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Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
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 |  | Six months ended
|  | June 30, |  | June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Acquisition and integration |  | $ | 24 |  |  | $ | 5 |  |  | $ | 49 |  |  | $ | 11 |
Enterprise transformation, including Future Forward and platform modernization |  | 56 |  |  | 74 |  |  | 129 |  |  | 145 |
Severance and other termination expenses |  | 9 |  |  | 19 |  |  | 27 |  |  | 42 |
Separation of the Worldpay Merchant Solutions business |  | 80 |  |  | 2 |  |  | 109 |  |  | 2 |
Incremental stock compensation directly attributable to specific programs |  | 15 |  |  | 4 |  |  | 26 |  |  | 4 |
Other, including divestiture-related expenses and enterprise cost control and other initiatives |  | 2 |  |  | 9 |  |  | 4 |  |  | 9 |
Total acquisition, integration and other costs |  | $ | 186 |  |  | $ | 113 |  |  | $ | 344 |  |  | $ | 213 |
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 June 30, 2024 (in millions):
|  |  | Capital |  |  |  |  |  |
| Banking |  | Market |  | Corporate |  |  |  |
| Solutions |  | Solutions |  | and Other |  | Total |  |
Revenue | $ | 1,710 |  |  | $ | 722 |  |  | $ | 57 |  |  | $ | 2,489 |  |  |
Operating expenses | (1,106) |  |  | (452) |  |  | (553) |  |  | (2,111) |  |  |
Depreciation and amortization (including purchase accounting amortization) | 161 |  |  | 97 |  |  | 172 |  |  | 430 |  |  |
Acquisition, integration and other costs | — |  |  | — |  |  | 186 |  |  | 186 |  |  |
Asset impairments | — |  |  | — |  |  | 4 |  |  | 4 |  |  |
Adjusted EBITDA | $ | 765 |  |  | $ | 367 |  |  | $ | (134) |  |  | $ | 998 |  |  |
Adjusted EBITDA |  |  |  |  |  |  | $ | 998 |  |  |
Depreciation and amortization |  |  |  |  |  |  | (262) |  |  |
Purchase accounting amortization |  |  |  |  |  |  | (168) |  |  |
Acquisition, integration and other costs |  |  |  |  |  |  | (186) |  |  |
Asset impairments |  |  |  |  |  |  | (4) |  |  |
Interest expense, net |  |  |  |  |  |  | (43) |  |  |
Other income (expense), net |  |  |  |  |  |  | (13) |  |  |
(Provision) benefit for income taxes |  |  |  |  |  |  | (89) |  |  |
Equity method investment earnings (loss), net of tax |  |  |  |  |  |  | 10 |  |  |
Net earnings (loss) from discontinued operations, net of tax |  |  |  |  |  |  | 1 |  |  |
Net earnings attributable to noncontrolling interest |  |  |  |  |  |  | (1) |  |  |
Net earnings (loss) attributable to FIS common stockholders |  |  |  |  |  |  | $ | 243 |  |  |
Capital expenditures | $ | 109 |  |  | $ | 70 |  |  | $ | 4 |  |  | $ | 183 |  |  |
For the three months ended June 30, 2023 (in millions):
|  |  | Capital |  |  |  |  |  |
| Banking |  | Market |  | Corporate |  |  |  |
| Solutions |  | Solutions |  | and Other |  | Total |  |
Revenue | $ | 1,666 |  |  | $ | 672 |  |  | $ | 86 |  |  | $ | 2,424 |  |  |
Operating expenses | (1,096) |  |  | (423) |  |  | (554) |  |  | (2,073) |  |  |
Depreciation and amortization (including purchase accounting amortization) | 153 |  |  | 88 |  |  | 198 |  |  | 439 |  |  |
Acquisition, integration and other costs | — |  |  | — |  |  | 113 |  |  | 113 |  |  |
Asset impairments | — |  |  | — |  |  | 1 |  |  | 1 |  |  |
Indirect Worldpay business support costs | — |  |  | — |  |  | 41 |  |  | 41 |  |  |
Adjusted EBITDA | $ | 723 |  |  | $ | 337 |  |  | $ | (115) |  |  | $ | 945 |  |  |
Adjusted EBITDA |  |  |  |  |  |  | $ | 945 |  |  |
Depreciation and amortization |  |  |  |  |  |  | (264) |  |  |
Purchase accounting amortization |  |  |  |  |  |  | (175) |  |  |
Acquisition, integration and other costs |  |  |  |  |  |  | (113) |  |  |
Asset impairments |  |  |  |  |  |  | (1) |  |  |
Indirect Worldpay business support costs |  |  |  |  |  |  | (41) |  |  |
Interest expense, net |  |  |  |  |  |  | (160) |  |  |
Other income (expense), net |  |  |  |  |  |  | (77) |  |  |
(Provision) benefit for income taxes |  |  |  |  |  |  | (29) |  |  |
Net earnings (loss) from discontinued operations, net of tax |  |  |  |  |  |  | (6,679) |  |  |
Net earnings attributable to noncontrolling interest |  |  |  |  |  |  | (2) |  |  |
Net earnings attributable to FIS common stockholders |  |  |  |  |  |  | $ | (6,596) |  |  |
Capital expenditures (1) | $ | 97 |  |  | $ | 63 |  |  | $ | 37 |  |  | $ | 197 |  |  |
(1) Capital expenditures include $20 million in other financing obligations for certain hardware. For the six months ended June 30, 2024 (in millions):
|  |  | Capital |  |  |  |  |  |
| Banking |  | Market |  | Corporate |  |  |  |
| Solutions |  | Solutions |  | and Other |  | Total |  |
Revenue | $ | 3,394 |  |  | $ | 1,428 |  |  | $ | 135 |  |  | $ | 4,957 |  |  |
Operating expenses | (2,204) |  |  | (925) |  |  | (1,089) |  |  | (4,218) |  |  |
Depreciation and amortization (including purchase accounting amortization) | 321 |  |  | 199 |  |  | 339 |  |  | 859 |  |  |
Acquisition, integration and other costs | — |  |  | — |  |  | 344 |  |  | 344 |  |  |
Asset impairments | — |  |  | — |  |  | 18 |  |  | 18 |  |  |
Indirect Worldpay business support costs | — |  |  | — |  |  | 14 |  |  | 14 |  |  |
Adjusted EBITDA | $ | 1,511 |  |  | $ | 702 |  |  | $ | (239) |  |  | $ | 1,974 |  |  |
Adjusted EBITDA |  |  |  |  |  |  | $ | 1,974 |  |  |
Depreciation and amortization |  |  |  |  |  |  | (525) |  |  |
Purchase accounting amortization |  |  |  |  |  |  | (334) |  |  |
Acquisition, integration and other costs |  |  |  |  |  |  | (344) |  |  |
Asset impairments |  |  |  |  |  |  | (18) |  |  |
Indirect Worldpay business support costs |  |  |  |  |  |  | (14) |  |  |
Interest expense,net |  |  |  |  |  |  | (120) |  |  |
Other income (expense), net |  |  |  |  |  |  | (167) |  |  |
(Provision) benefit for income taxes |  |  |  |  |  |  | (116) |  |  |
Equity method investment earnings (loss), net of tax |  |  |  |  |  |  | (76) |  |  |
Net earnings (loss) from discontinued operations, net of tax |  |  |  |  |  |  | 709 |  |  |
Net earnings attributable to noncontrolling interest |  |  |  |  |  |  | (1) |  |  |
Net earnings (loss) attributable to FIS common stockholders |  |  |  |  |  |  | $ | 968 |  |  |
Capital expenditures | $ | 227 |  |  | $ | 146 |  |  | $ | 12 |  |  | $ | 385 |  |  |
For the six months ended June 30, 2023 (in millions):
|  |  | Capital |  |  |  |  |  |
| Banking |  | Market |  | Corporate |  |  |  |
| Solutions |  | Solutions |  | and Other |  | Total |  |
Revenue | $ | 3,312 |  |  | $ | 1,335 |  |  | $ | 174 |  |  | $ | 4,821 |  |  |
Operating expenses | (2,225) |  |  | (859) |  |  | (1,076) |  |  | (4,160) |  |  |
Depreciation and amortization (including purchase accounting amortization) | 307 |  |  | 181 |  |  | 398 |  |  | 886 |  |  |
Acquisition, integration and other costs | — |  |  | — |  |  | 213 |  |  | 213 |  |  |
Asset impairments | — |  |  | — |  |  | 1 |  |  | 1 |  |  |
Indirect Worldpay business support costs | — |  |  | — |  |  | 83 |  |  | 83 |  |  |
Adjusted EBITDA | $ | 1,394 |  |  | $ | 657 |  |  | $ | (207) |  |  | $ | 1,844 |  |  |
Adjusted EBITDA |  |  |  |  |  |  | $ | 1,844 |  |  |
Depreciation and amortization |  |  |  |  |  |  | (535) |  |  |
Purchase accounting amortization |  |  |  |  |  |  | (351) |  |  |
Acquisition, integration and other costs |  |  |  |  |  |  | (213) |  |  |
Asset impairments |  |  |  |  |  |  | (1) |  |  |
Indirect Worldpay business support costs |  |  |  |  |  |  | (83) |  |  |
Interest expense, net |  |  |  |  |  |  | (302) |  |  |
Other income (expense), net |  |  |  |  |  |  | (113) |  |  |
(Provision) benefit for income taxes |  |  |  |  |  |  | (65) |  |  |
Net earnings (loss) from discontinued operations, net of tax |  |  |  |  |  |  | (6,634) |  |  |
Net earnings attributable to noncontrolling interest |  |  |  |  |  |  | (3) |  |  |
Net earnings attributable to FIS common stockholders |  |  |  |  |  |  | $ | (6,456) |  |  |
Capital expenditures (1) | $ | 194 |  |  | $ | 127 |  |  | $ | 70 |  |  | $ | 391 |  |  |
(1) Capital expenditures include $20 million in other financing obligations for certain hardware.

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