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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenue $ 3,465 $ 1,512 $ 7,234 $ 3,014
Selling, general and administrative 1,377 343 2,781 684
(Gain) loss on sale of businesses 3 0 (428) (10)
Total expenses 3,300 1,128 6,440 2,257
Operating income 165 384 794 757
Interest expense, net (174) (58) (361) (115)
Debt financing activities 0 (37) 0 (96)
Other income 1 2 21 3
Income (loss) before income taxes and loss from investments in unconsolidated affiliates (8) 291 454 549
Income tax (provision) benefit 27 (60) (52) (91)
Loss from investments in unconsolidated affiliates (10) (8) (16) (10)
Net income 9 223 386 448
Net income (loss) attributable to noncontrolling interests and redeemable noncontrolling interests 7 0 (8) 0
Net income attributable to Fiserv, Inc. $ 2 $ 223 $ 394 $ 448
Net income attributable to Fiserv, Inc. per share – basic (in dollars per share) $ 0 $ 0.57 $ 0.58 $ 1.14
Net income attributable to Fiserv, Inc. per share – diluted (in dollars per share) $ 0 $ 0.56 $ 0.57 $ 1.12
Shares used in computing net income attributable to Fiserv, Inc. per share:        
Basic (in shares) 670.0 392.5 674.1 392.1
Diluted (in shares) 680.8 399.6 686.0 399.4
Related Party Fees | Equity investments        
Shares used in computing net income attributable to Fiserv, Inc. per share:        
Processing, administrative, and other fees $ 55 $ 9 $ 112 $ 18
Processing and services        
Revenue [1] 2,890 1,328 5,965 2,621
Cost of goods sold and services 1,466 617 3,101 1,241
Product        
Revenue 575 184 1,269 393
Cost of goods sold and services $ 454 $ 168 $ 986 $ 342
[1]
Includes processing and other fees charged to related party investments accounted for under the equity method of $55 million and $9 million for the three months ended June 30, 2020 and 2019, respectively, and $112 million and $18 million for the six months ended June 30, 2020 and 2019, respectively (see Note 21).