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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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
June 30, 2024		Level 1				Level 2				Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds		$	11.4			$	—			$	11.4
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities			—				1,035.0				1,035.0
Asset-backed securities			—				261.7				261.7
Corporate debt securities			—				83.4				83.4
State and municipal variable-rate demand notes			—				47.7				47.7
United States government agency mortgage-backed securities			—				9.0				9.0
Other assets:
Derivatives			—				12.4				12.4
Total assets		$	11.4			$	1,449.2			$	1,460.6
Liabilities:
Other liabilities:
Derivatives		$	—			$	7.0			$	7.0
Total liabilities		$	—			$	7.0			$	7.0


		Fair Value Measurement Using								Total
December 31, 2023		Level 1				Level 2				Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds		$	11.8			$	—			$	11.8
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities			—				1,011.4				1,011.4
Asset-backed securities			—				195.7				195.7
Corporate debt securities			—				152.2				152.2
State and municipal variable-rate demand notes			—				86.8				86.8
United States government agency mortgage-backed securities			—				12.1				12.1
Other assets:
Derivatives			—				10.8				10.8
Total assets		$	11.8			$	1,469.0			$	1,480.8
Liabilities:
Other liabilities:
Derivatives		$	—			$	17.4			$	17.4
Total liabilities		$	—			$	17.4			$	17.4