Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document Documentand Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Entity Registrant Name | 'MONEYGRAM INTERNATIONAL INC | ' |
Entity Central Index Key | '0001273931 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 54,583,973 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $0 | $0 |
Cash and cash equivalents (substantially restricted) | 2,153.90 | 2,228.50 |
Receivables, net (substantially restricted) | 890 | 767.7 |
Interest-bearing investments (substantially restricted) | 935.8 | 1,011.60 |
Available-for-sale investments (substantially restricted) | 41.6 | 48.1 |
Property and equipment, net | 133.6 | 134.8 |
Goodwill | 434.9 | 435.2 |
Other assets | 171.6 | 161 |
Total assets | 4,761.40 | 4,786.90 |
LIABILITIES | ' | ' |
Payment service obligations | 3,691.70 | 3,737.10 |
Debt | 840.8 | 842.9 |
Pension and other postretirement benefits | 96.3 | 98.4 |
Accounts payable and other liabilities | 172.1 | 185.5 |
Total liabilities | 4,800.90 | 4,863.90 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ' | ' |
STOCKHOLDERS’ DEFICIT | ' | ' |
Common stock, $0.01 par value, 162,500,000 shares authorized, 62,263,963 shares issued at March 31, 2014 and December 31, 2013, respectively | 0.6 | 0.6 |
Additional paid-in capital | 1,014.80 | 1,011.80 |
Retained loss | -1,177.20 | -1,214.40 |
Accumulated other comprehensive loss | -37.4 | -33 |
Treasury stock: 4,241,725 and 4,300,782 shares at March 31, 2014 and December 31, 2013, respectively | -122.2 | -123.9 |
Total stockholders’ deficit | -39.5 | -77 |
Total liabilities and stockholders’ deficit | 4,761.40 | 4,786.90 |
Series D Preferred Stock [Member] | ' | ' |
STOCKHOLDERS’ DEFICIT | ' | ' |
Participating Convertible Preferred Stock - Series D, $0.01 par value, 200,000 shares authorized, 109,239 issued at March 31, 2014 and December 31, 2013, respectively | $281.90 | $281.90 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 162,500,000 | 162,500,000 |
Common Stock, Shares, Issued | 62,263,963 | 62,263,963 |
Treasury Stock, Shares | 4,241,725 | 4,300,782 |
Series D Preferred Stock [Member] | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Preferred Stock, Shares Authorized | 200,000 | 200,000 |
Preferred Stock, Shares Issued | 109,239 | 109,239 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUE | ' | ' |
Fee and other revenue | $367.70 | $337.70 |
Investment revenue | 7.2 | 2.8 |
Total revenue | 374.9 | 340.5 |
OPERATING EXPENSES | ' | ' |
Fee and other commissions expense | 170.9 | 154.3 |
Investment commissions expense | 0.1 | 0.1 |
Total commissions expense | 171 | 154.4 |
Compensation and benefits | 69.7 | 65.5 |
Transaction and operations support | 71.3 | 51.5 |
Occupancy, equipment and supplies | 12.8 | 13 |
Depreciation and amortization | 13.1 | 11.8 |
Total operating expenses | 337.9 | 296.2 |
OPERATING INCOME | 37 | 44.3 |
OTHER EXPENSE | ' | ' |
Interest expense | 9.7 | 17.4 |
Debt extinguishment costs | 0 | 45.3 |
Total other expense | 9.7 | 62.7 |
Income (loss) before income taxes | 27.3 | -18.4 |
Income tax benefit | -11.7 | -5.8 |
NET INCOME (LOSS) | $39 | ($12.60) |
EARNINGS (LOSS) PER COMMON SHARE | ' | ' |
Basic (in dollars per share) | $0.54 | ($0.18) |
Diluted (in dollars per share) | $0.54 | ($0.18) |
Weighted-average outstanding common shares and equivalents used in computing earnings (loss) per share | ' | ' |
Basic (in shares) | 71,600,000 | 71,500,000 |
Diluted (in shares) | 71,900,000 | 71,500,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
NET INCOME (LOSS) | $39 | ($12.60) |
OTHER COMPREHENSIVE LOSS | ' | ' |
Net unrealized holding gains on available-for-sale securities arising during the period, net of tax expense (benefit) of $0.5 and ($0.1) | -4.4 | 0 |
Net change in pension liability, net of tax benefit of $0.6 and $0.5 | 1 | 1.2 |
Unrealized foreign currency translation adjustments, net of tax benefit of $0.6 and $1.0 | -1 | -1.6 |
Other comprehensive loss | -4.4 | -0.4 |
COMPREHENSIVE INCOME (LOSS) | $34.60 | ($13) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net holding gains arising during the period, tax (benefit) expense | ($0.50) | $0.10 |
Net change in pension liability, net of tax benefit | 0.6 | 0.5 |
Unrealized foreign currency translation gains (losses), tax (benefit) expense | $0.60 | $1 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income (loss) | $39 | ($12.60) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 13.1 | 11.8 |
Signing bonus amortization | 11.8 | 8.8 |
Signing bonus payments | -4.9 | -8.6 |
Loss on debt extinguishment | 0 | 45.3 |
Amortization of debt discount and deferred financing costs | 0.6 | 1.4 |
Provision for uncollectible receivables | 1.8 | 2.4 |
Non-cash compensation and pension expense | 5.5 | 4.5 |
Change in other assets | -15.7 | 6 |
Change in accounts payable and other liabilities | -14.4 | -49.2 |
Other non-cash items, net | 0.4 | -1.6 |
Total adjustments | -1.8 | 20.8 |
Change in cash and cash equivalents (substantially restricted) | 74.6 | 253 |
Change in receivables (substantially restricted) | -123.9 | 33.7 |
Change in payment service obligations | -45.4 | -236.4 |
Net cash (used in) provided by operating activities | -57.5 | 58.5 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from maturities of investments classified as available-for-sale (substantially restricted) | 1.3 | 6.7 |
Purchases of interest-bearing investments (substantially restricted) | -135.8 | -264.7 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 210.8 | 211.1 |
Purchases of property and equipment | -17.1 | -15.2 |
Net cash provided by (used in) investing activities | 59.2 | -62.1 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of debt | 0 | 850 |
Transaction costs for issuance and amendment of debt | 0 | -11.8 |
Payments on debt | -2.1 | -813.1 |
Prepayment Penalty Cost | 0 | -21.5 |
Proceeds from exercise of stock options | 0.4 | 0 |
Net cash (used in) provided by financing activities | -1.7 | 3.6 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 |
Supplemental Cash Flow Information [Abstract] | ' | ' |
Cash payments for interest | 9.1 | 15.6 |
Cash payments for income taxes | 0.1 | 0.1 |
Change in accrued purchases of property and equipment | ($5.20) | $3.20 |
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] |
In Millions | |||||||
Beginning Balance at Dec. 31, 2012 | ($161.40) | $281.90 | $0.60 | $1,001 | ($1,265.90) | ($52.30) | ($126.70) |
Net income (loss) | -12.6 | ' | ' | ' | -12.6 | ' | ' |
Stock-based compensation activity | 2.4 | ' | ' | 2.4 | ' | ' | ' |
Capital contribution from investors | 0.3 | ' | ' | 0.3 | ' | ' | ' |
Net change in pension liability, net of tax benefit of $0.6 and $0.5 | 1.2 | ' | ' | ' | ' | 1.2 | ' |
Unrealized foreign currency translation adjustment, net of tax | -1.6 | ' | ' | ' | ' | -1.6 | ' |
Ending Balance at Mar. 31, 2013 | -171.7 | 281.9 | 0.6 | 1,003.70 | -1,278.50 | -52.7 | -126.7 |
Beginning Balance at Dec. 31, 2013 | -77 | 281.9 | 0.6 | 1,011.80 | -1,214.40 | -33 | -123.9 |
Net income (loss) | 39 | ' | ' | ' | 39 | ' | ' |
Stock-based compensation activity | 2.9 | ' | ' | 3 | -1.8 | ' | 1.7 |
Net change in available-for-sale securities, net of tax | -4.4 | ' | ' | ' | ' | -4.4 | ' |
Net change in pension liability, net of tax benefit of $0.6 and $0.5 | 1 | ' | ' | ' | ' | 1 | ' |
Unrealized foreign currency translation adjustment, net of tax | -1 | ' | ' | ' | ' | -1 | ' |
Ending Balance at Mar. 31, 2014 | ($39.50) | $281.90 | $0.60 | $1,014.80 | ($1,177.20) | ($37.40) | ($122.20) |
Description_of_the_Business_an
Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Description of the Business and Basis of Presentation | ' |
Description of the Business and Basis of Presentation | |
References to “MoneyGram,” the “Company,” “we,” “us” and “our” are to MoneyGram International, Inc. and its subsidiaries and consolidated entities. | |
Nature of Operations — MoneyGram offers products and services under its two reporting segments: Global Funds Transfer ("GFT") and Financial Paper Products ("FPP"). The GFT segment provides global money transfer services and bill payment services to consumers through a network of agents. The FPP segment provides official check outsourcing services and money orders through financial institutions and agents. | |
Basis of Presentation — The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 months ended March 31, 2014 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, 2013. | |
Use of Estimates — The process of preparing financial statements in conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amount of assets, liabilities, revenue and expenses. These estimates and judgments are based on historical experience, future expectations and other factors and assumptions the Company believes to be reasonable under the circumstances. These estimates and judgments are reviewed on an ongoing basis and are revised when necessary. Changes in estimates are recorded in the period of change. Actual amounts may differ from these estimates. | |
Recently Issued Accounting Standards — In July of 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (EITF Issue 13-C; "ASC 740"). These changes to ASC 740 require an entity to present an unrecognized tax benefit as a liability in the financial statements if (i) a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or (ii) the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset to settle any additional income taxes that would result from the disallowance of a tax position. Otherwise, an unrecognized tax benefit is required to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. Previously, there was diversity in practice as no explicit guidance existed. Management has determined that the adoption of these changes will not have a significant impact on the Consolidated Financial Statements. |
Reorganization_and_Restructuri
Reorganization and Restructuring Costs | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Reorganization and Restructuring Costs | ' | |||||||||||||||
Reorganization and Restructuring Costs | ||||||||||||||||
In the first quarter of 2014, the Company announced the implementation of our Global Transformation Program, which includes certain reorganization and restructuring activities centered around facilities and headcount rationalization, system efficiencies and headcount right-shoring and outsourcing. The Company projects that the program will conclude at the end of the 2015 fiscal year. The activities include employee termination benefits and other costs which qualify as restructuring activities as defined by ASC 420, Exit or Disposal Cost Obligations, as well as certain reorganization activities related to the relocation of various operations to existing or new Company facilities and third party providers which are outside the scope of ASC 420. The following figures are the Company’s estimates and are subject to change as the Global Transformation Program continues to be implemented. | ||||||||||||||||
The following table is a roll-forward of the restructuring costs accrual related to 2014 Global Transformation Program as of March 31, 2014: | ||||||||||||||||
(Amounts in millions) | Severance, outplacement and related benefits | Other (1) | Total | |||||||||||||
Balance, December 31, 2013 | $ | — | $ | — | $ | — | ||||||||||
Expenses | 2.2 | 0.8 | 3 | |||||||||||||
Cash payments | (0.1 | ) | (0.4 | ) | (0.5 | ) | ||||||||||
Balance, March 31, 2014 | $ | 2.1 | $ | 0.4 | $ | 2.5 | ||||||||||
(1) Other primarily relates to expenses for relocation and professional fees. All such expenses are recorded as incurred. | ||||||||||||||||
The following table is a summary of the cumulative reorganization and restructuring costs incurred to date and the estimated remaining reorganization and restructuring costs to be incurred for the 2014 Global Transformation Program as of March 31, 2014: | ||||||||||||||||
(Amounts in millions) | Severance, outplacement and related benefits | Other (1) | Total | |||||||||||||
Restructuring Costs in operating expenses | ||||||||||||||||
Cumulative restructuring costs incurred to date | $ | 2.2 | $ | 0.8 | $ | 3 | ||||||||||
Estimated additional restructuring costs to be incurred | 8.4 | 1.3 | 9.7 | |||||||||||||
Total restructuring costs in operating expenses | $ | 10.6 | $ | 2.1 | $ | 12.7 | ||||||||||
Reorganization Costs in operating expenses (2) | ||||||||||||||||
Cumulative reorganization costs incurred to date | $ | — | $ | 0.1 | $ | 0.1 | ||||||||||
Estimated additional reorganization costs to be incurred | — | 23.7 | 23.7 | |||||||||||||
Total reorganization costs in operating expenses | $ | — | $ | 23.8 | $ | 23.8 | ||||||||||
Total Reorganization and Restructuring Costs in operating expenses | ||||||||||||||||
Total cumulative costs incurred to date | $ | 2.2 | $ | 0.9 | $ | 3.1 | ||||||||||
Total estimated additional costs to be incurred | 8.4 | 25 | 33.4 | |||||||||||||
Total reorganization and restructuring costs in operating expenses | $ | 10.6 | $ | 25.9 | $ | 36.5 | ||||||||||
(1) Other primarily relates to expenses for relocation and professional fees. All such expenses were or will be recorded as incurred. | ||||||||||||||||
(2) Reorganization costs include expenses related to the relocation of various operations to existing or new Company facilities and third party providers, including hiring, training, travel and other third party professional fees. | ||||||||||||||||
The following table is a summary of expenses related to the reorganization and restructuring activities for the three months ended March 31, 2014: | ||||||||||||||||
(Amounts in millions) | Three Months Ended March 31, 2014 | |||||||||||||||
Restructuring costs in operating expenses: | ||||||||||||||||
Compensation and benefits | $ | 2.2 | ||||||||||||||
Transaction and operations support | 0.8 | |||||||||||||||
Total restructuring costs | 3 | |||||||||||||||
Reorganization costs in operating expenses: | ||||||||||||||||
Compensation and benefits | 0.1 | |||||||||||||||
Total reorganization costs | 0.1 | |||||||||||||||
Total reorganization and restructuring costs | $ | 3.1 | ||||||||||||||
The following table is a summary of restructuring expenses related to the 2014 Global Transformation Program incurred by reportable segment: | ||||||||||||||||
(Amounts in millions) | GFT | FPP | Other | Total | ||||||||||||
First quarter 2014 | $ | 2.6 | $ | 0.3 | $ | 0.1 | $ | 3 | ||||||||
Total cumulative expenses incurred to date | $ | 2.6 | $ | 0.3 | $ | 0.1 | $ | 3 | ||||||||
Total estimated additional expenses to be incurred | 8.4 | 0.8 | 0.5 | 9.7 | ||||||||||||
Total restructuring expenses | $ | 11 | $ | 1.1 | $ | 0.6 | $ | 12.7 | ||||||||
Assets_in_Excess_of_Payment_Se
Assets in Excess of Payment Service Obligations | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 March 31, 2014 and December 31, 2013: | ||||||||
(Amounts in millions) | 31-Mar-14 | 31-Dec-13 | ||||||
Cash and cash equivalents (substantially restricted) | $ | 2,153.90 | $ | 2,228.50 | ||||
Receivables, net (substantially restricted) | 890 | 767.7 | ||||||
Interest-bearing investments (substantially restricted) | 935.8 | 1,011.60 | ||||||
Available-for-sale investments (substantially restricted) | 41.6 | 48.1 | ||||||
4,021.30 | 4,055.90 | |||||||
Payment service obligations | (3,691.7 | ) | (3,737.1 | ) | ||||
Assets in excess of payment service obligations | $ | 329.6 | $ | 318.8 | ||||
The Company was in compliance with its contractual and financial regulatory requirements as of March 31, 2014 and December 31, 2013. See Note 7 — Debt for additional disclosure in regards to the Company's compliance with its contractual and financial regulatory requirements. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Fair Value Measurement | ' | |||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants on the measurement date. A three-level hierarchy is used for fair value measurements based upon the observability of the inputs to the valuation of an asset or liability as of the measurement date. Under the hierarchy, the highest priority is given to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1), followed by observable inputs (Level 2) and unobservable inputs (Level 3). A financial instrument’s level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Following is a description of the Company’s valuation methodologies used to estimate the fair value for assets and liabilities: | ||||||||||||||||||||
Assets and liabilities that are measured at fair value on a recurring basis: | ||||||||||||||||||||
• | Available-for-sale investments — For U.S. government agencies and residential mortgage-backed securities collateralized by U.S. government agency securities, fair value measures are generally obtained from independent sources, including a pricing service. Because market quotes are generally not readily available or accessible for these specific securities, the pricing service generally measures fair value through the use of pricing models and observable inputs for similar assets and market data. Accordingly, these securities are classified as Level 2 financial instruments. The Company periodically corroborates the valuations provided by the pricing service through internal valuations utilizing externally developed cash flow models, comparison to actual transaction prices for any sold securities and any broker quotes received on the same security. | |||||||||||||||||||
For other asset–backed securities and investments in limited partnerships, 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. | ||||||||||||||||||||
• | Derivative financial instruments — Derivatives consist of forward contracts to manage income statement exposure to foreign currency exchange risk arising from the Company’s assets and liabilities denominated in foreign currencies. The Company’s forward contracts are well-established products, allowing the use of standardized models with market-based inputs. These models do not contain a high level of subjectivity and the inputs are readily observable. Accordingly, the Company has classified its forward contracts as Level 2 financial instruments. See Note 6 — Derivative Financial Instruments for additional disclosure on the Company's forward contracts. | |||||||||||||||||||
• | Deferred compensation — The assets associated with the deferred compensation plan that are funded through voluntary contributions by the Company consist of investments in money market securities and mutual funds. These investments were classified as Level 1 as there are quoted market prices for these funds. | |||||||||||||||||||
The following tables summarize the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
Fair Value at March 31, 2014 | ||||||||||||||||||||
(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 | — | 18 | — | 18 | ||||||||||||||||
Other asset-backed securities | — | — | 15.6 | 15.6 | ||||||||||||||||
Investment related to deferred compensation trust | 9.8 | — | — | 9.8 | ||||||||||||||||
Forward contracts | — | 1.4 | — | 1.4 | ||||||||||||||||
Total financial assets | $ | 9.8 | $ | 27.4 | $ | 15.6 | $ | 52.8 | ||||||||||||
Fair Value at December 31, 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 | — | 19.5 | — | 19.5 | ||||||||||||||||
Other asset-backed securities | — | — | 20.6 | 20.6 | ||||||||||||||||
Investment related to deferred compensation trust | 9.6 | — | — | 9.6 | ||||||||||||||||
Forward contracts | — | 0.2 | — | 0.2 | ||||||||||||||||
Total financial assets | $ | 9.6 | $ | 27.7 | $ | 20.6 | $ | 57.9 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Forward contracts | $ | — | $ | 0.6 | $ | — | $ | 0.6 | ||||||||||||
The following is a summary of the unobservable inputs used in other asset-backed securities classified as Level 3 at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
(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 | $ | 23.52 | $ | 0.1 | $ | 17.01 | ||||||||||
Home Equity | Price | Third party pricing service | 0.1 | 28.24 | 0.2 | 51.87 | ||||||||||||||
Indirect Exposure - High Grade | Price | Third party pricing service | 8.2 | 7.9 | 8.2 | 7.9 | ||||||||||||||
Indirect Exposure - Mezzanine | Price | Third party pricing service | 1.7 | 1.82 | 2.6 | 2.12 | ||||||||||||||
Indirect Exposure - Mezzanine | Price | Broker | 1.5 | 2 | 5 | 6.01 | ||||||||||||||
Other | Discount margin | Manual | 4 | 21.75 | 4.5 | 23.85 | ||||||||||||||
Total | $ | 15.6 | $ | 4.24 | $ | 20.6 | $ | 5.24 | ||||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
The following table provides a roll-forward of the other asset-backed securities classified as Level 3, which are measured at fair value on a recurring basis, for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
(Amounts in millions) | 2014 | 2013 | ||||||||||||||||||
Beginning balance | $ | 20.6 | $ | 18 | ||||||||||||||||
Principal paydowns | (3.8 | ) | (0.1 | ) | ||||||||||||||||
Unrealized gains | — | 0.8 | ||||||||||||||||||
Unrealized losses | (1.2 | ) | (1.0 | ) | ||||||||||||||||
Ending balance | $ | 15.6 | $ | 17.7 | ||||||||||||||||
There were no other-than-temporary impairments during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||
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). The following table is a summary of fair value and carrying value of debt as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
Fair Value | Carrying Value | |||||||||||||||||||
(Amounts in millions) | March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||||
Senior secured credit facility and incremental term loan | $ | 841.9 | $ | 849.2 | $ | 840.8 | $ | 842.9 | ||||||||||||
The carrying amounts for the Company's cash and cash equivalents (substantially restricted) and the interest-bearing investments (substantially restricted) approximate fair value as of March 31, 2014 and December 31, 2013. | ||||||||||||||||||||
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 months ended March 31, 2014 and 2013. | ||||||||||||||||||||
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 has occurred, the carrying value of the asset is reduced to fair value with a corresponding charge to the "Other expense" line in the Consolidated Statements of Operations. | ||||||||||||||||||||
The Company also records the investments in its defined benefit pension plan, or the Pension Plan, trust at fair value. The majority of the Pension Plan’s investments are common collective trusts 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 10 — Pension and Other Benefits in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 for additional disclosure of investments held by the Pension Plan. |
Investment_Portfolio
Investment Portfolio | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||
Investment Portfolio | ' | |||||||||||||||||||
Investment Portfolio | ||||||||||||||||||||
The Company’s portfolio is invested in cash and cash equivalents, interest-bearing investments and available-for-sale investments, all of which are substantially restricted. See Note 2 — Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 for additional disclosure in regards to substantially restricted assets. The following table shows the components of the investment portfolio as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
(Amounts in millions) | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||||
Cash | $ | 2,143.00 | $ | 2,204.50 | ||||||||||||||||
Money-market securities | 10.9 | 24 | ||||||||||||||||||
Cash and cash equivalents (substantially restricted) | 2,153.90 | 2,228.50 | ||||||||||||||||||
Interest-bearing investments (substantially restricted) | 935.8 | 1,011.60 | ||||||||||||||||||
Available-for-sale investments (substantially restricted) | 41.6 | 48.1 | ||||||||||||||||||
Total investment portfolio | $ | 3,131.30 | $ | 3,288.20 | ||||||||||||||||
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 March 31, 2014. | ||||||||||||||||||||
Available-for-sale Investments (substantially restricted) — Available-for-sale investments consist of mortgage-backed securities, other asset-backed securities and agency debenture securities. The following table is a summary of the amortized cost and fair value of available-for-sale investments as of March 31, 2014: | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | Net | ||||||||||||||||
Cost | Unrealized | Unrealized | Value | Average | ||||||||||||||||
(Amounts in millions, except net average price) | Gains | Losses | Price(1) | |||||||||||||||||
Residential mortgage-backed securities — agencies | $ | 16.4 | $ | 1.6 | $ | — | $ | 18 | $ | 110.28 | ||||||||||
Other asset-backed securities | 5.5 | 10.1 | — | 15.6 | 4.24 | |||||||||||||||
U.S. government agencies | 7.9 | 0.1 | — | 8 | 99.94 | |||||||||||||||
Total | $ | 29.8 | $ | 11.8 | $ | — | $ | 41.6 | $ | 10.6 | ||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
The following table is a summary of the amortized cost and fair value of available-for-sale investments as of December 31, 2013: | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | Net | ||||||||||||||||
Cost | Unrealized | Unrealized | Value | Average | ||||||||||||||||
(Amounts in millions, except net average price) | Gains | Losses | Price(1) | |||||||||||||||||
Residential mortgage-backed securities — agencies | $ | 17.8 | $ | 1.7 | $ | — | $ | 19.5 | $ | 110.45 | ||||||||||
Other asset-backed securities | 5.9 | 14.7 | — | 20.6 | 5.24 | |||||||||||||||
U.S. government agencies | 7.7 | 0.3 | — | 8 | 99.87 | |||||||||||||||
Total | $ | 31.4 | $ | 16.7 | $ | — | $ | 48.1 | $ | 11.5 | ||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
At March 31, 2014 and December 31, 2013, 63 percent and 57 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 $0.04 per dollar of par value at March 31, 2014. | ||||||||||||||||||||
Gains and Losses and Other-than-temporary Impairments — At March 31, 2014 and December 31, 2013, net unrealized gains of $12.9 million and $17.3 million, respectively, were included in the Consolidated Balance Sheets in “Accumulated other comprehensive loss.” | ||||||||||||||||||||
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 March 31, 2014 and December 31, 2013 consisted of the following ratings: | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Number of | Fair | Percent of | Number of | Fair | Percent of | |||||||||||||||
(Dollars in millions) | Securities | Value | Investments | Securities | Value | Investments | ||||||||||||||
Investment grade | 15 | $ | 25.8 | 62 | % | 16 | $ | 30.8 | 64 | % | ||||||||||
Below investment grade | 48 | 15.8 | 38 | % | 50 | 17.3 | 36 | % | ||||||||||||
Total | 63 | $ | 41.6 | 100 | % | 66 | $ | 48.1 | 100 | % | ||||||||||
Had the Company used the lowest rating from the rating agencies in the information presented above, there would be no change and a $3.4 million change to investment grade fair value as of March 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
Contractual Maturities — 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. The following table is a summary of amortized cost and fair value of available-for-sale securities by contractual maturity as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
(Amounts in millions) | Cost | Value | Cost | Value | ||||||||||||||||
After one year through five years | $ | 7.9 | $ | 8 | $ | 7.7 | $ | 8 | ||||||||||||
Mortgage-backed and other asset-backed securities | 21.9 | 33.6 | 23.7 | 40.1 | ||||||||||||||||
Total | $ | 29.8 | $ | 41.6 | $ | 31.4 | $ | 48.1 | ||||||||||||
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 March 31, 2014 and December 31, 2013: 67 percent and 64 percent, respectively, used a third party pricing service; four percent and 10 percent, respectively, used broker pricing; and 29 percent and 26 percent, respectively, used internal pricing. | ||||||||||||||||||||
Assessment of Unrealized Losses — The Company had no unrealized losses in its available-for-sale portfolio at March 31, 2014 and December 31, 2013. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
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 risk, 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 (used in) provided by operating activities" line in the Consolidated Statements of Cash Flows include the following losses (gains) related to assets and liabilities denominated in foreign currencies, for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
(Amounts in millions) | 2014 | 2013 | ||||||||||||||||||||||||
Net realized foreign currency losses | $ | 1.7 | $ | 4.3 | ||||||||||||||||||||||
Net gains from the related forward contracts | (1.6 | ) | (4.5 | ) | ||||||||||||||||||||||
Net losses (gains) from foreign currency transactions and related forward contracts | $ | 0.1 | $ | (0.2 | ) | |||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company had $107.1 million and $129.0 million, respectively, of outstanding notional amounts relating to its forward contracts. As of March 31, 2014 and December 31, 2013, 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 | 31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
(Amounts in millions) | Location | |||||||||||||||||||||||||
Forward contracts | Other assets | $ | 1.7 | $ | 0.4 | $ | (0.3 | ) | $ | (0.2 | ) | $ | 1.4 | $ | 0.2 | |||||||||||
Gross Amount of Recognized Liabilities | Gross Amount of Offset | Net Amount of Liabilities Presented in the Consolidated Balance Sheets | ||||||||||||||||||||||||
Balance Sheet | 31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
(Amounts in millions) | Location | |||||||||||||||||||||||||
Forward contracts | Accounts payable and other liabilities | $ | (0.3 | ) | $ | (0.8 | ) | $ | 0.3 | $ | 0.2 | $ | — | $ | (0.6 | ) | ||||||||||
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. |
Debt
Debt | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Debt Disclosure [Abstract] | ' | |||
Debt | ' | |||
Debt | ||||
The following is a summary of the Company’s outstanding debt at March 31, 2014 and activity since December 31, 2013: | ||||
2013 Credit Agreement | ||||
Senior secured | ||||
credit facility | ||||
(Amounts in millions) | due 2020 | |||
Balance at December 31, 2013 | $ | 842.9 | ||
Payments | (2.1 | ) | ||
Balance at March 31, 2014 | $ | 840.8 | ||
Weighted average interest rate | 4.25 | % | ||
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 $540.0 million Credit Agreement with BOA, as Administrative Agent, and the lenders party thereto (the "2011 Credit Agreement"), to purchase all of the outstanding second lien notes to Goldman, Sachs & Co. (“Goldman Sachs”) and also have been used to pay certain costs, fees and expenses relating to the 2013 Credit Agreement and the purchase of the second lien 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 March 31, 2014, 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. | ||||
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 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 additional disclosure of the Asset Coverage calculation as of March 31, 2014. | ||||
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 | |||
Present 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 March 31, 2014, the Company was in compliance with its financial covenants: our Interest Coverage ratio was 8.21 and our Total Secured Leverage ratio was 2.761. | ||||
Deferred Financing Costs — The Company capitalized 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. Amortization is recorded in “Interest expense” in the Consolidated Statements of Operations. The following is a summary of the deferred financing costs at March 31, 2014: | ||||
(Amounts in millions) | Three Months Ended March 31, 2014 | |||
Balance at December 31, 2013 | $ | 13.3 | ||
Amortization of deferred financing costs | (0.6 | ) | ||
Balance at March 31, 2014 | $ | 12.7 | ||
Interest Paid in Cash — The Company paid $9.1 million of interest for the three months ended March 31, 2014 and $15.6 million of interest for the three months ended March 31, 2013. | ||||
Maturities — At March 31, 2014, debt totaling $125.0 million will mature in 2018 and $790.5 million will mature in 2020, while debt principal totaling $51.0 million will be paid quarterly in increments of $2.1 million through 2020. |
Pensions_and_Other_Benefits
Pensions and Other Benefits | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended March 31, | ||||||||
(Amounts in millions) | 2014 | 2013 | ||||||
Interest cost | $ | 2.7 | $ | 2.4 | ||||
Expected return on plan assets | (1.8 | ) | (1.8 | ) | ||||
Recognized net actuarial loss | 1.7 | 1.9 | ||||||
Net periodic benefit expense | $ | 2.6 | $ | 2.5 | ||||
The Company made contributions to the Pension Plan of $2.0 million for the three months ended March 31, 2014 and $1.4 million during the three months ended March 31, 2013. Contributions made to the combined SERPs were $1.1 million for the three months ended March 31, 2014 and $1.2 million for the three months ended March 31, 2013. | ||||||||
The following table is a summary of net periodic benefit expense for the Company’s postretirement medical benefit plans, for the three months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended March 31, | ||||||||
(Amounts in millions) | 2014 | 2013 | ||||||
Amortization of prior service credit | $ | (0.2 | ) | $ | (0.2 | ) | ||
Recognized net actuarial loss | 0.1 | 0.1 | ||||||
Net periodic benefit expense | $ | (0.1 | ) | $ | (0.1 | ) |
Stockholders_Deficit
Stockholders' Deficit | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Stockholders' Deficit | ' | ||||||||||||||||||||
Stockholders’ Deficit | |||||||||||||||||||||
The following table is a summary of the Company’s authorized, issued and outstanding stock as of March 31, 2014: | |||||||||||||||||||||
D Stock | Common Stock | Treasury Stock | |||||||||||||||||||
(Shares in thousands) | Authorized | Issued | Outstanding | Authorized | Issued | Outstanding | |||||||||||||||
31-Mar-14 | 200 | 109 | 109 | 162,500 | 62,264 | 58,022 | (4,242 | ) | |||||||||||||
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. 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. No dividends were paid during the three months ended March 31, 2014. | |||||||||||||||||||||
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. Any future payments by the Investors to Walmart may result in an expense that could be material to the Company’s results of operations, but would have no impact on the Company’s cash flows. | |||||||||||||||||||||
Accumulated Other Comprehensive Loss — The following table is a summary of the changes to "Accumulated other comprehensive loss" by component during the three months ended March 31, 2014: | |||||||||||||||||||||
(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-13 | $ | 17.3 | $ | 3.5 | $ | (53.8 | ) | $ | (33.0 | ) | |||||||||||
Other comprehensive income before amortization | (0.1 | ) | (1.0 | ) | — | (1.1 | ) | ||||||||||||||
Amounts reclassified/amortized from accumulated other comprehensive loss | (4.3 | ) | — | 1 | (3.3 | ) | |||||||||||||||
Net current period other comprehensive income | (4.4 | ) | (1.0 | ) | 1 | (4.4 | ) | ||||||||||||||
31-Mar-14 | $ | 12.9 | $ | 2.5 | $ | (52.8 | ) | $ | (37.4 | ) | |||||||||||
The following table is a summary of the significant amounts reclassified out of each component of "Accumulated other comprehensive loss" during the three months ended March 31, 2014: | |||||||||||||||||||||
(Amounts in millions) | Three Months Ended March 31, | Statement of Operations Location | |||||||||||||||||||
Unrealized gains on securities classified as available-for-sale, before tax | $ | (4.8 | ) | "Investment revenue" | |||||||||||||||||
Tax expense, net | 0.5 | ||||||||||||||||||||
Total gains, net of tax | $ | (4.3 | ) | ||||||||||||||||||
Pension and postretirement benefits adjustments: | |||||||||||||||||||||
Prior service credits, before tax | (0.2 | ) | "Compensation and benefits" | ||||||||||||||||||
Net actuarial losses, before tax | 1.8 | "Compensation and benefits" | |||||||||||||||||||
Total before tax | 1.6 | ||||||||||||||||||||
Tax benefit, net | (0.6 | ) | |||||||||||||||||||
Total, net of tax | $ | 1 | |||||||||||||||||||
Total reclassified for the period, net of tax | $ | (3.3 | ) |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The following table is a summary of stock-based compensation expense for the three months ended March 31, 2014 and 2013: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
(Amounts in millions) | 2014 | 2013 | |||||||||||
Expense recognized related to stock options | $ | 1.3 | $ | 1.6 | |||||||||
Expense recognized related to restricted stock units | 1.8 | 0.8 | |||||||||||
Stock-based compensation expense | $ | 3.1 | $ | 2.4 | |||||||||
Stock Options — Option awards are 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. | |||||||||||||
For purposes of determining the fair value of stock option awards, the Company uses the Black-Scholes single option pricing model for time-based tranches and awards and a combination of the Monte-Carlo simulation and the Black-Scholes single option pricing model for performance-based tranches. | |||||||||||||
Pursuant to the terms of grants made in 2014, all options issued are time-based with a term of 10 years and vest over a three-year period in an equal number of shares each year. 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 the three months ended March 31, 2014: | |||||||||||||
Expected dividend yield (1) | 0 | % | |||||||||||
Expected volatility (2) | 65.7% - 68.2% | ||||||||||||
Risk-free interest rate (3) | 1.1% - 1.9% | ||||||||||||
Expected life (4) | 6.0 - 6.3 years | ||||||||||||
Weighted-average grant-date fair value per option | $ | 12.14 | |||||||||||
(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 three months ended March 31, 2014: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ($000,000) | |||||||||||
Term | |||||||||||||
Options outstanding at December 31, 2013 | 4,792,004 | $ | 20.14 | ||||||||||
Granted | 418,771 | 20.1 | |||||||||||
Exercised | (20,959 | ) | 15.98 | ||||||||||
Forfeited/Expired | (287,425 | ) | 16.35 | ||||||||||
Options outstanding at March 31, 2014 | 4,902,391 | $ | 20.38 | 6.7 years | $ | 4.3 | |||||||
Vested or expected to vest at March 31, 2014 | 4,718,601 | $ | 20.44 | 6.6 years | $ | 4.2 | |||||||
Options exercisable at March 31, 2014 | 1,927,955 | $ | 20.57 | 5.8 years | $ | 3.2 | |||||||
For the three months ended March 31, 2014, the unrecognized stock option expense related to outstanding options was $17.2 million with a remaining weighted-average vesting period of 1.6 years. | |||||||||||||
Restricted Stock Units — For purposes of determining the fair value of restricted stock units and performance based stock units, the fair value 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. The following table is a summary of the Company’s restricted stock unit activity for the three months ended March 31, 2014: | |||||||||||||
Total | Weighted | Weighted- | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | ||||||||||
Price | Remaining | Value | |||||||||||
Contractual | ($000,000) | ||||||||||||
Term | |||||||||||||
Restricted stock units outstanding at December 31, 2013 | 1,186,144 | $ | 16.73 | 1.8 years | $ | 24.6 | |||||||
Granted | 931,575 | 20.08 | |||||||||||
Vested and converted to shares | (62,100 | ) | 16.74 | ||||||||||
Forfeited | (17,505 | ) | 16.55 | ||||||||||
Restricted stock units outstanding at March 31, 2014 | 2,038,114 | $ | 18.25 | 2.2 years | $ | 36 | |||||||
As of March 31, 2014, the Company’s outstanding restricted stock units had unrecognized compensation expense of $26.2 million. Unrecognized restricted stock unit expense and the remaining weighted-average vesting period are presented under the Company’s current estimate of achievement of performance goals. Unrecognized restricted stock unit expense as of March 31, 2014 under the minimum and maximum thresholds are $1.6 million and $29.8 million, respectively. | |||||||||||||
The grant-date fair value of restricted stock units vested was $1.0 million for the three months ended March 31, 2014 and nominal for the three months ended March 31, 2013. |
Income_Taxes
Income Taxes | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Income Tax Disclosure [Abstract] | ' | |||
Income Taxes | ' | |||
Income Taxes | ||||
For the three months ended March 31, 2014, the Company had $11.7 million of income tax benefit on pre-tax income of $27.3 million, which included reductions of uncertain tax positions of prior years. For the three months ended March 31, 2013, the Company had $5.8 million of income tax benefit on pre-tax loss of $18.4 million. | ||||
The Company paid $0.1 million of federal and state income taxes for the three months ended March 31, 2014 and March 31, 2013, respectively. Changes in facts and circumstances may cause the Company to record additional tax expense or benefits in the future. | ||||
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 2009 Notices of Deficiency, respectively, related to the security losses. In August 2012, the IRS also issued an Examination Report for 2008. The IRS issued Notices of Deficiency disallowing 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 March 31, 2014, the IRS and the Company have reached a partial settlement on $186.9 million of deductions in dispute. As of March 31, 2014, 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. | ||||
The following table is a roll-forward of unrecognized tax benefits as of March 31, 2014: | ||||
(Amounts in millions) | 31-Mar-14 | |||
Beginning balance | $ | 52 | ||
Reductions for tax positions of prior years | (22.9 | ) | ||
Ending balance | $ | 29.1 | ||
As of March 31, 2014, the liability for unrecognized tax benefits was $29.1 million, all of which could impact the effective tax rate if recognized. The Company accrues interest and penalties for unrecognized tax benefits through the “Income tax benefit” line in the Consolidated Statements of Operations. For the three months ended March 31, 2014, the Company reduced its accrual approximately $0.1 million and for the three months ended March 31, 2013, the Company accrued approximately $1.3 million, respectively. As of March 31, 2014 and December 31, 2013, the Company had a liability of $2.0 million and $2.1 million, respectively, for interest and penalties related to its unrecognized tax benefits. As of March 31, 2014, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax positions over the next 12 months. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Commitments and Contingencies | |||||
Operating Leases — The following table is a summary of the minimum future rental payments for all non-cancelable operating leases with an initial term of more than one year at March 31, 2014 (amounts in millions): | |||||
2014 | $ | 11.4 | |||
2015 | 11.7 | ||||
2016 | 7.6 | ||||
2017 | 6.8 | ||||
2018 | 6.4 | ||||
Thereafter | 15.8 | ||||
Total | $ | 59.7 | |||
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 March 31, 2014, the liability for minimum commission guarantees is $4.4 million and the maximum amount that could be paid under the minimum commission guarantees was $13.6 million over a weighted-average remaining term of 3.6 years. The maximum payment is calculated as the contractually guaranteed minimum commission multiplied by 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 three months ended March 31, 2014, the Company was not required to make any estimated payments. | |||||
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 $2.1 million and $1.7 million of liability recorded in the “Accounts payable and other liabilities” line in the Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013, respectively. A charge of $0.4 million and a nominal charge, net of insurance recoveries, were recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations during the three months ended March 31, 2014 and 2013, 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 filed against MoneyGram in connection with this investigation. Accordingly, we are unable to estimate the potential dollar amount of any loss in connection with this investigation or whether any loss in connection with this investigation could have a material adverse effect on our results of operations, cash flows or financial position. The Company does not believe there is a basis for any claim or recovery with respect to this matter and intends to vigorously defend itself if any claim is asserted. | |||||
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., or 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 alleged, 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. On April 25, 2014, MoneyGram and Goldman Sachs agreed to settle all pending and potential litigation or arbitration concerning any Residential Mortgage Backed Securities or mortgage-related Collateralized Debt Obligations that Goldman Sachs sold to MoneyGram during the 2003 through June 30, 2008 time period. In connection with this resolution, Goldman Sachs agreed to make a one-time payment, net of fees and certain expenses, to MoneyGram in the amount of $13.0 million, and to make a one-time payment of fees and expenses to MoneyGram’s legal counsel in the amount of $4.35 million. This resolution includes terminating the litigation and arbitration between MoneyGram and Goldman Sachs. As of April 30, 2014, Goldman Sachs owns, together with certain of its affiliates, approximately 14 percent of the shares of the Company’s common stock on a diluted basis, assuming conversion of the 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. In December 2013, the IRS filed a motion with the court for partial summary judgment in the case, and in February 2014 the Company filed its response to that motion which included the Company's request for partial summary judgment. |
Earnings_per_Common_Share
Earnings per Common Share | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
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 months ended March 31, 2014 and 2013: | ||||||
Three Months Ended March 31, | ||||||
(Amounts in millions) | 2014 | 2013 | ||||
Basic common shares outstanding | 71.6 | 71.5 | ||||
Shares related to stock options, restricted stock and restricted stock units | 0.3 | — | ||||
Diluted common shares outstanding | 71.9 | 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 (loss) per common share, as their effect would be anti-dilutive, for the three months ended March 31, 2014 and 2013: | ||||||
Three Months Ended March 31, | ||||||
(Amounts in millions) | 2014 | 2013 | ||||
Shares related to stock options | 3.5 | 4.6 | ||||
Shares related to restricted stock and restricted stock units | 1.2 | 0.8 | ||||
Shares excluded from the computation | 4.7 | 5.4 | ||||
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 28 percent of total revenue for the three months ended March 31, 2014 and 2013, respectively. Businesses that are not operated within these segments are categorized as "Other," and primarily relate to discontinued products and businesses, as well as 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 months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended March 31, | ||||||||
(Amounts in millions) | 2014 | 2013 | ||||||
Global Funds Transfer revenue: | ||||||||
Money transfer revenue | $ | 326.1 | $ | 294.4 | ||||
Bill payment revenue | 25.6 | 26 | ||||||
Total Global Funds Transfer revenue | 351.7 | 320.4 | ||||||
Financial Paper Products revenue: | ||||||||
Money order revenue | 14.4 | 13.7 | ||||||
Official check revenue | 8.8 | 6.2 | ||||||
Total Financial Paper Products revenue | 23.2 | 19.9 | ||||||
Other revenue | — | 0.2 | ||||||
Total revenue | $ | 374.9 | $ | 340.5 | ||||
The following table is a summary of the operating income by segment and detail of the income (loss) before income taxes for the three months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended March 31, | ||||||||
(Amounts in millions) | 2014 | 2013 | ||||||
Global Funds Transfer operating income | $ | 31.5 | $ | 41.4 | ||||
Financial Paper Products operating income | 9.8 | 6.9 | ||||||
Total segment operating income | 41.3 | 48.3 | ||||||
Other operating loss | (4.3 | ) | (4.0 | ) | ||||
Total operating income | 37 | 44.3 | ||||||
Interest expense | 9.7 | 17.4 | ||||||
Debt extinguishment costs | — | 45.3 | ||||||
Income (loss) before income taxes | $ | 27.3 | $ | (18.4 | ) | |||
The following table sets forth the assets by segment as of March 31, 2014 and December 31, 2013: | ||||||||
(Amounts in millions) | March 31, 2014 | 31-Dec-13 | ||||||
Global Funds Transfer | $ | 1,670.50 | $ | 1,611.30 | ||||
Financial Paper Products | 2,705.50 | 2,800.00 | ||||||
Other | 385.4 | 375.6 | ||||||
Total assets | $ | 4,761.40 | $ | 4,786.90 | ||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Events | |
On April 2, 2014, the Company, as borrower, entered into a debt agreement with various lenders with BOA, as administrative agent. The debt agreement provides for (a) an incremental term loan facility in an aggregate principal amount up to $130.0 million, (b) an increase in the aggregate revolving loan commitments under the 2013 Credit Agreement from $125.0 million to $150.0 million and (c) certain other amendments to the 2013 Credit Agreement including, without limitation, (i) amendments to certain of the conditions precedent with respect to these incremental borrowings, (ii) an increase in the maximum secured leverage ratio that the Company is required to comply with as of the last day of each fiscal quarter, and (iii) amendments to permit the Company to engage in share repurchases only from affiliates of THL and Goldman Sachs in an amount up to $300.0 million. The Company borrowed the full $130.0 million under the loan facility on April 2, 2014, and such proceeds were used to fund a portion of the share repurchase described below. | |
On April 2, 2014, an underwritten secondary public offering by affiliates and co-investors of THL and affiliates of Goldman Sachs of an aggregate of 9,200,000 shares of the Company’s common stock closed. The selling stockholders received all of the proceeds from the offering. Also on April 2, 2014, the Company completed the repurchase of 8,185,092 shares of common stock from the THL selling stockholders at a price of $16.25 per share. The Company funded the share repurchase with $130.0 million of the proceeds from its term loan facility described above and cash. | |
As a result of the transactions occurring on April 2, 2014 described above, the Investors will make a payment of approximately $0.6 million to Walmart under the Participation agreement described in Note 9 — Stockholders' Deficit of the Notes to the Consolidated Financial Statements. This amount will be reflected in the Company's Statement of Operations in the three and six months ended June 30, 2014. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
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 March 31, 2014 and December 31, 2013, along with condensed, consolidating Statements of Operations, Statements of Comprehensive Income (Loss) and Statements of Cash Flows for the three months ended March 31, 2014 and 2013. 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 MARCH 31, 2014 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Cash and cash equivalents (substantially restricted) | 2 | 2,082.50 | 69.4 | — | 2,153.90 | |||||||||||||||
Receivables, net (substantially restricted) | — | 878.7 | 11.3 | — | 890 | |||||||||||||||
Interest-bearing investments (substantially restricted) | — | 900 | 35.8 | — | 935.8 | |||||||||||||||
Available-for-sale investments (substantially restricted) | — | 41.6 | — | — | 41.6 | |||||||||||||||
Property and equipment, net | — | 109.7 | 23.9 | — | 133.6 | |||||||||||||||
Goodwill | — | 313 | 121.9 | — | 434.9 | |||||||||||||||
Other assets | 18.4 | 159.4 | 21.4 | (27.6 | ) | 171.6 | ||||||||||||||
Equity investments in subsidiaries | 114.3 | 188.9 | — | (303.2 | ) | — | ||||||||||||||
Intercompany receivables | 698.7 | 7.1 | 2.3 | (708.1 | ) | — | ||||||||||||||
Total assets | $ | 833.4 | $ | 4,680.90 | $ | 286 | $ | (1,038.9 | ) | $ | 4,761.40 | |||||||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||||||||||||||||
Payment service obligations | $ | — | $ | 3,656.60 | $ | 35.1 | $ | — | $ | 3,691.70 | ||||||||||
Debt | 840.8 | — | — | — | 840.8 | |||||||||||||||
Pension and other postretirement benefits | — | 96.3 | — | — | 96.3 | |||||||||||||||
Accounts payable and other liabilities | 32.1 | 113.1 | 54.5 | (27.6 | ) | 172.1 | ||||||||||||||
Intercompany liabilities | — | 700.6 | 7.5 | (708.1 | ) | — | ||||||||||||||
Total liabilities | 872.9 | 4,566.60 | 97.1 | (735.7 | ) | 4,800.90 | ||||||||||||||
Total stockholders’ (deficit) equity | (39.5 | ) | 114.3 | 188.9 | (303.2 | ) | (39.5 | ) | ||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 833.4 | $ | 4,680.90 | $ | 286 | $ | (1,038.9 | ) | $ | 4,761.40 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
AS OF DECEMBER 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Cash and cash equivalents (substantially restricted) | 1.7 | 2,134.60 | 92.2 | — | 2,228.50 | |||||||||||||||
Receivables, net (substantially restricted) | — | 760.8 | 6.9 | — | 767.7 | |||||||||||||||
Interest-bearing investments (substantially restricted) | — | 975 | 36.6 | — | 1,011.60 | |||||||||||||||
Available-for-sale investments (substantially restricted) | — | 48.1 | — | — | 48.1 | |||||||||||||||
Property and equipment, net | — | 109.5 | 25.3 | — | 134.8 | |||||||||||||||
Goodwill | — | 313 | 122.2 | — | 435.2 | |||||||||||||||
Other assets | 18.1 | 163 | 17.5 | (37.6 | ) | 161 | ||||||||||||||
Equity investments in subsidiaries | 81 | 194.7 | — | (275.7 | ) | — | ||||||||||||||
Intercompany receivables | 703.6 | 4 | 10.3 | (717.9 | ) | — | ||||||||||||||
Total assets | $ | 804.4 | $ | 4,702.70 | $ | 311 | $ | (1,031.2 | ) | $ | 4,786.90 | |||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||||||
Payment service obligations | $ | — | $ | 3,699.50 | $ | 37.6 | $ | — | $ | 3,737.10 | ||||||||||
Debt | 842.9 | — | — | — | 842.9 | |||||||||||||||
Pension and other postretirement benefits | — | 98.4 | — | — | 98.4 | |||||||||||||||
Accounts payable and other liabilities | 38.5 | 112.9 | 71.7 | (37.6 | ) | 185.5 | ||||||||||||||
Intercompany liabilities | — | 710.9 | 7 | (717.9 | ) | — | ||||||||||||||
Total liabilities | 881.4 | 4,621.70 | 116.3 | (755.5 | ) | 4,863.90 | ||||||||||||||
Total stockholders’ (deficit) equity | (77.0 | ) | 81 | 194.7 | (275.7 | ) | (77.0 | ) | ||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 804.4 | $ | 4,702.70 | $ | 311 | $ | (1,031.2 | ) | $ | 4,786.90 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 405.5 | $ | 75.3 | $ | (113.1 | ) | $ | 367.7 | |||||||||
Investment revenue | — | 7.2 | — | — | 7.2 | |||||||||||||||
Total revenue | — | 412.7 | 75.3 | (113.1 | ) | 374.9 | ||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 208.8 | 43.4 | (81.3 | ) | 170.9 | ||||||||||||||
Investment commissions expense | — | 0.1 | — | — | 0.1 | |||||||||||||||
Total commissions expense | — | 208.9 | 43.4 | (81.3 | ) | 171 | ||||||||||||||
Compensation and benefits | — | 52.7 | 17 | — | 69.7 | |||||||||||||||
Transaction and operations support | 2 | 87.8 | 13.3 | (31.8 | ) | 71.3 | ||||||||||||||
Occupancy, equipment and supplies | — | 9.4 | 3.4 | — | 12.8 | |||||||||||||||
Depreciation and amortization | — | 9.6 | 3.5 | — | 13.1 | |||||||||||||||
Total operating expenses | 2 | 368.4 | 80.6 | (113.1 | ) | 337.9 | ||||||||||||||
OPERATING (LOSS) INCOME | (2.0 | ) | 44.3 | (5.3 | ) | — | 37 | |||||||||||||
OTHER EXPENSE | ||||||||||||||||||||
Interest expense | 9.7 | — | — | — | 9.7 | |||||||||||||||
Total other expense | 9.7 | — | — | — | 9.7 | |||||||||||||||
(Loss) income before income taxes | (11.7 | ) | 44.3 | (5.3 | ) | — | 27.3 | |||||||||||||
Income tax benefit | (4.1 | ) | (7.6 | ) | — | — | (11.7 | ) | ||||||||||||
(Loss) income after income taxes | (7.6 | ) | 51.9 | (5.3 | ) | — | 39 | |||||||||||||
Equity income (loss) in subsidiaries | 46.6 | (5.3 | ) | — | (41.3 | ) | — | |||||||||||||
NET INCOME (LOSS) | $ | 39 | $ | 46.6 | $ | (5.3 | ) | $ | (41.3 | ) | $ | 39 | ||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 363.5 | $ | 72.2 | $ | (98.0 | ) | $ | 337.7 | |||||||||
Investment revenue | — | 2.7 | 0.1 | — | 2.8 | |||||||||||||||
Total revenue | — | 366.2 | 72.3 | (98.0 | ) | 340.5 | ||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 181 | 38.8 | (65.5 | ) | 154.3 | ||||||||||||||
Investment commissions expense | — | 0.1 | — | — | 0.1 | |||||||||||||||
Total commissions expense | — | 181.1 | 38.8 | (65.5 | ) | 154.4 | ||||||||||||||
Compensation and benefits | — | 48.7 | 16.8 | — | 65.5 | |||||||||||||||
Transaction and operations support | 0.5 | 72.1 | 11.4 | (32.5 | ) | 51.5 | ||||||||||||||
Occupancy, equipment and supplies | — | 9.8 | 3.2 | — | 13 | |||||||||||||||
Depreciation and amortization | — | 8.4 | 3.4 | — | 11.8 | |||||||||||||||
Total operating expenses | 0.5 | 320.1 | 73.6 | (98.0 | ) | 296.2 | ||||||||||||||
OPERATING (LOSS) INCOME | (0.5 | ) | 46.1 | (1.3 | ) | — | 44.3 | |||||||||||||
OTHER EXPENSE | ||||||||||||||||||||
Interest expense | 0.4 | 17 | — | — | 17.4 | |||||||||||||||
Debt extinguishment costs | — | 45.3 | — | — | 45.3 | |||||||||||||||
Total other expense | 0.4 | 62.3 | — | — | 62.7 | |||||||||||||||
Loss before income taxes | (0.9 | ) | (16.2 | ) | (1.3 | ) | — | (18.4 | ) | |||||||||||
Income tax (benefit) expense | (0.3 | ) | (6.3 | ) | 0.8 | — | (5.8 | ) | ||||||||||||
Loss after income taxes | (0.6 | ) | (9.9 | ) | (2.1 | ) | — | (12.6 | ) | |||||||||||
(Loss) equity income in subsidiaries | (12.0 | ) | (2.1 | ) | — | 14.1 | — | |||||||||||||
NET (LOSS) INCOME | $ | (12.6 | ) | $ | (12.0 | ) | $ | (2.1 | ) | $ | 14.1 | $ | (12.6 | ) | ||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET INCOME (LOSS) | $ | 39 | $ | 46.6 | $ | (5.3 | ) | $ | (41.3 | ) | $ | 39 | ||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
Net unrealized holding gains on available-for-sale securities arising during the period, net of tax benefit of $0.5 | (4.4 | ) | (4.4 | ) | — | 4.4 | (4.4 | ) | ||||||||||||
Net change in pension liability, net of tax benefit of $0.6 | 1 | 1 | — | (1.0 | ) | 1 | ||||||||||||||
Unrealized foreign currency translation gains (losses), net of tax benefit of $0.6 | (1.0 | ) | 1 | 0.9 | (1.9 | ) | (1.0 | ) | ||||||||||||
Other comprehensive (loss) income | (4.4 | ) | (2.4 | ) | 0.9 | 1.5 | (4.4 | ) | ||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 34.6 | $ | 44.2 | $ | (4.4 | ) | $ | (39.8 | ) | $ | 34.6 | ||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET (LOSS) INCOME | $ | (12.6 | ) | $ | (12.0 | ) | $ | (2.1 | ) | $ | 14.1 | $ | (12.6 | ) | ||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
Net change in pension liability, net of tax benefit of $0.5 | 1.2 | 1.2 | — | (1.2 | ) | 1.2 | ||||||||||||||
Unrealized foreign currency translation gains, net of tax benefit of $1.0 | (1.6 | ) | (1.8 | ) | (1.4 | ) | 3.2 | (1.6 | ) | |||||||||||
Other comprehensive (loss) income | (0.4 | ) | (0.6 | ) | (1.4 | ) | 2 | (0.4 | ) | |||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (13.0 | ) | $ | (12.6 | ) | $ | (3.5 | ) | $ | 16.1 | $ | (13.0 | ) | ||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET CASH USED IN OPERATING ACTIVITIES | $ | (14.5 | ) | $ | (43.0 | ) | $ | — | $ | — | $ | (57.5 | ) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 1.3 | — | — | 1.3 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (100.0 | ) | (35.8 | ) | — | (135.8 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 175 | 35.8 | — | 210.8 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (17.1 | ) | — | — | (17.1 | ) | |||||||||||||
Dividend to parent | 11.3 | — | — | (11.3 | ) | — | ||||||||||||||
Intercompany financing | 4.9 | — | — | (4.9 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 16.2 | 59.2 | — | (16.2 | ) | 59.2 | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Payment on debt | (2.1 | ) | — | — | — | (2.1 | ) | |||||||||||||
Proceeds from exercise of stock options | 0.4 | — | — | — | 0.4 | |||||||||||||||
Dividend to parent | — | (11.3 | ) | — | 11.3 | — | ||||||||||||||
Intercompany financings | — | (4.9 | ) | — | 4.9 | — | ||||||||||||||
Net cash (used in) provided by financing activities | (1.7 | ) | (16.2 | ) | — | 16.2 | (1.7 | ) | ||||||||||||
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 MARCH 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (16.7 | ) | $ | 70.3 | $ | 4.9 | $ | — | $ | 58.5 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 6.7 | — | — | 6.7 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (250.0 | ) | (14.7 | ) | — | (264.7 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 200 | 11.1 | — | 211.1 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (12.9 | ) | (2.3 | ) | — | (15.2 | ) | ||||||||||||
Capital contribution from subsidiary guarantors | — | (1.0 | ) | — | 1 | — | ||||||||||||||
Net cash (used in) provided by investing activities | — | (57.2 | ) | (5.9 | ) | 1 | (62.1 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from issuance of debt | 850 | — | — | — | 850 | |||||||||||||||
Transaction costs for issuance and amendment of debt | — | (11.8 | ) | — | — | (11.8 | ) | |||||||||||||
Prepayment penalty | — | (21.5 | ) | — | — | (21.5 | ) | |||||||||||||
Payment on debt | — | (813.1 | ) | — | — | (813.1 | ) | |||||||||||||
Intercompany financings | (833.3 | ) | 833.3 | — | — | — | ||||||||||||||
Capital contribution to non-guarantors | — | — | 1 | (1.0 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 16.7 | (13.1 | ) | 1 | (1.0 | ) | 3.6 | |||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Description_of_the_Business_an1
Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation — The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) 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 months ended March 31, 2014 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, 2013. | |
Use of Estimates | ' |
Use of Estimates — The process of preparing financial statements in conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amount of assets, liabilities, revenue and expenses. These estimates and judgments are based on historical experience, future expectations and other factors and assumptions the Company believes to be reasonable under the circumstances. These estimates and judgments are reviewed on an ongoing basis and are revised when necessary. Changes in estimates are recorded in the period of change. Actual amounts may differ from these estimates. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards — In July of 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (EITF Issue 13-C; "ASC 740"). These changes to ASC 740 require an entity to present an unrecognized tax benefit as a liability in the financial statements if (i) a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position, or (ii) the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset to settle any additional income taxes that would result from the disallowance of a tax position. Otherwise, an unrecognized tax benefit is required to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. Previously, there was diversity in practice as no explicit guidance existed. Management has determined that the adoption of these changes will not have a significant impact on the Consolidated Financial Statements. |
Reorganization_and_Restructuri1
Reorganization and Restructuring Costs Reorganization and Restructuring Costs (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | |||||||||||||||
The following table is a roll-forward of the restructuring costs accrual related to 2014 Global Transformation Program as of March 31, 2014: | ||||||||||||||||
(Amounts in millions) | Severance, outplacement and related benefits | Other (1) | Total | |||||||||||||
Balance, December 31, 2013 | $ | — | $ | — | $ | — | ||||||||||
Expenses | 2.2 | 0.8 | 3 | |||||||||||||
Cash payments | (0.1 | ) | (0.4 | ) | (0.5 | ) | ||||||||||
Balance, March 31, 2014 | $ | 2.1 | $ | 0.4 | $ | 2.5 | ||||||||||
(1) Other primarily relates to expenses for relocation and professional fees. All such expenses are recorded as incurred. | ||||||||||||||||
Restructuring and Related Costs | ' | |||||||||||||||
The following table is a summary of the cumulative reorganization and restructuring costs incurred to date and the estimated remaining reorganization and restructuring costs to be incurred for the 2014 Global Transformation Program as of March 31, 2014: | ||||||||||||||||
(Amounts in millions) | Severance, outplacement and related benefits | Other (1) | Total | |||||||||||||
Restructuring Costs in operating expenses | ||||||||||||||||
Cumulative restructuring costs incurred to date | $ | 2.2 | $ | 0.8 | $ | 3 | ||||||||||
Estimated additional restructuring costs to be incurred | 8.4 | 1.3 | 9.7 | |||||||||||||
Total restructuring costs in operating expenses | $ | 10.6 | $ | 2.1 | $ | 12.7 | ||||||||||
Reorganization Costs in operating expenses (2) | ||||||||||||||||
Cumulative reorganization costs incurred to date | $ | — | $ | 0.1 | $ | 0.1 | ||||||||||
Estimated additional reorganization costs to be incurred | — | 23.7 | 23.7 | |||||||||||||
Total reorganization costs in operating expenses | $ | — | $ | 23.8 | $ | 23.8 | ||||||||||
Total Reorganization and Restructuring Costs in operating expenses | ||||||||||||||||
Total cumulative costs incurred to date | $ | 2.2 | $ | 0.9 | $ | 3.1 | ||||||||||
Total estimated additional costs to be incurred | 8.4 | 25 | 33.4 | |||||||||||||
Total reorganization and restructuring costs in operating expenses | $ | 10.6 | $ | 25.9 | $ | 36.5 | ||||||||||
(1) Other primarily relates to expenses for relocation and professional fees. All such expenses were or will be recorded as incurred. | ||||||||||||||||
(2) Reorganization costs include expenses related to the relocation of various operations to existing or new Company facilities and third party providers, including hiring, training, travel and other third party professional fees. | ||||||||||||||||
The following table is a summary of expenses related to the reorganization and restructuring activities for the three months ended March 31, 2014: | ||||||||||||||||
(Amounts in millions) | Three Months Ended March 31, 2014 | |||||||||||||||
Restructuring costs in operating expenses: | ||||||||||||||||
Compensation and benefits | $ | 2.2 | ||||||||||||||
Transaction and operations support | 0.8 | |||||||||||||||
Total restructuring costs | 3 | |||||||||||||||
Reorganization costs in operating expenses: | ||||||||||||||||
Compensation and benefits | 0.1 | |||||||||||||||
Total reorganization costs | 0.1 | |||||||||||||||
Total reorganization and restructuring costs | $ | 3.1 | ||||||||||||||
Restructuring and related Activities Disclosure, by Segment | ' | |||||||||||||||
The following table is a summary of restructuring expenses related to the 2014 Global Transformation Program incurred by reportable segment: | ||||||||||||||||
(Amounts in millions) | GFT | FPP | Other | Total | ||||||||||||
First quarter 2014 | $ | 2.6 | $ | 0.3 | $ | 0.1 | $ | 3 | ||||||||
Total cumulative expenses incurred to date | $ | 2.6 | $ | 0.3 | $ | 0.1 | $ | 3 | ||||||||
Total estimated additional expenses to be incurred | 8.4 | 0.8 | 0.5 | 9.7 | ||||||||||||
Total restructuring expenses | $ | 11 | $ | 1.1 | $ | 0.6 | $ | 12.7 | ||||||||
Assets_in_Excess_of_Payment_Se1
Assets in Excess of Payment Service Obligations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 March 31, 2014 and December 31, 2013: | ||||||||
(Amounts in millions) | 31-Mar-14 | 31-Dec-13 | ||||||
Cash and cash equivalents (substantially restricted) | $ | 2,153.90 | $ | 2,228.50 | ||||
Receivables, net (substantially restricted) | 890 | 767.7 | ||||||
Interest-bearing investments (substantially restricted) | 935.8 | 1,011.60 | ||||||
Available-for-sale investments (substantially restricted) | 41.6 | 48.1 | ||||||
4,021.30 | 4,055.90 | |||||||
Payment service obligations | (3,691.7 | ) | (3,737.1 | ) | ||||
Assets in excess of payment service obligations | $ | 329.6 | $ | 318.8 | ||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Financial assets measured at fair value by hierarchy level | ' | |||||||||||||||||||
The following tables summarize the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
Fair Value at March 31, 2014 | ||||||||||||||||||||
(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 | — | 18 | — | 18 | ||||||||||||||||
Other asset-backed securities | — | — | 15.6 | 15.6 | ||||||||||||||||
Investment related to deferred compensation trust | 9.8 | — | — | 9.8 | ||||||||||||||||
Forward contracts | — | 1.4 | — | 1.4 | ||||||||||||||||
Total financial assets | $ | 9.8 | $ | 27.4 | $ | 15.6 | $ | 52.8 | ||||||||||||
Fair Value at December 31, 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 | — | 19.5 | — | 19.5 | ||||||||||||||||
Other asset-backed securities | — | — | 20.6 | 20.6 | ||||||||||||||||
Investment related to deferred compensation trust | 9.6 | — | — | 9.6 | ||||||||||||||||
Forward contracts | — | 0.2 | — | 0.2 | ||||||||||||||||
Total financial assets | $ | 9.6 | $ | 27.7 | $ | 20.6 | $ | 57.9 | ||||||||||||
Financial liabilities: | ||||||||||||||||||||
Forward contracts | $ | — | $ | 0.6 | $ | — | $ | 0.6 | ||||||||||||
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 March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
(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 | $ | 23.52 | $ | 0.1 | $ | 17.01 | ||||||||||
Home Equity | Price | Third party pricing service | 0.1 | 28.24 | 0.2 | 51.87 | ||||||||||||||
Indirect Exposure - High Grade | Price | Third party pricing service | 8.2 | 7.9 | 8.2 | 7.9 | ||||||||||||||
Indirect Exposure - Mezzanine | Price | Third party pricing service | 1.7 | 1.82 | 2.6 | 2.12 | ||||||||||||||
Indirect Exposure - Mezzanine | Price | Broker | 1.5 | 2 | 5 | 6.01 | ||||||||||||||
Other | Discount margin | Manual | 4 | 21.75 | 4.5 | 23.85 | ||||||||||||||
Total | $ | 15.6 | $ | 4.24 | $ | 20.6 | $ | 5.24 | ||||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
Roll-forward of other asset-backed securities | ' | |||||||||||||||||||
The following table provides a roll-forward of the other asset-backed securities classified as Level 3, which are measured at fair value on a recurring basis, for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
(Amounts in millions) | 2014 | 2013 | ||||||||||||||||||
Beginning balance | $ | 20.6 | $ | 18 | ||||||||||||||||
Principal paydowns | (3.8 | ) | (0.1 | ) | ||||||||||||||||
Unrealized gains | — | 0.8 | ||||||||||||||||||
Unrealized losses | (1.2 | ) | (1.0 | ) | ||||||||||||||||
Ending balance | $ | 15.6 | $ | 17.7 | ||||||||||||||||
Fair value and carrying value of debt | ' | |||||||||||||||||||
The following table is a summary of fair value and carrying value of debt as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
Fair Value | Carrying Value | |||||||||||||||||||
(Amounts in millions) | March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||||||
Senior secured credit facility and incremental term loan | $ | 841.9 | $ | 849.2 | $ | 840.8 | $ | 842.9 | ||||||||||||
Investment_Portfolio_Tables
Investment Portfolio (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||
Components of Investment Portfolio | ' | |||||||||||||||||||
The following table shows the components of the investment portfolio as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
(Amounts in millions) | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||||
Cash | $ | 2,143.00 | $ | 2,204.50 | ||||||||||||||||
Money-market securities | 10.9 | 24 | ||||||||||||||||||
Cash and cash equivalents (substantially restricted) | 2,153.90 | 2,228.50 | ||||||||||||||||||
Interest-bearing investments (substantially restricted) | 935.8 | 1,011.60 | ||||||||||||||||||
Available-for-sale investments (substantially restricted) | 41.6 | 48.1 | ||||||||||||||||||
Total investment portfolio | $ | 3,131.30 | $ | 3,288.20 | ||||||||||||||||
Available for Sale Investments (Substantially Restricted) | ' | |||||||||||||||||||
The following table is a summary of the amortized cost and fair value of available-for-sale investments as of March 31, 2014: | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | Net | ||||||||||||||||
Cost | Unrealized | Unrealized | Value | Average | ||||||||||||||||
(Amounts in millions, except net average price) | Gains | Losses | Price(1) | |||||||||||||||||
Residential mortgage-backed securities — agencies | $ | 16.4 | $ | 1.6 | $ | — | $ | 18 | $ | 110.28 | ||||||||||
Other asset-backed securities | 5.5 | 10.1 | — | 15.6 | 4.24 | |||||||||||||||
U.S. government agencies | 7.9 | 0.1 | — | 8 | 99.94 | |||||||||||||||
Total | $ | 29.8 | $ | 11.8 | $ | — | $ | 41.6 | $ | 10.6 | ||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
The following table is a summary of the amortized cost and fair value of available-for-sale investments as of December 31, 2013: | ||||||||||||||||||||
Amortized | Gross | Gross | Fair | Net | ||||||||||||||||
Cost | Unrealized | Unrealized | Value | Average | ||||||||||||||||
(Amounts in millions, except net average price) | Gains | Losses | Price(1) | |||||||||||||||||
Residential mortgage-backed securities — agencies | $ | 17.8 | $ | 1.7 | $ | — | $ | 19.5 | $ | 110.45 | ||||||||||
Other asset-backed securities | 5.9 | 14.7 | — | 20.6 | 5.24 | |||||||||||||||
U.S. government agencies | 7.7 | 0.3 | — | 8 | 99.87 | |||||||||||||||
Total | $ | 31.4 | $ | 16.7 | $ | — | $ | 48.1 | $ | 11.5 | ||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
Investment Ratings | ' | |||||||||||||||||||
The Company’s investments at March 31, 2014 and December 31, 2013 consisted of the following ratings: | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Number of | Fair | Percent of | Number of | Fair | Percent of | |||||||||||||||
(Dollars in millions) | Securities | Value | Investments | Securities | Value | Investments | ||||||||||||||
Investment grade | 15 | $ | 25.8 | 62 | % | 16 | $ | 30.8 | 64 | % | ||||||||||
Below investment grade | 48 | 15.8 | 38 | % | 50 | 17.3 | 36 | % | ||||||||||||
Total | 63 | $ | 41.6 | 100 | % | 66 | $ | 48.1 | 100 | % | ||||||||||
Contractual Maturities | ' | |||||||||||||||||||
The following table is a summary of amortized cost and fair value of available-for-sale securities by contractual maturity as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | |||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||
(Amounts in millions) | Cost | Value | Cost | Value | ||||||||||||||||
After one year through five years | $ | 7.9 | $ | 8 | $ | 7.7 | $ | 8 | ||||||||||||
Mortgage-backed and other asset-backed securities | 21.9 | 33.6 | 23.7 | 40.1 | ||||||||||||||||
Total | $ | 29.8 | $ | 41.6 | $ | 31.4 | $ | 48.1 | ||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
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 (used in) provided by operating activities" line in the Consolidated Statements of Cash Flows include the following losses (gains) related to assets and liabilities denominated in foreign currencies, for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
(Amounts in millions) | 2014 | 2013 | ||||||||||||||||||||||||
Net realized foreign currency losses | $ | 1.7 | $ | 4.3 | ||||||||||||||||||||||
Net gains from the related forward contracts | (1.6 | ) | (4.5 | ) | ||||||||||||||||||||||
Net losses (gains) from foreign currency transactions and related forward contracts | $ | 0.1 | $ | (0.2 | ) | |||||||||||||||||||||
Fair Values of Derivative Forward Contract Instruments | ' | |||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, 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 | 31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
(Amounts in millions) | Location | |||||||||||||||||||||||||
Forward contracts | Other assets | $ | 1.7 | $ | 0.4 | $ | (0.3 | ) | $ | (0.2 | ) | $ | 1.4 | $ | 0.2 | |||||||||||
Gross Amount of Recognized Liabilities | Gross Amount of Offset | Net Amount of Liabilities Presented in the Consolidated Balance Sheets | ||||||||||||||||||||||||
Balance Sheet | 31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | 31-Mar-14 | 31-Dec-13 | ||||||||||||||||||||
(Amounts in millions) | Location | |||||||||||||||||||||||||
Forward contracts | Accounts payable and other liabilities | $ | (0.3 | ) | $ | (0.8 | ) | $ | 0.3 | $ | 0.2 | $ | — | $ | (0.6 | ) | ||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Debt Disclosure [Abstract] | ' | |||
Summary of Outstanding Debt | ' | |||
The following is a summary of the Company’s outstanding debt at March 31, 2014 and activity since December 31, 2013: | ||||
2013 Credit Agreement | ||||
Senior secured | ||||
credit facility | ||||
(Amounts in millions) | due 2020 | |||
Balance at December 31, 2013 | $ | 842.9 | ||
Payments | (2.1 | ) | ||
Balance at March 31, 2014 | $ | 840.8 | ||
Weighted average interest rate | 4.25 | % | ||
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 | |||
Present 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 March 31, 2014: | ||||
(Amounts in millions) | Three Months Ended March 31, 2014 | |||
Balance at December 31, 2013 | $ | 13.3 | ||
Amortization of deferred financing costs | (0.6 | ) | ||
Balance at March 31, 2014 | $ | 12.7 | ||
Pensions_and_Other_Benefits_Ta
Pensions and Other Benefits (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
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 | ' | |||||||
The following table shows net periodic benefit expense for the Company’s Pension Plan and combined supplemental executive retirement plans (“SERPs”), for the three months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended March 31, | ||||||||
(Amounts in millions) | 2014 | 2013 | ||||||
Interest cost | $ | 2.7 | $ | 2.4 | ||||
Expected return on plan assets | (1.8 | ) | (1.8 | ) | ||||
Recognized net actuarial loss | 1.7 | 1.9 | ||||||
Net periodic benefit expense | $ | 2.6 | $ | 2.5 | ||||
Postretirement benefit plans | ' | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | |||||||
Net Periodic Benefit Expense | ' | |||||||
The following table is a summary of net periodic benefit expense for the Company’s postretirement medical benefit plans, for the three months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended March 31, | ||||||||
(Amounts in millions) | 2014 | 2013 | ||||||
Amortization of prior service credit | $ | (0.2 | ) | $ | (0.2 | ) | ||
Recognized net actuarial loss | 0.1 | 0.1 | ||||||
Net periodic benefit expense | $ | (0.1 | ) | $ | (0.1 | ) |
Stockholders_Deficit_Tables
Stockholders' Deficit (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Summary of Stock Activity | ' | ||||||||||||||||||||
The following table is a summary of the Company’s authorized, issued and outstanding stock as of March 31, 2014: | |||||||||||||||||||||
D Stock | Common Stock | Treasury Stock | |||||||||||||||||||
(Shares in thousands) | Authorized | Issued | Outstanding | Authorized | Issued | Outstanding | |||||||||||||||
31-Mar-14 | 200 | 109 | 109 | 162,500 | 62,264 | 58,022 | (4,242 | ) | |||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||||||||||
Accumulated Other Comprehensive Loss — The following table is a summary of the changes to "Accumulated other comprehensive loss" by component during the three months ended March 31, 2014: | |||||||||||||||||||||
(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-13 | $ | 17.3 | $ | 3.5 | $ | (53.8 | ) | $ | (33.0 | ) | |||||||||||
Other comprehensive income before amortization | (0.1 | ) | (1.0 | ) | — | (1.1 | ) | ||||||||||||||
Amounts reclassified/amortized from accumulated other comprehensive loss | (4.3 | ) | — | 1 | (3.3 | ) | |||||||||||||||
Net current period other comprehensive income | (4.4 | ) | (1.0 | ) | 1 | (4.4 | ) | ||||||||||||||
31-Mar-14 | $ | 12.9 | $ | 2.5 | $ | (52.8 | ) | $ | (37.4 | ) | |||||||||||
Schedule of Amounts Reclassified From AOCI | ' | ||||||||||||||||||||
The following table is a summary of the significant amounts reclassified out of each component of "Accumulated other comprehensive loss" during the three months ended March 31, 2014: | |||||||||||||||||||||
(Amounts in millions) | Three Months Ended March 31, | Statement of Operations Location | |||||||||||||||||||
Unrealized gains on securities classified as available-for-sale, before tax | $ | (4.8 | ) | "Investment revenue" | |||||||||||||||||
Tax expense, net | 0.5 | ||||||||||||||||||||
Total gains, net of tax | $ | (4.3 | ) | ||||||||||||||||||
Pension and postretirement benefits adjustments: | |||||||||||||||||||||
Prior service credits, before tax | (0.2 | ) | "Compensation and benefits" | ||||||||||||||||||
Net actuarial losses, before tax | 1.8 | "Compensation and benefits" | |||||||||||||||||||
Total before tax | 1.6 | ||||||||||||||||||||
Tax benefit, net | (0.6 | ) | |||||||||||||||||||
Total, net of tax | $ | 1 | |||||||||||||||||||
Total reclassified for the period, net of tax | $ | (3.3 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Summary of Stock-Based Compensation Expense | ' | ||||||||||||
The following table is a summary of stock-based compensation expense for the three months ended March 31, 2014 and 2013: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
(Amounts in millions) | 2014 | 2013 | |||||||||||
Expense recognized related to stock options | $ | 1.3 | $ | 1.6 | |||||||||
Expense recognized related to restricted stock units | 1.8 | 0.8 | |||||||||||
Stock-based compensation expense | $ | 3.1 | $ | 2.4 | |||||||||
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 the three months ended March 31, 2014: | |||||||||||||
Expected dividend yield (1) | 0 | % | |||||||||||
Expected volatility (2) | 65.7% - 68.2% | ||||||||||||
Risk-free interest rate (3) | 1.1% - 1.9% | ||||||||||||
Expected life (4) | 6.0 - 6.3 years | ||||||||||||
Weighted-average grant-date fair value per option | $ | 12.14 | |||||||||||
(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 | ' | ||||||||||||
The following table is a summary of the Company’s stock option activity for the three months ended March 31, 2014: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ($000,000) | |||||||||||
Term | |||||||||||||
Options outstanding at December 31, 2013 | 4,792,004 | $ | 20.14 | ||||||||||
Granted | 418,771 | 20.1 | |||||||||||
Exercised | (20,959 | ) | 15.98 | ||||||||||
Forfeited/Expired | (287,425 | ) | 16.35 | ||||||||||
Options outstanding at March 31, 2014 | 4,902,391 | $ | 20.38 | 6.7 years | $ | 4.3 | |||||||
Vested or expected to vest at March 31, 2014 | 4,718,601 | $ | 20.44 | 6.6 years | $ | 4.2 | |||||||
Options exercisable at March 31, 2014 | 1,927,955 | $ | 20.57 | 5.8 years | $ | 3.2 | |||||||
Summary of Restricted Stock Unit Activity | ' | ||||||||||||
The following table is a summary of the Company’s restricted stock unit activity for the three months ended March 31, 2014: | |||||||||||||
Total | Weighted | Weighted- | Aggregate | ||||||||||
Shares | Average | Average | Intrinsic | ||||||||||
Price | Remaining | Value | |||||||||||
Contractual | ($000,000) | ||||||||||||
Term | |||||||||||||
Restricted stock units outstanding at December 31, 2013 | 1,186,144 | $ | 16.73 | 1.8 years | $ | 24.6 | |||||||
Granted | 931,575 | 20.08 | |||||||||||
Vested and converted to shares | (62,100 | ) | 16.74 | ||||||||||
Forfeited | (17,505 | ) | 16.55 | ||||||||||
Restricted stock units outstanding at March 31, 2014 | 2,038,114 | $ | 18.25 | 2.2 years | $ | 36 | |||||||
Income_Taxes_Unrecognized_tax_
Income Taxes Unrecognized tax benefit rollforward (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Income Tax Disclosure [Abstract] | ' | |||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | |||
The following table is a roll-forward of unrecognized tax benefits as of March 31, 2014: | ||||
(Amounts in millions) | 31-Mar-14 | |||
Beginning balance | $ | 52 | ||
Reductions for tax positions of prior years | (22.9 | ) | ||
Ending balance | $ | 29.1 | ||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Summary of Minimum Future Rental Payments | ' | ||||
The following table is a summary of the minimum future rental payments for all non-cancelable operating leases with an initial term of more than one year at March 31, 2014 (amounts in millions): | |||||
2014 | $ | 11.4 | |||
2015 | 11.7 | ||||
2016 | 7.6 | ||||
2017 | 6.8 | ||||
2018 | 6.4 | ||||
Thereafter | 15.8 | ||||
Total | $ | 59.7 | |||
Earnings_per_Common_Share_Tabl
Earnings per Common Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
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 months ended March 31, 2014 and 2013: | ||||||
Three Months Ended March 31, | ||||||
(Amounts in millions) | 2014 | 2013 | ||||
Basic common shares outstanding | 71.6 | 71.5 | ||||
Shares related to stock options, restricted stock and restricted stock units | 0.3 | — | ||||
Diluted common shares outstanding | 71.9 | 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 (loss) per common share, as their effect would be anti-dilutive, for the three months ended March 31, 2014 and 2013: | ||||||
Three Months Ended March 31, | ||||||
(Amounts in millions) | 2014 | 2013 | ||||
Shares related to stock options | 3.5 | 4.6 | ||||
Shares related to restricted stock and restricted stock units | 1.2 | 0.8 | ||||
Shares excluded from the computation | 4.7 | 5.4 | ||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Revenue by Segment | ' | |||||||
The following table is a summary of the total revenue by segment for the three months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended March 31, | ||||||||
(Amounts in millions) | 2014 | 2013 | ||||||
Global Funds Transfer revenue: | ||||||||
Money transfer revenue | $ | 326.1 | $ | 294.4 | ||||
Bill payment revenue | 25.6 | 26 | ||||||
Total Global Funds Transfer revenue | 351.7 | 320.4 | ||||||
Financial Paper Products revenue: | ||||||||
Money order revenue | 14.4 | 13.7 | ||||||
Official check revenue | 8.8 | 6.2 | ||||||
Total Financial Paper Products revenue | 23.2 | 19.9 | ||||||
Other revenue | — | 0.2 | ||||||
Total revenue | $ | 374.9 | $ | 340.5 | ||||
Operating Income by Segment | ' | |||||||
The following table is a summary of the operating income by segment and detail of the income (loss) before income taxes for the three months ended March 31, 2014 and 2013: | ||||||||
Three Months Ended March 31, | ||||||||
(Amounts in millions) | 2014 | 2013 | ||||||
Global Funds Transfer operating income | $ | 31.5 | $ | 41.4 | ||||
Financial Paper Products operating income | 9.8 | 6.9 | ||||||
Total segment operating income | 41.3 | 48.3 | ||||||
Other operating loss | (4.3 | ) | (4.0 | ) | ||||
Total operating income | 37 | 44.3 | ||||||
Interest expense | 9.7 | 17.4 | ||||||
Debt extinguishment costs | — | 45.3 | ||||||
Income (loss) before income taxes | $ | 27.3 | $ | (18.4 | ) | |||
Assets by Segment | ' | |||||||
The following table sets forth the assets by segment as of March 31, 2014 and December 31, 2013: | ||||||||
(Amounts in millions) | March 31, 2014 | 31-Dec-13 | ||||||
Global Funds Transfer | $ | 1,670.50 | $ | 1,611.30 | ||||
Financial Paper Products | 2,705.50 | 2,800.00 | ||||||
Other | 385.4 | 375.6 | ||||||
Total assets | $ | 4,761.40 | $ | 4,786.90 | ||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ' | |||||||||||||||||||
CONDENSED, CONSOLIDATING BALANCE SHEETS | ' | |||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
AS OF MARCH 31, 2014 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Cash and cash equivalents (substantially restricted) | 2 | 2,082.50 | 69.4 | — | 2,153.90 | |||||||||||||||
Receivables, net (substantially restricted) | — | 878.7 | 11.3 | — | 890 | |||||||||||||||
Interest-bearing investments (substantially restricted) | — | 900 | 35.8 | — | 935.8 | |||||||||||||||
Available-for-sale investments (substantially restricted) | — | 41.6 | — | — | 41.6 | |||||||||||||||
Property and equipment, net | — | 109.7 | 23.9 | — | 133.6 | |||||||||||||||
Goodwill | — | 313 | 121.9 | — | 434.9 | |||||||||||||||
Other assets | 18.4 | 159.4 | 21.4 | (27.6 | ) | 171.6 | ||||||||||||||
Equity investments in subsidiaries | 114.3 | 188.9 | — | (303.2 | ) | — | ||||||||||||||
Intercompany receivables | 698.7 | 7.1 | 2.3 | (708.1 | ) | — | ||||||||||||||
Total assets | $ | 833.4 | $ | 4,680.90 | $ | 286 | $ | (1,038.9 | ) | $ | 4,761.40 | |||||||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||||||||||||||||
Payment service obligations | $ | — | $ | 3,656.60 | $ | 35.1 | $ | — | $ | 3,691.70 | ||||||||||
Debt | 840.8 | — | — | — | 840.8 | |||||||||||||||
Pension and other postretirement benefits | — | 96.3 | — | — | 96.3 | |||||||||||||||
Accounts payable and other liabilities | 32.1 | 113.1 | 54.5 | (27.6 | ) | 172.1 | ||||||||||||||
Intercompany liabilities | — | 700.6 | 7.5 | (708.1 | ) | — | ||||||||||||||
Total liabilities | 872.9 | 4,566.60 | 97.1 | (735.7 | ) | 4,800.90 | ||||||||||||||
Total stockholders’ (deficit) equity | (39.5 | ) | 114.3 | 188.9 | (303.2 | ) | (39.5 | ) | ||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 833.4 | $ | 4,680.90 | $ | 286 | $ | (1,038.9 | ) | $ | 4,761.40 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
AS OF DECEMBER 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Cash and cash equivalents (substantially restricted) | 1.7 | 2,134.60 | 92.2 | — | 2,228.50 | |||||||||||||||
Receivables, net (substantially restricted) | — | 760.8 | 6.9 | — | 767.7 | |||||||||||||||
Interest-bearing investments (substantially restricted) | — | 975 | 36.6 | — | 1,011.60 | |||||||||||||||
Available-for-sale investments (substantially restricted) | — | 48.1 | — | — | 48.1 | |||||||||||||||
Property and equipment, net | — | 109.5 | 25.3 | — | 134.8 | |||||||||||||||
Goodwill | — | 313 | 122.2 | — | 435.2 | |||||||||||||||
Other assets | 18.1 | 163 | 17.5 | (37.6 | ) | 161 | ||||||||||||||
Equity investments in subsidiaries | 81 | 194.7 | — | (275.7 | ) | — | ||||||||||||||
Intercompany receivables | 703.6 | 4 | 10.3 | (717.9 | ) | — | ||||||||||||||
Total assets | $ | 804.4 | $ | 4,702.70 | $ | 311 | $ | (1,031.2 | ) | $ | 4,786.90 | |||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||||||
Payment service obligations | $ | — | $ | 3,699.50 | $ | 37.6 | $ | — | $ | 3,737.10 | ||||||||||
Debt | 842.9 | — | — | — | 842.9 | |||||||||||||||
Pension and other postretirement benefits | — | 98.4 | — | — | 98.4 | |||||||||||||||
Accounts payable and other liabilities | 38.5 | 112.9 | 71.7 | (37.6 | ) | 185.5 | ||||||||||||||
Intercompany liabilities | — | 710.9 | 7 | (717.9 | ) | — | ||||||||||||||
Total liabilities | 881.4 | 4,621.70 | 116.3 | (755.5 | ) | 4,863.90 | ||||||||||||||
Total stockholders’ (deficit) equity | (77.0 | ) | 81 | 194.7 | (275.7 | ) | (77.0 | ) | ||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 804.4 | $ | 4,702.70 | $ | 311 | $ | (1,031.2 | ) | $ | 4,786.90 | |||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ' | |||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 405.5 | $ | 75.3 | $ | (113.1 | ) | $ | 367.7 | |||||||||
Investment revenue | — | 7.2 | — | — | 7.2 | |||||||||||||||
Total revenue | — | 412.7 | 75.3 | (113.1 | ) | 374.9 | ||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 208.8 | 43.4 | (81.3 | ) | 170.9 | ||||||||||||||
Investment commissions expense | — | 0.1 | — | — | 0.1 | |||||||||||||||
Total commissions expense | — | 208.9 | 43.4 | (81.3 | ) | 171 | ||||||||||||||
Compensation and benefits | — | 52.7 | 17 | — | 69.7 | |||||||||||||||
Transaction and operations support | 2 | 87.8 | 13.3 | (31.8 | ) | 71.3 | ||||||||||||||
Occupancy, equipment and supplies | — | 9.4 | 3.4 | — | 12.8 | |||||||||||||||
Depreciation and amortization | — | 9.6 | 3.5 | — | 13.1 | |||||||||||||||
Total operating expenses | 2 | 368.4 | 80.6 | (113.1 | ) | 337.9 | ||||||||||||||
OPERATING (LOSS) INCOME | (2.0 | ) | 44.3 | (5.3 | ) | — | 37 | |||||||||||||
OTHER EXPENSE | ||||||||||||||||||||
Interest expense | 9.7 | — | — | — | 9.7 | |||||||||||||||
Total other expense | 9.7 | — | — | — | 9.7 | |||||||||||||||
(Loss) income before income taxes | (11.7 | ) | 44.3 | (5.3 | ) | — | 27.3 | |||||||||||||
Income tax benefit | (4.1 | ) | (7.6 | ) | — | — | (11.7 | ) | ||||||||||||
(Loss) income after income taxes | (7.6 | ) | 51.9 | (5.3 | ) | — | 39 | |||||||||||||
Equity income (loss) in subsidiaries | 46.6 | (5.3 | ) | — | (41.3 | ) | — | |||||||||||||
NET INCOME (LOSS) | $ | 39 | $ | 46.6 | $ | (5.3 | ) | $ | (41.3 | ) | $ | 39 | ||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 363.5 | $ | 72.2 | $ | (98.0 | ) | $ | 337.7 | |||||||||
Investment revenue | — | 2.7 | 0.1 | — | 2.8 | |||||||||||||||
Total revenue | — | 366.2 | 72.3 | (98.0 | ) | 340.5 | ||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 181 | 38.8 | (65.5 | ) | 154.3 | ||||||||||||||
Investment commissions expense | — | 0.1 | — | — | 0.1 | |||||||||||||||
Total commissions expense | — | 181.1 | 38.8 | (65.5 | ) | 154.4 | ||||||||||||||
Compensation and benefits | — | 48.7 | 16.8 | — | 65.5 | |||||||||||||||
Transaction and operations support | 0.5 | 72.1 | 11.4 | (32.5 | ) | 51.5 | ||||||||||||||
Occupancy, equipment and supplies | — | 9.8 | 3.2 | — | 13 | |||||||||||||||
Depreciation and amortization | — | 8.4 | 3.4 | — | 11.8 | |||||||||||||||
Total operating expenses | 0.5 | 320.1 | 73.6 | (98.0 | ) | 296.2 | ||||||||||||||
OPERATING (LOSS) INCOME | (0.5 | ) | 46.1 | (1.3 | ) | — | 44.3 | |||||||||||||
OTHER EXPENSE | ||||||||||||||||||||
Interest expense | 0.4 | 17 | — | — | 17.4 | |||||||||||||||
Debt extinguishment costs | — | 45.3 | — | — | 45.3 | |||||||||||||||
Total other expense | 0.4 | 62.3 | — | — | 62.7 | |||||||||||||||
Loss before income taxes | (0.9 | ) | (16.2 | ) | (1.3 | ) | — | (18.4 | ) | |||||||||||
Income tax (benefit) expense | (0.3 | ) | (6.3 | ) | 0.8 | — | (5.8 | ) | ||||||||||||
Loss after income taxes | (0.6 | ) | (9.9 | ) | (2.1 | ) | — | (12.6 | ) | |||||||||||
(Loss) equity income in subsidiaries | (12.0 | ) | (2.1 | ) | — | 14.1 | — | |||||||||||||
NET (LOSS) INCOME | $ | (12.6 | ) | $ | (12.0 | ) | $ | (2.1 | ) | $ | 14.1 | $ | (12.6 | ) | ||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ' | |||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET INCOME (LOSS) | $ | 39 | $ | 46.6 | $ | (5.3 | ) | $ | (41.3 | ) | $ | 39 | ||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
Net unrealized holding gains on available-for-sale securities arising during the period, net of tax benefit of $0.5 | (4.4 | ) | (4.4 | ) | — | 4.4 | (4.4 | ) | ||||||||||||
Net change in pension liability, net of tax benefit of $0.6 | 1 | 1 | — | (1.0 | ) | 1 | ||||||||||||||
Unrealized foreign currency translation gains (losses), net of tax benefit of $0.6 | (1.0 | ) | 1 | 0.9 | (1.9 | ) | (1.0 | ) | ||||||||||||
Other comprehensive (loss) income | (4.4 | ) | (2.4 | ) | 0.9 | 1.5 | (4.4 | ) | ||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 34.6 | $ | 44.2 | $ | (4.4 | ) | $ | (39.8 | ) | $ | 34.6 | ||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET (LOSS) INCOME | $ | (12.6 | ) | $ | (12.0 | ) | $ | (2.1 | ) | $ | 14.1 | $ | (12.6 | ) | ||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
Net change in pension liability, net of tax benefit of $0.5 | 1.2 | 1.2 | — | (1.2 | ) | 1.2 | ||||||||||||||
Unrealized foreign currency translation gains, net of tax benefit of $1.0 | (1.6 | ) | (1.8 | ) | (1.4 | ) | 3.2 | (1.6 | ) | |||||||||||
Other comprehensive (loss) income | (0.4 | ) | (0.6 | ) | (1.4 | ) | 2 | (0.4 | ) | |||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (13.0 | ) | $ | (12.6 | ) | $ | (3.5 | ) | $ | 16.1 | $ | (13.0 | ) | ||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ' | |||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE THREE MONTHS ENDED MARCH 31, 2014 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET CASH USED IN OPERATING ACTIVITIES | $ | (14.5 | ) | $ | (43.0 | ) | $ | — | $ | — | $ | (57.5 | ) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 1.3 | — | — | 1.3 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (100.0 | ) | (35.8 | ) | — | (135.8 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 175 | 35.8 | — | 210.8 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (17.1 | ) | — | — | (17.1 | ) | |||||||||||||
Dividend to parent | 11.3 | — | — | (11.3 | ) | — | ||||||||||||||
Intercompany financing | 4.9 | — | — | (4.9 | ) | — | ||||||||||||||
Net cash provided by (used in) investing activities | 16.2 | 59.2 | — | (16.2 | ) | 59.2 | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Payment on debt | (2.1 | ) | — | — | — | (2.1 | ) | |||||||||||||
Proceeds from exercise of stock options | 0.4 | — | — | — | 0.4 | |||||||||||||||
Dividend to parent | — | (11.3 | ) | — | 11.3 | — | ||||||||||||||
Intercompany financings | — | (4.9 | ) | — | 4.9 | — | ||||||||||||||
Net cash (used in) provided by financing activities | (1.7 | ) | (16.2 | ) | — | 16.2 | (1.7 | ) | ||||||||||||
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 MARCH 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (16.7 | ) | $ | 70.3 | $ | 4.9 | $ | — | $ | 58.5 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 6.7 | — | — | 6.7 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (250.0 | ) | (14.7 | ) | — | (264.7 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 200 | 11.1 | — | 211.1 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (12.9 | ) | (2.3 | ) | — | (15.2 | ) | ||||||||||||
Capital contribution from subsidiary guarantors | — | (1.0 | ) | — | 1 | — | ||||||||||||||
Net cash (used in) provided by investing activities | — | (57.2 | ) | (5.9 | ) | 1 | (62.1 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from issuance of debt | 850 | — | — | — | 850 | |||||||||||||||
Transaction costs for issuance and amendment of debt | — | (11.8 | ) | — | — | (11.8 | ) | |||||||||||||
Prepayment penalty | — | (21.5 | ) | — | — | (21.5 | ) | |||||||||||||
Payment on debt | — | (813.1 | ) | — | — | (813.1 | ) | |||||||||||||
Intercompany financings | (833.3 | ) | 833.3 | — | — | — | ||||||||||||||
Capital contribution to non-guarantors | — | — | 1 | (1.0 | ) | — | ||||||||||||||
Net cash provided by (used in) financing activities | 16.7 | (13.1 | ) | 1 | (1.0 | ) | 3.6 | |||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Description_of_the_Business_an2
Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Segment | Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Number of Reportable Segments | 2 | 2 |
Reorganization_and_Restructuri2
Reorganization and Restructuring Costs Schedule of Restructuring Reserve by Type of Cost (Details) (2014 Global Transformation Program [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Restructuring Reserve [Roll Forward] | ' |
Expenses incurred to date | $3.10 |
Employee Severance and Other [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Expenses incurred to date | 2.2 |
Other Expense [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Expenses incurred to date | 0.9 |
Operating Expense [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Beginning Balance | 0 |
Expenses incurred to date | 3 |
Cash payments | -0.5 |
Ending Balance | 2.5 |
Operating Expense [Member] | Employee Severance and Other [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Beginning Balance | 0 |
Expenses incurred to date | 2.2 |
Cash payments | -0.1 |
Ending Balance | 2.1 |
Operating Expense [Member] | Other Expense [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Beginning Balance | 0 |
Expenses incurred to date | 0.8 |
Cash payments | -0.4 |
Ending Balance | $0.40 |
Reorganization_and_Restructuri3
Reorganization and Restructuring Costs Restructuring Costs (Details) (2014 Global Transformation Program [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | $3.10 |
Estimated additional expenses to be incurred | 33.4 |
Total reorganization and restructuring costs | 36.5 |
Operating Expense [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | 3 |
Estimated additional expenses to be incurred | 9.7 |
Total reorganization and restructuring costs | 12.7 |
Restructuring Costs | 3 |
Reorganization Costs | 0.1 |
Total reorganization and restructuring costs | 3.1 |
Reorganization Expense [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | 0.1 |
Estimated additional expenses to be incurred | 23.7 |
Total reorganization and restructuring costs | 23.8 |
Compensation And Benefits [Member] | Operating Expense [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Costs | 2.2 |
Reorganization Costs | 0.1 |
Transaction and operations support [Member] | Operating Expense [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Costs | 0.8 |
Employee Severance and Other [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | 2.2 |
Estimated additional expenses to be incurred | 8.4 |
Total reorganization and restructuring costs | 10.6 |
Employee Severance and Other [Member] | Operating Expense [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | 2.2 |
Estimated additional expenses to be incurred | 8.4 |
Total reorganization and restructuring costs | 10.6 |
Employee Severance and Other [Member] | Reorganization Expense [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | 0 |
Estimated additional expenses to be incurred | 0 |
Total reorganization and restructuring costs | 0 |
Other Expense [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | 0.9 |
Estimated additional expenses to be incurred | 25 |
Total reorganization and restructuring costs | 25.9 |
Other Expense [Member] | Operating Expense [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | 0.8 |
Estimated additional expenses to be incurred | 1.3 |
Total reorganization and restructuring costs | 2.1 |
Other Expense [Member] | Reorganization Expense [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | 0.1 |
Estimated additional expenses to be incurred | 23.7 |
Total reorganization and restructuring costs | $23.80 |
Reorganization_and_Restructuri4
Reorganization and Restructuring Costs Summary of Restructuring Expenses Incurred by Reportable Segment (Details) (2014 Global Transformation Program [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | $3.10 |
Estimated additional expenses to be incurred | 33.4 |
Total reorganization and restructuring costs | 36.5 |
Operating Expense [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | 3 |
Estimated additional expenses to be incurred | 9.7 |
Total reorganization and restructuring costs | 12.7 |
Operating Expense [Member] | Global Funds Transfer revenue: | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | 2.6 |
Estimated additional expenses to be incurred | 8.4 |
Total reorganization and restructuring costs | 11 |
Operating Expense [Member] | Financial Paper Products revenue: | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | 0.3 |
Estimated additional expenses to be incurred | 0.8 |
Total reorganization and restructuring costs | 1.1 |
Operating Expense [Member] | Other Segments [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Expenses incurred to date | 0.1 |
Estimated additional expenses to be incurred | 0.5 |
Total reorganization and restructuring costs | $0.60 |
Assets_in_Excess_of_Payment_Se2
Assets in Excess of Payment Service Obligations (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Disclosure Assets In Excess Of Payment Service Obligations [Abstract] | ' | ' |
Cash and cash equivalents (substantially restricted) | $2,153.90 | $2,228.50 |
Receivables, net (substantially restricted) | 890 | 767.7 |
Interest-bearing investments (substantially restricted) | 935.8 | 1,011.60 |
Available-for-sale investments (substantially restricted) | 41.6 | 48.1 |
Assets available for payment service obligations | 4,021.30 | 4,055.90 |
Payment service obligations | -3,691.70 | -3,737.10 |
Assets in excess of payment service obligations | $329.60 | $318.80 |
Fair_Value_Measurement_Assets_
Fair Value Measurement (Assets and Liabilities Measured at Fair Value by Hierarchy Level) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | $41.60 | $48.10 |
Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Total financial assets | 52.8 | 57.9 |
U.S. government agencies | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | 8 | 8 |
U.S. government agencies | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | 8 | 8 |
Residential mortgage-backed securities — agencies | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | 18 | 19.5 |
Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | 18 | 19.5 |
Other asset-backed securities | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | 15.6 | 20.6 |
Other asset-backed securities | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | 15.6 | 20.6 |
Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Investment related to deferred compensation trust | 9.8 | 9.6 |
Forward Contracts | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Forward contracts | 1.4 | 0.2 |
Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Total financial assets | 9.8 | 9.6 |
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 | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | 0 | 0 |
Level 1 | Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Investment related to deferred compensation trust | 9.8 | 9.6 |
Level 1 | Forward Contracts | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Forward contracts | 0 | 0 |
Financial liabilities: | ' | ' |
Forward contracts | ' | 0 |
Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Total financial assets | 27.4 | 27.7 |
Level 2 | U.S. government agencies | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | 8 | 8 |
Level 2 | Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | 18 | 19.5 |
Level 2 | Other asset-backed securities | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | 0 | 0 |
Level 2 | Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Investment related to deferred compensation trust | 0 | 0 |
Level 2 | Forward Contracts | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Forward contracts | 1.4 | 0.2 |
Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Total financial assets | 15.6 | 20.6 |
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 | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | 15.6 | 20.6 |
Level 3 | Other asset-backed securities | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Market Value | 15.6 | 20.6 |
Level 3 | Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Investment related to deferred compensation trust | 0 | 0 |
Level 3 | Forward Contracts | Fair Value, Measurements, Recurring | ' | ' |
Available-for-sale investments (substantially restricted): | ' | ' |
Forward contracts | 0 | 0 |
Financial liabilities: | ' | ' |
Forward contracts | ' | 0 |
Forward Contracts | Fair Value, Measurements, Recurring | ' | ' |
Financial liabilities: | ' | ' |
Forward contracts | ' | 0.6 |
Forward Contracts | Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Financial liabilities: | ' | ' |
Forward contracts | ' | $0.60 |
Fair_Value_Measurement_Summary
Fair Value Measurement (Summary of Unobservable Inputs Used in Other Asset-Backed Securities Classified as Level 3) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Other asset-backed securities | ' | ' | ||
Market Value | $41.60 | $48.10 | ||
Net average price basis | $100 | [1] | $100 | [1] |
Other asset-backed securities | ' | ' | ||
Other asset-backed securities | ' | ' | ||
Market Value | 15.6 | 20.6 | ||
Level 3 | Other asset-backed securities | ' | ' | ||
Other asset-backed securities | ' | ' | ||
Market Value | 15.6 | 20.6 | ||
Net Average Price | 4.24 | 5.24 | ||
Level 3 | Other asset-backed securities | Alt [Member] | ' | ' | ||
Other asset-backed securities | ' | ' | ||
Market Value | 0.1 | 0.1 | ||
Net Average Price | 23.52 | 17.01 | ||
Level 3 | Other asset-backed securities | Home Equity Line of Credit [Member] | ' | ' | ||
Other asset-backed securities | ' | ' | ||
Market Value | 0.1 | 0.2 | ||
Net Average Price | 28.24 | 51.87 | ||
Level 3 | Other asset-backed securities | Indirect Exposure High Grade [Member] | ' | ' | ||
Other asset-backed securities | ' | ' | ||
Market Value | 8.2 | 8.2 | ||
Net Average Price | 7.9 | 7.9 | ||
Level 3 | Other asset-backed securities | Indirect Exposure Mezzanine [Member] | ' | ' | ||
Other asset-backed securities | ' | ' | ||
Market Value | 1.7 | 2.6 | ||
Net Average Price | 1.82 | 2.12 | ||
Level 3 | Other asset-backed securities | Indirect Exposure Mezzanine Broker Priced [Member] | ' | ' | ||
Other asset-backed securities | ' | ' | ||
Market Value | 1.5 | 5 | ||
Net Average Price | 2 | 6.01 | ||
Level 3 | Other asset-backed securities | Other | ' | ' | ||
Other asset-backed securities | ' | ' | ||
Market Value | 4 | 4.5 | ||
Net Average Price | 21.75 | 23.85 | ||
Fair Value, Measurements, Recurring | Other asset-backed securities | ' | ' | ||
Other asset-backed securities | ' | ' | ||
Market Value | 15.6 | 20.6 | ||
Fair Value, Measurements, Recurring | Level 3 | Other asset-backed securities | ' | ' | ||
Other asset-backed securities | ' | ' | ||
Market Value | $15.60 | $20.60 | ||
[1] | Net average price is per |
Fair_Value_Measurement_Rollfor
Fair Value Measurement (Roll-forward of Other Asset-Backed Securities) (Detail) (Level 3, Fair Value, Measurements, Recurring, Other asset-backed securities, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Level 3 | Fair Value, Measurements, Recurring | Other asset-backed securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning balance | $20.60 | $18 |
Principal paydowns | -3.8 | -0.1 |
Unrealized gains | 0 | 0.8 |
Unrealized losses | -1.2 | -1 |
Ending balance | $15.60 | $17.70 |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Carrying Value | $840.80 | ' | $842.90 |
Other than temporary impairments | 0 | 0 | ' |
Impairments of fixed assets, goodwill and other intangible assets | 0 | 0 | ' |
2011 Credit Agreement | Fair Value, Measurements, Recurring | Senior secured credit facility and senior secured incremental term loan | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Fair Value | 841.9 | ' | 849.2 |
Carrying Value | $840.80 | ' | $842.90 |
Investment_Portfolio_Component
Investment Portfolio (Components of Investment Portfolio) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Market Value | $41.60 | $48.10 |
Cash | 2,143 | 2,204.50 |
Money-market securities | 10.9 | 24 |
Cash and cash equivalents (substantially restricted) | 2,153.90 | 2,228.50 |
Interest-bearing investments (substantially restricted) | 935.8 | 1,011.60 |
Available-for-sale investments (substantially restricted) | 41.6 | 48.1 |
Total investment portfolio | 3,131.30 | 3,288.20 |
Residential mortgage-backed securities — agencies | ' | ' |
Investment [Line Items] | ' | ' |
Market Value | $18 | $19.50 |
Investment_Portfolio_Additiona
Investment Portfolio - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
fund | ||
Investment [Line Items] | ' | ' |
Number of investments in money market securities (in funds) | 4 | ' |
Percentage Of Available For Sale Portfolio Collateralized By Us Debentures | 63.00% | 57.00% |
Average price of an asset-backed security at par (in dollars per share) | $0.04 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($37.40) | ($33) |
Change in Investment Grade | 0 | 3.4 |
Percentage of available-for-sale portfolio priced by third party pricing service | 67.00% | 64.00% |
Percentage of available-for-sale portfolio priced by broker pricing | 4.00% | 10.00% |
Percentage of available-for-sale portfolio priced by internal pricing | 29.00% | 26.00% |
Unrealized losses in available-for-sale portfolio | 0 | 0 |
Net unrealized gains on securities classified as available for sale | ' | ' |
Investment [Line Items] | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 12.9 | 17.3 |
Net unrealized gains on securities classified as available-for-sale, net of tax | ' | 17.3 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ($4.30) | ' |
Investment_Portfolio_Available
Investment Portfolio (Available for Sale Investments (Substantially Restricted)) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Investment [Line Items] | ' | ' | ||
Amortized Cost | $29.80 | $31.40 | ||
Gross Unrealized Gains | 11.8 | 16.7 | ||
Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale Securities | 41.6 | 48.1 | ||
Net Average Price (in dollars per share) | 10.6 | [1] | 11.5 | [1] |
Net average price basis | $100 | [1] | $100 | [1] |
Residential mortgage-backed securities — agencies | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Amortized Cost | 16.4 | 17.8 | ||
Gross Unrealized Gains | 1.6 | 1.7 | ||
Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale Securities | 18 | 19.5 | ||
Net Average Price (in dollars per share) | 110.28 | [1] | 110.45 | [1] |
Other asset-backed securities | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Amortized Cost | 5.5 | 5.9 | ||
Gross Unrealized Gains | 10.1 | 14.7 | ||
Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale Securities | 15.6 | 20.6 | ||
Net Average Price (in dollars per share) | 4.24 | [1] | 5.24 | [1] |
U.S. government agencies | ' | ' | ||
Investment [Line Items] | ' | ' | ||
Amortized Cost | 7.9 | 7.7 | ||
Gross Unrealized Gains | 0.1 | 0.3 | ||
Gross Unrealized Losses | 0 | 0 | ||
Available-for-sale Securities | $8 | $8 | ||
Net Average Price (in dollars per share) | 99.94 | [1] | 99.87 | [1] |
[1] | Net average price is per |
Investment_Portfolio_Investmen
Investment Portfolio (Investment Ratings) (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Securities | Securities | |
Available for Sale Securities By Credit Qaulity Indicator [Line Items] | ' | ' |
Number of Securities | 63 | 66 |
Market Value | $41.60 | $48.10 |
Percent of Investments | 100.00% | 100.00% |
External Credit Rating, Investment Grade [Member] | ' | ' |
Available for Sale Securities By Credit Qaulity Indicator [Line Items] | ' | ' |
Number of Securities | 15 | 16 |
Market Value | 25.8 | 30.8 |
Investment Grade [Member] | ' | ' |
Available for Sale Securities By Credit Qaulity Indicator [Line Items] | ' | ' |
Percent of Investments | 62.00% | 64.00% |
External Credit Rating, Non Investment Grade [Member] | ' | ' |
Available for Sale Securities By Credit Qaulity Indicator [Line Items] | ' | ' |
Number of Securities | 48 | 50 |
Market Value | $15.80 | $17.30 |
Below investment grade | ' | ' |
Available for Sale Securities By Credit Qaulity Indicator [Line Items] | ' | ' |
Percent of Investments | 38.00% | 36.00% |
Investment_Portfolio_Contractu
Investment Portfolio (Contractual Maturities) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Amortized Cost, After one year through five years | $7.90 | $7.70 |
Amortized Cost, Mortgage-backed and other asset-backed securities | 21.9 | 23.7 |
Amortized Cost, Total | 29.8 | 31.4 |
Fair Value, After one year through five years | 8 | 8 |
Fair Value, Mortgage-backed and other asset-backed securities | 33.6 | 40.1 |
Fair Value, Total | $41.60 | $48.10 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Summary of (Gains) Losses Related to Assets and Liabilities Denominated in Foreign Currencies) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Disclosure Derivative Financial Instruments Summary Of Gains Losses Related To Assets And Liabilities Denominated In Foreign Currencies [Abstract] | ' | ' |
Net realized foreign currency losses | $1.70 | $4.30 |
Net gains from the related forward contracts | -1.6 | -4.5 |
Net losses (gains) from foreign currency transactions and related forward contracts | $0.10 | ($0.20) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Additional Information (Detail) (Foreign Exchange Forward, Not Designated as Hedging Instrument, Other assets, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 | $107.10 | $129 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Fair Values of Derivative Forward Contract Instruments) (Detail) (Forward Contracts, USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amount of Recognized Liabilities | ($0.30) | ($0.80) |
Gross Amount of Offset | 0.3 | 0.2 |
Net Amount of Liabilities Presented in the Consolidated Balance Sheets | 0 | -0.6 |
Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Gross Amount of Recognized Assets | 1.7 | 0.4 |
Gross Amount of Offset | -0.3 | -0.2 |
Net Amount of Assets Presented in the Consolidated Balance Sheets | $1.40 | $0.20 |
Debt_Summary_of_Outstanding_De
Debt (Summary of Outstanding Debt) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Senior secured credit facility due 2020 | ||
2013 Credit Agreement | |||
Schedule of Debt [Roll Forward] | ' | ' | ' |
Beginning balance | $840.80 | $842.90 | $842.90 |
Payments | ' | ' | -2.1 |
Ending balance | $840.80 | $842.90 | $840.80 |
Weighted average interest rate | ' | ' | 4.25% |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | |||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 28, 2013 | Mar. 28, 2013 | Mar. 31, 2014 | Mar. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
2011 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||
Term Credit Facility [Member] | Term Credit Facility [Member] | Letter of credit | Senior revolving credit facility | Senior revolving credit facility | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | |||||
Term Credit Facility [Member] | Term Credit Facility [Member] | Term Credit Facility [Member] | Term Credit Facility [Member] | ||||||||||
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 | ' | ' | ' | ' | '7 years | ' | ' | '5 years | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | $540,000,000 | ' | ' | $850,000,000 | $50,000,000 | $125,000,000 | $125,000,000 | ' | ' | ' | ' |
Basis spread on variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 3.00% | 2.25% | 3.25% |
Letters of Credit Outstanding, Amount | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | 0 | 850,000,000 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Revolving credit facility, availability | ' | ' | ' | ' | ' | ' | ' | 124,600,000 | ' | ' | ' | ' | ' |
Cash payments for interest | 9,100,000 | 15,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturing in 2020 | 790,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental payment of debt principal | 51,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increment paid | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Credit_Agreement_Quarterl
Debt (Credit Agreement Quarterly Financial Covenants) (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Debt Instrument [Line Items] | ' |
Interest Coverage Minimum Ratio | 8.21 |
Total Secured Leverage Not to Exceed | 2.761 |
Present through September 30, 2014 | ' |
Debt Instrument [Line Items] | ' |
Interest Coverage Minimum Ratio | 2.15 |
Total Secured Leverage Not to Exceed | 4.375 |
December 31, 2014 through September 30, 2015 | ' |
Debt Instrument [Line Items] | ' |
Interest Coverage Minimum Ratio | 2.25 |
Total Secured Leverage Not to Exceed | 4 |
December 31, 2015 through September 30, 2016 | ' |
Debt Instrument [Line Items] | ' |
Interest Coverage Minimum Ratio | 2.25 |
Total Secured Leverage Not to Exceed | 3.75 |
December 31, 2016 through maturity | ' |
Debt Instrument [Line Items] | ' |
Interest Coverage Minimum Ratio | 2.25 |
Total Secured Leverage Not to Exceed | 3.5 |
Debt_Summary_of_Deferred_Finan
Debt (Summary of Deferred Financing Costs) (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Debt Instrument [Roll Forward] | ' |
Beginning balance | $13.30 |
Amortization of deferred financing costs | -0.6 |
Ending balance | $12.70 |
Pensions_and_Other_Benefits_Ne
Pensions and Other Benefits (Net Periodic Benefit Expense) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined benefit pension plan and combined supplemental executive retirement plans ("SERPs"') [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Interest cost | $2.70 | $2.40 |
Expected return on plan assets | -1.8 | -1.8 |
Recognized net actuarial loss | 1.7 | 1.9 |
Net periodic benefit expense | 2.6 | 2.5 |
Postretirement benefit plans | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Amortization of prior service cost | -0.2 | -0.2 |
Recognized net actuarial loss | 0.1 | 0.1 |
Net periodic benefit expense | ($0.10) | ($0.10) |
Pensions_and_Other_Benefits_Ad
Pensions and Other Benefits - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Contributions | $2 | $1.40 |
Supplemental Employee Retirement Plans, Defined Benefit | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Contributions | $1.10 | $1.20 |
Stockholders_Deficit_Summary_o
Stockholders' Deficit (Summary of Stock Activity) (Detail) | Mar. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ' | ' |
Common Stock, Shares Authorized | 162,500,000 | 162,500,000 |
Common Stock, Shares, Issued | 62,263,963 | 62,263,963 |
Treasury stock, shares (in shares) | -4,241,725 | -4,300,782 |
Preferred Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Preferred stock, shares authorized (in shares) | 200,000 | ' |
Preferred Stock, Shares Issued | 109,000 | ' |
Preferred stock, shares outstanding | 109,000 | ' |
Common Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common Stock, Shares Authorized | 162,500,000 | ' |
Common Stock, Shares, Issued | 62,264,000 | ' |
Common Stock, shares, outstanding (in shares) | 58,022,000 | ' |
Treasury Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Treasury stock, shares (in shares) | -4,242,000 | ' |
Stockholders_Deficit_Additiona
Stockholders' Deficit - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
vote | |
Stockholders' Equity Note [Abstract] | ' |
Dividends, Common Stock, Cash | ' |
Common stock votes per share (in votes) | 1 |
Stockholders_Deficit_Component
Stockholders' Deficit (Components of Accumulated Other Comprehensive Loss) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Accumulated other comprehensive loss | ($37.40) | ' |
Accumulated other comprehensive loss | -33 | ' |
Income (loss) before income taxes | 27.3 | -18.4 |
Income tax expense (benefit) | 11.7 | 5.8 |
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 | -4.8 | ' |
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 0.5 | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income before amortization | -0.1 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -4.3 | ' |
Net current period other comprehensive income | -4.4 | ' |
Accumulated other comprehensive loss | 12.9 | ' |
Accumulated other comprehensive loss | 17.3 | ' |
Cumulative foreign currency translation adjustments, net of tax | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income before amortization | -1 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ' |
Net current period other comprehensive income | -1 | ' |
Accumulated other comprehensive loss | 2.5 | ' |
Accumulated other comprehensive loss | 3.5 | ' |
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 | ' |
Net current period other comprehensive income | 1 | ' |
Accumulated other comprehensive loss | -52.8 | ' |
Accumulated other comprehensive loss | -53.8 | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Other comprehensive income before amortization | -1.1 | ' |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -3.3 | ' |
Net current period other comprehensive income | -4.4 | ' |
Accumulated other comprehensive loss | -37.4 | ' |
Accumulated other comprehensive loss | -33 | ' |
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 | 3.3 | ' |
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 | ' |
Prior service credits, before tax | -0.2 | ' |
Net actuarial losses, before tax | 1.8 | ' |
Income (loss) before income taxes | 1.6 | ' |
Income tax expense (benefit) | ($0.60) | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Restricted Stock And Restricted Stock Units Rsu [Member] | ' | ' |
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 | $1 | ' |
Stock options | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Term of options granted | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '3 years | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 17.2 | ' |
Weighted-Average Remaining Contractual Term | '1 year 7 months 0 days | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Weighted-Average Remaining Contractual Term | '2 years 2 months 0 days | '1 year 9 months 18 days |
Unrecognized compensation expense | 26.2 | ' |
Unrecognized restricted stock unit expense, minimum thresholds | 1.6 | ' |
Unrecognized restricted stock unit expense, maximum thresholds | $29.80 | ' |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Stock-Based Compensation Expense) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | $3.10 | $2.40 |
Stock options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | 1.3 | 1.6 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | $1.80 | $0.80 |
StockBased_Compensation_Assump
Stock-Based Compensation (Assumptions Utilized to Estimate Grant-Date Fair Value of Stock Options) (Detail) (Stock options, USD $) | 3 Months Ended | |
Mar. 31, 2014 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Expected dividend yield | 0.00% | [1] |
Expected volatility, minimum | 65.70% | [2] |
Expected volatility, maximum | 68.20% | [2] |
Risk-free interest rate, minimum | 1.10% | [3] |
Risk-free interest rate, maximum | 1.90% | |
Weighted-average grant-date fair value per option (in dollars per share) | $12.14 | |
Minimum [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Expected life | '6 years 0 months 0 days | |
Maximum [Member] | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |
Expected life | '6 years 3 months 18 days | |
[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. |
StockBased_Compensation_Summar1
Stock-Based Compensation (Summary of Stock Option Activity) (Detail) (Stock options, USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Stock options | ' |
Stock option activity | ' |
Shares, options outstanding, Beginning Balance | 4,792,004 |
Shares, Granted | 418,771 |
Shares, Exercised | -20,959 |
Shares, Forfeited/Expired | -287,425 |
Shares, options outstanding, Ending Balance | 4,902,391 |
Shares, Vested or expected to vest | 4,718,601 |
Shares, Options exercisable | 1,927,955 |
Weighted Average Exercise Price | ' |
Weighted average exercise price, Options outstanding, Beginning Balance (usd per share) | $20.14 |
Weighted-Average Exercise Price, Granted (usd per share) | $20.10 |
Weighted Average Exercise Price, Exercised | $15.98 |
Weighted-Average Exercise Price, Forfeited/Expired (usd per share) | $16.35 |
Weighted average exercise price, Options outstanding, Ending Balance (usd per share) | $20.38 |
Weight Average Exercise Price, Vested or expected to vest (usd per share) | $20.44 |
Weighted average exercise price, Options exercisable (usd per share) | $20.57 |
Additional Disclosures | ' |
Weighted-Average Remaining Contractual Term, Options outstanding | '6 years 8 months 12 days |
Weighted-Average Remaining Contractual Term, Vested or expected to vest | '6 years 7 months 6 days |
Weighted-Average Remaining Contractual Term, Options exercisable | '5 years 9 months 18 days |
Aggregate intrinsic value, Options outstanding | $4.30 |
Aggregate intrinsic value, Options vested or expected to vest | 4.2 |
Aggregate intrinsic value, Options exercisable | $3.20 |
StockBased_Compensation_Summar2
Stock-Based Compensation (Summary of Restricted Stock Unit Activity) (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-Average Remaining Contractual Term | '2 years 2 months 0 days | '1 year 9 months 18 days |
Aggregate Intrinsic Value | $36 | $24.60 |
Equity Instruments Other than Options, Nonvested, Number of Shares | ' | ' |
Restricted stock units outstanding, beginning balance | 1,186,144 | ' |
Granted | 931,575 | ' |
Vested | -62,100 | ' |
Forfeited | -17,505 | ' |
Restricted stock units outstanding, ending balance | 2,038,114 | 1,186,144 |
Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' | ' |
Restricted stock units outstanding | $16.73 | ' |
Granted | $20.08 | ' |
Vested | $16.74 | ' |
Forfeited | $16.55 | ' |
Restricted stock units outstanding | $18.25 | $16.73 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax expense (benefit) | ' | ($11.70) | ($5.80) | ' |
Income (loss) before income taxes | ' | 27.3 | -18.4 | ' |
Cash payments for income taxes | ' | 0.1 | 0.1 | ' |
Cumulative deductions taken for net securities losses | 900 | ' | ' | ' |
Deductions In Dispute With IRS With Partial Settlements | ' | 186.9 | ' | ' |
Cumulative benefit recognized on deductions for net security losses | ' | 139.9 | ' | ' |
Unrecognized Tax Benefits | ' | 29.1 | ' | 52 |
Unrecognized tax benefits interest and penalties | ' | -0.1 | 1.3 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | ' | $2 | ' | $2.10 |
Income_Taxes_Schedule_of_Unrec
Income Taxes Schedule of Unrecognized Tax Benefit (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' |
Unrecognized Tax Benefits, Beginning balance | $52 |
Reductions for tax positions of prior years | -22.9 |
Unrecognized Tax Benefits, Ending Balance | $29.10 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Apr. 30, 2014 | |
Commission Guarantees | Subsequent Event [Member] | |||
Goldman Sachs & Co. | ||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' |
Liability for minimum commission guarantees | ' | ' | $4,400,000 | ' |
Maximum amount that could be paid under minimum commission guarantees | ' | ' | 13,600,000 | ' |
Weighted average remaining term | ' | ' | '3 years 7 months 10 days | ' |
Liability related to various legal matters | 2,100,000 | 1,700,000 | ' | ' |
Legal And Regulatory Settlement Expense | 400,000 | ' | ' | ' |
Proceeds from Legal Settlements | 13,000,000 | ' | ' | ' |
Proceeds from Fees Received | 4,350,000 | ' | ' | ' |
Percentage ownership of common stock on diluted basis | ' | ' | ' | 14.00% |
Corporate Taxes Owed | $0 | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Summary of Minimum Future Rental Payments) (Detail) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $11.40 |
2015 | 11.7 |
2016 | 7.6 |
2017 | 6.8 |
2018 | 6.4 |
Thereafter | 15.8 |
Total | $59.70 |
Earnings_per_Common_Share_Deta
Earnings per Common Share (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Basic common shares outstanding (in shares) | 71,600,000 | 71,500,000 |
Shares related to stock options (in shares) | 300,000 | 0 |
Diluted common shares outstanding (in shares) | 71,900,000 | 71,500,000 |
Shares excluded from the computation (in shares) | 4,700,000 | 5,400,000 |
Employee Stock Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Shares excluded from the computation (in shares) | 3,500,000 | 4,600,000 |
Restricted Stock And Restricted Stock Units [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Shares excluded from the computation (in shares) | 1,200,000 | 800,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Segment | Segment | |
Segment Reporting Information [Line Items] | ' | ' |
Number of Reportable Segments | 2 | 2 |
Percentage of total revenue | 27.00% | 28.00% |
Global Funds Transfer revenue: | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Number of agents that accounted for significant percent of total revenue | 1 | 1 |
Financial Paper Products revenue: | ' | ' |
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 | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Total revenue | $374.90 | $340.50 |
Global Funds Transfer revenue: | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenue | 351.7 | 320.4 |
Global Funds Transfer revenue: | Money transfer revenue | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenue | 326.1 | 294.4 |
Global Funds Transfer revenue: | Bill payment revenue | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenue | 25.6 | 26 |
Financial Paper Products revenue: | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenue | 23.2 | 19.9 |
Financial Paper Products revenue: | Money order revenue | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenue | 14.4 | 13.7 |
Financial Paper Products revenue: | Official check revenue | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenue | 8.8 | 6.2 |
Other | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenue | $0 | $0.20 |
Segment_Information_Operating_
Segment Information (Operating Income by Segment) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment operating income: | ' | ' |
Total operating income | $37 | $44.30 |
Interest expense | 9.7 | 17.4 |
Debt extinguishment costs | 0 | 45.3 |
Income (loss) before income taxes | 27.3 | -18.4 |
Global Funds Transfer revenue: | ' | ' |
Segment operating income: | ' | ' |
Total operating income | 31.5 | 41.4 |
Financial Paper Products revenue: | ' | ' |
Segment operating income: | ' | ' |
Total operating income | 9.8 | 6.9 |
Total segment operating income | ' | ' |
Segment operating income: | ' | ' |
Total operating income | 41.3 | 48.3 |
Other | ' | ' |
Segment operating income: | ' | ' |
Total operating income | ($4.30) | ($4) |
Segment_Information_Assets_by_
Segment Information (Assets by Segment) (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $4,761.40 | $4,786.90 |
Global Funds Transfer revenue: | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 1,670.50 | 1,611.30 |
Financial Paper Products revenue: | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 2,705.50 | 2,800 |
Other | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $385.40 | $375.60 |
Subsequent_Events_Subsequent_D
Subsequent Events Subsequent (Details) (USD $) | 3 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||
Mar. 31, 2013 | Apr. 02, 2014 | Mar. 28, 2013 | Apr. 02, 2014 | Mar. 31, 2014 | Mar. 28, 2013 | Apr. 02, 2014 | Apr. 02, 2014 | |
Subsequent Event [Member] | Term Credit Facility [Member] | Term Credit Facility [Member] | Senior revolving credit facility | Senior revolving credit facility | Senior revolving credit facility | Wal Mart Participation Agreement [Member] | ||
2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | Subsequent Event [Member] | |||
Subsequent Event [Member] | Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | $850,000,000 | $130,000,000 | $125,000,000 | $125,000,000 | $150,000,000 | ' |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | ' | 9,200,000 | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | 300,000,000 | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | 8,185,092 | ' | ' | ' | ' | ' | ' |
Share Price | ' | $16.25 | ' | ' | ' | ' | ' | ' |
Additional paid in capital | $300,000 | ' | ' | ' | ' | ' | ' | $600,000 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
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 $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $0 | $0 | $0 | $0 |
Cash and cash equivalents (substantially restricted) | 2,153.90 | 2,228.50 | ' | ' |
Receivables, net (substantially restricted) | 890 | 767.7 | ' | ' |
Interest-bearing investments (substantially restricted) | 935.8 | 1,011.60 | ' | ' |
Available-for-sale investments (substantially restricted) | 41.6 | 48.1 | ' | ' |
Property and equipment, net | 133.6 | 134.8 | ' | ' |
Goodwill | 434.9 | 435.2 | ' | ' |
Other assets | 171.6 | 161 | ' | ' |
Equity investments in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Total assets | 4,761.40 | 4,786.90 | ' | ' |
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ' | ' | ' | ' |
Payment service obligations | 3,691.70 | 3,737.10 | ' | ' |
Debt | 840.8 | 842.9 | ' | ' |
Pension and other postretirement benefits | 96.3 | 98.4 | ' | ' |
Accounts payable and other liabilities | 172.1 | 185.5 | ' | ' |
Intercompany liabilities | 0 | 0 | ' | ' |
Total liabilities | 4,800.90 | 4,863.90 | ' | ' |
Total stockholders' (deficit) equity | -39.5 | -77 | -171.7 | -161.4 |
Total liabilities and stockholders’ deficit | 4,761.40 | 4,786.90 | ' | ' |
Parent | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Cash and cash equivalents (substantially restricted) | 2 | 1.7 | ' | ' |
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 | 18.4 | 18.1 | ' | ' |
Equity investments in subsidiaries | 114.3 | 81 | ' | ' |
Intercompany receivables | 698.7 | 703.6 | ' | ' |
Total assets | 833.4 | 804.4 | ' | ' |
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ' | ' | ' | ' |
Payment service obligations | 0 | 0 | ' | ' |
Debt | 840.8 | 842.9 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | ' |
Accounts payable and other liabilities | 32.1 | 38.5 | ' | ' |
Intercompany liabilities | 0 | 0 | ' | ' |
Total liabilities | 872.9 | 881.4 | ' | ' |
Total stockholders' (deficit) equity | -39.5 | -77 | ' | ' |
Total liabilities and stockholders’ deficit | 833.4 | 804.4 | ' | ' |
Subsidiary Guarantors | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Cash and cash equivalents (substantially restricted) | 2,082.50 | 2,134.60 | ' | ' |
Receivables, net (substantially restricted) | 878.7 | 760.8 | ' | ' |
Interest-bearing investments (substantially restricted) | 900 | 975 | ' | ' |
Available-for-sale investments (substantially restricted) | 41.6 | 48.1 | ' | ' |
Property and equipment, net | 109.7 | 109.5 | ' | ' |
Goodwill | 313 | 313 | ' | ' |
Other assets | 159.4 | 163 | ' | ' |
Equity investments in subsidiaries | 188.9 | 194.7 | ' | ' |
Intercompany receivables | 7.1 | 4 | ' | ' |
Total assets | 4,680.90 | 4,702.70 | ' | ' |
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ' | ' | ' | ' |
Payment service obligations | 3,656.60 | 3,699.50 | ' | ' |
Debt | 0 | 0 | ' | ' |
Pension and other postretirement benefits | 96.3 | 98.4 | ' | ' |
Accounts payable and other liabilities | 113.1 | 112.9 | ' | ' |
Intercompany liabilities | 700.6 | 710.9 | ' | ' |
Total liabilities | 4,566.60 | 4,621.70 | ' | ' |
Total stockholders' (deficit) equity | 114.3 | 81 | ' | ' |
Total liabilities and stockholders’ deficit | 4,680.90 | 4,702.70 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Cash and cash equivalents (substantially restricted) | 69.4 | 92.2 | ' | ' |
Receivables, net (substantially restricted) | 11.3 | 6.9 | ' | ' |
Interest-bearing investments (substantially restricted) | 35.8 | 36.6 | ' | ' |
Available-for-sale investments (substantially restricted) | 0 | 0 | ' | ' |
Property and equipment, net | 23.9 | 25.3 | ' | ' |
Goodwill | 121.9 | 122.2 | ' | ' |
Other assets | 21.4 | 17.5 | ' | ' |
Equity investments in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivables | 2.3 | 10.3 | ' | ' |
Total assets | 286 | 311 | ' | ' |
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ' | ' | ' | ' |
Payment service obligations | 35.1 | 37.6 | ' | ' |
Debt | 0 | 0 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | ' |
Accounts payable and other liabilities | 54.5 | 71.7 | ' | ' |
Intercompany liabilities | 7.5 | 7 | ' | ' |
Total liabilities | 97.1 | 116.3 | ' | ' |
Total stockholders' (deficit) equity | 188.9 | 194.7 | ' | ' |
Total liabilities and stockholders’ deficit | 286 | 311 | ' | ' |
Eliminations | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 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 | -27.6 | -37.6 | ' | ' |
Equity investments in subsidiaries | -303.2 | -275.7 | ' | ' |
Intercompany receivables | -708.1 | -717.9 | ' | ' |
Total assets | -1,038.90 | -1,031.20 | ' | ' |
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 | -27.6 | -37.6 | ' | ' |
Intercompany liabilities | -708.1 | -717.9 | ' | ' |
Total liabilities | -735.7 | -755.5 | ' | ' |
Total stockholders' (deficit) equity | -303.2 | -275.7 | ' | ' |
Total liabilities and stockholders’ deficit | ($1,038.90) | ($1,031.20) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUE | ' | ' |
Fee and other revenue | $367.70 | $337.70 |
Investment revenue | 7.2 | 2.8 |
Total revenue | 374.9 | 340.5 |
OPERATING EXPENSES | ' | ' |
Fee and other commissions expense | 170.9 | 154.3 |
Investment commissions expense | 0.1 | 0.1 |
Total commissions expense | 171 | 154.4 |
Compensation and benefits | 69.7 | 65.5 |
Transaction and operations support | 71.3 | 51.5 |
Occupancy, equipment and supplies | 12.8 | 13 |
Depreciation and amortization | 13.1 | 11.8 |
Total operating expenses | 337.9 | 296.2 |
OPERATING INCOME | 37 | 44.3 |
Other expense | ' | ' |
Interest expense | 9.7 | 17.4 |
Debt extinguishment costs | 0 | 45.3 |
Total other expense | 9.7 | 62.7 |
Income (loss) before income taxes | 27.3 | -18.4 |
Income tax expense (benefit) | -11.7 | -5.8 |
Loss (income) after income taxes | 39 | -12.6 |
Equity (loss) income in subsidiaries | 0 | 0 |
NET INCOME (LOSS) | 39 | -12.6 |
Parent | ' | ' |
REVENUE | ' | ' |
Fee and other revenue | 0 | 0 |
Investment revenue | 0 | 0 |
Total revenue | 0 | 0 |
OPERATING EXPENSES | ' | ' |
Fee and other commissions expense | 0 | 0 |
Investment commissions expense | 0 | 0 |
Total commissions expense | 0 | 0 |
Compensation and benefits | 0 | 0 |
Transaction and operations support | 2 | 0.5 |
Occupancy, equipment and supplies | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Total operating expenses | 2 | 0.5 |
OPERATING INCOME | -2 | -0.5 |
Other expense | ' | ' |
Interest expense | 9.7 | 0.4 |
Debt extinguishment costs | ' | 0 |
Total other expense | 9.7 | 0.4 |
Income (loss) before income taxes | -11.7 | -0.9 |
Income tax expense (benefit) | -4.1 | -0.3 |
Loss (income) after income taxes | -7.6 | -0.6 |
Equity (loss) income in subsidiaries | 46.6 | -12 |
NET INCOME (LOSS) | 39 | -12.6 |
Subsidiary Guarantors | ' | ' |
REVENUE | ' | ' |
Fee and other revenue | 405.5 | 363.5 |
Investment revenue | 7.2 | 2.7 |
Total revenue | 412.7 | 366.2 |
OPERATING EXPENSES | ' | ' |
Fee and other commissions expense | 208.8 | 181 |
Investment commissions expense | 0.1 | 0.1 |
Total commissions expense | 208.9 | 181.1 |
Compensation and benefits | 52.7 | 48.7 |
Transaction and operations support | 87.8 | 72.1 |
Occupancy, equipment and supplies | 9.4 | 9.8 |
Depreciation and amortization | 9.6 | 8.4 |
Total operating expenses | 368.4 | 320.1 |
OPERATING INCOME | 44.3 | 46.1 |
Other expense | ' | ' |
Interest expense | 0 | 17 |
Debt extinguishment costs | ' | 45.3 |
Total other expense | 0 | 62.3 |
Income (loss) before income taxes | 44.3 | -16.2 |
Income tax expense (benefit) | -7.6 | -6.3 |
Loss (income) after income taxes | 51.9 | -9.9 |
Equity (loss) income in subsidiaries | -5.3 | -2.1 |
NET INCOME (LOSS) | 46.6 | -12 |
Non-Guarantors | ' | ' |
REVENUE | ' | ' |
Fee and other revenue | 75.3 | 72.2 |
Investment revenue | 0 | 0.1 |
Total revenue | 75.3 | 72.3 |
OPERATING EXPENSES | ' | ' |
Fee and other commissions expense | 43.4 | 38.8 |
Investment commissions expense | 0 | 0 |
Total commissions expense | 43.4 | 38.8 |
Compensation and benefits | 17 | 16.8 |
Transaction and operations support | 13.3 | 11.4 |
Occupancy, equipment and supplies | 3.4 | 3.2 |
Depreciation and amortization | 3.5 | 3.4 |
Total operating expenses | 80.6 | 73.6 |
OPERATING INCOME | -5.3 | -1.3 |
Other expense | ' | ' |
Interest expense | 0 | 0 |
Debt extinguishment costs | ' | 0 |
Total other expense | 0 | 0 |
Income (loss) before income taxes | -5.3 | -1.3 |
Income tax expense (benefit) | 0 | 0.8 |
Loss (income) after income taxes | -5.3 | -2.1 |
Equity (loss) income in subsidiaries | 0 | 0 |
NET INCOME (LOSS) | -5.3 | -2.1 |
Eliminations | ' | ' |
REVENUE | ' | ' |
Fee and other revenue | -113.1 | -98 |
Investment revenue | 0 | 0 |
Total revenue | -113.1 | -98 |
OPERATING EXPENSES | ' | ' |
Fee and other commissions expense | -81.3 | -65.5 |
Investment commissions expense | 0 | 0 |
Total commissions expense | -81.3 | -65.5 |
Compensation and benefits | 0 | 0 |
Transaction and operations support | -31.8 | -32.5 |
Occupancy, equipment and supplies | 0 | 0 |
Depreciation and amortization | 0 | 0 |
Total operating expenses | -113.1 | -98 |
OPERATING INCOME | 0 | 0 |
Other expense | ' | ' |
Interest expense | 0 | 0 |
Debt extinguishment costs | ' | 0 |
Total other expense | 0 | 0 |
Income (loss) before income taxes | 0 | 0 |
Income tax expense (benefit) | 0 | 0 |
Loss (income) after income taxes | 0 | 0 |
Equity (loss) income in subsidiaries | -41.3 | 14.1 |
NET INCOME (LOSS) | ($41.30) | $14.10 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
NET INCOME (LOSS) | $39 | ($12.60) |
OTHER COMPREHENSIVE LOSS | ' | ' |
Net unrealized holding gains on available-for-sale securities arising during the period, net of tax expense (benefit) of $0.5 and ($0.1) | -4.4 | 0 |
Net change in pension liability, net of tax benefit of $0.6 and $0.5 | 1 | 1.2 |
Unrealized foreign currency translation adjustment, net of tax | -1 | -1.6 |
Other comprehensive loss | -4.4 | -0.4 |
COMPREHENSIVE INCOME (LOSS) | 34.6 | -13 |
Parent | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
NET INCOME (LOSS) | 39 | -12.6 |
OTHER COMPREHENSIVE LOSS | ' | ' |
Net unrealized holding gains on available-for-sale securities arising during the period, net of tax expense (benefit) of $0.5 and ($0.1) | -4.4 | ' |
Net change in pension liability, net of tax benefit of $0.6 and $0.5 | 1 | 1.2 |
Unrealized foreign currency translation adjustment, net of tax | -1 | -1.6 |
Other comprehensive loss | -4.4 | -0.4 |
COMPREHENSIVE INCOME (LOSS) | 34.6 | -13 |
Subsidiary Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
NET INCOME (LOSS) | 46.6 | -12 |
OTHER COMPREHENSIVE LOSS | ' | ' |
Net unrealized holding gains on available-for-sale securities arising during the period, net of tax expense (benefit) of $0.5 and ($0.1) | -4.4 | ' |
Net change in pension liability, net of tax benefit of $0.6 and $0.5 | 1 | 1.2 |
Unrealized foreign currency translation adjustment, net of tax | 1 | -1.8 |
Other comprehensive loss | -2.4 | -0.6 |
COMPREHENSIVE INCOME (LOSS) | 44.2 | -12.6 |
Non-Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
NET INCOME (LOSS) | -5.3 | -2.1 |
OTHER COMPREHENSIVE LOSS | ' | ' |
Net unrealized holding gains on available-for-sale securities arising during the period, net of tax expense (benefit) of $0.5 and ($0.1) | 0 | ' |
Net change in pension liability, net of tax benefit of $0.6 and $0.5 | 0 | 0 |
Unrealized foreign currency translation adjustment, net of tax | 0.9 | -1.4 |
Other comprehensive loss | 0.9 | -1.4 |
COMPREHENSIVE INCOME (LOSS) | -4.4 | -3.5 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
NET INCOME (LOSS) | -41.3 | 14.1 |
OTHER COMPREHENSIVE LOSS | ' | ' |
Net unrealized holding gains on available-for-sale securities arising during the period, net of tax expense (benefit) of $0.5 and ($0.1) | 4.4 | ' |
Net change in pension liability, net of tax benefit of $0.6 and $0.5 | -1 | -1.2 |
Unrealized foreign currency translation adjustment, net of tax | -1.9 | 3.2 |
Other comprehensive loss | 1.5 | 2 |
COMPREHENSIVE INCOME (LOSS) | -39.8 | 16.1 |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
OTHER COMPREHENSIVE LOSS | ' | ' |
Net change in pension liability, net of tax benefit of $0.6 and $0.5 | 1 | 1.2 |
Unrealized foreign currency translation adjustment, net of tax | ($1) | ($1.60) |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net holding gains arising during the period, tax (benefit) expense | ($0.50) | $0.10 |
Net change in pension liability, net of tax benefit | 0.6 | 0.5 |
Unrealized foreign currency translation gains (losses), tax (benefit) expense | $0.60 | $1 |
Condensed_Consolidating_Financ7
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Cash Flows (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | ($57,500,000) | $58,500,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from maturities of available-for-sale investments (substantially restricted) | 1,300,000 | 6,700,000 |
Purchases of interest-bearing investments (substantially restricted) | -135,800,000 | -264,700,000 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 210,800,000 | 211,100,000 |
Purchases of property and equipment | -17,100,000 | -15,200,000 |
Capital Contribution Dividend As Investing Activity | 0 | 0 |
Intercompany financing | 0 | ' |
Net cash provided by (used in) investing activities | 59,200,000 | -62,100,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of debt | 0 | 850,000,000 |
Transaction costs for issuance and amendment of debt | 0 | -11,800,000 |
Prepayment Penalty Cost | 0 | -21,500,000 |
Payments on debt | -2,100,000 | -813,100,000 |
Proceeds from exercise of stock options | 400,000 | 0 |
Dividend from parent | 0 | ' |
Intercompany financings | 0 | 0 |
Capital contribution to non-guarantors | ' | 0 |
Net cash (used in) provided by financing activities | -1,700,000 | 3,600,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 |
Parent | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | -14,500,000 | -16,700,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from maturities of available-for-sale investments (substantially restricted) | 0 | 0 |
Purchases of interest-bearing investments (substantially restricted) | 0 | 0 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 0 | 0 |
Purchases of property and equipment | 0 | 0 |
Capital Contribution Dividend As Investing Activity | 11,300,000 | 0 |
Intercompany financing | 4,900,000 | ' |
Net cash provided by (used in) investing activities | 16,200,000 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of debt | ' | 850,000,000 |
Transaction costs for issuance and amendment of debt | ' | 0 |
Prepayment Penalty Cost | ' | 0 |
Payments on debt | -2,100,000 | 0 |
Proceeds from exercise of stock options | 400,000 | ' |
Dividend from parent | 0 | ' |
Intercompany financings | 0 | -833,300,000 |
Capital contribution to non-guarantors | ' | 0 |
Net cash (used in) provided by financing activities | -1,700,000 | 16,700,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 |
Subsidiary Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | -43,000,000 | 70,300,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from maturities of available-for-sale investments (substantially restricted) | 1,300,000 | 6,700,000 |
Purchases of interest-bearing investments (substantially restricted) | -100,000,000 | -250,000,000 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 175,000,000 | 200,000,000 |
Purchases of property and equipment | -17,100,000 | -12,900,000 |
Capital Contribution Dividend As Investing Activity | 0 | -1,000,000 |
Intercompany financing | 0 | ' |
Net cash provided by (used in) investing activities | 59,200,000 | -57,200,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of debt | ' | 0 |
Transaction costs for issuance and amendment of debt | ' | -11,800,000 |
Prepayment Penalty Cost | ' | -21,500,000 |
Payments on debt | 0 | -813,100,000 |
Proceeds from exercise of stock options | 0 | ' |
Dividend from parent | -11,300,000 | ' |
Intercompany financings | -4,900,000 | 833,300,000 |
Capital contribution to non-guarantors | ' | 0 |
Net cash (used in) provided by financing activities | -16,200,000 | -13,100,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 |
Non-Guarantors | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 0 | 4,900,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from maturities of available-for-sale investments (substantially restricted) | 0 | 0 |
Purchases of interest-bearing investments (substantially restricted) | -35,800,000 | -14,700,000 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 35,800,000 | 11,100,000 |
Purchases of property and equipment | 0 | -2,300,000 |
Capital Contribution Dividend As Investing Activity | 0 | 0 |
Intercompany financing | 0 | ' |
Net cash provided by (used in) investing activities | 0 | -5,900,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of debt | ' | 0 |
Transaction costs for issuance and amendment of debt | ' | 0 |
Prepayment Penalty Cost | ' | 0 |
Payments on debt | 0 | 0 |
Proceeds from exercise of stock options | 0 | ' |
Dividend from parent | 0 | ' |
Intercompany financings | 0 | 0 |
Capital contribution to non-guarantors | ' | 1,000,000 |
Net cash (used in) provided by financing activities | 0 | 1,000,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 |
Eliminations | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Proceeds from maturities of available-for-sale investments (substantially restricted) | 0 | 0 |
Purchases of interest-bearing investments (substantially restricted) | 0 | 0 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 0 | 0 |
Purchases of property and equipment | 0 | 0 |
Capital Contribution Dividend As Investing Activity | -11,300,000 | 1,000,000 |
Intercompany financing | -4,900,000 | ' |
Net cash provided by (used in) investing activities | -16,200,000 | 1,000,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from issuance of debt | ' | 0 |
Transaction costs for issuance and amendment of debt | ' | 0 |
Prepayment Penalty Cost | ' | 0 |
Payments on debt | 0 | 0 |
Proceeds from exercise of stock options | 0 | ' |
Dividend from parent | 11,300,000 | ' |
Intercompany financings | 4,900,000 | 0 |
Capital contribution to non-guarantors | ' | -1,000,000 |
Net cash (used in) provided by financing activities | 16,200,000 | -1,000,000 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | $0 | $0 |