Amount outstanding

[Table of Contents](#i82eec5aa49a24290a07e4a9f99c1e608_7)                                  8. Goodwill  
The following table presents changes in goodwill during 2021 and 2020.

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |
|  |  | Reportable Segments |  |  |  |  |
| (In millions) |  | Acceptance |  | Fintech  |  | Payments |  |  |  | Total |
| Goodwill - December 31, 2019 |  | $ | 21,189  |  |  | $ | 2,104  |  |  | $ | 12,745  |  |  |  |  | $ | 36,038  |  |
| Acquisitions and valuation adjustments |  | 332  |  |  | —  |  |  | 62  |  |  |  |  | 394  |  |
|  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |
| Foreign currency translation |  | (113) |  |  | 4  |  |  | (1) |  |  |  |  | (110) |  |
| Goodwill - December 31, 2020 |  | 21,408  |  |  | 2,108  |  |  | 12,806  |  |  |  |  | 36,322  |  |
| Acquisitions and valuation adjustments |  | 321  |  |  | —  |  |  | 197  |  |  |  |  | 518  |  |
|  |  |  |  |  |  |  |  |  |  |  |
| Transfers(1) |  | —  |  |  | (67) |  |  | 67  |  |  |  |  | —  |  |
| Foreign currency translation |  | (347) |  |  | (2) |  |  | (58) |  |  |  |  | (407) |  |
| Goodwill - December 31, 2021 |  | $ | 21,382  |  |  | $ | 2,039  |  |  | $ | 13,012  |  |  |  |  | $ | 36,433  |  |
|  |  |  |  |  |  |  |  |  |  |  |

(1)Relates to the migration of a line of business from the Fintech segment to the Payments segment. This migration did not have a material impact on the results of operations of the affected reportable segments.  
9. Investments in Unconsolidated AffiliatesThe Company maintains investments in various affiliates that are accounted for as equity method investments, the most significant of which are related to the Company’s merchant alliances. The Company’s share of net income or loss from these investments is reported within income from investments in unconsolidated affiliates and the related tax expense or benefit is reported within the income tax provision in the consolidated statements of income.Merchant AlliancesThe Company maintains ownership interests of significant influence in various merchant alliances. A merchant alliance is an agreement between the Company and a financial institution that combines the processing capabilities and management expertise of the Company with the visibility and distribution channel of the financial institution. A merchant alliance acquires credit and debit card transactions from merchants. The Company provides processing and other services to the alliance and charges fees to the alliance primarily based on contractual pricing (see Note 20). The Company’s investment in its merchant alliances was $2.3 billion and $2.4 billion at December 31, 2021 and 2020, respectively, and is reported within investments in unconsolidated affiliates in the consolidated balance sheets.  
Other Equity Method InvestmentsFollowing the sale of a controlling financial interest of the Investment Services business during the first quarter of 2020 (see Note 4), the Company’s remaining ownership interest in the business, subsequently renamed as InvestCloud, was accounted for as an equity method investment prior to the sale of the Company’s entire remaining ownership interest during the second quarter of 2021. The Company also maintains a 45% ownership interest in Sagent M&C, LLC and a 31% ownership interest in defi SOLUTIONS Group, LLC (collectively, the “Lending Joint Ventures”), which are accounted for as equity method investments. The Company’s aggregate investment in these entities was $25 million and $212 million at December 31, 2021 and 2020, respectively, and is reported within investments in unconsolidated affiliates in the consolidated balance sheets. In addition, the Company maintains other strategic investments accounted for under the equity method of accounting. The Company's aggregate investment in such entities was $266 million and $192 million at December 31, 2021 and 2020, respectively, and is reported within investments in unconsolidated affiliates in the consolidated balance sheets.  
The Lending Joint Ventures maintain variable-rate term loan facilities with aggregate outstanding borrowings of $365 million in senior unsecured debt and variable-rate revolving credit facilities with an aggregate borrowing capacity of $45 million with a syndicate of banks, which mature in March 2023. Outstanding borrowings on the revolving credit facilities at December 31, 2021 were $16 million. The Company has guaranteed this debt of the Lending Joint Ventures and does not anticipate that the Lending Joint Ventures will fail to fulfill their debt obligations. See Note 10 for additional information regarding the Company’s debt guarantee arrangements with the Lending Joint Ventures.   
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