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Long-Term Debt | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt as of December 31, 2016 and 2015 consisted of the following (in millions):
| 2016 |  | 2015
2017 Term Loans (1) | $ | — |  |  | $ | 1,300 |
2018 Term Loans (2) | 550 |  |  | 1,500 |
Senior Notes due June 2017, interest payable semi-annually at 1.450% | 300 |  |  | 300 |
Senior Notes due April 2018, interest payable semi-annually at 2.000% | 250 |  |  | 250 |
Senior Notes due October 2018, interest payable semi-annually at 2.850% | 750 |  |  | 750 |
Senior Notes due October 2020, interest payable semi-annually at 3.625% | 1,750 |  |  | 1,750 |
Senior Notes due August 2021, interest payable semi-annually at 2.250% | 750 |  |  | — |
Senior Notes due March 2022, interest payable semi-annually at 5.000% | 700 |  |  | 700 |
Senior Notes due October 2022, interest payable semi-annually at 4.500% | 500 |  |  | 500 |
Senior Notes due April 2023, interest payable semi-annually at 3.500% | 1,000 |  |  | 1,000 |
Senior Notes due June 2024, interest payable semi-annually at 3.875% | 700 |  |  | 700 |
Senior Notes due October 2025, interest payable semi-annually at 5.000% | 1,500 |  |  | 1,500 |
Senior Notes due August 2026, interest payable semi-annually at 3.000% | 1,250 |  |  | — |
Senior Notes due August 2046, interest payable semi-annually at 4.500% | 500 |  |  | — |
Revolving Loan, (3) | 36 |  |  | 1,250 |
Other | (58 | ) |  | (56 | )
| 10,478 |  |  | 11,444 |
Current portion | (332 | ) |  | (15 | )
Long-term debt, excluding current portion | $ | 10,146 |  |  | $ | 11,429 |
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(1) | Interest on the 2017 Term Loans was generally payable at LIBOR plus an applicable margin of up to 1.75% based upon the Company's corporate credit ratings.
(2) | Interest on the 2018 Term Loans is generally payable at LIBOR plus an applicable margin of up to 1.75% based upon the Company's corporate credit ratings. As of December 31, 2016, the weighted average interest rate on the 2018 Term Loans was 1.87%.
(3) | Interest on the Revolving Loan is generally payable at LIBOR plus an applicable margin of up to 1.75% plus an unused commitment fee of up to 0.25%, each based upon the Company's corporate credit ratings. As of December 31, 2016, the weighted average interest rate on the Revolving Loan, excluding fees, was 1.75%.
On August 10, 2016, FIS amended and extended its syndicated credit agreement (the “Credit Agreement”) and paid down the balance of $600 million on the 2017 Term Loans. As of December 31, 2016, the Credit Agreement provided total committed capital of $3,000 million in the form of a revolving credit facility (the "Revolving Loan") maturing on August 10, 2021. FIS is also a party to a syndicated term loan agreement (the "Term Loan Agreement" and together with the Credit Agreement, the "FIS Credit Agreements"), which as of December 31, 2016 provided term loans of $550 million maturing on November 30, 2018 (the "2018 Term Loans"). As of December 31, 2016, the outstanding principal balance of the Revolving Loan was $36 million, with $2,957 million of borrowing capacity remaining thereunder (net of $7 million in outstanding letters of credit issued under the Revolving Loan). On August 11, 2016, FIS issued $2,500 million of new senior notes, including $750 million of Senior Notes due in 2021 (the "2021 Notes") that bear interest at 2.250%, $1,250 million of Senior Notes due in 2026 (the "2026 Notes") that bear interest at 3.000% and $500 million of Senior Notes due in 2046 (the "2046 Notes") that bear interest at 4.500%. Net proceeds from the offering, after deducting discounts and underwriting fees, were $2,461 million. FIS used the proceeds to pay down the outstanding balance of its Revolving Loan and partially pay down the 2018 Term Loans. The obligations of FIS under the FIS Credit Agreements and under all of its outstanding senior notes rank equal in priority and are unsecured. The FIS Credit Agreements and the senior notes remain subject to customary covenants, including, among others, limitations on the payment of dividends by FIS, and customary events of default. Due to the extension of the Revolving Loan and issuance of the 2021, 2026, and 2046 Notes, FIS recorded approximately $25 million of deferred financing costs in 2016, which will be amortized into interest expense over the life of the loan and notes. Also, as a result of the pay down of the 2017 Term Loans and the partial pay down of the 2018 Term Loans, FIS incurred a pre-tax charge upon extinguishment of approximately $2 million in 2016 due to the write-off of associated previously capitalized debt issue costs. The following summarizes the aggregate maturities of our debt and capital leases on stated contractual maturities, excluding unamortized non-cash bond premiums and discounts of $36 million as of December 31, 2016 (in millions):
|  | Total
2017 |  | $ | 332 |
2018 |  | 1,564 |
2019 |  | 9 |
2020 |  | 1,750 |
2021 |  | 786 |
Thereafter |  | 6,150 |
Total principal payments |  | 10,591 |
Debt issuance costs, net of accumulated amortization |  | (77 | )
Total long-term debt |  | 10,514 |
Voluntary prepayment of the term loans is generally permitted at any time without fee upon proper notice and subject to a minimum dollar requirement. There are no mandatory principal payments on the Revolving Loan and any balance outstanding on the Revolving Loan will be due and payable at its scheduled maturity date, which occurs at August 10, 2021. On February 2, 2017, FIS issued a notice to redeem 100% of the outstanding aggregate principal amount of its $700 million 5.000% Senior Notes due 2022 (the "Notes") on March 15, 2017. The Notes are expected to be funded by borrowings under the Company’s Revolving Loan and cash proceeds from the sale of Public Sector and Education ("PS&E") (see Note 15). FIS may redeem the 2017 Notes, the April and October 2018 Notes, 2020 Notes, 2021 Notes, October 2022 Notes, 2023 Notes, 2024 Notes, 2025 Notes, 2026 Notes, and 2046 Notes at its option in whole or in part, at any time and from time to time, at a redemption price equal to the greater of 100% of the principal amount to be redeemed and a make-whole amount calculated as described in the related indenture in each case plus accrued and unpaid interest to, but excluding, the date of redemption; provided no make-whole amount will be paid for redemptions of the 2020 Notes and the 2021 Notes during the one month prior to their maturity, the October 2022 Notes during the two months prior to its maturity, the 2023 Notes, the 2024 Notes, the 2025 Notes, and the 2026 Notes during the three months prior to their maturity, and the 2046 Notes during the six months prior to their maturity. Debt issuance costs of $77 million, net of accumulated amortization, remain capitalized as of December 31, 2016, related to all of the above outstanding debt. We monitor the financial stability of our counterparties on an ongoing basis. The lender commitments under the undrawn portions of the Revolving Loan are comprised of a diversified set of financial institutions, both domestic and international. The failure of any single lender to perform its obligations under the Revolving Loan would not adversely impact our ability to fund operations. The fair value of the Company’s long-term debt is estimated to be approximately $183 million higher than the carrying value as of December 31, 2016. This estimate is based on quoted prices of our senior notes and trades of our other debt in close proximity to December 31, 2016, which are considered Level 2-type measurements. This estimate is subjective in nature and involves uncertainties and significant judgment in the interpretation of current market data. Therefore, the values presented are not necessarily indicative of amounts the Company could realize or settle currently.

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