Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | MONEYGRAM INTERNATIONAL INC | |
Entity Central Index Key | 1273931 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 57,962,493 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Preferred Stock [Member] | Preferred Stock [Member] | ||
Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | |||
ASSETS | ||||
Cash and cash equivalents | $0 | $0 | ||
Cash and cash equivalents (substantially restricted) | 2,222.40 | 2,683.20 | ||
Receivables, net (substantially restricted) | 959.7 | 1,206.50 | ||
Interest-bearing investments (substantially restricted) | 941.8 | 450.1 | ||
Available-for-sale investments (substantially restricted) | 50.7 | 63.5 | ||
Property and equipment, net | 125.9 | 127.9 | ||
Goodwill | 431.8 | 428.7 | ||
Other assets | 190.9 | 190.7 | ||
Total assets | 4,923.20 | 5,150.60 | ||
LIABILITIES | ||||
Payment service obligations | 3,864.90 | 4,175.40 | ||
Debt | 845 | 809.9 | ||
Pension and other postretirement benefits | 119.8 | 126.8 | ||
Accounts payable and other liabilities | 209.8 | 199.9 | ||
Total liabilities | 5,039.50 | 5,312 | ||
COMMITMENTS AND CONTINGENCIES (NOTE 13) | ||||
STOCKHOLDERS’ DEFICIT | ||||
Participating Convertible Preferred Stock - Series D, $0.01 par value, 200,000 shares authorized, 109,239 issued at September 30, 2013 and December 31, 2012, respectively | 281.9 | 281.9 | ||
Total stockholders’ deficit | -116.3 | -161.4 | ||
Total liabilities and stockholders’ deficit | $4,923.20 | $5,150.60 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUE | ||||
Fee and other revenue | $375.80 | $335.70 | $1,075.10 | $977.30 |
Investment revenue | 7.2 | 2.9 | 13.5 | 9.5 |
Total revenue | 383 | 338.6 | 1,088.60 | 986.8 |
OPERATING EXPENSES | ||||
Fee and other commissions expense | 178.6 | 152.3 | 502.5 | 440.9 |
Investment commissions expense | 0.1 | 0.1 | 0.3 | 0.3 |
Total commissions expense | 178.7 | 152.4 | 502.8 | 441.2 |
Compensation and benefits | 66.2 | 54.8 | 198.1 | 172.9 |
Transaction and operations support | 65.4 | 135.6 | 179.3 | 291.8 |
Occupancy, equipment and supplies | 12.1 | 12.2 | 37 | 36.6 |
Depreciation and amortization | 12.5 | 10.9 | 36.5 | 32.6 |
Total operating expenses | 334.9 | 365.9 | 953.7 | 975.1 |
OPERATING INCOME (LOSS) | 48.1 | -27.3 | 134.9 | 11.7 |
OTHER EXPENSE | ||||
Interest expense | 10 | 17.7 | 37.3 | 53.2 |
Debt extinguishment costs | 0 | 0 | 45.3 | 0 |
Other Nonoperating Income (Expense) | 0 | 0.1 | 0 | 0.4 |
Total other expense | 10 | 17.8 | 82.6 | 53.6 |
Income (loss) before income taxes | 38.1 | -45.1 | 52.3 | -41.9 |
Income tax expense | 15.6 | 9.6 | 23.3 | 27.6 |
Net Income Loss After Tax And Before Equity Method Investments | 22.5 | -54.7 | 29 | |
NET INCOME (LOSS) | $22.50 | ($54.70) | $29 | ($69.50) |
EARNINGS (LOSS) PER COMMON SHARE | ||||
Basic (in dollars per share) | $0.31 | ($0.77) | $0.41 | ($0.97) |
Diluted (in dollars per share) | $0.31 | ($0.77) | $0.40 | ($0.97) |
Weighted-average outstanding common shares and equivalents used in computing earnings (loss) per share | ||||
Basic (in shares) | 71.6 | 71.5 | 71.6 | 71.5 |
Diluted (in shares) | 72 | 71.5 | 71.8 | 71.5 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Document Period End Date | 30-Sep-13 | |||
NET INCOME (LOSS) | $22.50 | ($54.70) | $29 | ($69.50) |
Net unrealized gains on available-for-sale securities: | ||||
Net holding gains arising during the period, net of tax expense of $0.5 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $0.1 and $0.6 for the nine months ended September 30, 2013 and 2012, respectively | 3.3 | 0.9 | 3 | 2.3 |
Pension and postretirement benefit plans: | ||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.1 for the three months ended September 30, 2013 and 2012 and $0.2 for the nine months ended September 30, 2013 and 2012 | -0.1 | -0.1 | -0.3 | -0.3 |
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $0.7 and $0.6 for the three months ended September 30, 2013 and 2012, respectively, and $2.3 and $1.8 for the nine months ended September 30, 2013 and 2012, respectively | 1.2 | 1 | 3.8 | 2.9 |
Unrealized foreign currency translation adjustment, net of tax | 1.6 | 0.1 | 0.3 | 0.3 |
Other comprehensive income | 6 | 1.9 | 6.8 | 5.2 |
COMPREHENSIVE INCOME (LOSS) | $28.50 | ($52.80) | $35.80 | ($64.30) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Document Fiscal Year Focus | 2013 | |||
Net Income Loss After Tax And Before Equity Method Investments | $22.50 | ($54.70) | $29 | |
NET INCOME (LOSS) | 22.5 | -54.7 | 29 | -69.5 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 12.5 | 10.9 | 36.5 | 32.6 |
Signing Bonus Amortization | 12 | 8.3 | 30.8 | 24.7 |
Signing bonus payments | -8.8 | -16.3 | -19 | -22.6 |
Loss on debt extinguishment | 0 | 0 | 45.3 | 0 |
Amortization of debt discount and deferred financing costs | 0.6 | 1.4 | 2.7 | 4.2 |
Provision for uncollectible receivables | 3.9 | 1.8 | 8.9 | 4.8 |
Non-cash compensation and pension expense | 5 | 4.5 | 14.7 | 13.8 |
Legal accruals | -2.1 | 62 | -38.8 | 100 |
Changes in foreign currency translation adjustments | 1.6 | 0.1 | 0.3 | 0.3 |
Change in other assets | -6.9 | -2.5 | -20.5 | -0.7 |
Change in accounts payable and other liabilities | 27.1 | -4.1 | 38.1 | 11.3 |
Other non-cash items, net | -0.3 | -1 | 0.3 | -0.9 |
Total adjustments | 44.6 | 65.1 | 99.3 | 167.5 |
Change in cash and cash equivalents (substantially restricted) | -20 | 8.4 | 460.8 | 32.3 |
Change in receivables (substantially restricted) | 214.9 | -64.9 | 237.9 | -114.7 |
Change in payment service obligations | -211.5 | 52.2 | -310.5 | 2.7 |
Net cash provided by operating activities | 50.5 | 6.1 | 516.5 | 18.3 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Proceeds from maturities of investments classified as available-for-sale (substantially restricted) | 3 | 6.2 | 14.6 | 25.5 |
Purchases of interest-bearing investments (substantially restricted) | -112.9 | -11.1 | -877.6 | -335.6 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 75 | 11.8 | 386.1 | 335.4 |
Purchases of property and equipment | -10.8 | -12.9 | -37.2 | -43.2 |
Acquisitions | -3.2 | 0 | -3.2 | 0 |
Proceeds from disposal of property and equipment | 0.2 | 0.3 | 0.5 | 0.7 |
Net cash used in investing activities | -48.7 | -5.7 | -516.8 | -17.2 |
Capital Contribution Dividend As Investing Activity | 0 | 0 | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of debt | 0 | 0 | 850 | 0 |
Transaction costs for issuance and amendment of debt | 0 | 0 | -11.8 | 0 |
Payments on debt | -2.2 | -0.4 | -817.4 | -1.1 |
Prepayment penalty | 0 | 0 | -21.5 | 0 |
Proceeds from Stock Options Exercised | 0.4 | 0 | 1 | 0 |
Net cash (used in) provided by financing activities | -1.8 | -0.4 | 0.3 | -1.1 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | ||
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 | 0 | 0 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash payments for interest | 9.6 | 16.5 | 34.6 | 48.9 |
Cash payments for income taxes | 0 | 0.1 | 0.2 | 0.9 |
Change in Capital Expenditure Incurred but Not yet Paid | $0.60 | $1.10 | ($3) | ($5.90) |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Deficit (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Series D Preferred Stock [Member] |
In Millions, unless otherwise specified | Preferred Stock [Member] | |||||||
Beginning Balance at Dec. 31, 2011 | ($110.10) | $281.90 | $0.60 | $989.20 | ($1,216.50) | ($38) | ($127.30) | |
NET (LOSS) INCOME | -69.5 | -69.5 | ||||||
Stock-based compensation activity | 7.6 | 7 | 0 | 0.6 | ||||
Capital contribution from investors | 3.3 | 3.3 | ||||||
Net holding gains arising during the period, net of tax expense of $0.5 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $0.1 and $0.6 for the nine months ended September 30, 2013 and 2012, respectively | 2.3 | 2.3 | ||||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.1 for the three months ended September 30, 2013 and 2012 and $0.2 for the nine months ended September 30, 2013 and 2012 | -0.3 | -0.3 | ||||||
Amortization of net actuarial loss for pension and postretirement benefits, net of tax | 2.9 | 2.9 | ||||||
Unrealized foreign currency translation adjustment, net of tax | 0.3 | 0.3 | ||||||
Treasury Stock, Value | -126.7 | |||||||
Retained loss at Sep. 30, 2012 | -1,286 | |||||||
Accumulated other comprehensive loss at Sep. 30, 2012 | -32.8 | |||||||
Additional paid-in capital at Sep. 30, 2012 | 999.5 | |||||||
Ending Balance at Sep. 30, 2012 | -163.5 | 0.6 | ||||||
Preferred Stock, Value, Issued at Sep. 30, 2012 | 281.9 | |||||||
Beginning Balance at Dec. 31, 2012 | -161.4 | 281.9 | 0.6 | 1,001 | -1,265.90 | -52.3 | -126.7 | |
NET (LOSS) INCOME | 29 | |||||||
Stock-based compensation activity | 9 | 0 | 0 | 7.1 | -0.9 | 0 | 2.8 | |
Capital contribution from investors | 0.3 | 0.3 | ||||||
Net holding gains arising during the period, net of tax expense of $0.5 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $0.1 and $0.6 for the nine months ended September 30, 2013 and 2012, respectively | 3 | |||||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.1 for the three months ended September 30, 2013 and 2012 and $0.2 for the nine months ended September 30, 2013 and 2012 | -0.3 | |||||||
Amortization of net actuarial loss for pension and postretirement benefits, net of tax | 3.8 | |||||||
Unrealized foreign currency translation adjustment, net of tax | 0.3 | |||||||
Document Period End Date | 30-Sep-13 | |||||||
Common Stock, $0.01 par value, 162,500,000 shares authorized, 62,263,963 shares issued at September 30, 2013 and December 31, 2012, respectively | 0.6 | |||||||
Treasury Stock, Value | -123.9 | |||||||
Retained loss at Sep. 30, 2013 | -1,237.80 | |||||||
Accumulated other comprehensive loss at Sep. 30, 2013 | -45.5 | |||||||
Additional paid-in capital at Sep. 30, 2013 | 1,008.40 | |||||||
Ending Balance at Sep. 30, 2013 | -116.3 | |||||||
Preferred Stock, Value, Issued at Sep. 30, 2013 | $281.90 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited consolidated financial statements of MoneyGram International, Inc. (“MoneyGram” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the U.S. and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for future periods. For further information, refer to the Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. |
Recently_Adopted_Accounting_Pr
Recently Adopted Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements |
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, (“ASU 2011-11”) and in January 2013, a clarification ASU No. 2013-01 Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, (“ASU 2013-01”) was issued. ASU 2011-11 provides for additional disclosures of both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. ASU 2013-01 clarifies that ASU 2011-11 should apply only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset. The Company adopted ASU 2011-11 and ASU 2013-01 on January 1, 2013, which resulted in additional disclosures on offsetting derivative contract assets and liabilities. See Note 6 — Derivative Financial Instruments for added disclosure. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, (“ASU 2013-02”). ASU 2013-02 requires presentation (either on the face of the statement where net income is presented or in the notes) of the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The Company adopted ASU 2013-02 on January 1, 2013, which resulted in additional disclosures on movements in "Other comprehensive income." See Note 10 — Stockholders' Deficit for added disclosure. |
Assets_in_Excess_of_Payment_Se
Assets in Excess of Payment Service Obligations | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Disclosure Assets In Excess Of Payment Service Obligations [Abstract] | ||||||||
Assets in Excess of Payment Service Obligations | Assets in Excess of Payment Service Obligations | |||||||
The following table shows the amount of assets in excess of payment service obligations at September 30, 2013 and December 31, 2012: | ||||||||
(Amounts in millions) | 30-Sep-13 | 31-Dec-12 | ||||||
Cash and cash equivalents (substantially restricted) | $ | 2,222.40 | $ | 2,683.20 | ||||
Receivables, net (substantially restricted) | 959.7 | 1,206.50 | ||||||
Interest-bearing investments (substantially restricted) | 941.8 | 450.1 | ||||||
Available-for-sale investments (substantially restricted) | 50.7 | 63.5 | ||||||
4,174.60 | 4,403.30 | |||||||
Payment service obligations | 3,864.90 | 4,175.40 | ||||||
Assets in excess of payment service obligations | $ | 309.7 | $ | 227.9 | ||||
The Company was in compliance with its contractual and financial regulatory requirements as of September 30, 2013 and December 31, 2012. See Note 8 — Debt for details of the Company's compliance with its contractual and financial regulatory requirements. |
Fair_Value_Measurement
Fair Value Measurement | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement | |||||||||||||||||||
The following tables show the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||
Fair Value at September 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available-for-sale investments (substantially restricted): | ||||||||||||||||||||
U.S. government agencies | $ | — | $ | 8 | $ | — | $ | 8 | ||||||||||||
Residential mortgage-backed securities — agencies | — | 21.7 | — | 21.7 | ||||||||||||||||
Other asset-backed securities | — | — | 21 | 21 | ||||||||||||||||
Investment related to deferred compensation trust | 9.4 | — | — | 9.4 | ||||||||||||||||
Total financial assets | $ | 9.4 | $ | 29.7 | $ | 21 | $ | 60.1 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Forward contracts | $ | — | $ | (1.9 | ) | $ | — | $ | (1.9 | ) | ||||||||||
Fair Value at December 31, 2012 | ||||||||||||||||||||
(Amounts in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available-for-sale investments (substantially restricted): | ||||||||||||||||||||
U.S. government agencies | $ | — | $ | 8.9 | $ | — | $ | 8.9 | ||||||||||||
Residential mortgage-backed securities — agencies | — | 36.6 | — | 36.6 | ||||||||||||||||
Other asset-backed securities | — | — | 18 | 18 | ||||||||||||||||
Investment related to deferred compensation trust | 8.6 | — | — | 8.6 | ||||||||||||||||
Forward contracts | — | 0.6 | — | 0.6 | ||||||||||||||||
Total financial assets | $ | 8.6 | $ | 46.1 | $ | 18 | $ | 72.7 | ||||||||||||
For other asset–backed securities, investments in limited partnerships and trading investments, market quotes are generally not available. If available, the Company will utilize a fair value measurement from a pricing service. The pricing service utilizes a pricing model based on market observable data and indices, such as quotes for comparable securities, yield curves, default indices, interest rates and historical prepayment speeds. If a fair value measurement is not available from the pricing service, the Company will utilize a broker quote, if available. Because the inputs and assumptions that brokers use to develop prices are unknown, most valuations that are based on brokers' quotes are classified as Level 3. If no broker quote is available, or if such quote cannot be corroborated by market data or internal valuations, the Company may perform internal valuations utilizing externally developed cash flow models. These pricing models are based on market observable spreads and, when available, observable market indices. The pricing models also use inputs such as the rate of future prepayments and expected default rates on the principal, which are derived by the Company based on the characteristics of the underlying structure and historical prepayment speeds experienced at the interest rate levels projected for the underlying collateral. The pricing models for certain asset-backed securities also include significant non-observable inputs such as internally assessed credit ratings for non-rated securities combined with externally provided credit spreads. Observability of market inputs to the valuation models used for pricing certain of the Company's investments has deteriorated with the disruption to the credit markets as overall liquidity and trading activity in these sectors has been substantially reduced. Accordingly, securities valued using a pricing model are classified as Level 3 financial instruments. | ||||||||||||||||||||
The following is a summary of the unobservable inputs used in other asset-backed securities classified as Level 3 at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||
(Amounts in millions, except net average price) | Unobservable Input | Pricing | Market | Net Average Price (1) | Market Value | Net Average Price (1) | ||||||||||||||
Source | Value | |||||||||||||||||||
Alt-A | Price | Third party pricing service | $ | 0.1 | $ | 15.84 | $ | 0.1 | $ | 12.5 | ||||||||||
Home Equity | Price | Third party pricing service | 0.2 | 51.46 | 0.2 | 47.3 | ||||||||||||||
Indirect Exposure - High Grade(2) | Price | Third party pricing service | 8.2 | 7.9 | 3.9 | 3.46 | ||||||||||||||
Indirect Exposure - Mezzanine(3) | Price | Third party pricing service | 2.8 | 2.35 | — | — | ||||||||||||||
Indirect Exposure - Mezzanine | Price | Broker | 5.1 | 5.78 | 7.9 | 3.71 | ||||||||||||||
Other | Discount margin | Manual | 4.6 | 24.62 | 5.9 | 31.69 | ||||||||||||||
Total | $ | 21 | $ | 5.35 | $ | 18 | $ | 4.39 | ||||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
(2) Converted to a third party pricing service as of September 30, 2013; utilized a manual pricing process as of December 31, 2012 | ||||||||||||||||||||
(3) Converted to a third party pricing service as of September 30, 2013; utilized a broker pricing process as of December 31, 2012 | ||||||||||||||||||||
The following table is a summary of the roll-forward of the other asset-backed securities, the only financial assets classified as Level 3, which are measured at fair value on a recurring basis, for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Beginning balance | $ | 17.6 | $ | 26.7 | $ | 18 | $ | 24.2 | ||||||||||||
Principal paydowns | (3.2 | ) | (0.1 | ) | (3.3 | ) | (0.2 | ) | ||||||||||||
Unrealized gains | 7.1 | 1.5 | 8.4 | 5.2 | ||||||||||||||||
Unrealized losses | (0.5 | ) | (0.3 | ) | (2.1 | ) | (1.4 | ) | ||||||||||||
Ending balance | $ | 21 | $ | 27.8 | $ | 21 | $ | 27.8 | ||||||||||||
There were no other-than-temporary impairments for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||
Assets and liabilities that are disclosed at fair value — Debt and interest-bearing investments (substantially restricted) are carried at amortized cost; however, the Company estimates the fair value of debt for disclosure purposes. The fair value of debt is estimated using market quotations, where available, credit ratings, observable market indices and other market data (Level 2). At September 30, 2013 and December 31, 2012, the fair value and carrying value of the debt are: | ||||||||||||||||||||
Fair Value | Carrying Value | |||||||||||||||||||
(Amounts in millions) | September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | ||||||||||||||||
Senior secured credit facility and incremental term loan | $ | 844.7 | $ | 487.1 | $ | 845 | $ | 484.9 | ||||||||||||
Second lien notes | — | 337.6 | — | 325 | ||||||||||||||||
The carrying amounts for the Company's cash and cash equivalents (substantially restricted) and the interest-bearing investments (substantially restricted) approximate fair value at September 30, 2013 and December 31, 2012. | ||||||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis — Assets and liabilities that are measured at fair value on a non-recurring basis relate primarily to the Company's tangible fixed assets, goodwill and other intangible assets, which are re-measured only in the event of an impairment. No impairments of fixed assets, goodwill and other intangible assets were recorded during the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||||||
Fair value re-measurements are normally based on significant unobservable inputs (Level 3). Tangible and intangible fixed asset fair values are normally derived using a discounted cash flow model based on expected future cash flows discounted using a weighted-average cost of capital rate. If it is determined an impairment loss has occurred, the carrying value of the asset is reduced to fair value with a corresponding charge to the Consolidated Statements of Operations. | ||||||||||||||||||||
The Company also records the investments in its defined benefit pension plan (the “Pension Plan”) trust at fair value. The majority of the Pension Plan's investments are interest-bearing cash or common collective trusts issued and held by the Pension Plan's trustee. The fair values of the Pension Plan's investments are determined by the trustee based on the current market values of the underlying assets. In instances where market prices are not available, market values are determined by using bid quotations obtained from major market makers or security exchanges or bid quotations for identical or similar obligations. See Note 9 - Pension and Other Benefits in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 for further description of investments held by the Pension Plan. |
Investment_Portfolio
Investment Portfolio | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Investment Portfolio | Investment Portfolio | |||||||||||||||||||
The following table shows the components of the investment portfolio at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||
(Amounts in millions) | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
Cash | $ | 2,198.80 | $ | 2,112.10 | ||||||||||||||||
Money-market securities | 23.6 | 571.1 | ||||||||||||||||||
Cash and cash equivalents (substantially restricted) | 2,222.40 | 2,683.20 | ||||||||||||||||||
Interest-bearing investments (substantially restricted) | 941.8 | 450.1 | ||||||||||||||||||
Available-for-sale investments (substantially restricted) | 50.7 | 63.5 | ||||||||||||||||||
Total investment portfolio | $ | 3,214.90 | $ | 3,196.80 | ||||||||||||||||
Cash and Cash Equivalents (substantially restricted) — Cash and cash equivalents consist of interest-bearing deposit accounts, non-interest bearing transaction accounts and money-market securities. The Company's money-market securities are invested in four funds, all of which are AAA rated and consist of U.S. Treasury bills, notes or other obligations issued or guaranteed by the U.S. government and its agencies, as well as repurchase agreements secured by such instruments. | ||||||||||||||||||||
Interest-bearing Investments (substantially restricted) — Interest-bearing investments consist of time deposits and certificates of deposit with original maturities of up to 24 months, and are issued from financial institutions rated A- or better as of September 30, 2013. | ||||||||||||||||||||
Available-for-sale Investments (substantially restricted) — Available-for-sale investments consist of mortgage-backed securities, other asset-backed securities and agency debenture securities. The amortized cost and fair value of available-for-sale investments were as follows at September 30, 2013: | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | Net(1) | ||||||||||||||||
Cost | Unrealized | Unrealized | Value | Average | ||||||||||||||||
(Amounts in millions, except net average price) | Gains | Losses | Price | |||||||||||||||||
Residential mortgage-backed securities — agencies | $ | 19.7 | $ | 2 | $ | — | $ | 21.7 | $ | 110.84 | ||||||||||
Other asset-backed securities | 6.1 | 14.9 | — | 21 | 5.35 | |||||||||||||||
U.S. government agencies | 7.6 | 0.4 | — | 8 | 99.74 | |||||||||||||||
Total | $ | 33.4 | $ | 17.3 | $ | — | $ | 50.7 | $ | 12.06 | ||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
After other-than-temporary impairment charges, the amortized cost and fair value of available-for-sale investments were as follows at December 31, 2012: | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | Net(1) | ||||||||||||||||
Cost | Unrealized | Unrealized | Value | Average | ||||||||||||||||
(Amounts in millions, except net average price) | Gains | Losses | Price | |||||||||||||||||
Residential mortgage-backed securities — agencies | $ | 33.5 | $ | 3.1 | $ | — | $ | 36.6 | $ | 110.02 | ||||||||||
Other asset-backed securities | 7.6 | 10.4 | — | 18 | 4.39 | |||||||||||||||
U.S. government agencies | 8.2 | 0.7 | — | 8.9 | 99.39 | |||||||||||||||
Total | $ | 49.3 | $ | 14.2 | $ | — | $ | 63.5 | $ | 14.06 | ||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
At September 30, 2013 and December 31, 2012, 59 percent and 71 percent, respectively, of the available-for-sale portfolio were invested in debentures of U.S. government agencies or securities collateralized by U.S. government agency debentures. These securities have the implicit backing of the U.S. government and the Company expects to receive full par value upon maturity or pay-down, as well as all interest payments. Included in other asset-backed securities are collateralized debt obligations backed primarily by high-grade debt, mezzanine equity tranches of collateralized debt obligations and home equity loans, along with private equity investments, as summarized in Note 4 — Fair Value Measurement. The other asset-backed securities continue to have market exposure and this risk is factored into the fair value estimates of the Company, with the average price of an asset-backed security at $0.05 per dollar of par at September 30, 2013. | ||||||||||||||||||||
Gains and Losses and Other-than-temporary Impairments — At September 30, 2013 and December 31, 2012, net unrealized gains of $19.3 million and $16.3 million, respectively, were included in the Consolidated Balance Sheets in “Accumulated other comprehensive loss.” The Company had $2.9 million reclassified from “Accumulated other comprehensive loss” for the three and nine months ended September 30, 2013. The Company had no amounts reclassified from “Accumulated other comprehensive loss” in connection with other-than-temporary impairments or realized gains and losses recognized for the three and nine months ended September 30, 2012. | ||||||||||||||||||||
Investment Ratings — In rating the securities in its investment portfolio, the Company uses ratings from Moody’s Investor Service (“Moody’s”), Standard & Poors (“S&P”) and Fitch Ratings (“Fitch”). If the rating agencies have split ratings, the Company uses the highest two out of three ratings across the rating agencies for disclosure purposes. If none of the rating agencies have the same rating, the Company uses the lowest rating across the agencies for disclosure purposes. Securities issued or backed by U.S. government agencies are included in the AAA rating category. Investment grade is defined as a security having a Moody’s equivalent rating of Aaa, Aa, A or Baa or an S&P or Fitch equivalent rating of AAA, AA, A or BBB. The Company’s investments at September 30, 2013 and December 31, 2012 consisted of the following ratings: | ||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||
Number of | Fair | Percent of | Number of | Fair | Percent of | |||||||||||||||
(Dollars in millions) | Securities | Value | Investments | Securities | Value | Investments | ||||||||||||||
Investment grade | 15 | $ | 29.5 | 58 | % | 20 | $ | 45.3 | 71 | % | ||||||||||
Below investment grade | 51 | 21.2 | 42 | % | 54 | 18.2 | 29 | % | ||||||||||||
Total | 66 | $ | 50.7 | 100 | % | 74 | $ | 63.5 | 100 | % | ||||||||||
Had the Company used the lowest rating from the rating agencies in the information presented above, there would be no change and a nominal change to investment grade fair value as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
Contractual Maturities — The amortized cost and fair value of available-for-sale securities at September 30, 2013 and December 31, 2012, by contractual maturity, are shown below. Actual maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations, sometimes without call or prepayment penalties. Maturities of mortgage-backed and other asset-backed securities depend on the repayment characteristics and experience of the underlying obligations. | ||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
(Amounts in millions) | Cost | Value | Cost | Value | ||||||||||||||||
After one year through five years | $ | 7.6 | $ | 8 | $ | 8.2 | $ | 8.9 | ||||||||||||
Mortgage-backed and other asset-backed securities | 25.8 | 42.7 | 41.1 | 54.6 | ||||||||||||||||
Total | $ | 33.4 | $ | 50.7 | $ | 49.3 | $ | 63.5 | ||||||||||||
Fair Value Determination — The Company uses various sources of pricing for its fair value estimates of its available-for-sale portfolio. The percentage of the portfolio for which the various pricing sources were used is as follows at September 30, 2013 and December 31, 2012: 65 percent and 60 percent, respectively, used a third party pricing service; 10 percent and 12 percent, respectively, used broker pricing; and 25 percent and 28 percent, respectively, used internal pricing. | ||||||||||||||||||||
Assessment of Unrealized Losses — The Company had no unrealized losses in its available-for-sale portfolio at September 30, 2013 and December 31, 2012. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments | |||||||||||||||||||||||||
The Company uses forward contracts to manage its foreign currency needs and foreign currency exchange risk arising from its assets and liabilities denominated in foreign currencies. While these contracts may mitigate certain foreign currency risks, they are not designated as hedges for accounting purposes. The “Transaction and operations support” line in the Consolidated Statements of Operations and the "Net cash provided by operating activities" line in the Consolidated Statements of Cash Flows include the following (gains) losses related to assets and liabilities denominated in foreign currencies, for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Net realized foreign currency gains | $ | (6.6 | ) | $ | (1.4 | ) | $ | (2.7 | ) | $ | (0.3 | ) | ||||||||||||||
Net losses from the related forward contracts | 6.7 | 3.8 | 3 | 2.5 | ||||||||||||||||||||||
Net losses from foreign currency transactions and related forward contracts | $ | 0.1 | $ | 2.4 | $ | 0.3 | $ | 2.2 | ||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company had $142.2 million and $173.0 million, respectively, of outstanding notional amounts relating to its forward contracts. At September 30, 2013 and December 31, 2012, the Company reflects the following fair values of derivative forward contract instruments in its Consolidated Balance Sheets: | ||||||||||||||||||||||||||
Gross Amount of Recognized Assets | Gross Amount of Offset | Net Amount of Assets Presented in the Consolidated Balance Sheets | ||||||||||||||||||||||||
Balance Sheet | 30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||
(Amounts in millions) | Location | |||||||||||||||||||||||||
Forward contracts | Other Assets | $ | 0.7 | $ | 0.7 | $ | (0.7 | ) | $ | (0.1 | ) | $ | — | $ | 0.6 | |||||||||||
Gross Amount of Recognized Liabilities | Gross Amount of Offset | Net Amount of Liabilities Presented in the Consolidated Balance Sheets | ||||||||||||||||||||||||
Balance Sheet | 30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||
(Amounts in millions) | Location | |||||||||||||||||||||||||
Forward contracts | Accounts payable and other liabilities | $ | (2.6 | ) | $ | (0.1 | ) | $ | 0.7 | $ | 0.1 | $ | (1.9 | ) | $ | — | ||||||||||
The Company's forward contracts are primarily executed with counterparties governed by an International Swaps and Derivatives Association agreement that generally include standard netting arrangements. Hence, asset and liability positions from forward contracts and all other foreign exchange transactions with the same counterparty are net settled upon maturity. |
Property_and_Equipment
Property and Equipment | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||
Property and Equipment | Property and Equipment | |||||||||||||||
The following table is a summary of property and equipment at September 30, 2013 and December 31, 2012: | ||||||||||||||||
(Amounts in millions) | 30-Sep-13 | 31-Dec-12 | ||||||||||||||
Computer hardware and software | $ | 202.3 | $ | 204.5 | ||||||||||||
Signage | 104.7 | 94.5 | ||||||||||||||
Agent equipment | 73.8 | 72.1 | ||||||||||||||
Office furniture and equipment | 32.4 | 37.5 | ||||||||||||||
Leasehold improvements | 27.4 | 26.4 | ||||||||||||||
Total property and equipment | 440.6 | 435 | ||||||||||||||
Accumulated depreciation | (314.7 | ) | (307.1 | ) | ||||||||||||
Total property and equipment, net | $ | 125.9 | $ | 127.9 | ||||||||||||
The following table is a summary of depreciation expense for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Computer hardware and software | $ | 5.9 | $ | 5.3 | $ | 17 | $ | 15.9 | ||||||||
Signage | 3.8 | 2.9 | 11 | 8.6 | ||||||||||||
Agent equipment | 1.1 | 1 | 3.4 | 3.1 | ||||||||||||
Office furniture and equipment | 1 | 0.9 | 3 | 2.7 | ||||||||||||
Leasehold improvements | 0.7 | 0.6 | 2 | 1.9 | ||||||||||||
Total depreciation expense | $ | 12.5 | $ | 10.7 | $ | 36.4 | $ | 32.2 | ||||||||
At September 30, 2013 and December 31, 2012, there were $4.0 million and $7.0 million, respectively, of property and equipment that had been received by the Company and included in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. | ||||||||||||||||
During the three and nine months ended September 30, 2013, the Company recognized a nominal disposal loss on furniture and equipment related to the closing of an office location. During the three and nine months ended September 30, 2012, the Company recognized a disposal loss of less than $0.1 million and $0.8 million, respectively, on furniture and equipment related to the closing of two office locations. The losses were recorded in the “Occupancy, equipment and supplies” line in the Consolidated Statements of Operations. |
Debt
Debt | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Debt | Debt | |||||||||||||||||||
The following is a summary of the Company’s outstanding debt at September 30, 2013 and activity since December 31, 2012: | ||||||||||||||||||||
2011 Credit Agreement | 2013 Credit Agreement | |||||||||||||||||||
Senior secured | Senior secured | Senior secured | Second Lien | Total Debt | ||||||||||||||||
credit facility | incremental term loan due 2017 | credit facility | Notes | |||||||||||||||||
(Amounts in millions) | due 2017 | due 2020 | due 2018 | |||||||||||||||||
Balance at December 31, 2012 | $ | 339.4 | $ | 145.5 | $ | — | $ | 325 | $ | 809.9 | ||||||||||
Borrowings, gross | — | — | 850 | — | 850 | |||||||||||||||
Discount on borrowings (1) | — | 0.8 | (0.8 | ) | — | — | ||||||||||||||
Amortization of discount | — | 0.1 | 0.1 | — | 0.2 | |||||||||||||||
Write-off of debt discount upon prepayments | 0.6 | 1.7 | — | — | 2.3 | |||||||||||||||
Payments | (340.0 | ) | (148.1 | ) | (4.3 | ) | (325.0 | ) | (817.4 | ) | ||||||||||
Balance at September 30, 2013 | $ | — | $ | — | $ | 845 | $ | — | $ | 845 | ||||||||||
Weighted average interest rate | 4.25 | % | 4.25 | % | 4.25 | % | 13.25 | % | ||||||||||||
(1) As a result of the 2013 Credit Agreement, the entire debt discount was transferred from the 2011 Credit Agreement to the 2013 Credit Agreement | ||||||||||||||||||||
2013 Credit Agreement — On March 28, 2013, the Company, as borrower, entered into an Amended and Restated Credit Agreement (the "2013 Credit Agreement") with Bank of America, N.A. ("BOA"), as administrative agent, the financial institutions party thereto as lenders and the other agents party thereto. The 2013 Credit Agreement provides for (i) a senior secured five-year revolving credit facility up to an aggregate principal amount of $125.0 million (the "Revolving Credit Facility") and (ii) a senior secured seven-year term loan facility of $850.0 million (the "Term Credit Facility"). The proceeds of the Term Credit Facility were used to repay in full all outstanding indebtedness under the 2011 Credit Agreement (defined below), to purchase all of the outstanding 2018 Notes (defined below) and also have been and will be used to pay certain costs, fees and expenses relating to the 2013 Credit Agreement and the purchase of the 2018 Notes and for general corporate purposes. The Revolving Credit Facility includes a sub-facility that permits the Company to request the issuance of letters of credit up to an aggregate amount of $50.0 million, with borrowings available for general corporate purposes. | ||||||||||||||||||||
The 2013 Credit Agreement is secured by substantially all of the non-financial assets of the Company and its material domestic subsidiaries that guarantee the payment and performance of the Company’s obligations under the 2013 Credit Agreement. | ||||||||||||||||||||
The Company may elect an interest rate under the 2013 Credit Agreement at each reset period based on the BOA prime bank rate or the Eurodollar rate. The interest rate election may be made individually for the Term Credit Facility and each draw under the Revolving Credit Facility. The interest rate will be either the “alternate base rate” (calculated in part based on the BOA prime rate) plus either 200 or 225 basis points (depending on the Company's secured leverage ratio or total leverage ratio, as applicable, at such time) or the Eurodollar rate plus either 300 or 325 basis points (depending on the Company's secured leverage ratio or total leverage ratio, as applicable, at such time). In connection with the initial funding under the 2013 Credit Agreement, the Company elected the Eurodollar rate as its primary interest basis. Under the terms of the 2013 Credit Agreement, the minimum interest rate applicable to Eurodollar borrowings under the Term Credit Facility is 100 basis points plus the applicable margins previously referred to in this paragraph. | ||||||||||||||||||||
Fees on the daily unused availability under the Revolving Credit Facility are 50 basis points. As of September 30, 2013, the Company had $0.4 million of outstanding letters of credit and no borrowings under the Revolving Credit Facility, leaving $124.6 million of availability thereunder. | ||||||||||||||||||||
2011 Credit Agreement and 2018 Notes — On May 18, 2011, Moneygram Payment Systems Worldwide, Inc. (“Worldwide”) entered into a $540.0 million Credit Agreement with BOA, as Administrative Agent, and the lenders party thereto (the “2011 Credit Agreement”). The 2011 Credit Agreement was comprised of a $390.0 million six-and-one-half-year term loan maturing the earlier of November 2017 and 180 days prior to the scheduled maturity of Worldwide's 13.25% senior secured second lien notes due 2018 (the “2018 Notes”), and a $150.0 million five-year revolving credit facility maturing May 2016. The term loan was issued to Worldwide at 99.75% of par. On November 21, 2011, Worldwide entered into an amendment to the 2011 Credit Agreement and obtained an incremental term loan in an aggregate principal amount of $150.0 million. The incremental term loan was issued to Worldwide at 98.0% of par. | ||||||||||||||||||||
The 2011 Credit Agreement permitted Worldwide to elect an interest rate at each reset period based on the BOA prime bank rate or the Eurodollar rate. Worldwide elected the Eurodollar rate as its primary interest basis, and elected for a minimal amount of the term debt to accrue interest at the interest rate based on the BOA prime bank rate. The 2011 Credit Agreement was amended, restated and replaced in its entirety with the 2013 Credit Agreement. | ||||||||||||||||||||
2013 Note Repurchase — In connection with the Company's entry into the 2013 Credit Agreement, the Company purchased all $325.0 million of the outstanding 2018 Notes for a purchase price equal to 106.625 percent of the principal amount purchased, plus accrued and unpaid interest, which amount was funded with a portion of the net proceeds from the Credit Agreement described above. Following the closing of the transaction, the 2018 Notes were canceled, and no 2018 Notes remain outstanding. | ||||||||||||||||||||
The entry into the 2013 Credit Agreement and the purchase of the 2018 Notes was accounted for principally as a debt extinguishment with a partial modification of debt, in accordance with ASC 470 — Debt. Under debt extinguishment accounting, the Company expensed the pro-rata portion of deferred financing costs and debt discount costs related to the extinguished debt balance. For the debt balance classified as a modification, the Company was required to amortize the pro-rata portion of the deferred financing costs and unamortized debt discount from the 2011 Credit Agreement over the terms of the 2013 Credit Agreement. Additionally, the Company expensed the pro-rata portion of the financing costs related to the 2013 Credit Agreement as third party costs in connection with the modification of debt. | ||||||||||||||||||||
Debt Discount — The decrease in the debt discount balance for the nine months ended September 30, 2013 includes a pro-rata write-off of $2.3 million as a result of the term debt extinguishment. Debt discount amortization is recorded in “Interest expense” and the write-off of the deferred financing is recorded in "Debt extinguishment costs" in the Consolidated Statements of Operations. The following is a reconciliation of debt discount amortization for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Amortization of debt discount | $ | — | $ | 0.1 | $ | 0.2 | $ | 0.3 | ||||||||||||
Write-off of debt discount upon prepayments | — | — | 2.3 | — | ||||||||||||||||
Total amortization of discount | $ | — | $ | 0.1 | $ | 2.5 | $ | 0.3 | ||||||||||||
Debt Covenants and Other Restrictions — Borrowings under the 2013 Credit Agreement are subject to various limitations that restrict the Company’s ability to: incur additional indebtedness; create or incur additional liens; effect mergers and consolidations; make certain acquisitions or investments; sell assets or subsidiary stock; pay dividends and other restricted payments; and effect loans, advances and certain other transactions with affiliates. In addition, the Revolving Credit Facility has covenants that place limitations on the use of proceeds from borrowings under the facility. | ||||||||||||||||||||
The 2013 Credit Agreement contains various financial and non-financial covenants. A violation of these covenants could negatively impact our liquidity by restricting our ability to borrow under the revolving credit facility and/or causing acceleration of amounts due under the credit facilities. The financial covenants in the 2013 Credit Agreement measure leverage, interest coverage and liquidity. Leverage is measured through a senior secured debt ratio calculated as consolidated indebtedness to consolidated EBITDA, adjusted for certain items such as net securities gains, stock-based compensation expense, certain legal settlements and asset impairments, among other items, also referred to as adjusted EBITDA. This measure is similar, but not identical, to the EBITDA and Adjusted EBITDA measures discussed within the Management's Discussion and Analysis of Financial Condition and Results of Operation of this Form 10-Q. Interest coverage is calculated as adjusted EBITDA to net cash interest expense. | ||||||||||||||||||||
The Company is required to maintain Asset Coverage greater than its payment service obligation. Assets used in the determination of the Asset Coverage covenant are cash and cash equivalents, cash and cash equivalents (substantially restricted), receivables, net (substantially restricted), interest-bearing investments (substantially restricted) and available-for-sale investments (substantially restricted). See Note 3 — Assets in Excess of Payment Service Obligations for details of the Asset Coverage calculation as of September 30, 2013. | ||||||||||||||||||||
The 2013 Credit Agreement also has quarterly financial covenants to maintain the following interest coverage and total secured leverage ratios: | ||||||||||||||||||||
Interest Coverage Minimum Ratio | Total Secured Leverage Not to Exceed | |||||||||||||||||||
Through September 30, 2013 | 2.15:1 | 4.625:1 | ||||||||||||||||||
December 31, 2013 through September 30, 2014 | 2.15:1 | 4.375:1 | ||||||||||||||||||
December 31, 2014 through September 30, 2015 | 2.25:1 | 4.000:1 | ||||||||||||||||||
December 31, 2015 through September 30, 2016 | 2.25:1 | 3.750:1 | ||||||||||||||||||
December 31, 2016 through maturity | 2.25:1 | 3.500:1 | ||||||||||||||||||
We continuously monitor our compliance with our debt covenants. At September 30, 2013, the Company was in compliance with its financial covenants: our Interest Coverage ratio was 5.84 and our Total Secured Leverage ratio was 2.844. | ||||||||||||||||||||
Deferred Financing Costs — The Company capitalizes financing costs in "Other assets" in the Consolidated Balance Sheet and amortizes them over the term of the related debt using the effective interest method. Expense of the deferred financing costs during the nine months ended September 30, 2013 included the write-off of a pro-rata portion of deferred financing costs in connection with the extinguishment of the 2011 Credit Agreement, consisting of a senior secured credit facility, a senior secured incremental term loan and a senior secured revolving credit facility, as well as payment on the 2018 Notes. Amortization is recorded in “Interest expense” and the write-off of the deferred financing is recorded in "Debt extinguishment costs" in the Consolidated Statements of Operations. The following is a summary of the deferred financing costs at September 30, 2013: | ||||||||||||||||||||
(Amounts in millions) | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 24.9 | ||||||||||||||||||
Capitalized deferred financing costs | 11.3 | |||||||||||||||||||
Amortization of deferred financing costs | (2.5 | ) | ||||||||||||||||||
Write-off of deferred financing costs | (20.0 | ) | ||||||||||||||||||
Balance at September 30, 2013 | $ | 13.7 | ||||||||||||||||||
Debt Extinguishment — The Company recognized debt extinguishment costs in connection with the 2013 Credit Agreement, which included a prepayment penalty for the Company's purchase of the 2018 Notes and debt modifications costs for the 2013 Credit Agreement. The following is a summary of the debt extinguishment costs at September 30: | ||||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||||||||||
Prepayment penalty | $ | 21.5 | $ | — | ||||||||||||||||
Write-off of unamortized deferred financing costs | 20 | — | ||||||||||||||||||
Write-off of debt discount upon prepayments | 2.3 | — | ||||||||||||||||||
Debt modification costs | 1.5 | — | ||||||||||||||||||
Debt extinguishment costs | $ | 45.3 | $ | — | ||||||||||||||||
Interest Paid in Cash — The Company paid $9.6 million and $34.6 million of interest for the three and nine months ended September 30, 2013, respectively, and $16.5 million and $48.9 million of interest for the three and nine months ended September 30, 2012, respectively. | ||||||||||||||||||||
Maturities — At September 30, 2013, debt totaling $125.0 million will mature in 2018 and $790.5 million will mature in 2020, while debt principal totaling $55.2 million will be paid quarterly in increments of $2.1 million through 2020. |
Pensions_and_Other_Benefits
Pensions and Other Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Pensions and Other Benefits | Pensions and Other Benefits | |||||||||||||||
The following table shows net periodic benefit expense for the Company’s Pension Plan and combined supplemental executive retirement plans (“SERPs”), for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest cost | $ | 2.4 | $ | 2.6 | $ | 7.2 | $ | 7.9 | ||||||||
Expected return on plan assets | (1.8 | ) | (2.0 | ) | (5.5 | ) | (5.9 | ) | ||||||||
Recognized net actuarial loss | 1.8 | 1.5 | 5.8 | 4.4 | ||||||||||||
Net periodic benefit expense | $ | 2.4 | $ | 2.1 | $ | 7.5 | $ | 6.4 | ||||||||
We have a noncontributory Pension Plan that is frozen to both future benefit accruals and new participants. Benefits paid through the Pension Plan were $2.3 million and $7.0 million for the three and nine months ended September 30, 2013, respectively, and $2.3 million and $7.0 million for the three and nine months ended September 30, 2012, respectively. The Company made contributions to the Pension Plan of $4.0 million and $6.0 million for the three and nine months ended September 30, 2013, respectively, and $4.8 million and $8.2 million during the three and nine months ended September 30, 2012, respectively. Benefits paid through, and contributions made to, the combined SERPs were $0.6 million and $2.7 million for the three and nine months ended September 30, 2013, respectively, and $1.2 million and $2.8 million for the three and nine months ended September 30, 2012, respectively. | ||||||||||||||||
The following table is a summary of the net actuarial loss and prior service credits for the Pension Plan and combined SERPs that the Company amortized from “Accumulated other comprehensive loss” into “Net periodic benefit expense,” for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net actuarial loss | $ | 1.8 | $ | 1.5 | $ | 5.8 | $ | 4.4 | ||||||||
Tax benefit on net actuarial loss | (0.7 | ) | (0.6 | ) | (2.2 | ) | (1.7 | ) | ||||||||
Net amortization from accumulated other comprehensive loss | $ | 1.1 | $ | 0.9 | $ | 3.6 | $ | 2.7 | ||||||||
Net periodic benefit expense for the Company’s postretirement benefit plans includes the following components, for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest cost | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||
Amortization of prior service credit | (0.2 | ) | (0.2 | ) | (0.5 | ) | (0.5 | ) | ||||||||
Recognized net actuarial loss | 0.1 | 0.1 | 0.3 | 0.3 | ||||||||||||
Net periodic benefit expense | $ | — | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | ||||||
Benefits paid through, and contributions made to, the postretirement benefit plans were nominal for the three and nine months ended September 30, 2013 and 2012. | ||||||||||||||||
The following table is a summary of the net actuarial loss and prior service credit for the postretirement benefit plans that the Company amortized from “Accumulated other comprehensive loss” into “Net periodic benefit expense,” for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net actuarial loss | $ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 0.3 | ||||||||
Tax benefit on net actuarial loss | — | — | (0.1 | ) | (0.1 | ) | ||||||||||
Prior service credits | (0.2 | ) | (0.2 | ) | (0.5 | ) | (0.5 | ) | ||||||||
Tax expense on prior service credits | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
Net amortization from accumulated other comprehensive loss | $ | — | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | ||||||
Contribution expense for the 401(k) defined contribution plan was $0.9 million and $2.9 million for the three and nine months ended September 30, 2013, respectively, compared to $0.9 million and $2.7 million for the three and nine months ended September 30, 2012, respectively. | ||||||||||||||||
International Benefit Plans — The Company’s international subsidiaries have certain defined contribution benefit plans. Contributions and costs related to international plans were $0.4 million and $1.3 million for the three and nine months ended September 30, 2013, respectively, and $0.3 million and $1.0 million for the three and nine months ended September 30, 2012, respectively. | ||||||||||||||||
Deferred Compensation Plans — The deferred compensation plans are unfunded and unsecured, and the Company is not required to physically segregate any assets in connection with the deferred accounts. The Company has rabbi trusts associated with each deferred compensation plan, which are funded through voluntary contributions by the Company. At both September 30, 2013 and December 31, 2012, the Company had a liability related to the deferred compensation plans of $2.5 million recorded in the “Accounts payable and other liabilities” line in the Consolidated Balance Sheets. The rabbi trusts had a market value of $9.4 million and $8.6 million at September 30, 2013 and December 31, 2012, respectively, recorded in “Other assets” in the Consolidated Balance Sheets. In the nine months ended September 30, 2013, the Company made payments of $0.1 million relating to the deferred compensation plans. In the nine months ended September 30, 2012, the Company made payments of $0.5 million relating to the deferred compensation plans. |
Stockholders_Deficit
Stockholders' Deficit | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||
Stockholders' Deficit | Stockholders’ Deficit | ||||||||||||||||||||
The following table is a summary of the Company’s authorized, issued and outstanding stock for the nine months ended September 30, 2013: | |||||||||||||||||||||
D Stock | Common Stock | Treasury Stock | |||||||||||||||||||
(Shares in thousands) | Authorized | Issued | Outstanding | Authorized | Issued | Outstanding | |||||||||||||||
30-Sep-13 | 200 | 109 | 109 | 162,500 | 62,264 | 57,961 | (4,303 | ) | |||||||||||||
Common Stock — The holders of the Company's common stock are entitled to one vote per share on all matters to be voted upon by its stockholders. The holders of common stock have no preemptive, conversion or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock. The determination to pay dividends on common stock will be at the discretion of the Board of Directors and will depend on applicable laws and the Company’s financial condition, results of operations, cash requirements, prospects and such other factors as the Board of Directors may deem relevant. No dividends were paid during the three and nine months ended September 30, 2013. The Company’s ability to declare or pay dividends or distributions to the holders of the Company’s common stock is restricted under the Company’s 2013 Credit Agreement. | |||||||||||||||||||||
Participation Agreement between the Investors and Wal-Mart Stores, Inc. — Affiliates of Thomas H. Lee Partners, L.P. (“THL”) and affiliates of Goldman, Sachs & Co. (“Goldman Sachs” and collectively with THL, the “Investors”) have a Participation Agreement with Wal-Mart Stores, Inc. (“Walmart”), under which the Investors are obligated to pay Walmart certain percentages of any accumulated cash payments received by the Investors in excess of the Investors’ original investment in the Company. While the Company is not a party to, and has no obligations to Walmart or additional obligations to the Investors under, the Participation Agreement, the Company must recognize the Participation Agreement in its consolidated financial statements as the Company indirectly benefits from the agreement. A liability and the related expense associated with the Participation Agreement are recognized by the Company in the period in which it becomes probable that a liquidity event will occur that would require the Investors to make a payment to Walmart (a “liquidity event”). Upon payment by the Investors to Walmart, the liability is released through a credit to the Company’s additional paid-in capital. | |||||||||||||||||||||
Any future payments by the Investors to Walmart may result in an expense that could be material to the Company’s financial position or results of operations, but would have no impact on the Company’s cash flows. As liquidity events are dependent on many external factors and uncertainties, the Company does not consider a liquidity event to be probable at this time for any Investor, and has not recognized any liability or expense related to the Participation Agreement for the three and nine months ended September 30, 2013. | |||||||||||||||||||||
Accumulated Other Comprehensive Loss — The following is a summary of the changes to "Accumulated other comprehensive loss" by component for the three months ended September 30, 2013: | |||||||||||||||||||||
(Amounts in millions) | Net unrealized gains on securities classified as available-for-sale, net of tax | Cumulative foreign currency translation adjustments, net of tax | Pension and postretirement benefits adjustment, net of tax | Total | |||||||||||||||||
30-Jun-13 | $ | 16 | $ | 1.3 | $ | (68.8 | ) | $ | (51.5 | ) | |||||||||||
Other comprehensive income before amortization | 6.2 | 1.6 | 7.8 | ||||||||||||||||||
Amounts amortized from accumulated other comprehensive loss | (2.9 | ) | — | 1.1 | (1.8 | ) | |||||||||||||||
Net current period other comprehensive income | 3.3 | 1.6 | 1.1 | 6 | |||||||||||||||||
30-Sep-13 | $ | 19.3 | $ | 2.9 | $ | (67.7 | ) | $ | (45.5 | ) | |||||||||||
Accumulated Other Comprehensive Loss — The following is a summary of the changes to "Accumulated other comprehensive loss" by component for the nine months ended September 30, 2013: | |||||||||||||||||||||
(Amounts in millions) | Net unrealized gains on securities classified as available-for-sale, net of tax | Cumulative foreign currency translation adjustments, net of tax | Pension and postretirement benefits adjustment, net of tax | Total | |||||||||||||||||
31-Dec-12 | $ | 16.3 | $ | 2.6 | $ | (71.2 | ) | $ | (52.3 | ) | |||||||||||
Other comprehensive income before amortization | 5.9 | 0.3 | — | 6.2 | |||||||||||||||||
Amounts amortized from accumulated other comprehensive loss | (2.9 | ) | — | 3.5 | 0.6 | ||||||||||||||||
Net current period other comprehensive income | 3 | 0.3 | 3.5 | 6.8 | |||||||||||||||||
30-Sep-13 | $ | 19.3 | $ | 2.9 | $ | (67.7 | ) | $ | (45.5 | ) | |||||||||||
The following is a summary of the significant amounts amortized out of each component of "Accumulated other comprehensive loss" for the three and nine months ended September 30, 2013: | |||||||||||||||||||||
(Amounts in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
Unrealized gains on securities classified as available-for-sale, before tax | $ | (3.3 | ) | $ | (3.3 | ) | "Investment revenue" | ||||||||||||||
Tax expense | 0.4 | 0.4 | |||||||||||||||||||
Total, net of tax | $ | (2.9 | ) | $ | (2.9 | ) | |||||||||||||||
Pension and postretirement benefits adjustments: | |||||||||||||||||||||
Prior service credits | $ | (0.2 | ) | (0.5 | ) | "Compensation and benefits" | |||||||||||||||
Net actuarial losses | 1.9 | 6.1 | "Compensation and benefits" | ||||||||||||||||||
Total before tax | 1.7 | 5.6 | |||||||||||||||||||
Tax benefit | (0.6 | ) | (2.1 | ) | |||||||||||||||||
Total, net of tax | $ | 1.1 | $ | 3.5 | |||||||||||||||||
Total amortization for the period, net of tax | $ | (1.8 | ) | $ | 0.6 | ||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||||
The following is a summary of stock-based compensation expense for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Expense recognized related to stock options | $ | 1.8 | $ | 1.9 | $ | 5.2 | $ | 6.3 | ||||||||
Expense recognized related to restricted stock units | 1.1 | 0.5 | 2.7 | 1.3 | ||||||||||||
Stock-based compensation expense | $ | 2.9 | $ | 2.4 | $ | 7.9 | $ | 7.6 | ||||||||
In May 2013, the Company's stockholders approved an amendment and restatement of the MoneyGram International, Inc. 2005 Omnibus Incentive Plan, which we refer to as the 2005 Plan. The amendment increased the aggregate number of shares that may be issued under awards under the 2005 Plan from 7,125,000 to 12,925,000 shares. | ||||||||||||||||
Stock Options — Option awards are generally granted with an exercise price equal to the closing market price of the Company’s common stock on the date of grant. All outstanding stock options contain certain forfeiture and non-compete provisions. | ||||||||||||||||
Pursuant to the terms of grants made in 2013, all options issued are time-based with a term of 10 years and vest over a four-year period in an equal number of shares each year. | ||||||||||||||||
For purposes of determining the fair value of stock option awards in 2013, the Company uses the Black-Scholes single option pricing model. The following table provides weighted-average grant-date fair value and assumptions utilized to estimate the grant-date fair value of the options granted during 2013: | ||||||||||||||||
Expected dividend yield (1) | 0 | % | ||||||||||||||
Expected volatility (2) | 68.2% - 69.0% | |||||||||||||||
Risk-free interest rate (3) | 1.1% - 1.2% | |||||||||||||||
Expected life (4) | 6.3 years | |||||||||||||||
Weighted-average grant-date fair value per option | $ | 10.47 | ||||||||||||||
(1) | Expected dividend yield represents the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. The Company does not anticipate declaring any dividends at this time. | |||||||||||||||
(2) | Expected volatility is the amount by which the Company’s stock price has fluctuated or will fluctuate during the expected term of the option. The Company’s expected volatility is calculated based on the historical volatility of the price of the Company’s common stock since the spin-off from Viad Corporation on June 30, 2004. The Company also considers any known or anticipated factors that will likely impact future volatility. | |||||||||||||||
(3) | The risk-free interest rate for the Black-Scholes model is based on the U. S. Treasury yield curve in effect at the time of grant for periods within the expected term of the option. | |||||||||||||||
(4) | Expected life represents the period of time that options are expected to be outstanding. The expected life was determined using the simplified method as the pattern of changes in the value of the Company’s common stock and exercise activity since late 2007 has been inconsistent and substantially different from historical patterns. Additionally, there have been minimal stock option exercises, which would be representative of the Company’s normal exercise activity since 2007. Accordingly, the Company does not believe that historical terms are relevant to the assessment of the expected term of the grant. Based on these factors, the Company does not believe that it has the ability to make a more refined estimate than the use of the simplified method. | |||||||||||||||
The following table is a summary of the Company’s stock option activity for the nine months ended September 30, 2013: | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | ($000,000) | ||||||||||||||
Term | ||||||||||||||||
Options outstanding at December 31, 2012 | 4,412,076 | $ | 22.1 | |||||||||||||
Granted | 981,899 | 16.79 | ||||||||||||||
Exercised | (55,840 | ) | 18.45 | |||||||||||||
Forfeited/Expired | (539,463 | ) | 30.21 | |||||||||||||
Options outstanding at September 30, 2013 | 4,798,672 | $ | 20.15 | 6.98 years | $ | 9.9 | ||||||||||
Vested or expected to vest at September 30, 2013 | 4,649,697 | $ | 20.22 | 6.91 years | $ | 9.5 | ||||||||||
Options exercisable at September 30, 2013 | 1,665,546 | $ | 21.17 | 5.96 years | $ | 4.4 | ||||||||||
The following table is a summary of the Company’s stock option compensation information for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Dollars in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Intrinsic value of options exercised | $ | — | $ | — | $ | 0.1 | $ | — | ||||||||
Cash received from option exercises | $ | 0.4 | $ | — | $ | 1 | $ | — | ||||||||
Unrecognized stock option expense | $ | 14.6 | ||||||||||||||
Remaining weighted-average vesting period | 2.17 years | |||||||||||||||
Restricted Stock Units — During 2013, the Company issued performance-based restricted stock units, which are subject to three-year cliff vesting, based on average annual adjusted EBITDA (defined as earnings before interest, taxes, depreciation and amortization and less certain non-recurring or other unexpected expenses) growth during the applicable performance period (2013 - 2015). Under the terms of the restricted stock units granted in 2013, the number of restricted stock units that will vest is determined based on the extent to which the performance goal is achieved. Under the terms of the grant, 50 percent of the restricted stock units granted will vest for threshold performance; 100 percent of the restricted stock units granted will vest for the achievement of average annual adjusted EBITDA at target. The number of restricted stock units that will vest for performance achievement between the performance threshold and target will be determined based on a straight-line interpolation. No restricted stock units will vest for performance achievement below the threshold. | ||||||||||||||||
During 2012 and in the fourth quarter of 2011, the Company issued grants of performance-based restricted stock units to certain employees, which will vest and become payable in shares of common stock to the extent the Company attains the performance goals applicable to the performance period. The performance goal is based on the degree to which the Company’s average annual adjusted EBITDA meets, exceeds or falls short of the target performance goal of achieving an average annual adjusted EBITDA increase of 10 percent over a three year period. Under the terms of the grant, 50 percent of the target restricted stock units may vest on the second anniversary and 50 percent may vest on the third anniversary if the performance goal is achieved as of that date. The number of restricted stock units that vest is determined on a pro-rata basis by the extent to which the performance goal is met within a threshold minimum and maximum. In the event the target performance goal is not met, but the Company achieves a minimum performance goal of an average annual adjusted EBITDA growth of five percent, the participant will be entitled to 50 percent of the target number of restricted stock units. In the event the Company achieves its maximum performance goal of an average annual adjusted EBITDA growth of 20 percent, the participant will be entitled to 200 percent of the target number of restricted stock units. | ||||||||||||||||
Since 2010, the Company has granted time-based restricted stock units to members of the Board of Directors, excluding the Chairman of the Board, as compensation for services to be provided. The restricted stock units vest on the first anniversary of their issuance and may only be settled in the Company's common stock. Following the settlement of certain stockholders' litigation on July 20, 2012, THL agreed to waive any future compensation for its representatives on the Board of Directors, including the issuance of Director restricted stock units. | ||||||||||||||||
The fair value of restricted stock units is calculated based on the stock price at the time of grant. For performance-based restricted stock units, expense is recognized if achievement of the performance goal is deemed probable, with the amount of expense recognized based on the Company’s best estimate of the ultimate achievement level. For the 2013 grants of performance-based restricted stock units, the grant-date fair values at the threshold and target performance levels are $6.6 million and $13.2 million, respectively. As of September 30, 2013, the Company believes it is probable it will achieve the performance goal at the target level for the 2013 restricted stock units and the threshold level for the 2011 and 2012 restricted stock units on the third anniversary. For grants to employees, expense is recognized in the “Compensation and benefits” line, and expense for grants to Directors is recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations using the straight-line method over the vesting period. | ||||||||||||||||
A summary of the Company’s unvested restricted stock unit activity for the nine months ended September 30, 2013 is as follows: | ||||||||||||||||
Total | Weighted | |||||||||||||||
Shares | Average | |||||||||||||||
Price | ||||||||||||||||
Restricted stock units outstanding at December 31, 2012 | 532,224 | $ | 16.8 | |||||||||||||
Granted | 787,775 | 16.69 | ||||||||||||||
Vested | (48,474 | ) | 16.71 | |||||||||||||
Forfeited | (64,051 | ) | 17.16 | |||||||||||||
Restricted stock units outstanding at September 30, 2013 | 1,207,474 | $ | 16.72 | |||||||||||||
The grant-date fair value of restricted stock units vested was $0.8 million for the three and nine months ended September 30, 2013 and $0.6 million for the three and nine months ended September 30, 2012. As of September 30, 2013, the Company’s outstanding restricted stock units had unrecognized compensation expense of $11.3 million and a remaining weighted-average vesting period of 2.0 years. | ||||||||||||||||
Unrecognized restricted stock unit expense and the remaining weighted-average vesting period are presented under the Company’s current estimate of achievement of the performance goal on the third anniversary. Unrecognized restricted stock unit expense as of September 30, 2013 under the minimum and maximum thresholds are $10.8 million and $12.4 million, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
For the three and nine months ended September 30, 2013, the Company had $15.6 million and $23.3 million, respectively, of income tax expense on pre-tax income of $38.1 million and $52.3 million, respectively. For the three and nine months ended September 30, 2012, the Company had $9.6 million and $27.6 million, respectively, of income tax expense on pre-tax loss of $45.1 million and $41.9 million, respectively. | |
The Company paid zero and $0.2 million of federal and state income taxes for the three and nine months ended September 30, 2013, respectively, compared to $0.1 million and $0.9 million of federal and state income taxes for the three and nine months ended September 30, 2012, respectively. Changes in facts and circumstances may cause the Company to record additional tax expense or benefits in the future. | |
For the three and nine months ended September 30, 2013, interest and penalties for unrecognized tax benefits were $1.6 million and $4.6 million, respectively, compared to $0.1 million and $0.2 million for the three and nine months ended September 30, 2012, respectively. The Company records interest and penalties for unrecognized tax benefits in “Income tax expense” in the Consolidated Statements of Operations. As of September 30, 2013 and December 31, 2012, the Company had a liability of $6.6 million and $2.0 million, respectively, for interest and penalties within “Accounts payable and other liabilities” in the Consolidated Balance Sheets. | |
The Internal Revenue Service (the “IRS”) has completed its examination of the Company’s consolidated income tax returns through 2009. The IRS issued a Notice of Deficiency for 2005-2007 in April 2012 and a Notice of Deficiency for 2009 in October 2012. The Company filed petitions with the U.S. Tax Court in May 2012 and December 2012 contesting adjustments in the 2005-2007 and the 2009 Notices of Deficiency, respectively, related to certain securities losses. In August 2012, the IRS also issued an Examination Report for 2008. The Notices of Deficiency relate to, among other items, approximately $900.0 million of deductions that the Company took on securities losses in its 2007, 2008 and 2009 tax returns. As of September 30, 2013, the Company has recognized a cumulative benefit of approximately $139.9 million relating to these deductions. The Company continues to believe that the amounts recorded in its consolidated financial statements reflect its best estimate of the ultimate outcome of this matter. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies | |||||||||||||||
Operating Leases — The Company has various non-cancelable operating leases for buildings and equipment that terminate through 2023. Certain leases contain rent holidays and rent escalation clauses based on pre-determined annual rate increases. The Company recognizes rent expense under the straight-line method over the term of the lease. Any differences between the straight-line rent amounts and amounts payable under the leases are recorded as deferred rent in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. Cash or lease incentives received under certain leases are recorded as deferred rent when the incentive is received and amortized as a reduction to rent over the term of the lease using the straight-line method. Incentives received relating to tenant improvements are recognized as a reduction of rent expense under the straight-line method over the term of the lease. Tenant improvements are capitalized as leasehold improvements and depreciated over the shorter of the remaining term of the lease or 10 years. At September 30, 2013 and December 31, 2012, the deferred rent liability relating to these incentives was $2.8 million and $2.6 million, respectively. | ||||||||||||||||
Minimum rental expense under operating leases for the three and nine months ended September 30, 2013 and 2012 are: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Rent expense | $ | 4.2 | $ | 4.1 | $ | 13 | $ | 12 | ||||||||
Contingent rent expense | 0.1 | — | 0.2 | — | ||||||||||||
Sublease agreements | (0.3 | ) | (0.2 | ) | (0.7 | ) | (0.5 | ) | ||||||||
Minimum rent expense under operating leases | $ | 4 | $ | 3.9 | $ | 12.5 | $ | 11.5 | ||||||||
Minimum future rental payments for all non-cancelable operating leases with an initial term of more than one year at September 30, 2013 are (amounts in millions): | ||||||||||||||||
2013 | $ | 3.7 | ||||||||||||||
2014 | 14 | |||||||||||||||
2015 | 11.1 | |||||||||||||||
2016 | 5.4 | |||||||||||||||
2017 | 4.9 | |||||||||||||||
Thereafter | 15.4 | |||||||||||||||
Total | $ | 54.5 | ||||||||||||||
Letters of Credit — At September 30, 2013, the Company had $0.4 million of letters of credit. These letters of credit reduce the amount available under the Revolving Credit Facility. | ||||||||||||||||
Minimum Commission Guarantees — In limited circumstances as an incentive to new or renewing agents, the Company may grant minimum commission guarantees for a specified period of time at a contractually specified amount. Under the guarantees, the Company will pay to the agent the difference between the contractually specified minimum commission and the actual commissions earned by the agent. Expense related to the guarantee is recognized in the “Fee and other commissions expense” line in the Consolidated Statements of Operations. | ||||||||||||||||
As of September 30, 2013, the liability for minimum commission guarantees is $5.0 million and the maximum amount that could be paid under the minimum commission guarantees was $18.4 million over a weighted-average remaining term of 3.2 years. The maximum payment is calculated as the contractually guaranteed minimum commission times the remaining term of the contract and, therefore, assumes that the agent generates no money transfer transactions during the remainder of its contract. However, under the terms of certain agent contracts, the Company may terminate the contract if the projected or actual volume of transactions falls beneath a contractually specified amount. With respect to minimum commission guarantees expiring in the nine months ended September 30, 2013, the Company paid $0.9 million, or 53 percent, of the estimated maximum payment for the year. | ||||||||||||||||
Other Commitments — The Company has agreements with certain co-investors to provide funds related to investments in limited partnership interests. As of September 30, 2013, the total amount of unfunded commitments related to these agreements was $0.3 million. | ||||||||||||||||
Legal Proceedings — The matters set forth below are subject to uncertainties and outcomes that are not predictable. The Company accrues for these matters as any resulting losses become probable and can be reasonably estimated. Further, the Company maintains insurance coverage for many claims and litigations alleged. In relation to various legal matters, including those described below, the Company had $1.7 million and $38.7 million of liability recorded in the “Accounts payable and other liabilities” line in the Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012, respectively. For the three and nine months ended September 30, 2013, charges of $0.1 million and $0.2 million, respectively, net of insurance recoveries, were recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations for legal proceedings. A charge of $70.7 million and $108.8 million, net of insurance recoveries, was recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations for the three and nine months ended September 30, 2012, respectively, for legal proceedings. | ||||||||||||||||
Litigation Commenced Against the Company: | ||||||||||||||||
The Company is involved in various claims and litigation that arise from time to time in the ordinary course of the Company’s business. Management does not believe that after final disposition any of these matters is likely to have a material adverse impact on the Company’s financial condition, results of operations and cash flows. | ||||||||||||||||
Government Investigations: | ||||||||||||||||
State Civil Investigative Demands — MoneyGram has received Civil Investigative Demands from a working group of nine state attorneys general who have initiated an investigation into whether the Company took adequate steps to prevent consumer fraud during the period from 2007 to 2011. The Civil Investigative Demands seek information and documents relating to the Company’s procedures to prevent fraudulent transfers and consumer complaint information. MoneyGram continues to cooperate fully with the states in this matter. MoneyGram has submitted the information and documents requested by the states. No claims have been made against MoneyGram in conjunction with this investigation. | ||||||||||||||||
Other Matters — The Company is involved in various other government inquiries and other matters that arise from time to time. Management does not believe that after final disposition any of these other matters is likely to have a material adverse impact on the Company’s financial condition, results of operations and cash flows. | ||||||||||||||||
Actions Commenced by the Company: | ||||||||||||||||
CDO Litigation — In March 2012, the Company initiated an arbitration proceeding before the Financial Industry Regulatory Authority against Goldman Sachs & Co. ("Goldman Sachs"). The arbitration relates to MoneyGram’s purchase of Residential Mortgage Backed Securities and Collateral Debt Obligations that Goldman Sachs sold to MoneyGram during the 2005 through 2007 timeframe. The Company alleges, among other things, that Goldman Sachs made material misrepresentations and omissions in connection with the sale of these products, ultimately causing significant losses to the Company for which the Company is currently seeking damages. Goldman Sachs owns, together with certain of its affiliates, approximately 19 percent of the shares of the Company’s common stock on a diluted basis, assuming conversion of the Company’s Series D Participating Convertible Preferred Stock, or D Stock, currently owned by Goldman Sachs and its affiliates. | ||||||||||||||||
Tax Litigation — On May 14, 2012 and December 17, 2012, the Company filed petitions in the U.S. Tax Court challenging the 2005-2007 and 2009 Notices of Deficiency, respectively, pursuant to which the IRS determined that the Company owes additional corporate income taxes because certain deductions relating to securities losses were capital in nature, rather than ordinary losses. The Company asserts that it properly deducted its securities losses and that, consequently, no additional corporate income taxes are owed. The IRS filed its responses to the Company’s petitions in July 2012 and February 2013 reasserting its original position relating to the years 2005-2007 and 2009. The cases have been consolidated before the U.S. Tax Court. |
Earnings_per_Common_Share
Earnings per Common Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings per Common Share | Earnings per Common Share | |||||||||||
For all periods in which it is outstanding, the D Stock is included in the weighted-average number of common shares outstanding utilized to calculate basic earnings per common share because the D Stock is deemed a common stock equivalent. Diluted earnings per common share reflects the potential dilution that could result if securities or incremental shares arising out of the Company’s stock-based compensation plans were exercised or converted into common stock. Diluted earnings per common share assumes the exercise of stock options using the treasury stock method. | ||||||||||||
The following table is a reconciliation of the weighted-average amounts used in calculating earnings per share for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||
Basic common shares outstanding | 71.6 | 71.5 | 71.6 | 71.5 | ||||||||
Shares related to stock options | 0.4 | — | 0.2 | — | ||||||||
Diluted common shares outstanding | 72 | 71.5 | 71.8 | 71.5 | ||||||||
Potential common shares are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive. All potential common shares are anti-dilutive in periods of net loss available to common stockholders. Stock options are anti-dilutive when the exercise price of these instruments is greater than the average market price of the Company’s common stock for the period. The following table summarizes the weighted-average potential common shares excluded from diluted earnings per common share, as their effect would be anti-dilutive, for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||
Shares related to stock options | 2.5 | 4.6 | 3.6 | 5 | ||||||||
Shares related to restricted stock and restricted stock units | 0.9 | 0.5 | 1 | 0.5 | ||||||||
Shares excluded from the computation | 3.4 | 5.1 | 4.6 | 5.5 | ||||||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Information | Segment Information | |||||||||||||||
The Company’s reporting segments are primarily organized based on the nature of products and services offered and the type of consumer served. The Company has two reporting segments: Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment provides global money transfers and, in the U.S., Canada and Puerto Rico, bill payment services to consumers through a network of agents and, in select markets, company-operated locations. The Financial Paper Products segment provides money orders to consumers through retail and financial institution locations in the U.S. and Puerto Rico, and provides official check services to financial institutions in the U.S. One of the Company’s agents of both the Global Funds Transfer segment and the Financial Paper Products segment accounted for 27 percent and 29 percent of total revenue for the three months ended September 30, 2013 and 2012, respectively, and 28 percent and 29 percent of total revenue for the nine months ended September 30, 2013 and 2012, respectively. Businesses that are not operated within these segments are categorized as "Other," and primarily relate to discontinued products and businesses. "Other" also contains corporate items. Segment pre-tax operating income and segment operating margin are used to review segment performance and to allocate resources. | ||||||||||||||||
The following table is a summary of the total revenue by segment for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | ||||||||||||||||
Global Funds Transfer: | ||||||||||||||||
Money transfer | $ | 333.7 | $ | 291.4 | $ | 947.8 | $ | 842.2 | ||||||||
Bill payment | 25.8 | 26.5 | 76.6 | 80.1 | ||||||||||||
Total Global Funds Transfer | 359.5 | 317.9 | 1,024.40 | 922.3 | ||||||||||||
Financial Paper Products: | ||||||||||||||||
Money order | 14.1 | 13.9 | 41.4 | 43.3 | ||||||||||||
Official check | 9.2 | 6.4 | 22.1 | 20.2 | ||||||||||||
Total Financial Paper Products | 23.3 | 20.3 | 63.5 | 63.5 | ||||||||||||
Other | 0.2 | 0.4 | 0.7 | 1 | ||||||||||||
Total revenue | $ | 383 | $ | 338.6 | $ | 1,088.60 | $ | 986.8 | ||||||||
The following table is a summary of the operating income by segment and detail of the income (loss) before income taxes for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Segment operating income: | ||||||||||||||||
Global Funds Transfer | $ | 40.6 | $ | 39.3 | $ | 122.5 | $ | 111.2 | ||||||||
Financial Paper Products | 10.5 | 7.5 | 25 | 24.6 | ||||||||||||
Total segment operating income | 51.1 | 46.8 | 147.5 | 135.8 | ||||||||||||
Other | (3.0 | ) | (74.1 | ) | (12.6 | ) | (124.1 | ) | ||||||||
Total operating income (loss) | 48.1 | (27.3 | ) | 134.9 | 11.7 | |||||||||||
Interest expense | 10 | 17.7 | 37.3 | 53.2 | ||||||||||||
Debt extinguishment costs | — | — | 45.3 | — | ||||||||||||
Other | — | 0.1 | — | 0.4 | ||||||||||||
Income (loss) before income taxes | $ | 38.1 | $ | (45.1 | ) | $ | 52.3 | $ | (41.9 | ) | ||||||
The following table is a summary of depreciation expense and capital expenditures by segment and for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Depreciation and amortization: | ||||||||||||||||
Global Funds Transfer | $ | 11.5 | $ | 10.7 | $ | 33.5 | $ | 29.9 | ||||||||
Financial Paper Products | 1 | 0.8 | 2.8 | 2.6 | ||||||||||||
Other | — | (0.6 | ) | 0.2 | 0.1 | |||||||||||
Total depreciation and amortization | $ | 12.5 | $ | 10.9 | $ | 36.5 | $ | 32.6 | ||||||||
Capital expenditures: | ||||||||||||||||
Global Funds Transfer | $ | 10.2 | $ | 11.9 | $ | 29.2 | $ | 31.9 | ||||||||
Financial Paper Products | 1.2 | 3 | 5 | 6.3 | ||||||||||||
Total capital expenditures | $ | 11.4 | $ | 14.9 | $ | 34.2 | $ | 38.2 | ||||||||
The following table sets forth assets by segment for the periods ended September 30, 2013 and December 31, 2012: | ||||||||||||||||
(Amounts in millions) | September 30, 2013 | 31-Dec-12 | ||||||||||||||
Assets: | ||||||||||||||||
Global Funds Transfer | $ | 1,600.00 | $ | 1,448.30 | ||||||||||||
Financial Paper Products | 2,946.30 | 3,395.10 | ||||||||||||||
Other | 376.9 | 307.2 | ||||||||||||||
Total assets | $ | 4,923.20 | $ | 5,150.60 | ||||||||||||
Geographic Areas — International revenues are defined as revenues generated from money transfer transactions originating in a country other than the U.S. Long-lived assets are principally located in the U.S. The following table details total revenue by major geographic area for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
U.S. | $ | 231.6 | $ | 206.4 | $ | 662.4 | $ | 612 | ||||||||
International | 151.4 | 132.2 | 426.2 | 374.8 | ||||||||||||
Total revenue | $ | 383 | $ | 338.6 | $ | 1,088.60 | $ | 986.8 | ||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||||||||||||||||
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements | |||||||||||||||||||
In the event the Company offers equity or debt securities pursuant to an effective registration statement on Form S-3, these debt securities may be guaranteed by certain of its subsidiaries. Accordingly, the Company is providing condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. If the Company issues debt securities, the following 100 percent directly or indirectly owned subsidiaries could fully and unconditionally guarantee the debt securities on a joint and several basis: MoneyGram Payment Systems Worldwide, Inc.; MoneyGram Payment Systems, Inc.; and MoneyGram of New York LLC (collectively, the “Guarantors”). | ||||||||||||||||||||
The following information represents condensed, consolidating Balance Sheets as of September 30, 2013 and December 31, 2012, along with condensed, consolidating Statements of Operations, Statements of Comprehensive (Loss) Income and Statements of Cash Flows for the three and nine months ended September 30, 2013 and 2012. The condensed, consolidating financial information presents financial information in separate columns for MoneyGram International, Inc. on a Parent-only basis carrying its investment in subsidiaries under the equity method; Guarantors on a combined basis, carrying investments in subsidiaries that are not expected to guarantee the debt (collectively, the “Non-Guarantors”) under the equity method; Non-Guarantors on a combined basis; and eliminating entries. The eliminating entries primarily reflect intercompany transactions, such as accounts receivable and payable, fee revenue and commissions expense and the elimination of equity investments and income in subsidiaries. | ||||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
AS OF SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Cash and cash equivalents (substantially restricted) | 1.6 | 2,135.70 | 85.1 | — | 2,222.40 | |||||||||||||||
Receivables, net (substantially restricted) | — | 949.1 | 10.6 | — | 959.7 | |||||||||||||||
Interest-bearing investments (substantially restricted) | — | 900 | 41.8 | — | 941.8 | |||||||||||||||
Available-for-sale investments (substantially restricted) | — | 50.7 | — | — | 50.7 | |||||||||||||||
Property and equipment, net | — | 100.9 | 25 | — | 125.9 | |||||||||||||||
Goodwill | — | 307.8 | 124 | — | 431.8 | |||||||||||||||
Other assets | 17.8 | 198.1 | 18 | (43.0 | ) | 190.9 | ||||||||||||||
Equity investments in subsidiaries | 56.8 | 199.8 | — | (256.6 | ) | — | ||||||||||||||
Intercompany receivables | 657.9 | (34.7 | ) | 10 | (633.2 | ) | — | |||||||||||||
Total assets | $ | 734.1 | $ | 4,807.40 | $ | 314.5 | $ | (932.8 | ) | $ | 4,923.20 | |||||||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||||||||||||||||
Payment service obligations | $ | — | $ | 3,826.80 | $ | 38.1 | $ | — | $ | 3,864.90 | ||||||||||
Debt | 845 | — | — | — | 845 | |||||||||||||||
Pension and other postretirement benefits | — | 119.8 | — | — | 119.8 | |||||||||||||||
Accounts payable and other liabilities | 47.3 | 136.3 | 69.2 | (43.0 | ) | 209.8 | ||||||||||||||
Intercompany liabilities | (41.9 | ) | 667.7 | 7.4 | (633.2 | ) | — | |||||||||||||
Total liabilities | 850.4 | 4,750.60 | 114.7 | (676.2 | ) | 5,039.50 | ||||||||||||||
Total stockholders’ (deficit) equity | (116.3 | ) | 56.8 | 199.8 | (256.6 | ) | (116.3 | ) | ||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 734.1 | $ | 4,807.40 | $ | 314.5 | $ | (932.8 | ) | $ | 4,923.20 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
AS OF DECEMBER 31, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Cash and cash equivalents (substantially restricted) | 2.3 | 2,585.50 | 95.4 | — | 2,683.20 | |||||||||||||||
Receivables, net (substantially restricted) | — | 1,190.80 | 15.7 | — | 1,206.50 | |||||||||||||||
Interest-bearing investments (substantially restricted) | — | 425 | 25.1 | — | 450.1 | |||||||||||||||
Available-for-sale investments (substantially restricted) | — | 63.5 | — | — | 63.5 | |||||||||||||||
Property and equipment, net | — | 99.8 | 28.1 | — | 127.9 | |||||||||||||||
Goodwill | — | 306.9 | 121.8 | — | 428.7 | |||||||||||||||
Other assets | 7.5 | 181.6 | 19.4 | (17.8 | ) | 190.7 | ||||||||||||||
Equity investments in subsidiaries | 26.6 | 181 | — | (207.6 | ) | — | ||||||||||||||
Intercompany receivables | — | 165.9 | — | (165.9 | ) | — | ||||||||||||||
Total assets | $ | 36.4 | $ | 5,200.00 | $ | 305.5 | $ | (391.3 | ) | $ | 5,150.60 | |||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||||||
Payment service obligations | $ | — | $ | 4,127.00 | $ | 48.4 | $ | — | $ | 4,175.40 | ||||||||||
Debt | — | 809.9 | — | — | 809.9 | |||||||||||||||
Pension and other postretirement benefits | — | 126.8 | — | — | 126.8 | |||||||||||||||
Accounts payable and other liabilities | 60 | 109.7 | 48 | (17.8 | ) | 199.9 | ||||||||||||||
Intercompany liabilities | 137.8 | — | 28.1 | (165.9 | ) | — | ||||||||||||||
Total liabilities | 197.8 | 5,173.40 | 124.5 | (183.7 | ) | 5,312.00 | ||||||||||||||
Total stockholders’ (deficit) equity | (161.4 | ) | 26.6 | 181 | (207.6 | ) | (161.4 | ) | ||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 36.4 | $ | 5,200.00 | $ | 305.5 | $ | (391.3 | ) | $ | 5,150.60 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 365.7 | $ | 89.9 | $ | (79.8 | ) | $ | 375.8 | |||||||||
Investment revenue | — | 7.1 | 0.1 | — | 7.2 | |||||||||||||||
Total revenue | — | 372.8 | 90 | (79.8 | ) | 383 | ||||||||||||||
EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 175.6 | 43.5 | (40.5 | ) | 178.6 | ||||||||||||||
Investment commissions expense | — | 0.1 | — | — | 0.1 | |||||||||||||||
Total commissions expense | — | 175.7 | 43.5 | (40.5 | ) | 178.7 | ||||||||||||||
Compensation and benefits | — | 49.8 | 16.4 | — | 66.2 | |||||||||||||||
Transaction and operations support | (0.1 | ) | 92.5 | 12.2 | (39.2 | ) | 65.4 | |||||||||||||
Occupancy, equipment and supplies | — | 13.1 | (0.9 | ) | (0.1 | ) | 12.1 | |||||||||||||
Depreciation and amortization | — | 9.1 | 3.4 | — | 12.5 | |||||||||||||||
Total operating expenses | (0.1 | ) | 340.2 | 74.6 | (79.8 | ) | 334.9 | |||||||||||||
OPERATING INCOME | 0.1 | 32.6 | 15.4 | — | 48.1 | |||||||||||||||
Other expense | ||||||||||||||||||||
Interest expense | 10 | — | — | — | 10 | |||||||||||||||
Total other expenses | 10 | — | — | — | 10 | |||||||||||||||
(Loss) income before income taxes | (9.9 | ) | 32.6 | 15.4 | — | 38.1 | ||||||||||||||
Income tax (benefit) expense | (3.5 | ) | 18.1 | 1 | — | 15.6 | ||||||||||||||
(Loss) income after income taxes | (6.4 | ) | 14.5 | 14.4 | — | 22.5 | ||||||||||||||
Equity income (loss) in subsidiaries | 28.9 | 14.4 | — | (43.3 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 22.5 | $ | 28.9 | $ | 14.4 | $ | (43.3 | ) | $ | 22.5 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 1,113.80 | $ | 242.3 | $ | (281.0 | ) | $ | 1,075.10 | |||||||||
Investment revenue | — | 13.3 | 0.2 | — | 13.5 | |||||||||||||||
Total revenue | — | 1,127.10 | 242.5 | (281.0 | ) | 1,088.60 | ||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 554.9 | 123.6 | (176.0 | ) | 502.5 | ||||||||||||||
Investment commissions expense | — | 0.3 | — | — | 0.3 | |||||||||||||||
Total commissions expense | — | 555.2 | 123.6 | (176.0 | ) | 502.8 | ||||||||||||||
Compensation and benefits | — | 147.7 | 50.4 | — | 198.1 | |||||||||||||||
Transaction and operations support | 1.4 | 247.7 | 35.1 | (104.9 | ) | 179.3 | ||||||||||||||
Occupancy, equipment and supplies | — | 31.9 | 5.2 | (0.1 | ) | 37 | ||||||||||||||
Depreciation and amortization | — | 26.4 | 10.1 | — | 36.5 | |||||||||||||||
Total operating expenses | 1.4 | 1,008.90 | 224.4 | (281.0 | ) | 953.7 | ||||||||||||||
OPERATING (LOSS) INCOME | (1.4 | ) | 118.2 | 18.1 | — | 134.9 | ||||||||||||||
OTHER EXPENSE | ||||||||||||||||||||
Interest expense | 20.3 | 17 | — | — | 37.3 | |||||||||||||||
Debt extinguishment costs | — | 45.3 | — | — | 45.3 | |||||||||||||||
Total other expense | 20.3 | 62.3 | — | — | 82.6 | |||||||||||||||
(Loss) income before income taxes | (21.7 | ) | 55.9 | 18.1 | — | 52.3 | ||||||||||||||
Income tax (benefit) expense | (7.6 | ) | 29.1 | 1.8 | — | 23.3 | ||||||||||||||
(Loss) income after income taxes | (14.1 | ) | 26.8 | 16.3 | — | 29 | ||||||||||||||
Equity income (loss) in subsidiaries | 43.1 | 16.3 | — | (59.4 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 29 | $ | 43.1 | $ | 16.3 | $ | (59.4 | ) | $ | 29 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 362.1 | $ | 76.1 | $ | (102.5 | ) | $ | 335.7 | |||||||||
Investment revenue | — | 2.8 | 0.1 | — | 2.9 | |||||||||||||||
Total revenue | — | 364.9 | 76.2 | (102.5 | ) | 338.6 | ||||||||||||||
EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 190.4 | 40 | (78.1 | ) | 152.3 | ||||||||||||||
Investment commissions expense | — | 0.1 | — | — | 0.1 | |||||||||||||||
Total commissions expense | — | 190.5 | 40 | (78.1 | ) | 152.4 | ||||||||||||||
Compensation and benefits | — | 39.5 | 15.3 | — | 54.8 | |||||||||||||||
Transaction and operations support | (0.5 | ) | 148.7 | 11.8 | (24.4 | ) | 135.6 | |||||||||||||
Occupancy, equipment and supplies | — | 8.9 | 3.3 | — | 12.2 | |||||||||||||||
Depreciation and amortization | — | 7.9 | 3 | — | 10.9 | |||||||||||||||
Total operating expenses | (0.5 | ) | 395.5 | 73.4 | (102.5 | ) | 365.9 | |||||||||||||
OPERATING INCOME (LOSS) | 0.5 | (30.6 | ) | 2.8 | — | (27.3 | ) | |||||||||||||
Other expense | ||||||||||||||||||||
Interest expense | — | 17.7 | — | — | 17.7 | |||||||||||||||
Other | — | 0.1 | — | — | 0.1 | |||||||||||||||
Total other expenses | — | 17.8 | — | — | 17.8 | |||||||||||||||
Income (loss) before income taxes | 0.5 | (48.4 | ) | 2.8 | — | (45.1 | ) | |||||||||||||
Income tax expense (benefit) | 0.2 | 9.4 | — | — | 9.6 | |||||||||||||||
Income (loss) after income taxes | 0.3 | (57.8 | ) | 2.8 | — | (54.7 | ) | |||||||||||||
(Loss) equity income in subsidiaries | (55.0 | ) | 2.8 | — | 52.2 | — | ||||||||||||||
NET (LOSS) INCOME | $ | (54.7 | ) | $ | (55.0 | ) | $ | 2.8 | $ | 52.2 | $ | (54.7 | ) | |||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 1,055.40 | $ | 217.2 | $ | (295.3 | ) | $ | 977.3 | |||||||||
Investment revenue | — | 8.9 | 0.6 | — | 9.5 | |||||||||||||||
Total revenue | — | 1,064.30 | 217.8 | (295.3 | ) | 986.8 | ||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 554.5 | 120.2 | (233.8 | ) | 440.9 | ||||||||||||||
Investment commissions expense | — | 0.3 | — | — | 0.3 | |||||||||||||||
Total commissions expense | — | 554.8 | 120.2 | (233.8 | ) | 441.2 | ||||||||||||||
Compensation and benefits | — | 126 | 46.9 | — | 172.9 | |||||||||||||||
Transaction and operations support | 10.1 | 306.4 | 36.8 | (61.5 | ) | 291.8 | ||||||||||||||
Occupancy, equipment and supplies | — | 26.6 | 10 | — | 36.6 | |||||||||||||||
Depreciation and amortization | — | 23.4 | 9.2 | — | 32.6 | |||||||||||||||
Total operating expenses | 10.1 | 1,037.20 | 223.1 | (295.3 | ) | 975.1 | ||||||||||||||
OPERATING (LOSS) INCOME | (10.1 | ) | 27.1 | (5.3 | ) | — | 11.7 | |||||||||||||
OTHER EXPENSE | ||||||||||||||||||||
Interest expense | — | 53.2 | — | — | 53.2 | |||||||||||||||
Other | 0.3 | 0.1 | — | — | 0.4 | |||||||||||||||
Total other expense | 0.3 | 53.3 | — | — | 53.6 | |||||||||||||||
(Loss) income before income taxes | (10.4 | ) | (26.2 | ) | (5.3 | ) | — | (41.9 | ) | |||||||||||
Income tax (benefit) expense | (3.9 | ) | 32.9 | (1.4 | ) | — | 27.6 | |||||||||||||
Loss after income taxes | (6.5 | ) | (59.1 | ) | (3.9 | ) | — | (69.5 | ) | |||||||||||
(Loss) equity income in subsidiaries | (63.0 | ) | (3.9 | ) | — | 66.9 | — | |||||||||||||
NET (LOSS) INCOME | $ | (69.5 | ) | $ | (63.0 | ) | $ | (3.9 | ) | $ | 66.9 | $ | (69.5 | ) | ||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET INCOME (LOSS) | $ | 22.5 | $ | 28.9 | $ | 14.4 | $ | (43.3 | ) | $ | 22.5 | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding gains (losses) arising during the period, net of tax expense of $0.5 | 3.3 | 3.3 | — | (3.3 | ) | 3.3 | ||||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Reclassification of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.1 | (0.1 | ) | (0.1 | ) | — | 0.1 | (0.1 | ) | ||||||||||||
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $0.7 | 1.2 | 1.2 | — | (1.2 | ) | 1.2 | ||||||||||||||
Unrealized foreign currency translation gain (losses), net of tax expense of $1.0 | 1.6 | 1.7 | (0.1 | ) | (1.6 | ) | 1.6 | |||||||||||||
Other comprehensive income (loss) | 6 | 6.1 | (0.1 | ) | (6.0 | ) | 6 | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 28.5 | $ | 35 | $ | 14.3 | $ | (49.3 | ) | $ | 28.5 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET INCOME (LOSS) | $ | 29 | $ | 43.1 | $ | 16.3 | $ | (59.4 | ) | $ | 29 | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding gains (losses) arising during the period, net of tax expense of $0.1 | 3 | 3 | — | (3.0 | ) | 3 | ||||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Reclassification of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.2 | (0.3 | ) | (0.3 | ) | — | 0.3 | (0.3 | ) | ||||||||||||
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $2.3 | 3.8 | 3.8 | — | (3.8 | ) | 3.8 | ||||||||||||||
Unrealized foreign currency translation gains (losses), net of tax expense of $0.2 | 0.3 | 0.3 | (1.3 | ) | 1 | 0.3 | ||||||||||||||
Other comprehensive income (loss) | 6.8 | 6.8 | (1.3 | ) | (5.5 | ) | 6.8 | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 35.8 | $ | 49.9 | $ | 15 | $ | (64.9 | ) | $ | 35.8 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET (LOSS) INCOME | $ | (54.7 | ) | $ | (55.0 | ) | $ | 2.8 | $ | 52.2 | $ | (54.7 | ) | |||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding gains (losses) arising during the period, net of tax expense of $0 | 0.9 | 0.9 | — | (0.9 | ) | 0.9 | ||||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net (loss) income, net of tax expense of $0.1 | (0.1 | ) | (0.1 | ) | — | 0.1 | (0.1 | ) | ||||||||||||
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net (loss) income, net of tax benefit of $0.6 | 1 | 1 | — | (1.0 | ) | 1 | ||||||||||||||
Unrealized foreign currency translation gains (losses), net of tax benefit of $0.1 | 0.1 | 0.1 | — | (0.1 | ) | 0.1 | ||||||||||||||
Other comprehensive income (loss) | 1.9 | 1.9 | — | (1.9 | ) | 1.9 | ||||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (52.8 | ) | $ | (53.1 | ) | $ | 2.8 | $ | 50.3 | $ | (52.8 | ) | |||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET (LOSS) INCOME | $ | (69.5 | ) | $ | (63.0 | ) | $ | (3.9 | ) | $ | 66.9 | $ | (69.5 | ) | ||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding gains (losses) arising during the period, net of tax expense of $0.6 | 2.3 | 2.3 | — | (2.3 | ) | 2.3 | ||||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Reclassification of prior service credit recorded to net (loss) income, net of tax expense of $0.2 | (0.3 | ) | (0.3 | ) | — | 0.3 | (0.3 | ) | ||||||||||||
Reclassification of net actuarial loss recorded to net (loss) income, net of tax benefit of $1.8 | 2.9 | 2.9 | — | (2.9 | ) | 2.9 | ||||||||||||||
Unrealized foreign currency translation gains (losses), net of tax expense of $0.2 | 0.3 | 0.3 | (0.4 | ) | 0.1 | 0.3 | ||||||||||||||
Other comprehensive income (loss) | 5.2 | 5.2 | (0.4 | ) | (4.8 | ) | 5.2 | |||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (64.3 | ) | $ | (57.8 | ) | $ | (4.3 | ) | $ | 62.1 | $ | (64.3 | ) | ||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (3.8 | ) | $ | 34 | $ | 20.3 | $ | — | $ | 50.5 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 3 | — | — | 3 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (100.0 | ) | (12.9 | ) | — | (112.9 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 75 | — | — | 75 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (8.5 | ) | (2.3 | ) | — | (10.8 | ) | ||||||||||||
Acquisitions | — | (1.0 | ) | (2.2 | ) | — | (3.2 | ) | ||||||||||||
Proceeds from disposal of assets and businesses | — | 0.2 | — | — | 0.2 | |||||||||||||||
Capital contribution from subsidiary guarantors | — | 2.9 | — | (2.9 | ) | — | ||||||||||||||
Net cash (used in) provided by investing activities | — | (28.4 | ) | (17.4 | ) | (2.9 | ) | (48.7 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Payment on debt | (2.2 | ) | — | — | — | (2.2 | ) | |||||||||||||
Proceeds from stock options exercised | 0.4 | — | — | — | 0.4 | |||||||||||||||
Intercompany financings | (2.0 | ) | 2 | — | — | — | ||||||||||||||
Dividend from parent | 7.6 | (7.6 | ) | — | — | — | ||||||||||||||
Capital contribution to non-guarantors | — | — | (2.9 | ) | 2.9 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 3.8 | (5.6 | ) | (2.9 | ) | 2.9 | (1.8 | ) | ||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (28.3 | ) | $ | 517.6 | $ | 27.2 | $ | — | $ | 516.5 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 14.6 | — | — | 14.6 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (850.0 | ) | (27.6 | ) | — | (877.6 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 375 | 11.1 | — | 386.1 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (30.3 | ) | (6.9 | ) | — | (37.2 | ) | ||||||||||||
Acquisitions | (1.0 | ) | (2.2 | ) | (3.2 | ) | ||||||||||||||
Proceeds from disposal of assets and businesses | — | 0.5 | — | — | 0.5 | |||||||||||||||
Capital contribution from subsidiary guarantors | — | 1.6 | — | (1.6 | ) | — | ||||||||||||||
Net cash (used in) provided by investing activities | — | (489.6 | ) | (25.6 | ) | (1.6 | ) | (516.8 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from issuance of debt | 850 | — | — | — | 850 | |||||||||||||||
Transaction costs of issuance and amendment of debt | — | (11.8 | ) | — | — | (11.8 | ) | |||||||||||||
Prepayment penalty | — | (21.5 | ) | — | — | (21.5 | ) | |||||||||||||
Payment on debt | (4.2 | ) | (813.2 | ) | — | — | (817.4 | ) | ||||||||||||
Proceeds from exercise of stock options | 1 | — | — | — | 1 | |||||||||||||||
Intercompany financings | (837.6 | ) | 837.6 | — | — | — | ||||||||||||||
Dividend from parent | 19.1 | (19.1 | ) | — | ||||||||||||||||
Capital contribution to non-guarantors | — | (1.6 | ) | 1.6 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 28.3 | (28.0 | ) | (1.6 | ) | 1.6 | 0.3 | |||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (29.8 | ) | $ | 33.9 | $ | 2 | $ | — | $ | 6.1 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 6.2 | — | — | 6.2 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | — | (11.1 | ) | — | (11.1 | ) | |||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | — | 11.8 | — | 11.8 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (9.9 | ) | (3.0 | ) | — | (12.9 | ) | ||||||||||||
Proceeds from disposal of property and equipment | — | 0.3 | — | — | 0.3 | |||||||||||||||
Capital contribution from subsidiary guarantors | — | (0.3 | ) | — | 0.3 | — | ||||||||||||||
Net cash (used in) provided by investing activities | — | (3.7 | ) | (2.3 | ) | 0.3 | (5.7 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Payments on debt | — | (0.4 | ) | — | — | (0.4 | ) | |||||||||||||
Intercompany financings | 29.8 | (29.8 | ) | — | — | — | ||||||||||||||
Capital contribution to non-guarantors | — | — | 0.3 | (0.3 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 29.8 | (30.2 | ) | 0.3 | (0.3 | ) | (0.4 | ) | ||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (6.3 | ) | $ | 18.2 | $ | 6.4 | $ | — | $ | 18.3 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 25.5 | — | — | 25.5 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (300.0 | ) | (35.6 | ) | — | (335.6 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 300 | 35.4 | — | 335.4 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (33.7 | ) | (9.5 | ) | — | (43.2 | ) | ||||||||||||
Proceeds from disposal of property and equipment | — | 0.7 | — | — | 0.7 | |||||||||||||||
Capital contribution from subsidiary guarantors | — | (3.3 | ) | — | 3.3 | — | ||||||||||||||
Net cash (used in) provided by investing activities | — | (10.8 | ) | (9.7 | ) | 3.3 | (17.2 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Payment on debt | — | (1.1 | ) | — | — | (1.1 | ) | |||||||||||||
Intercompany financings | 6.3 | (6.3 | ) | — | — | — | ||||||||||||||
Capital contribution to non-guarantors | — | — | 3.3 | (3.3 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 6.3 | (7.4 | ) | 3.3 | (3.3 | ) | (1.1 | ) | ||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 17 — Subsequent Event |
On October 9, 2013, the Company began to transition its MoneyGram Rewards, the Company’s loyalty program, to a convenience card program. The Company has provided participants in the MoneyGram Rewards program until December 7, 2013 to redeem any outstanding program points. The Company has an $8.0 million accrued liability related to the MoneyGram Rewards program as of September 30, 2013. |
Assets_in_Excess_of_Payment_Se1
Assets in Excess of Payment Service Obligations (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Disclosure Assets In Excess Of Payment Service Obligations [Abstract] | ||||||||
Assets in Excess of Payment Service Obligations | The following table shows the amount of assets in excess of payment service obligations at September 30, 2013 and December 31, 2012: | |||||||
(Amounts in millions) | 30-Sep-13 | 31-Dec-12 | ||||||
Cash and cash equivalents (substantially restricted) | $ | 2,222.40 | $ | 2,683.20 | ||||
Receivables, net (substantially restricted) | 959.7 | 1,206.50 | ||||||
Interest-bearing investments (substantially restricted) | 941.8 | 450.1 | ||||||
Available-for-sale investments (substantially restricted) | 50.7 | 63.5 | ||||||
4,174.60 | 4,403.30 | |||||||
Payment service obligations | 3,864.90 | 4,175.40 | ||||||
Assets in excess of payment service obligations | $ | 309.7 | $ | 227.9 | ||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Financial assets measured at fair value by hierarchy level | The following tables show the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
Fair Value at September 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available-for-sale investments (substantially restricted): | ||||||||||||||||||||
U.S. government agencies | $ | — | $ | 8 | $ | — | $ | 8 | ||||||||||||
Residential mortgage-backed securities — agencies | — | 21.7 | — | 21.7 | ||||||||||||||||
Other asset-backed securities | — | — | 21 | 21 | ||||||||||||||||
Investment related to deferred compensation trust | 9.4 | — | — | 9.4 | ||||||||||||||||
Total financial assets | $ | 9.4 | $ | 29.7 | $ | 21 | $ | 60.1 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Forward contracts | $ | — | $ | (1.9 | ) | $ | — | $ | (1.9 | ) | ||||||||||
Fair Value at December 31, 2012 | ||||||||||||||||||||
(Amounts in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available-for-sale investments (substantially restricted): | ||||||||||||||||||||
U.S. government agencies | $ | — | $ | 8.9 | $ | — | $ | 8.9 | ||||||||||||
Residential mortgage-backed securities — agencies | — | 36.6 | — | 36.6 | ||||||||||||||||
Other asset-backed securities | — | — | 18 | 18 | ||||||||||||||||
Investment related to deferred compensation trust | 8.6 | — | — | 8.6 | ||||||||||||||||
Forward contracts | — | 0.6 | — | 0.6 | ||||||||||||||||
Total financial assets | $ | 8.6 | $ | 46.1 | $ | 18 | $ | 72.7 | ||||||||||||
Summary of unobservable inputs used in other asset-backed securities classified as Level 3 | The following is a summary of the unobservable inputs used in other asset-backed securities classified as Level 3 at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||
(Amounts in millions, except net average price) | Unobservable Input | Pricing | Market | Net Average Price (1) | Market Value | Net Average Price (1) | ||||||||||||||
Source | Value | |||||||||||||||||||
Alt-A | Price | Third party pricing service | $ | 0.1 | $ | 15.84 | $ | 0.1 | $ | 12.5 | ||||||||||
Home Equity | Price | Third party pricing service | 0.2 | 51.46 | 0.2 | 47.3 | ||||||||||||||
Indirect Exposure - High Grade(2) | Price | Third party pricing service | 8.2 | 7.9 | 3.9 | 3.46 | ||||||||||||||
Indirect Exposure - Mezzanine(3) | Price | Third party pricing service | 2.8 | 2.35 | — | — | ||||||||||||||
Indirect Exposure - Mezzanine | Price | Broker | 5.1 | 5.78 | 7.9 | 3.71 | ||||||||||||||
Other | Discount margin | Manual | 4.6 | 24.62 | 5.9 | 31.69 | ||||||||||||||
Total | $ | 21 | $ | 5.35 | $ | 18 | $ | 4.39 | ||||||||||||
Roll-forward of other asset-backed securities | he following table is a summary of the roll-forward of the other asset-backed securities, the only financial assets classified as Level 3, which are measured at fair value on a recurring basis, for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Beginning balance | $ | 17.6 | $ | 26.7 | $ | 18 | $ | 24.2 | ||||||||||||
Principal paydowns | (3.2 | ) | (0.1 | ) | (3.3 | ) | (0.2 | ) | ||||||||||||
Unrealized gains | 7.1 | 1.5 | 8.4 | 5.2 | ||||||||||||||||
Unrealized losses | (0.5 | ) | (0.3 | ) | (2.1 | ) | (1.4 | ) | ||||||||||||
Ending balance | $ | 21 | $ | 27.8 | $ | 21 | $ | 27.8 | ||||||||||||
Fair value and carrying value of debt | At September 30, 2013 and December 31, 2012, the fair value and carrying value of the debt are: | |||||||||||||||||||
Fair Value | Carrying Value | |||||||||||||||||||
(Amounts in millions) | September 30, 2013 | December 31, 2012 | September 30, 2013 | December 31, 2012 | ||||||||||||||||
Senior secured credit facility and incremental term loan | $ | 844.7 | $ | 487.1 | $ | 845 | $ | 484.9 | ||||||||||||
Second lien notes | — | 337.6 | — | 325 | ||||||||||||||||
Investment_Portfolio_Tables
Investment Portfolio (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||
Components of Investment Portfolio | The following table shows the components of the investment portfolio at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
(Amounts in millions) | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
Cash | $ | 2,198.80 | $ | 2,112.10 | ||||||||||||||||
Money-market securities | 23.6 | 571.1 | ||||||||||||||||||
Cash and cash equivalents (substantially restricted) | 2,222.40 | 2,683.20 | ||||||||||||||||||
Interest-bearing investments (substantially restricted) | 941.8 | 450.1 | ||||||||||||||||||
Available-for-sale investments (substantially restricted) | 50.7 | 63.5 | ||||||||||||||||||
Total investment portfolio | $ | 3,214.90 | $ | 3,196.80 | ||||||||||||||||
Available for Sale Investments (Substantially Restricted) | he amortized cost and fair value of available-for-sale investments were as follows at September 30, 2013: | |||||||||||||||||||
Amortized | Gross | Gross | Fair | Net(1) | ||||||||||||||||
Cost | Unrealized | Unrealized | Value | Average | ||||||||||||||||
(Amounts in millions, except net average price) | Gains | Losses | Price | |||||||||||||||||
Residential mortgage-backed securities — agencies | $ | 19.7 | $ | 2 | $ | — | $ | 21.7 | $ | 110.84 | ||||||||||
Other asset-backed securities | 6.1 | 14.9 | — | 21 | 5.35 | |||||||||||||||
U.S. government agencies | 7.6 | 0.4 | — | 8 | 99.74 | |||||||||||||||
Total | $ | 33.4 | $ | 17.3 | $ | — | $ | 50.7 | $ | 12.06 | ||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
After other-than-temporary impairment charges, the amortized cost and fair value of available-for-sale investments were as follows at December 31, 2012: | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | Net(1) | ||||||||||||||||
Cost | Unrealized | Unrealized | Value | Average | ||||||||||||||||
(Amounts in millions, except net average price) | Gains | Losses | Price | |||||||||||||||||
Residential mortgage-backed securities — agencies | $ | 33.5 | $ | 3.1 | $ | — | $ | 36.6 | $ | 110.02 | ||||||||||
Other asset-backed securities | 7.6 | 10.4 | — | 18 | 4.39 | |||||||||||||||
U.S. government agencies | 8.2 | 0.7 | — | 8.9 | 99.39 | |||||||||||||||
Total | $ | 49.3 | $ | 14.2 | $ | — | $ | 63.5 | $ | 14.06 | ||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
Investment Ratings | The Company’s investments at September 30, 2013 and December 31, 2012 consisted of the following ratings: | |||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||
Number of | Fair | Percent of | Number of | Fair | Percent of | |||||||||||||||
(Dollars in millions) | Securities | Value | Investments | Securities | Value | Investments | ||||||||||||||
Investment grade | 15 | $ | 29.5 | 58 | % | 20 | $ | 45.3 | 71 | % | ||||||||||
Below investment grade | 51 | 21.2 | 42 | % | 54 | 18.2 | 29 | % | ||||||||||||
Total | 66 | $ | 50.7 | 100 | % | 74 | $ | 63.5 | 100 | % | ||||||||||
Contractual Maturities | Maturities of mortgage-backed and other asset-backed securities depend on the repayment characteristics and experience of the underlying obligations. | |||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
(Amounts in millions) | Cost | Value | Cost | Value | ||||||||||||||||
After one year through five years | $ | 7.6 | $ | 8 | $ | 8.2 | $ | 8.9 | ||||||||||||
Mortgage-backed and other asset-backed securities | 25.8 | 42.7 | 41.1 | 54.6 | ||||||||||||||||
Total | $ | 33.4 | $ | 50.7 | $ | 49.3 | $ | 63.5 | ||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||
Summary of (Gains) Losses Related to Assets and Liabilities Denominated in Foreign Currencies | The “Transaction and operations support” line in the Consolidated Statements of Operations and the "Net cash provided by operating activities" line in the Consolidated Statements of Cash Flows include the following (gains) losses related to assets and liabilities denominated in foreign currencies, for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
Net realized foreign currency gains | $ | (6.6 | ) | $ | (1.4 | ) | $ | (2.7 | ) | $ | (0.3 | ) | ||||||||||||||
Net losses from the related forward contracts | 6.7 | 3.8 | 3 | 2.5 | ||||||||||||||||||||||
Net losses from foreign currency transactions and related forward contracts | $ | 0.1 | $ | 2.4 | $ | 0.3 | $ | 2.2 | ||||||||||||||||||
Fair Values of Derivative Forward Contract Instruments | At September 30, 2013 and December 31, 2012, the Company reflects the following fair values of derivative forward contract instruments in its Consolidated Balance Sheets: | |||||||||||||||||||||||||
Gross Amount of Recognized Assets | Gross Amount of Offset | Net Amount of Assets Presented in the Consolidated Balance Sheets | ||||||||||||||||||||||||
Balance Sheet | 30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||
(Amounts in millions) | Location | |||||||||||||||||||||||||
Forward contracts | Other Assets | $ | 0.7 | $ | 0.7 | $ | (0.7 | ) | $ | (0.1 | ) | $ | — | $ | 0.6 | |||||||||||
Gross Amount of Recognized Liabilities | Gross Amount of Offset | Net Amount of Liabilities Presented in the Consolidated Balance Sheets | ||||||||||||||||||||||||
Balance Sheet | 30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | ||||||||||||||||||||
(Amounts in millions) | Location | |||||||||||||||||||||||||
Forward contracts | Accounts payable and other liabilities | $ | (2.6 | ) | $ | (0.1 | ) | $ | 0.7 | $ | 0.1 | $ | (1.9 | ) | $ | — | ||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||
Components of Property and Equipment | roperty and equipment at September 30, 2013 and December 31, 2012: | |||||||||||||||
(Amounts in millions) | 30-Sep-13 | 31-Dec-12 | ||||||||||||||
Computer hardware and software | $ | 202.3 | $ | 204.5 | ||||||||||||
Signage | 104.7 | 94.5 | ||||||||||||||
Agent equipment | 73.8 | 72.1 | ||||||||||||||
Office furniture and equipment | 32.4 | 37.5 | ||||||||||||||
Leasehold improvements | 27.4 | 26.4 | ||||||||||||||
Total property and equipment | 440.6 | 435 | ||||||||||||||
Accumulated depreciation | (314.7 | ) | (307.1 | ) | ||||||||||||
Total property and equipment, net | $ | 125.9 | $ | 127.9 | ||||||||||||
Summary of Depreciation Expense | epreciation expense for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Computer hardware and software | $ | 5.9 | $ | 5.3 | $ | 17 | $ | 15.9 | ||||||||
Signage | 3.8 | 2.9 | 11 | 8.6 | ||||||||||||
Agent equipment | 1.1 | 1 | 3.4 | 3.1 | ||||||||||||
Office furniture and equipment | 1 | 0.9 | 3 | 2.7 | ||||||||||||
Leasehold improvements | 0.7 | 0.6 | 2 | 1.9 | ||||||||||||
Total depreciation expense | $ | 12.5 | $ | 10.7 | $ | 36.4 | $ | 32.2 | ||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Summary of Outstanding Debt | The following is a summary of the Company’s outstanding debt at September 30, 2013 and activity since December 31, 2012: | |||||||||||||||||||
2011 Credit Agreement | 2013 Credit Agreement | |||||||||||||||||||
Senior secured | Senior secured | Senior secured | Second Lien | Total Debt | ||||||||||||||||
credit facility | incremental term loan due 2017 | credit facility | Notes | |||||||||||||||||
(Amounts in millions) | due 2017 | due 2020 | due 2018 | |||||||||||||||||
Balance at December 31, 2012 | $ | 339.4 | $ | 145.5 | $ | — | $ | 325 | $ | 809.9 | ||||||||||
Borrowings, gross | — | — | 850 | — | 850 | |||||||||||||||
Discount on borrowings (1) | — | 0.8 | (0.8 | ) | — | — | ||||||||||||||
Amortization of discount | — | 0.1 | 0.1 | — | 0.2 | |||||||||||||||
Write-off of debt discount upon prepayments | 0.6 | 1.7 | — | — | 2.3 | |||||||||||||||
Payments | (340.0 | ) | (148.1 | ) | (4.3 | ) | (325.0 | ) | (817.4 | ) | ||||||||||
Balance at September 30, 2013 | $ | — | $ | — | $ | 845 | $ | — | $ | 845 | ||||||||||
Weighted average interest rate | 4.25 | % | 4.25 | % | 4.25 | % | 13.25 | % | ||||||||||||
(1) As a result of the 2013 Credit Agreement, the entire debt discount was transferred from the 2011 Credit Agreement to the 2013 Credit Agreement | ||||||||||||||||||||
Schedule of Debt Discount Amortization | he following is a reconciliation of debt discount amortization for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Amortization of debt discount | $ | — | $ | 0.1 | $ | 0.2 | $ | 0.3 | ||||||||||||
Write-off of debt discount upon prepayments | — | — | 2.3 | — | ||||||||||||||||
Total amortization of discount | $ | — | $ | 0.1 | $ | 2.5 | $ | 0.3 | ||||||||||||
Credit Agreement Quarterly Financial Covenants | The 2013 Credit Agreement also has quarterly financial covenants to maintain the following interest coverage and total secured leverage ratios: | |||||||||||||||||||
Interest Coverage Minimum Ratio | Total Secured Leverage Not to Exceed | |||||||||||||||||||
Through September 30, 2013 | 2.15:1 | 4.625:1 | ||||||||||||||||||
December 31, 2013 through September 30, 2014 | 2.15:1 | 4.375:1 | ||||||||||||||||||
December 31, 2014 through September 30, 2015 | 2.25:1 | 4.000:1 | ||||||||||||||||||
December 31, 2015 through September 30, 2016 | 2.25:1 | 3.750:1 | ||||||||||||||||||
December 31, 2016 through maturity | 2.25:1 | 3.500:1 | ||||||||||||||||||
Summary of Deferred Financing Costs | The following is a summary of the deferred financing costs at September 30, 2013: | |||||||||||||||||||
(Amounts in millions) | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 24.9 | ||||||||||||||||||
Capitalized deferred financing costs | 11.3 | |||||||||||||||||||
Amortization of deferred financing costs | (2.5 | ) | ||||||||||||||||||
Write-off of deferred financing costs | (20.0 | ) | ||||||||||||||||||
Balance at September 30, 2013 | $ | 13.7 | ||||||||||||||||||
Schedule of Extinguishment of Debt | The following is a summary of the debt extinguishment costs at September 30: | |||||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||||||||||
Prepayment penalty | $ | 21.5 | $ | — | ||||||||||||||||
Write-off of unamortized deferred financing costs | 20 | — | ||||||||||||||||||
Write-off of debt discount upon prepayments | 2.3 | — | ||||||||||||||||||
Debt modification costs | 1.5 | — | ||||||||||||||||||
Debt extinguishment costs | $ | 45.3 | $ | — | ||||||||||||||||
Pensions_and_Other_Benefits_Ta
Pensions and Other Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Defined benefit pension plan and combined supplemental executive retirement plans ("SERPs"') [Member] | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||
Net Periodic Benefit Expense | et periodic benefit expense for the Company’s Pension Plan and combined supplemental executive retirement plans (“SERPs”), for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest cost | $ | 2.4 | $ | 2.6 | $ | 7.2 | $ | 7.9 | ||||||||
Expected return on plan assets | (1.8 | ) | (2.0 | ) | (5.5 | ) | (5.9 | ) | ||||||||
Recognized net actuarial loss | 1.8 | 1.5 | 5.8 | 4.4 | ||||||||||||
Net periodic benefit expense | $ | 2.4 | $ | 2.1 | $ | 7.5 | $ | 6.4 | ||||||||
Net Periodic Benefit Expense Amortized from Accumulated Other Comprehensive Loss | The following table is a summary of the net actuarial loss and prior service credits for the Pension Plan and combined SERPs that the Company amortized from “Accumulated other comprehensive loss” into “Net periodic benefit expense,” for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net actuarial loss | $ | 1.8 | $ | 1.5 | $ | 5.8 | $ | 4.4 | ||||||||
Tax benefit on net actuarial loss | (0.7 | ) | (0.6 | ) | (2.2 | ) | (1.7 | ) | ||||||||
Net amortization from accumulated other comprehensive loss | $ | 1.1 | $ | 0.9 | $ | 3.6 | $ | 2.7 | ||||||||
Postretirement benefit plans | ||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||
Net Periodic Benefit Expense | Net periodic benefit expense for the Company’s postretirement benefit plans includes the following components, for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Interest cost | $ | 0.1 | $ | 0.1 | $ | 0.1 | $ | 0.1 | ||||||||
Amortization of prior service credit | (0.2 | ) | (0.2 | ) | (0.5 | ) | (0.5 | ) | ||||||||
Recognized net actuarial loss | 0.1 | 0.1 | 0.3 | 0.3 | ||||||||||||
Net periodic benefit expense | $ | — | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | ||||||
Net Periodic Benefit Expense Amortized from Accumulated Other Comprehensive Loss | The following table is a summary of the net actuarial loss and prior service credit for the postretirement benefit plans that the Company amortized from “Accumulated other comprehensive loss” into “Net periodic benefit expense,” for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Net actuarial loss | $ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 0.3 | ||||||||
Tax benefit on net actuarial loss | — | — | (0.1 | ) | (0.1 | ) | ||||||||||
Prior service credits | (0.2 | ) | (0.2 | ) | (0.5 | ) | (0.5 | ) | ||||||||
Tax expense on prior service credits | 0.1 | 0.1 | 0.2 | 0.2 | ||||||||||||
Net amortization from accumulated other comprehensive loss | $ | — | $ | — | $ | (0.1 | ) | $ | (0.1 | ) | ||||||
Stockholders_Deficit_Tables
Stockholders' Deficit (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||
Summary of Stock Activity | The following table is a summary of the Company’s authorized, issued and outstanding stock for the nine months ended September 30, 2013: | ||||||||||||||||||||
D Stock | Common Stock | Treasury Stock | |||||||||||||||||||
(Shares in thousands) | Authorized | Issued | Outstanding | Authorized | Issued | Outstanding | |||||||||||||||
30-Sep-13 | 200 | 109 | 109 | 162,500 | 62,264 | 57,961 | (4,303 | ) | |||||||||||||
Components of Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss — The following is a summary of the changes to "Accumulated other comprehensive loss" by component for the nine months ended September 30, 2013: | ||||||||||||||||||||
(Amounts in millions) | Net unrealized gains on securities classified as available-for-sale, net of tax | Cumulative foreign currency translation adjustments, net of tax | Pension and postretirement benefits adjustment, net of tax | Total | |||||||||||||||||
31-Dec-12 | $ | 16.3 | $ | 2.6 | $ | (71.2 | ) | $ | (52.3 | ) | |||||||||||
Other comprehensive income before amortization | 5.9 | 0.3 | — | 6.2 | |||||||||||||||||
Amounts amortized from accumulated other comprehensive loss | (2.9 | ) | — | 3.5 | 0.6 | ||||||||||||||||
Net current period other comprehensive income | 3 | 0.3 | 3.5 | 6.8 | |||||||||||||||||
30-Sep-13 | $ | 19.3 | $ | 2.9 | $ | (67.7 | ) | $ | (45.5 | ) | |||||||||||
Schedule of Amounts Reclassified From AOCI | The following is a summary of the significant amounts amortized out of each component of "Accumulated other comprehensive loss" for the three and nine months ended September 30, 2013: | ||||||||||||||||||||
(Amounts in millions) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||
Unrealized gains on securities classified as available-for-sale, before tax | $ | (3.3 | ) | $ | (3.3 | ) | "Investment revenue" | ||||||||||||||
Tax expense | 0.4 | 0.4 | |||||||||||||||||||
Total, net of tax | $ | (2.9 | ) | $ | (2.9 | ) | |||||||||||||||
Pension and postretirement benefits adjustments: | |||||||||||||||||||||
Prior service credits | $ | (0.2 | ) | (0.5 | ) | "Compensation and benefits" | |||||||||||||||
Net actuarial losses | 1.9 | 6.1 | "Compensation and benefits" | ||||||||||||||||||
Total before tax | 1.7 | 5.6 | |||||||||||||||||||
Tax benefit | (0.6 | ) | (2.1 | ) | |||||||||||||||||
Total, net of tax | $ | 1.1 | $ | 3.5 | |||||||||||||||||
Total amortization for the period, net of tax | $ | (1.8 | ) | $ | 0.6 | ||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Summary of Stock-Based Compensation Expense | The following is a summary of stock-based compensation expense for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Expense recognized related to stock options | $ | 1.8 | $ | 1.9 | $ | 5.2 | $ | 6.3 | ||||||||
Expense recognized related to restricted stock units | 1.1 | 0.5 | 2.7 | 1.3 | ||||||||||||
Stock-based compensation expense | $ | 2.9 | $ | 2.4 | $ | 7.9 | $ | 7.6 | ||||||||
Assumptions Utilized to Estimate Grant-Date Fair Value of Stock Options | The following table provides weighted-average grant-date fair value and assumptions utilized to estimate the grant-date fair value of the options granted during 2013: | |||||||||||||||
Expected dividend yield (1) | 0 | % | ||||||||||||||
Expected volatility (2) | 68.2% - 69.0% | |||||||||||||||
Risk-free interest rate (3) | 1.1% - 1.2% | |||||||||||||||
Expected life (4) | 6.3 years | |||||||||||||||
Weighted-average grant-date fair value per option | $ | 10.47 | ||||||||||||||
(1) | Expected dividend yield represents the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. The Company does not anticipate declaring any dividends at this time. | |||||||||||||||
(2) | Expected volatility is the amount by which the Company’s stock price has fluctuated or will fluctuate during the expected term of the option. The Company’s expected volatility is calculated based on the historical volatility of the price of the Company’s common stock since the spin-off from Viad Corporation on June 30, 2004. The Company also considers any known or anticipated factors that will likely impact future volatility. | |||||||||||||||
(3) | The risk-free interest rate for the Black-Scholes model is based on the U. S. Treasury yield curve in effect at the time of grant for periods within the expected term of the option. | |||||||||||||||
(4) | Expected life represents the period of time that options are expected to be outstanding. The expected life was determined using the simplified method as the pattern of changes in the value of the Company’s common stock and exercise activity since late 2007 has been inconsistent and substantially different from historical patterns. Additionally, there have been minimal stock option exercises, which would be representative of the Company’s normal exercise activity since 2007. Accordingly, the Company does not believe that historical terms are relevant to the assessment of the expected term of the grant. Based on these factors, the Company does not believe that it has the ability to make a more refined estimate than the use of the simplified method. | |||||||||||||||
Summary of Stock Option Activity | summary of the Company’s stock option activity for the nine months ended September 30, 2013: | |||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | |||||||||||||
Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | ($000,000) | ||||||||||||||
Term | ||||||||||||||||
Options outstanding at December 31, 2012 | 4,412,076 | $ | 22.1 | |||||||||||||
Granted | 981,899 | 16.79 | ||||||||||||||
Exercised | (55,840 | ) | 18.45 | |||||||||||||
Forfeited/Expired | (539,463 | ) | 30.21 | |||||||||||||
Options outstanding at September 30, 2013 | 4,798,672 | $ | 20.15 | 6.98 years | $ | 9.9 | ||||||||||
Vested or expected to vest at September 30, 2013 | 4,649,697 | $ | 20.22 | 6.91 years | $ | 9.5 | ||||||||||
Options exercisable at September 30, 2013 | 1,665,546 | $ | 21.17 | 5.96 years | $ | 4.4 | ||||||||||
Summary of Stock Option Compensation Information | The following table is a summary of the Company’s stock option compensation information for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Dollars in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Intrinsic value of options exercised | $ | — | $ | — | $ | 0.1 | $ | — | ||||||||
Cash received from option exercises | $ | 0.4 | $ | — | $ | 1 | $ | — | ||||||||
Unrecognized stock option expense | $ | 14.6 | ||||||||||||||
Remaining weighted-average vesting period | 2.17 years | |||||||||||||||
Summary of Restricted Stock Unit Activity | A summary of the Company’s unvested restricted stock unit activity for the nine months ended September 30, 2013 is as follows: | |||||||||||||||
Total | Weighted | |||||||||||||||
Shares | Average | |||||||||||||||
Price | ||||||||||||||||
Restricted stock units outstanding at December 31, 2012 | 532,224 | $ | 16.8 | |||||||||||||
Granted | 787,775 | 16.69 | ||||||||||||||
Vested | (48,474 | ) | 16.71 | |||||||||||||
Forfeited | (64,051 | ) | 17.16 | |||||||||||||
Restricted stock units outstanding at September 30, 2013 | 1,207,474 | $ | 16.72 | |||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||
Schedule of Rent Expense | Minimum rental expense under operating leases for the three and nine months ended September 30, 2013 and 2012 are: | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Rent expense | $ | 4.2 | $ | 4.1 | $ | 13 | $ | 12 | ||||||||
Contingent rent expense | 0.1 | — | 0.2 | — | ||||||||||||
Sublease agreements | (0.3 | ) | (0.2 | ) | (0.7 | ) | (0.5 | ) | ||||||||
Minimum rent expense under operating leases | $ | 4 | $ | 3.9 | $ | 12.5 | $ | 11.5 | ||||||||
Summary of Minimum Future Rental Payments | Minimum future rental payments for all non-cancelable operating leases with an initial term of more than one year at September 30, 2013 are (amounts in millions): | |||||||||||||||
2013 | $ | 3.7 | ||||||||||||||
2014 | 14 | |||||||||||||||
2015 | 11.1 | |||||||||||||||
2016 | 5.4 | |||||||||||||||
2017 | 4.9 | |||||||||||||||
Thereafter | 15.4 | |||||||||||||||
Total | $ | 54.5 | ||||||||||||||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Potential Common Shares Excluded from Diluted Earnings Per Common Share | The following table is a reconciliation of the weighted-average amounts used in calculating earnings per share for the three and nine months ended September 30, 2013 and 2012: | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||
Basic common shares outstanding | 71.6 | 71.5 | 71.6 | 71.5 | ||||||||
Shares related to stock options | 0.4 | — | 0.2 | — | ||||||||
Diluted common shares outstanding | 72 | 71.5 | 71.8 | 71.5 | ||||||||
Reconciliation of Weighted Average Amounts in Earnings Per Common Share | The following table summarizes the weighted-average potential common shares excluded from diluted earnings per common share, as their effect would be anti-dilutive, for the three and nine months ended September 30, 2013 and 2012: | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||
Shares related to stock options | 2.5 | 4.6 | 3.6 | 5 | ||||||||
Shares related to restricted stock and restricted stock units | 0.9 | 0.5 | 1 | 0.5 | ||||||||
Shares excluded from the computation | 3.4 | 5.1 | 4.6 | 5.5 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Revenue by Segment | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | ||||||||||||||||
Global Funds Transfer: | ||||||||||||||||
Money transfer | $ | 333.7 | $ | 291.4 | $ | 947.8 | $ | 842.2 | ||||||||
Bill payment | 25.8 | 26.5 | 76.6 | 80.1 | ||||||||||||
Total Global Funds Transfer | 359.5 | 317.9 | 1,024.40 | 922.3 | ||||||||||||
Financial Paper Products: | ||||||||||||||||
Money order | 14.1 | 13.9 | 41.4 | 43.3 | ||||||||||||
Official check | 9.2 | 6.4 | 22.1 | 20.2 | ||||||||||||
Total Financial Paper Products | 23.3 | 20.3 | 63.5 | 63.5 | ||||||||||||
Other | 0.2 | 0.4 | 0.7 | 1 | ||||||||||||
Total revenue | $ | 383 | $ | 338.6 | $ | 1,088.60 | $ | 986.8 | ||||||||
Operating Income by Segment | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Segment operating income: | ||||||||||||||||
Global Funds Transfer | $ | 40.6 | $ | 39.3 | $ | 122.5 | $ | 111.2 | ||||||||
Financial Paper Products | 10.5 | 7.5 | 25 | 24.6 | ||||||||||||
Total segment operating income | 51.1 | 46.8 | 147.5 | 135.8 | ||||||||||||
Other | (3.0 | ) | (74.1 | ) | (12.6 | ) | (124.1 | ) | ||||||||
Total operating income (loss) | 48.1 | (27.3 | ) | 134.9 | 11.7 | |||||||||||
Interest expense | 10 | 17.7 | 37.3 | 53.2 | ||||||||||||
Debt extinguishment costs | — | — | 45.3 | — | ||||||||||||
Other | — | 0.1 | — | 0.4 | ||||||||||||
Income (loss) before income taxes | $ | 38.1 | $ | (45.1 | ) | $ | 52.3 | $ | (41.9 | ) | ||||||
Depreciation and Amortization and Capital Expenditures by Segment | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Depreciation and amortization: | ||||||||||||||||
Global Funds Transfer | $ | 11.5 | $ | 10.7 | $ | 33.5 | $ | 29.9 | ||||||||
Financial Paper Products | 1 | 0.8 | 2.8 | 2.6 | ||||||||||||
Other | — | (0.6 | ) | 0.2 | 0.1 | |||||||||||
Total depreciation and amortization | $ | 12.5 | $ | 10.9 | $ | 36.5 | $ | 32.6 | ||||||||
Capital expenditures: | ||||||||||||||||
Global Funds Transfer | $ | 10.2 | $ | 11.9 | $ | 29.2 | $ | 31.9 | ||||||||
Financial Paper Products | 1.2 | 3 | 5 | 6.3 | ||||||||||||
Total capital expenditures | $ | 11.4 | $ | 14.9 | $ | 34.2 | $ | 38.2 | ||||||||
Assets by Segment | ||||||||||||||||
(Amounts in millions) | September 30, 2013 | 31-Dec-12 | ||||||||||||||
Assets: | ||||||||||||||||
Global Funds Transfer | $ | 1,600.00 | $ | 1,448.30 | ||||||||||||
Financial Paper Products | 2,946.30 | 3,395.10 | ||||||||||||||
Other | 376.9 | 307.2 | ||||||||||||||
Total assets | $ | 4,923.20 | $ | 5,150.60 | ||||||||||||
Revenue by Geographical Area | The following table details total revenue by major geographic area for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
U.S. | $ | 231.6 | $ | 206.4 | $ | 662.4 | $ | 612 | ||||||||
International | 151.4 | 132.2 | 426.2 | 374.8 | ||||||||||||
Total revenue | $ | 383 | $ | 338.6 | $ | 1,088.60 | $ | 986.8 | ||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||||||||||||||||
CONDENSED, CONSOLIDATING BALANCE SHEETS | MONEYGRAM INTERNATIONAL, INC. | |||||||||||||||||||
CONDENSED, CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
AS OF SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Cash and cash equivalents (substantially restricted) | 1.6 | 2,135.70 | 85.1 | — | 2,222.40 | |||||||||||||||
Receivables, net (substantially restricted) | — | 949.1 | 10.6 | — | 959.7 | |||||||||||||||
Interest-bearing investments (substantially restricted) | — | 900 | 41.8 | — | 941.8 | |||||||||||||||
Available-for-sale investments (substantially restricted) | — | 50.7 | — | — | 50.7 | |||||||||||||||
Property and equipment, net | — | 100.9 | 25 | — | 125.9 | |||||||||||||||
Goodwill | — | 307.8 | 124 | — | 431.8 | |||||||||||||||
Other assets | 17.8 | 198.1 | 18 | (43.0 | ) | 190.9 | ||||||||||||||
Equity investments in subsidiaries | 56.8 | 199.8 | — | (256.6 | ) | — | ||||||||||||||
Intercompany receivables | 657.9 | (34.7 | ) | 10 | (633.2 | ) | — | |||||||||||||
Total assets | $ | 734.1 | $ | 4,807.40 | $ | 314.5 | $ | (932.8 | ) | $ | 4,923.20 | |||||||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||||||||||||||||
Payment service obligations | $ | — | $ | 3,826.80 | $ | 38.1 | $ | — | $ | 3,864.90 | ||||||||||
Debt | 845 | — | — | — | 845 | |||||||||||||||
Pension and other postretirement benefits | — | 119.8 | — | — | 119.8 | |||||||||||||||
Accounts payable and other liabilities | 47.3 | 136.3 | 69.2 | (43.0 | ) | 209.8 | ||||||||||||||
Intercompany liabilities | (41.9 | ) | 667.7 | 7.4 | (633.2 | ) | — | |||||||||||||
Total liabilities | 850.4 | 4,750.60 | 114.7 | (676.2 | ) | 5,039.50 | ||||||||||||||
Total stockholders’ (deficit) equity | (116.3 | ) | 56.8 | 199.8 | (256.6 | ) | (116.3 | ) | ||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 734.1 | $ | 4,807.40 | $ | 314.5 | $ | (932.8 | ) | $ | 4,923.20 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
AS OF DECEMBER 31, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Cash and cash equivalents (substantially restricted) | 2.3 | 2,585.50 | 95.4 | — | 2,683.20 | |||||||||||||||
Receivables, net (substantially restricted) | — | 1,190.80 | 15.7 | — | 1,206.50 | |||||||||||||||
Interest-bearing investments (substantially restricted) | — | 425 | 25.1 | — | 450.1 | |||||||||||||||
Available-for-sale investments (substantially restricted) | — | 63.5 | — | — | 63.5 | |||||||||||||||
Property and equipment, net | — | 99.8 | 28.1 | — | 127.9 | |||||||||||||||
Goodwill | — | 306.9 | 121.8 | — | 428.7 | |||||||||||||||
Other assets | 7.5 | 181.6 | 19.4 | (17.8 | ) | 190.7 | ||||||||||||||
Equity investments in subsidiaries | 26.6 | 181 | — | (207.6 | ) | — | ||||||||||||||
Intercompany receivables | — | 165.9 | — | (165.9 | ) | — | ||||||||||||||
Total assets | $ | 36.4 | $ | 5,200.00 | $ | 305.5 | $ | (391.3 | ) | $ | 5,150.60 | |||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||||||
Payment service obligations | $ | — | $ | 4,127.00 | $ | 48.4 | $ | — | $ | 4,175.40 | ||||||||||
Debt | — | 809.9 | — | — | 809.9 | |||||||||||||||
Pension and other postretirement benefits | — | 126.8 | — | — | 126.8 | |||||||||||||||
Accounts payable and other liabilities | 60 | 109.7 | 48 | (17.8 | ) | 199.9 | ||||||||||||||
Intercompany liabilities | 137.8 | — | 28.1 | (165.9 | ) | — | ||||||||||||||
Total liabilities | 197.8 | 5,173.40 | 124.5 | (183.7 | ) | 5,312.00 | ||||||||||||||
Total stockholders’ (deficit) equity | (161.4 | ) | 26.6 | 181 | (207.6 | ) | (161.4 | ) | ||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 36.4 | $ | 5,200.00 | $ | 305.5 | $ | (391.3 | ) | $ | 5,150.60 | |||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | MONEYGRAM INTERNATIONAL, INC. | |||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 365.7 | $ | 89.9 | $ | (79.8 | ) | $ | 375.8 | |||||||||
Investment revenue | — | 7.1 | 0.1 | — | 7.2 | |||||||||||||||
Total revenue | — | 372.8 | 90 | (79.8 | ) | 383 | ||||||||||||||
EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 175.6 | 43.5 | (40.5 | ) | 178.6 | ||||||||||||||
Investment commissions expense | — | 0.1 | — | — | 0.1 | |||||||||||||||
Total commissions expense | — | 175.7 | 43.5 | (40.5 | ) | 178.7 | ||||||||||||||
Compensation and benefits | — | 49.8 | 16.4 | — | 66.2 | |||||||||||||||
Transaction and operations support | (0.1 | ) | 92.5 | 12.2 | (39.2 | ) | 65.4 | |||||||||||||
Occupancy, equipment and supplies | — | 13.1 | (0.9 | ) | (0.1 | ) | 12.1 | |||||||||||||
Depreciation and amortization | — | 9.1 | 3.4 | — | 12.5 | |||||||||||||||
Total operating expenses | (0.1 | ) | 340.2 | 74.6 | (79.8 | ) | 334.9 | |||||||||||||
OPERATING INCOME | 0.1 | 32.6 | 15.4 | — | 48.1 | |||||||||||||||
Other expense | ||||||||||||||||||||
Interest expense | 10 | — | — | — | 10 | |||||||||||||||
Total other expenses | 10 | — | — | — | 10 | |||||||||||||||
(Loss) income before income taxes | (9.9 | ) | 32.6 | 15.4 | — | 38.1 | ||||||||||||||
Income tax (benefit) expense | (3.5 | ) | 18.1 | 1 | — | 15.6 | ||||||||||||||
(Loss) income after income taxes | (6.4 | ) | 14.5 | 14.4 | — | 22.5 | ||||||||||||||
Equity income (loss) in subsidiaries | 28.9 | 14.4 | — | (43.3 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 22.5 | $ | 28.9 | $ | 14.4 | $ | (43.3 | ) | $ | 22.5 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 1,113.80 | $ | 242.3 | $ | (281.0 | ) | $ | 1,075.10 | |||||||||
Investment revenue | — | 13.3 | 0.2 | — | 13.5 | |||||||||||||||
Total revenue | — | 1,127.10 | 242.5 | (281.0 | ) | 1,088.60 | ||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 554.9 | 123.6 | (176.0 | ) | 502.5 | ||||||||||||||
Investment commissions expense | — | 0.3 | — | — | 0.3 | |||||||||||||||
Total commissions expense | — | 555.2 | 123.6 | (176.0 | ) | 502.8 | ||||||||||||||
Compensation and benefits | — | 147.7 | 50.4 | — | 198.1 | |||||||||||||||
Transaction and operations support | 1.4 | 247.7 | 35.1 | (104.9 | ) | 179.3 | ||||||||||||||
Occupancy, equipment and supplies | — | 31.9 | 5.2 | (0.1 | ) | 37 | ||||||||||||||
Depreciation and amortization | — | 26.4 | 10.1 | — | 36.5 | |||||||||||||||
Total operating expenses | 1.4 | 1,008.90 | 224.4 | (281.0 | ) | 953.7 | ||||||||||||||
OPERATING (LOSS) INCOME | (1.4 | ) | 118.2 | 18.1 | — | 134.9 | ||||||||||||||
OTHER EXPENSE | ||||||||||||||||||||
Interest expense | 20.3 | 17 | — | — | 37.3 | |||||||||||||||
Debt extinguishment costs | — | 45.3 | — | — | 45.3 | |||||||||||||||
Total other expense | 20.3 | 62.3 | — | — | 82.6 | |||||||||||||||
(Loss) income before income taxes | (21.7 | ) | 55.9 | 18.1 | — | 52.3 | ||||||||||||||
Income tax (benefit) expense | (7.6 | ) | 29.1 | 1.8 | — | 23.3 | ||||||||||||||
(Loss) income after income taxes | (14.1 | ) | 26.8 | 16.3 | — | 29 | ||||||||||||||
Equity income (loss) in subsidiaries | 43.1 | 16.3 | — | (59.4 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 29 | $ | 43.1 | $ | 16.3 | $ | (59.4 | ) | $ | 29 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 362.1 | $ | 76.1 | $ | (102.5 | ) | $ | 335.7 | |||||||||
Investment revenue | — | 2.8 | 0.1 | — | 2.9 | |||||||||||||||
Total revenue | — | 364.9 | 76.2 | (102.5 | ) | 338.6 | ||||||||||||||
EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 190.4 | 40 | (78.1 | ) | 152.3 | ||||||||||||||
Investment commissions expense | — | 0.1 | — | — | 0.1 | |||||||||||||||
Total commissions expense | — | 190.5 | 40 | (78.1 | ) | 152.4 | ||||||||||||||
Compensation and benefits | — | 39.5 | 15.3 | — | 54.8 | |||||||||||||||
Transaction and operations support | (0.5 | ) | 148.7 | 11.8 | (24.4 | ) | 135.6 | |||||||||||||
Occupancy, equipment and supplies | — | 8.9 | 3.3 | — | 12.2 | |||||||||||||||
Depreciation and amortization | — | 7.9 | 3 | — | 10.9 | |||||||||||||||
Total operating expenses | (0.5 | ) | 395.5 | 73.4 | (102.5 | ) | 365.9 | |||||||||||||
OPERATING INCOME (LOSS) | 0.5 | (30.6 | ) | 2.8 | — | (27.3 | ) | |||||||||||||
Other expense | ||||||||||||||||||||
Interest expense | — | 17.7 | — | — | 17.7 | |||||||||||||||
Other | — | 0.1 | — | — | 0.1 | |||||||||||||||
Total other expenses | — | 17.8 | — | — | 17.8 | |||||||||||||||
Income (loss) before income taxes | 0.5 | (48.4 | ) | 2.8 | — | (45.1 | ) | |||||||||||||
Income tax expense (benefit) | 0.2 | 9.4 | — | — | 9.6 | |||||||||||||||
Income (loss) after income taxes | 0.3 | (57.8 | ) | 2.8 | — | (54.7 | ) | |||||||||||||
(Loss) equity income in subsidiaries | (55.0 | ) | 2.8 | — | 52.2 | — | ||||||||||||||
NET (LOSS) INCOME | $ | (54.7 | ) | $ | (55.0 | ) | $ | 2.8 | $ | 52.2 | $ | (54.7 | ) | |||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 1,055.40 | $ | 217.2 | $ | (295.3 | ) | $ | 977.3 | |||||||||
Investment revenue | — | 8.9 | 0.6 | — | 9.5 | |||||||||||||||
Total revenue | — | 1,064.30 | 217.8 | (295.3 | ) | 986.8 | ||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 554.5 | 120.2 | (233.8 | ) | 440.9 | ||||||||||||||
Investment commissions expense | — | 0.3 | — | — | 0.3 | |||||||||||||||
Total commissions expense | — | 554.8 | 120.2 | (233.8 | ) | 441.2 | ||||||||||||||
Compensation and benefits | — | 126 | 46.9 | — | 172.9 | |||||||||||||||
Transaction and operations support | 10.1 | 306.4 | 36.8 | (61.5 | ) | 291.8 | ||||||||||||||
Occupancy, equipment and supplies | — | 26.6 | 10 | — | 36.6 | |||||||||||||||
Depreciation and amortization | — | 23.4 | 9.2 | — | 32.6 | |||||||||||||||
Total operating expenses | 10.1 | 1,037.20 | 223.1 | (295.3 | ) | 975.1 | ||||||||||||||
OPERATING (LOSS) INCOME | (10.1 | ) | 27.1 | (5.3 | ) | — | 11.7 | |||||||||||||
OTHER EXPENSE | ||||||||||||||||||||
Interest expense | — | 53.2 | — | — | 53.2 | |||||||||||||||
Other | 0.3 | 0.1 | — | — | 0.4 | |||||||||||||||
Total other expense | 0.3 | 53.3 | — | — | 53.6 | |||||||||||||||
(Loss) income before income taxes | (10.4 | ) | (26.2 | ) | (5.3 | ) | — | (41.9 | ) | |||||||||||
Income tax (benefit) expense | (3.9 | ) | 32.9 | (1.4 | ) | — | 27.6 | |||||||||||||
Loss after income taxes | (6.5 | ) | (59.1 | ) | (3.9 | ) | — | (69.5 | ) | |||||||||||
(Loss) equity income in subsidiaries | (63.0 | ) | (3.9 | ) | — | 66.9 | — | |||||||||||||
NET (LOSS) INCOME | $ | (69.5 | ) | $ | (63.0 | ) | $ | (3.9 | ) | $ | 66.9 | $ | (69.5 | ) | ||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 1,055.40 | $ | 217.2 | $ | (295.3 | ) | $ | 977.3 | |||||||||
Investment revenue | — | 8.9 | 0.6 | — | 9.5 | |||||||||||||||
Total revenue | — | 1,064.30 | 217.8 | (295.3 | ) | 986.8 | ||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 554.5 | 120.2 | (233.8 | ) | 440.9 | ||||||||||||||
Investment commissions expense | — | 0.3 | — | — | 0.3 | |||||||||||||||
Total commissions expense | — | 554.8 | 120.2 | (233.8 | ) | 441.2 | ||||||||||||||
Compensation and benefits | — | 126 | 46.9 | — | 172.9 | |||||||||||||||
Transaction and operations support | 10.1 | 306.4 | 36.8 | (61.5 | ) | 291.8 | ||||||||||||||
Occupancy, equipment and supplies | — | 26.6 | 10 | — | 36.6 | |||||||||||||||
Depreciation and amortization | — | 23.4 | 9.2 | — | 32.6 | |||||||||||||||
Total operating expenses | 10.1 | 1,037.20 | 223.1 | (295.3 | ) | 975.1 | ||||||||||||||
OPERATING (LOSS) INCOME | (10.1 | ) | 27.1 | (5.3 | ) | — | 11.7 | |||||||||||||
OTHER EXPENSE | ||||||||||||||||||||
Interest expense | — | 53.2 | — | — | 53.2 | |||||||||||||||
Other | 0.3 | 0.1 | — | — | 0.4 | |||||||||||||||
Total other expense | 0.3 | 53.3 | — | — | 53.6 | |||||||||||||||
(Loss) income before income taxes | (10.4 | ) | (26.2 | ) | (5.3 | ) | — | (41.9 | ) | |||||||||||
Income tax (benefit) expense | (3.9 | ) | 32.9 | (1.4 | ) | — | 27.6 | |||||||||||||
Loss after income taxes | (6.5 | ) | (59.1 | ) | (3.9 | ) | — | (69.5 | ) | |||||||||||
(Loss) equity income in subsidiaries | (63.0 | ) | (3.9 | ) | — | 66.9 | — | |||||||||||||
NET (LOSS) INCOME | $ | (69.5 | ) | $ | (63.0 | ) | $ | (3.9 | ) | $ | 66.9 | $ | (69.5 | ) | ||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET INCOME (LOSS) | $ | 22.5 | $ | 28.9 | $ | 14.4 | $ | (43.3 | ) | $ | 22.5 | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding gains (losses) arising during the period, net of tax expense of $0.5 | 3.3 | 3.3 | — | (3.3 | ) | 3.3 | ||||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Reclassification of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.1 | (0.1 | ) | (0.1 | ) | — | 0.1 | (0.1 | ) | ||||||||||||
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $0.7 | 1.2 | 1.2 | — | (1.2 | ) | 1.2 | ||||||||||||||
Unrealized foreign currency translation gain (losses), net of tax expense of $1.0 | 1.6 | 1.7 | (0.1 | ) | (1.6 | ) | 1.6 | |||||||||||||
Other comprehensive income (loss) | 6 | 6.1 | (0.1 | ) | (6.0 | ) | 6 | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 28.5 | $ | 35 | $ | 14.3 | $ | (49.3 | ) | $ | 28.5 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET INCOME (LOSS) | $ | 29 | $ | 43.1 | $ | 16.3 | $ | (59.4 | ) | $ | 29 | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding gains (losses) arising during the period, net of tax expense of $0.1 | 3 | 3 | — | (3.0 | ) | 3 | ||||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Reclassification of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.2 | (0.3 | ) | (0.3 | ) | — | 0.3 | (0.3 | ) | ||||||||||||
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $2.3 | 3.8 | 3.8 | — | (3.8 | ) | 3.8 | ||||||||||||||
Unrealized foreign currency translation gains (losses), net of tax expense of $0.2 | 0.3 | 0.3 | (1.3 | ) | 1 | 0.3 | ||||||||||||||
Other comprehensive income (loss) | 6.8 | 6.8 | (1.3 | ) | (5.5 | ) | 6.8 | |||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 35.8 | $ | 49.9 | $ | 15 | $ | (64.9 | ) | $ | 35.8 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET (LOSS) INCOME | $ | (54.7 | ) | $ | (55.0 | ) | $ | 2.8 | $ | 52.2 | $ | (54.7 | ) | |||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding gains (losses) arising during the period, net of tax expense of $0 | 0.9 | 0.9 | — | (0.9 | ) | 0.9 | ||||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net (loss) income, net of tax expense of $0.1 | (0.1 | ) | (0.1 | ) | — | 0.1 | (0.1 | ) | ||||||||||||
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net (loss) income, net of tax benefit of $0.6 | 1 | 1 | — | (1.0 | ) | 1 | ||||||||||||||
Unrealized foreign currency translation gains (losses), net of tax benefit of $0.1 | 0.1 | 0.1 | — | (0.1 | ) | 0.1 | ||||||||||||||
Other comprehensive income (loss) | 1.9 | 1.9 | — | (1.9 | ) | 1.9 | ||||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (52.8 | ) | $ | (53.1 | ) | $ | 2.8 | $ | 50.3 | $ | (52.8 | ) | |||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET (LOSS) INCOME | $ | (69.5 | ) | $ | (63.0 | ) | $ | (3.9 | ) | $ | 66.9 | $ | (69.5 | ) | ||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding gains (losses) arising during the period, net of tax expense of $0.6 | 2.3 | 2.3 | — | (2.3 | ) | 2.3 | ||||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Reclassification of prior service credit recorded to net (loss) income, net of tax expense of $0.2 | (0.3 | ) | (0.3 | ) | — | 0.3 | (0.3 | ) | ||||||||||||
Reclassification of net actuarial loss recorded to net (loss) income, net of tax benefit of $1.8 | 2.9 | 2.9 | — | (2.9 | ) | 2.9 | ||||||||||||||
Unrealized foreign currency translation gains (losses), net of tax expense of $0.2 | 0.3 | 0.3 | (0.4 | ) | 0.1 | 0.3 | ||||||||||||||
Other comprehensive income (loss) | 5.2 | 5.2 | (0.4 | ) | (4.8 | ) | 5.2 | |||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (64.3 | ) | $ | (57.8 | ) | $ | (4.3 | ) | $ | 62.1 | $ | (64.3 | ) | ||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | MONEYGRAM INTERNATIONAL, INC. | |||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (3.8 | ) | $ | 34 | $ | 20.3 | $ | — | $ | 50.5 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 3 | — | — | 3 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (100.0 | ) | (12.9 | ) | — | (112.9 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 75 | — | — | 75 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (8.5 | ) | (2.3 | ) | — | (10.8 | ) | ||||||||||||
Acquisitions | — | (1.0 | ) | (2.2 | ) | — | (3.2 | ) | ||||||||||||
Proceeds from disposal of assets and businesses | — | 0.2 | — | — | 0.2 | |||||||||||||||
Capital contribution from subsidiary guarantors | — | 2.9 | — | (2.9 | ) | — | ||||||||||||||
Net cash (used in) provided by investing activities | — | (28.4 | ) | (17.4 | ) | (2.9 | ) | (48.7 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Payment on debt | (2.2 | ) | — | — | — | (2.2 | ) | |||||||||||||
Proceeds from stock options exercised | 0.4 | — | — | — | 0.4 | |||||||||||||||
Intercompany financings | (2.0 | ) | 2 | — | — | — | ||||||||||||||
Dividend from parent | 7.6 | (7.6 | ) | — | — | — | ||||||||||||||
Capital contribution to non-guarantors | — | — | (2.9 | ) | 2.9 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 3.8 | (5.6 | ) | (2.9 | ) | 2.9 | (1.8 | ) | ||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (28.3 | ) | $ | 517.6 | $ | 27.2 | $ | — | $ | 516.5 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 14.6 | — | — | 14.6 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (850.0 | ) | (27.6 | ) | — | (877.6 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 375 | 11.1 | — | 386.1 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (30.3 | ) | (6.9 | ) | — | (37.2 | ) | ||||||||||||
Acquisitions | (1.0 | ) | (2.2 | ) | (3.2 | ) | ||||||||||||||
Proceeds from disposal of assets and businesses | — | 0.5 | — | — | 0.5 | |||||||||||||||
Capital contribution from subsidiary guarantors | — | 1.6 | — | (1.6 | ) | — | ||||||||||||||
Net cash (used in) provided by investing activities | — | (489.6 | ) | (25.6 | ) | (1.6 | ) | (516.8 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from issuance of debt | 850 | — | — | — | 850 | |||||||||||||||
Transaction costs of issuance and amendment of debt | — | (11.8 | ) | — | — | (11.8 | ) | |||||||||||||
Prepayment penalty | — | (21.5 | ) | — | — | (21.5 | ) | |||||||||||||
Payment on debt | (4.2 | ) | (813.2 | ) | — | — | (817.4 | ) | ||||||||||||
Proceeds from exercise of stock options | 1 | — | — | — | 1 | |||||||||||||||
Intercompany financings | (837.6 | ) | 837.6 | — | — | — | ||||||||||||||
Dividend from parent | 19.1 | (19.1 | ) | — | ||||||||||||||||
Capital contribution to non-guarantors | — | (1.6 | ) | 1.6 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 28.3 | (28.0 | ) | (1.6 | ) | 1.6 | 0.3 | |||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (29.8 | ) | $ | 33.9 | $ | 2 | $ | — | $ | 6.1 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 6.2 | — | — | 6.2 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | — | (11.1 | ) | — | (11.1 | ) | |||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | — | 11.8 | — | 11.8 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (9.9 | ) | (3.0 | ) | — | (12.9 | ) | ||||||||||||
Proceeds from disposal of property and equipment | — | 0.3 | — | — | 0.3 | |||||||||||||||
Capital contribution from subsidiary guarantors | — | (0.3 | ) | — | 0.3 | — | ||||||||||||||
Net cash (used in) provided by investing activities | — | (3.7 | ) | (2.3 | ) | 0.3 | (5.7 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Payments on debt | — | (0.4 | ) | — | — | (0.4 | ) | |||||||||||||
Intercompany financings | 29.8 | (29.8 | ) | — | — | — | ||||||||||||||
Capital contribution to non-guarantors | — | — | 0.3 | (0.3 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 29.8 | (30.2 | ) | 0.3 | (0.3 | ) | (0.4 | ) | ||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (6.3 | ) | $ | 18.2 | $ | 6.4 | $ | — | $ | 18.3 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 25.5 | — | — | 25.5 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (300.0 | ) | (35.6 | ) | — | (335.6 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 300 | 35.4 | — | 335.4 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (33.7 | ) | (9.5 | ) | — | (43.2 | ) | ||||||||||||
Proceeds from disposal of property and equipment | — | 0.7 | — | — | 0.7 | |||||||||||||||
Capital contribution from subsidiary guarantors | — | (3.3 | ) | — | 3.3 | — | ||||||||||||||
Net cash (used in) provided by investing activities | — | (10.8 | ) | (9.7 | ) | 3.3 | (17.2 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Payment on debt | — | (1.1 | ) | — | — | (1.1 | ) | |||||||||||||
Intercompany financings | 6.3 | (6.3 | ) | — | — | — | ||||||||||||||
Capital contribution to non-guarantors | — | — | 3.3 | (3.3 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 6.3 | (7.4 | ) | 3.3 | (3.3 | ) | (1.1 | ) | ||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Assets_in_Excess_of_Payment_Se2
Assets in Excess of Payment Service Obligations (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Disclosure Assets In Excess Of Payment Service Obligations [Abstract] | ||
Cash and cash equivalents (substantially restricted) | $2,222.40 | $2,683.20 |
Receivables, net (substantially restricted) | 959.7 | 1,206.50 |
Interest-bearing investments (substantially restricted) | 941.8 | 450.1 |
Available-for-sale investments (substantially restricted) | 50.7 | 63.5 |
Assets available for payment service obligations | 4,174.60 | 4,403.30 |
Payment service obligations | 3,864.90 | 4,175.40 |
Assets in excess of payment service obligations | $309.70 | $227.90 |
Fair_Value_Measurement_Assets_
Fair Value Measurement (Assets and Liabilities Measured at Fair Value by Hierarchy Level) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Document Period End Date | 30-Sep-13 | |
Available-for-sale investments (substantially restricted): | ||
Market Value | $50.70 | $63.50 |
U.S. government agencies | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 8 | 8.9 |
Residential mortgage-backed securities — agencies | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 21.7 | 36.6 |
Other asset-backed securities | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 21 | 18 |
Level 1 | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Investment related to deferred compensation trust | 9.4 | 8.6 |
Total financial assets | 9.4 | 8.6 |
Level 1 | Forward contracts | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Forward contracts | 0 | |
Financial liabilities: | ||
Forward contracts | 0 | |
Level 1 | U.S. government agencies | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 0 | 0 |
Level 1 | Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 0 | 0 |
Level 1 | Other asset-backed securities | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 0 | |
Level 1 | Other asset-backed securities | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 0 | |
Level 2 | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Investment related to deferred compensation trust | 0 | 0 |
Total financial assets | 29.7 | 46.1 |
Financial liabilities: | ||
Forward contracts | -1.9 | |
Level 2 | Forward contracts | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Forward contracts | 0.6 | |
Level 2 | U.S. government agencies | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 8 | 8.9 |
Level 2 | Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 21.7 | 36.6 |
Level 2 | Other asset-backed securities | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 0 | |
Level 2 | Other asset-backed securities | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 0 | |
Level 3 | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Investment related to deferred compensation trust | 0 | 0 |
Total financial assets | 21 | 18 |
Level 3 | Forward contracts | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Forward contracts | 0 | |
Financial liabilities: | ||
Forward contracts | 0 | |
Level 3 | U.S. government agencies | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 0 | 0 |
Level 3 | Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 0 | 0 |
Level 3 | Other asset-backed securities | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 21 | 18 |
Total | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Investment related to deferred compensation trust | 9.4 | 8.6 |
Total financial assets | 60.1 | 72.7 |
Total | Forward contracts | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Forward contracts | 0.6 | |
Financial liabilities: | ||
Forward contracts | -1.9 | 0 |
Total | U.S. government agencies | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 8 | 8.9 |
Total | Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | 21.7 | 36.6 |
Total | Other asset-backed securities | Fair Value, Measurements, Recurring | ||
Available-for-sale investments (substantially restricted): | ||
Market Value | $21 | $18 |
Fair_Value_Measurement_Summary
Fair Value Measurement (Summary of Unobservable Inputs Used in Other Asset-Backed Securities Classified as Level 3) (Detail) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Other asset-backed securities | ||||
Document Period End Date | 30-Sep-13 | |||
Market Value | $50,700,000 | $63,500,000 | ||
Other asset-backed securities | ||||
Other asset-backed securities | ||||
Market Value | 21,000,000 | 18,000,000 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Net Average Price | 5.35 | [1] | 4.39 | [1] |
Level 3 | Other asset-backed securities | Alt [Member] | ||||
Other asset-backed securities | ||||
Market Value | 100,000 | 100,000 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Net Average Price | 15.84 | 12.5 | ||
Level 3 | Other asset-backed securities | Home Equity Line of Credit [Member] | ||||
Other asset-backed securities | ||||
Market Value | 200,000 | 200,000 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Net Average Price | 51.46 | 47.3 | ||
Level 3 | Other asset-backed securities | Indirect Exposure High Grade [Member] | ||||
Other asset-backed securities | ||||
Market Value | 8,200,000 | 3,900,000 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Net Average Price | 7.9 | 3.46 | ||
Level 3 | Other asset-backed securities | Indirect Exposure Mezzanine [Member] | ||||
Other asset-backed securities | ||||
Market Value | 2,800,000 | 0 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Net Average Price | 2.35 | 0 | ||
Level 3 | Other asset-backed securities | Indirect Exposure Mezzanine Broker Priced [Member] | ||||
Other asset-backed securities | ||||
Market Value | 5,100,000 | 7,900,000 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Net Average Price | 5.78 | 3.71 | ||
Level 3 | Other asset-backed securities | Other | ||||
Other asset-backed securities | ||||
Market Value | 4,600,000 | 5,900,000 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Net Average Price | 24.62 | 31.69 | ||
Fair Value, Measurements, Recurring | Level 3 | Other asset-backed securities | ||||
Other asset-backed securities | ||||
Market Value | $21,000,000 | $18,000,000 | ||
[1] | Net average price is per |
Fair_Value_Measurement_Rollfor
Fair Value Measurement (Roll-forward of Other Asset-Backed Securities) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Market Value | $50.70 | $50.70 | $63.50 | ||
Document Period End Date | 30-Sep-13 | ||||
Other asset-backed securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Market Value | 21 | 21 | 18 | ||
Level 3 | Fair Value, Measurements, Recurring | Other asset-backed securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Market Value | 21 | 21 | 18 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 17.6 | 26.7 | 18 | 24.2 | |
Principal paydowns | -3.2 | -0.1 | -3.3 | -0.2 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 7.1 | 1.5 | 8.4 | 5.2 | |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Loss Included In Other Comprehensive Income Loss | -0.5 | -0.3 | -2.1 | -1.4 | |
Ending balance | 21 | 27.8 | 21 | 27.8 | |
Indirect Exposure Mezzanine Broker Priced [Member] | Level 3 | Other asset-backed securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Market Value | $5.10 | $5.10 | $7.90 |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Impairment of Long-Lived Assets Held-for-use | $0 | $0 | $0 | $0 | |
Document Period End Date | 30-Sep-13 | ||||
Other than Temporary Impairment Losses, Investments | 0 | 0 | 0 | 0 | |
Carrying Value | 845 | 845 | 809.9 | ||
Second lien notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying Value | 0 | 0 | 325 | ||
Fair Value, Measurements, Recurring | Credit Agreement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying Value | 484.9 | ||||
Fair Value | 844.7 | 844.7 | 487.1 | ||
Fair Value, Measurements, Recurring | Second lien notes | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Carrying Value | 0 | 0 | 325 | ||
Fair Value | $0 | $0 | $337.60 |
Investment_Portfolio_Component
Investment Portfolio (Components of Investment Portfolio) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Investments, Debt and Equity Securities [Abstract] | ||
Document Period End Date | 30-Sep-13 | |
Cash | $2,198.80 | $2,112.10 |
Money-market securities | 23.6 | 571.1 |
Cash and cash equivalents (substantially restricted) | 2,222.40 | 2,683.20 |
Interest-bearing investments (substantially restricted) | 941.8 | 450.1 |
Available-for-sale investments (substantially restricted) | 50.7 | 63.5 |
Total investment portfolio | $3,214.90 | $3,196.80 |
Investment_Portfolio_Additiona
Investment Portfolio - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
fund | Net unrealized gains on securities classified as available for sale | Net unrealized gains on securities classified as available for sale | Net unrealized gains on securities classified as available for sale | Net unrealized gains on securities classified as available for sale | |||
Investment [Line Items] | |||||||
Document Period End Date | 30-Sep-13 | ||||||
Number of investments in money market securities (in funds) | 4 | ||||||
Percentage Of Available For Sale Portfolio Collateralized By Us Debentures | 59.00% | 59.00% | 71.00% | ||||
Average price of an asset-backed security at par (in dollars per share) | $0.05 | $0.05 | |||||
Net unrealized gains on securities classified as available-for-sale, net of tax | $19.30 | $19.30 | $16.30 | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2.9 | -2.9 | -2.9 | 0 | -2.9 | 0 | |
Percentage of available-for-sale portfolio priced by third party pricing service | 65.00% | 65.00% | 60.00% | ||||
Percentage of available-for-sale portfolio priced by broker pricing | 10.00% | 10.00% | 12.00% | ||||
Percentage of available-for-sale portfolio priced by internal pricing | 25.00% | 25.00% | 28.00% | ||||
Unrealized losses in available-for-sale portfolio | 0 | 0 | |||||
Change in Investment Grade | $0 | $0 |
Investment_Portfolio_Available
Investment Portfolio (Available for Sale Investments (Substantially Restricted)) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Investment [Line Items] | ||||
Amortized Cost | $33,400,000 | $49,300,000 | ||
Gross Unrealized Gains | 17,300,000 | 14,200,000 | ||
Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale Securities | 50,700,000 | 63,500,000 | ||
Net Average Price (in dollars per share) | $12.06 | [1] | $14.06 | [1] |
Net average price basis | $100 | [1] | $100 | [1] |
Residential mortgage-backed securities — agencies | ||||
Investment [Line Items] | ||||
Amortized Cost | 19,700,000 | 33,500,000 | ||
Gross Unrealized Gains | 2,000,000 | 3,100,000 | ||
Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale Securities | 21,700,000 | 36,600,000 | ||
Net Average Price (in dollars per share) | $110.84 | [1] | $110.02 | [1] |
Other asset-backed securities | ||||
Investment [Line Items] | ||||
Amortized Cost | 6,100,000 | 7,600,000 | ||
Gross Unrealized Gains | 14,900,000 | 10,400,000 | ||
Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale Securities | 21,000,000 | 18,000,000 | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Net Average Price | 5.35 | [1] | 4.39 | [1] |
U.S. government agencies | ||||
Investment [Line Items] | ||||
Amortized Cost | 7,600,000 | 8,200,000 | ||
Gross Unrealized Gains | 400,000 | 700,000 | ||
Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale Securities | $8,000,000 | $8,900,000 | ||
Net Average Price (in dollars per share) | $99.74 | [1] | $99.39 | [1] |
[1] | Net average price is per |
Investment_Portfolio_Investmen
Investment Portfolio (Investment Ratings) (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Securities | Securities | |
Available for Sale Securities By Credit Qaulity Indicator [Line Items] | ||
Document Period End Date | 30-Sep-13 | |
Number of Securities | 66 | 74 |
Market Value | $50.70 | $63.50 |
Percentage Of Available For Sale Portfolio Collateralized By Us Debentures | 59.00% | 71.00% |
Percent of Investments | 100.00% | 100.00% |
Investment Grade [Member] | ||
Available for Sale Securities By Credit Qaulity Indicator [Line Items] | ||
Number of Securities | 15 | 20 |
Market Value | 29.5 | 45.3 |
Percentage Of Available For Sale Portfolio Collateralized By Us Debentures | 58.00% | 71.00% |
Below investment grade | ||
Available for Sale Securities By Credit Qaulity Indicator [Line Items] | ||
Number of Securities | 51 | 54 |
Market Value | $21.20 | $18.20 |
Percent of Investments | 42.00% | 29.00% |
Investment_Portfolio_Contractu
Investment Portfolio (Contractual Maturities) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Investments, Debt and Equity Securities [Line Items] | ||
Document Period End Date | 30-Sep-13 | |
Amortized Cost, After one year through five years | $7.60 | $8.20 |
Amortized Cost, Mortgage-backed and other asset-backed securities | 25.8 | 41.1 |
Amortized Cost, Total | 33.4 | 49.3 |
Fair Value, After one year through five years | 8 | 8.9 |
Fair Value, Mortgage-backed and other asset-backed securities | 42.7 | 54.6 |
Fair Value, Total | $50.70 | $63.50 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Summary of (Gains) Losses Related to Assets and Liabilities Denominated in Foreign Currencies) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Disclosure Derivative Financial Instruments Summary Of Gains Losses Related To Assets And Liabilities Denominated In Foreign Currencies [Abstract] | ||||
Net realized foreign currency gains | ($6.60) | ($1.40) | ($2.70) | ($0.30) |
Net losses from the related forward contracts | 6.7 | 3.8 | 3 | 2.5 |
Net losses from foreign currency transactions and related forward contracts | $0.10 | $2.40 | $0.30 | $2.20 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Additional Information (Detail) (Foreign Exchange Forward, Not Designated as Hedging Instrument, Other Assets, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Foreign Exchange Forward | Not Designated as Hedging Instrument | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Forward contracts outstanding notional amount | $142.20 | $173 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Fair Values of Derivative Forward Contract Instruments) (Detail) (Forward contracts, Other Assets, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Forward contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amount of Recognized Assets | $0.70 | $0.70 |
Gross Amount of Offset | -0.7 | -0.1 |
Net Amount of Assets Presented in the Consolidated Balance Sheets | 0 | 0.6 |
Gross Amount of Recognized Liabilities | -2.6 | -0.1 |
Gross Amount of Offset | 0.7 | 0.1 |
Net Amount of Liabilities Presented in the Consolidated Balance Sheets | ($1.90) | $0 |
Property_and_Equipment_Compone
Property and Equipment (Components of Property and Equipment) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $440.60 | $435 |
Accumulated depreciation | -314.7 | -307.1 |
Total property and equipment, net | 125.9 | 127.9 |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 202.3 | 204.5 |
Signage | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 104.7 | 94.5 |
Agent equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 73.8 | 72.1 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | 32.4 | 37.5 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $27.40 | $26.40 |
Property_and_Equipment_Summary
Property and Equipment (Summary of Depreciation Expense) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Line Items] | ||||
Total depreciation expense | $12.50 | $10.70 | $36.40 | $32.20 |
Computer hardware and software | ||||
Property, Plant and Equipment [Line Items] | ||||
Total depreciation expense | 5.9 | 5.3 | 17 | 15.9 |
Signage | ||||
Property, Plant and Equipment [Line Items] | ||||
Total depreciation expense | 3.8 | 2.9 | 11 | 8.6 |
Agent equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Total depreciation expense | 1.1 | 1 | 3.4 | 3.1 |
Office furniture and equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Total depreciation expense | 1 | 0.9 | 3 | 2.7 |
Leasehold improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Total depreciation expense | $0.70 | $0.60 | $2 | $1.90 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | ||||
Accrued purchases of property and equipment | $4 | $7 | ||
Furniture and equipment disposal loss | $0.10 | $0.80 |
Debt_Summary_of_Outstanding_De
Debt (Summary of Outstanding Debt) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule of Debt [Roll Forward] | |||||
Beginning balance | $809.90 | ||||
Borrowings, gross | 0 | 0 | 850 | 0 | |
Discount on borrowings | 0 | [1] | |||
Accretion of Discount | 0.2 | ||||
Write-off of debt discount upon prepayments | 0 | 0 | 2.3 | 0 | |
Payments | -817.4 | ||||
Ending balance | 845 | 845 | |||
Senior secured credit facility due 2017 | 2011 Credit Agreement | |||||
Schedule of Debt [Roll Forward] | |||||
Beginning balance | 339.4 | ||||
Borrowings, gross | 0 | ||||
Discount on borrowings | 0 | [1] | |||
Accretion of Discount | 0 | ||||
Write-off of debt discount upon prepayments | 0.6 | ||||
Payments | -340 | ||||
Ending balance | 0 | 0 | |||
Weighted average interest rate | 4.25% | 4.25% | |||
Senior secured incremental term loan due 2017 | 2011 Credit Agreement | |||||
Schedule of Debt [Roll Forward] | |||||
Beginning balance | 145.5 | ||||
Borrowings, gross | 0 | ||||
Discount on borrowings | 0.8 | [1] | |||
Accretion of Discount | 0.1 | ||||
Write-off of debt discount upon prepayments | -1.7 | ||||
Payments | -148.1 | ||||
Ending balance | 0 | 0 | |||
Weighted average interest rate | 4.25% | 4.25% | |||
Senior secured credit facility due 2020 | 2013 Credit Agreement | |||||
Schedule of Debt [Roll Forward] | |||||
Beginning balance | 0 | ||||
Borrowings, gross | 850 | ||||
Discount on borrowings | -0.8 | [1] | |||
Accretion of Discount | 0.1 | ||||
Write-off of debt discount upon prepayments | 0 | ||||
Payments | -4.3 | ||||
Ending balance | 845 | 845 | |||
Weighted average interest rate | 4.25% | 4.25% | |||
Second Lien Notes due 2018 | |||||
Schedule of Debt [Roll Forward] | |||||
Beginning balance | 325 | ||||
Borrowings, gross | 0 | ||||
Discount on borrowings | 0 | [1] | |||
Accretion of Discount | 0 | ||||
Write-off of debt discount upon prepayments | 0 | ||||
Payments | -325 | ||||
Ending balance | $0 | $0 | |||
Weighted average interest rate | 13.25% | 13.25% | |||
[1] | As a result of the 2013 Credit Agreement, the entire debt discount was transferred from the 2011 Credit Agreement to the 2013 Credit Agreement |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 60 Months Ended | 60 Months Ended | 60 Months Ended | 9 Months Ended | 60 Months Ended | 9 Months Ended | 60 Months Ended | 60 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 28, 2013 | Sep. 30, 2013 | 18-May-11 | 28-May-18 | 18-May-11 | 18-May-16 | 18-May-11 | 28-May-18 | Mar. 28, 2013 | Mar. 28, 2013 | Sep. 30, 2013 | 28-May-18 | Mar. 28, 2013 | Sep. 30, 2013 | 28-May-18 | 28-May-18 | 28-May-18 | 28-May-18 | 18-May-11 | 18-May-11 | 18-May-16 | 18-May-11 |
Second lien notes | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Note repurchase | Minimum | Minimum | Maximum | Maximum | Worldwide, Inc. | Worldwide, Inc. | Worldwide, Inc. | Worldwide, Inc. | ||||||
Term credit facility | Term credit facility | Senior revolving credit facility | Senior revolving credit facility | Term credit facility | Term credit facility | Letter of credit | Senior revolving credit facility | Senior revolving credit facility | Senior revolving credit facility | Second lien notes | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | ||||||||
Term credit facility | Term credit facility | Term credit facility | Term credit facility | Term credit facility | Senior secured incremental term | Second lien notes | Second lien notes | |||||||||||||||||||
BOA prime rate | Eurodollar rate | BOA prime rate | Eurodollar rate | |||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||
Basis Rate For Fees On Unused Availability Under Revolving Credit Facility | 0.50% | |||||||||||||||||||||||||
Term of debt instrument | 6 years 6 months | 5 years | 7 years | 5 years | 180 days | |||||||||||||||||||||
Face amount of debt | $540 | $390 | $150 | $850 | $50 | $125 | $150 | |||||||||||||||||||
Basis spread on variable interest rate | 2.00% | 3.00% | 2.25% | 3.25% | ||||||||||||||||||||||
Stated interest rate | 13.25% | |||||||||||||||||||||||||
Letters of Credit Outstanding, Amount | 0.4 | 0.4 | 0 | |||||||||||||||||||||||
Proceeds from issuance of debt | 0 | 0 | 850 | 0 | 0 | 0 | ||||||||||||||||||||
Revolving credit facility, availability | 124.6 | |||||||||||||||||||||||||
Issuance price as a percentage of par | 99.75% | 98.00% | ||||||||||||||||||||||||
Payments | 817.4 | 325 | ||||||||||||||||||||||||
Redemption price as a percentage of principal | 106.63% | |||||||||||||||||||||||||
Write-off of debt discount upon prepayments | 0 | 0 | -2.3 | 0 | 0 | |||||||||||||||||||||
Cash payments for interest | 9.6 | 16.5 | 34.6 | 48.9 | ||||||||||||||||||||||
Debt maturing in 2018 | 125 | 125 | ||||||||||||||||||||||||
Debt maturing in 2020 | 790.5 | 790.5 | ||||||||||||||||||||||||
Incremental payment of debt principal | 55.2 | 55.2 | ||||||||||||||||||||||||
Increment paid | $2.10 |
Debt_Schedule_of_Debt_Discount
Debt (Schedule of Debt Discount Amortization) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Disclosure [Abstract] | ||||
Amortization of debt discount | $0 | $0.10 | $0.20 | $0.30 |
Write-off of debt discount upon prepayments | 0 | 0 | 2.3 | 0 |
Total amortization of discount | $0 | $0.10 | $2.50 | $0.30 |
Debt_Credit_Agreement_Quarterl
Debt (Credit Agreement Quarterly Financial Covenants) (Detail) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Through September 30, 2013 | December 31, 2013 through September 30, 2014 | December 31, 2014 through September 30, 2015 | December 31, 2015 through September 30, 2016 | December 31, 2016 through maturity | ||
Debt Instrument [Line Items] | ||||||
Interest Coverage Minimum Ratio | 5.84 | 2.15 | 2.15 | 2.25 | 2.25 | 2.25 |
Total Secured Leverage Not to Exceed | 2.844 | 4.625 | 4.375 | 4 | 3.75 | 3.5 |
Debt_Summary_of_Deferred_Finan
Debt (Summary of Deferred Financing Costs) (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Instrument [Line Items] | ||
Beginning balance | $24.90 | |
Capitalized deferred financing costs | 11.3 | |
Amortization of deferred financing costs | -2.5 | |
Write-off of unamortized deferred financing costs | -20 | 0 |
Ending balance | $13.70 |
Debt_Debt_Summary_of_Debt_Exti
Debt Debt (Summary of Debt Extinguishment Costs) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Disclosure [Abstract] | ||||
Prepayment penalty | $0 | $0 | $21.50 | $0 |
Write-off of unamortized deferred financing costs | 20 | 0 | ||
Write-off of debt discount upon prepayments | 0 | 0 | 2.3 | 0 |
Debt modification costs | 1.5 | 0 | ||
Debt extinguishment costs | $0 | $0 | $45.30 | $0 |
Pensions_and_Other_Benefits_Ne
Pensions and Other Benefits (Net Periodic Benefit Expense) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Document Period End Date | 30-Sep-13 | |||
Defined benefit pension plan and combined supplemental executive retirement plans ("SERPs"') [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $2.40 | $2.60 | $7.20 | $7.90 |
Expected return on plan assets | -1.8 | -2 | -5.5 | -5.9 |
Recognized net actuarial loss | 1.8 | 1.5 | 5.8 | 4.4 |
Net periodic benefit expense | 2.4 | 2.1 | 7.5 | 6.4 |
Postretirement benefit plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 0.1 | 0.1 | 0.1 | 0.1 |
Amortization of prior service cost | -0.2 | -0.2 | -0.5 | -0.5 |
Recognized net actuarial loss | 0.1 | 0.1 | 0.3 | 0.3 |
Net periodic benefit expense | $0 | $0 | ($0.10) | ($0.10) |
Pensions_and_Other_Benefits_Ad
Pensions and Other Benefits - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Employee Retirement Plans, Defined Benefit | Supplemental Employee Retirement Plans, Defined Benefit | Supplemental Employee Retirement Plans, Defined Benefit | Supplemental Employee Retirement Plans, Defined Benefit | Management | Management | Pension Plans, Defined Benefit | Pension Plans, Defined Benefit | Pension Plans, Defined Benefit | Pension Plans, Defined Benefit | |||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||
Document Period End Date | 30-Sep-13 | |||||||||||||
Defined Benefit Plan, Benefits Paid | $0.60 | $1.20 | $2.70 | $2.80 | $2.30 | $2.30 | $7 | $7 | ||||||
Contributions | 4 | 4.8 | 6 | 8.2 | ||||||||||
Contribution expense for the defined contribution plan | 0.9 | 0.9 | 2.9 | 2.7 | ||||||||||
Contribution expense related to international benefit plans | 0.4 | 0.3 | 1.3 | 1 | ||||||||||
Liability related to the deferred compensation plans | 2.5 | |||||||||||||
Market value of Rabbi Trust | 9.4 | 8.6 | ||||||||||||
Deferred Compensation Arrangement with Individual, Distributions Paid | $0.10 | $0.50 | $0.10 | $0.50 |
Pensions_and_Other_Benefits_Ne1
Pensions and Other Benefits (Net Periodic Benefit Expense Amortized from Accumulated Other Comprehensive Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Document Period End Date | 30-Sep-13 | |||
Postretirement benefit plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial loss | $0.10 | $0.10 | $0.30 | $0.30 |
Tax benefit on net actuarial loss | 0 | 0 | -0.1 | -0.1 |
Prior service costs | -0.2 | -0.2 | -0.5 | -0.5 |
Tax expense on prior service costs | 0.1 | 0.1 | 0.2 | 0.2 |
Net amortization from accumulated other comprehensive loss | 0 | 0 | -0.1 | -0.1 |
Defined benefit pension plan and combined supplemental executive retirement plans ("SERPs"') [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial loss | 1.8 | 1.5 | 5.8 | 4.4 |
Tax benefit on net actuarial loss | -0.7 | -0.6 | -2.2 | -1.7 |
Net amortization from accumulated other comprehensive loss | $1.10 | $0.90 | $3.60 | $2.70 |
Stockholders_Deficit_Summary_o
Stockholders' Deficit (Summary of Stock Activity) (Detail) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Preferred stock, shares authorized (in shares) | 200 |
Participating convertible preferred stock, shares issued (in shares) | 109 |
Preferred stock, shares outstanding | 109 |
Common Stock [Member] | |
Class of Stock [Line Items] | |
Common stock, shares authorized (in shares) | 162,500 |
Common stock, shares issued (in shares) | 62,264 |
Common Stock, shares, outstanding (in shares) | 57,961 |
Treasury Stock [Member] | |
Class of Stock [Line Items] | |
Treasury stock, shares (in shares) | -4,303 |
Stockholders_Deficit_Additiona
Stockholders' Deficit - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
vote | vote | |
Dividends, Common Stock, Cash | $0 | $0 |
Common stock votes per share (in votes) | 1 | 1 |
Stockholders_Deficit_Component
Stockholders' Deficit (Components of Accumulated Other Comprehensive Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $2.90 | ($2.90) | ||
Income (loss) before income taxes | 38.1 | -45.1 | 52.3 | -41.9 |
Income tax expense (benefit) | -15.6 | -9.6 | -23.3 | -27.6 |
Net unrealized gains on securities classified as available-for-sale, net of tax | ||||
Components of Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | -3.3 | -3.3 | ||
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 0.4 | 0.4 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Other comprehensive income before amortization | 6.2 | 5.9 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -2.9 | 0 | -2.9 | 0 |
Net current period other comprehensive income | 3.3 | 3 | ||
Accumulated other comprehensive loss | 19.3 | 19.3 | ||
Accumulated other comprehensive loss | 16 | 16.3 | ||
Cumulative foreign currency translation adjustments, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Other comprehensive income before amortization | 1.6 | 0.3 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Net current period other comprehensive income | 1.6 | 0.3 | ||
Accumulated other comprehensive loss | 2.9 | 2.9 | ||
Accumulated other comprehensive loss | 1.3 | 2.6 | ||
Pension and postretirement benefits adjustment, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Other comprehensive income before amortization | 0 | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.1 | 3.5 | ||
Net current period other comprehensive income | 1.1 | 3.5 | ||
Accumulated other comprehensive loss | -67.7 | -67.7 | ||
Accumulated other comprehensive loss | -68.8 | -71.2 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Other comprehensive income before amortization | 7.8 | 6.2 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -1.8 | 0.6 | ||
Net current period other comprehensive income | 6 | 6.8 | ||
Accumulated other comprehensive loss | -45.5 | -32.8 | -45.5 | -32.8 |
Accumulated other comprehensive loss | -51.5 | -52.3 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -1.8 | -0.6 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and postretirement benefits adjustment, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1.1 | 3.5 | ||
Prior service credits | -0.2 | -0.5 | ||
Net actuarial losses | 1.9 | 6.1 | ||
Income (loss) before income taxes | 1.7 | 5.6 | ||
Income tax expense (benefit) | ($0.60) | ($2.10) |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | 1-May-13 | Dec. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $0.80 | $0.60 | $0.80 | $0.60 | ||
Document Period End Date | 30-Sep-13 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 12,925,000 | 7,125,000 | ||||
Percent Vested For Achievement of Annual Average EBITDA at target | 100.00% | |||||
Document Fiscal Year Focus | 2013 | |||||
Restricted stock units | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 0 days | |||||
Performance Period Related To Adjusted Ebitda | 3 years | |||||
Percentage vested on second anniversary if target performance goal is met | 50.00% | |||||
Target performance goal related to average annual increase over 3 year period for adjusted EBITDA | 10.00% | |||||
Percentage vested on third anniversary if target performance goal is met | 50.00% | |||||
Minimum performance goal related to average annual increase for adjusted EBITDA | 5.00% | |||||
Percentage vested if minimum performance goal is met | 50.00% | |||||
Maximum performance goal related to average annual increase for adjusted EBITDA | 20.00% | |||||
Percentage Vested If Maximum Performance Goal Met | 200.00% | |||||
Grant date fair value, threshold minimum | 6.6 | |||||
Grant date fair value, target threshold | 13.2 | |||||
Unrecognized compensation expense | 11.3 | 11.3 | ||||
Unrecognized restricted stock unit expense, minimum thresholds | 10.8 | 10.8 | ||||
Unrecognized restricted stock unit expense, maximum thresholds | $12.40 | $12.40 | ||||
Stock options | ||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years | |||||
Term of options granted | 10 years |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Stock-Based Compensation Expense) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Document Period End Date | 30-Sep-13 | |||
Stock-based compensation expense | $2.90 | $2.40 | $7.90 | $7.60 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1.8 | 1.9 | 5.2 | 6.3 |
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $1.10 | $0.50 | $2.70 | $1.30 |
StockBased_Compensation_Assump
Stock-Based Compensation (Assumptions Utilized to Estimate Grant-Date Fair Value of Stock Options) (Detail) (Stock options, USD $) | 9 Months Ended | |
Sep. 30, 2013 | ||
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | [1] |
Expected volatility, minimum | 68.20% | [2] |
Expected volatility, maximum | 69.00% | [2] |
Risk-free interest rate, minimum | 1.10% | [3] |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.20% | |
Expected life | 6 years 3 months 1 day | [4] |
Weighted-average grant-date fair value per option (in dollars per share) | $10.47 | |
[1] | Expected dividend yield represents the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. The Company does not anticipate declaring any dividends at this time. | |
[2] | Expected volatility is the amount by which the Company’s stock price has fluctuated or will fluctuate during the expected term of the option. The Company’s expected volatility is calculated based on the historical volatility of the price of the Company’s common stock since the spin-off from Viad Corporation on June 30, 2004. The Company also considers any known or anticipated factors that will likely impact future volatility. | |
[3] | The risk-free interest rate for the Black-Scholes model is based on the U. S. Treasury yield curve in effect at the time of grant for periods within the expected term of the option. | |
[4] | Expected life represents the period of time that options are expected to be outstanding. The expected life was determined using the simplified method as the pattern of changes in the value of the Company’s common stock and exercise activity since late 2007 has been inconsistent and substantially different from historical patterns. Additionally, there have been minimal stock option exercises, which would be representative of the Company’s normal exercise activity since 2007. Accordingly, the Company does not believe that historical terms are relevant to the assessment of the expected term of the grant. Based on these factors, the Company does not believe that it has the ability to make a more refined estimate than the use of the simplified method. |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Stock Option Activity) (Detail) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 |
Additional Disclosures | |
Document Period End Date | 30-Sep-13 |
Stock options | |
Stock option activity | |
Shares, options outstanding, Beginning Balance | 4,412,076 |
Shares, Granted | 981,899 |
Shares, Exercised | -55,840 |
Shares, Forfeited/Expired | -539,463 |
Shares, options outstanding, Ending Balance | 4,798,672 |
Shares, Vested or expected to vest | 4,649,697 |
Shares, Options exercisable | 1,665,546 |
Weighted Average Exercise Price | |
Weighted average exercise price, Options outstanding, Beginning Balance (usd per share) | 22.1 |
Weighted-Average Exercise Price, Granted (usd per share) | 16.79 |
Weighted Average Exercise Price, Exercised | 18.45 |
Weighted-Average Exercise Price, Forfeited/Expired (usd per share) | 30.21 |
Weighted average exercise price, Options outstanding, Ending Balance (usd per share) | 20.15 |
Weight Average Exercise Price, Vested or expected to vest (usd per share) | 20.22 |
Weighted average exercise price, Options exercisable (usd per share) | 21.17 |
Additional Disclosures | |
Weighted-Average Remaining Contractual Term, Options outstanding | 6 years 11 months 23 days |
Weighted-Average Remaining Contractual Term, Vested or expected to vest | 6 years 10 months 29 days |
Weighted-Average Remaining Contractual Term, Options exercisable | 5 years 11 months 15 days |
Aggregate intrinsic value, Options outstanding | 9.9 |
Aggregate intrinsic value, Options vested or expected to vest | 9.5 |
Aggregate intrinsic value, Options exercisable | 4.4 |
StockBased_Compensation_Summar2
Stock-Based Compensation (Summary of Stock Option Compensation Information) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Document Fiscal Year Focus | 2013 | |||
Proceeds from Stock Options Exercised | $0.40 | $0 | $1 | $0 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Intrinsic value of options exercised | 0 | 0 | 0.1 | 0 |
Proceeds from Stock Options Exercised | 0.4 | 0 | 1 | 0 |
Unrecognized stock option expense | $14.60 | $14.60 | ||
Remaining weighted-average vesting period | 2 years |
StockBased_Compensation_Summar3
Stock-Based Compensation (Summary of Restricted Stock Unit Activity) (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | |
Document Period End Date | 30-Sep-13 |
Restricted stock units | |
Equity Instruments Other than Options, Nonvested, Number of Shares | |
Restricted stock units outstanding, beginning balance | 532,224 |
Granted | 787,775 |
Vested | -48,474 |
Forfeited | -64,051 |
Restricted stock units outstanding, ending balance | 1,207,474 |
Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | |
Restricted stock units outstanding | 16.8 |
Granted | 16.69 |
Vested | 16.71 |
Forfeited | 17.16 |
Restricted stock units outstanding | 16.72 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||
Income tax expense (benefit) | $15.60 | $9.60 | $23.30 | $27.60 | |
Income (loss) before income taxes | 38.1 | -45.1 | 52.3 | -41.9 | |
Cash payments for income taxes | 0 | 0.1 | 0.2 | 0.9 | |
Unrecognized tax benefits interest and penalties | 1.6 | 0.1 | 4.6 | 0.2 | |
Interest and penalties | 6.6 | 6.6 | 2 | ||
Cumulative deductions taken for net securities losses | 900 | ||||
Cumulative benefit recognized on deductions for net security losses | $139.90 | $139.90 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 28, 2013 | Dec. 31, 2012 |
Commitments And Contingencies [Line Items] | ||||||
Document Period End Date | 30-Sep-13 | |||||
Legal Fees | $0.10 | $70.70 | $0.20 | $108.80 | ||
Deferred rent liability | 2.8 | 2.8 | 2.6 | |||
Rent expense | 4.2 | 4.1 | 13 | 12 | ||
Contingent rent expense | 0.1 | 0 | 0.2 | 0 | ||
Sublease agreements | -0.3 | -0.2 | -0.7 | -0.5 | ||
Minimum rent expense under operating leases | 4 | 3.9 | 12.5 | 11.5 | ||
Letters of Credit Outstanding, Amount | 0.4 | 0.4 | 0 | |||
Unfunded commitments in limited partnership interests | 0.3 | 0.3 | ||||
Liability related to various legal matters | 1.7 | 1.7 | 38.7 | |||
Corporate Taxes Owed | 0 | 0 | ||||
State Civil Investigative Demands | ||||||
Commitments And Contingencies [Line Items] | ||||||
Number of state attorneys general who initiated investigation (in states) | 9 | |||||
Commission Guarantees | ||||||
Commitments And Contingencies [Line Items] | ||||||
Liability for minimum commission guarantees | 5 | 5 | ||||
Maximum amount that could be paid under minimum commission guarantees | 18.4 | 18.4 | ||||
Weighted average remaining term | 3 years 2 months 23 days | |||||
Payments of minimum commission guarantees | $0.90 | |||||
Percentage of estimated maximum annual payment | 53.00% | |||||
Goldman Sachs & Co. | ||||||
Commitments And Contingencies [Line Items] | ||||||
Percentage ownership of common stock on diluted basis | 19.00% | 19.00% | ||||
Leaseholds and Leasehold Improvements | Maximum | ||||||
Commitments And Contingencies [Line Items] | ||||||
Useful life | 10 years |
Commitments_and_Contingencies_2
Commitments and Contingencies (Summary of Minimum Future Rental Payments) (Detail) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2013 | $3.70 |
2014 | 14 |
2015 | 11.1 |
2016 | 5.4 |
2017 | 4.9 |
Thereafter | 15.4 |
Total | $54.50 |
Earnings_per_Common_Share_Deta
Earnings per Common Share (Detail) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ||||
Basic common shares outstanding (in shares) | 71.6 | 71.5 | 71.6 | 71.5 |
Shares related to stock options (in shares) | 0.4 | 0 | 0.2 | 0 |
Diluted common shares outstanding (in shares) | 72 | 71.5 | 71.8 | 71.5 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation (in shares) | 3.4 | 5.1 | 4.6 | 5.5 |
Shares related to stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation (in shares) | 2.5 | 4.6 | 3.6 | 5 |
Shares related to restricted stock and restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation (in shares) | 0.9 | 0.5 | 1 | 0.5 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Segment | ||||
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | 2 | |||
Percentage of total revenue | 27.00% | 29.00% | 28.00% | 29.00% |
Global Funds Transfer: | ||||
Segment Reporting Information [Line Items] | ||||
Number of agents that accounted for significant percent of total revenue | 1 | 1 | ||
Financial Paper Products: | ||||
Segment Reporting Information [Line Items] | ||||
Number of agents that accounted for significant percent of total revenue | 1 | 1 |
Segment_Information_Revenue_by
Segment Information (Revenue by Segment) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Total revenue | $383 | $338.60 | $1,088.60 | $986.80 |
Global Funds Transfer: | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 359.5 | 317.9 | 1,024.40 | 922.3 |
Global Funds Transfer: | Money transfer | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 333.7 | 291.4 | 947.8 | 842.2 |
Global Funds Transfer: | Bill payment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 25.8 | 26.5 | 76.6 | 80.1 |
Financial Paper Products: | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 23.3 | 20.3 | 63.5 | 63.5 |
Financial Paper Products: | Money order | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 14.1 | 13.9 | 41.4 | 43.3 |
Financial Paper Products: | Official check | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 9.2 | 6.4 | 22.1 | 20.2 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $0.20 | $0.40 | $0.70 | $1 |
Segment_Information_Operating_
Segment Information (Operating Income by Segment) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment operating income: | ||||
Total operating income (loss) | $48.10 | ($27.30) | $134.90 | $11.70 |
Interest expense | 10 | 17.7 | 37.3 | 53.2 |
Debt extinguishment costs | 0 | 0 | 45.3 | 0 |
Other Nonoperating Income (Expense) | 0 | 0.1 | 0 | 0.4 |
Income (loss) before income taxes | 38.1 | -45.1 | 52.3 | -41.9 |
Global Funds Transfer: | ||||
Segment operating income: | ||||
Total operating income (loss) | 40.6 | 39.3 | 122.5 | 111.2 |
Financial Paper Products: | ||||
Segment operating income: | ||||
Total operating income (loss) | 10.5 | 7.5 | 25 | 24.6 |
Total segment operating income | ||||
Segment operating income: | ||||
Total operating income (loss) | 51.1 | 46.8 | 147.5 | 135.8 |
Other | ||||
Segment operating income: | ||||
Total operating income (loss) | ($3) | ($74.10) | ($12.60) | ($124.10) |
Segment_Information_Depreciati
Segment Information (Depreciation and Amortization and Capital Expenditures by Segment) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Depreciation and amortization: | ||||
Total depreciation and amortization | $12.50 | $10.90 | $36.50 | $32.60 |
Capital expenditures: | ||||
Total capital expenditures | 11.4 | 14.9 | 34.2 | 38.2 |
Global Funds Transfer: | ||||
Depreciation and amortization: | ||||
Total depreciation and amortization | 11.5 | 10.7 | 33.5 | 29.9 |
Capital expenditures: | ||||
Total capital expenditures | 10.2 | 11.9 | 29.2 | 31.9 |
Financial Paper Products: | ||||
Depreciation and amortization: | ||||
Total depreciation and amortization | 1 | 0.8 | 2.8 | 2.6 |
Capital expenditures: | ||||
Total capital expenditures | 1.2 | 3 | 5 | 6.3 |
Other | ||||
Depreciation and amortization: | ||||
Total depreciation and amortization | $0 | ($0.60) | $0.20 | $0.10 |
Segment_Information_Assets_by_
Segment Information (Assets by Segment) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets: | ||
Total assets | $4,923.20 | $5,150.60 |
Global Funds Transfer: | ||
Assets: | ||
Total assets | 1,600 | 1,448.30 |
Financial Paper Products: | ||
Assets: | ||
Total assets | 2,946.30 | 3,395.10 |
Other | ||
Assets: | ||
Total assets | $376.90 | $307.20 |
Segment_Information_Revenue_by1
Segment Information (Revenue by Geographical Area) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ||||
Total revenue | $383 | $338.60 | $1,088.60 | $986.80 |
U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 231.6 | 206.4 | 662.4 | 612 |
International | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $151.40 | $132.20 | $426.20 | $374.80 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements - Additional Information (Detail) | 3 Months Ended |
Sep. 30, 2013 | |
Condensed Consolidating Financial Statements [Abstract] | |
Percentage ownership in subsidiary for unconditional guarantee of debt securities | 100.00% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements - Condensed, Consolidating Balance Sheets (Detail) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||||
ASSETS | ||||||
Cash and cash equivalents | $0 | $0 | $0 | $0 | $0 | |
Cash and cash equivalents (substantially restricted) | 2,222.40 | 2,683.20 | ||||
Receivables, net (substantially restricted) | 959.7 | 1,206.50 | ||||
Interest-bearing investments (substantially restricted) | 941.8 | 450.1 | ||||
Available-for-sale investments (substantially restricted) | 50.7 | 63.5 | ||||
Property and equipment, net | 125.9 | 127.9 | ||||
Goodwill | 431.8 | 428.7 | ||||
Other assets | 190.9 | 190.7 | ||||
Equity investments in subsidiaries | 0 | 0 | ||||
Intercompany receivables | 0 | 0 | ||||
Total assets | 4,923.20 | 5,150.60 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||
Payment service obligations | 3,864.90 | 4,175.40 | ||||
Debt | 845 | 809.9 | ||||
Pension and other postretirement benefits | 119.8 | 126.8 | ||||
Accounts payable and other liabilities | 209.8 | 199.9 | ||||
Intercompany liabilities | 0 | 0 | ||||
Total liabilities | 5,039.50 | 5,312 | ||||
Total stockholders' (deficit) equity | -116.3 | -161.4 | -163.5 | -110.1 | ||
Total liabilities and stockholders’ deficit | 4,923.20 | 5,150.60 | ||||
Parent | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | |
Cash and cash equivalents (substantially restricted) | 1.6 | 2.3 | ||||
Receivables, net (substantially restricted) | 0 | 0 | ||||
Interest-bearing investments (substantially restricted) | 0 | 0 | ||||
Available-for-sale investments (substantially restricted) | 0 | 0 | ||||
Property and equipment, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 17.8 | 7.5 | ||||
Equity investments in subsidiaries | 56.8 | 26.6 | ||||
Intercompany receivables | 657.9 | 0 | ||||
Total assets | 734.1 | 36.4 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||
Payment service obligations | 0 | 0 | ||||
Debt | 845 | 0 | ||||
Pension and other postretirement benefits | 0 | 0 | ||||
Accounts payable and other liabilities | 47.3 | 60 | ||||
Intercompany liabilities | -41.9 | 137.8 | ||||
Total liabilities | 850.4 | 197.8 | ||||
Total stockholders' (deficit) equity | -116.3 | -161.4 | ||||
Total liabilities and stockholders’ deficit | 734.1 | 36.4 | ||||
Subsidiary Guarantors | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | |
Cash and cash equivalents (substantially restricted) | 2,135.70 | 2,585.50 | ||||
Receivables, net (substantially restricted) | 949.1 | 1,190.80 | ||||
Interest-bearing investments (substantially restricted) | 900 | 425 | ||||
Available-for-sale investments (substantially restricted) | 50.7 | 63.5 | ||||
Property and equipment, net | 100.9 | 99.8 | ||||
Goodwill | 307.8 | 306.9 | ||||
Other assets | 198.1 | 181.6 | ||||
Equity investments in subsidiaries | 199.8 | 181 | ||||
Intercompany receivables | -34.7 | 165.9 | ||||
Total assets | 4,807.40 | 5,200 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||
Payment service obligations | 3,826.80 | 4,127 | ||||
Debt | 0 | 809.9 | ||||
Pension and other postretirement benefits | 119.8 | 126.8 | ||||
Accounts payable and other liabilities | 136.3 | 109.7 | ||||
Intercompany liabilities | 667.7 | 0 | ||||
Total liabilities | 4,750.60 | 5,173.40 | ||||
Total stockholders' (deficit) equity | 56.8 | 26.6 | ||||
Total liabilities and stockholders’ deficit | 4,807.40 | 5,200 | ||||
Non-Guarantors | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | |
Cash and cash equivalents (substantially restricted) | 85.1 | 95.4 | ||||
Receivables, net (substantially restricted) | 10.6 | 15.7 | ||||
Interest-bearing investments (substantially restricted) | 41.8 | 25.1 | ||||
Available-for-sale investments (substantially restricted) | 0 | 0 | ||||
Property and equipment, net | 25 | 28.1 | ||||
Goodwill | 124 | 121.8 | ||||
Other assets | 18 | 19.4 | ||||
Equity investments in subsidiaries | 0 | 0 | ||||
Intercompany receivables | 10 | 0 | ||||
Total assets | 314.5 | 305.5 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||
Payment service obligations | 38.1 | 48.4 | ||||
Debt | 0 | 0 | ||||
Pension and other postretirement benefits | 0 | 0 | ||||
Accounts payable and other liabilities | 69.2 | 48 | ||||
Intercompany liabilities | 7.4 | 28.1 | ||||
Total liabilities | 114.7 | 124.5 | ||||
Total stockholders' (deficit) equity | 199.8 | 181 | ||||
Total liabilities and stockholders’ deficit | 314.5 | 305.5 | ||||
Eliminations | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | |
Cash and cash equivalents (substantially restricted) | 0 | 0 | ||||
Receivables, net (substantially restricted) | 0 | 0 | ||||
Interest-bearing investments (substantially restricted) | 0 | 0 | ||||
Available-for-sale investments (substantially restricted) | 0 | 0 | ||||
Property and equipment, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | -43 | -17.8 | ||||
Equity investments in subsidiaries | -256.6 | -207.6 | ||||
Intercompany receivables | -633.2 | -165.9 | ||||
Total assets | -932.8 | -391.3 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||
Payment service obligations | 0 | 0 | ||||
Debt | 0 | 0 | ||||
Pension and other postretirement benefits | 0 | 0 | ||||
Accounts payable and other liabilities | -43 | -17.8 | ||||
Intercompany liabilities | -633.2 | -165.9 | ||||
Total liabilities | -676.2 | -183.7 | ||||
Total stockholders' (deficit) equity | -256.6 | -207.6 | ||||
Total liabilities and stockholders’ deficit | ($932.80) | ($391.30) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUE | ||||
Fee and other revenue | $375.80 | $335.70 | $1,075.10 | $977.30 |
Investment revenue | 7.2 | 2.9 | 13.5 | 9.5 |
Total revenue | 383 | 338.6 | 1,088.60 | 986.8 |
OPERATING EXPENSES | ||||
Fee and other commissions expense | 178.6 | 152.3 | 502.5 | 440.9 |
Investment commissions expense | 0.1 | 0.1 | 0.3 | 0.3 |
Total commissions expense | 178.7 | 152.4 | 502.8 | 441.2 |
Compensation and benefits | 66.2 | 54.8 | 198.1 | 172.9 |
Transaction and operations support | 65.4 | 135.6 | 179.3 | 291.8 |
Occupancy, equipment and supplies | 12.1 | 12.2 | 37 | 36.6 |
Depreciation and amortization | 12.5 | 10.9 | 36.5 | 32.6 |
Total operating expenses | 334.9 | 365.9 | 953.7 | 975.1 |
OPERATING INCOME (LOSS) | 48.1 | -27.3 | 134.9 | 11.7 |
Other expense | ||||
Interest expense | 10 | 17.7 | 37.3 | 53.2 |
Debt extinguishment costs | 0 | 0 | 45.3 | 0 |
Other Nonoperating Income (Expense) | 0 | 0.1 | 0 | 0.4 |
Total other expense | -10 | -17.8 | -82.6 | -53.6 |
Income (loss) before income taxes | 38.1 | -45.1 | 52.3 | -41.9 |
Income tax expense (benefit) | 15.6 | 9.6 | 23.3 | 27.6 |
NET (LOSS) INCOME | 22.5 | -54.7 | 29 | |
Equity (loss) income in subsidiaries | 0 | 0 | 0 | |
NET INCOME (LOSS) | 22.5 | -54.7 | 29 | -69.5 |
Parent | ||||
REVENUE | ||||
Fee and other revenue | 0 | 0 | 0 | 0 |
Investment revenue | 0 | 0 | 0 | 0 |
Total revenue | 0 | 0 | 0 | 0 |
OPERATING EXPENSES | ||||
Fee and other commissions expense | 0 | 0 | 0 | 0 |
Investment commissions expense | 0 | 0 | 0 | 0 |
Total commissions expense | 0 | 0 | 0 | 0 |
Compensation and benefits | 0 | 0 | 0 | 0 |
Transaction and operations support | -0.1 | -0.5 | 1.4 | 10.1 |
Occupancy, equipment and supplies | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total operating expenses | -0.1 | -0.5 | 1.4 | 10.1 |
OPERATING INCOME (LOSS) | 0.1 | 0.5 | -1.4 | -10.1 |
Other expense | ||||
Interest expense | 10 | 0 | 20.3 | 0 |
Debt extinguishment costs | 0 | |||
Other Nonoperating Income (Expense) | 0 | 0.3 | ||
Total other expense | -10 | 0 | -20.3 | -0.3 |
Income (loss) before income taxes | -9.9 | 0.5 | -21.7 | -10.4 |
Income tax expense (benefit) | -3.5 | 0.2 | -7.6 | -3.9 |
NET (LOSS) INCOME | -6.4 | 0.3 | -14.1 | -6.5 |
Equity (loss) income in subsidiaries | 28.9 | -55 | 43.1 | -63 |
NET INCOME (LOSS) | 22.5 | -54.7 | 29 | -69.5 |
Subsidiary Guarantors | ||||
REVENUE | ||||
Fee and other revenue | 365.7 | 362.1 | 1,113.80 | 1,055.40 |
Investment revenue | 7.1 | 2.8 | 13.3 | 8.9 |
Total revenue | 372.8 | 364.9 | 1,127.10 | 1,064.30 |
OPERATING EXPENSES | ||||
Fee and other commissions expense | 175.6 | 190.4 | 554.9 | 554.5 |
Investment commissions expense | 0.1 | 0.1 | 0.3 | 0.3 |
Total commissions expense | 175.7 | 190.5 | 555.2 | 554.8 |
Compensation and benefits | 49.8 | 39.5 | 147.7 | 126 |
Transaction and operations support | 92.5 | 148.7 | 247.7 | 306.4 |
Occupancy, equipment and supplies | 13.1 | 8.9 | 31.9 | 26.6 |
Depreciation and amortization | 9.1 | 7.9 | 26.4 | 23.4 |
Total operating expenses | 340.2 | 395.5 | 1,008.90 | 1,037.20 |
OPERATING INCOME (LOSS) | 32.6 | -30.6 | 118.2 | 27.1 |
Other expense | ||||
Interest expense | 0 | 17.7 | 17 | 53.2 |
Debt extinguishment costs | 45.3 | |||
Other Nonoperating Income (Expense) | 0.1 | 0.1 | ||
Total other expense | 0 | -17.8 | -62.3 | -53.3 |
Income (loss) before income taxes | 32.6 | -48.4 | 55.9 | -26.2 |
Income tax expense (benefit) | 18.1 | 9.4 | 29.1 | 32.9 |
NET (LOSS) INCOME | 14.5 | -57.8 | 26.8 | -59.1 |
Equity (loss) income in subsidiaries | 14.4 | 2.8 | 16.3 | -3.9 |
NET INCOME (LOSS) | 28.9 | -55 | 43.1 | -63 |
Non-Guarantors | ||||
REVENUE | ||||
Fee and other revenue | 89.9 | 76.1 | 242.3 | 217.2 |
Investment revenue | 0.1 | 0.1 | 0.2 | 0.6 |
Total revenue | 90 | 76.2 | 242.5 | 217.8 |
OPERATING EXPENSES | ||||
Fee and other commissions expense | 43.5 | 40 | 123.6 | 120.2 |
Investment commissions expense | 0 | 0 | 0 | 0 |
Total commissions expense | 43.5 | 40 | 123.6 | 120.2 |
Compensation and benefits | 16.4 | 15.3 | 50.4 | 46.9 |
Transaction and operations support | 12.2 | 11.8 | 35.1 | 36.8 |
Occupancy, equipment and supplies | -0.9 | 3.3 | 5.2 | 10 |
Depreciation and amortization | 3.4 | 3 | 10.1 | 9.2 |
Total operating expenses | 74.6 | 73.4 | 224.4 | 223.1 |
OPERATING INCOME (LOSS) | 15.4 | 2.8 | 18.1 | -5.3 |
Other expense | ||||
Interest expense | 0 | 0 | 0 | 0 |
Debt extinguishment costs | 0 | |||
Other Nonoperating Income (Expense) | 0 | 0 | ||
Total other expense | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 15.4 | 2.8 | 18.1 | -5.3 |
Income tax expense (benefit) | 1 | 0 | 1.8 | -1.4 |
NET (LOSS) INCOME | 14.4 | 2.8 | 16.3 | -3.9 |
Equity (loss) income in subsidiaries | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | 14.4 | 2.8 | 16.3 | -3.9 |
Eliminations | ||||
REVENUE | ||||
Fee and other revenue | -79.8 | -102.5 | -281 | -295.3 |
Investment revenue | 0 | 0 | 0 | 0 |
Total revenue | -79.8 | -102.5 | -281 | -295.3 |
OPERATING EXPENSES | ||||
Fee and other commissions expense | -40.5 | -78.1 | -176 | -233.8 |
Investment commissions expense | 0 | 0 | 0 | 0 |
Total commissions expense | -40.5 | -78.1 | -176 | -233.8 |
Compensation and benefits | 0 | 0 | 0 | 0 |
Transaction and operations support | -39.2 | -24.4 | -104.9 | -61.5 |
Occupancy, equipment and supplies | -0.1 | 0 | -0.1 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total operating expenses | -79.8 | -102.5 | -281 | -295.3 |
OPERATING INCOME (LOSS) | 0 | 0 | 0 | 0 |
Other expense | ||||
Interest expense | 0 | 0 | 0 | 0 |
Debt extinguishment costs | 0 | |||
Other Nonoperating Income (Expense) | 0 | 0 | ||
Total other expense | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | 0 | 0 | 0 |
NET (LOSS) INCOME | 0 | 0 | 0 | 0 |
Equity (loss) income in subsidiaries | -43.3 | 52.2 | -59.4 | 66.9 |
NET INCOME (LOSS) | ($43.30) | $52.20 | ($59.40) | $66.90 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Comprehensive (Loss) Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $0 | |||
NET INCOME (LOSS) | 22.5 | -54.7 | 29 | -69.5 |
Net unrealized gains on available-for-sale securities: | ||||
Net holding gains arising during the period, net of tax expense of $0.5 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $0.1 and $0.6 for the nine months ended September 30, 2013 and 2012, respectively | 3.3 | 0.9 | 3 | 2.3 |
Pension and postretirement benefit plans: | ||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.1 for the three months ended September 30, 2013 and 2012 and $0.2 for the nine months ended September 30, 2013 and 2012 | -0.1 | -0.1 | -0.3 | -0.3 |
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $0.7 and $0.6 for the three months ended September 30, 2013 and 2012, respectively, and $2.3 and $1.8 for the nine months ended September 30, 2013 and 2012, respectively | 1.2 | 1 | 3.8 | 2.9 |
Unrealized foreign currency translation adjustment, net of tax | 1.6 | 0.1 | 0.3 | 0.3 |
Other comprehensive income | 6 | 1.9 | 6.8 | 5.2 |
COMPREHENSIVE INCOME (LOSS) | 28.5 | -52.8 | 35.8 | -64.3 |
Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
NET INCOME (LOSS) | 22.5 | -54.7 | 29 | -69.5 |
Net unrealized gains on available-for-sale securities: | ||||
Net holding gains arising during the period, net of tax expense of $0.5 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $0.1 and $0.6 for the nine months ended September 30, 2013 and 2012, respectively | 3.3 | 0.9 | 3 | 2.3 |
Pension and postretirement benefit plans: | ||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.1 for the three months ended September 30, 2013 and 2012 and $0.2 for the nine months ended September 30, 2013 and 2012 | -0.1 | -0.1 | -0.3 | -0.3 |
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $0.7 and $0.6 for the three months ended September 30, 2013 and 2012, respectively, and $2.3 and $1.8 for the nine months ended September 30, 2013 and 2012, respectively | 1.2 | 1 | 3.8 | 2.9 |
Unrealized foreign currency translation adjustment, net of tax | 1.6 | 0.1 | 0.3 | 0.3 |
Other comprehensive income | 6 | 1.9 | 6.8 | 5.2 |
COMPREHENSIVE INCOME (LOSS) | 28.5 | -52.8 | 35.8 | -64.3 |
Subsidiary Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
NET INCOME (LOSS) | 28.9 | -55 | 43.1 | -63 |
Net unrealized gains on available-for-sale securities: | ||||
Net holding gains arising during the period, net of tax expense of $0.5 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $0.1 and $0.6 for the nine months ended September 30, 2013 and 2012, respectively | 3.3 | 0.9 | 3 | 2.3 |
Pension and postretirement benefit plans: | ||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.1 for the three months ended September 30, 2013 and 2012 and $0.2 for the nine months ended September 30, 2013 and 2012 | -0.1 | -0.1 | -0.3 | -0.3 |
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $0.7 and $0.6 for the three months ended September 30, 2013 and 2012, respectively, and $2.3 and $1.8 for the nine months ended September 30, 2013 and 2012, respectively | 1.2 | 1 | 3.8 | 2.9 |
Unrealized foreign currency translation adjustment, net of tax | 1.7 | 0.1 | 0.3 | 0.3 |
Other comprehensive income | 6.1 | 1.9 | 6.8 | 5.2 |
COMPREHENSIVE INCOME (LOSS) | 35 | -53.1 | 49.9 | -57.8 |
Non-Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
NET INCOME (LOSS) | 14.4 | 2.8 | 16.3 | -3.9 |
Net unrealized gains on available-for-sale securities: | ||||
Net holding gains arising during the period, net of tax expense of $0.5 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $0.1 and $0.6 for the nine months ended September 30, 2013 and 2012, respectively | 0 | 0 | 0 | 0 |
Pension and postretirement benefit plans: | ||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.1 for the three months ended September 30, 2013 and 2012 and $0.2 for the nine months ended September 30, 2013 and 2012 | 0 | 0 | 0 | 0 |
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $0.7 and $0.6 for the three months ended September 30, 2013 and 2012, respectively, and $2.3 and $1.8 for the nine months ended September 30, 2013 and 2012, respectively | 0 | 0 | 0 | 0 |
Unrealized foreign currency translation adjustment, net of tax | -0.1 | 0 | -1.3 | -0.4 |
Other comprehensive income | -0.1 | 0 | -1.3 | -0.4 |
COMPREHENSIVE INCOME (LOSS) | 14.3 | 2.8 | 15 | -4.3 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
NET INCOME (LOSS) | -43.3 | 52.2 | -59.4 | 66.9 |
Net unrealized gains on available-for-sale securities: | ||||
Net holding gains arising during the period, net of tax expense of $0.5 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $0.1 and $0.6 for the nine months ended September 30, 2013 and 2012, respectively | -3.3 | -0.9 | -3 | -2.3 |
Pension and postretirement benefit plans: | ||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.1 for the three months ended September 30, 2013 and 2012 and $0.2 for the nine months ended September 30, 2013 and 2012 | 0.1 | 0.1 | 0.3 | 0.3 |
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $0.7 and $0.6 for the three months ended September 30, 2013 and 2012, respectively, and $2.3 and $1.8 for the nine months ended September 30, 2013 and 2012, respectively | -1.2 | -1 | -3.8 | -2.9 |
Unrealized foreign currency translation adjustment, net of tax | -1.6 | -0.1 | 1 | 0.1 |
Other comprehensive income | -6 | -1.9 | -5.5 | -4.8 |
COMPREHENSIVE INCOME (LOSS) | -49.3 | 50.3 | -64.9 | 62.1 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Net unrealized gains on available-for-sale securities: | ||||
Net holding gains arising during the period, net of tax expense of $0.5 and $0 for the three months ended September 30, 2013 and 2012, respectively, and $0.1 and $0.6 for the nine months ended September 30, 2013 and 2012, respectively | 2.3 | |||
Pension and postretirement benefit plans: | ||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.1 for the three months ended September 30, 2013 and 2012 and $0.2 for the nine months ended September 30, 2013 and 2012 | -0.3 | |||
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $0.7 and $0.6 for the three months ended September 30, 2013 and 2012, respectively, and $2.3 and $1.8 for the nine months ended September 30, 2013 and 2012, respectively | 2.9 | |||
Unrealized foreign currency translation adjustment, net of tax | $0.30 |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Comprehensive (Loss) Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
Net holding gains arising during the period, tax (benefit) expense | $0.50 | $0 | $0.10 | $0.60 |
Other Comprehensive Income (Loss), Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service (Cost) Credit, Tax | 0.1 | 0.1 | 0.2 | 0.2 |
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net (loss) income, tax benefit | 0.7 | 0.6 | 2.3 | 1.8 |
Unrealized foreign currency translation gains (losses), tax (benefit) expense | ($1) | ($0.10) | ($0.20) | ($0.20) |
Condensed_Consolidating_Financ7
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Cash Flows (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $50.50 | $6.10 | $516.50 | $18.30 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | 3 | 6.2 | 14.6 | 25.5 |
Purchases of interest-bearing investments (substantially restricted) | -112.9 | -11.1 | -877.6 | -335.6 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 75 | 11.8 | 386.1 | 335.4 |
Purchases of property and equipment | -10.8 | -12.9 | -37.2 | -43.2 |
Acquisitions | -3.2 | 0 | -3.2 | 0 |
Proceeds from disposal of assets and businesses | 0.2 | 0.3 | 0.5 | 0.7 |
Capital Contribution Dividend As Investing Activity | 0 | 0 | 0 | 0 |
Net cash used in investing activities | -48.7 | -5.7 | -516.8 | -17.2 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of debt | 0 | 0 | 850 | 0 |
Transaction costs for issuance and amendment of debt | 0 | 0 | -11.8 | 0 |
Prepayment penalty | 0 | 0 | -21.5 | 0 |
Payments on debt | -2.2 | -0.4 | -817.4 | -1.1 |
Proceeds from Stock Options Exercised | 0.4 | 0 | 1 | 0 |
Intercompany financings | 0 | 0 | 0 | |
Dividend from parent | 0 | 0 | ||
Capital contribution to non-guarantors | 0 | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | -1.8 | -0.4 | 0.3 | -1.1 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | ||
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 | 0 | 0 |
Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | -3.8 | -29.8 | -28.3 | -6.3 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | 0 | 0 | 0 | 0 |
Purchases of interest-bearing investments (substantially restricted) | 0 | 0 | 0 | 0 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 0 | 0 | 0 | 0 |
Purchases of property and equipment | 0 | 0 | 0 | 0 |
Proceeds from disposal of assets and businesses | 0 | 0 | 0 | 0 |
Capital Contribution Dividend As Investing Activity | 0 | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of debt | 850 | |||
Transaction costs for issuance and amendment of debt | 0 | |||
Prepayment penalty | 0 | |||
Payments on debt | -2.2 | 0 | -4.2 | 0 |
Proceeds from Stock Options Exercised | 0.4 | 1 | ||
Intercompany financings | -2 | 29.8 | -837.6 | 6.3 |
Dividend from parent | 7.6 | 19.1 | ||
Capital contribution to non-guarantors | 0 | 0 | 0 | |
Net cash (used in) provided by financing activities | 3.8 | 29.8 | 28.3 | 6.3 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | ||
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 | 0 | 0 |
Subsidiary Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 34 | 33.9 | 517.6 | 18.2 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | 3 | 6.2 | 14.6 | 25.5 |
Purchases of interest-bearing investments (substantially restricted) | -100 | 0 | -850 | -300 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 75 | 0 | 375 | 300 |
Purchases of property and equipment | -8.5 | -9.9 | -30.3 | -33.7 |
Acquisitions | -1 | -1 | ||
Proceeds from disposal of assets and businesses | 0.2 | 0.3 | 0.5 | 0.7 |
Capital Contribution Dividend As Investing Activity | 2.9 | -0.3 | 1.6 | -3.3 |
Net cash used in investing activities | -28.4 | -3.7 | -489.6 | -10.8 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of debt | 0 | |||
Transaction costs for issuance and amendment of debt | -11.8 | |||
Prepayment penalty | -21.5 | |||
Payments on debt | 0 | -0.4 | -813.2 | -1.1 |
Proceeds from Stock Options Exercised | 0 | 0 | ||
Intercompany financings | 2 | -29.8 | 837.6 | -6.3 |
Dividend from parent | -7.6 | -19.1 | ||
Capital contribution to non-guarantors | 0 | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | -5.6 | -30.2 | -28 | -7.4 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | ||
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 | 0 | 0 |
Non-Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 20.3 | 2 | 27.2 | 6.4 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | 0 | 0 | 0 | 0 |
Purchases of interest-bearing investments (substantially restricted) | -12.9 | -11.1 | -27.6 | -35.6 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 0 | 11.8 | 11.1 | 35.4 |
Purchases of property and equipment | -2.3 | -3 | -6.9 | -9.5 |
Acquisitions | -2.2 | -2.2 | ||
Proceeds from disposal of assets and businesses | 0 | 0 | 0 | 0 |
Capital Contribution Dividend As Investing Activity | 0 | 0 | 0 | |
Net cash used in investing activities | -17.4 | -2.3 | -25.6 | -9.7 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of debt | 0 | |||
Transaction costs for issuance and amendment of debt | 0 | |||
Prepayment penalty | 0 | |||
Payments on debt | 0 | 0 | 0 | 0 |
Proceeds from Stock Options Exercised | 0 | 0 | ||
Intercompany financings | 0 | 0 | 0 | 0 |
Dividend from parent | 0 | |||
Capital contribution to non-guarantors | -2.9 | 0.3 | -1.6 | 3.3 |
Net cash (used in) provided by financing activities | -2.9 | 0.3 | -1.6 | 3.3 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | ||
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 | 0 | 0 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 0 | 0 | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | 0 | 0 | 0 | 0 |
Purchases of interest-bearing investments (substantially restricted) | 0 | 0 | 0 | 0 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 0 | 0 | 0 | 0 |
Purchases of property and equipment | 0 | 0 | 0 | 0 |
Proceeds from disposal of assets and businesses | 0 | 0 | 0 | 0 |
Capital Contribution Dividend As Investing Activity | -2.9 | 0.3 | -1.6 | 3.3 |
Net cash used in investing activities | -2.9 | 0.3 | -1.6 | 3.3 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of debt | 0 | |||
Transaction costs for issuance and amendment of debt | 0 | |||
Prepayment penalty | 0 | |||
Payments on debt | 0 | 0 | 0 | 0 |
Proceeds from Stock Options Exercised | 0 | 0 | ||
Intercompany financings | 0 | 0 | 0 | 0 |
Dividend from parent | 0 | |||
Capital contribution to non-guarantors | 2.9 | -0.3 | 1.6 | -3.3 |
Net cash (used in) provided by financing activities | 2.9 | -0.3 | 1.6 | -3.3 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | ||
CASH AND CASH EQUIVALENTS—End of period | $0 | $0 | $0 | $0 |
Subsequent_Events_Subsequent_D
Subsequent Events Subsequent (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Subsequent Events [Abstract] | |
Accrued Liabilities | $0 |