Condensed Consolidated Financial Statement Details

3 Months Ended

Mar. 31, 2025

Condensed Consolidated Financial Statement Details [Abstract]

Condensed Consolidated Financial Statement Details

Cash and Cash Equivalents

The Company records restricted cash in captions other than Cash and cash equivalents in the consolidated balance sheets. The reconciliation between Cash and cash equivalents in the consolidated balance sheets and Cash, cash equivalents and restricted cash per the consolidated statements of cash flows is as follows (in millions):


	March 31, 2025		December 31, 2024
Cash and cash equivalents on the consolidated balance sheets	$	805	$	834
Merchant float from discontinued operations included in current assets held for sale	—		1,074
Cash from discontinued operations included in current assets held for sale	—		38
Total Cash, cash equivalents and restricted cash per the consolidated statements of cash flows	$	805	$	1,946

Settlement Assets

The principal components of the Company's settlement assets on the consolidated balance sheets are as follows (in millions):


	March 31, 2025		December 31, 2024
Settlement assets
Settlement deposits	$	586	$	353
Settlement receivables	203		126
Total Settlement assets	$	789	$	479

Intangible Assets, Software and Property and Equipment

The following table provides details of Intangible assets, Software and Property and equipment as of March 31, 2025, and December 31, 2024 (in millions):


	March 31, 2025						December 31, 2024
	Cost		Accumulated depreciation and amortization		Net		Cost		Accumulated depreciation and amortization		Net
Intangible assets	$	6,493	$	5,282	$	1,211	$	6,444	$	5,126	$	1,318
Software	$	4,692	$	2,132	$	2,560	$	4,636	$	2,110	$	2,526
Property and equipment	$	2,090	$	1,401	$	689	$	2,083	$	1,437	$	646

As of March 31, 2025, Intangible assets, net of amortization, includes $1.1 billion of customer relationships and $112 million of trademarks and other intangible assets. Amortization expense with respect to Intangible assets was $155 million and $160 million for the three months ended March 31, 2025 and 2024, respectively.

Depreciation expense for property and equipment was $44 million and $44 million for the three months ended March 31, 2025 and 2024, respectively.

Amortization expense with respect to software was $169 million and $142 million for the three months ended March 31, 2025 and 2024, respectively

There were no software impairments during the three months ended March 31, 2025, and $11 million of software impairments for the three months ended March 31, 2024, primarily related to the termination of certain internally developed software projects.

Goodwill

Changes in goodwill during the three months ended March 31, 2025, are summarized below (in millions).


			Capital		Corporate
	Banking		Market		And
	Solutions		Solutions		Other		Total
Balance, December 31, 2024	$	12,699	$	4,541	$	20	$	17,260
Goodwill attributable to acquisitions	1		8		—		9
Foreign currency adjustments	18		41		—		59
Balance, March 31, 2025	$	12,718	$	4,590	$	20	$	17,328

We assess goodwill for impairment on an annual basis during the fourth quarter or more frequently if circumstances indicate potential impairment. We evaluated whether events and circumstances as of March 31, 2025, indicated potential impairment of our reporting units.

For our Banking and Capital Markets reporting units, we performed a qualitative assessment by examining factors most likely to affect our reporting units' fair values. The factors examined involve use of management judgment and included, among others, (1) forecast revenue, growth rates, operating margins, and capital expenditures used to calculate estimated future cash flows, (2) future economic and market conditions and (3) FIS' market capitalization. Based on our interim impairment assessment as of March 31, 2025, we concluded that it remained more likely than not that the fair value continues to exceed the carrying amount for each of these reporting units; therefore, goodwill was not impaired. Given the substantial excess of fair value over carrying amounts, we believe the likelihood of obtaining materially different results based on a change of assumptions to be low.

Equity Security Investments

The Company holds various equity securities without readily determinable fair values. These securities primarily represent strategic investments made by the Company, as well as investments obtained through acquisitions. Such investments totaled $190 million and $191 million at March 31, 2025, and December 31, 2024, respectively, and are included within Other noncurrent assets on the consolidated balance sheets. The Company accounts for these investments at cost, less impairment, and adjusts the carrying values for observable price changes from orderly transactions for identical or similar investments of the same issuer. These adjustments are generally considered Level 2-type fair value measurements. The Company records realized and unrealized gains and losses on these investments, as well as impairment losses, as Other income (expense), net on the consolidated statements of earnings (loss) and recorded net gains (losses) of $(2) million and $(1) million for the three months ended March 31, 2025 and 2024, respectively, related to these investments.

Accounts Payable, Accrued and Other Liabilities

Accounts payable, accrued and other liabilities as of March 31, 2025, and December 31, 2024, consisted of the following (in millions):


	March 31, 2025		December 31, 2024
Trade accounts payable	$	176	$	214
Accrued salaries and incentives	231		445
Accrued benefits and payroll taxes	132		74
Income taxes payables	301		279
Taxes other than income tax	127		126
Accrued interest payable	109		117
Operating lease liabilities	67		74
Related-party payables	19		25
Other accrued liabilities	667		640
Total Accounts payable, accrued and other liabilities	$	1,829	$	1,994