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Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt as of March 31, 2022, and December 31, 2021, consists of the following (in millions):
March 31, 2022
Weighted
Average
InterestInterestMarch 31,December 31,
RatesRate (1)Maturities20222021
Fixed Rate Notes
Senior USD Notes
0.4% - 4.8%
1.9%2023 - 2048$6,909 $6,909 
Senior Euro Notes
0.1% - 3.0%
1.2%2022 - 20397,502 7,656 
Senior GBP Notes
1.7% - 3.4%
1.6%2022 - 20311,609 1,655 
Revolving Credit Facility (2)1.7%2026838 325 
Other (3)(320)(103)
Total long-term debt, including current portion16,538 16,442 
Current portion of long-term debt(2,330)(1,617)
Long-term debt, excluding current portion$14,208 $14,825 
    
(1)The weighted average interest rate includes the impact of interest rate swaps (see Note 7).
(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 7), unamortized non-cash bond discounts and unamortized debt issuance costs.

Short-term borrowings as of March 31, 2022, and December 31, 2021, consist of the following (in millions):
March 31, 2022
Weighted
Average
InterestMarch 31,December 31,
RateMaturities20222021
Euro-commercial paper notes ("ECP Notes")(0.3)%
Up to 183 days
$1,689 $1,723 
U.S. commercial paper notes ("USCP Notes")0.8 %
Up to 397 days
993 2,087 
Other— 101 
Total Short-term borrowings$2,682 $3,911 

As of March 31, 2022, the weighted average interest rate of the Company's outstanding debt was 1.0%, including the impact of interest rate swaps (see Note 7).
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 7) and net unamortized non-cash bond discounts of $(324) million as of March 31, 2022 (in millions):
Total
2022 remaining period$1,563 
20232,163 
20241,313 
2025701 
20262,094 
Thereafter9,125 
Total principal payments16,959 
Debt issuance costs, net of accumulated amortization(97)
Total long-term debt$16,862 

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

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 Revolving Credit Facility agreement to amend certain covenant provisions, revise lender commitments for certain counterparties, and extend the scheduled maturity date to March 2, 2026. As of March 31, 2022, the borrowing capacity under the Revolving Credit Facility was $1,980 million (net of $2,682 million of capacity backstopping our commercial paper notes).

Fair Value of Debt
The fair value of the Company's long-term debt is estimated to be approximately $437 million lower than the carrying value and $570 million higher than the carrying value, excluding the fair value of the interest rate swaps and unamortized discounts, as of March 31, 2022, and December 31, 2021, respectively.