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Table of Contents

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 September 30, 2023
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.)
  
347 Riverside Avenue  
JacksonvilleFlorida 32202
(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
1.100% 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


Table of Contents

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 November 3, 2023, 592,483,601 shares of the Registrant's Common Stock were outstanding.




FORM 10-Q
QUARTERLY REPORT
Quarter Ended September 30, 2023
INDEX
 Page
Part I: FINANCIAL INFORMATION
 
 
 



1


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In millions, except per share amounts)
(Unaudited)
September 30, 2023December 31, 2022
ASSETS  
Current assets:  
Cash and cash equivalents$466 $456 
Settlement assets605 592 
Trade receivables, net of allowance for credit losses of $35 and $31, respectively
1,719 1,834 
Other receivables315 437 
Prepaid expenses and other current assets546 509 
Current assets held for sale8,502 8,990 
Total current assets12,153 12,818 
Property and equipment, net682 709 
Goodwill16,811 16,816 
Intangible assets, net1,947 2,468 
Software, net2,082 2,055 
Other noncurrent assets1,616 1,705 
Deferred contract costs, net1,008 973 
Noncurrent assets held for sale16,875 25,734 
Total assets$53,174 $63,278 
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY  
Current liabilities:  
Accounts payable, accrued and other liabilities$1,473 $1,583 
Settlement payables631 613 
Deferred revenue739 777 
Short-term borrowings4,595 3,755 
Current portion of long-term debt1,320 2,130 
Current liabilities held for sale7,323 7,366 
Total current liabilities16,081 16,224 
Long-term debt, excluding current portion12,741 14,206 
Deferred income taxes2,346 2,689 
Other noncurrent liabilities1,478 1,382 
Noncurrent liabilities held for sale1,044 1,371 
Total liabilities33,690 35,872 
Redeemable noncontrolling interest 180 
Equity:  
FIS stockholders' equity:  
Preferred stock $0.01 par value; 200 shares authorized, none issued and outstanding as of September 30, 2023, and December 31, 2022
  
Common stock $0.01 par value, 750 shares authorized, 631 and 630 shares issued as of September 30, 2023, and December 31, 2022, respectively
6 6 
Additional paid in capital46,895 46,735 
(Accumulated deficit) retained earnings(22,808)(14,971)
Accumulated other comprehensive earnings (loss)(408)(360)
Treasury stock, $0.01 par value, 39 and 39 common shares as of September 30, 2023, and December 31, 2022, respectively, at cost
(4,208)(4,192)
Total FIS stockholders' equity19,477 27,218 
Noncontrolling interest7 8 
Total equity19,484 27,226 
Total liabilities, redeemable noncontrolling interest and equity$53,174 $63,278 
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 September 30,Nine months ended September 30,
 2023202220232022
Revenue$2,489 $2,415 $7,311 $7,194 
Cost of revenue1,523 1,534 4,610 4,646 
Gross profit966 881 2,701 2,548 
Selling, general, and administrative expenses484 480 1,557 1,623 
Asset impairments7 17 8 86 
Operating income (loss)475 384 1,136 839 
Other income (expense):  
Interest expense, net(162)(78)(464)(169)
Other income (expense), net22 18 (91)53 
Total other income (expense), net(140)(60)(555)(116)
Earnings (loss) before income taxes335 324 581 723 
Provision (benefit) for income taxes74 102 139 218 
Net earnings (loss) from continuing operations261 222 442 505 
Earnings (loss) from discontinued operations, net of tax(708)32 (7,342)150 
Net earnings (loss)(447)254 (6,900)655 
Net (earnings) loss attributable to noncontrolling interest from continuing operations(1)(4)(2)(6)
Net (earnings) loss attributable to noncontrolling interest from discontinued operations(1)(1)(3)(3)
Net earnings (loss) attributable to FIS$(449)$249 $(6,905)$646 
Net earnings (loss) attributable to FIS:
Continuing operations$260 $218 $440 $499 
Discontinued operations(709)31 (7,345)147 
Total$(449)$249 $(6,905)$646 
Basic earnings (loss) per common share attributable to FIS:
Continuing operations$0.44 $0.36 $0.74 $0.82 
Discontinued operations(1.20)0.05 (12.41)0.24 
Total$(0.76)$0.41 $(11.66)$1.06 
Diluted earnings (loss) per common share attributable to FIS:
Continuing operations$0.44 $0.36 $0.74 $0.82 
Discontinued operations(1.20)0.05 (12.41)0.24 
Total$(0.76)$0.41 $(11.66)$1.06 
Weighted average common shares outstanding:
Basic592 605 592 608 
Diluted592 607 592 611 
Amounts in table may not sum or calculate due to rounding.
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 September 30,Nine months ended September 30,
 2023202220232022
Net earnings (loss)$(447)$254 $(6,900)$655 
Other comprehensive earnings (loss), before tax:
Foreign currency translation adjustments$(337)$(1,410)$102 $(3,311)
Change in fair value of net investment hedges208 1,324 (213)2,852 
Excluded components of fair value hedges84  61  
Other adjustments2 6 3 11 
Other comprehensive earnings (loss), before tax(43)(80)(47)(448)
Provision for income tax (expense) benefit related to items of other comprehensive earnings (loss)(34)(112)(1)(196)
Other comprehensive earnings (loss), net of tax(77)(192)(48)(644)
Comprehensive earnings (loss)(524)62 (6,948)11 
Net (earnings) loss attributable to noncontrolling interest(2)(5)(5)(9)
Comprehensive earnings (loss) attributable to FIS common stockholders$(526)$57 $(6,953)$2 
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 and nine months ended September 30, 2023
(In millions, except per share amounts)
(Unaudited)
   Amount
   FIS Stockholders  
      Accumulated   
 Number of shares Additional other   
 CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
 sharessharesstockcapitalearningsearnings (loss)stockinterest (1)equity
Balances, June 30, 2023631 (39)$6 $46,846 $(22,048)$(331)$(4,207)$7 $20,273 
Treasury shares held for taxes due upon exercise of stock awards— — — — — — (1)— (1)
Stock-based compensation— — — 49 — — — — 49 
Cash dividends declared ($0.52 per share per quarter) and other distributions
— — — — (311)— — (2)(313)
Net earnings (loss)— — — — (449)— — 2 (447)
Other comprehensive earnings (loss), net of tax— — — — — (77)— — (77)
Balances, September 30, 2023631 (39)$6 $46,895 $(22,808)$(408)$(4,208)$7 $19,484 


   Amount
   FIS Stockholders  
      Accumulated   
 Number of shares Additional other   
 CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
 sharessharesstockcapitalearningsearnings (loss)stockinterest (1)equity
Balances, December 31, 2022630 (39)$6 $46,735 $(14,971)$(360)$(4,192)$8 $27,226 
Issuance of restricted stock1 — — — — — — — — 
Exercise of stock options— — — 40 — — — — 40 
Treasury shares held for taxes due upon exercise of stock awards— — — — — — (16)— (16)
Stock-based compensation— — — 113 — — — — 113 
Cash dividends declared ($0.52 per share per quarter) and other distributions
— — — — (932)— — (6)(938)
Other— — — 7 — — — — 7 
Net earnings (loss)— — — — (6,905)— — 5 (6,900)
Other comprehensive earnings (loss), net of tax— — — — — (48)— — (48)
Balances, September 30, 2023631 (39)$6 $46,895 $(22,808)$(408)$(4,208)$7 $19,484 

(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 Equity
Three and nine months ended September 30, 2022
(In millions, except per share amounts)
(Unaudited)

   Amount
   FIS Stockholders  
      Accumulated   
 Number of shares Additional other   
 CommonTreasuryCommonpaid inRetainedcomprehensiveTreasuryNoncontrollingTotal
 sharessharesstockcapitalearningsearnings (loss)stockinterest (1)equity
Balances, June 30, 2022628 (20)$6 $46,634 $2,709 $(200)$(2,643)$9 $46,515 
Issuance of restricted stock1 — — — — — — — — 
Exercise of stock options— — — 39 — — — — 39 
Purchases of treasury stock— (11)— — — — (1,021)— (1,021)
Treasury shares held for taxes due upon exercise of stock awards— — — — — — (21)— (21)
Stock-based compensation— — — 53 — — — — 53 
Cash dividends declared ($0.47 per share per quarter) and other distributions
— — — — (285)— — (2)(287)
Net earnings (loss)— — — — 249 — — 2 251 
Other comprehensive earnings (loss), net of tax— — — — — (192)— — (192)
Balances, September 30, 2022629 (31)$6 $46,726 $2,673 $(392)$(3,685)$9 $45,337 

   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 stock4 — — 5 — — — — 5 
Exercise of stock options— — — 57 — — — — 57 
Purchases of treasury stock— (14)— — — — (1,321)— (1,321)
Treasury shares held for taxes due upon exercise of stock awards— (1)— — — — (98)— (98)
Stock-based compensation— — — 198 — — — — 198 
Cash dividends declared ($0.47 per share per quarter) and other distributions
— — — — (862)— — (7)(869)
Net earnings (loss)— — — — 646 — — 5 651 
Other comprehensive earnings (loss), net of tax— — — — — (644)— — (644)
Balances, September 30, 2022629 (31)$6 $46,726 $2,673 $(392)$(3,685)$9 $45,337 

(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.
6


FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
 Nine months ended September 30,
 20232022
Cash flows from operating activities: 
Net earnings (loss)$(6,900)$655 
Adjustment to reconcile net earnings to net cash provided by operating activities:  
Depreciation and amortization2,245 2,920 
Amortization of debt issuance costs22 23 
Asset impairments6,850 104 
Loss on assets held for sale1,549  
Loss (gain) on sale of businesses, investments and other31 (13)
Stock-based compensation116 198 
Deferred income taxes(624)(519)
Net changes in assets and liabilities, net of effects from acquisitions and foreign currency:  
Trade and other receivables226 161 
Settlement activity(252)(38)
Prepaid expenses and other assets(73)(250)
Deferred contract costs(320)(314)
Deferred revenue(38)(59)
Accounts payable, accrued liabilities and other liabilities(22)(70)
Net cash provided by operating activities2,810 2,798 
Cash flows from investing activities:  
Additions to property and equipment(108)(216)
Additions to software(736)(867)
Settlement of net investment hedge cross-currency interest rate swaps(20)684 
Net proceeds from sale of businesses and investments45 12 
Net proceeds from sale of Visa preferred stock 269 
Other investing activities, net(37)(50)
Net cash provided by (used in) investing activities(856)(168)
Cash flows from financing activities:  
Borrowings64,461 50,006 
Repayment of borrowings and other financing obligations(65,868)(49,349)
Debt issuance costs(2)(23)
Net proceeds from stock issued under stock-based compensation plans41 53 
Treasury stock activity(16)(1,390)
Dividends paid(926)(858)
Payments on contingent value rights (186)
Payments on tax receivable agreement(162)(138)
Purchase of noncontrolling interest(173) 
Other financing activities, net(13)(5)
Net cash provided by (used in) financing activities(2,658)(1,890)
Effect of foreign currency exchange rate changes on cash(28)(782)
Net increase (decrease) in cash, cash equivalents and restricted cash(732)(42)
Cash, cash equivalents and restricted cash, beginning of period4,813 4,283 
Cash, cash equivalents and restricted cash, end of period$4,081 $4,241 
Supplemental cash flow information:  
Cash paid for interest$583 $311 
Cash paid for income taxes$330 $664 
See accompanying notes, which are an integral part of these unaudited condensed consolidated financial statements.
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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, 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 inflation and economic growth rates. These estimates may change as new events occur and additional information is obtained. Future actual results could differ materially from these estimates. To the extent that there are differences between these estimates, judgments and assumptions and actual results, our consolidated financial statements will be affected.

On July 5, 2023, FIS signed a definitive agreement to sell a 55% equity interest in its Worldpay Merchant Solutions business to private equity funds managed by GTCR, LLC ("GTCR"). FIS will retain a non-controlling 45% ownership interest in a new standalone joint venture. The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals and other customary closing conditions. Following the closing of this transaction, FIS' ownership interest in Worldpay Merchant Solutions business is expected to be reported as equity method investment earnings.

In accordance with ASC 205-20, the Company analyzed quantitative and qualitative factors relevant to the Worldpay Merchant Solutions disposal group and determined that the accounting criteria to be classified as held for sale were met during the third quarter of fiscal year 2023 when the definitive agreement was signed. Accordingly, the assets and liabilities of the disposal group are presented separately on the consolidated balance sheets for all periods presented. In addition, the planned disposition represents a strategic shift that will have a major impact on the Company's operations and financial results. As a result, the operating results of the Worldpay Merchant Solutions business have been reflected as discontinued operations for all periods presented and as such, have been excluded from continuing operations and segment results. The Company's cash flows are presented inclusive of discontinued operations on the consolidated statement of cash flows for all periods presented. Total cash flows from operating, investing and financing activities for discontinued operations are presented in Note 2.

The Worldpay Merchant Solutions business includes the former Merchant Solutions segment in addition to an insignificant non-strategic business previously included in the Corporate and Other segment, which have been recast as discontinued operations for all periods presented. Accordingly, the Company no longer reports the Merchant Solutions Segment; it now reports its financial performance based on the following segments: Banking Solutions, 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 11 for more information regarding our segments and the related reclassification.

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.

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


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

(2)Discontinued Operations

Pending Sale of Worldpay Merchant Solutions Business

The following table represents a reconciliation of the major components of discontinued operations, net of tax, presented in the consolidated statements of earnings (loss) (in millions). The Company's presentation of discontinued operations excludes general corporate overhead costs which were historically allocated to the Worldpay Merchant Solutions business.

 Three months ended September 30,Nine months ended September 30,
 2023202220232022
Major components of discontinued operations before income taxes:
Revenue$1,201 $1,189 $3,636 $3,620 
Cost of revenue(193)(613)(1,462)(1,978)
Selling, general, and administrative expenses(520)(498)(1,486)(1,470)
Asset impairments(4) (6,843)(18)
Interest income (expense), net4 2 15 3 
Other, net(30)(60)17 (5)
Earnings (loss) from discontinued operations related to major classes of pretax earning (loss)458 20 (6,123)152 
Loss on assets held for sale (1,549) (1,549) 
Earnings (loss) from discontinued operations(1,091)20 (7,672)152 
Provision (benefit) for income taxes(382)(11)(327)5 
Earnings (loss) from discontinued operations, net of tax$(709)$31 $(7,345)$147 


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

The following table represents the major classes of assets and liabilities of the disposal group classified as held for sale presented in the consolidated balance sheets as of September 30, 2023, and December 31, 2022 (in millions). Assets held for sale are reported at the lower of their carrying value or fair value less cost to sell and are not depreciated or amortized.

September 30, 2023December 31, 2022
Major classes of assets included in discontinued operations:  
Cash and cash equivalents$1,356 $1,732 
Settlement assets5,243 5,264 
Trade receivables, net of allowance for credit losses of $60 and $44, respectively
1,753 1,864 
Prepaid expenses and other current assets150 130 
Total current assets8,502 8,990 
Property and equipment, net143 153 
Goodwill10,711 17,460 
Intangible assets, net5,854 6,488 
Software, net1,226 1,183 
Other noncurrent assets490 450 
Total noncurrent assets18,424 25,734 
Less valuation allowance(1,549) 
Total assets of the disposal group classified as held for sale$25,377 $34,724 
  
Major classes of liabilities included in discontinued operations:  
Accounts payable, accrued and other liabilities$1,068 $1,171 
Settlement payables6,210 6,140 
Other current liabilities45 55 
Total current liabilities7,323 7,366 
Deferred income taxes586 861 
Other noncurrent liabilities458 510 
Total noncurrent liabilities1,044 1,371 
Total liabilities of the disposal group classified as held for sale$8,367 $8,737 

The following table presents cash flows from operating and investing activities for discontinued operations (in millions).
Nine months ended September 30,
20232022
Cash provided by (used in) operating activities - discontinued operations$1,509 $1,639 
Cash provided by (used in) investing activities - discontinued operations (1)$(260)$(24)
Cash provided by (used in) financing activities - discontinued operations$(188)$(435)

(1)Our capital expenditures from discontinued operations for the nine month periods ended September 30, 2023 and 2022, were $260 million and $292 million, respectively. The nine month period ended September 30, 2022, includes $269 million net proceeds from the sale of Visa preferred stock.






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


Settlement Assets

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

September 30, 2023December 31, 2022
Settlement assets
Settlement deposits$86 $55 
Merchant float2,259 2,625 
Settlement receivables2,898 2,584 
Total Settlement assets$5,243 $5,264 

Held-for-sale Disposal Group Measurement 
 
In accordance with ASC 360, a held-for-sale disposal group is measured at the lower of its carrying value or fair value less cost to sell. Measuring the disposal group is a two-step process requiring the carrying amount of the disposal group's assets outside the scope of ASC 360, such as goodwill, which is tested for impairment under ASC 350, to be first adjusted by applying other relevant guidance before adjusting the carrying value of the overall disposal group.

The Company evaluated the goodwill of the disposal group for impairment as of September 30, 2023, by performing a quantitative assessment that estimated the fair value of the disposal group using a market approach based on the price at which the Company agreed to sell a majority interest in the Worldpay Merchant Solutions business. As of September 30, 2023, the estimated fair value of the disposal group approximated its carrying value, inclusive of related deferred tax liabilities assigned to the reporting unit for purposes of the goodwill impairment assessment in accordance with ASC 350 but not classified as liabilities held for sale in accordance with ASC 360 because these deferred tax liabilities will not be transferred in the transaction. Based on the assessment, no goodwill impairment was recorded.

The carrying value of the overall disposal group was then assessed by comparing its value, inclusive of cumulative translation adjustment losses and exclusive of deferred tax liabilities not classified as part of the disposal group's assets held for sale, to the estimated fair value less estimated cost to sell. Based on this assessment, the carrying value of the disposal group was reduced by $1.5 billion, primarily as a result of the exclusion of certain deferred tax liabilities that will not be transferred in the transaction. The reduction was recorded as a valuation allowance against the Company's assets held for sale, and the allowance will continue to be updated as the disposal group continues to be remeasured at each subsequent reporting date until the sale has closed.

Asset Impairments

During the second quarter of 2023, the Company recorded a $6.8 billion goodwill impairment because the estimated fair value of the Worldpay Merchant Solutions reporting unit, now reported as assets held for sale, was less than its carrying value. To estimate the fair value of such reporting unit, we used a market approach based on the price, inclusive of estimated selling price adjustments and fair value of contingent consideration, at which the Company had subsequently agreed to sell a majority interest in the Worldpay Merchant Solutions business to GTCR, as discussed in Note 1.

Commitments and Contingencies of the Disposal Group

Chargeback Liability

Through services offered in the Worldpay Merchant Solutions disposal group, 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
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FIDELITY NATIONAL INFORMATION SERVICES, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

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.

(3)       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.

(4)       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.

For the three months ended September 30, 2023 (in millions):
Capital
BankingMarketCorporate
SolutionsSolutionsand OtherTotal
Primary Geographical Markets:
North America$1,509 $413 $34 $1,956 
All others247 264 22 533 
Total$1,756 $677 $56 $2,489 
Type of Revenue:
Recurring revenue:
Transaction processing and services$1,334 $349 $31 $1,714 
Software maintenance92 135  227 
Other recurring67 21 11 99 
Total recurring1,493 505 42 2,040 
Software license47 76 8 131 
Professional services126 96 2 224 
Other non-recurring fees90  4 94 
Total$1,756 $677 $56 $2,489 

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

For the three months ended September 30, 2022 (in millions):
Capital
BankingMarketCorporate
SolutionsSolutionsand OtherTotal
Primary Geographical Markets:
North America$1,437 $389 $59 $1,885 
All others266 244 20 530 
Total$1,703 $633 $79 $2,415 
Type of Revenue:
Recurring revenue:
Transaction processing and services$1,251 $324 $62 $1,637 
Software maintenance89 123  212 
Other recurring55 15 9 79 
Total recurring1,395 462 71 1,928 
Software license69 66  135 
Professional services153 104 2 259 
Other non-recurring fees86 1 6 93 
Total$1,703 $633 $79 $2,415 


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AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

For the nine months ended September 30, 2023 (in millions):

Capital
BankingMarketCorporate
SolutionsSolutionsand OtherTotal
Primary Geographical Markets:
North America$4,405 $1,262 $92 $5,759 
All others739 749 64 1,552 
Total$5,144 $2,011 $156 $7,311 
Type of Revenue:
Recurring revenue:
Transaction processing and services$3,911 $1,035 $95 $5,041 
Software maintenance273 394 1 668 
Other recurring183 60 31 274 
Total recurring4,367 1,489 127 5,983 
Software license78 228 8 314 
Professional services436 293 7 736 
Other non-recurring fees263 1 14 278 
Total$5,144 $2,011 $156 $7,311 

For the nine months ended September 30, 2022 (in millions):

Capital
BankingMarketCorporate
SolutionsSolutionsand OtherTotal
Primary Geographical Markets:
North America$4,293 $1,138 $177 $5,608 
All others746 754 86