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Segment Information (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of business acquisitions, by acquisition | In the Corporate and Other segment, the Company recorded acquisition, integration and other costs comprised of the following (in millions):
|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2023 |  | 2022 |  | 2023 |  | 2022
Acquisition and integration |  | $ | 12 |  |  | $ | 14 |  |  | $ | 21 |  |  | $ | 33 |
Enterprise transformation, including Future Forward and platform modernization |  | 79 |  |  | 55 |  |  | 223 |  |  | 191 |
Severance and other termination expenses, including those associated with enterprise cost control initiatives and changes in senior management |  | 6 |  |  | 16 |  |  | 48 |  |  | 52 |
Pending separation of the Worldpay Merchant Solutions business |  | 5 |  |  | — |  |  | 7 |  |  | — |
Stock-based compensation, primarily from certain performance-based awards |  | 9 |  |  | 25 |  |  | 13 |  |  | 79 |
Other, including divestiture-related expenses and enterprise cost control and other initiatives |  | 2 |  |  | 13 |  |  | 14 |  |  | 72 |
Total acquisition, integration and other costs |  | $ | 113 |  |  | $ | 123 |  |  | $ | 326 |  |  | $ | 427 |
Amounts in table may not sum due to rounding.
Schedule of Segment Information | Summarized financial information for the Company's segments is shown in the following tables. The Company does not evaluate performance or allocate resources based on segment asset data; therefore, such information is not presented. For the three months ended September 30, 2023 (in millions):
|  |  | Capital |  |  |  |  |  |
| Banking |  | Market |  | Corporate |  |  |  |
| Solutions |  | Solutions |  | and Other |  | Total |  |
Revenue | $ | 1,756 |  |  | $ | 677 |  |  | $ | 56 |  |  | $ | 2,489 |  |  |
Operating expenses | (1,122) |  |  | (432) |  |  | (460) |  |  | (2,014) |  |  |
Depreciation and amortization (including purchase accounting amortization) | 149 |  |  | 87 |  |  | 199 |  |  | 435 |  |  |
Acquisition, integration and other costs | — |  |  | — |  |  | 113 |  |  | 113 |  |  |
Asset impairments | — |  |  | — |  |  | 7 |  |  | 7 |  |  |
Indirect Worldpay business support costs | — |  |  | — |  |  | 40 |  |  | 40 |  |  |
Adjusted EBITDA | $ | 783 |  |  | $ | 332 |  |  | $ | (45) |  |  | $ | 1,070 |  |  |
Adjusted EBITDA |  |  |  |  |  |  | $ | 1,070 |  |  |
Depreciation and amortization |  |  |  |  |  |  | (262) |  |  |
Purchase accounting amortization |  |  |  |  |  |  | (173) |  |  |
Acquisition, integration and other costs |  |  |  |  |  |  | (113) |  |  |
Asset impairments |  |  |  |  |  |  | (7) |  |  |
Indirect Worldpay business support costs |  |  |  |  |  |  | (40) |  |  |
Interest expense, net |  |  |  |  |  |  | (162) |  |  |
Other income (expense), net |  |  |  |  |  |  | 22 |  |  |
(Provision) benefit for income taxes |  |  |  |  |  |  | (74) |  |  |
Net earnings (loss) from discontinued operations, net of tax |  |  |  |  |  |  | (708) |  |  |
Net earnings attributable to noncontrolling interest |  |  |  |  |  |  | (2) |  |  |
Net earnings (loss) attributable to FIS common stockholders |  |  |  |  |  |  | $ | (449) |  |  |
Capital expenditures (1) | $ | 104 |  |  | $ | 63 |  |  | $ | 48 |  |  | $ | 215 |  |  |
(1) Capital expenditures include $18 million in other financing obligations for certain hardware. For the three months ended September 30, 2022 (in millions):
|  |  | Capital |  |  |  |  |  |
| Banking |  | Market |  | Corporate |  |  |  |
| Solutions |  | Solutions |  | and Other |  | Total |  |
Revenue | $ | 1,703 |  |  | $ | 633 |  |  | $ | 79 |  |  | $ | 2,415 |  |  |
Operating expenses | (1,113) |  |  | (397) |  |  | (521) |  |  | (2,031) |  |  |
Depreciation and amortization (including purchase accounting amortization) | 148 |  |  | 79 |  |  | 228 |  |  | 455 |  |  |
Acquisition, integration and other costs | — |  |  | — |  |  | 123 |  |  | 123 |  |  |
Asset impairments | — |  |  | — |  |  | 17 |  |  | 17 |  |  |
Indirect Worldpay business support costs | — |  |  | — |  |  | 43 |  |  | 43 |  |  |
Adjusted EBITDA | $ | 738 |  |  | $ | 315 |  |  | $ | (31) |  |  | $ | 1,022 |  |  |
Adjusted EBITDA |  |  |  |  |  |  | $ | 1,022 |  |  |
Depreciation and amortization |  |  |  |  |  |  | (262) |  |  |
Purchase accounting amortization |  |  |  |  |  |  | (193) |  |  |
Acquisition, integration and other costs |  |  |  |  |  |  | (123) |  |  |
Asset impairments |  |  |  |  |  |  | (17) |  |  |
Indirect Worldpay business support costs |  |  |  |  |  |  | (43) |  |  |
Interest expense, net |  |  |  |  |  |  | (78) |  |  |
Other income (expense), net |  |  |  |  |  |  | 18 |  |  |
(Provision) benefit for income taxes |  |  |  |  |  |  | (102) |  |  |
Net earnings (loss) from discontinued operations, net of tax |  |  |  |  |  |  | 32 |  |  |
Net earnings attributable to noncontrolling interest |  |  |  |  |  |  | (5) |  |  |
Net earnings attributable to FIS common stockholders |  |  |  |  |  |  | $ | 249 |  |  |
Capital expenditures | $ | 111 |  |  | $ | 60 |  |  | $ | 62 |  |  | $ | 233 |  |  |
For the nine months ended September 30, 2023 (in millions):
|  |  | Capital |  |  |  |  |  |
| Banking |  | Market |  | Corporate |  |  |  |
| Solutions |  | Solutions |  | and Other |  | Total |  |
Revenue | $ | 5,144 |  |  | $ | 2,011 |  |  | $ | 156 |  |  | $ | 7,311 |  |  |
Operating expenses | (3,419) |  |  | (1,291) |  |  | (1,465) |  |  | (6,175) |  |  |
Depreciation and amortization (including purchase accounting amortization) | 458 |  |  | 268 |  |  | 596 |  |  | 1,322 |  |  |
Acquisition, integration and other costs | — |  |  | — |  |  | 326 |  |  | 326 |  |  |
Asset impairments | — |  |  | — |  |  | 8 |  |  | 8 |  |  |
Indirect Worldpay business support costs | — |  |  | — |  |  | 123 |  |  | 123 |  |  |
Adjusted EBITDA | $ | 2,183 |  |  | $ | 988 |  |  | $ | (256) |  |  | $ | 2,915 |  |  |
Adjusted EBITDA |  |  |  |  |  |  | $ | 2,915 |  |  |
Depreciation and amortization |  |  |  |  |  |  | (798) |  |  |
Purchase accounting amortization |  |  |  |  |  |  | (524) |  |  |
Acquisition, integration and other costs |  |  |  |  |  |  | (326) |  |  |
Asset impairments |  |  |  |  |  |  | (8) |  |  |
Indirect Worldpay business support costs |  |  |  |  |  |  | (123) |  |  |
Interest expense |  |  |  |  |  |  | (464) |  |  |
Other income (expense), net |  |  |  |  |  |  | (91) |  |  |
(Provision) benefit for income taxes |  |  |  |  |  |  | (139) |  |  |
Net earnings (loss) from discontinued operations, net of tax |  |  |  |  |  |  | (7,342) |  |  |
Net earnings attributable to noncontrolling interest |  |  |  |  |  |  | (5) |  |  |
Net earnings (loss) attributable to FIS common stockholders |  |  |  |  |  |  | $ | (6,905) |  |  |
Capital expenditures (1) | $ | 290 |  |  | $ | 186 |  |  | $ | 108 |  |  | $ | 584 |  |  |
(1) Capital expenditures include $38 million in other financing obligations for certain hardware. For the nine months ended September 30, 2022 (in millions):
|  |  | Capital |  |  |  |  |  |
| Banking |  | Market |  | Corporate |  |  |  |
| Solutions |  | Solutions |  | and Other |  | Total |  |
Revenue | $ | 5,039 |  |  | $ | 1,892 |  |  | $ | 263 |  |  | $ | 7,194 |  |  |
Operating expenses | (3,298) |  |  | (1,215) |  |  | (1,842) |  |  | (6,355) |  |  |
Depreciation and amortization (including purchase accounting amortization) | 451 |  |  | 249 |  |  | 726 |  |  | 1,426 |  |  |
Acquisition, integration and other costs | — |  |  | — |  |  | 427 |  |  | 427 |  |  |
Asset impairments | — |  |  | — |  |  | 86 |  |  | 86 |  |  |
Indirect Worldpay business support costs | — |  |  | — |  |  | 137 |  |  | 137 |  |  |
Adjusted EBITDA | $ | 2,192 |  |  | $ | 926 |  |  | $ | (203) |  |  | $ | 2,915 |  |  |
Adjusted EBITDA |  |  |  |  |  |  | $ | 2,915 |  |  |
Depreciation and amortization |  |  |  |  |  |  | (837) |  |  |
Purchase accounting amortization |  |  |  |  |  |  | (589) |  |  |
Acquisition, integration and other costs |  |  |  |  |  |  | (427) |  |  |
Asset impairments |  |  |  |  |  |  | (86) |  |  |
Indirect Worldpay business support costs |  |  |  |  |  |  | (137) |  |  |
Interest expense, net |  |  |  |  |  |  | (169) |  |  |
Other income (expense), net |  |  |  |  |  |  | 53 |  |  |
(Provision) benefit for income taxes |  |  |  |  |  |  | (218) |  |  |
Net earnings (loss) from discontinued operations, net of tax |  |  |  |  |  |  | 150 |  |  |
Net earnings attributable to noncontrolling interest |  |  |  |  |  |  | (9) |  |  |
Net earnings attributable to FIS common stockholders |  |  |  |  |  |  | $ | 646 |  |  |
Capital expenditures | $ | 389 |  |  | $ | 201 |  |  | $ | 201 |  |  | $ | 791 |  |  |

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