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THE WESTERN UNION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
107
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 tables reflect assets and liabilities that were measured at fair value on a recurring basis (in millions):
Fair Value Measurement Using
Assets/
Liabilities at
Fair
Val ue
December 31, 2012 Level 1 Level 2 Level 3
Assets:
State and municipal debt securities . . . . . . . . . . . . . . . . . . $ — $ 1,003.7 $ — $ 1,003.7
State and municipal variable rate demand notes . . . . . . . . — 463.3 — 463.3
Corporate debt and other . . . . . . . . . . . . . . . . . . . . . . . . . . — 47.8 — 47.8
Derivatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 96.8 — 96.8
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 1,611.6 $ — $ 1,611.6
Liabilities:
Notes and other borrowings. . . . . . . . . . . . . . . . . . . . . . . . $ — $ 4,200.8 $ — $ 4,200.8
Derivatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 86.1 — 86.1
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 4,286.9 $ — $ 4,286.9
Fair Value Measurement Using
Assets/
Liabilities at
Fair
Val ue
December 31, 2011 Level 1 Level 2 Level 3
Assets:
State and municipal debt securities . . . . . . . . . . . . . . . . . . $ — $ 866.5 $ — $ 866.5
State and municipal variable rate demand notes . . . . . . . . — 376.9 — 376.9
Corporate debt and other . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 88.5 — 88.6
Derivatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 124.8 — 124.8
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.1 $ 1,456.7 $ — $ 1,456.8
Liabilities:
Commercial paper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 297.0 $ — $ 297.0
Notes and other borrowings. . . . . . . . . . . . . . . . . . . . . . . . — 3,563.5 — 3,563.5
Total borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 3,860.5 — 3,860.5
Derivatives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 86.6 — 86.6
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 3,947.1 $ — $ 3,947.1
No non-recurring fair value adjustments were recorded during the years ended December 31, 2012 and 2011, except those
associated with acquisitions, as disclosed in Note 3.