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Settlement Assets and Obligations (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Settlement Assets and Obligations

Settlement assets and obligations consisted of the following (in millions):

 

 

June 30, 2025

 

 

December 31, 2024

 

Settlement assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

380.9

 

 

$

631.6

 

Receivables from agents and others

 

 

1,563.6

 

 

 

1,421.7

 

Less: Allowance for credit losses

 

 

(13.1

)

 

 

(24.7

)

Receivables from agents and others, net

 

 

1,550.5

 

 

 

1,397.0

 

Investment securities

 

 

1,456.7

 

 

 

1,332.3

 

Less: Allowance for credit losses

 

 

—

 

 

 

(0.1

)

Investment securities, net

 

 

1,456.7

 

 

 

1,332.2

 

Total settlement assets

 

$

3,388.1

 

 

$

3,360.8

 

Settlement obligations:

 

 

 

 

 

 

Money transfer, money order, and payment service payables

 

$

2,712.3

 

 

$

2,655.5

 

Payables to agents

 

 

675.8

 

 

 

705.3

 

Total settlement obligations

 

$

3,388.1

 

 

$

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 December 31, 2024

 

$

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

 

Current period provision for expected credit losses (a)

 

 

4.6

 

Write-offs charged against the allowance

 

 

(13.2

)

Recoveries of amounts previously written off

 

 

2.2

 

Impacts of foreign currency exchange rates and other

 

 

1.0

 

Allowance for credit losses as of June 30, 2025

 

$

13.1

 

 

 

 

Agents and

 

 

Others

 

Allowance for credit losses as of December 31, 2023

 

$

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

 

Current period provision for expected credit losses (a)

 

 

3.0

 

Write-offs charged against the allowance

 

 

(8.4

)

Recoveries of amounts previously written off

 

 

3.3

 

Impacts of foreign currency exchange rates and other

 

 

1.9

 

Allowance for credit losses as of June 30, 2024

 

$

11.7

 

 

(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

 

June 30, 2025

 

Cost

 

 

Value

 

 

Gains

 

 

Losses

 

 

Gains/(Losses)

 

Settlement assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

33.3

 

 

$

33.3

 

 

$

—

 

 

$

—

 

 

$

—

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal debt securities (a)

 

 

1,124.4

 

 

 

1,103.1

 

 

 

7.9

 

 

 

(29.2

)

 

 

(21.3

)

Asset-backed securities

 

 

193.7

 

 

 

196.5

 

 

 

2.8

 

 

 

—

 

 

 

2.8

 

Corporate debt securities

 

 

149.3

 

 

 

151.6

 

 

 

4.4

 

 

 

(2.1

)

 

 

2.3

 

United States government agency mortgage-backed securities

 

 

5.6

 

 

 

5.5

 

 

 

—

 

 

 

(0.1

)

 

 

(0.1

)

Total available-for-sale securities

 

 

1,473.0

 

 

 

1,456.7

 

 

 

15.1

 

 

 

(31.4

)

 

 

(16.3

)

Total investment securities

 

$

1,506.3

 

 

$

1,490.0

 

 

$

15.1

 

 

$

(31.4

)

 

$

(16.3

)

 

 

 

 

 

 

 

 

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)

 

 

1,069.5

 

 

 

1,029.0

 

 

 

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

)

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 June 30, 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

 

 

113

 

 

$

248.8

 

 

$

(4.3

)

 

One Year or Greater

 

Number of Securities

 

 

Fair Value

 

 

Unrealized Losses

 

State and municipal debt securities

 

 

212

 

 

$

468.0

 

 

$

(24.9

)

Corporate debt securities

 

 

8

 

 

 

33.3

 

 

 

(2.1

)

United States government agency mortgage-backed securities

 

 

8

 

 

 

4.4

 

 

 

(0.1

)
Contractual Maturities of Debt Securities

The following summarizes the contractual maturities of available-for-sale securities within Settlement assets as of June 30, 2025 (in millions):

 

 

Fair Value

 

Due within 1 year

 

$

86.4

 

Due after 1 year through 5 years

 

 

594.1

 

Due after 5 years through 10 years

 

 

341.5

 

Due after 10 years

 

 

434.7

 

Total

 

$

1,456.7