Fair value measurements

3 Months Ended

Mar. 31, 2026


NOTE 7: FAIR VALUE MEASUREMENTS

Our money market fund investment is comprised exclusively of debt securities issued by the U.S. Treasury and is classified as a Level 1 fair value measurement. The carrying value of the investment approximates fair value due to the short-term maturities and the highly liquid nature of the underlying U.S. Treasury securities. There were no transfers between levels of the fair value hierarchy during the periods presented.

The fair values of our financial instruments were as follows:


						Fair value measurements using
		March 31, 2026				Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
(in millions)	Balance sheet location	Carrying value		Fair value
Fair value:
Money market fund	Settlement processing assets	$	14.1	$	14.1	$	14.1	$	—	$	—
Amortized cost:
Proceeds receivable from asset sale (Note 6)	Other current and other non-current assets	12.0		12.0		—		—		12.0
Loans and notes receivable from distributors	Other current and other non-current assets	10.4		10.8		—		—		10.8
Long-term debt	Current portion of long-term debt and long-term debt	1,397.1		1,433.1		—		1,433.1		—


						Fair value measurements using
		December 31, 2025				Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
(in millions)	Balance sheet location	Carrying value		Fair value
Fair value:
Money market fund	Settlement processing assets	$	163.5	$	163.5	$	163.5	$	—	$	—
Amortized cost:
Loans and notes receivable from distributors	Other current and other non-current assets	10.7		11.9		—		—		11.9
Long-term debt	Current portion of long-term debt and long-term debt	1,429.4		1,476.8		—		1,476.8		—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details