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Settlement Assets and Obligations (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract] |
Schedule of Settlement Assets and Obligations | Settlement assets and obligations consisted of the following (in millions):
|  | March 31, 2024 |  |  | December 31, 2023 |
Settlement assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 412.4 |  |  | $ | 496.0 |
Receivables from agents and others |  |  | 1,832.2 |  |  |  | 1,748.3 |
Less: Allowance for credit losses |  |  | (11.9 | ) |  |  | (15.4 | )
Receivables from agents and others, net |  |  | 1,820.3 |  |  |  | 1,732.9 |
Investment securities |  |  | 1,403.0 |  |  |  | 1,458.2 |
Less: Allowance for credit losses |  |  | (0.1 | ) |  |  | (0.1 | )
Investment securities, net |  |  | 1,402.9 |  |  |  | 1,458.1 |
Total settlement assets |  | $ | 3,635.6 |  |  | $ | 3,687.0 |
Settlement obligations: |  |  |  |  |  |
Money transfer, money order, and payment service payables |  | $ | 2,940.7 |  |  | $ | 2,764.5 |
Payables to agents |  |  | 694.9 |  |  |  | 922.5 |
Total settlement obligations |  | $ | 3,635.6 |  |  | $ | 3,687.0 |
Summary of Activity in the Allowance for Credit Losses | The following tables summarize the activity in the allowance for credit losses on receivables from agents and others, and Business Solutions customers (in millions):
|  | Agents and |
|  | Others |
Allowance for credit losses as of January 1, 2024 |  | $ | 15.4 |
Current period provision for expected credit losses (a) |  |  | — |
Write-offs charged against the allowance |  |  | (5.2 | )
Recoveries of amounts previously written off |  |  | 2.3 |
Impacts of foreign currency exchange rates and other |  |  | (0.6 | )
Allowance for credit losses as of March 31, 2024 |  | $ | 11.9 |
|  | Agents and |  |  | Business Solutions |
|  | Others |  |  | Customers |
Allowance for credit losses as of January 1, 2023 |  | $ | 11.4 |  |  | $ | 1.6 |
Current period provision for expected credit losses (a) |  |  | (0.4 | ) |  |  | 0.4 |
Write-offs charged against the allowance |  |  | (4.2 | ) |  |  | (0.7 | )
Recoveries of amounts previously written off |  |  | 1.8 |  |  |  | — |
Impacts of foreign currency exchange rates, divestitures, and other |  |  | 0.1 |  |  |  | 0.7 |
Allowance for credit losses as of March 31, 2023 |  | $ | 8.7 |  |  | $ | 2.0 |
(a) Provision does not include losses from chargebacks or fraud associated with transactions initiated through the Company’s digital channels, as these losses are not credit-related. The Company recognized losses that were not credit-related of $14.8 million and $9.1 million for the three months ended March 31, 2024, and 2023, respectively.
Components of Investment Securities | The components of investment securities are as follows (in millions):
|  |  |  |  |  |  |  | Gross |  |  | Gross |  |  | Net |
|  | Amortized |  |  | Fair |  |  | Unrealized |  |  | Unrealized |  |  | Unrealized |
March 31, 2024 |  | Cost |  |  | Value |  |  | Gains |  |  | Losses |  |  | Gains/(Losses) |
Settlement assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 13.0 |  |  | $ | 13.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal debt securities (a) |  |  | 1,087.1 |  |  |  | 1,044.8 |  |  |  | 5.2 |  |  |  | (47.5 | ) |  |  | (42.3 | )
Asset-backed securities |  |  | 212.9 |  |  |  | 213.8 |  |  |  | 1.0 |  |  |  | (0.1 | ) |  |  | 0.9 |
Corporate debt securities |  |  | 89.9 |  |  |  | 86.2 |  |  |  | 0.6 |  |  |  | (4.3 | ) |  |  | (3.7 | )
State and municipal variable-rate demand notes |  |  | 47.7 |  |  |  | 47.7 |  |  |  | — |  |  |  | — |  |  |  | — |
United States government agency mortgage-backed securities |  |  | 11.1 |  |  |  | 10.5 |  |  |  | — |  |  |  | (0.6 | ) |  |  | (0.6 | )
Total available-for-sale securities |  |  | 1,448.7 |  |  |  | 1,403.0 |  |  |  | 6.8 |  |  |  | (52.5 | ) |  |  | (45.7 | )
Total investment securities |  | $ | 1,461.7 |  |  | $ | 1,416.0 |  |  | $ | 6.8 |  |  | $ | (52.5 | ) |  | $ | (45.7 | )
|  |  |  |  |  |  |  | Gross |  |  | Gross |  |  | Net |
|  | Amortized |  |  | Fair |  |  | Unrealized |  |  | Unrealized |  |  | Unrealized |
December 31, 2023 |  | Cost |  |  | Value |  |  | Gains |  |  | Losses |  |  | Gains/(Losses) |
Settlement assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 11.8 |  |  | $ | 11.8 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal debt securities (a) |  |  | 1,049.3 |  |  |  | 1,011.4 |  |  |  | 8.7 |  |  |  | (46.6 | ) |  |  | (37.9 | )
Asset-backed securities |  |  | 194.5 |  |  |  | 195.7 |  |  |  | 1.2 |  |  |  | — |  |  |  | 1.2 |
Corporate debt securities |  |  | 155.2 |  |  |  | 152.2 |  |  |  | 1.5 |  |  |  | (4.5 | ) |  |  | (3.0 | )
State and municipal variable-rate demand notes |  |  | 86.8 |  |  |  | 86.8 |  |  |  | — |  |  |  | — |  |  |  | — |
United States government agency mortgage-backed securities |  |  | 12.6 |  |  |  | 12.1 |  |  |  | — |  |  |  | (0.5 | ) |  |  | (0.5 | )
Total available-for-sale securities |  |  | 1,498.4 |  |  |  | 1,458.2 |  |  |  | 11.4 |  |  |  | (51.6 | ) |  |  | (40.2 | )
Total investment securities |  | $ | 1,510.2 |  |  | $ | 1,470.0 |  |  | $ | 11.4 |  |  | $ | (51.6 | ) |  | $ | (40.2 | )
(a) The majority of these securities are fixed-rate instruments.
Summary of Investment Securities in Unrealized Position | The following summarizes investment securities that were in an unrealized loss position as of March 31, 2024, by the length of time the securities were in a continuous loss position (in millions, except number of securities):
Less Than One Year |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |
State and municipal debt securities |  |  | 67 |  |  | $ | 174.5 |  |  | $ | (1.5 | )
Asset-backed securities |  |  | 8 |  |  |  | 12.7 |  |  |  | (0.1 | )
One Year or Greater |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |
State and municipal debt securities |  |  | 260 |  |  | $ | 559.3 |  |  | $ | (46.0 | )
Corporate debt securities |  |  | 14 |  |  |  | 52.3 |  |  |  | (4.3 | )
United States government agency mortgage-backed securities |  |  | 10 |  |  |  | 9.9 |  |  |  | (0.6 | )
Contractual Maturities of Debt Securities | The following summarizes the contractual maturities of available-for-sale securities within Settlement assets as of March 31, 2024 (in millions):
|  | Fair Value |
Due within 1 year |  | $ | 95.8 |
Due after 1 year through 5 years |  |  | 563.4 |
Due after 5 years through 10 years |  |  | 454.1 |
Due after 10 years |  |  | 289.7 |
Total |  | $ | 1,403.0 |

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