Line of credit facility, capacity backstopped

[Table of Contents](#i84fa46872c0e4324b82e25f92cc079f4_7)FIDELITY NATIONAL INFORMATION SERVICES, INC.AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)  
On March 2, 2021, FIS completed the issuance and sale of Senior USD Notes with an aggregate principal amount of $5.5 billion with interest rates ranging from 0.4% to 3.1% and maturities ranging from 2023 to 2041 ("new Senior USD Notes"). A portion of the proceeds from the debt issuance was used to purchase and redeem certain Senior Notes as discussed above, with the remaining proceeds used to repay a portion of our commercial paper notes. The new Senior USD Notes are subject to customary covenants, including, among others, customary events of default. The new Senior USD Notes also include redemption provisions at the option of FIS, similar to the other Senior Notes.   
Revolving Credit Facility  
On March 2, 2021, FIS entered into an amendment to the Revolving Credit Facility agreement to amend certain covenant provisions, revise lender commitments for certain counterparties, and extend the scheduled maturity date to March 2, 2026. As of September 30, 2022, the borrowing capacity under the Revolving Credit Facility was $2,914 million (net of $2,422 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 $2,040 million and $570 million higher than the carrying value, excluding the fair value of the interest rate swaps and unamortized discounts, as of September 30, 2022, and December 31, 2021, respectively.   
(7)       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 September 30, 2022, and December 31, 2021, 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 $639 million and $85 million reflected as a decrease in the long-term debt balance at September 30, 2022, and December 31, 2021, 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 as Foreign currency translation adjustments and related income tax (expense) benefit within Other comprehensive earnings (loss), net of tax, on the consolidated statements of comprehensive earnings (loss) of $983 million and $386 million during the three months and $2,116 million and $678 million during the nine months ended September 30, 2022 and 2021, respectively. The amounts included in Accumulated other comprehensive earnings (loss) (“AOCI”) for the net investment hedges will remain in AOCI until the complete or substantially complete liquidation of our investment in the underlying foreign operations. No ineffectiveness has been recorded on the net investment hedges.  
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 September 30, 2022, and December 31, 2021, an aggregate €7,848 million and €8,275 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 2022 to 2039 and ECP Notes. As of September 30, 2022, and December 31, 2021, an aggregate £665 million and £1,193 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 September 30, 2022.   
  
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