Western Union 2015 Annual Report Download - page 175
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73
Investment securities, classified within "Settlement assets," were $1.2 billion and $1.5 billion as of December 31, 2015 and
2014, respectively, 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, 2015, 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, 2015, 2014 and 2013, cash provided by operating activities was $1,071.1 million,
$1,045.9 million and $1,088.6 million, respectively. Cash provided by operating activities is impacted by changes to our consolidated
net income, in addition to fluctuations in our working capital balances, among other factors.
201 FORM 10 K
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