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Debt | 3 Months Ended
--- | ---
Mar. 31, 2019
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt as of March 31, 2019 and December 31, 2018, consisted of the following (in millions):
| March 31, |  | December 31,
| 2019 |  | 2018
Senior Notes due October 2020, interest payable semi-annually at 3.625% ("2020 Notes") | $ | 1,150 |  |  | $ | 1,150 |
Senior Euro Notes due January 2021, interest payable annually at 0.400% ("2021 Euro Notes") | 561 |  |  | 572 |
Senior Notes due August 2021, interest payable semi-annually at 2.250% ("2021 Notes") | 750 |  |  | 750 |
Senior GBP Notes due June 2022, interest payable annually at 1.700% ("2022 GBP Notes") | 391 |  |  | 382 |
Senior Notes due October 2022, interest payable semi-annually at 4.500% ("2022 Notes") | 300 |  |  | 300 |
Senior Notes due April 2023, interest payable semi-annually at 3.500% ("2023 Notes") | 700 |  |  | 700 |
Senior Notes due June 2024, interest payable semi-annually at 3.875% ("2024 Notes") | 400 |  |  | 400 |
Senior Euro Notes due July 2024, interest payable annually at 1.100% ("2024 Euro Notes") | 561 |  |  | 572 |
Senior Notes due October 2025, interest payable semi-annually at 5.000% ("2025 Notes") | 900 |  |  | 900 |
Senior Notes due August 2026, interest payable semi-annually at 3.000% ("2026 Notes") | 1,250 |  |  | 1,250 |
Senior Notes due May 2028, interest payable semi-annually at 4.250% ("2028 Notes") | 400 |  |  | 400 |
Senior Notes due August 2046, interest payable semi-annually at 4.500% ("2046 Notes") | 500 |  |  | 500 |
Senior Notes due May 2048, interest payable semi-annually at 4.750% ("2048 Notes") | 600 |  |  | 600 |
Revolving Credit Facility (1) | 88 |  |  | 208 |
Other | 64 |  |  | 34 |
| 8,615 |  |  | 8,718 |
Current portion of long-term debt | (53 | ) |  | (48 | )
Long-term debt, excluding current portion | $ | 8,562 |  |  | $ | 8,670 |
(1) | Interest on the Revolving Credit Facility is generally payable at LIBOR plus an applicable margin of up to 1.625% plus an unused commitment fee of up to 0.225%, each based upon the Company's corporate credit ratings. As of March 31, 2019, the weighted-average interest rate on the Revolving Credit Facility, excluding fees, was 3.66%.
On December 21, 2018, FIS entered into an interest rate swap that effectively converted the 2024 Euro Notes from a fixed-rate to a floating rate debt obligation. This derivative instrument was designated as a fair value hedge of the debt obligation. The fair value of the interest rate swap was $7 million at March 31, 2019, recorded as a increase in the hedged debt balance. On September 21, 2018, FIS established a U.S. commercial paper program (the “Commercial Paper Program”) for the issuance and sale of senior, unsecured commercial paper notes (the “Notes”), up to a maximum aggregate amount outstanding at any time of $4.0 billion. The Notes have maturities of up to 397 days from the date of issue. The proceeds of the Notes are expected to be used for general corporate purposes. As of March 31, 2019 and December 31, 2018, the outstanding principal balance of the Commercial Paper Program was $600 million and $250 million, respectively, recorded as short-term borrowings on the Condensed Consolidated Balance Sheets (Unaudited). The weighted-average interest rate on the Notes was 2.79% as of March 31, 2019. On September 21, 2018, FIS entered into a Seventh Amendment and Restatement Agreement (“Credit Facility Agreement”), which amends and restates FIS’ existing credit agreement (as amended, the “Restated Credit Agreement”). The Credit Facility Agreement increases the revolving credit commitments outstanding under the Revolving Credit Facility (“Revolving Credit Facility”) existing under the Restated Credit Agreement from $3.0 billion to $4.0 billion and extends the term of the Restated Credit Agreement to September 21, 2023. Borrowing under the Revolving Credit Facility will generally be used for general corporate purposes, including backstopping any Notes that FIS may issue under the Commercial Paper Program described above. As of March 31, 2019, the outstanding principal balance of the Revolving Credit Facility was $88 million, with $3,906 million of borrowing capacity remaining thereunder (net of $6 million in outstanding letters of credit issued under the Revolving Credit Facility). In connection with the pending acquisition of Worldpay, FIS entered into a bridge facility commitment letter on March 17, 2019. In addition, the Revolving Credit Facility was amended on March 29, 2019 and April 5, 2019. See Note 3 for further discussion. The obligations of FIS under the Revolving Credit Facility, Commercial Paper Program and under all of its outstanding senior notes rank equal in priority and are unsecured. The Revolving Credit Facility and the senior notes are subject to customary covenants, including, among others, limitations under the Revolving Credit Facility on the payment of dividends by FIS, and customary events of default. The following summarizes the aggregate maturities of our long-term debt and other financing obligations based on stated contractual maturities, excluding the fair value of the interest rate swap and net unamortized non-cash bond premiums and discounts of $32 million, as of March 31, 2019 (in millions):
|  | Total
2019 |  | $ | 46 |
2020 |  | 1,196 |
2021 |  | 1,355 |
2022 |  | 701 |
2023 |  | 793 |
Thereafter |  | 4,611 |
Total principal payments |  | 8,702 |
Debt issuance costs, net of accumulated amortization |  | (55 | )
Total long-term debt |  | $ | 8,647 |
There are no mandatory principal payments on the Revolving Credit Facility and any balance outstanding on the Revolving Credit Facility will be due and payable at its scheduled maturity date, which occurs at September 21, 2023. FIS may redeem the 2020 Notes, 2021 Euro Notes, 2021 Notes, 2022 GBP Notes, 2022 Notes, 2023 Notes, 2024 Notes, 2024 Euro Notes, 2025 Notes, 2026 Notes, 2028 Notes, 2046 Notes and 2048 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, the 2021 Notes, the 2021 Euro Notes and the 2022 GBP Notes during the one month prior to their maturity, the 2022 Notes during the two months prior to their maturity, the 2023 Notes, the 2024 Notes, the 2024 Euro Notes, the 2025 Notes, the 2026 Notes and the 2028 Notes during the three months prior to their maturity, and the 2046 Notes and 2048 Notes during the six months prior to their maturity. Debt issuance costs of $55 million, net of accumulated amortization, remain capitalized as of March 31, 2019, 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 Credit Facility 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 Credit Facility would not adversely impact our ability to fund operations. The fair value of the Company’s long-term debt is estimated to be approximately $37 million higher than the carrying value excluding the fair value of the interest rate swap and unamortized discounts as of March 31, 2019. This estimate is based on quoted prices of our senior notes and trades of our other debt in close proximity to March 31, 2019, 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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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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