First Data Corporation ("FDC" or "the Company"), incorporated in Delaware in 1989, was established in 1992 through an initial public offering in connection with a spin-off from American Express. FDC operates electronic commerce, payment services and customer account management businesses which are reported in four business segments and All Other and Corporate. The following provides a brief overview of the segment operations:

First Data Commercial Services Segment

In the Commercial Services segment, the Company provides merchant acquiring and processing, debit network acquiring and processing, check verification and guarantee and prepaid card services. Merchant...