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Discontinued Operations
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
Sale of Worldpay Merchant Solutions Business

As discussed in Note 1, the Company completed the Worldpay Sale on January 31, 2024. The results of the Worldpay Merchant Solutions business prior to the closing of the Worldpay Sale have been presented as discontinued operations. Certain assets and liabilities included as part of the Worldpay Sale have not yet been conveyed and continue to be reported as assets held for sale, and their related earnings (loss) are reported in Earnings (loss) from discontinued operations, net of tax, on the consolidated statements of earnings (loss).

The following table presents 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 year ended December 31, 2024, 2023 and 2022 (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 ceased amortization of long-lived assets held for sale in accordance with FASB ASC Topic 360, Property, Plant and Equipment.
 
 202420232022
Major components of earnings (loss) from discontinued operations before income taxes:
Revenue$413 $4,859 $4,809 
Cost of revenue(73)(1,662)(2,604)
Selling, general, and administrative expenses(158)(1,992)(1,936)
Asset impairments— (6,844)(17,606)
Interest income (expense), net3 27 6 
Other, net(6)63 55 
Earnings (loss) from discontinued operations related to major components of pre-tax earnings (loss)179 (5,549)(17,276)
Loss on assets held for sale— (1,909)— 
Loss on sale of disposal group(578)— — 
Earnings (loss) from discontinued operations(399)(7,458)(17,276)
Provision (benefit) for income taxes(1,062)(301)52 
Earnings (loss) from discontinued operations, net of tax, attributable to FIS$663 $(7,157)$(17,328)

During the year ended December 31, 2023, we recorded a $1.9 billion loss on assets held for sale related to the Worldpay Merchant Solutions reporting unit to reduce its carrying value to its estimated fair value less estimated costs to sell, primarily as a result of the exclusion of certain deferred tax liabilities that were not expected to be transferred in the transaction. This amount was subsequently updated until the closing of the Worldpay Sale.

As a result of the Worldpay Sale, during the year ended December 31, 2024, we recorded a loss on sale of disposal group of $578 million, including the impact of post-closing adjustments recorded to date. We also recorded a cumulative tax benefit of $1.1 billion in connection with the Worldpay Sale, primarily from the release of U.S. deferred tax liabilities that were not transferred in the Worldpay Sale, net of the estimated U.S. tax cost that the Company expects to incur as a result of the Worldpay Sale. Completion of remaining purchase agreement provisions in connection with the Worldpay Sale could result in further adjustments to the loss on sale amount and the estimated U.S. tax cost.

Additionally, as part of the Worldpay Sale, the Company obtained the right to receive $1.0 billion of consideration contingent on the returns realized by the Buyer exceeding certain thresholds ("Worldpay Sale contingent consideration"). The Company recognized this financial instrument as a derivative as discussed further in Note 15.

The following table presents the major classes of assets and liabilities of the disposal group classified as held for sale presented in the consolidated balance sheets as of December 31, 2024, and December 31, 2023 (in millions). As of December 31, 2024, the table excludes the value of certain assets and liabilities held for sale related to the expected sale of a non-strategic business, unrelated to the Worldpay transaction, for which the results are not reported in discontinued operations. 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.
December 31, 2024December 31, 2023
Major classes of assets included in discontinued operations:  
Cash and cash equivalents$38 $1,380 
Settlement assets1,074 6,727 
Trade receivables, net of allowance for credit losses of $0 and $52, respectively
3 1,843 
Prepaid expenses and other current assets— 161 
Total current assets1,115 10,111 
Property and equipment, net— 207 
Goodwill— 10,906 
Intangible assets, net— 5,971 
Software, net— 1,321 
Other noncurrent assets— 613 
Total noncurrent assets— 19,018 
Less valuation allowance— (1,909)
Total assets of the disposal group classified as held for sale$1,115 $27,220 
Major classes of liabilities included in discontinued operations:  
Accounts payable, accrued and other liabilities$2 $998 
Settlement payables (1)1,074 7,821 
Other current liabilities— 65 
Total current liabilities1,076 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$1,076 $9,977 

(1)As of December 31, 2024, Settlement payables includes $134 million due to Worldpay, which is a related party.

Settlement Assets

The principal components of the Company's settlement assets of the disposal group are as follows (in millions):

December 31, 2024December 31, 2023
Settlement assets
Settlement deposits$— $56 
Merchant float1,074 2,594 
Settlement receivables— 4,077 
Total Settlement assets$1,074 $6,727