Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Measurements

Schedule of assets and liabilities by balance sheet line item measured on a recurring basis

The following tables present the Company’s assets and liabilities which are measured at fair value on a recurring basis, by balance sheet line item (in millions):

	Fair Value Measurement Using				Total
March 31, 2020	Level 1		Level 2		Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds	$	24.3	$	—	$	24.3
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities		—		1,347.6		1,347.6
State and municipal variable-rate demand notes		—		207.5		207.5
United States government agency mortgage-backed securities		—		64.5		64.5
Corporate debt securities		—		34.2		34.2
Other assets:
Derivatives		—		401.2		401.2
Total assets	$	24.3	$	2,055.0	$	2,079.3
Liabilities:
Other liabilities:
Derivatives	$	—	$	323.5	$	323.5
Total liabilities	$	—	$	323.5	$	323.5

	Fair Value Measurement Using				Total
December 31, 2019	Level 1		Level 2		Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds	$	24.6	$	—	$	24.6
Measured at fair value through other comprehensive income:
State and municipal debt securities		—		1,257.8		1,257.8
State and municipal variable-rate demand notes		—		276.1		276.1
United States government agency mortgage-backed securities		—		67.2		67.2
Corporate debt securities		—		52.4		52.4
Other United States government agency debt securities		—		34.9		34.9
United States Treasury securities		10.0		—		10.0
Other assets:
Derivatives		—		204.5		204.5
Total assets	$	34.6	$	1,892.9	$	1,927.5
Liabilities:
Other liabilities:
Derivatives	$	—	$	159.5	$	159.5
Total liabilities	$	—	$	159.5	$	159.5