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FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2019

FINANCIAL INSTRUMENTS

Schedule of estimated fair value of Company's financial instruments


		December 31, 2019						December 31, 2018
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
		(in millions)
Financial assets
Credit card and loan receivables, net		$	18,292.0		$	19,126.0		$	16,816.7		$	17,472.7
Credit card receivables held for sale			408.0			436.2			1,951.6			1,995.5
Redemption settlement assets, restricted			600.8			600.8			558.6			558.6
Other investments			259.8			259.8			291.3			291.3
Derivative instruments			0.2			0.2			3.8			3.8
Financial liabilities
Derivative instruments			0.3			0.3			0.3			0.3
Deposits			12,151.7			12,303.6			11,793.7			11,768.7
Non-recourse borrowings of consolidated securitization entities			7,284.0			7,333.6			7,651.7			7,626.9
Long-term and other debt			2,849.9			2,878.8			5,725.4			5,755.3

Schedule of assets and liabilities carried at fair value measured on recurring basis


					Fair Value Measurements at
					December 31, 2019 Using
		Balance at
		December 31,
		2019			Level 1			Level 2			Level 3
		(in millions)
Mutual funds ⁽¹⁾		$	25.1		$	25.1		$	—		$	—
Corporate bonds ⁽¹⁾			536.4			—			536.4			—
Marketable securities ⁽²⁾			259.8			26.2			233.6			—
Derivative instruments ⁽³⁾			0.2			—			0.2			—
Total assets measured at fair value		$	821.5		$	51.3		$	770.2		$	—

Derivative instruments ⁽³⁾		$	0.3		$	—		$	0.3		$	—
Total liabilities measured at fair value		$	0.3		$	—		$	0.3		$	—


					Fair Value Measurements at
					December 31, 2018 Using
		Balance at
		December 31,
		2018			Level 1			Level 2			Level 3
		(in millions)
Mutual funds ⁽¹⁾		$	23.2		$	23.2		$	—		$	—
Corporate bonds ⁽¹⁾			491.5			—			491.5			—
Marketable securities ⁽²⁾			266.4			25.0			241.4			—
U.S. Treasury bonds ⁽²⁾			24.9			24.9			—			—
Derivative instruments ⁽³⁾			3.8			—			3.8			—
Total assets measured at fair value		$	809.8		$	73.1		$	736.7		$	—

Derivative instruments ⁽³⁾		$	0.3		$	—		$	0.3		$	—
Total liabilities measured at fair value		$	0.3		$	—		$	0.3		$	—

(1)	Amounts are included in redemption settlement assets in the consolidated balance sheets.

(2)	Amounts are included in other current assets and other non-current assets in the consolidated balance sheets.

(3)	Amounts are included in other current assets and other current liabilities in the consolidated balance sheets.

Schedule of assets and liabilities disclosed but not carried at fair value


		Fair Value Measurements at
		December 31, 2019
		Total			Level 1			Level 2			Level 3
		(in millions)
Financial assets:
Credit card and loan receivables, net		$	19,126.0		$	—		$	—		$	19,126.0
Credit card receivables held for sale			436.2			—			—			436.2
Total		$	19,562.2		$	—		$	—		$	19,562.2

Financial liabilities:
Deposits		$	12,303.6		$	—		$	12,303.6		$	—
Non-recourse borrowings of consolidated securitization entities			7,333.6			—			7,333.6			—
Long-term and other debt			2,878.8			—			2,878.8			—
Total		$	22,516.0		$	—		$	22,516.0		$	—


		Fair Value Measurements at
		December 31, 2018
		Total			Level 1			Level 2			Level 3
		(in millions)
Financial assets:
Credit card and loan receivables, net		$	17,472.7		$	—		$	—		$	17,472.7
Credit card receivables held for sale			1,995.5			—			—			1,995.5
Total		$	19,468.2		$	—		$	—		$	19,468.2

Financial liabilities:
Deposits		$	11,768.7		$	—		$	11,768.7		$	—
Non-recourse borrowings of consolidated securitization entities			7,626.9			—			7,626.9			—
Long-term and other debt			5,755.3			—			5,755.3			—
Total		$	25,150.9		$	—		$	25,150.9		$	—