Settlement assets represent funds received or to be received from agents for unsettled money transfers and from merchants for unsettled prepaid transactions. The Company records corresponding settlement obligations relating to accounts payable. Settlement assets consist of cash and cash equivalents, restricted cash, accounts receivable and prepaid expenses and other current assets. The settlement cash held at the Company is primarily generated from the monies remitted by consumers through Company agents and financial institutions in payment of the face value of the payment service or foreign currency purchased and the related fees charged to purchase the currency. The Company uses its cash and cash equivalents to pay the face value of the payment service product upon presentation by the recipient. Cash received by Company agents and merchants generally becomes available to the Company within two weeks after initial receipt by the business partner. Receivables from business partners represent funds collected by such business partners that are in transit to the Company.

Settlement obligations consist of accrued expenses for money transfers, content providers, and EFT customer deposits and accounts payable to agents and content providers. Money transfer accrued expenses represent amounts to be paid to beneficiaries when they request funds. Most agents typically settle with beneficiaries first then obtain reimbursement from the Company. Money order accrued expenses represent amounts not yet presented for payment. Due to the agent funding and settlement process, accrued expenses to agents represent amounts due to agents for money transfers that have not been settled with beneficiaries.

(in millions)	As of December 31, 2024		As of December 31, 2023
Settlement assets:
Settlement cash and cash equivalents	$	367.2	$	327.4
Settlement restricted cash	189.2		125.0
Account receivables, net of credit loss allowance of $31.7 and $35.7	769.5		1,002.1
Prepaid expenses and other current assets	196.8		227.0
Total settlement assets	$	1,522.7	$	1,681.5
Settlement obligations:
Trade account payables	$	628.2	$	708.6
Accrued expenses and other current liabilities	894.5		972.9
Total settlement obligations	$	1,522.7	$	1,681.5

The table below reconciles cash and cash equivalents, restricted cash, ATM cash, settlement cash and cash equivalents, and settlement restricted cash as presented within "Cash and cash equivalents and restricted cash" in the Consolidated Statement of Cash Flows.

	As of
(in millions)	December 31, 2024		December 31, 2023		December 31, 2022
Cash and cash equivalents	$	1,278.8	$	1,254.2	$	1,131.2
Restricted cash	9.2		15.2		7.4
ATM cash	643.8		525.2		515.6
Settlement cash and cash equivalents	367.2		327.4		242.6
Settlement restricted cash	189.2		125.0		94.0
Cash and cash equivalents and restricted cash at end of period	$	2,488.2	$	2,247.0	$	1,990.8