Settlement Assets and Obligations (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Settlement Assets and Obligations |
Settlement assets and obligations consisted of the following (in millions):
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March 31, 2026 |
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December 31, 2025 |
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Settlement assets: |
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Cash and cash equivalents |
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$ |
572.9 |
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$ |
402.0 |
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Receivables from agents and others |
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1,537.4 |
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1,620.0 |
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Less: Allowance for credit losses |
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(17.2 |
) |
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(17.9 |
) |
Receivables from agents and others, net |
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1,520.2 |
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1,602.1 |
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Investment securities |
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1,446.5 |
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1,445.1 |
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Less: Allowance for credit losses |
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— |
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(0.1 |
) |
Investment securities, net |
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1,446.5 |
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1,445.0 |
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Total settlement assets |
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$ |
3,539.6 |
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$ |
3,449.1 |
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Settlement obligations: |
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Money transfer, money order, and payment service payables |
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$ |
2,652.7 |
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$ |
2,610.5 |
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Payables to agents |
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886.9 |
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838.6 |
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Total settlement obligations |
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$ |
3,539.6 |
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$ |
3,449.1 |
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| 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):
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Agents and |
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Others |
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Allowance for credit losses as of December 31, 2025 |
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$ |
17.9 |
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Current period provision for expected credit losses (a) |
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6.2 |
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Write-offs charged against the allowance |
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(9.3 |
) |
Recoveries of amounts previously written off |
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2.6 |
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Impacts of foreign currency exchange rates and other |
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(0.2 |
) |
Allowance for credit losses as of March 31, 2026 |
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$ |
17.2 |
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Agents and |
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Others |
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Allowance for credit losses as of December 31, 2024 |
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$ |
24.7 |
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Current period provision for expected credit losses (a) |
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(3.8 |
) |
Write-offs charged against the allowance |
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(10.4 |
) |
Recoveries of amounts previously written off |
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7.8 |
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Impacts of foreign currency exchange rates and other |
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0.2 |
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Allowance for credit losses as of March 31, 2025 |
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$ |
18.5 |
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(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.
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| Components of Investment Securities |
The components of investment securities are as follows (in millions):
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Gross |
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Gross |
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Net |
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Amortized |
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Fair |
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Unrealized |
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Unrealized |
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Unrealized |
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March 31, 2026 |
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Cost |
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Value |
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Gains |
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Losses |
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Gains/(Losses) |
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Settlement assets: |
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Cash and cash equivalents: |
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Money market funds |
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$ |
57.5 |
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$ |
57.5 |
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$ |
— |
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$ |
— |
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$ |
— |
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Available-for-sale securities: |
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State and municipal debt securities (a) |
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1,117.8 |
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1,110.4 |
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11.6 |
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(19.0 |
) |
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(7.4 |
) |
Asset-backed securities |
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151.9 |
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153.7 |
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1.8 |
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— |
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1.8 |
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Corporate debt and other securities |
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181.0 |
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182.4 |
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3.1 |
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(1.7 |
) |
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1.4 |
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Total available-for-sale securities |
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1,450.7 |
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1,446.5 |
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16.5 |
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(20.7 |
) |
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(4.2 |
) |
Total investment securities |
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$ |
1,508.2 |
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$ |
1,504.0 |
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$ |
16.5 |
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$ |
(20.7 |
) |
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$ |
(4.2 |
) |
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Gross |
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Gross |
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Net |
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Amortized |
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Fair |
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Unrealized |
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Unrealized |
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Unrealized |
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December 31, 2025 |
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Cost |
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Value |
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Gains |
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Losses |
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Gains/(Losses) |
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Settlement assets: |
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Cash and cash equivalents: |
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Money market funds |
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$ |
44.2 |
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$ |
44.2 |
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$ |
— |
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$ |
— |
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$ |
— |
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Available-for-sale securities: |
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State and municipal debt securities (a) |
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1,137.2 |
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1,131.4 |
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12.5 |
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(18.3 |
) |
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(5.8 |
) |
Asset-backed securities |
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155.4 |
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157.8 |
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2.4 |
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— |
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2.4 |
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Corporate debt and other securities |
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151.3 |
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155.9 |
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6.1 |
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(1.5 |
) |
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4.6 |
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Total available-for-sale securities |
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1,443.9 |
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1,445.1 |
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21.0 |
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(19.8 |
) |
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1.2 |
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Total investment securities |
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$ |
1,488.1 |
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$ |
1,489.3 |
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$ |
21.0 |
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$ |
(19.8 |
) |
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$ |
1.2 |
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(a)The majority of these securities are fixed-rate instruments.
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| Contractual Maturities of Debt Securities |
The following summarizes the contractual maturities of available-for-sale securities within Settlement assets as of March 31, 2026 (in millions):
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Fair Value |
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Due within 1 year |
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$ |
69.0 |
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Due after 1 year through 5 years |
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538.9 |
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Due after 5 years through 10 years |
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377.9 |
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Due after 10 years |
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460.7 |
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Total |
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$ |
1,446.5 |
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