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v3.25.1

Settlement Assets and Obligations (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Settlement Assets and Obligations | Settlement assets and obligations consisted of the following (in millions):
|  | March 31, 2025 |  |  | December 31, 2024 |
Settlement assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 157.2 |  |  | $ | 631.6 |
Receivables from agents and others |  |  | 1,942.3 |  |  |  | 1,421.7 |
Less: Allowance for credit losses |  |  | (18.5 | ) |  |  | (24.7 | )
Receivables from agents and others, net |  |  | 1,923.8 |  |  |  | 1,397.0 |
Investment securities |  |  | 1,440.5 |  |  |  | 1,332.3 |
Less: Allowance for credit losses |  |  | — |  |  |  | (0.1 | )
Investment securities, net |  |  | 1,440.5 |  |  |  | 1,332.2 |
Total settlement assets |  | $ | 3,521.5 |  |  | $ | 3,360.8 |
Settlement obligations: |  |  |  |  |  |
Money transfer, money order, and payment service payables |  | $ | 2,818.2 |  |  | $ | 2,655.5 |
Payables to agents |  |  | 703.3 |  |  |  | 705.3 |
Total settlement obligations |  | $ | 3,521.5 |  |  | $ | 3,360.8 |
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 (in millions):
|  | Agents and |
|  | Others |
Allowance for credit losses as of January 1, 2025 |  | $ | 24.7 |
Current period provision for expected credit losses (a) |  |  | (3.8 | )
Write-offs charged against the allowance |  |  | (10.4 | )
Recoveries of amounts previously written off |  |  | 7.8 |
Impacts of foreign currency exchange rates and other |  |  | 0.2 |
Allowance for credit losses as of March 31, 2025 |  | $ | 18.5 |
|  | 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 |
(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.
Components of Investment Securities | The components of investment securities are as follows (in millions):
|  |  |  |  |  |  |  | Gross |  |  | Gross |  |  | Net |
|  | Amortized |  |  | Fair |  |  | Unrealized |  |  | Unrealized |  |  | Unrealized |
March 31, 2025 |  | Cost |  |  | Value |  |  | Gains |  |  | Losses |  |  | Gains/(Losses) |
Settlement assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 20.2 |  |  | $ | 20.2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal debt securities (a) |  |  | 1,090.7 |  |  |  | 1,067.0 |  |  |  | 7.1 |  |  |  | (30.8 | ) |  |  | (23.7 | )
Asset-backed securities |  |  | 205.7 |  |  |  | 208.6 |  |  |  | 2.9 |  |  |  | — |  |  |  | 2.9 |
Corporate debt securities |  |  | 156.0 |  |  |  | 157.2 |  |  |  | 3.7 |  |  |  | (2.5 | ) |  |  | 1.2 |
State and municipal variable-rate demand notes |  |  | 1.4 |  |  |  | 1.4 |  |  |  | — |  |  |  | — |  |  |  | — |
United States government agency mortgage-backed securities |  |  | 6.4 |  |  |  | 6.3 |  |  |  | — |  |  |  | (0.1 | ) |  |  | (0.1 | )
Total available-for-sale securities |  |  | 1,460.2 |  |  |  | 1,440.5 |  |  |  | 13.7 |  |  |  | (33.4 | ) |  |  | (19.7 | )
Total investment securities |  | $ | 1,480.4 |  |  | $ | 1,460.7 |  |  | $ | 13.7 |  |  | $ | (33.4 | ) |  | $ | (19.7 | )
|  |  |  |  |  |  |  | Gross |  |  | Gross |  |  | Net |
|  | Amortized |  |  | Fair |  |  | Unrealized |  |  | Unrealized |  |  | Unrealized |
December 31, 2024 |  | Cost |  |  | Value |  |  | Gains |  |  | Losses |  |  | Gains/(Losses) |
Settlement assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 32.6 |  |  | $ | 32.6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal debt securities (a) |  |  | 1,068.1 |  |  |  | 1,027.6 |  |  |  | 2.7 |  |  |  | (43.2 | ) |  |  | (40.5 | )
Asset-backed securities |  |  | 208.6 |  |  |  | 211.2 |  |  |  | 2.6 |  |  |  | — |  |  |  | 2.6 |
Corporate debt securities |  |  | 87.5 |  |  |  | 85.0 |  |  |  | 0.8 |  |  |  | (3.3 | ) |  |  | (2.5 | )
State and municipal variable-rate demand notes |  |  | 1.4 |  |  |  | 1.4 |  |  |  | — |  |  |  | — |  |  |  | — |
United States government agency mortgage-backed securities |  |  | 7.3 |  |  |  | 7.1 |  |  |  | — |  |  |  | (0.2 | ) |  |  | (0.2 | )
Total available-for-sale securities |  |  | 1,372.9 |  |  |  | 1,332.3 |  |  |  | 6.1 |  |  |  | (46.7 | ) |  |  | (40.6 | )
Total investment securities |  | $ | 1,405.5 |  |  | $ | 1,364.9 |  |  | $ | 6.1 |  |  | $ | (46.7 | ) |  | $ | (40.6 | )
(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, 2025, 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 |  |  | 45 |  |  | $ | 119.0 |  |  | $ | (1.8 | )
One Year or Greater |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |
State and municipal debt securities |  |  | 220 |  |  | $ | 481.2 |  |  | $ | (29.0 | )
Corporate debt securities |  |  | 10 |  |  |  | 39.9 |  |  |  | (2.5 | )
United States government agency mortgage-backed securities |  |  | 8 |  |  |  | 5.1 |  |  |  | (0.1 | )
Contractual Maturities of Debt Securities | The following summarizes the contractual maturities of available-for-sale securities within Settlement assets as of March 31, 2025 (in millions):
|  | Fair Value |
Due within 1 year |  | $ | 95.8 |
Due after 1 year through 5 years |  |  | 578.4 |
Due after 5 years through 10 years |  |  | 344.3 |
Due after 10 years |  |  | 422.0 |
Total |  | $ | 1,440.5 |

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