Western Union 2010 Annual Report Download - page 100
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rate demand notes. Variable rate demand notes, having a fair value of $38.0 million, $71.8 million and
$380.2 million are included in the “Due after 1 year through 5 years,” “Due after 5 years through 10 years”
and “Due after 10 years” categories, respectively, in the table above.
8. Fair Value Measurements
Fair value, as defined by the relevant accounting standards, represents the exchange price that would be received
for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or
liability in an orderly transaction between market participants on the measurement date. For additional information
on how the Company measures fair value, refer to Note 2.
The following table reflects assets and liabilities that were measured and carried at fair value on a recurring basis
(in millions):
December 31, 2010 Level 1 Level 2 Level 3
Assets/Liabilities
at Fair Value
Fair Value Measurement Using
Assets:
State and municipal debt securities................ $ — $ 849.1 $ — $ 849.1
State and municipal variable rate demand
notes ....................................................... — 490.0 — 490.0
Agency mortgage-backed securities and
other........................................................ 0.1 29.9 — 30.0
Derivatives .................................................. — 69.8 — 69.8
Total assets ......................................................... $ 0.1 $ 1,438.8 $ — $ 1,438.9
Liabilities:
Derivatives .................................................. $ — $ 80.9 $ — $ 80.9
Total liabilities .................................................... $ — $ 80.9 $ — $ 80.9
December 31, 2009 Level 1 Level 2 Level 3
Assets/Liabilities
at Fair Value
Fair Value Measurement Using
Assets:
State and municipal debt securities................ $ — $ 696.4 $ — $ 696.4
State and municipal variable rate demand
notes ....................................................... — 513.8 — 513.8
Corporate debt and other .............................. 0.2 12.4 — 12.6
Derivatives .................................................. — 109.4 0.5 109.9
Total assets ......................................................... $ 0.2 $ 1,332.0 $ 0.5 $ 1,332.7
Liabilities:
Derivatives .................................................. $ — $ 80.6 $ — $ 80.6
Total liabilities .................................................... $ — $ 80.6 $ — $ 80.6
Except for purchase price adjustments discussed in Note 4, no non-recurring fair value adjustments were
recorded during the year ended December 31, 2010.
Other Fair Value Measurements
The carrying amounts for the Company’s financial instruments, including cash and cash equivalents, settlement
cash and cash equivalents, settlement receivables and settlement obligations approximate fair value due to their
short maturities. The Company’s borrowings had a carrying value and fair value of $3,289.9 million and
98