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Divestitures | 6 Months Ended
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Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Divestitures | Divestitures Planned Separation of Worldpay Merchant Solutions Business On July 5, 2023, FIS signed a definitive agreement to sell a 55% equity interest in its Worldpay Merchant Solutions business to private equity funds managed by GTCR, LLC ("GTCR") in a transaction valuing the business at up to $18.5 billion, including potential consideration of $1.0 billion contingent on the returns realized by GTCR exceeding certain thresholds. We expect our net proceeds at closing from the sale to be approximately $11.7 billion, consisting of (i) $8.4 billion of proceeds from a pre-closing distribution from the Worldpay business (funded by new debt) and (ii) $5.0 billion from the sale of 55% of our ownersh ip interest, net of estimated selling price adjustments, debt restructuring fees, taxes and transaction costs. FIS will retain a non-controlling 45% ownership interest in a new standalone joint venture. Subsequent to June 30, 2023, the Merchant disposal group has met the accounting criteria to be classified as held for sale and will be presented as such beginning with the third quarter of 2023. The planned disposition of the Worldpay Merchant Solutions business represents a strategic shift that will have a major impact on the Company’s operations and financial results. Accordingly, the Company plans to present the operating results and cash flows of the Worldpay Merchant Solutions business as discontinued operations for all periods presented in the financial statements beginning in the third quarter of 2023. The transaction is expected to close by the first quarter of 2024, subject to regulatory approvals and other customary closing conditions. Following the closing of this transaction, FIS' ownership interest in Worldpay is expected to be reported as income from minority interest.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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