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Subsequent Event | 3 Months Ended
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Mar. 31, 2025
Subsequent Events [Abstract] |
Subsequent Event | Subsequent Event On April 17, 2025, FIS entered into definitive agreements to (i) buy the Issuer Solutions business from Global Payments Inc. (“Global Payments”) for an enterprise value of $13.5 billion, inclusive of $1.5 billion of anticipated net present value of tax assets, or a net purchase price of $12.0 billion, subject to customary adjustments (the “Issuer Solutions Acquisition”) and (ii) sell its remaining equity interest in Worldpay to Global Payments for a value of $6.6 billion net of transaction fees and other costs (the “Worldpay Minority Interest Sale”). We expect to fund the Issuer Solutions Acquisition through a combination of approximately $8.0 billion of new debt and the after-tax proceeds from the Worldpay Minority Interest Sale. The transactions are expected to close by the first half of 2026, subject to regulatory approvals and other customary closing conditions. Contingent on the closing of the Worldpay Minority Interest Sale (the "Closing"), the TSA was amended to extend the term until June 30, 2027, subject to further extension for a period of up to 24 months following the Closing, and to extend the Guarantee Period until December 31, 2026. Several of the commercial agreements between FIS and Worldpay were also amended to extend their services to Global Payments contingent on the Closing. We will continue to account for our non-controlling 45% equity interest in Worldpay using the equity method of accounting until the completion of the transactions. Upon closing of the Worldpay Minority Interest Sale, we expect to record a gain equal to the excess of the estimated $6.6 billion pre-tax net selling price over the carrying value of the Worldpay equity method investment. The carrying value of the Worldpay equity method investment, which was $3.8 billion as of March 31, 2025, will continue to be adjusted for our equity method investment earnings (loss) before application of investor-level taxes and for our pro rata share of the investee's other comprehensive earnings (loss) as well as for any distributions received from our equity method investment. As part of the 2024 Worldpay Sale, the Company obtained the right to receive up to $1.0 billion of consideration contingent on the returns realized by the Buyer exceeding certain thresholds, and it recognized this financial instrument separately from the Worldpay equity method investment as a derivative at fair value. As of March 31, 2025, the carrying value of this asset was $108 million. As a result of the Worldpay Minority Interest Sale agreement, it is no longer anticipated that Buyer’s returns will exceed the thresholds necessary to earn this contingent consideration. Therefore, it is expected that the Company will recognize a non-cash loss to be recorded in Other income (expense), net in the quarter ending June 30, 2025, to reflect the reduction of the fair value of the derivative. As of March 31, 2025, the Company maintains a $41 million deferred tax liability for the difference between the tax basis of the Worldpay equity method investment and the corresponding financial statement carrying value. The measurement and character of this deferred tax liability has changed with the announcement of the Worldpay Minority Interest Sale, as our intention, as of April 17, 2025, is to no longer hold the investment. The estimated deferred tax impact of the Worldpay Minority Interest Sale will be updated for the quarter ended June 30, 2025. The amount could be material, although an estimate of the financial effect cannot be made at this time. On April 17, 2025, we entered into a commitment letter (the “Bridge Commitment Letter”) with Goldman Sachs Bank USA, Wells Fargo Bank, National Association and Wells Fargo Securities, LLC (the “Lenders”) pursuant to which the Lenders have committed to provide a 364-day senior unsecured bridge term loan facility in an aggregate principal amount of up to $8 billion, subject to customary conditions. On May 1, 2025, we entered into a credit agreement (the “Term Facility”) with a group of lenders pursuant to which we can draw up to an aggregate principal amount of $8 billion of senior unsecured term loans to fund the Issuer Solutions Acquisition, subject to customary conditions. Upon entry into the Term Facility, all commitments under the Bridge Commitment Letter were reduced to $0 and the Bridge Commitment Letter was terminated in accordance with its terms.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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