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Debt | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt as of December 31, 2024 and 2023, consisted of the following (in millions):
|  | December 31, 2024 |  |  |  |
|  |  |  | Weighted |  |  |  |  |  |
|  | Stated |  | Average |  |  |  |  |  |
|  | Interest |  | Interest |  |  |  | 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% |  | 2025 - 2039 |  | 4,154 |  |  | 4,968 |
Senior GBP Notes |  | 2.3% - 3.4% |  | 9.6% |  | 2029 - 2031 |  | 214 |  |  | 1,178 |
Revolving Credit Facility (2) |  |  |  | 5.6% |  | 2029 |  | 151 |  |  | 127 |
Financing arrangements for certain hardware and software |  |  |  |  |  |  |  | 66 |  |  | 96 |
Other (3) |  |  |  |  |  |  |  | (312) |  |  | (710) |
Total long-term debt, including current portion |  |  |  |  |  | 10,654 |  |  | 14,318 |
Current portion of long-term debt |  |  |  |  |  |  |  | (968) |  |  | (1,348) |
Long-term debt, excluding current portion |  |  |  |  |  | $ | 9,686 |  |  | $ | 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 15). 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 spread of 0.100% plus an applicable margin of up to 1.625% and an unused commitment fee of up to 0.200%, 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 and in Note 15), unamortized debt issuance costs and unamortized non-cash bond discounts. Short-term borrowings as of December 31, 2024 and 2023, consisted of the following (in millions):
| December 31, 2024 |  |  |  |
| Weighted |  |  |  |  |  |
| Average |  |  |  |  |  |
| Interest |  |  |  | December 31,
| Rate |  | Maturities |  | 2024 |  | 2023
Euro-commercial paper notes ("ECP Notes") | 3.1 | % |  | Up to 183 days |  | $ | 104 |  |  | $ | 2,118 |
U.S. commercial paper notes ("USCP Notes") | 4.6 | % |  | Up to 397 days |  | 532 |  |  | 2,642 |
Total Short-term borrowings |  |  |  |  | $ | 636 |  |  | $ | 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 $(228) million and $(594) million as of December 31, 2024 and 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 December 31, 2024, the weighted average interest rate of the Company's outstanding debt was 3.7%, 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 15 for further discussion of the Company's interest rate swaps and cross-currency interest rate swaps and related hedge designations. The obligations of FIS under the Revolving Credit Facility, ECP Notes and USCP Notes, and all of its outstanding senior notes rank equal in priority and are unsecured. The following table summarizes the amount of our long-term debt, including financing obligations for certain hardware and software, as of December 31, 2024, based on maturity date.
| Total
2025 | $ | 969 |
2026 | 1,275 |
2027 | 1,535 |
2028 | 1,629 |
2029 | 680 |
Thereafter | 4,878 |
Total principal payments | 10,966 |
Other debt per the long-term debt table | (312) |
Total long-term debt, including current portion | $ | 10,654 |
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 scheduled maturity date, which occurs on September 27, 2029. Senior Notes FIS may redeem the Senior USD Notes, Senior Euro Notes and Senior GBP Notes (collectively, the "Senior Notes") at its option in whole or in part, at any time and from time to time, at a redemption price equal to the greater of 100% of the principal amount to be redeemed and a make-whole amount calculated as described in the related indenture in each case plus accrued and unpaid interest to, but excluding, the date of redemption, provided no make-whole amount will be paid for redemptions of the Senior Notes during the period described in the related indenture (ranging from one to six months) prior to their maturity. 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. On March 7 and 8, 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. 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. The Senior Notes are subject to customary covenants, including, among others, customary events of default. Commercial Paper The Company has a Euro commercial paper ("ECP") and a U.S. commercial paper ("USCP") program for the issuance and sale of senior, unsecured commercial paper notes, up to a combined maximum aggregate amount outstanding at any time of $4.5 billion. Borrowings are limited to the availability of funds under the Revolving Credit Facility, which backstops the commercial paper programs. The ECP and USCP programs are generally used for general corporate purposes. During the first quarter of 2024, the Company repaid its ECP Notes and USCP Notes using a portion of the net proceeds from the Worldpay Sale before resuming borrowings during the third quarter of 2024. Revolving Credit Facility On September 27, 2024, FIS entered into an amendment and restatement agreement to the Revolving Credit Facility to amend certain covenant provisions, revise lender commitments for certain counterparties, and extend the scheduled maturity date to September 27, 2029. As of December 31, 2024, the borrowing capacity under the Revolving Credit Facility was approximately $3,713 million (net of $636 million of capacity backstopping our commercial paper notes and $151 million of Revolving Credit Facility outstanding balance). The Revolving Credit Facility is subject to customary covenants restricting, among other things, the incurrence of indebtedness, certain restricted payments and use of proceeds as well as requiring us to maintain certain financial ratios. We monitor the financial stability of our counterparties on an ongoing basis. The lender commitments under the undrawn portion of the Revolving Credit Facility are comprised of a diversified set of financial institutions, both domestic and international. The failure of any single lender to perform its obligations under the Revolving Credit Facility would not adversely impact our ability to fund our operations. Fair Value of Debt The fair value of the Company's long-term debt is estimated to be approximately $806 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 December 31, 2024 and 2023, respectively.

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