Western Union 2015 Annual Report Download - page 222

THE WESTERN UNION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
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No non-recurring fair value adjustments were recorded during the years ended December 31, 2015 and 2014.
Other Fair Value Measurements
The carrying amounts for many of the Company's financial instruments, including cash and cash equivalents, settlement cash
and cash equivalents, and settlement receivables and settlement obligations approximate fair value due to their short maturities.
The Company's borrowings are classified as Level 2 of the valuation hierarchy, and the aggregate fair value of these borrowings
was based on quotes from multiple banks and excluded the impact of related interest rate swaps. Fixed rate notes are carried in
the Company's Consolidated Balance Sheets at their original issuance values as adjusted over time to accrete that value to par,
except for portions of notes hedged by these interest rate swaps, as disclosed in Note 14. As of December 31, 2015, the carrying
value and fair value of the Company's borrowings was $3,225.6 million and $3,279.6 million, respectively (see Note 15). As of
December 31, 2014, the carrying value and fair value of the Company's borrowings was $3,720.4 million and $3,890.5 million,
respectively. The Company's foreign corporate debt securities are classified as held-to-maturity securities within Level 2 of the
valuation hierarchy and are recorded at amortized cost in "Other Assets" in the Company's Consolidated Balance Sheets.
The fair value of the assets in the Trust, which holds the assets for the Company's defined benefit plan, is disclosed in Note
11.
9. Other Assets and Other Liabilities
The following table summarizes the components of other assets and other liabilities (in millions):
December 31,
2015 2014
Other assets:
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 396.3 $ 423.0
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83.4 63.0
Amounts advanced to agents, net of discounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57.1 45.2
Equity method investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.3 41.6
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153.6 97.0
Total other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 733.7 $ 669.8
Other liabilities:
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 283.7 $ 317.1
Pension obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69.3 74.9
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76.0 92.2
Total other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 429.0 $ 484.2
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