expect to attain the remaining revenue synergies by the end of 2022.

In addition, we have completed the integration activities associated with the achievement of cost synergies, having actioned $1.2 billion in cost synergies as of December 31, 2021, and we expect to incur lower acquisition and integration related costs in 2022.

This section discusses fiscal year 2021 compared to 2020.

Discussions of fiscal year 2020 compared to 2019 can be found in Part II, “Item 7.

On July 29, 2019, we acquired First Data Corporation (“First Data”), a global leader in commerce-enabling technology and solutions for merchants, financial institutions and card issuers.

Effective in the first quarter of 2020, we realigned our reportable segments to reflect our new management structure and organizational responsibilities (“Segment Realignment”) following the acquisition of First Data.

Segment results for the years ended December 31, 2019 and 2018 have been restated to reflect the Segment Realignment.

Inlet is included within the Payments segment and further enhances our digital bill payment strategy.

The acquisition of First Data, included within the Acceptance and Payments segments, increases our footprint as a global payments and financial technology provider by expanding the portfolio of services provided to financial institutions, corporate and merchant clients and consumers.

On October 31, 2018, we acquired the debit card processing, ATM Managed Services, and MoneyPass® surcharge-free network of Elan Financial Services, a unit of U.S. Bancorp, for approximately $659 million including post-closing working capital adjustments, estimated contingent consideration related to earn-out provisions and future payments under a transition services agreement in excess of estimated fair value.

This acquisition, included within the Payments segment, deepens our presence in debit card processing, broadens our client reach and scale and provides new solutions to enhance the value proposition for our existing debit solution clients.

This acquisition, to be included within the Payments segment, will further expand our digital capabilities, enhancing our suite of integrated solutions spanning card-based payments, digital banking platforms, core banking, and merchant solutions to enable clients of all sizes to deliver frictionless, digital-first and personalized experiences to their customers.

an agreed upon contractual separation.

Our retained interest is accounted for as an equity method investment.

In connection with the acquisition of First Data, we acquired two businesses which we intended to sell.

In October 2019, we completed the sales, at acquired fair value, of these two businesses for aggregate proceeds of $133 million.

On March 29, 2018, we sold a 55% controlling interest of our Lending Solutions business, which was reported within the Fintech segment, retaining 45% ownership interests in two joint ventures (the “Lending Joint Ventures”).

In conjunction with this transaction, we entered into transition services agreements to provide, at fair value, various administration, business process outsourcing and data center related services for defined periods to the Lending Joint Ventures.

We received gross sale proceeds of $419 million from the transactions.

In August 2019, the Sagent Auto, LLC joint venture, formerly known as Fiserv Automotive Solutions, LLC, completed a merger with a third party, resulting in the dilution of our ownership interest to 31% in the combined entity, defi SOLUTIONS Group, LLC.

Our remaining ownership interest in the Lending Joint Ventures are accounted for as equity method investments.

In addition, in January 2018, we completed the sale of the retail voucher business acquired in our 2017 acquisition of Monitise for proceeds of £37 million ($50 million).

The market for products and services offered by financial institutions continues to evolve rapidly.

In addition to the trends described above, the financial institutions marketplace has experienced change in composition as well.

In 2019, a novel strain of coronavirus (“COVID-19”) was identified and has since continued to spread.

In March 2020, the World Health Organization recognized the COVID-19 outbreak as a pandemic.

In response to the COVID-19 pandemic, the governments of many countries, states, cities and other geographic regions have taken actions to prevent the spread of COVID-19, such as imposing travel restrictions and bans, quarantines, social distancing guidelines, shelter-in-place or lock-down orders and other similar limitations, adversely impacting global economic activity and contributing to significant volatility in financial markets.

From time to time during the second half of 2020 and into 2021, some jurisdictions have eased restrictions in an effort to reopen their economies.

While this has been successful in some places, others have had to reinstate restrictions to curb the spread of the virus.

We have taken several actions since the onset of the pandemic to protect the health, safety and well-being of our employees while maintaining business continuity.

These actions include, among others, requiring a majority of our employees to work remotely, eliminating non-essential travel, suspending all non-essential visitors to our facilities, disinfecting facilities and workspaces extensively and frequently, providing personal protective equipment to associates and requiring employees who

must be present at our facilities to adhere to a variety of safety protocols.

In addition, we have expanded paid time-off for employees impacted by COVID-19, provided increased pay for certain employees involved in critical infrastructure who could not work remotely, and expanded our Fiserv Cares program to benefit employees in need around the world.

We expect to continue such safety measures for the foreseeable future and may take further actions, or adapt these existing policies, as government authorities may require or recommend or as we may determine to be in the best interest of our employees, clients and vendors.

Our operating performance is subject to global economic and market conditions, as well as their impacts on levels of consumer and business spending.

Merchant acquiring transaction and payment volumes began to partially recover in May 2020 and continued to improve into July 2020; thereafter, the monthly volume growth rate as compared to the prior year stabilized for the balance of the year.

While recent business trends demonstrate positive momentum, the uncertainty caused by the pandemic creates an economic environment where our future financial results remain difficult to anticipate.

We currently expect payments volume and transactions to continue to improve throughout 2021.

Throughout 2020, we also took several actions to manage discretionary costs including, among others, limiting the hiring of new employees, limiting third-party spending and the temporary suspension of certain employee-related benefits, including company matching contributions to the Fiserv 401(k) Savings Plan as well as the discount on shares purchased under the Fiserv, Inc. Amended and Restated Employee Stock Purchase Plan.

Effective January 1, 2021, company matching contributions were re-established to equal 100% on the first 1% contributed and 25% on the next 4% contributed for eligible participants.

In addition, we reassessed and deferred certain capital expenditures that were originally planned for 2020.

We will continue to monitor and assess developments related to COVID-19 and implement appropriate actions to minimize the risk to our operations of any material adverse developments.

In connection with the Segment Realignment, certain of our reporting units changed in composition in which goodwill was allocated to such reporting units using a relative fair value approach.

Accordingly, we performed an interim goodwill impairment assessment in the first quarter of 2020 for those reporting units impacted by the Segment Realignment and determined that our goodwill was not impaired based on an assessment of various qualitative factors, as described above.

In addition to existing cash [added: and cash equivalents] balances and cash provided by operating activities, we use a combination of fixed- and variable-rate debt instruments to finance our operations.

We had fixed- and variable-rate debt, excluding finance leases and other financing obligations, with varying maturities for an aggregate carrying amount of [removed: $18.3] [added: $17.7] billion and [removed: $1.8] [added: $2.9] billion, respectively, at December 31, [removed: 2020.][added: 2021.]

Our fixed-rate debt at December 31, [removed: 2020] [added: 2021] primarily consisted of fixed-rate senior notes with a fair value of [removed: $20.7 million,] [added: $18.9 billion,] based on matrix pricing which considers readily observable inputs of comparable securities.

Our variable-rate debt at December 31, [removed: 2020] [added: 2021] primarily consisted of outstanding borrowings on our revolving credit facility, [added: U.S. dollar and Euro commercial paper,] variable rate term loan, foreign lines of credit and debt associated with the receivables securitization agreement.

Based on our outstanding debt balances and interest rates at December 31, [removed: 2020,] [added: 2021,] a hypothetical 1% increase in market interest rates related to our variable-rate debt would increase annual interest expense by approximately [removed: $18] [added: $29] million.

This sensitivity analysis assumes the outstanding debt balances at December 31, [removed: 2020] [added: 2021] and the change in market interest rates is applicable for an entire year.

In connection with processing electronic payments transactions, [removed: the funds] we receive [removed: from subscribers] [added: settlement funds that] are invested into short-term, highly liquid investments from the time we collect the funds until payments are made to the applicable recipients.

This sensitivity analysis assumes the subscriber fund balances at December 31, [removed: 2020] [added: 2021] and the change in market interest rates is applicable for an entire year.

Approximately [removed: 13%] [added: 14%] and [removed: 12%] [added: 13%] of our total revenue was generated outside the U.S in [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] respectively.

The major currencies to which our revenues are exposed are the [removed: Euro, the] [added: Argentine Peso, Brazilian Real,] British Pound, [removed: the Indian Rupee] [added: Canadian Dollar, Euro] and [removed: the Argentine Peso.][added: Indian Rupee.]

A strengthening or weakening of the U.S. dollar relative to the currencies in which our revenue and profits are denominated by 10% would have resulted in a decrease or [removed: increase ,] [added: increase,] respectively, in our reported pre-tax income as follows at December 31:

| (In millions) | | | | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | | | | | | | | | |

| Euro | | | | | | | | | [removed: $ | 7] [added: 16] | | | | | [removed: $] | 7 | | | | | | | | | | | | | | [added: |]

| British Pound | | | | | | | | | [removed: 3] [added: 5] | | | | | | [removed: 4] [added: 3] | | | | | | | | | | | | | | |

| Indian Rupee | | | | | | | | | [removed: 2] [added: 3] | | | | | | [removed: 3] [added: 2] | | | | | | | | | | | | | | |

| Argentine Peso | | | | | | | | | [removed: 3] [added: $] | [added: 4] | | | | | [removed: 2] [added: $] | [added: 3] | | | | | | | | | | | | | |

| Other | | | | | | | | | [removed: 5] [added: 1] | | | | | | [removed: 9] [added: 4] | | | | | | | | | | | | | | |

| Total increase or decrease | | | | | | | | | $ | [removed: 20] [added: 39] | | | | | $ | [removed: 25] [added: 24] | | | | | | | | | | | | | |

At December 31, [removed: 2020,] [added: 2021,] the notional amount of these derivatives was approximately [removed: $259] [added: $341] million, with a positive fair value of [removed: $9] [added: $6] million.

In addition, we designated our foreign currency-denominated senior notes [added: and Euro commercial paper notes] as net investment hedges to reduce exposure to changes in the value of our net investments in certain foreign subsidiaries due to changes in foreign currency exchange rates.

During the year ended December 31, 2021, the amount of such interest-related income was not material and, therefore, a hypothetical 1% decrease in market interest rates would not have a significant impact on such income.

| Brazilian Real | | | | | | | | | 6 | | | | | | 4 | | | | | | | | | | | | | | |

| Canadian Dollar | | | | | | | | | 4 | | | | | | 1 | | | | | | | | | | | | | | |

A hypothetical 1% decrease in market interest rates would decrease annual interest-related income related to settlement assets by approximately

$30 million over the next twelve months.

We serve clients around the globe, including [added: merchants,] banks, credit unions, other financial [removed: institutions, corporate clients] [added: institutions] and [removed: merchants.][added: corporate clients.]

We help clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and the Clover® cloud-based point-of-sale [removed: (“POS”) solution.][added: and business management platform.]

In [removed: 2020,] [added: 2021,] we had [removed: $14.9] [added: $16.2] billion in total revenue, [removed: $1.9] [added: $2.3] billion in operating income and [removed: $4.1] [added: $4.0] billion of net cash provided by operating activities from continuing operations.

Processing and services revenue, which in [removed: 2020] [added: 2021] represented 82% of our total revenue, is primarily generated from account- and transaction-based fees under multi-year contracts that generally have high renewal rates.

| (In millions) | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Total revenue | | | | | | $ | [removed: 14,852] [added: 16,226] | | | | | $ | [removed: 10,187] [added: 14,852] | | | | | $ | [removed: 5,823] [added: 10,187] | |

| Domestic | | | | | | [removed: 87] [added: 86] | | % | | | | [removed: 88] [added: 87] | | % | | | | [removed: 94] [added: 88] | | % |

| International | | | | | | [removed: 13] [added: 14] | | % | | | | [removed: 12] [added: 13] | | % | | | | [removed: 6] [added: 12] | | % |

We have grown our business [added: organically and through acquisitions,] by signing new clients, expanding the products and services we provide to existing clients, offering new and enhanced products and services developed through innovation and acquisition, and extending our capabilities geographically, all of which have enabled us to deliver a wide range of integrated products and services and created new opportunities for growth.

[removed: These] [added: The] services [added: in this segment] include POS merchant acquiring and digital commerce services; mobile payment services; security and fraud protection products; CaratSM, our omnichannel commerce [removed: solution; and] [added: ecosystem; Clover,] our cloud-based [added: point-of-sale and business management platform; and] Clover [removed: POS] [added: Connect, our independent software vendor (“ISV”)] platform.

We distribute the products and services in the global Acceptance businesses through a variety of channels, including direct sales teams, strategic partnerships with [removed: agent] [added: independent] sales [removed: forces,] [added: agents,] independent [removed: software vendors (“ISVs”),] [added: sales organizations (“ISOs”), ISVs,] financial institutions, and other strategic partners in the form of joint venture alliances, revenue sharing alliances (“RSAs”), and referral agreements.

Payment transactions [removed: represent] [added: include] credit, debit, stored-value and loyalty payments, whether at a physical [removed: POS] [added: point-of-sale (“POS”)] device, a mobile device such as a [removed: smart-phone] [added: smartphone] or tablet, or an e-commerce transaction over the internet.

The Clover platform includes hardware and software technology necessary to enable SMB merchants to accept payments, process transactions, provide online ordering, [removed: have] [added: maintain] an e-commerce presence, and generate consumer loyalty through Clover’s customer engagement tools.

Acceptance businesses distribute solutions and services through direct sales teams, as well as partnerships with hundreds of indirect non-bank sales forces, including independent sales agents, [removed: independent sales organizations (“ISOs”),] [added: ISOs,] ISVs, value-added [removed: retailers] [added: resellers] (“VARs”), and payment [removed: services] [added: service] providers (“PSPs”).

In addition, the businesses in our Acceptance segment leverage powerful sales capabilities for hundreds of financial institution and non-financial institution partners to distribute their products and solutions through strategic arrangements including joint venture [removed: alliances (merchant alliances),] [added: alliances,] RSAs, and referral agreements.

These strategic alliances combine our commerce-enabling technology, processing capabilities and management expertise with the distribution [removed: channels,] [added: capabilities,] footprint and customer relationships of our partners.

As a complement to the core account processing functionality, the businesses in the global Fintech segment also provide digital banking, financial and risk management, [removed: cash management,] professional services and consulting, item processing and source capture, and other products and services that support numerous types of financial transactions.

[removed: Some] [added: Certain] of the businesses in the Fintech segment provide products or services to corporate clients to facilitate the management of financial processes and transactions.

The principal account processing solutions used by our [removed: bank] [added: depository institution] clients are Cleartouch®, DNA®, Precision®, [removed: Premier®] [added: Premier®, Signature®] and [removed: Signature®.][added: Portico®.]

The [removed: Signature and] DNA [added: and Signature] solutions are available both domestically and internationally.

Other products and services include image archive with online retrieval, in-clearings, exceptions and returns, [removed: statements] [added: statements,] and fraud detection.

Our Digital Efficiency [removed: Solutions] [added: solutions] include Frontier™ (a reconciliation product), Nautilus® (a content management product) and Prologue™ Financials, which combines enterprise performance management and financial control offerings to deliver [removed: budgeting and] [added: budgeting,] planning, financial accounting, and automated reconciliation and account certification tools to [removed: facilitate a robust assessment environment and efficient processes for] our clients.

These solutions are further complemented by fraud detection and mitigation through our Fraud and Financial [removed: Crimes] [added: Crime] Risk Management [removed: Solutions.][added: solutions.]

Clients may use [added: our] payment platform applications on a licensed or hosted basis, and as an add-on to existing legacy technology or as a stand-alone comprehensive modern payments platform.

Our principal digital consumer and business [added: digital] banking [removed: products] [added: platforms] are [added: AbilitiSM,] Architect™, Corillian Online®, [removed: Corillian® Business Online, Mobiliti™, Mobiliti Business™,] and [removed: SecureNow™.][added: Mobiliti™.]

Our Corillian [removed: product suite] [added: platform] supports multiple lines of banking [added: for consumers and] businesses and [removed: has been] [added: is] designed to be highly scalable to meet the evolving needs of [removed: our clients.][added: banks and credit unions, allowing clients to deploy new services through integrations of digital applications.]

Our Mobiliti [removed: product suite] [added: platform] provides a variety of mobile banking and payments services to our clients and their customers via mobile [removed: browser,] [added: browser and a] downloadable application for smartphones and tablets, [removed: text message, and Amazon® Alexa® voice banking.][added: designed for a mobile-first experience.]

Each of these [removed: suites enables] [added: solutions allows] customers to complete balance [removed: inquiries,] [added: inquiries and] view their transaction history, [removed: make] [added: and enables access to our digital ecosystem, including electronic] bill payments, [removed: and transfer] [added: person-to-person digital payments,] funds [added: transfer] between accounts and to other [removed: people.][added: people, and personal financial management tools.]

Our SecureNow product delivers real-time cybersecurity defense capability, [removed: integrates] [added: integrating] industry-leading controls into a single [removed: platform, and is pre-integrated with key Fiserv digital assets, including Corillian Online, Architect and other Fiserv platforms, for rapid deployment.][added: platform.]

Our network and debit processing business is a leader in electronic funds transfer services and provides a [removed: total] [added: comprehensive] payments solution through a variety of products and services.

We provide financial institution clients with a full range of debit processing services, including ATM managed [removed: services;] [added: services and cash and logistics management;] tokenization, loyalty and reward programs; customized authorization processing; gateway processing to payment networks; and risk management products.

We own and operate the Accel®, [removed: STAR® and] MoneyPass® [added: and STAR®] networks, which serve financial institutions, providing access to funds at the point-of-sale and via ATMs, inclusive of CardFree CashSM access as well as via [removed: EMV®] chip and traditional magnetic stripe cards.

Our debit processing also provides a range of security, risk and fraud management solutions, which incorporate machine-learning-based predictive [added: technology, that help financial institutions securely operate and grow their business by preventing fraud.]

[removed: Our] [added: CardHub, our] digital enablement [removed: capability] [added: capability,] provides our clients’ customers with mobile-based, customizable card management and alert tools that drive engagement and revenue for card [removed: issuers, and our risk management tools and portfolio management services are integrated with real-time fraud decisioning.][added: issuers.]

Our output solutions business provides business communication products and services to clients across a wide variety of industries, including financial services, healthcare, retail, [removed: utilities,] [added: utilities] and travel and entertainment.

Our products and services include electronic document management through our electronic document delivery products and services; card manufacturing, personalization and mailing; statement production and mailing; design and fulfillment of direct mail services; forms distribution; [added: and] laser printing and [removed: mailing; and branded merchandise.][added: mailing.]

Our principal electronic bill payment and presentment [removed: product,] [added: product for financial and other institutions,] CheckFree® RXP®, allows our clients’ customers to: manage household bills via an easy-to-use, online tool; view billing and payment information; pay and manage all of their bills in one place; and complete same-day or next-day bill payments to a wide range of billers and others.

[removed: In addition to Popmoney®, a solution owned by Fiserv, we] [added: We] partner with Early Warning Services, LLC to offer a turnkey implementation of its Zelle® real-time person-to-person payments service.

Depending on the market and our clients’ needs, we deliver these solutions through our proprietary outsourced [removed: services] [added: service] platforms, software application licenses, or software-as-a-service hosted in the cloud.

Our solutions in North America [added: primarily] use our proprietary OptisSM platform to provide transaction authorization and posting, account maintenance and settlement.

*Carat*

Carat is our global omnichannel commerce ecosystem designed to enable large businesses to accept more payments, engage more customers, and optimize commerce.

Carat helps clients to do everything from accepting e-commerce payments to enabling new consumer experiences such as buy online, pickup in store or online order ahead.

Through a single integration, a variety of payment and commerce solutions can be accessed, including global payment acceptance, payments optimization,

network routing, fraud detection, online electronic benefits transfers and digital payouts.

By offering this wide variety of services, Carat helps clients create more revenue, reduce their cost of payments, reach more consumers, and enable innovative omnichannel transactions such as voice-enabled commerce and payments.

*Clover*

*Digital Solutions*

Abiliti is our next-generation digital banking platform providing a single solution for consumers and businesses and serving as a gateway to our digital ecosystem.

It is a cloud-based platform designed to deliver continuous innovation and new functionality to increase efficiency, engagement and insights for a digital-first experience.

Architect is a premium open-architecture platform providing seamless online, mobile and tablet banking for retail and small business customers and offers extensive customizations and integrations to create unique digital experiences.

Enhancing our digital banking platform capabilities are our OriginateSM suite, SecureNow™, Credit SenseSM, and LinkLive.

The Originate family, including Deposit Director, Loan Director and Mortgage Director, enables digital account opening and loan origination services supporting multi-channel strategies for financial institutions.

This suite is designed to become a single point of origination that qualifies users across the range of digital opening and lending options.

Our Credit Sense solution helps customers instantly access and monitor credit scores and enables digital marketing offers.

LinkLive is a unified, cloud-based multimedia communications solution that includes video communication, online chat and secure messaging, enabling customer engagement and customer servicing automation.

Each of these applications are pre-integrated with key Fiserv digital platforms, including Abiliti, Architect, Corillian, Mobiliti and other solutions, for rapid deployment to improve digital experiences.

Our risk management tools and portfolio management services are integrated with real-time fraud decisioning.

In 2021, we introduced Credit Choice, a fully managed credit card issuing-as-a-service solution which allows community financial institutions to offer their customers a branded credit card that is fully integrated into their debit solutions without the operational burden of managing their own credit card portfolio.

*Digital Payments*

Our digital payment solutions include person-to-person payments, account-to-account transfers and account opening and funding.

Our Aggregation and Information Services products, including AllData® Aggregation, provide consumer-permissioned access to account and transaction data, enabling providers to build novel experiences for opening new accounts, planning for financial wellness, providing financial advice and more.

*Bill Payment Solutions*

Our bill payment solutions business provides electronic billing, payment and presentment services to our financial institution clients and to companies that deliver bills to their customers, such as utilities, telephone and cable companies, lending institutions, healthcare, and insurance providers.

system or customer service representative, or by paying in-person at one of the many nationwide walk-in payment locations operated by our agents.

Since early 2020, the world has been, and continues to be, impacted by the coronavirus (“COVID-19”) pandemic.

The COVID-19 pandemic, and various measures imposed by the governments of many countries, states, cities and other geographic regions to prevent its spread, have negatively impacted global economic and market conditions, including levels of consumer and business spending.

Consequently, our operating performance, primarily within our merchant acquiring and payment-related businesses, which earn transaction-based fees, has been adversely affected, and may continue to be adversely affected, by the economic impact of the COVID-19 pandemic.

Such uncertainty remains despite improving trends in global economic activity and market conditions.

- *Operational Effectiveness*.

More information regarding supply chain risks can be found under the heading “Competitive and Business Risks*”* in the Risk Factors section of this report and our human capital resources can be found below under “Human Capital.”

Our Acceptance segment competes with merchant acquirers as well as with financial institutions that provide acquiring and processing services to businesses on their own.

In addition, we compete with vendors that offer similar transaction processing products and services to financial institutions.

We are also subject to the U.S. Federal Trade Commission Act, which empowers the Federal Trade Commission (“FTC”) to prohibit unfair and deceptive privacy practices.

In 2021, the FTC issued a final rule amending the FTC’s GLBA Safeguards Rule that takes effect in December 2022 and applies to certain non-bank entities under FTC jurisdiction, and may require us to enhance our security measures in some of our operations.

In addition, in 2021, the Federal Banking Agencies issued a final rule requiring “computer-security incident” notifications by banking organizations and bank service providers that takes effect in May 2022 and may require that we enhance our “computer-security incident” notifications for some of our operations.

Following the U.K.’s exit from the E.U. Single Market and Customs Union on December 31, 2020, we are also subject to U.K. GDPR.

Some of these data protection laws, including in the E.U., India, United Arab Emirates and China, impose requirements about data subject rights and security along with restricting the international transfer of personal data absent lawfully recognized transfer mechanisms, or in some cases, prohibits such transfer completely.

collection by TRS of returned checks and those purchased under TeleCheck’s guarantee services.

talent, our Leading Fiserv program designed to develop critical leadership skills for frontline managers, and our Vision to Results leadership program focused on driving our One Fiserv approach to enterprise goals.

Effective in the first quarter of 2020, we realigned our reportable segments to reflect our new management structure and organizational responsibilities (“Segment Realignment”) following the July 2019 acquisition of First Data.

Services include payment authorization; settlement; charge-back management; and solutions that secure payment data from end-to-end, including TransArmor®, our encryption, tokenization, and PCI compliance solution for data in-transit.

*Omnichannel Commerce Solutions*

Our Carat solution is designed to enable large merchants to offer a simple and secure payment experience to their customers across multiple channels, including accepting e-commerce payments online or in-store and enabling consumer purchasing experiences such as curbside and in-store pickup (sometimes referred to as “omnichannel”).

Through a single interface with the merchant, a variety of our solutions can be integrated, including omnichannel gateway, global payments acceptance, open foreign exchange multi-currency, advanced artificial intelligence-powered authorization optimization, fraud detection, and digital payouts.

By offering a variety of payment and related services via a single interface, Carat enhances the payment experience for a customer, optimizes the value and quality of transactions for the merchant, and enables pioneering payment transactions such as voice-enabled commerce and payments via the connected car.

*Clover from Fiserv*

The principal account processing solutions primarily used by our credit union clients are CharlotteSM, CubicsPlus®, CUnify™, CUSA®, DataSafe®, DNA, Galaxy®, OnCU®, Portico®, Reliance®, Spectrum® and XP2®.

*Digital Channels*

This structure enables our clients to deploy new services by adding and integrating applications, such as electronic bill payment, person-to-person payments and personal financial management tools, to any internet-connected point-of-presence.

Our Architect product suite supports online, mobile and tablet banking for retail and small business customers on a single platform.

technology, that help financial institutions securely operate and grow their business by preventing fraud.

*Electronic Payments*

Our electronic payments business is comprised of electronic bill payment and presentment services and other electronic payment services for businesses and consumers, such as person-to-person payments, account-to-account transfers, and account opening and funding.

*Biller Solutions*

as reloadable and non-reloadable prepaid cards that may be used with a variety of mobile applications.

Other

*Investment Services*

In 2020, we sold a majority interest of our Investment Services business, subsequently renamed as Tegra118 Wealth Solutions, Inc. (“Tegra118”), which is reported within Corporate and Other following the Segment Realignment.

Our remaining minority ownership interest in Tegra118 is accounted for as an equity method investment.

Tegra118 provides technology products and services to financial service organizations, including broker dealers, registered investment advisors, banks, asset managers and insurance companies that deliver financial advice and managed account products to U.S. retail investors.

The business’ primary product, the Unified Wealth Platform, is a real-time portfolio management, trading and reporting system used by some of the largest brokerage firms and asset managers in the U.S. offering managed accounts.

In 2019, a novel strain of coronavirus (“COVID-19”) was identified and has since continued to spread.

In March 2020, the World Health Organization recognized the COVID-19 outbreak as a pandemic.

In response to the COVID-19 pandemic, the governments of many countries, states, cities and other geographic regions have taken actions to prevent the spread of COVID-19, such as imposing travel restrictions and bans, quarantines, social distancing guidelines, shelter-in-place or lock-down orders and other similar limitations which adversely impacted the global economy in 2020.

- *Operational Effectiveness and Integration of First Data*.

By streamlining our overall cost structure, including the rationalization of duplicate costs, we expect to meet or exceed planned cost synergies and improve the quality of products and services that we provide to our clients.

Our Acceptance segment competes with merchant acquirers, including Fidelity National Information Services, Inc. (“FIS”), Global Payments Inc. (“Global Payments”), Nexi Payments S.p.A. and Wordline SA (“Worldline”), as well as with financial institutions that provide acquiring and processing services to businesses on their own, such as Paymentech, LLC, a subsidiary of JPMorgan Chase & Co.; Elavon Inc., a subsidiary of U.S. Bancorp; Barclaycard, a division of Barclays bank; and Bank of America Corporation.

In addition, we compete with vendors that offer similar transaction processing products and services to financial institutions, including Computer Services, Inc., Finastra Limited, FIS, Infosys Ltd., International Business Machines Corporation, Jack Henry and Associates Inc. (“Jack Henry”), NCR Corporation, Oracle Corporation, SAP SE, Global Payments, Temenos AG, Q2 Holdings, Inc. (“Q2”) and nCino, Inc.

The Dodd-Frank Act. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”) in the U.S. resulted in significant changes to the regulation of the financial services industry.

The CFPB conducts direct examinations of, and has issued guidance that applies to, “supervised banks and nonbanks” as well as “supervised service providers” like us.

The member agencies of the FFIEC include the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the CFPB.

A subsidiary that engages in

With the U.K.’s exit from the E.U. Single Market and Customs Union on December 31, 2020, there is uncertainty surrounding transfers of personal data from the E.U. to the U.K. There are currently transitional provisions in place stating that transfers of personal data from the E.U. to the U.K. will not be considered transfers of personal data to a third country for a transitional period of up to six months from January 1, 2021.

If the transitional period ends without an appropriate resolution, transfers of personal data to the U.K. may be impacted.

Some of these data protection laws, including the GDPR, restrict the international transfer of personal data absent lawfully recognized transfer mechanisms which can differ depending on the countries to which the data is being transferred.

Many states require money transmitters, issuers of payment instruments and

In 2020, we undertook a series of initiatives comprising our “Forward Together” plan to enhance our existing diversity and inclusion programs.

Through this plan, we committed to:

- Invest $50 million to support Black- and minority-owned small businesses through financial assistance, technology solutions, strategic partnership and subject matter expertise; and

| For the fiscal year ended: | | | December 31, [removed: 2020] [added: 2021] | | | | | |

The aggregate market value of the common stock of the registrant held by non-affiliates as of June 30, [removed: 2020] [added: 2021] (the last trading day of the second fiscal quarter) was [removed: $65,119,434,315] [added: $70,526,209,592] based on the closing price of the registrant’s common stock on the NASDAQ Global Select Market on that date.

The number of shares of the registrant’s common stock, $0.01 par value per share, outstanding at February [removed: 19, 2021] [added: 18, 2022] was [removed: 669,459,877.][added: 652,196,905.]

Part III of this report incorporates information by reference to the registrant’s proxy statement for its [removed: 2021] [added: 2022] annual meeting of shareholders, which proxy statement will be filed with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, [removed: 2020.][added: 2021.]

| | | | | | | Page | | | [added: | | |]

| PART I | | | | | | | | | [added: | | |]

| Item 1. | | | [removed: [Business](#i7c30bafed6dd4fdeb6ca29b81af40f81_16)] [added: [Business](#i82eec5aa49a24290a07e4a9f99c1e608_16)] | | | [removed: [2](#i7c30bafed6dd4fdeb6ca29b81af40f81_16)] [added: [2](#i82eec5aa49a24290a07e4a9f99c1e608_16)] | | | [added: | | |]

| Item 1A. | | | [Risk [removed: Factors](#i7c30bafed6dd4fdeb6ca29b81af40f81_19)] [added: Factors](#i82eec5aa49a24290a07e4a9f99c1e608_19)] | | | [removed: [12](#i7c30bafed6dd4fdeb6ca29b81af40f81_19)] [added: [11](#i82eec5aa49a24290a07e4a9f99c1e608_19)] | | | [added: | | |]

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i7c30bafed6dd4fdeb6ca29b81af40f81_22)] [added: Comments](#i82eec5aa49a24290a07e4a9f99c1e608_22)] | | | [removed: [24](#i7c30bafed6dd4fdeb6ca29b81af40f81_22)] [added: [23](#i82eec5aa49a24290a07e4a9f99c1e608_22)] | | | [added: | | |]

| Item 2. | | | [removed: [Properties](#i7c30bafed6dd4fdeb6ca29b81af40f81_25)] [added: [Properties](#i82eec5aa49a24290a07e4a9f99c1e608_25)] | | | [removed: [24](#i7c30bafed6dd4fdeb6ca29b81af40f81_25)] [added: [23](#i82eec5aa49a24290a07e4a9f99c1e608_25)] | | | [added: | | |]

| Item 3. | | | [Legal [removed: Proceedings](#i7c30bafed6dd4fdeb6ca29b81af40f81_28)] [added: Proceedings](#i82eec5aa49a24290a07e4a9f99c1e608_28)] | | | [removed: [25](#i7c30bafed6dd4fdeb6ca29b81af40f81_28)] [added: [23](#i82eec5aa49a24290a07e4a9f99c1e608_28)] | | | [added: | | |]

| Item 4. | | | [Mine Safety [removed: Disclosures](#i7c30bafed6dd4fdeb6ca29b81af40f81_31)] [added: Disclosures](#i82eec5aa49a24290a07e4a9f99c1e608_31)] | | | [removed: [25](#i7c30bafed6dd4fdeb6ca29b81af40f81_31)] [added: [23](#i82eec5aa49a24290a07e4a9f99c1e608_31)] | | | [added: | | |]

| | | | [Information About Our Executive [removed: Officers](#i7c30bafed6dd4fdeb6ca29b81af40f81_34)] [added: Officers](#i82eec5aa49a24290a07e4a9f99c1e608_34)] | | | [removed: [26](#i7c30bafed6dd4fdeb6ca29b81af40f81_34)] [added: [24](#i82eec5aa49a24290a07e4a9f99c1e608_34)] | | | [added: | | |]

| PART II | | | | | | | | | [added: | | |]

| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i7c30bafed6dd4fdeb6ca29b81af40f81_40)] [added: Securities](#i82eec5aa49a24290a07e4a9f99c1e608_40)] | | | [removed: [28](#i7c30bafed6dd4fdeb6ca29b81af40f81_40)] [added: [26](#i82eec5aa49a24290a07e4a9f99c1e608_40)] | | | [added: | | |]

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i7c30bafed6dd4fdeb6ca29b81af40f81_46)] [added: Operations](#i82eec5aa49a24290a07e4a9f99c1e608_46)] | | | [removed: [31](#i7c30bafed6dd4fdeb6ca29b81af40f81_46)] [added: [28](#i82eec5aa49a24290a07e4a9f99c1e608_46)] | | | [added: | | |]

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i7c30bafed6dd4fdeb6ca29b81af40f81_49)] [added: Risk](#i82eec5aa49a24290a07e4a9f99c1e608_49)] | | | [removed: [50](#i7c30bafed6dd4fdeb6ca29b81af40f81_49)] [added: [45](#i82eec5aa49a24290a07e4a9f99c1e608_49)] | | | [added: | | |]

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i7c30bafed6dd4fdeb6ca29b81af40f81_52)] [added: Data](#i82eec5aa49a24290a07e4a9f99c1e608_52)] | | | [removed: [52](#i7c30bafed6dd4fdeb6ca29b81af40f81_52)] [added: [47](#i82eec5aa49a24290a07e4a9f99c1e608_52)] | | | [added: | | |]

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i7c30bafed6dd4fdeb6ca29b81af40f81_175)] [added: Disclosure](#i82eec5aa49a24290a07e4a9f99c1e608_154)] | | | [removed: [109](#i7c30bafed6dd4fdeb6ca29b81af40f81_175)] [added: [103](#i82eec5aa49a24290a07e4a9f99c1e608_154)] | | | [added: | | |]

| Item 9A. | | | [Controls and [removed: Procedures](#i7c30bafed6dd4fdeb6ca29b81af40f81_178)] [added: Procedures](#i82eec5aa49a24290a07e4a9f99c1e608_157)] | | | [removed: [109](#i7c30bafed6dd4fdeb6ca29b81af40f81_178)] [added: [103](#i82eec5aa49a24290a07e4a9f99c1e608_157)] | | | [added: | | |]

| Item 9B. | | | [Other [removed: Information](#i7c30bafed6dd4fdeb6ca29b81af40f81_184)] [added: Information](#i82eec5aa49a24290a07e4a9f99c1e608_163)] | | | [removed: [111](#i7c30bafed6dd4fdeb6ca29b81af40f81_184)] [added: [105](#i82eec5aa49a24290a07e4a9f99c1e608_163)] | | | [added: | | |]

| PART III | | | | | | | | | [added: | | |]

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i7c30bafed6dd4fdeb6ca29b81af40f81_190)] [added: Governance](#i82eec5aa49a24290a07e4a9f99c1e608_169)] | | | [removed: [111](#i7c30bafed6dd4fdeb6ca29b81af40f81_190)] [added: [105](#i82eec5aa49a24290a07e4a9f99c1e608_169)] | | | [added: | | |]

| Item 11. | | | [Executive [removed: Compensation](#i7c30bafed6dd4fdeb6ca29b81af40f81_193)] [added: Compensation](#i82eec5aa49a24290a07e4a9f99c1e608_172)] | | | [removed: [111](#i7c30bafed6dd4fdeb6ca29b81af40f81_193)] [added: [105](#i82eec5aa49a24290a07e4a9f99c1e608_172)] | | | [added: | | |]

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i7c30bafed6dd4fdeb6ca29b81af40f81_196)] [added: Matters](#i82eec5aa49a24290a07e4a9f99c1e608_175)] | | | [removed: [111](#i7c30bafed6dd4fdeb6ca29b81af40f81_196)] [added: [105](#i82eec5aa49a24290a07e4a9f99c1e608_175)] | | | [added: | | |]

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i7c30bafed6dd4fdeb6ca29b81af40f81_199)] [added: Independence](#i82eec5aa49a24290a07e4a9f99c1e608_178)] | | | [removed: [112](#i7c30bafed6dd4fdeb6ca29b81af40f81_199)] [added: [106](#i82eec5aa49a24290a07e4a9f99c1e608_178)] | | | [added: | | |]

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#i7c30bafed6dd4fdeb6ca29b81af40f81_202)] [added: Services](#i82eec5aa49a24290a07e4a9f99c1e608_181)] | | | [removed: [112](#i7c30bafed6dd4fdeb6ca29b81af40f81_202)] [added: [106](#i82eec5aa49a24290a07e4a9f99c1e608_181)] | | | [added: | | |]

| PART IV | | | | | | | | | [added: | | |]

| Item 15. | | | [Exhibits, Financial Statement [removed: Schedules](#i7c30bafed6dd4fdeb6ca29b81af40f81_208)] [added: Schedules](#i82eec5aa49a24290a07e4a9f99c1e608_187)] | | | [removed: [113](#i7c30bafed6dd4fdeb6ca29b81af40f81_208)] [added: [107](#i82eec5aa49a24290a07e4a9f99c1e608_187)] | | | [added: | | |]

| Item 16. | | | [Form 10-K [removed: Summary](#i7c30bafed6dd4fdeb6ca29b81af40f81_214)] [added: Summary](#i82eec5aa49a24290a07e4a9f99c1e608_193)] | | | [removed: [117](#i7c30bafed6dd4fdeb6ca29b81af40f81_214)] [added: [111](#i82eec5aa49a24290a07e4a9f99c1e608_193)] | | | [added: | | |]

The factors that may affect our results include, among others, the following, many of which are, and [removed: will] [added: may continue to] be, amplified by the COVID-19 pandemic: the duration and intensity of the COVID-19 pandemic including how quickly the global economy recovers from the impact of the pandemic; governmental and private sector responses to the COVID-19 pandemic and the impact of such responses on us; the impact of the COVID-19 pandemic on our employees, clients, vendors, [added: supply chain,] operations and sales; [removed: the possibility that we may be unable to achieve expected synergies and operating efficiencies from the acquisition of First Data Corporation (“First Data”) within the expected time frames; the integration of First Data may be more difficult, time-consuming or costly than expected; profitability following the transaction may be lower than expected, including due to unexpected costs, charges or expenses resulting from the transaction; operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) may be greater than expected following the transaction; unforeseen risks relating to] our [removed: liabilities or those of First Data may exist; our] ability to [removed: meet expectations regarding the accounting and tax treatments of the transaction; our ability to] compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for our products and services; the ability of our technology to keep pace with a rapidly evolving marketplace; the [removed: successful management] [added: success] of our merchant [removed: alliance program] [added: alliances, some of] which [removed: involves several alliances] [added: we do] not [removed: under our sole] control; the impact of a security breach or operational failure on our business including disruptions caused by other participants in the global financial system; the failure of our vendors and merchants to satisfy their obligations; the successful management of credit and fraud risks in our business and merchant alliances; changes in local, regional, national and international economic or political conditions and the impact they may have on us and our customers; the effect of proposed and enacted legislative and regulatory actions affecting us or the financial services industry as a whole; our ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; our ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of our strategic initiatives; our ability to attract and retain key personnel; volatility and disruptions in financial markets that may impact our ability to access preferred sources of financing and the terms on which we are able to obtain financing or increase our cost of borrowing; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; and other factors identified in this Annual Report on Form 10-K for the year ended December 31, [removed: 2020] [added: 2021] and in other documents that we file with the Securities and Exchange Commission.

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| Item 6. | | | [\[Reserved\]](#i82eec5aa49a24290a07e4a9f99c1e608_1678) | | | [27](#i82eec5aa49a24290a07e4a9f99c1e608_1678) | | | | | |

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| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i82eec5aa49a24290a07e4a9f99c1e608_1796) | | | [105](#i82eec5aa49a24290a07e4a9f99c1e608_1796) | | | | | |

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| | | | [Signatures](#i82eec5aa49a24290a07e4a9f99c1e608_196) | | | [112](#i82eec5aa49a24290a07e4a9f99c1e608_196) | | | | | |

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| Item 6. | | | [Selected Financial Data](#i7c30bafed6dd4fdeb6ca29b81af40f81_43) | | | [30](#i7c30bafed6dd4fdeb6ca29b81af40f81_43) | | |

| | | | [Signatures](#i7c30bafed6dd4fdeb6ca29b81af40f81_217) | | | [118](#i7c30bafed6dd4fdeb6ca29b81af40f81_217) | | |

At December 31, [removed: 2020,] [added: 2021,] we owned 20 properties and leased [removed: 161] [added: 158] properties globally.

Our real estate strategy includes developing state-of-the art centralized campus environments in strategic locations across the U.S., including in Florida, Georgia, Nebraska, New Jersey and Wisconsin.

The names of our executive officers as of February [removed: 26, 2021,] [added: 24, 2022,] together with their ages, positions and business experience are described below:

| Frank J. Bisignano | | | [removed: 61] [added: 62] | | | President and Chief Executive Officer | | |

| Guy Chiarello | | | [removed: 61] [added: 62] | | | Chief [removed: Administrative] [added: Operating] Officer | | |

| Robert W. Hau | | | [removed: 55] [added: 56] | | | Chief Financial Officer | | |

| [removed: Lynn S. McCreary] [added: Adam L. Rosman] | | | [removed: 61] [added: 56] | | | Chief [removed: Legal] [added: Administrative] Officer and [removed: Secretary] [added: Chief Legal Officer] | | |

| Byron C. Vielehr | | | [removed: 57] [added: 58] | | | Chief Digital and Data Officer | | |

*Mr. Bisignano* has served as Chief Executive Officer since [removed: July] 2020 and a director and President since [removed: July] 2019.

He served as Chief Operating Officer from [removed: July] 2019 [removed: until July] [added: to] 2020.

*Mr. Chiarello* has served as Chief [added: Operating Officer since June 2021 and previously served as Chief] Administrative Officer since [removed: July] 2019.

*Mr. Foskett* has served as [added: Chief Revenue Officer since July 2021 and previously served as] Executive Vice President, Global Sales since [removed: July] 2019.

[removed: *Ms. McCreary*] [added: *Mr. Rosman*] has served as Chief [removed: Legal] [added: Administrative] Officer and [removed: Secretary] [added: Chief Legal Officer] since [removed: 2013.][added: July 2021.]

Mr. Vielehr has more than 25 years of experience in the financial services and technology industries, including a variety of executive leadership roles at Merrill Lynch & [removed: Co. and] [added: Co.,] Strong Capital [removed: Management.][added: Management and Northstar Systems International, Inc.]

| Christopher M. Foskett | | | 64 | | | Chief Revenue Officer | | |

| Suzan Kereere | | | 56 | | | Executive Vice President, Head of Global Business Solutions | | |

| | | | | | | | | |

| | | | | | | | | |

*Ms. Kereere* has served as Executive Vice President, Head of Global Business Solutions since December 2021 and previously served as Chief Growth Officer since June 2021.

Prior to joining Fiserv, Ms. Kereere held several senior management roles at Visa Inc., a global payments technology company, including global head of merchant sales and acquiring from 2018 to 2021, head of Europe merchant sales and acquiring from 2017 to 2018 and head of the global merchant client group from 2016 to 2017.

From 1996 to 2016, Ms. Kereere held various leadership positions at American Express Company, a global integrated payments company, including head of U.S. national merchant business and head of global network business.

Prior to joining Fiserv, Mr. Rosman was general counsel of OneMain Financial, a consumer lender, from 2020 to July 2021.

Previously, he served as general counsel of First Data Corporation from 2014 to 2019.

Before joining First Data, Mr. Rosman was group general counsel of Willis Group Holdings plc, a multinational risk advisor, insurance brokerage and reinsurance brokerage company, from 2012 to 2014 and deputy general counsel from 2009 to 2012.

Mr. Rosman also previously served as an assistant United States attorney and as deputy assistant to the president and deputy staff secretary for President William J.

Clinton.

| Christopher M. Foskett | | | 63 | | | Executive Vice President, Global Sales | | |

| Devin B. McGranahan | | | 51 | | | Executive Vice President, Senior Group President | | |

Mr. Hau joined Honeywell (initially AlliedSignal) in 1987 and served in a variety of senior financial leadership positions, including vice president and chief financial officer for the company’s aerospace electronic systems unit and for its specialty materials business group.

Ms. McCreary joined Fiserv in 2010 as senior vice president and deputy general counsel.

Prior to joining Fiserv, Ms. McCreary was a partner with the law firm of Bryan Cave LLP from 1996 to 2010, including serving as managing partner of its San Francisco, California office from its opening in 2008 to 2010.

Ms. McCreary began her career in financial services with positions at Citicorp Person-to-Person and Metropolitan Life Insurance Company’s mortgage subsidiary, Metmor Financial, Inc.

*Mr. McGranahan* has served as Executive Vice President, Senior Group President since 2018 and joined Fiserv in 2016 as group president, Billing and Payments Group.

Before joining Fiserv, Mr. McGranahan served as a senior partner at McKinsey & Company, a global management consulting firm.

While there, he held a variety of senior management roles, including leader of the global insurance practice from 2013 to 2016 and co-chair of the global senior partner election committee from 2013 to 2015.

In addition, Mr. McGranahan served as co-leader of the North America financial services practice from 2009 to 2016.

He joined McKinsey & Company in 1992 and served in a variety of other leadership positions prior to 2009, including leader of the North American property and casualty practice and managing partner of the Pittsburgh office.

He also previously served as president and chief operating officer of Northstar Systems International, Inc., a developer of wealth management software (now part of SEI Investments Company), from 2004 to 2005.

Our common stock is traded on the NASDAQ Global Select Market under the symbol “FISV.” At December 31, [removed: 2020,] [added: 2021,] our common stock was held by [removed: 1,690] [added: 1,627] shareholders of record and by a significantly greater number of shareholders who hold shares in nominee or street name accounts with brokers.

The table below sets forth information with respect to purchases made by or on behalf of us or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934) of shares of our common stock during the three months ended December 31, [removed: 2020:][added: 2021:]

(1)On [removed: August 8, 2018 and] November 19, 2020, our board of directors authorized the purchase of up to [removed: 30.0 million and] 60.0 million shares of our common [removed: stock, respectively.][added: stock.]

The following graph compares the cumulative total shareholder return on our common stock for the five years ended December 31, [removed: 2020] [added: 2021] with the S&P 500 Index and the NASDAQ US Benchmark Transaction Processing Services Index (the “Index”).

The graph assumes that $100 was invested on December 31, [removed: 2015] [added: 2016] in our common stock and each index and that all dividends were reinvested.

[removed: ][added: ]

| | | | [removed: 2015] [added: 2016] | | | | | | [removed: 2016] [added: 2017] | | | | | | [removed: 2017] [added: 2018] | | | | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | |

| NASDAQ US Benchmark Transaction Processing Services Index | | | 100 | | | | | | [removed: 112] [added: 135] | | | | | | [removed: 151] [added: 144] | | | | | | [removed: 162] [added: 201] | | | | | | [removed: 225] [added: 270] | | | | | | [removed: 302] [added: 257] | | |

| October 1-31, 2021 | | | | | | 7,700 | | | | | | $ | 94.76 | | | | | 7,700 | | | | | | 52,249,600 | | |

| November 1-30, 2021 | | | | | | 5,703,300 | | | | | | 99.49 | | | | | | 5,703,300 | | | | | | 46,546,300 | | |

| December 1-31, 2021 | | | | | | 4,202,400 | | | | | | 102.80 | | | | | | 4,202,400 | | | | | | 42,343,900 | | |

| Total | | | | | | 9,913,400 | | | | | | | | | | | | 9,913,400 | | | | | | | | |

This authorization does not expire.

| Fiserv, Inc. | | | $ | 100 | | | | | $ | 123 | | | | | $ | 138 | | | | | $ | 218 | | | | | $ | 214 | | | | | $ | 195 | |

| S&P 500 Index | | | 100 | | | | | | 122 | | | | | | 116 | | | | | | 153 | | | | | | 181 | | | | | | 233 | | |

| | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| October 1-31, 2020 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | 7,486,000 | | |

| November 1-30, 2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | 67,486,000 | | |

| December 1-31, 2020 | | | | | | 1,818,000 | | | | | | 110.04 | | | | | | 1,818,000 | | | | | | 65,668,000 | | |

| Total | | | | | | 1,818,000 | | | | | | | | | | | | 1,818,000 | | | | | | | | |

These authorizations do not expire.

In connection with the vesting of restricted stock awards, shares of common stock are delivered to the Company by employees to satisfy tax withholding obligations.

The following table summarizes such purchases of common stock during the three months ended December 31, 2020:

| Period | | | | | | Total Number of Shares Purchased | | | | | | Average Price Paid per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | | | | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | | |

| October 1-31, 2020 | | | | | | — | | | | | | $ | — | | | | | — | | | | | | — | | |

| November 1-30, 2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |

| December 1-31, 2020 | | | | | | 30,900 | | | (1) | | | 113.86 | | | | | | — | | | | | | — | | |

| Total | | | | | | 30,900 | | | | | | | | | | | | — | | | | | | | | |

(1)Shares surrendered to us to satisfy tax withholding obligations in connection with the vesting of restricted stock awards issued to employees.

| Fiserv, Inc. | | | $ | 100 | | | | | $ | 116 | | | | | $ | 143 | | | | | $ | 161 | | | | | $ | 253 | | | | | $ | 249 | |

| S&P 500 Index | | | 100 | | | | | | 112 | | | | | | 136 | | | | | | 130 | | | | | | 171 | | | | | | 203 | | |

The following data should be read in conjunction with the consolidated financial statements and accompanying notes and the sections entitled “*Management’s Discussion and Analysis of Financial Condition and Results of Operations*” contained in this Annual Report on Form 10-K.

The selected historical data presented below has been affected by the First Data and other acquisitions, dispositions and transactional gains recorded by our unconsolidated affiliates, debt financing activities, foreign currency fluctuations, the tax effects related to share-based payment awards and by the Tax Cuts and Jobs Act enacted in December 2017.

In addition, effective January 1, 2020, we adopted Accounting Standards Update (“ASU”) No. 2016-13, *Financial Instruments - Credit Losses (Topic 326),* using the required modified retrospective approach, which resulted in a cumulative-effect decrease to beginning retained earnings of $45 million.

Effective January 1, 2019, we adopted ASU No. 2016-02, *Leases (Topic 842),* and its related amendments using the optional transition method applied to all leases.

The adoption of the new lease standard resulted in the recognition of lease liabilities and right-of-use assets on the consolidated balance sheet beginning January 1, 2019.

Under the optional transition approach, prior period amounts have not been restated.

Effective January 1, 2018, we adopted ASU No. 2014-09, *Revenue from Contracts with Customers*, and its related amendments using the modified retrospective transition approach applied to all contracts.

Under this transition approach, prior period amounts have not been restated.

All per share amounts are presented on a split-adjusted basis to retroactively reflect the two-for-one stock split that was completed in the first quarter of 2018.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| (In millions, except per share data) | | | 2020 | | | | | | 2019 | | | | | | 2018 | | | | | | 2017 | | | | | | 2016 | | |

| Total revenue | | | $ | 14,852 | | | | | $ | 10,187 | | | | | $ | 5,823 | | | | | $ | 5,696 | | | | | $ | 5,505 | |

| Income from continuing operations | | | $ | 975 | | | | | $ | 914 | | | | | $ | 1,187 | | | | | $ | 1,232 | | | | | $ | 930 | |

| Income from discontinued operations, net of income taxes | | | — | | | | | | — | | | | | | — | | | | | | 14 | | | | | | — | | |

| Net income | | | 975 | | | | | | 914 | | | | | | 1,187 | | | | | | 1,246 | | | | | | 930 | | |

| Less: net income attributable to noncontrolling interests and redeemable noncontrolling interests | | | 17 | | | | | | 21 | | | | | | — | | | | | | — | | | | | | — | | |

| Net income attributable to Fiserv, Inc. | | | $ | 958 | | | | | $ | 893 | | | | | $ | 1,187 | | | | | $ | 1,246 | | | | | $ | 930 | |

| Net income attributable to Fiserv, Inc. per share – basic: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Continuing operations | | | $ | 1.42 | | | | | $ | 1.74 | | | | | $ | 2.93 | | | | | $ | 2.92 | | | | | $ | 2.11 | |

| Discontinued operations | | | — | | | | | | — | | | | | | — | | | | | | 0.03 | | | | | | — | | |

| Total | | | $ | 1.42 | | | | | $ | 1.74 | | | | | $ | 2.93 | | | | | $ | 2.95 | | | | | $ | 2.11 | |

| Net income attributable to Fiserv, Inc. per share – diluted: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Continuing operations | | | $ | 1.40 | | | | | $ | 1.71 | | | | | $ | 2.87 | | | | | $ | 2.86 | | | | | $ | 2.08 | |

| Total | | | $ | 1.40 | | | | | $ | 1.71 | | | | | $ | 2.87 | | | | | $ | 2.89 | | | | | $ | 2.08 | |

| Total assets | | | $ | 74,619 | | | | | $ | 77,539 | | | | | $ | 11,262 | | | | | $ | 10,289 | | | | | $ | 9,743 | |

| Long-term debt (including short-term and current maturities) | | | 20,684 | | | | | | 21,899 | | | | | | 5,959 | | | | | | 4,900 | | | | | | 4,562 | | |

| Fiserv, Inc. shareholders’ equity | | | 32,330 | | | | | | 32,979 | | | | | | 2,293 | | | | | | 2,731 | | | | | | 2,541 | | |

| [Consolidated Statements of [removed: Income](#i7c30bafed6dd4fdeb6ca29b81af40f81_55)] [added: Income](#i82eec5aa49a24290a07e4a9f99c1e608_55)] | | | [removed: [53](#i7c30bafed6dd4fdeb6ca29b81af40f81_55)] [added: [48](#i82eec5aa49a24290a07e4a9f99c1e608_55)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#i7c30bafed6dd4fdeb6ca29b81af40f81_58)] [added: Income](#i82eec5aa49a24290a07e4a9f99c1e608_58)] | | | [removed: [54](#i7c30bafed6dd4fdeb6ca29b81af40f81_58)] [added: [49](#i82eec5aa49a24290a07e4a9f99c1e608_58)] | | |

| [Consolidated Balance [removed: Sheets](#i7c30bafed6dd4fdeb6ca29b81af40f81_64)] [added: Sheets](#i82eec5aa49a24290a07e4a9f99c1e608_61)] | | | [removed: [55](#i7c30bafed6dd4fdeb6ca29b81af40f81_64)] [added: [50](#i82eec5aa49a24290a07e4a9f99c1e608_61)] | | |

| [Consolidated Statements of [removed: Equity](#i7c30bafed6dd4fdeb6ca29b81af40f81_70)] [added: Equity](#i82eec5aa49a24290a07e4a9f99c1e608_64)] | | | [removed: [56](#i7c30bafed6dd4fdeb6ca29b81af40f81_70)] [added: [51](#i82eec5aa49a24290a07e4a9f99c1e608_64)] | | |

[removed: | [Consolidated] [added: Consolidated] Statements of Cash [removed: Flows](#i7c30bafed6dd4fdeb6ca29b81af40f81_73) | | | [57](#i7c30bafed6dd4fdeb6ca29b81af40f81_73) | | |][added: Flows (1)]

| [Notes to Consolidated Financial [removed: Statements](#i7c30bafed6dd4fdeb6ca29b81af40f81_76)] [added: Statements](#i82eec5aa49a24290a07e4a9f99c1e608_70)] | | | [removed: [58](#i7c30bafed6dd4fdeb6ca29b81af40f81_76)] [added: [53](#i82eec5aa49a24290a07e4a9f99c1e608_70)] | | |

| [Schedule II - Valuation and Qualifying [removed: Accounts](#i7c30bafed6dd4fdeb6ca29b81af40f81_169)] [added: Accounts](#i82eec5aa49a24290a07e4a9f99c1e608_148)] | | | [removed: [104](#i7c30bafed6dd4fdeb6ca29b81af40f81_169)] [added: [99](#i82eec5aa49a24290a07e4a9f99c1e608_148)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i7c30bafed6dd4fdeb6ca29b81af40f81_172)] [added: Firm](#i82eec5aa49a24290a07e4a9f99c1e608_151) (PCAOB ID No. 34)] | | | [removed: [105](#i7c30bafed6dd4fdeb6ca29b81af40f81_172)] [added: [100](#i82eec5aa49a24290a07e4a9f99c1e608_151)] | | |

| Year Ended December 31, | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Processing and services (1) | | | | | | $ | [removed: 12,215] [added: 13,307] | | | | | $ | [removed: 8,573] [added: 12,215] | | | | | $ | [removed: 4,975] [added: 8,573] | |

| Product | | | | | | [removed: 2,637] [added: 2,919] | | | | | | [removed: 1,614] [added: 2,637] | | | | | | [removed: 848] [added: 1,614] | | |

| Total revenue | | | | | | [removed: 14,852] [added: 16,226] | | | | | | [removed: 10,187] [added: 14,852] | | | | | | [removed: 5,823] [added: 10,187] | | |

| Cost of processing and services | | | | | | [removed: 5,841] [added: 6,084] | | | | | | [removed: 4,016] [added: 5,841] | | | | | | [removed: 2,324] [added: 4,016] | | |

| Cost of product | | | | | | [removed: 1,971] [added: 2,044] | | | | | | [removed: 1,293] [added: 1,971] | | | | | | [removed: 745] [added: 1,293] | | |

| Selling, general and administrative | | | | | | [removed: 5,652] [added: 5,810] | | | | | | [removed: 3,284] [added: 5,652] | | | | | | [removed: 1,228] [added: 3,284] | | |

| Gain on sale of businesses | | | | | | [removed: (464)] [added: —] | | | | | | [removed: (15)] [added: (464)] | | | | | | [removed: (227)] [added: (15)] | | |

| Total expenses | | | | | | [removed: 13,000] [added: 13,938] | | | | | | [removed: 8,578] [added: 13,000] | | | | | | [removed: 4,070] [added: 8,578] | | |

| Operating income | | | | | | [removed: 1,852] [added: 2,288] | | | | | | [removed: 1,609] [added: 1,852] | | | | | | [removed: 1,753] [added: 1,609] | | |

| Interest expense, net | | | | | | [removed: (709)] [added: (693)] | | | | | | [removed: (473)] [added: (709)] | | | | | | [removed: (189)] [added: (473)] | | |

| Debt financing activities | | | | | | — | | | | | | [removed: (47)] [added: —] | | | | | | [removed: (14)] [added: (47)] | | |

| Other income (expense) | | | | | | [removed: 28] [added: 71] | | | | | | [removed: (6)] [added: 28] | | | | | | [removed: 5] [added: (6)] | | |

| Income before income taxes and income from investments in unconsolidated affiliates | | | | | | [removed: 1,171] [added: 1,666] | | | | | | [removed: 1,083] [added: 1,171] | | | | | | [removed: 1,555] [added: 1,083] | | |

| Income tax provision | | | | | | [removed: (196)] [added: (363)] | | | | | | [removed: (198)] [added: (196)] | | | | | | [removed: (378)] [added: (198)] | | |

| Income from investments in unconsolidated affiliates | | | | | | [removed: —] [added: 100] | | | | | | [removed: 29] [added: —] | | | | | | [removed: 10] [added: 29] | | |

| Net income | | | | | | [removed: 975] [added: 1,403] | | | | | | [removed: 914] [added: 975] | | | | | | [removed: 1,187] [added: 914] | | |

| Less: net income attributable to noncontrolling interests and redeemable noncontrolling interests | | | | | | [removed: 17] [added: 69] | | | | | | [removed: 21] [added: 17] | | | | | | [removed: —] [added: 21] | | |

| Net income attributable to Fiserv, Inc. | | | | | | $ | [removed: 958] [added: 1,334] | | | | | $ | [removed: 893] [added: 958] | | | | | $ | [removed: 1,187] [added: 893] | |

| Net income attributable to Fiserv, Inc. per share – basic | | | | | | $ | [removed: 1.42] [added: 2.01] | | | | | $ | [removed: 1.74] [added: 1.42] | | | | | $ | [removed: 2.93] [added: 1.74] | |

| Net income attributable to Fiserv, Inc. per share – diluted | | | | | | $ | [removed: 1.40] [added: 1.99] | | | | | $ | [removed: 1.71] [added: 1.40] | | | | | $ | [removed: 2.87] [added: 1.71] | |

| Basic | | | | | | [removed: 672.1] [added: 662.6] | | | | | | [removed: 512.3] [added: 672.1] | | | | | | [removed: 405.5] [added: 512.3] | | |

| Diluted | | | | | | [removed: 683.4] [added: 671.6] | | | | | | [removed: 522.6] [added: 683.4] | | | | | | [removed: 413.7] [added: 522.6] | | |

(1)Includes processing and other fees charged to related party investments accounted for under the equity method of [removed: $236] [added: $203] million, [removed: $112] [added: $236] million and [removed: $28] [added: $112] million for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018,] [added: 2019,] respectively (see [removed: Notes 9 and] [added: Note] 20).

| Net income | | | | | | $ | [removed: 975] [added: 1,403] | | | | | $ | [removed: 914] [added: 975] | | | | | $ | [removed: 1,187] [added: 914] | |

| Other comprehensive [removed: (loss) income:] [added: income (loss):] | | | | | | | | | | | | | | | | | | | | |

| Fair market value adjustment on cash flow hedges, net of income tax (provision) benefit of ($2 million), [removed: $46 million] [added: ($2 million)] and [removed: $2] [added: $46] million | | | | | | [removed: 5] [added: 6] | | | | | | [removed: (134)] [added: 5] | | | | | | [removed: (5)] [added: (134)] | | |

| Reclassification adjustment for net realized gains on cash flow hedges included in cost of processing and services, net of income tax [removed: benefit] [added: provision] of [removed: $0] [added: $2] million, $0 million and $0 million | | | | | | [removed: (1)] [added: (8)] | | | | | | (1) | | | | | | (1) | | |

| Reclassification adjustment for net realized losses on cash flow hedges included in net interest expense, net of income tax [removed: provision] [added: benefit] of $5 million, [removed: $3] [added: $5] million and [removed: $2] [added: $3] million | | | | | | 16 | | | | | | [removed: 10] [added: 16] | | | | | | [removed: 4] [added: 10] | | |

| Unrealized [removed: losses] [added: gains (losses)] on defined benefit pension plans, net of income tax [added: (provision)] benefit of [added: ($17 million),] $2 million and $1 million | | | | | | [removed: (6)] [added: 50] | | | | | | [removed: (4)] [added: (6)] | | | | | | [removed: —] [added: (4)] | | |

| Foreign currency translation | | | | | | [removed: (186)] [added: —] | | | | | | [removed: 8] [added: (28)] | | | | | | [removed: (11)] [added: 1] | | | [added: | | | (2) | | |]

| Total other comprehensive loss | | | | | | [removed: (172)] [added: (397)] | | | | | | [removed: (121)] [added: (172)] | | | | | | [removed: (13)] [added: (121)] | | |

| Foreign currency translation, net of income tax (see Note 14) | | | | | | (461) | | | | | | (186) | | | | | | 8 | | |

| Less: net income attributable to noncontrolling interests and redeemable noncontrolling interests | | | | | | 69 | | | | | | 17 | | | | | | 21 | | |

| Net income (1) | | | | | | | | | | | | | | | | | | | | | 1,334 | | | | | | 25 | | | 1,359 | | |

| Distributions paid to noncontrolling interests (2) | | | | | | | | | | | | | | | | | | | | | | | | | | | (6) | | | (6) | | |

| Change in redemption value of redeemable noncontrolling interest (see Note 13) | | | | | | | | | | | | | | | (18) | | | | | | | | | | | | | | | (18) | | |

| Prior period adjustment (see Note 14) | | | | | | | | | | | | | | | | | | (71) | | | 71 | | | | | | | | | — | | |

| Retirement of treasury stock (see Note 20) | | | (5) | | | (5) | | | | | | | | | (588) | | | | | | | | | 588 | | | | | | — | | |

| Balance at December 31, 2021 | | | 784 | | | 134 | | | | | | $ | 8 | | $ | 22,983 | | $ | (745) | | $ | 14,846 | | $ | (6,140) | | $ | 720 | | $ | 31,672 | |

| Net income | | | | | | $ | 1,403 | | | | | $ | 975 | | | | | $ | 914 | |

| Proceeds from sale of investments | | | | | | 519 | | | | | | 11 | | | | | | — | | |

| Net proceeds from (repayments of) commercial paper and short-term borrowings | | | | | | 1,741 | | | | | | (6) | | | | | | — | | |

| Settlement activity, net | | | | | | 711 | | | | | | 405 | | | | | | 182 | | |

| Payments of acquisition-related contingent consideration | | | | | | (37) | | | | | | (18) | | | | | | (13) | | |

| Net change in cash and cash equivalents | | | | | | 636 | | | | | | 391 | | | | | | 1,489 | | |

(1) The company revised the consolidated statements of cash flows presentation to include cash and cash equivalents within settlement assets as a component of total cash and cash equivalents.

The company revised the 2020 and 2019 presentation for comparable purposes.

Noncontrolling interests are presented as a component of equity in the consolidated balance sheets.

Since early 2020, the world has been, and continues to be, impacted by the coronavirus (“COVID-19”) pandemic.

The COVID-19 pandemic, and various measures imposed by the governments of many countries, states, cities and other geographic regions to prevent its spread, have negatively impacted global economic and market conditions, including levels of consumer and business spending.

of goodwill; the Company’s deferred tax assets and related valuation allowances; the estimate of current expected credit losses; and certain pension plan assumptions.

Cash and cash equivalents held on behalf of merchants and other payees are included in settlement assets in the consolidated balance sheets.

The following table provides a reconciliation between cash and cash equivalents on the consolidated balance sheets and the consolidated statements of cash flows at December 31:

| Cash and cash equivalents on the consolidated balance sheets | | | $ | 835 | | | | | $ | 906 | | | | | $ | 893 | | | | |

| Cash and cash equivalents included in settlement assets (see Note 6) | | | 2,361 | | | | | | 1,650 | | | | | | 1,245 | | | | | |

| Other restricted cash | | | 9 | | | | | | 13 | | | | | | 40 | | | | | |

| Total cash and cash equivalents on the consolidated statements of cash flows | | | $ | 3,205 | | | | | $ | 2,569 | | | | | $ | 2,178 | | | | |

The Company revised the consolidated statements of cash flows for the years ended December 31, 2020 and 2019, respectively, to reflect settlement cash and cash equivalents within settlement assets as a component of total cash and cash equivalents on the consolidated statements of cash flows.

The components of settlement assets were revised to reflect the settlement cash and cash equivalents held by partner banks of $175 million and $411 million as settlement receivables as of December 31, 2020 and 2019, respectively.

The changes in settlement cash and cash equivalents for the years ended December 31, 2020 and 2019, of $405 million and $182 million, respectively, have been included in settlement activity, net within cash flows from financing activities.

The consolidated statement of cash flows for the year ended December 31, 2019 reflects the impact of $922 million of acquired settlement cash and cash equivalents relating to the First Data acquisition with the offsetting change included in cash flows from investing activities.

Initial direct costs incurred to obtain operating leases and other sales-type leases, in which the fair value of the underlying asset is equal to its carrying amount at the lease commencement date, are deferred and recognized over the lease term.

| | | | | | | | | | 3,234 | | | | | | 2,911 | | |

Non-compete agreements are amortized using the straight-line method over their estimated useful lives, generally four to five years.

The Company also obtains residual buyouts as part of acquired businesses.

respective carrying values.

The Company elected to perform a quantitative test for certain reporting units obtained through the acquisition of First Data and for those that changed in composition, and tested the remainder of its reporting units using a qualitative approach.

| (In millions) | | | | | | 2021 | | | | | | 2020 | | |

Interest expense, net consisted of the following for the years ended December 31:

| Interest expense | | | $ | 696 | | | | | $ | 716 | | | | | $ | 507 | | | | |

| Interest expense, net | | | $ | 693 | | | | | $ | 709 | | | | | $ | 473 | | | | |

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Balance at January 1, 2018 | | | 791 | | | 376 | | | | | | $ | 8 | | $ | 1,031 | | $ | (54) | | $ | 10,240 | | $ | (8,494) | | $ | — | | $ | 2,731 | |

| Cumulative-effect adjustment of ASU 2014-09 adoption | | | | | | | | | | | | | | | | | | | | | 208 | | | | | | | | | 208 | | |

| Cumulative-effect adjustment of ASU 2017-12 adoption | | | | | | | | | | | | | | | | | | 3 | | | (3) | | | | | | | | | — | | |

| Cumulative-effect adjustment of ASU 2018-02 adoption | | | | | | | | | | | | | | | | | | (3) | | | 3 | | | | | | | | | — | | |

| Short-term borrowings, net | | | | | | (6) | | | | | | — | | | | | | — | | |

| Net cash used in operating activities | | | | | | $ | — | | | | | $ | — | | | | | $ | (7) | |

| Net change in cash, cash equivalents and restricted cash from discontinued operations | | | | | | $ | — | | | | | $ | 133 | | | | | $ | 43 | |

First Data provides a wide-range of solutions to merchants, including retail point-of-sale merchant transaction processing and acquiring, e-commerce services, mobile payment services and the cloud-based Clover point-of-sale operating system, as well as technology solutions for bank and non-bank issuers.

Effective in the first quarter of 2020, the Company realigned its reportable segments to reflect its new management structure and organizational responsibilities (“Segment Realignment”) following the acquisition of First Data.

Segment results for the years ended December 31, 2019 and 2018 have been restated to reflect the Segment Realignment.

Noncontrolling interests are presented as a component of equity in the consolidated balance sheets and reflect the minority shareholders’ share of acquired fair value in the consolidated subsidiaries, along with their proportionate share of the earnings or losses of the subsidiaries, net of dividends or distributions.

Stock Split

On February 21, 2018, the Company’s board of directors declared a two-for-one stock split of the Company’s common stock and a proportionate increase in the number of its authorized shares of common stock.

The additional shares were distributed on March 19, 2018 to shareholders of record at the close of business on March 5, 2018.

The Company’s common stock began trading at the split-adjusted price on March 20, 2018.

The impact on the consolidated balance sheet of the stock split was an increase of $4 million to common stock and an offsetting reduction in additional paid-in capital.

In 2019, a novel strain of coronavirus (“COVID-19”) was identified and has since continued to spread.

In March 2020, the World Health Organization recognized the COVID-19 outbreak as a pandemic.

In response to the COVID-19 pandemic, the governments of many countries, states, cities and other geographic regions have taken actions to prevent the spread of COVID-19, such as imposing travel restrictions and bans, quarantines, social distancing guidelines, shelter-in-place or lock-down orders and other similar limitations, adversely impacting global economic activity and contributing to significant volatility in financial markets.

Global economic and market conditions impact levels of consumer and business spending, which have been negatively impacted as a result of the COVID-19 pandemic.

Effective January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, *Leases (Topic 842)* (“ASU 2016-02”), and its related amendments using the optional transition method applied to all leases.

Prior period amounts have not been restated.

Additional information about the Company’s lease policies and the related impact of the adoption is included in Notes 2 and 11 to the consolidated financial statements.

| | | | | | | | | | 2,911 | | | | | | 2,660 | | |

In connection with the Segment Realignment described above, certain of the Company’s reporting units changed in composition as a result of which goodwill was allocated to such reporting units using a relative fair value approach.

Accordingly, the Company performed an interim goodwill impairment assessment in the first quarter of 2020 for those reporting units impacted by the Segment Realignment and determined that its goodwill was not impaired based on an assessment of various qualitative factors, as described above.

14).

| Financed software arrangements | | | | | | 308 | | | | | | — | | | | | | — | | |

In 2018, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2018-15, *Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract* (“ASU 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a cloud computing hosting arrangement that is a service contract within the requirements under ASC 350 for capitalizing implementation costs incurred to develop or obtain internal-use software.

Entities are permitted to apply either a retrospective or prospective transition approach to adopt the guidance.

In 2018, the FASB issued ASU No. 2018-14, *Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans* (“ASU 2018-14”), which removes, clarifies and adds certain disclosure requirements of ASC Topic 715, *Compensation - Retirement Benefits*.

Entities must apply the disclosure updates retrospectively.

In 2018, the FASB issued ASU No. 2018-13, *Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement* (“ASU 2018-13”), which removes, modifies, and adds certain disclosure requirements of ASC Topic 820, *Fair Value Measurement*.

The Company adopted ASU 2018-13 effective January 1, 2020, and the adoption did not have a material impact on its disclosures.

In 2016, the FASB issued ASU No. 2016-02, which requires lessees to recognize a lease liability and a ROU asset for each lease with a term longer than twelve months and adds new presentation and disclosure requirements for both lessees and lessors.

The accounting guidance for lessors remains largely unchanged.

The recognized liability is measured at the present value of lease payments not yet paid, and the corresponding asset represents the lessee’s right to use the underlying asset over the lease term and is based on the liability, subject to certain adjustments.

For income statement and statement of cash flow purposes, the standard retains the dual model with leases classified as either operating or finance.

Based on this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of December 31, [removed: 2020.][added: 2021.]

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2020.][added: 2021.]

Based on management’s assessment, our management believes that, as of December 31, [removed: 2020,] [added: 2021,] our internal control over financial reporting was effective based on those criteria.

There was no change in our internal control over financial reporting that occurred during the quarter ended December 31, [removed: 2020] [added: 2021] that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

To the Shareholders and the Board of Directors of Fiserv, [removed: Inc.:][added: Inc.]

We have audited the internal control over financial reporting of Fiserv, Inc. and subsidiaries (the “Company”) as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2020,] [added: 2021,] of the Company and our report dated February [removed: 26, 2021,] [added: 24, 2022,] expressed an unqualified opinion on those financial [removed: statements and included an explanatory paragraph regarding the Company’s adoption of a new accounting standard.][added: statements.]

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying [removed: Management’s] [added: *Management’s] Annual Report on Internal Control Over Financial [removed: Reporting.][added: Reporting*.]

February 24, 2022

February 26, 2021

PART III

Not applicable.

PART III

Except for information concerning our executive officers included in Part I of this Form 10-K under the caption “Information About Our Executive Officers,” which is incorporated by reference herein, and the information regarding our Code of Conduct below, the information required by Item 10 is incorporated by reference to the information set forth under the captions “Our Board of Directors – Who We Are,” “Our Board of Directors – How We Are Selected, Elected and Evaluated,” and “Our Board of Directors – How We Are Organized – Our Committees – Audit Committee” in our definitive proxy statement for our [removed: 2021] [added: 2022] annual meeting of shareholders, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, [removed: 2020.][added: 2021.]

The information required by Item 11 is incorporated by reference to the information set forth under the captions “Our Board of Directors – How We Are Paid,” “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Compensation Committee Interlocks and Insider Participation,” “Executive Compensation,” and “Pay Ratio” in our definitive proxy statement for our [removed: 2021] [added: 2022] annual meeting of shareholders, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, [removed: 2020.][added: 2021.]

The information set forth under the caption “Our Shareholders – Common Stock Ownership” in our definitive proxy statement for our [removed: 2021] [added: 2022] annual meeting of shareholders, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, [removed: 2020,] [added: 2021,] is incorporated by reference herein.

The table below sets forth information with respect to compensation plans under which equity securities are authorized for issuance as of December 31, [removed: 2020.][added: 2021.]

| Equity compensation plans approved by our shareholders (1) | | | [removed: 10,151,547] [added: 8,387,513] (2) | | | [removed: 56.59] [added: 61.69] (3) | | | [removed: 30,452,373] [added: 27,547,435] (4) | | |

(1)Columns (a) and (c) of the table above do not include [removed: 2,436,442] [added: 4,286,216] unvested restricted stock units outstanding under the Amended and Restated Fiserv, Inc. 2007 Omnibus Incentive Plan (the “Incentive Plan”) or [removed: 24,230,938] [added: 23,755,229] shares authorized for issuance under the Fiserv, Inc. Amended and Restated Employee Stock Purchase Plan.

(2)Consists of options outstanding under the Incentive Plan; [removed: 149,132] [added: 1,089,148] shares subject to performance share units [removed: under the Incentive Plan] at the [removed: actual] [added: target] award level [removed: where the conditions to vesting have been satisfied; 1,027,049 shares subject to performance share units] under the Incentive [removed: Plan at the target award level where the conditions to vesting have not yet been satisfied;] [added: Plan;] and [removed: 98,924] [added: 230,524] shares subject to non-employee director deferred compensation notional units under the Incentive Plan.

(5)This table does not include [removed: 5,812,408] [added: 3,161,082] options outstanding under the 2007 Stock Incentive Plan for Key Employees of First Data Corporation and its Affiliates (the “2007 First Data Plan”) and the First Data Corporation 2015 Omnibus Incentive Plan (the “2015 First Data Plan” and together with the 2007 First Data Plan, the “First Data Plans”) as of December 31, [removed: 2020] [added: 2021] at a weighted-average exercise price of [removed: $42.00.][added: $44.43.]

This table also does not include [removed: 2,906,696] [added: 860,406] shares of restricted stock and restricted stock units outstanding under the 2015 First Data Plan, as of December 31, [removed: 2020.][added: 2021.]

| Total (5) | | | 8,387,513 (2) | | | 61.69 (3) | | | 27,547,435 (4) | | |

| Total (5) | | | 10,151,547 (2) | | | 56.59 (3) | | | 30,452,373 (4) | | |

The information required by Item 13 is incorporated by reference to the information set forth under the captions “Our Board of Directors – How We Are Organized – Our Independence,” and “Our Board of Directors – How We Govern – Review, Approval or Ratification of Transactions with Related Persons,” in our definitive proxy statement for our [removed: 2021] [added: 2022] annual meeting of shareholders, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, [removed: 2020.][added: 2021.]

The information required by Item 14 is incorporated by reference to the information set forth under the captions “Independent Registered Public Accounting Firm and Fees” and “Audit Committee Pre-Approval Policy” in our definitive proxy statement for our [removed: 2021] [added: 2022] annual meeting of shareholders, which will be filed with the Securities and Exchange Commission no later than 120 days after the close of the fiscal year ended December 31, [removed: 2020.][added: 2021.]

| | | | [removed: 2.1] [added: 4.23] | | | [removed: [Agreement and Plan of Merger,] [added: [Shareholder Agreement,] dated as of January 16, 2019, [removed: among] [added: between] Fiserv, [removed: Inc., 300 Holdings,] Inc. and [removed: First Data Corporation (1)](http://www.sec.gov/Archives/edgar/data/798354/000119312519011812/d688917dex21.htm)] [added: New Omaha Holdings L.P. (15)](http://www.sec.gov/Archives/edgar/data/798354/000119312519011812/d688917dex41.htm)] | | |

| | | | 3.1 | | | [Restated Articles of Incorporation [removed: (2)](http://www.sec.gov/Archives/edgar/data/798354/000119312518061085/d640937dex32.htm)] [added: (1)](http://www.sec.gov/Archives/edgar/data/798354/000119312518061085/d640937dex32.htm)] | | |

| | | | 3.2 | | | [Amended and Restated By-laws [removed: (3)](http://www.sec.gov/Archives/edgar/data/798354/000119312519205574/d780843dex31.htm)] [added: (2)](https://www.sec.gov/Archives/edgar/data/0000798354/000119312522050253/d270501dex31.htm)] | | |

| | | | 4.1 | | | [Description of Securities of the [removed: Registran](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex4112312019.htm)[t](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex4112312019.htm) [(4)](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex4112312019.htm)] [added: Registrant (3)](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex4112312019.htm)] | | |

| | | | 4.2 | | | [Third Amended and Restated Credit Agreement, dated as of September 19, 2018, among Fiserv, Inc. and the financial institutions party thereto [removed: (](http://www.sec.gov/Archives/edgar/data/798354/000119312518278050/d621931dex41.htm)[5](http://www.sec.gov/Archives/edgar/data/798354/000119312518278050/d621931dex41.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312518278050/d621931dex41.htm)] [added: (4)](http://www.sec.gov/Archives/edgar/data/798354/000119312518278050/d621931dex41.htm)] | | |

| | | | 4.3 | | | [Amendment No. 1 to Third Amended and Restated Credit Agreement, dated as of February 6, 2019, among Fiserv, Inc. and the financial institutions party thereto [removed: (](http://www.sec.gov/Archives/edgar/data/798354/000119312519029907/d686781dex41.htm)[6](http://www.sec.gov/Archives/edgar/data/798354/000119312519029907/d686781dex41.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312519029907/d686781dex41.htm)] [added: (5)](http://www.sec.gov/Archives/edgar/data/798354/000119312519029907/d686781dex41.htm)] | | |

| | | | 4.4 | | | [Amendment No. 2 to Third Amended and Restated Credit Agreement, dated as of February 15, 2019, among Fiserv, Inc. and the financial institutions party thereto [removed: (7)](http://www.sec.gov/Archives/edgar/data/798354/000079835419000005/ex4312312018doc.htm)] [added: (6)](http://www.sec.gov/Archives/edgar/data/798354/000079835419000005/ex4312312018doc.htm)] | | |

| | | | 4.5 | | | [Amendment No. 3 to Revolving Credit Agreement, dated as of July 26, 2019, among Fiserv, Inc. and the financial institutions party thereto [removed: (8)](http://www.sec.gov/Archives/edgar/data/798354/000119312519205574/d780843dex42.htm)] [added: (7)](http://www.sec.gov/Archives/edgar/data/798354/000119312519205574/d780843dex42.htm)] | | |

| | | | 4.6 | | | [Indenture, dated as of November 20, 2007, by and among Fiserv, Inc., the guarantors named therein and U.S. Bank National Association [removed: (](http://www.sec.gov/Archives/edgar/data/798354/000119312507244247/dex48.htm)[9](http://www.sec.gov/Archives/edgar/data/798354/000119312507244247/dex48.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312507244247/dex48.htm)] [added: (8)](http://www.sec.gov/Archives/edgar/data/798354/000119312507244247/dex48.htm)] | | |

| | | | 4.7 | | | [removed: [Eighth] [added: [Tenth] Supplemental Indenture, dated as of [removed: June 14, 2011,] [added: September 25, 2012,] among Fiserv, Inc., the guarantors named therein and U.S. Bank National Association [removed: (](http://www.sec.gov/Archives/edgar/data/798354/000119312511164493/dex42.htm)[10](http://www.sec.gov/Archives/edgar/data/798354/000119312511164493/dex42.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312511164493/dex42.htm)] [added: (9)](http://www.sec.gov/Archives/edgar/data/798354/000119312512403033/d417262dex41.htm)] | | |

| | | | 4.8 | | | [removed: [Tenth] [added: [Thirteenth] Supplemental Indenture, dated as of [removed: September 25, 2012, among] [added: May 22, 2015, between] Fiserv, [removed: Inc., the guarantors named therein] [added: Inc.] and U.S. Bank National Association [removed: (](http://www.sec.gov/Archives/edgar/data/798354/000119312512403033/d417262dex41.htm)[11](http://www.sec.gov/Archives/edgar/data/798354/000119312512403033/d417262dex41.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312512403033/d417262dex41.htm)] [added: (10)](http://www.sec.gov/Archives/edgar/data/798354/000119312515198024/d932504dex42.htm)] | | |

| | | | 4.9 | | | [removed: [Thirteenth] [added: [Fourteenth] Supplemental Indenture, dated as of [removed: May 22, 2015,] [added: September 25, 2018,] between Fiserv, Inc. and U.S. Bank National Association [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312515198024/d932504dex42.htm)[2](http://www.sec.gov/Archives/edgar/data/798354/000119312515198024/d932504dex42.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312515198024/d932504dex42.htm)] [added: (11)](http://www.sec.gov/Archives/edgar/data/798354/000119312518282141/d628443dex41.htm)] | | |

| | | | 4.10 | | | [removed: [Fourteenth] [added: [Fifteenth] Supplemental Indenture, dated as of September 25, 2018, between Fiserv, Inc. and U.S. Bank National Association [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312518282141/d628443dex41.htm)[3](http://www.sec.gov/Archives/edgar/data/798354/000119312518282141/d628443dex41.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312518282141/d628443dex41.htm)] [added: (11)](http://www.sec.gov/Archives/edgar/data/798354/000119312518282141/d628443dex42.htm)] | | |

| | | | 4.11 | | | [removed: [Fifteenth] [added: [Sixteenth] Supplemental Indenture, dated as of [removed: September 25, 2018,] [added: June 24, 2019,] between Fiserv, Inc. and U.S. Bank National Association [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312518282141/d628443dex42.htm)[3](http://www.sec.gov/Archives/edgar/data/798354/000119312518282141/d628443dex42.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312518282141/d628443dex42.htm)] [added: (12)](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex41.htm)] | | |

| | | | 4.12 | | | [removed: [Sixteenth] [added: [Seventeenth] Supplemental Indenture, dated as of June 24, 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex41.htm)[4](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex41.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex41.htm)] [added: (12)](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex42.htm)] | | |

| | | | 4.13 | | | [removed: [Seventeenth] [added: [Eighteenth] Supplemental Indenture, dated as of June 24, 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex42.htm)[4](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex42.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex42.htm)] [added: (12)](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex43.htm)] | | |

| | | | 4.14 | | | [removed: [Eighteenth] [added: [Nineteenth] Supplemental Indenture, dated as of June 24, 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex43.htm)[4](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex43.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex43.htm)] [added: (12)](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex44.htm)] | | |

| | | | 4.15 | | | [removed: [Nineteenth] [added: [Twentieth] Supplemental Indenture, dated as of [removed: June 24,] [added: July 1,] 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex44.htm)[4](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex44.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312519179870/d760882dex44.htm)] [added: (13)](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex41.htm)] | | |

| | | | 4.16 | | | [removed: [Twentieth] [added: [Twenty-First] Supplemental Indenture, dated as of July 1, 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex41.htm)[5](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex41.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex41.htm)] [added: (13)](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex42.htm)] | | |

| | | | 4.17 | | | [removed: [Twenty-First] [added: [Twenty-Second] Supplemental Indenture, dated as of July 1, 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex42.htm)[5](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex42.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex42.htm)] [added: (13)](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex43.htm)] | | |

| | | | 4.18 | | | [removed: [Twenty-Second] [added: [Twenty-Third] Supplemental Indenture, dated as of July 1, 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex43.htm)[5](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex43.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex43.htm)] [added: (13)](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex44.htm)] | | |

| | | | 4.19 | | | [removed: [Twenty-Third] [added: [Twenty-Fourth] Supplemental Indenture, dated as of July 1, 2019, between Fiserv, Inc. and U.S. Bank National Association [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex44.htm)[5](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex44.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex44.htm)] [added: (13)](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex45.htm)] | | |

| | | | 4.20 | | | [removed: [Twenty-Fourth] [added: [Twenty-Fifth] Supplemental Indenture, dated as of [removed: July 1, 2019,] [added: May 13, 2020,] between Fiserv, Inc. and U.S. Bank National Association [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex45.htm)[5](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex45.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex45.htm)] [added: (14)](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex41.htm)] | | |

| | | | 4.21 | | | [removed: [Twenty-Fifth] [added: [Twenty-Sixth] Supplemental Indenture, dated as of May 13, 2020, between Fiserv, Inc. and U.S. Bank National Association [removed: (16)](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex41.htm)] [added: (14)](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex42.htm)] | | |

| | | | [removed: 4.22] [added: 10.30] | | | [removed: [Twenty-Sixth Supplemental Indenture,] [added: [Amendment to Employment Agreement,] dated as of May [removed: 13,] [added: 7,] 2020, between Fiserv, Inc. and [removed: U.S. Bank National Association (16)](https://www.sec.gov/Archives/edgar/data/0000798354/000119312520141688/d930141dex42.htm)] [added: Frank J. Bisignano (27)*](https://www.sec.gov/Archives/edgar/data/0000798354/000079835420000013/ex10203312020.htm)] | | |

| | | | [removed: 4.23] [added: 4.22] | | | [Agency Agreement, dated as of July 1, 2019, by and among Fiserv, Inc., Elavon Financial Services DAC, UK Branch, and U.S. Bank National Association [removed: (](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex46.htm)[15)](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex46.htm)] [added: (13)](http://www.sec.gov/Archives/edgar/data/798354/000119312519186646/d15278dex46.htm)] | | |

| | | | 4.24 | | | [removed: [Shareholder] [added: [Registration Rights] Agreement, dated as of January 16, 2019, between Fiserv, Inc. and New Omaha Holdings L.P. [removed: (1)](http://www.sec.gov/Archives/edgar/data/798354/000119312519011812/d688917dex41.htm)] [added: (15)](http://www.sec.gov/Archives/edgar/data/798354/000119312519011812/d688917dex42.htm)] | | |

| | | | 4.25 | | | [removed: [Registration] [added: [Amendment to the Shareholder Agreement and Registration] Rights Agreement, dated as of [removed: January 16,] [added: September 9,] 2019, [removed: between Fiserv, Inc.] [added: by] and [added: between] New Omaha Holdings L.P. [removed: (1)](http://www.sec.gov/Archives/edgar/data/798354/000119312519011812/d688917dex42.htm)] [added: and Fiserv, Inc. (16)](http://www.sec.gov/Archives/edgar/data/798354/000119312519241083/d692578dex41.htm)] | | |

| | | | [removed: 4.27] [added: 4.26] | | | [Term Loan Credit Agreement, dated as of February 15, 2019, among Fiserv, Inc. and the financial institutions party thereto [removed: (](http://www.sec.gov/Archives/edgar/data/798354/000079835419000005/ex41312312018.htm)[7](http://www.sec.gov/Archives/edgar/data/798354/000079835419000005/ex41312312018.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000079835419000005/ex41312312018.htm)] [added: (6)](http://www.sec.gov/Archives/edgar/data/798354/000079835419000005/ex41312312018.htm)] | | |

| | | | [removed: 4.28] [added: 4.27] | | | [Amendment No. 1 to Term Loan Credit Agreement, dated as of July 26, 2019 [removed: (](http://www.sec.gov/Archives/edgar/data/798354/000119312519205574/d780843dex41.htm)[8](http://www.sec.gov/Archives/edgar/data/798354/000119312519205574/d780843dex41.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312519205574/d780843dex41.htm)] [added: (7)](http://www.sec.gov/Archives/edgar/data/798354/000119312519205574/d780843dex41.htm)] | | |

| | | | 10.1 | | | [Amended and Restated Fiserv, Inc. 2007 Omnibus Incentive Plan [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000079835418000009/ex10103312018.htm)[8](http://www.sec.gov/Archives/edgar/data/798354/000079835418000009/ex10103312018.htm)[)*](http://www.sec.gov/Archives/edgar/data/798354/000079835418000009/ex10103312018.htm)] [added: (](http://www.sec.gov/Archives/edgar/data/798354/000079835418000009/ex10103312018.htm)[17)*](http://www.sec.gov/Archives/edgar/data/798354/000079835418000009/ex10103312018.htm)] | | |

| | | | 10.2 | | | [\- Form of Restricted Stock Unit Agreement (Non-Employee Director) [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1011.htm)[9](http://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1011.htm)[)*](http://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1011.htm)] [added: (](http://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1011.htm)[18)*](http://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1011.htm)] | | |

| | | | 10.3 | | | [\- Form of Restricted Stock Unit Agreement (Employee-E) [removed: (](http://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex10512312016.htm)[20](http://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex10512312016.htm)[)*](http://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex10512312016.htm)] [added: (](http://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex10512312016.htm)[19)*](http://www.sec.gov/Archives/edgar/data/798354/000079835417000006/ex10512312016.htm)] | | |

| | | | 10.4 | | | [\- Form of Restricted Stock Unit Agreement [removed: (Employee-SO)](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex10712312019.htm) [(4)](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex10712312019.htm)[*](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex10712312019.htm)] [added: (Employee-SO) (](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex10712312019.htm)[3)*](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex10712312019.htm)] | | |

| | | | 10.5 | | | [\- Form of Restricted Stock Unit Agreement [removed: (Employee-ST)](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex10812312019.htm) [(4)](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex10812312019.htm)[*](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex10812312019.htm)] [added: (Employee-ST) (](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex10812312019.htm)[3)*](https://www.sec.gov/Archives/edgar/data/798354/000079835420000006/ex10812312019.htm)] | | |

| | | | 10.6 | | | [\- Form of Non-Qualified Stock Option Agreement (Non-Employee Director-LE) [removed: (1](http://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1013.htm)[9](http://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1013.htm)[)*](http://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1013.htm)] [added: (](http://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1013.htm)[18)*](http://www.sec.gov/Archives/edgar/data/798354/000119312512077375/d271809dex1013.htm)] | | |

| | | | 10.7 | | | [\- Form of First Amendment to Non-Qualified Stock Option Agreement (Non-Employee Director - LE) [removed: (21)*](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10106302017.htm)] [added: (20)*](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10106302017.htm)] | | |

| | | | 10.8 | | | [\- Form of Non-Qualified Stock Option Agreement (Non-Employee Director - EE) [removed: (21)*](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10206302017.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10206302017.htm)[20)*](https://www.sec.gov/Archives/edgar/data/798354/000079835417000019/ex10206302017.htm)] | | |

| | | | 10.9 | | | [\- Form of Second Amendment to Non-Qualified Stock Option Agreement (Non-Employee Director - LE/EE) [removed: (22)*](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex103.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex103.htm)[21)*](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex103.htm)] | | |

| | | | 10.10 | | | [\- Form of Non-Qualified Stock Option Agreement (Non-Employee Director - N) [removed: (22)*](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex104.htm)] [added: (](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex104.htm)[21)*](https://www.sec.gov/Archives/edgar/data/798354/000119312517358902/d475289dex104.htm)] | | |

| | | | 10.28 | | | [Fiserv, Inc. Executive Severance and Change of Control Policy, effective August 10, 2021 (](https://www.sec.gov/Archives/edgar/data/0000798354/000119312521244723/d115852dex101.htm)[26)*](https://www.sec.gov/Archives/edgar/data/0000798354/000119312521244723/d115852dex101.htm) | | |

| | | | 10.32 | | | [Sign-On Agreement](https://www.sec.gov/Archives/edgar/data/798354/000079835422000004/ex103212312021.htm) [for Su](https://www.sec.gov/Archives/edgar/data/798354/000079835422000004/ex103212312021.htm)[zan Kereere dated May 14, 2021](https://www.sec.gov/Archives/edgar/data/798354/000079835422000004/ex103212312021.htm) [](https://www.sec.gov/Archives/edgar/data/798354/000079835422000004/ex103212312021.htm)[*](https://www.sec.gov/Archives/edgar/data/798354/000079835422000004/ex103212312021.htm)[+](https://www.sec.gov/Archives/edgar/data/798354/000079835422000004/ex103212312021.htm) | | |

\+ Portions of the exhibit have been omitted pursuant to SEC confidential treatment under 17 C.F.R. Section 229.601(b)(10)(iv).

| | | | | | | | | |

| | | | 4.26 | | | [Amendment to the Shareholder Agreement and Registration Rights Agreement, dated as of September 9, 2019, by and between New Omaha Holdings L.P. and Fiserv, Inc.](http://www.sec.gov/Archives/edgar/data/798354/000119312519241083/d692578dex41.htm) [(1](http://www.sec.gov/Archives/edgar/data/798354/000119312519241083/d692578dex41.htm)[7](http://www.sec.gov/Archives/edgar/data/798354/000119312519241083/d692578dex41.htm)[)](http://www.sec.gov/Archives/edgar/data/798354/000119312519241083/d692578dex41.htm) | | |

| | | | 10.29 | | | [Amendment No. 1 to Amended and Restated Employment Agreement, dated February 26, 2009, between Fiserv, Inc. and Jeffery W. Yabuki (2](http://www.sec.gov/Archives/edgar/data/798354/000119312509041067/dex1024.htm)[7](http://www.sec.gov/Archives/edgar/data/798354/000119312509041067/dex1024.htm)[)*](http://www.sec.gov/Archives/edgar/data/798354/000119312509041067/dex1024.htm) | | |

| | | | 10.30 | | | [Amendment No. 2 to Amended and Restated Employment Agreement, dated December 30, 2009, between Fiserv, Inc. and Jeffery W. Yabuki (28)*](https://www.sec.gov/Archives/edgar/data/798354/000119312509261592/dex101.htm) | | |

| | | | 10.33 | | | [Employment Agreement, dated February 23, 2010, between Fiserv, Inc. and Lynn S. McCreary (31)*](https://www.sec.gov/Archives/edgar/data/798354/000119312513418089/d592986dex101.htm) | | |