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Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt as of June 30, 2021, and December 31, 2020, consists of the following (in millions):
June 30, 2021
Weighted
Average
InterestInterestJune 30,December 31,
RatesRate (1)Maturities20212020
Fixed Rate Notes
Senior USD Notes
0.4% - 4.8%
1.8%2023 - 2048$6,909 $4,938 
Senior Euro Notes
0.1% - 3.0%
1.3%2022 - 20398,018 8,891 
Senior GBP Notes
1.7% - 3.4%
1.5%2022 - 20311,695 2,526 
Senior Euro Floating Rate NotesN/A2021— 613 
Revolving Credit Facility (2)—%2026— 251 
Other (3)(78)46 
Total long-term debt, including current portion16,544 17,265 
Current portion of long-term debt(482)(1,314)
Long-term debt, excluding current portion$16,062 $15,951 
    
(1)The weighted average interest rate includes the impact of interest rate swaps (see Note 6).
(2)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.
(3)Other includes financing obligations for certain hardware and software, the fair value of interest rate swaps (see Note 6), unamortized non-cash bond discounts and unamortized debt issuance costs.

Short-term borrowings as of June 30, 2021, and December 31, 2020, consist of the following (in millions):
June 30, 2021
Weighted
Average
InterestJune 30,December 31,
RateMaturities20212020
Euro-commercial paper notes ("ECP Notes")(0.5)%
Up to 183 days
$439 $861 
U.S. commercial paper notes ("USCP Notes")0.3 %
Up to 397 days
2,429 1,745 
Other5 144 
Total Short-term borrowings$2,873 $2,750 

As of June 30, 2021, the weighted average interest rate of the Company's outstanding debt was 1.0%, including the impact of interest rate swaps (see Note 6).
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 (see Note 6) and net unamortized non-cash bond discounts of $(77) million as of June 30, 2021 (in millions):
Total
2021 remaining period$33 
20221,644 
20232,257 
20241,350 
2025748 
Thereafter10,703 
Total principal payments16,735 
Debt issuance costs, net of accumulated amortization(114)
Total long-term debt$16,621 

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 on March 2, 2026.

Senior Notes

On May 21, 2021, FIS redeemed an aggregate principal amount of €446 million in Senior Euro Floating Rate Notes on their due date, pursuant to the related indenture.

In March 2021, pursuant to cash tender offers and make-whole redemptions, FIS purchased and redeemed an aggregate principal amount of $5.1 billion in Senior Notes, comprised of $3,529 million in Senior USD Notes, $600 million in Senior Euro Notes, $871 million in Senior GBP Notes, and $66 million in Senior Euro Floating Rate Notes, with interest rates ranging from 0.0% to 5.0% and maturities ranging from 2021 to 2029, resulting in a loss on extinguishment of debt of approximately $528 million, recorded in Other income (expense), net on the consolidated statement of earnings (loss), relating to tender premiums, make-whole amounts, and fees; the write-off of unamortized bond discounts and debt issuance costs; and losses on related derivative instruments. The Company funded the purchase and redemption of the Senior Notes with proceeds on borrowings from the issuance and sale of Senior USD Notes on March 2, 2021.

On March 2, 2021, FIS completed the issuance and sale of Senior USD Notes with an aggregate principal amount of $5.5 billion with interest rates ranging from 0.4% to 3.1% and maturities ranging from 2023 to 2041 ("new Senior USD Notes"). The proceeds from the debt issuance were subsequently used to purchase and redeem the Senior Notes discussed above with the remainder used to repay a portion of our commercial paper notes. The new Senior USD Notes are subject to customary covenants, including, among others, customary events of default. The new Senior USD Notes also include redemption provisions at the option of FIS, similar to the other Senior Notes.

Revolving Credit Facility

On March 2, 2021, FIS entered into an amendment to the Restated Credit Agreement to amend certain covenant provisions, revise lender commitments for certain counterparties, and extend the scheduled maturity date to March 2, 2026. As of June 30, 2021, the borrowing capacity under the Revolving Credit Facility was $2,631 million (net of $2,868 million of capacity backstopping our commercial paper notes and $1 million in outstanding letters of credit issued under the Revolving Credit Facility).

Fair Value of Debt
The fair value of the Company's long-term debt is estimated to be approximately $823 million and $1,640 million higher than the carrying value, excluding the fair value of the interest rate swaps and unamortized discounts, as of June 30, 2021, and December 31, 2020, respectively.