Western Union 2013 Annual Report Download - page 182

2013 FORM 10-K
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Investment securities, classified within "Settlement assets," were $1.8 billion as of December 31, 2013. Substantially all of
these investments are highly-rated state and municipal debt securities, including variable rate demand notes. Most state regulators
in the United States require us to maintain specific highly-rated, investment grade securities and such investments are intended to
secure relevant outstanding settlement obligations in accordance with applicable regulations. Additionally, as of December 31,
2013, we held non-settlement related investments of $100.2 million in a short-term bond mutual fund.
Investment securities are exposed to market risk due to changes in interest rates and credit risk. We regularly monitor credit
risk and attempt to mitigate our exposure by investing in highly-rated securities and diversifying our investment portfolio. As of
December 31, 2013, the majority of our investment securities had credit ratings of "AA-" or better from a major credit rating
agency. Our investment securities are also actively managed with respect to concentration. As of December 31, 2013, all investments
with a single issuer and each individual security were less than 10% of our investment securities portfolio.
Cash Flows from Operating Activities
During the years ended December 31, 2013, 2012 and 2011, cash provided by operating activities was $1,088.6 million,
$1,185.3 million and $1,174.9 million, respectively. Cash provided by operating activities for the year ended December 31, 2013
was impacted by a decrease in consolidated operating income. Cash provided by operating activities for the year ended December
31, 2012 was impacted by tax payments of $92.4 million made as a result of the IRS Agreement.