XML 25 R15.htm IDEA: XBRL DOCUMENT v3.23.2
Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt as of June 30, 2023, and December 31, 2022, consisted of the following (in millions):
June 30, 2023
Weighted
Average
InterestInterestJune 30,December 31,
RatesRate (1)Maturities20232022
Fixed Rate Notes
Senior USD Notes
0.6% - 5.6%
4.0%2024 - 2052$8,659 $9,409 
Senior Euro Notes
0.6% - 3.0%
1.9%2024 - 20394,897 6,154 
Senior GBP Notes
2.3% - 3.4%
7.1%2029 - 20311,171 1,119 
Revolving Credit Facility (2)6.3%2026301 280 
Incremental Revolving Credit Facility (3)2023— — 
Other (4)(654)(622)
Total long-term debt, including current portion14,374 16,340 
Current portion of long-term debt(785)(2,133)
Long-term debt, excluding current portion$13,589 $14,207 
    
(1)The weighted average interest rate includes the impact of interest rate swaps and excludes the impact of cross-currency interest rate swaps (see Note 8).
(2)Through June 30, 2023, 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. Effective July 1, 2023, the Adjusted Term SOFR replaced LIBOR as the reference rate and added an additional spread to the interest rate of up to 0.428%. The weighted average interest rate on the Revolving Credit Facility excludes fees.
(3)Interest on the Incremental Revolving Credit Facility is generally payable at a rate, at the option of the Company, equal to the Term SOFR Rate plus 0.10% plus a margin of up to 1.625% or equal to the Base Rate plus a margin of up to 0.625%, in either case plus an unused commitment fee of up to 0.225%.
(4)Other includes financing obligations for certain hardware and software, the fair value of interest rate swaps (see Note 8), unamortized non-cash bond discounts and unamortized debt issuance costs.

Short-term borrowings as of June 30, 2023, and December 31, 2022, consisted of the following (in millions):
June 30, 2023
Weighted
Average
InterestJune 30,December 31,
RateMaturities20232022
Euro-commercial paper notes ("ECP Notes")3.6 %
Up to 183 days
$2,851 $2,054 
U.S. commercial paper notes ("USCP Notes")5.5 %
Up to 397 days
2,293 1,701 
Other— 42 
Total Short-term borrowings$5,144 $3,797 

As discussed further in Note 8, the Company is a party to interest rate swaps that convert a portion of its fixed-rate debt to variable-rate debt and fixed-for-fixed cross-currency interest rate swaps under which it agrees to receive interest in foreign currency in exchange for paying interest in U.S. dollars. These interest rate swaps are designated as fair value hedges of its fixed rate debt. The Company has also entered into cross-currency interest rate swaps under which it agrees to receive interest in U.S. dollars in exchange for paying interest in a foreign currency. Although these cross-currency interest rate swaps are entered into as net investment hedges of its investments in certain of its non-U.S. subsidiaries, and not for the purpose of hedging interest rates, the benefit or cost of such hedges is reflected in interest expense in the consolidated statement of earnings. As of June 30, 2023, the weighted average interest rate of the Company's outstanding debt was 4.1%, including the impact of interest rate swaps and cross-currency interest rate swaps designated as fair value hedges but excluding the impact of cross-currency interest rate swaps designated as net investment hedges. Including the impact of the net investment hedge cross-currency interest rate swaps on interest expense, the weighted average interest rate of the Company's outstanding debt was 3.4%.
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 8) and net unamortized non-cash bond discounts of $(650) million as of June 30, 2023 (in millions):
Total
2023 remaining period$22 
20241,331 
20251,448 
20261,261 
20272,162 
Thereafter8,892 
Total principal payments15,116 
Debt issuance costs, net of accumulated amortization(92)
Total long-term debt$15,024 

There are no mandatory principal payments on the Revolving Credit Facility or the Incremental Revolving Credit Facility, and any balance outstanding on the Revolving Credit Facility or the Incremental Revolving Credit Facility will be due and payable at each such facility's scheduled maturity date, which occur on March 2, 2026, and December 15, 2023, respectively.

Senior Notes

On May 21, 2023, FIS repaid an aggregate principal amount of €1.3 billion in Senior Euro Notes, on their due date, pursuant to the related indenture.

On March 1, 2023, FIS repaid an aggregate principal amount of $750 million in Senior USD Notes, on their due date, pursuant to the related indenture.

On December 3, 2022, FIS repaid an aggregate principal amount of €1.0 billion in Senior Euro Notes, on their due date, pursuant to the related indenture.

On July 13, 2022, FIS completed the issuance and sale of Senior USD Notes with an aggregate principal amount of $2.5 billion with interest rates ranging from 4.5% to 5.6% and maturities ranging from 2025 to 2052. The proceeds from the debt issuance were used for the repayment of debt under our commercial paper programs in the third quarter of 2022.

Revolving Credit Facilities

On February 28, 2023, FIS entered into a Incremental Revolving Credit Facility which provides credit commitments outstanding of $2.0 billion, with a scheduled maturity date of December 15, 2023. The proceeds of any borrowings under the Incremental Revolving Credit Facility will be used to provide ongoing working capital and for other general corporate purposes of the Company and its subsidiaries, including the repayment of certain existing debt of the Company and its subsidiaries and to backstop the Company’s commercial paper program. The Incremental Revolving Credit Facility contains customary covenants restricting, among other things, the incurrence of indebtedness, certain restricted payments and use of proceeds as well as to maintain certain financial ratios.

As of June 30, 2023, the borrowing capacity under the Revolving Credit Facility and Incremental Revolving Credit Facility was $2,055 million (net of $5,144 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 $1,799 million and $1,873 million lower than the carrying value, excluding the fair value of the interest rate swaps and unamortized discounts, as of June 30, 2023, and December 31, 2022, respectively.