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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Reconciliation of Major Components of Discontinued Operations, Net of Tax Presented in the Consolidated Statements of Earnings (Loss) | The following table represents a reconciliation of the major components of Earnings (loss) from discontinued operations, net of tax, presented in the consolidated statements of earnings (loss), reflecting activity for the three and six months ended June 30, 2024 (in millions). The Company's presentation of earnings (loss) from discontinued operations excludes general corporate overhead costs that were historically allocated to the Worldpay Merchant Solutions business. Additionally, beginning on July 5, 2023, the Company stopped amortization of long-lived assets held for sale in accordance with ASC 360.
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Major components of earnings (loss) from discontinued operations before income taxes: |  |  |  |  |  |  |  |
Revenue |  | $ | 4 |  |  | $ | 1,322 |  |  | $ | 406 |  |  | $ | 2,435 |
Cost of revenue |  | (2) |  |  | (670) |  |  | (64) |  |  | (1,270) |
Selling, general, and administrative expenses |  | — |  |  | (479) |  |  | (155) |  |  | (965) |
Asset impairments |  | — |  |  | (6,840) |  |  | — |  |  | (6,840) |
Interest income (expense), net |  | — |  |  | 7 |  |  | 1 |  |  | 11 |
Other, net |  | (1) |  |  | 23 |  |  | (4) |  |  | 48 |
Earnings (loss) from discontinued operations related to major components of pretax earnings (loss) |  | 1 |  |  | (6,637) |  |  | 184 |  |  | (6,581) |
Loss on sale of disposal group |  | — |  |  | — |  |  | (466) |  |  | — |
Earnings (loss) from discontinued operations |  | 1 |  |  | (6,637) |  |  | (282) |  |  | (6,581) |
Provision (benefit) for income taxes |  | — |  |  | 43 |  |  | (991) |  |  | 55 |
Earnings (loss) from discontinued operations, net of tax attributable to FIS |  | $ | 1 |  |  | $ | (6,680) |  |  | $ | 709 |  |  | $ | (6,636) |
The following table represents the major classes of assets and liabilities of the disposal group classified as held for sale presented in the consolidated balance sheets as of June 30, 2024, and December 31, 2023 (in millions). Assets held for sale are reported at the lower of their carrying value or fair value less cost to sell and are not depreciated or amortized.
| June 30, 2024 |  | December 31, 2023
Major classes of assets included in discontinued operations: |  |  |
Cash and cash equivalents | $ | 43 |  |  | $ | 1,380 |
Settlement assets | 951 |  |  | 6,727 |
Trade receivables, net of allowance for credit losses of $— and $52 | 3 |  |  | 1,843 |
Prepaid expenses and other current assets | — |  |  | 161 |
Total current assets | 997 |  |  | 10,111 |
Property and equipment, net | — |  |  | 207 |
Goodwill | 15 |  |  | 10,906 |
Intangible assets, net | — |  |  | 5,971 |
Software, net | — |  |  | 1,321 |
Other noncurrent assets | 2 |  |  | 613 |
Total noncurrent assets | 17 |  |  | 19,018 |
Less valuation allowance | — |  |  | (1,909) |
Total assets of the disposal group classified as held for sale | $ | 1,014 |  |  | $ | 27,220 |
Major classes of liabilities included in discontinued operations: |  |  |
Accounts payable, accrued and other liabilities | $ | 3 |  |  | $ | 998 |
Settlement payables (1) | 946 |  |  | 7,821 |
Other current liabilities | — |  |  | 65 |
Total current liabilities | 949 |  |  | 8,884 |
Deferred income taxes | — |  |  | 599 |
Other noncurrent liabilities | — |  |  | 494 |
Total noncurrent liabilities | — |  |  | 1,093 |
Total liabilities of the disposal group classified as held for sale | $ | 949 |  |  | $ | 9,977 |
(1)As of June 30, 2024, Settlement payables includes $116 million due to Worldpay, which is a related party.
Schedule of Settlement Assets of Disposal Group | The principal components of the Company's settlement assets of the disposal group are as follows (in millions):
| June 30, 2024 |  | December 31, 2023
Settlement assets |  |  |
Settlement deposits | $ | — |  |  | $ | 56 |
Merchant float | 821 |  |  | 2,594 |
Settlement receivables | 130 |  |  | 4,077 |
Total Settlement assets | $ | 951 |  |  | $ | 6,727 |

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