XML 19 R7.htm IDEA: XBRL DOCUMENT v3.24.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 142.7 $ 163.3
Adjustments to reconcile net income to net cash provided by operating activities:    
Change in fair value of contingent consideration 3.4 3.0
Stock-based compensation 61.5 61.2
Depreciation and amortization 158.0 133.8
Provision for credit losses 43.0 68.1
Other non-cash adjustments 12.6 7.6
Net change in operating assets and liabilities, net of effects of business acquisitions (581.5) (337.5)
Net cash (used for) provided by operating activities (160.3) 99.5
Cash flows from investing activities    
Purchases of property, equipment and capitalized software (73.6) (65.3)
Purchase of other investments (14.5) (5.0)
Purchases of available-for-sale debt securities (512.2) (1,362.0)
Sales and maturities of available-for-sale debt securities 203.5 114.4
Acquisition of intangible assets (5.1) (4.5)
Other investing activities (0.9) 0.0
Net cash used for investing activities (402.7) (1,322.4)
Cash flows from financing activities    
Purchase of treasury shares (173.6) (104.0)
Net change in deposits 216.9 842.8
Net change in restricted cash payable (133.2) 271.5
Borrowings on revolving credit facility 3,086.0 1,402.1
Repayments on revolving credit facility (2,991.7) (1,398.1)
Borrowings on term loans 68.3 0.0
Repayments on term loans (30.7) (31.7)
Advances from the FHLB 300.0 0.0
Borrowings on BTFP 1,570.0 500.0
Repayments on BTFP (1,585.0) 0.0
Net change in borrowed federal funds (70.0) 20.2
Net borrowings (repayments) on other debt (2.8) 0.8
Payments of deferred and contingent consideration (86.6) (27.2)
Other financing activities (20.9) (7.9)
Net cash provided by financing activities 146.7 1,468.5
Effect of exchange rates on cash, cash equivalents and restricted cash (35.3) 13.6
Net change in cash, cash equivalents and restricted cash (451.7) 259.2
Cash, cash equivalents and restricted cash at beginning of period [1] 2,230.0 1,859.8
Cash, cash equivalents and restricted cash at end of period [1] 1,778.3 2,119.0
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents [Roll Forward]    
Cash and cash equivalents at beginning of period 975.8 922.0
Restricted cash at beginning of period 1,254.2 937.8
Cash, cash equivalents and restricted cash at beginning of period [1] 2,230.0 1,859.8
Cash and cash equivalents at end of period 682.6 901.4
Restricted cash at end of period 1,095.7 1,217.6
Cash, cash equivalents and restricted cash at end of period [1] $ 1,778.3 $ 2,119.0
[1] The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within our condensed consolidated balance sheets to amounts within our condensed consolidated statements of cash flows.
 Six Months Ended June 30,
 20242023
Cash and cash equivalents at beginning of period$975.8 $922.0 
Restricted cash at beginning of period1,254.2 937.8 
Cash, cash equivalents and restricted cash at beginning of period$2,230.0 $1,859.8 
Cash and cash equivalents at end of period$682.6 $901.4 
Restricted cash at end of period1,095.7 1,217.6 
Cash, cash equivalents and restricted cash at end of period$1,778.3 $2,119.0