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Debt | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt as of June 30, 2024, and December 31, 2023, consisted of the following (in millions):
|  | June 30, 2024 |  |  |  |
|  |  |  | Weighted |  |  |  |  |  |
|  |  |  | Average |  |  |  |  |  |
|  | Interest |  | Interest |  |  |  | June 30, |  | December 31,
|  | Rates |  | Rate (1) |  | Maturities |  | 2024 |  | 2023
Fixed Rate Notes |  |  |  |  |  |  |  |  |  |
Senior USD Notes |  | 1.2% - 5.6% |  | 3.7% |  | 2025 - 2052 |  | $ | 6,381 |  |  | $ | 8,659 |
Senior Euro Notes |  | 0.6% - 3.0% |  | 2.7% |  | 2024 - 2039 |  | 4,824 |  |  | 4,968 |
Senior GBP Notes |  | 2.3% - 3.4% |  | 9.7% |  | 2029 - 2031 |  | 215 |  |  | 1,178 |
Revolving Credit Facility (2) |  |  |  | —% |  | 2026 |  | — |  |  | 127 |
Financing obligations for certain hardware and software |  |  |  |  |  | 2024 - 2026 |  | 75 |  |  | 96 |
Other (3) |  |  |  |  |  |  |  | (333) |  |  | (710) |
Total long-term debt, including current portion |  |  |  |  |  | 11,162 |  |  | 14,318 |
Current portion of long-term debt |  |  |  |  |  |  |  | (578) |  |  | (1,348) |
Long-term debt, excluding current portion |  |  |  |  |  | $ | 10,584 |  |  | $ | 12,970 |
(1)The weighted average interest rate includes the impact of the fair value basis adjustments due to interest rate swaps and the impact of 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 10). The impact of the included fair value basis adjustments and cross-currency interest rate swaps in certain cases results in an effective weighted average interest rate being outside the stated interest rate range on the fixed rate notes. (2)Interest on the Revolving Credit Facility is generally payable at Secured Overnight Financing Rate ("SOFR") plus a margin of 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)Other includes the amount of fair value basis adjustments due to interest rate swaps (see further discussion below in Note 10), unamortized debt issuance costs and unamortized non-cash bond discounts. Short-term borrowings as of June 30, 2024, and December 31, 2023, consisted of the following (in millions):
|  | June 30, 2024 |  |  |  |
|  | Weighted |  |  |  |  |  |
|  | Average |  |  |  |  |  |
|  | Interest |  |  |  | June 30, |  | December 31,
|  | Rate |  | Maturities |  | 2024 |  | 2023
Euro-commercial paper notes ("ECP Notes") |  | — | % |  | Up to 183 days |  | $ | — |  |  | $ | 2,118 |
U.S. commercial paper notes ("USCP Notes") |  | — | % |  | Up to 397 days |  | — |  |  | 2,642 |
Total Short-term borrowings |  |  |  |  |  | $ | — |  |  | $ | 4,760 |
The Company is a party to interest rate swaps that, prior to de-designation as fair value hedges during the quarter ended September 30, 2023, converted a portion of its fixed-rate debt to variable-rate debt. As a result of the de-designations, the final fair value basis adjustments recorded through the dates of de-designation as a decrease of the long-term debt are subsequently amortized as interest expense using the effective interest method over the remaining periods to maturity of the respective long-term debt. The fair value basis adjustments reflected in Other in the long-term debt table above totaled $(245) million and $(594) million as of June 30, 2024, and December 31, 2023, respectively. 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 (loss). As of June 30, 2024, the weighted average interest rate of the Company's outstanding debt was 3.6%, 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 2.8%. See Note 10 for further discussion of the Company's interest rate swaps and cross-currency interest rate swaps and related hedge designations. The following table summarizes the amount of our long-term debt, including financing obligations for certain hardware and software, as of June 30, 2024, based on maturity date.
|  | Total
2024 |  | $ | 569 |
2025 |  | 981 |
2026 |  | 1,268 |
2027 |  | 1,571 |
2028 |  | 1,649 |
Thereafter |  | 5,457 |
Total principal payments |  | 11,495 |
Other debt per the long-term debt table |  | (333) |
Total long-term debt, including current portion |  | $ | 11,162 |
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 the Revolving Credit Facility's maturity date, which occurs on March 2, 2026. Senior Notes On July 15, 2024, FIS repaid an aggregate principal amount of €500 million in 1.100% Senior Euro Notes on their due date, pursuant to the related indenture. In March 2024, pursuant to cash tender offers, FIS purchased and redeemed an aggregate principal amount of $1.5 billion in Senior USD Notes and an aggregate principal amount of £1.0 billion in Senior GBP Notes, with interest rates ranging from 2.25% to 5.625% and maturities ranging from 2025 to 2052, resulting in a loss on extinguishment of debt of approximately $174 million, recorded in Other income (expense), net on the consolidated statement of earnings (loss), relating to tender discounts and fees; the write-off of unamortized bond discounts, debt issuance costs and fair value basis adjustments; and gains on related derivative instruments. The Company funded the purchase and redemption of the Senior Notes using a portion of the net proceeds from the Worldpay Sale. On March 1, 2024, FIS repaid an aggregate principal amount of $750 million in Senior USD Notes, on their due date, pursuant to the related indenture. 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. Commercial Paper During the quarter ended March 31, 2024, the Company repaid its ECP Notes and USCP Notes using a portion of the net proceeds from the Worldpay Sale. The Company continues to maintain its ECP and USCP programs. Revolving Credit Facility In March 2024, the Company provided notice to the administrative agent of its Revolving Credit Facility of its desire to reduce the borrowing capacity on its Revolving Credit Facility from $5.5 billion to $4.5 billion, pursuant to the terms thereof. As of June 30, 2024, the borrowing capacity under the Revolving Credit Facility was $4.5 billion. Fair Value of Debt The fair value of the Company's long-term debt is estimated to be approximately $1,032 million and $1,086 million lower than the carrying value, excluding the fair value basis adjustments due to interest rate swaps and unamortized discounts, as of June 30, 2024, and December 31, 2023, 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 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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