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Debt | 9 Months Ended
--- | ---
Sep. 30, 2023
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt as of September 30, 2023, and December 31, 2022, consisted of the following (in millions):
|  | September 30, 2023 |  |  |  |
|  |  |  | Weighted |  |  |  |  |  |
|  |  |  | Average |  |  |  |  |  |
|  | Interest |  | Interest |  |  |  | September 30, |  | December 31,
|  | Rates |  | Rate (1) |  | Maturities |  | 2023 |  | 2022
Fixed Rate Notes |  |  |  |  |  |  |  |  |  |
Senior USD Notes |  | 0.6% - 5.6% |  | 3.6% |  | 2024 - 2052 |  | $ | 8,659 |  |  | $ | 9,409 |
Senior Euro Notes |  | 0.6% - 3.0% |  | 2.9% |  | 2024 - 2039 |  | 4,759 |  |  | 6,154 |
Senior GBP Notes |  | 2.3% - 3.4% |  | 7.3% |  | 2029 - 2031 |  | 1,129 |  |  | 1,119 |
Revolving Credit Facility (2) |  |  |  | 6.6% |  | 2026 |  | 155 |  |  | 280 |
Incremental Revolving Credit Facility (3) |  |  |  |  |  | 2023 |  | — |  |  | — |
Other (4) |  |  |  |  |  |  |  | (641) |  |  | (626) |
Total long-term debt, including current portion |  |  |  |  |  | 14,061 |  |  | 16,336 |
Current portion of long-term debt |  |  |  |  |  |  |  | (1,320) |  |  | (2,130) |
Long-term debt, excluding current portion |  |  |  |  |  | $ | 12,741 |  |  | $ | 14,206 |
(1)The weighted average interest rate includes the impact of the fair value basis adjustments due to interest rate swaps and cross-currency interest rate swaps designated as fair value hedges and excludes the impact of cross-currency interest rate swaps designated as net investment hedges (see Note 8). (2)Interest on the Revolving Credit Facility is generally payable at SOFR plus a margin up to 0.428% dependent on tenor, plus an applicable margin of up to 1.625% and 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)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 primarily the fair value basis adjustments due to interest rate swaps (see Note 8), unamortized debt issuance costs and unamortized non-cash bond discounts. Short-term borrowings as of September 30, 2023, and December 31, 2022, consisted of the following (in millions):
|  | September 30, 2023 |  |  |  |
|  | Weighted |  |  |  |  |  |
|  | Average |  |  |  |  |  |
|  | Interest |  |  |  | September 30, |  | December 31,
|  | Rate |  | Maturities |  | 2023 |  | 2022
Euro-commercial paper notes ("ECP Notes") |  | 4.0 | % |  | Up to 183 days |  | $ | 2,196 |  |  | $ | 2,054 |
U.S. commercial paper notes ("USCP Notes") |  | 5.6 | % |  | Up to 397 days |  | 2,399 |  |  | 1,701 |
Total Short-term borrowings |  |  |  |  |  | $ | 4,595 |  |  | $ | 3,755 |
The Company is a party to interest rate swaps that, prior to de-designation as fair value hedges, converted a portion of its fixed-rate debt to variable-rate debt. These interest rate swaps were de-designated as fair value hedges of its fixed-rate debt during the quarter ended September 30, 2023. The Company is also party to 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 are designated as fair value hedges. 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. These are designated as net investment hedges. 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 September 30, 2023, the weighted average interest rate of the Company's outstanding debt was 4.3%, including the impact of fair value basis adjustments due to 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 3.5%. See Note 8 for further discussion of the Company's interest rate swaps and cross-currency interest rate swaps and related hedge designations. 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 basis adjustments due to interest rate swaps (see Note 8) and net unamortized non-cash bond discounts of $(650) million as of September 30, 2023 (in millions):
|  | Total
2023 remaining period |  | $ | 10 |
2024 |  | 1,320 |
2025 |  | 1,435 |
2026 |  | 1,270 |
2027 |  | 1,977 |
Thereafter |  | 8,785 |
Total principal payments |  | 14,797 |
Debt issuance costs, net of accumulated amortization |  | (86) |
Total long-term debt |  | $ | 14,711 |
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 an 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. FIS intends to amend the Incremental Revolving Credit Facility to extend the maturity date until the earlier of (i) June 15, 2024, and (ii) ten business days after the consummation of the pending Worldpay transaction. As of September 30, 2023, the borrowing capacity under the Revolving Credit Facility and Incremental Revolving Credit Facility was $2,750 million (net of $4,595 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 $1,845 million and $1,873 million lower than the carrying value, excluding the fair value basis adjustments due to interest rate swaps and unamortized discounts, as of September 30, 2023, and December 31, 2022, respectively.

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- 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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