The fair values of cash equivalents, trade accounts receivable, other current assets, settlement assets and obligations, accounts payable, and client deposits approximate their respective carrying values due to the short period of time to maturity. Derivative instruments maintained by the Company (see Note 7) are measured on a recurring basis based on benchmark interest rates, foreign currency spot rates and forwards quoted by banks and foreign currency dealers and are marked to market each period.

In connection with the sale of future credit card receivables originated under the Company’s merchant cash advance programs (see Note 1), the Company maintains the right to receive future consideration in the form of interest income collected on the sold receivables (“interest-only asset”). Contingent consideration related to certain of the Company’s acquisitions (see Note 4) is estimated using a probability-weighted assessment approach based on the likelihood of achieving the earn-out criteria. The fair value of the Company’s contingent liability for current expected credit losses associated with its debt guarantee, as further described below, is estimated based on assumptions of future risk of default and the corresponding level of credit losses at the time of default.

Fair Value

(In millions)

Classification

Fair Value Hierarchy

September 30,
2026

December 31, 2025

Assets

Cross-currency rate swap contracts designated as net investment hedges

Other long-term assets

Level 2

—

Interest-only asset on sale of merchant cash advances

Prepaid expenses and other current assets

Level 3

—

Liabilities

Cross-currency rate swap contracts designated as net investment hedges

Accounts payable and other current liabilities

Level 2

Cross-currency rate swap contracts designated as net investment hedges

Other long-term liabilities

Level 2

Forward exchange contracts designated as cash flow hedges

Accounts payable and other current liabilities

Level 2

Forward exchange contracts designated as cash flow hedges

Other long-term liabilities

Level 2

Fixed-to-floating interest rate swap contracts designated as fair value hedges

Other long-term liabilities

Level 2

—

Contingent consideration

Accounts payable and other current liabilities

Level 3

Contingent consideration

Other long-term liabilities

Level 3

Contingent debt guarantee

Accounts payable and other current liabilities

Level 3

—

Contingent debt guarantee

Other long-term liabilities

Level 3

—

The Company’s senior notes are recorded at amortized cost but measured at fair value for disclosure purposes. The estimated fair value of senior notes was based on matrix pricing which considers readily observable inputs of comparable securities (Level 2 of the fair value hierarchy). A portion of the Company’s senior notes are designated under a fair value hedging relationship (see Note 7), and therefore changes in fair value attributable to changes in the designated benchmark interest rate are included in the carrying value of the hedged senior notes within the consolidated balance sheet. The carrying value of the Company’s foreign lines of credit, commercial paper notes and revolving credit facility borrowings approximates fair value as these instruments have variable interest rates and the Company has not experienced any change to its credit ratings (Level 2 of the fair value hierarchy). The estimated fair value of total debt, excluding finance leases and other financing obligations, was $23.6 billion and $26.4 billion at September 30, 2026 and December 31, 2025, respectively, and the carrying value was $24.6 billion and $26.9 billion at September 30, 2026 and December 31, 2025, respectively.

The Company has previously guaranteed the debt of the Lending Joint Ventures (see Note 6). In September 2026, defi refinanced its then existing debt facilities with a syndicate of banks, which provided for the full termination and release of the Fiserv, Inc. debt guarantee. Additionally, in September 2026, the Company extended its debt guarantee of Sagent’s existing debt facilities (which currently mature in April 2027) through March 2030. Sagent maintains a variable-rate term loan facility with outstanding borrowings of $219 million in senior unsecured debt at September 30, 2026 and a variable-rate revolving

The Company maintains a liability for its obligation to perform over the term of its debt guarantee arrangement with Sagent, which is reported within accounts payable and other current liabilities in the consolidated balance sheets. The Company has provided a guarantee of $262 million associated with the debt of Sagent and is entitled to receive a defined fee in exchange for its guarantee of this indebtedness. The Company has not made any payments under the guarantee, nor has it been called upon to do so, and does not anticipate that Sagent will fail to fulfill its existing debt obligations.

The non-contingent component of the Company’s debt guarantee arrangement is recorded at amortized cost, but measured at fair value for disclosure purposes. The carrying value of the Company’s non-contingent liability of $2 million and $12 million approximates the fair value at September 30, 2026 and December 31, 2025, respectively (Level 3 of the fair value hierarchy). Such guarantee will be amortized in future periods over the contractual term of the debt. The contingent component of the Company’s debt guarantee arrangement represents the current expected credit losses to which the Company is exposed. The amount of the liability, as reflected within the table above, is estimated based on certain financial metrics of Sagent and historical industry data, which is used to develop assumptions of the likelihood the guaranteed party will default and the level of credit losses in the event a default occurs. The Company recognized $6 million and $5 million during the three months ended September 30, 2026 and 2025, respectively, and $14 million during both the nine months ended September 30, 2026 and 2025, respectively, within other income (expense), net in its consolidated statements of income (loss) related to its release from risk under the non-contingent guarantee as well as a change in the provision of estimated credit losses associated with the indebtedness of the Lending Joint Ventures.

Certain of the Company’s non-financial assets are measured at fair value on a non-recurring basis, including property and equipment, lease right-of-use assets, equity securities without a readily determinable fair value, goodwill and other intangible assets, and are subject to fair value adjustment in certain circumstances. Additional information regarding fair value adjustments recorded on a non-recurring basis during the nine months ended September 30, 2026 is included in Notes 1 and 6 to the consolidated financial statements.