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Financial Instruments
3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial Instruments Financial Instruments
Fair Value Hedge

The Company holds an interest rate swap with a €500 million notional value converting the interest rate exposure on the Company’s Senior Euro Notes due 2024 from fixed to variable. This swap is designated as a fair value hedge for accounting purposes with an asset fair value of $13 million and $10 million at March 31, 2020, and December 31, 2019, respectively, reflected as an increase in the hedged debt balance (see Note 7).
Net Investment Hedges

The purpose of the Company’s net investment hedges, as discussed below, is to reduce the volatility of FIS’ net investment value in its Euro- and Pound Sterling-denominated operations due to changes in foreign currency exchange rates.

The Company recorded net investment hedge aggregate gain (loss), net of tax, for the change in fair value as Foreign currency translation adjustments, within Other comprehensive earnings (loss), net of tax on the consolidated statements of comprehensive earnings of $535 million and $7 million, during the three months ended March 31, 2020 and 2019, respectively. No ineffectiveness was recorded on the net investment hedges.

Foreign Currency-Denominated Debt Designations

The Company designates certain foreign currency-denominated debt as net investment hedges of its investment in Euro- and Pound Sterling-denominated operations. As of March 31, 2020, an aggregate €8,809 million was designated as a net investment hedge of the Company’s investment in Euro-denominated operations related to the Senior Euro Floating Rate Notes, Senior Euro Notes with maturities ranging from 2021 to 2039 and ECP Notes, and an aggregate £864 million was designated as a net investment hedge of the Company’s Pound Sterling-denominated operations related to the Senior GBP Notes with maturities ranging from 2022 to 2031.

Cross-Currency Interest Rate Swap Designations

The Company holds cross-currency interest rate swaps and designates them as net investment hedges of its investment in Euro- and Pound Sterling-denominated operations.

As of March 31, 2020, an aggregate notional amount of €2,506 million was designated as a net investment hedge of the Company’s investment in Euro-denominated operations, and an aggregate notional amount of £556 million was designated as a net investment hedge of the Company’s Pound Sterling-denominated operations. The fair value of the cross-currency interest rate swaps was a net $116 million asset and $167 million liability at March 31, 2020, and December 31, 2019, respectively.