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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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
March 31, 2025		Level 1				Level 2				Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds		$	20.2			$	—			$	20.2
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities			—				1,067.0				1,067.0
Asset-backed securities			—				208.6				208.6
Corporate debt securities			—				157.2				157.2
State and municipal variable-rate demand notes			—				1.4				1.4
United States government agency mortgage-backed securities			—				6.3				6.3
Other assets:
Derivatives			—				17.9				17.9
Total assets		$	20.2			$	1,458.4			$	1,478.6
Liabilities:
Other liabilities:
Derivatives		$	—			$	12.1			$	12.1
Total liabilities		$	—			$	12.1			$	12.1

		Fair Value Measurement Using								Total
December 31, 2024		Level 1				Level 2				Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds		$	32.6			$	—			$	32.6
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities			—				1,027.6				1,027.6
Asset-backed securities			—				211.2				211.2
Corporate debt securities			—				85.0				85.0
State and municipal variable-rate demand notes			—				1.4				1.4
United States government agency mortgage-backed securities			—				7.1				7.1
Other assets:
Derivatives			—				29.5				29.5
Total assets		$	32.6			$	1,361.8			$	1,394.4
Liabilities:
Other liabilities:
Derivatives		$	—			$	3.6			$	3.6
Total liabilities		$	—			$	3.6			$	3.6

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- References

No definition available.

+ Details

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

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