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Settlement Assets and Obligations (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Settlement Assets and Obligations | Settlement assets and obligations consisted of the following (in millions):
|  | September 30, 2025 |  |  | December 31, 2024 |
Settlement assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 424.8 |  |  | $ | 631.6 |
Receivables from agents and others |  |  | 1,410.0 |  |  |  | 1,421.7 |
Less: Allowance for credit losses |  |  | (16.7 | ) |  |  | (24.7 | )
Receivables from agents and others, net |  |  | 1,393.3 |  |  |  | 1,397.0 |
Investment securities |  |  | 1,449.4 |  |  |  | 1,332.3 |
Less: Allowance for credit losses |  |  | — |  |  |  | (0.1 | )
Investment securities, net |  |  | 1,449.4 |  |  |  | 1,332.2 |
Total settlement assets |  | $ | 3,267.5 |  |  | $ | 3,360.8 |
Settlement obligations: |  |  |  |  |  |
Money transfer, money order, and payment service payables |  | $ | 2,558.9 |  |  | $ | 2,655.5 |
Payables to agents |  |  | 708.6 |  |  |  | 705.3 |
Total settlement obligations |  | $ | 3,267.5 |  |  | $ | 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 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 |
Current period provision for expected credit losses (a) |  |  | 5.4 |
Write-offs charged against the allowance |  |  | (5.8 | )
Recoveries of amounts previously written off |  |  | 3.9 |
Impacts of foreign currency exchange rates and other |  |  | 0.1 |
Allowance for credit losses as of September 30, 2025 |  | $ | 16.7 |
|  | 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 |
Current period provision for expected credit losses (a) |  |  | 12.8 |
Write-offs charged against the allowance |  |  | (8.8 | )
Recoveries of amounts previously written off |  |  | 6.9 |
Impacts of foreign currency exchange rates and other |  |  | (1.0 | )
Allowance for credit losses as of September 30, 2024 |  | $ | 21.6 |
(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 |
September 30, 2025 |  | Cost |  |  | Value |  |  | Gains |  |  | Losses |  |  | Gains/(Losses) |
Settlement assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 28.1 |  |  | $ | 28.1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State and municipal debt securities (a) |  |  | 1,131.7 |  |  |  | 1,123.0 |  |  |  | 12.6 |  |  |  | (21.3 | ) |  |  | (8.7 | )
Asset-backed securities |  |  | 167.1 |  |  |  | 170.0 |  |  |  | 2.9 |  |  |  | — |  |  |  | 2.9 |
Corporate debt securities |  |  | 147.6 |  |  |  | 152.1 |  |  |  | 6.3 |  |  |  | (1.8 | ) |  |  | 4.5 |
United States government agency mortgage-backed securities |  |  | 4.4 |  |  |  | 4.3 |  |  |  | — |  |  |  | (0.1 | ) |  |  | (0.1 | )
Total available-for-sale securities |  |  | 1,450.8 |  |  |  | 1,449.4 |  |  |  | 21.8 |  |  |  | (23.2 | ) |  |  | (1.4 | )
Total investment securities |  | $ | 1,478.9 |  |  | $ | 1,477.5 |  |  | $ | 21.8 |  |  | $ | (23.2 | ) |  | $ | (1.4 | )
|  |  |  |  |  |  |  | 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 September 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 |  |  | 31 |  |  | $ | 85.5 |  |  | $ | (0.8 | )
One Year or Greater |  | Number of Securities |  |  | Fair Value |  |  | Unrealized Losses |
State and municipal debt securities |  |  | 206 |  |  | $ | 442.9 |  |  | $ | (20.5 | )
Corporate debt securities |  |  | 7 |  |  |  | 31.5 |  |  |  | (1.8 | )
United States government agency mortgage-backed securities |  |  | 8 |  |  |  | 3.4 |  |  |  | (0.1 | )
Contractual Maturities of Debt Securities | The following summarizes the contractual maturities of available-for-sale securities within Settlement assets as of September 30, 2025 (in millions):
|  | Fair Value |
Due within 1 year |  | $ | 85.3 |
Due after 1 year through 5 years |  |  | 558.4 |
Due after 5 years through 10 years |  |  | 360.2 |
Due after 10 years |  |  | 445.5 |
Total |  | $ | 1,449.4 |

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