v3.24.2
Deposits (Tables)
 6 Months Ended
Jun. 30, 2024
Banking and Thrift, Interest [Abstract]  
Schedule of Deposits
The following table presents the composition of deposits, which are classified as short-term or long-term based on their contractual maturities:
(in millions)June 30, 2024December 31, 2023
Customer deposits$259.7 $195.9 
Contractual deposits with maturities within 1 year(1),(2)
487.6 500.8 
Interest-bearing money market deposits1
271.5 226.0 
HSA deposits(3)
3,270.0 3,020.0 
Short-term deposits$4,288.8 $3,942.8 
Contractual deposits with maturities greater than 1 year(1),(2)
— 129.8 
Total deposits$4,288.8 $4,072.6 
Weighted average cost of HSA deposits outstanding0.11 %0.11 %
Weighted average cost of funds on contractual deposits outstanding3.98 %3.53 %
Weighted average cost of interest-bearing money market deposits outstanding5.48 %5.47 %
(1)As of June 30, 2024 and December 31, 2023, all certificates of deposit and money market deposits were in denominations of $250,000 or less, corresponding to FDIC deposit insurance limits.
(2)Includes certificates of deposit and certain money market deposits, which have a fixed maturity and substantially fixed interest rates.
(3)HSA deposits are recorded within short-term deposits on the condensed consolidated balance sheets as the funds can be withdrawn by the account holders at any time.