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FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2020

FINANCIAL INSTRUMENTS

Schedule of estimated fair value of Company's financial instruments


		March 31, 2020						December 31, 2019
		Carrying			Fair			Carrying			Fair
		Amount			Value			Amount			Value
		(in millions)
Financial assets
Credit card and loan receivables, net		$	15,581.1		$	16,432.6		$	18,292.0		$	19,126.0
Credit card receivables held for sale			88.8			91.5			408.0			436.2
Redemption settlement assets, restricted			568.0			568.0			600.8			600.8
Other investments			265.1			265.1			259.8			259.8
Derivative instruments			1.1			1.1			0.2			0.2
Financial liabilities
Derivative instruments			0.3			0.3			0.3			0.3
Deposits			11,385.7			11,575.1			12,151.7			12,303.6
Non-recourse borrowings of consolidated securitization entities			6,360.7			6,365.0			7,284.0			7,333.6
Long-term and other debt			3,076.1			2,903.3			2,849.9			2,878.8

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


					Fair Value Measurements at
					March 31, 2020 Using
		Balance at
		March 31,
		2020			Level 1			Level 2			Level 3
		(in millions)
Mutual funds ⁽¹⁾		$	22.9		$	22.9		$	—		$	—
Corporate bonds ⁽¹⁾			489.2			—			489.2			—
Marketable securities ⁽²⁾			265.1			34.2			230.9			—
Derivative instruments ⁽³⁾			1.1			—			1.1			—
Total assets measured at fair value		$	778.3		$	57.1		$	721.2		$	—

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


					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		$	—

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

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

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

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


		Fair Value Measurements at
		March 31, 2020
		Total			Level 1			Level 2			Level 3
		(in millions)
Financial assets:
Credit card and loan receivables, net		$	16,432.6		$	—		$	—		$	16,432.6
Credit card receivables held for sale			91.5			—			—			91.5
Total		$	16,524.1		$	—		$	—		$	16,524.1

Financial liabilities:
Deposits		$	11,575.1		$	—		$	11,575.1		$	—
Non-recourse borrowings of consolidated securitization entities			6,365.0			—			6,365.0			—
Long-term and other debt			2,903.3			—			2,903.3			—
Total		$	20,843.4		$	—		$	20,843.4		$	—


		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		$	—