0001136893-23-000077 | 10-Q | XBRL Viewer | Fidelity National Information Services INC

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Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,871	$ 2,188
Settlement assets	4,425	5,855
Trade receivables, net of allowance for credit losses of $92 and $75, respectively	3,476	3,699
Other receivables	486	493
Prepaid expenses and other current assets	708	583
Total current assets	10,966	12,818
Property and equipment, net	838	862
Goodwill	34,424	34,276
Intangible assets, net	8,531	8,956
Software, net	3,222	3,238
Other noncurrent assets	1,988	2,048
Deferred contract costs, net	1,109	1,080
Total assets	61,078	63,278
Current liabilities:
Accounts payable, accrued and other liabilities	2,465	2,754
Settlement payables	5,331	6,752
Deferred revenue	825	788
Short-term borrowings	3,968	3,797
Current portion of long-term debt	2,139	2,133
Total current liabilities	14,728	16,224
Long-term debt, excluding current portion	13,905	14,207
Deferred income taxes	3,494	3,550
Other noncurrent liabilities	1,847	1,891
Total liabilities	33,974	35,872
Redeemable noncontrolling interest	0	180
FIS stockholders’ equity:
Preferred stock $0.01 par value; 200 shares authorized, none issued and outstanding as of March 31, 2023, and December 31, 2022	0	0
Common stock $0.01 par value, 750 shares authorized, 631 and 630 shares issued as of March 31, 2023, and December 31, 2022, respectively	6	6
Additional paid in capital	46,802	46,735
(Accumulated deficit) retained earnings	(15,141)	(14,971)
Accumulated other comprehensive earnings (loss)	(364)	(360)
Treasury stock, $0.01 par value, 39 and 39 common shares as of March 31, 2023, and December 31, 2022, respectively, at cost	(4,206)	(4,192)
Total FIS stockholders’ equity	27,097	27,218
Noncontrolling interest	7	8
Total equity	27,104	27,226
Total liabilities, redeemable noncontrolling interest and equity	$ 61,078	$ 63,278

Revenue - Disaggregate Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue
Revenue	$ 3,510	$ 3,492
Recurring
Disaggregation of Revenue
Revenue	3,084	3,041
Transaction processing and services \| Recurring
Disaggregation of Revenue
Revenue	2,761	2,726
Software maintenance \| Recurring
Disaggregation of Revenue
Revenue	220	218
Other recurring \| Recurring
Disaggregation of Revenue
Revenue	103	97
Software license \| Non-recurring
Disaggregation of Revenue
Revenue	87	105
Professional services \| Non-recurring
Disaggregation of Revenue
Revenue	256	253
Other non-recurring fees \| Non-recurring
Disaggregation of Revenue
Revenue	83	93
North America
Disaggregation of Revenue
Revenue	2,667	2,628
All others
Disaggregation of Revenue
Revenue	843	864
Corporate and Other
Disaggregation of Revenue
Revenue	57	94
Corporate and Other \| Recurring
Disaggregation of Revenue
Revenue	49	86
Corporate and Other \| Transaction processing and services \| Recurring
Disaggregation of Revenue
Revenue	39	76
Corporate and Other \| Software maintenance \| Recurring
Disaggregation of Revenue
Revenue	0	0
Corporate and Other \| Other recurring \| Recurring
Disaggregation of Revenue
Revenue	10	10
Corporate and Other \| Software license \| Non-recurring
Disaggregation of Revenue
Revenue	0	0
Corporate and Other \| Professional services \| Non-recurring
Disaggregation of Revenue
Revenue	2	2
Corporate and Other \| Other non-recurring fees \| Non-recurring
Disaggregation of Revenue
Revenue	6	6
Corporate and Other \| North America
Disaggregation of Revenue
Revenue	26	51
Corporate and Other \| All others
Disaggregation of Revenue
Revenue	31	43
Operating segments
Disaggregation of Revenue
Revenue	3,510	3,492
Operating segments \| Banking Solutions
Disaggregation of Revenue
Revenue	1,685	1,659
Operating segments \| Banking Solutions \| Recurring
Disaggregation of Revenue
Revenue	1,443	1,398
Operating segments \| Banking Solutions \| Transaction processing and services \| Recurring
Disaggregation of Revenue
Revenue	1,299	1,255
Operating segments \| Banking Solutions \| Software maintenance \| Recurring
Disaggregation of Revenue
Revenue	90	92
Operating segments \| Banking Solutions \| Other recurring \| Recurring
Disaggregation of Revenue
Revenue	54	51
Operating segments \| Banking Solutions \| Software license \| Non-recurring
Disaggregation of Revenue
Revenue	11	31
Operating segments \| Banking Solutions \| Professional services \| Non-recurring
Disaggregation of Revenue
Revenue	154	144
Operating segments \| Banking Solutions \| Other non-recurring fees \| Non-recurring
Disaggregation of Revenue
Revenue	77	86
Operating segments \| Banking Solutions \| North America
Disaggregation of Revenue
Revenue	1,439	1,418
Operating segments \| Banking Solutions \| All others
Disaggregation of Revenue
Revenue	246	241
Operating segments \| Merchant Solutions
Disaggregation of Revenue
Revenue	1,105	1,112
Operating segments \| Merchant Solutions \| Recurring
Disaggregation of Revenue
Revenue	1,102	1,110
Operating segments \| Merchant Solutions \| Transaction processing and services \| Recurring
Disaggregation of Revenue
Revenue	1,081	1,087
Operating segments \| Merchant Solutions \| Software maintenance \| Recurring
Disaggregation of Revenue
Revenue	1	1
Operating segments \| Merchant Solutions \| Other recurring \| Recurring
Disaggregation of Revenue
Revenue	20	22
Operating segments \| Merchant Solutions \| Software license \| Non-recurring
Disaggregation of Revenue
Revenue	3	1
Operating segments \| Merchant Solutions \| Professional services \| Non-recurring
Disaggregation of Revenue
Revenue	0	0
Operating segments \| Merchant Solutions \| Other non-recurring fees \| Non-recurring
Disaggregation of Revenue
Revenue	0	1
Operating segments \| Merchant Solutions \| North America
Disaggregation of Revenue
Revenue	777	785
Operating segments \| Merchant Solutions \| All others
Disaggregation of Revenue
Revenue	328	327
Operating segments \| Capital Market Solutions
Disaggregation of Revenue
Revenue	663	627
Operating segments \| Capital Market Solutions \| Recurring
Disaggregation of Revenue
Revenue	490	447
Operating segments \| Capital Market Solutions \| Transaction processing and services \| Recurring
Disaggregation of Revenue
Revenue	342	308
Operating segments \| Capital Market Solutions \| Software maintenance \| Recurring
Disaggregation of Revenue
Revenue	129	125
Operating segments \| Capital Market Solutions \| Other recurring \| Recurring
Disaggregation of Revenue
Revenue	19	14
Operating segments \| Capital Market Solutions \| Software license \| Non-recurring
Disaggregation of Revenue
Revenue	73	73
Operating segments \| Capital Market Solutions \| Professional services \| Non-recurring
Disaggregation of Revenue
Revenue	100	107
Operating segments \| Capital Market Solutions \| Other non-recurring fees \| Non-recurring
Disaggregation of Revenue
Revenue	0	0
Operating segments \| Capital Market Solutions \| North America
Disaggregation of Revenue
Revenue	425	374
Operating segments \| Capital Market Solutions \| All others
Disaggregation of Revenue
Revenue	238	253
Operating segments \| Corporate and Other
Disaggregation of Revenue
Revenue	$ 57	$ 94

Condensed Consolidated Financial Statement Details - Goodwill - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Dec. 31, 2020	Mar. 31, 2023
Goodwill [Line Items]
Net of accumulated impairment charges	$ 17,700		$ 17,700
Merchant Solutions
Goodwill [Line Items]
Goodwill impairment loss	$ 17,600
Corporate and Other
Goodwill [Line Items]
Goodwill impairment loss		$ 94

Debt - Narrative (Details) $ in Millions, € in Billions		3 Months Ended
Debt - Narrative (Details) $ in Millions, € in Billions	Jul. 13, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 01, 2023 USD ($)	Feb. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 03, 2022 EUR (€)
Debt Instrument
Weighted average interest rate, excluding cross currency interest rate swaps		3.70%
Debt, weighted average interest rate		3.00%
Repayments of long-term debt		$ 20,582	$ 16,609
Difference in carrying value and fair value of long term debt		1,629				$ 1,873
Incremental Revolving Credit Facility
Debt Instrument
Credit facility outstanding					$ 2,000
Borrowing capacity remaining		2,976
Line of credit facility, capacity backstopped		3,968
Revolving Credit Facility
Debt Instrument
Borrowing capacity remaining		2,976
Line of credit facility, capacity backstopped		3,968
FIS credit agreements
Debt Instrument
Unamortized discount (premium), net		$ (552)
Senior notes
Debt Instrument
Repayments of long-term debt	$ 2,500
Senior notes \| Minimum
Debt Instrument
Debt instrument, stated percentage	4.50%
Senior notes \| Maximum
Debt Instrument
Debt instrument, stated percentage	5.60%
Senior notes
Debt Instrument
Principal amount of debt				$ 750
Senior notes \| Senior Euro Notes
Debt Instrument
Principal amount of debt \| €							€ 1.0
Senior notes \| Senior Euro Notes \| Minimum
Debt Instrument
Debt instrument, stated percentage		0.60%
Senior notes \| Senior Euro Notes \| Maximum
Debt Instrument
Debt instrument, stated percentage		3.00%

Debt - Short-Term Debt (Details) - USD ($) $ in Millions	3 Months Ended
Debt - Short-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Short-term Debt
Other	$ 0	$ 42
Short-term borrowings	$ 3,968	3,797
Commercial paper \| FIS credit agreements \| Euro-commercial paper notes ("ECP Notes")
Short-term Debt
Short term debt, weighted average interest rate	3.00%
Maturities	183 days
Commercial paper	$ 1,924	2,054
Commercial paper \| FIS credit agreements \| U.S. commercial paper notes ("USCP Notes")
Short-term Debt
Short term debt, weighted average interest rate	5.40%
Maturities	397 days
Commercial paper	$ 2,044	$ 1,701

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 28, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-16427
Entity Registrant Name	Fidelity National Information Services, Inc.
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	37-1490331
Entity Address, Street Name	347 Riverside Avenue
Entity Address, City	Jacksonville
Entity Address, State	FL
Entity Address, Postal Zip Code	32202
City Area Code	904
Local Phone Number	438-6000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		592,436,518
Entity Central Index Key	0001136893
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Common Stock, par value $0.01 per share
Document Information
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FIS
Security Exchange Name	NYSE
0.750% Senior Notes due 2023
Document Information
Title of 12(b) Security	0.750% Senior Notes due 2023
Trading Symbol	FIS23A
Security Exchange Name	NYSE
1.100% Senior Notes due 2024
Document Information
Title of 12(b) Security	1.100% Senior Notes due 2024
Trading Symbol	FIS24A
Security Exchange Name	NYSE
0.625% Senior Notes due 2025
Document Information
Title of 12(b) Security	0.625% Senior Notes due 2025
Trading Symbol	FIS25B
Security Exchange Name	NYSE
1.500% Senior Notes due 2027
Document Information
Title of 12(b) Security	1.500% Senior Notes due 2027
Trading Symbol	FIS27
Security Exchange Name	NYSE
1.000% Senior Notes due 2028
Document Information
Title of 12(b) Security	1.000% Senior Notes due 2028
Trading Symbol	FIS28
Security Exchange Name	NYSE
2.250% Senior Notes due 2029
Document Information
Title of 12(b) Security	2.250% Senior Notes due 2029
Trading Symbol	FIS29
Security Exchange Name	NYSE
2.000% Senior Notes due 2030
Document Information
Title of 12(b) Security	2.000% Senior Notes due 2030
Trading Symbol	FIS30
Security Exchange Name	NYSE
3.360% Senior Notes due 2031
Document Information
Title of 12(b) Security	3.360% Senior Notes due 2031
Trading Symbol	FIS31
Security Exchange Name	NYSE
2.950% Senior Notes due 2039
Document Information
Title of 12(b) Security	2.950% Senior Notes due 2039
Trading Symbol	FIS39
Security Exchange Name	NYSE

Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 3,510	$ 3,492
Cost of revenue	2,169	2,242
Gross profit	1,341	1,250
Selling, general, and administrative expenses	1,004	1,035
Asset impairments	0	58
Operating income	337	157
Other income (expense):
Interest expense, net	(137)	(43)
Other income (expense), net	(11)	61
Total other income (expense), net	(148)	18
Earnings before income taxes	189	175
Provision (benefit) for income taxes	48	54
Net earnings	141	121
Net (earnings) loss attributable to noncontrolling interest	(1)	(1)
Net earnings attributable to FIS common stockholders	$ 140	$ 120
Net earnings (loss) per share-basic attributable to FIS common stockholders (in dollars per share)	$ 0.24	$ 0.20
Weighted average shares outstanding-basic (in shares)	592	610
Net earnings (loss) per share-diluted attributable to FIS common stockholders (in dollars per share)	$ 0.24	$ 0.20
Weighted average shares outstanding-diluted (in shares)	593	614

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue from contract liability	$ 318	$ 310
Remaining revenue recognition	$ 22,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining performance obligation, percentage	30.00%
Performance obligations expected to be satisfied, expected timing	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Remaining performance obligation, percentage	22.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Performance obligations expected to be satisfied, expected timing	13 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Performance obligations expected to be satisfied, expected timing	24 months

Segment Information - Schedule of Acquisition, Integration and Other Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information
Acquisition and integration	$ 9	$ 48
Total acquisition, integration and other costs	127	190
One-Time Performance-Related Awards
Segment Reporting Information
Stock-based compensation, primarily from certain performance-based awards	0	24
Merchant Solutions Business
Segment Reporting Information
Planned spin-off of the Merchant Solutions business	11	0
Enterprise Costs Control and Other Initiatives
Segment Reporting Information
Other, including divestiture-related expenses, enterprise costs control and other initiatives	3	28
Platform Initiatives \| Enterprise Cost Control Initiatives and Changes in Senior Management
Segment Reporting Information
Severance and other termination expenses associated with enterprise cost control initiatives and changes in senior management	28	11
Future Forward \| Platform Modernization
Segment Reporting Information
Enterprise transformation, including Future forward and platform modernization	$ 76	$ 80

Deferred Contract Costs - Schedule of Deferred Contract Cost (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Capitalized Contract Cost
Total Deferred contract costs, net	$ 1,109	$ 1,080
Contract costs on implementations in progress
Capitalized Contract Cost
Total Deferred contract costs, net	216	250
Contract origination costs on completed implementations, net
Capitalized Contract Cost
Total Deferred contract costs, net	636	579
Contract fulfillment costs on completed implementations, net
Capitalized Contract Cost
Total Deferred contract costs, net	$ 257	$ 251

Financial Instruments

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

Fair Value Hedges

The Company holds interest rate swaps with aggregate notional amounts of $1,854 million, £925 million and €500 million at each of March 31, 2023, and December 31, 2022, 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. These swaps are designated as fair value hedges for accounting purposes with a net liability fair value of $514 million and $578 million reflected as a decrease in the long-term debt balance at March 31, 2023, and December 31, 2022, respectively (see Note 6).

Net Investment Hedges

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.

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.


	Three months ended March 31,
	2023		2022
Foreign currency-denominated debt designations	$	(117)	$	174
Cross-currency interest rate swap designations	(104)		86
Total	$	(221)	$	260

Foreign Currency-Denominated Debt Designations

The Company designates certain foreign currency-denominated debt as net investment hedges of its investment in Euro- and Pound Sterling-denominated operations. As of March 31, 2023, and December 31, 2022, an aggregate €7,499 million and €7,646 million, respectively, was designated as a net investment hedge of the Company's investment in Euro-denominated operations related to Senior Euro Notes with maturities ranging from 2023 to 2039 and ECP Notes. As of March 31, 2023, and December 31, 2022, an aggregate £746 million and £726 million, respectively, was designated as a net investment hedge of the Company's Pound Sterling-denominated operations related to the Senior GBP Notes with maturities ranging from 2029 to 2031 at March 31, 2023.

Cross-Currency Interest Rate Swap Designations

The Company holds cross-currency interest rate swaps and designates them as net investment hedges of its investment in Euro- and Pound Sterling-denominated operations.

As of March 31, 2023, and December 31, 2022, aggregate notional amounts of €6,343 million and €6,343 million, respectively, were designated as net investment hedges of the Company's investment in Euro-denominated operations, and aggregate notional amounts of £2,580 million and £2,580 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 $246 million and $336 million and liabilities of $(112) million and $(72) million at March 31, 2023, and December 31, 2022, respectively.

During the three months ended March 31, 2023 and 2022, the Company (paid) received net proceeds of approximately $(10) million and $135 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. Following the settlement of the existing cross-currency interest rate swaps, the Company entered into new cross-currency interest rate swaps at current market terms with similar notional amounts and maturity dates as the settled cross-currency interest rate swaps.

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Net Investment Hedges


	Three months ended March 31,
	2023		2022
Foreign currency-denominated debt designations	$	(117)	$	174
Cross-currency interest rate swap designations	(104)		86
Total	$	(221)	$	260

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt as of March 31, 2023, and December 31, 2022, consisted of the following (in millions):


	March 31, 2023
		Weighted
		Average
	Interest	Interest		March 31,		December 31,
	Rates	Rate (1)	Maturities	2023		2022
Fixed Rate Notes
Senior USD Notes	0.6% - 5.6%	3.9%	2024 - 2052	$	8,659	$	9,409
Senior Euro Notes	0.6% - 3.0%	1.6%	2023 - 2039	6,256		6,154
Senior GBP Notes	2.3% - 3.4%	6.6%	2029 - 2031	1,144		1,119
Revolving Credit Facility (2)		6.0%	2026	556		280
Incremental Revolving Credit Facility (3)			2023	—		—
Other (4)				(571)		(622)
Total long-term debt, including current portion				16,044		16,340
Current portion of long-term debt				(2,139)		(2,133)
Long-term debt, excluding current portion				$	13,905	$	14,207

(1)The weighted average interest rate includes the impact of interest rate swaps and excludes the impact of cross-currency interest rate swaps (see Note 7).

(2)Interest on the Revolving Credit Facility is generally payable at LIBOR plus an applicable margin of up to 1.625% plus 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)Interest on the Incremental Revolving Credit Facility is generally payable at a rate, at the option of the Company, equal to the Term SOFR Rate plus 0.10% plus a margin of up to 1.625% or equal to the Base Rate plus a margin of up to 0.625%, in either case plus an unused commitment fee of up to 0.225%.

(4)Other includes financing obligations for certain hardware and software, the fair value of interest rate swaps (see Note 7), unamortized non-cash bond discounts and unamortized debt issuance costs.

Schedule of Short-Term Debt

Short-term borrowings as of March 31, 2023, and December 31, 2022, consisted of the following (in millions):


	March 31, 2023
	Weighted
	Average
	Interest			March 31,		December 31,
	Rate		Maturities	2023		2022
Euro-commercial paper notes ("ECP Notes")	3.0	%	Up to 183 days	$	1,924	$	2,054
U.S. commercial paper notes ("USCP Notes")	5.4	%	Up to 397 days	2,044		1,701
Other				—		42
Total Short-term borrowings				$	3,968	$	3,797

Schedule of Principal Maturities of Long-Term Debt

The following summarizes the aggregate maturities of our long-term debt, including other financing obligations for certain hardware and software, based on stated contractual maturities, excluding the fair value of the interest rate swaps (see Note 7) and net unamortized non-cash bond discounts of $(552) million as of March 31, 2023 (in millions):


	Total
2023 remaining period	$	1,392
2024	1,311
2025	1,448
2026	1,261
2027	2,416
Thereafter	8,865
Total principal payments	16,693
Debt issuance costs, net of accumulated amortization	(97)
Total long-term debt	$	16,596

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Jul. 13, 2022
Long-Term Debt
Other	$ (571)	$ (622)
Total long-term debt	16,044	16,340
Current portion of long-term debt	(2,139)	(2,133)
Long-term debt, excluding current portion	$ 13,905	14,207
Revolving Credit Facility
Long-Term Debt
Weighted average interest rate	6.00%
Revolving credit facility	$ 556	280
Unused commitment fee	0.225%
Revolving Credit Facility \| Maximum \| One month LIBOR
Long-Term Debt
Applicable margin	1.625%
Incremental Revolving Credit Facility
Long-Term Debt
Revolving credit facility	$ 0	0
Unused commitment fee	0.225%
Incremental Revolving Credit Facility \| Maximum
Long-Term Debt
Applicable margin	0.625%
Incremental Revolving Credit Facility \| Maximum \| SOFR
Long-Term Debt
Applicable margin	0.10%
Incremental Revolving Credit Facility \| Maximum \| Base Rate
Long-Term Debt
Applicable margin	1.625%
Senior notes \| Minimum
Long-Term Debt
Debt instrument, stated percentage			4.50%
Senior notes \| Maximum
Long-Term Debt
Debt instrument, stated percentage			5.60%
Senior notes \| Senior USD Notes
Long-Term Debt
Weighted average interest rate	3.90%
Senior notes	$ 8,659	9,409
Senior notes \| Senior USD Notes \| Minimum
Long-Term Debt
Debt instrument, stated percentage	0.60%
Senior notes \| Senior USD Notes \| Maximum
Long-Term Debt
Debt instrument, stated percentage	5.60%
Senior notes \| Senior Euro Notes
Long-Term Debt
Weighted average interest rate	1.60%
Senior notes	$ 6,256	6,154
Senior notes \| Senior Euro Notes \| Minimum
Long-Term Debt
Debt instrument, stated percentage	0.60%
Senior notes \| Senior Euro Notes \| Maximum
Long-Term Debt
Debt instrument, stated percentage	3.00%
Senior notes \| Senior GBP Notes
Long-Term Debt
Weighted average interest rate	6.60%
Senior notes	$ 1,144	$ 1,119
Senior notes \| Senior GBP Notes \| Minimum
Long-Term Debt
Debt instrument, stated percentage	2.30%
Senior notes \| Senior GBP Notes \| Maximum
Long-Term Debt
Debt instrument, stated percentage	3.40%

Net Earnings (Loss) per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Earnings (Loss) per Share

The basic weighted average shares and common stock equivalents for the three months ended March 31, 2023 and 2022, 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, 2023 and 2022 (in millions, except per share amounts):


	Three months ended March 31,
	2023		2022
Net earnings attributable to FIS common stockholders	$	140	$	120
Weighted average shares outstanding-basic	592		610
Plus: Common stock equivalent shares	1		4
Weighted average shares outstanding-diluted	593		614
Net earnings per share-basic attributable to FIS common stockholders	$	0.24	$	0.20
Net earnings per share-diluted attributable to FIS common stockholders	$	0.24	$	0.20

Options to purchase approximately 9 million and 5 million shares of our common stock, were not included in the computation of diluted earnings per share for the three months ended March 31, 2023 and 2022, respectively, because they were anti-dilutive.

In January 2021, our Board of Directors approved a share repurchase program under which it authorized the Company to repurchase up to 100 million shares of our common stock at management's discretion from time to time on the open market or in privately negotiated transactions and through Rule 10b5-1 plans. The new repurchase program has no expiration date and may be suspended for periods, amended or discontinued at any time. Approximately 64 million shares remained available for repurchase as of March 31, 2023. Our current plan for 2023 is to reorient our use of excess cash flow from share repurchases to debt reduction, in part given our outlook for business trends in 2023.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Securities Litigation On March 6, 2023, a complaint captioned Palm Bay Police and Firefighters’ Pension Fund v. Fidelity National Information Services, Inc., et al., was filed in the United States District Court for the Middle District of Florida by a shareholder of the Company. This putative class action, which names the Company and certain of its current and former officers as defendants, seeks damages for alleged violations of federal securities laws in connection with our disclosures relating to our Merchant Solutions segment. Plaintiff seeks to represent a class consisting of all persons who purchased the Company’s common stock between February 9, 2021, and February 10, 2023. A second putative class action complaint, making many of the same allegations, was filed on April 28, 2023, seeking damages on behalf of a class consisting of all persons who purchased the Company’s common stock between May 7, 2020, and February 10, 2023. While we believe the cases are without merit, no assurance can be given as to their ultimate outcome. We intend to contest them vigorously. 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 shareholder of the Company. This action, which was purportedly filed on behalf of the Company and names our current and certain of our former directors as defendants, makes claims for alleged breaches of federal securities laws, breaches of fiduciary duty, and corporate waste arising out of the same matters at issue in the Palm Bay Pension Fund matter described above. Brazilian Tax Authorities Claims 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 filed 14 claims against Servicos asserting potential tax liabilities of approximately $12 million. There are potentially 24 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 $34 million, making the total potential exposure for all 38 claims approximately $46 million. We do not believe a liability for these 38 total claims is probable and, therefore, have not recorded a liability for any of these claims. Tax Receivable Agreement The Company assumed in the Worldpay acquisition a Tax Receivable Agreement ("TRA") under which the Company agreed to make payments to Fifth Third Bank ("Fifth Third") of 85% of the federal, state, local and foreign income tax benefits realized by the Company as a result of certain tax deductions. In December 2019, the Company entered into a Tax Receivable Purchase Addendum (the "Amendment") that provides written call and put options (collectively "the options") to terminate certain estimated obligations under the TRA in exchange for fixed cash payments. The remaining TRA obligations not subject to the Amendment are based on the cash savings realized by the Company by comparing the actual income tax liability of the Company to the amount of such taxes the Company would have been required to pay had there been no deductions related to the tax attributes. Under the TRA, in certain specified circumstances, such as certain changes of control, the Company may be required to make payments in excess of such cash savings. Obligations recorded in our consolidated financial statements pursuant to the TRA are based on estimates of future deductions and future tax rates and, in the case of the obligations subject to the Amendment, reflect management's expectation that the options will be exercised. In January 2023, the Company exercised its third call option pursuant to the Amendment, which results in fixed cash payments to Fifth Third of $138 million. The timing and/or amount of aggregate payments due under the TRA may vary based on a number of factors, including the exercise of options, the amount and timing of taxable income the Company generates in the future and the tax rate then applicable, the use of loss carryforwards and amortizable basis. Each reporting period, the Company evaluates the assumptions underlying the TRA obligations. The consolidated balance sheets as of March 31, 2023, and December 31, 2022, include a total liability of $172 million and $266 million, respectively, relating to the TRA. Chargeback Liability Through services offered in our Merchant Solutions segment, the Company is exposed to potential losses from merchant-related chargebacks. A chargeback occurs when a dispute between a cardholder and a merchant, including a claim for non-delivery of the product or service by the merchant, is not resolved in favor of the merchant and the transaction is charged back to the merchant resulting in a refund of the purchase price to the cardholder. If the Company is unable to collect this chargeback amount from the merchant due to closure, bankruptcy or other reasons, the Company bears the loss for the refund paid to the cardholder. The risk of chargebacks is typically greater for those merchants that promise future delivery of goods and services rather than delivering goods or rendering services at the time of payment. Indemnifications and Warranties 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 software applications or services. 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.

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends paid per share (in dollars per share)	$ 0.52	$ 0.47

Condensed Consolidated Financial Statement Details - Cash and Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Condensed Consolidated Financial Statement Details [Abstract]
Cash and cash equivalents on the consolidated balance sheets	$ 1,871	$ 2,188
Merchant float (in Settlement assets)	2,471	2,625
Total Cash and cash equivalents and restricted cash per the consolidated statements of cash flows	$ 4,342	$ 4,813	$ 3,701	$ 4,283

Condensed Consolidated Financial Statement Details - Intangible Assets, Software and Impairments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 496	$ 557
Property and Equipment
Finite-Lived Intangible Assets [Line Items]
Depreciation expense	57	73
Software
Finite-Lived Intangible Assets [Line Items]
Amortization expense	251	287
Platform Initiatives
Finite-Lived Intangible Assets [Line Items]
Software amortization expense	16	$ 62
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	8,305
Trademarks and Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, net	$ 226

Condensed Consolidated Financial Statement Details - Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill
Beginning balance	$ 34,276
Foreign currency adjustments	148
Ending balance	34,424
Corporate And Other
Goodwill
Beginning balance	20
Foreign currency adjustments	0
Ending balance	20
Operating segments \| Banking Solutions
Goodwill
Beginning balance	12,536
Foreign currency adjustments	8
Ending balance	12,544
Operating segments \| Merchant Solutions
Goodwill
Beginning balance	17,460
Foreign currency adjustments	123
Ending balance	17,583
Operating segments \| Capital Market Solutions
Goodwill
Beginning balance	4,260
Foreign currency adjustments	17
Ending balance	$ 4,277

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Virtus Acquisition 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 ("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 now owns 100% of Virtus.

Net Earnings (Loss) per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jan. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares authorized to be repurchased (in shares)			100
Remaining number of shares authorized to be repurchased (in shares)	64
Share-based Payment Arrangement, Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (less than) (in shares)	9	5

Financial Instruments - Schedule of Net Investment Hedges (Details) - Designated as Hedging Instrument - Net investment hedges - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on investment hedges	$ (221)	$ 260
Foreign currency-denominated debt designations
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on investment hedges	(117)	174
Cross-currency interest rate swap designations
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on investment hedges	$ (104)	$ 86

Condensed Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 141	$ 121
Other comprehensive earnings (loss), before tax:
Foreign currency translation adjustments	257	(495)
Change in fair value of net investment hedges	(296)	351
Other adjustments	0	4
Other comprehensive earnings (loss), before tax	(39)	(140)
Provision for income tax (expense) benefit related to items of other comprehensive earnings (loss)	35	(6)
Other comprehensive earnings (loss), net of tax	(4)	(146)
Comprehensive earnings (loss)	137	(25)
Net (earnings) loss attributable to noncontrolling interest	(1)	(1)
Comprehensive earnings (loss) attributable to FIS common stockholders	$ 136	$ (26)

Condensed Consolidated Financial Statement Details (Tables)

3 Months Ended

Mar. 31, 2023

Condensed Consolidated Financial Statement Details [Abstract]

Schedule of Restricted Cash and Cash Equivalents

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, 2023		December 31, 2022
Cash and cash equivalents on the consolidated balance sheets	$	1,871	$	2,188
Merchant float (in Settlement assets)	2,471		2,625
Total Cash and cash equivalents and restricted cash per the consolidated statements of cash flows	$	4,342	$	4,813

Schedule of Cash and Cash Equivalents


	March 31, 2023		December 31, 2022
Cash and cash equivalents on the consolidated balance sheets	$	1,871	$	2,188
Merchant float (in Settlement assets)	2,471		2,625
Total Cash and cash equivalents and restricted cash per the consolidated statements of cash flows	$	4,342	$	4,813

Schedule Of Settlement Assets

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


	March 31, 2023		December 31, 2022
Settlement assets
Settlement deposits	$	527	$	492
Merchant float	2,471		2,625
Settlement receivables	1,427		2,738
Total Settlement assets	$	4,425	$	5,855

Schedule of Intangible Assets, Software and Property and Equipment

The following table provides details of Intangible assets, Software and Property and equipment as of March 31, 2023, and December 31, 2022 (in millions):


	March 31, 2023						December 31, 2022
	Cost		Accumulated depreciation and amortization		Net		Cost		Accumulated depreciation and amortization		Net
Intangible assets	$	18,362	$	9,831	$	8,531	$	18,260	$	9,304	$	8,956
Software	$	6,635	$	3,413	$	3,222	$	6,607	$	3,369	$	3,238
Property and equipment	$	2,394	$	1,556	$	838	$	2,381	$	1,519	$	862

Schedule of Goodwill

Changes in goodwill during the three months ended March 31, 2023, are summarized below (in millions). Prior-period amounts have been reclassified to conform to the new reportable segment presentation as discussed in Note 10.


					Capital		Corporate
	Banking		Merchant		Market		And
	Solutions		Solutions		Solutions		Other		Total
Balance, December 31, 2022	$	12,536	$	17,460	$	4,260	$	20	$	34,276
Foreign currency adjustments	8		123		17		—		148
Balance, March 31, 2023	$	12,544	$	17,583	$	4,277	$	20	$	34,424

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
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-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Deferred Contract Costs

3 Months Ended

Mar. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Contract Costs

Origination and fulfillment costs from contracts with customers capitalized as of March 31, 2023, and December 31, 2022, consisted of the following (in millions):


	March 31, 2023		December 31, 2022
Contract costs on implementations in progress	$	216	$	250
Contract origination costs on completed implementations, net	636		579
Contract fulfillment costs on completed implementations, net	257		251
Total Deferred contract costs, net	$	1,109	$	1,080

Amortization of deferred contract costs on completed implementations was $91 million and $96 million during the three months ended March 31, 2023 and 2022, respectively.

The Company recorded $3 million and $16 million during the three months ended March 31, 2023 and 2022, respectively, of incremental amortization expense related to deferred contract costs resulting from the Company's platform modernization.

Net Earnings (Loss) per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share Attributable to FIS Common Stockholders


	Three months ended March 31,
	2023		2022
Net earnings attributable to FIS common stockholders	$	140	$	120
Weighted average shares outstanding-basic	592		610
Plus: Common stock equivalent shares	1		4
Weighted average shares outstanding-diluted	593		614
Net earnings per share-basic attributable to FIS common stockholders	$	0.24	$	0.20
Net earnings per share-diluted attributable to FIS common stockholders	$	0.24	$	0.20

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	3 Months Ended
Commitments and Contingencies (Details) $ in Millions	Jan. 31, 2023 USD ($)	Mar. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)
Loss Contingencies
Tax receivable agreement commitment (percent)		85.00%
Payments from the exercise of call options	$ 138
Tax receivable agreement obligations		$ 172	$ 266
Pending litigation \| Potential tax liability \| Secretariat of the federal revenue bureau of brazil
Loss Contingencies
Loss contingency, number of claims pending \| claim		14
Loss contingency, value of damages sought		$ 12
Loss contingency, number of potential new claims filed \| claim		24
Loss contingency, potential additional claims amount sought		$ 34
Loss contingency, number of total pending and potential pending claims \| claim		38
Pending litigation \| Potential tax liability \| Secretariat of the federal revenue bureau of brazil \| Maximum
Loss Contingencies
Loss contingency, estimate of possible loss		$ 46

Condensed Consolidated Statements of Equity - USD ($)
shares in Millions, $ in Millions

Total

Common shares

Treasury shares

Additional paid in capital

Retained earnings

Accumulated other comprehensive earnings (loss)

Noncontrolling interest

^[1]

Beginning balance (in shares) at Dec. 31, 2021

625

Beginning balance (in shares) at Dec. 31, 2021

(16)

Beginning balance at Dec. 31, 2021

$ 47,358

$ 6

$ (2,266)

$ 46,466

$ 2,889

$ 252

$ 11

Increase (Decrease) in Stockholders' Equity

Issuance of restricted stock (in shares)

Issuance of restricted stock

Exercise of stock options

Treasury shares held for taxes due upon exercise of stock awards (in shares)

(1)

Treasury shares held for taxes due upon exercise of stock awards

(77)

$ (77)

Stock-based compensation

Cash dividends declared and other distributions

(290)

(288)

(2)

Net earnings (loss)

121

120

Other comprehensive earnings (loss), net of tax

(146)

Ending balance (in shares) at Mar. 31, 2022

628

Ending balance (in shares) at Mar. 31, 2022

(17)

Ending balance at Mar. 31, 2022

$ 47,036

$ 6

$ (2,343)

46,536

2,721

106

Beginning balance (in shares) at Dec. 31, 2022

630

Beginning balance (in shares) at Dec. 31, 2022

(39)

Beginning balance at Dec. 31, 2022

$ 27,226

$ 6

$ (4,192)

46,735

(14,971)

(360)

Increase (Decrease) in Stockholders' Equity

Issuance of restricted stock (in shares)

Exercise of stock options

Treasury shares held for taxes due upon exercise of stock awards

(14)

$ (14)

Stock-based compensation

Cash dividends declared and other distributions

(312)

(310)

(2)

Other

Net earnings (loss)

141

140

Other comprehensive earnings (loss), net of tax

$ (4)

(4)

Ending balance (in shares) at Mar. 31, 2023

631

Ending balance (in shares) at Mar. 31, 2023

(39)

Ending balance at Mar. 31, 2023

$ 27,104

$ 6

$ (4,206)

$ 46,802

$ (15,141)

$ (364)

$ 7

[1]	Excludes redeemable noncontrolling interest that is not considered equity.

Net Earnings (Loss) per Share - Schedule of Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net earnings attributable to FIS common stockholders	$ 140	$ 120
Weighted average shares outstanding-basic (in shares)	592	610
Plus: Common stock equivalent shares (in shares)	1	4
Weighted average shares outstanding-diluted (in shares)	593	614
Net earnings (loss) per share-basic attributable to FIS common stockholders (in dollars per share)	$ 0.24	$ 0.20
Net earnings (loss) per share-diluted attributable to FIS common stockholders (in dollars per share)	$ 0.24	$ 0.20

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net earnings	$ 141	$ 121
Adjustment to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	895	1,013
Amortization of debt issuance costs	8	7
Asset impairments	0	58
Stock-based compensation	20	57
Deferred income taxes	(41)	(112)
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:
Trade and other receivables	214	62
Settlement activity	(189)	(162)
Prepaid expenses and other assets	(153)	(152)
Deferred contract costs	(118)	(73)
Deferred revenue	61	55
Accounts payable, accrued liabilities and other liabilities	(206)	22
Net cash provided by operating activities	632	896
Cash flows from investing activities:
Additions to property and equipment	(48)	(108)
Additions to software	(231)	(304)
Settlement of net investment hedge cross-currency interest rate swaps	(10)	135
Other investing activities, net	(4)	(13)
Net cash provided by (used in) investing activities	(293)	(290)
Cash flows from financing activities:
Borrowings	20,233	15,902
Repayment of borrowings and other financing obligations	(20,582)	(16,609)
Debt issuance costs	(2)	0
Net proceeds from stock issued under stock-based compensation plans	47	33
Treasury stock activity	(14)	(77)
Dividends paid	(309)	(287)
Payments on tax receivable agreement	(94)	(46)
Purchase of noncontrolling interest	(173)	0
Other financing activities, net	(2)	(1)
Net cash provided by (used in) financing activities	(896)	(1,085)
Effect of foreign currency exchange rate changes on cash	86	(103)
Net increase (decrease) in cash, cash equivalents and restricted cash	(471)	(582)
Cash, cash equivalents and restricted cash, beginning of period	4,813	4,283
Cash, cash equivalents and restricted cash, end of period	4,342	3,701
Supplemental cash flow information:
Cash paid for interest	176	75
Cash paid for income taxes	$ 57	$ 46

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

Long-term debt as of March 31, 2023, and December 31, 2022, consisted of the following (in millions):


	March 31, 2023
		Weighted
		Average
	Interest	Interest		March 31,		December 31,
	Rates	Rate (1)	Maturities	2023		2022
Fixed Rate Notes
Senior USD Notes	0.6% - 5.6%	3.9%	2024 - 2052	$	8,659	$	9,409
Senior Euro Notes	0.6% - 3.0%	1.6%	2023 - 2039	6,256		6,154
Senior GBP Notes	2.3% - 3.4%	6.6%	2029 - 2031	1,144		1,119
Revolving Credit Facility (2)		6.0%	2026	556		280
Incremental Revolving Credit Facility (3)			2023	—		—
Other (4)				(571)		(622)
Total long-term debt, including current portion				16,044		16,340
Current portion of long-term debt				(2,139)		(2,133)
Long-term debt, excluding current portion				$	13,905	$	14,207

(1)The weighted average interest rate includes the impact of interest rate swaps and excludes the impact of cross-currency interest rate swaps (see Note 7).

(4)Other includes financing obligations for certain hardware and software, the fair value of interest rate swaps (see Note 7), unamortized non-cash bond discounts and unamortized debt issuance costs.

Short-term borrowings as of March 31, 2023, and December 31, 2022, consisted of the following (in millions):


	March 31, 2023
	Weighted
	Average
	Interest			March 31,		December 31,
	Rate		Maturities	2023		2022
Euro-commercial paper notes ("ECP Notes")	3.0	%	Up to 183 days	$	1,924	$	2,054
U.S. commercial paper notes ("USCP Notes")	5.4	%	Up to 397 days	2,044		1,701
Other				—		42
Total Short-term borrowings				$	3,968	$	3,797

As discussed further in Note 7, the Company is a party to interest rate swaps that convert a portion of its fixed-rate debt to variable-rate debt. These interest rate swaps are designated as fair value hedges of its fixed rate debt. The Company has also entered into cross currency interest rate swaps under which it agrees to pay interest in U.S. dollars in exchange for receiving interest in a foreign currency. 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. As of March 31, 2023, the weighted average interest rate of the Company's outstanding debt was 3.7%, including the impact of interest rate swaps but excluding the impact of cross-currency interest rate swaps. Including the impact of cross-currency interest rate swaps on interest expense, the weighted average interest rate of the Company's outstanding debt was 3.0%.


	Total
2023 remaining period	$	1,392
2024	1,311
2025	1,448
2026	1,261
2027	2,416
Thereafter	8,865
Total principal payments	16,693
Debt issuance costs, net of accumulated amortization	(97)
Total long-term debt	$	16,596

There are no mandatory principal payments on the Revolving Credit Facility or the Incremental Revolving Credit Facility, and any balance outstanding on the Revolving Credit Facility or the Incremental Revolving Credit Facility will be due and payable at each such facility's scheduled maturity date, which occur on March 2, 2026 and December 15, 2023, respectively.

Senior Notes

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.

Revolving Credit Facilities

On February 28, 2023, FIS entered into a Incremental Revolving Credit Facility which provides credit commitments outstanding of $2.0 billion, with a scheduled maturity date of December 15, 2023. The proceeds of any borrowings under the Incremental Revolving Credit Facility will be used to provide ongoing working capital and for other general corporate purposes of the Company and its subsidiaries, including the repayment of certain existing debt of the Company and its subsidiaries and to backstop the Company’s commercial paper program. The Incremental Revolving Credit Facility contains customary covenants restricting, among other things, the incurrence of indebtedness, certain restricted payments and use of proceeds as well as to maintain certain financial ratios.

As of March 31, 2023, the borrowing capacity under the Revolving Credit Facility and Incremental Revolving Credit Facility was $2,976 million (net of $3,968 million of capacity backstopping our commercial paper notes).

Fair Value of Debt

The fair value of the Company's long-term debt is estimated to be approximately $1,629 million and $1,873 million lower than the carrying value, excluding the fair value of the interest rate swaps and unamortized discounts, as of March 31, 2023, and December 31, 2022, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

FIS reports its financial performance based on the following segments: Banking Solutions, Merchant Solutions, Capital Market Solutions and Corporate and Other. Below is a summary of each segment. The Company regularly assesses its portfolio of assets and reclassified certain businesses from Capital Market Solutions to Banking Solutions and to the Corporate and Other Segment in the quarter ended March 31, 2023, and recast all prior-period segment information presented. Revenue from the reclassified businesses during the quarter ended March 31, 2023, represented less than 1% of consolidated revenue for the period.

Banking Solutions ("Banking")

The Banking segment is focused on serving financial institutions of all sizes with core processing software, transaction processing software and complementary applications and services, many of which interact directly with core processing software. We sell these solutions on either a bundled or stand-alone basis. Clients in this segment include global financial institutions, U.S. regional and community banks, credit unions and commercial lenders, as well as government institutions and other commercial organizations. Banking serves clients in more than 100 countries. We provide our clients integrated solutions characterized by multi-year processing contracts that generate recurring revenue. The predictable nature of cash flows generated from the Banking segment provides opportunities for further investments in innovation, integration, information and security, and compliance in a cost-effective manner.

Merchant Solutions ("Merchant")

The Merchant segment is focused on serving merchants of all sizes globally, enabling them to accept, authorize and settle electronic payment transactions. Merchant includes all aspects of payment processing, including value-added services, such as security, fraud prevention, advanced data analytics, foreign currency management and numerous funding options. Merchant serves clients in over 100 countries. Our Merchant clients are highly-diversified, including global enterprises, national retailers and small- to medium-sized businesses. The Merchant segment utilizes broad and varied distribution channels, including direct sales forces and multiple referral partner relationships that provide us with access to new and existing markets.

On February 13, 2023, we announced plans to spin off our Merchant Solutions business as further discussed in Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations."

Capital Market Solutions ("Capital Markets")

The Capital Markets segment is focused on serving global financial services clients with a broad array of buy- and sell-side solutions. Clients in this segment operate in more than 100 countries and include asset managers, buy- and sell-side securities brokerage and trading firms, insurers, private equity firms, and other commercial organizations. Our buy- and sell-side solutions include a variety of mission-critical applications for recordkeeping, data and analytics, trading, financing and risk management. Capital Markets clients purchase our solutions in various ways including licensing and managing technology "in-house," using consulting and third-party service providers, as well as procuring fully outsourced end-to-end solutions. Our long-established relationships with many of these financial and commercial institutions generate significant recurring revenue. We have made, and continue to make, investments in modern platforms, advanced technologies, open APIs, machine learning and artificial intelligence, and regulatory technology to support our Capital Markets clients.

Corporate and Other

The Corporate and Other segment consists of corporate overhead expense, certain leveraged functions and miscellaneous expenses that are not included in the operating segments, as well as certain non-strategic businesses that we plan to wind down or sell. The overhead and leveraged costs relate to corporate marketing, corporate finance and accounting, human resources, legal, and amortization of acquisition-related intangibles and other costs, such as acquisition, integration and transformation-related expenses, that are not considered when management evaluates revenue-generating segment performance.

In the Corporate and Other segment, the Company recorded acquisition, integration and other costs comprised of the following (in millions):


	Three months ended
	March 31,
	2023		2022

Acquisition and integration	$	9	$	48
Enterprise transformation, including Future forward and platform modernization	76		80
Severance and other termination expenses associated with enterprise cost control initiatives and changes in senior management	28		11
Planned spin-off of the Merchant Solutions business	11		—
Stock-based compensation, primarily from certain performance-based awards	—		24
Other, including divestiture-related expenses, enterprise costs control and other initiatives	3		28
Total acquisition, integration and other costs	$	127	$	190

Amounts in table may not sum due to rounding.

Other costs in Corporate and Other also included incremental amortization expense associated with shortened estimated useful lives and accelerated amortization methods for certain software and deferred contract cost assets resulting from the Company's platform modernization totaling $19 million and $52 million for the three months ended March 31, 2023 and 2022, respectively, which is recorded in depreciation and amortization in the statement of operations. Additionally, during the quarter ended March 31, 2022, the Company recorded $58 million of impairments primarily related to real estate-related assets resulting from office space reductions.

Adjusted EBITDA

Adjusted EBITDA is a measure of segment profit or loss that is reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance. For this reason, Adjusted EBITDA, as it relates to our segments, is presented in conformity with FASB ASC Topic 280, Segment Reporting. Adjusted EBITDA is defined as net earnings (loss) before net interest expense, net other income (expense), income tax provision (benefit) and depreciation and amortization, and excludes certain costs and other transactions that management deems non-operational in nature or that otherwise improve the comparability of operating results across reporting periods by their exclusion. The items affecting the segment profit measure generally include the purchase price amortization of acquired intangible assets as well as acquisition, integration and certain other costs and asset impairments. These costs and adjustments are recorded in the Corporate and Other segment for the periods discussed below. Adjusted EBITDA for the respective segments excludes the foregoing costs and adjustments.

Summarized financial information for the Company's segments is shown in the following tables. The Company does not evaluate performance or allocate resources based on segment asset data; therefore, such information is not presented.

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


					Capital
	Banking		Merchant		Market		Corporate
	Solutions		Solutions		Solutions		and Other		Total
Revenue	$	1,685	$	1,105	$	663	$	57	$	3,510
Operating expenses	(1,164)		(720)		(436)		(853)		(3,173)
Depreciation and amortization (including purchase accounting amortization)	155		96		93		551		895
Acquisition, integration and other costs	—		—		—		127		127
Adjusted EBITDA	$	676	$	481	$	320	$	(118)	$	1,359

Adjusted EBITDA									$	1,359
Depreciation and amortization									(347)
Purchase accounting amortization									(548)
Acquisition, integration and other costs									(127)
Interest expense, net									(137)
Other income (expense), net									(11)
(Provision) benefit for income taxes									(48)
Net earnings attributable to noncontrolling interest									(1)
Net earnings attributable to FIS common stockholders									$	140
Capital expenditures	$	98	$	102	$	63	$	16	$	279

For the three months ended March 31, 2022 (in millions):


					Capital
	Banking		Merchant		Market		Corporate
	Solutions		Solutions		Solutions		and Other		Total
Revenue	$	1,659	$	1,112	$	627	$	94	$	3,492
Operating expenses	(1,104)		(682)		(413)		(1,136)		(3,335)
Depreciation and amortization (including purchase accounting amortization)	152		92		86		683		1,013
Acquisition, integration and other costs	—		—		—		190		190
Asset impairments	—		—		—		58		58
Adjusted EBITDA	$	707	$	522	$	300	$	(111)	$	1,418

Adjusted EBITDA									$	1,418
Depreciation and amortization									(363)
Purchase accounting amortization									(650)
Acquisition, integration and other costs									(190)
Asset impairments									(58)
Interest expense, net									(43)
Other income (expense), net									61
(Provision) benefit for income taxes									(54)
Net earnings attributable to noncontrolling interest									(1)
Net earnings attributable to FIS common stockholders									$	120
Capital expenditures	$	160	$	143	$	81	$	28	$	412

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
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+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Trade receivables, net	$ 92	$ 75
FIS stockholders’ equity:
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	631,000,000	630,000,000
Treasury stock (in shares)	39,000,000	39,000,000

Condensed Consolidated Financial Statement Details - Schedule of Intangible Assets, Software and Property and Equipment (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Condensed Consolidated Financial Statement Details [Abstract]
Intangible assets, cost	$ 18,362	$ 18,260
Intangible assets, accumulated depreciation and amortization	9,831	9,304
Intangible assets, net	8,531	8,956
Software, cost	6,635	6,607
Software, accumulated depreciation and amortization	3,413	3,369
Software, net	3,222	3,238
Property and equipment, cost	2,394	2,381
Property and equipment, accumulated depreciation and amortization	1,556	1,519
Property and equipment, net	$ 838	$ 862

Deferred Contract Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Capitalized Contract Cost
Amortization of contract costs	$ 91	$ 96
Platform Initiatives
Capitalized Contract Cost
Amortization of contract costs	$ 3	$ 16

Debt - Principal Maturities of Long-Term Debt (Details) - FIS credit agreements $ in Millions	Mar. 31, 2023 USD ($)
Principal maturities of long-term debt
2023 remaining period	$ 1,392
2024	1,311
2025	1,448
2026	1,261
2027	2,416
Thereafter	8,865
Total principal payments	16,693
Debt issuance costs, net of accumulated amortization	(97)
Total long-term debt	$ 16,596

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of business acquisitions, by acquisition

In the Corporate and Other segment, the Company recorded acquisition, integration and other costs comprised of the following (in millions):


	Three months ended
	March 31,
	2023		2022

Acquisition and integration	$	9	$	48
Enterprise transformation, including Future forward and platform modernization	76		80
Severance and other termination expenses associated with enterprise cost control initiatives and changes in senior management	28		11
Planned spin-off of the Merchant Solutions business	11		—
Stock-based compensation, primarily from certain performance-based awards	—		24
Other, including divestiture-related expenses, enterprise costs control and other initiatives	3		28
Total acquisition, integration and other costs	$	127	$	190

Amounts in table may not sum due to rounding.

Schedule of Segment Information

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


					Capital
	Banking		Merchant		Market		Corporate
	Solutions		Solutions		Solutions		and Other		Total
Revenue	$	1,685	$	1,105	$	663	$	57	$	3,510
Operating expenses	(1,164)		(720)		(436)		(853)		(3,173)
Depreciation and amortization (including purchase accounting amortization)	155		96		93		551		895
Acquisition, integration and other costs	—		—		—		127		127
Adjusted EBITDA	$	676	$	481	$	320	$	(118)	$	1,359

Adjusted EBITDA									$	1,359
Depreciation and amortization									(347)
Purchase accounting amortization									(548)
Acquisition, integration and other costs									(127)
Interest expense, net									(137)
Other income (expense), net									(11)
(Provision) benefit for income taxes									(48)
Net earnings attributable to noncontrolling interest									(1)
Net earnings attributable to FIS common stockholders									$	140
Capital expenditures	$	98	$	102	$	63	$	16	$	279

For the three months ended March 31, 2022 (in millions):


					Capital
	Banking		Merchant		Market		Corporate
	Solutions		Solutions		Solutions		and Other		Total
Revenue	$	1,659	$	1,112	$	627	$	94	$	3,492
Operating expenses	(1,104)		(682)		(413)		(1,136)		(3,335)
Depreciation and amortization (including purchase accounting amortization)	152		92		86		683		1,013
Acquisition, integration and other costs	—		—		—		190		190
Asset impairments	—		—		—		58		58
Adjusted EBITDA	$	707	$	522	$	300	$	(111)	$	1,418

Adjusted EBITDA									$	1,418
Depreciation and amortization									(363)
Purchase accounting amortization									(650)
Acquisition, integration and other costs									(190)
Asset impairments									(58)
Interest expense, net									(43)
Other income (expense), net									61
(Provision) benefit for income taxes									(54)
Net earnings attributable to noncontrolling interest									(1)
Net earnings attributable to FIS common stockholders									$	120
Capital expenditures	$	160	$	143	$	81	$	28	$	412

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2022.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 higher rates of inflation and slower economic growth. 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.

Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

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. Prior-period amounts have been reclassified to conform to the new reportable segment presentation as discussed in Note 10.

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



					Capital
	Banking		Merchant		Market		Corporate
	Solutions		Solutions		Solutions		and Other		Total
Primary Geographical Markets:
North America	$	1,439	$	777	$	425	$	26	$	2,667
All others	246		328		238		31		843
Total	$	1,685	$	1,105	$	663	$	57	$	3,510

Type of Revenue:
Recurring revenue:
Transaction processing and services	$	1,299	$	1,081	$	342	$	39	$	2,761
Software maintenance	90		1		129		—		220
Other recurring	54		20		19		10		103
Total recurring	1,443		1,102		490		49		3,084

Software license	11		3		73		—		87
Professional services	154		—		100		2		256
Other non-recurring fees	77		—		—		6		83
Total	$	1,685	$	1,105	$	663	$	57	$	3,510

For the three months ended March 31, 2022 (in millions):



					Capital
	Banking		Merchant		Market		Corporate
	Solutions		Solutions		Solutions		and Other		Total
Primary Geographical Markets:
North America	$	1,418	$	785	$	374	$	51	$	2,628
All others	241		327		253		43		864
Total	$	1,659	$	1,112	$	627	$	94	$	3,492

Type of Revenue:
Recurring revenue:
Transaction processing and services	$	1,255	$	1,087	$	308	$	76	$	2,726
Software maintenance	92		1		125		—		218
Other recurring	51		22		14		10		97
Total recurring	1,398		1,110		447		86		3,041

Software license	31		1		73		—		105
Professional services	144		—		107		2		253
Other non-recurring fees	86		1		—		6		93
Total	$	1,659	$	1,112	$	627	$	94	$	3,492

Contract Balances

The Company recognized revenue of $318 million and $310 million during the three months ended March 31, 2023 and 2022, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods.

Transaction Price Allocated to the Remaining Performance Obligations

As of March 31, 2023, 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 30% of the Banking Solutions and Capital Market Solutions segments' remaining performance obligations over the next 12 months, approximately another 22% over the next 13 to 24 months, and the balance thereafter.

As permitted by ASC 606, Revenue from Contracts with Customers, the Company has elected to exclude from this disclosure an estimate for the Merchant Solutions segment, as its contracts either have an original duration of one year or less or contain variable consideration that is allocated entirely to the day of performance under its stand-ready performance obligations comprised of a series of distinct daily services. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Deferred Contract Costs (Tables)

3 Months Ended

Mar. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Deferred Contract Cost

Origination and fulfillment costs from contracts with customers capitalized as of March 31, 2023, and December 31, 2022, consisted of the following (in millions):


	March 31, 2023		December 31, 2022
Contract costs on implementations in progress	$	216	$	250
Contract origination costs on completed implementations, net	636		579
Contract fulfillment costs on completed implementations, net	257		251
Total Deferred contract costs, net	$	1,109	$	1,080

Condensed Consolidated Financial Statement Details - Settlement Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Settlement assets
Settlement deposits	$ 527	$ 492
Merchant float	2,471	2,625
Settlement receivables	1,427	2,738
Total Settlement assets	$ 4,425	$ 5,855

Condensed Consolidated Financial Statement Details - Impairments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairments	$ 0	$ 58
Real-Estate Related Assets
Impaired Long-Lived Assets Held and Used [Line Items]
Asset impairments		$ 58

Segment Information - Narrative (Details) $ in Millions	3 Months Ended
Segment Information - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($) country	Mar. 31, 2022 USD ($)
Segment Reporting Information
Asset impairments \| $	$ 0	$ 58
Real-Estate Related Assets
Segment Reporting Information
Asset impairments \| $		58
Platform Modernization \| Software and Deferred Contract Cost Assets
Segment Reporting Information
Incremental charges \| $	$ 19	$ 52
Banking Solutions \| Minimum
Segment Reporting Information
Number of countries we operate in (more than) \| country	100
Merchant Solutions \| Minimum
Segment Reporting Information
Number of countries we operate in (more than) \| country	100
Capital Market Solutions \| Minimum
Segment Reporting Information
Number of countries we operate in (more than) \| country	100
Revenue \| Revenue from Rights Concentration Risk \| Minimum
Segment Reporting Information
Percentage of revenue	1.00%

Condensed Consolidated Financial Statement Details - Visa Europe and Contingent Value Rights - Narrative (Details) - Visa Europe to Visa, Inc. - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Contingent Value Rights [Line Items]
Contingent value rights, fair value	$ 361		$ 342
Unrealized change in equity investments	$ (3)	$ 25
Convertible Preferred Stock \| Former Legacy Worldpay Owners
Contingent Value Rights [Line Items]
Percentage of disposal proceeds due to counterparty, net of tax (percent)	90.00%
Preferred Stock
Contingent Value Rights [Line Items]
Contingent value rights, fair value	$ 71		$ 55

Condensed Consolidated Financial Statement Details

3 Months Ended

Mar. 31, 2023

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, 2023		December 31, 2022
Cash and cash equivalents on the consolidated balance sheets	$	1,871	$	2,188
Merchant float (in Settlement assets)	2,471		2,625
Total Cash and cash equivalents and restricted cash per the consolidated statements of cash flows	$	4,342	$	4,813

Settlement Assets

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


	March 31, 2023		December 31, 2022
Settlement assets
Settlement deposits	$	527	$	492
Merchant float	2,471		2,625
Settlement receivables	1,427		2,738
Total Settlement assets	$	4,425	$	5,855

Intangible Assets, Software and Property and Equipment

The following table provides details of Intangible assets, Software and Property and equipment as of March 31, 2023, and December 31, 2022 (in millions):


	March 31, 2023						December 31, 2022
	Cost		Accumulated depreciation and amortization		Net		Cost		Accumulated depreciation and amortization		Net
Intangible assets	$	18,362	$	9,831	$	8,531	$	18,260	$	9,304	$	8,956
Software	$	6,635	$	3,413	$	3,222	$	6,607	$	3,369	$	3,238
Property and equipment	$	2,394	$	1,556	$	838	$	2,381	$	1,519	$	862

As of March 31, 2023, Intangible assets, net of amortization, includes $8,305 million of customer relationships and $226 million of trademarks and other intangible assets. Amortization expense with respect to Intangible assets was $496 million and $557 million for the three months ended March 31, 2023 and 2022, respectively.

Depreciation expense for property and equipment was $57 million and $73 million for the three months ended March 31, 2023 and 2022, respectively.

Amortization expense with respect to software was $251 million and $287 million for the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2023 and 2022, the Company recorded $16 million and $62 million, respectively, of incremental software amortization expense resulting from the Company's platform modernization. Platform modernization includes sunsetting certain technology platforms, which resulted in shortened estimated useful lives and accelerated amortization methods primarily impacting the associated assets over approximately three years, beginning in the third quarter of 2021.

Impairments

For the three months ended March 31, 2022, the Company also recorded $58 million of impairments primarily related to real estate-related assets as a result of office space reductions.

Goodwill


					Capital		Corporate
	Banking		Merchant		Market		And
	Solutions		Solutions		Solutions		Other		Total
Balance, December 31, 2022	$	12,536	$	17,460	$	4,260	$	20	$	34,276
Foreign currency adjustments	8		123		17		—		148
Balance, March 31, 2023	$	12,544	$	17,583	$	4,277	$	20	$	34,424

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, 2023, indicated potential impairment of our reporting units. We performed a qualitative assessment by examining factors most likely to affect our reporting units' fair values, including the impact of recent U.S. bank failures. The factors examined involve significant 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, 2023, we concluded that it remained more likely than not that the fair value continues to exceed the carrying amount for each of our reporting units; therefore, goodwill was not impaired.

It is reasonably possible, however, that macroeconomic conditions, including rates of economic growth, inflation and interest, and foreign currency movements, or other events could have a material impact on one or more of the estimates and assumptions used to evaluate goodwill impairment and could result in future goodwill impairment.

The total carrying amount of goodwill as of March 31, 2023, and December 31, 2022, is net of accumulated impairment charges of $17.7 billion. Of this amount, $17.6 billion relates to the Merchant Solutions reporting unit which was impaired during the fourth quarter of 2022, and $94 million relates to non-strategic businesses within Corporate and Other which were impaired during the fourth quarter of 2020.

Visa Europe and Contingent Value Rights

As part of the Worldpay acquisition, the Company acquired certain assets and liabilities related to the June 2016 Worldpay Group plc (Legacy Worldpay) disposal of its ownership interest in Visa Europe to Visa Inc. As part of the disposal, Legacy Worldpay received proceeds from Visa Inc. in the form of cash ("cash consideration") and convertible preferred stock ("preferred stock"), the value of which may be reduced by losses incurred relating to ongoing interchange-related litigation involving Visa Europe. The preferred stock becomes convertible into Visa Inc. Class A common stock ("common stock") in stages as determined by Visa Inc. in accordance with the relevant transaction documents pertaining to the aforementioned disposal of the Visa Europe ownership interest. The preferred stock becomes fully convertible no later than 2028 (subject to a holdback to cover any pending claims). Also in connection with the disposal and pursuant to the terms of an amendment executed on September 17, 2020, the Company will pay the former Legacy Worldpay owners 90% of the net-of-tax proceeds from the disposal, known as contingent value rights, which is recorded as a liability ("CVR liability") on the consolidated balance sheets.

The Company has elected the fair value option under ASC 825, Financial Instruments ("ASC 825"), for measuring its preferred stock asset and CVR liability. The fair value of the preferred stock was $71 million and $55 million at March 31, 2023, and December 31, 2022, respectively, recorded in Other noncurrent assets on the consolidated balance sheets. The fair value of the CVR liability was $361 million and $342 million at March 31, 2023, and December 31, 2022, respectively, recorded in Other noncurrent liabilities on the consolidated balance sheets. Pursuant to ASC 825, the Company remeasures the fair value of the preferred stock and CVR liability each reporting period. The net change in fair value was $(3) million and $25 million for the three months ended March 31, 2023 and 2022, respectively, recorded in Other income (expense), net on the consolidated statements of earnings (loss).

Equity Security Investments

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 $395 million and $393 million at March 31, 2023, and December 31, 2022, 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 gains and losses on these investments, realized and unrealized as well as impairment losses, as Other income (expense), net on the consolidated statements of earnings (loss) and recorded net gains of $(2) million and $41 million for the three months ended March 31, 2023 and 2022, respectively, related to these investments.

Condensed Consolidated Financial Statement Details - Equity Security Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Other nonoperating income (expense)
Equity Securities without Readily Determinable Fair Value [Line Items]
Gains and losses on investments, realized and unrealized	$ (2)	$ 41
Other Noncurrent Assets
Equity Securities without Readily Determinable Fair Value [Line Items]
Equity securities without readily determinable fair values	$ 395		$ 393

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation 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, 2022. 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 higher rates of inflation and slower economic growth. 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. Certain reclassifications have been made in the 2022 consolidated financial statements to conform to the classifications used in 2023. On the consolidated statements of comprehensive earnings, we reclassified the Change in fair value of net investment hedges from Foreign currency translation adjustments into its own classification. On the consolidated statements of cash flows, we reclassified Settlement of net investment hedges cross-currency interest rate swaps from Other investing activities to its own classification and Payments on tax receivable agreement from Other financing activities into its own classification. FIS reports its financial performance based on the following segments: Banking Solutions, Merchant Solutions, Capital Market Solutions, and Corporate and Other. The Company regularly assesses its portfolio of assets and reclassified certain businesses from Capital Market Solutions to Banking Solutions and to the Corporate and Other Segment in the quarter ended March 31, 2023, and recast all prior-period segment information presented. See Note 10 for more information regarding our segments and the related reclassification. Amounts in tables in the financial statements and accompanying footnotes may not sum or calculate due to rounding.

Acquisitions (Details) - USD ($) $ in Millions		1 Months Ended	3 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Jan. 02, 2020	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition
FIS paid redemption value			$ 173	$ 0
Virtus Acquisition
Business Acquisition
Percentage of equity interests acquired	70.00%
Call option exercise period	2 years
Put option exercise period	3 years
Virtus Acquisition \| Virtus Partners
Business Acquisition
Percentage of equity interests acquired		100.00%
Ownership interest retained by founders	30.00%
FIS paid redemption value		$ 173

Financial Instruments - Narrative (Details) € in Millions, £ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Mar. 31, 2023 GBP (£)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2022 GBP (£)
Derivative [Line Items]
(Paid) received net proceeds from settlement of existing cross-currency interest rate swaps	$ 10	$ (135)
Net investment hedges \| Senior Euro Notes Maturing 2022 to 2039 and ECP Notes \| Senior notes
Derivative [Line Items]
Notional amount \| €			€ 7,499			€ 7,646
Net investment hedges \| Sterling senior notes due 2022 to 2031 \| Senior notes
Derivative [Line Items]
Notional amount \| £				£ 746			£ 726
Interest rate swap \| Fair value hedging
Derivative [Line Items]
Notional amount	1,854		500	925	$ 1,854	500	925
Derivative liability fair value	514				578
Interest rate swap \| Net investment hedges
Derivative [Line Items]
Derivative liability fair value	(112)				(72)
Derivative asset fair value	$ 336				$ 246
Currency swap \| Net investment hedges
Derivative [Line Items]
Notional amount			€ 6,343	£ 2,580		€ 6,343	£ 2,580

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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



					Capital
	Banking		Merchant		Market		Corporate
	Solutions		Solutions		Solutions		and Other		Total
Primary Geographical Markets:
North America	$	1,439	$	777	$	425	$	26	$	2,667
All others	246		328		238		31		843
Total	$	1,685	$	1,105	$	663	$	57	$	3,510

Type of Revenue:
Recurring revenue:
Transaction processing and services	$	1,299	$	1,081	$	342	$	39	$	2,761
Software maintenance	90		1		129		—		220
Other recurring	54		20		19		10		103
Total recurring	1,443		1,102		490		49		3,084

Software license	11		3		73		—		87
Professional services	154		—		100		2		256
Other non-recurring fees	77		—		—		6		83
Total	$	1,685	$	1,105	$	663	$	57	$	3,510

For the three months ended March 31, 2022 (in millions):



					Capital
	Banking		Merchant		Market		Corporate
	Solutions		Solutions		Solutions		and Other		Total
Primary Geographical Markets:
North America	$	1,418	$	785	$	374	$	51	$	2,628
All others	241		327		253		43		864
Total	$	1,659	$	1,112	$	627	$	94	$	3,492

Type of Revenue:
Recurring revenue:
Transaction processing and services	$	1,255	$	1,087	$	308	$	76	$	2,726
Software maintenance	92		1		125		—		218
Other recurring	51		22		14		10		97
Total recurring	1,398		1,110		447		86		3,041

Software license	31		1		73		—		105
Professional services	144		—		107		2		253
Other non-recurring fees	86		1		—		6		93
Total	$	1,659	$	1,112	$	627	$	94	$	3,492

Segment Information - Summarized Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Information
Revenue	$ 3,510	$ 3,492
Depreciation and amortization (including purchase accounting amortization)	895	1,013
Acquisition, integration and other costs	9	48
Asset impairments	0	58
Acquisition, integration and other costs	(9)	(48)
Asset impairments	0	(58)
Interest expense, net	(137)	(43)
Other income (expense), net	(11)	61
(Provision) benefit for income taxes	(48)	(54)
Net earnings attributable to noncontrolling interest	(1)	(1)
Net earnings attributable to FIS common stockholders	140	120
Capital expenditures	279	412
Banking Solutions
Segment Information
Capital expenditures	98	160
Merchant Solutions
Segment Information
Capital expenditures	102	143
Capital Market Solutions
Segment Information
Capital expenditures	63	81
Corporate and Other
Segment Information
Revenue	57	94
Capital expenditures	16	28
Operating segments
Segment Information
Revenue	3,510	3,492
Operating expenses	(3,173)	(3,335)
Depreciation and amortization (including purchase accounting amortization)	895	1,013
Acquisition, integration and other costs	127	190
Asset impairments		58
Adjusted EBITDA	1,359	1,418
Acquisition, integration and other costs	(127)	(190)
Asset impairments		(58)
Operating segments \| Banking Solutions
Segment Information
Revenue	1,685	1,659
Operating expenses	(1,164)	(1,104)
Depreciation and amortization (including purchase accounting amortization)	155	152
Acquisition, integration and other costs	0	0
Asset impairments		0
Adjusted EBITDA	676	707
Acquisition, integration and other costs	0	0
Asset impairments		0
Operating segments \| Merchant Solutions
Segment Information
Revenue	1,105	1,112
Operating expenses	(720)	(682)
Depreciation and amortization (including purchase accounting amortization)	96	92
Acquisition, integration and other costs	0	0
Asset impairments		0
Adjusted EBITDA	481	522
Acquisition, integration and other costs	0	0
Asset impairments		0
Operating segments \| Capital Market Solutions
Segment Information
Revenue	663	627
Operating expenses	(436)	(413)
Depreciation and amortization (including purchase accounting amortization)	93	86
Acquisition, integration and other costs	0	0
Asset impairments		0
Adjusted EBITDA	320	300
Acquisition, integration and other costs	0	0
Asset impairments		0
Operating segments \| Corporate and Other
Segment Information
Revenue	57	94
Operating expenses	(853)	(1,136)
Depreciation and amortization (including purchase accounting amortization)	551	683
Acquisition, integration and other costs	127	190
Asset impairments		58
Adjusted EBITDA	(118)	(111)
Acquisition, integration and other costs	(127)	(190)
Asset impairments		(58)
Segment reconciling items
Segment Information
Acquisition, integration and other costs	127	190
Asset impairments		58
Adjusted EBITDA	1,359	1,418
Depreciation and amortization	(347)	(363)
Purchase accounting amortization	(548)	(650)
Acquisition, integration and other costs	(127)	(190)
Asset impairments		(58)
Interest expense, net	(137)	(43)
Other income (expense), net	(11)	61
(Provision) benefit for income taxes	$ (48)	$ (54)