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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 30, 2024
Accounting Policies [Abstract] |
Restrictions on cash and cash equivalents | The following table provides a reconciliation between cash and cash equivalents on the consolidated balance sheets and the consolidated statements of cash flows:
(In millions) | June 30, 2024 |  | December 31, 2023 |  | June 30, 2023 |  |  |
Cash and cash equivalents on the consolidated balance sheets | $ | 1,195 |  |  | $ | 1,204 |  |  | $ | 1,082 |  |  |  |
Cash and cash equivalents included in settlement assets | 1,606 |  |  | 1,756 |  |  | 1,768 |  |  |  |
Other restricted cash | 1 |  |  | 3 |  |  | 6 |  |  |  |
Total cash and cash equivalents on the consolidated statements of cash flows | $ | 2,802 |  |  | $ | 2,963 |  |  | $ | 2,856 |  |  |  |
Schedule of cash and cash equivalents | The following table provides a reconciliation between cash and cash equivalents on the consolidated balance sheets and the consolidated statements of cash flows:
(In millions) | June 30, 2024 |  | December 31, 2023 |  | June 30, 2023 |  |  |
Cash and cash equivalents on the consolidated balance sheets | $ | 1,195 |  |  | $ | 1,204 |  |  | $ | 1,082 |  |  |  |
Cash and cash equivalents included in settlement assets | 1,606 |  |  | 1,756 |  |  | 1,768 |  |  |  |
Other restricted cash | 1 |  |  | 3 |  |  | 6 |  |  |  |
Total cash and cash equivalents on the consolidated statements of cash flows | $ | 2,802 |  |  | $ | 2,963 |  |  | $ | 2,856 |  |  |  |
Deferred costs, capitalized, prepaid, and other assets disclosure | Prepaid expenses and other current assets consisted of the following:
(In millions) |  | June 30, 2024 |  | December 31, 2023
Prepaid maintenance, postage and insurance |  | $ | 260 |  |  | $ | 187 |
Other prepaid expenses |  | 276 |  |  | 236 |
Total prepaid expenses (1) |  | 536 |  |  | 423 |
Income tax receivables (2) |  | 749 |  |  | 534 |
Clover Capital cash advances, net |  | 291 |  |  | 269 |
Settlement advance cash payments |  | 1,002 |  |  | 381 |
Other current assets |  | 685 |  |  | 737 |
Total other current assets |  | 2,727 |  |  | 1,921 |
Total prepaid expenses and other current assets |  | $ | 3,263 |  |  | $ | 2,344 |
(1)Prepaid expenses represent advance payments for goods and services to be consumed in the future. (2)Includes receivables associated with transferable federal tax credits (see Note 15).
Schedule of interest expense, net | Interest expense, net consisted of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Interest expense | $ | (294) |  |  | $ | (237) |  |  | $ | (565) |  |  | $ | (447) |
Interest income | 9 |  |  | 5 |  |  | 19 |  |  | 13 |
Interest expense, net | $ | (285) |  |  | $ | (232) |  |  | $ | (546) |  |  | $ | (434) |

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