Western Union 2014 Annual Report Download - page 211

2014 FORM 10-K
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Investment securities, classified within "Settlement assets," were $1.5 billion as of December 31, 2014 and consist primarily
of highly-rated state and municipal debt securities, including fixed rate term notes and variable rate demand notes. The substantial
majority of our investment securities are held in order to comply with state licensing requirements in the United States and are
required to have credit ratings of "A-" or better from a major credit rating agency.
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. Our
investment securities are also actively managed with respect to concentration. As of December 31, 2014, 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, 2014, 2013 and 2012, cash provided by operating activities was $1,045.9 million,
$1,088.6 million and $1,185.3 million, respectively. 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 agreement reached in December 2011 with the IRS resolving
substantially all of the issues related to the restructuring of our international operations in 2003 ("IRS Agreement"). Cash provided
by operating activities is impacted by changes to our consolidated operating income, in addition to fluctuations in our working
capital balances, among other factors.