Fidelity National Information Services (FIS) 10-K risk factor changes: FY2021 vs FY2020

The extent to which the COVID-19 pandemic and measures taken in response thereto impact our business, results of operations, liquidity and financial condition will depend on [removed: future developments, which are highly uncertain] [added: the effectiveness of vaccines] and [removed: are difficult] [added: other medical developments] to [removed: predict.][added: further decrease the spread of COVID-19 and its impact on global and local economies.]

Global health concerns relating to [removed: the] COVID-19 [removed: pandemic] and related government actions taken to reduce the spread of the virus have [removed: been weighing] [added: continued to weigh] on the macroeconomic environment, [removed: and] [added: but] the [removed: pandemic has significantly increased economic uncertainty] [added: impact of COVID-19 on global] and [added: local economies has been] reduced [removed: economic activity,] [added: in areas where such governmental actions,] including [removed: consumer and business spending.][added: the distribution of vaccines, have been more widespread.]

In the fourth [removed: quarter,] [added: quarter of 2021,] some [added: governmental] restrictions were re-imposed based upon a resurgence of [removed: the] COVID-19 [removed: pandemic] in many areas of the U.S. and Europe, which resulted in an adverse impact on [removed: payments] [added: payment] volumes and transactions [removed: over] [added: compared to] those anticipated following the easing of restrictions in the prior two quarters.

These changes in spending affected our business, results of operations and financial condition [removed: starting in the second quarter of 2020 through the end of the year] [added: throughout 2021] and will likely continue to have such an [removed: impact,] [added: impact in 2022,] although the magnitude and duration of their ultimate effect is not possible to predict.

- increased cyber and payment fraud risk related to COVID-19, as cybercriminals attempt to profit from the disruption, given increased online banking, [removed: e-commerce] [added: eCommerce] and other online activity;

Further, the ability of our senior management and employees to get to work has been disrupted across multiple locations, whether in their [added: own offices or at client sites, due, among other things, to government work and travel restrictions, including mandatory shutdowns.]

[Table of [removed: Content](#i9f5d3cda2b664eef9de9636fb0755822_7)][added: Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)]

In addition, we have extended at times during [removed: 2020] [added: the pandemic] higher-than-usual levels of credit to our merchant clients as part of funds settlement in connection with payments to their customers, for, among other things, refunds for cancelled trips and events.

[removed: If the speed] of [removed: repayments to us by our merchant clients is substantially slower than expected over an extended period of] time, or if our merchant clients cease operations such that we are unable to collect on the credit advanced by us for these payments or for any chargeback liability, it could have a material adverse effect on our liquidity, results of operations and financial condition.

The extent to which [removed: the] COVID-19 [removed: pandemic] impacts our business, results of operations and financial condition will depend on future developments, which [removed: are highly] [added: remain] uncertain and are difficult to predict, including, but not limited to, the duration and spread of the [removed: pandemic,] [added: pandemic and] its [added: variants, its] severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions can resume.

We may experience materially adverse impacts to our business as a result of the pandemic's global economic impact, including the availability of credit and our ability to comply with the covenants of our credit agreement, adverse impacts on our liquidity, [removed: the] [added: our] ability to meet our deleveraging targets, and any recession that has occurred or may occur in the future.

These risks are greater with increased information transmission over the internet, the increasing level of sophistication posed by cyber criminals, nation state-sponsored cyber attacks and the integration of FIS systems with those of acquired [removed: companies such as Worldpay.][added: companies.]

[removed: It is also possible] that larger financial institutions resulting from consolidations would have greater leverage in negotiating terms or could decide to perform in-house some or all of the services we currently provide or could provide.

FIS is currently facing new competitive pressure from non-traditional payment processors and other parties entering the payments industry, which may compete in one or more of [removed: the functions performed in processing merchant transactions.][added: these areas.]

If these competitors gain a greater share of total electronic payments transactions, or if we are unable to successfully react to changes in [added: the industry spurred by the entry of these new market participants, then it could have a material adverse effect on FIS' business, financial condition and results of operations.]

[removed: the industry spurred by the entry of] [added: Our financial institution sponsors' discretionary actions under] these [removed: new market participants, then it] [added: agreements] could have a material adverse effect on [removed: FIS'] [added: our] business, financial condition and results of operations.

[removed: *Business,*] [added: *Business*,] Competition."

[removed: Any change in economic] factors, including a sustained deterioration in general economic conditions or consumer confidence, particularly in the U.S., or [added: inflation and] increases in interest rates in key countries in which we operate may adversely affect consumer spending, consumer debt levels and credit and debit card usage, and as a result, adversely affect our financial performance by reducing the number or average purchase amount of transactions that we service.

We offer a [added: decreasing] number of our software solutions on a license basis, which means that the customer has the right to run the software on its own or a third party's hardware.

Larger clients in particular may use their [removed: value and] negotiating leverage to seek price reductions from us when they renew a contract, when a contract is extended, or when the client's business has significant volume changes.

Finally, our systems and operations could be exposed to damage or interruption from fire, [added: floods, hurricanes, earthquakes, tornadoes, typhoons, drought, high-winds, severe weather events, other] natural [removed: disaster,] [added: disasters,] power loss, telecommunications failure, [removed: unauthorized entry and computer viruses.]

The [removed: CFPB] [added: Consumer Financial Protection Bureau ("CFPB")] continues to establish rules and regulations for regulating financial and non-financial institutions and providers to those institutions to ensure adequate protection of consumer privacy and to ensure consumers are not impacted by deceptive business [removed: practices.][added: practices, as well as provide examination and supervisory authority over consumer reporting agencies, including ChexSystems.]

These rules and regulations govern our clients or potential clients [removed: and also govern certain of our businesses.]

The [removed: new] Biden administration [removed: in Washington] has projected that it may expand the reach of this agency.

Further, requirements of these regulations have resulted, and could further result, in changes in our business practices, our clients' business practices and those of other marketplace participants that may alter the delivery of services to consumers, which have impacted, and could further impact, the demand for our software and services as well as alter the types or volume of transactions that we process on behalf of our [added: clients.]

[removed: One of our subsidiaries is an SEC registered broker-dealer in the U.S. and is subject to the financial and operational rules of FINRA, and others are authorized by the FCA to conduct certain regulated business in the U.K.] Domestic and foreign regulatory and self-regulatory organizations, such as the SEC, FINRA, and the FCA, can, among other things, fine, censure, issue cease-and-desist orders against, and suspend or expel a broker-dealer or its officers or employees for failure to comply with the many laws and regulations that govern brokerage activities.

[removed: Moreover, the legislative and regulatory landscape for financial crimes compliance continues to evolve, and any] [added: Any] failure to comply with such laws could expose us to liability and/or reputational damage.

Because the Company is a technology service provider to U.S. financial institutions, it is subject to regular oversight and examination by the [removed: Federal Banking Agencies ("FBA"),] [added: FBA,] each of which is a member of the FFIEC, an [removed: inter-agency] [added: interagency] body of federal banking regulators.

[removed: Federal, state, foreign or industry authorities could adopt laws, rules or regulations affecting] our clients' businesses that could lead to increased operating costs and could reduce the convenience and functionality of our services, possibly resulting in reduced market acceptance.

[removed: While we are generally permitted under the contracts with our merchants to pass these fee increases along to our merchants through corresponding increases in our processing fees, if we cannot continue to do so due to] contractual or regulatory requirements or competitive pressures, the inability to pass through such fees could have a material adverse effect on FIS' business, financial condition and results of operations.

[removed: New privacy] [added: Privacy] laws, such as the GDPR in the E.U., continue to develop in unpredictable ways.

The Company is also subject to the California Consumer Privacy Act and [added: laws in various other states,] the Brazilian General Personal Data Protection [removed: Act.][added: Act, and new privacy laws in India and the Asia Pacific region.]

[removed: As we increase our international business, we are subject to] further risks of misappropriation of our intellectual property risks in countries which have laws which are less protective of intellectual property or are enforced in a less protective manner.

[removed: Failure to effectively manage] risk and prevent fraud or other criminal activity could increase FIS' chargebacks or other liability.

[removed: However,] [added: As a result,] there [removed: remain] [added: remains] unavoidable uncertainties related to Brexit, and although the potential impact of Brexit on our business cannot be fully assessed until the new relationship between the U.K. and E.U. is developed and defined, and the U.K. negotiates, concludes and implements successor trading arrangements with other countries, Brexit is likely to result in ongoing political, legal and economic uncertainty in the U.K. and wider European markets.

The international operations of FIS represented approximately [removed: 24%] [added: 26%] of our total [removed: 2020] [added: 2021] revenue and are largely conducted in currencies other than the U.S. Dollar, including the British Pound Sterling, Euro, Brazilian Real, [removed: and] Indian [removed: Rupee.][added: Rupee and Australian Dollar.]

[added: FIS continues to expand its international presence by offering merchant acquiring services, including eCommerce, outside of the U.S.] Our business and financial results could be adversely affected due to a variety of factors, including the following:

Failure to comply with anti-bribery and anti-corruption laws [added: and sanctions laws] could subject us to penalties and other adverse consequences.

We are subject to the FCPA, the U.K. Bribery [removed: Act] [added: Act, OFAC] and other anti-bribery, anti-corruption and anti-money laundering laws [added: as well as sanctions laws] in various countries around the world.

Failure to attract and retain [removed: skilled technical employees or] [added: talent, including] senior management [removed: personnel] [added: and highly skilled technology personnel,] could harm our ability to grow.

Economic activity increased in many areas throughout 2021, including, most notably, an increase in consumer and business spending by digital methods compared to 2020 when the impact of COVID-19 first arose.

In addition, we have continued to see adverse impacts on spending in discretionary spending verticals, including travel, airlines and restaurants.

The distribution of vaccines against COVID-19 curtailed the impact of the pandemic in 2021 in many of the larger countries in which we do business, but the timing of a complete recovery remains uncertain as new variants of COVID-19 continue to evolve and spread.

Additional uncertainty is added in the U.S. by conflicting federal and state laws, regulations and executive orders regarding whether vaccinations for COVID-19 may be required in the workplace.

Until challenges to these laws are finally decided by the courts, there is uncertainty as to what businesses may require for employees to return to the workplace.

We have modified our business practices to allow for more hybrid schedules as to when employees need to be in the office in an attempt to meet the changes in the workplace in today's world, as well as allowing continued work from home, at least temporarily, where appropriate to accommodate others not taking the vaccine in order to provide a safe workplace.

If the speed of repayments to us by our merchant clients is substantially slower than expected over an extended period

It is also possible

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

As the Merchant industry fragments into new non-traditional payment and asset types, siloed expertise, new geographies and different markets, our competitors in this segment are increasing in number.

Any change in economic

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

Supply chain issues globally, including those caused by the COVID-19 pandemic, can slow down the provision of parts for our products, such as chips in EMV cards, and could adversely impact revenue.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

unauthorized entry and computer viruses.

As we continue to grow our global eCommerce business around the world, we will become subject to additional countries' regulations governing merchant acquiring and related payments matters.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

and also govern certain of our businesses.

One of our subsidiaries is an SEC registered broker-dealer in the U.S. and is subject to the financial and operational rules of FINRA, and others are authorized by the FCA to conduct certain regulated business in the U.K. Our transfer agent business is also regulated by the SEC and other regulators around the world.

Moreover, the legislative and regulatory landscape continues to evolve, and we expect that it may cover alternative payment types, including cryptocurrency.

Federal, state, foreign or industry authorities could adopt laws, rules or regulations affecting

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

While we are generally permitted under the contracts with our merchants to pass these fee increases along to our merchants through corresponding increases in our processing fees, if we cannot continue to do so due to

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

As we increase our international business, we are subject to

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

Failure to effectively manage

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

The Trade and Cooperation Agreement was initially applied on a provisional basis and subsequently entered into force on May 1, 2021.

However, the Trade and Cooperation Agreement is only part of the overall package of agreements reached.

Other supplementing agreements include a series of joint declarations on a range of important issues where further cooperation is foreseen, including a memorandum of understanding ("MoU") establishing a framework for regulatory cooperation in financial services.

The MoU states that the E.U. and the U.K. will discuss how to move forward with equivalence determinations in relation to financial services.

The application of the MoU and its effect on our business and the regulatory regime in which we operate is uncertain.

It should be noted that even if equivalence arrangements for certain sectors of the financial services industry are agreed, market access is unlikely to be as comprehensive as the market access that the U.K. experienced through its E.U. membership.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

We are also subject to sanctions laws administered by OFAC, as well as the E.U., the U.N. Security Council and Her Majesty's Treasury of the United Kingdom, among others.

These sanctions laws prohibit us from doing certain types of business with prohibited individuals, entities and sanctioned countries around the world.

Any violation of these sanctions laws could result in adverse media coverage, investigations, loss of export privileges, and criminal or civil sanctions, penalties and fines, any of which could adversely affect our business, results of operations or financial condition.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

The competitive nature of this market is also affected by wage inflation, which will generally increase the cost of talent.

The pandemic has continued to result in government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place or total lock-down orders and business limitations and shutdowns.

Governments around the globe have taken steps to mitigate some of the more severe anticipated economic effects of the virus, but there can be no assurance that such steps will be effective or achieve their desired results in a timely fashion.

As U.S. and foreign governmental authorities imposed social distancing, shelter-in-place or total lock-down orders, spending declined, most notably in discretionary spending verticals, including travel, airlines and restaurants, resulting in a rapid deterioration in payments volume and transaction trends on a worldwide basis beginning in March 2020, which adversely impacted revenue in our payments businesses that earn transaction-based fees.

As such restrictions eased in the second and third quarters, spending increased, and the impact on our transaction-based fees rebounded in our Banking and Merchant segments, except for areas such as travel and hospitality, which remained largely restricted.

In addition, we have experienced some slowdown in corporate decision-making on sales and implementation of our solutions, as well as on software licenses and professional services.

The distribution of vaccines against COVID-19 beginning in late December could curtail the impact of the pandemic in 2021, although the timing remains uncertain.

The spread of COVID-19 has caused us to modify our business practices (including restricting employee travel, developing social distancing plans for our employees and cancelling physical participation in meetings, events and conferences and replacing them, where possible, with virtual meetings, events and conferences).

own offices or at client sites, due, among other things, to government work and travel restrictions, including mandatory shutdowns.

Where appropriate and plausible under local conditions, we have moved the work from affected locations.

Most of our employees are currently working remotely, where they may not be as effective.

Additionally, COVID-19 may have a material effect on our ability to pay our quarterly dividends at current levels or at all, although it has not yet.

Our Merchant business has made progress toward implementation of a new proprietary global acquiring platform project begun by Worldpay.

As we continue to implement this project, through the migration of existing merchant customers and onboarding of new merchant customers to the platform, the scale and complexity associated with this project presents the increased potential for service level delays or disruptions in the processing of transactions, telecommunications failures or other difficulties.

Such delays or disruptions could result in reputational harm, loss of business and increased operational or technological costs.

Federal, state and foreign rules may result in business changes for certain of our businesses and clients; these have had, and further could have, an adverse effect on our financial condition, revenue, results of operations, or prospects for future growth and overall business.

The Dodd-Frank Act represented a comprehensive overhaul of the regulations governing the financial services industry within the U.S. The Dodd-Frank Act established the CFPB and provided the CFPB with rulemaking authority with respect to certain federal consumer protection statutes as well as examination and supervisory authority over consumer reporting agencies, including ChexSystems.

clients.

Our financial institution sponsors' discretionary actions under these agreements could have a material adverse effect on our business, financial condition and results of

operations.

The Trade and Cooperation Agreement was formally approved by the 27 Member States of the E.U. on December 29, 2020, and was formally approved by the U.K. Parliament on December 30, 2020.

As of the date of this Annual Report on Form 10-K, the European Commission has proposed to apply the Trade and Cooperation Agreement on a provisional basis for a limited time until February 28, 2021, by which time the Trade and Cooperation Agreement must be approved by the European Parliament.

The Trade and Cooperation Agreement provides clarity in respect of the intended shape of the future relationship between the U.K. and the E.U. and some detailed matters of trade and cooperation.

As a result of the Worldpay acquisition, FIS has significantly expanded its international presence by offering merchant acquiring, including eCommerce, services outside of the U.S., including in the U.K. and E.U. countries, where Worldpay's principal non-U.S.

operations are currently located.

Because the development of our solutions and services requires knowledge of computer hardware, operating system software, system management software and application software, our technical personnel must be proficient in a number of disciplines.

Current accounting rules require goodwill to be assessed for

On November 30, 2020, the ICE Benchmark Administration Limited announced its plan to extend the date that most U.S. LIBOR values would cease being computed from December 31, 2021 to June 30, 2023.

It is not possible to predict the further effect of the rules or policies of the FCA, any changes in the methods by which LIBOR is determined, or any other reforms to LIBOR that may be enacted in the U.K., the E.U. or elsewhere.

Any such developments may cause LIBOR to perform differently than in the past, or cease to exist.

In addition, any other legal or regulatory changes made by the FCA, ICE Benchmark Administration Limited, the European Money Markets Institute (formerly Euribor-EBF), the European Commission or any other successor governance or oversight body, or future changes adopted by such body, in the method by which LIBOR is determined or the transition from LIBOR to a successor benchmark rate may result in, among other things, a sudden or prolonged increase or decrease in LIBOR, a delay in the publication of LIBOR, and changes in the rules or methodologies in LIBOR, which may discourage market participants from continuing to administer or to participate in LIBOR's determination, and, in certain situations, could result in LIBOR no longer being determined and published.

If a published U.S. Dollar LIBOR rate is unavailable after 2021, the interest rates on our debt which is indexed to LIBOR will be determined using various alternative methods, any of which may result in interest obligations which are more than, or do not otherwise correlate over time with, the payments that would have been made on such debt if U.S. Dollar LIBOR were available in its current form.

Further, the same costs and risks that may lead to the discontinuation or unavailability of U.S. Dollar LIBOR may make one or more of the alternative methods impossible or impracticable to determine.

Any of these proposals or consequences could have a material adverse effect on our financing costs.

Following the acquisition of Worldpay, we have increased our revenue and cash flows denominated in Euro and GBP.

- the risk that the Worldpay transaction will not provide the expected benefits or that we will not be able to achieve the revenue synergies anticipated;

The following section discusses management's view of the financial condition and results of operations of FIS and its consolidated subsidiaries as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018,] [added: 2019,] unless otherwise noted.

This section should be read in conjunction with [removed: the] [added: our] audited consolidated financial statements and related notes [removed: of FIS] included elsewhere in this Annual Report.

Our revenue is primarily derived from a combination of technology and processing services, [removed: payment] transaction fees, professional services and software license fees.

While we are a global company and do business around the world, the majority of our revenue is generated by clients in the U.S. The majority of our international revenue is generated by clients in the U.K., Germany, Australia, [added: Brazil,] Canada, [removed: Brazil] and India.

[removed: The] [added: In addition, the] majority of our revenue has historically been recurring and has been provided under multi-year Banking and Capital Markets contracts that contribute relative stability to our revenue stream.

[removed: A considerable portion of our] [added: Although] Merchant [removed: recurring revenue, and to] [added: has] a lesser [removed: extent a portion] [added: percentage] of [added: multi-year contracts, substantially all of] our [removed: Banking and Capital Markets recurring revenue,] [added: Merchant revenue] is [added: recurring,] derived from transaction processing fees that fluctuate with the number or value of transactions processed, among other variable [removed: measures,] [added: measures] associated with [removed: consumer, commercial and capital markets] [added: consumer] activity.

These [removed: delays, due largely to client caution, have adversely] [added: changes in spending] affected our business, results of operations and financial condition [removed: in the fourth quarter of 2020] [added: throughout 2021] and [removed: could continue,] [added: will likely continue to have an impact in 2022,] although the magnitude and duration of their ultimate effect is not possible to [removed: predict and has not been material to date.][added: predict.]

[removed: Our extension of] [added: We extended] higher-than-usual levels of credit to our merchant clients [added: during the first part of the pandemic] as part of funds settlement in connection with payments to their customers, for, among other things, refunds for cancelled trips [removed: and events lessened] as [removed: the year progressed, although increasing government lockdown orders in] [added: cases of COVID-19 spread across] the [removed: fourth quarter could adversely impact credit extensions and chargebacks.][added: globe.]

We are [added: potentially] exposed to losses if our merchant customers are unable to repay the credit we have extended or to fund their liability for chargebacks due to closure, insolvency, bankruptcy or other reasons.

[removed: This increase in extended credit or] [added: Our] potential liability for chargebacks did not have a material impact on our liquidity for the three- and twelve-month periods ended December 31, [removed: 2020, although certain of our merchant clients have ceased doing business, at least for a period of time,] [added: 2021,] and we continue to monitor [removed: their] [added: for] impact on our liquidity, results of operations and financial condition.

As a provider of [removed: outsourcing] [added: outsourced] solutions, we benefit from multi-year recurring revenue streams, which help moderate the effects of broader year-to-year economic and market

[Table of [removed: Content](#i9f5d3cda2b664eef9de9636fb0755822_7)][added: Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)]

Over the last five years, we have moved [removed: approximately 73%] [added: over 80%] of our server compute, primarily in North America, to our FIS cloud located in our strategic data [removed: centers, and our goal is to increase that percentage to 80% by the end of 2021.][added: centers.]

This allows us to further enhance security for our clients' data and increases the flexibility and speed with which we can provide solutions and services to our clients, [removed: eventually] at lesser cost.

[removed: Our] [added: We have also completed our data center] consolidation [removed: has generated a] [added: program in 2021, generating] savings for the Company [removed: as] of [removed: year-end 2020 of approximately $240] [added: over $250] million in run-rate annual expense [removed: reduction] since the program's inception in mid-2016.

Our internal efforts in research and development activities have related primarily to the modernization of our proprietary core systems in each of our segments, design and development of [removed: next generation] [added: next-generation] digital and innovative solutions and development of processing systems and related software applications and risk management platforms.

The spread of COVID-19 has caused us to modify our business [removed: practices (including restricting employee travel, developing social distancing plans for our employees and cancelling physical participation in meetings, events and conferences),] [added: practices,] and we may take further actions as may be required by government authorities or as we determine are in the best interests of our employees, clients and business partners.

[removed: Where government lockdowns have prohibited or slowed down certain functions at specific locations,] [added: While] FIS has outfitted employees to provide services from home or transferred work to other [removed: locations.][added: locations, we recently began a limited reopening of offices in certain locations where the COVD-19 infection rates have been significantly reduced.]

The COVID-19 pandemic [removed: appears to be] [added: has resulted in] accelerating digitization of banking and payment services by requiring, in many cases, banks and bank customers to transact through digital channels.

The uniform customer experience extends to support a broad range of financial services including opening new accounts, servicing of existing accounts, money [removed: movement services,] [added: movement,] and personal financial [added: management, as well as other consumer, small business and commercial banking capabilities.]

We anticipate consolidation within the banking industry will continue, primarily in the form of merger and acquisition activity among financial institutions, which we believe [removed: as a whole is] [added: would broadly be] detrimental to the profitability of the financial technology industry.

However, consolidation resulting from specific merger and acquisition transactions may be beneficial to [removed: our business.]

As of the end of [removed: 2020,] [added: 2021,] our achievement of revenue synergies [removed: remains on track to meet or exceed] [added: from the Worldpay acquisition have exceeded] our [removed: current targets] [added: targets,] driven by successful cross-sell of our heritage [removed: Premium Payback solution] [added: FIS solutions] into heritage Worldpay clients and [removed: by] leveraging our heritage Worldpay sales and distribution teams, expanding on our existing relationships with financial institutions to establish merchant referral agreements and optimizing our network routing capabilities.

We have also exceeded our original target for expense synergies, as we have successfully integrated organizational structures, reduced corporate overhead and achieved cost savings within our operating [removed: environment, and expect to continue to achieve additional expense synergies during 2021.][added: environment.]

We continue to see demand [removed: for innovative solutions] in the payments market [added: for innovative solutions] that will deliver faster, more convenient payment [removed: solutions] [added: options] in mobile channels, internet [removed: applications] [added: applications, in-store cards,] and [removed: cards.][added: the growing area of cryptocurrencies.]

The payment processing industry is adopting new technologies, developing new solutions and services, evolving new business [removed: models] [added: models,] and being affected by new market entrants and by an evolving regulatory environment.

The COVID-19 pandemic [removed: appears to be accelerating] [added: has accelerated] digitization of payment services by requiring, in many cases, businesses and consumers to transact through digital channels.

[added: FIS' ability to partner with non-financial institution enterprises, such as mobile payment] providers and internet, retail and social media companies, [removed: could] [added: continues to] create attractive growth opportunities as these new entrants seek to become more active participants in the development of alternative electronic payment technologies and to facilitate the convergence of retail, online, mobile and social commerce applications.

The accounting policies [added: and estimates] described below are those we consider critical in preparing our consolidated financial statements.

[removed: These policies require management to make estimates, judgments and assumptions that affect the reported] amounts of assets and liabilities and disclosures with respect to contingent [removed: liabilities and] assets [added: and liabilities] at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods.

[removed: Our] [added: Certain] contracts [removed: frequently] contain non-standard terms that require judgment to determine the appropriate impact on revenue recognition.

[removed: At contract inception, we] [added: We] assess the solutions and services promised in our contracts with customers and identify a performance obligation for each promise to transfer to the customer a solution or service (or bundle of solutions or services) that is distinct - i.e., if a solution or service is separately identifiable from other items in the bundled package and if a customer can benefit from it on its own or with other resources that are readily available to the customer.

[removed: We must apply] [added: Contracts containing multiple promised solutions or services require] judgment [removed: in these circumstances in determining] [added: to determine] whether individual promised solutions or services can be considered distinct or should instead be combined with other promised solutions or services in the contract.

Due to the large number, broad nature and average size of [added: our] individual [removed: contracts we are party to,] [added: customer contracts,] the impact of judgments and assumptions that we apply in recognizing revenue for any single contract is not likely to have a material effect on our consolidated operations or financial position.

However, the [removed: broader] accounting [removed: policy assumptions] [added: policies] that we apply across similar [removed: contracts] [added: contracts, products] or classes of clients could significantly influence the timing and amount of revenue recognized in our historical and future results of operations or financial position.

[removed: Assumptions for software asset valuations] typically include forecasted revenue attributable to the software assets, obsolescence rates, estimated royalty rates and estimated weighted average cost of capital and discount rates.

See Note 3 to the consolidated financial statements for discussion of the [added: Payrix acquisition in 2021, the] Virtus acquisition in 2020 and Worldpay acquisition in 2019.

[removed: Goodwill][added: Goodwill Impairment]

Based on the results of our [removed: assessments for 2020,] [added: assessments,] $94 million of goodwill related to certain non-strategic businesses within the Corporate and Other segment was [removed: impaired.][added: impaired in 2020.]

[removed: When performing a qualitative assessment, we] [added: Our impairment test may first] consider [removed: events and circumstances] [added: qualitative factors] to determine [removed: if] [added: whether] it is more likely than not that a reporting unit's carrying amount exceeds its fair [removed: value, including factors such as macroeconomic conditions, industry and][added: value.]

The distribution of vaccines against COVID-19 curtailed the impact of the pandemic in 2021 in many of the larger countries in which we do business, but the timing of a complete recovery remains uncertain as new variants of COVID-19 continue to impact consumer spending.

Economic activity increased in many areas throughout 2021, including, most notably, an increase in consumer and business spending by digital methods compared to 2020 when the impact of COVID-19 first arose.

In the fourth quarter of 2021, some governmental restrictions were re-imposed based upon a resurgence of variants of COVID-19 in many areas of the U.S. and Europe, which resulted in an adverse impact on payment volumes and transactions over those anticipated following the easing of restrictions in the prior two quarters.

In addition, we have continued to see adverse impacts on spending in discretionary spending verticals, including travel, airlines and restaurants, although the impact has lessened compared to 2020.

The level of credit extended to our merchant clients has since normalized.

Following the successful modernization of our IT infrastructure and consolidation of our data centers, we are now accelerating the modernization of our strategic applications and sunsetting of our redundant platforms.

Our multi-year platform modernization initiative is designed to create a componentized, cloud-native set of capabilities that can be consumed by clients as end-to-end business applications or as individual components.

Although our platform modernization will result in additional near-term costs, we expect it will result in improvements in our operational efficiencies over time.

We will also be developing software that will accelerate bringing new capabilities and innovation to market.

In addition, we are investing in the development of new solutions and venture opportunities by establishing FIS Impact Ventures.

This group prioritizes development of, and investment in, next-generation technology and innovation.

For example, when the COVID-19 variants impacted India in the second quarter, we rolled out several benefits to help our employees there, including providing vaccines to over 15,000 employees and dependents.

In many locations, a hybrid work status will allow employees to work from home and the office.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

our business.

These policies require management to make estimates, judgments and assumptions that affect the reported

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

The most critical judgments required in applying ASC 606, *Revenue Recognition from Customers,* and our revenue recognition policy relate to the determination of whether we are the principal or the agent with respect to transactions involving third parties, the determination of distinct performance obligations and the evaluation of the standalone selling price for each performance obligation.

Technology or services from third parties are frequently embedded in or combined with our applications or service offerings.

Whether we recognize revenue based on the gross amount billed to a customer as a principal or the net amount retained as an agent involves judgment that depends on the relevant facts and circumstances, including whether the Company has control of the technology or service prior to it being transferred to the customer and the level of contractual responsibilities and obligations for delivering the application or service.

The transaction price (including any discounts or rebates) is allocated among distinct goods and services in a contract that includes multiple performance obligations based on their relative standalone selling prices.

Judgment may be required to determine standalone selling prices for each performance obligation and whether it depicts the amount we expect to receive in exchange for the related good or service.

For performance obligations that are not sold separately, we estimate the standalone selling prices considering all reasonably available information and maximizing observable inputs using various approaches including historical pricing, cost plus margin, adjusted market and residual approaches.

The cost-plus-margin approach, in particular, requires judgment, including the estimation of the costs required to complete the performance obligation.

These estimates are based primarily on the scope and complexity of the obligation, platform migration timelines, expected account or transaction volumes, and internal and external labor rates.

We have not made significant changes in our cost estimates under this approach in the reporting period.

For significant contracts for which the cost-plus-margin approach was used to estimate the standalone selling price, a 10% change in our cost assumptions would not have a significant impact on the amount reported during the period.

Assumptions for software asset valuations

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

The forecasted revenue and EBITDA margins used in the discounted cash flow models are critical estimates in determining the fair value of customer relationships and developed technology software assets as these estimates are influenced by many factors including historical financial information and management’s expectation for future operating results as a combined company.

The Payrix acquisition in the current year is not considered material to warrant additional disclosure regarding estimation uncertainty.

If we conclude that it is more likely than not that the reporting unit's fair value is less than its carrying amount as a result of the qualitative assessment, or we elect to bypass the qualitative assessment for a reporting unit, then we must perform the quantitative assessment for that reporting unit.

The income approach used to assess goodwill for impairment is a critical estimate because the forecasted growth rate assumption (including long-term growth assumption) underlying the estimated future cash flows is subject to management’s judgment based upon the best available market information, internal forecasts and operating plans.

A deterioration in this assumption could adversely impact our results.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

carrying amount by approximately 4%.

For Merchant Solutions in 2021, we performed a qualitative assessment for our annual assessment.

In addition to the factors noted above that are considered when performing such an assessment, we considered actual results for 2021 and updated internal forecasts as compared to prior internal forecasts and other assumptions used in the 2020 quantitative annual assessment.

As a result of the assessment, we determined that the indicated fair value of the reporting unit was estimated to be in excess of carrying amount by a similar percentage as determined by the prior year’s quantitative assessment.

| Revenue | | | $ | 13,877 | | | | | $ | 12,552 | | | | | $ | 1,325 | | | | | 11 | | % |

Although Merchant has a lesser percentage of multi-year contracts, substantially all of its revenue is recurring.

COVID-19 continued to impact our financial results in the fourth quarter of 2020.

In certain locations, where government lockdowns and shelter-in-place orders have been tightened, consumer spending impacting our Merchant payments volume, and related transaction revenue has been adversely impacted after partially recovering in the third quarter of 2020.

Certain discretionary spending verticals, including travel, airlines and restaurants, continue to be significantly impacted.

The Company's revenue continues to be impacted by reduced payment processing volumes within our Merchant segment and, to a lesser extent, transaction volume within our Banking segment.

We have seen some slowdown in customer decision-making on sales and implementation of our solutions, as well as on software licenses and professional services.

We have continued to prioritize investments in solutions that help address the needs of our clients in order to increase the Company's potential to resume strong revenue growth following the pandemic.

In response to COVID-19, we are continuing to take several actions to manage discretionary expenses, including reducing office space, prohibiting most travel and reducing incentive compensation, as well as accelerating automation and functional alignment across the organization.

These actions reduced such expenses by approximately $300 million in 2020.

Of this amount, approximately $220 million relates to reduced incentive compensation for 2020, which we do not anticipate occurring with respect to 2021 incentive compensation.

However, delays in implementation of our solutions caused by the uncertainty of the COVID-19 pandemic may temporarily slow future revenue growth to an extent not yet determined.

Concurrently, we have continued to consolidate our data centers, closing seven data centers in 2019 and an additional six data centers in 2020.

We plan to close and consolidate approximately seven more data centers by the end of 2021, which should result in additional run rate annual expense reduction of approximately $10 million.

Our innovation efforts have recently resulted in bringing to market our Modern Banking Platform that is among the first cloud-native core banking solutions.

We have invested in the development of new solutions by establishing the position of the Chief Growth Officer in 2020 and building staff within that office.

This office prioritizes development and investment in new solutions in collaboration with our segment leaders, including investment in fintech venture opportunities with innovative new solutions.

FIS continues to carefully monitor the effects of the ongoing COVID-19 pandemic as conditions continue to evolve.

Nearly 95% of our employees remain in a work-from-home status and have been effectively outfitted to continue to provide all necessary services to our clients.

We continued this work-from-home status in most locations since the impact of the pandemic began in mid-March 2020 through the end of the year, as the safety of our employees is a top priority.

Additionally, for its employees, the Company has expanded sick leave for employees affected by COVID-19, expanded telemedicine internationally, provided special pay for certain employees involved in critical infrastructure who could not work from home, and expanded its FIS Cares program to benefit employees in need around the world.

management, as well as other consumer, small business and commercial banking capabilities.

As a result of the Worldpay acquisition completed on July 31, 2019, FIS is now a global leader in the merchant solutions industry, with differentiated solutions throughout the payments market, including capabilities in global eCommerce, integrated payments, and enterprise payments and data security solutions in business-to-business ("B2B") payments.

These solutions bring together advanced payments technologies at each stage of the transaction life cycle.

The Worldpay acquisition broadened our solution portfolio, enabling us to significantly expand our merchant acquiring solutions, including our capabilities in the growing eCommerce and integrated payment segments of the market, which are in demand among our merchant clients as they look for ways to integrate technology into their business models.

The combination also favorably impacts our business mix with a greater concentration in higher growth and higher margin services.

The Worldpay acquisition significantly increased our revenue as well as our amortization expense for acquired intangibles and our acquisition, integration and other costs.

However, due to the COVID-19 pandemic, our merchant processing revenue has been adversely impacted, particularly in the discretionary spending areas of travel, airlines, and restaurants, and we expect revenue will continue to be adversely impacted until the economic effects and government, company, and public travel restrictions due to the pandemic subside around the world.

Following the Worldpay acquisition, we are focused on completing post-merger integration to achieve potential incremental revenue opportunities and expense efficiencies created by the combination of the two companies.

We have a history of successfully integrating the operations and technology platforms of acquired companies, including winding down legacy environments and consolidating platforms from other acquisitions into our environment.

Based on prior integration experience, we developed integration plans to achieve the potential benefits created by the Worldpay acquisition.

FIS' ability to partner with non-financial institution enterprises, such as mobile payment

We are frequently a party to multiple concurrent contracts with the same client.

These situations require judgment to determine whether the individual contracts should be combined or evaluated separately for purposes of revenue recognition.

In making this determination, we consider the timing of negotiating and executing the contracts, whether the different elements of the contracts are negotiated as a package with a single commercial objective, whether the solutions or services promised in the contracts are a single performance obligation, and whether any of the payment terms of the contracts are interrelated.

Our individual contracts also frequently include multiple promised solutions or services.

We recognize revenue when or as we satisfy a performance obligation by transferring control of a solution or service to a customer.

We must use judgment to determine whether revenue is measured at a point in time or over time, to determine when the customer obtains control for performance obligations satisfied at a point in time and to determine the appropriate measure of progress for performance obligations satisfied over time.

Judgment is also required in estimating and allocating variable consideration to one or more, but not all, performance obligations in a contract, determining the standalone selling prices of each performance obligation, and allocating the transaction price to each distinct performance obligation in a contract.

Capitalized Software Development Costs

Capitalized software development costs require judgment in determining when costs should be capitalized, the appropriate period over which to amortize the capitalized costs, and whether there is impairment of unamortized capitalized costs.

Our fixed-rate senior notes (as included in Note 12 to the consolidated financial statements) represent the majority of our fixed-rate long-term debt obligations as of December 31, [removed: 2020.][added: 2021.]

The carrying value, excluding the fair value of the interest rate swaps described below and unamortized discounts, of our senior notes was [removed: $17.0] [added: $16.2] billion as of December 31, [removed: 2020.][added: 2021.]

The fair value of our senior notes was approximately [removed: $18.6] [added: $16.8] billion as of December 31, [removed: 2020.][added: 2021.]

[Table of [removed: Content](#i9f5d3cda2b664eef9de9636fb0755822_7)][added: Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)]

Our variable-rate risk principally relates to borrowings under our U.S. commercial paper program, Euro-commercial paper program, [added: and] Revolving Credit [removed: Facility, Senior Euro Floating Rate Notes] [added: Facility] (as included in Note 12 to the consolidated financial statements) and interest rate swaps on our fixed-rate long-term [removed: debt.][added: debt (collectively, "variable-rate debt").]

At December 31, [removed: 2020,] [added: 2021,] our [removed: weighted average] [added: weighted-average] cost of debt was [removed: 1.7%] [added: 0.9%] with a weighted-average maturity of 5.4 years; [removed: 74%] [added: 62%] of our debt was [removed: fixed-rate] [added: fixed rate,] and the remaining [removed: 26% of our debt] [added: 38%] was [removed: variable-rate.][added: variable-rate debt.]

A 100 basis-point increase in the [removed: weighted average] [added: weighted-average] interest rate on our variable-rate debt would have increased our [removed: 2020] [added: 2021] annual interest expense by [removed: $51] [added: $78] million.

We performed the foregoing sensitivity analysis based solely on the principal amount of our variable-rate debt as of December 31, [removed: 2020.][added: 2021.]

For comparison purposes, based on principal amounts of variable-rate debt outstanding as of December 31, [removed: 2019,] [added: 2020,] and calculated in the same manner as set forth above, an increase of 100 basis points in the [removed: weighted average] [added: weighted-average] interest rate would have increased our annual interest expense by approximately [removed: $45] [added: $51] million.

As of December 31, [removed: 2020,] [added: 2021,] the following interest rate swaps converting the interest rate exposure on [removed: our Senior Euro Notes due July 2024 and] [added: certain of] our [removed: Senior USD Notes due May 2029] [added: senior notes] from fixed to variable are outstanding (in millions):

A 100 basis-point increase in the 3-month [removed: Euribor rate] [added: USD LIBOR rate, 6-month GBP LIBOR rate,] and 3-month [removed: LIBOR] [added: Euribor rate, as applicable, for the interest] rate [added: swaps outstanding as of December 31, 2021 and 2020,] would increase our annual interest expense [removed: on these swaps] by approximately [removed: $6] [added: $37] million and [removed: $10] [added: $6] million, respectively.

During the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018,] [added: 2019,] we generated approximately [removed: $2,432] [added: $2,833] million, [removed: $1,852] [added: $2,432] million and [removed: $1,542] [added: $1,852] million, respectively, in revenue denominated in currencies other than the U.S. Dollar.

The major currencies to which our revenue is exposed are the British Pound Sterling, Euro, Brazilian [removed: Real and] [added: Real,] Indian [removed: Rupee.][added: Rupee and Australian Dollar.]

A 10% movement in average exchange rates for these currencies (assuming a simultaneous and immediate 10% change in all of such rates for the relevant period) would have resulted in the following increase or decrease in our reported revenue for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018] [added: 2019] (in millions):

| Currency | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Pound Sterling | | | | | | $ | [removed: 141] [added: 177] | | | | | $ | [removed: 87] [added: 141] | | | | | $ | [removed: 34] [added: 87] | |

| Euro | | | | | | [removed: 35] [added: 34] | | | | | | [removed: 31] [added: 35] | | | | | | [removed: 30] [added: 31] | | |

| Real | | | | | | [removed: 12] [added: 14] | | | | | | [removed: 16] [added: 12] | | | | | | [removed: 38] [added: 16] | | |

| Rupee | | | | | | [removed: 10] [added: 11] | | | | | | [removed: 11] [added: 10] | | | | | | [removed: 13] [added: 11] | | |

| | | | | | | | | | | | | Weighted | | | | | | Weighted | | |

| Notional Amount by | | | | | | | | | | | | Average | | | | | | Average | | |

| Currency | | | | | | Maturities | | | | | | Receive Rate | | | | | | Pay Rate | | |

| $ | 1,854 | | | | | 2029 - 2031 | | | | | | 2.74 | | % | | | | 1.70 | | % |

| £ | 925 | | | | | 2029 - 2031 | | | | | | 3.00 | | % | | | | 2.47 | | % |

| € | 500 | | | | | 2024 | | | | | | 1.10 | | % | | | | 0.33 | | % |

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Australian Dollar | | | | | | 8 | | | | | | 7 | | | | | | 7 | | |

| Total increase or decrease | | | | | | $ | 244 | | | | | $ | 205 | | | | | $ | 152 | |

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | Bank pays | | | | | | FIS pays | | | | | |

| Effective Date | | | | | | Maturity Date | | | | | | Notional | | | | | | fixed rate of | | | | | | variable rate of | | | | | |

| December 21, 2018 | | | | | | July 15, 2024 | | | | | | € | 500 | | | | | 1.100 | | % | | | | 3-month Euribor + 0.878% | | | (1) | | |

| December 23, 2020 | | | | | | May 21, 2029 | | | | | | $ | 1,000 | | | | | 3.750 | | % | | | | 3-month LIBOR + 2.971% | | | (2) | | |

(1) 0.370% in effect as of December 31, 2020

(2) 3.161% in effect as of December 31, 2020

| Total increase or decrease | | | | | | $ | 198 | | | | | $ | 145 | | | | | $ | 115 | |

See also Notes 2, 4 and [removed: 22] [added: 21] to the consolidated financial statements for additional information about our revenue.

- *Brand.* FIS has built a [removed: global highly-respected] [added: highly respected] brand known [added: globally] for innovation and thought leadership in the financial services and merchant sectors.

- *Extensive Domain Expertise and [removed: Extended] Portfolio Breadth.* FIS' significant expertise in the markets and domains we serve has enabled us to bring to market a broad range of innovative software applications and service offerings.

The nature of these relationships allows us to develop close partnerships with [removed: these] [added: our] clients, resulting in high client retention rates.

[Table of [removed: Content](#i9f5d3cda2b664eef9de9636fb0755822_7)][added: Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)]

- *Build, Buy, or Partner to Add Solutions to Win New Clients and Cross-sell to Existing Clients.* We continue to invest in organic growth through internal software development as well as through acquisitions and equity investments that complement and extend our existing solutions and capabilities, providing us with additional solutions to cross sell [added: to] existing clients and [added: to] capture the interest of new clients.

- *Support Our Clients Through Innovation.* Changing market dynamics, particularly in the areas of digital delivery, information [removed: security,] [added: security] and regulation, are transforming the way our clients operate, which is driving incremental demand for our integrated solutions and services built around our intellectual property.

As clients and prospects evaluate technology, business process changes and vendor risks, our depth of [removed: services] [added: service] capabilities enable us to become involved earlier in their planning and design process and assist them as they manage [removed: through] these changes.

We also leverage a one-to-many operating model [removed: for the majority of our solutions, which drives] [added: to drive] high incremental margins on revenue growth, while also providing cost-effective solutions for our clients.

- [removed: *Expand Client Relationships.*] [added: *Expansive Distribution.*] Through our global sales force and strategic commercial partnerships, we drive growth through client additions and through the expansion of existing client relationships in support of our clients' growth ambitions.

As a result of the Company's acquisition of [removed: Worldpay,] [added: Worldpay on July 31, 2019,] the Company reorganized its reportable segments in the quarter ended September 30, 2019, into Merchant, Banking, Capital Markets, and Corporate and Other.

The Company regularly assesses its portfolio of assets and reclassified certain non-strategic businesses from Merchant, Banking, and Capital Markets into Corporate and Other during the year ended December 31, [removed: 2020, and recast all prior-period segment information presented.][added: 2020.]

However, [removed: revenues] [added: revenue and margins] for each segment may reflect stronger or weaker quarters given the nature of our solutions offered.

The Merchant business, in particular, is historically subject to seasonal fluctuations in revenue as a result of consumer spending patterns, with Merchant revenue [added: and profitability] being strongest in the fourth quarter and weakest in the first quarter.

The novel coronavirus [removed: ("COVID-19") pandemic] [added: and its variants ("COVID-19" or "the pandemic")] adversely impacted revenue particularly in Merchant [removed: from mid-March through the end of] [added: beginning in February] 2020 and has had some impact on seasonality seen in past years.

| | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2018] [added: 2019] | | |

| Merchant Solutions | | | $ | [removed: 3,767] [added: 4,496] | | | | | $ | [removed: 1,942] [added: 3,767] | | | | | $ | [removed: 208] [added: 1,942] | |

| Banking Solutions | | | [removed: 5,944] [added: 6,396] | | | | | | [removed: 5,592] [added: 5,944] | | | | | | [removed: 5,416] [added: 5,592] | | |

| Capital Market Solutions | | | [removed: 2,440] [added: 2,624] | | | | | | [removed: 2,318] [added: 2,440] | | | | | | [removed: 2,258] [added: 2,318] | | |

| Corporate and Other | | | [removed: 401] [added: 361] | | | | | | [removed: 481] [added: 401] | | | | | | [removed: 541] [added: 481] | | |

| Total Consolidated Revenue | | | $ | [removed: 12,552] [added: 13,877] | | | | | $ | [removed: 10,333] [added: 12,552] | | | | | $ | [removed: 8,423] [added: 10,333] | |

The Merchant segment is focused on serving merchants of all sizes globally, enabling them to [removed: accept electronic payments, including card-based payments, contactless card and mobile wallet, originated at a physical point of sale, as well as card-not-present payments in eCommerce] [added: accept, authorize] and [removed: mobile environments.][added: settle electronic payment transactions.]

Merchant [removed: also] includes [added: all aspects of payment processing, including] value-added services, such as [removed: security and] [added: security,] fraud [removed: prevention solutions,] [added: prevention,] advanced data [removed: analytics and information management solutions,] [added: analytics,] foreign currency management and numerous funding options.

Merchant serves clients in over [removed: 140] [added: 100] countries.

Our Merchant clients are [removed: highly-diversified,] [added: highly diversified,] including global enterprises, national retailers, and small- to medium-sized [removed: businesses.][added: businesses ("SMB").]

The Merchant segment utilizes broad and varied distribution channels, including direct sales forces and multiple referral partner relationships that provide us with [removed: a growing] [added: access to new] and [removed: diverse client base.][added: existing markets.]

*•Global eCommerce.* Our global eCommerce solutions [added: primarily] provide card-not-present merchant acquiring capabilities to [added: digitally focused] merchants [removed: looking to] [added: that primarily] sell their goods and services [removed: digitally.][added: online.]

Our platforms enable both domestic and international [removed: capabilities and can provide] [added: capabilities, providing] a customizable and scalable solution to our [removed: merchants] [added: clients] with best-in-class authorization rates.

The Banking segment is focused on serving [removed: all sizes of] financial institutions [added: of all sizes] with core processing software, transaction processing software and complementary applications and services, many of which interact directly with [removed: the] core processing [removed: applications.][added: software.]

- *Core Processing and Ancillary Applications.* Our core processing software applications are designed to run banking processes for our financial institution clients, including deposit and lending systems, customer management, and other central management [removed: systems, serving as the system that clients use to maintain the primary records of their customer accounts.][added: systems.]

Our diverse selection of market-focused core [removed: systems] [added: processing software applications] enables FIS to compete effectively in a wide range of markets.

- *Digital, including Internet, Mobile and eBanking.* Our comprehensive suite of retail delivery applications enables financial institutions to integrate and streamline customer-facing operations and back-office processes, thereby improving customer interaction across all channels (e.g., branch offices, internet, [removed: ATM,] mobile, [added: ATM,] and call centers).

Our applications [removed: include know-your-customer,] [added: enable Know Your Customer,] new account decisioning and opening, account and transaction management, fraud management and collections.

- *Card and Retail Payment.* Our card and retail payment technology and services allow clients to issue VISA®, MasterCard® or other payment [removed: network branded] [added: network-branded] credit and debit cards or other electronic payment cards for use by both consumer and business accounts.

We offer EMV [added: (Europay, MasterCard and Visa)] integrated circuit cards, often referred to as [removed: smart cards or] chip cards, as well as a variety of stored-value card types and [removed: loyalty/reward] [added: loyalty] programs, including our Premium Payback service that allows our financial [removed: institution] [added: institutions'] customers to use loyalty points at a variety of merchant point-of-sale systems.

Our print and mail services offer complete computer output solutions for the creation, management and delivery of print and fulfillment [removed: needs.]

We have made, and continue to make, investments in modern [removed: platforms;] [added: platforms,] advanced technologies, [removed: such as cloud delivery,] open APIs, machine learning and artificial [removed: intelligence;] [added: intelligence,] and regulatory technology to support our Capital Markets clients.

Our trade execution and network solutions help both buy- and sell-side firms improve execution quality, decrease overall execution costs and address [removed: today's] trade connectivity challenges.

[added: 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 and integration expenses, that are not considered when management evaluates revenue-generating segment performance.

[removed: We have experienced] [added: Our] sales personnel [removed: with] [added: have] expertise in particular solutions and markets as well as across our various client [removed: segments—Merchant, Banking and Capital Markets.][added: segments.]

We have grown both organically and through acquisitions.

Organic growth has been driven by a number of factors, including growth of our customers’ businesses, our internal development of new solutions that enhance our client offerings, and our sales and marketing efforts to expand our customer base and addressable markets.

Acquisitions have contributed additional solutions and services that complement or enhance our offerings, diversify our client base, expand our geographic coverage, and provide entry into new and attractive adjacent markets that align with our strategic objectives.

We continue to strategically allocate resources to both organic and inorganic growth initiatives to enhance the long-term value of our business.

These operations represented approximately 3% of 2020 revenue and were recast in all prior-period segment information presented.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

- *Enterprise.* Our enterprise acquiring solutions primarily focus on enabling both card-present and omni-channel payment acceptance for North American clients with more than $5 million in annual sales volume as well as all international clients.

*•Software-led SMB.* Our software-led SMB acquiring solutions primarily focus on North American clients with less than $5 million in annual sales volume.

These clients typically leverage software to accept payments, and we employ independent software vendor ("ISV") and other partnership models to distribute our solutions and services to these clients.

Integrating our merchant acquiring capabilities into software created by partners enables us to serve a diversity of industry verticals and sub-verticals.

Clients use these applications to maintain the primary records of their customer accounts.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

needs.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

During

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

State securities regulators and various exchanges, including the New York

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

Because the PSR is an economic regulator in the U.K., it has the power to apply remedies in relation to the functioning of the card acquiring market in the U.K. The European Commission also has overall authority to enforce and establish new standards or guidance.

Those policies and procedures require the screening of third parties with which the Company does business, including clients and vendors.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

In June 2021, the European Commission issued new Standard Contractual Clauses ("SCCs"), and the European Data Protection Board ("EDPB") issued the final version of its recommendations in response to the Court of Justice of the European Union's decision in *Data Protection Commissioner v.

Facebook Ireland Ltd, Maximilian Schrems* (known as the "Schrems II" case).

These new clauses and guidance require us to update contracts with third parties, to implement new processes, and to undertake supplemental measures for transfers of personal information to certain countries, including the U.S. The U.K. Information Commissioner's Office ("ICO") has announced that the U.K. will issue separate revised SCCs as a result of the breach.

Compliance with these new and evolving regulations may require us to change our policies, procedures and operational infrastructure, which could be time-consuming and costly.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

information in the consumer's file, to conduct a reasonable investigation within statutory timelines.

CRAs are also regulated by a number of states, including New York, with consumer reporting laws that are not pre-empted by the FCRA.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

In 2021, we hired our first ever Global Head of Well-Being to lead our efforts related to all aspects of employee wellness.

Throughout the COVID-19 pandemic, we have leveraged our company-wide Pandemic Plan and Crisis Management team to ensure we are caring for the needs of our employees.

FIS Cares is a colleague-funded giving program designed to help our employees in times of need.

We have increased our hiring program for recent college graduates who are critical to building our pipeline of future leaders, and for those who remain with us, we have implemented a program to help pay down their college tuition debt.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

We have grown organically as well as through acquisitions, which have contributed critical solutions and services that complement or enhance our existing offerings, diversifying our revenue by client, geography and service offering, and opening new and profitable adjacent markets that align with our core solution strengths.

FIS evaluates possible acquisitions that might contribute to our growth or performance on an ongoing basis.

We also develop new solutions that enhance our client offerings.

Following our acquisition of Worldpay, Inc. ("Worldpay"), on July 31, 2019, FIS is now a global leader in financial technology solutions and services for merchants, banks and capital markets.

See Note 3 to the consolidated financial statements for additional discussion of the Worldpay acquisition.

These operations represented approximately 3% of 2020 revenue.

Merchant services include all aspects of payment processing, including authorization and settlement, customer service, chargeback and retrieval processing, electronic payment transaction reporting and network fee and interchange management.

- *Merchant Acquiring.* Our merchant acquiring solutions primarily provide point-of-sale payment processing for merchants of all sizes with a focus on large multi-national enterprises.

Our solutions provide payment acceptance from various payment types, including but not limited to debit, credit, EMV (Europay, MasterCard and Visa), contactless and loyalty point redemption.

*•Integrated Payments.* Our integrated payment solutions primarily leverage an independent software vendor ("ISV") partnership model where FIS provides the merchant acquiring capabilities for the ISV partner across several industry verticals and sub-verticals.

These solutions also include merchant acquiring for payment facilitators ("PayFacs"), which consolidates multiple sub-merchant accounts under a master merchant identification number ("MID") account.

The results in this segment included the Reliance Trust Company of Delaware business through its divestiture on December 31, 2018 and the Company's Brazilian Venture business through its divestiture as part of the joint venture unwinding transaction on December 31, 2018 (see Note 19 to the consolidated financial statements).

The overhead and leveraged costs relate to corporate marketing, corporate finance and accounting, human resources,

Although we acquired the trademarks and trade names used by SunGard as part of our 2015 acquisition of SunGard and its subsidiaries, we note that following the split-off of the Availability Services ("AS") business by SunGard in 2014, AS has the right to use the Sungard Availability Services name, which does not include the right to use the SunGard name or its derivatives.

systems to address emerging technology trends in response to the needs of our clients and to enhance the capabilities of our outsourcing infrastructure.

Because the PSR is an economic regulator in the U.K., it has the power to issue directions in relation to the functioning of the card acquiring market in the U.K. Further, the European Commission is conducting a review of the Regulation of the European Parliament and the Council on interchange fees for card-based payment transactions ("IFR") to examine the appropriateness of the levels of interchange fees, the level of entry of new players, new technology and the impact of innovative business models on the market.

Company's ability to efficiently transfer, access and use personal data across its business.

In July 2016, the European Commission formally approved and adopted the EU-US Privacy Shield, providing a compliance framework for organizations to transfer personal data regarding citizens of the E.U. to the U.S. On July 16, 2020, the Court of Justice of the European Union ("CJEU") published its decision in the case of *Data Protection Commissioner v Facebook Ireland Ltd, Maximilian Schrems* (known as the "Schrems II" case).

In Schrems II, the CJEU completely invalidated the EU-US Privacy Shield, but the Standard Contractual Clauses ("SCC's") remain valid.

While we had certified certain lines of business under the Privacy Shield, we have chosen to adopt E.U. SCC's published by the European Commission as the primary basis for the export of data from the E.U. to the U.S. and were not significantly affected by this decision.

The European Data Protection Board ("EDPB") is working on regulatory guidance in light of Schrems II, but such guidance has not yet been finalized.

Similar anti-money laundering laws apply to movements of currency and payments through electronic

Through

At the beginning of the COVID-19 pandemic, we activated our company-wide Pandemic Plan.

We equipped more than 95% of our workforce with the necessary technology and connectivity to work remotely.

The Company also offers webinars and other online resources to enable employees to focus on their physical, emotional, and social well-being.

For the fiscal year ended December 31, [removed: 2020][added: 2021]

As of June 30, [removed: 2020,] [added: 2021,] the last business day of the registrant's most recently completed second fiscal quarter, the aggregate market value of the registrant's common stock held by nonaffiliates was [removed: $82,928,591,927] [added: $87,314,922,669] based on the closing sale price of [removed: $134.09] [added: $141.67] on that date as reported by the New York Stock Exchange.

The number of shares outstanding of the registrant's common stock, $0.01 par value per share, was [removed: 621,128,642] [added: 609,590,707] as of February [removed: 17, 2021.][added: 21, 2022.]

The information in Part III hereof is incorporated herein by reference to the registrant’s Proxy Statement on Schedule 14A for the fiscal year ended December 31, [removed: 2020,] [added: 2021,] to be filed within 120 days after the close of the fiscal year that is the subject of this Report.

[removed: 2020] [added: 2021] FORM 10-K ANNUAL REPORT

| [removed: PART I] [added: [PART I](#iba352ad7bb8345f2a6e64fdbde6d068d_10)] | | | | | | | | |

| [removed: Item 1.] [added: [Item 1.](#iba352ad7bb8345f2a6e64fdbde6d068d_13)] | | | [removed: Business] [added: [Business](#iba352ad7bb8345f2a6e64fdbde6d068d_13)] | | | [removed: [2](#i9f5d3cda2b664eef9de9636fb0755822_13)] [added: [2](#iba352ad7bb8345f2a6e64fdbde6d068d_13)] | | |

| [removed: Item 1A.] [added: [Item 1A.](#iba352ad7bb8345f2a6e64fdbde6d068d_16)] | | | [removed: Risk Factors] [added: [Risk Factors](#iba352ad7bb8345f2a6e64fdbde6d068d_16)] | | | [removed: [13](#i9f5d3cda2b664eef9de9636fb0755822_16)] [added: [12](#iba352ad7bb8345f2a6e64fdbde6d068d_16)] | | |

| [removed: Item 1B.] [added: [Item 1B.](#iba352ad7bb8345f2a6e64fdbde6d068d_19)] | | | [removed: Unresolved] [added: [Unresolved] Staff [removed: Comments] [added: Comments](#iba352ad7bb8345f2a6e64fdbde6d068d_19)] | | | [removed: [28](#i9f5d3cda2b664eef9de9636fb0755822_19)] [added: [29](#iba352ad7bb8345f2a6e64fdbde6d068d_19)] | | |

| [removed: Item 2.] [added: [Item 2.](#iba352ad7bb8345f2a6e64fdbde6d068d_22)] | | | [removed: Properties] [added: [Properties](#iba352ad7bb8345f2a6e64fdbde6d068d_22)] | | | [removed: [29](#i9f5d3cda2b664eef9de9636fb0755822_22)] [added: [29](#iba352ad7bb8345f2a6e64fdbde6d068d_22)] | | |

| [removed: Item 3.] [added: [Item 3.](#iba352ad7bb8345f2a6e64fdbde6d068d_25)] | | | [removed: Legal Proceedings] [added: [Legal Proceedings](#iba352ad7bb8345f2a6e64fdbde6d068d_25)] | | | [removed: [29](#i9f5d3cda2b664eef9de9636fb0755822_25)] [added: [29](#iba352ad7bb8345f2a6e64fdbde6d068d_25)] | | |

| [Item [removed: 4.](#i9f5d3cda2b664eef9de9636fb0755822_28)] [added: 4.](#iba352ad7bb8345f2a6e64fdbde6d068d_28)] | | | [Mine Safety [removed: Disclosures](#i9f5d3cda2b664eef9de9636fb0755822_28)] [added: Disclosures](#iba352ad7bb8345f2a6e64fdbde6d068d_28)] | | | [removed: [29](#i9f5d3cda2b664eef9de9636fb0755822_28)] [added: [29](#iba352ad7bb8345f2a6e64fdbde6d068d_28)] | | |

| [removed: PART II] [added: [PART II](#iba352ad7bb8345f2a6e64fdbde6d068d_31)] | | | | | | | | |

| [removed: Item 5.] [added: [Item 5.](#iba352ad7bb8345f2a6e64fdbde6d068d_34)] | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i9f5d3cda2b664eef9de9636fb0755822_7)] [added: Securities](#iba352ad7bb8345f2a6e64fdbde6d068d_34)] | | | [removed: [29](#i9f5d3cda2b664eef9de9636fb0755822_34)] [added: [29](#iba352ad7bb8345f2a6e64fdbde6d068d_34)] | | |

| [removed: Item 7.] [added: [Item 7.](#iba352ad7bb8345f2a6e64fdbde6d068d_40)] | | | [removed: Management’s] [added: [Management’s] Discussion and Analysis of Financial Condition and Results of [removed: Operations] [added: Operations](#iba352ad7bb8345f2a6e64fdbde6d068d_40)] | | | [removed: [34](#i9f5d3cda2b664eef9de9636fb0755822_40)] [added: [31](#iba352ad7bb8345f2a6e64fdbde6d068d_40)] | | |

| [removed: Item 7A.] [added: [Item 7A.](#iba352ad7bb8345f2a6e64fdbde6d068d_85)] | | | [removed: Quantitative] [added: [Quantitative] and Qualitative Disclosure About Market [removed: Risks] [added: Risks](#iba352ad7bb8345f2a6e64fdbde6d068d_85)] | | | [removed: [46](#i9f5d3cda2b664eef9de9636fb0755822_85)] [added: [41](#iba352ad7bb8345f2a6e64fdbde6d068d_85)] | | |

| [removed: Item 8.] [added: [Item 8.](#iba352ad7bb8345f2a6e64fdbde6d068d_97)] | | | [removed: Financial] [added: [Financial] Statements and Supplementary [removed: Data] [added: Data](#iba352ad7bb8345f2a6e64fdbde6d068d_97)] | | | [removed: [49](#i9f5d3cda2b664eef9de9636fb0755822_97)] [added: [44](#iba352ad7bb8345f2a6e64fdbde6d068d_97)] | | |

| [removed: Item 9.] [added: [Item 9.](#iba352ad7bb8345f2a6e64fdbde6d068d_199)] | | | [removed: Changes] [added: [Changes] in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure] [added: Disclosure](#iba352ad7bb8345f2a6e64fdbde6d068d_199)] | | | [removed: [95](#i9f5d3cda2b664eef9de9636fb0755822_217)] [added: [88](#iba352ad7bb8345f2a6e64fdbde6d068d_199)] | | |

| [removed: Item 9A.] [added: [Item 9A.](#iba352ad7bb8345f2a6e64fdbde6d068d_202)] | | | [removed: Controls] [added: [Controls] and [removed: Procedures] [added: Procedures](#iba352ad7bb8345f2a6e64fdbde6d068d_202)] | | | [removed: [95](#i9f5d3cda2b664eef9de9636fb0755822_220)] [added: [88](#iba352ad7bb8345f2a6e64fdbde6d068d_202)] | | |

| [removed: Item 9B.] [added: [Item 9B.](#iba352ad7bb8345f2a6e64fdbde6d068d_205)] | | | [removed: Other Information] [added: [Other Information](#iba352ad7bb8345f2a6e64fdbde6d068d_205)] | | | [removed: [95](#i9f5d3cda2b664eef9de9636fb0755822_223)] [added: [88](#iba352ad7bb8345f2a6e64fdbde6d068d_205)] | | |

| [removed: PART III] [added: [PART III](#iba352ad7bb8345f2a6e64fdbde6d068d_208)] | | | | | | | | |

| [removed: Item 10.] [added: [Item 10.](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | | [removed: Directors] [added: [Directors] and Executive Officers of the [removed: Registrant] [added: Registrant](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | | [removed: [95](#i9f5d3cda2b664eef9de9636fb0755822_229)] [added: [88](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | |

| [Item [removed: 11.](#i9f5d3cda2b664eef9de9636fb0755822_229)] [added: 11.](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | | [Executive [removed: Compensation](#i9f5d3cda2b664eef9de9636fb0755822_229)] [added: Compensation](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | | [removed: [95](#i9f5d3cda2b664eef9de9636fb0755822_229)] [added: [88](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | |

| [Item [removed: 12.](#i9f5d3cda2b664eef9de9636fb0755822_229)] [added: 12.](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i9f5d3cda2b664eef9de9636fb0755822_229)] [added: Matters](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | | [removed: [95](#i9f5d3cda2b664eef9de9636fb0755822_229)] [added: [88](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | |

| [Item [removed: 13.](#i9f5d3cda2b664eef9de9636fb0755822_229)] [added: 13.](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i9f5d3cda2b664eef9de9636fb0755822_229)] [added: Independence](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | | [removed: [95](#i9f5d3cda2b664eef9de9636fb0755822_229)] [added: [88](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | |

| [Item [removed: 14](#i9f5d3cda2b664eef9de9636fb0755822_229).] [added: 14](#iba352ad7bb8345f2a6e64fdbde6d068d_211).] | | | [Principal Accounting Fees and [removed: Services](#i9f5d3cda2b664eef9de9636fb0755822_229)] [added: Services](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | | [removed: [95](#i9f5d3cda2b664eef9de9636fb0755822_229)] [added: [88](#iba352ad7bb8345f2a6e64fdbde6d068d_211)] | | |

| [removed: Item 15.] [added: [Item 15.](#iba352ad7bb8345f2a6e64fdbde6d068d_217)] | | | [removed: Exhibits] [added: [Exhibits] and Financial Statement [removed: Schedules] [added: Schedules](#iba352ad7bb8345f2a6e64fdbde6d068d_217)] | | | [removed: [96](#i9f5d3cda2b664eef9de9636fb0755822_235)] [added: [88](#iba352ad7bb8345f2a6e64fdbde6d068d_217)] | | |

| [Item [removed: 16.](#i9f5d3cda2b664eef9de9636fb0755822_238)] [added: 16.](#iba352ad7bb8345f2a6e64fdbde6d068d_220)] | | | [Form 10-K [removed: Summary](#i9f5d3cda2b664eef9de9636fb0755822_238)] [added: Summary](#iba352ad7bb8345f2a6e64fdbde6d068d_220)] | | | [removed: [105](#i9f5d3cda2b664eef9de9636fb0755822_238)] [added: [99](#iba352ad7bb8345f2a6e64fdbde6d068d_220)] | | |

[Table of [removed: Content](#i9f5d3cda2b664eef9de9636fb0755822_7)][added: Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)]

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

| [Item 6.](#iba352ad7bb8345f2a6e64fdbde6d068d_37) | | | [Reserved](#iba352ad7bb8345f2a6e64fdbde6d068d_37) | | | [31](#iba352ad7bb8345f2a6e64fdbde6d068d_37) | | |

| [Item 9C.](#iba352ad7bb8345f2a6e64fdbde6d068d_2207) | | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#iba352ad7bb8345f2a6e64fdbde6d068d_2207) | | | [88](#iba352ad7bb8345f2a6e64fdbde6d068d_2207) | | |

| [PART IV](#iba352ad7bb8345f2a6e64fdbde6d068d_214) | | | | | | | | |

| [Signatures](#iba352ad7bb8345f2a6e64fdbde6d068d_223) | | | | | | [100](#iba352ad7bb8345f2a6e64fdbde6d068d_223) | | |

Also, amounts in tables may not sum or calculate due to rounding.*

| Floating Rate Senior Notes due 2021 | | | | | | FIS21B | | | | | | New York Stock Exchange | | |

| 0.125% Senior Notes due 2021 | | | | | | FIS21C | | | | | | New York Stock Exchange | | |

| 2.602% Senior Notes due 2025 | | | | | | FIS25A | | | | | | New York Stock Exchange | | |

| Item 6. | | | Selected Financial Data | | | [30](#i9f5d3cda2b664eef9de9636fb0755822_37) | | |

| PART IV | | | | | | | | |

| Signatures | | | | | | [106](#i9f5d3cda2b664eef9de9636fb0755822_241) | | |

[Table of Content](#i9f5d3cda2b664eef9de9636fb0755822_7)

In addition, FIS owns or leases support centers, data processing facilities and other facilities at approximately [removed: 150] [added: 120] locations.

[removed: PART II][added: PART II]

As of January 31, [removed: 2021,] [added: 2022,] there were approximately [removed: 10,746] [added: 10,295] shareholders of record of our common stock.

However, the amount, declaration and payment of future dividends is at the discretion of the Board of Directors and depends on, among other things, our investment [removed: opportunities,] [added: opportunities (including potential mergers and acquisitions),] results of operations, financial condition, cash requirements, future prospects, [added: the duration] and [added: impact of the COVID-19 pandemic, and] other factors that may be considered relevant by our Board of Directors, including legal and contractual restrictions.

In January [removed: 2021,] [added: 2022,] the Board of Directors approved a [added: quarterly] dividend increase of [removed: 11%] [added: 21%] to [removed: $0.39] [added: $0.47] per share [removed: per quarter] beginning with the first quarter of [removed: 2021.][added: 2022.]

A regular quarterly dividend of [removed: $0.39] [added: $0.47] per common share is payable on March [removed: 26, 2021,] [added: 25, 2022,] to shareholders of record as of the close of business on March [removed: 12, 2021.][added: 11, 2022.]

Consistent with our capital allocation strategy, we plan to increase our annual dividend approximately 20% per year over the

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

next several years, as compared to approximately 10% per year increases in recent years, to gradually increase our dividend payout ratio, beginning with the quarterly dividend payable in March 2022.

Additionally, the payment of cash dividends may be limited by covenants in certain debt agreements.

The [removed: existing plan authorizing] share [removed: repurchases] [added: repurchase plan] approved by the Board of Directors in 2017 expired as of December 31, 2020.

The graph below compares the cumulative 5-year total return of holders of Fidelity National Information Services, Inc.'s common stock with the cumulative total returns of the S&P 500 index and S&P Supercap Data Processing & Outsourced [added: Services index.]

[Table of [removed: Content](#i9f5d3cda2b664eef9de9636fb0755822_7)][added: Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)]

The graph assumes that the value of the investment in our common stock and in each index (including reinvestment of dividends) was $100 on December 31, [removed: 2015,] [added: 2016] and tracks it through December 31, [removed: 2020.][added: 2021.]

[removed: ][added: ]

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 12/16 | | | 12/17 | | | 12/18 | | | 12/19 | | | 12/20 | | | 12/21 | | |

| | | | | | | | | | | | | | | | | | | | | |

| Fidelity National Information Services, Inc. | | | 100 | | | 126.03 | | | 139.04 | | | 190.72 | | | 195.98 | | | 153.07 | | |

| S&P 500 | | | 100 | | | 121.83 | | | 116.49 | | | 153.17 | | | 181.35 | | | 233.41 | | |

| S&P Supercap Data Processing & Outsourced Services | | | 100 | | | 140.86 | | | 161.14 | | | 232.03 | | | 287.36 | | | 278.22 | | |

Services index.

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | 12/15 | | | 12/16 | | | 12/17 | | | 12/18 | | | 12/19 | | | 12/20 | | |

| Fidelity National Information Services, Inc. | | | | | | 100.00 | | | 126.64 | | | 159.61 | | | 176.08 | | | 241.54 | | | 248.20 | | |

| S&P 500 | | | | | | 100.00 | | | 111.96 | | | 136.40 | | | 130.42 | | | 171.49 | | | 203.04 | | |

| S&P Supercap Data Processing & Outsourced Services | | | | | | 100.00 | | | 108.12 | | | 150.73 | | | 171.58 | | | 247.35 | | | 307.17 | | |

The selected financial data set forth below constitutes historical financial data of FIS and should be read in conjunction with "Item 7.

*Management’s Discussion and Analysis of Financial Condition and Results of Operations*" and "Item 8.

*Financial Statements and Supplementary Data*" included elsewhere in this Annual Report.

On January 2, 2020, FIS acquired a majority interest in Virtus Partners ("Virtus").

The results of operations and financial position of Virtus are included in the consolidated financial statements since the date of acquisition.

On July 31, 2019, we completed the Worldpay acquisition.

The results of operations and financial position of Worldpay are included in the consolidated financial statements since the date of acquisition.

[Table of Content](#i9f5d3cda2b664eef9de9636fb0755822_7)

Effective January 1, 2019, we adopted the new leases accounting standard, Topic 842, as described further in "Item 7.

*Management's Discussion and Analysis of Financial Condition and Results of Operations,* Recent Accounting Pronouncements." Amounts for the years ended prior to December 31, 2019, were not recast to reflect application of the new accounting standard; therefore, our assets and liabilities for those years are not presented on the same accounting basis.

This new standard had no effect on our results of operations or cash flows.

On December 31, 2018, we completed the sale of the Reliance Trust Company of Delaware business, resulting in a pre-tax gain of $19 million.

The results of operations of the Reliance Trust Company of Delaware business are included through the date of divestiture.

On September 28, 2018, FIS entered into an agreement with Banco Bradesco to unwind the Brazilian Venture.

The transaction closed on December 31, 2018.

As a result of the transaction, the Brazilian Venture spun-off certain assets of the business that also provide services to non-Bradesco clients to a new wholly-owned FIS subsidiary.

Also as a result of the transaction, Banco Bradesco owns 100% of the entity that previously housed the Brazilian Venture and its remaining assets that relate to card processing for Banco Bradesco, which Banco Bradesco will perform internally.

In the third quarter of 2018, FIS incurred impairment charges of $95 million related to the expected disposal, including impairments of its contract intangible asset, goodwill and its assets held for sale to fair value less cost to sell.

Upon closing of the transaction, FIS recorded an additional pre-tax loss of $12 million related to the business divested, removed FIS' noncontrolling interest balance of $90 million, and recorded a $57 million increase to additional paid in capital for the business spun-off into the new wholly-owned FIS subsidiary.

The transaction did not meet the standard necessary to be reported as discontinued operations; therefore, the impairment loss, pre-tax loss and related prior period earnings remain reported within earnings from continuing operations.

Effective August 31, 2018, FIS sold substantially all the assets of the Certegy Check Services business unit in North America, resulting in a pre-tax loss of $54 million, including goodwill distributed through the sale of business of $43 million.

The results of operations of the Certegy Check Services business unit in North America are included through the date of divestiture.

On July 31, 2017, FIS closed on the sale of a majority ownership stake in its Capco consulting business and risk and compliance consulting business for cash proceeds of approximately $469 million, resulting in a pre-tax loss of $41 million.

As a result of the sale, FIS holds a noncontrolling ownership stake in Cardinal Holdings ("Cardinal"), which operates the Capco consulting business.

FIS records the ownership stake in Cardinal as an equity method investment.

For periods prior to the sale, the Capco consulting business and risk and compliance consulting business are included within operating income; for periods subsequent to the sale, the results of operations are included in equity method investment earnings (loss) outside of operating income.

On February 1, 2017, FIS completed the sale of the Public Sector and Education ("PS&E") business for $850 million, resulting in a pre-tax gain of $85 million.

The results of operations of the PS&E business are included through the date of divestiture.

We have engaged in share repurchases in the periods presented.

In 2019, 2018 and 2017, we repurchased a total of approximately 3.9 million shares for $400 million, 12.0 million shares for $1,215 million and 1.1 million shares for $105 million, respectively.

There were no share repurchases in 2020 and 2016.

The effective tax rate for the 2020 period includes a one-time net remeasurement of certain deferred tax liabilities due to the increase in the U.K. corporate statutory tax rate from 17% to 19% enacted on July 22, 2020.

The effective tax rate for the 2019 period included a detriment of $44 million due to non-deductible executive stock compensation primarily driven by acceleration of heritage Worldpay stock compensation awards and the accrual of additional stock compensation due to reaching certain Worldpay synergy targets and a detriment of $21 million due to the post-acquisition combined state income tax rates.

The effective tax rate for the 2018 period included the impact of the reduction in the U.S. federal income tax rate from 35% to 21% due to tax reform enacted December 22, 2017.

The effective tax rate for the 2017 period included a net benefit of $761 million related to tax reform items including $48 million of tax credits due to tax planning strategies implemented in the fourth quarter and a net detriment of $180 million due to the book basis in excess of the tax basis of certain businesses sold during the year.

The effective tax rate for the 2016 period did not include a net benefit for the recognition of excess tax benefit for stock compensation as the effective date of ASU 2016-09 was for reporting periods beginning after December 15, 2016.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Year Ended December 31, | | | | | | | | | | | | | | | | | | | | | | | | | | |

| | | | 2020 | | | | | | 2019 | | | | | | 2018 | | | | | | 2017 | | | | | | 2016 | | |

| [removed: Report] [added: [Report] of Independent Registered Public Accounting Firm on Internal Control over Financial [removed: Reporting] [added: Reporting](#iba352ad7bb8345f2a6e64fdbde6d068d_103) KPMG LLP,Jacksonville, Florida, Auditor Firm ID: 185] | | | [removed: [50](#i9f5d3cda2b664eef9de9636fb0755822_103)] [added: [45](#iba352ad7bb8345f2a6e64fdbde6d068d_103)] | | |

| [removed: Report] [added: [Report] of Independent Registered Public Accounting Firm on the Consolidated Financial [removed: Statements] [added: Statements](#iba352ad7bb8345f2a6e64fdbde6d068d_106) KPMG LLP, Jacksonville, Florida, Auditor Firm ID: 185] | | | [removed: [51](#i9f5d3cda2b664eef9de9636fb0755822_106)] [added: [46](#iba352ad7bb8345f2a6e64fdbde6d068d_106)] | | |

| [Consolidated Balance Sheets as of December 31, [removed: 2020] [added: 2021] and [removed: 2019](#i9f5d3cda2b664eef9de9636fb0755822_118)] [added: 2020](#iba352ad7bb8345f2a6e64fdbde6d068d_109)] | | | [removed: [53](#i9f5d3cda2b664eef9de9636fb0755822_109)] [added: [48](#iba352ad7bb8345f2a6e64fdbde6d068d_109)] | | |

| [Consolidated Statements of [added: Comprehensive] Earnings for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i9f5d3cda2b664eef9de9636fb0755822_118)] [added: 2019](#iba352ad7bb8345f2a6e64fdbde6d068d_115)] | | | [removed: [54](#i9f5d3cda2b664eef9de9636fb0755822_115)] [added: [50](#iba352ad7bb8345f2a6e64fdbde6d068d_115)] | | |

| [Consolidated Statements of [removed: Comprehensive] Earnings for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i9f5d3cda2b664eef9de9636fb0755822_118)] [added: 2019](#iba352ad7bb8345f2a6e64fdbde6d068d_112)] | | | [removed: [55](#i9f5d3cda2b664eef9de9636fb0755822_118)] [added: [49](#iba352ad7bb8345f2a6e64fdbde6d068d_112)] | | |

| [Consolidated Statements of Equity for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i9f5d3cda2b664eef9de9636fb0755822_118)] [added: 2019](#iba352ad7bb8345f2a6e64fdbde6d068d_118)] | | | [removed: [56](#i9f5d3cda2b664eef9de9636fb0755822_121)] [added: [51](#iba352ad7bb8345f2a6e64fdbde6d068d_118)] | | |

| [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 2020, 2019] [added: 2021, 2020] and [removed: 2018](#i9f5d3cda2b664eef9de9636fb0755822_118)] [added: 2019](#iba352ad7bb8345f2a6e64fdbde6d068d_121)] | | | [removed: [57](#i9f5d3cda2b664eef9de9636fb0755822_127)] [added: [52](#iba352ad7bb8345f2a6e64fdbde6d068d_121)] | | |

| [removed: Notes] [added: [Notes] to Consolidated Financial [removed: Statements] [added: Statements](#iba352ad7bb8345f2a6e64fdbde6d068d_124)] | | | [removed: [58](#i9f5d3cda2b664eef9de9636fb0755822_130)] [added: [53](#iba352ad7bb8345f2a6e64fdbde6d068d_124)] | | |

[Table of [removed: Content](#i9f5d3cda2b664eef9de9636fb0755822_7)][added: Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)]

We have audited Fidelity National Information Services, Inc. and subsidiaries' (the Company) internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of earnings, comprehensive earnings, equity, and cash flows for each of the years in the [removed: three‑year] [added: three-year] period ended December 31, [removed: 2020,] [added: 2021,] and the related notes (collectively, the consolidated financial statements), and our report dated February [removed: 18, 2021] [added: 23, 2022] expressed an unqualified opinion on those consolidated financial statements.

We have audited the accompanying consolidated balance sheets of Fidelity National Information Services, Inc. and subsidiaries (the Company) as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] the related consolidated statements of earnings, comprehensive earnings, equity, and cash flows for each of the years in the [removed: three‑year] [added: three-year] period ended December 31, [removed: 2020,] [added: 2021,] and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2020] [added: 2021] and [removed: 2019,] [added: 2020,] and the results of its operations and its cash flows for each of the years in the [removed: three‑year] [added: three-year] period ended December 31, [removed: 2020,] [added: 2021,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2020,] [added: 2021,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February [removed: 18, 2021] [added: 23, 2022] expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

*Critical Audit [removed: Matters*][added: Matter*]

The critical audit [removed: matters] [added: matter] communicated below [removed: are matters] [added: is a matter] arising from the current period audit of the consolidated financial statements that [removed: were] [added: was] communicated or required to be communicated to the audit committee and that: (1) [removed: relate] [added: relates] to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of [added: a] critical audit [removed: matters] [added: matter] does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit [removed: matters] [added: matter] below, providing [added: a] separate [removed: opinions] [added: opinion] on the critical audit [removed: matters] [added: matter] or on the accounts or disclosures to which [removed: they relate.][added: it relates.]

- [added: selected certain individual contracts and] read the underlying contract and other documents that were part of the contract for each selection [added: and evaluated the consistency of the revenue recognition determinations with the Company's accounting policies and revenue recognition requirements]

December 31, [removed: 2020] [added: 2021] and [removed: 2019][added: 2020]

| | | | [added: 2021 | | | | | |] 2020 | | | | | | 2019 | | |

| Cash and cash equivalents | | | $ | [removed: 1,959] [added: 2,010] | | | | | $ | [removed: 1,152] [added: 1,959] | |

| Trade receivables, net of allowance for credit losses of [removed: $82] [added: $76] and [removed: $60,] [added: $82,] respectively | | | [removed: 3,314] [added: 3,772] | | | | | | [removed: 3,242] [added: 3,314] | | |

| Settlement receivables | | | [removed: 662] | | | [added: 1,217] | | | [removed: 647] | | | [added: 662 | | |]

| Other receivables | | | [removed: 317] [added: 355] | | | | | | [removed: 337] [added: 317] | | |

| Prepaid expenses and other current assets | | | [removed: 254] [added: 551] | | | | | | [removed: 308] [added: 394] | | |

| Total current assets | | | [removed: 9,898] [added: 10,708] | | | | | | [removed: 8,692] [added: 9,898] | | |

| Property and equipment, net | | | [removed: 887] [added: 949] | | | | | | [removed: 900] [added: 887] | | |

| Goodwill | | | [removed: 53,268] [added: 53,330] | | | | | | [removed: 52,242] [added: 53,268] | | |

| Intangible assets, net | | | [removed: 13,928] [added: 11,539] | | | | | | [removed: 15,798] [added: 13,928] | | |

| Software, net | | | [removed: 3,370] [added: 3,299] | | | | | | [removed: 3,204] [added: 3,370] | | |

| Other noncurrent assets | | | [removed: 1,574] [added: 2,137] | | | | | | [removed: 2,303] [added: 1,574] | | |

| Deferred contract costs, net | | | [removed: 917] [added: 969] | | | | | | [removed: 667] [added: 917] | | |

| Total assets | | | $ | [removed: 83,842] [added: 82,931] | | | | | $ | [removed: 83,806] [added: 83,842] | |

| Accounts payable, accrued and other liabilities | | | $ | [removed: 2,482] [added: 2,864] | | | | | $ | [removed: 2,374] [added: 2,482] | |

| Settlement payables | | | [removed: 4,934] [added: 5,295] | | | | | | [removed: 4,228] [added: 4,934] | | |

| Deferred revenue | | | [removed: 881] [added: 779] | | | | | | [removed: 817] [added: 881] | | |

| Short-term borrowings | | | [removed: 2,750] [added: 3,911] | | | | | | [removed: 2,823] [added: 2,750] | | |

| Current portion of long-term debt | | | [removed: 1,314] [added: 1,617] | | | | | | [removed: 140] [added: 1,314] | | |

| Total current liabilities | | | [removed: 12,361] [added: 14,466] | | | | | | [removed: 10,382] [added: 12,361] | | |

February 23, 2022

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

*Sufficiency of audit evidence over revenue*

As discussed in Note 4 to the consolidated financial statements, the Company's revenue consists of the following types of revenue streams: i) transaction processing and services, ii) professional services, iii) software maintenance, iv) software license, and v) other recurring and non-recurring.

We identified the sufficiency of audit evidence over revenue as a critical audit matter.

Evaluating the sufficiency of audit evidence required subjective auditor judgment because of the number of revenue streams, related revenue recognition processes, and the number of information technology (IT) applications utilized in the revenue recognition process to capture and aggregate the data.

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

Based on our knowledge of the Company, we applied auditor judgment to determine the nature and extent of procedures to be performed over revenue.

Specifically, we:

- evaluated the design and tested the operating effectiveness of certain internal controls within relevant revenue recognition processes, including general IT controls and IT application controls

- involved IT professionals, who assisted in the identification and testing of certain IT systems and related controls that are used by the Company in its revenue recognition process

- assessed the recorded revenue by selecting a sample of transactions and comparing the amounts recognized for consistency with the Company's accounting policies and underlying documentation, including contracts with customers and other relevant and reliable third-party data

- evaluated the sufficiency of the audit evidence obtained by assessing the results of procedures performed over revenue.

February 23, 2022

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

| | | | 2021 | | | | | | 2020 | | |

| Settlement assets | | | 4,020 | | | | | | 3,914 | | |

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

Years ended December 31, 2021, 2020 and 2019

| Net earnings | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 417 | | | | | | — | | | | | | — | | | | | | 7 | | | | | | 424 | | |

| Balances, December 31, 2021 | | | 625 | | | | | | (16) | | | | | | $ | 6 | | | | | $ | 46,466 | | | | | $ | 2,889 | | | | | $ | 252 | | | | | $ | (2,266) | | | | | $ | 11 | | | | | $ | 47,358 | |

[Table of Content](#iba352ad7bb8345f2a6e64fdbde6d068d_7)

Years ended December 31, 2021, 2020 and 2019

| Asset impairments | | | 202 | | | | | | 136 | | | | | | 87 | | |

These operations represented approximately 3% of 2020 revenue and were recast in all prior-period segment information presented.

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

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.

restricted cash per the consolidated statements of cash flows is as follows (in millions):

| | | | 2021 | | | | | | 2020 | | |

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

| | | | | | | 2021 | | | | | | 2020 | | |

| Settlement assets | | | | | | | | | | | | | | |

| Settlement deposits | | | | | | $ | 530 | | | | | $ | 1,181 | |

| Merchant float | | | | | | 2,273 | | | | | | 2,071 | | |

| Total Settlement assets | | | | | | $ | 4,020 | | | | | $ | 3,914 | |

| Settlement payables | | | | | | $ | 5,295 | | | | | $ | 4,934 | |

FIDELITY NATIONAL INFORMATION SERVICES, INC.

AND SUBSIDIARIES

| | | | | | |

| --- | --- | --- | --- | --- | --- |

February 18, 2021

*Change in Accounting Principle*

As discussed in Note 2(o) to the consolidated financial statements, the Company has changed its method of accounting for leases as of January 1, 2019 due to the adoption of Accounting Standards Codification Topic 842, *Leases*.

*Evaluation of software license revenue from arrangements with terms and conditions that are not standard*

As discussed in Note 2(p) and 4 to the consolidated financial statements, the Company enters into arrangements containing software licenses.

Software license revenue totaled $425 million for the year ended December 31, 2020.

Software license revenue typically relates to the Company's promise to provide the customer a right to use the Company's intellectual property and is typically part of an offering of multiple services.

Contracts that contain software licenses often have non-standard terms that require significant judgments to determine the amount and timing of revenue to be recognized.

We identified the evaluation of software license revenue from arrangements with terms and conditions that are not standard as a critical audit matter.

Significant auditor judgment was required to evaluate the Company's assessment of the impact on revenue recognition of certain terms and conditions that are unique to individual contracts.

Specifically, judgment was required to evaluate the Company's identification of performance obligations and the determination of the timing of revenue recognition for each distinct performance obligation, particularly for new contracts or renewals with software license performance obligations.

The following are the primary procedures performed to address this critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's revenue recognition process, including controls over the Company's assessment of contractual terms and conditions on software license revenue recognition, identification of performance obligations, and the determination of the timing of revenue recognition.

We selected a sample of individual software license revenue transactions and:

- evaluated the Company's identification and assessment of terms and conditions that could give rise to additional performance obligations or different patterns of revenue recognition by assessing the Company's accounting analysis in accordance with the revenue recognition requirements

- tested the mathematical accuracy of management’s calculations of revenue recognized in the consolidated financial statements.

Additionally, we tested the Company's identification of performance obligations for certain of the Company's customers by inspecting external confirmation directly from the Company's customers and comparing the key terms and conditions relevant to the Company's revenue recognition to the Company's written customer agreement.

*Assessment of the recoverability of the carrying value of goodwill for the Merchant Solutions reporting unit*

As discussed in Note 2(h) to the consolidated financial statements, the Company performs goodwill impairment testing on an annual basis during the fourth quarter of each fiscal year or more frequently if circumstances indicate potential impairment.

The goodwill balance as of December 31, 2020 related to the Merchant Solutions reportable segment was $36,267 million, which is the same as the Merchant Solutions reporting unit.

In connection with its annual impairment test for the Merchant Solutions reporting unit, the Company performed a quantitative assessment of goodwill due to the economic impact of the COVID-19 pandemic on the Company's Merchant Solutions business.

We identified the assessment of the recoverability of the carrying value of goodwill for the Merchant Solutions reporting unit as a critical audit matter.

We performed a sensitivity analysis to determine the significant assumptions used to value the Merchant Solutions reporting unit, individually and in the aggregate, which required significant auditor judgment.

This included forecasted revenues, operating expenses, and the risk-adjusted discount rate used in the discounted cash flow model.

Due to the impact of COVID-19 on the Company's business, there was significant uncertainty associated with these assumptions.

In addition, professionals with specialized skills and knowledge were required to evaluate the risk-adjusted discount rate.

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's goodwill assessment process, including controls over the selection and development of the relevant assumptions used in the discounted cash flow model, including forecasted revenues, operating expenses, and the risk-adjusted discount rate.

We evaluated the Merchant Solutions reporting unit's forecasted revenue and operating expense assumptions by comparing the assumptions to the reporting unit's historical revenues and operating expenses and to i) internal communications to management and the Board of Directors, ii) growth rates of comparable companies, and iii) industry and market conditions.

We involved valuation professionals with specialized skills and knowledge, who assisted in:

- evaluating the Company's risk-adjusted discount rate, by comparing it to a risk-adjusted discount rate that was independently developed using publicly available market data for comparable entities

- evaluating the Company's estimated fair value of the reporting unit, by comparing it to a range of fair values that was independently developed using the reporting unit's cash flow forecast, an independently developed risk-adjusted discount rate, and publicly available market multiples for comparable entities.

| Settlement deposits and merchant float | | | 3,252 | | | | | | 2,882 | | |

| Contract assets | | | 140 | | | | | | 124 | | |

| Adjustment for (gain) loss reclassified to net earnings | | | 2 | | | | | | | | | | | | 2 | | | | | | | | | | | | — | | | | | | | | |

| Minimum pension liability adjustments | | | 5 | | | | | | | | | | | | (38) | | | | | | | | | | | | 5 | | | | | | | | |

FIDELITY NATIONAL INFORMATION SERVICES, INC.

[removed: Other than the Worldpay integration, there] [added: There] have been no changes in our internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Based on our evaluation under this framework, our management concluded that our internal control over financial reporting was effective as of December 31, [removed: 2020.][added: 2021.]

We completed the Worldpay acquisition on July 31, 2019 (see Note 3 to the consolidated financial statements).

Worldpay has been fully integrated into the assessment of internal control reporting as of December 31, 2020.

Due to the COVID-19 pandemic, a significant portion of our employees worked from home during 2020, including the most recent fiscal quarter.

We leveraged our established business continuity plans as well as implemented a comprehensive Pandemic Plan in order to mitigate potential impacts to our control environment.

Existing technology and procedures allowed for the remote operation of controls.

PART III

Items 10-14.

Within 120 days after the close of its fiscal year, the Company intends to file with the Securities and Exchange Commission a definitive proxy statement pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended, which will include the matters required by these items and is incorporated herein by reference.

PART IV

Not applicable.

PART III

Items 10-14.

Within 120 days after the close of its fiscal year, the Company intends to file with the Securities and Exchange Commission a definitive proxy statement pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended, which will include the matters required by these items and is incorporated herein by reference.

PART IV

| 4.3 | | | [removed: [Fourth] [added: [Eleventh] Supplemental Indenture, dated as of [removed: June 3, 2014, among FIS, each of the Guarantors] [added: August 16, 2016 between FIS] and [removed: the] [added: The] Bank of New York Mellon Trust Company, [removed: N.A.] [added: N.A.,] a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312514223905/d738309dex42.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312516683053/d229205dex43.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.2] [added: 4.3] | | | [removed: 6/3/2014] [added: 8/16/2016] | | | | | |

| 4.4 | | | [removed: [Eighth] [added: [Thirteenth] Supplemental Indenture, dated as of [removed: October 20, 2015] [added: July 10, 2017] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312515347978/d85819dex44.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312517226133/d423875dex42.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.4] [added: 4.2] | | | [removed: 10/20/2015] [added: 7/11/2017] | | | | | |

| 4.5 | | | [removed: [Tenth] [added: [Fourteenth] Supplemental Indenture, dated as of [removed: August 16, 2016] [added: July 10, 2017] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312516683053/d229205dex42.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312517226133/d423875dex43.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.2] [added: 4.3] | | | [removed: 8/16/2016] [added: 7/11/2017] | | | | | |

| 4.6 | | | [removed: [Eleventh] [added: [Fifteenth] Supplemental Indenture, dated as of [removed: August] [added: May] 16, [removed: 2016] [added: 2018] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312516683053/d229205dex43.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312518165068/d568943dex41.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.3] [added: 4.1] | | | [removed: 8/16/2016] [added: 5/16/2018] | | | | | |

| 4.7 | | | [removed: [Thirteenth] [added: [Sixteenth] Supplemental Indenture, dated as of [removed: July 10, 2017] [added: May 16, 2018] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312517226133/d423875dex42.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312518165068/d568943dex42.htm)] | | | 8-K | | | 001-16427 | | | 4.2 | | | [removed: 7/11/2017] [added: 5/16/2018] | | | | | |

| 4.8 | | | [removed: [Fourteenth] [added: [Eighteenth] Supplemental Indenture, dated as of [removed: July 10, 2017] [added: May 21, 2019] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312517226133/d423875dex43.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex42.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.3] [added: 4.2] | | | [removed: 7/11/2017] [added: 5/21/2019] | | | | | |

| 4.9 | | | [removed: [Fifteenth] [added: [Nineteenth] Supplemental Indenture, dated as of May [removed: 16, 2018] [added: 21, 2019] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312518165068/d568943dex41.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex43.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.1] [added: 4.3] | | | [removed: 5/16/2018] [added: 5/21/2019] | | | | | |

| 4.10 | | | [removed: [Sixteenth] [added: [Twentieth] Supplemental Indenture, dated as of May [removed: 16, 2018] [added: 21, 2019] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312518165068/d568943dex42.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex44.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.2] [added: 4.4] | | | [removed: 5/16/2018] [added: 5/21/2019] | | | | | |

| 4.11 | | | [removed: [Seventeenth] [added: [Twenty-First] Supplemental Indenture, dated as of May 21, 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex41.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex45.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.1] [added: 4.5] | | | 5/21/2019 | | | | | |

| 4.12 | | | [removed: [Eighteenth] [added: [Twenty-Fourth] Supplemental Indenture, dated as of May 21, 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex42.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex48.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.2] [added: 4.8] | | | 5/21/2019 | | | | | |

| 4.13 | | | [removed: [Nineteenth] [added: [Twenty-Fifth] Supplemental Indenture, dated as of May 21, 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex43.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex49.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.3] [added: 4.9] | | | 5/21/2019 | | | | | |

| 4.14 | | | [removed: [Twentieth] [added: [Twenty-Sixth] Supplemental Indenture, dated as of [removed: May 21,] [added: December 3,] 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex44.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex41.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.4] [added: 4.1] | | | [removed: 5/21/2019] [added: 12/3/2019] | | | | | |

| 4.15 | | | [removed: [Twenty-First] [added: [Twenty-Seventh] Supplemental Indenture, dated as of [removed: May 21,] [added: December 3,] 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex45.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex42.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.5] [added: 4.2] | | | [removed: 5/21/2019] [added: 12/3/2019] | | | | | |

| 4.16 | | | [removed: [Twenty-Second] [added: [Twenty-Eighth] Supplemental Indenture, dated as of [removed: May 21,] [added: December 3,] 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex46.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex43.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.6] [added: 4.3] | | | [removed: 5/21/2019] [added: 12/3/2019] | | | | | |

| 4.17 | | | [removed: [Twenty-Third] [added: [Twenty-Ninth] Supplemental Indenture, dated as of [removed: May 21,] [added: December 3,] 2019 between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking association, as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex47.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex44.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.7] [added: 4.4] | | | [removed: 5/21/2019] [added: 12/3/2019] | | | | | |

| 4.18 | | | [removed: [Twenty-Fourth] [added: [Thirtieth] Supplemental Indenture, dated as of [removed: May 21, 2019] [added: March 2, 2021] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking [removed: association,] [added: association] as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex48.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex41.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.8] [added: 4.1] | | | [removed: 5/21/2019] [added: 3/2/2021] | | | | | |

| 4.19 | | | [removed: [Twenty-Fifth] [added: [Thirty-First] Supplemental Indenture, dated as of [removed: May 21, 2019] [added: March 2, 2021] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking [removed: association,] [added: association] as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519152755/d745669dex49.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex42.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.9] [added: 4.2] | | | [removed: 5/21/2019] [added: 3/2/2021] | | | | | |

| 4.20 | | | [removed: [Twenty-Sixth] [added: [Thirty-Second] Supplemental Indenture, dated as of [removed: December 3, 2019] [added: March 2, 2021] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking [removed: association,] [added: association] as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex41.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex43.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.1] [added: 4.3] | | | [removed: 12/3/2019] [added: 3/2/2021] | | | | | |

| 4.21 | | | [removed: [Twenty-Seventh] [added: [Thirty-Third] Supplemental Indenture, dated as of [removed: December 3, 2019] [added: March 2, 2021] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking [removed: association,] [added: association] as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex42.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex44.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.2] [added: 4.4] | | | [removed: 12/3/2019] [added: 3/2/2021] | | | | | |

| 4.22 | | | [removed: [Twenty-Eighth] [added: [Thirty-Fourth] Supplemental Indenture, dated as of [removed: December 3, 2019] [added: March 2, 2021] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking [removed: association,] [added: association] as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex43.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex45.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.3] [added: 4.5] | | | [removed: 12/3/2019] [added: 3/2/2021] | | | | | |

| 4.23 | | | [removed: [Twenty-Ninth] [added: [Thirty-Fifth] Supplemental Indenture, dated as of [removed: December 3, 2019] [added: March 2, 2021] between FIS and The Bank of New York Mellon Trust Company, N.A., a national banking [removed: association,] [added: association] as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312519305308/d840608dex44.htm)] [added: trustee.](http://www.sec.gov/Archives/edgar/data/1136893/000119312521065642/d321369dex46.htm)] | | | 8-K | | | 001-16427 | | | [removed: 4.4] [added: 4.6] | | | [removed: 12/3/2019] [added: 3/2/2021] | | | | | |

| 4.25 | | | [Description of the [removed: Company's](https://www.sec.gov/Archives/edgar/data/1136893/000113689321000025/fisex425-descriptionofseni.htm) [1.700%] [added: Company's 1.700%] Senior Notes due 2022 and 1.100% Senior Notes due 2024 registered pursuant to Section 12 of the Securities Exchange Act of [removed: 1934.](https://www.sec.gov/Archives/edgar/data/1136893/000113689321000025/fisex425-descriptionofseni.htm)] [added: 1934.](http://www.sec.gov/Archives/edgar/data/1136893/000113689321000025/fisex425-descriptionofseni.htm)] | | | [added: 10-K] | | | [added: 001-16427] | | | [added: 4.25] | | | [added: 2/18/2021] | | | [removed: *] | | |

| 4.26 | | | [Description of the Company's [removed: 0.125% Senior Notes Due 2021,] 0.750% Senior Notes Due 2023, 1.500% Senior Notes Due 2027, 2.000% Senior Notes Due 2030, 2.950% Senior Notes Due [removed: 2039, Floating Rate Senior Notes Due 2021, 2.602% Senior Notes Due 2025] [added: 2039] and 3.360% Senior Notes Due 2031 registered pursuant to Section 12 of the Securities Exchange Act of [removed: 1934.](http://www.sec.gov/Archives/edgar/data/1136893/000113689320000032/exhibit427may2019notes1.htm)] [added: 1934.](https://www.sec.gov/Archives/edgar/data/1136893/000113689322000038/exhibit426.htm)] | | | [removed: 10-K] | | | [removed: 001-16427] | | | [removed: 4.27] | | | [removed: 2/20/2020] | | | [added: *] | | |

| [removed: 10.7] [added: 10.8] | | | [Fidelity National Information Services, Inc. Employee Stock Purchase Plan, effective as of March 16, 2006.](http://www.sec.gov/Archives/edgar/data/1136893/000089256906001102/a22063a1sv4za.htm#243) (1) | | | S-4/A | | | 333-135845 | | | Annex C | | | 9/19/2006 | | | | | |

| [removed: 10.8] [added: 10.9] | | | [Fidelity National Information Services, Inc. Annual Incentive Plan, effective as of October 23, 2006.](http://www.sec.gov/Archives/edgar/data/1136893/000089256906001102/a22063a1sv4za.htm#248) (1) | | | S-4/A | | | 333-135845 | | | Annex D | | | 9/19/2006 | | | | | |

| [removed: 10.9] [added: 10.10] | | | [Amended and Restated Employment Agreement, effective as of December 29, 2009, by and among Fidelity National Information Services, Inc. and Gary A. Norcross.](http://www.sec.gov/Archives/edgar/data/1136893/000095012309073780/g21681exv10w1.htm) (1) | | | 8-K | | | 001-16427 | | | 10.1 | | | 12/29/2009 | | | | | |

| [removed: 10.10] [added: 10.11] | | | [Amendment No. 1 to Amended and Restated Employment Agreement, effective as of March 30, 2012, by and among Fidelity National Information Services, Inc., and Gary A. Norcross.](http://www.sec.gov/Archives/edgar/data/1136893/000113689312000030/exhibit104amendmentno1toam.htm) (1) | | | 10-Q | | | 001-16427 | | | 10.4 | | | 5/4/2012 | | | | | |

| [removed: 10.11] [added: 10.12] | | | [Amendment to Employment Agreement, effective as of January 1, 2015, by and among Fidelity National Information Services, Inc., and Gary A. Norcross.](http://www.sec.gov/Archives/edgar/data/1136893/000113689315000006/exhibit10-31norcrossempagr.htm) (1) | | | 10-K | | | 001-16427 | | | 10.31 | | | 2/27/2015 | | | | | |

| [removed: 10.12] [added: 10.13] | | | [Amendment to Employment Agreement, effective as of February 23, 2016, by and among Fidelity National Information Services, Inc., and Gary A. Norcross.](http://www.sec.gov/Archives/edgar/data/1136893/000113689316000061/norcrossempagramdexhibit.htm) (1) | | | 10-K | | | 001-16427 | | | 10.33 | | | 2/26/2016 | | | | | |

| [removed: 10.13] [added: 10.14] | | | [Amendment to Employment Agreement, effective as of May 5, 2018, by and among Fidelity National Information Services, Inc., and Gary A. Norcross.](http://www.sec.gov/Archives/edgar/data/1136893/000113689319000008/norcrossgaryamendmentemp.htm) (1) | | | 10-K | | | 001-16427 | | | 10.14 | | | 2/21/2019 | | | | | |

| [removed: 10.14] [added: 10.15] | | | [Amendment to Employment Agreement, effective as of May 21, 2019, by and among Fidelity National Information Services, Inc., and Gary A. Norcross. (1)](http://www.sec.gov/Archives/edgar/data/1136893/000113689319000128/ex103norcrossempagramd52.htm) | | | 10-Q | | | 001-16427 | | | 10.3 | | | 8/6/2019 | | | | | |

| [removed: 10.15] [added: 10.16] | | | [Employment Agreement, effective as of October 1, 2009, by and among Fidelity National Information Services, Inc. and James W. Woodall.](http://www.sec.gov/Archives/edgar/data/1136893/000095012309048017/g20691exv10w13.htm) (1) | | | 8-K | | | 001-16427 | | | 10.13 | | | 10/2/2009 | | | | | |

| [removed: 10.16] [added: 10.17] | | | [Amendment to Employment Agreement, effective as of January 29, 2013, by and between Fidelity National Information Services, Inc., and James W. Woodall.](http://www.sec.gov/Archives/edgar/data/1136893/000113689314000009/exhibit10-51fis201310xkwoo.htm) (1) | | | 10-K | | | 001-16427 | | | 10.51 | | | 2/28/2014 | | | | | |

| [removed: 10.17] [added: 10.18] | | | [Second Amendment to Employment Agreement, effective as of March 15, 2013, by and between Fidelity National Information Services, Inc., and James W. Woodall.](http://www.sec.gov/Archives/edgar/data/1136893/000113689314000009/exhibit1052fis201310-kwood.htm) (1) | | | 10-K | | | 001-16427 | | | 10.52 | | | 2/28/2014 | | | | | |

| [removed: 10.18] [added: 10.19] | | | [Amendment to Employment Agreement, effective as of February 23, 2016, by and between Fidelity National Information Services, Inc., and James W. Woodall.](http://www.sec.gov/Archives/edgar/data/1136893/000113689316000061/woodallempagramdexhibit1.htm) (1) | | | 10-K | | | 001-16427 | | | 10.37 | | | 2/26/2016 | | | | | |

| [removed: 10.19] [added: 10.20] | | | [Amendment to Employment Agreement, effective as of May 5, 2018, by and between Fidelity National Information Services, Inc., and James W. Woodall.](http://www.sec.gov/Archives/edgar/data/1136893/000113689319000008/woodallwoodyamendmentemp.htm) (1) | | | 10-K | | | 001-16427 | | | 10.19 | | | 2/21/2019 | | | | | |

| [removed: 10.20] [added: 10.22] | | | [Employment Agreement, effective as of April 16, 2012, by and among Fidelity National Information Services, Inc., and Gregory G. Montana.](http://www.sec.gov/Archives/edgar/data/1136893/000113689313000011/exhibit1081montanaemployme.htm) (1) | | | 10-K | | | 001-16427 | | | 10.81 | | | 2/26/2013 | | | | | |

| [removed: 10.21] [added: 10.23] | | | [Amendment to Employment Agreement, effective as of February 23, 2016 by and among Fidelity National Information Services, Inc., and Gregory G. Montana.](http://www.sec.gov/Archives/edgar/data/1136893/000113689316000061/montanaempagramdexhibit1.htm) (1) | | | 10-K | | | 001-16427 | | | 10.43 | | | 2/26/2016 | | | | | |

| [removed: 10.22] [added: 10.24] | | | [Employment Agreement, effective as of February 1, 2018 by and between Fidelity National Information Services, Inc. and Marc Mayo.](http://www.sec.gov/Archives/edgar/data/1136893/000113689318000011/ex1034mayoempagrefinal2118.htm) (1) | | | 10-K | | | 001-16427 | | | 10.34 | | | 2/22/2018 | | | | | |

| [removed: 10.23] [added: 10.25] | | | [Employment Agreement, effective as of February 1, 2018 by and between Fidelity National Information Services, Inc. and Bruce Lowthers.](http://www.sec.gov/Archives/edgar/data/1136893/000113689318000011/ex1035lowthersempagrefinal.htm) (1) | | | 10-K | | | 001-16427 | | | 10.35 | | | 2/22/2018 | | | | | |

| 10.7 | | | [Fourth Amendment Agreement dated as of March 2, 2021 by and among Fidelity National Information Services, Inc., and JP Morgan Chase Bank N.A., as administrative agent.](http://www.sec.gov/Archives/edgar/data/1136893/000119312521069690/d120557dex101.htm) | | | 8-K | | | 001-16427 | | | 10.1 | | | 3/4/2021 | | | | | |

| 10.21 | | | [Amendment to Employment Agreement effective as of January 31, 2022 between Fidelity National Information Services Inc., and James W. Woodall.](https://www.sec.gov/Archives/edgar/data/1136893/000113689322000038/exhibit1021woodallwoody-.htm) (1) | | | | | | | | | | | | | | | * | | |

| 10.26 | | | [Transition Agreement, Waiver and Release an Amendment to the Employment Agreement by and between Fidelity National Information Services, Inc., and Bruce Lowthers effective as of January 31, 2022.](https://www.sec.gov/Archives/edgar/data/1136893/000113689322000038/lowthersex1026bruce-tran.htm) (1) | | | | | | | | | | | | | | | * | | |

| 10.29 | | | [Amendment to Terms and Conditions of Employment Agreement effective January 31, 2022 by and among FIS Capital Markets UK Limited, and Martin Boyd.](https://www.sec.gov/Archives/edgar/data/1136893/000113689322000038/exhibit1029boydmartin-am.htm) (1) | | | | | | | | | | | | | | | * | | |

| 10.69 | | | [Fidelity National Information Services, Inc. Qualified Retirement Equity Program effective January 1, 2021.](http://www.sec.gov/Archives/edgar/data/1136893/000113689321000094/ex101qualifiedretirementpr.htm) (1) | | | 10-Q | | | 001-16427 | | | 10.1 | | | 5/6/2021 | | | | | |

| 10.70 | | | [Form of Stock Option Grant under Fidelity National Information Services, Inc. amended and restated 2008 Omnibus Incentive Plan for grants made beginning in March 2021.](http://www.sec.gov/Archives/edgar/data/1136893/000113689321000094/ex102fn_fsxfwxoptionxoga20.htm) (1) | | | 10-Q | | | 001-16427 | | | 10.2 | | | 5/6/2021 | | | | | |

| 10.71 | | | [Form of Restricted Stock Unit Grant under Fidelity National Information Services, Inc. amended and restated 2008 Omnibus Incentive Plan for grants made beginning in March 2021.](http://www.sec.gov/Archives/edgar/data/1136893/000113689321000094/ex103fn_fsxfwxrsuxoga2012v.htm) (1) | | | 10-Q | | | 001-16427 | | | 10.3 | | | 5/6/2021 | | | | | |

| 10.72 | | | [Form of Performance Stock Unit Grant under Fidelity National Information Services, Inc. amended and restated 2008 Omnibus Incentive Plan for grants made beginning in March 2021.](http://www.sec.gov/Archives/edgar/data/1136893/000113689321000094/ex104psugrantagreement-202.htm) (1) | | | 10-Q | | | 001-16427 | | | 10.4 | | | 5/6/2021 | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | Incorporated by Reference | | | | | | | | | | | | | | |

| Exhibit | | | | | | | | | SEC File | | | | | | | | | Filed/ Furnished | | |

| No. | | | Exhibit Description | | | Form | | | Number | | | Exhibit | | | Filing Date | | | Herewith | | |

| Date: | | | February [removed: 18, 2021] [added: 23, 2022] | | | By: | | | /s/ GARY A. NORCROSS | | |

| | | | | | | | | | [removed: President,] [added: Chairman and] Chief Executive Officer [removed: and Chairman of the Board] | | |

| Date: | | | February [removed: 18, 2021] [added: 23, 2022] | | | By: | | | /s/ JAMES W. WOODALL | | |

| Date: | | | February [removed: 18, 2021] [added: 23, 2022] | | | By: | | | /s/ ELLEN R. ALEMANY | | |

| Date: | | | February [removed: 18, 2021] [added: 23, 2022] | | | By: | | | /s/ JEFFREY A. GOLDSTEIN | | |

| Date: | | | February [removed: 18, 2021] [added: 23, 2022] | | | By: | | | /s/ LISA A. HOOK | | |

| Date: | | | February [removed: 18, 2021] [added: 23, 2022] | | | By: | | | /s/ KEITH W. HUGHES | | |

| Date: | | | February [removed: 18, 2021] [added: 23, 2022] | | | By: | | | /s/ GARY L. LAUER | | |

| Date: | | | February [removed: 18, 2021] [added: 23, 2022] | | | By: | | | /s/ LOUISE M. PARENT | | |

| Date: | | | February [removed: 18, 2021] [added: 23, 2022] | | | By: | | | /s/ BRIAN T. SHEA | | |