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DOCUMENT AND ENTITY INFORMATION	6 Months Ended
DOCUMENT AND ENTITY INFORMATION	Jun. 30, 2014 shares
Document and Entity Information [Line Items]
Entity Registrant Name	Vantiv, Inc.
Entity Central Index Key	0001533932
Document Type	10-Q
Document Period End Date	Jun. 30, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Class A Common Stock
Document and Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)	146,002,039
Class B Common Stock
Document and Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)	43,042,826

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenue:
External customers	$ 588,109	$ 499,146	$ 1,106,421	$ 978,305
Related party revenues	20,622	20,263	39,888	39,070
Total revenue	608,731	519,409	1,146,309	1,017,375
Network fees and other costs	277,392	222,502	526,438	447,567
Sales and marketing	90,507	76,436	168,951	152,412
Other operating costs	56,754	49,268	117,123	99,828
General and administrative	48,552	29,862	81,158	60,961
Depreciation and amortization	89,041	44,528	138,887	87,824
Income from operations	46,485	96,813	113,752	168,783
Interest expense—net	(13,496)	(9,899)	(24,050)	(19,593)
Non-operating expenses	(27,656)	(20,000)	(27,656)	(20,000)
Income before applicable income taxes	5,333	66,914	62,046	129,190
Income tax expense	2,020	20,946	17,642	38,757
Net income	3,313	45,968	44,404	90,433
Less: Net income attributable to non-controlling interests	(4,722)	(17,060)	(17,677)	(35,406)
Net (loss) income attributable to Vantiv, Inc.	$ (1,409)	$ 28,908	$ 26,727	$ 55,027
Class A Common Stock
Net (loss) income per share attributable to Vantiv, Inc. Class A common stock:
Basic (in dollars per share)	$ (0.01)	$ 0.21	$ 0.19	$ 0.40
Diluted (in dollars per share)	$ (0.01)	$ 0.20	$ 0.18	$ 0.38
Shares used in computing net (loss) income per share of Class A common stock:
Basic (in shares)	140,451,466	137,342,051	139,346,292	137,213,875
Diluted (in shares)	140,451,466	207,901,994	150,831,855	211,244,104

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 3,313	$ 45,968	$ 44,404	$ 90,433
Other comprehensive income (loss), net of tax:
Gain (loss) on cash flow hedges and other	(4,166)	6,298	(5,819)	6,298
Comprehensive income (loss)	(853)	52,266	38,585	96,731
Less: Comprehensive income attributable to non-controlling interests	(3,201)	(19,443)	(15,580)	(37,789)
Comprehensive income (loss) attributable to Vantiv, Inc.	$ (4,054)	$ 32,823	$ 23,005	$ 58,942

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 230,655	$ 171,427
Accounts receivable—net	526,243	472,196
Related party receivable	5,134	5,155
Settlement assets	512,146	127,144
Prepaid expenses	32,642	18,059
Other	12,154	13,932
Total current assets	1,318,974	807,913
Customer incentives	36,363	30,808
Property, equipment and software—net	273,765	217,333
Intangible assets—net	1,161,642	795,332
Goodwill	3,259,785	1,943,613
Deferred taxes	459,864	362,785
Other assets	44,374	31,769
Total assets	6,554,767	4,189,553
Current liabilities:
Accounts payable and accrued expenses	278,139	233,383
Related party payable	2,158	2,381
Settlement obligations	748,526	333,649
Current portion of note payable to related party	10,353	17,621
Current portion of note payable	106,148	74,879
Current portion of tax receivable agreement obligations to related parties	22,992	8,639
Deferred income	9,477	9,053
Current maturities of capital lease obligations	8,786	4,326
Other	2,748	1,382
Total current liabilities	1,189,327	685,313
Long-term liabilities:
Note payable to related party	196,698	325,993
Note payable	3,138,044	1,392,757
Tax receivable agreement obligations to related parties	638,969	551,061
Tax receivable agreement obligations	137,120	0
Capital lease obligations	19,237	12,044
Deferred taxes	32,863	37,963
Other	11,313	8,100
Total long-term liabilities	4,174,244	2,327,918
Total liabilities	5,363,571	3,013,231
Commitments and contingencies (See Note 7 - Commitments, Contingencies and Guarantees)
Equity:
Preferred stock, $0.00001 par value; 10,000,000 shares authorized; no shares issued and outstanding	0	0
Paid-in capital	623,435	597,730
Retained earnings	229,793	203,066
Accumulated other comprehensive (loss) income	(3,458)	264
Treasury stock, at cost; 2,078,840 shares at June 30, 2014 and 1,606,664 shares at December 31, 2013	(48,108)	(33,130)
Total Vantiv, Inc. equity	801,663	767,931
Non-controlling interests	389,533	408,391
Total equity	1,191,196	1,176,322
Total liabilities and equity	6,554,767	4,189,553
Class A Common Stock
Equity:
Class A common stock, $0.00001 par value; 890,000,000 shares authorized; 146,002,039 shares outstanding at June 30, 2014; 141,758,681 shares outstanding at December 31, 2013, Class B common stock, no par value; 100,000,000 shares authorized; 43,042,826 shares issued and outstanding at June 30, 2014; 48,822,826 shares issued and outstanding at December 31, 2013	1	1
Class B Common Stock
Equity:
Class A common stock, $0.00001 par value; 890,000,000 shares authorized; 146,002,039 shares outstanding at June 30, 2014; 141,758,681 shares outstanding at December 31, 2013, Class B common stock, no par value; 100,000,000 shares authorized; 43,042,826 shares issued and outstanding at June 30, 2014; 48,822,826 shares issued and outstanding at December 31, 2013	$ 0	$ 0

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - $ / shares	Jun. 30, 2014	Dec. 31, 2013
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	2,078,840	1,606,664
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	890,000,000	890,000,000
Common stock, shares outstanding (in shares)	146,002,039	141,758,681
Class B Common Stock
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	43,042,826	48,822,826
Common stock, shares outstanding (in shares)	43,042,826	48,822,826

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Operating Activities:
Net income	$ 44,404	$ 90,433
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	104,620	87,824
Write-off of intangible asset	34,267	0
Amortization of customer incentives	4,883	4,962
Amortization and write-off of debt issuance costs	28,878	22,156
Share-based compensation expense	20,044	13,930
Other non-cash items	1,500	0
Change in operating assets and liabilities:
Accounts receivable and related party receivable	(11,865)	1,884
Net settlement assets and obligations	28,423	90,293
Customer incentives	(9,850)	(8,712)
Prepaid and other assets	(9,724)	(957)
Accounts payable and accrued expenses	20,880	(5,202)
Payable to related party	(310)	1,068
Other liabilities	310	1,350
Net cash provided by operating activities	256,460	299,029
Investing Activities:
Purchases of property and equipment	(48,850)	(30,597)
Acquisition of customer portfolios and related assets	(27,068)	(5,953)
Purchase of investments	(7,487)	(1,677)
Cash used in acquisitions, net of cash acquired	(1,658,694)	0
Net cash used in investing activities	(1,742,099)	(38,227)
Financing Activities:
Proceeds from issuance of long-term debt	3,443,000	1,850,000
Repayment of debt and capital lease obligations	(1,806,241)	(1,255,078)
Payment of debt issuance costs	(38,059)	(26,288)
Proceeds from exercise of Class A common stock options	321	0
Repurchase of Class A common stock	34,366	400,000
Repurchase of Class A common stock (to satisfy tax withholding obligations)	14,978	11,122
Payments under Tax Receivable Agreements	(8,639)	0
Tax benefit from employee share-based compensation	9,299	5,166
Distribution to non-controlling interests	(5,470)	(17,947)
Net cash provided by financing activities	1,544,867	144,731
Net increase in cash and cash equivalents	59,228	405,533
Cash and cash equivalents—Beginning of period	171,427	67,058
Cash and cash equivalents—End of period	230,655	472,591
Cash Payments:
Interest	17,445	16,743
Taxes	17,888	29,198
Non-cash Items:
Issuance of tax receivable agreements to related parties	109,400	241,800
Contingent consideration for issuance of tax receivable agreement	$ 137,120	$ 0

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Treasury Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Non-Controlling Interests	Class A Common Stock	Class A Common Stock Common Stock	Class B Common Stock	Class B Common Stock Common Stock
Balance at Dec. 31, 2012	$ 1,444,235	$ (17,906)	$ 766,337	$ 69,494	$ 0	$ 626,309		$ 1		$ 0
Balance (in shares) at Dec. 31, 2012		978,000						142,244,000		70,219,000
Increase (Decrease) in Stockholders' Equity
Net income	90,433			55,027		35,406
Stock Issued During Period, Shares, New Issues								1,000
Tax benefit from employee share-based compensation	5,166		5,166
Repurchase of Class A common stock (to satisfy tax withholding obligation)	(11,122)	$ (11,122)
Repurchase of Class A common stock (to satisfy tax withholding obligation) (in shares)		(509,000)						(509,000)
Issuance of Class A common stock and cancellation of Class B common stock in connection with secondary offering (in shares)								(16,396,000)		(16,396,000)
Stock Repurchased and Retired During Period, Value	(400,000)		(400,000)
Share repurchases (in shares)								(17,453,000)
Issuance of tax receivable agreements	(76,500)		(76,500)
Gain (loss) on cash flow hedges and other	6,298				3,915	2,383
Distribution to non-controlling interests	(17,947)					(17,947)
Share-based compensation	13,930		9,515			4,415
Forfeitures of restricted stock awards (in shares)								(329,000)
Reallocation of non-controlling interests of Vantiv Holding due to change in ownership			205,546			(205,546)
Balance at Jun. 30, 2013	1,054,493	$ (29,028)	510,064	124,521	3,915	445,020		$ 1		$ 0
Balance (in shares) at Jun. 30, 2013		1,487,000						140,350,000		53,823,000
Balance at Dec. 31, 2013	1,176,322	$ (33,130)	597,730	203,066	264	408,391		$ 1		$ 0
Balance (in shares) at Dec. 31, 2013		1,607,000					141,758,681	141,759,000	48,822,826	48,823,000
Increase (Decrease) in Stockholders' Equity
Net income	44,404			26,727		17,677
Stock Issued During Period, Value, Stock Options Exercised	321		321
Issuance of Class A common stock under employee stock plans, net of forfeitures (in shares)								44,000
Tax benefit from employee share-based compensation	9,299		9,299
Repurchase of Class A common stock (to satisfy tax withholding obligation)	(14,978)	$ (14,978)
Repurchase of Class A common stock (to satisfy tax withholding obligation) (in shares)		(472,000)						(472,000)
Issuance of Class A common stock and cancellation of Class B common stock in connection with secondary offering (in shares)								(5,780,000)		(5,780,000)
Stock Repurchased and Retired During Period, Value	$ (34,366)		(34,366)
Share repurchases (in shares)	(1,108,700)							(1,109,000)
Issuance of tax receivable agreements	$ (17,400)		(17,400)
Gain (loss) on cash flow hedges and other	(5,819)				(3,722)	(2,097)
Noncontrolling Interest in Joint Ventures	18,839					18,839
Distribution to non-controlling interests	(5,470)					(5,470)
Share-based compensation	20,044		15,017			5,027
Reallocation of non-controlling interests of Vantiv Holding due to change in ownership			52,834			(52,834)
Balance at Jun. 30, 2014	$ 1,191,196	$ (48,108)	$ 623,435	$ 229,793	$ (3,458)	$ 389,533		$ 1		$ 0
Balance (in shares) at Jun. 30, 2014		2,079,000					146,002,039	146,002,000	43,042,826	43,043,000

BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Description of Business

Vantiv, Inc., a Delaware corporation, is a holding company that conducts its operations through its majority-owned subsidiary, Vantiv Holding, LLC ("Vantiv Holding"). Vantiv, Inc. and Vantiv Holding are referred to collectively as the "Company," "Vantiv," "we," "us" or "our," unless the context requires otherwise.

The Company provides electronic payment processing services to merchants and financial institutions throughout the United States of America. The Company markets its services through diverse distribution channels, including national, regional and mid-market sales teams, third-party reseller clients and a telesales operation. The Company also has relationships with a broad range of merchant banks; technology partners, which include integrated point-of-sale software developers and dealers; payment facilitators; independent sales organizations ("ISOs") and trade associations as well as arrangements with core processors. On June 13, 2014, the Company acquired Mercury Payment Systems, LLC ("Mercury") (see Note 2 - Business Combination).

Segments

The Company’s segments consist of the Merchant Services segment and the Financial Institution Services segment. The Company’s Chief Executive Officer, who is the chief operating decision maker ("CODM"), evaluates the performance and allocates resources based on the operating results of each segment. Below is a summary of each segment:

•

Merchant Services—Provides merchant acquiring and payment processing services to large national merchants, regional and small-to-mid sized businesses. Merchant services are sold to small to large businesses through diverse distribution channels. Merchant Services includes all aspects of card processing including authorization and settlement, customer service, chargeback and retrieval processing and interchange management.

•

Financial Institution Services—Provides card issuer processing, payment network processing, fraud protection, card production, prepaid program management, automated teller machine ("ATM") driving and network gateway and switching services that utilize the Company’s proprietary Jeanie debit payment network to a diverse set of financial institutions, including regional banks, community banks, credit unions and regional personal identification number ("PIN") networks. Financial Institution Services also provides statement production, collections and inbound/outbound call centers for credit transactions, and other services such as credit card portfolio analytics, program strategy and support, fraud and security management and chargeback and dispute services.

Secondary Offerings and Share Repurchases

In October 2013, the Company's board of directors authorized a program to repurchase up to $137 million of the Company's Class A common stock. During the six months ended June 30, 2014, approximately 1.1 million shares were repurchased for $34.4 million, which completed the repurchases under this authorization.

In February 2014, the Company's board of directors authorized a program to repurchase up to an additional $300 million of the Company's Class A common stock. No shares have been repurchased under this authorization.

In March 2014, a secondary offering took place in which Advent International Corporation sold its remaining 18.8 million shares of the Company's Class A common stock. The Company did not receive any proceeds from the sale.

In June 2014, a secondary offering took place in which Fifth Third Bank ("Fifth Third") sold 5.8 million shares of the Company's Class A common stock. The Company did not receive any proceeds from the sale.

Basis of Presentation and Consolidation

The accompanying consolidated financial statements include those of Vantiv, Inc. and all subsidiaries thereof, including its majority-owned subsidiary, Vantiv Holding, LLC. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") and should be read in conjunction with the Company's 2013 audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K. The accompanying consolidated financial statements are unaudited; however, in the opinion of management they include all normal recurring adjustments necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Results of operations reported for interim periods are not necessarily indicative of results for the entire year. All intercompany balances and transactions have been eliminated.

As of June 30, 2014, Vantiv, Inc. and Fifth Third owned interests in Vantiv Holding of 77.23% and 22.77%, respectively (see Note 8 - Controlling and Non-controlling Interests in Vantiv Holding for changes in non-controlling interests).

The Company accounts for non-controlling interests in accordance with Accounting Standards Codification ("ASC") 810, Consolidation. Non-controlling interests primarily represent Fifth Third's minority share of net income or loss of and equity in Vantiv Holding. Net income attributable to non-controlling interests does not include expenses incurred directly by Vantiv, Inc., including income tax expense attributable to Vantiv, Inc. All of the Company’s non-controlling interests are presented after Vantiv Holding income tax expense in the accompanying consolidated statements of income as "Net income attributable to non-controlling interests." Non-controlling interests are presented as a component of equity in the accompanying consolidated statements of financial position.

Sponsorship

In order to provide electronic payment processing services, Visa, MasterCard and other payment networks require sponsorship of non-financial institutions by a member clearing bank. In June 2009, the Company entered into a ten-year agreement with Fifth Third (the "Sponsoring Member") to provide sponsorship services to the Company. The Company also has agreements with certain other banks that provide sponsorship into the card networks.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES

Revenue Recognition

The Company has contractual agreements with its clients that set forth the general terms and conditions of the relationship including line item pricing, payment terms and contract duration. Revenues are recognized as earned (i.e., for transaction based fees, when the underlying transaction is processed) in conjunction with ASC 605, Revenue Recognition. ASC 605, Revenue Recognition, establishes guidance as to when revenue is realized or realizable and earned by using the following criteria: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price is fixed or determinable; and (4) collectibility is reasonably assured.

The Company follows guidance provided in ASC 605-45, Principal Agent Considerations. ASC 605-45, Principal Agent Considerations, states that whether a company should recognize revenue based on the gross amount billed to a customer or the net amount retained is a matter of judgment that depends on the facts and circumstances of the arrangement and that certain factors should be considered in the evaluation. The Company recognizes processing revenues net of interchange fees, which are assessed to the Company’s merchant customers on all processed transactions. Interchange rates are not controlled by the Company, which effectively acts as a clearing house collecting and remitting interchange fee settlement on behalf of issuing banks, debit networks, credit card associations and its processing customers. All other revenue is reported on a gross basis, as the Company contracts directly with the end customer, assumes the risk of loss and has pricing flexibility.

The Company generates revenue primarily by processing electronic payment transactions. Set forth below is a description of the Company’s revenue by segment.

Merchant Services

The Company’s Merchant Services segment revenue is primarily derived from processing credit and debit card transactions. Merchant Services revenue is primarily comprised of fees charged to businesses, net of interchange fees, for payment processing services, including authorization, capture, clearing, settlement and information reporting of electronic transactions. The fees charged consist of either a percentage of the dollar volume of the transaction or a fixed fee, or both, and are recognized at the time of the transaction. Merchant Services revenue also includes a number of revenue items that are incurred by the Company and are reimbursable as the costs are passed through to and paid by the Company’s clients. These items primarily consist of Visa, MasterCard and other payment network fees. In addition, for sales through ISOs and certain other referral sources in which the Company is the primary party to the contract with the merchant, the Company records the full amount of the fees collected from the merchant as revenue. Merchant Services segment revenue also includes revenue from ancillary services such as fraud management, equipment sales and terminal rent. Merchant Services revenue is recognized as services are performed.

Financial Institution Services

The Company’s Financial Institution Services segment revenues are primarily derived from debit, credit and ATM card transaction processing, ATM driving and support, and PIN debit processing services. Financial Institution Services revenue associated with processing transactions includes per transaction and account related fees, card production fees and fees generated from the Company’s Jeanie network. Financial Institution Services revenue related to card transaction processing is recognized when consumers use their client-issued cards to make purchases. Financial Institution Services also generates revenue through other services, including statement production, collections and inbound/outbound call centers for credit transactions and other services such as credit card portfolio analytics, program strategy and support, fraud and security management and chargeback and dispute services. Financial Institution Services revenue is recognized as services are performed.

Financial Institution Services provides certain services to Fifth Third. Revenues related to these services are included in the accompanying consolidated statements of income as related party revenues.

Expenses

Set forth below is a brief description of the components of the Company’s expenses:


•	Network fees and other costs primarily consist of certain expenses incurred by the Company in connection with providing processing services to its clients, including Visa and MasterCard network association fees, payment network fees, third party processing expenses, telecommunication charges, postage and card production costs.


•	Sales and marketing expense primarily consists of salaries and benefits paid to sales personnel, sales management and other sales and marketing personnel, residual payments made to ISOs, technology partners, merchant banks and other third party partners and advertising and promotional costs.


•	Other operating costs primarily consist of salaries and benefits paid to operational and IT personnel, costs associated with operating the Company’s technology platform and data centers, information technology costs for processing transactions, product development costs, software consulting fees and maintenance costs.


•	General and administrative expenses primarily consist of salaries and benefits paid to executive management and administrative employees, including finance, human resources, product development, legal and risk management, share-based compensation costs, equipment and occupancy costs and consulting costs.


•	Non-operating expenses primarily relate to the refinancing of the Company's senior secured credit facilities (see Note 5 - Long-Term Debt) and the change in fair value of a tax receivable agreement ("TRA") (see Note 4 - Tax Receivable Agreements) entered into in June 2014. The 2013 amount relates to the refinancing of the Company's senior secured credit facilities in May 2013.

Share-Based Compensation

The Company expenses employee share-based payments under ASC 718, Compensation—Stock Compensation, which requires compensation cost for the grant-date fair value of share-based payments to be recognized over the requisite service period. The Company estimates the grant date fair value of the share-based awards issued in the form of options using the Black-Scholes option pricing model. The fair value of restricted stock awards and performance awards is measured based on the market price of the Company’s stock on the grant date. For the six months ended June 30, 2014 and 2013 total share-based compensation expense was $20.0 million and $13.9 million, respectively.

Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to Vantiv, Inc. by the weighted average shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to Vantiv, Inc., adjusted as necessary for the impact of potentially dilutive securities, by the weighted-average shares outstanding during the period and the impact of securities that would have a dilutive effect on earnings per share. See Note 10 - Net Income Per Share for further discussion.

Income Taxes

Vantiv, Inc. is taxed as a C corporation for U.S. income tax purposes and is therefore subject to both federal and state taxation at a corporate level.

Income taxes are computed in accordance with ASC 740, Income Taxes, and reflect the net tax effects of temporary differences between the financial reporting carrying amounts of assets and liabilities and the corresponding income tax amounts. The Company has deferred tax assets and liabilities and maintains valuation allowances where it is more likely than not that all or a portion of deferred tax assets will not be realized. To the extent the Company determines that it will not realize the benefit of some or all of its deferred tax assets, such deferred tax assets will be adjusted through the Company’s provision for income taxes in the period in which this determination is made. As of June 30, 2014 and December 31, 2013 the Company had recorded no valuation allowances against deferred tax assets.

The Company's consolidated interim effective tax rate is based upon expected annual income from operations, statutory tax rates and tax laws in the various jurisdictions in which the Company operates. Significant or unusual items, including adjustments to accruals for tax uncertainties, are recognized in the quarter in which the related event occurs.

The Company's effective tax rates were 28.4% and 30.0%, respectively, for the six months ended June 30, 2014 and 2013. The effective tax rate for each period reflects the impact of the Company's non-controlling interests.

Cash and Cash Equivalents

Investments with original maturities of three months or less (that are readily convertible to cash) are considered to be cash equivalents and are stated at cost, which approximates fair value. Cash equivalents consist primarily of overnight EuroDollar sweep accounts which are maintained at reputable financial institutions with high credit quality and therefore are considered to bear minimal credit risk.

Accounts Receivable—net

Accounts receivable primarily represent processing revenues earned but not collected. For a majority of its customers, the Company has the authority to debit the client’s bank accounts through the Federal Reserve’s Automated Clearing House; as such, collectibility is reasonably assured. The Company records a reserve for doubtful accounts when it is probable that the accounts receivable will not be collected. The Company reviews historical loss experience and the financial position of its customers when estimating the allowance. As of June 30, 2014 and December 31, 2013, the allowance for doubtful accounts was not material to the Company’s consolidated statements of financial position.

Customer Incentives

Customer incentives represent signing bonuses paid to customers. Customer incentives are paid in connection with the acquisition or renewal of customer contracts, and are therefore deferred and amortized using the straight-line method based on the contractual agreement. Related amortization is recorded as contra-revenue.

Property, Equipment and Software—net

Property, equipment and software consists of the Company’s facilities, furniture and equipment, software and leasehold improvements. These assets are depreciated on a straight-line basis over their respective useful lives, which are 15 to 40 years for the Company’s facilities and related improvements, 2 to 10 years for furniture and equipment, 3 to 5 years for software and 3 to 10 years for leasehold improvements or the lesser of the estimated useful life of the improvement or the term of lease. Also included in property, equipment and software is work in progress consisting of costs associated with software developed for internal use which has not yet been placed in service. Accumulated depreciation as of June 30, 2014 and December 31, 2013 was $170.2 million and $137.4 million, respectively.

The Company capitalizes certain costs related to computer software developed for internal use and amortizes such costs on a straight-line basis over an estimated useful life of 3 to 5 years. Research and development costs incurred prior to establishing technological feasibility are charged to operations as such costs are incurred. Once technological feasibility has been established, costs are capitalized until the software is placed in service.

Goodwill and Intangible Assets

In accordance with ASC 350, Intangibles—Goodwill and Other, the Company tests goodwill for impairment for each reporting unit on an annual basis, or when events occur or circumstances indicate the fair value of a reporting unit is below its carrying value. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that fair value of the goodwill within the reporting unit is less than its carrying value. The Company performed its most recent annual goodwill impairment test for all reporting units as of July 31, 2013 using market data and discounted cash flow analyses. Based on this analysis, it was determined that the fair value of all reporting units was substantially in excess of the carrying value. There have been no other events or changes in circumstances subsequent to the testing date that would indicate impairment of these reporting units as of June 30, 2014.

Intangible assets consist primarily of acquired customer relationships amortized over their estimated useful lives and an indefinite lived trade name not subject to amortization. The Company reviews the acquired customer relationships for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. As of June 30, 2014, there have been no such events or circumstances that would indicate potential impairment. Subsequent to the Mercury acquisition, the Company decided to phase out an existing trade name used in the ISO channel within the Merchant Services segment. As a result of this decision, the remaining useful life was changed from indefinite to definite which resulted in the Company recording a charge to amortization expense of $34.3 million during the quarter ended June 30, 2014. The remaining fair value will be amortized on a straight-line basis over the remaining estimated useful life of two years.

Settlement Assets and Obligations

Settlement assets and obligations result from Financial Institution Services when funds are transferred from or received by the Company prior to receiving or paying funds to a different entity. This timing difference results in a settlement asset or obligation. The amounts are generally collected or paid the following business day.

The settlement assets and obligations recorded by Merchant Services represent intermediary balances due to differences between the amount the Sponsoring Member receives from the card associations and the amount funded to the merchants. Such differences arise from timing differences, interchange expenses, merchant reserves and exception items. In addition, certain card associations limit the Company from accessing or controlling merchant settlement funds and, instead, require that these funds be controlled by the Sponsoring Member. The Company follows a net settlement process whereby, if the settlement received from the card associations precedes the funding obligation to the merchant, the Company temporarily records a corresponding liability. Conversely, if the funding obligation to the merchant precedes the settlement from the card associations, the amount of the net receivable position is recorded by the Company, or in some cases, the Sponsoring Member may cover the position with its own funds in which case a receivable position is not recorded by the Company.

Derivatives

The Company accounts for derivatives in accordance with ASC 815, Derivatives and Hedging. This guidance establishes accounting and reporting for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. All derivatives, whether designated in hedging relationships or not, are required to be recorded on the statement of financial position at fair value. If the derivative is designated as a fair value hedge, the changes in the fair value of the derivative and the hedged item will be recognized in earnings. If the derivative is designated as a cash flow hedge, the effective portion of the change in the fair value of the derivative will be recorded in accumulated other comprehensive income ("AOCI") and will be recognized in the statement of income when the hedged item affects earnings. The Company does not enter into derivative financial instruments for speculative purposes.

New Accounting Pronouncement

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, "Revenue From Contracts With Customers." The ASU supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. The amendment provides a five-step analysis of transactions to determine when and how revenue is recognized, based upon the core principal that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendment also requires additional disclosures regarding the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The amendment is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, with early adoption prohibited. The amendment allows companies to use either a full retrospective or a modified retrospective approach to adopt this ASU. The Company is currently evaluating which transition approach to use and assessing the impact of the adoption of this principle on the Company's consolidated financial statements.

BUSINESS COMBINATIONS

6 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

BUSINESS COMBINATIONS

BUSINESS COMBINATION

Acquisition of Mercury Payment Systems, LLC

On June 13, 2014, the Company completed the acquisition of Mercury, acquiring all of the outstanding voting interest. Mercury is a payment technology and service leader whose solutions are integrated into point-of-sale software applications and brought to market through dealer and developer partners. This acquisition helps to accelerate the Company's growth in the integrated payments channel.

The following is the estimated fair value of the purchase price for Mercury (in thousands):



Cash purchase price paid at closing	$	1,681,179
Fair value of contingent consideration related to a TRA	137,120
Total purchase price	$	1,818,299

The acquisition was accounted for as a business combination under ASC 805, Business Combinations. The purchase price was allocated to the assets acquired and the liabilities assumed based on the estimated fair value at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, a significant portion of which is deductible for tax purposes. Goodwill, assigned to Merchant Services, consists primarily of the acquired workforce and growth opportunities, none of which qualify as an intangible asset. The preliminary purchase price allocation is as follows (in thousands):



Cash acquired	$	22,485
Current assets	47,380
Property, equipment and software	33,272
Customer relationship intangible assets	412,500
Goodwill	1,316,172
Deferred tax assets	12,186
Other non-current assets	9,026
Current liabilities	(34,722		)
Total purchase price	$	1,818,299

The above estimated fair values of assets acquired and liabilities assumed are preliminary and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed. The Company believes that the information provides a reasonable basis for estimating the fair values, but the Company is waiting for additional information necessary to finalize those amounts, particularly with respect to the estimated fair value of intangible assets and goodwill. The potential for measurement period adjustments related to the acquired assets and assumed liabilities exists based on the Company’s continuing review of all matters related to the acquisition and could be significant. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable, but no later than one year from the acquisition date.

Simultaneously and in connection with the completion of the Mercury acquisition, the Company entered into a Tax Receivable Agreement (the "Mercury TRA") with pre-acquisition owners of Mercury ("Mercury TRA Holders"). See Note 4 - Tax Receivable Agreements for further discussion of the Mercury TRA. The Mercury TRA is considered contingent consideration under ASC 805 as it is part of the consideration payable to the former owners of Mercury. In accordance with ASC 805, the contingent consideration is initially measured at fair value at the acquisition date and recorded as a liability. The Mercury TRA liability is therefore recorded at fair value based on estimates of discounted future cash flows associated with estimated payments to the Mercury TRA Holders. The Company recorded an initial Mercury TRA liability of $137.1 million as part of the consideration transferred. The liability recorded by the Company for the Mercury TRA obligations will be re-measured at fair value at each reporting date with the change in fair value recognized in earnings as a non-operating expense.

Customer relationship intangible assets have a weighted average useful life of 10 years.

The Company incurred transaction and integration expenses of approximately $10.1 million during the three and six months ended June 30, 2014 in conjunction with the acquisition of Mercury, which are included within general and administrative expenses on the accompanying consolidated statement of income. Revenue and net income attributable to Mercury since the acquisition date were not material to the Company's financial results and therefore have not been presented.

Under the terms of the transaction agreement, the Company replaced unvested employee stock options held by certain employees of Mercury. The number of replacement stock options was based on a conversion factor into equivalent stock options of the Company on the acquisition date. The weighted average fair value of the replacement options was $32.1 million and was calculated on the acquisition date using the Black-Scholes option pricing model. The portion of the fair value of the replacement awards related to services provided prior to the acquisition of $17.6 million was included in the purchase price. The remaining portion of the fair value is associated with future service and will be recognized as expense over the future service period.

The following pro forma information shows the Company’s results of operations for the three months and six months ended June 30, 2014 and 2013 as if the Mercury acquisition had occurred January 1, 2013. The pro forma information is presented for informational purposes only and is not necessarily indicative of what would have occurred if the acquisition had been made as of that date, nor is it intended to be indicative of future operating results.



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(in thousands, except per share amounts)
Total revenue	$	674,670	$	587,878	$	1,274,379	$	1,141,072
Income from operations	57,223		99,101		125,120		161,453
Net income including non-controlling interests	19,799		37,802		52,315		52,205
Net income attributable to Vantiv, Inc.	10,982		23,221		32,637		28,927
Net income per share attributable to Vantiv, Inc. Class A common stock:
Basic	$	0.08	$	0.17	$	0.23	$	0.21
Diluted	$	0.07	$	0.16	$	0.22	$	0.20
Shares used in computing net income per share of Class A common stock:
Basic	140,451,466		137,342,051		139,346,292		137,213,875
Diluted	151,524,278		207,901,994		150,831,855		211,244,104

The unaudited pro forma results include certain pro forma adjustments that were directly attributable to the business combination as follows:


•	additional amortization expense that would have been recognized relating to the acquired intangible assets,


•	adjustment of interest expense to reflect the additional borrowings of the Company in conjunction with the acquisition and removal of Mercury historical debt, and


•	a reduction in non-operating expenses in the three and six months ended June 30, 2014 and a corresponding increase in the six months ended June 30, 2013 for acquisition-related transaction costs and debt refinancing costs incurred by the Company.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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+ Details

GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

A summary of changes in goodwill through June 30, 2014 is as follows (in thousands):



	Merchant Services		Financial Institution Services		Total
Balance as of December 31, 2013	$	1,368,763	$	574,850	$	1,943,613
Goodwill attributable to acquisition of Mercury	1,316,172		—		1,316,172
Balance as of June 30, 2014	$	2,684,935	$	574,850	$	3,259,785

Intangible assets consist primarily of acquired customer relationships and trade names. The useful lives of customer relationships are determined based on forecasted cash flows, which include estimates for customer attrition associated with the

underlying portfolio of customers acquired. The customer relationships acquired in conjunction with acquisitions are amortized based on the pattern of cash flows expected to be realized taking into consideration expected revenues and customer attrition, which are based on historical data and the Company's estimates of future performance. These estimates result in accelerated amortization on certain acquired intangible assets.

Trade names are reviewed for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Subsequent to the Mercury acquisition, the Company decided to phase out an existing trade name used in the ISO channel. The trade name was originally expected to remain in use for the foreseeable future and therefore was deemed an indefinite lived intangible asset not subject to amortization. As a result of this decision, the remaining useful life was changed from indefinite to definite which resulted in the Company recording a charge to amortization expense of $34.3 million during the quarter ended June 30, 2014. The trade name was revalued utilizing an income approach using the relief-from-royalty method. The revised fair value of $6.7 million will be amortized on a straight-line basis over the remaining estimated useful life of two years.

The Company reviews finite lived intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable.

As of June 30, 2014 and December 31, 2013, the Company's intangible assets consisted of the following (in thousands):



	June 30, 2014		December 31, 2013
Customer relationship intangible assets	$	1,677,118	$	1,234,042
Trade name - indefinite lived	—		41,000
Trade name - finite lived	15,233		500
Customer portfolios and related assets	54,793		26,422
	1,747,144		1,301,964

Less accumulated amortization on:
Customer relationship intangible assets	568,306		496,906
Trade name - finite lived	658		208
Customer portfolios and related assets	16,538		9,518
	585,502		506,632
	$	1,161,642	$	795,332

During the six months ended June 30, 2014, the Company acquired approximately $28.4 million of customer portfolios and related assets, which are being amortized over a weighted average useful life of 3.0 years. Amortization expense on intangible assets for the three months ended June 30, 2014 and 2013 was $71.6 million and $31.3 million, respectively. Amortization expense on intangible assets for the six months ended June 30, 2014 and 2013 was $105.0 million and $62.7 million, respectively. For the three and six months ended June 30, 2014, intangible amortization expense included the $34.3 million charge related to the phasing out of a trade name discussed above.

The estimated amortization expense of intangible assets for the next five years is as follows (in thousands):



Six months ending December 31, 2014	$	91,584
2015	176,600
2016	167,195
2017	158,947
2018	154,756
2019	150,990

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

TAX RECEIVABLE AGREEMENTS

6 Months Ended

Jun. 30, 2014

Tax Receivable Agreements Disclosure [Abstract]

TAX RECEIVABLE AGREEMENTS

The Company is party to two tax receivable agreements with Fifth Third ("IPO TRAs") that were entered into at the time of the Company's initial public offering ("IPO"). One provides for the payment by the Company to Fifth Third of 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income tax that the Company actually realizes as a result of the increases in tax basis that may result from the purchase of Vantiv Holding units from Fifth Third or from the future exchange of units by Fifth Third for cash or shares of the Company's Class A common stock, as well as the tax benefits attributable to payments made under such tax receivable agreement. Any actual increase in tax basis, as well as the amount and timing of any payments under the agreement, will vary depending upon a number of factors, including the timing of exchanges, the price of shares of the Company's Class A common stock at the time of the exchange, the extent to which such exchanges are taxable, and the amount and timing of the Company's income. The other IPO TRA provides for the payment by the Company to Fifth Third of 85% of the amount of cash savings, if any, in U.S. federal, state, local and foreign income tax that National Processing Company ("NPC") actually realizes as a result of its use of its net operating losses ("NOLs") and other tax attributes.

In connection with the secondary offering in June 2014, as discussed in Note 1 - Basis of Presentation and Summary of Significant Accounting Policies, Fifth Third exchanged Class B units of Vantiv Holding for shares of Vantiv, Inc. Class A Common Stock. As a result of the secondary offering and exchange of units of Vantiv Holding, the Company recorded a liability under the IPO TRA of $109.4 million and an additional deferred tax asset of $92.0 million in the second quarter of 2014 associated with the increase in tax basis. The Company recorded a corresponding reduction to paid-in capital for the difference between the IPO TRA liability and the related deferred tax asset.

As discussed in Note 2 - Business Combination, the Company entered into the Mercury TRA, which generally provides that the Company will pay to the Mercury TRA Holders 85% of the value of the amount of cash savings, if any in U.S. federal, state, local and foreign income tax that the Company actually realizes as a result of the increase in tax basis of the assets of Mercury and the use of the net operating losses and other tax attributes of Mercury. The timing and/or amount of aggregate payments due under the Mercury TRA may vary based on a number of factors, including the amount and timing of the taxable income the Company generates in the future and the tax rate then applicable, the use of loss carryovers and amortizable basis. The Company recorded an initial liability of $137.1 million for the Mercury TRA and non-operating expenses of $1.2 million related to the change in fair value of the Mercury TRA during the quarter ended June 30, 2014.

Payments under the TRAs are only required to the extent the Company realizes cash savings as a result of the underlying tax attributes. For each of the TRAs discussed above, the cash savings realized by the Company are computed by comparing the Company's actual income tax liability to the amount of such taxes the Company would have been required to pay had there been no deductions related to the tax attributes discussed above. As such, obligations recorded pursuant to the TRAs are based on estimates of future taxable income and future tax rates. The Company will retain the benefit of the remaining 15% of these tax savings.

The following table reflects TRA activity and balances as of June 30, 2014 (in thousands):



	Balance as of December 31, 2013		2014 TRA Payment			2014 Secondary Offering		Acquisition of Mercury		Accrued Interest and TRA Amortization		Balance as of June 30, 2014
IPO TRAs	$	559,700	$	(8,639	)	$	109,400	$	—	$	344	$	660,805
Mercury TRA	—		—			—		137,120		1,156		138,276
Total	$	559,700	$	(8,639	)	$	109,400	$	137,120	$	1,500	$	799,081

The timing and/or amount of aggregate payments due under the TRAs may vary based on a number of factors, including the amount and timing of the taxable income the Company generates in the future and the tax rate then applicable, the use of loss carryovers and amortizable basis. The first contractually obligated payment under the IPO TRA of approximately $8.6 million was paid in January 2014. As of June 30, 2014, $23.0 million is the balance of the current portion of tax receivable agreement obligations to related parties on the accompanying statement of financial position. The first contractually obligated payment under the Mercury TRA is due in January 2016. The term of the TRAs will continue until all such tax benefits have been utilized or expired, unless the Company exercises its right to terminate the TRAs for an amount based on the agreed payments remaining to be made under the agreements.

LONG-TERM DEBT

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

LONG-TERM DEBT

As of June 30, 2014 and December 31, 2013, the Company's debt consisted of the following:



	June 30, 2014			December 31, 2013
	(in thousands)
$2,050.0 million term A loan, maturing on June 2019, and bearing interest at a variable base rate (LIBOR) plus a spread rate (200 basis points) (total rate of 2.15% at June 30, 2014) and amortizing on a basis of 1.25% per quarter during each of the first twelve quarters, 1.875% per quarter during the next four quarters and 2.50% during next three quarters with a balloon payment due at maturity	$	2,050,000		$	—
$1,850.0 million term A loan, maturing on May 15, 2018, and bearing interest at a variable base rate (LIBOR) plus a spread rate (175 basis points) (total rate of 1.92% at December 31, 2013) and amortizing on a basis of 1.25% during each of the first eight quarters, 1.875% during each of the second eight quarters and 2.5% during each of the following three quarters, with a balloon payment due at maturity	—			1,803,750
$1,400.0 million term B loan, maturing on June 2021, and bearing interest at a variable base rate (LIBOR) plus a spread rate (300 basis points) with a floor of 75 basis points (total rate of 3.75% at June 30, 2014) and amortizing on a basis of 0.25% per quarter, with a balloon payment due at maturity	1,400,000			—
$10.1 million leasehold mortgage, expiring on August 10, 2021 and bearing interest payable monthly at a fixed rate (rate of 6.22% at June 30, 2014)	10,131			10,131
Less: Current portion of note payable and current portion of note payable to related party	(116,501		)	(92,500		)
Less: Original issue discount	(8,888		)	(2,631		)
Note payable and note payable to related party	$	3,334,742		$	1,718,750

June 2014 Debt Refinancing

On June 13, 2014, the Company completed a debt refinancing by entering into an amended and restated loan agreement. The amended loan agreement provides for senior secured credit facilities comprised of a $2.05 billion term A loan, a $1.4 billion term B loan and a $425 million revolving credit facility. Proceeds from the refinancing were primarily used to fund the Mercury acquisition and repay the existing term A loan with an outstanding balance of approximately $1.8 billion.

The existing revolving credit facility was also terminated. The maturity date and debt service requirements relating to the new term A and term B loans are listed in the table above. The revolving credit facility matures in June 2019 and includes a $100 million swing line facility and a $40 million letter of credit facility. The commitment fee rate for the unused portion of the revolving credit facility is 0.375% per year.

As of June 30, 2014 and December 31, 2013, Fifth Third held $207.1 million and $343.6 million, respectively, of the term A loans.

Original Issue Discount and Deferred Financing Fees

As a result of the Company's June 2014 debt refinancing discussed above, the Company expensed approximately $26.5 million, which consisted primarily of the write-offs of unamortized deferred financing fees and original issue discount ("OID") associated with the component of the refinancing accounted for as a debt extinguishment and certain third party costs incurred in connection with the refinancing. Amounts expensed in connection with the refinancing are recorded as a component of non-operating expenses in the accompanying consolidated statement of income for the three months and six months ended June 30, 2014. At June 30, 2014, deferred financing fees of approximately $27.8 million and OID of approximately $8.9 million are recorded as a component of other non-current assets and as a reduction of note payable, respectively, in the accompanying consolidated statement of financial position.

Guarantees and Security

The Company's debt obligations as June 30, 2014 are unconditional and are guaranteed by Vantiv Holding and certain of Vantiv Holding's existing and subsequently acquired or organized domestic subsidiaries. The refinanced debt and related guarantees are secured on a first-priority basis (subject to liens permitted under the Amended Loan Agreement) in substantially all the capital stock (subject to a 65% limitation on pledges of capital stock of foreign subsidiaries and domestic holding companies of foreign subsidiaries) and personal property of Vantiv Holding and any obligors as well as any real property in excess of $10 million in the aggregate held by Vantiv Holding or any obligors (other than Vantiv Holding), subject to certain exceptions.

Covenants

There are certain financial and non-financial covenants in the loan agreement for the refinanced debt, which will be tested quarterly based on the last four fiscal quarters, commencing on September 30, 2014.

DERIVATIVES AND HEDGING ACTIVITIES

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING ACTIVITIES

Risk Management Objective of Using Derivatives

The Company enters into derivative financial instruments to manage differences in the amount, timing and duration of its known or expected cash payments related to its variable-rate debt. As of June 30, 2014 and December 31, 2013, the Company’s derivative instruments consisted of interest rate swaps, which hedged the variable rate debt by converting floating-rate payments to fixed-rate payments. These swaps are designated as cash flow hedges for accounting purposes.

Accounting for Derivative Instruments

The Company recognizes derivatives in other non-current assets or liabilities in the accompanying consolidated statements of financial position at their fair values. Refer to Note 9 - Fair Value Measurements for a detailed discussion of the fair value of its derivatives. The Company designates its interest rate swaps as cash flow hedges of forecasted interest rate payments related to its variable-rate debt.

The Company formally documents all relationships between hedging instruments and underlying hedged transactions, as well as its risk management objective and strategy for undertaking hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges to forecasted transactions. A formal assessment of hedge effectiveness is performed both at inception of the hedge and on an ongoing basis to determine whether the hedge is highly effective in offsetting changes in cash flows of the underlying hedged item. Hedge effectiveness is assessed using a regression analysis. If it is determined that a derivative ceases to be highly effective during the term of the hedge, the Company will discontinue hedge accounting for such derivative.

The Company’s interest rate swaps qualify for hedge accounting under ASC 815, Derivatives and Hedging. Therefore, the effective portion of changes in fair value were recorded in AOCI and will be reclassified into earnings in the same period during which the hedged transactions affected earnings.

Cash Flow Hedges of Interest Rate Risk

The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company uses interest rate swaps as part of its interest rate risk management strategy. As of June 30, 2014, the Company had 12 outstanding interest rate swaps with a combined notional balance of $1.3 billion (amortizing to $1.1 billion) covering an exposure period from June 2014 through June 2017 that were designated as cash flow hedges of interest rate risk. Fifth Third is the counterparty to 5 of the 12 outstanding interest rate swaps with notional balances ranging from $318.8 million to $262.5 million.

The Company does not offset derivative positions in the accompanying consolidated financial statements. The table below presents the fair value of the Company’s derivative financial instruments designated as cash flow hedges included within the accompanying consolidated statements of financial position (in thousands):



	Consolidated Statement of Financial Position Location	June 30, 2014		December 31, 2013
Interest rate swaps	Other long-term assets	$	—	$	4,545
Interest rate swaps	Other long-term liabilities	$	7,200	$	3,728

Any ineffectiveness associated with such derivative instruments is recorded immediately as interest expense in the accompanying consolidated statements of income. As of June 30, 2014, the Company estimates that $4.2 million will be reclassified from AOCI as an increase to interest expense during the next 12 months.

The table below presents the effect of the Company’s interest rate swaps on the accompanying consolidated statements of income for the three months and six months ended June 30, 2014 and 2013 (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Derivatives in cash flow hedging relationships:
Amount of gain (loss) recognized in other comprehensive income (effective portion)	$	(6,234	)	$	8,563		$	(8,833	)	$	8,563
Amount of loss reclassified from AOCI into earnings (effective portion)	(483		)	(34		)	(818		)	(34		)
Amount of gain (loss) recognized in earnings (1)	156			—			(2		)	—


(1)	Amount represents ineffectiveness and is recorded as a component of interest expense-net in the accompanying consolidated statement of income.

Credit Risk Related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

As of June 30, 2014, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $8.0 million. As of June 30, 2014, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at June 30, 2014, it could have been required to settle its obligations under the agreements at their termination value of $8.0 million.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

COMMITMENTS, CONTINGENCIES AND GUARANTEES	6 Months Ended
COMMITMENTS, CONTINGENCIES AND GUARANTEES	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCIES AND GUARANTEES	COMMITMENTS, CONTINGENCIES AND GUARANTEES Legal Reserve From time to time, the Company is involved in various litigation matters arising in the ordinary course of its business. While it is impossible to ascertain the ultimate resolution or range of financial liability with respect to these contingent matters, management believes none of these matters, either individually or in the aggregate, would have a material effect upon the Company’s consolidated financial statements.

CONTROLLING AND NON-CONTROLLING INTERESTS IN VANTIV HOLDING

6 Months Ended

Jun. 30, 2014

Noncontrolling Interest [Abstract]

CONTROLLING AND NON-CONTROLLING INTERESTS IN VANTIV HOLDING

As discussed in Note 1 - Basis of Presentation and Summary of Significant Accounting Policies, Vantiv, Inc. owns a controlling interest in Vantiv Holding, and therefore consolidates the financial results of Vantiv Holding and records non-controlling interest for the economic interests in Vantiv Holding held by Fifth Third.

The Company and Peoples United Bank (“PUB”) formed People’s United Merchant Services (“PUMS”) during the second quarter of 2014, which represents a joint venture that will provide customers a comprehensive suite of payment solutions. The company owns 51% of PUMS and PUB owns 49% of PUMS. PUMS will be consolidated by the Company in accordance with ASC 810, Consolidation, with the associated non-controlling interest included in “Net income attributable to non-controlling interests" in the consolidated statements of income. PUB contributed a merchant asset portfolio to PUMS valued at $18.8 million which was recorded to non-controlling interests in the Consolidated Statements of Equity.

As of June 30, 2014, Vantiv, Inc.’s interest in Vantiv Holding was 77.23%. Changes in units and related ownership interest in Vantiv Holding are summarized as follows:



	Vantiv, Inc.		Fifth Third		Total
As of December 31, 2013	141,758,681		48,822,826		190,581,507
% of ownership	74.38	%	25.62	%
Fifth Third exchange of Vantiv Holding units for shares of Class A common stock in connection with June 2014 secondary offering	5,780,000		(5,780,000	)	—
Share repurchases	(1,108,700	)	—		(1,108,700	)
Equity plan activity (a)	(427,942	)	—		(427,942	)
As of June 30, 2014	146,002,039		43,042,826		189,044,865
% of ownership	77.23	%	22.77	%


(a)	Includes stock issued under equity plans, repurchase of Class A common stock to satisfy employee tax withholding obligations and forfeitures of restricted Class A common stock awards.

As a result of the changes in ownership interests in Vantiv Holding, an adjustment of $52.8 million has been recognized during the six months ended June 30, 2014 in order to reflect the portion of net assets of Vantiv Holding attributable to non-controlling unit holders based on ownership interests in Vantiv Holding since the end of 2013.

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



	Three Months Ended June, 30				Six Months Ended June, 30
	2014		2013		2014		2013
Net income	$	3,313	$	45,968	$	44,404	$	90,433
Items not allocable to non-controlling interests:					0
Vantiv, Inc. expenses (a)	10,621		13,223		19,814		24,065
Vantiv Holding net income	13,934		59,191		64,218		114,498
Net income attributable to non-controlling interests of Fifth Third (b)	4,421		17,060		17,376		35,406
Net income attributable to PUMS non-controlling interest (c)	301		—		301		—
Total net income attributable to non-controlling interests	$	4,722	$	17,060	$	17,677	$	35,406

(a) Represents primarily income tax expense related to Vantiv, Inc.

(b) Net income attributable to non-controlling interests of Fifth Third reflects the allocation of Vantiv Holding’s net income based on the proportionate ownership interests in Vantiv Holding held by the non-controlling unitholders. The net income attributable to non-controlling unitholders reflects the changes in ownership interests summarized in the table above.


(c)	Reflects net income attributable to the non-controlling interest of PUMS.

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the hierarchy prescribed in ASC 820, Fair Value Measurement, based upon the available inputs to the valuation and the degree to which they are observable or not observable in the market. The three levels in the hierarchy are as follows:


•	Level 1 Inputs—Quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date.


•	Level 2 Inputs—Inputs other than quoted prices within Level 1 that are observable either directly or indirectly, including but not limited to quoted prices in markets that are not active, quoted prices in active markets for similar assets or liabilities and observable inputs other than quoted prices such as interest rates or yield curves.


•	Level 3 Inputs—Unobservable inputs reflecting the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk.

The following table summarizes assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 (in thousands):



	June 30, 2014						December 31, 2013
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Interest rate swaps	$	—	$	—	$	—	$	—	$	4,545	$	—
Liabilities:
Interest rate swaps	$	—	$	7,200	$	—	$	—	$	3,728	$	—

Interest Rate Swaps

The Company uses interest rate swaps to manage interest rate risk. The fair value of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. In addition, to comply with the provisions of ASC 820, Fair Value Measurements, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk. In adjusting the fair value of its interest rate swaps for the effect of nonperformance risk, the Company has considered any applicable credit enhancements such as collateral postings, thresholds, mutual puts, and guarantees.

Although the Company determined that the majority of the inputs used to value its interest rate swaps fell within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its interest rate swaps utilized Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2014 and December 31, 2013, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its interest rate swaps and determined that the credit valuation adjustment was not significant to the overall valuation of its interest rate swaps. As a result, the Company classified its interest rate swap valuations in Level 2 of the fair value hierarchy. See Note 6 - Derivatives and Hedging Activities for further discussion of the Company’s interest rate swaps.

The following table summarizes carrying amounts and estimated fair values for financial assets and liabilities, excluding assets and liabilities measured at fair value on a recurring basis, as of June 30, 2014 and December 31, 2013 (in thousands):



	June 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	230,655	$	230,655	$	171,427	$	171,427
Liabilities:
Note payable	3,451,243		3,443,368		1,811,250		1,815,459

Due to the short-term nature of cash and cash equivalents, the carrying value approximates fair value. Cash and cash equivalents are classified in Level 1 of the fair value hierarchy. The fair value of the Company’s note payable was estimated based on rates currently available to the Company for bank loans with similar terms and maturities and is classified in Level 2 of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

NET INCOME PER SHARE

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

NET INCOME PER SHARE

Basic net income per share is calculated by dividing net income attributable to Vantiv, Inc. by the weighted-average shares of Class A common stock outstanding during the period.

Diluted net income per share is calculated assuming that Vantiv Holding is a wholly-owned subsidiary of Vantiv, Inc., therefore eliminating the impact of Fifth Third's non-controlling interests. As such, due to the Company's structure as a C corporation and Vantiv Holding's structure as a pass-through entity for tax purposes, the numerator in the calculation of diluted net income per share is adjusted accordingly to reflect the Company's income tax expense assuming the conversion of the Fifth Third non-controlling interest into Class A common stock. The denominator is adjusted to include the weighted-average shares of Class A common stock outstanding assuming conversion of the Class B units of Vantiv Holding held by the Fifth Third non-controlling interest on an "if-converted" basis. During the three and six months ended June 30, 2014, approximately 47.0 million and 47.9 million Class B units, respectively, of Vantiv Holding were excluded in computing diluted net income per share because including them would have had an antidilutive effect. As the Class B units of Vantiv Holding were not included, the numerator used in the calculation of diluted net income per share was equal to the numerator used in the calculation of basic net income per share. Additionally, due to the net loss for the three months ending June 30, 2014, any remaining potentially dilutive securities were also excluded from the denominator in computing diluted net income per share.

In addition to the Class B units discussed above, potentially dilutive securities during the three months and six months ended June 30, 2014 and 2013 included restricted stock awards, the warrant held by Fifth Third which allows for the purchase of Class C units of Vantiv Holding, stock options and performance share units. During the three months and six months ended June 30, 2014 and 2013 approximately 631,000 and 213,000, respectively, performance share units have been excluded as the applicable performance metrics had not been met as of the reporting date. Approximately 657,000 stock options were excluded for the three months and six months ended June 30, 2013 as they were anti-dilutive during the period.

The shares of Class B common stock do not share in the earnings or losses of the Company and are therefore not participating securities. Accordingly, basic and diluted net income per share of Class B common stock has not been presented.

The following table sets forth the computation of basic and diluted net income per share (in thousands, except share data):



	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014		2013
Basic:
Net (loss) income attributable to Vantiv, Inc.	$	(1,409	)	$	28,908	$	26,727	$	55,027
Shares used in computing basic net income per share:
Weighted-average Class A common shares	140,451,466			137,342,051		139,346,292		137,213,875
Basic net (loss) income per share	$	(0.01	)	$	0.21	$	0.19	$	0.40
Diluted:
Consolidated income before applicable income taxes	$	—		$	66,914	$	—	$	129,190
Income tax expense excluding impact of non-controlling interest	—			25,762		—		49,738
Net (loss) income attributable to Vantiv, Inc.	$	(1,409	)	$	41,152	$	26,727	$	79,452
Shares used in computing diluted net income per share:
Weighted-average Class A common shares	140,451,466			137,342,051		139,346,292		137,213,875
Weighted-average Class B units of Vantiv Holding	—			61,750,712		—		65,984,924
Warrant	—			7,230,697		9,912,517		6,266,204
Restricted stock awards	—			1,578,534		1,459,091		1,779,101
Stock options	—			—		113,955		—
Diluted weighted-average shares outstanding	140,451,466			207,901,994		150,831,855		211,244,104
Diluted net (loss) income per share	$	(0.01	)	$	0.20	$	0.18	$	0.38

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

6 Months Ended

Jun. 30, 2014

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The activity of the components of accumulated other comprehensive income (loss) related to cash flow hedging activities for the three months and six months ended June 30, 2014 and 2013 is presented below (in thousands).



				Total Other Comprehensive Income (Loss)
	AOCI Beginning Balance			Pretax Activity			Tax Effect			Net Activity			Attributable to non-controlling interests			Attributable to Vantiv, Inc.			AOCI Ending Balance
Three months ended June 30, 2014
Net change in fair value recorded in accumulated OCI	$	(1,237	)	$	(6,234	)	$	1,720		$	(4,514	)	$	1,631		$	(2,883	)	$	(4,120	)
Net realized loss reclassified into earnings (a)	424			483			(139		)	344			(110		)	234			658
Other	—			4			—			4			—			4			4
Net change	$	(813	)	$	(5,747	)	$	1,581		$	(4,166	)	$	1,521		$	(2,645	)	$	(3,458	)

Six months ended June 30, 2014
Net change in fair value recorded in accumulated OCI	$	(5	)	$	(8,833	)	$	2,425		$	(6,408	)	$	2,293		$	(4,115	)	$	(4,120	)
Net realized loss reclassified into earnings (a)	269			818			(233		)	585			(196		)	389			658
Other	—			4			—			4			—			4			4
Net change	$	264		$	(8,011	)	$	2,192		$	(5,819	)	$	2,097		$	(3,722	)	$	(3,458	)

Three months and six months ended June 30, 2013
Net change in fair value recorded in accumulated OCI	$	—		$	8,563		$	(2,290	)	$	6,273		$	(2,373	)	$	3,900		$	3,900
Net realized loss reclassified into earnings (a)	—			34			(9		)	25			(10		)	15			15
Net change	$	—		$	8,597		$	(2,299	)	$	6,298		$	(2,383	)	$	3,915		$	3,915

(a) The reclassification adjustment on cash flow hedge derivatives affected the following lines in the accompanying consolidated statements of income:



OCI Component		Affected line in the accompanying consolidated statements of income
Pretax activity		Interest expense-net
Tax effect		Income tax expense
OCI Attributable to non-controlling interests		Net income attributable to non-controlling interests

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Publisher FASB
-Name Accounting Standards Codification
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
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-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

SEGMENT INFORMATION

Segment operating results are presented below (in thousands). The results reflect revenues and expenses directly related to each segment. The Company does not evaluate performance or allocate resources based on segment asset data, and therefore such information is not presented.

Segment profit reflects total revenue less network fees and other costs and sales and marketing costs of the segment. The Company’s CODM evaluates this metric in analyzing the results of operations for each segment.



	Three Months Ended June 30, 2014
	Merchant Services		Financial Institution Services		Total
Total revenue	$	488,143	$	120,588	$	608,731
Network fees and other costs	242,569		34,823		277,392
Sales and marketing	84,014		6,493		90,507
Segment profit	$	161,560	$	79,272	$	240,832



	Three Months Ended June 30, 2013
	Merchant Services		Financial Institution Services		Total
Total revenue	$	398,553	$	120,856	$	519,409
Network fees and other costs	187,726		34,776		222,502
Sales and marketing	70,350		6,086		76,436
Segment profit	$	140,477	$	79,994	$	220,471



	Six Months Ended June 30, 2014
	Merchant Services		Financial Institution Services		Total
Total revenue	$	906,909	$	239,400	$	1,146,309
Network fees and other costs	456,009		70,429		526,438
Sales and marketing	155,765		13,186		168,951
Segment profit	$	295,135	$	155,785	$	450,920



	Six Months Ended June 30, 2013
	Merchant Services		Financial Institution Services		Total
Total revenue	$	784,137	$	233,238	$	1,017,375
Network fees and other costs	381,722		65,845		447,567
Sales and marketing	140,500		11,912		152,412
Segment profit	$	261,915	$	155,481	$	417,396

A reconciliation of total segment profit to the Company’s income before applicable income taxes is as follows (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Total segment profit	$	240,832		$	220,471		$	450,920		$	417,396
Less: Other operating costs	(56,754		)	(49,268		)	(117,123		)	(99,828		)
Less: General and administrative	(48,552		)	(29,862		)	(81,158		)	(60,961		)
Less: Depreciation and amortization	(89,041		)	(44,528		)	(138,887		)	(87,824		)
Less: Interest expense—net	(13,496		)	(9,899		)	(24,050		)	(19,593		)
Less: Non-operating expenses	(27,656		)	(20,000		)	(27,656		)	(20,000		)
Income before applicable income taxes	$	5,333		$	66,914		$	62,046		$	129,190

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Segments

•

Principles of Consolidation

Basis of Presentation and Consolidation

Use of Estimates

Revenue Recognition

The Company generates revenue primarily by processing electronic payment transactions. Set forth below is a description of the Company’s revenue by segment.

Merchant Services

Financial Institution Services

Expenses

Set forth below is a brief description of the components of the Company’s expenses:


•	Network fees and other costs primarily consist of certain expenses incurred by the Company in connection with providing processing services to its clients, including Visa and MasterCard network association fees, payment network fees, third party processing expenses, telecommunication charges, postage and card production costs.


•	Sales and marketing expense primarily consists of salaries and benefits paid to sales personnel, sales management and other sales and marketing personnel, residual payments made to ISOs, technology partners, merchant banks and other third party partners and advertising and promotional costs.


•	Other operating costs primarily consist of salaries and benefits paid to operational and IT personnel, costs associated with operating the Company’s technology platform and data centers, information technology costs for processing transactions, product development costs, software consulting fees and maintenance costs.


•	General and administrative expenses primarily consist of salaries and benefits paid to executive management and administrative employees, including finance, human resources, product development, legal and risk management, share-based compensation costs, equipment and occupancy costs and consulting costs.


•	Non-operating expenses primarily relate to the refinancing of the Company's senior secured credit facilities (see Note 5 - Long-Term Debt) and the change in fair value of a tax receivable agreement ("TRA") (see Note 4 - Tax Receivable Agreements) entered into in June 2014. The 2013 amount relates to the refinancing of the Company's senior secured credit facilities in May 2013.

Share-Based Compensation

Earnings Per Share

Income Taxes

Vantiv, Inc. is taxed as a C corporation for U.S. income tax purposes and is therefore subject to both federal and state taxation at a corporate level.

Cash and Cash Equivalents

Accounts Receivable—net

Customer Incentives

Property and Equipment—net

Property, Equipment and Software—net

Goodwill and Intangible Assets

Settlement Assets and Obligations

Derivatives

New Accounting Pronouncements

New Accounting Pronouncement

BUSINESS COMBINATIONS (Tables)

6 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

Schedule of Contingent Consideration

The following is the estimated fair value of the purchase price for Mercury (in thousands):



Cash purchase price paid at closing	$	1,681,179
Fair value of contingent consideration related to a TRA	137,120
Total purchase price	$	1,818,299

Schedule of recognized identified assets acquired and liabilities assumed

The preliminary purchase price allocation is as follows (in thousands):



Cash acquired	$	22,485
Current assets	47,380
Property, equipment and software	33,272
Customer relationship intangible assets	412,500
Goodwill	1,316,172
Deferred tax assets	12,186
Other non-current assets	9,026
Current liabilities	(34,722		)
Total purchase price	$	1,818,299

Business Acquisition, Pro Forma Information



	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(in thousands, except per share amounts)
Total revenue	$	674,670	$	587,878	$	1,274,379	$	1,141,072
Income from operations	57,223		99,101		125,120		161,453
Net income including non-controlling interests	19,799		37,802		52,315		52,205
Net income attributable to Vantiv, Inc.	10,982		23,221		32,637		28,927
Net income per share attributable to Vantiv, Inc. Class A common stock:
Basic	$	0.08	$	0.17	$	0.23	$	0.21
Diluted	$	0.07	$	0.16	$	0.22	$	0.20
Shares used in computing net income per share of Class A common stock:
Basic	140,451,466		137,342,051		139,346,292		137,213,875
Diluted	151,524,278		207,901,994		150,831,855		211,244,104

GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

A summary of changes in goodwill through June 30, 2014 is as follows (in thousands):



	Merchant Services		Financial Institution Services		Total
Balance as of December 31, 2013	$	1,368,763	$	574,850	$	1,943,613
Goodwill attributable to acquisition of Mercury	1,316,172		—		1,316,172
Balance as of June 30, 2014	$	2,684,935	$	574,850	$	3,259,785

Schedule of intangible assets

As of June 30, 2014 and December 31, 2013, the Company's intangible assets consisted of the following (in thousands):



	June 30, 2014		December 31, 2013
Customer relationship intangible assets	$	1,677,118	$	1,234,042
Trade name - indefinite lived	—		41,000
Trade name - finite lived	15,233		500
Customer portfolios and related assets	54,793		26,422
	1,747,144		1,301,964

Less accumulated amortization on:
Customer relationship intangible assets	568,306		496,906
Trade name - finite lived	658		208
Customer portfolios and related assets	16,538		9,518
	585,502		506,632
	$	1,161,642	$	795,332

Schedule of expected amortization expense

The estimated amortization expense of intangible assets for the next five years is as follows (in thousands):



Six months ending December 31, 2014	$	91,584
2015	176,600
2016	167,195
2017	158,947
2018	154,756
2019	150,990

TAX RECEIVABLE AGREEMENTS (Tables)

6 Months Ended

Jun. 30, 2014

Tax Receivable Agreements Disclosure [Abstract]

Schedule of the company's liability pursuant to the TRAs

The following table reflects TRA activity and balances as of June 30, 2014 (in thousands):



	Balance as of December 31, 2013		2014 TRA Payment			2014 Secondary Offering		Acquisition of Mercury		Accrued Interest and TRA Amortization		Balance as of June 30, 2014
IPO TRAs	$	559,700	$	(8,639	)	$	109,400	$	—	$	344	$	660,805
Mercury TRA	—		—			—		137,120		1,156		138,276
Total	$	559,700	$	(8,639	)	$	109,400	$	137,120	$	1,500	$	799,081

LONG-TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Schedule of Company's debt

As of June 30, 2014 and December 31, 2013, the Company's debt consisted of the following:



	June 30, 2014			December 31, 2013
	(in thousands)
$2,050.0 million term A loan, maturing on June 2019, and bearing interest at a variable base rate (LIBOR) plus a spread rate (200 basis points) (total rate of 2.15% at June 30, 2014) and amortizing on a basis of 1.25% per quarter during each of the first twelve quarters, 1.875% per quarter during the next four quarters and 2.50% during next three quarters with a balloon payment due at maturity	$	2,050,000		$	—
$1,850.0 million term A loan, maturing on May 15, 2018, and bearing interest at a variable base rate (LIBOR) plus a spread rate (175 basis points) (total rate of 1.92% at December 31, 2013) and amortizing on a basis of 1.25% during each of the first eight quarters, 1.875% during each of the second eight quarters and 2.5% during each of the following three quarters, with a balloon payment due at maturity	—			1,803,750
$1,400.0 million term B loan, maturing on June 2021, and bearing interest at a variable base rate (LIBOR) plus a spread rate (300 basis points) with a floor of 75 basis points (total rate of 3.75% at June 30, 2014) and amortizing on a basis of 0.25% per quarter, with a balloon payment due at maturity	1,400,000			—
$10.1 million leasehold mortgage, expiring on August 10, 2021 and bearing interest payable monthly at a fixed rate (rate of 6.22% at June 30, 2014)	10,131			10,131
Less: Current portion of note payable and current portion of note payable to related party	(116,501		)	(92,500		)
Less: Original issue discount	(8,888		)	(2,631		)
Note payable and note payable to related party	$	3,334,742		$	1,718,750

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

DERIVATIVES AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of fair value of derivative instruments

The table below presents the fair value of the Company’s derivative financial instruments designated as cash flow hedges included within the accompanying consolidated statements of financial position (in thousands):



	Consolidated Statement of Financial Position Location	June 30, 2014		December 31, 2013
Interest rate swaps	Other long-term assets	$	—	$	4,545
Interest rate swaps	Other long-term liabilities	$	7,200	$	3,728

Schedule of effect of the Company's interest rate swaps on the consolidated statements of income



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Derivatives in cash flow hedging relationships:
Amount of gain (loss) recognized in other comprehensive income (effective portion)	$	(6,234	)	$	8,563		$	(8,833	)	$	8,563
Amount of loss reclassified from AOCI into earnings (effective portion)	(483		)	(34		)	(818		)	(34		)
Amount of gain (loss) recognized in earnings (1)	156			—			(2		)	—


(1)	Amount represents ineffectiveness and is recorded as a component of interest expense-net in the accompanying consolidated statement of income.

CONTROLLING AND NON-CONTROLLING INTERESTS IN VANTIV HOLDING (Tables)

6 Months Ended

Jun. 30, 2014

Noncontrolling Interest [Abstract]

Schedule of changes in units and related ownership interest

Changes in units and related ownership interest in Vantiv Holding are summarized as follows:



	Vantiv, Inc.		Fifth Third		Total
As of December 31, 2013	141,758,681		48,822,826		190,581,507
% of ownership	74.38	%	25.62	%
Fifth Third exchange of Vantiv Holding units for shares of Class A common stock in connection with June 2014 secondary offering	5,780,000		(5,780,000	)	—
Share repurchases	(1,108,700	)	—		(1,108,700	)
Equity plan activity (a)	(427,942	)	—		(427,942	)
As of June 30, 2014	146,002,039		43,042,826		189,044,865
% of ownership	77.23	%	22.77	%


(a)	Includes stock issued under equity plans, repurchase of Class A common stock to satisfy employee tax withholding obligations and forfeitures of restricted Class A common stock awards

Schedule of reconciliation of net income attributable to non-controlling interest

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



	Three Months Ended June, 30				Six Months Ended June, 30
	2014		2013		2014		2013
Net income	$	3,313	$	45,968	$	44,404	$	90,433
Items not allocable to non-controlling interests:					0
Vantiv, Inc. expenses (a)	10,621		13,223		19,814		24,065
Vantiv Holding net income	13,934		59,191		64,218		114,498
Net income attributable to non-controlling interests of Fifth Third (b)	4,421		17,060		17,376		35,406
Net income attributable to PUMS non-controlling interest (c)	301		—		301		—
Total net income attributable to non-controlling interests	$	4,722	$	17,060	$	17,677	$	35,406

(a) Represents primarily income tax expense related to Vantiv, Inc.


(c)	Reflects net income attributable to the non-controlling interest of PUMS.

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on recurring basis

The following table summarizes assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 (in thousands):



	June 30, 2014						December 31, 2013
	Fair Value Measurements Using
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets:
Interest rate swaps	$	—	$	—	$	—	$	—	$	4,545	$	—
Liabilities:
Interest rate swaps	$	—	$	7,200	$	—	$	—	$	3,728	$	—

Schedule of carrying amounts and estimated fair values for assets and liabilities, excluding assets and liabilities measured at fair value on a recurring basis



	June 30, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash and cash equivalents	$	230,655	$	230,655	$	171,427	$	171,427
Liabilities:
Note payable	3,451,243		3,443,368		1,811,250		1,815,459

NET INCOME PER SHARE (Tables)

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net income per share

The following table sets forth the computation of basic and diluted net income per share (in thousands, except share data):



	Three Months Ended June 30,					Six Months Ended June 30,
	2014			2013		2014		2013
Basic:
Net (loss) income attributable to Vantiv, Inc.	$	(1,409	)	$	28,908	$	26,727	$	55,027
Shares used in computing basic net income per share:
Weighted-average Class A common shares	140,451,466			137,342,051		139,346,292		137,213,875
Basic net (loss) income per share	$	(0.01	)	$	0.21	$	0.19	$	0.40
Diluted:
Consolidated income before applicable income taxes	$	—		$	66,914	$	—	$	129,190
Income tax expense excluding impact of non-controlling interest	—			25,762		—		49,738
Net (loss) income attributable to Vantiv, Inc.	$	(1,409	)	$	41,152	$	26,727	$	79,452
Shares used in computing diluted net income per share:
Weighted-average Class A common shares	140,451,466			137,342,051		139,346,292		137,213,875
Weighted-average Class B units of Vantiv Holding	—			61,750,712		—		65,984,924
Warrant	—			7,230,697		9,912,517		6,266,204
Restricted stock awards	—			1,578,534		1,459,091		1,779,101
Stock options	—			—		113,955		—
Diluted weighted-average shares outstanding	140,451,466			207,901,994		150,831,855		211,244,104
Diluted net (loss) income per share	$	(0.01	)	$	0.20	$	0.18	$	0.38

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

6 Months Ended

Jun. 30, 2014

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of activity of the components of accumulated other comprehensive income (loss)



				Total Other Comprehensive Income (Loss)
	AOCI Beginning Balance			Pretax Activity			Tax Effect			Net Activity			Attributable to non-controlling interests			Attributable to Vantiv, Inc.			AOCI Ending Balance
Three months ended June 30, 2014
Net change in fair value recorded in accumulated OCI	$	(1,237	)	$	(6,234	)	$	1,720		$	(4,514	)	$	1,631		$	(2,883	)	$	(4,120	)
Net realized loss reclassified into earnings (a)	424			483			(139		)	344			(110		)	234			658
Other	—			4			—			4			—			4			4
Net change	$	(813	)	$	(5,747	)	$	1,581		$	(4,166	)	$	1,521		$	(2,645	)	$	(3,458	)

Six months ended June 30, 2014
Net change in fair value recorded in accumulated OCI	$	(5	)	$	(8,833	)	$	2,425		$	(6,408	)	$	2,293		$	(4,115	)	$	(4,120	)
Net realized loss reclassified into earnings (a)	269			818			(233		)	585			(196		)	389			658
Other	—			4			—			4			—			4			4
Net change	$	264		$	(8,011	)	$	2,192		$	(5,819	)	$	2,097		$	(3,722	)	$	(3,458	)

Three months and six months ended June 30, 2013
Net change in fair value recorded in accumulated OCI	$	—		$	8,563		$	(2,290	)	$	6,273		$	(2,373	)	$	3,900		$	3,900
Net realized loss reclassified into earnings (a)	—			34			(9		)	25			(10		)	15			15
Net change	$	—		$	8,597		$	(2,299	)	$	6,298		$	(2,383	)	$	3,915		$	3,915

(a) The reclassification adjustment on cash flow hedge derivatives affected the following lines in the accompanying consolidated statements of income:



OCI Component		Affected line in the accompanying consolidated statements of income
Pretax activity		Interest expense-net
Tax effect		Income tax expense
OCI Attributable to non-controlling interests		Net income attributable to non-controlling interests

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Schedule of results of operations for each segment



	Three Months Ended June 30, 2014
	Merchant Services		Financial Institution Services		Total
Total revenue	$	488,143	$	120,588	$	608,731
Network fees and other costs	242,569		34,823		277,392
Sales and marketing	84,014		6,493		90,507
Segment profit	$	161,560	$	79,272	$	240,832



	Three Months Ended June 30, 2013
	Merchant Services		Financial Institution Services		Total
Total revenue	$	398,553	$	120,856	$	519,409
Network fees and other costs	187,726		34,776		222,502
Sales and marketing	70,350		6,086		76,436
Segment profit	$	140,477	$	79,994	$	220,471



	Six Months Ended June 30, 2014
	Merchant Services		Financial Institution Services		Total
Total revenue	$	906,909	$	239,400	$	1,146,309
Network fees and other costs	456,009		70,429		526,438
Sales and marketing	155,765		13,186		168,951
Segment profit	$	295,135	$	155,785	$	450,920



	Six Months Ended June 30, 2013
	Merchant Services		Financial Institution Services		Total
Total revenue	$	784,137	$	233,238	$	1,017,375
Network fees and other costs	381,722		65,845		447,567
Sales and marketing	140,500		11,912		152,412
Segment profit	$	261,915	$	155,481	$	417,396

Schedule of reconciliation of total segment profit to the company's income before applicable income taxes

A reconciliation of total segment profit to the Company’s income before applicable income taxes is as follows (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Total segment profit	$	240,832		$	220,471		$	450,920		$	417,396
Less: Other operating costs	(56,754		)	(49,268		)	(117,123		)	(99,828		)
Less: General and administrative	(48,552		)	(29,862		)	(81,158		)	(60,961		)
Less: Depreciation and amortization	(89,041		)	(44,528		)	(138,887		)	(87,824		)
Less: Interest expense—net	(13,496		)	(9,899		)	(24,050		)	(19,593		)
Less: Non-operating expenses	(27,656		)	(20,000		)	(27,656		)	(20,000		)
Income before applicable income taxes	$	5,333		$	66,914		$	62,046		$	129,190

BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
BASIS OF PRESENTATION (Details) - USD ($) $ in Thousands	Jun. 03, 2014	Mar. 10, 2014	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2013
Nature of Business [Line Items]
Stock Repurchase Program, Authorized Amount			$ 300,000	$ 137,000
Share repurchases (in shares)					(1,108,700)
Stock Repurchased and Retired During Period, Value					$ 34,366	$ 400,000
Paid-in Capital
Nature of Business [Line Items]
Stock Repurchased and Retired During Period, Value					$ 34,366	$ 400,000
Class A Common Stock \| Common stock
Nature of Business [Line Items]
Share repurchases (in shares)					(1,109,000)	(17,453,000)
Fifth Third \| Class A Common Stock
Nature of Business [Line Items]
Shares of Stock sold by Selling Shareholders in Secondary Offering Issued to Underwriters (in shares)	5,800,000
Advent \| Class A Common Stock
Nature of Business [Line Items]
Shares of Stock sold by Selling Shareholders in Secondary Offering Issued to Underwriters (in shares)		18,800,000

BASIS OF PRESENTATION (Details 2)	1 Months Ended
BASIS OF PRESENTATION (Details 2)	Jun. 30, 2009
Sponsorship agreement
Sponsorship agreement term	10 years

SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Accounting Policies [Abstract]
Share-based Compensation Expense	$ 20,000	$ 13,900
Effective Income Tax Rate Reconciliation, Percent	28.40%	30.00%
Write-off of intangible asset	$ 34,267	$ 0
Finite-Lived Intangible Asset, Remaining Useful Life	2 years
Property, Plant and Equipment [Line Items]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 170,200		$ 137,400
Building and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	15 years
Building and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	40 years
Furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	2 years
Furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Software development \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Software development \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years

BUSINESS COMBINATIONS Estimated Fair Value of Purchase Price (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2014	Jun. 13, 2014	Jun. 30, 2013
Estimated Fair Value of Purchase Price [Abstract]
Cash purchase price paid at closing	$ 1,681,179
Contingent consideration for issuance of tax receivable agreement	137,120	$ 137,120	$ 0
Total purchase price	$ 1,818,299

BUSINESS COMBINATIONS Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2014	Jun. 13, 2014	Dec. 31, 2013
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract]
Cash acquired		$ 22,485
Current assets		47,380
Property, equipment and software		33,272
Goodwill	$ 3,259,785	1,316,172	$ 1,943,613
Deferred tax assets		(12,186)
Other non-current assets		9,026
Current liabilities		(34,722)
Total purchase price		1,818,299
Tax Receivable Agreement Liability Recorded	137,100
Incurred expenses from acquisition	10,100
Business Combination Stock Based Compensation Fair Value		32,100
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable	$ 17,600
Customer relationship intangible assets
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest [Abstract]
Intangible assets		$ 412,500
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	10 years

BUSINESS COMBINATIONS Pro forma (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Pro Forma Results [Abstract]
Total revenue	$ 674,670	$ 587,878	$ 1,274,379	$ 1,141,072
Income from operations	57,223	99,101	125,120	161,453
Net income including non-controlling interests	19,799	37,802	52,315	52,205
Net income attributable to Vantiv, Inc.	$ 10,982	$ 23,221	$ 32,637	$ 28,927
Pro Forma Net income per share attributable to Vantiv, Inc. Class A common stock:
Basic, Pro Forma (in dollars per share)	$ 0.08	$ 0.17	$ 0.23	$ 0.21
Diluted, Pro Forma (in dollars per share)	$ 0.07	$ 0.16	$ 0.22	$ 0.20
Shares used in computing net income per share of Class A common stock:
Basic, Pro Forma (in shares)	140,451,466	137,342,051	139,346,292	137,213,875
Diluted, Pro Forma (in shares)	151,524,278	207,901,994	150,831,855	211,244,104

GOODWILL AND INTANGIBLE ASSETS Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2014 USD ($)
Goodwill [Roll Forward]
Goodwill	$ 1,943,613
Goodwill attributable to acquisition of Mercury	1,316,172
Goodwill	3,259,785
Merchant Services
Goodwill [Roll Forward]
Goodwill	1,368,763
Goodwill attributable to acquisition of Mercury	1,316,172
Goodwill	2,684,935
Financial Institution Services
Goodwill [Roll Forward]
Goodwill	574,850
Goodwill attributable to acquisition of Mercury	0
Goodwill	$ 574,850

GOODWILL AND INTANGIBLE ASSETS Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Finite-Lived and Indefinite-lived Intangible Assets [Line Items]
Write-off of intangible asset			$ 34,267	$ 0
Finite-Lived Intangible Assets, Net [Abstract]
Finite-Lived and Indefinite-Lived Intangible Assets, Gross	$ 1,747,144		1,747,144		$ 1,301,964
Finite-Lived Intangible Assets, Accumulated Amortization	585,502		585,502		506,632
Intangible Assets, Net (Excluding Goodwill)	1,161,642		1,161,642		795,332
Asset Impairment Charges			34,300
Finite-Lived Trade Names, Gross	6,700		6,700
Amortization expense on intangible assets	71,600	$ 31,300	105,000	$ 62,700
Estimated amortization expense of intangible assets for the next five years
Remainder of Fiscal Year	91,584		91,584
2015	176,600		176,600
2016	167,195		167,195
2017	158,947		158,947
2018	154,756		154,756
2019	150,990		150,990
Customer relationship intangible assets
Finite-Lived Intangible Assets, Net [Abstract]
Finite-Lived Intangible Assets, Gross	1,677,118		1,677,118		1,234,042
Finite-Lived Intangible Assets, Accumulated Amortization	568,306		$ 568,306		496,906
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			10 years
Trade name
Finite-Lived Intangible Assets, Net [Abstract]
Finite-Lived Intangible Assets, Gross	15,233		$ 15,233		500
Finite-Lived Intangible Assets, Accumulated Amortization	658		658		208
Customer portfolios and related assets
Finite-Lived Intangible Assets, Net [Abstract]
Finite-Lived Intangible Assets, Gross	54,793		54,793		26,422
Finite-Lived Intangible Assets, Accumulated Amortization	16,538		16,538		9,518
Finite-lived Intangible Assets Acquired			$ 28,400
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			3 years
Trade name
Finite-Lived Intangible Assets, Net [Abstract]
Indefinite-Lived Trade Names	$ 0		$ 0		$ 41,000

TAX RECEIVABLE AGREEMENTS (Details) $ in Thousands	6 Months Ended
TAX RECEIVABLE AGREEMENTS (Details) $ in Thousands	Jun. 30, 2014 USD ($)	Jun. 30, 2013 USD ($)	Jun. 13, 2014	Dec. 31, 2013 USD ($)	Mar. 21, 2012 TRAs
Tax receivable agreement
Payments under Tax Receivable Agreements	$ (8,639)	$ 0
Tax Receivable Agreement Liability Recorded	$ 137,100
Tax Receivable Agreement, Cash Savings Percent	15.00%
TRA Activity [Roll Forward]
Tax Receivable Agreements Obligation	$ 559,700
Payments under Tax Receivable Agreements	(8,639)	$ 0
Tax Receivable Agreement Liability Recorded	137,100
Tax Receivable Agreement Interest and Amortization	1,500
Tax Receivable Agreements Obligation	799,081
Current portion of tax receivable agreement obligations to related parties	22,992			$ 8,639
Vantiv Holding
Tax receivable agreement
Number of tax receivable agreements executed (in TRAs) \| TRAs					2
Mercury Payment Systems [Domain]
Tax receivable agreement
Tax Receivable Agreement Liability Recorded	137,120
Tax Receivable Agreement Payments as Percentage of Cash Savings in Tax			85.00%
Tax Receivable Agreement Change In Fair Value	1,200
TRA Activity [Roll Forward]
Tax Receivable Agreements Obligation	0
Tax Receivable Agreement Liability Recorded	137,120
Tax Receivable Agreement Interest and Amortization	1,156
Tax Receivable Agreements Obligation	138,276
Fifth Third
Tax receivable agreement
Payments to pre-IPO investors as percentage of cash saving in income tax					85.00%
Pre-IPO investors
Tax receivable agreement
Payments under Tax Receivable Agreements	(8,639)
Tax Receivable Agreement Liability Recorded	109,400
TRA Activity [Roll Forward]
Tax Receivable Agreements Obligation	559,700
Payments under Tax Receivable Agreements	(8,639)
Tax Receivable Agreement Liability Recorded	109,400
Tax Receivable Agreement Interest and Amortization	344
Tax Receivable Agreements Obligation	660,805
Vantiv Holding
Tax receivable agreement
Tax Receivable Agreement Liability Recorded	109,400
Deferred tax assets attributable to exchange of units of subsidiary	92,000
TRA Activity [Roll Forward]
Tax Receivable Agreement Liability Recorded	$ 109,400

LONG-TERM DEBT (Details) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
LONG-TERM DEBT (Details) - USD ($)	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 13, 2014	May 15, 2013
Long-term debt
Less: Current portion of note payable and current portion of note payable to related party	$ (116,501,000)	$ (116,501,000)	$ (92,500,000)
Less: Original issue discount	(8,888,000)	(8,888,000)	(2,631,000)
Note payable and note payable to related party	$ 3,334,742,000	3,334,742,000	1,718,750,000
Repayment of debt		1,800,000,000
Revolving credit facility
Long-term debt
Maximum borrowing capacity				$ 425,000,000
Commitment fees (as a percent)	0.375%
Term loan for corporate headquarters
Long-term debt
Outstanding amount of debt	$ 10,131,000	10,131,000	10,131,000
Letter of credit facility
Long-term debt
Maximum borrowing capacity				40,000,000
Swing line credit facility
Long-term debt
Maximum borrowing capacity				100,000,000
Leasehold Mortgages
Long-term debt
Face value of debt	$ 10,100,000	$ 10,100,000	10,100,000
Fixed interest rate (as a percent)	6.22%	6.22%
June 2014 Debt Refinancing
Original Issue Discount and Deferred Finance Fees
Unamortized deferred financing cost written off		$ 26,500,000
Unamortized deferred financing fee remained capitalized	$ 27,800,000	27,800,000
Debt issue discount		8,900,000
June 2014 Debt Refinancing \| Term A loan
Long-term debt
Outstanding amount of debt	$ 2,050,000,000	$ 2,050,000,000	0
Face value of debt				2,050,000,000.00
Variable base rate		LIBOR
Spread rate (as a percent)		2.00%
Interest rate (as a percent)	2.15%	2.15%
June 2014 Debt Refinancing \| Term A loan \| First Twelve Quarters
Long-term debt
Amortization rate during given period (as a percent)		1.25%
June 2014 Debt Refinancing \| Term A loan \| Second Four Quarters
Long-term debt
Amortization rate during given period (as a percent)		1.875%
June 2014 Debt Refinancing \| Term A loan \| Following three quarters
Long-term debt
Amortization rate during given period (as a percent)		2.50%
June 2014 Debt Refinancing \| Term B loan
Long-term debt
Outstanding amount of debt	$ 1,400,000,000	$ 1,400,000,000	0
Face value of debt				$ 1,400,000,000.0
Variable base rate		LIBOR
Spread rate (as a percent)		3.00%
Interest rate (as a percent)	3.75%	3.75%
June 2014 Debt Refinancing \| Term B loan \| Quarterly Amortization
Long-term debt
Amortization rate during given period (as a percent)		0.25%
June 2014 Debt Refinancing \| Term B loan \| Minimum
Long-term debt
Spread rate (as a percent)		0.75%
June 2014 Debt Refinancing \| Fifth Third \| Term A loan
Long-term debt
Loan held by Fifth Third Bank	$ 207,100,000	$ 207,100,000
May 2013 Debt Refinancing \| Term A loan
Long-term debt
Outstanding amount of debt	$ 0	$ 0	$ 1,803,750,000
Face value of debt					$ 1,850,000,000
Variable base rate			LIBOR
Spread rate (as a percent)			1.75%
Interest rate (as a percent)			1.92%
May 2013 Debt Refinancing \| Term A loan \| First eight quarters
Long-term debt
Amortization rate during given period (as a percent)			1.25%
May 2013 Debt Refinancing \| Term A loan \| Second eight quarters
Long-term debt
Amortization rate during given period (as a percent)			1.875%
May 2013 Debt Refinancing \| Term A loan \| Following three quarters
Long-term debt
Amortization rate during given period (as a percent)			2.50%
May 2013 Debt Refinancing \| Fifth Third \| Term A loan
Long-term debt
Loan held by Fifth Third Bank			$ 343,600,000
New Loan Agreement
Guarantees and Security
Percentage of capital stock of the entity's domestic and foreign subsidiaries pledged as collateral for borrowings		65.00%
Minimum aggregate value of real property held by obligors provided as security on first priority basis		$ 10,000,000

DERIVATIVES AND HEDGING ACTIVITIES (Details) $ in Thousands	3 Months Ended		6 Months Ended
DERIVATIVES AND HEDGING ACTIVITIES (Details) $ in Thousands	Jun. 30, 2014 USD ($) swap	Jun. 30, 2013 USD ($)	Jun. 30, 2014 USD ($) swap	Jun. 30, 2013 USD ($)	Dec. 31, 2013 USD ($)
Cash Flow Hedges of Interest Rate Risk
Derivative, Number of Instruments Held \| swap	12		12
Notional Amount	$ 1,300,000		$ 1,300,000
Notional Amount of Amortized Interest Rate Cash Flow Hedge Derivatives	1,100,000		1,100,000
Fair value of the Company's derivative financial instruments designated as cash flow hedges
Interest Rate Cash Flow Hedge Asset at Fair Value	0		0		$ 4,545
Interest Rate Cash Flow Hedge Liability at Fair Value	7,200		7,200		$ 3,728
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			4,200
Derivatives in cash flow hedging relationships:
Amount of gain (loss) recognized in OCI (effective portion)	(6,234)	$ 8,563	(8,833)	$ 8,563
Amount of loss reclassified from accumulated OCI into earnings (effective portion)	(483)	(34)	(818)	(34)
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	156	$ 0	(2)	$ 0
Derivative, Net Liability Position, Aggregate Fair Value	$ 8,000		$ 8,000
Fifth Third
Cash Flow Hedges of Interest Rate Risk
Derivative, Number of Instruments Held \| swap	5		5
Maximum \| Fifth Third
Cash Flow Hedges of Interest Rate Risk
Notional Amount	$ 318,800		$ 318,800
Minimum \| Fifth Third
Cash Flow Hedges of Interest Rate Risk
Notional Amount	$ 262,500		$ 262,500

CONTROLLING AND NON-CONTROLLING INTERESTS IN VANTIV HOLDING (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Current year transactions:

Share repurchases (in shares)

(1,108,700)

Net Income (Loss) Attributable to Noncontrolling Interest [Abstract]

Net income

$ 3,313

$ 45,968

$ 44,404

$ 90,433

Items not allocable to non-controlling interests:

Vantiv, Inc. expenses

2,020

20,946

17,642

38,757

Net income attributable to non-controlling interests

$ 4,722

17,060

$ 17,677

35,406

People’s United Merchant Services

Controlling and non-controlling interests in Vantiv Holding

Ownership percentage by parent

51.00%

Current year transactions:

Closing percentage of ownership by parent

51.00%

Vantiv Holding

Controlling and non-controlling interests in Vantiv Holding

Ownership percentage by parent

77.23%

Changes in units and related ownership interest

Balance (in shares)

190,581,507

Current year transactions:

Share repurchases (in shares)

(1,108,700)

Equity plan activity (in shares)

^[1]

(427,942)

Balance (in shares)

189,044,865

Closing percentage of ownership by parent

77.23%

Adjustment to net assets attributable to non-controlling interest as a result of change in ownership interest

$ 52,800

Vantiv, Inc.

Items not allocable to non-controlling interests:

Vantiv, Inc. expenses

^[2]

$ 10,621

13,223

$ 19,814

24,065

Vantiv, Inc. | Vantiv Holding

Controlling and non-controlling interests in Vantiv Holding

Ownership percentage by parent

74.38%

Changes in units and related ownership interest

Balance (in shares)

141,758,681

Opening percentage of ownership by parent

74.38%

Current year transactions:

Fifth Third exchange of Vantiv Holding units for shares of Class A common stock in connection with June 2014 secondary offering

(5,780,000)

Share repurchases (in shares)

(1,108,700)

Equity plan activity (in shares)

^[1]

(427,942)

Balance (in shares)

146,002,039

Vantiv Holding

Items not allocable to non-controlling interests:

Net income attributable to Vantiv Holding

$ 13,934

59,191

$ 64,218

114,498

Net income attributable to non-controlling interests

4,722

17,060

17,677

35,406

Vantiv Holding | Fifth Third

Items not allocable to non-controlling interests:

Net income attributable to non-controlling interests

4,421

17,060

17,376

35,406

Vantiv Holding | Peoples United Bank

Items not allocable to non-controlling interests:

Net income attributable to non-controlling interests

$ 301

$ 0

$ 301

$ 0

Fifth Third | Vantiv Holding

Controlling and non-controlling interests in Vantiv Holding

Ownership percentage by noncontrolling owners

22.77%

Changes in units and related ownership interest

Balance (in shares)

48,822,826

Opening percentage of ownership, non-controlling interest

25.62%

Current year transactions:

Fifth Third exchange of Vantiv Holding units for shares of Class A common stock in connection with June 2014 secondary offering

(5,780,000)

Balance (in shares)

43,042,826

Closing percentage of ownership, non-controlling interest

22.77%

Peoples United Bank | People’s United Merchant Services

Controlling and non-controlling interests in Vantiv Holding

Ownership percentage by noncontrolling owners

49.00%

Noncontrolling Interest in Joint Ventures

$ 18,800

Current year transactions:

Closing percentage of ownership, non-controlling interest

49.00%

[1]	Includes stock issued under equity plans, repurchase of Class A common stock to satisfy employee tax withholding obligations and forfeitures of restricted Class A common stock awards.
[2]	Net income attributable to non-controlling interests of Fifth Third reflects the allocation of Vantiv Holding’s net income based on the proportionate ownership interests in Vantiv Holding held by the non-controlling unitholders. The net income attributable to non-controlling unitholders reflects the changes in ownership interests summarized in the table above.

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Assets:
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 0	$ 4,545
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	7,200	3,728
Recurring basis \| Level 1 \| Interest rate swaps
Assets:
Interest Rate Cash Flow Hedge Asset at Fair Value	0	0
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	0	0
Recurring basis \| Level 2 \| Interest rate swaps
Assets:
Interest Rate Cash Flow Hedge Asset at Fair Value	0	4,545
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	7,200	3,728
Recurring basis \| Level 3 \| Interest rate swaps
Assets:
Interest Rate Cash Flow Hedge Asset at Fair Value	0	0
Liabilities:
Interest Rate Cash Flow Hedge Liability at Fair Value	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Details 2) - Non-recurring basis - USD ($) $ in Thousands	Jun. 30, 2014	Dec. 31, 2013
Carrying Amount
Assets:
Cash and cash equivalents	$ 230,655	$ 171,427
Liabilites:
Note payable	3,451,243	1,811,250
Fair Value
Assets:
Cash and cash equivalents	230,655	171,427
Liabilites:
Note payable	$ 3,443,368	$ 1,815,459

NET INCOME PER SHARE (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
NET INCOME PER SHARE (Narrative) (Details) - shares	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted EPS (in shares)	47,000,000		47,900,000
Performance Share Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted EPS (in shares)	631,000	213,000	631,000	213,000
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded from computation of diluted EPS (in shares)		657,000		657,000

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Basic:
Net (loss) income attributable to Vantiv, Inc.	$ (1,409)	$ 28,908	$ 26,727	$ 55,027
Diluted:
Consolidated income before applicable income taxes	$ 5,333	66,914	$ 62,046	129,190
Income tax expense excluding impact of non-controlling interest		$ 25,762		$ 49,738
Class A Common Stock
Shares used in computing basic net income per share:
Weighted-average Class A common shares (in shares)	140,451,466	137,342,051	139,346,292	137,213,875
Basic net income per share (in dollars per share)	$ (0.01)	$ 0.21	$ 0.19	$ 0.40
Diluted:
Net (loss) income attributable to Vantiv, Inc.	$ (1,409)	$ 41,152	$ 26,727	$ 79,452
Shares used in computing diluted net income per share:
Weighted-average shares (in shares)	140,451,466	137,342,051	139,346,292	137,213,875
Warrant (in shares)	0	7,230,697	9,912,517	6,266,204
Diluted weighted-average shares outstanding (in shares)	140,451,466	207,901,994	150,831,855	211,244,104
Diluted net income per share (in dollars per share)	$ (0.01)	$ 0.20	$ 0.18	$ 0.38
Class A Common Stock \| Restricted Stock
Shares used in computing diluted net income per share:
Class A common stock equivalents included in the computation of diluted net income per share (in shares)	0	1,578,534	1,459,091	1,779,101
Class A Common Stock \| Employee Stock Option
Shares used in computing diluted net income per share:
Class A common stock equivalents included in the computation of diluted net income per share (in shares)	0	0	113,955	0
Class B Common Stock
Shares used in computing diluted net income per share:
Weighted-average shares (in shares)	0	61,750,712	0	65,984,924

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (813)	$ 0	$ 264	$ 0
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	4		4		$ 0	$ 0
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax	(6,234)	8,563	(8,833)	8,563
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax	1,720	(2,290)	2,425	(2,290)
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax	(4,514)	6,273	(6,408)	6,273
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	483	34	818	34
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax	(139)	(9)	(233)	(9)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	344	25	585	25
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax	4		4
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	0		0
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	4		4
Pretax activity	(5,747)	8,597	(8,011)	8,597
Tax effect	1,581	(2,299)	2,192	(2,299)
Gain (loss) on cash flow hedges and other	(4,166)	6,298	(5,819)	6,298
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest	(3,201)	(19,443)	(15,580)	(37,789)
Comprehensive income (loss) attributable to Vantiv, Inc.	(4,054)	32,823	23,005	58,942
Accumulated Other Comprehensive Income (Loss), Net of Tax	(3,458)	3,915	(3,458)	3,915
Accumulated Net Gain (Loss) from Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax	(1,237)	0	(5)	0
Accumulated Other Comprehensive Income (Loss), Net of Tax	(4,120)	3,900	(4,120)	3,900
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax	424	0	269	0
Accumulated Other Comprehensive Income (Loss), Net of Tax	658	15	658	15
Non-Controlling Interests
Other Comprehensive Income (Loss), Unrealized Gain (Loss), Net of Tax	1,631	(2,373)	2,293	(2,373)
Other Comprehensive Income (Loss) Reclassification Adjustment, Net of Tax	(110)	(10)	(196)	(10)
Other Comprehensive (Income) Loss, Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest	0		0
Gain (loss) on cash flow hedges and other			(2,097)	2,383
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest	1,521	(2,383)	2,097	(2,383)
Vantiv, Inc.
Other Comprehensive Income (Loss), Unrealized Gain (Loss), Net of Tax	(2,883)	3,900	(4,115)	3,900
Other Comprehensive Income (Loss) Reclassification Adjustment, Net of Tax	234	15	389	15
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent	4		4
Comprehensive income (loss) attributable to Vantiv, Inc.	$ (2,645)	$ 3,915	$ (3,722)	$ 3,915

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Result of operation for each segment
Total revenue	$ 608,731	$ 519,409	$ 1,146,309	$ 1,017,375
Network fees and other costs	277,392	222,502	526,438	447,567
Sales and marketing	90,507	76,436	168,951	152,412
Segment profit	240,832	220,471	450,920	417,396
Merchant Services
Result of operation for each segment
Total revenue	488,143	398,553	906,909	784,137
Network fees and other costs	242,569	187,726	456,009	381,722
Sales and marketing	84,014	70,350	155,765	140,500
Segment profit	161,560	140,477	295,135	261,915
Financial Institution Services
Result of operation for each segment
Total revenue	120,588	120,856	239,400	233,238
Network fees and other costs	34,823	34,776	70,429	65,845
Sales and marketing	6,493	6,086	13,186	11,912
Segment profit	$ 79,272	$ 79,994	$ 155,785	$ 155,481

SEGMENT INFORMATION (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
SEGMENT INFORMATION (Details 2) - USD ($) $ in Thousands	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Reconciliation of total segment profit to the company's (loss) income before applicable income taxes
Total segment profit	$ 240,832	$ 220,471	$ 450,920	$ 417,396
Less: Other operating costs	(56,754)	(49,268)	(117,123)	(99,828)
Less: General and administrative	(48,552)	(29,862)	(81,158)	(60,961)
Less: Depreciation and amortization	(89,041)	(44,528)	(138,887)	(87,824)
Less: Interest expense—net	(13,496)	(9,899)	(24,050)	(19,593)
Non-operating expenses	(27,656)	(20,000)	(27,656)	(20,000)
Income before applicable income taxes	$ 5,333	$ 66,914	$ 62,046	$ 129,190