Western Union 2014 Annual Report Download - page 253

2014 FORM 10-K
THE WESTERN UNION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
115
The components of investment securities are as follows (in millions):
December 31, 2014
Amortized
Cost
Fair
Value
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Net
Unrealized
Gains/
(Losses)
Settlement assets:
State and municipal debt securities (a). . . . . . . . . . . . . . $ 1,024.2 $ 1,038.1 $ 15.1 $ (1.2) $ 13.9
State and municipal variable rate demand notes . . . . . . 316.8 316.8 — — —
Corporate and other debt securities . . . . . . . . . . . . . . . . 70.5 70.5 0.1 (0.1) —
Short-term state and municipal bond mutual fund. . . . . 47.1 47.1 — — —
$ 1,458.6 $ 1,472.5 $ 15.2 $ (1.3) $ 13.9
December 31, 2013
Amortized
Cost
Fair
Value
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Net
Unrealized
Gains/
(Losses)
Settlement assets:
State and municipal debt securities (a). . . . . . . . . . . . . . $ 868.1 $ 874.2 $ 7.8 $ (1.7) $ 6.1
State and municipal variable rate demand notes . . . . . . 865.0 865.0 — — —
Other debt securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.2 11.3 0.1 — 0.1
$ 1,744.3 $ 1,750.5 $ 7.9 $ (1.7) $ 6.2
Other assets:
Short-term taxable bond mutual fund. . . . . . . . . . . . . . . 100.0 100.2 0.2 — 0.2
$ 1,844.3 $ 1,850.7 $ 8.1 $ (1.7) $ 6.4
____________
(a) The majority of these securities are fixed rate instruments.
There were no investments with a single issuer or individual securities representing greater than 10% of total investment
securities as of December 31, 2014 and 2013.
The following summarizes the contractual maturities of settlement-related debt securities as of December 31, 2014 (in
millions):
Amortized
Cost Fair Value
Due within 1 year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 150.5 $ 151.1
Due after 1 year through 5 years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556.0 558.7
Due after 5 years through 10 years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383.1 393.7
Due after 10 years. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321.9 321.9
$ 1,411.5 $ 1,425.4
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay the obligations
or the Company may have the right to put the obligation prior to its contractual maturity, as with variable rate demand notes.
Variable rate demand notes, having a fair value of $6.0 million, $3.5 million and $307.3 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.