Analysis of Debt
Total Debt (Carrying Amount)
Fiserv Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The total debt carrying amount experienced a period of relative stability followed by a dramatic increase in 2019, establishing a new baseline of indebtedness through 2021. Between 2017 and 2018, total debt rose modestly from US$ 4,900 million to US$ 5,959 million. This was followed by a substantial surge in 2019, where total debt climbed to US$ 21,899 million, before stabilizing at US$ 21,237 million by the end of 2021.
- Long-term Debt Trajectory
- Long-term debt, excluding current maturities, served as the primary catalyst for the expansion of total liabilities. This figure increased from US$ 5,955 million in 2018 to US$ 21,612 million in 2019. Following this peak, the balance remained relatively consistent, ending the period at US$ 20,729 million in 2021.
- Current Maturity Obligations
- Short-term and current maturities of long-term debt remained negligible during 2017 and 2018, staying below US$ 5 million. A sharp inflection point occurred in 2019, with current maturities rising to US$ 287 million and continuing a steady upward trend to reach US$ 508 million by December 31, 2021, indicating an increase in immediate repayment obligations.
- Debt Composition Shift
- The overall leverage profile transitioned from a moderate debt load of approximately US$ 4.9 billion to a high-leverage position exceeding US$ 21 billion. While the total debt amount remained high from 2019 through 2021, the internal composition shifted as short-term obligations grew as a percentage of the total carrying amount, moving from nearly 0% in 2018 to approximately 2.4% by 2021.
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Total Debt (Fair Value)
| Dec 31, 2021 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Debt, excluding finance leases and other financing obligations | 21,800) |
| Finance lease and other financing obligations | 796) |
| Total debt (fair value) | 22,596) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 1.06 |
Based on: 10-K (reporting date: 2021-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 2.97%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 21.01% | 240) | 50) | |
| 3.50% | 700) | 25) | |
| 0.38% | 566) | 2) | |
| 3.80% | 1,000) | 38) | |
| 2.75% | 2,000) | 55) | |
| 3.85% | 900) | 35) | |
| 2.25% | 705) | 16) | |
| 3.20% | 2,000) | 64) | |
| 2.25% | 1,000) | 23) | |
| 1.13% | 566) | 6) | |
| 4.20% | 1,000) | 42) | |
| 3.50% | 3,000) | 105) | |
| 2.65% | 1,000) | 27) | |
| 1.63% | 566) | 9) | |
| 3.00% | 705) | 21) | |
| 4.40% | 2,000) | 88) | |
| 0.30% | 916) | 3) | |
| -0.42% | 905) | (4) | |
| 1.16% | 97) | 1) | |
| 0.95% | 500) | 5) | |
| 1.35% | 200) | 3) | |
| 2.70% | 130) | 4) | |
| 2.70% | 313) | 8) | |
| Total | 21,009) | 625) | |
| 2.97% | |||
Based on: 10-K (reporting date: 2021-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 625 ÷ 21,009 = 2.97%