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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the Company’s assets and liabilities, which are measured at fair value on a recurring basis, by category (in millions):


		Fair Value Measurement Using								Total
September 30, 2023		Level 1				Level 2				Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds		$	6.4			$	—			$	6.4
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities			—				981.0				981.0
Asset-backed securities			—				187.5				187.5
Corporate debt securities			—				152.9				152.9
State and municipal variable-rate demand notes			—				48.3				48.3
United States government agency mortgage-backed securities			—				13.6				13.6
Other assets:
Derivatives			—				30.1				30.1
Total assets		$	6.4			$	1,413.4			$	1,419.8
Liabilities:
Other liabilities:
Derivatives		$	—			$	5.5			$	5.5
Total liabilities		$	—			$	5.5			$	5.5


		Fair Value Measurement Using								Total
December 31, 2022		Level 1				Level 2				Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds		$	11.7			$	—			$	11.7
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities			—				933.3				933.3
Asset-backed securities			—				184.1				184.1
Corporate debt securities			—				146.9				146.9
State and municipal variable-rate demand notes			—				48.9				48.9
United States government agency mortgage-backed securities			—				20.5				20.5
Other assets:
Derivatives			—				126.1				126.1
Total assets		$	11.7			$	1,459.8			$	1,471.5
Liabilities:
Other liabilities:
Derivatives		$	—			$	98.9			$	98.9
Total liabilities		$	—			$	98.9			$	98.9