Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 24, 2014 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'EURONET WORLDWIDE INC | ' |
Entity Central Index Key | '0001029199 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 52,598,776 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $451,187 | $209,826 |
Restricted cash | 59,157 | 77,987 |
Inventory - PINs and other | 68,760 | 92,757 |
Trade accounts receivable, net of allowances for doubtful accounts of $22,923 at September 30, 2014 and $22,079 at December 31, 2013 | 321,361 | 390,563 |
Prepaid expenses and other current assets | 103,954 | 69,242 |
Total current assets | 1,004,419 | 840,375 |
Property and equipment, net of accumulated depreciation of $243,617 at September 30, 2014 and $231,327 at December 31, 2013 | 123,359 | 116,230 |
Goodwill | 619,285 | 498,435 |
Acquired intangible assets, net of accumulated amortization of $110,131 at September 30, 2014 and $132,927 at December 31, 2013 | 170,184 | 93,026 |
Other assets, net of accumulated amortization of $28,611 at September 30, 2014 and $25,363 at December 31, 2013 | 48,786 | 50,049 |
Total assets | 1,966,033 | 1,598,115 |
Current liabilities: | ' | ' |
Trade accounts payable | 385,615 | 457,274 |
Accrued expenses and other current liabilities | 371,707 | 213,284 |
Current portion of capital lease obligations | 2,332 | 2,361 |
Short-term debt obligations and current maturities of long-term debt obligations | 9,423 | 10,903 |
Income taxes payable | 16,572 | 15,656 |
Deferred revenue | 27,521 | 32,533 |
Total current liabilities | 813,170 | 732,011 |
Debt obligations, net of current portion | 364,910 | 188,510 |
Capital lease obligations, net of current portion | 1,892 | 2,872 |
Deferred income taxes | 37,888 | 17,695 |
Other long-term liabilities | 17,922 | 18,572 |
Total liabilities | 1,235,782 | 959,660 |
Euronet Worldwide, Inc. stockholders' equity: | ' | ' |
Preferred Stock, $0.02 par value. 10,000,000 shares authorized; none issued | 0 | 0 |
Common Stock, $0.02 par value. 90,000,000 shares authorized; 56,265,576 issued at September 30, 2014 and 54,276,761 issued at December 31, 2013 | 1,125 | 1,086 |
Additional paid-in-capital | 885,200 | 809,640 |
Treasury stock, at cost, 3,669,074 shares at September 30, 2014 and 3,650,519 shares at December 31, 2013 | -69,125 | -68,122 |
Accumulated deficit | -24,468 | -96,029 |
Accumulated other comprehensive loss | -64,534 | -10,453 |
Total Euronet Worldwide, Inc. stockholders' equity | 728,198 | 636,122 |
Noncontrolling interests | 2,053 | 2,333 |
Total equity | 730,251 | 638,455 |
Total liabilities and equity | $1,966,033 | $1,598,115 |
Balance_Sheet_Parenthetical_Pa
Balance Sheet Parenthetical (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $22,923 | $22,079 |
Accumulated depreciation of property and equipment | 243,617 | 231,327 |
Accumulated amortization of intangible assets | 110,131 | 132,927 |
Accumulated amortization of other assets | $28,611 | $25,363 |
Preferred Stock, par value per share | $0.02 | $0.02 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Common Stock, par value per share | $0.02 | $0.02 |
Common Stock, shares authorized | 90,000,000 | 90,000,000 |
Common Stock, shares issued | 56,265,576 | 54,276,761 |
Treasury Stock, shares | 3,669,074 | 3,650,519 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | $453,422 | $360,580 | $1,202,199 | $1,037,767 |
Operating expenses: | ' | ' | ' | ' |
Direct operating costs | 274,814 | 223,551 | 743,789 | 656,933 |
Salaries and benefits | 64,587 | 52,819 | 178,529 | 153,298 |
Selling, general and administrative | 43,968 | 33,254 | 117,820 | 95,714 |
Acquisition-related contingent consideration gain | 0 | -19,319 | 0 | -19,319 |
Depreciation and amortization | 19,321 | 14,930 | 52,819 | 48,838 |
Total operating expenses | 402,690 | 305,235 | 1,092,957 | 935,464 |
Operating income | 50,732 | 55,345 | 109,242 | 102,303 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 797 | 527 | 1,956 | 1,438 |
Interest expense | -3,046 | -2,938 | -7,476 | -8,372 |
(Loss) income from unconsolidated affiliates | -33 | 0 | -64 | 260 |
Foreign currency exchange (loss) gain, net | -711 | 2,899 | -5,067 | 2,658 |
Other gains | 0 | 2,809 | 0 | 2,397 |
Other (expense) income, net | -2,993 | 3,297 | -10,651 | -1,619 |
Income before income taxes | 47,739 | 58,642 | 98,591 | 100,684 |
Income tax expense | -12,830 | -10,668 | -27,261 | -22,485 |
Net income | 34,909 | 47,974 | 71,330 | 78,199 |
Net loss (income) attributable to noncontrolling interests | 128 | -100 | 231 | -208 |
Net income attributable to Euronet Worldwide, Inc. | $35,037 | $47,874 | $71,561 | $77,991 |
Earnings per share attributable to Euronet Worldwide, Inc. stockholders - basic | $0.67 | $0.96 | $1.39 | $1.57 |
Earnings per share attributable to Euronet Worldwide, Inc. stockholders - diluted | $0.64 | $0.92 | $1.33 | $1.51 |
Weighted average number of shares outstanding - basic | 52,512,474 | 50,093,786 | 51,658,823 | 49,829,379 |
Weighted average number of shares outstanding - diluted | 54,619,793 | 52,200,472 | 53,740,151 | 51,579,644 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $34,909 | $47,974 | $71,330 | $78,199 |
Translation adjustment | -61,557 | 22,072 | -54,221 | -6,004 |
Comprehensive (loss) income | -26,648 | 70,046 | 17,109 | 72,195 |
Comprehensive loss (income) attributable to noncontrolling interests | 257 | -207 | 371 | -306 |
Comprehensive (loss) income attributable to Euronet Worldwide, Inc. | ($26,391) | $69,839 | $17,480 | $71,889 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $71,330 | $78,199 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 52,819 | 48,838 |
Share-based compensation | 9,631 | 9,012 |
Unrealized foreign exchange loss, net | 5,067 | -2,658 |
Deferred income taxes | -3,470 | -93 |
Loss (income) from unconsolidated affiliates | 64 | -260 |
Amortization of debt issuance costs | 854 | 797 |
Acquisition-related contingent consideration gain | 0 | -19,319 |
Equity Method Investment, Realized Gain (Loss) on Disposal | 0 | -2,827 |
Changes in working capital, net of amounts acquired: | ' | ' |
Income taxes payable, net | 760 | 3,181 |
Restricted cash | 16,115 | 5,206 |
Inventory - PINs and other | 20,287 | 37,599 |
Trade accounts receivable | 51,174 | 50,767 |
Prepaid expenses and other current assets | -11,819 | 8,782 |
Trade accounts payable | -55,762 | -128,449 |
Deferred revenue | -3,259 | -6,697 |
Accrued expenses and other current liabilities | 67,073 | 66,097 |
Changes in noncurrent assets and liabilities | 3,775 | 2,389 |
Net cash provided by operating activities | 224,639 | 150,564 |
Cash flows from investing activities: | ' | ' |
Acquisitions, net of cash acquired | -84,703 | -30,847 |
Purchases of property and equipment | -45,673 | -27,631 |
Purchases of other long-term assets | -4,276 | -4,856 |
Proceeds from sale of equity method investment | 0 | 7,609 |
Other, net | 219 | 731 |
Net cash used in investing activities | -134,433 | -54,994 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of shares | 7,360 | 7,487 |
Borrowings from revolving credit agreements | 2,001,386 | 1,508,463 |
Repayments of revolving credit agreements | -1,833,796 | -1,550,329 |
Proceeds from long-term debt obligations | 9,000 | 0 |
Repayments of long-term debt obligations | -3,876 | -8,086 |
Repayments of capital lease obligations | -1,897 | -2,016 |
Borrowings from short-term debt obligations, net | 2,778 | 0 |
Purchase of subsidiary shares from noncontrolling interests | 0 | 7,878 |
Other, net | -1,812 | -163 |
Net cash provided by (used in) financing activities | 179,143 | -52,522 |
Effect of exchange rate changes on cash and cash equivalents | -27,988 | -12 |
Increase in cash and cash equivalents | 241,361 | 43,036 |
Cash and cash equivalents at beginning of period | 209,826 | 201,435 |
Cash and cash equivalents at end of period | 451,187 | 244,471 |
Interest paid during the period | 5,861 | 6,143 |
Income taxes paid during the period | 29,645 | 23,227 |
Equity issued in connection with acquisitions | 56,554 | 5,296 |
Contingent consideration in connection with acquisition | $0 | $21,725 |
General
General | 9 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
GENERAL | ' |
GENERAL | |
Organization | |
Euronet Worldwide, Inc. (together with its subsidiaries, the “Company” or “Euronet”) was established as a Delaware corporation on December 13, 1997 and succeeded Euronet Holding N.V. as the group holding company, which was founded and established in 1994. Euronet is a leading electronic payments provider. Euronet offers payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers. Euronet's primary product offerings include comprehensive automated teller machine (“ATM”), point-of-sale (“POS”), card outsourcing, card issuing and merchant acquiring services; electronic distribution of prepaid mobile airtime and other electronic payment products; and global money transfer services. | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared from the records of the Company, in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, such unaudited consolidated financial statements contain all adjustments (consisting of normal interim closing procedures) necessary to present fairly on a consolidated basis the financial position of the Company as of September 30, 2014, the results of its operations for the three and nine months ended September 30, 2014 and 2013 and cash flows for the nine months ended September 30, 2014 and 2013. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements of the Company for the year ended December 31, 2013, including the notes thereto, set forth in the Company’s 2013 Annual Report on Form 10-K. | |
Use of Estimates | |
The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year ending December 31, 2014. | |
Seasonality | |
Euronet’s EFT Processing segment and epay segment are significantly impacted by seasonality during the fourth quarter and first quarter of each year due to higher transaction levels during the holiday season and lower levels following the holiday season. Additionally, mostly in Europe, the EFT Processing business experiences its heaviest demand for dynamic currency conversion services during the third quarter of the fiscal year, coinciding with the tourist season. Seasonality in the money transfer segment varies by regions of the world. In most markets, Euronet usually experiences increased demand for money transfer services from the month of May through the fourth quarter of each year, coinciding with the increase in worker migration patterns and various holidays, and experiences its lowest transaction levels during the first quarter of each year. |
Recently_Issued_and_Adopted_Ac
Recently Issued and Adopted Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recently Issued and Adopted Accounting Pronouncements | ' |
RECENTLY ISSUED AND ADOPTED ACCOUNTING PRONOUNCEMENTS | |
Recently Issued | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will become effective for the Company on January 1, 2017 and early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
Recently Adopted | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). The amendments in ASU 2013-11 provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The Company adopted ASU 2013-11 as of January 1, 2014, and its adoption did not have a material impact on the Company's results of operations, cash flows or financial position. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Stockholders' Equity Attributable to Parent [Abstract] | ' | |||||||||||
Stockholders' Equity | ' | |||||||||||
STOCKHOLDERS' EQUITY | ||||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share has been computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted earnings per share has been computed by dividing earnings available to common stockholders by the weighted average shares outstanding during the respective period, after adjusting for any potential dilution of options to purchase the Company's common stock, assumed vesting of restricted stock and the assumed conversion of the Company’s convertible debentures. The following table provides the computation of diluted weighted average number of common shares outstanding: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Computation of diluted weighted average shares outstanding: | ||||||||||||
Basic weighted average shares outstanding | 52,512,474 | 50,093,786 | 51,658,823 | 49,829,379 | ||||||||
Incremental shares from assumed exercise of stock options and vesting of restricted stock | 2,107,319 | 2,025,802 | 2,081,328 | 1,664,274 | ||||||||
Incremental shares from assumed conversion of convertible debentures | — | 80,884 | — | 85,991 | ||||||||
Diluted weighted average shares outstanding | 54,619,793 | 52,200,472 | 53,740,151 | 51,579,644 | ||||||||
The table includes the impact of all stock options and restricted stock that are dilutive to the Company’s weighted average common shares outstanding during the three and nine months ended September 30, 2014 and 2013. The calculation of diluted earnings per share excludes stock options or shares of restricted stock that are anti-dilutive to the Company’s weighted average common shares outstanding of approximately 693,000 and 695,000 for the three and nine months ended September 30, 2014, respectively, and approximately 528,000 and 1,029,000 for the three and nine months ended September 30, 2013, respectively. | ||||||||||||
During the three and nine months ended September 30, 2013, the Company had convertible debentures outstanding that, if converted, would have had a potentially dilutive effect on the Company’s common stock. In September 2013, the Company repurchased at par the remaining $3.6 million of principal amount of the convertible debentures outstanding. As required by Accounting Standards Codification ("ASC") Topic 260, Earnings per Share, if dilutive, the impact of the contingently issuable common shares must be included in the calculation of diluted earnings per share under the “if-converted” method, regardless of whether the conditions upon which the debentures would be convertible into shares of the Company’s common stock have been met. Under the if-converted method, the dilutive effect of the assumed conversion of the debentures was 80,884 shares and 85,991 shares for the three and nine months ended September 30, 2013, respectively. | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
Accumulated other comprehensive loss consists entirely of foreign currency translation adjustments. The Company recorded a foreign currency translation loss of $61.6 million and $54.2 million for the three and nine months ended September 30, 2014, respectively, and a foreign currency translation gain of $22.1 million and a loss of $6.0 million for the three and nine months ended September 30, 2013, respectively. For the three and nine months ended September 30, 2013, the Company reclassified $0.3 million of foreign currency translation into the consolidated statements of income. There were no reclassifications of foreign currency translation into the consolidated statements of income for the three and nine months ended September 30, 2014. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Acquisitions [Abstract] | ' | ||||||
Acquisitions | ' | ||||||
ACQUISITIONS | |||||||
On May 20, 2014, the Company completed the acquisition of all of the capital stock of EIM (FX) Limited and TBK (FM) Limited (the "Acquired Companies") pursuant to a Share Purchase Agreement dated March 7, 2014 (the "Purchase Agreement") among the Company and the selling shareholders (the "Sellers"). The Acquired Companies, each a United Kingdom limited company, own subsidiaries that operate under the brand names HiFX and HiFM, respectively. | |||||||
HiFX offers account-to-account international payment services to high-income individuals and small-to-medium sized businesses, complementing Euronet’s existing consumer-to-consumer money transfer business. HiFX has an innovative multi-channel platform which allows customers to make transfers, track payments and manage their international payment activity online or through a customer service representative. HiFM offers cash management solutions and foreign currency risk management services to small-to-medium sized businesses. | |||||||
Under the terms of the Purchase Agreement, the Sellers received purchase consideration (the "Purchase Consideration") of £111.8 million in cash ($188.0 million), including working capital adjustments finalized in the third quarter of 2014, and 1,262,654 shares of Euronet common stock, with a fair value at date of acquisition of $56.6 million (the "Consideration Shares"). An amount equal to $16.0 million of the cash portion of the Purchase Consideration and all of the Consideration Shares were placed in escrow at closing as security for the Sellers' indemnification and other obligations under the Purchase Agreement. Any Purchase Consideration remaining in escrow will be released to the Sellers two years following the closing date, net of any pending indemnification or other claims under the Purchase Agreement. | |||||||
The Purchase Consideration was allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their respective fair values at the date of acquisition. None of the goodwill or intangible asset amounts are expected to be deductible for income tax purposes. Pro-forma results of operations, assuming this acquisition was made at the beginning of the earliest period presented, have not been presented because the effect of this acquisition was not material to our results. The net assets of the Acquired Companies and their results from operations are included in the Money Transfer Segment's results. | |||||||
During the third quarter of 2014, the Company adjusted the purchase price allocation of the Acquired Companies and expects to finalize the allocation by the end of 2014. Changes from our preliminary estimates as of June 30, 2014 were not material to our consolidated financial statements. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date. | |||||||
(in thousands) | As of May 20, 2014 | ||||||
Cash and cash equivalents | $ | 103,319 | |||||
Derivative assets | 26,597 | ||||||
Other current assets | 2,902 | ||||||
Intangible assets | 102,841 | ||||||
Other long-term assets | 627 | ||||||
Total assets acquired | 236,286 | ||||||
Trade accounts payable | (1,253 | ) | |||||
Accrued expenses and other current liabilities | (7,037 | ) | |||||
Derivative liabilities | (18,187 | ) | |||||
Settlement obligations and customer deposits | (97,781 | ) | |||||
Deferred tax liabilities | (23,524 | ) | |||||
Other long-term liabilities | (677 | ) | |||||
Total liabilities assumed | (148,459 | ) | |||||
Goodwill | 156,748 | ||||||
Net assets acquired | $ | 244,575 | |||||
The intangible assets of the Acquired Companies are being amortized on a straight-line basis, and the estimated fair values consist of the following: | |||||||
(in thousands) | Fair Value | Estimated | |||||
Useful Life | |||||||
Proprietary software | $ | 61,704 | 10 years | ||||
Customer relationships | 26,764 | 8 years | |||||
Trade names | 12,247 | 20 years | |||||
Non-compete agreements | 2,126 | 3 years | |||||
Total intangible assets | $ | 102,841 | |||||
Goodwill_and_Acquired_Intangib
Goodwill and Acquired Intangible Assets, Net | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET | ' | ||||||||||||
GOODWILL AND ACQUIRED INTANGIBLE ASSETS, NET | |||||||||||||
A summary of acquired intangible assets and goodwill activity for the nine months ended September 30, 2014 is presented below: | |||||||||||||
(in thousands) | Acquired | Goodwill | Total | ||||||||||
Intangible | Intangible | ||||||||||||
Assets | Assets | ||||||||||||
Balance as of December 31, 2013 | $ | 93,026 | $ | 498,435 | $ | 591,461 | |||||||
Increases (decreases): | |||||||||||||
Acquisition | 102,841 | 156,748 | 259,589 | ||||||||||
Amortization | (17,661 | ) | — | (17,661 | ) | ||||||||
Other (primarily changes in foreign currency exchange rates) | (8,022 | ) | (35,898 | ) | (43,920 | ) | |||||||
Balance as of September 30, 2014 | $ | 170,184 | $ | 619,285 | $ | 789,469 | |||||||
Estimated amortization expense on intangible assets with finite lives, before income taxes, as of September 30, 2014, is expected to total $6.9 million for the remainder of 2014, $22.7 million for 2015, $21.1 million for 2016, $18.9 million for 2017, $16.5 million for 2018 and $15.7 million for 2019. | |||||||||||||
The Company’s annual goodwill impairment test is performed during the fourth quarter of its fiscal year. The annual impairment test for the year ended December 31, 2013 resulted in the Company recording a non-cash goodwill impairment charge of $18.4 million during the fourth quarter of 2013 with respect to certain reporting units included in the Company's epay segment. | |||||||||||||
Determining the fair value of reporting units requires significant management judgment in estimating future cash flows and assessing potential market and economic conditions. It is reasonably possible that the Company’s operations will not perform as expected, or that the estimates or assumptions included in the 2013 annual impairment test could change, which may result in the Company recording additional material non-cash impairment charges during the year in which these changes take place. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | ' | ||||||||
Accrued Expenses and Other Current Liabilities | ' | ||||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | |||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||
As of | |||||||||
(in thousands) | September 30, 2014 | December 31, 2013 | |||||||
Accrued expenses | $ | 188,311 | $ | 84,429 | |||||
Accrued amounts due to mobile operators and other content providers | 58,829 | 78,398 | |||||||
Money transfer settlement obligations | 89,430 | 49,757 | |||||||
Derivative liabilities | 34,287 | 82 | |||||||
Deferred income taxes | 850 | 618 | |||||||
Total | $ | 371,707 | $ | 213,284 | |||||
Debt_Obligations
Debt Obligations | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
DEBT OBLIGATIONS [Abstract] | ' | ||||||||||||||||||||
DEBT OBLIGATIONS | ' | ||||||||||||||||||||
DEBT OBLIGATIONS | |||||||||||||||||||||
A summary of debt obligation activity for the nine months ended September 30, 2014 is presented below: | |||||||||||||||||||||
(in thousands) | Revolving | Other Debt | Capital | Term Loan A | Total | ||||||||||||||||
Credit | Obligations | Leases | |||||||||||||||||||
Facilities | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 129,010 | $ | 2,403 | $ | 5,233 | $ | 68,000 | $ | 204,646 | |||||||||||
Increases (decreases): | |||||||||||||||||||||
Net borrowings (repayments) | 182,625 | 2,778 | (1,028 | ) | 5,125 | 189,500 | |||||||||||||||
Capital lease interest | — | — | 227 | — | 227 | ||||||||||||||||
Foreign currency exchange gain | (15,164 | ) | (444 | ) | (208 | ) | — | (15,816 | ) | ||||||||||||
Balance at September 30, 2014 | 296,471 | 4,737 | 4,224 | 73,125 | 378,557 | ||||||||||||||||
Less — current maturities | — | (4,737 | ) | (2,332 | ) | (4,686 | ) | (11,755 | ) | ||||||||||||
Long-term obligations at September 30, 2014 | $ | 296,471 | $ | — | $ | 1,892 | $ | 68,439 | $ | 366,802 | |||||||||||
Credit Facility | |||||||||||||||||||||
As of September 30, 2014, the Company had a $675 million senior secured credit facility (the "Credit Facility") consisting of a $600 million revolving credit facility and a $75 million term loan ("Term Loan A"), which had been reduced to $73.1 million through principal amortization payments. | |||||||||||||||||||||
On April 9, 2014, the Company amended and restated the Credit Agreement to, among other things, (i) increase the amount of Term Loan A from $66 million to $75 million, (ii) increase the aggregate credit commitments under the revolving credit facility from $400 million to $600 million, (iii) reduce the margin over the London Inter-Bank Offered Rate (“LIBOR”) rate and base rate by 12.5 basis points, and (iv) extend the expiration date of the Credit Agreement from August 18, 2016 to April 9, 2019. In connection with the amendment, the Company incurred $2.5 million in debt issuance costs, which are being amortized over the term of the Credit Facility. | |||||||||||||||||||||
Interest on borrowings under the revolving credit facility and Term Loan A varies based upon the Company's consolidated total leverage ratio, as defined in the Company's Credit Agreement, and during the third quarter of 2014 was based on a margin over LIBOR or a margin over a base rate, as selected by the Company, with the applicable margin ranging from 1.375% to 2.375% for LIBOR loans or 0.375% to 1.375% for base rate loans. Accordingly, the weighted average interest rate for borrowings outstanding under the Company's revolving credit facility and Term Loan A was 1.96% and 1.78%, respectively, as of September 30, 2014, excluding amortization of deferred financing costs. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract] | ' | ||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | ' | ||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES | |||||||||||||||||||||||||
The Company is exposed to foreign currency exchange risk resulting from (i) the collection of funds or the settlement of money transfer transactions in currencies other than the U.S. Dollar, (ii) derivative contracts written to its customers in connection with providing cross-currency money transfer services and (iii) short-term borrowings that are payable in currencies other than the U.S dollar. The Company enters into foreign currency derivative contracts, primarily foreign currency forwards and cross-currency swaps, to minimize its exposure related to fluctuations in foreign currency exchange rates. As a matter of Company policy, the derivative instruments used in these activities are economic hedges and are not designated as hedges under Accounting Standards Codification ("ASC") Topic 815, Derivatives and Hedging, primarily due to either the relatively short duration of the contract term or the effects of fluctuations in currency exchange rates are reflected concurrently in earnings for both the derivative instrument and the transaction and have an offsetting effect. | |||||||||||||||||||||||||
Foreign currency exchange contracts - Ria Operations | |||||||||||||||||||||||||
In the United States, the Company uses short-duration foreign currency forward contracts, generally with maturities up to 14 days, to offset the fluctuation in foreign currency exchange rates on the collection of money transfer funds between initiation of a transaction and its settlement. Due to the short duration of these contracts and the Company’s credit profile, the Company is generally not required to post collateral with respect to these foreign currency forward contracts. Most derivative contracts executed with counterparties in the U.S. are governed by an International Swaps and Derivatives Association agreement that includes standard netting arrangements; therefore, asset and liability positions from forward contracts and all other foreign exchange transactions with the same counterparty are net settled upon maturity. | |||||||||||||||||||||||||
As of September 30, 2014, the Company had foreign currency forward contracts outstanding in the U.S. with a notional value of $97 million, primarily in Australian dollars, Canadian dollars, British pounds, euros and Mexican pesos. | |||||||||||||||||||||||||
Foreign currency exchange contracts - HiFX Operations | |||||||||||||||||||||||||
As discussed in Note 4, Acquisitions, on May 20, 2014, the Company acquired EIM (FX) Limited, which owns subsidiaries that operate under the brand name HiFX. HiFX writes derivative instruments, primarily foreign currency forward contracts and cross-currency swaps, mostly with counterparties comprised of individuals and small-to-medium size businesses and derives a currency margin from this activity as part of its operations. HiFX aggregates its foreign currency exposures arising from customer contracts and hedges the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties. Foreign exchange revenues from HiFX's total portfolio of positions were $15.9 million and $23.0 million for the three and nine months ended September 30, 2014, respectively. All of the derivative contracts used in the Company' s HiFX operations are economic hedges and are not designated as hedges under ASC Topic 815, Derivatives and Hedging. The duration of these derivative contracts is generally less than one year. | |||||||||||||||||||||||||
The fair value of HiFX's total portfolio of positions can change significantly from period to period based on, among other factors, market movements and changes in customer contract positions. HiFX manages counterparty credit risk (the risk that counterparties will default and not make payments according to the terms of the agreements) on an individual counterparty basis. It mitigates this risk by entering into contracts with collateral posting requirements and/or by performing financial assessments prior to contract execution, conducting periodic evaluations of counterparty performance and maintaining a diverse portfolio of qualified counterparties. HiFX does not expect any significant losses from counterparty defaults. | |||||||||||||||||||||||||
The aggregate equivalent U.S. dollar notional amounts of foreign currency derivative customer contracts held by the Company in its HiFX operations as of September 30, 2014 was approximately $831 million. The significant majority of customer contracts are written in major currencies such as the euro, Canadian dollar, British pound, and Australian dollar. | |||||||||||||||||||||||||
Balance Sheet Presentation | |||||||||||||||||||||||||
The following table summarizes the fair value of the derivative instruments as recorded in the Consolidated Balance Sheets as of the dates below: | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||
(in thousands) | Balance Sheet Location | September 30, 2014 | December 31, 2013 | Balance Sheet Location | September 30, 2014 | December 31, 2013 | |||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Foreign currency exchange contracts | Other current assets | $ | 38,480 | $ | — | Other current liabilities | $ | (34,287 | ) | $ | (82 | ) | |||||||||||||
The following tables summarize the gross and net fair value of derivative assets and liabilities as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||
As of September 30, 2014 | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | |||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | 38,551 | $ | (71 | ) | $ | 38,480 | $ | (23,379 | ) | $ | (6,387 | ) | $ | 8,714 | ||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | 96 | $ | (96 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||
As of September 30, 2014 | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | |||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | (34,358 | ) | $ | 71 | $ | (34,287 | ) | $ | 23,379 | $ | 906 | $ | (10,002 | ) | ||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | (178 | ) | $ | 96 | $ | (82 | ) | $ | — | $ | — | $ | (82 | ) | ||||||||||
Income Statement Presentation | |||||||||||||||||||||||||
The following tables summarize the location and amount of gains and losses of derivatives in the Consolidated Statements of Income for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivative Contracts (a) | |||||||||||||||||||||||||
Location of Gain (Loss) Recognized in Income on Derivative Contracts | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Foreign currency exchange contracts - Ria Operations | Foreign currency exchange loss (gain), net | $ | 1,501 | $ | 1 | $ | 348 | $ | (269 | ) | |||||||||||||||
(a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its HiFX operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above. | |||||||||||||||||||||||||
See Note 9, Fair Value Measurements, for the determination of the fair values of derivatives. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||||
Fair value measurements used in the consolidated financial statements are based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||||||||||||||||||
• | Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||
• | Level 2 – Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. | ||||||||||||||||||
• | Level 3 – Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the inputs that market participants would use in pricing. | ||||||||||||||||||
The following table details financial assets and liabilities measured and recorded at fair value on a recurring basis: | |||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||
(in thousands) | Balance Sheet Classification | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||||
Foreign currency exchange contracts | Other current assets | $ | — | $ | 38,480 | $ | — | $ | 38,480 | ||||||||||
Liabilities | |||||||||||||||||||
Foreign currency exchange contracts | Other current liabilities | $ | — | $ | (34,287 | ) | $ | — | $ | (34,287 | ) | ||||||||
As of December 31, 2013 | |||||||||||||||||||
(in thousands) | Balance Sheet Classification | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Liabilities | |||||||||||||||||||
Foreign currency exchange contracts | Other current liabilities | $ | — | $ | (82 | ) | $ | — | $ | (82 | ) | ||||||||
Other Fair Value Disclosures | |||||||||||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable, trade accounts payable, accrued expenses and other current obligations approximate their fair values because of the relatively short-term maturities of these financial instruments. The carrying values of the Company’s long-term debt, including the current portion, approximate fair value because interest is primarily based on LIBOR, which resets at various intervals of less than one year. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||
SEGMENT INFORMATION | ' | ||||||||||||||||||||
SEGMENT INFORMATION | |||||||||||||||||||||
The Company’s reportable operating segments have been determined in accordance with ASC Topic 280, Segment Reporting. The Company currently operates in the following three reportable operating segments: | |||||||||||||||||||||
1) | Through the EFT Processing Segment, the Company processes transactions for a network of ATMs and POS terminals across Europe, the Middle East and Asia Pacific. The Company provides comprehensive electronic payment solutions consisting of ATM cash withdrawal services, ATM network participation, outsourced ATM and POS management solutions, credit and debit card outsourcing, dynamic currency conversion and other value added services. Through this segment, the Company also offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. | ||||||||||||||||||||
2) | Through the epay Segment, the Company provides distribution, processing and collection services for prepaid mobile airtime and other electronic payment products in Europe, the Middle East, Asia Pacific, the United States and South America. | ||||||||||||||||||||
3) | Through the Money Transfer Segment, the Company provides global money transfer services under the brand names Ria and HiFX. Ria provides global consumer-to-consumer money transfer services through a network of sending agents, Company-owned stores and a Company-owned website, disbursing money transfers through a worldwide correspondent network. HiFX offers account-to-account international payment services to high-income individuals and small-to-medium sized businesses. The Company also offers customers bill payment services, payment alternatives such as money orders and prepaid debit cards, comprehensive check cashing services, foreign currency exchange services and mobile top-up. The Company provides cash management solutions and foreign currency risk management services to small-to-medium sized businesses under the brand name HiFM. | ||||||||||||||||||||
In addition, the Company accounts for non-operating activity, most share-based compensation expense, certain intersegment eliminations and the costs of providing corporate and other administrative services in its administrative division, “Corporate Services, Eliminations and Other.” These services are not directly identifiable with the Company’s reportable operating segments. | |||||||||||||||||||||
The following tables present the Company’s reportable segment results for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||
For the Three Months Ended September 30, 2014 | |||||||||||||||||||||
(in thousands) | EFT | epay | Money | Corporate | Consolidated | ||||||||||||||||
Processing | Transfer | Services, | |||||||||||||||||||
Eliminations | |||||||||||||||||||||
and Other | |||||||||||||||||||||
Total revenues | $ | 107,503 | $ | 195,086 | $ | 151,250 | $ | (417 | ) | $ | 453,422 | ||||||||||
Operating expenses: | |||||||||||||||||||||
Direct operating costs | 46,612 | 153,121 | 75,455 | (374 | ) | 274,814 | |||||||||||||||
Salaries and benefits | 12,155 | 14,356 | 32,219 | 5,857 | 64,587 | ||||||||||||||||
Selling, general and administrative | 6,516 | 11,160 | 23,747 | 2,545 | 43,968 | ||||||||||||||||
Depreciation and amortization | 8,010 | 3,998 | 7,246 | 67 | 19,321 | ||||||||||||||||
Total operating expenses | 73,293 | 182,635 | 138,667 | 8,095 | 402,690 | ||||||||||||||||
Operating income (expense) | $ | 34,210 | $ | 12,451 | $ | 12,583 | $ | (8,512 | ) | $ | 50,732 | ||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | EFT | epay | Money | Corporate | Consolidated | ||||||||||||||||
Processing | Transfer | Services, | |||||||||||||||||||
Eliminations | |||||||||||||||||||||
and Other | |||||||||||||||||||||
Total revenues | $ | 83,594 | $ | 182,629 | $ | 95,276 | $ | (919 | ) | $ | 360,580 | ||||||||||
Operating expenses: | |||||||||||||||||||||
Direct operating costs | 36,576 | 142,284 | 45,588 | (897 | ) | 223,551 | |||||||||||||||
Salaries and benefits | 10,195 | 13,494 | 23,120 | 6,010 | 52,819 | ||||||||||||||||
Selling, general and administrative | 5,249 | 10,687 | 14,521 | 2,797 | 33,254 | ||||||||||||||||
Acquisition-related contingent consideration gain | (19,319 | ) | — | — | — | (19,319 | ) | ||||||||||||||
Depreciation and amortization | 6,273 | 4,036 | 4,530 | 91 | 14,930 | ||||||||||||||||
Total operating expenses | 38,974 | 170,501 | 87,759 | 8,001 | 305,235 | ||||||||||||||||
Operating income (expense) | $ | 44,620 | $ | 12,128 | $ | 7,517 | $ | (8,920 | ) | $ | 55,345 | ||||||||||
For the Nine Months Ended September 30, 2014 | |||||||||||||||||||||
(in thousands) | EFT | epay | Money | Corporate | Consolidated | ||||||||||||||||
Processing | Transfer | Services, | |||||||||||||||||||
Eliminations | |||||||||||||||||||||
and Other | |||||||||||||||||||||
Total revenues | $ | 271,580 | $ | 562,129 | $ | 369,568 | $ | (1,078 | ) | $ | 1,202,199 | ||||||||||
Operating expenses: | |||||||||||||||||||||
Direct operating costs | 125,773 | 434,984 | 183,985 | (953 | ) | 743,789 | |||||||||||||||
Salaries and benefits | 35,127 | 41,856 | 83,472 | 18,074 | 178,529 | ||||||||||||||||
Selling, general and administrative | 19,167 | 31,433 | 57,438 | 9,782 | 117,820 | ||||||||||||||||
Depreciation and amortization | 22,951 | 12,323 | 17,337 | 208 | 52,819 | ||||||||||||||||
Total operating expenses | 203,018 | 520,596 | 342,232 | 27,111 | 1,092,957 | ||||||||||||||||
Operating income (expense) | $ | 68,562 | $ | 41,533 | $ | 27,336 | $ | (28,189 | ) | $ | 109,242 | ||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | EFT | epay | Money | Corporate | Consolidated | ||||||||||||||||
Processing | Transfer | Services, | |||||||||||||||||||
Eliminations | |||||||||||||||||||||
and Other | |||||||||||||||||||||
Total revenues | $ | 219,149 | $ | 548,867 | $ | 271,536 | $ | (1,785 | ) | $ | 1,037,767 | ||||||||||
Operating expenses: | |||||||||||||||||||||
Direct operating costs | 104,103 | 424,343 | 130,221 | (1,734 | ) | 656,933 | |||||||||||||||
Salaries and benefits | 29,409 | 41,976 | 64,601 | 17,312 | 153,298 | ||||||||||||||||
Selling, general and administrative | 16,530 | 30,689 | 40,621 | 7,874 | 95,714 | ||||||||||||||||
Acquisition-related contingent consideration gain | (19,319 | ) | — | — | — | (19,319 | ) | ||||||||||||||
Depreciation and amortization | 22,242 | 12,569 | 13,751 | 276 | 48,838 | ||||||||||||||||
Total operating expenses | 152,965 | 509,577 | 249,194 | 23,728 | 935,464 | ||||||||||||||||
Operating income (expense) | $ | 66,184 | $ | 39,290 | $ | 22,342 | $ | (25,513 | ) | $ | 102,303 | ||||||||||
The following table presents the Company’s property and equipment and total assets by reportable segment: | |||||||||||||||||||||
Property and Equipment, net as of | Total Assets as of | ||||||||||||||||||||
(in thousands) | September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | |||||||||||||||||
EFT Processing | $ | 71,714 | $ | 64,972 | $ | 452,212 | $ | 347,073 | |||||||||||||
epay | 25,230 | 27,176 | 615,769 | 757,942 | |||||||||||||||||
Money Transfer | 26,202 | 23,768 | 872,515 | 472,390 | |||||||||||||||||
Corporate Services, Eliminations and Other | 213 | 314 | 25,537 | 20,710 | |||||||||||||||||
Total | $ | 123,359 | $ | 116,230 | $ | 1,966,033 | $ | 1,598,115 | |||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2014 | |
INCOME TAXES [Abstract] | ' |
INCOME TAXES | ' |
INCOME TAXES | |
The Company's effective income tax rates were 26.9% and 18.2% for the three months ended September 30, 2014 and 2013, respectively, and 27.7% and 22.3% for the nine months ended September 30, 2014 and 2013, respectively. The Company's effective income tax rates for the three and nine months ended September 30, 2014 and 2013 were lower than the applicable statutory income tax rate of 35% primarily because of the Company's U.S. income tax positions. The Company does not have a history of significant taxable income in the U.S.; therefore, the Company has recorded a valuation allowance against its U.S. federal tax net operating loss carryforwards. Accordingly, in instances when the Company's U.S. legal entities generate pre-tax U.S. GAAP income, no income tax expense is recognized to the extent there are net operating loss carryforwards to offset pre-tax U.S. GAAP income. The Company’s effective income tax rates for the three and nine months ended September 30, 2013 were lower than the applicable statutory income tax rate of 35% primarily because of the Company’s U.S. income tax positions and the recognition of nontaxable gains from the change in fair value of an acquisition-related contingent consideration liability and the sale of an equity method investment. |
Commitments
Commitments | 9 Months Ended | |
Sep. 30, 2014 | ||
Other Commitments [Line Items] | ' | |
Commitments | ' | |
COMMITMENTS | ||
As of September 30, 2014, the Company had $92.6 million of stand-by letters of credit/bank guarantees issued on its behalf, of which $49.9 million are outstanding under the revolving credit facility. The remaining stand-by letters of credit/bank guarantees are collateralized by $4.3 million of cash deposits held by the respective issuing banks. | ||
Under certain circumstances, Euronet grants guarantees in support of obligations of subsidiaries. As of September 30, 2014, the Company had granted off balance sheet guarantees for cash in various ATM networks amounting to $15.5 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $29.9 million over the terms of agreements with the customers. | ||
Once each of Euronet's subsidiaries reaches a certain size, it is required under the Credit Agreement to provide a guarantee of all or a portion of the outstanding obligations under the Credit Agreement depending upon whether the subsidiary is a domestic or foreign entity. | ||
From time to time, the Company enters into agreements with commercial counterparties that contain indemnification provisions, the terms of which may vary depending on the negotiated terms of each respective agreement. The amount of such potential obligations is generally not stated in the agreements. Euronet's liability under such indemnification provisions may be mitigated by relevant insurance coverage and may be subject to time and materiality limitations, monetary caps and other conditions and defenses. Such indemnification obligations include the following: | ||
• | In connection with contracts with financial institutions in the EFT Processing Segment, the Company is responsible for damage to ATMs and theft of ATM network cash that is not recorded on the Company’s Consolidated Balance Sheets. As of September 30, 2014, the balance of ATM network cash for which the Company was responsible was approximately $433 million. The Company maintains insurance policies to mitigate this exposure; | |
• | In connection with contracts with financial institutions in the EFT Processing Segment, the Company is responsible for losses suffered by its customers and other parties as a result of the breach of its computer systems, including in particular, losses arising from fraudulent transactions made using information stolen through its processing systems. The Company maintains insurance policies to mitigate this exposure; | |
• | In connection with the license of proprietary systems to customers, the Company provides certain warranties and infringement indemnities to the licensee, which generally warrant that such systems do not infringe on intellectual property owned by third parties and that the systems will perform in accordance with their specifications; | |
• | Euronet has entered into purchase and service agreements with vendors and consulting agreements with providers of consulting services, pursuant to which the Company has agreed to indemnify certain of such vendors and consultants, respectively, against third-party claims arising from the Company’s use of the vendor’s product or the services of the vendor or consultant; | |
• | In connection with acquisitions and dispositions of subsidiaries, operating units and business assets, the Company has entered into agreements containing indemnification provisions, which can be generally described as follows: (i) in connection with acquisitions of operating units or assets made by Euronet, the Company has agreed to indemnify the seller against third-party claims made against the seller relating to the operating unit or asset and arising after the closing of the transaction, and (ii) in connection with dispositions made by Euronet, Euronet has agreed to indemnify the buyer against damages incurred by the buyer due to the buyer’s reliance on representations and warranties relating to the subject subsidiary, operating unit or business assets in the disposition agreement if such representations or warranties were untrue when made; and | |
• | Euronet has entered into agreements with certain third parties, including banks that provide fiduciary and other services to Euronet or to the Company’s benefit plans. Under such agreements, the Company has agreed to indemnify such service providers for third-party claims relating to carrying out their respective duties under such agreements. | |
The Company is also required to meet minimum capitalization and cash requirements of various regulatory authorities in the jurisdictions in which the Company has money transfer operations. The Company has obtained surety bonds in compliance with money transfer licensing requirements of the applicable governmental authorities. | ||
To date, the Company is not aware of any significant claims made by the indemnified parties or third parties to guarantee agreements with the Company and, accordingly, no liabilities were recorded as of September 30, 2014 or December 31, 2013. |
Litigation_and_Contingencies
Litigation and Contingencies | 9 Months Ended |
Sep. 30, 2014 | |
Loss Contingencies [Line Items] | ' |
Litigation and Contingencies | ' |
LITIGATION AND CONTINGENCIES | |
Contingencies | |
Unclaimed property compliance - In September 2013, the Company entered into a voluntary disclosure agreement with the Secretary of State of the State of Delaware to determine compliance with Delaware unclaimed property laws. Types of property under examination include, but are not limited to, payroll checks, accounts payable checks and accounts receivable credits for the period 1996 through 2007. The total amount of exposure of this contingency is dependent upon the manner in which the State of Delaware applies its unclaimed property laws. The Company does not currently expect the outcome of this matter to have a material adverse effect on the Company's consolidated financial condition or results of operations. | |
Legal Proceedings | |
From time to time, the Company is a party to legal or regulatory proceedings arising in the ordinary course of its business. Currently, there are no legal proceeding or regulatory findings that management believes, either individually or in the aggregate, would have a material adverse effect on the Company's consolidated financial condition or results of operations. In accordance with U.S. GAAP, the Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Summary of Significant Accounting Policies and Practices [Abstract] | ' |
Recently Issued and Adopted Accounting Pronouncements | ' |
Recently Issued | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will become effective for the Company on January 1, 2017 and early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | |
Recently Adopted | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists ("ASU 2013-11"). The amendments in ASU 2013-11 provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The Company adopted ASU 2013-11 as of January 1, 2014, and its adoption did not have a material impact on the Company's results of operations, cash flows or financial position. |
Stocholders_Equity_Tables
Stocholders' Equity (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Weighted Average Number of Shares [Table Text Block] | ' | |||||||||||
The following table provides the computation of diluted weighted average number of common shares outstanding: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, | September 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Computation of diluted weighted average shares outstanding: | ||||||||||||
Basic weighted average shares outstanding | 52,512,474 | 50,093,786 | 51,658,823 | 49,829,379 | ||||||||
Incremental shares from assumed exercise of stock options and vesting of restricted stock | 2,107,319 | 2,025,802 | 2,081,328 | 1,664,274 | ||||||||
Incremental shares from assumed conversion of convertible debentures | — | 80,884 | — | 85,991 | ||||||||
Diluted weighted average shares outstanding | 54,619,793 | 52,200,472 | 53,740,151 | 51,579,644 | ||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Business Acquisition [Line Items] | ' | ||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date. | |||||||
(in thousands) | As of May 20, 2014 | ||||||
Cash and cash equivalents | $ | 103,319 | |||||
Derivative assets | 26,597 | ||||||
Other current assets | 2,902 | ||||||
Intangible assets | 102,841 | ||||||
Other long-term assets | 627 | ||||||
Total assets acquired | 236,286 | ||||||
Trade accounts payable | (1,253 | ) | |||||
Accrued expenses and other current liabilities | (7,037 | ) | |||||
Derivative liabilities | (18,187 | ) | |||||
Settlement obligations and customer deposits | (97,781 | ) | |||||
Deferred tax liabilities | (23,524 | ) | |||||
Other long-term liabilities | (677 | ) | |||||
Total liabilities assumed | (148,459 | ) | |||||
Goodwill | 156,748 | ||||||
Net assets acquired | $ | 244,575 | |||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | ||||||
The intangible assets of the Acquired Companies are being amortized on a straight-line basis, and the estimated fair values consist of the following: | |||||||
(in thousands) | Fair Value | Estimated | |||||
Useful Life | |||||||
Proprietary software | $ | 61,704 | 10 years | ||||
Customer relationships | 26,764 | 8 years | |||||
Trade names | 12,247 | 20 years | |||||
Non-compete agreements | 2,126 | 3 years | |||||
Total intangible assets | $ | 102,841 | |||||
Goodwill_and_Acquired_Intangib1
Goodwill and Acquired Intangible Assets, Net (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | ' | ||||||||||||
A summary of acquired intangible assets and goodwill activity for the nine months ended September 30, 2014 is presented below: | |||||||||||||
(in thousands) | Acquired | Goodwill | Total | ||||||||||
Intangible | Intangible | ||||||||||||
Assets | Assets | ||||||||||||
Balance as of December 31, 2013 | $ | 93,026 | $ | 498,435 | $ | 591,461 | |||||||
Increases (decreases): | |||||||||||||
Acquisition | 102,841 | 156,748 | 259,589 | ||||||||||
Amortization | (17,661 | ) | — | (17,661 | ) | ||||||||
Other (primarily changes in foreign currency exchange rates) | (8,022 | ) | (35,898 | ) | (43,920 | ) | |||||||
Balance as of September 30, 2014 | $ | 170,184 | $ | 619,285 | $ | 789,469 | |||||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | ' | ||||||||
Schedule of Accrued Expenses and Other Current Liabilities [Table Text Block] | ' | ||||||||
Accrued expenses and other current liabilities consist of the following: | |||||||||
As of | |||||||||
(in thousands) | September 30, 2014 | December 31, 2013 | |||||||
Accrued expenses | $ | 188,311 | $ | 84,429 | |||||
Accrued amounts due to mobile operators and other content providers | 58,829 | 78,398 | |||||||
Money transfer settlement obligations | 89,430 | 49,757 | |||||||
Derivative liabilities | 34,287 | 82 | |||||||
Deferred income taxes | 850 | 618 | |||||||
Total | $ | 371,707 | $ | 213,284 | |||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
DEBT OBLIGATIONS [Abstract] | ' | ||||||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||||||
A summary of debt obligation activity for the nine months ended September 30, 2014 is presented below: | |||||||||||||||||||||
(in thousands) | Revolving | Other Debt | Capital | Term Loan A | Total | ||||||||||||||||
Credit | Obligations | Leases | |||||||||||||||||||
Facilities | |||||||||||||||||||||
Balance at December 31, 2013 | $ | 129,010 | $ | 2,403 | $ | 5,233 | $ | 68,000 | $ | 204,646 | |||||||||||
Increases (decreases): | |||||||||||||||||||||
Net borrowings (repayments) | 182,625 | 2,778 | (1,028 | ) | 5,125 | 189,500 | |||||||||||||||
Capital lease interest | — | — | 227 | — | 227 | ||||||||||||||||
Foreign currency exchange gain | (15,164 | ) | (444 | ) | (208 | ) | — | (15,816 | ) | ||||||||||||
Balance at September 30, 2014 | 296,471 | 4,737 | 4,224 | 73,125 | 378,557 | ||||||||||||||||
Less — current maturities | — | (4,737 | ) | (2,332 | ) | (4,686 | ) | (11,755 | ) | ||||||||||||
Long-term obligations at September 30, 2014 | $ | 296,471 | $ | — | $ | 1,892 | $ | 68,439 | $ | 366,802 | |||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||||||||||
The following table summarizes the fair value of the derivative instruments as recorded in the Consolidated Balance Sheets as of the dates below: | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||
(in thousands) | Balance Sheet Location | September 30, 2014 | December 31, 2013 | Balance Sheet Location | September 30, 2014 | December 31, 2013 | |||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Foreign currency exchange contracts | Other current assets | $ | 38,480 | $ | — | Other current liabilities | $ | (34,287 | ) | $ | (82 | ) | |||||||||||||
Offsetting Assets and Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables summarize the gross and net fair value of derivative assets and liabilities as of September 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||
As of September 30, 2014 | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Received | Net Amounts | |||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | 38,551 | $ | (71 | ) | $ | 38,480 | $ | (23,379 | ) | $ | (6,387 | ) | $ | 8,714 | ||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | 96 | $ | (96 | ) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheet | |||||||||||||||||||||||||
As of September 30, 2014 | Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheet | Net Amounts Presented in the Consolidated Balance Sheet | Financial Instruments | Cash Collateral Paid | Net Amounts | |||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | (34,358 | ) | $ | 71 | $ | (34,287 | ) | $ | 23,379 | $ | 906 | $ | (10,002 | ) | ||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Derivatives subject to a master netting arrangement or similar agreement | $ | (178 | ) | $ | 96 | $ | (82 | ) | $ | — | $ | — | $ | (82 | ) | ||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | ||||||||||||||||||||||||
The following tables summarize the location and amount of gains and losses of derivatives in the Consolidated Statements of Income for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||||||
Amount of Gain (Loss) Recognized in Income on Derivative Contracts (a) | |||||||||||||||||||||||||
Location of Gain (Loss) Recognized in Income on Derivative Contracts | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Foreign currency exchange contracts - Ria Operations | Foreign currency exchange loss (gain), net | $ | 1,501 | $ | 1 | $ | 348 | $ | (269 | ) | |||||||||||||||
(a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its HiFX operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||||
The following table details financial assets and liabilities measured and recorded at fair value on a recurring basis: | |||||||||||||||||||
As of September 30, 2014 | |||||||||||||||||||
(in thousands) | Balance Sheet Classification | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||||
Foreign currency exchange contracts | Other current assets | $ | — | $ | 38,480 | $ | — | $ | 38,480 | ||||||||||
Liabilities | |||||||||||||||||||
Foreign currency exchange contracts | Other current liabilities | $ | — | $ | (34,287 | ) | $ | — | $ | (34,287 | ) | ||||||||
As of December 31, 2013 | |||||||||||||||||||
(in thousands) | Balance Sheet Classification | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Liabilities | |||||||||||||||||||
Foreign currency exchange contracts | Other current liabilities | $ | — | $ | (82 | ) | $ | — | $ | (82 | ) | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||
Segment Information [Abstract] | ' | ||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||
The following tables present the Company’s reportable segment results for the three and nine months ended September 30, 2014 and 2013: | |||||||||||||||||||||
For the Three Months Ended September 30, 2014 | |||||||||||||||||||||
(in thousands) | EFT | epay | Money | Corporate | Consolidated | ||||||||||||||||
Processing | Transfer | Services, | |||||||||||||||||||
Eliminations | |||||||||||||||||||||
and Other | |||||||||||||||||||||
Total revenues | $ | 107,503 | $ | 195,086 | $ | 151,250 | $ | (417 | ) | $ | 453,422 | ||||||||||
Operating expenses: | |||||||||||||||||||||
Direct operating costs | 46,612 | 153,121 | 75,455 | (374 | ) | 274,814 | |||||||||||||||
Salaries and benefits | 12,155 | 14,356 | 32,219 | 5,857 | 64,587 | ||||||||||||||||
Selling, general and administrative | 6,516 | 11,160 | 23,747 | 2,545 | 43,968 | ||||||||||||||||
Depreciation and amortization | 8,010 | 3,998 | 7,246 | 67 | 19,321 | ||||||||||||||||
Total operating expenses | 73,293 | 182,635 | 138,667 | 8,095 | 402,690 | ||||||||||||||||
Operating income (expense) | $ | 34,210 | $ | 12,451 | $ | 12,583 | $ | (8,512 | ) | $ | 50,732 | ||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | EFT | epay | Money | Corporate | Consolidated | ||||||||||||||||
Processing | Transfer | Services, | |||||||||||||||||||
Eliminations | |||||||||||||||||||||
and Other | |||||||||||||||||||||
Total revenues | $ | 83,594 | $ | 182,629 | $ | 95,276 | $ | (919 | ) | $ | 360,580 | ||||||||||
Operating expenses: | |||||||||||||||||||||
Direct operating costs | 36,576 | 142,284 | 45,588 | (897 | ) | 223,551 | |||||||||||||||
Salaries and benefits | 10,195 | 13,494 | 23,120 | 6,010 | 52,819 | ||||||||||||||||
Selling, general and administrative | 5,249 | 10,687 | 14,521 | 2,797 | 33,254 | ||||||||||||||||
Acquisition-related contingent consideration gain | (19,319 | ) | — | — | — | (19,319 | ) | ||||||||||||||
Depreciation and amortization | 6,273 | 4,036 | 4,530 | 91 | 14,930 | ||||||||||||||||
Total operating expenses | 38,974 | 170,501 | 87,759 | 8,001 | 305,235 | ||||||||||||||||
Operating income (expense) | $ | 44,620 | $ | 12,128 | $ | 7,517 | $ | (8,920 | ) | $ | 55,345 | ||||||||||
For the Nine Months Ended September 30, 2014 | |||||||||||||||||||||
(in thousands) | EFT | epay | Money | Corporate | Consolidated | ||||||||||||||||
Processing | Transfer | Services, | |||||||||||||||||||
Eliminations | |||||||||||||||||||||
and Other | |||||||||||||||||||||
Total revenues | $ | 271,580 | $ | 562,129 | $ | 369,568 | $ | (1,078 | ) | $ | 1,202,199 | ||||||||||
Operating expenses: | |||||||||||||||||||||
Direct operating costs | 125,773 | 434,984 | 183,985 | (953 | ) | 743,789 | |||||||||||||||
Salaries and benefits | 35,127 | 41,856 | 83,472 | 18,074 | 178,529 | ||||||||||||||||
Selling, general and administrative | 19,167 | 31,433 | 57,438 | 9,782 | 117,820 | ||||||||||||||||
Depreciation and amortization | 22,951 | 12,323 | 17,337 | 208 | 52,819 | ||||||||||||||||
Total operating expenses | 203,018 | 520,596 | 342,232 | 27,111 | 1,092,957 | ||||||||||||||||
Operating income (expense) | $ | 68,562 | $ | 41,533 | $ | 27,336 | $ | (28,189 | ) | $ | 109,242 | ||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(in thousands) | EFT | epay | Money | Corporate | Consolidated | ||||||||||||||||
Processing | Transfer | Services, | |||||||||||||||||||
Eliminations | |||||||||||||||||||||
and Other | |||||||||||||||||||||
Total revenues | $ | 219,149 | $ | 548,867 | $ | 271,536 | $ | (1,785 | ) | $ | 1,037,767 | ||||||||||
Operating expenses: | |||||||||||||||||||||
Direct operating costs | 104,103 | 424,343 | 130,221 | (1,734 | ) | 656,933 | |||||||||||||||
Salaries and benefits | 29,409 | 41,976 | 64,601 | 17,312 | 153,298 | ||||||||||||||||
Selling, general and administrative | 16,530 | 30,689 | 40,621 | 7,874 | 95,714 | ||||||||||||||||
Acquisition-related contingent consideration gain | (19,319 | ) | — | — | — | (19,319 | ) | ||||||||||||||
Depreciation and amortization | 22,242 | 12,569 | 13,751 | 276 | 48,838 | ||||||||||||||||
Total operating expenses | 152,965 | 509,577 | 249,194 | 23,728 | 935,464 | ||||||||||||||||
Operating income (expense) | $ | 66,184 | $ | 39,290 | $ | 22,342 | $ | (25,513 | ) | $ | 102,303 | ||||||||||
The following table presents the Company’s property and equipment and total assets by reportable segment: | |||||||||||||||||||||
Property and Equipment, net as of | Total Assets as of | ||||||||||||||||||||
(in thousands) | September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | |||||||||||||||||
EFT Processing | $ | 71,714 | $ | 64,972 | $ | 452,212 | $ | 347,073 | |||||||||||||
epay | 25,230 | 27,176 | 615,769 | 757,942 | |||||||||||||||||
Money Transfer | 26,202 | 23,768 | 872,515 | 472,390 | |||||||||||||||||
Corporate Services, Eliminations and Other | 213 | 314 | 25,537 | 20,710 | |||||||||||||||||
Total | $ | 123,359 | $ | 116,230 | $ | 1,966,033 | $ | 1,598,115 | |||||||||||||
Stockholders_Equity_Narrative_
Stockholders' Equity (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Stockholders' Equity [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 693,000 | 528,000 | 695,000 | 1,029,000 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 80,884 | 0 | 85,991 |
Translation adjustment | ($61,557,000) | $22,072,000 | ($54,221,000) | ($6,004,000) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | $300,000 | ' | $300,000 |
Stockholders_Equity_Earnings_P
Stockholders' Equity Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Repayments of Convertible Debt | ' | ' | ' | $3.60 |
Weighted average number of shares outstanding - basic | 52,512,474 | 50,093,786 | 51,658,823 | 49,829,379 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 2,107,319 | 2,025,802 | 2,081,328 | 1,664,274 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 0 | 80,884 | 0 | 85,991 |
Weighted Average Number of Shares Outstanding, Diluted | 54,619,793 | 52,200,472 | 53,740,151 | 51,579,644 |
Acquisitions_Details
Acquisitions (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | 20-May-14 | Sep. 30, 2014 | 20-May-14 | Sep. 30, 2014 | 20-May-14 | Sep. 30, 2014 | 20-May-14 | Sep. 30, 2014 | 20-May-14 | Sep. 30, 2014 |
HiFX and HiFM [Member] | HiFX and HiFM [Member] | Software Development [Member] | Software Development [Member] | Customer-Related Intangible Assets [Member] | Customer-Related Intangible Assets [Member] | Trade Names [Member] | Trade Names [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | United Kingdom, Pounds | |||
HiFX and HiFM [Member] | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | $188,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $111,800,000 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | 1,262,654 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | ' | ' | 56,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Amount Placed In Escrow | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | ' | ' | ' | 103,319,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Derivative Assets | ' | ' | ' | 26,597,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | ' | ' | ' | 2,902,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | ' | ' | ' | 102,841,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | ' | ' | ' | 627,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | ' | ' | ' | 236,286,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | ' | ' | ' | -1,253,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | ' | ' | ' | -7,037,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Derivative Liabilities | ' | ' | ' | -18,187,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Settlement Obligations and Customer Deposits | ' | ' | ' | -97,781,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | ' | ' | ' | -23,524,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities | ' | ' | ' | -677,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | ' | ' | ' | -148,459,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 619,285,000 | 498,435,000 | ' | 156,748,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | ' | ' | ' | 244,575,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | ' | ' | ' | ' | ' | $61,704,000 | ' | $26,764,000 | ' | $12,247,000 | ' | $2,126,000 | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | '10 years | ' | '8 years | ' | '20 years | ' | '3 years | ' | ' |
Goodwill_and_Acquired_Intangib2
Goodwill and Acquired Intangible Assets, Net (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Epay Segment [Member] | |||
Goodwill and Finite-lived Intangible Assets Rollforward [Roll Forward] | ' | ' | ' |
Finite-Lived Intangible Assets, Net | $170,184,000 | $93,026,000 | ' |
Finite-lived intangible assets acquired during period | 102,841,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense | -17,661,000 | ' | ' |
Finite-lived intangible assets, other changes | -8,022,000 | ' | ' |
Goodwill | 619,285,000 | 498,435,000 | ' |
Goodwill, Acquired During Period | 156,748,000 | ' | ' |
Goodwill, Other Changes | -35,898,000 | ' | ' |
Intangible Assets, Net (Including Goodwill) | 789,469,000 | 591,461,000 | ' |
Total intangible assets acquired during period | 259,589,000 | ' | ' |
Total intangible assets amortization expense | -17,661,000 | ' | ' |
Total intangible assets, other changes | -43,920,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | 6,900,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 22,700,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 21,100,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 18,900,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 16,500,000 | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 15,700,000 | ' | ' |
Goodwill, Impairment Loss | ' | ' | $18,400,000 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES [Abstract] | ' | ' |
Accrued expenses | $188,311 | $84,429 |
Accrued amounts due to mobile operators and other content providers | 58,829 | 78,398 |
Money transfer settlement obligations | 89,430 | 49,757 |
Derivative liabilities | 34,287 | 82 |
Deferred income taxes | 850 | 618 |
Accrued expenses and other current liabilities | $371,707 | $213,284 |
Debt_Obligations_Narrative_Det
Debt Obligations (Narrative) (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2014 | Apr. 09, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 09, 2014 | Apr. 09, 2014 | Sep. 30, 2014 | |
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan A [Member] | Senior Secured Credit Facility [Member] | ||||
LIBOR [Member] | Base Rate [Member] | LIBOR [Member] | Base Rate [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan A | $73,125,000 | ' | $68,000,000 | ' | ' | ' | ' | ' | ' | $75,000,000 | ' |
Loan Payable to Bank - Pre Amended Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,000,000 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | 400,000,000 | ' | 675,000,000 |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 1.38% | 0.38% | 2.38% | 1.38% | ' | ' | ' | ' |
Revolving Credit Facility, Interest Rate at Period End | 1.96% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Loan A, Weighted Average Interest Rate | 1.78% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread Reduction | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | $2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility Expiration Date - Amended Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Aug-16 |
Credit Facility Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9-Apr-19 |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Revolving Credit Facility [Member] | Short-term Debt, Type [Domain] | Capital Lease Obligations [Member] | Term Loan A [Member] | Total debt [Member] | ||
Total Debt [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Revolving Credit Facility | $296,471 | $129,010 | ' | ' | ' | ' | ' |
Other Debt | 4,737 | 2,403 | ' | ' | ' | ' | ' |
Capital Lease Obligations | 4,224 | 5,233 | ' | ' | ' | ' | ' |
Term Loan A | 73,125 | 68,000 | ' | ' | ' | ' | ' |
Total Debt and Capital Lease Obligations | 378,557 | 204,646 | ' | ' | ' | ' | ' |
Other Debt, Current | -4,737 | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations, Current | -2,332 | -2,361 | ' | ' | ' | ' | ' |
Term Loan A, Current | -4,686 | ' | ' | ' | ' | ' | ' |
Total Debt and Capital Lease, Current | -11,755 | ' | ' | ' | ' | ' | ' |
Revolving Credit Facility, Noncurrent | 296,471 | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations, Noncurrent | 1,892 | 2,872 | ' | ' | ' | ' | ' |
Term Loan A, Noncurrent | 68,439 | ' | ' | ' | ' | ' | ' |
Total Debt and Capital Lease, Noncurrent | 366,802 | ' | ' | ' | ' | ' | ' |
Net borrowings (repayments) | ' | ' | 182,625 | 2,778 | -1,028 | 5,125 | 189,500 |
Capital Leases Interest | ' | ' | ' | ' | 227 | ' | 227 |
Foreign currency exchange gain | ' | ' | ($15,164) | ($444) | ($208) | $0 | ($15,816) |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Ria Operations [Member] | Foreign Exchange Contracts [Member] | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Derivative, Notional Amount | 97.1 |
HiFX Operations [Member] | Foreign Exchange Contracts [Member] | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Derivative, Notional Amount | 831 |
Maximum [Member] | Ria Operations [Member] | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Foreign currency forward contract term | '14 days |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details 1) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign Currency Derivative Instruments, Asset at Fair Value | $38,480 | $0 |
Foreign Currency Derivative Instruments, Liability at Fair Value | ($34,287) | ($82) |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Details 2) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract] | ' | ' |
Derivative Assets, Fair Value, Gross Assets | $38,551 | $96 |
Gross Amount of Eligible Offsetting Recognized Derivative Liabilities | -71 | -96 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 38,480 | 0 |
Derivative Asset, Not Offset, Policy Election Deduction | -23,379 | 0 |
Cash Collateral Received | -6,387 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 8,714 | 0 |
Derivative Liability, Fair Value, Gross Liability | -34,358 | -178 |
Gross Amount of Eligible Offsetting Recognized Derivative Assets | 71 | 96 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | -34,287 | -82 |
Derivative Liability, Not Offset, Policy Election Deduction | 23,379 | 0 |
Cash Collateral Paid | 906 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | ($10,002) | ($82) |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Ria Operations [Member] | Foreign Currency Gain (Loss) [Member] | ' | ' | ' | ' |
Derivative Instruments, Loss [Line Items] | ' | ' | ' | ' |
Gain (loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $1,501 | $1 | $348 | ($269) |
HiFX Operations [Member] | Trading Revenue [Member] | ' | ' | ' | ' |
Derivative Instruments, Loss [Line Items] | ' | ' | ' | ' |
Foreign Currency Exchange Margin | $15,900 | ' | $23,000 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | $38,480,000 | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | -34,287,000 | -82,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 38,480,000 | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | -34,287,000 | -82,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | ' |
Foreign Currency Contracts, Liability, Fair Value Disclosure | $0 | $0 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $453,422 | $360,580 | $1,202,199 | $1,037,767 | ' |
Direct operating costs | 274,814 | 223,551 | 743,789 | 656,933 | ' |
Salaries and benefits | 64,587 | 52,819 | 178,529 | 153,298 | ' |
Selling, general and administrative | 43,968 | 33,254 | 117,820 | 95,714 | ' |
Acquisition-related contingent consideration gain | 0 | -19,319 | 0 | -19,319 | ' |
Depreciation and amortization | 19,321 | 14,930 | 52,819 | 48,838 | ' |
Total operating expenses | 402,690 | 305,235 | 1,092,957 | 935,464 | ' |
Operating income (expense) | 50,732 | 55,345 | 109,242 | 102,303 | ' |
Property, Plant and Equipment, Net | 123,359 | ' | 123,359 | ' | 116,230 |
Assets | 1,966,033 | ' | 1,966,033 | ' | 1,598,115 |
Eft Processing Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 107,503 | 83,594 | 271,580 | 219,149 | ' |
Direct operating costs | 46,612 | 36,576 | 125,773 | 104,103 | ' |
Salaries and benefits | 12,155 | 10,195 | 35,127 | 29,409 | ' |
Selling, general and administrative | 6,516 | 5,249 | 19,167 | 16,530 | ' |
Acquisition-related contingent consideration gain | ' | -19,319 | ' | -19,319 | ' |
Depreciation and amortization | 8,010 | 6,273 | 22,951 | 22,242 | ' |
Total operating expenses | 73,293 | 38,974 | 203,018 | 152,965 | ' |
Operating income (expense) | 34,210 | 44,620 | 68,562 | 66,184 | ' |
Property, Plant and Equipment, Net | 71,714 | ' | 71,714 | ' | 64,972 |
Assets | 452,212 | ' | 452,212 | ' | 347,073 |
Epay Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 195,086 | 182,629 | 562,129 | 548,867 | ' |
Direct operating costs | 153,121 | 142,284 | 434,984 | 424,343 | ' |
Salaries and benefits | 14,356 | 13,494 | 41,856 | 41,976 | ' |
Selling, general and administrative | 11,160 | 10,687 | 31,433 | 30,689 | ' |
Acquisition-related contingent consideration gain | ' | 0 | ' | 0 | ' |
Depreciation and amortization | 3,998 | 4,036 | 12,323 | 12,569 | ' |
Total operating expenses | 182,635 | 170,501 | 520,596 | 509,577 | ' |
Operating income (expense) | 12,451 | 12,128 | 41,533 | 39,290 | ' |
Property, Plant and Equipment, Net | 25,230 | ' | 25,230 | ' | 27,176 |
Assets | 615,769 | ' | 615,769 | ' | 757,942 |
Money Transfer Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 151,250 | 95,276 | 369,568 | 271,536 | ' |
Direct operating costs | 75,455 | 45,588 | 183,985 | 130,221 | ' |
Salaries and benefits | 32,219 | 23,120 | 83,472 | 64,601 | ' |
Selling, general and administrative | 23,747 | 14,521 | 57,438 | 40,621 | ' |
Acquisition-related contingent consideration gain | ' | 0 | ' | 0 | ' |
Depreciation and amortization | 7,246 | 4,530 | 17,337 | 13,751 | ' |
Total operating expenses | 138,667 | 87,759 | 342,232 | 249,194 | ' |
Operating income (expense) | 12,583 | 7,517 | 27,336 | 22,342 | ' |
Property, Plant and Equipment, Net | 26,202 | ' | 26,202 | ' | 23,768 |
Assets | 872,515 | ' | 872,515 | ' | 472,390 |
Corporate Services, Eliminations and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | -417 | -919 | -1,078 | -1,785 | ' |
Direct operating costs | -374 | -897 | -953 | -1,734 | ' |
Salaries and benefits | 5,857 | 6,010 | 18,074 | 17,312 | ' |
Selling, general and administrative | 2,545 | 2,797 | 9,782 | 7,874 | ' |
Acquisition-related contingent consideration gain | ' | 0 | ' | 0 | ' |
Depreciation and amortization | 67 | 91 | 208 | 276 | ' |
Total operating expenses | 8,095 | 8,001 | 27,111 | 23,728 | ' |
Operating income (expense) | -8,512 | -8,920 | -28,189 | -25,513 | ' |
Property, Plant and Equipment, Net | 213 | ' | 213 | ' | 314 |
Assets | $25,537 | ' | $25,537 | ' | $20,710 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income taxes [Line Items] | ' | ' | ' | ' |
Effective Income Tax Rate | 26.90% | 18.20% | 27.70% | 22.30% |
Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% | 35.00% |
Commitments_Details
Commitments (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Other Commitments [Line Items] | ' |
Letters of Credit Outstanding, Amount | $92.60 |
Revolving Credit Facility [Member] | ' |
Other Commitments [Line Items] | ' |
Letters of Credit Outstanding, Amount | 49.9 |
Cash and Cash Equivalents [Member] | ' |
Other Commitments [Line Items] | ' |
Pledged Assets, Not Separately Reported, Other | 4.3 |
Guarantee Type, Other [Member] | ' |
Other Commitments [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 15.5 |
Performance Guarantee [Member] | ' |
Other Commitments [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 29.9 |
Indemnification Agreement [Member] | ' |
Other Commitments [Line Items] | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | $433 |