0001136893false2024Q112/3100011368932024-01-012024-03-310001136893fis:CommonStockParValue001PerShareMember2024-01-012024-03-310001136893fis:OnePointOneZeroZeroPercentSeniorNotesDueTwoThousandTwentyFourMember2024-01-012024-03-310001136893fis:ZeroPointSixTwoFivePercentSeniorNotesDueTwoThousandTwentyFiveMember2024-01-012024-03-310001136893fis:OnePointFiveZeroZeroPercentSeniorNotesDueTwoThousandTwentySevenMember2024-01-012024-03-310001136893fis:OnePointZeroZeroZeroPercentSeniorNotesDueTwoThousandTwentyEightMember2024-01-012024-03-310001136893fis:TwoPointTwoFiveZeroPercentSeniorNotesDueTwoThousandTwentyNineMember2024-01-012024-03-310001136893fis:TwoPointZeroZeroZeroPercentSeniorNotesDueTwoThousandThirtyMember2024-01-012024-03-310001136893fis:ThreePointThreeSixZeroPercentSeniorNotesDueTwoThousandThirtyOneMember2024-01-012024-03-310001136893fis:TwoPointNineFiveZeroPercentSeniorNotesDueTwoThousandThirtyNineMember2024-01-012024-03-3100011368932024-05-03xbrli:shares00011368932024-03-31iso4217:USD00011368932023-12-310001136893us-gaap:NonrelatedPartyMember2024-03-310001136893us-gaap:NonrelatedPartyMember2023-12-310001136893us-gaap:RelatedPartyMember2024-03-310001136893us-gaap:RelatedPartyMember2023-12-31iso4217:USDxbrli:shares00011368932023-01-012023-03-310001136893us-gaap:CommonStockMember2023-12-310001136893us-gaap:TreasuryStockCommonMember2023-12-310001136893us-gaap:AdditionalPaidInCapitalMember2023-12-310001136893us-gaap:RetainedEarningsMember2023-12-310001136893us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001136893us-gaap:NoncontrollingInterestMember2023-12-310001136893us-gaap:CommonStockMember2024-01-012024-03-310001136893us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001136893us-gaap:TreasuryStockCommonMember2024-01-012024-03-310001136893us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001136893us-gaap:RetainedEarningsMember2024-01-012024-03-310001136893us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001136893us-gaap:CommonStockMember2024-03-310001136893us-gaap:TreasuryStockCommonMember2024-03-310001136893us-gaap:AdditionalPaidInCapitalMember2024-03-310001136893us-gaap:RetainedEarningsMember2024-03-310001136893us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001136893us-gaap:NoncontrollingInterestMember2024-03-310001136893us-gaap:CommonStockMember2022-12-310001136893us-gaap:TreasuryStockCommonMember2022-12-310001136893us-gaap:AdditionalPaidInCapitalMember2022-12-310001136893us-gaap:RetainedEarningsMember2022-12-310001136893us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001136893us-gaap:NoncontrollingInterestMember2022-12-3100011368932022-12-310001136893us-gaap:CommonStockMember2023-01-012023-03-310001136893us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001136893us-gaap:TreasuryStockCommonMember2023-01-012023-03-310001136893us-gaap:RetainedEarningsMember2023-01-012023-03-310001136893us-gaap:NoncontrollingInterestMember2023-01-012023-03-310001136893us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001136893us-gaap:CommonStockMember2023-03-310001136893us-gaap:TreasuryStockCommonMember2023-03-310001136893us-gaap:AdditionalPaidInCapitalMember2023-03-310001136893us-gaap:RetainedEarningsMember2023-03-310001136893us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001136893us-gaap:NoncontrollingInterestMember2023-03-3100011368932023-03-310001136893fis:WorldpayMerchantSolutionsMemberus-gaap:SegmentDiscontinuedOperationsMemberfis:GTCRLLCMember2024-01-31xbrli:pure0001136893fis:WorldpayMerchantSolutionsMemberfis:WorldpayMerchantSolutionsMemberfis:GTCRLLCMember2024-01-310001136893fis:WorldpayMerchantSolutionsMemberus-gaap:DiscontinuedOperationsHeldforsaleMember2024-01-012024-01-310001136893fis:WorldpayMerchantSolutionsMemberus-gaap:DiscontinuedOperationsHeldforsaleMember2023-01-012023-03-310001136893fis:WorldpayMerchantSolutionsMemberus-gaap:DiscontinuedOperationsHeldforsaleMember2024-01-012024-03-310001136893fis:WorldpayMerchantSolutionsMemberus-gaap:DiscontinuedOperationsHeldforsaleMember2024-03-310001136893fis:WorldpayMerchantSolutionsMemberus-gaap:DiscontinuedOperationsHeldforsaleMember2023-12-310001136893fis:WorldpayMerchantSolutionsMemberfis:PayrixMemberus-gaap:DiscontinuedOperationsHeldforsaleMemberus-gaap:RelatedPartyMember2024-03-310001136893fis:WorldpayMerchantSolutionsMember2024-03-310001136893fis:WorldpayMerchantSolutionsMember2024-02-012024-03-310001136893fis:WorldpayMerchantSolutionsMemberfis:UnitedStatesChinaColombiaAndSouthKoreaMember2024-02-012024-03-310001136893fis:WorldpayMerchantSolutionsMember2024-02-012024-03-310001136893fis:WorldpayMerchantSolutionsMemberfis:EmployeeLeasingAgreementMember2024-02-012024-03-310001136893fis:WorldpayMerchantSolutionsMemberfis:TransitionServicesAgreementMember2024-02-012024-03-310001136893fis:WorldpayMerchantSolutionsMemberus-gaap:RelatedPartyMember2024-03-310001136893fis:WorldpayMerchantSolutionsMemberus-gaap:RelatedPartyMember2024-01-012024-03-310001136893fis:WorldpayMerchantSolutionsMember2024-03-310001136893fis:VirtusAcquisitionMember2020-01-020001136893fis:VirtusAcquisitionMemberfis:VirtusPartnersMember2020-01-020001136893fis:VirtusAcquisitionMember2020-01-022020-01-020001136893fis:VirtusAcquisitionMemberfis:VirtusPartnersMember2023-01-012023-01-310001136893fis:VirtusAcquisitionMemberfis:VirtusPartnersMember2023-01-310001136893fis:BankingSolutionsMembersrt:NorthAmericaMember2024-01-012024-03-310001136893fis:CapitalMarketSolutionsMembersrt:NorthAmericaMember2024-01-012024-03-310001136893us-gaap:CorporateAndOtherMembersrt:NorthAmericaMember2024-01-012024-03-310001136893srt:NorthAmericaMember2024-01-012024-03-310001136893fis:BankingSolutionsMemberfis:NonNorthAmericaMember2024-01-012024-03-310001136893fis:NonNorthAmericaMemberfis:CapitalMarketSolutionsMember2024-01-012024-03-310001136893us-gaap:CorporateAndOtherMemberfis:NonNorthAmericaMember2024-01-012024-03-310001136893fis:NonNorthAmericaMember2024-01-012024-03-310001136893fis:BankingSolutionsMember2024-01-012024-03-310001136893fis:CapitalMarketSolutionsMember2024-01-012024-03-310001136893us-gaap:CorporateAndOtherMember2024-01-012024-03-310001136893fis:ProcessingServicesMemberfis:BankingSolutionsMemberus-gaap:TransferredOverTimeMember2024-01-012024-03-310001136893fis:ProcessingServicesMemberus-gaap:TransferredOverTimeMemberfis:CapitalMarketSolutionsMember2024-01-012024-03-310001136893fis:ProcessingServicesMemberus-gaap:CorporateAndOtherMemberus-gaap:TransferredOverTimeMember2024-01-012024-03-310001136893fis:ProcessingServicesMemberus-gaap:TransferredOverTimeMember2024-01-012024-03-310001136893fis:SoftwareMaintenanceMemberfis:BankingSolutionsMemberus-gaap:TransferredOverTimeMember2024-01-012024-03-310001136893fis:SoftwareMaintenanceMemberus-gaap:TransferredOverTimeMemberfis:CapitalMarketSolutionsMember2024-01-012024-03-310001136893us-gaap:CorporateAndOtherMemberfis:SoftwareMaintenanceMemberus-gaap:TransferredOverTimeMember2024-01-012024-03-310001136893fis:SoftwareMaintenanceMemberus-gaap:TransferredOverTimeMember2024-01-012024-03-310001136893fis:BankingSolutionsMemberfis:RecurringOtherMemberus-gaap:TransferredOverTimeMember2024-01-012024-03-310001136893fis:RecurringOtherMemberus-gaap:TransferredOverTimeMemberfis:CapitalMarketSolutionsMember2024-01-012024-03-310001136893us-gaap:CorporateAndOtherMemberfis:RecurringOtherMemberus-gaap:TransferredOverTimeMember2024-01-012024-03-310001136893fis:RecurringOtherMemberus-gaap:TransferredOverTimeMember2024-01-012024-03-310001136893fis:BankingSolutionsMemberus-gaap:TransferredOverTimeMember2024-01-012024-03-310001136893us-gaap:TransferredOverTimeMemberfis:CapitalMarketSolutionsMember2024-01-012024-03-310001136893us-gaap:CorporateAndOtherMemberus-gaap:TransferredOverTimeMember2024-01-012024-03-310001136893us-gaap:TransferredOverTimeMember2024-01-012024-03-310001136893us-gaap:TransferredAtPointInTimeMemberfis:BankingSolutionsMemberfis:SoftwareLicensingMember2024-01-012024-03-310001136893us-gaap:TransferredAtPointInTimeMemberfis:SoftwareLicensingMemberfis:CapitalMarketSolutionsMember2024-01-012024-03-310001136893us-gaap:CorporateAndOtherMemberus-gaap:TransferredAtPointInTimeMemberfis:SoftwareLicensingMember2024-01-012024-03-310001136893us-gaap:TransferredAtPointInTimeMemberfis:SoftwareLicensingMember2024-01-012024-03-310001136893fis:ProfessionalServicesMemberus-gaap:TransferredAtPointInTimeMemberfis:BankingSolutionsMember2024-01-012024-03-310001136893fis:ProfessionalServicesMemberus-gaap:TransferredAtPointInTimeMemberfis:CapitalMarketSolutionsMember2024-01-012024-03-310001136893fis:ProfessionalServicesMemberus-gaap:CorporateAndOtherMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-03-310001136893fis:ProfessionalServicesMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-03-310001136893us-gaap:TransferredAtPointInTimeMemberfis:BankingSolutionsMemberfis:OtherNonrecurringMember2024-01-012024-03-310001136893us-gaap:TransferredAtPointInTimeMemberfis:CapitalMarketSolutionsMemberfis:OtherNonrecurringMember2024-01-012024-03-310001136893us-gaap:CorporateAndOtherMemberus-gaap:TransferredAtPointInTimeMemberfis:OtherNonrecurringMember2024-01-012024-03-310001136893us-gaap:TransferredAtPointInTimeMemberfis:OtherNonrecurringMember2024-01-012024-03-310001136893fis:BankingSolutionsMembersrt:NorthAmericaMember2023-01-012023-03-310001136893fis:CapitalMarketSolutionsMembersrt:NorthAmericaMember2023-01-012023-03-310001136893us-gaap:CorporateAndOtherMembersrt:NorthAmericaMember2023-01-012023-03-310001136893srt:NorthAmericaMember2023-01-012023-03-310001136893fis:BankingSolutionsMemberfis:NonNorthAmericaMember2023-01-012023-03-310001136893fis:NonNorthAmericaMemberfis:CapitalMarketSolutionsMember2023-01-012023-03-310001136893us-gaap:CorporateAndOtherMemberfis:NonNorthAmericaMember2023-01-012023-03-310001136893fis:NonNorthAmericaMember2023-01-012023-03-310001136893fis:BankingSolutionsMember2023-01-012023-03-310001136893fis:CapitalMarketSolutionsMember2023-01-012023-03-310001136893us-gaap:CorporateAndOtherMember2023-01-012023-03-310001136893fis:ProcessingServicesMemberfis:BankingSolutionsMemberus-gaap:TransferredOverTimeMember2023-01-012023-03-310001136893fis:ProcessingServicesMemberus-gaap:TransferredOverTimeMemberfis:CapitalMarketSolutionsMember2023-01-012023-03-310001136893fis:ProcessingServicesMemberus-gaap:CorporateAndOtherMemberus-gaap:TransferredOverTimeMember2023-01-012023-03-310001136893fis:ProcessingServicesMemberus-gaap:TransferredOverTimeMember2023-01-012023-03-310001136893fis:SoftwareMaintenanceMemberfis:BankingSolutionsMemberus-gaap:TransferredOverTimeMember2023-01-012023-03-310001136893fis:SoftwareMaintenanceMemberus-gaap:TransferredOverTimeMemberfis:CapitalMarketSolutionsMember2023-01-012023-03-310001136893us-gaap:CorporateAndOtherMemberfis:SoftwareMaintenanceMemberus-gaap:TransferredOverTimeMember2023-01-012023-03-310001136893fis:SoftwareMaintenanceMemberus-gaap:TransferredOverTimeMember2023-01-012023-03-310001136893fis:BankingSolutionsMemberfis:RecurringOtherMemberus-gaap:TransferredOverTimeMember2023-01-012023-03-310001136893fis:RecurringOtherMemberus-gaap:TransferredOverTimeMemberfis:CapitalMarketSolutionsMember2023-01-012023-03-310001136893us-gaap:CorporateAndOtherMemberfis:RecurringOtherMemberus-gaap:TransferredOverTimeMember2023-01-012023-03-310001136893fis:RecurringOtherMemberus-gaap:TransferredOverTimeMember2023-01-012023-03-310001136893fis:BankingSolutionsMemberus-gaap:TransferredOverTimeMember2023-01-012023-03-310001136893us-gaap:TransferredOverTimeMemberfis:CapitalMarketSolutionsMember2023-01-012023-03-310001136893us-gaap:CorporateAndOtherMemberus-gaap:TransferredOverTimeMember2023-01-012023-03-310001136893us-gaap:TransferredOverTimeMember2023-01-012023-03-310001136893us-gaap:TransferredAtPointInTimeMemberfis:BankingSolutionsMemberfis:SoftwareLicensingMember2023-01-012023-03-310001136893us-gaap:TransferredAtPointInTimeMemberfis:SoftwareLicensingMemberfis:CapitalMarketSolutionsMember2023-01-012023-03-310001136893us-gaap:CorporateAndOtherMemberus-gaap:TransferredAtPointInTimeMemberfis:SoftwareLicensingMember2023-01-012023-03-310001136893us-gaap:TransferredAtPointInTimeMemberfis:SoftwareLicensingMember2023-01-012023-03-310001136893fis:ProfessionalServicesMemberus-gaap:TransferredAtPointInTimeMemberfis:BankingSolutionsMember2023-01-012023-03-310001136893fis:ProfessionalServicesMemberus-gaap:TransferredAtPointInTimeMemberfis:CapitalMarketSolutionsMember2023-01-012023-03-310001136893fis:ProfessionalServicesMemberus-gaap:CorporateAndOtherMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-03-310001136893fis:ProfessionalServicesMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-03-310001136893us-gaap:TransferredAtPointInTimeMemberfis:BankingSolutionsMemberfis:OtherNonrecurringMember2023-01-012023-03-310001136893us-gaap:TransferredAtPointInTimeMemberfis:CapitalMarketSolutionsMemberfis:OtherNonrecurringMember2023-01-012023-03-310001136893us-gaap:CorporateAndOtherMemberus-gaap:TransferredAtPointInTimeMemberfis:OtherNonrecurringMember2023-01-012023-03-310001136893us-gaap:TransferredAtPointInTimeMemberfis:OtherNonrecurringMember2023-01-012023-03-310001136893fis:OtherNonrecurringMember2023-01-012023-03-3100011368932024-04-012024-03-3100011368932025-01-012024-03-310001136893srt:MinimumMember2025-01-012024-03-310001136893srt:MaximumMember2025-01-012024-03-310001136893us-gaap:CustomerRelationshipsMember2024-03-310001136893fis:TrademarksAndOtherIntangibleAssetsMember2024-03-310001136893us-gaap:PropertyPlantAndEquipmentOtherTypesMember2024-01-012024-03-310001136893us-gaap:PropertyPlantAndEquipmentOtherTypesMember2023-01-012023-03-310001136893us-gaap:SoftwareDevelopmentMember2024-01-012024-03-310001136893us-gaap:SoftwareDevelopmentMember2023-01-012023-03-310001136893fis:TerminationOfCertainInternallyDevelopedSoftwareProjectsMember2024-01-012024-03-310001136893fis:TerminationOfCertainInternallyDevelopedSoftwareProjectsMember2023-01-012023-03-310001136893fis:BankingSolutionsMember2023-12-310001136893fis:CapitalMarketSolutionsMember2023-12-310001136893us-gaap:CorporateAndOtherMember2023-12-310001136893fis:BankingSolutionsMember2024-03-310001136893fis:CapitalMarketSolutionsMember2024-03-310001136893us-gaap:CorporateAndOtherMember2024-03-310001136893us-gaap:OtherNoncurrentAssetsMember2024-03-310001136893us-gaap:OtherNoncurrentAssetsMember2023-12-310001136893us-gaap:OtherNonoperatingIncomeExpenseMember2024-01-012024-03-310001136893us-gaap:OtherNonoperatingIncomeExpenseMember2023-01-012023-03-310001136893fis:InstallationsAndConversionsInProgressMember2024-03-310001136893fis:InstallationsAndConversionsInProgressMember2023-12-310001136893fis:IncrementalContractOriginationCostsCompletedMember2024-03-310001136893fis:IncrementalContractOriginationCostsCompletedMember2023-12-310001136893fis:CostsToFulfillAContractMember2024-03-310001136893fis:CostsToFulfillAContractMember2023-12-310001136893srt:MinimumMemberus-gaap:SeniorNotesMemberfis:FixedRateSeniorUSDNotesMember2024-03-310001136893srt:MaximumMemberus-gaap:SeniorNotesMemberfis:FixedRateSeniorUSDNotesMember2024-03-310001136893us-gaap:SeniorNotesMemberfis:FixedRateSeniorUSDNotesMember2024-03-310001136893us-gaap:SeniorNotesMemberfis:FixedRateSeniorUSDNotesMember2023-12-310001136893srt:MinimumMemberfis:FixedRateSeniorEuroNotesMemberus-gaap:SeniorNotesMember2024-03-310001136893fis:FixedRateSeniorEuroNotesMembersrt:MaximumMemberus-gaap:SeniorNotesMember2024-03-310001136893fis:FixedRateSeniorEuroNotesMemberus-gaap:SeniorNotesMember2024-03-310001136893fis:FixedRateSeniorEuroNotesMemberus-gaap:SeniorNotesMember2023-12-310001136893srt:MinimumMemberus-gaap:SeniorNotesMemberfis:FixedRateSeniorGBPNotesMember2024-03-310001136893srt:MaximumMemberus-gaap:SeniorNotesMemberfis:FixedRateSeniorGBPNotesMember2024-03-310001136893us-gaap:SeniorNotesMemberfis:FixedRateSeniorGBPNotesMember2024-03-310001136893us-gaap:SeniorNotesMemberfis:FixedRateSeniorGBPNotesMember2023-12-310001136893us-gaap:RevolvingCreditFacilityMember2024-03-310001136893us-gaap:RevolvingCreditFacilityMember2023-12-310001136893srt:MaximumMemberfis:SecuredOvernightFinancingRateSOFRMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-03-310001136893srt:MaximumMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-03-310001136893us-gaap:RevolvingCreditFacilityMember2024-01-012024-03-310001136893us-gaap:CommercialPaperMemberfis:FidelityNationalInformationServicesInc.CreditAgreementsMemberfis:EuroCommercialPaperProgramMember2024-03-310001136893us-gaap:CommercialPaperMemberfis:FidelityNationalInformationServicesInc.CreditAgreementsMemberfis:EuroCommercialPaperProgramMember2024-01-012024-03-310001136893us-gaap:CommercialPaperMemberfis:FidelityNationalInformationServicesInc.CreditAgreementsMemberfis:EuroCommercialPaperProgramMember2023-12-310001136893us-gaap:CommercialPaperMemberfis:FidelityNationalInformationServicesInc.CreditAgreementsMemberfis:CommercialPaperProgramMember2024-03-310001136893us-gaap:CommercialPaperMemberfis:FidelityNationalInformationServicesInc.CreditAgreementsMemberfis:CommercialPaperProgramMember2024-01-012024-03-310001136893us-gaap:CommercialPaperMemberfis:FidelityNationalInformationServicesInc.CreditAgreementsMemberfis:CommercialPaperProgramMember2023-12-310001136893fis:FidelityNationalInformationServicesInc.CreditAgreementsMember2024-03-310001136893us-gaap:SeniorNotesMemberfis:FixedRateSeniorUSDNotesMember2024-03-012024-03-310001136893us-gaap:SeniorNotesMemberfis:FixedRateSeniorGBPNotesMember2024-03-012024-03-31iso4217:GBP0001136893srt:MinimumMemberus-gaap:SeniorNotesMemberfis:SeniorEuroFloatingRatesNotesMember2024-03-310001136893srt:MaximumMemberus-gaap:SeniorNotesMemberfis:SeniorEuroFloatingRatesNotesMember2024-03-310001136893us-gaap:SeniorNotesMember2024-03-012024-03-310001136893us-gaap:SeniorNotesMember2024-03-01iso4217:EUR0001136893fis:FixedRateSeniorEuroNotesMemberus-gaap:SeniorNotesMember2023-05-210001136893us-gaap:SeniorNotesMemberfis:FixedRateSeniorUSDNotesMember2023-03-010001136893us-gaap:RevolvingCreditFacilityMember2024-03-300001136893us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2023-12-310001136893us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2024-03-310001136893us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMember2024-01-012024-03-310001136893us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMemberfis:NewOffsettingVariableToFixedInterestRateSwapsMember2024-03-310001136893us-gaap:FairValueHedgingMemberus-gaap:InterestRateSwapMemberfis:NewOffsettingVariableToFixedInterestRateSwapsMember2023-12-310001136893us-gaap:FairValueHedgingMemberus-gaap:CurrencySwapMember2024-03-310001136893us-gaap:FairValueHedgingMemberus-gaap:CurrencySwapMember2023-06-300001136893us-gaap:FairValueHedgingMemberus-gaap:CurrencySwapMember2023-12-310001136893us-gaap:FairValueHedgingMemberus-gaap:CurrencySwapMember2024-01-012024-03-310001136893us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2024-01-012024-03-310001136893us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:NetInvestmentHedgingMember2023-01-012023-03-310001136893us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2024-01-012024-03-310001136893us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2023-01-012023-03-310001136893us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2024-01-012024-03-310001136893us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2023-01-012023-03-310001136893us-gaap:SeniorNotesMemberfis:SeniorEuroNotesMaturingTwoThousandTwentyTwoToTwoThousandThirtyNineAndECPNotesMemberus-gaap:NetInvestmentHedgingMember2024-03-310001136893us-gaap:SeniorNotesMemberfis:SeniorEuroNotesMaturingTwoThousandTwentyTwoToTwoThousandThirtyNineAndECPNotesMemberus-gaap:NetInvestmentHedgingMember2023-12-310001136893us-gaap:SeniorNotesMemberus-gaap:NetInvestmentHedgingMember2023-12-310001136893us-gaap:NetInvestmentHedgingMember2023-12-3100011368932024-01-312024-01-310001136893us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMember2024-03-310001136893us-gaap:CurrencySwapMemberus-gaap:NetInvestmentHedgingMember2023-12-310001136893us-gaap:InterestRateSwapMemberus-gaap:NetInvestmentHedgingMember2024-03-310001136893us-gaap:InterestRateSwapMemberus-gaap:NetInvestmentHedgingMember2023-12-310001136893us-gaap:InterestRateSwapMember2024-01-012024-03-310001136893us-gaap:InterestRateSwapMember2023-01-012023-03-310001136893us-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMemberfis:PotentialTaxLiabilityMemberus-gaap:PendingLitigationMember2024-03-31fis:claim0001136893us-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMemberfis:PotentialTaxLiabilityMemberus-gaap:PendingLitigationMember2024-01-012024-03-310001136893srt:MaximumMemberus-gaap:SecretariatOfTheFederalRevenueBureauOfBrazilMemberfis:PotentialTaxLiabilityMemberus-gaap:PendingLitigationMember2024-03-310001136893us-gaap:EmployeeStockOptionMember2024-01-012024-03-310001136893us-gaap:EmployeeStockOptionMember2023-01-012023-03-3100011368932021-01-310001136893fis:PlatformModernizationMemberfis:FutureForwardMember2024-01-012024-03-310001136893fis:PlatformModernizationMemberfis:FutureForwardMember2023-01-012023-03-310001136893fis:EnterpriseCostControlInitiativesAndChangesInSeniorManagementMemberfis:PlatformInitiativesMember2024-01-012024-03-310001136893fis:EnterpriseCostControlInitiativesAndChangesInSeniorManagementMemberfis:PlatformInitiativesMember2023-01-012023-03-310001136893fis:WorldpayMerchantSolutionsMember2024-01-012024-03-310001136893fis:WorldpayMerchantSolutionsMember2023-01-012023-03-310001136893fis:OneTimePerformanceRelatedAwardsMember2024-01-012024-03-310001136893fis:OneTimePerformanceRelatedAwardsMember2023-01-012023-03-310001136893fis:EnterpriseCostsControlAndOtherInitiativesMember2024-01-012024-03-310001136893fis:EnterpriseCostsControlAndOtherInitiativesMember2023-01-012023-03-310001136893fis:BankingSolutionsMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310001136893us-gaap:OperatingSegmentsMemberfis:CapitalMarketSolutionsMember2024-01-012024-03-310001136893us-gaap:CorporateAndOtherMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310001136893us-gaap:OperatingSegmentsMember2024-01-012024-03-310001136893us-gaap:MaterialReconcilingItemsMember2024-01-012024-03-310001136893fis:BankingSolutionsMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310001136893us-gaap:OperatingSegmentsMemberfis:CapitalMarketSolutionsMember2023-01-012023-03-310001136893us-gaap:CorporateAndOtherMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310001136893us-gaap:OperatingSegmentsMember2023-01-012023-03-310001136893us-gaap:MaterialReconcilingItemsMember2023-01-012023-03-31

(Exact name of registrant as specified in its charter)

Georgia									37-1490331
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)
347 Riverside Avenue
Jacksonville			Florida						32202
(Address of principal executive offices)									(Zip Code)

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Trading

Name of each exchange

Title of each class

Symbol(s)

on which registered

Common Stock, par value $0.01 per share

FIS

New York Stock Exchange

1.100% Senior Notes due 2024

FIS24A

New York Stock Exchange

0.625% Senior Notes due 2025

FIS25B

New York Stock Exchange

1.500% Senior Notes due 2027

FIS27

New York Stock Exchange

1.000% Senior Notes due 2028

FIS28

New York Stock Exchange

2.250% Senior Notes due 2029

FIS29

New York Stock Exchange

2.000% Senior Notes due 2030

FIS30

New York Stock Exchange

3.360% Senior Notes due 2031

FIS31

New York Stock Exchange

2.950% Senior Notes due 2039

FIS39

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer			☒			Accelerated filer			☐
Non-accelerated filer			☐			Smaller reporting company			☐
						Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) YES ☐ NO ☒

As of May 3, 2024, 556,251,447 shares of the Registrant's Common Stock were outstanding.

FORM 10-Q

Quarter Ended March 31, 2024

INDEX

			Page
Part I: FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets			2
Condensed Consolidated Statements of Earnings (Loss)			3
Condensed Consolidated Statements of Comprehensive Earnings (Loss)			4
Condensed Consolidated Statements of Equity			5
Condensed Consolidated Statements of Cash Flows			6
Notes to Condensed Consolidated Financial Statements			7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			25
Item 3. Quantitative and Qualitative Disclosure About Market Risks			34
Item 4. Controls and Procedures			35
Part II: OTHER INFORMATION
Item 1A. Risk Factors			36
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			36
Item 5. Other Information			36
Item 6. Exhibits			36
Signatures			38

Amounts in table may not sum or calculate due to rounding.

(1)Excludes redeemable noncontrolling interest that is not considered equity.

The unaudited financial information included in this report includes the accounts of FIS and its subsidiaries prepared in accordance with U.S. generally accepted accounting principles and the instructions to Form 10-Q and Article 10 of Regulation S-X. All adjustments considered necessary for a fair presentation have been included. This report should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

The preparation of these consolidated financial statements in conformity with United States ("U.S.") generally accepted accounting principles ("GAAP") and the related rules and regulations of the U.S. Securities and Exchange Commission ("SEC" or "Commission") requires our management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reported periods. The inputs into management's critical and significant accounting estimates consider the economic impact of inflation and economic growth rates. These estimates may change as new events occur and additional information is obtained. Future actual results could differ materially from these estimates. To the extent that there are differences between these estimates, judgments and assumptions and actual results, our consolidated financial statements will be affected.

On January 31, 2024, the Company completed the previously announced sale ("the Worldpay Sale") of a 55% equity interest in its Worldpay Merchant Solutions business to private equity funds managed by GTCR, LLC (such funds, the "Buyer"). FIS retains a non-controlling 45% ownership interest in a new standalone joint venture, Worldpay Holdco, LLC ("Worldpay"), following the closing of the Worldpay Sale. FIS' share of the net income (loss) of Worldpay is reported as equity method investment earnings (loss), net of tax. The net cash proceeds received by FIS, net of estimated closing adjustments and transaction costs, are presented as investing cash flows within continuing operations on the consolidated statement of cash flows. See Note 4 for information regarding the the equity method investment earnings (loss), net of tax, for the the period from February 1 through March 31, 2024.

During the third quarter of fiscal year 2023, the Company analyzed quantitative and qualitative factors relevant to the Worldpay Merchant Solutions disposal group in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 205-20 and determined that the accounting criteria to be classified as held for sale were met, when a definitive purchase agreement was signed. Accordingly, the assets and liabilities of the disposal group are presented separately on the consolidated balance sheets for all periods presented. In addition, the disposition represents a strategic shift that will have a major impact on the Company's operations and financial results. As a result, the operating results of the Worldpay Merchant Solutions business prior to the closing of the Worldpay Sale have been reflected as discontinued operations for all periods presented and as such, have been excluded from continuing operations and segment results.

The Worldpay Merchant Solutions business included the former Merchant Solutions segment in addition to a business previously included in the Corporate and Other segment, which have been reflected as discontinued operations for all periods presented. Accordingly, the Company no longer reports the Merchant Solutions segment; it now reports its financial performance based on the following segments: Banking Solutions ("Banking"), Capital Market Solutions ("Capital Markets") and Corporate and Other. As a result of its ongoing portfolio assessments, the Company reclassified certain non-strategic operations from Banking to Corporate and Other during the quarter ended December 31, 2023. The Company recast all prior-period segment information presented to reflect these reclassifications. See Note 13 for more information regarding our segments.

Certain reclassifications have been made in the 2023 consolidated financial statements to conform to the classifications used in 2024. The consolidated statements of cash flows for the three months ended March 31, 2024, are presented on a continuing operations basis, with summarized cash flows from discontinued operations for operating, investing and financing activities shown separately. The consolidated statement of cash flows for the three months ended March 31, 2023, has been reclassified to conform to the 2024 presentation.

Amounts in tables in the financial statements and accompanying footnotes may not sum or calculate due to rounding.

The Company adopted the following new significant accounting policy during the first quarter of 2024. See our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, for a complete summary of our significant accounting policies.

The Company reports its investments in unconsolidated entities over whose operating and financial policies the Company has the ability to exercise significant influence, but not control, under the equity method of accounting. Equity method investments are initially recorded at cost and are included in Equity method investment on the consolidated balance sheet. Under this method of accounting, the Company's pro rata share of the investee's earnings or losses is reported in Equity method investment earnings (loss), net of tax, in the consolidated statement of earnings (loss). The Company also reports its investor-level tax impact relating to equity method investments as a component of Equity method investment earnings (loss) in the consolidated statement of earnings (loss). The Company monitors its investments for other-than-temporary impairment by considering factors such as current economic and market conditions and the operating performance of the investees and records reductions in carrying values when necessary. Equity method investees are considered related parties of the Company.

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 completion of the Worldpay Sale have been presented as discontinued operations. The assets and liabilities of our Worldpay Brazil and RealNet subsidiaries, the value of which was included as part of the Worldpay Sale, were not conveyed in the closing and are expected to be transferred as soon as all regulatory approvals have been received. These assets and liabilities continue to be reported as assets held for sale, and their related earnings (loss) are deemed immaterial.

The following table represents 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 through January 31, 2024 (the date the Worldpay Sale closed) (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 stopped amortization of long-lived assets held for sale in accordance with ASC 360.

Loss on sale of disposal group of $466 million reflects the impact of the excess of the carrying value of the disposal group over the estimated fair value less cost to sell.

The Company recorded a tax benefit of $991 million primarily from the write-off of U.S. deferred tax liabilities that were not transferred in the Worldpay Sale, net of the estimated current U.S. tax cost that the Company expects to incur as a result of the Worldpay Sale and which was recorded based on available data and management determinations as of March 31, 2024. Post-closing selling price adjustments and completion of other purchase agreement provisions in connection with the Worldpay Sale could result in further adjustments to the loss on sale amount and the estimated tax impact.

The following table represents the major classes of assets and liabilities of the disposal group classified as held for sale presented in the consolidated balance sheets as of March 31, 2024, and December 31, 2023 (in millions). 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.

(1)As of March 31, 2024, Settlement payables includes $101 million due to Payrix, a subsidiary of Worldpay, which is a related party.

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

The net assets held for sale as of March 31, 2024, consisting of the net assets of our Worldpay Brazil and RealNet subsidiaries, are recorded at carrying value less cost to sell.

As discussed in Note 1, the Company completed the Worldpay Sale on January 31, 2024, retaining a non-controlling ownership interest in Worldpay. We account for our remaining minority ownership in Worldpay using the equity method of accounting. As of March 31, 2024, we own 45% of Worldpay. This investment is reflected in Equity method investment on our March 31, 2024, consolidated balance sheet. During the two-month period from February 1 through March 31, 2024, our share of the net income of Worldpay and our investor-level tax impact is reported as Equity method investment earnings (loss), net of tax, in the consolidated statement of earnings (loss).

Summary Worldpay financial information is as follows (in millions):

(1)This amount is net of $23 million of investor-level tax benefit.

In connection with the closing of the Worldpay Sale, the Company entered into a limited liability company operating agreement (the "LLCA") with respect to Worldpay, and a registration rights agreement with respect to the Company's retained equity interest in Worldpay. The LLCA provides that FIS has the right to appoint a minority of the board of managers of Worldpay and that FIS has customary consent and consultation rights with respect to certain material actions of Worldpay, in each case, subject to ownership stepdown thresholds. The LLCA contains, among other things, covenants and restrictions relating to other governance, liquidity and tax matters, including non-solicitation and noncompetition covenants, distribution mechanics, preemptive rights and follow-on equity funding commitments of the Buyer, and restrictions on transfer and associated tag-along and drag-along rights. Each of FIS and the Buyer will have the right to require Worldpay to consummate an initial public offering ("IPO") or sale transaction after the fourth anniversary of the closing, subject to certain return hurdles and (in the case of an IPO) public float requirements, which requirements will fall away following the sixth anniversary of the closing.

We have continuing involvement with Worldpay, primarily through our remaining interest, an employee leasing agreement ("ELA"), a transition services agreement ("TSA"), and various other commercial agreements. Under the terms of the ELA, the Company is leasing certain employees to Worldpay in the United States, China, Colombia and South Korea for up to five months after the closing. The compensation and benefit costs paid by the Company for the leased employees are billed to and reimbursed by Worldpay. Under the terms of the TSA, the Company is procuring certain third-party services on behalf of Worldpay and providing technology infrastructure, risk and security, accounting and various other corporate services to Worldpay for a period of up to 24 months after the closing, subject to a six-month extension, and Worldpay is providing various corporate services to the Company, allowing it to maintain access to certain resources transferred in the Worldpay Sale.

Pass-through costs under the ELA and third-party pass-through costs under the TSA of $115 million and $57 million, respectively, were incurred during the two-month period from February 1 through March 31, 2024, and netted against the equal and offsetting reimbursement amounts due from Worldpay. Additionally, during the two-month period from February 1 through March 31, 2024, net TSA services income of $33 million was recognized in Other operating (income) expense, net - related party, and the corresponding expense was recognized in Selling, general and administrative expense in the consolidated statement of earnings (loss). Income earned during the two-month period from February 1 through March 31, 2024, from various commercial services provided to Worldpay is not considered material to the Company's consolidated financial statements.

For the two-month period from February 1 through March 31, 2024, we collected net cash of $136 million related to the ELA, TSA and commercial agreements with Worldpay. As of March 31, 2024, we recorded a receivable of $153 million in Receivable from related party on the consolidated balance sheet in connection with the ELA, TSA and commercial agreements. Under the ELA, amounts are generally invoiced to Worldpay on the 15th of each month for the preceding and subsequent payroll periods and are payable by wire transfer within 10 days. $48 million included in our related-party receivable as of March 31, 2024, are offset by an equal amount of accrued employee-related liabilities recorded in Accounts payable, accrued and other liabilities on the consolidated balance sheet. Upon termination of the ELA, the amount of the accrued employee-related liabilities as of the date of termination will be assumed by Worldpay in satisfaction of the corresponding receivable. Under the TSA and commercial agreements, amounts are generally invoiced monthly in arrears and are payable by electronic transfer within 30 days of invoice. As of March 31, 2024, we recorded a settlement payable of $101 million in Current assets held for sale on the consolidated balance sheet for amounts to be settled from our RealNet subsidiary to Payrix, a subsidiary of Worldpay. The settlement payable by RealNet to Payrix is generally paid to Payrix's submerchants on behalf of Payrix via ACH within five business days according to payment instructions provided by Payrix. As of March 31, 2024, we also recorded other payables to Worldpay of $43 million in Accounts payable, accrued and other liabilities on the consolidated balance sheet. These amounts are generally payable within 30 days.

On January 2, 2020, FIS acquired a majority interest in Virtus Partners ("Virtus"), previously a privately held company that provides high-value managed services and technology to the credit and loan market. The acquisition was accounted for as a business combination. FIS acquired a 70% voting and financial interest in Virtus with 30% interest retained by the founders of Virtus (the "Founders"). The agreement between FIS and the Founders provided FIS with a call option to purchase, and the Founders with a put option requiring FIS to purchase, all of the Founders' retained interest in Virtus at a redemption value determined pursuant to performance goals stated in the agreement, exercisable at any time after two years and three years, respectively, following the acquisition date. In January 2023, the Founders exercised their put option, and as a result, FIS paid the $173 million redemption value, recorded as a financing activity in the consolidated statement of cash flows, and subsequently owns 100% of Virtus.

As a result of our ongoing portfolio assessments, the Company reclassified certain non-strategic operations from Banking to Corporate and Other during the quarter ended December 31, 2023. The Company recast all prior-period segment information presented to reflect these reclassifications.

In the following tables, revenue is disaggregated by primary geographical market and type of revenue. The tables also include a reconciliation of the disaggregated revenue with the Company's reportable segments.

For the three months ended March 31, 2024 (in millions):

												Capital
						Banking						Market						Corporate
						Solutions						Solutions						and Other						Total
Primary Geographical Markets:
North America						$	1,431					$	445					$	41					$	1,917
All others						253						261						36						550
Total						$	1,684					$	706					$	77					$	2,467
Type of Revenue:
Recurring revenue:
Transaction processing and services						$	1,264					$	371					$	47					$	1,682
Software maintenance						91						143						—						234
Other recurring						64						22						10						96
Total recurring						1,419						536						57						2,012
Software license						50						74						—						124
Professional services						132						96						1						229
Other non-recurring fees						83						—						19						102
Total						$	1,684					$	706					$	77					$	2,467

For the three months ended March 31, 2023 (in millions):

												Capital
						Banking						Market						Corporate
						Solutions						Solutions						and Other						Total
Primary Geographical Markets:
North America						$	1,420					$	425					$	47					$	1,892
All others						226						238						41						505
Total						$	1,646					$	663					$	88					$	2,397
Type of Revenue:
Recurring revenue:
Transaction processing and services						$	1,225					$	342					$	67					$	1,634
Software maintenance						90						129						—						219
Other recurring						54						19						10						83
Total recurring						1,369						490						77						1,936
Software license						12						73						—						85
Professional services						154						100						2						256
Other non-recurring fees (1)						111						—						9						120
Total						$	1,646					$	663					$	88					$	2,397

(1)    December 31, 2023, was the final deadline for states to complete all benefit issuance under federally funded pandemic relief programs. Accordingly, revenue associated with services the Company provided related to these programs has been classified as Other non-recurring commencing in the

fourth quarter of 2023, and related prior-period amounts have been reclassified from Transaction processing and services to Other non-recurring for comparability. Revenue associated with services the Company provided related to these programs was $38 million for the three months ended March 31, 2023.

The Company recognized revenue of $325 million and $314 million during the three months ended March 31, 2024 and 2023, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods.

As of March 31, 2024, approximately $22.5 billion of revenue is estimated to be recognized in the future primarily from the Banking Solutions and Capital Market Solutions segments' remaining unfulfilled performance obligations, which are primarily comprised of recurring account- and volume-based processing services. This excludes the amount of anticipated recurring renewals not yet contractually obligated. The Company expects to recognize approximately 31% of the Banking Solutions and Capital Market Solutions segments' remaining performance obligations over the next 12 months, approximately another 23% over the next 13 to 24 months, and the balance thereafter.

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):

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

The following table provides details of Intangible assets, Software and Property and equipment as of March 31, 2024, and December 31, 2023 (in millions):

			March 31, 2024																		December 31, 2023
			Cost						Accumulated depreciation and amortization						Net						Cost						Accumulated depreciation and amortization						Net
Intangible assets			$	6,477					$	4,795					$	1,682					$	6,468					$	4,645					$	1,823
Software			$	4,135					$	2,002					$	2,133					$	4,162					$	2,047					$	2,115
Property and equipment			$	2,095					$	1,427					$	668					$	2,074					$	1,379					$	695

As of March 31, 2024, Intangible assets, net of amortization, includes $1.6 billion of customer relationships and $82 million of trademarks and other intangible assets. Amortization expense with respect to Intangible assets was $160 million and $171 million for the three months ended March 31, 2024 and 2023, respectively.

Depreciation expense for property and equipment was $44 million and $42 million for the three months ended March 31, 2024 and 2023, respectively.

Amortization expense with respect to software was $142 million and $152 million for the three months ended March 31, 2024 and 2023, respectively

For the three months ended March 31, 2024 and 2023, Software includes $11 million and $0, respectively, of impairment primarily related to the termination of certain internally developed software projects.

Changes in goodwill during the three months ended March 31, 2024, are summarized below (in millions).

We assess goodwill for impairment on an annual basis during the fourth quarter or more frequently if circumstances indicate potential impairment. We evaluated if events and circumstances as of March 31, 2024, 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, 2024, 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.

The Company holds various equity securities without readily determinable fair values that primarily represent strategic investments made by the Company, as well as investments obtained through acquisitions. Such investments totaled $199 million and $195 million at March 31, 2024, and December 31, 2023, 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 $(1) million and $(2) million for the three months ended March 31, 2024 and 2023, respectively, related to these investments.

Accounts payable, accrued and other liabilities as of March 31, 2024 and December 31, 2023, consisted of the following (in millions):

Origination and fulfillment costs from contracts with customers capitalized as of March 31, 2024, and December 31, 2023, consisted of the following (in millions):

			March 31, 2024						December 31, 2023
Contract costs on implementations in progress			$	246					$	291
Contract origination costs on completed implementations, net			611						542
Contract fulfillment costs on completed implementations, net			248						243
Total Deferred contract costs, net			$	1,105					$	1,076

Amortization of deferred contract costs on completed implementations was $83 million and $83 million during the three months ended March 31, 2024 and 2023, respectively.

Long-term debt as of March 31, 2024, and December 31, 2023, consisted of the following (in millions):

    

(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 10). 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 margin of up to 0.428% dependent on tenor, plus an applicable margin of up to 1.625% and an unused commitment fee of up to 0.225%, 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 in Note 10), unamortized debt issuance costs and unamortized non-cash bond discounts.

Short-term borrowings as of March 31, 2024, and December 31, 2023, consisted of the following (in millions):

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 $(259) million and $(594) million as of March 31, 2024, and December 31, 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 March 31, 2024, the weighted average interest rate of the Company's outstanding debt was 3.8%, 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 2.9%.

See Note 10 for further discussion of the Company's interest rate swaps and cross-currency interest rate swaps and related hedge designations.

The following table summarizes the amount of our long-term debt, including financing obligations for certain hardware and software, as of March 31, 2024, based on maturity date.

						Total
2024						$	590
2025						986
2026						1,267
2027						1,580
2028						1,654
Thereafter						5,468
Total principal payments						11,545
Other debt per the long-term debt table						(351)
Total long-term debt, including current portion						$	11,194

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 maturity date, which occurs on March 2, 2026.

In March 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.

During the quarter ended March 31, 2024, the Company repaid its ECP Notes and USCP Notes using a portion of the net proceeds from the Worldpay Sale. The Company continues to maintain its ECP and USCP programs.

In March 2024, the Company provided notice to the administrative agent of its Revolving Credit Facility of its desire to reduce the borrowing capacity on its Revolving Credit Facility from $5.5 billion to $4.5 billion, pursuant to the terms thereof. As of March 31, 2024, the borrowing capacity under the Revolving Credit Facility was $4.5 billion.

The fair value of the Company's long-term debt is estimated to be approximately $994 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 March 31, 2024, and December 31, 2023, respectively.

The Company held fixed-to variable interest rate swaps with aggregate notional amounts of $1,854 million, £925 million and €500 million at each of March 31, 2024, and December 31, 2023. Prior to the quarter ended September 30, 2023, these swaps were designated as fair value hedges for accounting purposes, converting the interest rate exposure on certain of the Company's Senior USD Notes, Senior GBP Notes and Senior Euro Notes, as applicable, from fixed to variable. While designated as fair value hedges, changes in fair value of these interest rate swaps were recorded as an adjustment to long-term debt. During the quarter ended September 30, 2023, the Company de-designated these swaps as fair value hedges. 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. During March 2024, $316 million of unamortized fair value basis adjustments recorded as decrease of the long-term debt tendered was written-off and recorded as part of the loss on extinguishment of debt (see Note 9). At March 31, 2024, the remaining unamortized fair value basis adjustments recorded as a decrease of the long-term debt totaled $259 million, with $19 million amortized as Interest expense for the three months ending March 31, 2024 (see Note 9). At December 31, 2023, the unamortized fair value basis adjustments recorded as a decrease of the long-term debt totaled $594 million.

Concurrently with the de-designations described above, the Company entered into new offsetting variable-to-fixed interest rate swaps with aggregate notional amounts of $1,854 million, £925 million and €500 million. The Company accounts for the de-designated fixed-to-variable and offsetting variable-to-fixed interest rate swaps as economic hedges; as such, effective as of the de-designation dates, changes in interest rates associated with the variable leg of the interest rate swaps do not affect the interest expense recognized, eliminating variable-rate risk on the fixed-to-variable interest rate swaps. The terms of the new interest rate swaps when matched against the terms of the existing fixed-to-variable interest rate swaps result in a net fixed coupon spread payable by the Company. The impact of the go-forward changes in fair values of the new and existing interest rate swaps, including the impact of the coupons, is recorded as Other income (expense), net pursuant to accounting for economic hedges and totaled $4 million for the three months ended March 31, 2024. The coupon payments are recorded within Other investing activities, net on the consolidated statements of cash flows and totaled $22 million cash outflows for the three months ended March 31, 2024. The new and existing interest rate swap fair values totaled assets of $13 million and $12 million and liabilities of $(649) million and $(675) million as of March 31, 2024 and December 31, 2023, respectively.

During the quarter ended September 30, 2023, the Company entered into an aggregate notional amount of €3,375 million fixed-for-fixed cross-currency interest rate swaps to hedge its exposure to foreign currency risk associated with its Senior Euro Notes. During the quarter ended June 30, 2023, the Company entered into an aggregate notional amount of £925 million fixed-for-fixed cross-currency interest rate swaps to hedge its exposure to foreign currency risk associated with its Senior GBP Notes. These swaps are designated as fair value hedges for accounting purposes. During March 2024, the Company partially terminated certain fixed-for-fixed cross-currency interest rate swaps that were hedging foreign currency risk associated with its Senior GBP Notes that were partially tendered (see Note 9). After such partial termination, there remained an aggregate notional amount of approximately £170 million in fixed-for-fixed cross-currency interest rate swaps that hedge the Company's exposure to foreign currency risk associated with its Senior GBP Notes. The fair value of these swaps was a net asset of $28 million and $134 million recorded at March 31, 2024 and December 31, 2023, respectively. Changes in the swap fair values attributable to changes in spot foreign currency exchange rates are recorded in Other income (expense), net and totaled $(87) million for the three months ended March 31, 2024. This amount offset the impact of changes in spot foreign currency exchange rates on the Senior GBP Notes and Senior Euro Notes also recorded to Other income (expense), net during the hedge period.

Changes in swap fair values attributable to excluded components, such as changes in fair value due to forward foreign currency exchange rates and cross-currency basis spreads, are recorded in Accumulated other comprehensive earnings (loss) ("AOCI") and totaled $68 million for the three months ended March 31, 2024. The amounts recorded in AOCI generally affect net earnings (loss) through Interest expense using the amortization approach. For the three months ended March 31, 2024, $12 million was recognized as Interest expense using the amortization approach. As a result of the partial terminations during March 2024, the Company received $33 million in net proceeds recorded within Other financing activities, net on the consolidated statement of cash flows and recorded a $19 million reduction to the loss on extinguishment of debt due to reclassifying the amount of AOCI related to the partially terminated hedges into earnings (see Note 9).

The purpose of the Company's net investment hedges, as discussed below, is to reduce the volatility of FIS' net investment value in its Euro- and Pound Sterling-denominated operations due to changes in foreign currency exchange rates. Changes in fair value due to remeasurement of the effective portion are recorded as a component of AOCI for net investment hedges. The amounts included in AOCI for the net investment hedges will remain in AOCI until the complete or substantially complete liquidation of our investment in the underlying foreign operations. Any ineffective portion of these hedging instruments impacts net earnings when the ineffectiveness occurs. The Company assesses effectiveness of cross-currency interest rate swap hedging instruments using the spot method. Under this method, the periodic interest settlements are recorded directly in earnings through Interest expense (see Note 9).

The Company recorded net investment hedge aggregate gain (loss) for the change in fair value and related income tax (expense) benefit within Other comprehensive earnings (loss), net of tax, on the consolidated statements of comprehensive earnings (loss) for its designated net investment hedges as follows (in millions). No ineffectiveness has been recorded on the net investment hedges.

The Company has designated certain foreign currency-denominated debt as net investment hedges of its investment in Euro-denominated operations. An aggregate of €1,115 million of Senior Euro Notes with maturities ranging from 2024 to 2025 was designated as a net investment hedge of the Company's investment in Euro-denominated operations as of both March 31, 2024, and December 31, 2023. An aggregate of €419 million of ECP Notes was also designated as a net investment hedge of the Company's investment in Euro-denominated operations as of December 31, 2023.

The Company held €1,500 million aggregate notional amount of foreign currency forward contracts as of December 31, 2023, to economically hedge its exposure to foreign currency risk associated with ECP Notes that were previously de-designated as net investment hedges. The foreign currency forward contract fair values totaled a net asset of $41 million at December 31, 2023. Upon maturity of the forward contracts on January 31, 2024, the Company received $13 million in net proceeds recorded within Other financing activities, net on the consolidated statement of cash flows. The change in fair value of the foreign currency forward contracts is recorded as Other income (expense), net pursuant to accounting for economic hedges and offsets the impact of the change in spot foreign currency exchange rates on the de-designated ECP Notes, which is also recorded as Other income (expense), net.

The Company holds cross-currency interest rate swaps designated as net investment hedges of its investment in Euro- and Pound Sterling-denominated operations. As a result of the Worldpay Sale, the Company terminated its outstanding cross-currency interest rate swaps designated as net investment hedges of its investment in Pound Sterling-denominated operations on January 31, 2024.

As of March 31, 2024, and December 31, 2023, aggregate notional amounts of €6,143 million and €6,143 million, respectively, were designated as net investment hedges of the Company's investment in Euro-denominated operations and aggregate notional amounts of £0 and £2,180 million, respectively, were designated as net investment hedges of the Company's Pound Sterling-denominated operations.

The cross-currency interest rate swap fair values totaled assets of $38 million and $38 million and liabilities of $(116) million and $(240) million at March 31, 2024, and December 31, 2023, respectively.

During the three months ended March 31, 2024 and 2023, the Company (paid) received net proceeds of approximately $5 million and $(10) million, respectively, for the fair values of the cross-currency interest rate swaps as of the settlement dates. The proceeds were recorded within investing activities on the consolidated statements of cash flows.

On March 6, 2023, a putative class action was filed in the United States District Court for the Middle District of Florida by a shareholder of the Company. The action was consolidated with another action and the consolidated case is now captioned In re Fidelity National Information Services, Inc. Securities Litigation. A lead plaintiff has been appointed, and a consolidated amended complaint was filed on August 2, 2023. The consolidated amended complaint names the Company and certain of its current and former officers as defendants and seeks damages for alleged violations of federal securities laws in connection with our disclosures relating to our former Merchant Solutions segment, including with respect to its valuation, integration, and synergies. Defendants filed a motion to dismiss the consolidated amended complaint with prejudice on September 22, 2023. We intend to vigorously defend this case, but no assurance can be given as to the ultimate outcome.

On April 27, 2023, a shareholder derivative action captioned Portia McCollum, derivatively on behalf of Fidelity National Information Services, Inc. v. Gary Norcross et al., was filed in the same court by a stockholder of the Company. Plaintiff dismissed the suit without prejudice and sent a demand pursuant to Georgia Code § 14-2-742 (the "McCollum Demand"). Another stockholder, City of Hialeah Employees' Retirement System, sent a similar demand (the "Hialeah Demand"), and a third stockholder, City of Southfield Fire and Police Retirement System, also subsequently sent a similar demand (the "Southfield Demand"). The demands claim that FIS officers and directors violated federal securities laws and breached fiduciary duties, including with respect to the valuation, integration, and synergies of our former Merchant Solutions segment, and they demand that the Board investigate and commence legal proceedings against officers and directors in connection with the purported wrongdoing. On August 25, 2023, the Board established a Demand Review Committee to consider the McCollum and Hialeah Demands and any related demands that are received (such as the Southfield Demand), and make recommendations to the Board with respect to the demands. The Demand Review Committee has hired independent counsel. The Board has made no final decision with respect to the demands and has not rejected the demands.

On October 18, 2023, a shareholder derivative action captioned City of Hialeah Employees' Retirement System v. Stephanie L. Ferris et al. was filed in the same court by one of the stockholders that previously had sent a demand. The complaint, which names certain of the Company's current and former officers and directors as defendants (the "Individual Defendants"), seeks to assert claims on behalf of the Company for violations of federal securities laws, breach of fiduciary duty, unjust enrichment, and contribution and indemnification, including with respect to the valuation, integration, and synergies of our former Merchant Solutions segment. On March 29, 2024, the Company and the Individual Defendants filed a motion to stay or dismiss the action without prejudice pending the completion of the Board's consideration of the demands, and the Individual Defendants concurrently filed a separate motion to dismiss.

In 2004, Proservvi Empreendimentos e Servicos, Ltda., the predecessor to Fidelity National Servicos de Tratamento de Documentos e Informatica Ltda. ("Servicos"), a subsidiary of Fidelity National Participacoes Ltda., our former item processing and remittance services operation in Brazil, acquired certain assets and employees and leased certain facilities from the Transpev Group ("Transpev") in Brazil. Transpev's remaining assets were later acquired by Prosegur, an unrelated third party. When Transpev discontinued its operations after the asset sale to Prosegur, it had unpaid federal taxes and social contributions owing to the Brazilian tax authorities. The Brazilian tax authorities brought a claim against Transpev and, beginning in 2012, brought claims against Prosegur and Servicos on the grounds that Prosegur and Servicos were successors in interest to Transpev. To date, the Brazilian tax authorities have filed 18 claims against Servicos, of which 16 are still active, asserting potential tax liabilities of approximately $13 million. There are potentially 20 additional claims against Transpev/Prosegur for which Servicos is named as a co-defendant or may be named but for which Servicos has not yet been served. These additional claims amount to approximately $32 million, making the total potential exposure for all 36 claims approximately $45 million. We do not believe a liability for these 36 total claims is probable and, therefore, have not recorded a liability for any of these claims.

The Company generally indemnifies its clients, subject to certain limitations and exceptions, against damages and costs resulting from claims of patent, copyright, or trademark infringement associated solely with its customers' use of the Company's solutions. Historically, the Company has not made any material payments under such indemnifications but continues to monitor the conditions that are subject to the indemnifications to identify whether it is probable that a loss has occurred, in which case it would recognize any such losses when they are estimable. In addition, the Company warrants to customers that its software operates substantially in accordance with the software specifications. Historically, no material costs have been incurred related to software warranties, and no accruals for warranty costs have been made.

The basic weighted average shares and common stock equivalents for the three months ended March 31, 2024 and 2023, were computed using the treasury stock method.

The following table summarizes net earnings and net earnings per share attributable to FIS common stockholders for the three months ended March 31, 2024 and 2023 (in millions, except per share amounts):