XML 40 R20.htm IDEA: XBRL DOCUMENT
v3.20.4

Debt | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt as of December 31, 2020 and 2019, consists of the following (in millions):
|  | December 31, 2020 |  |  |  |
|  |  |  | Weighted |  |  |  |  |  |
|  |  |  | Average |  |  |  |  |  |
|  | Interest |  | Interest |  |  |  | December 31,
|  | Rates |  | Rate |  | Maturities |  | 2020 |  | 2019
Fixed Rate Notes |  |  |  |  |  |  |  |  |  |
Senior USD Notes |  | 3.0% - 5.0% |  | 3.7% |  | 2023 - 2048 |  | $ | 4,938 |  |  | $ | 4,938 |
Senior Euro Notes |  | 0.1% - 3.0% |  | 1.1% |  | 2021 - 2039 |  | 8,891 |  |  | 8,694 |
Senior GBP Notes |  | 1.7% - 3.4% |  | 2.7% |  | 2022 - 2031 |  | 2,526 |  |  | 2,440 |
Senior Euro Floating Rate Notes |  |  |  | —% |  | 2021 |  | 613 |  |  | 561 |
Revolving Credit Facility (1) |  |  |  | 1.3% |  | 2023 |  | 251 |  |  | 600 |
Other |  |  |  |  |  |  |  | 46 |  |  | 136 |
Total long-term debt, including current portion |  |  |  |  |  | 17,265 |  |  | 17,369 |
Current portion of long-term debt |  |  |  |  |  |  |  | (1,314) |  |  | (140) |
Long-term debt, excluding current portion |  |  |  |  |  | $ | 15,951 |  |  | $ | 17,229 |
(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. The weighted average interest rate on the Revolving Credit Facility excludes fees. Short-term borrowings as of December 31, 2020 and 2019, consist of the following (in millions):
| December 31, 2020 |  |  |  |
| Weighted |  |  |  |  |  |
| Average |  |  |  |  |  |
| Interest |  |  |  | December 31,
| Rate |  | Maturities |  | 2020 |  | 2019
Euro-commercial paper notes ("ECP Notes") | (0.3) | % |  | Up to 183 days |  | $ | 861 |  |  | $ | 2,523 |
U.S. commercial paper notes ("USCP Notes") | 0.4 | % |  | Up to 397 days |  | 1,745 |  |  | 200 |
Other |  |  |  |  | 144 |  |  | 100 |
Total Short-term borrowings |  |  |  |  | $ | 2,750 |  |  | $ | 2,823 |
As of December 31, 2020, the weighted average interest rate of the Company's outstanding debt was 1.7%, including the impact of interest rate swaps (see Note 13). The obligations of FIS under the Revolving Credit Facility, ECP Notes and USCP Notes, and all of its outstanding senior notes rank equal in priority and are unsecured. The following summarizes the aggregate maturities of our long-term debt, including other financing obligations for certain hardware and software, based on stated contractual maturities, excluding the fair value of the interest rate swaps discussed below and net unamortized non-cash bond premiums and discounts of $29 million as of December 31, 2020 (in millions):
| Total
2021 | $ | 1,314 |
2022 | 1,669 |
2023 | 2,508 |
2024 | 1,020 |
2025 | 2,238 |
Thereafter | 8,634 |
Total principal payments | 17,383 |
Debt issuance costs, net of accumulated amortization | (89) |
Total long-term debt | $ | 17,294 |
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. Senior Notes FIS may redeem the Senior USD Notes, Senior Euro Notes and Senior GBP Notes (collectively, the "Senior 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 Senior Notes during the period described in the related indenture (ranging from one to six months) prior to their maturity. On December 15, 2020, FIS redeemed an aggregate principal amount of €500 million in Senior Euro Notes, which were due in 2021, one month prior to maturity. The notes were redeemed pursuant to the related indenture allowing redemption without a make-whole payment. In December 2019, pursuant to cash tender offers, FIS purchased and redeemed an aggregate principal amount of $3.0 billion in Senior USD Notes, resulting in a pre-tax charge of approximately $217 million relating to tender premiums and fees as well as the write-off of previously capitalized debt issuance costs. The Senior Notes are subject to customary covenants, including, among others, customary events of default. Commercial Paper FIS has a Euro-commercial paper ("ECP") program for the issuance and sale of senior, unsecured commercial paper notes, up to a maximum aggregate amount outstanding at any time of $4.7 billion (or its equivalent in other currencies), which was established on May 29, 2019. The ECP program will generally be used for general corporate purposes. FIS has a U.S. commercial paper ("USCP") program for the issuance and sale of senior, unsecured commercial paper notes, up to a maximum aggregate amount outstanding at any time of $4.0 billion, as established on September 21, 2018. FIS increased the capacity on the USCP program to $5.5 billion on May 29, 2019. The USCP program will generally be used for general corporate purposes. Revolving Credit Facility On September 21, 2018, FIS entered into a Seventh Amendment and Restatement Agreement ("Credit Facility Agreement"), which amended and restated FIS' existing credit agreement (as amended, the "Restated Credit Agreement"). The Credit Facility Agreement increased 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 extended the term of the Restated Credit Agreement to September 21, 2023. On May 29, 2019, FIS entered into an amendment to the Restated Credit Agreement to increase the revolving credit commitments outstanding under the Revolving Credit Facility from $4.0 billion to $5.5 billion. Borrowing under the Revolving Credit Facility will generally be used for general corporate purposes, including backstopping any notes that FIS may issue under the USCP and ECP programs described above. As of December 31, 2020, the borrowing capacity under the Revolving Credit Facility was $2,641 million (net of $2,606 million of capacity backstopping our commercial paper notes and $2 million in outstanding letters of credit issued under the Revolving Credit Facility). The Revolving Credit Facility is subject to customary covenants, including, among others, customary events of default, a provision allowing for financing related to the acquisition of Worldpay and limitations on the payment of dividends by FIS. 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. Fair Value of Debt The fair value of the Company's long-term debt is estimated to be approximately $1,640 million and $900 million higher than the carrying value, excluding the fair value of the interest rate swaps and unamortized discounts, as of December 31, 2020 and 2019, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration