First Data Corp. must restate all its results since 2003, cumulatively increasing its net income by $30 million, to correct accounting errors related to its official check business and Western Union Financial Services.
The Denver processor said in a filing Tuesday that it had engaged in “extensive interaction” with the Securities and Exchange Commission, and that the changes would correct accounting for some derivative instruments relating to interest rate swaps associated with the check operation and foreign exchange forward contracts associated with Western Union.
Second-quarter net income, originally reported at $436.4 million, will increase by $25 million, and first-quarter net income, originally reported at $373.7 million, will increase by $55 million, First Data said.
