XML 37 R29.htm IDEA: XBRL DOCUMENT v3.24.1.u1

Settlement Assets and Obligations (Tables)

3 Months Ended

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

X

- Definition

Tabular disclosure of allowance for credit loss on accounts receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-13

+ Details

Name:	us-gaap_AccountsReceivableAllowanceForCreditLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.

+ References

No definition available.

+ Details

Name:	us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

+ References

No definition available.

+ Details

Name:	us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-6

+ Details

Name:	us-gaap_ScheduleOfUnrealizedLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the settlement assets and settlement obligations, including the components of each.

+ References

No definition available.

+ Details

Name:	wu_SettlementAssetsAndObligationsTableTextBlock
Namespace Prefix:	wu_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration