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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________
Form 10-Q
_______________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to

Commission File No. 001-16427
_______________________________________________
Fidelity National Information Services, Inc.
(Exact name of registrant as specified in its charter)
Georgia 37-1490331
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
  
601 Riverside Avenue  
JacksonvilleFlorida 32204
(Address of principal executive offices) (Zip Code)
(904438-6000
(Registrant’s telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
TradingName of each exchange
Title of each classSymbol(s)on which registered
Common Stock, par value $0.01 per shareFISNew York Stock Exchange
1.700% Senior Notes due 2022FIS22BNew York Stock Exchange
0.125% Senior Notes due 2022FIS22CNew York Stock Exchange
0.750% Senior Notes due 2023FIS23ANew York Stock Exchange
1.100% Senior Notes due 2024FIS24ANew York Stock Exchange
0.625% Senior Notes due 2025FIS25BNew York Stock Exchange
1.500% Senior Notes due 2027FIS27New York Stock Exchange
1.000% Senior Notes due 2028FIS28New York Stock Exchange
2.250% Senior Notes due 2029FIS29New York Stock Exchange
2.000% Senior Notes due 2030FIS30New York Stock Exchange
3.360% Senior Notes due 2031FIS31New York Stock Exchange
2.950% Senior Notes due 2039FIS39New York Stock Exchange


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) YES ☐ NO
As of May 2, 2022, 610,771,236 shares of the Registrant’s Common Stock were outstanding.




FORM 10-Q
QUARTERLY REPORT
Quarter Ended March 31, 2022


1


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions, except per share amounts)
(Unaudited)
March 31, 2022December 31, 2021
ASSETS  
Current assets:  
Cash and cash equivalents$1,547 $2,010 
Settlement assets4,062 4,020 
Trade receivables, net of allowance for credit losses of $89 and $76, respectively
3,655 3,772 
Other receivables260 355 
Prepaid expenses and other current assets621 551 
Total current assets10,145 10,708 
Property and equipment, net901 949 
Goodwill52,988 53,330 
Intangible assets, net10,854 11,539 
Software, net3,235 3,299 
Other noncurrent assets2,132 2,137 
Deferred contract costs, net943 969 
Total assets$81,198 $82,931 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY  
Current liabilities:  
Accounts payable, accrued and other liabilities$2,690 $2,864 
Settlement payables5,228 5,295 
Deferred revenue847 779 
Short-term borrowings2,682 3,911 
Current portion of long-term debt2,330 1,617 
Total current liabilities13,777 14,466 
Long-term debt, excluding current portion14,208 14,825 
Deferred income taxes4,055 4,193 
Other noncurrent liabilities1,948 1,915 
Total liabilities33,988 35,399 
Redeemable noncontrolling interest174 174 
Equity:  
FIS stockholders’ equity:  
Preferred stock $0.01 par value; 200 shares authorized, none issued and outstanding as of March 31, 2022, and December 31, 2021
  
Common stock $0.01 par value, 750 shares authorized, 628 and 625 shares issued as of March 31, 2022, and December 31, 2021, respectively
6 6 
Additional paid in capital46,536 46,466 
Retained earnings2,721 2,889 
Accumulated other comprehensive earnings (loss)106 252 
Treasury stock, $0.01 par value, 17 and 16 common shares as of March 31, 2022, and December 31, 2021, respectively, at cost
(2,343)(2,266)
Total FIS stockholders’ equity47,026 47,347 
Noncontrolling interest10 11 
Total equity47,036 47,358 
Total liabilities, redeemable noncontrolling interest and equity$81,198 $82,931 
See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.
2


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings (Loss)
(In millions, except per share amounts)
(Unaudited)
 Three months ended March 31,
 20222021
Revenue$3,492 $3,223 
Cost of revenue2,242 2,118 
Gross profit1,250 1,105 
Selling, general, and administrative expenses1,035 1,006 
Asset impairments58  
Operating income157 99 
Other income (expense):  
Interest expense, net(43)(74)
Other income (expense), net61 (493)
Total other income (expense), net18 (567)
Earnings (loss) before income taxes and equity method investment earnings (loss)175 (468)
Provision (benefit) for income taxes54 (97)
Equity method investment earnings (loss) 1 
Net earnings (loss)121 (370)
Net (earnings) loss attributable to noncontrolling interest(1)(3)
Net earnings (loss) attributable to FIS common stockholders$120 $(373)
Net earnings (loss) per share-basic attributable to FIS common stockholders$0.20 $(0.60)
Weighted average shares outstanding-basic610 621 
Net earnings (loss) per share-diluted attributable to FIS common stockholders$0.20 $(0.60)
Weighted average shares outstanding-diluted614 621 
See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.

3


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Earnings (Loss)
(In millions)
(Unaudited)

 Three months ended March 31,
 20222021
Net earnings (loss)$121 $(370)
Other comprehensive earnings (loss), before tax:
Unrealized gain (loss) on derivatives$ $9 
Foreign currency translation adjustments(144)185 
Other adjustments4  
Other comprehensive earnings (loss), before tax(140)194 
Provision for income tax (expense) benefit related to items of other comprehensive earnings(6)(127)
Other comprehensive earnings (loss), net of tax$(146)(146)$67 67 
Comprehensive earnings (loss)(25)(303)
Net (earnings) loss attributable to noncontrolling interest(1)(3)
Comprehensive earnings (loss) attributable to FIS common stockholders$(26)$(306)
See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.






4


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Equity
Three months ended March 31, 2022, and March 31, 2021
(In millions, except per share amounts)
(Unaudited)
   Amount
   FIS Stockholders  
      Accumulated   
 Number of shares Additional other   
 CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
 sharessharesstockcapitalearningsearnings (loss)stockinterest (1)equity
Balances, December 31, 2021625 (16)$6 $46,466 $2,889 $252 $(2,266)$11 $47,358 
Issuance of restricted stock3 — — 5 — — — — 5 
Exercise of stock options— — — 8 — — — — 8 
Treasury shares held for taxes due upon exercise of stock awards— (1)— — — — (77)— (77)
Stock-based compensation— — — 57 — — — — 57 
Cash dividends declared ($0.47 per share per quarter) and other distributions
— — — — (288)— — (2)(290)
Net earnings (loss)— — — — 120 — — 1 121 
Other comprehensive earnings (loss), net of tax— — — — — (146)— — (146)
Balances, March 31, 2022628 (17)$6 $46,536 $2,721 $106 $(2,343)$10 $47,036 


   Amount
   FIS Stockholders  
      Accumulated   
 Number of shares Additional other   
 CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
 sharessharesstockcapitalearningsearnings (loss)stockinterest (1)equity
Balances, December 31, 2020621 (1)$6 $45,947 $3,440 $57 $(150)$13 $49,313 
Issuance of restricted stock3 — — 1 — — — — 1 
Exercise of stock options— — — 47 — — — — 47 
Purchases of treasury stock— (3)— — — — (400)— (400)
Treasury shares held for taxes due upon exercise of stock awards— — — — — — (95)— (95)
Stock-based compensation— — — 157 — — — — 157 
Cash dividends declared ($0.39 per share per quarter) and other distributions
— — — — (244)— — (1)(245)
Net earnings— — — — (373)— — 2 (371)
Other comprehensive earnings (loss), net of tax— — — — — 67 — — 67 
Balances, March 31, 2021$624 $(4)$6 $46,152 $2,823 $124 $(645)$14 $48,474 
(1)Excludes redeemable noncontrolling interest that is not considered equity.

See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.
5


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
 Three months ended March 31,
 20222021
Cash flows from operating activities: 
Net earnings (loss)$121 $(370)
Adjustment to reconcile net earnings (loss) to net cash provided by operating activities:  
Depreciation and amortization1,013 953 
Amortization of debt issuance costs7 7 
Asset impairments58  
Loss (gain) on sale of businesses, investments and other (1)
Loss on extinguishment of debt 528 
Stock-based compensation57 157 
Deferred income taxes(112)(22)
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:  
Trade and other receivables62 (219)
Settlement activity(162)122 
Prepaid expenses and other assets(152)(129)
Deferred contract costs(73)(113)
Deferred revenue55 89 
Accounts payable, accrued liabilities and other liabilities22 (166)
Net cash provided by operating activities896 836 
Cash flows from investing activities:  
Additions to property and equipment(108)(69)
Additions to software(304)(229)
Other investing activities, net122 (23)
Net cash provided by (used in) investing activities(290)(321)
Cash flows from financing activities:  
Borrowings15,902 13,858 
Repayment of borrowings and other financing obligations(16,609)(14,364)
Debt issuance costs (74)
Net proceeds from stock issued under stock-based compensation plans33 73 
Treasury stock activity(77)(494)
Dividends paid(287)(244)
Other financing activities, net(47)(136)
Net cash provided by (used in) financing activities(1,085)(1,381)
Effect of foreign currency exchange rate changes on cash(103)(40)
Net increase (decrease) in cash, cash equivalents and restricted cash(582)(906)
Cash, cash equivalents and restricted cash, beginning of period4,283 4,030 
Cash, cash equivalents and restricted cash, end of period$3,701 $3,124 
Supplemental cash flow information:  
Cash paid for interest$75 $95 
Cash paid for income taxes$46 $68 
See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.
6

FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)


Unless stated otherwise or the context otherwise requires, all references to "FIS," "we," "our," "us," the "Company" or the "registrant" are to Fidelity National Information Services, Inc., a Georgia corporation, and its subsidiaries.

(1)       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, 2021.

The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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 the outbreak of the novel coronavirus ("COVID-19") and the subsequently declared COVID-19 pandemic ("the pandemic") by the World Health Organization on March 11, 2020. The extent to which the pandemic further affects our results of operations and financial position will depend on future developments, which are highly uncertain and are difficult to predict, including, but not limited to, the duration and spread of the pandemic and any recurrence or new strain of COVID-19, its severity, the success of vaccines or other actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume. Accordingly, our future results could be materially affected by changes in our estimates.

Certain reclassifications have been made in the 2021 consolidated financial statements to conform to the classifications used in 2022. Amounts in tables in the financial statements and accompanying footnotes may not sum or calculate due to rounding.

(2)       Acquisitions

Payrix Acquisition

On December 23, 2021, FIS acquired 100% of the equity of Payrix Holdings, LLC, and subsidiaries ("Payrix"), previously a privately held fintech company that specializes in embedding and monetizing payments in SaaS platforms to serve the eCommerce needs of small- to medium-sized businesses through a global card-not-present offering. The acquisition was accounted for as a business combination. We recorded a provisional allocation of the $777 million purchase price, primarily paid in cash, to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values, consisting primarily of $131 million in software assets. We also recorded adjustments to our provisional allocation of the purchase price as of March 31, 2022, resulting in $631 million in total goodwill. Our purchase price allocation is provisional as of March 31, 2022, and we expect to finalize as soon as practicable, but no later than one year from the date of acquisition.

(3)       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.


7

FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

For the three months ended March 31, 2022 (in millions):
Reportable Segments
Capital
MerchantBankingMarketCorporate
SolutionsSolutionsSolutionsand OtherTotal
Primary Geographical Markets:
North America$785 $1,406 $386 $51 $2,628 
All others327 239 272 26 864 
Total$1,112 $1,645 $658 $77 $3,492 
Type of Revenue:
Recurring revenue:
Transaction processing and services$1,087 $1,248 $321 $70 $2,726 
Software maintenance1 87 130  218 
Other recurring22 52 23  97 
Total recurring1,110 1,387 474 70 3,041 
Software license1 30 74  105 
Professional services 142 110 1 253 
Other non-recurring fees1 86  6 93 
Total$1,112 $1,645 $658 $77 $3,492 

For the three months ended March 31, 2021 (in millions):
Reportable Segments
Capital
MerchantBankingMarketCorporate
SolutionsSolutionsSolutionsand OtherTotal
Primary Geographical Markets:
North America$681 $1,311 $370 $58 $2,420 
All others285 229 255 34 803 
Total$966 $1,540 $625 $92 $3,223 
Type of Revenue:
Recurring revenue:
Transaction processing and services$943 $1,164 $291 $84 $2,482 
Software maintenance1 88 127  216 
Other recurring20 38 24 3 85 
Total recurring964 1,290 442 87 2,783 
Software license1 24 68  93 
Professional services 146 106 1 253 
Other non-recurring fees1 80 9 4 94 
Total$966 $1,540 $625 $92 $3,223 



8

FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Contract Balances

The Company recognized revenue of $310 million and $327 million during the three months ended March 31, 2022 and 2021, 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, 2022, 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 21% 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, which is primarily comprised of contracts with an original duration of one year or less or variable consideration that meet specific criteria. This segment's core performance obligations consist of variable consideration under a stand-ready series of distinct days of service, and revenue from the segment's products and service arrangements are generally billed and recognized as the services are performed. The aggregate fixed consideration portion of customer contracts with an initial contract duration greater than one year is not material.

(4)       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,
2022
December 31,
2021
Cash and cash equivalents on the consolidated balance sheets$1,547 $2,010 
Merchant float (in Settlement assets)2,154 2,273 
Total Cash and cash equivalents and restricted cash per the consolidated statements of cash flows$3,701 $4,283 

Settlement Assets and Payables

The principal components of the Company's settlement assets and payables on the consolidated balance sheets are as follows (in millions):
March 31,
2022
December 31,
2021
Settlement assets
Settlement deposits$527 $530 
Merchant float2,154 2,273 
Settlement receivables1,381 1,217 
Total Settlement assets$4,062 $4,020 
Settlement payables$5,228 $5,295 


9

FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Allowance for Credit Losses

The Company monitors trade receivable balances and contract assets as well as other receivables and estimates the allowance for lifetime expected credit losses. Estimates of expected credit losses are based on historical collection experience and other factors, including those related to current market conditions and events. The allowance for credit losses is separate from the chargeback liability described in Note 8.

While the COVID-19 pandemic did not result in a significant increase in the Company's expected credit loss allowance recorded as of March 31, 2022, and December 31, 2021, it is reasonably possible that future developments related to the economic impact of the COVID-19 pandemic could have a material impact on management's estimates.

Property and Equipment, Intangible Assets and Software

The following table provides details of Property and equipment, Intangible assets and Software as of March 31, 2022, and December 31, 2021 (in millions):
 March 31, 2022December 31, 2021
 CostAccumulated
depreciation and amortization
NetCostAccumulated
depreciation and amortization
Net
Property and equipment$2,511 $1,610 $901 $2,520 $1,571 $949 
Intangible assets$18,734 $7,880 $10,854 $18,919 $7,380 $11,539 
Software$6,384 $3,149 $3,235 $6,195 $2,896 $3,299 
As of March 31, 2022, Intangible assets, net of amortization, includes $10,522 million of customer relationships and $332 million of trademarks and other intangible assets. Amortization expense with respect to Intangible assets was $557 million and $595 million for the three months ended March 31, 2022 and 2021, respectively.

During the three months ended March 31, 2022, the Company recorded $62 million of incremental software amortization expense driven by 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

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

Goodwill

Changes in goodwill during the three months ended March 31, 2022, are summarized below (in millions).
CapitalCorporate
MerchantBankingMarketAnd
 SolutionsSolutionsSolutionsOtherTotal
Balance, December 31, 2021$36,403 $12,244 $4,663 $20 $53,330 
Foreign currency adjustments(323)(7)(23) (353)
Goodwill attributable to acquisitions11    11 
Balance, March 31, 2022$36,091 $12,237 $4,640 $20 $52,988 

We assess goodwill for impairment on an annual basis during the fourth quarter or more frequently if circumstances indicate potential impairment. Due to the continued economic impact of the COVID-19 pandemic, we evaluated if events and circumstances as of March 31, 2022, indicated potential impairment of our reporting units. We performed a qualitative assessment by examining factors most likely to affect our reporting units' fair values and considered the impact to our business from the COVID-19 pandemic. The factors examined involve significant use of management judgment and included, among
10

FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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, 2022, 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.

However, it is reasonably possible that future developments related to the economic impact of the COVID-19 pandemic on our Merchant Solutions business or other macroeconomic conditions 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.

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. 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 $213 million and $197 million at March 31, 2022, and December 31, 2021, respectively, recorded in Other noncurrent assets on the consolidated balance sheets. The fair value of the CVR liability was $469 million and $478 million at March 31, 2022, and December 31, 2021, 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 $25 million and $5 million for the three months ended March 31, 2022 and 2021, 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 through our FIS Impact Ventures program as well as investments obtained through acquisitions. Such investments totaled $409 million and $358 million at March 31, 2022, and December 31, 2021, 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. The Company records gains and losses on these investments, realized and unrealized, as Other income (expense), net on the consolidated statements of earnings (loss) and recorded net gains of $41 million and $15 million for the three months ended March 31, 2022 and 2021, respectively, related to these investments.

(5)       Deferred Contract Costs

Origination and fulfillment costs from contracts with customers capitalized as of March 31, 2022, and December 31, 2021, consist of the following (in millions):
March 31, 2022December 31, 2021
Contract costs on implementations in progress$173 $218 
Contract origination costs on completed implementations, net584 553 
Contract fulfillment costs on completed implementations, net186 198 
Total Deferred contract costs, net$943 $969 

Amortization of deferred contract costs on completed implementations was $96 million and $68 million during the three months ended March 31, 2022 and 2021, respectively.

During the three months ended March 31, 2022, the Company recorded $16 million of incremental amortization expense related to deferred contract costs driven by the Company's platform modernization.

11

FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(6)       Debt

Long-term debt as of March 31, 2022, and December 31, 2021, consists of the following (in millions):
March 31, 2022
Weighted
Average
InterestInterestMarch 31,December 31,
RatesRate (1)Maturities20222021
Fixed Rate Notes
Senior USD Notes
0.4% - 4.8%
1.9%2023 - 2048$6,909 $6,909 
Senior Euro Notes
0.1% - 3.0%
1.2%2022 - 20397,502 7,656 
Senior GBP Notes
1.7% - 3.4%
1.6%2022 - 20311,609 1,655 
Revolving Credit Facility (2)1.7%2026838 325 
Other (3)(320)(103)
Total long-term debt, including current portion16,538 16,442 
Current portion of long-term debt(2,330)(1,617)
Long-term debt, excluding current portion$14,208 $14,825 
    
(1)The weighted average interest rate includes the impact of 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)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, 2022, and December 31, 2021, consist of the following (in millions):
March 31, 2022
Weighted
Average
InterestMarch 31,December 31,
RateMaturities20222021
Euro-commercial paper notes ("ECP Notes")(0.3)%
Up to 183 days
$1,689 $1,723 
U.S. commercial paper notes ("USCP Notes")0.8 %
Up to 397 days
993 2,087 
Other 101 
Total Short-term borrowings$2,682 $3,911 

As of March 31, 2022, the weighted average interest rate of the Company's outstanding debt was 1.0%, including the impact of interest rate swaps (see Note 7).


12

FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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 $(324) million as of March 31, 2022 (in millions):
Total
2022 remaining period$1,563 
20232,163 
20241,313 
2025701 
20262,094 
Thereafter9,125 
Total principal payments16,959