Settlement Assets and Obligations

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Settlement Assets and Obligations

Settlement Assets and Obligations

Settlement assets and obligations represent intermediary balances arising from the settlement process, which involves the transfer of funds between card issuers, payment networks, merchants and consumers, and collateral amounts held to manage merchant credit risk, primarily associated with the Company’s merchant acquiring services. The Company records settlement assets and obligations upon processing a payment transaction. Settlement assets represent amounts receivable from agents, payment networks, bank partners, merchants or direct consumers for submitted merchant transactions, and funds received by the Company in advance of paying to merchants or payees. Settlement obligations represent the unpaid amounts that are due to merchants and payees for their payment transactions and collateral deposits.

The principal components of the Company’s settlement assets and obligations were as follows:

	December 31,
(In millions)	2023		2022
Settlement assets
Cash and cash equivalents	$	1,756	$	2,283
Receivables	25,925		19,199
Total settlement assets	$	27,681	$	21,482
Settlement obligations
Payment instruments outstanding	$	733	$	650
Card settlements and collateral deposits due to merchants	26,948		20,832
Total settlement obligations	$	27,681	$	21,482