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Changes in Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2018
Accounting Changes and Error Corrections [Abstract] |
Change in Accounting Pronouncements | The following tables summarize the impacts of Topic 606 adoption on the Company’s Condensed Consolidated Financial Statements (Unaudited). Condensed Consolidated Balance Sheet (Unaudited) as of December 31, 2017 (in millions):
| As Previously |  |  |  |
| Reported |  | Adjustments |  | As Adjusted
ASSETS |  |  |  |  |
Current assets: |  |  |  |  |
Cash and cash equivalents | $ | 665 |  |  | $ | — |  |  | $ | 665 |
Settlement deposits | 677 |  |  | — |  |  | 677 |
Trade receivables, net | 1,650 |  |  | (26 | ) |  | 1,624 |
Contract assets | — |  |  | 108 |  |  | 108 |
Settlement receivables | 291 |  |  | — |  |  | 291 |
Other receivables | 70 |  |  | — |  |  | 70 |
Prepaid expenses and other current assets | 253 |  |  | — |  |  | 253 |
Total current assets | 3,606 |  |  | 82 |  |  | 3,688 |
Property and equipment, net | 610 |  |  | — |  |  | 610 |
Goodwill | 13,730 |  |  | — |  |  | 13,730 |
Intangible assets, net | 3,950 |  |  | (65 | ) |  | 3,885 |
Computer software, net | 1,728 |  |  | — |  |  | 1,728 |
Deferred contract costs, net | 362 |  |  | (8 | ) |  | 354 |
Other noncurrent assets | 531 |  |  | — |  |  | 531 |
Total assets | $ | 24,517 |  |  | $ | 9 |  |  | $ | 24,526 |
LIABILITIES AND EQUITY |  |  |  |  |
Current liabilities: |  |  |  |  |
Accounts payable and accrued liabilities | $ | 1,241 |  |  | $ | — |  |  | $ | 1,241 |
Settlement payables | 949 |  |  | — |  |  | 949 |
Deferred revenues | 688 |  |  | 88 |  |  | 776 |
Current portion of long-term debt | 1,045 |  |  | — |  |  | 1,045 |
Total current liabilities | 3,923 |  |  | 88 |  |  | 4,011 |
Long-term debt, excluding current portion | 7,718 |  |  | — |  |  | 7,718 |
Deferred income taxes | 1,508 |  |  | (40 | ) |  | 1,468 |
Deferred revenues | 21 |  |  | 85 |  |  | 106 |
Other long-term liabilities | 403 |  |  | — |  |  | 403 |
Total liabilities | 13,573 |  |  | 133 |  |  | 13,706 |
Equity: |  |  |  |  |
FIS stockholders’ equity: |  |  |  |  |
Preferred stock | — |  |  | — |  |  | — |
Common stock | 4 |  |  | — |  |  | 4 |
Additional paid in capital | 10,534 |  |  | — |  |  | 10,534 |
Retained earnings | 4,233 |  |  | (124 | ) |  | 4,109 |
Accumulated other comprehensive earnings | (332 | ) |  | — |  |  | (332 | )
Treasury stock, at cost | (3,604 | ) |  | — |  |  | (3,604 | )
Total FIS stockholders’ equity | 10,835 |  |  | (124 | ) |  | 10,711 |
Noncontrolling interest | 109 |  |  | — |  |  | 109 |
Total equity | 10,944 |  |  | (124 | ) |  | 10,820 |
Total liabilities and equity | $ | 24,517 |  |  | $ | 9 |  |  | $ | 24,526 |
Condensed Consolidated Statement of Earnings (Unaudited) for the three months ended June 30, 2017 (in millions):
| As previously |  |  |  |
| Reported |  | Adjustments |  | As Adjusted
Revenues | $ | 2,341 |  |  | $ | (83 | ) |  | $ | 2,258 |
Cost of revenues | 1,612 |  |  | (92 | ) |  | 1,520 |
Gross profit | 729 |  |  | 9 |  |  | 738 |
Selling, general, and administrative expenses | 370 |  |  | (2 | ) |  | 368 |
Operating income | 359 |  |  | 11 |  |  | 370 |
Other income (expense): |  |  |  |  |
Interest income (expense), net | (91 | ) |  | — |  |  | (91 | )
Other income (expense), net | 4 |  |  | — |  |  | 4 |
Total other income (expense), net | (87 | ) |  | — |  |  | (87 | )
Earnings before income taxes and equity method investment earnings (loss) | 272 |  |  | 11 |  |  | 283 |
Provision (benefit) for income taxes | 132 |  |  | 4 |  |  | 136 |
Equity method investment earnings (loss) | — |  |  | — |  |  | — |
Net earnings | 140 |  |  | 7 |  |  | 147 |
Net (earnings) loss attributable to noncontrolling interest | (8 | ) |  | — |  |  | (8 | )
Net earnings attributable to FIS common stockholders | $ | 132 |  |  | $ | 7 |  |  | $ | 139 |
Net earnings per share — basic attributable to FIS common stockholders | $ | 0.40 |  |  | $ | 0.02 |  |  | $ | 0.42 |
Weighted average shares outstanding — basic | 330 |  |  | 330 |  |  | 330 |
Net earnings per share — diluted attributable to FIS common stockholders | $ | 0.40 |  |  | $ | 0.02 |  |  | $ | 0.42 |
Weighted average shares outstanding — diluted | 334 |  |  | 334 |  |  | 334 |
Condensed Consolidated Statement of Earnings (Unaudited) for the six months ended June 30, 2017 (in millions):
| As previously |  |  |  |
| Reported |  | Adjustments |  | As Adjusted
Revenues | $ | 4,596 |  |  | $ | (190 | ) |  | $ | 4,406 |
Cost of revenues | 3,195 |  |  | (184 | ) |  | 3,011 |
Gross profit | 1,401 |  |  | (6 | ) |  | 1,395 |
Selling, general, and administrative expenses | 783 |  |  | (4 | ) |  | 779 |
Operating income | 618 |  |  | (2 | ) |  | 616 |
Other income (expense): |  |  |  |  |
Interest income (expense), net | (183 | ) |  | — |  |  | (183 | )
Other income (expense), net | 60 |  |  | — |  |  | 60 |
Total other income (expense), net | (123 | ) |  | — |  |  | (123 | )
Earnings before income taxes and equity method investment earnings (loss) | 495 |  |  | (2 | ) |  | 493 |
Provision (benefit) for income taxes | 211 |  |  | (1 | ) |  | 210 |
Equity method investment earnings (loss) | — |  |  | — |  |  | — |
Net earnings | 284 |  |  | (1 | ) |  | 283 |
Net (earnings) loss attributable to noncontrolling interest | (14 | ) |  | — |  |  | (14 | )
Net earnings attributable to FIS common stockholders | $ | 270 |  |  | $ | (1 | ) |  | $ | 269 |
Net earnings per share — basic attributable to FIS common stockholders | $ | 0.82 |  |  | $ | — |  |  | $ | 0.82 |
Weighted average shares outstanding — basic | 329 |  |  | 329 |  |  | 329 |
Net earnings per share — diluted attributable to FIS common stockholders | $ | 0.81 |  |  | $ | — |  |  | $ | 0.81 |
Weighted average shares outstanding — diluted | 334 |  |  | 334 |  |  | 334 |
Condensed Consolidated Statement of Comprehensive Earnings (Unaudited) for the three months ended June 30, 2017 (in millions):
| As Previously |  |  |  |
| Reported |  | Adjustments |  | As Adjusted
Net earnings |  |  | $ | 140 |  |  |  |  | $ | 7 |  |  |  |  | $ | 147 |
Other comprehensive earnings, before tax: |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on investments and derivatives | $ | (33 | ) |  |  |  | $ | — |  |  |  |  | $ | (33 | ) |  |
Reclassification adjustment for gain (loss) included in net earnings | — |  |  |  |  | — |  |  |  |  | — |  |  |
Unrealized gain (loss) on investments and derivatives, net | (33 | ) |  |  |  | — |  |  |  |  | (33 | ) |  |
Foreign currency translation adjustments | (62 | ) |  |  |  | — |  |  |  |  | (62 | ) |  |
Minimum pension liability adjustments | (10 | ) |  |  |  | — |  |  |  |  | (10 | ) |  |
Other comprehensive earnings (loss), before tax | (105 | ) |  |  |  | — |  |  |  |  | (105 | ) |  |
Provision for income tax expense (benefit) related to items of other comprehensive earnings | (13 | ) |  |  |  | — |  |  |  |  | (13 | ) |  |
Other comprehensive earnings (loss), net of tax | $ | (92 | ) |  | (92 | ) |  | $ | — |  |  | — |  |  | $ | (92 | ) |  | (92 | )
Comprehensive earnings: |  |  | 48 |  |  |  |  | 7 |  |  |  |  | 55 |
Net (earnings) loss attributable to noncontrolling interest |  |  | (8 | ) |  |  |  | — |  |  |  |  | (8 | )
Other comprehensive (earnings) loss attributable to noncontrolling interest |  |  | 5 |  |  |  |  | — |  |  |  |  | 5 |
Comprehensive earnings attributable to FIS common stockholders |  |  | $ | 45 |  |  |  |  | $ | 7 |  |  |  |  | $ | 52 |
Condensed Consolidated Statement of Comprehensive Earnings (Unaudited) for the six months ended June 30, 2017 (in millions):
| As Previously |  |  |  |
| Reported |  | Adjustments |  | As Adjusted
Net earnings |  |  | $ | 284 |  |  |  |  | $ | (1 | ) |  |  |  | $ | 283 |
Other comprehensive earnings, before tax: |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on investments and derivatives | $ | (33 | ) |  |  |  | $ | — |  |  |  |  | $ | (33 | ) |  |
Reclassification adjustment for gain (loss) included in net earnings | — |  |  |  |  | — |  |  |  |  | — |  |  |
Unrealized gain (loss) on investments and derivatives, net | (33 | ) |  |  |  | — |  |  |  |  | (33 | ) |  |
Foreign currency translation adjustments | (26 | ) |  |  |  | — |  |  |  |  | (26 | ) |  |
Minimum pension liability adjustments | (10 | ) |  |  |  | — |  |  |  |  | (10 | ) |  |
Other comprehensive earnings (loss), before tax | (69 | ) |  |  |  | — |  |  |  |  | (69 | ) |  |
Provision for income tax expense (benefit) related to items of other comprehensive earnings | (13 | ) |  |  |  | — |  |  |  |  | (13 | ) |  |
Other comprehensive earnings (loss), net of tax | $ | (56 | ) |  | (56 | ) |  | $ | — |  |  | — |  |  | $ | (56 | ) |  | (56 | )
Comprehensive earnings: |  |  | 228 |  |  |  |  | (1 | ) |  |  |  | 227 |
Net (earnings) loss attributable to noncontrolling interest |  |  | (14 | ) |  |  |  | — |  |  |  |  | (14 | )
Other comprehensive (earnings) loss attributable to noncontrolling interest |  |  | 2 |  |  |  |  | — |  |  |  |  | 2 |
Comprehensive earnings attributable to FIS common stockholders |  |  | $ | 216 |  |  |  |  | $ | (1 | ) |  |  |  | $ | 215 |
Condensed Consolidated Statement of Cash Flows (Unaudited) for the six months ended June 30, 2017 (in millions):
| As Previously |  |  |  |
| Reported |  | Adjustments |  | As Adjusted
Cash flows from operating activities: |  |  |  |  |
Net earnings | $ | 284 |  |  | $ | (1 | ) |  | $ | 283 |
Adjustment to reconcile net earnings to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 685 |  |  | (12 | ) |  | 673 |
Amortization of debt issue costs | 17 |  |  | — |  |  | 17 |
Gain on sale of assets | (88 | ) |  | — |  |  | (88 | )
Stock-based compensation | 61 |  |  | — |  |  | 61 |
Deferred income taxes | (132 | ) |  | 2 |  |  | (130 | )
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency: |  |  |  |  |
Trade receivables | 45 |  |  | (50 | ) |  | (5 | )
Contract assets | — |  |  | 51 |  |  | 51 |
Settlement activity | (19 | ) |  | — |  |  | (19 | )
Prepaid expenses and other assets | (52 | ) |  | — |  |  | (52 | )
Deferred contract costs | (70 | ) |  | 6 |  |  | (64 | )
Deferred revenues | 9 |  |  | 9 |  |  | 18 |
Accounts payable, accrued liabilities, and other liabilities | (212 | ) |  | (5 | ) |  | (217 | )
Net cash provided by operating activities | 528 |  |  | — |  |  | 528 |
Cash flows from investing activities: |  |  |  |  |
Additions to property and equipment | (69 | ) |  | — |  |  | (69 | )
Additions to computer software | (228 | ) |  | — |  |  | (228 | )
Net proceeds from sale of assets | 846 |  |  | — |  |  | 846 |
Other investing activities, net | (3 | ) |  | — |  |  | (3 | )
Net cash provided by (used in) investing activities | 546 |  |  | — |  |  | 546 |
Cash flows from financing activities: |  |  |  |  |
Borrowings | 3,698 |  |  | — |  |  | 3,698 |
Repayment of borrowings and capital lease obligations | (4,557 | ) |  | — |  |  | (4,557 | )
Proceeds from exercise of stock options | 109 |  |  | — |  |  | 109 |
Treasury stock activity | (43 | ) |  | — |  |  | (43 | )
Dividends paid | (192 | ) |  | — |  |  | (192 | )
Other financing activities, net | (5 | ) |  | — |  |  | (5 | )
Net cash provided by (used in) financing activities | (990 | ) |  | — |  |  | (990 | )
Effect of foreign currency exchange rate changes on cash | 19 |  |  | — |  |  | 19 |
Net increase (decrease) in cash and cash equivalents | 103 |  |  | — |  |  | 103 |
Cash and cash equivalents, beginning of year | 683 |  |  | — |  |  | 683 |
Cash and cash equivalents, end of year | $ | 786 |  |  | $ | — |  |  | $ | 786 |
Supplemental cash flow information: |  |  |  |  |
Cash paid for interest | $ | 195 |  |  | $ | — |  |  | $ | 195 |
Cash paid for income taxes | $ | 452 |  |  | $ | — |  |  | $ | 452 |

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