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Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt The Company’s debt consisted of the following:
(In millions) | September 30, 2025 |  | December 31, 2024
Short-term and current maturities of long-term debt: |  |  |
Foreign lines of credit | $ | 876 |  |  | $ | 784 |
Finance lease and other financing obligations | 447 |  |  | 326 |
Total short-term and current maturities of long-term debt | $ | 1,323 |  |  | $ | 1,110 |
Long-term debt: |  |  |
3.850% senior notes due June 2025 | $ | — |  |  | $ | 900 |
2.250% senior notes due July 2025 (British Pound-denominated) | — |  |  | 661 |
3.200% senior notes due July 2026 | 2,000 |  |  | 2,000 |
5.150% senior notes due March 2027 | 750 |  |  | 750 |
2.250% senior notes due June 2027 | 1,000 |  |  | 1,000 |
1.125% senior notes due July 2027 (Euro-denominated) | 585 |  |  | 521 |
5.450% senior notes due March 2028 | 900 |  |  | 900 |
2.875% senior notes due June 2028 (Euro-denominated) | 878 |  |  | — |
5.375% senior notes due August 2028 | 700 |  |  | 700 |
4.200% senior notes due October 2028 | 1,000 |  |  | 1,000 |
3.500% senior notes due July 2029 | 3,000 |  |  | 3,000 |
4.750% senior notes due March 2030 | 850 |  |  | 850 |
2.650% senior notes due June 2030 | 1,000 |  |  | 1,000 |
1.625% senior notes due July 2030 (Euro-denominated) | 585 |  |  | 521 |
4.550% senior notes due February 2031 | 1,000 |  |  | — |
5.350% senior notes due March 2031 | 500 |  |  | 500 |
4.500% senior notes due May 2031 (Euro-denominated) | 936 |  |  | 835 |
3.000% senior notes due July 2031 (British Pound-denominated) | 704 |  |  | 661 |
3.500% senior notes due June 2032 (Euro-denominated) | 907 |  |  | — |
5.600% senior notes due March 2033 | 900 |  |  | 900 |
5.625% senior notes due August 2033 | 1,300 |  |  | 1,300 |
5.450% senior notes due March 2034 | 750 |  |  | 750 |
5.150% senior notes due August 2034 | 900 |  |  | 900 |
5.250% senior notes due August 2035 | 1,000 |  |  | — |
4.000% senior notes due June 2036 (Euro-denominated) | 761 |  |  | — |
4.400% senior notes due July 2049 | 2,000 |  |  | 2,000 |
U.S. dollar commercial paper notes | 1,238 |  |  | 221 |
Euro commercial paper notes | 1,310 |  |  | 1,239 |
Revolving credit facility | — |  |  | 115 |
Unamortized discount and deferred financing costs | (178) |  |  | (150) |
Finance lease and other financing obligations | 1,600 |  |  | 656 |
Total long-term debt | $ | 28,876 |  |  | $ | 23,730 |
The Company was in compliance with all financial debt covenants during the nine months ended September 30, 2025. Senior Notes On August 11, 2025, the Company completed the public offering and issuance of $2.0 billion of senior notes, comprised of $1.0 billion aggregate principal amount of 4.550% senior notes due in February 2031 and $1.0 billion aggregate principal amount of 5.250% senior notes due in August 2035. Interest on these senior notes is paid semi-annually. The Company used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of the Company’s commercial paper notes and for share repurchases. On May 7, 2025, Fiserv Funding Unlimited Company, an indirect wholly owned subsidiary of the Company, completed the public offering and issuance of €2.175 billion of senior notes, comprised of €750 million aggregate principal amount of 2.875% senior notes due in June 2028, €775 million aggregate principal amount of 3.500% senior notes due in June 2032 and €650 million aggregate principal amount of 4.000% senior notes due in June 2036. These notes are fully and unconditionally guaranteed on a senior unsecured basis by the Company. Interest on these senior notes is paid annually. The Company used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of the Company’s commercial paper notes, 3.850% senior notes due in June 2025 and 2.250% senior notes due in July 2025. In August 2024, the Company completed the public offering and issuance of $1.75 billion of senior notes, comprised of $850 million aggregate principal amount of 4.750% senior notes due in March 2030 and $900 million aggregate principal amount of 5.150% senior notes due in August 2034. Interest on these senior notes is paid semi-annually. The Company used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of the Company’s commercial paper notes and for share repurchases. In March 2024, the Company completed the public offering and issuance of $2.0 billion of senior notes, comprised of $750 million aggregate principal amount of 5.150% senior notes due in March 2027, $500 million aggregate principal amount of 5.350% senior notes due in March 2031 and $750 million aggregate principal amount of 5.450% senior notes due in March 2034. Interest on these senior notes is paid semi-annually. The Company used the net proceeds from this senior notes offering for general corporate purposes, including the repayment of a portion of the Company’s commercial paper notes and for share repurchases, and in July 2024, the repayment of a portion of its 2.750% senior notes. At September 30, 2025, the 3.200% senior notes due July 2026 were classified in the consolidated balance sheet as long-term, as the Company has the ability to refinance such debt under its revolving credit facility. The indentures governing the Company’s senior notes contain covenants that, among other matters, limit (i) the Company’s ability to consolidate or merge with or into, or convey, transfer or lease all or substantially all of its properties and assets to, another person, (ii) the Company’s and certain of its subsidiaries’ ability to create or assume liens, and (iii) the Company’s and certain of its subsidiaries’ ability to engage in sale and leaseback transactions. The Company may, at its option, redeem the senior notes, in whole or in part, at any time and from time to time at the applicable redemption price. Commercial Paper The Company maintains unsecured U.S. dollar and Euro commercial paper programs. From time to time, the Company may issue under these programs U.S. dollar commercial paper with maturities of up to 397 days from the date of issuance and Euro commercial paper with maturities of up to 183 days from the date of issuance. Outstanding borrowings under the U.S. dollar program were $1.2 billion and $221 million at September 30, 2025 and December 31, 2024, with weighted average interest rates of 4.301% and 4.534%, respectively. Outstanding borrowings under the Euro program were $1.3 billion and $1.2 billion at September 30, 2025 and December 31, 2024, with weighted average interest rates of 2.135% and 3.115%, respectively. The Company intends to maintain available capacity under its revolving credit facility, as described below, in an amount at least equal to the aggregate outstanding borrowings under its commercial paper programs. Outstanding borrowings under the commercial paper programs are classified in the consolidated balance sheets as long-term as the Company has the intent to refinance this commercial paper on a long-term basis through the continued issuance of new commercial paper upon maturity, and the Company also has the ability to refinance such commercial paper under its revolving credit facility. Revolving Credit Facility On August 12, 2025, the Company entered into a new senior unsecured multicurrency revolving credit facility with substantially the same syndicate of banks that were lenders under its prior revolving credit facility, which the Company voluntarily terminated and replaced. The new credit facility matures in August 2030 and provides for a maximum aggregate principal amount of availability of $8.0 billion. Borrowings under the credit facility bear interest at a variable base rate, determined by the term and currency of the borrowing, plus a specified margin based on the Company’s long-term debt rating. There were no outstanding borrowings under the revolving credit facility at September 30, 2025. Outstanding borrowings under the previous revolving credit facility were $115 million at December 31, 2024, with a corresponding interest rate of 5.440%. The credit facility also requires the Company to pay a facility fee based on the aggregate commitments in effect under the agreement from time to time. The credit facility contains various restrictions and covenants that require the Company to, among other things, limit its consolidated indebtedness as of the end of each fiscal quarter to no more than 3.75 times the Company’s consolidated net income before interest, taxes, depreciation, amortization, non-cash charges and expenses and certain other adjustments during the period of four fiscal quarters then ended, subject to certain exceptions. Foreign Lines of Credit The Company maintains various short-term lines of credit and other borrowing arrangements with foreign banks and alliance partners primarily to fund merchant settlement advances associated with operations in Latin America. The following table provides a summary of the outstanding borrowings and weighted average interest rates of the Company’s foreign lines of credit and other borrowing arrangements by country:
|  | Outstanding Borrowings (in millions) |  | Weighted-Average Interest Rate
|  | September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024
Argentina |  | $ | 482 |  |  | $ | 597 |  |  | 55.552 | % |  | 38.470 | %
Brazil |  | 297 |  |  | 94 |  |  | 15.603 | % |  | 12.976 | %
Uruguay and Other |  | 97 |  |  | 93 |  |  | 9.152 | % |  | 7.014 | %
Total |  | $ | 876 |  |  | $ | 784 |  |  | 36.887 | % |  | 31.695 | %

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