Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Nov. 11, 2014 | Jun. 30, 2013 |
Document Documentand Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K/A | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 | ' | 53,960,929 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $483.50 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $0 | $0 |
Cash and cash equivalents (substantially restricted) | 2,228.50 | 2,683.20 |
Receivables, net (substantially restricted) | 767.7 | 1,206.50 |
Interest-bearing investments (substantially restricted) | 1,011.60 | 450.1 |
Available-for-sale investments (substantially restricted) | 48.1 | 63.5 |
Property and equipment, net | 134.8 | 127.9 |
Goodwill | 435.2 | 428.7 |
Other assets | 161 | 190.7 |
Total assets | 4,786.90 | 5,150.60 |
LIABILITIES | ' | ' |
Payment service obligations | 3,737.10 | 4,175.40 |
Debt | 842.9 | 809.9 |
Pension and other postretirement benefits | 98.4 | 126.8 |
Accounts payable and other liabilities | 185.5 | 199.9 |
Total liabilities | 4,863.90 | 5,312 |
COMMITMENTS AND CONTINGENCIES (NOTE 14) | ' | ' |
STOCKHOLDERS’ DEFICIT | ' | ' |
Common stock, $0.01 par value, 162,500,000 shares authorized, 62,263,963 shares issued at December 31, 2013 and December 31, 2012, respectively | 0.6 | 0.6 |
Additional paid-in capital | 1,011.80 | 1,001 |
Retained loss | -1,214.40 | -1,265.90 |
Accumulated other comprehensive loss | -33 | -52.3 |
Treasury stock: 4,300,782 and 4,407,038 shares at December 31, 2013 and December 31, 2012, respectively | -123.9 | -126.7 |
Total stockholders’ deficit | -77 | -161.4 |
Total liabilities and stockholders’ deficit | 4,786.90 | 5,150.60 |
D Stock | ' | ' |
STOCKHOLDERS’ DEFICIT | ' | ' |
Participating Convertible Preferred Stock - Series D, $0.01 par value, 200,000 shares authorized, 109,239 issued at December 31, 2013 and December 31, 2012, respectively | $281.90 | $281.90 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2011 | 18-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 18-May-11 |
D Stock | D Stock | D Stock | D Stock | |||||
Participating convertible preferred stock, par value | ' | ' | ' | $0.01 | $0.01 | $0.01 | ' | $0.01 |
Participating convertible preferred stock, shares authorized | 7,000,000 | ' | ' | ' | 200,000 | 200,000 | 200,000 | ' |
Participating convertible preferred stock, shares issued | ' | ' | ' | ' | 109,239 | 109,239 | 109,239 | ' |
Common stock, par value | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 162,500,000 | 162,500,000 | 162,500,000 | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | 62,263,963 | 62,263,963 | ' | ' | ' | ' | ' | ' |
Treasury stock, shares | 4,300,782 | 4,407,038 | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income Loss After Tax And Before Equity Method Investments | $52.40 | ($49.30) | $59.40 |
REVENUE | ' | ' | ' |
Fee and other revenue | 1,456.80 | 1,328.60 | 1,230.90 |
Investment revenue | 17.6 | 12.6 | 16.9 |
Total revenue | 1,474.40 | 1,341.20 | 1,247.80 |
EXPENSES | ' | ' | ' |
Fee and other commissions expense | 677.8 | 599.2 | 547.6 |
Investment commissions expense | 0.4 | 0.3 | 0.4 |
Total commissions expense | 678.2 | 599.5 | 548 |
Compensation and benefits | 264.9 | 241.6 | 235.7 |
Transaction and operations support | 253.7 | 355.7 | 227.8 |
Occupancy, equipment and supplies | 49 | 47.7 | 47.7 |
Depreciation and amortization | 50.7 | 44.3 | 46 |
Total operating expenses | 1,296.50 | 1,288.80 | 1,105.20 |
OPERATING INCOME | 177.9 | 52.4 | 142.6 |
Other (income) expense | ' | ' | ' |
Net securities gains | 0 | -10 | -32.8 |
Interest expense | 47.3 | 70.9 | 86.2 |
Debt extinguishment costs | 45.3 | 0 | 37.5 |
Other costs | 0 | 0.4 | 11.9 |
Total other expenses, net | 92.6 | 61.3 | 102.8 |
Income (loss) before income taxes | 85.3 | -8.9 | 39.8 |
Income tax expense (benefit) | 32.9 | 40.4 | -19.6 |
NET INCOME (LOSS) | 52.4 | -49.3 | 59.4 |
BASIC INCOME (LOSS) PER COMMON SHARE | $0.73 | ($0.69) | ($9.03) |
DILUTED INCOME (LOSS) PER COMMON SHARE | $0.73 | ($0.69) | ($9.03) |
Net income (loss) available to common stockholders: | ' | ' | ' |
NET INCOME (LOSS) | 52.4 | -49.3 | 59.4 |
Accrued dividends on mezzanine equity | 0 | 0 | -30.9 |
Accretion on mezzanine equity | 0 | 0 | -80 |
Additional consideration issued in connection with conversion of mezzanine equity | 0 | 0 | -366.8 |
Cash dividends paid on mezzanine equity | 0 | 0 | -20.5 |
Net income (loss) available to common stockholders | $52.40 | ($49.30) | ($438.80) |
Weighted-average outstanding common shares and equivalents — basic | 71.6 | 71.5 | 48.6 |
Weighted-average outstanding common shares and equivalents — diluted | 71.9 | 71.5 | 48.6 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
NET INCOME (LOSS) | $23.40 | $22.50 | $19.10 | ($12.60) | $20.20 | ($54.70) | ($25.10) | $10.30 | $52.40 | ($49.30) | $59.40 |
Net unrealized gains on available-for-sale securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net holding gains arising during the period, net of tax expense of $3.1, $1.4 and $0.6 | ' | ' | ' | ' | ' | ' | ' | ' | 5.1 | 4.8 | 0.3 |
Reclassification of net realized gains included in net income (loss), net of tax expense of $1.6, $0.0 and $0.0 | ' | ' | ' | ' | ' | ' | ' | ' | -4.1 | -10 | 0 |
Pension and postretirement benefit plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.2, $0.2 and $0.2 | ' | ' | ' | ' | ' | ' | ' | ' | -0.4 | -0.4 | -0.4 |
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $2.9, $2.4 and $2.5 | ' | ' | ' | ' | ' | ' | ' | ' | 5.2 | 3.9 | 4 |
Valuation adjustment for pension and postretirement benefit plans, net of tax expense (benefit) of $7.4, ($8.7) and ($3.6) | ' | ' | ' | ' | ' | ' | ' | ' | 12.6 | -14.2 | -5.8 |
Unrealized foreign currency translation gains (losses), net of tax expense (benefit) of $0.5, $1.0 and ($2.6) | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 1.6 | -4.2 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19.3 | -14.3 | -6.1 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | $71.70 | ($63.60) | $53.30 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net holding gains (losses) arising during the period, net of tax expense of $3.1 | $3.10 | $1.40 | $0.60 |
Reclassification adjustment for net realized (gains) losses included in net (loss) income, tax expense | 1.6 | 0 | 0 |
Amortization of prior service credit recorded to net (loss) income, tax benefit | 0.2 | 0.2 | 0.2 |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $2.9 | 2.9 | 2.4 | 2.5 |
Valuation adjustment for pension and postretirement benefit plans, net of tax benefit of $7.4 | 7.4 | -8.7 | -3.6 |
Valuation adjustment for pension and postretirement benefit plans, net of tax benefit | $0.50 | $1 | ($2.60) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
NET INCOME (LOSS) | $52.40 | ($49.30) | $59.40 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 50.7 | 44.3 | 46 |
Signing bonus amortization | 42.8 | 33.6 | 32.6 |
Net securities gains | 0 | -10 | -32.8 |
Asset impairments and net losses upon disposal | -0.4 | 0.5 | 6.9 |
Provision for deferred income taxes | 12 | 29.8 | -72.8 |
Loss on debt extinguishment | 45.3 | 0 | 37.5 |
Amortization of debt discount and deferred financing costs | 3.3 | 5.7 | 7.4 |
Provision for uncollectible receivables | 9.6 | 7.5 | 6.6 |
Non-cash compensation and pension expense | 20.3 | 17.4 | 25.8 |
Changes in foreign currency translation adjustments | 0.9 | 1.6 | -4.2 |
Signing bonus payments | -45 | -36.2 | -33 |
Change in other assets | 29.2 | 3.6 | 4.5 |
Change in accounts payable and other liabilities | -58.4 | 31.5 | 33.2 |
Other non-cash items, net | 2.2 | -1.1 | 3.9 |
Total adjustments | 112.5 | 128.2 | 61.6 |
Change in cash and cash equivalents (substantially restricted) | 454.7 | -111 | 291.8 |
Change in receivables (substantially restricted) | 429.2 | 6 | -245.3 |
Change in payment service obligations | -438.3 | -30 | 20.6 |
Net cash provided by (used in) operating activities | 610.5 | -56.1 | 188.1 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from sale of investment classified as available-for-sale (substantially restricted) | 0 | 10 | 0 |
Proceeds from maturities of investments classified as available-for-sale (substantially restricted) | 16.5 | 31.6 | 56.3 |
Proceeds from settlement of investments (substantially restricted) | 0 | 0 | 32.8 |
Purchases of interest-bearing investments (substantially restricted) | -1,098.70 | -473.5 | -540.3 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 536.9 | 548.1 | 422.5 |
Purchases of property and equipment | -48.8 | -59.6 | -44.2 |
Cash paid for acquisitions, net of cash acquired | -15.4 | 0 | -0.1 |
Proceeds from disposal of assets and businesses | 0.7 | 1 | 2.7 |
Net cash (used in) provided by investing activities | -608.8 | 57.6 | -70.3 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of debt | 850 | 0 | 536 |
Transaction costs for issuance and amendment of debt | -11.8 | 0 | -17.1 |
Payments on debt | -819.5 | -1.5 | -366.6 |
Prepayment penalty | -21.5 | 0 | -23.2 |
Proceeds from exercise of stock options | 1.1 | 0 | 0.7 |
Additional consideration issued in connection with conversion of mezzanine equity | 0 | 0 | -218.3 |
Transaction costs for the conversion and issuance of stock | 0 | 0 | -5.4 |
Cash dividends paid on mezzanine equity | 0 | 0 | -20.5 |
Transaction costs for secondary offering | 0 | 0 | -3.4 |
Net cash used in financing activities | -1.7 | -1.5 | -117.8 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 | 0 |
Supplemental cash flow information: | ' | ' | ' |
Cash payments for interest | 43.9 | 64.4 | 78.5 |
Cash payments for income taxes | $8 | $2.90 | $3.70 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Deficit (USD $) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Loss | Accumulated Other Comprehensive Loss | Treasury Stock |
In Millions, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2010 | ($942.40) | ' | $0.90 | ' | ($771.50) | ($31.90) | ($139.90) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 59.4 | ' | ' | ' | 59.4 | ' | ' |
Accrued dividends on mezzanine equity | -30.9 | ' | ' | -2.1 | -28.8 | ' | ' |
Accretion on mezzanine equity | -78.6 | ' | ' | -1.6 | -77 | ' | ' |
Cash dividends paid on mezzanine equity | -20.5 | ' | ' | ' | -20.5 | ' | ' |
Conversion of mezzanine equity | 1,110.30 | 394.2 | 2.9 | 713.2 | ' | ' | ' |
Additional consideration in connection with conversion of mezzanine equity | -218.3 | 52.7 | 0.2 | 95.6 | -366.8 | ' | ' |
1 for 8 reverse stock split | 0 | ' | -3.5 | 3.5 | ' | ' | ' |
Conversion of D Stock to common stock | 0 | -165 | 0.1 | 164.9 | ' | ' | ' |
Stock-based compensation | 16.9 | ' | ' | 15.7 | -11.4 | ' | 12.6 |
Net unrealized gain on available-for-sale securities, net of tax | 0.3 | ' | ' | ' | ' | 0.3 | ' |
Amortization of prior service credit for pension and postretirement benefits, net of tax | -0.4 | ' | ' | ' | ' | -0.4 | ' |
Amortization of net actuarial loss for pension and postretirement benefits, net of tax | 4 | ' | ' | ' | ' | 4 | ' |
Valuation adjustment for pension and postretirement benefit plans, net of tax expense (benefit) of $7.4, ($8.7) and ($3.6) | -5.8 | ' | ' | ' | ' | -5.8 | ' |
Unrealized foreign currency translation adjustment, net of tax | -4.2 | ' | ' | ' | ' | -4.2 | ' |
Ending Balance at Dec. 31, 2011 | -110.2 | 281.9 | 0.6 | 989.2 | -1,216.60 | -38 | -127.3 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -49.3 | ' | ' | ' | -49.3 | ' | ' |
Stock-based compensation | 9.2 | ' | ' | 8.6 | ' | ' | 0.6 |
Capital contribution from investors | 3.2 | ' | ' | 3.2 | ' | ' | ' |
Net unrealized gain on available-for-sale securities, net of tax | -5.2 | ' | ' | ' | ' | -5.2 | ' |
Amortization of prior service credit for pension and postretirement benefits, net of tax | -0.4 | ' | ' | ' | ' | -0.4 | ' |
Amortization of net actuarial loss for pension and postretirement benefits, net of tax | 3.9 | ' | ' | ' | ' | 3.9 | ' |
Valuation adjustment for pension and postretirement benefit plans, net of tax expense (benefit) of $7.4, ($8.7) and ($3.6) | -14.2 | ' | ' | ' | ' | -14.2 | ' |
Unrealized foreign currency translation adjustment, net of tax | 1.6 | ' | ' | ' | ' | 1.6 | ' |
Ending Balance at Dec. 31, 2012 | -161.4 | 281.9 | 0.6 | 1,001 | -1,265.90 | -52.3 | -126.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 52.4 | ' | ' | ' | 52.4 | ' | ' |
Stock-based compensation | 12.4 | ' | ' | 10.5 | -0.9 | ' | 2.8 |
Capital contribution from investors | 0.3 | ' | ' | 0.3 | ' | ' | ' |
Net unrealized gain on available-for-sale securities, net of tax | 1 | ' | ' | ' | ' | 1 | ' |
Amortization of prior service credit for pension and postretirement benefits, net of tax | -0.4 | ' | ' | ' | ' | -0.4 | ' |
Amortization of net actuarial loss for pension and postretirement benefits, net of tax | 5.2 | ' | ' | ' | ' | 5.2 | ' |
Valuation adjustment for pension and postretirement benefit plans, net of tax expense (benefit) of $7.4, ($8.7) and ($3.6) | 12.6 | ' | ' | ' | ' | 12.6 | ' |
Unrealized foreign currency translation adjustment, net of tax | 0.9 | ' | ' | ' | ' | 0.9 | ' |
Ending Balance at Dec. 31, 2013 | ($77) | $281.90 | $0.60 | $1,011.80 | ($1,214.40) | ($33) | ($123.90) |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Deficit Consolidated Statements of Stockholders' Deficit (Parenthetical) | 12 Months Ended |
Dec. 31, 2011 | |
1 for 8 stock split conversion ratio | 0.125 |
Description_of_the_Business
Description of the Business | 12 Months Ended |
Dec. 31, 2013 | |
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 and Financial Paper Products. The Global Funds Transfer segment provides global money transfer services and bill payment services to consumers through a network of agents. The Financial Paper Products segment provides official check outsourcing services and money orders through financial institutions and agents. | |
Basis of Presentation — The consolidated financial statements of MoneyGram are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Consolidated Balance Sheets are unclassified due to the timing uncertainty surrounding the payment of settlement obligations. | |
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. | |
Principles of Consolidation — The consolidated financial statements include the accounts of MoneyGram International, Inc. and its subsidiaries. Intercompany profits, transactions and account balances have been eliminated in consolidation. | |
The Company participates in various trust arrangements (special purpose entities or “SPEs”) related to official check processing agreements with financial institutions and structured investments within the investment portfolio. Working in cooperation with certain financial institutions, the Company historically established separate consolidated SPEs that provided these financial institutions with additional assurance of its ability to clear their official checks. The Company maintains control of the assets of the SPEs and receives all investment revenue generated by the assets. The Company remains liable to satisfy the obligations of the SPEs, both contractually and by operation of the Uniform Commercial Code, as issuer and drawer of the official checks. As the Company is the primary beneficiary and bears the primary burden of any losses, the SPEs are consolidated in the consolidated financial statements. The assets of the SPEs are recorded in the Consolidated Balance Sheets in a manner consistent with the assets of the Company based on the nature of the asset. Accordingly, the obligations have been recorded in the Consolidated Balance Sheets under “Payment service obligations.” The investment revenue generated by the assets of the SPEs is allocated to the Financial Paper Products segment in the Consolidated Statements of Operations. For the years ending December 31, 2013 and 2012, the Company’s SPEs had cash and cash equivalents of $8.7 million and $29.9 million, respectively, and payment service obligations of $7.2 million and $24.0 million, respectively. | |
In connection with the SPEs, the Company must maintain certain specified ratios of greater than 100 percent of segregated assets to outstanding payment instruments. These specified ratios require the Company to contribute additional assets if the fair value of the segregated assets is less than the outstanding payment instruments at any time. The segregated assets consist solely of cash and cash equivalents; therefore, the Company does not anticipate a need to contribute additional assets in the future to maintain the specified ratios as required by the SPEs. Under certain limited circumstances, the related financial institution customers have the right to either demand liquidation of the segregated assets or to replace the Company as the administrator of the SPE. Such limited circumstances consist of material (and in most cases continued) failure of MoneyGram to uphold its warranties and obligations pursuant to its underlying agreements with the financial institution customers. | |
Certain structured investments owned by the Company represent beneficial interests in grantor trusts or other similar entities. These trusts typically contain an investment grade security, generally a U.S. Treasury strip, and an investment in the residual interest in a collateralized debt obligation, or in some cases, a limited partnership interest. For certain of these trusts, the Company owns a percentage of the beneficial interests that results in the Company absorbing a majority of the expected losses. Therefore, the Company consolidates these trusts by recording and accounting for the assets of the trust separately in the consolidated financial statements. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Summary of Significant Accounting Policies | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
Substantially Restricted — The Company’s licensed entity MoneyGram Payment Systems, Inc. (“MPSI”) is regulated by various U.S. state agencies that generally require the Company to maintain a pool of assets with an investment rating of A or higher (“permissible investments”) in an amount equal to the payment service obligations, as defined by each state, for those regulated payment instruments, namely teller checks, agent checks, money orders and money transfers. The regulatory payment service assets measure varies by state, but in all cases excludes investments rated below A-. The most restrictive states may also exclude assets held at banks that do not belong to a national insurance program, varying amounts of accounts receivable balances and/or assets held in one of the SPEs. The regulatory payment service obligations measure varies by state, but in all cases is substantially lower than the Company’s payment service obligations as disclosed in the Consolidated Balance Sheets as the Company is not regulated by state agencies for payment service obligations resulting from outstanding cashier’s checks or for amounts payable to agents and brokers. | ||||||||||||
In connection with the SPEs, the Company also has certain financial covenants that require it to maintain pre-defined ratios of certain assets to payment service obligations. The financial covenants under the credit agreement are described in Note 9 — Debt. Financial covenants related to the SPEs include the maintenance of specified ratios of cash, cash equivalents and investments held in the SPE to the outstanding payment instruments issued by the related financial institution customer. | ||||||||||||
The regulatory and contractual requirements do not require the Company to specify individual assets held to meet its payment service obligations, nor is the Company required to deposit specific assets into a trust, escrow or other special account. Rather, the Company must maintain a pool of liquid assets sufficient to comply with the requirements. No third party places limitations, legal or otherwise, on the Company regarding the use of its individual liquid assets. The Company is able to withdraw, deposit or sell its individual liquid assets at will, with no prior notice or penalty, provided the Company maintains a total pool of liquid assets sufficient to meet the regulatory and contractual requirements. | ||||||||||||
The Company is not regulated by state agencies for payment service obligations resulting from outstanding cashier’s checks; however, the Company restricts a portion of the funds related to these payment instruments due to contractual arrangements and Company policy. Assets restricted for regulatory or contractual reasons are not available to satisfy working capital or other financing requirements. Consequently, the Company considers a significant amount of cash and cash equivalents, receivables and investments to be restricted to satisfy the liability to pay the principal amount of regulated payment service obligations upon presentment. Cash and cash equivalents, receivables and investments exceeding payment service obligations are generally available; however, management considers a portion of these amounts as providing additional assurance that business needs and regulatory requirements are maintained during the normal fluctuations in the value of the Company’s payment service assets and obligations. The following table summarizes the amount of assets in excess of payment service obligations as of December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||
Cash and cash equivalents (substantially restricted) | $ | 2,228.50 | $ | 2,683.20 | ||||||||
Receivables, net (substantially restricted) | 767.7 | 1,206.50 | ||||||||||
Interest-bearing investments (substantially restricted) | 1,011.60 | 450.1 | ||||||||||
Available-for-sale investments (substantially restricted) | 48.1 | 63.5 | ||||||||||
4,055.90 | 4,403.30 | |||||||||||
Payment service obligations | (3,737.1 | ) | (4,175.4 | ) | ||||||||
Assets in excess of payment service obligations | $ | 318.8 | $ | 227.9 | ||||||||
Regulatory requirements also require MPSI to maintain positive net worth, with certain states requiring that MPSI maintain positive tangible net worth. The Company was in compliance with its contractual and financial regulatory requirements as of December 31, 2013. | ||||||||||||
Cash and Cash Equivalents (substantially restricted) — The Company defines cash and cash equivalents as cash on hand and all highly liquid debt instruments with original maturities of three months or less at the purchase date. | ||||||||||||
Receivables, net (substantially restricted) — The Company has receivables due from financial institutions and agents for payment instruments sold and amounts advanced by the Company to certain agents for operational and local regulatory compliance purposes. These receivables are outstanding from the day of the sale of the payment instrument until the financial institution or agent remits the funds to the Company. The Company provides an allowance for the portion of the receivable estimated to become uncollectible as determined based on known delinquent accounts and historical trends. Receivables are generally considered past due one day after the contractual remittance schedule, which is typically one to three days after the sale of the underlying payment instrument. Receivables are evaluated for collectability by examining the facts and circumstances surrounding each customer when an account is delinquent and a loss is deemed possible. Receivables are generally written off against the allowance one year after becoming past due. The following summary details the activity within the allowance for credit losses for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Beginning balance | $ | 11.7 | $ | 10.5 | $ | 20 | ||||||
Charged to expense | 9.6 | 7.5 | 6.6 | |||||||||
Write-offs, net of recoveries | (10.6 | ) | (6.3 | ) | (16.1 | ) | ||||||
Ending balance | $ | 10.7 | $ | 11.7 | $ | 10.5 | ||||||
Investments (substantially restricted) — The Company classifies securities as interest-bearing or available-for-sale in its Consolidated Balance Sheets. The Company has no securities classified as trading or held-to-maturity. Time deposits and certificates of deposits with original maturities of up to twenty-four months are classified as interest-bearing investments and recorded at amortized cost. Securities held for indefinite periods of time, including any securities that may be sold to assist in the clearing of payment service obligations or in the management of the investment portfolio, are classified as available-for-sale securities. These securities are recorded at fair value, with the net after-tax unrealized gain or loss recorded as a separate component of stockholders’ deficit. Realized gains and losses and other-than-temporary impairments are recorded in the Consolidated Statements of Operations. | ||||||||||||
Interest income on residential mortgage-backed securities for which risk of credit loss is deemed remote is recorded utilizing the level yield method. Changes in estimated cash flows, both positive and negative, are accounted for with retrospective changes to the carrying value of investments in order to maintain a level yield over the life of the investment. Interest income on mortgage-backed securities for which risk of credit loss is not deemed remote is recorded under the prospective method as adjustments of yield. | ||||||||||||
The Company applies the cost recovery method of accounting for interest to its investments categorized as other asset-backed securities. The cost recovery method accounts for interest on a cash basis and deems any interest payments received as a recovery of principal, which reduces the book value of the related security. When the book value of the related security is reduced to zero, interest payments are then recognized as investment income upon receipt. The Company applies the cost recovery method of accounting as it believes it is probable that the Company will not recover all, or substantially all, of its principal investment and interest for its other asset-backed securities given the sustained deterioration in the investment and securities market, the collapse of many asset-backed securities and the low levels to which the securities have been written down. | ||||||||||||
Securities with gross unrealized losses as of the balance sheet date, are subject to a process for identifying other-than-temporary impairments. Securities that the Company deems to be other-than-temporarily impaired are written down to fair value in the period the impairment occurs. The assessment of whether such impairment has occurred is based on management’s evaluation of the underlying reasons for the decline in fair value on an individual security basis. The Company considers a wide range of factors about the security and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and the prospects for recovery. The Company considers an investment to be other-than-temporarily impaired when it is deemed probable that the Company will not receive all of the cash flows contractually stipulated for the investment. The Company evaluates mortgage-backed and other asset-backed investments rated A and below for which risk of credit loss is deemed more than remote for impairment. When an adverse change in expected cash flows occurs, and if the fair value of a security is less than its carrying value, the investment is written down to fair value through a permanent reduction to its amortized cost. Securities gains and losses are recognized upon the sale, call or maturity of securities using the specific identification method to determine the cost basis of securities sold. Any impairment charges and other securities gains and losses are included in the Consolidated Statements of Operations under “Net securities gains.” | ||||||||||||
Payment Service Obligations — Payment service obligations primarily consist of: outstanding payment instruments; amounts owed to financial institutions for funds paid to the Company to cover clearings of official check payment instruments, remittances and clearing adjustments; amounts owed to agents for funds paid to consumers on behalf of the Company; commissions owed to financial institution customers and agents for instruments sold; amounts owed to investment brokers for purchased securities; and unclaimed instruments owed to various states. These obligations are recognized by the Company at the time the underlying transactions occur. | ||||||||||||
Fair Value of Financial Instruments — Financial instruments consist of cash and cash equivalents, investments, derivatives, deferred compensation and debt. The carrying values of cash and cash equivalents and interest-bearing investments approximate fair value. The carrying value of debt is stated at amortized cost; however, for disclosure purposes the fair value is estimated. See Note 4 — Fair Value Measurement for information regarding the principles and processes used to estimate the fair value of financial instruments. | ||||||||||||
Derivative Financial Instruments — The Company recognizes derivative financial instruments in the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value is recognized through the “Transaction and operations support” line in the Consolidated Statements of Operations in the period of change. See Note 6 — Derivative Financial Instruments for additional disclosure. | ||||||||||||
Property and Equipment — Property and equipment includes equipment at agent locations, communication equipment, computer hardware, computer software, leasehold improvements, office furniture and equipment, land and signs, and is stated at cost net of accumulated depreciation. Property and equipment, with the exception of land, is depreciated using a straight-line method over the useful life or term of the lease or license. Land is not depreciated. The cost and related accumulated depreciation of assets sold or disposed of are removed from the financial statements, with the resulting gain or loss, if any, recognized in “Occupancy, equipment and supplies” in the Consolidated Statements of Operations. See Note 7 — Property and Equipment for additional disclosure. | ||||||||||||
The following table summarizes the estimated useful lives by major asset category: | ||||||||||||
Type of Asset | Useful Life | |||||||||||
Equipment at agent locations | 3 - 7 years | |||||||||||
Communication equipment | 5 years | |||||||||||
Computer hardware | 3 years | |||||||||||
Computer software | 5 - 7 years | |||||||||||
Leasehold improvements | 10 years | |||||||||||
Office furniture and equipment | 7 years | |||||||||||
Signage | 3 years | |||||||||||
Tenant allowances for leasehold improvements are capitalized as leasehold improvements upon completion of the improvement and depreciated over the shorter of the remaining term of the lease or 10 years. | ||||||||||||
For the years ended December 31, 2013 and 2012, software development costs of $14.1 million and $18.9 million, respectively, were capitalized. At December 31, 2013 and 2012, there was $50.3 million and $48.7 million, respectively, of unamortized software development costs included in property and equipment. | ||||||||||||
Fixed assets and capitalized software are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable by comparing the carrying value of the assets to the estimated future undiscounted cash flows to be generated by the asset. If an impairment is determined to exist for fixed assets or capitalized software, the carrying value of the asset is reduced to the estimated fair value. | ||||||||||||
Goodwill and Intangible Assets — Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations and is assigned to the reporting unit in which the acquired business will operate. Intangible assets are recorded at their estimated fair value at the date of acquisition or at cost if internally developed. In the year following the period in which identified intangible assets become fully amortized, the fully amortized balances are removed from the gross asset and accumulated amortization amounts. Goodwill and intangible assets with indefinite lives are not amortized, but are instead subject to impairment testing. Intangible assets with finite lives are amortized using a straight-line method over their respective useful lives as follows: | ||||||||||||
Type of Intangible Asset | Useful Life | |||||||||||
Agent rights and consumer relationships | 4-15 years | |||||||||||
Patents | 15 years | |||||||||||
Non-compete agreements | 3-5 years | |||||||||||
Trademarks and licenses | 36-40 years | |||||||||||
Developed technology | 5 years | |||||||||||
Goodwill is tested for impairment using a fair-value based approach, and is assessed at the reporting unit level. The carrying value of the reporting unit is compared to its estimated fair value, with any excess of carrying value over fair value deemed to be an indicator of potential impairment, in which case a second step is performed comparing the recorded amount of goodwill to its implied fair value. Intangible assets with finite lives and other long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable by comparing the carrying value of the assets to the estimated future undiscounted cash flows to be generated by the asset. If an impairment is determined to exist for goodwill or intangible assets, the carrying value of the asset is reduced to the estimated fair value. | ||||||||||||
The Company has historically evaluated its goodwill and other indefinite-lived intangible assets for impairment annually as of November 30 or more frequently if impairment indicators arose in accordance with Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other.” In the fourth quarter of 2013, the Company changed the date of its annual assessment of goodwill to October 1 of each year. The change in testing date for goodwill is a change in accounting principle, which management believes is preferable as the new date of the assessment, while remaining in the fourth quarter, will create a more efficient and timely process surrounding the impairment tests and better align with the Company’s annual planning and budgeting process. The change in the assessment date does not delay, accelerate or avoid a potential impairment charge. The Company has determined that it is impracticable to objectively determine projected cash flows and related valuation estimates that would have been used as of each October 1 of prior reporting periods without the use of hindsight. As such, the Company prospectively applied the change in annual goodwill impairment testing date from October 1, 2013. No impairment was recognized as a result of the October 1, 2013 testing. | ||||||||||||
Payments on Long-Term Contracts — The Company makes payments to certain agents and financial institution customers as an incentive to enter into long-term contracts. The payments, or signing bonuses, are generally required to be refunded pro rata in the event of nonperformance under, or cancellation of, the contract by the customer. All signing bonuses are capitalized and amortized over the life of the related contract. Amortization of signing bonuses on long-term contracts is recorded in “Fee and other commissions expense” in the Consolidated Statements of Operations. The carrying values of the signing bonuses are reviewed annually or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. | ||||||||||||
Income Taxes — The provision for income taxes is computed based on the pre-tax income (loss) included in the Consolidated Statements of Operations. Deferred tax assets and liabilities are recorded based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax basis, and operating loss and tax credit carry-backs and carry-forwards on a taxing jurisdiction basis. The Company measures deferred tax assets and liabilities using enacted statutory tax rates that will apply in the years in which the Company expects the temporary differences to be recovered or paid. The Company's ability to realize deferred tax assets depends on the ability to generate sufficient taxable income within the carry-back or carry-forward periods provided for in the tax law. The Company established valuation allowances for the Company's deferred tax assets based on a more-likely-than-not threshold. To the extent management believes that recovery is not likely, a valuation allowance is established in the period in which the determination is made. | ||||||||||||
The liability for unrecognized tax benefits is recorded as a non-cash item in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. The Company records interest and penalties for unrecognized tax benefits in “Income tax expense (benefit)” in the Consolidated Statements of Operations. See Note 13 — Income Taxes for additional disclosure. | ||||||||||||
Treasury Stock — Repurchased common stock is stated at cost and is presented as a separate component of stockholders’ deficit. See Note 11 — Stockholders’ Deficit for additional disclosure. | ||||||||||||
Foreign Currency Translation — The Company converts assets and liabilities of foreign operations to their U.S. dollar equivalents at rates in effect at the balance sheet dates, recording the translation adjustments in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. Income statements of foreign operations are translated from the operation’s functional currency to U.S. dollar equivalents at the average exchange rate for the month. Foreign currency exchange transaction gains and losses are reported in “Transaction and operations support” in the Consolidated Statements of Operations. | ||||||||||||
Revenue Recognition — The Company derives revenue primarily through service fees charged to consumers and through its investing activity. A description of these revenues and revenue recognition policies is as follows: | ||||||||||||
• | Fee and other revenue consists of transaction fees, service revenue, foreign exchange revenue and other revenue. | |||||||||||
• | Transaction fees consist primarily of fees earned on money transfer, money order, bill payment and official check transactions. The money transfer transaction fees vary based on the principal value of the transaction and the locations in which these money transfers originate and to which they are sent. The official check, money order and bill payment transaction fees are fixed fees charged on a per item basis. Transaction fees are recognized at the time of the transaction or sale of the product. | |||||||||||
• | Service revenue primarily consists of service charges on aged outstanding money orders and money order dispenser fees. | |||||||||||
• | Foreign exchange revenue is derived from the management of currency exchange spreads on money transfer transactions involving different “send” and “receive” currencies. Foreign exchange revenue is recognized at the time the exchange in funds occurs. | |||||||||||
• | Investment revenue is derived from the investment of funds generated from the sale of payment instruments, primarily official checks and money orders, and consists of interest income, dividend income, income received on our cost recovery securities and amortization of premiums and discounts. | |||||||||||
Customer Loyalty Program — The MoneyGram Rewards loyalty program, introduced in January 2012, allowed enrolled members to earn points based on the face value of their send transactions, along with opportunities for points earned from promotional activities. Points were redeemable for various denominations of gift cards. The Company estimated the cost of the rewards and recorded this expense and the associated liability as points were accumulated by loyalty program members. The cost was recognized in “Transaction and operational support” within the Consolidated Statements of Operations, and the associated liability was included in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. | ||||||||||||
In October 2013, the Company began to transition its MoneyGram Rewards loyalty program to a convenience card program, which does not feature points. The Company provided participants in the MoneyGram Rewards program until December 7, 2013 to redeem any outstanding program points, after which all points were canceled. As a result of the point cancellation, the Company had a reduction of marketing expense of $3.9 million in 2013. As of December 31, 2013, the Company has no remaining liability related to the loyalty program. | ||||||||||||
Fee and Other Commissions Expense — The Company incurs fee commissions primarily related to our Global Funds Transfer products. In a money transfer transaction, both the agent initiating the transaction and the receiving agent earn a commission that is generally based on a percentage of the fee charged to the consumer. In a bill payment transaction, the agent initiating the transaction receives a commission that is generally based on a percentage of the fee charged to the consumer and, in limited circumstances, the biller receives a commission that is based on a percentage of the fee charged to the consumer. The Company generally does not pay commissions to agents on the sale of money orders, except, in certain limited circumstances, for large agents where we may pay a fixed commission based on total money order transactions. Other commissions expense includes the amortization of capitalized agent signing bonus payments. | ||||||||||||
Investment Commissions Expense — Investment commissions expense consists of amounts paid to financial institution customers based on short-term interest rate indices times the average outstanding cash balances of official checks sold by the financial institution. Investment commissions are recognized each month based on the average outstanding balances of each financial institution customer and their contractual variable rate for that month. | ||||||||||||
Marketing and Advertising Expense — Marketing and advertising costs are expensed as incurred or at the time the advertising first takes place and are recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations. Marketing and advertising expense was $57.4 million, $59.7 million and $57.5 million for 2013, 2012 and 2011, respectively. | ||||||||||||
Stock-Based Compensation — Stock-based compensation awards are measured at fair value at the date of grant and expensed over their vesting or service periods. The expense, net of estimated forfeitures, is recognized using the straight-line method. See Note 12 — Stock-Based Compensation for additional disclosure of the Company’s stock-based compensation. | ||||||||||||
Reorganization and Restructuring Expenses — Reorganization and restructuring expenses consist of direct and incremental costs associated with reorganization, restructuring and related activities, including technology; process improvement efforts; consulting and contractors; severance; outplacement and other employee related benefits; facility closures, cease-use or related charges; asset impairments or accelerated depreciation; and other expenses related to relocation of various operations to existing or new Company facilities and third-party providers, including hiring, training, relocation, travel and professional fees. The Company records severance-related expenses once they are both probable and estimable related to severance provided under an on-going benefit arrangement. One-time, involuntary benefit arrangements and other exit costs are generally recognized when the liability is incurred. The Company evaluates impairment issues associated with reorganization activities when the carrying amount of the assets may not be fully recoverable, and also reviews the appropriateness of the remaining useful lives of impacted fixed assets. | ||||||||||||
The following table summarizes the reorganization and restructuring costs recorded for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Reorganization costs in operating expenses: | ||||||||||||
Compensation and benefits | $ | 1.2 | $ | 6.8 | $ | 2.9 | ||||||
Transaction and operations support | 0.7 | 10.2 | 13.7 | |||||||||
Occupancy, equipment and supplies | 1.3 | 1.9 | 2.7 | |||||||||
Depreciation and amortization | — | 0.5 | — | |||||||||
Reorganization costs in non-operating expenses: | ||||||||||||
Other | — | 0.1 | 2.4 | |||||||||
Total reorganization costs | 3.2 | 19.5 | 21.7 | |||||||||
Restructuring costs in operating expenses: | ||||||||||||
Compensation and benefits | — | 0.3 | 1.8 | |||||||||
Total restructuring costs | — | 0.3 | 1.8 | |||||||||
Total reorganization and restructuring costs | $ | 3.2 | $ | 19.8 | $ | 23.5 | ||||||
In connection with reorganization and restructuring activities during 2013, 2012 and 2011, the Company recorded total expenses of $3.2 million, $19.8 million and $23.5 million, respectively, which have all been paid as of December 31, 2013. Reorganization and restructuring activities consisted of severance costs recorded in the “Compensation and benefits” line, general reorganization and restructuring costs recorded in the “Transaction and operations support” line and facilities and certain related asset write-off charges recorded in the “Occupancy, equipment and supplies” line in the operating expense section of the Consolidated Statements of Operations. During 2011, the Company recognized an impairment charge of $2.4 million for reorganization-related efforts to dispose of land held for non-operating purposes. | ||||||||||||
Other (Income) Expense — Other (income) expense is recorded in a separate section below operating income and includes items based on management’s assessment of their nature as these are not directly related to operating activities. Included in other (income) expense are securities gains, interest expense, debt extinguishment costs and other costs. The following is a summary of other costs for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Capital transaction costs | $ | — | $ | — | $ | 6.4 | ||||||
Disposal loss from asset dispositions | — | 0.1 | 1 | |||||||||
Impairment loss from asset dispositions | — | — | 4.5 | |||||||||
Contribution from investors | — | 0.3 | — | |||||||||
Total other costs | $ | — | $ | 0.4 | $ | 11.9 | ||||||
Earnings Per Share — For discrete periods from January 1, 2008 through June 30, 2011, the Company utilized the two-class method for computing basic earnings per common share, which reflects the amount of undistributed earnings allocated to the common stockholders using the participation percentage of each class of stock. Undistributed earnings were determined as the Company’s net income less dividends declared, accumulated, deemed or paid on preferred stock. The undistributed earnings allocated to the common stockholders were divided by the weighted-average number of common shares outstanding during the period to compute basic 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 and the outstanding shares of the Company’s Series B Stock were exercised or converted into common stock. Diluted earnings per common share assumes the exercise of stock options using the treasury stock method and the conversion of the Series B Stock using the if-converted method. | ||||||||||||
Effective for discrete periods beginning after June 30, 2011, the Company no longer applies the two-class method of calculating basic earnings per share because the Series B Stock is no longer outstanding and the D Stock is deemed a common stock equivalent. | ||||||||||||
The following table is a reconciliation of the weighted-average amounts used in calculating earnings per share for the period ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Basic common shares outstanding | 71.6 | 71.5 | 48.6 | |||||||||
Shares related to stock options | 0.2 | — | — | |||||||||
Shares related to restricted stock and stock units | 0.1 | — | — | |||||||||
Diluted common shares outstanding | 71.9 | 71.5 | 48.6 | |||||||||
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 Series B Stock was anti-dilutive when the incremental earnings per share of Series B Stock on an if-converted basis is greater than the basic income (loss) per common share. The following table summarizes the weighted-average potential common shares excluded from diluted income (loss) per common share as their effect would be anti-dilutive or their performance conditions are not met for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Shares related to stock options | 3.6 | 4.9 | 5.1 | |||||||||
Shares related to restricted stock and stock units | 0.8 | 0.5 | 0.1 | |||||||||
Shares related to preferred stock | — | — | 21 | |||||||||
Shares excluded from the computation | 4.4 | 5.4 | 26.2 | |||||||||
Recent Accounting Pronouncements and Related Developments — In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, (“ASU 2011-11”) and in January 2013, a clarification ASU No. 2013-01 Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, (“ASU 2013-01”) was issued. ASU 2011-11 provides for additional disclosures of both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. ASU 2013-01 clarifies that ASU 2011-11 should apply only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset. The Company adopted ASU 2011-11 and ASU 2013-01 on January 1, 2013, which resulted in additional disclosures on offsetting derivative contract assets and liabilities. See Note 6 — Derivative Financial Instruments for additional disclosure. | ||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, (“ASU 2013-02”). ASU 2013-02 requires presentation (either on the face of the statement where net income is presented or in the notes) of the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The Company adopted ASU 2013-02 on January 1, 2013, which resulted in additional disclosures on movements in "Other comprehensive income." See Note 11 — Stockholders' Deficit for additional disclosure. | ||||||||||||
In July 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. |
Acquisitions_and_Disposals
Acquisitions and Disposals | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Acquisitions and Disposals | ' |
Acquisitions and Disposals | |
Acquisitions — During 2013, the Company completed four acquisitions for total cash payments, net of cash acquired, of $15.4 million. The Company entered into an asset purchase agreement with Nexxo Financial, acquiring approximately 200 kiosks primarily located in California, Illinois and Texas. The Company also entered into a share purchase agreement with Advanced ChronoCash Services S.A., a super-agent which had been an agent of the Company. The Company entered into an agreement to acquire the shares of MoneyGlobe Payment Institution S.A., a provider of cash-to-account money transfers from Greece to Bangladesh. Also, the Company acquired the assets of Latino Services, a funds transfer agent with 10 locations based in Atlanta, Georgia, which prior to the acquisition was a non-exclusive agent of the Company. | |
Disposition — After evaluating the Company’s market opportunity for certain of its electronic payment services, the Company received approval from its Board of Directors and began to actively pursue the sale of certain assets of PropertyBridge, Inc. (“PropertyBridge”) in 2011. In connection with this decision, the Company recorded an impairment charge of $2.3 million. In October 2011, certain assets and liabilities associated with PropertyBridge were sold, resulting in a loss on disposal of $0.3 million. The impairment charge and loss on disposal are recorded in the “Other costs” line in the Consolidated Statements of Operations. A tax benefit of $9.7 million was recorded in the "Income tax expense (benefit)" line of the Consolidated Statements of Operations upon disposition of the remaining assets. | |
The assets, liabilities and loss on disposal related to the PropertyBridge transaction were immaterial to the Consolidated Balance Sheets as of December 31, 2011 and the Consolidated Statements of Operations for the year ended December 31, 2011. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
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 as of 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 | ||||||||||||
2012 | ||||||||||||||||||||
(Amounts in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available-for-sale investments (substantially restricted): | ||||||||||||||||||||
U.S. government agencies | $ | — | $ | 8.9 | $ | — | $ | 8.9 | ||||||||||||
Residential mortgage-backed securities — agencies | — | 36.6 | — | 36.6 | ||||||||||||||||
Other asset-backed securities | — | — | 18 | 18 | ||||||||||||||||
Investment related to deferred compensation trust | 8.6 | — | — | 8.6 | ||||||||||||||||
Forward contracts | — | 0.6 | — | 0.6 | ||||||||||||||||
Total financial assets | $ | 8.6 | $ | 46.1 | $ | 18 | $ | 72.7 | ||||||||||||
The following table is a summary of the unobservable inputs used in other asset-backed securities classified as Level 3 as of December 31: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Amounts in millions) | Unobservable | Pricing Source | Market | Net Average | Market | Net Average | ||||||||||||||
Input | Value | Price(1) | Value | Price(1) | ||||||||||||||||
Alt-A | Price | Third party pricing service | $ | 0.1 | $ | 17.01 | $ | 0.1 | $ | 12.5 | ||||||||||
Home Equity | Price | Third party pricing service | 0.2 | 51.87 | 0.2 | 47.3 | ||||||||||||||
Indirect Exposure — High Grade(2) | Price | Third party pricing service | 8.2 | 7.9 | 3.9 | 3.46 | ||||||||||||||
Indirect Exposure — Mezzanine(3) | Price | Third party pricing service | 2.6 | 2.12 | — | — | ||||||||||||||
Indirect Exposure — Mezzanine | Price | Broker | 5 | 6.01 | 7.9 | 3.71 | ||||||||||||||
Other | Discount margin | Manual | 4.5 | 23.85 | 5.9 | 31.69 | ||||||||||||||
Total | $ | 20.6 | $ | 5.24 | $ | 18 | $ | 4.39 | ||||||||||||
(1) Net average price per $100.00 | ||||||||||||||||||||
(2) Converted to a third party pricing service as of September 30, 2013; utilized a manual pricing process as of December 31, 2012 | ||||||||||||||||||||
(3) Converted to a third party pricing service as of September 30, 2013; utilized a broker pricing process as of December 31, 2012 | ||||||||||||||||||||
The following table 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 years ended December 31: | ||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||||||||||
Beginning balance | $ | 18 | $ | 24.2 | ||||||||||||||||
Realized gains | — | (10.0 | ) | |||||||||||||||||
Principal paydowns | (3.7 | ) | (0.3 | ) | ||||||||||||||||
Unrealized gains | 8.5 | 6.8 | ||||||||||||||||||
Unrealized losses | (2.2 | ) | (2.7 | ) | ||||||||||||||||
Ending balance | $ | 20.6 | $ | 18 | ||||||||||||||||
Realized gains and losses and other-than-temporary impairments related to these available-for-sale investment securities are reported in the “Net securities gains” line in the Consolidated Statements of Operations while unrealized gains and losses related to available-for-sale securities are recorded in "Accumulated other comprehensive loss" in the stockholders’ deficit section of the Consolidated Balance Sheets. There were no other-than-temporary impairments during the years of December 31, 2013 and 2012. | ||||||||||||||||||||
Assets and liabilities that are disclosed at fair value — Debt and interest-bearing investments (substantially restricted) are carried at amortized cost; however, the Company estimates the fair value of debt for disclosure purposes. The fair value of debt is estimated using market quotations, where available, credit ratings, observable market indices and other market data (Level 2). The following table is a summary of the fair value and carrying value of the debt as of December 31: | ||||||||||||||||||||
Fair Value | Carrying Value | |||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Senior secured credit facility and incremental term loan | $ | 849.2 | $ | 487.1 | $ | 842.9 | $ | 484.9 | ||||||||||||
Second lien notes | — | 337.6 | — | 325 | ||||||||||||||||
The carrying amounts for the Company's cash and cash equivalents (substantially restricted) and the interest-bearing investments (substantially restricted) approximate fair value as of December 31, 2013 and 2012. | ||||||||||||||||||||
Assets and liabilities measured at fair value on a non-recurring basis — Assets and liabilities that are measured at fair value on a non-recurring basis relate primarily to the Company’s tangible fixed assets, goodwill and other intangible assets, which are re-measured only in the event of an impairment. No impairments of fixed assets, goodwill and other intangible assets were recorded during the years ended December 31, 2013 and 2012. | ||||||||||||||||||||
Fair value re-measurements are normally based on significant unobservable inputs (Level 3). Tangible and intangible fixed asset fair values are normally derived using a discounted cash flow model based on expected future cash flows discounted using a weighted-average cost of capital rate. If it is determined an impairment 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 for further description of investments held by the Pension Plan. |
Investment_Portfolio
Investment Portfolio | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Investments [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 as described in Note 2 — Summary of Significant Accounting Policies. The following table is a summary of the components of the investment portfolio as of December 31: | ||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||||||||||
Cash | $ | 2,204.50 | $ | 2,112.10 | ||||||||||||||||
Money markets | 24 | 571.1 | ||||||||||||||||||
Cash and cash equivalents (substantially restricted) | 2,228.50 | 2,683.20 | ||||||||||||||||||
Interest-bearing investments (substantially restricted) | 1,011.60 | 450.1 | ||||||||||||||||||
Available-for-sale investments (substantially restricted) | 48.1 | 63.5 | ||||||||||||||||||
Total investment portfolio | $ | 3,288.20 | $ | 3,196.80 | ||||||||||||||||
Cash and Cash Equivalents (substantially restricted) — Cash and cash equivalents consist of interest-bearing deposit accounts, non-interest bearing transaction accounts and money market securities. The Company’s money market securities are invested in four funds, all of which are AAA rated and consist of U.S. Treasury bills, notes or other obligations issued or guaranteed by the U.S. government and its agencies, as well as repurchase agreements secured by such instruments. | ||||||||||||||||||||
Interest-bearing Investments (substantially restricted) — Interest-bearing investments consist of time deposits and certificates of deposit with original maturities of up to 24 months, and are issued from financial institutions rated A- or better as of December 31, 2013. | ||||||||||||||||||||
Available-for-sale Investments (substantially restricted) — Available-for-sale investments consist of mortgage-backed securities, other asset-backed securities and agency debenture securities. The following is a summary of the amortized cost and fair value of available-for-sale investments as of December 31: | ||||||||||||||||||||
2013 | ||||||||||||||||||||
(Amounts in millions, except net average price) | Amortized | Gross | Gross | Fair | Net (1) | |||||||||||||||
Cost | Unrealized | Unrealized | Value | Average | ||||||||||||||||
Gains | Losses | Price | ||||||||||||||||||
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 | ||||||||||
2012 | ||||||||||||||||||||
(Amounts in millions, except net average price) | Amortized | Gross | Gross | Fair | Net (1) | |||||||||||||||
Cost | Unrealized | Unrealized | Value | Average | ||||||||||||||||
Gains | Losses | Price | ||||||||||||||||||
Residential mortgage-backed securities — agencies | $ | 33.5 | $ | 3.1 | $ | — | $ | 36.6 | $ | 110.02 | ||||||||||
Other asset-backed securities | 7.6 | 10.4 | — | 18 | 4.39 | |||||||||||||||
U.S. government agencies | 8.2 | 0.7 | — | 8.9 | 99.39 | |||||||||||||||
Total | $ | 49.3 | $ | 14.2 | $ | — | $ | 63.5 | $ | 14.06 | ||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
At December 31, 2013 and 2012, approximately 57 percent and 71 percent, respectively, of the available-for-sale portfolio were invested in debentures of U.S. government agencies or securities collateralized by U.S. government agency debentures. These securities have the implicit backing of the U.S. government, and the Company expects to receive full par value upon maturity or pay-down, as well as all interest payments. Included in other asset-backed securities are collateralized debt obligations backed primarily by high-grade debt, mezzanine equity tranches of collateralized debt obligations and home equity loans, along with private equity investments, as summarized in Note 4 — Fair Value Measurement. The other asset-backed securities continue to have market exposure, and this risk is factored into the fair value estimates of the Company, with the average price of an asset-backed security at $0.05 per dollar of par at December 31, 2013. | ||||||||||||||||||||
Gains and Losses and Other-Than-Temporary Impairments — At December 31, 2013 and 2012, net unrealized gains of $17.3 million and $16.3 million, respectively, are included in the Consolidated Balance Sheets in “Accumulated other comprehensive loss.” | ||||||||||||||||||||
The following is a summary of “Net securities gains” for the years ended December 31: | ||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||||||||||
Realized gains from available-for-sale investments | $ | — | $ | (10.0 | ) | $ | (32.8 | ) | ||||||||||||
Net securities gains | $ | — | $ | (10.0 | ) | $ | (32.8 | ) | ||||||||||||
During 2012, the Company disposed of two securities classified as other asset-backed securities with a fair value of $10.0 million. These securities had previously been written down to a nominal fair value, resulting in a realized gain of $10.0 million in 2012 and were reclassified from “Accumulated other comprehensive loss” to “Net securities gains” in the Consolidated Statements of Operations. During 2011, the Company recognized settlements of $32.8 million equal to all of the outstanding principal from two securities classified as other asset-backed securities. These securities had previously been written down to a nominal fair value, resulting in a realized gain of $32.8 million in 2011 and were reclassified from "Accumulated other comprehensive loss" to “Net securities gains” in the Consolidated Statements of Operations. | ||||||||||||||||||||
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 consisted of the following ratings as of December 31: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Dollars in millions) | Number of | Fair | Percent of | Number of | Fair | Percent of | ||||||||||||||
Securities | Value | Investments | Securities | Value | Investments | |||||||||||||||
Investment grade | 16 | $ | 30.8 | 64 | % | 20 | $ | 45.3 | 71 | % | ||||||||||
Below investment grade | 50 | 17.3 | 36 | % | 54 | 18.2 | 29 | % | ||||||||||||
Total | 66 | $ | 48.1 | 100 | % | 74 | $ | 63.5 | 100 | % | ||||||||||
Had the Company used the lowest rating from the rating agencies in the information presented above, there would be $3.4 million and a nominal change to investments rated A or better as of December 31, 2013 and 2012, 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 is a summary of amortized cost and fair value of available-for-sale of securities by contractual maturity as of December 31: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Amounts in millions) | Amortized | Fair | Amortized | Fair | ||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||
After one year through five years | $ | 7.7 | $ | 8 | $ | 8.2 | $ | 8.9 | ||||||||||||
Mortgage-backed and other asset-backed securities | 23.7 | 40.1 | 41.1 | 54.6 | ||||||||||||||||
Total | $ | 31.4 | $ | 48.1 | $ | 49.3 | $ | 63.5 | ||||||||||||
Fair Value Determination — The Company uses various sources of pricing for its fair value estimates of its available-for-sale portfolio. The percentage of the portfolio for which the various pricing sources were used is as follows at December 31, 2013 and 2012: 64 percent and 60 percent, respectively, used a third party pricing service; 10 percent and 12 percent, respectively, used broker pricing; and 26 percent and 28 percent, respectively, used internal pricing. | ||||||||||||||||||||
Assessment of Unrealized Losses — The Company had no unrealized losses in its available-for-sale portfolio at December 31, 2013 and 2012. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Derivative Instrument Detail [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 provided by (used in) operating activities" line in the Consolidated Statements of Cash Flows include the following (gains) losses related to assets and liabilities denominated in foreign currencies, for the years ended December 31: | ||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Net realized foreign currency (gains) losses | $ | (3.3 | ) | $ | (2.8 | ) | $ | 2.9 | ||||||||||||||||||
Net losses from the related forward contracts | 5.3 | 5.8 | 5.8 | |||||||||||||||||||||||
Net losses from foreign currency transactions and related forward contracts | $ | 2 | $ | 3 | $ | 8.7 | ||||||||||||||||||||
As of December 31, 2013 and 2012, the Company had $129.0 million and $173.0 million, respectively, of outstanding notional amounts relating to its forward contracts. As of December 31, 2013 and 2012, the Company reflected 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 | ||||||||||||||||||||||||
(Amounts in millions) | Balance Sheet Location | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Forward contracts | Other assets | $ | 0.4 | $ | 0.7 | $ | (0.2 | ) | $ | (0.1 | ) | $ | 0.2 | $ | 0.6 | |||||||||||
Gross Amount of Recognized Liabilities | Gross Amount of Offset | Net Amount of Liabilities Presented in the Consolidated Balance Sheets | ||||||||||||||||||||||||
(Amounts in millions) | Balance Sheet Location | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Forward contracts | Accounts payable and other liabilities | $ | (0.8 | ) | $ | (0.1 | ) | $ | 0.2 | $ | 0.1 | $ | (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. | ||||||||||||||||||||||||||
The Company is exposed to credit loss in the event of non-performance by counterparties to its derivative contracts. The Company actively monitors its exposure to credit risk through the use of credit approvals and credit limits, and by selecting major international banks and financial institutions as counterparties. Collateral generally is not required of the counterparties or of the Company. In the unlikely event the counterparty fails to meet the contractual terms of the derivative contract, the Company’s risk is limited to the fair value of the instrument. The Company has not had any historical instances of non-performance by any counterparties, nor does it anticipate any future instances of non-performance. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Property and Equipment | ' | |||||||||||
Property and Equipment | ||||||||||||
The following table is a summary of property and equipment as of December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||
Computer hardware and software | $ | 215.8 | $ | 204.5 | ||||||||
Signage | 90.6 | 94.5 | ||||||||||
Equipment at agent locations | 74.8 | 72.1 | ||||||||||
Office furniture and equipment | 33 | 37.5 | ||||||||||
Leasehold improvements | 28.5 | 26.4 | ||||||||||
Total property and equipment | 442.7 | 435 | ||||||||||
Accumulated depreciation | (307.9 | ) | (307.1 | ) | ||||||||
Total property and equipment, net | $ | 134.8 | $ | 127.9 | ||||||||
The following table is a summary of depreciation expense for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Computer hardware and software | $ | 23.2 | $ | 20.8 | $ | 21.1 | ||||||
Signage | 14.9 | 12.1 | 9.6 | |||||||||
Equipment at agent locations | 4.6 | 4.3 | 6.5 | |||||||||
Office furniture and equipment | 3.8 | 3.7 | 4 | |||||||||
Leasehold improvements | 3.5 | 2.5 | 3.7 | |||||||||
Total depreciation expense | $ | 50 | $ | 43.4 | $ | 44.9 | ||||||
At December 31, 2013 and 2012, there was $14.9 million and $7.0 million, respectively, of property and equipment that had been received by the Company and included in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. | ||||||||||||
During 2013, the Company recognized a loss of $0.1 million on furniture and equipment related to the closing of an office location and disposal of equipment at agent locations and signage. During 2012, the Company recognized losses of $0.9 million, primarily related to disposal of furniture and equipment related to the closing of two office locations. Losses on disposals in 2011 were nominal. The losses were recorded in the “Occupancy, equipment and supplies” line in the Consolidated Statements of Operations. | ||||||||||||
In 2011, the Company recognized a $2.4 million impairment charge on the sale of land. During 2011, the Company also recognized a $0.7 million capitalized software impairment charge, primarily in connection with the disposition of assets in the Global Funds Transfer segment. The impairment charges recorded in 2011 were included in the “Other costs” line in the Consolidated Statements of Operations. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||||||||||||
Goodwill and Intangible Assets | ||||||||||||||||||||||||
The following table is a roll-forward of goodwill by reporting segment: | ||||||||||||||||||||||||
(Amounts in millions) | Global Funds | Financial Paper | Total | |||||||||||||||||||||
Transfer | Products | |||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 428.7 | $ | — | $ | 428.7 | ||||||||||||||||||
Balance as of December 31, 2012 | $ | 428.7 | $ | — | $ | 428.7 | ||||||||||||||||||
Acquisitions | $ | 6.5 | $ | — | $ | 6.5 | ||||||||||||||||||
Balance as of December 31, 2013 | $ | 435.2 | $ | — | $ | 435.2 | ||||||||||||||||||
The Company performed an annual assessment of goodwill during the fourth quarter of 2013, 2012 and 2011. No impairments of goodwill were recorded in 2013, 2012 and 2011. | ||||||||||||||||||||||||
The following table is a summary of the gross goodwill balances and accumulated impairments as of December 31, 2013 and 2012: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Amounts in millions) | Gross Goodwill | Accumulated Impairments | Gross Goodwill | Accumulated Impairments | ||||||||||||||||||||
Global Funds Transfer | $ | 438.4 | $ | (3.2 | ) | $ | 431.9 | $ | (3.2 | ) | ||||||||||||||
Financial Paper Products | 2.5 | (2.5 | ) | 2.5 | (2.5 | ) | ||||||||||||||||||
Other | 15.7 | (15.7 | ) | 15.7 | (15.7 | ) | ||||||||||||||||||
Total | $ | 456.6 | $ | (21.4 | ) | $ | 450.1 | $ | (21.4 | ) | ||||||||||||||
The following table is a summary of intangible assets included in “Other assets” in the Consolidated Balance Sheets as of December 31: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Amounts in millions) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||
Agent rights and consumer relationships | $ | 8.5 | $ | (1.1 | ) | $ | 7.4 | $ | 7.3 | $ | (6.4 | ) | $ | 0.9 | ||||||||||
Non-compete agreements | 1 | (0.1 | ) | 0.9 | 0.2 | (0.2 | ) | — | ||||||||||||||||
Trademarks and licenses | — | — | — | 0.6 | (0.6 | ) | — | |||||||||||||||||
Developed technology | — | — | — | 0.1 | (0.1 | ) | — | |||||||||||||||||
Total intangible assets | $ | 9.5 | $ | (1.2 | ) | $ | 8.3 | $ | 8.2 | $ | (7.3 | ) | $ | 0.9 | ||||||||||
In 2013, the Company completed four acquisitions. As a result of the acquisitions, the Company acquired agent contracts valued at $7.1 million, which are amortized over a life of five years, and entered into non-compete agreements valued at $1.0 million, which are amortized over lives ranging between three to five years. The acquisition of these agent contracts provided the Company with further network expansion in its money transfer business in its Global Funds Transfer segment. See Note 3 — Acquisitions and Disposals for additional disclosure. | ||||||||||||||||||||||||
In 2011, the Company acquired the agent contracts of a former super-agent in Spain for a purchase price of $1.0 million, which are amortized over a life of four years. The acquisition of these agent contracts provided the Company with further network expansion in its money transfer business in its Global Funds Transfer segment. | ||||||||||||||||||||||||
The Company recognized an impairment charge of $2.0 million in 2011, primarily due to a disposition of assets and acquisition activity, for certain agent contracts utilized in the Global Funds Transfer segment. The impairment charge was recorded in the “Other costs” line in the Consolidated Statements of Operations. | ||||||||||||||||||||||||
Intangible asset amortization expense for 2013, 2012 and 2011 was $0.7 million, $0.9 million and $1.1 million, respectively. The estimated future intangible asset amortization expense is $2.0 million, $1.9 million, $1.8 million, $1.4 million and $1.2 million for 2014, 2015, 2016, 2017 and 2018, respectively. |
Debt
Debt | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Debt | ' | |||||||||||||||||||||||||||||||
Debt | ||||||||||||||||||||||||||||||||
The following is a summary of the Company's outstanding debt at December 31, 2013 and activity since December 31, 2011: | ||||||||||||||||||||||||||||||||
2011 Credit Agreement | 2013 Credit Agreement | |||||||||||||||||||||||||||||||
(Amounts in millions) | Senior secured | Senior secured | Second lien | Senior secured | Total debt | |||||||||||||||||||||||||||
credit facility | incremental term | notes | credit facility | |||||||||||||||||||||||||||||
due 2017 | loan due 2017 | due 2018 | due 2020 | |||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 339.2 | $ | 146.7 | $ | 325 | $ | — | $ | 810.9 | ||||||||||||||||||||||
Payments | — | (1.5 | ) | — | — | (1.5 | ) | |||||||||||||||||||||||||
Amortization of discount | 0.2 | 0.3 | — | — | 0.5 | |||||||||||||||||||||||||||
Balance at December 31, 2012 | 339.4 | 145.5 | 325 | — | 809.9 | |||||||||||||||||||||||||||
Borrowings, gross | — | — | — | 850 | 850 | |||||||||||||||||||||||||||
Discount on borrowings (1) | — | 0.8 | — | (0.8 | ) | — | ||||||||||||||||||||||||||
Amortization of discount | — | 0.1 | — | 0.1 | 0.2 | |||||||||||||||||||||||||||
Write-off of discount upon prepayment | 0.6 | 1.7 | — | — | 2.3 | |||||||||||||||||||||||||||
Payments | (340.0 | ) | (148.1 | ) | (325.0 | ) | (6.4 | ) | (819.5 | ) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | — | $ | — | $ | 842.9 | $ | 842.9 | ||||||||||||||||||||||
Weighted average interest rate | 4.25 | % | 4.25 | % | 13.25 | % | 4.25 | % | ||||||||||||||||||||||||
(1)As a result of the 2013 Credit Agreement, the entire debt discount was transferred from the 2011 Credit Agreement to the 2013 Credit Agreement. | ||||||||||||||||||||||||||||||||
2011 Credit Agreement — On May 18, 2011, MoneyGram Payment Systems Worldwide, Inc. (“Worldwide”) entered into a $540.0 million Credit Agreement with Bank of America, N.A. ("BOA"), as Administrative Agent, and the lenders party thereto (the "2011 Credit Agreement"). The 2011 Credit Agreement was comprised of a $390.0 million six-and-one-half-year term loan maturing the earlier of November 2017 and 180 days prior to the scheduled maturity of Worldwide’s 13.25% senior secured second lien notes due 2018 (the "second lien notes"), and a $150.0 million five-year revolving credit facility, maturing May 2016. The term loan was issued to Worldwide at 99.75% of par. On November 21, 2011, Worldwide entered into an amendment related to the 2011 Credit Agreement and obtained an incremental term loan in an aggregate principal amount of $150.0 million. The incremental term loan was issued to Worldwide at 98.00% of par. | ||||||||||||||||||||||||||||||||
The 2011 Credit Agreement permitted Worldwide to elect an interest rate at each reset period based on the BOA prime bank rate or the Eurodollar rate. Worldwide elected the Eurodollar rate as its primary interest basis, and elected for a minimal amount of the term debt to accrue interest at the interest rate based on the BOA prime bank rate. The 2011 Credit Agreement was amended, restated and replaced in its entirety with the 2013 Credit Agreement (as defined below). | ||||||||||||||||||||||||||||||||
Second Lien Notes — As part of the Company’s recapitalization transaction in March 2008 (the “2008 Recapitalization”), Worldwide issued $500.0 million of second lien notes to Goldman, Sachs & Co. (“Goldman Sachs”), which were scheduled to mature in March 2018. The indenture governing the second lien notes was amended in March 2011 to permit the 2011 Recapitalization. In August 2011, following the downgrade of U.S. government debt, the indenture was amended to update the definition of highly rated investments. On November 21, 2011, the indenture was further amended to allow Worldwide the ability to redeem a portion of its second lien notes after the completion of a qualified equity offering of its common stock. On November 23, 2011, Worldwide exercised under this right and incurred a prepayment penalty totaling $23.2 million, which is recognized in the “Debt extinguishment costs” line in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||
2013 Credit Agreement — On March 28, 2013, the Company, as borrower, entered into an Amended and Restated Credit Agreement (the "2013 Credit Agreement") with BOA, as administrative agent, the financial institutions party thereto as lenders and the other agents party thereto. The 2013 Credit Agreement provides for (i) a senior secured five-year revolving credit facility up to an aggregate principal amount of $125.0 million (the "Revolving Credit Facility") and (ii) a senior secured seven-year term loan facility of $850.0 million (the "Term Credit Facility"). The proceeds of the Term Credit Facility were used to repay in full all outstanding indebtedness under the 2011 Credit Agreement, to purchase all of the outstanding second lien notes and also have been and will be used to pay certain costs, fees and expenses relating to the 2013 Credit Agreement and the purchase of the 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 December 31, 2013, the Company had $0.4 million of outstanding letters of credit and no borrowings under the Revolving Credit Facility, leaving $124.6 million of availability thereunder. | ||||||||||||||||||||||||||||||||
2013 Note Repurchase — In connection with the Company's entry into the 2013 Credit Agreement, the Company purchased all $325.0 million of the outstanding second lien notes for a purchase price equal to 106.625 percent of the principal amount purchased, plus accrued and unpaid interest, which was funded with a portion of the net proceeds from the 2013 Credit Agreement described above. Following the closing of the transaction, the second lien notes were canceled, and no second lien notes remain outstanding. | ||||||||||||||||||||||||||||||||
The entry into the 2013 Credit Agreement and the purchase of the second lien notes was accounted for principally as a debt extinguishment with a partial modification of debt, in accordance with ASC 470 — Debt. Under debt extinguishment accounting, the Company expensed the pro-rata portion of deferred financing costs and debt discount costs related to the extinguished debt balance. For the debt balance classified as a modification, the Company was required to amortize the pro-rata portion of the deferred financing costs and unamortized debt discount from the 2011 Credit Agreement over the terms of the 2013 Credit Agreement. Additionally, the Company expensed the pro-rata portion of the financing costs related to the 2013 Credit Agreement as third party costs in connection with the modification of debt. | ||||||||||||||||||||||||||||||||
Debt 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 cash dividends and other restricted payments; and effect loans, advances and certain other transactions with affiliates. | ||||||||||||||||||||||||||||||||
The terms of our debt agreements place significant limitations on the amount of restricted payments we may make, including dividends on our common stock. With certain exceptions, we may only make restricted payments in an aggregate amount not to exceed $50.0 million, subject to an incremental build-up based on our consolidated net income in future periods. | ||||||||||||||||||||||||||||||||
The 2013 Credit Agreement contains various financial and non-financial covenants. A violation of these covenants could negatively impact the Company's liquidity by restricting the Company's ability to borrow under the revolving credit facility and/or causing acceleration of amounts due under the credit facilities. The financial covenants in the 2013 Credit Agreement measure leverage, interest coverage and liquidity. Leverage is measured through a senior secured debt ratio calculated as consolidated indebtedness to consolidated EBITDA, adjusted for certain items such as net securities gains, stock-based compensation expense, certain legal settlements and asset impairments, among other items, also referred to as adjusted EBITDA. This measure is similar, but not identical, to the measure discussed under EBITDA and Adjusted EBITDA. Interest coverage is calculated as adjusted EBITDA to net cash interest expense. | ||||||||||||||||||||||||||||||||
The Company is required to maintain Asset Coverage greater than its payment service obligations. 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). The Asset Coverage is the same calculation used for the Assets in Excess of Payment Service Obligations. See Note 2 — Summary of Significant Accounting Policies for details of the Assets in Excess of Payment Service Obligations calculation as of December 31, 2013. | ||||||||||||||||||||||||||||||||
The 2013 Credit Agreement also has quarterly financial covenants to maintain the following interest coverage and total secured leverage ratios: | ||||||||||||||||||||||||||||||||
Interest Coverage Minimum Ratio | Total Secured Leverage Not to Exceed | |||||||||||||||||||||||||||||||
December 31, 2013 through September 30, 2014 | 2.15:1 | 4.375:1 | ||||||||||||||||||||||||||||||
December 31, 2014 through September 30, 2015 | 2.25:1 | 4.000:1 | ||||||||||||||||||||||||||||||
December 31, 2015 through September 30, 2016 | 2.25:1 | 3.750:1 | ||||||||||||||||||||||||||||||
December 31, 2016 through maturity | 2.25:1 | 3.500:1 | ||||||||||||||||||||||||||||||
We continuously monitor our compliance with our debt covenants. At December 31, 2013, the Company was in compliance with its financial covenants: our Interest Coverage ratio was 6.90 and our Total Secured Leverage ratio was 2.781. | ||||||||||||||||||||||||||||||||
Debt Discount — The amortization of the debt discount for 2011 includes a pro-rata write-off of the term debt. For the year ended December 31, 2011, the Company recorded a $1.1 million write off of debt discount related to debt extinguishment, which is recorded in “Other costs” in the Consolidated Statements of Operations. The following is the debt discount amortization, recorded in “Interest expense,” and the write-off of the debt discount, recorded in "Debt extinguishment costs," in the Consolidated Statements of Operations for the years ended December 31: | ||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Amortization of debt discount | $ | 0.2 | $ | 0.5 | $ | 0.4 | ||||||||||||||||||||||||||
Write-off of debt discount upon prepayments | 2.3 | — | 0.1 | |||||||||||||||||||||||||||||
Total amortization of discount | $ | 2.5 | $ | 0.5 | $ | 0.5 | ||||||||||||||||||||||||||
Deferred Financing Costs —The Company capitalized financing costs in “Other assets” in the Consolidated Balance Sheets and amortizes them over the term of the related debt using the effective interest method. Expense of the deferred financing costs during 2013, 2012 and 2011 include the write-off of a pro-rata portion of deferred financing costs in connection with the extinguishment of the 2011 Credit Agreement, as well as payments on the second lien notes, the incremental term loan and the term debt. Amortization is recorded in “Interest expense” in the Consolidated Statements of Operations. The following table is a summary of the deferred financing costs at December 31: | ||||||||||||||||||||||||||||||||
2008 Senior Facility | 2011 Credit Agreement | 2013 Credit Agreement | ||||||||||||||||||||||||||||||
(Amounts in millions) | Senior | Senior | Senior | Senior | Second | Senior secured revolving credit facility | Senior secured credit facility | Total | ||||||||||||||||||||||||
Tranche | revolving | secured | secured | lien | Deferred | |||||||||||||||||||||||||||
B Loan | credit facility | credit facility | incremental | notes | Financing | |||||||||||||||||||||||||||
term | Costs | |||||||||||||||||||||||||||||||
Balance at January 1, 2011 | $ | 5.8 | $ | — | $ | — | $ | — | $ | 24.3 | $ | — | $ | — | $ | 30.1 | ||||||||||||||||
Capitalized deferred financing costs | — | 3.3 | 8.7 | 3.2 | 5 | — | — | 20.2 | ||||||||||||||||||||||||
Amortization of deferred financing costs | (1.0 | ) | (0.5 | ) | (0.7 | ) | (0.1 | ) | (3.6 | ) | — | — | (5.9 | ) | ||||||||||||||||||
Transfer of deferred financing costs | (0.7 | ) | 0.7 | — | — | — | — | — | — | |||||||||||||||||||||||
Write-off of deferred financing costs | (4.1 | ) | — | (1.1 | ) | — | (9.1 | ) | — | — | (14.3 | ) | ||||||||||||||||||||
Balance at December 31, 2011 | — | 3.5 | 6.9 | 3.1 | 16.6 | — | — | 30.1 | ||||||||||||||||||||||||
Amortization of deferred financing costs | — | (0.8 | ) | (1.2 | ) | (0.6 | ) | (2.6 | ) | — | — | (5.2 | ) | |||||||||||||||||||
Balance at December 31, 2012 | — | 2.7 | 5.7 | 2.5 | 14 | — | — | 24.9 | ||||||||||||||||||||||||
Capitalized deferred financing costs | — | — | — | — | — | 0.6 | 10.7 | 11.3 | ||||||||||||||||||||||||
Amortization of deferred financing costs | — | (0.2 | ) | (0.3 | ) | (0.1 | ) | (0.6 | ) | (0.4 | ) | (1.3 | ) | (2.9 | ) | |||||||||||||||||
Transfer of deferred financing costs (2) | — | (2.0 | ) | (1.1 | ) | (0.6 | ) | — | 2 | 1.7 | — | |||||||||||||||||||||
Write-off of deferred financing costs | — | (0.5 | ) | (4.3 | ) | (1.8 | ) | (13.4 | ) | — | — | (20.0 | ) | |||||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2.2 | $ | 11.1 | $ | 13.3 | ||||||||||||||||
(1) As a result of the 2011 Recapitalization, a portion of the deferred financing costs were transferred from the 2008 Senior Facility to the 2011 Credit Agreement. | ||||||||||||||||||||||||||||||||
(2) As a result of the 2013 Credit Agreement, a portion of the deferred financing costs were transferred from the 2011 Credit Agreement to the 2013 Credit Agreement. | ||||||||||||||||||||||||||||||||
Debt Extinguishment Costs — In 2013, the Company recognized debt extinguishment costs of $45.3 million in connection with the 2013 Credit Agreement, which included a prepayment penalty for the Company's purchase of the second lien notes and debt modification costs for the 2013 Credit Agreement. The Company recognized debt extinguishment costs of $37.5 million in connection with the 2011 Recapitalization and partial redemption of the second lien notes in November 2011. The following is a summary of the debt extinguishment costs at December 31: | ||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Prepayment penalty | $ | 21.5 | $ | — | $ | 23.2 | ||||||||||||||||||||||||||
Write-off of unamortized deferred financing costs | 20 | — | 14.3 | |||||||||||||||||||||||||||||
Write-off of debt discount upon prepayments | 2.3 | — | — | |||||||||||||||||||||||||||||
Debt modification costs | 1.5 | — | — | |||||||||||||||||||||||||||||
Debt extinguishment costs | $ | 45.3 | $ | — | $ | 37.5 | ||||||||||||||||||||||||||
Interest Paid in Cash — The Company paid $43.9 million, $64.4 million and $78.5 million of interest in 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||||
Maturities — At December 31, 2013, borrowings under the $125.0 million Revolving Credit Facility will mature in 2018 and the $790.5 million balance on the Term Credit Facility will mature in 2020, while debt principal totaling $53.1 million will be paid in increments of $2.1 million quarterly through 2020. |
Pension_and_Other_Benefits
Pension and Other Benefits | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Pension and Other Benefits | ' | ||||||||||||||||||||||||||
Pension and Other Benefits | |||||||||||||||||||||||||||
Pension Benefits — The Pension Plan is a frozen non-contributory funded defined benefit pension plan under which no new service or compensation credits are accrued by the plan participants. Cash accumulation accounts continue to be credited with interest credits until participants withdraw their money from the Pension Plan. It is the Company’s policy to fund at least the minimum required contribution each year plus additional discretionary amounts as available and necessary to minimize expenses of the plan. | |||||||||||||||||||||||||||
Supplemental Executive Retirement Plans — The Company has obligations under various Supplemental Executive Retirement Plans (“SERPs”), which are unfunded non-qualified defined benefit pension plans providing postretirement income to their participants. As of December 31, 2013, all benefit accruals under the SERPs are frozen with the exception of one plan for which service is frozen but future pay increases are reflected for active participants. It is the Company’s policy to fund the SERPs as benefits are paid. | |||||||||||||||||||||||||||
Postretirement Benefits Other Than Pensions — The Company has unfunded defined benefit postretirement plans that provide medical and life insurance for its participants. The Company amended the postretirement benefit plan to close it to new participants as of December 31, 2009. Effective July 1, 2011, the plan was amended to eliminate eligibility for participants eligible for Medicare coverage. As a result of this plan amendment, the Company no longer receives the Medicare retiree drug subsidy. The Company’s funding policy is to make contributions to the postretirement benefits plans as benefits are paid. | |||||||||||||||||||||||||||
Actuarial Valuation Assumptions — The measurement date for the Company’s defined benefit pension plan, SERPs and postretirement benefit plans is December 31. The following table is a summary of the weighted-average actuarial assumptions used in calculating the benefit obligation and net benefit cost as of and for the years ended December 31: | |||||||||||||||||||||||||||
Pension | SERPs | Postretirement Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||
Discount rate | 4.04 | % | 4.9 | % | 5.3 | % | 3.99 | % | 4.8 | % | 5.3 | % | 4.09 | % | 4.9 | % | 5.3 | % | |||||||||
Expected return on plan assets | 6.2 | % | 7 | % | 8 | % | — | — | — | — | — | — | |||||||||||||||
Rate of compensation increase | — | — | — | 5.75 | % | 5.75 | % | 5.75 | % | — | — | — | |||||||||||||||
Initial healthcare cost trend rate | — | — | — | — | — | — | 8 | % | 8.5 | % | 9 | % | |||||||||||||||
Ultimate healthcare cost trend rate | — | — | — | — | — | — | 5 | % | 5 | % | 5 | % | |||||||||||||||
Year ultimate healthcare cost trend rate is reached | — | — | — | — | — | — | 2019 | 2019 | 2019 | ||||||||||||||||||
Projected benefit obligation: | |||||||||||||||||||||||||||
Discount rate | 4.81 | % | 4.04 | % | 4.9 | % | 4.78 | % | 3.99 | % | 4.8 | % | 4.82 | % | 4.09 | % | 4.9 | % | |||||||||
Rate of compensation increase | — | — | — | 5.75 | % | 5.75 | % | 5.75 | % | — | — | — | |||||||||||||||
Initial healthcare cost trend rate | — | — | — | — | — | — | 7 | % | 8 | % | 8.5 | % | |||||||||||||||
Ultimate healthcare cost trend rate | — | — | — | — | — | — | 4.5 | % | 5 | % | 5 | % | |||||||||||||||
Year ultimate healthcare cost trend rate is reached | — | — | — | — | — | — | 2023 | 2019 | 2019 | ||||||||||||||||||
The Company utilizes a building-block approach in determining the long-term expected rate of return on plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors, such as inflation and interest rates, are evaluated before long-term capital market assumptions are determined. The long-term portfolio return also takes proper consideration of diversification and rebalancing. Peer data and historical returns are reviewed for reasonableness and appropriateness. | |||||||||||||||||||||||||||
Pension Assets — The Company employs a total return investment approach whereby a mix of equity and fixed income securities are used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed income securities. Furthermore, equity securities are diversified across U.S. and non-U.S. stocks, as well as growth, value, and small and large capitalizations. Other assets, such as real estate and short-term investment funds, are used on a limited basis. The Company strives to maintain an equity and fixed income securities allocation mix appropriate to its funded status. As of December 31, 2013, the funding mix was approximately 47 percent equity and 53 percent fixed income. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements. | |||||||||||||||||||||||||||
The following table is a summary of the Company’s weighted-average asset allocation for the Pension Plan by asset category at the measurement date for the years ended December 31: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Equity securities | 45 | % | 56.9 | % | |||||||||||||||||||||||
Fixed income securities | 50.8 | % | 38.4 | % | |||||||||||||||||||||||
Real estate | 3.5 | % | 4 | % | |||||||||||||||||||||||
Other | 0.7 | % | 0.7 | % | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||||
The Company records its pension assets at fair value as described in Note 4 — Fair Value Measurement. The following is a description of the Pension Plan’s investments at fair value and valuation methodologies: | |||||||||||||||||||||||||||
• | Short-term investment funds — These securities are valued at historical cost, which approximates fair value. | ||||||||||||||||||||||||||
• | Common collective trusts issued and held by the trustee — The fair values of the underlying funds in the common/collective trusts are valued based on the net asset value established for each fund at each valuation date. The net asset value of a collective investment fund is calculated by dividing the fund's net asset value on the calculation date by the number of units of the fund that are outstanding on the calculation date, which is derived from observable purchase and redemption activity in the collective investment fund. | ||||||||||||||||||||||||||
• | Mutual Funds — The fair value of the mutual fund issued by registered investment companies is determined using quoted market prices on the day of valuation. | ||||||||||||||||||||||||||
• | Real estate — The Pension Plan trust holds an investment in a real estate development project. The fair value of this investment represents the estimated fair value of the plan’s related ownership percentage in the project based upon an appraisal of the underlying real property as of each balance sheet date. The fund investment strategy for this asset is long-term capital appreciation. | ||||||||||||||||||||||||||
The following tables are a summary of the Pension Plan’s financial assets recorded at fair value, by hierarchy level, as of December 31: | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||
(Amounts in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Short-term investment fund | $ | — | $ | 0.9 | $ | — | $ | 0.9 | |||||||||||||||||||
Common collective trust — equity securities | |||||||||||||||||||||||||||
Large Cap securities | — | 32.8 | — | 32.8 | |||||||||||||||||||||||
Small Cap securities | — | 8.5 | — | 8.5 | |||||||||||||||||||||||
International securities | — | 16.8 | — | 16.8 | |||||||||||||||||||||||
Emerging markets | — | 3.4 | — | 3.4 | |||||||||||||||||||||||
Common collective trust — fixed income securities | |||||||||||||||||||||||||||
Core fixed income | — | 69.4 | — | 69.4 | |||||||||||||||||||||||
Real estate | — | — | 4.8 | 4.8 | |||||||||||||||||||||||
Total financial assets | $ | — | $ | 131.8 | $ | 4.8 | $ | 136.6 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||||
(Amounts in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Short-term investment fund | $ | — | $ | 0.9 | $ | — | $ | 0.9 | |||||||||||||||||||
Common collective trust — equity securities | |||||||||||||||||||||||||||
Large Cap securities | — | 46.1 | — | 46.1 | |||||||||||||||||||||||
Small Cap securities | — | 11.7 | — | 11.7 | |||||||||||||||||||||||
International securities | — | 11.2 | — | 11.2 | |||||||||||||||||||||||
Common collective trust — fixed income securities | |||||||||||||||||||||||||||
Core fixed income | — | 46.7 | — | 46.7 | |||||||||||||||||||||||
Real estate | — | — | 4.8 | 4.8 | |||||||||||||||||||||||
Total financial assets | $ | — | $ | 116.6 | $ | 4.8 | $ | 121.4 | |||||||||||||||||||
The Company’s pension plan assets include one security that the Company considers to be a Level 3 asset for valuation purposes. This security is an investment in a real estate joint venture and requires the use of unobservable inputs in its fair value measurement. The fair value of this asset as of December 31, 2013 and 2012 was $4.8 million. The change in reported net asset value for this asset resulted in a nominal unrealized gain for 2013 and 2012. | |||||||||||||||||||||||||||
The following table represents the Pension Plan's Level 3 financial instrument, the valuation techniques used to measure the fair value of the financial instrument, and the significant unobservable inputs and the ranges of values for those inputs. | |||||||||||||||||||||||||||
(Amounts in millions) | |||||||||||||||||||||||||||
Instrument | Fair Value | Principal Valuation Technique | |||||||||||||||||||||||||
Real Estate | $ | 4.8 | Appraisal of underlying asset | ||||||||||||||||||||||||
In estimating fair value of the investments in Level 3, the Company may use third party pricing sources or appraisers. In substantiating the reasonableness of the pricing data provided by third parties, the Company evaluates a variety of factors including review of methods and assumptions used by external sources, recently executed transactions, existing contracts, economic conditions, industry and market developments, and overall credit ratings. | |||||||||||||||||||||||||||
Plan Financial Information — Net periodic benefit expense (income) for the Pension Plan and SERPs and postretirement benefit plans includes the following components for the years ended December 31: | |||||||||||||||||||||||||||
Pension and SERPs | Postretirement Benefits | ||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Interest cost | $ | 9.6 | $ | 10.6 | $ | 11.4 | $ | 0.1 | $ | 0.1 | $ | 0.1 | |||||||||||||||
Expected return on plan assets | (7.3 | ) | (7.9 | ) | (8.2 | ) | — | — | — | ||||||||||||||||||
Amortization of prior service credit | — | — | — | (0.6 | ) | (0.6 | ) | (0.6 | ) | ||||||||||||||||||
Recognized net actuarial loss | 7.7 | 5.9 | 6.3 | 0.4 | 0.4 | 0.2 | |||||||||||||||||||||
Net periodic benefit expense (income) | $ | 10 | $ | 8.6 | $ | 9.5 | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.3 | ) | ||||||||||||
The postretirement benefits expense for 2011 was reduced by less than $0.1 million due to subsidies received under the Medicare Prescription Drug, Improvement and Modernization Act of 2003. The Company did not receive any subsidies in 2012 or 2013. | |||||||||||||||||||||||||||
The following tables are a summary of the amounts recognized in other comprehensive income (loss) and net periodic benefit expense (income) for the years ended December 31: | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||
(Amounts in millions) | Pension and | Postretirement | |||||||||||||||||||||||||
SERPs | Benefits | ||||||||||||||||||||||||||
Net actuarial gain | $ | (18.8 | ) | $ | (1.2 | ) | |||||||||||||||||||||
Amortization of net actuarial gain | (7.7 | ) | (0.4 | ) | |||||||||||||||||||||||
Amortization of prior service credit | — | 0.6 | |||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (26.5 | ) | $ | (1.0 | ) | |||||||||||||||||||||
Total recognized in net periodic benefit expense (income) | $ | 10 | $ | (0.1 | ) | ||||||||||||||||||||||
Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) | $ | (16.5 | ) | $ | (1.1 | ) | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||
(Amounts in millions) | Pension and | Postretirement | |||||||||||||||||||||||||
SERPs | Benefits | ||||||||||||||||||||||||||
Net actuarial loss | $ | 22.2 | $ | 0.6 | |||||||||||||||||||||||
Amortization of net actuarial loss | (5.9 | ) | (0.4 | ) | |||||||||||||||||||||||
Amortization of prior service credit | — | 0.6 | |||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | 16.3 | $ | 0.8 | |||||||||||||||||||||||
Total recognized in net periodic benefit expense (income) | $ | 8.6 | $ | (0.1 | ) | ||||||||||||||||||||||
Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) | $ | 24.9 | $ | 0.7 | |||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||
(Amounts in millions) | Pension and | Postretirement | |||||||||||||||||||||||||
SERPs | Benefits | ||||||||||||||||||||||||||
Net actuarial loss | $ | 7.6 | $ | 1.8 | |||||||||||||||||||||||
Amortization of net actuarial loss | (6.3 | ) | (0.2 | ) | |||||||||||||||||||||||
Amortization of prior service credit | — | 0.6 | |||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | 1.3 | $ | 2.2 | |||||||||||||||||||||||
Total recognized in net periodic benefit expense (income) | $ | 9.5 | $ | (0.3 | ) | ||||||||||||||||||||||
Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) | $ | 10.8 | $ | 1.9 | |||||||||||||||||||||||
The estimated net loss and prior service cost for the Pension Plan and SERPs that will be amortized from “Accumulated other comprehensive income (loss)” into “Net periodic benefit expense” during 2014 is $6.9 million ($4.4 million net of tax) and none, respectively. The estimated net loss and prior service credit for the postretirement benefit plans that will be amortized from “Accumulated other comprehensive income (loss)” into “Net periodic benefit expense (income)” during 2014 is $0.3 million ($0.2 million, net of tax) and $0.6 million ($0.4 million net of tax), respectively. | |||||||||||||||||||||||||||
The following tables are a summary of the benefit obligation and plan assets, changes to the benefit obligation and plan assets, and the funded status of the Pension Plan and SERPs and the postretirement benefit plans as of and for the years ended December 31: | |||||||||||||||||||||||||||
Pension and SERPs | Postretirement Benefits | ||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||
Benefit obligation at the beginning of the year | $ | 245.7 | $ | 223.6 | $ | 2.5 | $ | 2 | |||||||||||||||||||
Interest cost | 9.6 | 10.6 | 0.1 | 0.1 | |||||||||||||||||||||||
Actuarial (gain) loss | (7.7 | ) | 24.8 | (1.2 | ) | 0.6 | |||||||||||||||||||||
Benefits paid | (14.0 | ) | (13.3 | ) | — | (0.2 | ) | ||||||||||||||||||||
Benefit obligation at the end of the year | $ | 233.6 | $ | 245.7 | $ | 1.4 | $ | 2.5 | |||||||||||||||||||
Pension and SERPs | Postretirement Benefits | ||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 121.4 | $ | 110.1 | $ | — | $ | — | |||||||||||||||||||
Actual return on plan assets | 18.4 | 10.4 | — | — | |||||||||||||||||||||||
Employer contributions | 10.8 | 14.2 | — | 0.2 | |||||||||||||||||||||||
Benefits paid | (14.0 | ) | (13.3 | ) | — | (0.2 | ) | ||||||||||||||||||||
Fair value of plan assets at the end of the year | $ | 136.6 | $ | 121.4 | $ | — | $ | — | |||||||||||||||||||
Unfunded status at the end of the year | $ | (97.0 | ) | $ | (124.3 | ) | $ | (1.4 | ) | $ | (2.5 | ) | |||||||||||||||
The unfunded status of the pension and SERPs decreased by 22 percent as the benefit obligation decreased $12.1 million and the fair value of the pension plan assets increased $15.2 million during the year. The unfunded status of the Pension Plan was $21.9 million and $52.9 million at December 31, 2013 and 2012, respectively, and the unfunded status of the SERPs was $75.1 million and $71.4 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||
The following table summarizes the components recognized in the Consolidated Balance Sheets relating to the Pension Plan and SERPs and the postretirement benefit plans as of December 31: | |||||||||||||||||||||||||||
Pension and SERPs | Postretirement Benefits | ||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Pension and other postretirement benefits liability | $ | (97.0 | ) | $ | (124.3 | ) | $ | (1.4 | ) | $ | (2.5 | ) | |||||||||||||||
Accumulated other comprehensive loss: | |||||||||||||||||||||||||||
Unrealized losses for pension and postretirement benefits, net of tax | 54.2 | 70.6 | 1.8 | 3.4 | |||||||||||||||||||||||
Prior service cost (credit) for pension and postretirement benefits, net of tax | 0.1 | 0.1 | (2.3 | ) | (2.9 | ) | |||||||||||||||||||||
The following table summarizes the projected benefit obligation and accumulated benefit obligation for the Pension Plan, SERPs and the postretirement benefit plans in excess of the fair value of plan assets as of December 31: | |||||||||||||||||||||||||||
Pension Plan | SERPs | Postretirement Benefits | |||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Projected benefit obligation | $ | 158.5 | $ | 174.3 | $ | 75.1 | $ | 71.4 | $ | 1.4 | $ | 2.5 | |||||||||||||||
Accumulated benefit obligation | 158.5 | 174.3 | 71.9 | 71.4 | — | — | |||||||||||||||||||||
Fair value of plan assets | 136.6 | 121.4 | — | — | — | — | |||||||||||||||||||||
The following table summarizes the estimated future benefit payments for the Pension Plan and SERPs and the postretirement benefit plans for the years ended December 31: | |||||||||||||||||||||||||||
(Amounts in millions) | 2014 | 2015 | 2016 | 2017 | 2018 | 2019-2023 | |||||||||||||||||||||
Pension and SERPs | $ | 17.1 | $ | 22.7 | $ | 15 | $ | 15 | $ | 16.1 | $ | 75.4 | |||||||||||||||
Postretirement benefits | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 | |||||||||||||||||||||
The Company has a minimum required contribution of approximately $6.7 million for the Pension Plan in 2014, and will continue to make contributions to the SERPs and the postretirement benefit plans to the extent benefits are paid. Aggregate benefits paid for the unfunded plans are expected to be $7.1 million in 2014. | |||||||||||||||||||||||||||
Employee Savings Plan — The Company has an employee savings plan that qualifies under Section 401(k) of the Internal Revenue Code of 1986, as amended. Contributions to, and costs of, the 401(k) defined contribution plan totaled $4.1 million, $3.8 million and $3.5 million in 2013, 2012 and 2011, respectively. MoneyGram does not have an employee stock ownership plan. | |||||||||||||||||||||||||||
International Benefit Plans — The Company’s international subsidiaries have certain defined contribution benefit plans. Contributions to, and costs related to, international plans were $1.9 million, $1.9 million and $1.2 million for 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||
Deferred Compensation Plans — The deferred compensation plans are unfunded and unsecured. The Company is not required to physically segregate any assets in connection with the deferred accounts. The Company has rabbi trusts associated with each deferred compensation plan, which are funded through voluntary contributions by the Company. At December 31, 2013 and 2012, the Company had a liability related to the deferred compensation plans of $2.4 million and $2.5 million, respectively, recorded in the “Accounts payable and other liabilities” line in the Consolidated Balance Sheets. The rabbi trust had a market value of $9.7 million and $8.6 million at December 31, 2013 and 2012, respectively, recorded in “Other assets” in the Consolidated Balance Sheets. The Company made payments relating to the deferred compensation plans totaling $0.1 million and $0.7 million in 2013 and 2012, respectively. |
Stockholders_Deficit
Stockholders' Deficit | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
Stockholders' Deficit | ' | |||||||||||||||||||||||
Stockholders' Deficit | ||||||||||||||||||||||||
Common Stock — The Company’s Amended and Restated Certificate of Incorporation provides for the issuance of up to 162,500,000 shares of common stock with a par value of $0.01. In connection with the spin-off from its former parent, Viad Corporation, MoneyGram was recapitalized such that there were 15,388,120 shares of MoneyGram common stock issued. On May 18, 2011, the Company issued an additional 39,325,154 shares of common stock in connection with the 2011 Recapitalization. See below for further information above. The holders of MoneyGram common stock are entitled to one vote per share on all matters to be voted upon by its stockholders. The holders of common stock have no preemptive, conversion or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock. The determination to pay dividends on common stock will be at the discretion of the Board of Directors and will depend on applicable laws and the Company’s financial condition, results of operations, cash requirements, prospects and such other factors as the Board of Directors may deem relevant. No dividends were paid in 2013 or 2012. 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. | ||||||||||||||||||||||||
Preferred Stock — The Company’s Amended and Restated Certificate of Incorporation provides for the issuance of up to 7,000,000 shares of preferred stock that may be issued in one or more series, with each series to have certain rights and preferences as shall be determined in the unlimited discretion of the Company’s Board of Directors, including, without limitation, voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences. | ||||||||||||||||||||||||
Series D Participating Convertible Preferred Stock — In connection with the 2011 Recapitalization, the Company issued 173,189 shares of Series D Participating Convertible Preferred Stock, par value $0.01 per share (the “D Stock”), to Goldman Sachs. Each share of D Stock has a liquidation preference of $0.01 and is convertible into 125 shares of common stock by a stockholder other than Goldman Sachs which receives such shares by means of (i) a widespread public distribution, (ii) a transfer to an underwriter for the purpose of conducting a widespread public distribution, (iii) a transfer in which no transferee (or group of associated transferees) would receive two percent or more of any class of voting securities of the Company, or (iv) a transfer to a transferee that would control more than 50 percent of the voting securities of the Company without any transfer from such transferor or its affiliates as applicable (each of (i) — (iv), a “Widely Dispersed Offering”). The D Stock is non-voting while held by Goldman Sachs or any holder which receives such shares by any means other than a Widely Dispersed Offering (a “non-voting holder”). Holders of D Stock other than Goldman Sachs and non-voting holders vote as a single class with the holders of the common stock on an as-converted basis. The D Stock also participates in any dividends declared on the common stock on an as-converted basis. | ||||||||||||||||||||||||
Treasury Stock — The Board of Directors has authorized the repurchase of a total of 12,000,000 shares. As of December 31, 2013, the Company has repurchased 6,795,017 shares of common stock under this authorization and has remaining authorization to repurchase up to 5,204,983 shares. In relation to the reverse stock split, the Company repurchased 17 shares in 2011. | ||||||||||||||||||||||||
The following table is a summary of the activity of the Company’s stock authorized, issued and outstanding as of December 31: | ||||||||||||||||||||||||
D Stock | Common Stock | Treasury | ||||||||||||||||||||||
(Shares in thousands) | Authorized | Issued | Outstanding | Authorized | Issued | Outstanding | Stock | |||||||||||||||||
31-Dec-11 | 200 | 109 | 109 | 162,500 | 62,264 | 57,835 | (4,429 | ) | ||||||||||||||||
Stock option exercised and release of restricted stock units | — | — | — | — | — | 22 | 22 | |||||||||||||||||
31-Dec-12 | 200 | 109 | 109 | 162,500 | 62,264 | 57,857 | (4,407 | ) | ||||||||||||||||
Stock option exercised and release of restricted stock units | — | — | — | — | — | 106 | 106 | |||||||||||||||||
31-Dec-13 | 200 | 109 | 109 | 162,500 | 62,264 | 57,963 | (4,301 | ) | ||||||||||||||||
On September 27, 2011, the Company filed a Certificate of Elimination to eliminate the Company’s Series A Junior Participating Preferred Stock, par value $0.01 per share (the “Series A shares”), which results in the shares resuming their status as undesignated preferred stock of the Company. There were no Series A shares issued or outstanding in 2013, 2012 or 2011. | ||||||||||||||||||||||||
2011 Recapitalization — Following shareholder approval on May 18, 2011, the Company completed its recapitalization transaction in accordance with the Recapitalization Agreement (the “Recapitalization Agreement”), dated as of March 7, 2011, as amended, by and among the Company, affiliates and co-investors of Thomas H. Lee Partners, L.P. (“THL”) and affiliates of Goldman Sachs (collectively with THL, the “Investors”). Pursuant to the Recapitalization Agreement, (i) THL converted all of its shares of Series B Participating Convertible Preferred Stock, par value $0.01 per share (the “B Stock”), into 35.8 million shares of common stock and (ii) Goldman Sachs converted all of its shares of Series B-1 Participating Convertible Preferred Stock, par value $0.01 per share (the “B-1 Stock,” and collectively with the B Stock, the “Series B Stock”), into 157,686 shares of D Stock, and (iii) THL received 3.5 million additional shares of common stock and $140.8 million in cash, and Goldman Sachs received 15,503 additional shares of D Stock and $77.5 million in cash. Collectively, these transactions are referred to as the “2011 Recapitalization”. Under the 2011 Recapitalization, the Investors received a cash dividend payment for amounts earned under the terms of the Series B Stock for the period from March 26, 2011 through May 18, 2011. As a result of the 2011 Recapitalization, all amounts included in mezzanine equity were converted into components of stockholders’ equity. During 2011, the Company recognized $5.4 million for transaction costs related to the 2011 Recapitalization, which are recorded in the “Other” line in the Consolidated Statements of Operations. | ||||||||||||||||||||||||
The following table is a summary of the transactional components of the 2011 Recapitalization and their corresponding impacts to Mezzanine Equity and the components of Stockholders’ Deficit in the Consolidated Balance Sheets: | ||||||||||||||||||||||||
2011 Stockholders’ Deficit | ||||||||||||||||||||||||
(Amounts in millions, except share data) | Mezzanine | Preferred | Common | Additional | Retained | Total | ||||||||||||||||||
Equity | Stock | Stock | Paid-in | Loss | Activity | |||||||||||||||||||
Capital | ||||||||||||||||||||||||
Conversion of B Stock to common stock | $ | (716.1 | ) | $ | — | $ | 2.9 | $ | 713.2 | $ | — | $ | — | |||||||||||
Conversion of B-1 Stock to D Stock | (394.2 | ) | 394.2 | — | — | — | — | |||||||||||||||||
Accretion of unamortized mezzanine equity discounts | 76.1 | — | — | — | (76.1 | ) | — | |||||||||||||||||
Additional stock consideration paid | — | 52.7 | 0.3 | 95.5 | (148.5 | ) | — | |||||||||||||||||
Non-cash activity | (1,034.2 | ) | 446.9 | 3.2 | 808.7 | (224.6 | ) | — | ||||||||||||||||
Additional cash consideration paid | — | — | — | — | (218.3 | ) | (218.3 | ) | ||||||||||||||||
Cash dividends paid on mezzanine equity | — | — | — | — | (20.5 | ) | (20.5 | ) | ||||||||||||||||
Cash activity | (238.8 | ) | (238.8 | ) | ||||||||||||||||||||
Total 2011 Recapitalization impact to Mezzanine Equity and Stockholders’ Deficit | $ | (1,034.2 | ) | $ | 446.9 | $ | 3.2 | $ | 808.7 | $ | (463.4 | ) | $ | (238.8 | ) | |||||||||
Shares issued upon conversion | — | 157,686 | 35,804,796 | |||||||||||||||||||||
Additional stock consideration paid | — | 15,503 | 3,520,358 | |||||||||||||||||||||
Total new shares issued under the 2011 Recapitalization | — | 173,189 | 39,325,154 | |||||||||||||||||||||
Participation Agreement between the Investors and Wal-Mart Stores, Inc. — The Investors have a Participation Agreement with Wal-Mart Stores, Inc. (“Walmart”), under which the Investors are obligated to pay Walmart certain percentages of any accumulated cash payments received by the Investors in excess of the Investors’ original investment in the Company. While the Company is not a party to, and has no obligations to Walmart or additional obligations to the Investors under, the Participation Agreement, the Company must recognize the Participation Agreement in its consolidated financial statements as the Company indirectly benefits from the agreement. A liability and the related expense associated with the Participation Agreement would be recognized by the Company in the period in which it becomes probable that a liquidity event will occur that would require the Investors to make a payment to Walmart (a “liquidity event”). Upon payment by the Investors to Walmart, the liability would be released through a credit to the Company’s additional paid-in capital. | ||||||||||||||||||||||||
In 2012, one of the Investors sold all of its common stock to an unrelated third-party, resulting in cumulative participation securities payments in excess of its original investment basis. The Investor paid $0.3 million to Walmart for settlement in full of its obligation under the Participation Agreement and as a result, the Company recognized expense and a corresponding increase to additional paid-in capital in 2012. As of December 31, 2013, the performance condition for only this Investor has been achieved. | ||||||||||||||||||||||||
Any future payments by the Investors to Walmart may result in an expense that could be material to the Company’s financial position or results of operations, but would have no impact on the Company’s cash flows. As liquidity events are dependent on many external factors and uncertainties, the Company does not consider a liquidity event to be probable at this time for any other Investors, and has not recognized any further liability or expense related to the Participation Agreement. | ||||||||||||||||||||||||
Reverse Stock Split — On November 14, 2011, the Company filed a certificate of amendment to its Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s common stock at a reverse stock split ratio of 1-for-8 and to decrease the number of authorized shares of common stock from 1,300,000,000 to 162,500,000. As the par value of common stock was not affected, $3.5 million was transferred from common stock to additional paid in capital. In connection with the reverse stock split, the conversion ratio of the D Stock to common stock decreased from 1,000 to 1 to 125 to 1. All share and per share amounts have been retroactively adjusted to reflect the stock split with the exception of the Company’s treasury stock, which was not a part of the reverse stock split. | ||||||||||||||||||||||||
Equity Registration Rights Agreement — In connection with the 2008 Recapitalization, the Company and the Investors entered into a Registration Rights Agreement (the “Equity Registration Rights Agreement”) on March 25, 2008, as amended on May 18, 2011, with respect to the Series B Stock and D Stock, and the common stock owned by the Investors and their affiliates (collectively, the “Registrable Securities”). Under the terms of the Equity Registration Rights Agreement, the Company is required, after a specified holding period, to use the Company's reasonable best efforts to promptly file with the Securities and Exchange Commission (the “SEC”) a shelf registration statement relating to the offer and sale of the Registrable Securities. The Company is obligated to keep such shelf registration statement continuously effective under the Securities Act of 1933, as amended (the “Securities Act”), until the earlier of (1) the date as of which all of the Registrable Securities have been sold, (2) the date as of which each of the holders of the Registrable Securities is permitted to sell its Registrable Securities without registration pursuant to Rule 144 under the Securities Act and (3) fifteen years. The holders of the Registrable Securities are also entitled to six demand registrations and unlimited piggyback registrations during the term of the Equity Registration Rights Agreement. On December 14, 2010, the Company filed a shelf registration statement on Form S-3 with the SEC that permits the offer and sale of the Registrable Securities, as required by the terms of the Equity Registration Rights Agreement. The registration statement also permits the Company to offer and sell up to $500 million of its common stock, preferred stock, debt securities or any combination of these, from time to time, subject to market conditions and the Company’s capital needs. The registration statement was declared effective by the SEC on July 7, 2011. | ||||||||||||||||||||||||
Secondary Offering — In November and December 2011, the Company completed a secondary offering pursuant to which the Investors sold an aggregate of 10,237,524 shares in an underwritten offering. In connection with the secondary offering, 63,950 shares of D Stock were converted to 7,993,762 shares of common stock, which resulted in a decrease to D Stock of $165.0 million and an increase to common stock and additional paid in capital. The Company did not receive proceeds from the offering. | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss — The following table details the components of “Accumulated other comprehensive loss” as of December 31: | ||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||||||||||||||
Net unrealized gains on securities classified as available-for-sale, net of tax | $ | 17.3 | $ | 16.3 | ||||||||||||||||||||
Cumulative foreign currency translation adjustments, net of tax | 3.5 | 2.6 | ||||||||||||||||||||||
Pension and postretirement benefits adjustments, net of tax | (53.8 | ) | (71.2 | ) | ||||||||||||||||||||
Accumulated other comprehensive loss | $ | (33.0 | ) | $ | (52.3 | ) | ||||||||||||||||||
The following table is a summary of the changes to "Accumulated other comprehensive loss" by component during 2013 and 2012: | ||||||||||||||||||||||||
(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-11 | $ | 21.5 | $ | 1 | $ | (60.5 | ) | $ | (38.0 | ) | ||||||||||||||
Other comprehensive (loss) income before amortization | 4.8 | 1.6 | (14.2 | ) | (7.8 | ) | ||||||||||||||||||
Amounts reclassified/amortized from accumulated other comprehensive loss | (10.0 | ) | — | 3.5 | (6.5 | ) | ||||||||||||||||||
Net current period other comprehensive (loss) income | (5.2 | ) | 1.6 | (10.7 | ) | (14.3 | ) | |||||||||||||||||
31-Dec-12 | $ | 16.3 | $ | 2.6 | $ | (71.2 | ) | $ | (52.3 | ) | ||||||||||||||
Other comprehensive income before amortization | 5.1 | 0.9 | 12.6 | 18.6 | ||||||||||||||||||||
Amounts reclassified/amortized from accumulated other comprehensive loss | (4.1 | ) | — | 4.8 | 0.7 | |||||||||||||||||||
Net current period other comprehensive income | 1 | 0.9 | 17.4 | 19.3 | ||||||||||||||||||||
31-Dec-13 | $ | 17.3 | $ | 3.5 | $ | (53.8 | ) | $ | (33.0 | ) | ||||||||||||||
The following table is a summary of the significant amounts amortized out of each component of "Accumulated other comprehensive loss" during the years ended December 31: | ||||||||||||||||||||||||
(Amounts in millions) | 2013 | Statement of Operations Location | ||||||||||||||||||||||
Unrealized gains on securities classified as available-for-sale, before tax | $ | (5.7 | ) | "Investment revenue" | ||||||||||||||||||||
Tax expense, net | 1.6 | |||||||||||||||||||||||
Total gains, net of tax | $ | (4.1 | ) | |||||||||||||||||||||
Pension and postretirement benefits adjustments: | ||||||||||||||||||||||||
Prior service credits | $ | (0.6 | ) | "Compensation and benefits" | ||||||||||||||||||||
Net actuarial losses | 8.1 | "Compensation and benefits" | ||||||||||||||||||||||
Total before tax | 7.5 | |||||||||||||||||||||||
Tax benefit, net | (2.7 | ) | ||||||||||||||||||||||
Total, net of tax | $ | 4.8 | ||||||||||||||||||||||
Total amortization for the period, net of tax | $ | 0.7 | ||||||||||||||||||||||
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The MoneyGram International, Inc. 2005 Omnibus Incentive Plan (“2005 Plan”) provides for the granting of equity-based compensation awards, including stock options, stock appreciation rights, restricted stock units and restricted stock awards (collectively, “share-based awards”) to officers, employees and directors. In May 2013, the Company's stockholders approved an amendment and restatement of the 2005 Plan increasing the aggregate number of shares that may be issued from 7,125,000 to 12,925,000 shares. As of December 31, 2013, the Company has remaining authorization to issue future grants of up to 6,643,214 shares. | |||||||||||||
The calculated fair value of share-based awards is recognized as compensation cost using the straight-line method over the vesting or service period in the Company’s financial statements. Stock-based compensation is recognized only for those options, restricted stock units and stock appreciation rights expected to vest, with forfeitures estimated at the date of grant and evaluated and adjusted periodically to reflect the Company’s historical experience and future expectations. Any change in the forfeiture assumption will be accounted for as a change in estimate, with the cumulative effect of the change on periods previously reported being reflected in the financial statements of the period in which the change is made. | |||||||||||||
The following table is a summary of stock-based compensation expense for the years ended December 31: | |||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | ||||||||||
Expense recognized related to stock options | $ | 6.7 | $ | 7.4 | $ | 15.6 | |||||||
Expense recognized related to restricted stock units | 4.5 | 1.8 | 0.7 | ||||||||||
Stock-based compensation expense | $ | 11.2 | $ | 9.2 | $ | 16.3 | |||||||
Stock Options —Option awards are generally granted with an exercise price equal to the closing market price of the Company’s common stock on the date of grant. All outstanding stock options contain certain forfeiture and non-compete provisions. | |||||||||||||
Pursuant to the terms of options granted in 2010 and prior to the fourth quarter 2011, 50 percent of the options awarded become exercisable through the passage of time (the “Time-based Tranche”) and 50 percent of the options awarded become exercisable upon the achievement of certain market and performance conditions (the “Performance-based Tranche”). The Time-based Tranche generally becomes exercisable over a four-year period in an equal number of shares each year. The Performance-based Tranche becomes exercisable upon the achievement within five years of grant of the earlier of (a) a pre-defined common stock price for any period of 20 consecutive trading days, (b) a change in control of the Company resulting in a pre-defined per share consideration or (c) in the event the Company’s common stock does not trade on a U.S. exchange or trading market, resulting in the Company’s common stock meeting pre-defined equity values. | |||||||||||||
All options granted in 2011, 2012 and 2013 have a term of 10 years. Beginning in the fourth quarter of 2011, all options issued are time-based and vest over a four-year period in an equal number of shares each year. | |||||||||||||
For purposes of determining the fair value of stock option awards, the Company uses the Black-Scholes single option pricing model for the Time-based Tranches and awards and a combination of Monte-Carlo simulation and the Black-Scholes single option pricing model for the Performance-based Tranches. 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 years ended December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected dividend yield(1) | 0% | 0% | 0% | ||||||||||
Expected volatility(2) | 68.2% - 69.0% | 69.7%-71.8% | 71.3%-72.9% | ||||||||||
Risk-free interest rate(3) | 1.1% - 1.2% | 0.9%-1.5% | 1.3%-2.9% | ||||||||||
Expected life(4) | 6.3 years | 6.3 years | 6.3-6.5 years | ||||||||||
Weighted-average grant-date fair value per option | $10.51 | $10.60 | $16.23 | ||||||||||
-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 year ended December 31, 2013: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ($000,000) | |||||||||||
Term | |||||||||||||
Options outstanding at December 31, 2012 | 4,412,076 | $ | 22.1 | ||||||||||
Granted | 1,012,805 | 16.84 | |||||||||||
Exercised | (57,782 | ) | 18.44 | ||||||||||
Forfeited/Expired | (575,095 | ) | 29.59 | ||||||||||
Options outstanding at December 31, 2013 | 4,792,004 | $ | 20.14 | 6.8 years | $ | 13 | |||||||
Vested or expected to vest at December 31, 2013 | 4,654,151 | $ | 20.2 | 6.7 years | $ | 12.6 | |||||||
Options exercisable at December 31, 2013 | 1,707,410 | $ | 21.01 | 5.8 years | $ | 5.6 | |||||||
The following table is a summary of the Company's stock option compensation information for the years ended December 31: | |||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | ||||||||||
Intrinsic value of options exercised | $ | 0.1 | $ | — | $ | 221.9 | |||||||
Cash received from option exercises | $ | 1.1 | $ | — | $ | 0.7 | |||||||
Unrecognized stock option expense | $ | 13.3 | |||||||||||
Remaining weighted-average vesting period | 1.5 years | ||||||||||||
Restricted Stock Units — During 2013, the Company issued performance-based restricted stock units, which are subject to three-year cliff vesting, based on average annual adjusted EBITDA (defined as earnings before interest, taxes, depreciation and amortization and less certain non-recurring or other unexpected expenses) growth during the applicable performance period (2013 - 2015). Under the terms of the restricted stock units granted in 2013, the number of restricted stock units that will vest is determined based on the extent to which the performance goal is achieved. Under the terms of the grant, 50 percent of the restricted stock units granted will vest for threshold performance and 100 percent of the restricted stock units granted will vest for the achievement of average annual adjusted EBITDA at target. The number of restricted stock units that will vest for performance achievement between the performance threshold and target will be determined based on a straight-line interpolation. No restricted stock units will vest for performance achievement below the threshold. | |||||||||||||
During 2012 and in the fourth quarter of 2011, the Company issued grants of performance-based restricted stock units to certain employees which will vest and become payable in shares of common stock to the extent the Company attains the performance goals applicable to the performance period. The performance goal is based on the degree to which the Company’s average annual adjusted EBITDA meets, exceeds or falls short of the target performance goal of achieving an average annual adjusted EBITDA increase of 10 percent over a three year period. Under the terms of the grants, 50 percent of the target restricted stock units may vest on the second anniversary and 50 percent may vest on the third anniversary if the performance goal is achieved as of that date. The number of restricted stock units that vest is determined on a pro rata basis by the extent to which the performance goal is met within a threshold minimum and maximum. In the event the target performance goal is not met, but the Company achieves a minimum performance goal of an average annual adjusted EBITDA growth of five percent, the participant will be entitled to 50 percent of the target number of restricted stock units. In the event the Company achieves its maximum performance goal of an average annual adjusted EBITDA growth of 20 percent, the participant will be entitled to 200 percent of the target number of restricted stock units. | |||||||||||||
The Company has granted time-based restricted stock units to members of the Board of Directors, excluding the Chairman of the Board, as compensation for services to be provided. The restricted stock units vest on the first anniversary of their issuance and may only be settled in the Company's common stock. Following the settlement of certain stockholders' litigation on July 20, 2012, THL agreed to waive any future compensation for its representatives on the Board of Directors, including the issuance of Director restricted stock units. | |||||||||||||
The fair value of restricted stock units is calculated based on the stock price at the time of grant. For performance based restricted stock units, expense is recognized if achievement of the performance goal is deemed probable, with the amount of expense recognized based on the Company’s best estimate of the ultimate achievement level. For the performance based restricted stock units, the grant-date fair values at the threshold and target performance levels are $8.7 million and $17.3 million, respectively. As of December 31, 2013, the Company believes it is probable it will achieve the performance goal at the target level for the 2013 restricted stock units and between the threshold and target levels for the 2011 and 2012 restricted stock units on the third anniversary. For grants to employees, expense is recognized in the “Compensation and benefits” line and expense for grants to Directors is recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations using the straight-line method over the vesting period. | |||||||||||||
The following table is a summary of the Company’s restricted stock unit activity for the year ended December 31, 2013: | |||||||||||||
Total | Weighted | Weighted-Average Remaining Vesting Period | Aggregate Intrinsic Value ($000,000) | ||||||||||
Shares | Average | ||||||||||||
Grant Date Fair Value | |||||||||||||
Outstanding at December 31, 2012 | 532,224 | $ | 16.8 | 1.7 years | $ | 7.1 | |||||||
Granted | 793,172 | 16.71 | |||||||||||
Vested and converted to shares | (48,474 | ) | 16.71 | ||||||||||
Forfeited | (90,778 | ) | 17.08 | ||||||||||
Outstanding at December 31, 2013 | 1,186,144 | $ | 16.73 | 1.8 years | $ | 24.6 | |||||||
Vested and outstanding at December 31, 2013 | 62,100 | $ | 16.74 | $ | 1.3 | ||||||||
No vested restricted stock units were convertible as of December 31, 2013. | |||||||||||||
The following table is a summary of the Company's restricted stock and restricted stock unit compensation information for the years ended December 31: | |||||||||||||
(Dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
Market value of restricted stock units converted | $ | 0.8 | $ | 0.6 | $ | 0.6 | |||||||
Unrecognized restricted stock unit expense | $ | 9.5 | |||||||||||
Unrecognized restricted stock unit expense and the remaining weighted-average vesting period are presented under the Company’s current estimate of achievement of the performance goal on the third anniversary. Unrecognized restricted stock unit expense, as of December 31, 2013, under the minimum and maximum thresholds are $2.4 million and $14.1 million, respectively. | |||||||||||||
Stock Appreciation Rights — In November 2011, the Company issued a grant of stock appreciation rights to certain employees which entitle the holder to any per share appreciation from the price at issuance. The grants vest and become exercisable over a four-year period in an equal number of shares each year. Upon exercise, the employee will receive an amount that is equal to the excess of the closing sale price of the Company’s common stock at the time of exercise over the grant price paid in cash up to a maximum of $12.00. | |||||||||||||
The fair value of stock appreciation rights was calculated using a Black-Scholes single option pricing model and is recorded as a liability in the “Accounts payable and other liabilities” line in the Consolidated Balance Sheets. Expense for stock appreciation rights is recognized in the “Compensation and benefits” line in the Consolidated Statements of Operations using the straight-line method over the vesting period. Expense related to stock appreciation rights was nominal for 2013 and 2012. | |||||||||||||
The following table is a summary of the Company’s stock appreciation rights activity for the year ended December 31, 2013: | |||||||||||||
Total | Weighted | ||||||||||||
Shares | Average | ||||||||||||
Price | |||||||||||||
Stock appreciation rights outstanding at December 31, 2012 | 8,600 | $ | 17.03 | ||||||||||
Granted | 4,743 | 17 | |||||||||||
Forfeited | (1,923 | ) | 17.03 | ||||||||||
Stock appreciation rights outstanding at December 31, 2013 | 11,420 | $ | 17.02 | ||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The following table is a summary of the components of income (loss) before income taxes for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
U.S. | $ | 69.9 | $ | (9.6 | ) | $ | 39.7 | |||||
Foreign | 15.4 | 0.7 | 0.1 | |||||||||
Income (loss) before income taxes | $ | 85.3 | $ | (8.9 | ) | $ | 39.8 | |||||
Foreign income consists of statutory income and losses from the Company’s international subsidiaries. Most of the Company’s wholly owned subsidiaries recognize revenue based solely on services agreements with the primary U.S. operating subsidiary. The following table is a summary of the income tax expense (benefit) for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal | $ | 9.7 | $ | 6.1 | $ | 40 | ||||||
State | 0.1 | 0.5 | 6.3 | |||||||||
Foreign | 11.1 | 4 | 6.9 | |||||||||
Current income tax expense | 20.9 | 10.6 | 53.2 | |||||||||
Deferred income tax expense (benefit) | 12 | 29.8 | (72.8 | ) | ||||||||
Income tax expense (benefit) | $ | 32.9 | $ | 40.4 | $ | (19.6 | ) | |||||
As of December 31, 2013 and 2012, the Company had a net income tax payable of $53.7 million and $52.3 million, respectively, recorded in the “Accounts payable and other liabilities” line in the Consolidated Balance Sheets. Income taxes paid were $8.0 million, $2.9 million and $3.7 million for 2013, 2012 and 2011, respectively. Income tax refunds received were $0.8 million in 2013; no refunds were received for 2012 or 2011. | ||||||||||||
The following table is a reconciliation of the expected federal income tax expense (benefit) at statutory rates to the actual tax expense (benefit) provided for the years ended in December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Income tax expense (benefit) at statutory federal income tax rate | $ | 29.8 | $ | (3.1 | ) | $ | 13.9 | |||||
Tax effect of: | ||||||||||||
State income tax, net of federal income tax effect | 1.7 | 0.9 | 1.9 | |||||||||
Valuation allowance | (2.7 | ) | 0.6 | (31.4 | ) | |||||||
International taxes | 3.2 | 1.8 | 1.3 | |||||||||
Net permanent difference | 0.2 | 1 | (6.0 | ) | ||||||||
(Decrease) increase in tax reserve | (0.5 | ) | 37.1 | (0.2 | ) | |||||||
Stock options | 1.6 | 3.7 | 1.3 | |||||||||
Other | (0.4 | ) | (1.6 | ) | (0.4 | ) | ||||||
Income tax expense (benefit) | $ | 32.9 | $ | 40.4 | $ | (19.6 | ) | |||||
In 2013, the Company recognized a tax expense of $32.9 million on pre-tax income of $85.3 million, benefiting from proceeds on securities that result in a release of valuation allowance, offset by international taxes and the reversal of tax benefits recorded on cancelled stock options for executive employee terminations. Changes in facts and circumstances may cause the Company to record additional tax expense or benefits in the future. | ||||||||||||
In 2012, the Company recognized a tax expense of $40.4 million on pre-tax loss of $8.9 million resulting from additions to uncertain tax positions and the reversal of tax benefits recorded on cancelled stock options for executive employee terminations. | ||||||||||||
In 2011, the Company recognized a tax benefit of $19.6 million, reflecting benefits of $34.0 million for the reversal of a portion of the valuation allowance on domestic deferred tax assets, partially offset by an increase in the valuation allowance on a portion of deferred tax assets as a result of losses in certain jurisdictions outside of the U.S. The effective tax rate for 2011 reflects the expected utilization of net operating loss carry-forwards based on the Company’s review of current facts and circumstances, including the three year cumulative income position and expectations that the Company will maintain a cumulative income tax position in the future. Net permanent differences in 2011 include a benefit of $9.7 million from the sale of assets, partially offset by the effect of non-deductible capital transaction costs and reorganization and restructuring expenses of $2.1 million and $0.9 million, respectively. | ||||||||||||
The following table is a summary of the Company’s deferred tax assets and liabilities as of December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Postretirement benefits and other employee benefits | $ | 39.7 | $ | 57.3 | ||||||||
Tax loss carryovers | 76.3 | 415 | ||||||||||
Tax credit carryovers | 27.6 | 27.9 | ||||||||||
Basis difference in revalued investments | 106.1 | 87.9 | ||||||||||
Bad debt and other reserves | 3.5 | 3.6 | ||||||||||
Other | 5 | 1.9 | ||||||||||
Valuation allowance | (174.8 | ) | (477.0 | ) | ||||||||
Total deferred tax asset | 83.4 | 116.6 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation and amortization | (72.8 | ) | (70.3 | ) | ||||||||
Gross deferred tax liability | (72.8 | ) | (70.3 | ) | ||||||||
Net deferred tax asset | $ | 10.6 | $ | 46.3 | ||||||||
Net deferred tax asset positions are reflected in the “Other assets” line in the Consolidated Balance Sheets, while net deferred tax liability positions are included in the “Accounts payable and other liabilities” line in the Consolidated Balance Sheets. Substantially all of the deferred tax assets relate to the U.S. jurisdiction. | ||||||||||||
At the end of 2013, capital losses on the 2008 security sales expired, resulting in offsetting decreases to tax loss carryover, deferred tax assets and valuation allowance. Changes in facts and circumstances in the future may cause the Company to record additional tax benefits as further deferred tax valuation allowances are released and carry-forwards are utilized. | ||||||||||||
The following table is a summary of the amounts and expiration dates of tax loss carry-forwards (not tax effected) and credit carry-forwards as of December 31, 2013: | ||||||||||||
(Amounts in millions) | Expiration | Amount | ||||||||||
Date | ||||||||||||
U.S. capital loss carry-forwards | 2014 -2018 | $ | 182 | |||||||||
U.S. federal tax credit carry-forwards | Indefinite | $ | 27.6 | |||||||||
The Company, or one of its subsidiaries, files income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. With a few exceptions, the Company is no longer subject to foreign or U.S. federal, state and local income tax examinations for years prior to 2005. The Company is subject to foreign, U.S. federal and certain state income tax examinations for 2005 through 2012. | ||||||||||||
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 on securities losses in the 2007, 2008 and 2009 tax returns. As of December 31, 2013, the IRS and the Company have reached a partial settlement on $186.9 million of deductions in dispute. The Company has recognized a cumulative benefit of $139.9 million relating to these deductions as of December 31, 2013. 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. | ||||||||||||
Unrecognized tax benefits are recorded in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. The following table is a summary is a reconciliation of unrecognized tax benefits for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Beginning balance | $ | 51.6 | $ | 9.6 | $ | 10.2 | ||||||
Additions based on tax positions related to prior years | 0.9 | 1.6 | — | |||||||||
Additions based on tax positions related to current year | — | 40.8 | — | |||||||||
Lapse in statute of limitations | (0.5 | ) | (0.4 | ) | (0.5 | ) | ||||||
Reductions for tax positions of prior years | — | — | (0.1 | ) | ||||||||
Ending balance | $ | 52 | $ | 51.6 | $ | 9.6 | ||||||
As of December 31, 2013, the liability for unrecognized tax benefits was $52.0 million, all of which could impact the effective tax rate if recognized. The Company accrues interest and penalties for unrecognized tax benefits through “Income tax expense (benefit)” in the Consolidated Statements of Operations. For the years ended December 31, 2013, 2012 and 2011, the Company accrued approximately $1.1 million, $0.7 million and $0.2 million, respectively, in interest and penalties in its Consolidated Statements of Operations, respectively. As of December 31, 2013 and 2012, the Company had a liability of $2.1 million and $2.0 million, respectively, for interest and penalties related to its unrecognized tax benefits. As of December 31, 2013, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax positions over the next 12 months. | ||||||||||||
The Company does not consider its earnings in its foreign entities to be permanently reinvested. As of December 31, 2013 and 2012, a deferred tax liability of $7.6 million and $5.6 million, respectively, was recognized for the unremitted earnings of its foreign entities. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Commitments and Contingencies | ' | |||||||||||
Commitments and Contingencies | ||||||||||||
Operating Leases — The Company has various non-cancelable operating leases for buildings and equipment that terminate through 2023. Certain of these leases contain rent holidays and rent escalation clauses based on pre-determined annual rate increases. The Company recognizes rent expense under the straight-line method over the term of the lease. Any difference between the straight-line rent amounts and amounts payable under the leases are recorded as deferred rent in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. Cash or lease incentives received under certain leases are recorded as deferred rent when the incentive is received and amortized as a reduction to rent over the term of the lease using the straight-line method. Incentives received relating to tenant improvements are recognized as a reduction of rent expense under the straight-line method over the term of the lease. Tenant improvements are capitalized as leasehold improvements and depreciated over the shorter of the remaining term of the lease or 10 years. The deferred rent liability relating to these incentives was $2.6 million at December 31, 2013 and 2012, respectively. | ||||||||||||
The following table is a summary of the minimum rental expense under operating leases for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Rent expense | $ | 16.2 | $ | 15.6 | $ | 16.6 | ||||||
Contingent rent | 0.2 | — | — | |||||||||
Sublease agreements | (1.0 | ) | (0.7 | ) | (0.3 | ) | ||||||
Minimum rent expense under operating leases | $ | 15.4 | $ | 14.9 | $ | 16.3 | ||||||
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 December 31, 2013 (amounts in millions): | ||||||||||||
2014 | $ | 15.2 | ||||||||||
2015 | 12 | |||||||||||
2016 | 6 | |||||||||||
2017 | 5.4 | |||||||||||
2018 | 5 | |||||||||||
Thereafter | 11.7 | |||||||||||
Total | $ | 55.3 | ||||||||||
Letters of Credit — At December 31, 2013, the Company had $0.4 million of letters of credit. These letters of credit reduce the amount available under the Revolving Credit Facility. | ||||||||||||
Minimum Commission Guarantees — In limited circumstances, as an incentive to new or renewing agents, the Company may grant minimum commission guarantees for a specified period of time at a contractually specified amount. Under the guarantees, the Company will pay to the agent the difference between the contractually specified minimum commission and the actual commissions earned by the agent. Expense related to the guarantee is recognized in the “Fee and other commissions expense” line in the Consolidated Statements of Operations. | ||||||||||||
As of December 31, 2013, the liability for minimum commission guarantees is $4.0 million and the maximum amount that could be paid under the minimum commission guarantees is $13.3 million over a weighted average remaining term of 3.9 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 2013 and 2012, the Company paid $1.5 million and $0.5 million, respectively, or 56 percent and 22 percent, respectively, of the estimated maximum payment for the year. | ||||||||||||
Other Commitments — The Company has agreements with certain co-investors to provide funds related to investments in limited partnership interests. As of December 31, 2013, the total amount of unfunded commitments related to these agreements was $0.3 million. | ||||||||||||
Legal Proceedings — The matters set forth below are subject to uncertainties and outcomes that are not predictable. The Company accrues for these matters as any resulting losses become probable and can be reasonably estimated. Further, the Company maintains insurance coverage for many claims and litigation alleged. In relation to various legal matters, including those described below, the Company had $1.7 million and $38.7 million of liability recorded in the “Accounts payable and other liabilities” line in the Consolidated Balance Sheets as of December 31, 2013 and 2012, respectively. A charge of $0.2 million, $108.8 million and $1.9 million, net of insurance recoveries, were recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations during 2013, 2012 and 2011, 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 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 alleges, among other things, that Goldman Sachs made material misrepresentations and omissions in connection with the sale of these products, ultimately causing significant losses to the Company for which the Company is currently seeking damages. Goldman Sachs owns, together with certain of its affiliates, approximately 19 percent of the shares of the Company’s common stock on a diluted basis, assuming conversion of the 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. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment Information | ' | |||||||||||
Segment Information | ||||||||||||
The Company’s reporting segments are primarily organized based on the nature of products and services offered and the type of consumer served. The Company has two reporting segments: Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment provides global money transfers and, in the U.S., Canada, 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, 28 percent and 29 percent of total revenue in 2013, 2012 and 2011, respectively. Businesses that are not operated within these segments are categorized as “Other,” and primarily relate to discontinued products and businesses. "Other" also contains corporate items. Segment pre-tax operating income and segment operating margin are used to review segment performance and to allocate resources. | ||||||||||||
Segment accounting policies are the same as those described in Note 2 — Summary of Significant Accounting Policies. The Company manages its investment portfolio on a consolidated level, with no specific investment security assigned to a particular segment. However, investment revenue is allocated to each segment based on the average investable balances generated by that segment’s sale of payment instruments during the period. Net securities gains are not allocated to the segments as the investment portfolio is managed at a consolidated level. While the derivatives portfolio is also managed on a consolidated level, each derivative instrument is utilized in a manner that can be identified to a particular segment. | ||||||||||||
Also excluded from net operating income for Global Funds Transfer and Financial Paper Products are interest and other expenses related to the Company’s credit agreements, items related to the Company’s preferred stock, operating income from businesses categorized as “Other,” certain pension and benefit obligation expenses, director deferred compensation plan expenses, executive severance and related costs, certain legal and corporate costs not related to the performance of the segments. | ||||||||||||
Unallocated expenses in 2013 include $2.5 million of legal expenses for the settlement in connection with MDPA/U.S. DOJ investigation and the shareholder litigation, $1.5 million of severance and related costs from executive terminations as well as other net corporate costs of $11.6 million not allocated to the segments. Unallocated expenses in 2012 include $119.2 million of legal expenses for the settlement in connection with MDPA/U.S. DOJ investigation and the shareholder litigation, $1.0 million of severance and related costs from executive terminations as well as other net corporate costs of $7.6 million not allocated to the segments. Unallocated expenses in 2011 include $4.8 million of legal settlements and related costs for securities litigation associated with the Company's 2011 Recapitalization, $0.3 million of asset impairments and other net corporate costs of $4.8 million not allocated to the segments. | ||||||||||||
The following table is a summary of the total revenue by segment for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Global Funds Transfer revenue | ||||||||||||
Money transfer revenue | $ | 1,287.80 | $ | 1,149.10 | $ | 1,040.10 | ||||||
Bill payment revenue | 102 | 106.1 | 112.6 | |||||||||
Total Global Funds Transfer revenue | 1,389.80 | 1,255.20 | 1,152.70 | |||||||||
Financial Paper Products revenue | ||||||||||||
Money order revenue | 55.1 | 57.5 | 60.4 | |||||||||
Official check revenue | 28.9 | 27 | 32.9 | |||||||||
Total Financial Paper Products revenue | 84 | 84.5 | 93.3 | |||||||||
Other revenue | 0.6 | 1.5 | 1.8 | |||||||||
Total revenue | $ | 1,474.40 | $ | 1,341.20 | $ | 1,247.80 | ||||||
The following table is a summary of the operating income by segment and detail of income (loss) before income taxes for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Global Funds Transfer operating income | $ | 162.6 | $ | 149.6 | $ | 124.8 | ||||||
Financial Paper Products operating income | 30.9 | 32.7 | 29.2 | |||||||||
Total segment operating income | 193.5 | 182.3 | 154 | |||||||||
Other operating loss | (15.6 | ) | (129.9 | ) | (11.4 | ) | ||||||
Total operating income | 177.9 | 52.4 | 142.6 | |||||||||
Net securities gains | — | (10.0 | ) | (32.8 | ) | |||||||
Interest expense | 47.3 | 70.9 | 86.2 | |||||||||
Debt extinguishment costs | 45.3 | — | 37.5 | |||||||||
Other costs | — | 0.4 | 11.9 | |||||||||
Income (loss) before income taxes | $ | 85.3 | $ | (8.9 | ) | $ | 39.8 | |||||
The following table is a summary of depreciation and amortization expense by segment for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Global Funds Transfer | $ | 46.5 | $ | 40.7 | $ | 40.5 | ||||||
Financial Paper Products | 3.9 | 3.5 | 5.4 | |||||||||
Other | 0.3 | 0.1 | 0.1 | |||||||||
Total depreciation and amortization | $ | 50.7 | $ | 44.3 | $ | 46 | ||||||
The following table is a summary of capital expenditures by segment for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Global Funds Transfer | $ | 49.3 | $ | 50.6 | $ | 44.3 | ||||||
Financial Paper Products | 7.4 | 6.1 | 5.8 | |||||||||
Total capital expenditures | $ | 56.7 | $ | 56.7 | $ | 50.1 | ||||||
The following table sets forth assets by segment as of December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||
Global Funds Transfer | $ | 1,611.30 | $ | 1,448.30 | ||||||||
Financial Paper Products | 2,800.00 | 3,395.10 | ||||||||||
Other | 375.6 | 307.2 | ||||||||||
Total assets | $ | 4,786.90 | $ | 5,150.60 | ||||||||
Geographic areas — International revenues are defined as revenues generated from money transfer and bill payment transactions originating in a country other than the U.S. Long-lived assets are principally located in the U.S. The following table details total revenue by major geographic area for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
U.S. | $ | 891.6 | $ | 822.5 | $ | 768.7 | ||||||
International | 582.8 | 518.7 | 479.1 | |||||||||
Total revenue | $ | 1,474.40 | $ | 1,341.20 | $ | 1,247.80 | ||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following tables are the summation of quarterly earnings per share and may not equate to the calculation for the full year as quarterly calculations are performed on a discrete basis. | ||||||||||||||||
2013 Fiscal Quarters: | ||||||||||||||||
(Amounts in millions, except per share data) | First (1) | Second | Third | Fourth | ||||||||||||
Total revenue | $ | 340.5 | $ | 365.1 | $ | 383 | $ | 385.8 | ||||||||
Total operating expenses | 296.2 | 322.6 | 334.9 | 342.8 | ||||||||||||
Operating income | 44.3 | 42.5 | 48.1 | 43 | ||||||||||||
Total other expense | 62.7 | 9.9 | 10 | 10 | ||||||||||||
(Loss) income before income taxes | $ | (18.4 | ) | $ | 32.6 | $ | 38.1 | $ | 33 | |||||||
Net (loss) income | $ | (12.6 | ) | $ | 19.1 | $ | 22.5 | $ | 23.4 | |||||||
(Loss) income per common share | ||||||||||||||||
Basic | $ | (0.18 | ) | $ | 0.27 | $ | 0.31 | $ | 0.33 | |||||||
Diluted | $ | (0.18 | ) | $ | 0.27 | $ | 0.31 | $ | 0.33 | |||||||
2012 Fiscal Quarters: | ||||||||||||||||
(Amounts in millions, except per share data) | First (2) | Second (2) | Third (2) | Fourth (2) | ||||||||||||
Total revenue | $ | 318.1 | $ | 330.1 | $ | 338.6 | $ | 354.4 | ||||||||
Total operating expenses | 282.2 | 326.9 | 366 | 313.7 | ||||||||||||
Operating income (loss) | 35.9 | 3.2 | (27.4 | ) | 40.7 | |||||||||||
Total other expenses, net | 17.9 | 18 | 17.7 | 7.7 | ||||||||||||
Income (loss) before income taxes | $ | 18 | $ | (14.8 | ) | $ | (45.1 | ) | $ | 33 | ||||||
Net income (loss) | $ | 10.3 | $ | (25.1 | ) | $ | (54.7 | ) | $ | 20.2 | ||||||
Income (loss) per common share | ||||||||||||||||
Basic | $ | 0.14 | $ | (0.35 | ) | $ | (0.77 | ) | $ | 0.28 | ||||||
Diluted | $ | 0.14 | $ | (0.35 | ) | $ | (0.77 | ) | $ | 0.28 | ||||||
(1) | Net loss in the first quarter of 2013 includes $45.3 million for the debt extinguishment loss. | |||||||||||||||
(2) | Operating expenses in the first, second, third and fourth quarter of 2012 include reorganization and restructuring costs of $5.8 million, $4.4 million, $4.0 million and $5.1 million, respectively. Operating expenses in the first, second, third and fourth quarter of 2012 include legal expenses of $3.6 million, $39.6 million, $72.3 million, and $3.7 million, respectively. The Company expensed $30.0 million and $70.0 million in the second and third quarter, respectively, related to the forfeiture settlement entered into on November 9, 2012 between the Company and the MDPA and U.S. DOJ. |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
The Company has evaluated subsequent events through the date of issuance of the Company's Audited Consolidated Financial Statements. | |
On February 11, 2014, the Company announced a reorganization and restructuring program to enhance operating efficiencies and reduce the Company's cost structure. The Company currently estimates that it will incur cash outlays over the next two years of approximately $30.0 million to $40.0 million in connection with these actions and generate an annual estimated pre-tax cost savings of $15.0 million to $20.0 million. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
Condensed Consolidating Financial Statements | ' | |||||||||||||||||||
Condensed Consolidating Financial Statements | ||||||||||||||||||||
In the event the Company offers 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 December 31, 2013 and 2012, along with condensed, consolidating Statements of Operations, Statements of Comprehensive Income (Loss) and Statements of Cash Flows for the years ended December 31, 2013, 2012 and 2011. 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 | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
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 YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 1,488.40 | $ | 327.7 | $ | (359.3 | ) | $ | 1,456.80 | |||||||||
Investment revenue | — | 17.4 | 0.3 | (0.1 | ) | 17.6 | ||||||||||||||
Total revenue | — | 1,505.80 | 328 | (359.4 | ) | 1,474.40 | ||||||||||||||
EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 730.5 | 167 | (219.7 | ) | 677.8 | ||||||||||||||
Investment commissions expense | — | 0.4 | — | — | 0.4 | |||||||||||||||
Total commissions expense | — | 730.9 | 167 | (219.7 | ) | 678.2 | ||||||||||||||
Compensation and benefits | — | 196 | 68.9 | — | 264.9 | |||||||||||||||
Transaction and operations support | 1.7 | 339.7 | 51.9 | (139.6 | ) | 253.7 | ||||||||||||||
Occupancy, equipment and supplies | — | 40.5 | 8.6 | (0.1 | ) | 49 | ||||||||||||||
Depreciation and amortization | 36.4 | 14.3 | — | 50.7 | ||||||||||||||||
Total operating expenses | 1.7 | 1,343.50 | 310.7 | (359.4 | ) | 1,296.50 | ||||||||||||||
OPERATING INCOME | (1.7 | ) | 162.3 | 17.3 | — | 177.9 | ||||||||||||||
Other expense | ||||||||||||||||||||
Interest expense | 30.3 | 17 | — | — | 47.3 | |||||||||||||||
Debt extinguishment costs | — | 45.3 | — | — | 45.3 | |||||||||||||||
Total other expense | 30.3 | 62.3 | — | — | 92.6 | |||||||||||||||
(Loss) income before income taxes | (32.0 | ) | 100 | 17.3 | — | 85.3 | ||||||||||||||
Income tax (benefit) expense | (11.2 | ) | 36.6 | 7.5 | — | 32.9 | ||||||||||||||
(Loss) income after income taxes | (20.8 | ) | 63.4 | 9.8 | — | 52.4 | ||||||||||||||
Equity income (loss) in subsidiaries | 73.2 | 9.8 | — | (83.0 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 52.4 | $ | 73.2 | $ | 9.8 | $ | (83.0 | ) | $ | 52.4 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET INCOME (LOSS) | $ | 52.4 | $ | 73.2 | $ | 9.8 | $ | (83.0 | ) | $ | 52.4 | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding gains arising during the period, net of tax expense of $3.1 | 5.1 | 5.1 | — | (5.1 | ) | 5.1 | ||||||||||||||
Reclassification of net realized gains included in net income (loss), net of tax expense of $1.6 | (4.1 | ) | (4.1 | ) | — | 4.1 | (4.1 | ) | ||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.2 | (0.4 | ) | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $2.9 | 5.2 | 5.2 | — | (5.2 | ) | 5.2 | ||||||||||||||
Valuation adjustment for pension and postretirement benefit plans, net of tax expense of $7.4 | 12.6 | 12.6 | — | (12.6 | ) | 12.6 | ||||||||||||||
Unrealized foreign currency translation gains, net of tax expense of $0.5 | 0.9 | 0.9 | 0.3 | (1.2 | ) | 0.9 | ||||||||||||||
Other comprehensive income (loss) | 19.3 | 19.3 | 0.3 | (19.6 | ) | 19.3 | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 71.7 | $ | 92.5 | $ | 10.1 | $ | (102.6 | ) | $ | 71.7 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (47.4 | ) | $ | 675.1 | $ | (17.2 | ) | $ | — | $ | 610.5 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 16.5 | — | — | 16.5 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (1,058.2 | ) | (40.5 | ) | — | (1,098.7 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 478 | 58.9 | — | 536.9 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (48.8 | ) | — | — | (48.8 | ) | |||||||||||||
Acquisition | — | (15.0 | ) | (0.4 | ) | — | (15.4 | ) | ||||||||||||
Proceeds from disposal of assets and businesses | — | 0.7 | — | — | 0.7 | |||||||||||||||
Intercompany financings | (841.4 | ) | — | — | 841.4 | — | ||||||||||||||
Dividend to parent/capital contribution from subsidiary guarantors | 44 | 0.8 | — | (44.8 | ) | — | ||||||||||||||
Net cash (used in) provided by investing activities | (797.4 | ) | (626.0 | ) | 18 | 796.6 | (608.8 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from issuance of debt | 850 | — | — | — | 850 | |||||||||||||||
Transactions costs for issuance and amendment of debt | — | (11.8 | ) | — | — | (11.8 | ) | |||||||||||||
Prepayment penalty | — | (21.5 | ) | — | — | (21.5 | ) | |||||||||||||
Payment on debt | (6.3 | ) | (813.2 | ) | — | — | (819.5 | ) | ||||||||||||
Proceeds from exercise of stock options | 1.1 | — | — | — | 1.1 | |||||||||||||||
Intercompany financings | — | 841.4 | — | (841.4 | ) | — | ||||||||||||||
Dividend to parent | — | (44.0 | ) | — | 44 | — | ||||||||||||||
Capital contribution to non-guarantors | — | — | (0.8 | ) | 0.8 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 844.8 | (49.1 | ) | (0.8 | ) | (796.6 | ) | (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 BALANCE SHEETS | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Cash and cash equivalents (substantially restricted) | 2.3 | 2,585.50 | 95.4 | — | 2,683.20 | |||||||||||||||
Receivables, net (substantially restricted) | — | 1,190.80 | 15.7 | — | 1,206.50 | |||||||||||||||
Interest-bearing investments (substantially restricted) | — | 425 | 25.1 | — | 450.1 | |||||||||||||||
Available-for-sale investments (substantially restricted) | — | 63.5 | — | — | 63.5 | |||||||||||||||
Property and equipment, net | — | 99.8 | 28.1 | — | 127.9 | |||||||||||||||
Goodwill | — | 306.9 | 121.8 | — | 428.7 | |||||||||||||||
Other assets | 7.5 | 181.6 | 19.4 | (17.8 | ) | 190.7 | ||||||||||||||
Equity investments in subsidiaries | 26.6 | 181 | — | (207.6 | ) | — | ||||||||||||||
Intercompany receivables | — | 165.9 | — | (165.9 | ) | — | ||||||||||||||
Total assets | $ | 36.4 | $ | 5,200.00 | $ | 305.5 | $ | (391.3 | ) | $ | 5,150.60 | |||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||||||
Payment service obligations | $ | — | $ | 4,127.00 | $ | 48.4 | $ | — | $ | 4,175.40 | ||||||||||
Debt | — | 809.9 | — | — | 809.9 | |||||||||||||||
Pension and other postretirement benefits | — | 126.8 | — | — | 126.8 | |||||||||||||||
Accounts payable and other liabilities | 60 | 109.7 | 48 | (17.8 | ) | 199.9 | ||||||||||||||
Intercompany liabilities | 137.8 | — | 28.1 | (165.9 | ) | — | ||||||||||||||
Total liabilities | 197.8 | 5,173.40 | 124.5 | (183.7 | ) | 5,312.00 | ||||||||||||||
Total stockholders’ (deficit) equity | (161.4 | ) | 26.6 | 181 | (207.6 | ) | (161.4 | ) | ||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 36.4 | $ | 5,200.00 | $ | 305.5 | $ | (391.3 | ) | $ | 5,150.60 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 1,432.70 | $ | 300.6 | $ | (404.7 | ) | $ | 1,328.60 | |||||||||
Investment revenue | — | 12.1 | 0.5 | — | 12.6 | |||||||||||||||
Total revenue | — | 1,444.80 | 301.1 | (404.7 | ) | 1,341.20 | ||||||||||||||
EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 756 | 161.3 | (318.1 | ) | 599.2 | ||||||||||||||
Investment commissions expense | — | 0.3 | — | — | 0.3 | |||||||||||||||
Total commissions expense | — | 756.3 | 161.3 | (318.1 | ) | 599.5 | ||||||||||||||
Compensation and benefits | — | 175.5 | 66.1 | — | 241.6 | |||||||||||||||
Transaction and operations support | 10.6 | 382.4 | 49.3 | (86.6 | ) | 355.7 | ||||||||||||||
Occupancy, equipment and supplies | — | 34.5 | 13.2 | — | 47.7 | |||||||||||||||
Depreciation and amortization | — | 31.2 | 13.1 | — | 44.3 | |||||||||||||||
Total operating expenses | 10.6 | 1,379.90 | 303 | (404.7 | ) | 1,288.80 | ||||||||||||||
OPERATING (LOSS) INCOME | (10.6 | ) | 64.9 | (1.9 | ) | — | 52.4 | |||||||||||||
Other expense (income) | ||||||||||||||||||||
Net security gains | — | (10.0 | ) | — | — | (10.0 | ) | |||||||||||||
Interest expense | — | 70.9 | — | — | 70.9 | |||||||||||||||
Other costs | 0.3 | 0.1 | — | — | 0.4 | |||||||||||||||
Total other expenses, net | 0.3 | 61 | — | — | 61.3 | |||||||||||||||
(Loss) income before income taxes | (10.9 | ) | 3.9 | (1.9 | ) | — | (8.9 | ) | ||||||||||||
Income tax (benefit) expense | (6.3 | ) | 42.5 | 4.2 | — | 40.4 | ||||||||||||||
(Loss) income after income taxes | (4.6 | ) | (38.6 | ) | (6.1 | ) | — | (49.3 | ) | |||||||||||
Equity (loss) income in subsidiaries | (44.7 | ) | (6.1 | ) | — | 50.8 | — | |||||||||||||
NET (LOSS) INCOME | $ | (49.3 | ) | $ | (44.7 | ) | $ | (6.1 | ) | $ | 50.8 | $ | (49.3 | ) | ||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET (LOSS) INCOME | $ | (49.3 | ) | $ | (44.7 | ) | $ | (6.1 | ) | $ | 50.8 | $ | (49.3 | ) | ||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding (losses) gains arising during the period, net of tax expense of $1.4 | (5.2 | ) | 4.8 | — | 5.2 | 4.8 | ||||||||||||||
Reclassification adjustment for net realized gains included in net (loss) income, net of tax expense of $0.0 | — | (10.0 | ) | — | — | (10.0 | ) | |||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net (loss) income, net of tax benefit of $0.2 | (0.4 | ) | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net (loss) income, net of tax expense of $2.4 | 3.9 | 3.9 | — | (3.9 | ) | 3.9 | ||||||||||||||
Valuation adjustment for pension and postretirement benefit plans, net of tax benefit of $8.7 | (14.2 | ) | (14.2 | ) | — | 14.2 | (14.2 | ) | ||||||||||||
Unrealized foreign currency translation gains, net of tax expense of $1.0 | 1.6 | 0.1 | 1.8 | (1.9 | ) | 1.6 | ||||||||||||||
Other comprehensive (loss) income | (14.3 | ) | (15.8 | ) | 1.8 | 14 | (14.3 | ) | ||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (63.6 | ) | $ | (60.5 | ) | $ | (4.3 | ) | $ | 64.8 | $ | (63.6 | ) | ||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 8.4 | $ | (71.7 | ) | $ | 7.2 | $ | — | $ | (56.1 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from sale of investment classified as available-for-sale (substantially restricted) | — | 10 | — | — | 10 | |||||||||||||||
Proceeds from maturities of available-for-sale (substantially restricted) | — | 31.6 | — | — | 31.6 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (425.0 | ) | (48.5 | ) | — | (473.5 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 500 | 48.1 | — | 548.1 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (44.9 | ) | (14.7 | ) | — | (59.6 | ) | ||||||||||||
Proceeds from disposal of assets and businesses | — | 1 | — | — | 1 | |||||||||||||||
Capital contribution from subsidiary guarantors | — | (7.9 | ) | — | 7.9 | — | ||||||||||||||
Net cash provided by provided by (used in) investing activities | — | 64.8 | (15.1 | ) | 7.9 | 57.6 | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Payment on debt | — | (1.5 | ) | — | — | (1.5 | ) | |||||||||||||
Intercompany financings | (8.4 | ) | 8.4 | — | — | — | ||||||||||||||
Capital contribution to non-guarantors | — | — | 7.9 | (7.9 | ) | — | ||||||||||||||
Net cash (used in) provided by financing activities | (8.4 | ) | 6.9 | 7.9 | (7.9 | ) | (1.5 | ) | ||||||||||||
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 OPERATIONS | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 1,203.40 | $ | 288.5 | $ | (261.0 | ) | $ | 1,230.90 | |||||||||
Investment revenue | — | 16.4 | 0.5 | — | 16.9 | |||||||||||||||
Total revenue | — | 1,219.80 | 289 | (261.0 | ) | 1,247.80 | ||||||||||||||
EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 576.5 | 148.4 | (177.3 | ) | 547.6 | ||||||||||||||
Investment commissions expense | — | 0.4 | — | — | 0.4 | |||||||||||||||
Total commissions expense | — | 576.9 | 148.4 | (177.3 | ) | 548 | ||||||||||||||
Compensation and benefits | — | 173.6 | 62.1 | — | 235.7 | |||||||||||||||
Transaction and operations support | 6.1 | 258 | 47.4 | (83.7 | ) | 227.8 | ||||||||||||||
Occupancy, equipment and supplies | — | 36 | 11.7 | — | 47.7 | |||||||||||||||
Depreciation and amortization | — | 34.5 | 11.5 | — | 46 | |||||||||||||||
Total operating expenses | 6.1 | 1,079.00 | 281.1 | (261.0 | ) | 1,105.20 | ||||||||||||||
OPERATING (LOSS) INCOME | (6.1 | ) | 140.8 | 7.9 | — | 142.6 | ||||||||||||||
Other expense (income) | ||||||||||||||||||||
Net securities gains | — | (32.8 | ) | — | — | (32.8 | ) | |||||||||||||
Interest expense | — | 86.2 | — | — | 86.2 | |||||||||||||||
Debt extinguishment costs | — | 37.5 | — | — | 37.5 | |||||||||||||||
Other costs | 6.5 | 5.1 | 0.3 | — | 11.9 | |||||||||||||||
Total other expenses, net | 6.5 | 96 | 0.3 | — | 102.8 | |||||||||||||||
(Loss) income before income taxes | (12.6 | ) | 44.8 | 7.6 | — | 39.8 | ||||||||||||||
Income tax (benefit) expense | (4.4 | ) | (18.3 | ) | 3.1 | — | (19.6 | ) | ||||||||||||
(Loss) income after income taxes | (8.2 | ) | 63.1 | 4.5 | — | 59.4 | ||||||||||||||
Equity income (loss) in subsidiaries | 67.6 | 4.5 | — | (72.1 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 59.4 | $ | 67.6 | $ | 4.5 | $ | (72.1 | ) | $ | 59.4 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET INCOME (LOSS) | $ | 59.4 | $ | 67.6 | $ | 4.5 | $ | (72.1 | ) | $ | 59.4 | |||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding gains arising during the period, net of tax expense of $0.6 | 0.3 | 0.3 | — | (0.3 | ) | 0.3 | ||||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $0.2 | (0.4 | ) | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $2.5 | 4 | 4 | — | (4.0 | ) | 4 | ||||||||||||||
Valuation adjustment for pension and postretirement benefit plans, net of tax benefit of $3.6 | (5.8 | ) | (5.8 | ) | — | 5.8 | (5.8 | ) | ||||||||||||
Unrealized foreign currency translation losses, net of tax benefit of $2.6 | (4.2 | ) | (4.8 | ) | (1.9 | ) | 6.7 | (4.2 | ) | |||||||||||
Other comprehensive (loss) income | (6.1 | ) | (6.7 | ) | (1.9 | ) | 8.6 | (6.1 | ) | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 53.3 | $ | 60.9 | $ | 2.6 | $ | (63.5 | ) | $ | 53.3 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 41.7 | $ | 112.5 | $ | 33.9 | $ | — | $ | 188.1 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 56.3 | — | — | 56.3 | |||||||||||||||
Proceeds from settlement of investments (substantially restricted) | — | 32.8 | — | — | 32.8 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (494.1 | ) | (46.2 | ) | — | (540.3 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 400.5 | 22 | — | 422.5 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (28.2 | ) | (16.0 | ) | — | (44.2 | ) | ||||||||||||
Proceeds from disposal of assets and businesses | — | 2.7 | — | — | 2.7 | |||||||||||||||
Acquisitions | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
Dividends to parent/capital contribution from subsidiary guarantors | 241.9 | (6.4 | ) | — | (235.5 | ) | — | |||||||||||||
Net cash provided by (used in) investing activities | 241.9 | (36.4 | ) | (40.3 | ) | (235.5 | ) | (70.3 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from issuance of debt | — | 536 | — | — | 536 | |||||||||||||||
Transaction costs for issuance and amendment of debt | — | (17.1 | ) | — | — | (17.1 | ) | |||||||||||||
Payments on debt | — | (366.6 | ) | — | — | (366.6 | ) | |||||||||||||
Prepayment penalty | — | (23.2 | ) | — | — | (23.2 | ) | |||||||||||||
Additional consideration issued in connection with conversion of mezzanine equity | (218.3 | ) | — | — | — | (218.3 | ) | |||||||||||||
Transaction costs for the conversion and issuance of stock | (5.4 | ) | — | — | — | (5.4 | ) | |||||||||||||
Cash dividends paid on mezzanine equity | (20.5 | ) | — | — | — | (20.5 | ) | |||||||||||||
Transaction costs for secondary offering | — | (3.4 | ) | — | — | (3.4 | ) | |||||||||||||
Proceeds from exercise of stock options | 0.7 | — | — | — | 0.7 | |||||||||||||||
Intercompany financings | (40.1 | ) | 40.1 | — | — | — | ||||||||||||||
Dividend to parent/capital contribution to non-guarantors | — | (241.9 | ) | 6.4 | 235.5 | — | ||||||||||||||
Net cash (used in) provided by financing activities | (283.6 | ) | (76.1 | ) | 6.4 | 235.5 | (117.8 | ) | ||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Substantially Restricted | ' | |||||||||||
Substantially Restricted — The Company’s licensed entity MoneyGram Payment Systems, Inc. (“MPSI”) is regulated by various U.S. state agencies that generally require the Company to maintain a pool of assets with an investment rating of A or higher (“permissible investments”) in an amount equal to the payment service obligations, as defined by each state, for those regulated payment instruments, namely teller checks, agent checks, money orders and money transfers. The regulatory payment service assets measure varies by state, but in all cases excludes investments rated below A-. The most restrictive states may also exclude assets held at banks that do not belong to a national insurance program, varying amounts of accounts receivable balances and/or assets held in one of the SPEs. The regulatory payment service obligations measure varies by state, but in all cases is substantially lower than the Company’s payment service obligations as disclosed in the Consolidated Balance Sheets as the Company is not regulated by state agencies for payment service obligations resulting from outstanding cashier’s checks or for amounts payable to agents and brokers. | ||||||||||||
In connection with the SPEs, the Company also has certain financial covenants that require it to maintain pre-defined ratios of certain assets to payment service obligations. The financial covenants under the credit agreement are described in Note 9 — Debt. Financial covenants related to the SPEs include the maintenance of specified ratios of cash, cash equivalents and investments held in the SPE to the outstanding payment instruments issued by the related financial institution customer. | ||||||||||||
The regulatory and contractual requirements do not require the Company to specify individual assets held to meet its payment service obligations, nor is the Company required to deposit specific assets into a trust, escrow or other special account. Rather, the Company must maintain a pool of liquid assets sufficient to comply with the requirements. No third party places limitations, legal or otherwise, on the Company regarding the use of its individual liquid assets. The Company is able to withdraw, deposit or sell its individual liquid assets at will, with no prior notice or penalty, provided the Company maintains a total pool of liquid assets sufficient to meet the regulatory and contractual requirements. | ||||||||||||
The Company is not regulated by state agencies for payment service obligations resulting from outstanding cashier’s checks; however, the Company restricts a portion of the funds related to these payment instruments due to contractual arrangements and Company policy. Assets restricted for regulatory or contractual reasons are not available to satisfy working capital or other financing requirements. Consequently, the Company considers a significant amount of cash and cash equivalents, receivables and investments to be restricted to satisfy the liability to pay the principal amount of regulated payment service obligations upon presentment. Cash and cash equivalents, receivables and investments exceeding payment service obligations are generally available; however, management considers a portion of these amounts as providing additional assurance that business needs and regulatory requirements are maintained during the normal fluctuations in the value of the Company’s payment service assets and obligations. The following table summarizes the amount of assets in excess of payment service obligations as of December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||
Cash and cash equivalents (substantially restricted) | $ | 2,228.50 | $ | 2,683.20 | ||||||||
Receivables, net (substantially restricted) | 767.7 | 1,206.50 | ||||||||||
Interest-bearing investments (substantially restricted) | 1,011.60 | 450.1 | ||||||||||
Available-for-sale investments (substantially restricted) | 48.1 | 63.5 | ||||||||||
4,055.90 | 4,403.30 | |||||||||||
Payment service obligations | (3,737.1 | ) | (4,175.4 | ) | ||||||||
Assets in excess of payment service obligations | $ | 318.8 | $ | 227.9 | ||||||||
Regulatory requirements also require MPSI to maintain positive net worth, with certain states requiring that MPSI maintain positive tangible net worth. The Company was in compliance with its contractual and financial regulatory requirements as of December 31, 2013. | ||||||||||||
Cash and Cash Equivalents, Policy | ' | |||||||||||
Cash and Cash Equivalents (substantially restricted) — The Company defines cash and cash equivalents as cash on hand and all highly liquid debt instruments with original maturities of three months or less at the purchase date. | ||||||||||||
Receivables, Policy | ' | |||||||||||
Receivables, net (substantially restricted) — The Company has receivables due from financial institutions and agents for payment instruments sold and amounts advanced by the Company to certain agents for operational and local regulatory compliance purposes. These receivables are outstanding from the day of the sale of the payment instrument until the financial institution or agent remits the funds to the Company. The Company provides an allowance for the portion of the receivable estimated to become uncollectible as determined based on known delinquent accounts and historical trends. Receivables are generally considered past due one day after the contractual remittance schedule, which is typically one to three days after the sale of the underlying payment instrument. Receivables are evaluated for collectability by examining the facts and circumstances surrounding each customer when an account is delinquent and a loss is deemed possible. Receivables are generally written off against the allowance one year after becoming past due. The following summary details the activity within the allowance for credit losses for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Beginning balance | $ | 11.7 | $ | 10.5 | $ | 20 | ||||||
Charged to expense | 9.6 | 7.5 | 6.6 | |||||||||
Write-offs, net of recoveries | (10.6 | ) | (6.3 | ) | (16.1 | ) | ||||||
Ending balance | $ | 10.7 | $ | 11.7 | $ | 10.5 | ||||||
Investment, Policy | ' | |||||||||||
Investments (substantially restricted) — The Company classifies securities as interest-bearing or available-for-sale in its Consolidated Balance Sheets. The Company has no securities classified as trading or held-to-maturity. Time deposits and certificates of deposits with original maturities of up to twenty-four months are classified as interest-bearing investments and recorded at amortized cost. Securities held for indefinite periods of time, including any securities that may be sold to assist in the clearing of payment service obligations or in the management of the investment portfolio, are classified as available-for-sale securities. These securities are recorded at fair value, with the net after-tax unrealized gain or loss recorded as a separate component of stockholders’ deficit. Realized gains and losses and other-than-temporary impairments are recorded in the Consolidated Statements of Operations. | ||||||||||||
Interest income on residential mortgage-backed securities for which risk of credit loss is deemed remote is recorded utilizing the level yield method. Changes in estimated cash flows, both positive and negative, are accounted for with retrospective changes to the carrying value of investments in order to maintain a level yield over the life of the investment. Interest income on mortgage-backed securities for which risk of credit loss is not deemed remote is recorded under the prospective method as adjustments of yield. | ||||||||||||
The Company applies the cost recovery method of accounting for interest to its investments categorized as other asset-backed securities. The cost recovery method accounts for interest on a cash basis and deems any interest payments received as a recovery of principal, which reduces the book value of the related security. When the book value of the related security is reduced to zero, interest payments are then recognized as investment income upon receipt. The Company applies the cost recovery method of accounting as it believes it is probable that the Company will not recover all, or substantially all, of its principal investment and interest for its other asset-backed securities given the sustained deterioration in the investment and securities market, the collapse of many asset-backed securities and the low levels to which the securities have been written down. | ||||||||||||
Securities with gross unrealized losses as of the balance sheet date, are subject to a process for identifying other-than-temporary impairments. Securities that the Company deems to be other-than-temporarily impaired are written down to fair value in the period the impairment occurs. The assessment of whether such impairment has occurred is based on management’s evaluation of the underlying reasons for the decline in fair value on an individual security basis. The Company considers a wide range of factors about the security and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and the prospects for recovery. The Company considers an investment to be other-than-temporarily impaired when it is deemed probable that the Company will not receive all of the cash flows contractually stipulated for the investment. The Company evaluates mortgage-backed and other asset-backed investments rated A and below for which risk of credit loss is deemed more than remote for impairment. When an adverse change in expected cash flows occurs, and if the fair value of a security is less than its carrying value, the investment is written down to fair value through a permanent reduction to its amortized cost. Securities gains and losses are recognized upon the sale, call or maturity of securities using the specific identification method to determine the cost basis of securities sold. Any impairment charges and other securities gains and losses are included in the Consolidated Statements of Operations under “Net securities gains.” | ||||||||||||
Payment Service Obligations | ' | |||||||||||
Payment Service Obligations — Payment service obligations primarily consist of: outstanding payment instruments; amounts owed to financial institutions for funds paid to the Company to cover clearings of official check payment instruments, remittances and clearing adjustments; amounts owed to agents for funds paid to consumers on behalf of the Company; commissions owed to financial institution customers and agents for instruments sold; amounts owed to investment brokers for purchased securities; and unclaimed instruments owed to various states. These obligations are recognized by the Company at the time the underlying transactions occur. | ||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||
Fair Value of Financial Instruments — Financial instruments consist of cash and cash equivalents, investments, derivatives, deferred compensation and debt. The carrying values of cash and cash equivalents and interest-bearing investments approximate fair value. The carrying value of debt is stated at amortized cost; however, for disclosure purposes the fair value is estimated. See Note 4 — Fair Value Measurement for information regarding the principles and processes used to estimate the fair value of financial instruments. | ||||||||||||
Derivative Financial Instruments | ' | |||||||||||
Derivative Financial Instruments — The Company recognizes derivative financial instruments in the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value is recognized through the “Transaction and operations support” line in the Consolidated Statements of Operations in the period of change. See Note 6 — Derivative Financial Instruments for additional disclosure. | ||||||||||||
Property and Equipment | ' | |||||||||||
Property and Equipment — Property and equipment includes equipment at agent locations, communication equipment, computer hardware, computer software, leasehold improvements, office furniture and equipment, land and signs, and is stated at cost net of accumulated depreciation. Property and equipment, with the exception of land, is depreciated using a straight-line method over the useful life or term of the lease or license. Land is not depreciated. The cost and related accumulated depreciation of assets sold or disposed of are removed from the financial statements, with the resulting gain or loss, if any, recognized in “Occupancy, equipment and supplies” in the Consolidated Statements of Operations. See Note 7 — Property and Equipment for additional disclosure. | ||||||||||||
The following table summarizes the estimated useful lives by major asset category: | ||||||||||||
Type of Asset | Useful Life | |||||||||||
Equipment at agent locations | 3 - 7 years | |||||||||||
Communication equipment | 5 years | |||||||||||
Computer hardware | 3 years | |||||||||||
Computer software | 5 - 7 years | |||||||||||
Leasehold improvements | 10 years | |||||||||||
Office furniture and equipment | 7 years | |||||||||||
Signage | 3 years | |||||||||||
Tenant allowances for leasehold improvements are capitalized as leasehold improvements upon completion of the improvement and depreciated over the shorter of the remaining term of the lease or 10 years. | ||||||||||||
For the years ended December 31, 2013 and 2012, software development costs of $14.1 million and $18.9 million, respectively, were capitalized. At December 31, 2013 and 2012, there was $50.3 million and $48.7 million, respectively, of unamortized software development costs included in property and equipment. | ||||||||||||
Fixed assets and capitalized software are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable by comparing the carrying value of the assets to the estimated future undiscounted cash flows to be generated by the asset. If an impairment is determined to exist for fixed assets or capitalized software, the carrying value of the asset is reduced to the estimated fair value. | ||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||
Goodwill and Intangible Assets — Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations and is assigned to the reporting unit in which the acquired business will operate. Intangible assets are recorded at their estimated fair value at the date of acquisition or at cost if internally developed. In the year following the period in which identified intangible assets become fully amortized, the fully amortized balances are removed from the gross asset and accumulated amortization amounts. Goodwill and intangible assets with indefinite lives are not amortized, but are instead subject to impairment testing. Intangible assets with finite lives are amortized using a straight-line method over their respective useful lives as follows: | ||||||||||||
Type of Intangible Asset | Useful Life | |||||||||||
Agent rights and consumer relationships | 4-15 years | |||||||||||
Patents | 15 years | |||||||||||
Non-compete agreements | 3-5 years | |||||||||||
Trademarks and licenses | 36-40 years | |||||||||||
Developed technology | 5 years | |||||||||||
Goodwill is tested for impairment using a fair-value based approach, and is assessed at the reporting unit level. The carrying value of the reporting unit is compared to its estimated fair value, with any excess of carrying value over fair value deemed to be an indicator of potential impairment, in which case a second step is performed comparing the recorded amount of goodwill to its implied fair value. Intangible assets with finite lives and other long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable by comparing the carrying value of the assets to the estimated future undiscounted cash flows to be generated by the asset. If an impairment is determined to exist for goodwill or intangible assets, the carrying value of the asset is reduced to the estimated fair value. | ||||||||||||
The Company has historically evaluated its goodwill and other indefinite-lived intangible assets for impairment annually as of November 30 or more frequently if impairment indicators arose in accordance with Accounting Standards Codification (“ASC”) Topic 350, “Intangibles - Goodwill and Other.” In the fourth quarter of 2013, the Company changed the date of its annual assessment of goodwill to October 1 of each year. The change in testing date for goodwill is a change in accounting principle, which management believes is preferable as the new date of the assessment, while remaining in the fourth quarter, will create a more efficient and timely process surrounding the impairment tests and better align with the Company’s annual planning and budgeting process. The change in the assessment date does not delay, accelerate or avoid a potential impairment charge. The Company has determined that it is impracticable to objectively determine projected cash flows and related valuation estimates that would have been used as of each October 1 of prior reporting periods without the use of hindsight. As such, the Company prospectively applied the change in annual goodwill impairment testing date from October 1, 2013. No impairment was recognized as a result of the October 1, 2013 testing. | ||||||||||||
Payments on Long-Term Contracts | ' | |||||||||||
Payments on Long-Term Contracts — The Company makes payments to certain agents and financial institution customers as an incentive to enter into long-term contracts. The payments, or signing bonuses, are generally required to be refunded pro rata in the event of nonperformance under, or cancellation of, the contract by the customer. All signing bonuses are capitalized and amortized over the life of the related contract. Amortization of signing bonuses on long-term contracts is recorded in “Fee and other commissions expense” in the Consolidated Statements of Operations. The carrying values of the signing bonuses are reviewed annually or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. | ||||||||||||
Income Taxes | ' | |||||||||||
Income Taxes — The provision for income taxes is computed based on the pre-tax income (loss) included in the Consolidated Statements of Operations. Deferred tax assets and liabilities are recorded based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax basis, and operating loss and tax credit carry-backs and carry-forwards on a taxing jurisdiction basis. The Company measures deferred tax assets and liabilities using enacted statutory tax rates that will apply in the years in which the Company expects the temporary differences to be recovered or paid. The Company's ability to realize deferred tax assets depends on the ability to generate sufficient taxable income within the carry-back or carry-forward periods provided for in the tax law. The Company established valuation allowances for the Company's deferred tax assets based on a more-likely-than-not threshold. To the extent management believes that recovery is not likely, a valuation allowance is established in the period in which the determination is made. | ||||||||||||
The liability for unrecognized tax benefits is recorded as a non-cash item in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. The Company records interest and penalties for unrecognized tax benefits in “Income tax expense (benefit)” in the Consolidated Statements of Operations. See Note 13 — Income Taxes for additional disclosure. | ||||||||||||
Treasury Stock | ' | |||||||||||
Treasury Stock — Repurchased common stock is stated at cost and is presented as a separate component of stockholders’ deficit. See Note 11 — Stockholders’ Deficit for additional disclosure. | ||||||||||||
Foreign Currency Translation | ' | |||||||||||
Foreign Currency Translation — The Company converts assets and liabilities of foreign operations to their U.S. dollar equivalents at rates in effect at the balance sheet dates, recording the translation adjustments in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. Income statements of foreign operations are translated from the operation’s functional currency to U.S. dollar equivalents at the average exchange rate for the month. Foreign currency exchange transaction gains and losses are reported in “Transaction and operations support” in the Consolidated Statements of Operations. | ||||||||||||
Revenue Recognition | ' | |||||||||||
Revenue Recognition — The Company derives revenue primarily through service fees charged to consumers and through its investing activity. A description of these revenues and revenue recognition policies is as follows: | ||||||||||||
• | Fee and other revenue consists of transaction fees, service revenue, foreign exchange revenue and other revenue. | |||||||||||
• | Transaction fees consist primarily of fees earned on money transfer, money order, bill payment and official check transactions. The money transfer transaction fees vary based on the principal value of the transaction and the locations in which these money transfers originate and to which they are sent. The official check, money order and bill payment transaction fees are fixed fees charged on a per item basis. Transaction fees are recognized at the time of the transaction or sale of the product. | |||||||||||
• | Service revenue primarily consists of service charges on aged outstanding money orders and money order dispenser fees. | |||||||||||
• | Foreign exchange revenue is derived from the management of currency exchange spreads on money transfer transactions involving different “send” and “receive” currencies. Foreign exchange revenue is recognized at the time the exchange in funds occurs. | |||||||||||
• | Investment revenue is derived from the investment of funds generated from the sale of payment instruments, primarily official checks and money orders, and consists of interest income, dividend income, income received on our cost recovery securities and amortization of premiums and discounts. | |||||||||||
Customer Loyalty Program | ' | |||||||||||
Customer Loyalty Program — The MoneyGram Rewards loyalty program, introduced in January 2012, allowed enrolled members to earn points based on the face value of their send transactions, along with opportunities for points earned from promotional activities. Points were redeemable for various denominations of gift cards. The Company estimated the cost of the rewards and recorded this expense and the associated liability as points were accumulated by loyalty program members. The cost was recognized in “Transaction and operational support” within the Consolidated Statements of Operations, and the associated liability was included in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. | ||||||||||||
In October 2013, the Company began to transition its MoneyGram Rewards loyalty program to a convenience card program, which does not feature points. The Company provided participants in the MoneyGram Rewards program until December 7, 2013 to redeem any outstanding program points, after which all points were canceled. | ||||||||||||
Fee and Other Commissions Expense | ' | |||||||||||
Fee and Other Commissions Expense — The Company incurs fee commissions primarily related to our Global Funds Transfer products. In a money transfer transaction, both the agent initiating the transaction and the receiving agent earn a commission that is generally based on a percentage of the fee charged to the consumer. In a bill payment transaction, the agent initiating the transaction receives a commission that is generally based on a percentage of the fee charged to the consumer and, in limited circumstances, the biller receives a commission that is based on a percentage of the fee charged to the consumer. The Company generally does not pay commissions to agents on the sale of money orders, except, in certain limited circumstances, for large agents where we may pay a fixed commission based on total money order transactions. Other commissions expense includes the amortization of capitalized agent signing bonus payments. | ||||||||||||
Investment Commissions Expense | ' | |||||||||||
Investment Commissions Expense — Investment commissions expense consists of amounts paid to financial institution customers based on short-term interest rate indices times the average outstanding cash balances of official checks sold by the financial institution. Investment commissions are recognized each month based on the average outstanding balances of each financial institution customer and their contractual variable rate for that month. | ||||||||||||
Marketing and Advertising Expense | ' | |||||||||||
Marketing and Advertising Expense — Marketing and advertising costs are expensed as incurred or at the time the advertising first takes place and are recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations. | ||||||||||||
Stock-Based Compensation | ' | |||||||||||
Stock-Based Compensation — Stock-based compensation awards are measured at fair value at the date of grant and expensed over their vesting or service periods. The expense, net of estimated forfeitures, is recognized using the straight-line method. See Note 12 — Stock-Based Compensation for additional disclosure of the Company’s stock-based compensation. | ||||||||||||
Restructuring and Reorganization Expenses | ' | |||||||||||
Reorganization and Restructuring Expenses — Reorganization and restructuring expenses consist of direct and incremental costs associated with reorganization, restructuring and related activities, including technology; process improvement efforts; consulting and contractors; severance; outplacement and other employee related benefits; facility closures, cease-use or related charges; asset impairments or accelerated depreciation; and other expenses related to relocation of various operations to existing or new Company facilities and third-party providers, including hiring, training, relocation, travel and professional fees. The Company records severance-related expenses once they are both probable and estimable related to severance provided under an on-going benefit arrangement. One-time, involuntary benefit arrangements and other exit costs are generally recognized when the liability is incurred. The Company evaluates impairment issues associated with reorganization activities when the carrying amount of the assets may not be fully recoverable, and also reviews the appropriateness of the remaining useful lives of impacted fixed assets. | ||||||||||||
The following table summarizes the reorganization and restructuring costs recorded for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Reorganization costs in operating expenses: | ||||||||||||
Compensation and benefits | $ | 1.2 | $ | 6.8 | $ | 2.9 | ||||||
Transaction and operations support | 0.7 | 10.2 | 13.7 | |||||||||
Occupancy, equipment and supplies | 1.3 | 1.9 | 2.7 | |||||||||
Depreciation and amortization | — | 0.5 | — | |||||||||
Reorganization costs in non-operating expenses: | ||||||||||||
Other | — | 0.1 | 2.4 | |||||||||
Total reorganization costs | 3.2 | 19.5 | 21.7 | |||||||||
Restructuring costs in operating expenses: | ||||||||||||
Compensation and benefits | — | 0.3 | 1.8 | |||||||||
Total restructuring costs | — | 0.3 | 1.8 | |||||||||
Total reorganization and restructuring costs | $ | 3.2 | $ | 19.8 | $ | 23.5 | ||||||
In connection with reorganization and restructuring activities during 2013, 2012 and 2011, the Company recorded total expenses of $3.2 million, $19.8 million and $23.5 million, respectively, which have all been paid as of December 31, 2013. Reorganization and restructuring activities consisted of severance costs recorded in the “Compensation and benefits” line, general reorganization and restructuring costs recorded in the “Transaction and operations support” line and facilities and certain related asset write-off charges recorded in the “Occupancy, equipment and supplies” line in the operating expense section of the Consolidated Statements of Operations. | ||||||||||||
Other (Income) Expense | ' | |||||||||||
Other (Income) Expense — Other (income) expense is recorded in a separate section below operating income and includes items based on management’s assessment of their nature as these are not directly related to operating activities. Included in other (income) expense are securities gains, interest expense, debt extinguishment costs and other costs. The following is a summary of other costs for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Capital transaction costs | $ | — | $ | — | $ | 6.4 | ||||||
Disposal loss from asset dispositions | — | 0.1 | 1 | |||||||||
Impairment loss from asset dispositions | — | — | 4.5 | |||||||||
Contribution from investors | — | 0.3 | — | |||||||||
Total other costs | $ | — | $ | 0.4 | $ | 11.9 | ||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share — For discrete periods from January 1, 2008 through June 30, 2011, the Company utilized the two-class method for computing basic earnings per common share, which reflects the amount of undistributed earnings allocated to the common stockholders using the participation percentage of each class of stock. Undistributed earnings were determined as the Company’s net income less dividends declared, accumulated, deemed or paid on preferred stock. The undistributed earnings allocated to the common stockholders were divided by the weighted-average number of common shares outstanding during the period to compute basic 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 and the outstanding shares of the Company’s Series B Stock were exercised or converted into common stock. Diluted earnings per common share assumes the exercise of stock options using the treasury stock method and the conversion of the Series B Stock using the if-converted method. | ||||||||||||
Effective for discrete periods beginning after June 30, 2011, the Company no longer applies the two-class method of calculating basic earnings per share because the Series B Stock is no longer outstanding and the D Stock is deemed a common stock equivalent. | ||||||||||||
The following table is a reconciliation of the weighted-average amounts used in calculating earnings per share for the period ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Basic common shares outstanding | 71.6 | 71.5 | 48.6 | |||||||||
Shares related to stock options | 0.2 | — | — | |||||||||
Shares related to restricted stock and stock units | 0.1 | — | — | |||||||||
Diluted common shares outstanding | 71.9 | 71.5 | 48.6 | |||||||||
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 Series B Stock was anti-dilutive when the incremental earnings per share of Series B Stock on an if-converted basis is greater than the basic income (loss) per common share. The following table summarizes the weighted-average potential common shares excluded from diluted income (loss) per common share as their effect would be anti-dilutive or their performance conditions are not met for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Shares related to stock options | 3.6 | 4.9 | 5.1 | |||||||||
Shares related to restricted stock and stock units | 0.8 | 0.5 | 0.1 | |||||||||
Shares related to preferred stock | — | — | 21 | |||||||||
Shares excluded from the computation | 4.4 | 5.4 | 26.2 | |||||||||
Recent Accounting Pronouncements and Related Developments | ' | |||||||||||
Recent Accounting Pronouncements and Related Developments — In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities, (“ASU 2011-11”) and in January 2013, a clarification ASU No. 2013-01 Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, (“ASU 2013-01”) was issued. ASU 2011-11 provides for additional disclosures of both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. ASU 2013-01 clarifies that ASU 2011-11 should apply only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset. The Company adopted ASU 2011-11 and ASU 2013-01 on January 1, 2013, which resulted in additional disclosures on offsetting derivative contract assets and liabilities. See Note 6 — Derivative Financial Instruments for additional disclosure. | ||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, (“ASU 2013-02”). ASU 2013-02 requires presentation (either on the face of the statement where net income is presented or in the notes) of the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income, but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. The Company adopted ASU 2013-02 on January 1, 2013, which resulted in additional disclosures on movements in "Other comprehensive income." See Note 11 — Stockholders' Deficit for additional disclosure. | ||||||||||||
In July 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Assets in Excess of Payment Service Obligations | ' | |||||||||||
The following table summarizes the amount of assets in excess of payment service obligations as of December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||
Cash and cash equivalents (substantially restricted) | $ | 2,228.50 | $ | 2,683.20 | ||||||||
Receivables, net (substantially restricted) | 767.7 | 1,206.50 | ||||||||||
Interest-bearing investments (substantially restricted) | 1,011.60 | 450.1 | ||||||||||
Available-for-sale investments (substantially restricted) | 48.1 | 63.5 | ||||||||||
4,055.90 | 4,403.30 | |||||||||||
Payment service obligations | (3,737.1 | ) | (4,175.4 | ) | ||||||||
Assets in excess of payment service obligations | $ | 318.8 | $ | 227.9 | ||||||||
Summary of activity within the allowance for losses | ' | |||||||||||
The following summary details the activity within the allowance for credit losses for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Beginning balance | $ | 11.7 | $ | 10.5 | $ | 20 | ||||||
Charged to expense | 9.6 | 7.5 | 6.6 | |||||||||
Write-offs, net of recoveries | (10.6 | ) | (6.3 | ) | (16.1 | ) | ||||||
Ending balance | $ | 10.7 | $ | 11.7 | $ | 10.5 | ||||||
Estimated useful lives by major asset category | ' | |||||||||||
The following table summarizes the estimated useful lives by major asset category: | ||||||||||||
Type of Asset | Useful Life | |||||||||||
Equipment at agent locations | 3 - 7 years | |||||||||||
Communication equipment | 5 years | |||||||||||
Computer hardware | 3 years | |||||||||||
Computer software | 5 - 7 years | |||||||||||
Leasehold improvements | 10 years | |||||||||||
Office furniture and equipment | 7 years | |||||||||||
Signage | 3 years | |||||||||||
Estimated useful lives of finite-lived intangible assets | ' | |||||||||||
Intangible assets with finite lives are amortized using a straight-line method over their respective useful lives as follows: | ||||||||||||
Type of Intangible Asset | Useful Life | |||||||||||
Agent rights and consumer relationships | 4-15 years | |||||||||||
Patents | 15 years | |||||||||||
Non-compete agreements | 3-5 years | |||||||||||
Trademarks and licenses | 36-40 years | |||||||||||
Developed technology | 5 years | |||||||||||
Recorded restructuring costs | ' | |||||||||||
The following table summarizes the reorganization and restructuring costs recorded for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Reorganization costs in operating expenses: | ||||||||||||
Compensation and benefits | $ | 1.2 | $ | 6.8 | $ | 2.9 | ||||||
Transaction and operations support | 0.7 | 10.2 | 13.7 | |||||||||
Occupancy, equipment and supplies | 1.3 | 1.9 | 2.7 | |||||||||
Depreciation and amortization | — | 0.5 | — | |||||||||
Reorganization costs in non-operating expenses: | ||||||||||||
Other | — | 0.1 | 2.4 | |||||||||
Total reorganization costs | 3.2 | 19.5 | 21.7 | |||||||||
Restructuring costs in operating expenses: | ||||||||||||
Compensation and benefits | — | 0.3 | 1.8 | |||||||||
Total restructuring costs | — | 0.3 | 1.8 | |||||||||
Total reorganization and restructuring costs | $ | 3.2 | $ | 19.8 | $ | 23.5 | ||||||
Summary of other costs | ' | |||||||||||
The following is a summary of other costs for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Capital transaction costs | $ | — | $ | — | $ | 6.4 | ||||||
Disposal loss from asset dispositions | — | 0.1 | 1 | |||||||||
Impairment loss from asset dispositions | — | — | 4.5 | |||||||||
Contribution from investors | — | 0.3 | — | |||||||||
Total other costs | $ | — | $ | 0.4 | $ | 11.9 | ||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||
The following table is a reconciliation of the weighted-average amounts used in calculating earnings per share for the period ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Basic common shares outstanding | 71.6 | 71.5 | 48.6 | |||||||||
Shares related to stock options | 0.2 | — | — | |||||||||
Shares related to restricted stock and stock units | 0.1 | — | — | |||||||||
Diluted common shares outstanding | 71.9 | 71.5 | 48.6 | |||||||||
Weighted-average potential common shares excluded from diluted loss per common share | ' | |||||||||||
The following table summarizes the weighted-average potential common shares excluded from diluted income (loss) per common share as their effect would be anti-dilutive or their performance conditions are not met for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Shares related to stock options | 3.6 | 4.9 | 5.1 | |||||||||
Shares related to restricted stock and stock units | 0.8 | 0.5 | 0.1 | |||||||||
Shares related to preferred stock | — | — | 21 | |||||||||
Shares excluded from the computation | 4.4 | 5.4 | 26.2 | |||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
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 as of 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 | ||||||||||||
2012 | ||||||||||||||||||||
(Amounts in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial assets: | ||||||||||||||||||||
Available-for-sale investments (substantially restricted): | ||||||||||||||||||||
U.S. government agencies | $ | — | $ | 8.9 | $ | — | $ | 8.9 | ||||||||||||
Residential mortgage-backed securities — agencies | — | 36.6 | — | 36.6 | ||||||||||||||||
Other asset-backed securities | — | — | 18 | 18 | ||||||||||||||||
Investment related to deferred compensation trust | 8.6 | — | — | 8.6 | ||||||||||||||||
Forward contracts | — | 0.6 | — | 0.6 | ||||||||||||||||
Total financial assets | $ | 8.6 | $ | 46.1 | $ | 18 | $ | 72.7 | ||||||||||||
Summary of unobservable inputs used in other asset-backed securities classified as Level 3 | ' | |||||||||||||||||||
The following table is a summary of the unobservable inputs used in other asset-backed securities classified as Level 3 as of December 31: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Amounts in millions) | Unobservable | Pricing Source | Market | Net Average | Market | Net Average | ||||||||||||||
Input | Value | Price(1) | Value | Price(1) | ||||||||||||||||
Alt-A | Price | Third party pricing service | $ | 0.1 | $ | 17.01 | $ | 0.1 | $ | 12.5 | ||||||||||
Home Equity | Price | Third party pricing service | 0.2 | 51.87 | 0.2 | 47.3 | ||||||||||||||
Indirect Exposure — High Grade(2) | Price | Third party pricing service | 8.2 | 7.9 | 3.9 | 3.46 | ||||||||||||||
Indirect Exposure — Mezzanine(3) | Price | Third party pricing service | 2.6 | 2.12 | — | — | ||||||||||||||
Indirect Exposure — Mezzanine | Price | Broker | 5 | 6.01 | 7.9 | 3.71 | ||||||||||||||
Other | Discount margin | Manual | 4.5 | 23.85 | 5.9 | 31.69 | ||||||||||||||
Total | $ | 20.6 | $ | 5.24 | $ | 18 | $ | 4.39 | ||||||||||||
(1) Net average price per $100.00 | ||||||||||||||||||||
(2) Converted to a third party pricing service as of September 30, 2013; utilized a manual pricing process as of December 31, 2012 | ||||||||||||||||||||
(3) Converted to a third party pricing service as of September 30, 2013; utilized a broker pricing process as of December 31, 2012 | ||||||||||||||||||||
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 years ended December 31: | ||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||||||||||
Beginning balance | $ | 18 | $ | 24.2 | ||||||||||||||||
Realized gains | — | (10.0 | ) | |||||||||||||||||
Principal paydowns | (3.7 | ) | (0.3 | ) | ||||||||||||||||
Unrealized gains | 8.5 | 6.8 | ||||||||||||||||||
Unrealized losses | (2.2 | ) | (2.7 | ) | ||||||||||||||||
Ending balance | $ | 20.6 | $ | 18 | ||||||||||||||||
Fair value and carrying value of debt | ' | |||||||||||||||||||
The following table is a summary of the fair value and carrying value of the debt as of December 31: | ||||||||||||||||||||
Fair Value | Carrying Value | |||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Senior secured credit facility and incremental term loan | $ | 849.2 | $ | 487.1 | $ | 842.9 | $ | 484.9 | ||||||||||||
Second lien notes | — | 337.6 | — | 325 | ||||||||||||||||
Investment_Portfolio_Tables
Investment Portfolio (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||
Components of investment portfolio | ' | |||||||||||||||||||
The following table is a summary of the components of the investment portfolio as of December 31: | ||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||||||||||
Cash | $ | 2,204.50 | $ | 2,112.10 | ||||||||||||||||
Money markets | 24 | 571.1 | ||||||||||||||||||
Cash and cash equivalents (substantially restricted) | 2,228.50 | 2,683.20 | ||||||||||||||||||
Interest-bearing investments (substantially restricted) | 1,011.60 | 450.1 | ||||||||||||||||||
Available-for-sale investments (substantially restricted) | 48.1 | 63.5 | ||||||||||||||||||
Total investment portfolio | $ | 3,288.20 | $ | 3,196.80 | ||||||||||||||||
Available for sale Investments (substantially restricted) | ' | |||||||||||||||||||
The following is a summary of the amortized cost and fair value of available-for-sale investments as of December 31: | ||||||||||||||||||||
2013 | ||||||||||||||||||||
(Amounts in millions, except net average price) | Amortized | Gross | Gross | Fair | Net (1) | |||||||||||||||
Cost | Unrealized | Unrealized | Value | Average | ||||||||||||||||
Gains | Losses | Price | ||||||||||||||||||
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 | ||||||||||
2012 | ||||||||||||||||||||
(Amounts in millions, except net average price) | Amortized | Gross | Gross | Fair | Net (1) | |||||||||||||||
Cost | Unrealized | Unrealized | Value | Average | ||||||||||||||||
Gains | Losses | Price | ||||||||||||||||||
Residential mortgage-backed securities — agencies | $ | 33.5 | $ | 3.1 | $ | — | $ | 36.6 | $ | 110.02 | ||||||||||
Other asset-backed securities | 7.6 | 10.4 | — | 18 | 4.39 | |||||||||||||||
U.S. government agencies | 8.2 | 0.7 | — | 8.9 | 99.39 | |||||||||||||||
Total | $ | 49.3 | $ | 14.2 | $ | — | $ | 63.5 | $ | 14.06 | ||||||||||
(1) Net average price is per $100.00 | ||||||||||||||||||||
Net securities gain | ' | |||||||||||||||||||
The following is a summary of “Net securities gains” for the years ended December 31: | ||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||||||||||
Realized gains from available-for-sale investments | $ | — | $ | (10.0 | ) | $ | (32.8 | ) | ||||||||||||
Net securities gains | $ | — | $ | (10.0 | ) | $ | (32.8 | ) | ||||||||||||
Investment ratings | ' | |||||||||||||||||||
The Company’s investments consisted of the following ratings as of December 31: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Dollars in millions) | Number of | Fair | Percent of | Number of | Fair | Percent of | ||||||||||||||
Securities | Value | Investments | Securities | Value | Investments | |||||||||||||||
Investment grade | 16 | $ | 30.8 | 64 | % | 20 | $ | 45.3 | 71 | % | ||||||||||
Below investment grade | 50 | 17.3 | 36 | % | 54 | 18.2 | 29 | % | ||||||||||||
Total | 66 | $ | 48.1 | 100 | % | 74 | $ | 63.5 | 100 | % | ||||||||||
Contractual maturities | ' | |||||||||||||||||||
The following is a summary of amortized cost and fair value of available-for-sale of securities by contractual maturity as of December 31: | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(Amounts in millions) | Amortized | Fair | Amortized | Fair | ||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||
After one year through five years | $ | 7.7 | $ | 8 | $ | 8.2 | $ | 8.9 | ||||||||||||
Mortgage-backed and other asset-backed securities | 23.7 | 40.1 | 41.1 | 54.6 | ||||||||||||||||
Total | $ | 31.4 | $ | 48.1 | $ | 49.3 | $ | 63.5 | ||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Derivative Instrument Detail [Abstract] | ' | |||||||||||||||||||||||||
Summary of (gains) losses related to assets and liabilities denominated in foreign currencies | ' | |||||||||||||||||||||||||
The “Transaction and operations support” line in the Consolidated Statements of Operations and the "Net cash provided by (used in) operating activities" line in the Consolidated Statements of Cash Flows include the following (gains) losses related to assets and liabilities denominated in foreign currencies, for the years ended December 31: | ||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||
Net realized foreign currency (gains) losses | $ | (3.3 | ) | $ | (2.8 | ) | $ | 2.9 | ||||||||||||||||||
Net losses from the related forward contracts | 5.3 | 5.8 | 5.8 | |||||||||||||||||||||||
Net losses from foreign currency transactions and related forward contracts | $ | 2 | $ | 3 | $ | 8.7 | ||||||||||||||||||||
Fair values of derivative forward contract instruments | ' | |||||||||||||||||||||||||
As of December 31, 2013 and 2012, the Company reflected 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 | ||||||||||||||||||||||||
(Amounts in millions) | Balance Sheet Location | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Forward contracts | Other assets | $ | 0.4 | $ | 0.7 | $ | (0.2 | ) | $ | (0.1 | ) | $ | 0.2 | $ | 0.6 | |||||||||||
Gross Amount of Recognized Liabilities | Gross Amount of Offset | Net Amount of Liabilities Presented in the Consolidated Balance Sheets | ||||||||||||||||||||||||
(Amounts in millions) | Balance Sheet Location | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Forward contracts | Accounts payable and other liabilities | $ | (0.8 | ) | $ | (0.1 | ) | $ | 0.2 | $ | 0.1 | $ | (0.6 | ) | $ | — | ||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Components of property and equipment | ' | |||||||||||
The following table is a summary of property and equipment as of December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||
Computer hardware and software | $ | 215.8 | $ | 204.5 | ||||||||
Signage | 90.6 | 94.5 | ||||||||||
Equipment at agent locations | 74.8 | 72.1 | ||||||||||
Office furniture and equipment | 33 | 37.5 | ||||||||||
Leasehold improvements | 28.5 | 26.4 | ||||||||||
Total property and equipment | 442.7 | 435 | ||||||||||
Accumulated depreciation | (307.9 | ) | (307.1 | ) | ||||||||
Total property and equipment, net | $ | 134.8 | $ | 127.9 | ||||||||
Summary of depreciation expense | ' | |||||||||||
The following table is a summary of depreciation expense for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Computer hardware and software | $ | 23.2 | $ | 20.8 | $ | 21.1 | ||||||
Signage | 14.9 | 12.1 | 9.6 | |||||||||
Equipment at agent locations | 4.6 | 4.3 | 6.5 | |||||||||
Office furniture and equipment | 3.8 | 3.7 | 4 | |||||||||
Leasehold improvements | 3.5 | 2.5 | 3.7 | |||||||||
Total depreciation expense | $ | 50 | $ | 43.4 | $ | 44.9 | ||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||||||||||
Roll forward of goodwill by reporting segment | ' | |||||||||||||||||||||||
The following table is a roll-forward of goodwill by reporting segment: | ||||||||||||||||||||||||
(Amounts in millions) | Global Funds | Financial Paper | Total | |||||||||||||||||||||
Transfer | Products | |||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 428.7 | $ | — | $ | 428.7 | ||||||||||||||||||
Balance as of December 31, 2012 | $ | 428.7 | $ | — | $ | 428.7 | ||||||||||||||||||
Acquisitions | $ | 6.5 | $ | — | $ | 6.5 | ||||||||||||||||||
Balance as of December 31, 2013 | $ | 435.2 | $ | — | $ | 435.2 | ||||||||||||||||||
Gross goodwill balances and accumulated impairments | ' | |||||||||||||||||||||||
The following table is a summary of the gross goodwill balances and accumulated impairments as of December 31, 2013 and 2012: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Amounts in millions) | Gross Goodwill | Accumulated Impairments | Gross Goodwill | Accumulated Impairments | ||||||||||||||||||||
Global Funds Transfer | $ | 438.4 | $ | (3.2 | ) | $ | 431.9 | $ | (3.2 | ) | ||||||||||||||
Financial Paper Products | 2.5 | (2.5 | ) | 2.5 | (2.5 | ) | ||||||||||||||||||
Other | 15.7 | (15.7 | ) | 15.7 | (15.7 | ) | ||||||||||||||||||
Total | $ | 456.6 | $ | (21.4 | ) | $ | 450.1 | $ | (21.4 | ) | ||||||||||||||
Components of Intangible assets | ' | |||||||||||||||||||||||
The following table is a summary of intangible assets included in “Other assets” in the Consolidated Balance Sheets as of December 31: | ||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Amounts in millions) | Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||
Agent rights and consumer relationships | $ | 8.5 | $ | (1.1 | ) | $ | 7.4 | $ | 7.3 | $ | (6.4 | ) | $ | 0.9 | ||||||||||
Non-compete agreements | 1 | (0.1 | ) | 0.9 | 0.2 | (0.2 | ) | — | ||||||||||||||||
Trademarks and licenses | — | — | — | 0.6 | (0.6 | ) | — | |||||||||||||||||
Developed technology | — | — | — | 0.1 | (0.1 | ) | — | |||||||||||||||||
Total intangible assets | $ | 9.5 | $ | (1.2 | ) | $ | 8.3 | $ | 8.2 | $ | (7.3 | ) | $ | 0.9 | ||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Summary of outstanding debt | ' | |||||||||||||||||||||||||||||||
The following is a summary of the Company's outstanding debt at December 31, 2013 and activity since December 31, 2011: | ||||||||||||||||||||||||||||||||
2011 Credit Agreement | 2013 Credit Agreement | |||||||||||||||||||||||||||||||
(Amounts in millions) | Senior secured | Senior secured | Second lien | Senior secured | Total debt | |||||||||||||||||||||||||||
credit facility | incremental term | notes | credit facility | |||||||||||||||||||||||||||||
due 2017 | loan due 2017 | due 2018 | due 2020 | |||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 339.2 | $ | 146.7 | $ | 325 | $ | — | $ | 810.9 | ||||||||||||||||||||||
Payments | — | (1.5 | ) | — | — | (1.5 | ) | |||||||||||||||||||||||||
Amortization of discount | 0.2 | 0.3 | — | — | 0.5 | |||||||||||||||||||||||||||
Balance at December 31, 2012 | 339.4 | 145.5 | 325 | — | 809.9 | |||||||||||||||||||||||||||
Borrowings, gross | — | — | — | 850 | 850 | |||||||||||||||||||||||||||
Discount on borrowings (1) | — | 0.8 | — | (0.8 | ) | — | ||||||||||||||||||||||||||
Amortization of discount | — | 0.1 | — | 0.1 | 0.2 | |||||||||||||||||||||||||||
Write-off of discount upon prepayment | 0.6 | 1.7 | — | — | 2.3 | |||||||||||||||||||||||||||
Payments | (340.0 | ) | (148.1 | ) | (325.0 | ) | (6.4 | ) | (819.5 | ) | ||||||||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | — | $ | — | $ | 842.9 | $ | 842.9 | ||||||||||||||||||||||
Weighted average interest rate | 4.25 | % | 4.25 | % | 13.25 | % | 4.25 | % | ||||||||||||||||||||||||
(1)As a result of the 2013 Credit Agreement, the entire debt discount was transferred from the 2011 Credit Agreement to the 2013 Credit Agreement. | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
December 31, 2013 through September 30, 2014 | 2.15:1 | 4.375:1 | ||||||||||||||||||||||||||||||
December 31, 2014 through September 30, 2015 | 2.25:1 | 4.000:1 | ||||||||||||||||||||||||||||||
December 31, 2015 through September 30, 2016 | 2.25:1 | 3.750:1 | ||||||||||||||||||||||||||||||
December 31, 2016 through maturity | 2.25:1 | 3.500:1 | ||||||||||||||||||||||||||||||
Schedule Of Debt Discount Amortization Table | ' | |||||||||||||||||||||||||||||||
The following is the debt discount amortization, recorded in “Interest expense,” and the write-off of the debt discount, recorded in "Debt extinguishment costs," in the Consolidated Statements of Operations for the years ended December 31: | ||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Amortization of debt discount | $ | 0.2 | $ | 0.5 | $ | 0.4 | ||||||||||||||||||||||||||
Write-off of debt discount upon prepayments | 2.3 | — | 0.1 | |||||||||||||||||||||||||||||
Total amortization of discount | $ | 2.5 | $ | 0.5 | $ | 0.5 | ||||||||||||||||||||||||||
Summary of deferred financing costs | ' | |||||||||||||||||||||||||||||||
The following table is a summary of the deferred financing costs at December 31: | ||||||||||||||||||||||||||||||||
2008 Senior Facility | 2011 Credit Agreement | 2013 Credit Agreement | ||||||||||||||||||||||||||||||
(Amounts in millions) | Senior | Senior | Senior | Senior | Second | Senior secured revolving credit facility | Senior secured credit facility | Total | ||||||||||||||||||||||||
Tranche | revolving | secured | secured | lien | Deferred | |||||||||||||||||||||||||||
B Loan | credit facility | credit facility | incremental | notes | Financing | |||||||||||||||||||||||||||
term | Costs | |||||||||||||||||||||||||||||||
Balance at January 1, 2011 | $ | 5.8 | $ | — | $ | — | $ | — | $ | 24.3 | $ | — | $ | — | $ | 30.1 | ||||||||||||||||
Capitalized deferred financing costs | — | 3.3 | 8.7 | 3.2 | 5 | — | — | 20.2 | ||||||||||||||||||||||||
Amortization of deferred financing costs | (1.0 | ) | (0.5 | ) | (0.7 | ) | (0.1 | ) | (3.6 | ) | — | — | (5.9 | ) | ||||||||||||||||||
Transfer of deferred financing costs | (0.7 | ) | 0.7 | — | — | — | — | — | — | |||||||||||||||||||||||
Write-off of deferred financing costs | (4.1 | ) | — | (1.1 | ) | — | (9.1 | ) | — | — | (14.3 | ) | ||||||||||||||||||||
Balance at December 31, 2011 | — | 3.5 | 6.9 | 3.1 | 16.6 | — | — | 30.1 | ||||||||||||||||||||||||
Amortization of deferred financing costs | — | (0.8 | ) | (1.2 | ) | (0.6 | ) | (2.6 | ) | — | — | (5.2 | ) | |||||||||||||||||||
Balance at December 31, 2012 | — | 2.7 | 5.7 | 2.5 | 14 | — | — | 24.9 | ||||||||||||||||||||||||
Capitalized deferred financing costs | — | — | — | — | — | 0.6 | 10.7 | 11.3 | ||||||||||||||||||||||||
Amortization of deferred financing costs | — | (0.2 | ) | (0.3 | ) | (0.1 | ) | (0.6 | ) | (0.4 | ) | (1.3 | ) | (2.9 | ) | |||||||||||||||||
Transfer of deferred financing costs (2) | — | (2.0 | ) | (1.1 | ) | (0.6 | ) | — | 2 | 1.7 | — | |||||||||||||||||||||
Write-off of deferred financing costs | — | (0.5 | ) | (4.3 | ) | (1.8 | ) | (13.4 | ) | — | — | (20.0 | ) | |||||||||||||||||||
Balance at December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2.2 | $ | 11.1 | $ | 13.3 | ||||||||||||||||
(1) As a result of the 2011 Recapitalization, a portion of the deferred financing costs were transferred from the 2008 Senior Facility to the 2011 Credit Agreement. | ||||||||||||||||||||||||||||||||
(2) As a result of the 2013 Credit Agreement, a portion of the deferred financing costs were transferred from the 2011 Credit Agreement to the 2013 Credit Agreement. | ||||||||||||||||||||||||||||||||
Schedule of Extinguishment of Debt | ' | |||||||||||||||||||||||||||||||
The following is a summary of the debt extinguishment costs at December 31: | ||||||||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Prepayment penalty | $ | 21.5 | $ | — | $ | 23.2 | ||||||||||||||||||||||||||
Write-off of unamortized deferred financing costs | 20 | — | 14.3 | |||||||||||||||||||||||||||||
Write-off of debt discount upon prepayments | 2.3 | — | — | |||||||||||||||||||||||||||||
Debt modification costs | 1.5 | — | — | |||||||||||||||||||||||||||||
Debt extinguishment costs | $ | 45.3 | $ | — | $ | 37.5 | ||||||||||||||||||||||||||
Pension_and_Other_Benefits_Tab
Pension and Other Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Weighted-average actuarial assumptions used in calculating the benefit obligation and net benefit cost | ' | ||||||||||||||||||||||||||
The following table is a summary of the weighted-average actuarial assumptions used in calculating the benefit obligation and net benefit cost as of and for the years ended December 31: | |||||||||||||||||||||||||||
Pension | SERPs | Postretirement Benefits | |||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||
Discount rate | 4.04 | % | 4.9 | % | 5.3 | % | 3.99 | % | 4.8 | % | 5.3 | % | 4.09 | % | 4.9 | % | 5.3 | % | |||||||||
Expected return on plan assets | 6.2 | % | 7 | % | 8 | % | — | — | — | — | — | — | |||||||||||||||
Rate of compensation increase | — | — | — | 5.75 | % | 5.75 | % | 5.75 | % | — | — | — | |||||||||||||||
Initial healthcare cost trend rate | — | — | — | — | — | — | 8 | % | 8.5 | % | 9 | % | |||||||||||||||
Ultimate healthcare cost trend rate | — | — | — | — | — | — | 5 | % | 5 | % | 5 | % | |||||||||||||||
Year ultimate healthcare cost trend rate is reached | — | — | — | — | — | — | 2019 | 2019 | 2019 | ||||||||||||||||||
Projected benefit obligation: | |||||||||||||||||||||||||||
Discount rate | 4.81 | % | 4.04 | % | 4.9 | % | 4.78 | % | 3.99 | % | 4.8 | % | 4.82 | % | 4.09 | % | 4.9 | % | |||||||||
Rate of compensation increase | — | — | — | 5.75 | % | 5.75 | % | 5.75 | % | — | — | — | |||||||||||||||
Initial healthcare cost trend rate | — | — | — | — | — | — | 7 | % | 8 | % | 8.5 | % | |||||||||||||||
Ultimate healthcare cost trend rate | — | — | — | — | — | — | 4.5 | % | 5 | % | 5 | % | |||||||||||||||
Year ultimate healthcare cost trend rate is reached | — | — | — | — | — | — | 2023 | 2019 | 2019 | ||||||||||||||||||
Weighted-average asset allocation for the defined benefit pension plan by asset category | ' | ||||||||||||||||||||||||||
The following table is a summary of the Company’s weighted-average asset allocation for the Pension Plan by asset category at the measurement date for the years ended December 31: | |||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||
Equity securities | 45 | % | 56.9 | % | |||||||||||||||||||||||
Fixed income securities | 50.8 | % | 38.4 | % | |||||||||||||||||||||||
Real estate | 3.5 | % | 4 | % | |||||||||||||||||||||||
Other | 0.7 | % | 0.7 | % | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||||
Plan's financial assets recorded at fair value by hierarchy | ' | ||||||||||||||||||||||||||
The following tables are a summary of the Pension Plan’s financial assets recorded at fair value, by hierarchy level, as of December 31: | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||
(Amounts in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Short-term investment fund | $ | — | $ | 0.9 | $ | — | $ | 0.9 | |||||||||||||||||||
Common collective trust — equity securities | |||||||||||||||||||||||||||
Large Cap securities | — | 32.8 | — | 32.8 | |||||||||||||||||||||||
Small Cap securities | — | 8.5 | — | 8.5 | |||||||||||||||||||||||
International securities | — | 16.8 | — | 16.8 | |||||||||||||||||||||||
Emerging markets | — | 3.4 | — | 3.4 | |||||||||||||||||||||||
Common collective trust — fixed income securities | |||||||||||||||||||||||||||
Core fixed income | — | 69.4 | — | 69.4 | |||||||||||||||||||||||
Real estate | — | — | 4.8 | 4.8 | |||||||||||||||||||||||
Total financial assets | $ | — | $ | 131.8 | $ | 4.8 | $ | 136.6 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||||
(Amounts in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Short-term investment fund | $ | — | $ | 0.9 | $ | — | $ | 0.9 | |||||||||||||||||||
Common collective trust — equity securities | |||||||||||||||||||||||||||
Large Cap securities | — | 46.1 | — | 46.1 | |||||||||||||||||||||||
Small Cap securities | — | 11.7 | — | 11.7 | |||||||||||||||||||||||
International securities | — | 11.2 | — | 11.2 | |||||||||||||||||||||||
Common collective trust — fixed income securities | |||||||||||||||||||||||||||
Core fixed income | — | 46.7 | — | 46.7 | |||||||||||||||||||||||
Real estate | — | — | 4.8 | 4.8 | |||||||||||||||||||||||
Total financial assets | $ | — | $ | 116.6 | $ | 4.8 | $ | 121.4 | |||||||||||||||||||
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | ' | ||||||||||||||||||||||||||
The following table represents the Pension Plan's Level 3 financial instrument, the valuation techniques used to measure the fair value of the financial instrument, and the significant unobservable inputs and the ranges of values for those inputs. | |||||||||||||||||||||||||||
(Amounts in millions) | |||||||||||||||||||||||||||
Instrument | Fair Value | Principal Valuation Technique | |||||||||||||||||||||||||
Real Estate | $ | 4.8 | Appraisal of underlying asset | ||||||||||||||||||||||||
Net periodic benefit expense (income) | ' | ||||||||||||||||||||||||||
Plan Financial Information — Net periodic benefit expense (income) for the Pension Plan and SERPs and postretirement benefit plans includes the following components for the years ended December 31: | |||||||||||||||||||||||||||
Pension and SERPs | Postretirement Benefits | ||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||
Interest cost | $ | 9.6 | $ | 10.6 | $ | 11.4 | $ | 0.1 | $ | 0.1 | $ | 0.1 | |||||||||||||||
Expected return on plan assets | (7.3 | ) | (7.9 | ) | (8.2 | ) | — | — | — | ||||||||||||||||||
Amortization of prior service credit | — | — | — | (0.6 | ) | (0.6 | ) | (0.6 | ) | ||||||||||||||||||
Recognized net actuarial loss | 7.7 | 5.9 | 6.3 | 0.4 | 0.4 | 0.2 | |||||||||||||||||||||
Net periodic benefit expense (income) | $ | 10 | $ | 8.6 | $ | 9.5 | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.3 | ) | ||||||||||||
Recognized other comprehensive income (loss) and net periodic benefit expense | ' | ||||||||||||||||||||||||||
The following tables are a summary of the amounts recognized in other comprehensive income (loss) and net periodic benefit expense (income) for the years ended December 31: | |||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||
(Amounts in millions) | Pension and | Postretirement | |||||||||||||||||||||||||
SERPs | Benefits | ||||||||||||||||||||||||||
Net actuarial gain | $ | (18.8 | ) | $ | (1.2 | ) | |||||||||||||||||||||
Amortization of net actuarial gain | (7.7 | ) | (0.4 | ) | |||||||||||||||||||||||
Amortization of prior service credit | — | 0.6 | |||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | (26.5 | ) | $ | (1.0 | ) | |||||||||||||||||||||
Total recognized in net periodic benefit expense (income) | $ | 10 | $ | (0.1 | ) | ||||||||||||||||||||||
Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) | $ | (16.5 | ) | $ | (1.1 | ) | |||||||||||||||||||||
2012 | |||||||||||||||||||||||||||
(Amounts in millions) | Pension and | Postretirement | |||||||||||||||||||||||||
SERPs | Benefits | ||||||||||||||||||||||||||
Net actuarial loss | $ | 22.2 | $ | 0.6 | |||||||||||||||||||||||
Amortization of net actuarial loss | (5.9 | ) | (0.4 | ) | |||||||||||||||||||||||
Amortization of prior service credit | — | 0.6 | |||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | 16.3 | $ | 0.8 | |||||||||||||||||||||||
Total recognized in net periodic benefit expense (income) | $ | 8.6 | $ | (0.1 | ) | ||||||||||||||||||||||
Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) | $ | 24.9 | $ | 0.7 | |||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||
(Amounts in millions) | Pension and | Postretirement | |||||||||||||||||||||||||
SERPs | Benefits | ||||||||||||||||||||||||||
Net actuarial loss | $ | 7.6 | $ | 1.8 | |||||||||||||||||||||||
Amortization of net actuarial loss | (6.3 | ) | (0.2 | ) | |||||||||||||||||||||||
Amortization of prior service credit | — | 0.6 | |||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | $ | 1.3 | $ | 2.2 | |||||||||||||||||||||||
Total recognized in net periodic benefit expense (income) | $ | 9.5 | $ | (0.3 | ) | ||||||||||||||||||||||
Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) | $ | 10.8 | $ | 1.9 | |||||||||||||||||||||||
Changes to the benefit obligation and plan assets | ' | ||||||||||||||||||||||||||
The following tables are a summary of the benefit obligation and plan assets, changes to the benefit obligation and plan assets, and the funded status of the Pension Plan and SERPs and the postretirement benefit plans as of and for the years ended December 31: | |||||||||||||||||||||||||||
Pension and SERPs | Postretirement Benefits | ||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||
Benefit obligation at the beginning of the year | $ | 245.7 | $ | 223.6 | $ | 2.5 | $ | 2 | |||||||||||||||||||
Interest cost | 9.6 | 10.6 | 0.1 | 0.1 | |||||||||||||||||||||||
Actuarial (gain) loss | (7.7 | ) | 24.8 | (1.2 | ) | 0.6 | |||||||||||||||||||||
Benefits paid | (14.0 | ) | (13.3 | ) | — | (0.2 | ) | ||||||||||||||||||||
Benefit obligation at the end of the year | $ | 233.6 | $ | 245.7 | $ | 1.4 | $ | 2.5 | |||||||||||||||||||
Pension and SERPs | Postretirement Benefits | ||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||
Fair value of plan assets at the beginning of the year | $ | 121.4 | $ | 110.1 | $ | — | $ | — | |||||||||||||||||||
Actual return on plan assets | 18.4 | 10.4 | — | — | |||||||||||||||||||||||
Employer contributions | 10.8 | 14.2 | — | 0.2 | |||||||||||||||||||||||
Benefits paid | (14.0 | ) | (13.3 | ) | — | (0.2 | ) | ||||||||||||||||||||
Fair value of plan assets at the end of the year | $ | 136.6 | $ | 121.4 | $ | — | $ | — | |||||||||||||||||||
Unfunded status at the end of the year | $ | (97.0 | ) | $ | (124.3 | ) | $ | (1.4 | ) | $ | (2.5 | ) | |||||||||||||||
Components recognized in the Consolidated Balance Sheets relating to the Pension Plan and SERPs and the postretirement benefit plans | ' | ||||||||||||||||||||||||||
The following table summarizes the components recognized in the Consolidated Balance Sheets relating to the Pension Plan and SERPs and the postretirement benefit plans as of December 31: | |||||||||||||||||||||||||||
Pension and SERPs | Postretirement Benefits | ||||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Pension and other postretirement benefits liability | $ | (97.0 | ) | $ | (124.3 | ) | $ | (1.4 | ) | $ | (2.5 | ) | |||||||||||||||
Accumulated other comprehensive loss: | |||||||||||||||||||||||||||
Unrealized losses for pension and postretirement benefits, net of tax | 54.2 | 70.6 | 1.8 | 3.4 | |||||||||||||||||||||||
Prior service cost (credit) for pension and postretirement benefits, net of tax | 0.1 | 0.1 | (2.3 | ) | (2.9 | ) | |||||||||||||||||||||
Projected benefit obligation and accumulated benefit obligation | ' | ||||||||||||||||||||||||||
The following table summarizes the projected benefit obligation and accumulated benefit obligation for the Pension Plan, SERPs and the postretirement benefit plans in excess of the fair value of plan assets as of December 31: | |||||||||||||||||||||||||||
Pension Plan | SERPs | Postretirement Benefits | |||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||
Projected benefit obligation | $ | 158.5 | $ | 174.3 | $ | 75.1 | $ | 71.4 | $ | 1.4 | $ | 2.5 | |||||||||||||||
Accumulated benefit obligation | 158.5 | 174.3 | 71.9 | 71.4 | — | — | |||||||||||||||||||||
Fair value of plan assets | 136.6 | 121.4 | — | — | — | — | |||||||||||||||||||||
Estimated future benefit payments | ' | ||||||||||||||||||||||||||
The following table summarizes the estimated future benefit payments for the Pension Plan and SERPs and the postretirement benefit plans for the years ended December 31: | |||||||||||||||||||||||||||
(Amounts in millions) | 2014 | 2015 | 2016 | 2017 | 2018 | 2019-2023 | |||||||||||||||||||||
Pension and SERPs | $ | 17.1 | $ | 22.7 | $ | 15 | $ | 15 | $ | 16.1 | $ | 75.4 | |||||||||||||||
Postretirement benefits | 0.2 | 0.1 | 0.1 | 0.1 | 0.1 | 0.4 | |||||||||||||||||||||
Stockholders_Deficit_Tables
Stockholders' Deficit (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||
Summary of stock activity | ' | |||||||||||||||||||||||
The following table is a summary of the activity of the Company’s stock authorized, issued and outstanding as of December 31: | ||||||||||||||||||||||||
D Stock | Common Stock | Treasury | ||||||||||||||||||||||
(Shares in thousands) | Authorized | Issued | Outstanding | Authorized | Issued | Outstanding | Stock | |||||||||||||||||
31-Dec-11 | 200 | 109 | 109 | 162,500 | 62,264 | 57,835 | (4,429 | ) | ||||||||||||||||
Stock option exercised and release of restricted stock units | — | — | — | — | — | 22 | 22 | |||||||||||||||||
31-Dec-12 | 200 | 109 | 109 | 162,500 | 62,264 | 57,857 | (4,407 | ) | ||||||||||||||||
Stock option exercised and release of restricted stock units | — | — | — | — | — | 106 | 106 | |||||||||||||||||
31-Dec-13 | 200 | 109 | 109 | 162,500 | 62,264 | 57,963 | (4,301 | ) | ||||||||||||||||
Summary of Transactional Components | ' | |||||||||||||||||||||||
The following table is a summary of the transactional components of the 2011 Recapitalization and their corresponding impacts to Mezzanine Equity and the components of Stockholders’ Deficit in the Consolidated Balance Sheets: | ||||||||||||||||||||||||
2011 Stockholders’ Deficit | ||||||||||||||||||||||||
(Amounts in millions, except share data) | Mezzanine | Preferred | Common | Additional | Retained | Total | ||||||||||||||||||
Equity | Stock | Stock | Paid-in | Loss | Activity | |||||||||||||||||||
Capital | ||||||||||||||||||||||||
Conversion of B Stock to common stock | $ | (716.1 | ) | $ | — | $ | 2.9 | $ | 713.2 | $ | — | $ | — | |||||||||||
Conversion of B-1 Stock to D Stock | (394.2 | ) | 394.2 | — | — | — | — | |||||||||||||||||
Accretion of unamortized mezzanine equity discounts | 76.1 | — | — | — | (76.1 | ) | — | |||||||||||||||||
Additional stock consideration paid | — | 52.7 | 0.3 | 95.5 | (148.5 | ) | — | |||||||||||||||||
Non-cash activity | (1,034.2 | ) | 446.9 | 3.2 | 808.7 | (224.6 | ) | — | ||||||||||||||||
Additional cash consideration paid | — | — | — | — | (218.3 | ) | (218.3 | ) | ||||||||||||||||
Cash dividends paid on mezzanine equity | — | — | — | — | (20.5 | ) | (20.5 | ) | ||||||||||||||||
Cash activity | (238.8 | ) | (238.8 | ) | ||||||||||||||||||||
Total 2011 Recapitalization impact to Mezzanine Equity and Stockholders’ Deficit | $ | (1,034.2 | ) | $ | 446.9 | $ | 3.2 | $ | 808.7 | $ | (463.4 | ) | $ | (238.8 | ) | |||||||||
Shares issued upon conversion | — | 157,686 | 35,804,796 | |||||||||||||||||||||
Additional stock consideration paid | — | 15,503 | 3,520,358 | |||||||||||||||||||||
Total new shares issued under the 2011 Recapitalization | — | 173,189 | 39,325,154 | |||||||||||||||||||||
Components of Accumulated other comprehensive loss | ' | |||||||||||||||||||||||
Accumulated Other Comprehensive Loss — The following table details the components of “Accumulated other comprehensive loss” as of December 31: | ||||||||||||||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||||||||||||||
Net unrealized gains on securities classified as available-for-sale, net of tax | $ | 17.3 | $ | 16.3 | ||||||||||||||||||||
Cumulative foreign currency translation adjustments, net of tax | 3.5 | 2.6 | ||||||||||||||||||||||
Pension and postretirement benefits adjustments, net of tax | (53.8 | ) | (71.2 | ) | ||||||||||||||||||||
Accumulated other comprehensive loss | $ | (33.0 | ) | $ | (52.3 | ) | ||||||||||||||||||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||
The following table is a summary of the changes to "Accumulated other comprehensive loss" by component during 2013 and 2012: | ||||||||||||||||||||||||
(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-11 | $ | 21.5 | $ | 1 | $ | (60.5 | ) | $ | (38.0 | ) | ||||||||||||||
Other comprehensive (loss) income before amortization | 4.8 | 1.6 | (14.2 | ) | (7.8 | ) | ||||||||||||||||||
Amounts reclassified/amortized from accumulated other comprehensive loss | (10.0 | ) | — | 3.5 | (6.5 | ) | ||||||||||||||||||
Net current period other comprehensive (loss) income | (5.2 | ) | 1.6 | (10.7 | ) | (14.3 | ) | |||||||||||||||||
31-Dec-12 | $ | 16.3 | $ | 2.6 | $ | (71.2 | ) | $ | (52.3 | ) | ||||||||||||||
Other comprehensive income before amortization | 5.1 | 0.9 | 12.6 | 18.6 | ||||||||||||||||||||
Amounts reclassified/amortized from accumulated other comprehensive loss | (4.1 | ) | — | 4.8 | 0.7 | |||||||||||||||||||
Net current period other comprehensive income | 1 | 0.9 | 17.4 | 19.3 | ||||||||||||||||||||
31-Dec-13 | $ | 17.3 | $ | 3.5 | $ | (53.8 | ) | $ | (33.0 | ) | ||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||||||||||||
The following table is a summary of the significant amounts amortized out of each component of "Accumulated other comprehensive loss" during the years ended December 31: | ||||||||||||||||||||||||
(Amounts in millions) | 2013 | Statement of Operations Location | ||||||||||||||||||||||
Unrealized gains on securities classified as available-for-sale, before tax | $ | (5.7 | ) | "Investment revenue" | ||||||||||||||||||||
Tax expense, net | 1.6 | |||||||||||||||||||||||
Total gains, net of tax | $ | (4.1 | ) | |||||||||||||||||||||
Pension and postretirement benefits adjustments: | ||||||||||||||||||||||||
Prior service credits | $ | (0.6 | ) | "Compensation and benefits" | ||||||||||||||||||||
Net actuarial losses | 8.1 | "Compensation and benefits" | ||||||||||||||||||||||
Total before tax | 7.5 | |||||||||||||||||||||||
Tax benefit, net | (2.7 | ) | ||||||||||||||||||||||
Total, net of tax | $ | 4.8 | ||||||||||||||||||||||
Total amortization for the period, net of tax | $ | 0.7 | ||||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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 years ended December 31: | |||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | ||||||||||
Expense recognized related to stock options | $ | 6.7 | $ | 7.4 | $ | 15.6 | |||||||
Expense recognized related to restricted stock units | 4.5 | 1.8 | 0.7 | ||||||||||
Stock-based compensation expense | $ | 11.2 | $ | 9.2 | $ | 16.3 | |||||||
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 years ended December 31: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Expected dividend yield(1) | 0% | 0% | 0% | ||||||||||
Expected volatility(2) | 68.2% - 69.0% | 69.7%-71.8% | 71.3%-72.9% | ||||||||||
Risk-free interest rate(3) | 1.1% - 1.2% | 0.9%-1.5% | 1.3%-2.9% | ||||||||||
Expected life(4) | 6.3 years | 6.3 years | 6.3-6.5 years | ||||||||||
Weighted-average grant-date fair value per option | $10.51 | $10.60 | $16.23 | ||||||||||
-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 year ended December 31, 2013: | |||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||
Average | Average | Intrinsic | |||||||||||
Exercise | Remaining | Value | |||||||||||
Price | Contractual | ($000,000) | |||||||||||
Term | |||||||||||||
Options outstanding at December 31, 2012 | 4,412,076 | $ | 22.1 | ||||||||||
Granted | 1,012,805 | 16.84 | |||||||||||
Exercised | (57,782 | ) | 18.44 | ||||||||||
Forfeited/Expired | (575,095 | ) | 29.59 | ||||||||||
Options outstanding at December 31, 2013 | 4,792,004 | $ | 20.14 | 6.8 years | $ | 13 | |||||||
Vested or expected to vest at December 31, 2013 | 4,654,151 | $ | 20.2 | 6.7 years | $ | 12.6 | |||||||
Options exercisable at December 31, 2013 | 1,707,410 | $ | 21.01 | 5.8 years | $ | 5.6 | |||||||
Summary of stock activity | ' | ||||||||||||
The following table is a summary of the Company's stock option compensation information for the years ended December 31: | |||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | ||||||||||
Intrinsic value of options exercised | $ | 0.1 | $ | — | $ | 221.9 | |||||||
Cash received from option exercises | $ | 1.1 | $ | — | $ | 0.7 | |||||||
Unrecognized stock option expense | $ | 13.3 | |||||||||||
Remaining weighted-average vesting period | 1.5 years | ||||||||||||
Summary of restricted stock unit activity | ' | ||||||||||||
The following table is a summary of the Company’s restricted stock unit activity for the year ended December 31, 2013: | |||||||||||||
Total | Weighted | Weighted-Average Remaining Vesting Period | Aggregate Intrinsic Value ($000,000) | ||||||||||
Shares | Average | ||||||||||||
Grant Date Fair Value | |||||||||||||
Outstanding at December 31, 2012 | 532,224 | $ | 16.8 | 1.7 years | $ | 7.1 | |||||||
Granted | 793,172 | 16.71 | |||||||||||
Vested and converted to shares | (48,474 | ) | 16.71 | ||||||||||
Forfeited | (90,778 | ) | 17.08 | ||||||||||
Outstanding at December 31, 2013 | 1,186,144 | $ | 16.73 | 1.8 years | $ | 24.6 | |||||||
Vested and outstanding at December 31, 2013 | 62,100 | $ | 16.74 | $ | 1.3 | ||||||||
Restricted stock and restricted stock unit compensation information | ' | ||||||||||||
The following table is a summary of the Company's restricted stock and restricted stock unit compensation information for the years ended December 31: | |||||||||||||
(Dollars in millions) | 2013 | 2012 | 2011 | ||||||||||
Market value of restricted stock units converted | $ | 0.8 | $ | 0.6 | $ | 0.6 | |||||||
Unrecognized restricted stock unit expense | $ | 9.5 | |||||||||||
Stock appreciation rights activity | ' | ||||||||||||
The following table is a summary of the Company’s stock appreciation rights activity for the year ended December 31, 2013: | |||||||||||||
Total | Weighted | ||||||||||||
Shares | Average | ||||||||||||
Price | |||||||||||||
Stock appreciation rights outstanding at December 31, 2012 | 8,600 | $ | 17.03 | ||||||||||
Granted | 4,743 | 17 | |||||||||||
Forfeited | (1,923 | ) | 17.03 | ||||||||||
Stock appreciation rights outstanding at December 31, 2013 | 11,420 | $ | 17.02 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components of income (loss) before income taxes | ' | |||||||||||
The following table is a summary of the components of income (loss) before income taxes for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
U.S. | $ | 69.9 | $ | (9.6 | ) | $ | 39.7 | |||||
Foreign | 15.4 | 0.7 | 0.1 | |||||||||
Income (loss) before income taxes | $ | 85.3 | $ | (8.9 | ) | $ | 39.8 | |||||
Income tax (benefit) expense | ' | |||||||||||
The following table is a summary of the income tax expense (benefit) for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Current: | ||||||||||||
Federal | $ | 9.7 | $ | 6.1 | $ | 40 | ||||||
State | 0.1 | 0.5 | 6.3 | |||||||||
Foreign | 11.1 | 4 | 6.9 | |||||||||
Current income tax expense | 20.9 | 10.6 | 53.2 | |||||||||
Deferred income tax expense (benefit) | 12 | 29.8 | (72.8 | ) | ||||||||
Income tax expense (benefit) | $ | 32.9 | $ | 40.4 | $ | (19.6 | ) | |||||
Reconciliation of the expected federal income tax at statutory rates | ' | |||||||||||
The following table is a reconciliation of the expected federal income tax expense (benefit) at statutory rates to the actual tax expense (benefit) provided for the years ended in December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Income tax expense (benefit) at statutory federal income tax rate | $ | 29.8 | $ | (3.1 | ) | $ | 13.9 | |||||
Tax effect of: | ||||||||||||
State income tax, net of federal income tax effect | 1.7 | 0.9 | 1.9 | |||||||||
Valuation allowance | (2.7 | ) | 0.6 | (31.4 | ) | |||||||
International taxes | 3.2 | 1.8 | 1.3 | |||||||||
Net permanent difference | 0.2 | 1 | (6.0 | ) | ||||||||
(Decrease) increase in tax reserve | (0.5 | ) | 37.1 | (0.2 | ) | |||||||
Stock options | 1.6 | 3.7 | 1.3 | |||||||||
Other | (0.4 | ) | (1.6 | ) | (0.4 | ) | ||||||
Income tax expense (benefit) | $ | 32.9 | $ | 40.4 | $ | (19.6 | ) | |||||
Deferred tax assets and liabilities | ' | |||||||||||
The following table is a summary of the Company’s deferred tax assets and liabilities as of December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Postretirement benefits and other employee benefits | $ | 39.7 | $ | 57.3 | ||||||||
Tax loss carryovers | 76.3 | 415 | ||||||||||
Tax credit carryovers | 27.6 | 27.9 | ||||||||||
Basis difference in revalued investments | 106.1 | 87.9 | ||||||||||
Bad debt and other reserves | 3.5 | 3.6 | ||||||||||
Other | 5 | 1.9 | ||||||||||
Valuation allowance | (174.8 | ) | (477.0 | ) | ||||||||
Total deferred tax asset | 83.4 | 116.6 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation and amortization | (72.8 | ) | (70.3 | ) | ||||||||
Gross deferred tax liability | (72.8 | ) | (70.3 | ) | ||||||||
Net deferred tax asset | $ | 10.6 | $ | 46.3 | ||||||||
Amount and expiration dates of tax loss carry-forwards (not tax effected) and credit carry-forwards | ' | |||||||||||
The following table is a summary of the amounts and expiration dates of tax loss carry-forwards (not tax effected) and credit carry-forwards as of December 31, 2013: | ||||||||||||
(Amounts in millions) | Expiration | Amount | ||||||||||
Date | ||||||||||||
U.S. capital loss carry-forwards | 2014 -2018 | $ | 182 | |||||||||
U.S. federal tax credit carry-forwards | Indefinite | $ | 27.6 | |||||||||
Reconciliation of unrecognized tax benefits for the period | ' | |||||||||||
Unrecognized tax benefits are recorded in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. The following table is a summary is a reconciliation of unrecognized tax benefits for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Beginning balance | $ | 51.6 | $ | 9.6 | $ | 10.2 | ||||||
Additions based on tax positions related to prior years | 0.9 | 1.6 | — | |||||||||
Additions based on tax positions related to current year | — | 40.8 | — | |||||||||
Lapse in statute of limitations | (0.5 | ) | (0.4 | ) | (0.5 | ) | ||||||
Reductions for tax positions of prior years | — | — | (0.1 | ) | ||||||||
Ending balance | $ | 52 | $ | 51.6 | $ | 9.6 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Schedule of Rent Expense | ' | |||||||||||
The following table is a summary of the minimum rental expense under operating leases for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Rent expense | $ | 16.2 | $ | 15.6 | $ | 16.6 | ||||||
Contingent rent | 0.2 | — | — | |||||||||
Sublease agreements | (1.0 | ) | (0.7 | ) | (0.3 | ) | ||||||
Minimum rent expense under operating leases | $ | 15.4 | $ | 14.9 | $ | 16.3 | ||||||
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 December 31, 2013 (amounts in millions): | ||||||||||||
2014 | $ | 15.2 | ||||||||||
2015 | 12 | |||||||||||
2016 | 6 | |||||||||||
2017 | 5.4 | |||||||||||
2018 | 5 | |||||||||||
Thereafter | 11.7 | |||||||||||
Total | $ | 55.3 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Revenue by segment | ' | |||||||||||
The following table is a summary of the total revenue by segment for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Global Funds Transfer revenue | ||||||||||||
Money transfer revenue | $ | 1,287.80 | $ | 1,149.10 | $ | 1,040.10 | ||||||
Bill payment revenue | 102 | 106.1 | 112.6 | |||||||||
Total Global Funds Transfer revenue | 1,389.80 | 1,255.20 | 1,152.70 | |||||||||
Financial Paper Products revenue | ||||||||||||
Money order revenue | 55.1 | 57.5 | 60.4 | |||||||||
Official check revenue | 28.9 | 27 | 32.9 | |||||||||
Total Financial Paper Products revenue | 84 | 84.5 | 93.3 | |||||||||
Other revenue | 0.6 | 1.5 | 1.8 | |||||||||
Total revenue | $ | 1,474.40 | $ | 1,341.20 | $ | 1,247.80 | ||||||
Operating income by segment | ' | |||||||||||
The following table is a summary of the operating income by segment and detail of income (loss) before income taxes for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Global Funds Transfer operating income | $ | 162.6 | $ | 149.6 | $ | 124.8 | ||||||
Financial Paper Products operating income | 30.9 | 32.7 | 29.2 | |||||||||
Total segment operating income | 193.5 | 182.3 | 154 | |||||||||
Other operating loss | (15.6 | ) | (129.9 | ) | (11.4 | ) | ||||||
Total operating income | 177.9 | 52.4 | 142.6 | |||||||||
Net securities gains | — | (10.0 | ) | (32.8 | ) | |||||||
Interest expense | 47.3 | 70.9 | 86.2 | |||||||||
Debt extinguishment costs | 45.3 | — | 37.5 | |||||||||
Other costs | — | 0.4 | 11.9 | |||||||||
Income (loss) before income taxes | $ | 85.3 | $ | (8.9 | ) | $ | 39.8 | |||||
Depreciation and amortization and capital expenditures by Segment | ' | |||||||||||
The following table is a summary of depreciation and amortization expense by segment for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Global Funds Transfer | $ | 46.5 | $ | 40.7 | $ | 40.5 | ||||||
Financial Paper Products | 3.9 | 3.5 | 5.4 | |||||||||
Other | 0.3 | 0.1 | 0.1 | |||||||||
Total depreciation and amortization | $ | 50.7 | $ | 44.3 | $ | 46 | ||||||
Schedule of Capital Expenditure, by Segment | ' | |||||||||||
The following table is a summary of capital expenditures by segment for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
Global Funds Transfer | $ | 49.3 | $ | 50.6 | $ | 44.3 | ||||||
Financial Paper Products | 7.4 | 6.1 | 5.8 | |||||||||
Total capital expenditures | $ | 56.7 | $ | 56.7 | $ | 50.1 | ||||||
Assets by Segment | ' | |||||||||||
The following table sets forth assets by segment as of December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | ||||||||||
Global Funds Transfer | $ | 1,611.30 | $ | 1,448.30 | ||||||||
Financial Paper Products | 2,800.00 | 3,395.10 | ||||||||||
Other | 375.6 | 307.2 | ||||||||||
Total assets | $ | 4,786.90 | $ | 5,150.60 | ||||||||
Revenue by geographical area | ' | |||||||||||
The following table details total revenue by major geographic area for the years ended December 31: | ||||||||||||
(Amounts in millions) | 2013 | 2012 | 2011 | |||||||||
U.S. | $ | 891.6 | $ | 822.5 | $ | 768.7 | ||||||
International | 582.8 | 518.7 | 479.1 | |||||||||
Total revenue | $ | 1,474.40 | $ | 1,341.20 | $ | 1,247.80 | ||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||
Quarterly Financial Data | ' | |||||||||||||||
Quarterly Financial Data (Unaudited) | ||||||||||||||||
The following tables are the summation of quarterly earnings per share and may not equate to the calculation for the full year as quarterly calculations are performed on a discrete basis. | ||||||||||||||||
2013 Fiscal Quarters: | ||||||||||||||||
(Amounts in millions, except per share data) | First (1) | Second | Third | Fourth | ||||||||||||
Total revenue | $ | 340.5 | $ | 365.1 | $ | 383 | $ | 385.8 | ||||||||
Total operating expenses | 296.2 | 322.6 | 334.9 | 342.8 | ||||||||||||
Operating income | 44.3 | 42.5 | 48.1 | 43 | ||||||||||||
Total other expense | 62.7 | 9.9 | 10 | 10 | ||||||||||||
(Loss) income before income taxes | $ | (18.4 | ) | $ | 32.6 | $ | 38.1 | $ | 33 | |||||||
Net (loss) income | $ | (12.6 | ) | $ | 19.1 | $ | 22.5 | $ | 23.4 | |||||||
(Loss) income per common share | ||||||||||||||||
Basic | $ | (0.18 | ) | $ | 0.27 | $ | 0.31 | $ | 0.33 | |||||||
Diluted | $ | (0.18 | ) | $ | 0.27 | $ | 0.31 | $ | 0.33 | |||||||
2012 Fiscal Quarters: | ||||||||||||||||
(Amounts in millions, except per share data) | First (2) | Second (2) | Third (2) | Fourth (2) | ||||||||||||
Total revenue | $ | 318.1 | $ | 330.1 | $ | 338.6 | $ | 354.4 | ||||||||
Total operating expenses | 282.2 | 326.9 | 366 | 313.7 | ||||||||||||
Operating income (loss) | 35.9 | 3.2 | (27.4 | ) | 40.7 | |||||||||||
Total other expenses, net | 17.9 | 18 | 17.7 | 7.7 | ||||||||||||
Income (loss) before income taxes | $ | 18 | $ | (14.8 | ) | $ | (45.1 | ) | $ | 33 | ||||||
Net income (loss) | $ | 10.3 | $ | (25.1 | ) | $ | (54.7 | ) | $ | 20.2 | ||||||
Income (loss) per common share | ||||||||||||||||
Basic | $ | 0.14 | $ | (0.35 | ) | $ | (0.77 | ) | $ | 0.28 | ||||||
Diluted | $ | 0.14 | $ | (0.35 | ) | $ | (0.77 | ) | $ | 0.28 | ||||||
(1) | Net loss in the first quarter of 2013 includes $45.3 million for the debt extinguishment loss. | |||||||||||||||
(2) | Operating expenses in the first, second, third and fourth quarter of 2012 include reorganization and restructuring costs of $5.8 million, $4.4 million, $4.0 million and $5.1 million, respectively. Operating expenses in the first, second, third and fourth quarter of 2012 include legal expenses of $3.6 million, $39.6 million, $72.3 million, and $3.7 million, respectively. The Company expensed $30.0 million and $70.0 million in the second and third quarter, respectively, related to the forfeiture settlement entered into on November 9, 2012 between the Company and the MDPA and U.S. DOJ. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||||||||||
CONDENSED, CONSOLIDATING BALANCE SHEETS | ' | |||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
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 BALANCE SHEETS | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Cash and cash equivalents (substantially restricted) | 2.3 | 2,585.50 | 95.4 | — | 2,683.20 | |||||||||||||||
Receivables, net (substantially restricted) | — | 1,190.80 | 15.7 | — | 1,206.50 | |||||||||||||||
Interest-bearing investments (substantially restricted) | — | 425 | 25.1 | — | 450.1 | |||||||||||||||
Available-for-sale investments (substantially restricted) | — | 63.5 | — | — | 63.5 | |||||||||||||||
Property and equipment, net | — | 99.8 | 28.1 | — | 127.9 | |||||||||||||||
Goodwill | — | 306.9 | 121.8 | — | 428.7 | |||||||||||||||
Other assets | 7.5 | 181.6 | 19.4 | (17.8 | ) | 190.7 | ||||||||||||||
Equity investments in subsidiaries | 26.6 | 181 | — | (207.6 | ) | — | ||||||||||||||
Intercompany receivables | — | 165.9 | — | (165.9 | ) | — | ||||||||||||||
Total assets | $ | 36.4 | $ | 5,200.00 | $ | 305.5 | $ | (391.3 | ) | $ | 5,150.60 | |||||||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | ||||||||||||||||||||
Payment service obligations | $ | — | $ | 4,127.00 | $ | 48.4 | $ | — | $ | 4,175.40 | ||||||||||
Debt | — | 809.9 | — | — | 809.9 | |||||||||||||||
Pension and other postretirement benefits | — | 126.8 | — | — | 126.8 | |||||||||||||||
Accounts payable and other liabilities | 60 | 109.7 | 48 | (17.8 | ) | 199.9 | ||||||||||||||
Intercompany liabilities | 137.8 | — | 28.1 | (165.9 | ) | — | ||||||||||||||
Total liabilities | 197.8 | 5,173.40 | 124.5 | (183.7 | ) | 5,312.00 | ||||||||||||||
Total stockholders’ (deficit) equity | (161.4 | ) | 26.6 | 181 | (207.6 | ) | (161.4 | ) | ||||||||||||
Total liabilities and stockholders’ (deficit) equity | $ | 36.4 | $ | 5,200.00 | $ | 305.5 | $ | (391.3 | ) | $ | 5,150.60 | |||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ' | |||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 1,488.40 | $ | 327.7 | $ | (359.3 | ) | $ | 1,456.80 | |||||||||
Investment revenue | — | 17.4 | 0.3 | (0.1 | ) | 17.6 | ||||||||||||||
Total revenue | — | 1,505.80 | 328 | (359.4 | ) | 1,474.40 | ||||||||||||||
EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 730.5 | 167 | (219.7 | ) | 677.8 | ||||||||||||||
Investment commissions expense | — | 0.4 | — | — | 0.4 | |||||||||||||||
Total commissions expense | — | 730.9 | 167 | (219.7 | ) | 678.2 | ||||||||||||||
Compensation and benefits | — | 196 | 68.9 | — | 264.9 | |||||||||||||||
Transaction and operations support | 1.7 | 339.7 | 51.9 | (139.6 | ) | 253.7 | ||||||||||||||
Occupancy, equipment and supplies | — | 40.5 | 8.6 | (0.1 | ) | 49 | ||||||||||||||
Depreciation and amortization | 36.4 | 14.3 | — | 50.7 | ||||||||||||||||
Total operating expenses | 1.7 | 1,343.50 | 310.7 | (359.4 | ) | 1,296.50 | ||||||||||||||
OPERATING INCOME | (1.7 | ) | 162.3 | 17.3 | — | 177.9 | ||||||||||||||
Other expense | ||||||||||||||||||||
Interest expense | 30.3 | 17 | — | — | 47.3 | |||||||||||||||
Debt extinguishment costs | — | 45.3 | — | — | 45.3 | |||||||||||||||
Total other expense | 30.3 | 62.3 | — | — | 92.6 | |||||||||||||||
(Loss) income before income taxes | (32.0 | ) | 100 | 17.3 | — | 85.3 | ||||||||||||||
Income tax (benefit) expense | (11.2 | ) | 36.6 | 7.5 | — | 32.9 | ||||||||||||||
(Loss) income after income taxes | (20.8 | ) | 63.4 | 9.8 | — | 52.4 | ||||||||||||||
Equity income (loss) in subsidiaries | 73.2 | 9.8 | — | (83.0 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 52.4 | $ | 73.2 | $ | 9.8 | $ | (83.0 | ) | $ | 52.4 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 1,203.40 | $ | 288.5 | $ | (261.0 | ) | $ | 1,230.90 | |||||||||
Investment revenue | — | 16.4 | 0.5 | — | 16.9 | |||||||||||||||
Total revenue | — | 1,219.80 | 289 | (261.0 | ) | 1,247.80 | ||||||||||||||
EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 576.5 | 148.4 | (177.3 | ) | 547.6 | ||||||||||||||
Investment commissions expense | — | 0.4 | — | — | 0.4 | |||||||||||||||
Total commissions expense | — | 576.9 | 148.4 | (177.3 | ) | 548 | ||||||||||||||
Compensation and benefits | — | 173.6 | 62.1 | — | 235.7 | |||||||||||||||
Transaction and operations support | 6.1 | 258 | 47.4 | (83.7 | ) | 227.8 | ||||||||||||||
Occupancy, equipment and supplies | — | 36 | 11.7 | — | 47.7 | |||||||||||||||
Depreciation and amortization | — | 34.5 | 11.5 | — | 46 | |||||||||||||||
Total operating expenses | 6.1 | 1,079.00 | 281.1 | (261.0 | ) | 1,105.20 | ||||||||||||||
OPERATING (LOSS) INCOME | (6.1 | ) | 140.8 | 7.9 | — | 142.6 | ||||||||||||||
Other expense (income) | ||||||||||||||||||||
Net securities gains | — | (32.8 | ) | — | — | (32.8 | ) | |||||||||||||
Interest expense | — | 86.2 | — | — | 86.2 | |||||||||||||||
Debt extinguishment costs | — | 37.5 | — | — | 37.5 | |||||||||||||||
Other costs | 6.5 | 5.1 | 0.3 | — | 11.9 | |||||||||||||||
Total other expenses, net | 6.5 | 96 | 0.3 | — | 102.8 | |||||||||||||||
(Loss) income before income taxes | (12.6 | ) | 44.8 | 7.6 | — | 39.8 | ||||||||||||||
Income tax (benefit) expense | (4.4 | ) | (18.3 | ) | 3.1 | — | (19.6 | ) | ||||||||||||
(Loss) income after income taxes | (8.2 | ) | 63.1 | 4.5 | — | 59.4 | ||||||||||||||
Equity income (loss) in subsidiaries | 67.6 | 4.5 | — | (72.1 | ) | — | ||||||||||||||
NET INCOME (LOSS) | $ | 59.4 | $ | 67.6 | $ | 4.5 | $ | (72.1 | ) | $ | 59.4 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
REVENUE | ||||||||||||||||||||
Fee and other revenue | $ | — | $ | 1,432.70 | $ | 300.6 | $ | (404.7 | ) | $ | 1,328.60 | |||||||||
Investment revenue | — | 12.1 | 0.5 | — | 12.6 | |||||||||||||||
Total revenue | — | 1,444.80 | 301.1 | (404.7 | ) | 1,341.20 | ||||||||||||||
EXPENSES | ||||||||||||||||||||
Fee and other commissions expense | — | 756 | 161.3 | (318.1 | ) | 599.2 | ||||||||||||||
Investment commissions expense | — | 0.3 | — | — | 0.3 | |||||||||||||||
Total commissions expense | — | 756.3 | 161.3 | (318.1 | ) | 599.5 | ||||||||||||||
Compensation and benefits | — | 175.5 | 66.1 | — | 241.6 | |||||||||||||||
Transaction and operations support | 10.6 | 382.4 | 49.3 | (86.6 | ) | 355.7 | ||||||||||||||
Occupancy, equipment and supplies | — | 34.5 | 13.2 | — | 47.7 | |||||||||||||||
Depreciation and amortization | — | 31.2 | 13.1 | — | 44.3 | |||||||||||||||
Total operating expenses | 10.6 | 1,379.90 | 303 | (404.7 | ) | 1,288.80 | ||||||||||||||
OPERATING (LOSS) INCOME | (10.6 | ) | 64.9 | (1.9 | ) | — | 52.4 | |||||||||||||
Other expense (income) | ||||||||||||||||||||
Net security gains | — | (10.0 | ) | — | — | (10.0 | ) | |||||||||||||
Interest expense | — | 70.9 | — | — | 70.9 | |||||||||||||||
Other costs | 0.3 | 0.1 | — | — | 0.4 | |||||||||||||||
Total other expenses, net | 0.3 | 61 | — | — | 61.3 | |||||||||||||||
(Loss) income before income taxes | (10.9 | ) | 3.9 | (1.9 | ) | — | (8.9 | ) | ||||||||||||
Income tax (benefit) expense | (6.3 | ) | 42.5 | 4.2 | — | 40.4 | ||||||||||||||
(Loss) income after income taxes | (4.6 | ) | (38.6 | ) | (6.1 | ) | — | (49.3 | ) | |||||||||||
Equity (loss) income in subsidiaries | (44.7 | ) | (6.1 | ) | — | 50.8 | — | |||||||||||||
NET (LOSS) INCOME | $ | (49.3 | ) | $ | (44.7 | ) | $ | (6.1 | ) | $ | 50.8 | $ | (49.3 | ) | ||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ' | |||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET (LOSS) INCOME | $ | (49.3 | ) | $ | (44.7 | ) | $ | (6.1 | ) | $ | 50.8 | $ | (49.3 | ) | ||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding (losses) gains arising during the period, net of tax expense of $1.4 | (5.2 | ) | 4.8 | — | 5.2 | 4.8 | ||||||||||||||
Reclassification adjustment for net realized gains included in net (loss) income, net of tax expense of $0.0 | — | (10.0 | ) | — | — | (10.0 | ) | |||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net (loss) income, net of tax benefit of $0.2 | (0.4 | ) | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net (loss) income, net of tax expense of $2.4 | 3.9 | 3.9 | — | (3.9 | ) | 3.9 | ||||||||||||||
Valuation adjustment for pension and postretirement benefit plans, net of tax benefit of $8.7 | (14.2 | ) | (14.2 | ) | — | 14.2 | (14.2 | ) | ||||||||||||
Unrealized foreign currency translation gains, net of tax expense of $1.0 | 1.6 | 0.1 | 1.8 | (1.9 | ) | 1.6 | ||||||||||||||
Other comprehensive (loss) income | (14.3 | ) | (15.8 | ) | 1.8 | 14 | (14.3 | ) | ||||||||||||
COMPREHENSIVE (LOSS) INCOME | $ | (63.6 | ) | $ | (60.5 | ) | $ | (4.3 | ) | $ | 64.8 | $ | (63.6 | ) | ||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET INCOME (LOSS) | $ | 59.4 | $ | 67.6 | $ | 4.5 | $ | (72.1 | ) | $ | 59.4 | |||||||||
OTHER COMPREHENSIVE (LOSS) INCOME | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding gains arising during the period, net of tax expense of $0.6 | 0.3 | 0.3 | — | (0.3 | ) | 0.3 | ||||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $0.2 | (0.4 | ) | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $2.5 | 4 | 4 | — | (4.0 | ) | 4 | ||||||||||||||
Valuation adjustment for pension and postretirement benefit plans, net of tax benefit of $3.6 | (5.8 | ) | (5.8 | ) | — | 5.8 | (5.8 | ) | ||||||||||||
Unrealized foreign currency translation losses, net of tax benefit of $2.6 | (4.2 | ) | (4.8 | ) | (1.9 | ) | 6.7 | (4.2 | ) | |||||||||||
Other comprehensive (loss) income | (6.1 | ) | (6.7 | ) | (1.9 | ) | 8.6 | (6.1 | ) | |||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 53.3 | $ | 60.9 | $ | 2.6 | $ | (63.5 | ) | $ | 53.3 | |||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET INCOME (LOSS) | $ | 52.4 | $ | 73.2 | $ | 9.8 | $ | (83.0 | ) | $ | 52.4 | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||||||
Net unrealized gains on available-for-sale securities: | ||||||||||||||||||||
Net holding gains arising during the period, net of tax expense of $3.1 | 5.1 | 5.1 | — | (5.1 | ) | 5.1 | ||||||||||||||
Reclassification of net realized gains included in net income (loss), net of tax expense of $1.6 | (4.1 | ) | (4.1 | ) | — | 4.1 | (4.1 | ) | ||||||||||||
Pension and postretirement benefit plans: | ||||||||||||||||||||
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.2 | (0.4 | ) | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||
Amortization of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $2.9 | 5.2 | 5.2 | — | (5.2 | ) | 5.2 | ||||||||||||||
Valuation adjustment for pension and postretirement benefit plans, net of tax expense of $7.4 | 12.6 | 12.6 | — | (12.6 | ) | 12.6 | ||||||||||||||
Unrealized foreign currency translation gains, net of tax expense of $0.5 | 0.9 | 0.9 | 0.3 | (1.2 | ) | 0.9 | ||||||||||||||
Other comprehensive income (loss) | 19.3 | 19.3 | 0.3 | (19.6 | ) | 19.3 | ||||||||||||||
COMPREHENSIVE INCOME (LOSS) | $ | 71.7 | $ | 92.5 | $ | 10.1 | $ | (102.6 | ) | $ | 71.7 | |||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ' | |||||||||||||||||||
MONEYGRAM INTERNATIONAL, INC. | ||||||||||||||||||||
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
FOR THE YEAR ENDED DECEMBER 31, 2012 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 8.4 | $ | (71.7 | ) | $ | 7.2 | $ | — | $ | (56.1 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from sale of investment classified as available-for-sale (substantially restricted) | — | 10 | — | — | 10 | |||||||||||||||
Proceeds from maturities of available-for-sale (substantially restricted) | — | 31.6 | — | — | 31.6 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (425.0 | ) | (48.5 | ) | — | (473.5 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 500 | 48.1 | — | 548.1 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (44.9 | ) | (14.7 | ) | — | (59.6 | ) | ||||||||||||
Proceeds from disposal of assets and businesses | — | 1 | — | — | 1 | |||||||||||||||
Capital contribution from subsidiary guarantors | — | (7.9 | ) | — | 7.9 | — | ||||||||||||||
Net cash provided by provided by (used in) investing activities | — | 64.8 | (15.1 | ) | 7.9 | 57.6 | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Payment on debt | — | (1.5 | ) | — | — | (1.5 | ) | |||||||||||||
Intercompany financings | (8.4 | ) | 8.4 | — | — | — | ||||||||||||||
Capital contribution to non-guarantors | — | — | 7.9 | (7.9 | ) | — | ||||||||||||||
Net cash (used in) provided by financing activities | (8.4 | ) | 6.9 | 7.9 | (7.9 | ) | (1.5 | ) | ||||||||||||
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 YEAR ENDED DECEMBER 31, 2013 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ | (47.4 | ) | $ | 675.1 | $ | (17.2 | ) | $ | — | $ | 610.5 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 16.5 | — | — | 16.5 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (1,058.2 | ) | (40.5 | ) | — | (1,098.7 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 478 | 58.9 | — | 536.9 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (48.8 | ) | — | — | (48.8 | ) | |||||||||||||
Acquisition | — | (15.0 | ) | (0.4 | ) | — | (15.4 | ) | ||||||||||||
Proceeds from disposal of assets and businesses | — | 0.7 | — | — | 0.7 | |||||||||||||||
Intercompany financings | (841.4 | ) | — | — | 841.4 | — | ||||||||||||||
Dividend to parent/capital contribution from subsidiary guarantors | 44 | 0.8 | — | (44.8 | ) | — | ||||||||||||||
Net cash (used in) provided by investing activities | (797.4 | ) | (626.0 | ) | 18 | 796.6 | (608.8 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from issuance of debt | 850 | — | — | — | 850 | |||||||||||||||
Transactions costs for issuance and amendment of debt | — | (11.8 | ) | — | — | (11.8 | ) | |||||||||||||
Prepayment penalty | — | (21.5 | ) | — | — | (21.5 | ) | |||||||||||||
Payment on debt | (6.3 | ) | (813.2 | ) | — | — | (819.5 | ) | ||||||||||||
Proceeds from exercise of stock options | 1.1 | — | — | — | 1.1 | |||||||||||||||
Intercompany financings | — | 841.4 | — | (841.4 | ) | — | ||||||||||||||
Dividend to parent | — | (44.0 | ) | — | 44 | — | ||||||||||||||
Capital contribution to non-guarantors | — | — | (0.8 | ) | 0.8 | — | ||||||||||||||
Net cash provided by (used in) financing activities | 844.8 | (49.1 | ) | (0.8 | ) | (796.6 | ) | (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 YEAR ENDED DECEMBER 31, 2011 | ||||||||||||||||||||
(Amounts in millions) | Parent | Subsidiary | Non- | Eliminations | Consolidated | |||||||||||||||
Guarantors | Guarantors | |||||||||||||||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 41.7 | $ | 112.5 | $ | 33.9 | $ | — | $ | 188.1 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Proceeds from maturities of available-for-sale investments (substantially restricted) | — | 56.3 | — | — | 56.3 | |||||||||||||||
Proceeds from settlement of investments (substantially restricted) | — | 32.8 | — | — | 32.8 | |||||||||||||||
Purchases of interest-bearing investments (substantially restricted) | — | (494.1 | ) | (46.2 | ) | — | (540.3 | ) | ||||||||||||
Proceeds from maturities of interest-bearing investments (substantially restricted) | — | 400.5 | 22 | — | 422.5 | |||||||||||||||
Purchases of property and equipment, net of disposals | — | (28.2 | ) | (16.0 | ) | — | (44.2 | ) | ||||||||||||
Proceeds from disposal of assets and businesses | — | 2.7 | — | — | 2.7 | |||||||||||||||
Acquisitions | — | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
Dividends to parent/capital contribution from subsidiary guarantors | 241.9 | (6.4 | ) | — | (235.5 | ) | — | |||||||||||||
Net cash provided by (used in) investing activities | 241.9 | (36.4 | ) | (40.3 | ) | (235.5 | ) | (70.3 | ) | |||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from issuance of debt | — | 536 | — | — | 536 | |||||||||||||||
Transaction costs for issuance and amendment of debt | — | (17.1 | ) | — | — | (17.1 | ) | |||||||||||||
Payments on debt | — | (366.6 | ) | — | — | (366.6 | ) | |||||||||||||
Prepayment penalty | — | (23.2 | ) | — | — | (23.2 | ) | |||||||||||||
Additional consideration issued in connection with conversion of mezzanine equity | (218.3 | ) | — | — | — | (218.3 | ) | |||||||||||||
Transaction costs for the conversion and issuance of stock | (5.4 | ) | — | — | — | (5.4 | ) | |||||||||||||
Cash dividends paid on mezzanine equity | (20.5 | ) | — | — | — | (20.5 | ) | |||||||||||||
Transaction costs for secondary offering | — | (3.4 | ) | — | — | (3.4 | ) | |||||||||||||
Proceeds from exercise of stock options | 0.7 | — | — | — | 0.7 | |||||||||||||||
Intercompany financings | (40.1 | ) | 40.1 | — | — | — | ||||||||||||||
Dividend to parent/capital contribution to non-guarantors | — | (241.9 | ) | 6.4 | 235.5 | — | ||||||||||||||
Net cash (used in) provided by financing activities | (283.6 | ) | (76.1 | ) | 6.4 | 235.5 | (117.8 | ) | ||||||||||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—Beginning of period | — | — | — | — | — | |||||||||||||||
CASH AND CASH EQUIVALENTS—End of period | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Description_of_Business_Additi
Description of Business - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Segment | ||
Number of reporting segments | 2 | ' |
Restricted Cash and Cash Equivalents | $2,228.50 | $2,683.20 |
Payment service obligations | 3,737.10 | 4,175.40 |
Variable Interest Entity, Primary Beneficiary | ' | ' |
Restricted Cash and Cash Equivalents | 8.7 | 29.9 |
Payment service obligations | $7.20 | $24 |
Minimum | Variable Interest Entity, Primary Beneficiary | ' | ' |
Ratio Of Segregated Assets To Outstanding Payment Instruments (greater than 100%) | 1 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Maximum maturity of time deposits and certificate of deposits | '0 years 24 months 0 days | ' | ' |
Write-off of receivables, time period after becoming due (in years) | '0 years 0 months 1 day | ' | ' |
Software development costs | $14,100,000 | $18,900,000 | ' |
Unamortized software development costs | 50,300,000 | 48,700,000 | ' |
Increase (Decrease) in Customer Loyalty Program Liability | 3,900,000 | ' | ' |
Marketing and advertising expense | 57,400,000 | 59,700,000 | 57,500,000 |
Restructuring and reorganization expenses | 3,200,000 | 19,800,000 | 23,500,000 |
Asset Impairment Charges | 0 | 0 | 2,400,000 |
Customer Loyalty Program Liability, Current | $0 | ' | ' |
Minimum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Contractual remittance schedule range of days | '0 years 0 months 1 day | ' | ' |
Maximum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Contractual remittance schedule range of days | '0 years 0 months 3 days | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Assets in Excess of Payment Service Obligations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Cash and cash equivalents (substantially restricted) | $2,228.50 | $2,683.20 |
Receivables, net (substantially restricted) | 767.7 | 1,206.50 |
Interest-bearing investments (substantially restricted) | 1,011.60 | 450.1 |
Marketable Securities, Restricted | 48.1 | 63.5 |
Assets available for payment service obligations | 4,055.90 | 4,403.30 |
Payment service obligations | -3,737.10 | -4,175.40 |
Assets in excess of payment service obligations | $318.80 | $227.90 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Summary of Activity Within Allowance for Losses (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Trade account receivables | ' | ' | ' |
Charged to expense | $9.60 | $7.50 | $6.60 |
Trade Accounts Receivable [Member] | ' | ' | ' |
Trade account receivables | ' | ' | ' |
Beginning balance | 11.7 | 10.5 | 20 |
Charged to expense | 9.6 | 7.5 | 6.6 |
Write-offs, net of recoveries | -10.6 | -6.3 | -16.1 |
Ending balance | $10.70 | $11.70 | $10.50 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Estimated Useful Lives by Major Asset Category (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Communication equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '5 years |
Computer hardware | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '3 years |
Leasehold improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '10 years |
Office furniture and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '7 years |
Signage | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '3 years |
Minimum | Equipment at agent locations | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '3 years |
Minimum | Computer software | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '5 years |
Maximum | Equipment at agent locations | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '7 years |
Maximum | Computer software | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful life | '7 years |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Amortized Finite Lived Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Patents | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '15 years |
Developed technology | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '5 years |
Minimum | Agent rights and consumer relationships | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '4 years |
Minimum | Non-compete agreements | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '3 years |
Minimum | Trademarks and licenses | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '36 years |
Maximum | Agent rights and consumer relationships | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '15 years |
Maximum | Non-compete agreements | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '5 years |
Maximum | Trademarks and licenses | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '40 years |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Recorded Restructuring Costs (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Compensation and benefits | Compensation and benefits | Compensation and benefits | Transaction and operations support | Transaction and operations support | Transaction and operations support | Occupancy, equipment and supplies | Occupancy, equipment and supplies | Occupancy, equipment and supplies | Depreciation and amortization | Depreciation and amortization | Depreciation and amortization | Other | Other | Other | ||||
Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in operating expenses: | Reorganization costs in non-operating expenses: | Reorganization costs in non-operating expenses: | Reorganization costs in non-operating expenses: | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reorganization costs | $3.20 | $19.50 | $21.70 | ' | ' | ' | ' | $1.20 | $6.80 | $2.90 | $0.70 | $10.20 | $13.70 | $1.30 | $1.90 | $2.70 | $0 | $0.50 | $0 | $0 | $0.10 | $2.40 |
Restructuring costs | 0 | 0.3 | 1.8 | ' | ' | ' | ' | 0 | 0.3 | 1.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total reorganization and restructuring costs | $3.20 | $19.80 | $23.50 | $5.10 | $4 | $4.40 | $5.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies - Summary of Other Costs (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of Other Operating Costs and Expenses [Line Items] | ' | ' | ' |
Capital transaction costs | $0 | $0 | $6.40 |
Disposal loss from asset dispositions | 0 | 0.1 | 1 |
Impairment loss from asset dispositions | 0 | 0 | 4.5 |
Contribution from investors | 0 | 0.3 | 0 |
Total other costs | $0 | $0.40 | $11.90 |
Recovered_Sheet1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Basic common shares outstanding | 71.6 | 71.5 | 48.6 |
Shares related to stock options | 0.2 | 0 | 0 |
Shares related to restricted stock and stock units | 0.1 | 0 | 0 |
Diluted common shares outstanding | 71.9 | 71.5 | 48.6 |
Recovered_Sheet2
Summary of Significant Accounting Policies - Weighted-Average Potential Common Shares Excluded from Diluted Loss Per Common Share (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Weighted Average Amounts Used In Calculating Earnings Per Share [Line Items] | ' | ' | ' |
Shares excluded from the computation | 4.4 | 5.4 | 26.2 |
Shares related to stock options | ' | ' | ' |
Weighted Average Amounts Used In Calculating Earnings Per Share [Line Items] | ' | ' | ' |
Shares excluded from the computation | 3.6 | 4.9 | 5.1 |
Shares related to restricted stock and stock units | ' | ' | ' |
Weighted Average Amounts Used In Calculating Earnings Per Share [Line Items] | ' | ' | ' |
Shares excluded from the computation | 0.8 | 0.5 | 0.1 |
Shares related to preferred stock | ' | ' | ' |
Weighted Average Amounts Used In Calculating Earnings Per Share [Line Items] | ' | ' | ' |
Shares excluded from the computation | 0 | 0 | 21 |
Acquisitions_and_Disposals_Add
Acquisitions and Disposals - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Property Bridge | Property Bridge | Nexxo | Latino Services | ||||
Store | Location | ||||||
Losses Gains On Sales Retirements And Impairments Of Long Lived Assets And Income Tax Expense Benefit [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cash payments for acquisitions | $15,400,000 | $0 | $100,000 | ' | ' | ' | ' |
Number of stores | ' | ' | ' | ' | ' | 200 | 10 |
Impairment charges | 0 | 0 | 2,400,000 | ' | 2,300,000 | ' | ' |
Loss on sale of assets and liabilities | ' | ' | ' | 300,000 | ' | ' | ' |
Tax benefit | ' | ' | ' | ' | $9,700,000 | ' | ' |
Fair_Value_Measurement_Assets_
Fair Value Measurement - Assets and Liabilities Measured at Fair Value by Hierarchy Level (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | $48.10 | $63.50 |
Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Total financial assets | 57.9 | 72.7 |
U.S. government agencies | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 8 | 8.9 |
U.S. government agencies | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 8 | 8.9 |
Residential mortgage-backed securities — agencies | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 19.5 | 36.6 |
Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 19.5 | 36.6 |
Other asset-backed securities | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 20.6 | 18 |
Other asset-backed securities | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 20.6 | 18 |
Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Investment related to deferred compensation trust | 9.6 | 8.6 |
Forward contracts | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Forward contracts | 0.2 | 0.6 |
Financial liabilities: [Abstract] | ' | ' |
Forward contracts | 0.6 | ' |
Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Total financial assets | 9.6 | 8.6 |
Level 1 | U.S. government agencies | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 0 | 0 |
Level 1 | Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 0 | 0 |
Level 1 | Other asset-backed securities | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 0 | 0 |
Level 1 | Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Investment related to deferred compensation trust | 9.6 | 8.6 |
Level 1 | Forward contracts | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Forward contracts | 0 | 0 |
Financial liabilities: [Abstract] | ' | ' |
Forward contracts | 0 | ' |
Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Total financial assets | 27.7 | 46.1 |
Level 2 | U.S. government agencies | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 8 | 8.9 |
Level 2 | Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 19.5 | 36.6 |
Level 2 | Other asset-backed securities | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 0 | 0 |
Level 2 | Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Investment related to deferred compensation trust | 0 | 0 |
Level 2 | Forward contracts | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Forward contracts | 0.2 | 0.6 |
Financial liabilities: [Abstract] | ' | ' |
Forward contracts | 0.6 | ' |
Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Total financial assets | 20.6 | 18 |
Level 3 | U.S. government agencies | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 0 | 0 |
Level 3 | Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 0 | 0 |
Level 3 | Other asset-backed securities | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 20.6 | 18 |
Level 3 | Other asset-backed securities | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Available-for-sale investments (substantially restricted): | 20.6 | 18 |
Level 3 | Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Investment related to deferred compensation trust | 0 | 0 |
Level 3 | Forward contracts | Fair Value, Measurements, Recurring | ' | ' |
Financial assets: [Abstract] | ' | ' |
Forward contracts | 0 | 0 |
Financial liabilities: [Abstract] | ' | ' |
Forward contracts | $0 | ' |
Fair_Value_Measurement_Summary
Fair Value Measurement - Summary of Unobservable Inputs Used in Other Asset-Backed Securities Classified as Level 3 (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Market Value | $48,100,000 | $63,500,000 |
Other asset-backed securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Market Value | 20,600,000 | 18,000,000 |
Level 3 | Other asset-backed securities | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Market Value | 20,600,000 | 18,000,000 |
Net Average Price | 5.24 | 4.39 |
Level 3 | Other asset-backed securities | Alt [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Unobservable Input | 'Price | 'Price |
Pricing Source | 'Third party pricing service | 'Third party pricing service |
Market Value | 100,000 | 100,000 |
Net Average Price | 17.01 | 12.5 |
Level 3 | Other asset-backed securities | Home Equity Line of Credit [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Unobservable Input | 'Price | 'Price |
Pricing Source | 'Third party pricing service | 'Third party pricing service |
Market Value | 200,000 | 200,000 |
Net Average Price | 51.87 | 47.3 |
Level 3 | Other asset-backed securities | Direct Exposure To Subprime [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Unobservable Input | ' | 'Price |
Pricing Source | ' | 'Third party pricing service |
Level 3 | Other asset-backed securities | Indirect Exposure High Grade [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Unobservable Input | 'Price | 'Discount margin |
Pricing Source | 'Third party pricing service | 'Manual |
Market Value | 8,200,000 | 3,900,000 |
Net Average Price | 7.9 | 3.46 |
Level 3 | Other asset-backed securities | Indirect Exposure Mezzanine [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Unobservable Input | 'Price | 'Price |
Pricing Source | 'Third party pricing service | 'Broker |
Market Value | 2,600,000 | 0 |
Net Average Price | 2.12 | 0 |
Level 3 | Other asset-backed securities | Indirect Exposure Mezzanine Broker Priced [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Unobservable Input | 'Price | ' |
Pricing Source | 'Broker | ' |
Market Value | 5,000,000 | 7,900,000 |
Net Average Price | 6.01 | 3.71 |
Level 3 | Other asset-backed securities | Other Credit Derivatives [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Unobservable Input | 'Discount margin | 'Discount margin |
Pricing Source | 'Manual | 'Manual |
Market Value | 4,500,000 | 5,900,000 |
Net Average Price | $23.85 | $31.69 |
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 $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
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 | $18 | $24.20 |
Realized gains | 0 | -10 |
Principal paydowns | -3.7 | -0.3 |
Unrealized gains | 8.5 | 6.8 |
Unrealized losses | -2.2 | -2.7 |
Ending balance | $20.60 | $18 |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement - Fair Value and Carrying Value of Senior Secured Facility (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Carrying Value | $842.90 | $809.90 | $810.90 |
Second lien notes | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Carrying Value | 0 | 325 | 325 |
Fair Value, Measurements, Recurring | Second lien notes | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Fair Value | 0 | 337.6 | ' |
Carrying Value | 0 | 325 | ' |
Fair Value, Measurements, Recurring | 2011 Credit Agreement | Senior secured credit facility and incremental term loan | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Fair Value | 849.2 | 487.1 | ' |
Carrying Value | $842.90 | $484.90 | ' |
Investment_Portfolio_Additiona
Investment Portfolio - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
fund | Security | ||
Investment [Line Items] | ' | ' | ' |
Description Of Net Average Price Basis | '$100 of par value | ' | ' |
Number of Investments in Money market securities | 4 | ' | ' |
Percentage of available-for-sale investments collateralized by US government agency debentures | 57.00% | 71.00% | ' |
Average price of an asset-backed security at par | $0.05 | ' | ' |
Net unrealized gains on securities classified as available-for-sale, net of tax | $17,300,000 | $16,300,000 | ' |
Gain on sale of securities | 0 | 10,000,000 | 32,800,000 |
Proceeds from settlement of investments (substantially restricted) | 0 | 0 | 32,800,000 |
Number of security settlements received | ' | ' | 2 |
Change in Investment Grade | 3,400,000 | ' | ' |
Percentage of available-for-sale portfolio priced by third party pricing service | 64.00% | 60.00% | ' |
Percentage of available-for-sale portfolio priced by broker pricing | 10.00% | 12.00% | ' |
Percentage of available-for-sale portfolio priced by internal pricing | 26.00% | 28.00% | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 0 | ' |
Maximum maturity of time deposits and certificate of deposits | '0 years 24 months 0 days | ' | ' |
Other asset-backed securities | ' | ' | ' |
Investment [Line Items] | ' | ' | ' |
Number of securities sold | ' | 2 | ' |
Fair value of securities sold | ' | 10,000,000 | ' |
Gain on sale of securities | ' | $10,000,000 | ' |
Investment_Portfolio_Component
Investment Portfolio - Components of Investment Portfolio (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Cash | $2,204.50 | $2,112.10 |
Money markets | 24 | 571.1 |
Cash and cash equivalents (substantially restricted) | 2,228.50 | 2,683.20 |
Interest-bearing investments (substantially restricted) | 1,011.60 | 450.1 |
Available-for-sale investments (substantially restricted) | 48.1 | 63.5 |
Total investment portfolio | $3,288.20 | $3,196.80 |
Investment_Portfolio_Available
Investment Portfolio - Available for Sale Investments (Substantially Restricted) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Investment [Line Items] | ' | ' |
Amortized Cost | $31.40 | $49.30 |
Gross Unrealized Gains | 16.7 | 14.2 |
Gross Unrealized Losses | 0 | 0 |
Market Value | 48.1 | 63.5 |
Net Average Price | 11.5 | 14.06 |
Residential mortgage-backed securities — agencies | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 17.8 | 33.5 |
Gross Unrealized Gains | 1.7 | 3.1 |
Gross Unrealized Losses | 0 | 0 |
Market Value | 19.5 | 36.6 |
Net Average Price | 110.45 | 110.02 |
Other asset-backed securities | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 5.9 | 7.6 |
Gross Unrealized Gains | 14.7 | 10.4 |
Gross Unrealized Losses | 0 | 0 |
Market Value | 20.6 | 18 |
Net Average Price | 5.24 | 4.39 |
U.S. government agencies | ' | ' |
Investment [Line Items] | ' | ' |
Amortized Cost | 7.7 | 8.2 |
Gross Unrealized Gains | 0.3 | 0.7 |
Gross Unrealized Losses | 0 | 0 |
Market Value | $8 | $8.90 |
Net Average Price | 99.87 | 99.39 |
Investment_Portfolio_Available1
Investment Portfolio - Available for Sale Investments (Substantially Restricted) (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Investments [Abstract] | ' |
Basis for net average price | '$100 of par value |
Investment_Portfolio_Net_Secur
Investment Portfolio - Net Securities Gain (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule Of Marketable Securities [Abstract] | ' | ' | ' |
Realized gains from available-for-sale investments | $0 | ($10) | ($32.80) |
Net securities gains | $0 | ($10) | ($32.80) |
Investment_Portfolio_Investmen
Investment Portfolio - Investment Ratings (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Securities | Securities | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 66 | 74 |
Market Value | $48.10 | $63.50 |
Percent of Investments | 100.00% | 100.00% |
Investment grade | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 16 | 20 |
Market Value | 30.8 | 45.3 |
Percent of Investments | 64.00% | 71.00% |
Below investment grade | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Number of Securities | 50 | 54 |
Market Value | $17.30 | $18.20 |
Percent of Investments | 36.00% | 29.00% |
Investment_Portfolio_Contractu
Investment Portfolio - Contractual Maturities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Amortized Cost, After one year through five years | $7.70 | $8.20 |
Amortized Cost, Mortgage-backed and other asset-backed securities | 23.7 | 41.1 |
Amortized Cost, Total | 31.4 | 49.3 |
Fair Value, After one year through five years | 8 | 8.9 |
Fair Value, Mortgage-backed and other asset-backed securities | 40.1 | 54.6 |
Fair Value, Total | $48.10 | $63.50 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (Foreign Exchange Forward, Not Designated as Hedging Instrument, Other assets, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Foreign Exchange Forward | Not Designated as Hedging Instrument | Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Forward contracts outstanding notional amount | $129 | $173 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Summary of (Gains) Losses Related to Assets and Liabilities Denominated in Foreign Currencies (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instrument Detail [Abstract] | ' | ' | ' |
Net realized foreign currency (gains) losses | ($3.30) | ($2.80) | $2.90 |
Net losses from the related forward contracts | 5.3 | 5.8 | 5.8 |
Net losses from foreign currency transactions and related forward contracts | $2 | $3 | $8.70 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Fair Values of Derivative Forward Contract Instruments (Detail) (Forward contracts, USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Balance Sheet Location | 'Other assets | ' |
Gross Amount of Recognized Assets | $0.40 | $0.70 |
Gross Amount of Offset | -0.2 | -0.1 |
Net Amount of Assets Presented in the Consolidated Balance Sheets | 0.2 | 0.6 |
Accounts payable and other liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Balance Sheet Location | 'Accounts payable and other liabilities | ' |
Gross Amount of Offset | 0.2 | 0.1 |
Gross Amount of Recognized Liabilities | -0.8 | -0.1 |
Net Amount of Liabilities Presented in the Consolidated Balance Sheets | ($0.60) | $0 |
Property_and_Equipment_Compone
Property and Equipment - Components of Property and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | $442.70 | $435 |
Accumulated depreciation | -307.9 | -307.1 |
Total property and equipment, net | 134.8 | 127.9 |
Computer hardware and software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 215.8 | 204.5 |
Signage | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 90.6 | 94.5 |
Equipment at agent locations | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 74.8 | 72.1 |
Office furniture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 33 | 37.5 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | $28.50 | $26.40 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Depreciation Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total depreciation expense | $50 | $43.40 | $44.90 |
Computer hardware and software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total depreciation expense | 23.2 | 20.8 | 21.1 |
Signage | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total depreciation expense | 14.9 | 12.1 | 9.6 |
Equipment at agent locations | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total depreciation expense | 4.6 | 4.3 | 6.5 |
Office furniture and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total depreciation expense | 3.8 | 3.7 | 4 |
Leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Total depreciation expense | $3.50 | $2.50 | $3.70 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 |
Location | Land | Computer software | ||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Property and equipment received and included in accounts payable and other liabilities | $14.90 | $7 | ' | ' |
Furniture and equipment disposal loss | 0.1 | 0.9 | ' | ' |
Number of office locations closed | ' | 2 | ' | ' |
Impairment charge | ' | ' | $2.40 | $0.70 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Roll Forward of Goodwill by Reporting Segment (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | $428.70 | $428.70 |
Acquisitions | 6.5 | ' |
Goodwill, Beginning Balance | 435.2 | 428.7 |
Global Funds Transfer | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 428.7 | 428.7 |
Acquisitions | 6.5 | ' |
Goodwill, Beginning Balance | 435.2 | 428.7 |
Financial Paper Products | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginning Balance | 0 | 0 |
Acquisitions | 0 | ' |
Goodwill, Beginning Balance | $0 | $0 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Gross Goodwill Balances and Accumulated Impairments (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill [Line Items] | ' | ' | ' |
Goodwill, Impairment Loss | $0 | $0 | $0 |
Gross Goodwill | 456,600,000 | 450,100,000 | ' |
Accumulated Impairments | -21,400,000 | -21,400,000 | ' |
Global Funds Transfer | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Gross Goodwill | 438,400,000 | 431,900,000 | ' |
Accumulated Impairments | -3,200,000 | -3,200,000 | ' |
Financial Paper Products | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Gross Goodwill | 2,500,000 | 2,500,000 | ' |
Accumulated Impairments | -2,500,000 | -2,500,000 | ' |
Other | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Gross Goodwill | 15,700,000 | 15,700,000 | ' |
Accumulated Impairments | ($15,700,000) | ($15,700,000) | ' |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Components of Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | $9.50 | $8.20 |
Accumulated Amortization | -1.2 | -7.3 |
Net Carrying Value | 8.3 | 0.9 |
Agent rights and consumer relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 8.5 | 7.3 |
Accumulated Amortization | -1.1 | -6.4 |
Net Carrying Value | 7.4 | 0.9 |
Non-compete agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 1 | 0.2 |
Accumulated Amortization | -0.1 | -0.2 |
Net Carrying Value | 0.9 | 0 |
Trademarks and licenses | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 0 | 0.6 |
Accumulated Amortization | 0 | -0.6 |
Net Carrying Value | 0 | 0 |
Developed technology | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 0 | 0.1 |
Accumulated Amortization | 0 | -0.1 |
Net Carrying Value | $0 | $0 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | $9.50 | $8.20 | ' |
Intangible asset amortization expense | 0.7 | 0.9 | 1.1 |
Estimated future intangible asset amortization expense, 2014 | 2 | ' | ' |
Estimated future intangible asset amortization expense, 2015 | 1.9 | ' | ' |
Estimated future intangible asset amortization expense, 2016 | 1.8 | ' | ' |
Estimated future intangible asset amortization expense, 2017 | 1.4 | ' | ' |
Estimated future intangible asset amortization expense, 2018 | 1.2 | ' | ' |
Agent contracts | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | 7.1 | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' |
Agent contracts | Global Funds Transfer | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | '4 years |
Purchase price of agent contracts | ' | ' | 1 |
Impairment charge | ' | ' | 2 |
Non-compete agreements | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | $1 | $0.20 | ' |
Minimum | Non-compete agreements | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '3 years | ' | ' |
Maximum | Non-compete agreements | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 60 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 28-May-18 | 28-May-18 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 30, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 28, 2013 | Mar. 28, 2013 | Dec. 31, 2013 | 18-May-11 | 18-May-11 | Dec. 31, 2013 | 18-May-11 | 18-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | 18-May-11 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Senior revolving credit facility | Term Credit Facility | Second lien notes due 2018 | Second lien notes due 2018 | Second lien notes due 2018 | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2013 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2008 Senior Facility | Note Repurchase 2013 | Minimum | Minimum | Maximum | Maximum | |||||
Note | Prior to fifth anniversary [Member] | Worldwide, Inc. | Senior revolving credit facility | Senior revolving credit facility | Term Credit Facility | Letter of Credit | Senior revolving credit facility | Senior revolving credit facility | Term Credit Facility | Term Credit Facility | Senior secured credit facility due 2017 | Senior secured credit facility due 2017 | Senior secured incremental term | Second lien notes due 2018 | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | 2011 Credit Agreement | ||||||||||
Worldwide, Inc. | Worldwide, Inc. | Worldwide, Inc. | Worldwide, Inc. | BOA prime rate | Eurodollar rate | BOA prime rate | Eurodollar rate | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount of debt issued | ' | ' | ' | ' | ' | ' | ' | ' | $500,000,000 | ' | ' | $125,000,000 | $850,000,000 | $50,000,000 | $540,000,000 | $150,000,000 | ' | $390,000,000 | ' | ' | ' | $150,000,000 | ' | ' | ' | ' | ' | ' |
Issuance price as a percentage of par | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.75% | ' | ' | 98.00% | ' | ' | ' | ' | ' | ' |
Prepayment penalty | ' | -21,500,000 | 0 | -23,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | '5 years 0 months 0 days | '7 years 0 months 0 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-May-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Earlier of November 2017 and 180 days prior to the scheduled maturity of the Second Lien Notes | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 3.00% | 2.25% | 3.25% |
Basis point addition to treasury rate | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, availability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 124,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments | ' | -819,500,000 | -1,500,000 | ' | ' | ' | -325,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -340,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption Price As Percentage Of Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 106.63% | ' | ' | ' | ' |
Second Lien Notes Outstanding | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Asset And Dividend Restrictions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Coverage | ' | 6.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Leverage ratio | ' | 2.781 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of debt discount upon prepayments | ' | 2,300,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | 1,100,000 | ' | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | 45,300,000 | -45,300,000 | 0 | -37,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments for interest | ' | 43,900,000 | 64,400,000 | 78,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturing in 2018 | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt maturing in 2020 | ' | 790,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt principal to be paid in incremental payments | ' | 53,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Quarterly Incremental Payment Amount | ' | $2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Summary_of_Outstanding_De
Debt - Summary of Outstanding Debt (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Beginning balance | $809.90 | $810.90 | ' | |
Payments | -819.5 | -1.5 | ' | |
Amortization of discount | 0.2 | 0.5 | ' | |
Borrowings, gross | 850 | 0 | 536 | |
Discount on borrowings | 0 | [1] | ' | ' |
Write-off of discount upon prepayment | 2.3 | 0 | 0 | |
Ending Balance | 842.9 | 809.9 | 810.9 | |
Senior secured credit facility due 2017 | 2011 Credit Agreement | ' | ' | ' | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Beginning balance | 339.4 | 339.2 | ' | |
Payments | -340 | ' | ' | |
Amortization of discount | ' | 0.2 | ' | |
Write-off of discount upon prepayment | 0.6 | ' | ' | |
Ending Balance | 0 | 339.4 | ' | |
Weighted average interest rate | 4.25% | ' | ' | |
Senior secured incremental term loan due 2017 | 2011 Credit Agreement | ' | ' | ' | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Beginning balance | 145.5 | 146.7 | ' | |
Payments | -148.1 | -1.5 | ' | |
Amortization of discount | 0.1 | 0.3 | ' | |
Discount on borrowings | 0.8 | [1] | ' | ' |
Write-off of discount upon prepayment | 1.7 | ' | ' | |
Ending Balance | 0 | 145.5 | ' | |
Weighted average interest rate | 4.25% | ' | ' | |
Second lien notes due 2018 | ' | ' | ' | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Beginning balance | 325 | ' | ' | |
Payments | -325 | ' | ' | |
Ending Balance | 0 | ' | 325 | |
Weighted average interest rate | 13.25% | ' | ' | |
Senior secured credit facility due 2020 | 2013 Credit Agreement | ' | ' | ' | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Payments | -6.4 | ' | ' | |
Amortization of discount | 0.1 | ' | ' | |
Borrowings, gross | 850 | ' | ' | |
Discount on borrowings | -0.8 | [1] | ' | ' |
Ending Balance | $842.90 | ' | ' | |
Weighted average interest rate | 4.25% | ' | ' | |
[1] | (1)As a result of the 2013 Credit Agreement, the entire debt discount was transferred from the 2011 Credit Agreement to the 2013 Credit Agreement. |
Debt_Schedule_of_Debt_Discount
Debt - Schedule of Debt Discount Amortization (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' |
Write-off of debt discount upon prepayments | $2.30 | $0 | $0 |
Interest Expense | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Amortization of debt discount | 0.2 | 0.5 | 0.4 |
Write-off of debt discount upon prepayments | 2.3 | 0 | 0.1 |
Total amortization of discount | $2.50 | $0.50 | $0.50 |
Debt_Credit_Agreement_Quarterl
Debt - Credit Agreement Quarterly Financial Covenants (Detail) | Dec. 31, 2013 |
Debt Instruments [Abstract] | ' |
Interest Coverage December 31, 2013 through September 30, 2014 | 2.15 |
Interest Coverage December 31, 2014 through September 30, 2015 | 2.25 |
Interest Coverage December 31, 2015 through September 30, 2016 | 2.25 |
Interest Coverage December 31, 2016 through maturity | 2.25 |
Total Leverage December 31, 2013 through September 30, 2014 | 4.375 |
Total Leverage December 31, 2014 through September 30, 2015 | 4 |
Total Leverage December 31, 2015 through September 30, 2016 | 3.75 |
Total Leverage December 31, 2016 through maturity | 3.5 |
Debt_Summary_of_Deferred_Finan
Debt - Summary of Deferred Financing Costs (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Beginning Balance | $24.90 | $30.10 | $30.10 | |
Capitalized deferred financing costs | 11.3 | ' | 20.2 | |
Amortization of deferred financing costs | -2.9 | -5.2 | -5.9 | |
Transfer of deferred financing cost | 0 | [1] | ' | 0 |
Write-off of deferred financing costs | -20 | 0 | -14.3 | |
Ending Balance | 13.3 | 24.9 | 30.1 | |
Senior revolving credit facility | ' | ' | ' | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Capitalized deferred financing costs | 0.6 | ' | ' | |
Amortization of deferred financing costs | -0.4 | ' | ' | |
Transfer of deferred financing cost | 2 | [1] | ' | ' |
Write-off of deferred financing costs | 0 | ' | ' | |
Ending Balance | 2.2 | ' | ' | |
Second lien notes due 2018 | ' | ' | ' | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Beginning Balance | 14 | 16.6 | 24.3 | |
Capitalized deferred financing costs | ' | ' | 5 | |
Amortization of deferred financing costs | -0.6 | -2.6 | -3.6 | |
Write-off of deferred financing costs | -13.4 | ' | -9.1 | |
Ending Balance | 0 | 14 | 16.6 | |
Senior secured credit facility due 2020 | ' | ' | ' | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Capitalized deferred financing costs | 10.7 | ' | ' | |
Amortization of deferred financing costs | -1.3 | ' | ' | |
Transfer of deferred financing cost | 1.7 | [1] | ' | ' |
Write-off of deferred financing costs | 0 | ' | ' | |
Ending Balance | 11.1 | ' | ' | |
2008 Senior Facility | Senior Tranche B Loan | ' | ' | ' | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Beginning Balance | ' | ' | 5.8 | |
Amortization of deferred financing costs | ' | ' | -1 | |
Transfer of deferred financing cost | ' | ' | -0.7 | |
Write-off of deferred financing costs | ' | ' | -4.1 | |
2011 Credit Agreement | Senior revolving credit facility | ' | ' | ' | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Beginning Balance | 2.7 | 3.5 | ' | |
Capitalized deferred financing costs | ' | ' | 3.3 | |
Amortization of deferred financing costs | -0.2 | -0.8 | -0.5 | |
Transfer of deferred financing cost | -2 | [1] | ' | 0.7 |
Write-off of deferred financing costs | -0.5 | ' | ' | |
Ending Balance | 0 | 2.7 | 3.5 | |
2011 Credit Agreement | Senior secured credit facility due 2017 | ' | ' | ' | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Beginning Balance | 5.7 | 6.9 | ' | |
Capitalized deferred financing costs | ' | ' | 8.7 | |
Amortization of deferred financing costs | -0.3 | -1.2 | -0.7 | |
Transfer of deferred financing cost | -1.1 | [1] | ' | ' |
Write-off of deferred financing costs | -4.3 | ' | -1.1 | |
Ending Balance | 0 | 5.7 | 6.9 | |
2011 Credit Agreement | Senior secured incremental term | ' | ' | ' | |
Debt Instrument [Roll Forward] | ' | ' | ' | |
Beginning Balance | 2.5 | 3.1 | ' | |
Capitalized deferred financing costs | ' | ' | 3.2 | |
Amortization of deferred financing costs | -0.1 | -0.6 | -0.1 | |
Transfer of deferred financing cost | -0.6 | [1] | ' | ' |
Write-off of deferred financing costs | -1.8 | ' | ' | |
Ending Balance | $0 | $2.50 | $3.10 | |
[1] | (2) As a result of the 2013 Credit Agreement, a portion of the deferred financing costs were transferred from the 2011 Credit Agreement to the 2013 Credit Agreement. |
Debt_Debt_Schedule_of_Extingui
Debt Debt - Schedule of Extinguishment of Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extinguishment of Debt [Line Items] | ' | ' | ' | ' |
Prepayment Penalty Cost | ' | $21.50 | $0 | $23.20 |
Write-off of deferred financing costs | ' | 20 | 0 | 14.3 |
Write-off of debt discount upon prepayments | ' | 2.3 | 0 | 0 |
Debt Modification Costs | ' | 1.5 | 0 | 0 |
Debt extinguishment costs | ($45.30) | $45.30 | $0 | $37.50 |
Pension_and_Other_Benefits_Add
Pension and Other Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value | $136,600,000 | $121,400,000 | ' |
Deferred Compensation Arrangement With Individual Market Value Of Rabbi Trust | 100,000 | 700,000 | ' |
Equity securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation | 47.00% | ' | ' |
Fixed income securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target allocation | 53.00% | ' | ' |
Real estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value | 4,800,000 | 4,800,000 | ' |
Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Postretirement benefits expense, decrease, due to receipt of subsidy | ' | ' | 100,000 |
Employee Saving Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Contributions and costs related to plan | 4,100,000 | 3,800,000 | 3,500,000 |
International Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Contribution Expense Related To International Benefit Plans | 1,900,000 | 1,900,000 | 1,200,000 |
Deferred Compensation | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Liability related to the deferred compensation plans | ' | 2,500,000 | ' |
SERPs | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined benefit plans, services frozen | 1 | ' | ' |
Unfunded status at the end of the year | -75,100,000 | 71,400,000 | ' |
Pension and SERPs | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value | 136,600,000 | 121,400,000 | 110,100,000 |
Estimated net gains (losses) amortized from AOCI to net periodic benefit expense | 6,900,000 | ' | ' |
Estimated net gains (losses) amortized from AOCI to net periodic benefit expense, net of tax | 4,400,000 | ' | ' |
Percentage change in unfunded status | -22.00% | ' | ' |
Change in benefit obligation | 12,100,000 | ' | ' |
Change in fair value of pension plan assets | -15,200,000 | ' | ' |
Unfunded status at the end of the year | -97,000,000 | -124,300,000 | ' |
Aggregate expected benefits for unfunded plans | 17,100,000 | ' | ' |
Pension and SERPs | Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated prior service cost (credit) amortized from AOCI to net periodic benefit expense | 0 | ' | ' |
Postretirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated net gains (losses) amortized from AOCI to net periodic benefit expense | 300,000 | ' | ' |
Estimated net gains (losses) amortized from AOCI to net periodic benefit expense, net of tax | 200,000 | ' | ' |
Estimated prior service cost (credit) amortized from AOCI to net periodic benefit expense | 600,000 | ' | ' |
Estimated prior service cost (credit) amortized from AOCI to net periodic benefit expense, net of tax | 400,000 | ' | ' |
Unfunded status at the end of the year | -1,400,000 | -2,500,000 | ' |
Aggregate expected benefits for unfunded plans | 200,000 | ' | ' |
Pension Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Unfunded status at the end of the year | -21,900,000 | 52,900,000 | ' |
Minimum required contribution | 6,700,000 | ' | ' |
Supplemental Employee Retirement Plan Defined Benefit And Other Postretirement Benefit Plans Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Aggregate expected benefits for unfunded plans | 7,100,000 | ' | ' |
Management | Deferred Compensation | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Liability related to the deferred compensation plans | ' | 2,400,000 | ' |
Market Value of Rabbi Trust | 9,700,000 | 8,600,000 | ' |
Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value | 4,800,000 | 4,800,000 | ' |
Level 3 | Real estate | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Number of securities held | 1 | ' | ' |
Fair value | $4,800,000 | $4,800,000 | ' |
Pension_and_Other_Benefits_Wei
Pension and Other Benefits - Weighted Average Actuarial Assumptions Used in Calculating Benefit Obligation and Net Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension | ' | ' | ' |
Net periodic benefit cost: | ' | ' | ' |
Discount rate | 4.04% | 4.90% | 5.30% |
Expected return on plan assets | 6.20% | 7.00% | 8.00% |
Projected benefit obligation [Abstract] | ' | ' | ' |
Discount rate | 4.81% | 4.04% | 4.90% |
SERPs | ' | ' | ' |
Net periodic benefit cost: | ' | ' | ' |
Discount rate | 3.99% | 4.80% | 5.30% |
Rate of compensation increase | 5.75% | 5.75% | 5.75% |
Projected benefit obligation [Abstract] | ' | ' | ' |
Discount rate | 4.78% | 3.99% | 4.80% |
Rate of compensation increase | 5.75% | 5.75% | 5.75% |
Postretirement Benefits | ' | ' | ' |
Net periodic benefit cost: | ' | ' | ' |
Discount rate | 4.09% | 4.90% | 5.30% |
Initial healthcare cost trend rate | 8.00% | 8.50% | 9.00% |
Ultimate healthcare cost trend rate | 5.00% | 5.00% | 5.00% |
Year Ultimate heathcare cost trend rate is reached | '2019 | '2019 | '2019 |
Projected benefit obligation [Abstract] | ' | ' | ' |
Discount rate | 4.82% | 4.09% | 4.90% |
Initial healthcare cost trend rate | 7.00% | 8.00% | 8.50% |
Ultimate healthcare cost trend rate | 4.50% | 5.00% | 5.00% |
Year Ultimate heathcare cost trend rate is reached | '2023 | '2019 | '2019 |
Pension_and_Other_Benefits_Wei1
Pension and Other Benefits - Weighted-Average Asset Allocation for Defined Benefit Pension Plan by Asset Category (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Weighted-average asset allocation at the measurement date | 100.00% | 100.00% |
Equity securities | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Weighted-average asset allocation at the measurement date | 45.00% | 56.90% |
Fixed income securities | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Weighted-average asset allocation at the measurement date | 50.80% | 38.40% |
Real estate | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Weighted-average asset allocation at the measurement date | 3.50% | 4.00% |
Other | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Weighted-average asset allocation at the measurement date | 0.70% | 0.70% |
Pension_and_Other_Benefits_Pla
Pension and Other Benefits - Plan's Financial Assets Recorded at Fair Value by Hierarchy Level (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | $136.60 | $121.40 |
Short-term investment fund | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 0.9 | 0.9 |
Large Cap securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 32.8 | 46.1 |
Small Cap securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 8.5 | 11.7 |
International securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 16.8 | 11.2 |
Emerging markets | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 3.4 | ' |
Core fixed income | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 69.4 | 46.7 |
Real estate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 4.8 | 4.8 |
Level 2 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 131.8 | 116.6 |
Level 2 | Short-term investment fund | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 0.9 | 0.9 |
Level 2 | Large Cap securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 32.8 | 46.1 |
Level 2 | Small Cap securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 8.5 | 11.7 |
Level 2 | International securities | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 16.8 | 11.2 |
Level 2 | Emerging markets | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 3.4 | ' |
Level 2 | Core fixed income | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 69.4 | 46.7 |
Level 3 | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | 4.8 | 4.8 |
Level 3 | Real estate | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Financial Assets | $4.80 | $4.80 |
Pension_and_Other_Benefits_Pen
Pension and Other Benefits Pension and Other Benefits - Valuation Technique of Level 3 Investments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Financial Assets | $136.60 | $121.40 |
Level 3 | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Financial Assets | 4.8 | 4.8 |
Real estate | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Financial Assets | 4.8 | 4.8 |
Real estate | Level 3 | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Financial Assets | $4.80 | $4.80 |
Pension_and_Other_Benefits_Net
Pension and Other Benefits - Net Periodic Benefit Expense Amortized from Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension and SERPs | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Interest cost | $9.60 | $10.60 | $11.40 |
Expected return on plan assets | -7.3 | -7.9 | -8.2 |
Recognized net actuarial loss | 7.7 | 5.9 | 6.3 |
Net periodic benefit expense (income) | 10 | 8.6 | 9.5 |
Postretirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Interest cost | 0.1 | 0.1 | 0.1 |
Amortization of prior service credit | -0.6 | -0.6 | -0.6 |
Recognized net actuarial loss | 0.4 | 0.4 | 0.2 |
Net periodic benefit expense (income) | ($0.10) | ($0.10) | ($0.30) |
Pension_and_Other_Benefits_Oth
Pension and Other Benefits - Other Comprehensive Income (Loss) and Net Periodic Benefit Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension and SERPs | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial loss (gain) | ($18.80) | $22.20 | $7.60 |
Amortization of net actuarial loss (gain) | -7.7 | -5.9 | -6.3 |
Amortization of prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive income (loss) | -26.5 | 16.3 | 1.3 |
Total recognized in net periodic benefit expense (income) | 10 | 8.6 | 9.5 |
Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) | -16.5 | 24.9 | 10.8 |
Postretirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Net actuarial loss (gain) | -1.2 | 0.6 | 1.8 |
Amortization of net actuarial loss (gain) | -0.4 | -0.4 | -0.2 |
Amortization of prior service credit | 0.6 | 0.6 | 0.6 |
Total recognized in other comprehensive income (loss) | -1 | 0.8 | 2.2 |
Total recognized in net periodic benefit expense (income) | -0.1 | -0.1 | -0.3 |
Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) | ($1.10) | $0.70 | $1.90 |
Pension_and_Other_Benefits_Cha
Pension and Other Benefits - Changes to Benefit Obligation and Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at the end of the year | $136.60 | $121.40 | ' |
Pension and SERPs | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at the beginning of the year | 245.7 | 223.6 | ' |
Interest cost | 9.6 | 10.6 | 11.4 |
Actuarial (gain) loss | -7.7 | 24.8 | ' |
Benefits paid | -14 | -13.3 | ' |
Benefit obligation at the end of the year | 233.6 | 245.7 | 223.6 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets at the beginning of the year | 121.4 | 110.1 | ' |
Actual return on plan assets | 18.4 | 10.4 | ' |
Employer contributions | 10.8 | 14.2 | ' |
Benefits paid | -14 | -13.3 | ' |
Fair value of plan assets at the end of the year | 136.6 | 121.4 | 110.1 |
Unfunded status at the end of the year | -97 | -124.3 | ' |
Postretirement Benefits | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at the beginning of the year | 2.5 | 2 | ' |
Interest cost | 0.1 | 0.1 | 0.1 |
Actuarial (gain) loss | -1.2 | 0.6 | ' |
Benefits paid | ' | -0.2 | ' |
Benefit obligation at the end of the year | 1.4 | 2.5 | 2 |
Change in plan assets: | ' | ' | ' |
Employer contributions | ' | 0.2 | ' |
Benefits paid | ' | -0.2 | ' |
Unfunded status at the end of the year | ($1.40) | ($2.50) | ' |
Pension_and_Other_Benefits_Con
Pension and Other Benefits - Consolidated Balance Sheet Components Relating to Defined Benefit Pension Plan and SERPs and Postretirement Benefit Plans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension and SERPs | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Pension and other postretirement benefits liability | ($97) | ($124.30) |
Unrealized losses for pension and postretirement benefits, net of tax | 54.2 | 70.6 |
Prior service cost (credit) for pension and postretirement benefits, net of tax | 0.1 | 0.1 |
Postretirement Benefits | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ' | ' |
Pension and other postretirement benefits liability | -1.4 | -2.5 |
Unrealized losses for pension and postretirement benefits, net of tax | 1.8 | 3.4 |
Prior service cost (credit) for pension and postretirement benefits, net of tax | ($2.30) | ($2.90) |
Pension_and_Other_Benefits_Pro
Pension and Other Benefits - Projected Benefit Obligation and Accumulated Benefit Obligation (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Plan | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | $158.50 | $174.30 |
Accumulated benefit obligation | 158.5 | 174.3 |
Fair value of plan assets | 136.6 | 121.4 |
SERPs | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | 75.1 | 71.4 |
Accumulated benefit obligation | 71.9 | 71.4 |
Postretirement Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Projected benefit obligation | $1.40 | $2.50 |
Pension_and_Other_Benefits_Est
Pension and Other Benefits - Estimated Future Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension and SERPs | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Maturity [Line Items] | ' |
2014 | $17.10 |
2015 | 22.7 |
2016 | 15 |
2017 | 15 |
2018 | 16.1 |
2019-2023 | 75.4 |
Postretirement Benefits | ' |
Defined Benefit Plan, Expected Future Benefit Payments, Maturity [Line Items] | ' |
2014 | 0.2 |
2015 | 0.1 |
2016 | 0.1 |
2017 | 0.1 |
2018 | 0.1 |
2019-2023 | $0.40 |
Stockholders_Deficit_Additiona
Stockholders' Deficit - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||||||||||||||||
Nov. 14, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 18-May-11 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | 18-May-11 | Sep. 27, 2011 | 18-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 18-May-11 | Dec. 31, 2011 | Nov. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 18-May-11 | Nov. 30, 2011 | 18-May-11 | Dec. 31, 2013 | 18-May-11 | 18-May-11 | 18-May-11 | 18-May-11 | Jun. 30, 2012 | |
vote | Secondary Offering | Spin-off from Viad Corporation | 2008 Recapitalization | 2011 Recapitalization | 2011 Recapitalization | Maximum | Series B Preferred Stock | Series A Junior Participating Preferred Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | D Stock | D Stock | D Stock | D Stock | D Stock | D Stock | D Stock | D Stock | Goldman Sachs & Co. | Goldman Sachs & Co. | THL | THL | WalMart Participation Agreement | ||||||
Demand_Registration | 2008 Recapitalization | 2011 Recapitalization | 2011 Recapitalization | Secondary Offering | 2011 Recapitalization | Maximum | D Stock | Common Stock | Investor | ||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock shares authorized | 162,500,000 | 162,500,000 | 162,500,000 | 162,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 162,500,000 | 162,500,000 | 162,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | 62,263,963 | 62,263,963 | 62,263,963 | ' | ' | ' | 15,388,120 | ' | ' | ' | ' | ' | ' | ' | 62,264,000 | 62,264,000 | 62,264,000 | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,325,154 | ' | ' | ' | ' | ' | ' | ' | ' | 3,520,358 | 39,325,154 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock votes per share number | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, authorized | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,239 | 109,239 | 109,239 | ' | ' | 173,189 | ' | ' | ' | ' | ' | ' |
Preferred stock, par value | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Liquidation preference of D Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage limit of ownership for class of voting securities on transfer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Percentage limit of ownership for voting securities on transfer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Total shares authorized for repurchase | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased under authorization | ' | 6,795,017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining authorization to repurchase | ' | ' | 5,204,983 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares repurchased in relation to reverse stock split | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued | ' | ' | ' | ' | ' | ' | 7,993,762 | ' | ' | ' | ' | ' | ' | ' | 35,800,000 | ' | ' | ' | 35,804,796 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 157,686 | ' | ' | ' |
Stock Issued During Period Shares Conversion Of Temporary Equity Additional Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,503 | ' | 3,500,000 | ' |
Additional cash consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -218,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77,500,000 | ' | 140,800,000 | ' | ' |
Restructuring and reorganization costs | ' | ' | 3,200,000 | 19,800,000 | 23,500,000 | ' | 5,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Investors With Payments In Excess Of Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Additional paid in capital | ' | ' | 300,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 |
Common shares authorized prior to reverse stock split | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
1 for 8 stock split conversion ratio | ' | ' | ' | ' | 0.125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
1 for 8 reverse stock split - common stock transferred to APIC | 3,500,000 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio prior to reverse stock split | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio after reverse stock split | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required period for shelf registration to be continuously effective | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of demand registrations | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt and equity permitted to offer and sell | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares sold by investors | ' | ' | ' | ' | ' | ' | 10,237,524 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,950 | ' | ' | ' | ' | ' | ' | ' |
Decrease to D Stock | ' | ' | ' | ' | ($1,110,300,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $165,000,000 | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Deficit_Summary_o
Stockholders' Deficit - Summary of Stock Activity (Detail) | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Nov. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | |
D Stock | D Stock | D Stock | Common Stock | Common Stock | Common Stock | Treasury Stock | Treasury Stock | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
D Stock, Authorized | 7,000,000 | ' | ' | 200,000 | 200,000 | 200,000 | ' | ' | ' | ' | ' |
D Stock, Issued | ' | ' | ' | 109,239 | 109,239 | 109,239 | ' | ' | ' | ' | ' |
D Stock, Outstanding | ' | ' | ' | 109,000 | 109,000 | 109,000 | ' | ' | ' | ' | ' |
Common stock, shares authorized | 162,500,000 | 162,500,000 | 162,500,000 | ' | ' | ' | 162,500,000 | 162,500,000 | 162,500,000 | ' | ' |
Common Stock, Shares, Issued | 62,263,963 | 62,263,963 | ' | ' | ' | ' | 62,264,000 | 62,264,000 | 62,264,000 | ' | ' |
Schedule Of Activity Of Company's Authorized Issued And Outstanding Stock [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Outstanding | ' | ' | ' | ' | ' | ' | 57,857,000 | 57,835,000 | ' | ' | ' |
Treasury Stock | -4,407,038 | ' | ' | ' | ' | ' | ' | ' | ' | -4,429,000 | -4,301,000 |
Shares, Exercised | 106,000 | ' | ' | ' | ' | ' | 106,000 | 22,000 | ' | 22,000 | ' |
Common Stock, Outstanding | ' | ' | ' | ' | ' | ' | 57,963,000 | 57,857,000 | ' | ' | ' |
Treasury Stock | -4,300,782 | ' | ' | ' | ' | ' | ' | ' | ' | -4,407,000 | -4,301,000 |
Stockholders_Deficit_Stockhold
Stockholders' Deficit Stockholders' Deficit - Summary of Transactional Components (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 18-May-11 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | 18-May-11 | Dec. 31, 2011 | 18-May-11 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 |
Common Stock | 2011 Recapitalization | 2011 Recapitalization | 2011 Recapitalization | 2011 Recapitalization | 2011 Recapitalization | 2011 Recapitalization | 2011 Recapitalization | 2011 Recapitalization | 2011 Recapitalization | ||||
Mezzanine | Preferred Stock | Preferred Stock | Common Stock | Common Stock | Additional Paid-In Capital | Retained Earnings | |||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of B Stock to common stock | ' | ' | $0 | ' | ' | ' | ($716.10) | ' | ' | ' | $2.90 | $713.20 | ' |
Conversion of B-1 Stock to D Stock | ' | ' | ' | ' | ' | ' | -394.2 | ' | 394.2 | ' | ' | ' | ' |
Accretion of unamortized mezzanine equity discounts | ' | ' | -78.6 | ' | ' | ' | 76.1 | ' | ' | ' | ' | ' | -76.1 |
Additional stock consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | 52.7 | ' | 0.3 | 95.5 | -148.5 |
Non-cash activity | ' | ' | ' | ' | ' | 0 | -1,034.20 | ' | 446.9 | ' | 3.2 | 808.7 | -224.6 |
Additional cash consideration paid | ' | ' | ' | ' | ' | -218.3 | ' | ' | ' | ' | ' | ' | -218.3 |
Cash dividends paid on mezzanine equity | 0 | 0 | -20.5 | ' | ' | -20.5 | ' | ' | ' | ' | ' | ' | -20.5 |
Cash activity | ' | ' | ' | ' | ' | -238.8 | ' | ' | ' | ' | ' | ' | -238.8 |
Total 2011 Recapitalization impact to Mezzanine Equity and Stockholders’ Deficit | ' | ' | ' | ' | ' | ($238.80) | ($1,034.20) | ' | $446.90 | ' | $3.20 | $808.70 | ($463.40) |
Shares issued upon conversion | ' | ' | ' | 35,800,000 | ' | ' | ' | 157,686 | ' | 35,804,796 | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | 39,325,154 | ' | ' | 15,503 | 173,189 | 3,520,358 | 39,325,154 | ' | ' |
Stockholders_Deficit_Component
Stockholders' Deficit - Components of Accumulated Other Comprehensive Loss (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Components of Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss | ($33) | ($52.30) | ($38) |
Net unrealized gains on securities classified as available-for-sale, net of tax | ' | ' | ' |
Components of Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss | 17.3 | 16.3 | 21.5 |
Cumulative foreign currency translation adjustments, net of tax | ' | ' | ' |
Components of Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss | 3.5 | 2.6 | 1 |
Pension and postretirement benefits adjustment, net of tax | ' | ' | ' |
Components of Accumulated Other Comprehensive Loss [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss | ($53.80) | ($71.20) | ($60.50) |
Stockholders_Deficit_Stockhold1
Stockholders' Deficit Stockholders' Deficit - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Beginning balance | ($52.30) | ($38) |
Other comprehensive (loss) income before amortization | 18.6 | -7.8 |
Amounts reclassified/amortized from accumulated other comprehensive loss | 0.7 | -6.5 |
Net current period other comprehensive (loss) income | 19.3 | -14.3 |
Ending balance | -33 | -52.3 |
Net unrealized gains on securities classified as available-for-sale, net of tax | ' | ' |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Beginning balance | 16.3 | 21.5 |
Other comprehensive (loss) income before amortization | 5.1 | 4.8 |
Amounts reclassified/amortized from accumulated other comprehensive loss | -4.1 | -10 |
Net current period other comprehensive (loss) income | 1 | -5.2 |
Ending balance | 17.3 | 16.3 |
Cumulative foreign currency translation adjustments, net of tax | ' | ' |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Beginning balance | 2.6 | 1 |
Other comprehensive (loss) income before amortization | 0.9 | 1.6 |
Amounts reclassified/amortized from accumulated other comprehensive loss | 0 | 0 |
Net current period other comprehensive (loss) income | 0.9 | 1.6 |
Ending balance | 3.5 | 2.6 |
Pension and postretirement benefits adjustment, net of tax | ' | ' |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Roll Forward] | ' | ' |
Beginning balance | -71.2 | -60.5 |
Other comprehensive (loss) income before amortization | 12.6 | -14.2 |
Amounts reclassified/amortized from accumulated other comprehensive loss | 4.8 | 3.5 |
Net current period other comprehensive (loss) income | 17.4 | -10.7 |
Ending balance | ($53.80) | ($71.20) |
Stockholders_Deficit_Stockhold2
Stockholders' Deficit Stockholders' Deficit - Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | $33 | $38.10 | $32.60 | ($18.40) | $33 | ($45.10) | ($14.80) | $18 | $85.30 | ($8.90) | $39.80 |
Tax benefit, net | ' | ' | ' | ' | ' | ' | ' | ' | -32.9 | -40.4 | 19.6 |
Total gains, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | -6.5 | ' |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total gains, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | ' | ' |
Net unrealized gains on securities classified as available-for-sale, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains on securities classified as available-for-sale, before tax | ' | ' | ' | ' | ' | ' | ' | ' | -5.7 | ' | ' |
Tax expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' |
Total gains, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -4.1 | -10 | ' |
Pension and postretirement benefits adjustment, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total gains, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 4.8 | 3.5 | ' |
Pension and postretirement benefits adjustment, net of tax | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service credits | ' | ' | ' | ' | ' | ' | ' | ' | -0.6 | ' | ' |
Net actuarial losses | ' | ' | ' | ' | ' | ' | ' | ' | 8.1 | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | ' | ' |
Tax benefit, net | ' | ' | ' | ' | ' | ' | ' | ' | -2.7 | ' | ' |
Total gains, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | $4.80 | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | Dec. 31, 2013 | 1-May-13 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | 18-May-11 |
In Millions, except Share data, unless otherwise specified | Time Based Tranche Member | Time Based Tranche Member | Performance Based Tranche Member | Performance Based Tranche Member | Shares related to stock options | Shares related to stock options | Shares related to stock options | Shares related to stock options | Shares related to stock options | Shares related to stock options | Shares related to stock options | Shares related to stock options | Shares related to stock options | Shares related to stock options | Shares related to stock options | Restricted Stock And Restricted Stock Units Rsu | Restricted Stock And Restricted Stock Units Rsu | Restricted Stock Units (RSUs) | Restricted Stock Units (RSUs) | Stock appreciation rights | Stock appreciation rights | Domestic Tax Authority | THL | |||
2010 Grants | Prior to 4th Quarter 2011 Grants | 2010 Grants | Prior to 4th Quarter 2011 Grants | 2013 Grants | Prior to 4th Quarter 2011 Grants | 2012 Grants | 4th Quarter 2011 Grants | Time Based Tranche Member | Time Based Tranche Member | Time Based Tranche Member | Performance Based Tranche Member | Performance Based Tranche Member | Performance Based Tranche Member | 2013 Grants | ||||||||||||
2010 Grants | Prior to 4th Quarter 2011 Grants | 2010 Grants | Prior to 4th Quarter 2011 Grants | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total share-based awards authorized | ' | 12,925,000 | 7,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining shares authorized for future grants | 6,643,214 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining weighted-average vesting period | ' | ' | ' | ' | ' | ' | ' | '1 year 5 months 27 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 10 months 4 days | '1 year 8 months 12 days | ' | ' | ' | ' | ' | ' |
Term of options granted | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage vested on second anniversary if target performance goal is met | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' |
Percent vested for achievement of annual average EBITDA at target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Performance based restricted stock units vested below threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Target performance goal related to average annual increase over 3 year period for adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' |
Percentage vested on third anniversary if performance goal is achieved | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Minimum performance goal related to average annual increase for adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' |
Percentage vested if minimum performance goal is met | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Maximum performance goal related to average annual increase for adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' |
Percentage vested if maximum performance goal is met | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' |
Grant date fair value, threshold minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.70 | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Non Vested Weighted Average Grant Date Fair Value Expected | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.3 | ' | ' | ' | ' | ' |
Unrecognized restricted stock unit expense, minimum threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.4 | ' | ' | ' | ' | ' |
Unrecognized restricted stock unit expense, maximum threshold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.1 | ' | ' | ' | ' | ' |
Maximum cash award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12 | ' | ' | ' |
Award condition type, percentage | ' | ' | ' | 50.00% | 50.00% | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Deductions For Net Securities Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900 | ' |
Pre-defined common stock price period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance period related to adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Exercisable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | '5 years | ' | ' | ' | ' | ' | '3 years | '4 years | '4 years | ' | ' |
Additional cash consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($140.80) |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $11.20 | $9.20 | $16.30 |
Shares related to stock options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | 6.7 | 7.4 | 15.6 |
Restricted Stock Units (RSUs) | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Stock-based compensation expense | $4.50 | $1.80 | $0.70 |
StockBased_Compensation_Assump
Stock-Based Compensation - Assumptions Utilized to Estimate Grant-Date Fair Value of Stock Options (Detail) (Shares related to stock options, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility, maximum | 69.00% | 71.80% | 72.90% |
Expected volatility, minimum | 68.20% | 69.70% | 71.30% |
Risk-free interest rate, maximum | 1.20% | 1.50% | 2.90% |
Risk-free interest rate, minimum | 1.10% | 0.90% | 1.30% |
Expected life | '6 years 3 months 18 days | '6 years 3 months 18 days | ' |
Weighted-average grant-date fair value per option | $10.51 | $10.60 | $16.23 |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected life | ' | ' | '6 years 3 months 18 days |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected life | ' | ' | '6 years 6 months |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Shares, Exercised | -106,000 |
Shares related to stock options | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Shares, options outstanding, Beginning Balance | 4,412,076 |
Shares, Granted | 1,012,805 |
Shares, Exercised | -57,782 |
Shares, Forfeited/Expired | -575,095 |
Shares, options outstanding, Ending Balance | 4,792,004 |
Shares, Vested or expected to vest | 4,654,151 |
Shares, Options exercisable | 1,707,410 |
Weighted average exercise price, Options outstanding, Beginning Balance | 22.1 |
Weighted-Average Exercise Price, Granted | 16.84 |
Weighted-Average Exercise Price, Exercised | 18.44 |
Weighted-Average Exercise Price, Forfeited/Expired | 29.59 |
Weighted average exercise price, Options outstanding, Ending Balance | 20.14 |
Weight Average Exercise Price, Vested or expected to vest | 20.2 |
Weighted average exercise price, Options exercisable | 21.01 |
Options outstanding at December 31, 2013 | '6 years 9 months 2 days |
Vested or expected to vest at December 31, 2013 | '6 years 8 months 12 days |
Options exercisable at December 31, 2013 | '5 years 10 months 2 days |
Aggregate intrinsic value, Options outstanding | 13 |
Aggregate intrinsic value, Vested or expected to vest | 12.6 |
Aggregate intrinsic value, Options exercisable | 5.6 |
StockBased_Compensation_Summar2
Stock-Based Compensation - Summary of Stock Option Compensation Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Proceeds from exercise of stock options | $1.10 | $0 | $0.70 |
Shares related to stock options | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Intrinsic value of options exercised | 0.1 | 0 | 221.9 |
Proceeds from exercise of stock options | 1.1 | 0 | 0.7 |
Unrecognized stock option expense | $13.30 | ' | ' |
Remaining weighted-average vesting period | '1 year 5 months 27 days | ' | ' |
StockBased_Compensation_Summar3
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock Units (RSUs), USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Restricted Stock Units (RSUs) | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Restricted stock units outstanding, aggregate intrinsic value | $24.60 | $7.10 |
Restricted stock units vested and outstanding (shares) | 62,100 | ' |
Restricted stock units vested and outstanding (usd per share) | $16.74 | ' |
Restricted stock units vested and outstanding, aggregate intrinsic value | $1.30 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Restricted stock units outstanding at December 31, 2012 (shares) | 532,224 | ' |
Granted (shares) | 793,172 | ' |
Vested (shares) | -48,474 | ' |
Forfeited (shares) | -90,778 | ' |
Restricted stock units outstanding at December 31, 2013 (shares) | 1,186,144 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' |
Restricted stock units outstanding at December 31, 2012 (usd per share) | $16.80 | ' |
Granted (usd per share) | $16.71 | ' |
Vested (usd per share) | $16.71 | ' |
Forfeited (usd per share) | $17.08 | ' |
Restricted stock units outstanding at December 31, 2013 (usd per share) | $16.73 | ' |
StockBased_Compensation_Restri
Stock-Based Compensation - Restricted Stock and Restricted Stock Unit Compensation Information (Detail) (Restricted Stock And Restricted Stock Units Rsu, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock And Restricted Stock Units Rsu | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Market value of restricted stock units converted | $0.80 | $0.60 | $0.60 |
Unrecognized restricted stock unit expense | $9.50 | ' | ' |
StockBased_Compensation_Summar4
Stock-Based Compensation - Summary of Stock Appreciation Rights Activity (Detail) (Stock appreciation rights, USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock appreciation rights | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | ' | ' |
Stock appreciation rights outstanding, Total shares | 11,420 | 8,600 |
Granted, Total shares | 4,743 | ' |
Forfeited, Total shares | -1,923 | ' |
Stock appreciation rights outstanding, Weighted average price | $17.02 | $17.03 |
Granted, Weighted average price | $17 | ' |
Forfeited, Weighted average price | $17.03 | ' |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income (Loss) Before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of income before taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. | ' | ' | ' | ' | ' | ' | ' | ' | $69.90 | ($9.60) | $39.70 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 15.4 | 0.7 | 0.1 |
Income (loss) before income taxes | $33 | $38.10 | $32.60 | ($18.40) | $33 | ($45.10) | ($14.80) | $18 | $85.30 | ($8.90) | $39.80 |
Income_Taxes_Income_Tax_Benefi
Income Taxes - Income Tax (Benefit) Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal | $9.70 | $6.10 | $40 |
State | 0.1 | 0.5 | 6.3 |
Foreign | 11.1 | 4 | 6.9 |
Current income tax expense | 20.9 | 10.6 | 53.2 |
Deferred income tax expense (benefit) | 12 | 29.8 | -72.8 |
Income tax expense (benefit) | $32.90 | $40.40 | ($19.60) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income tax payable | $53.70 | ' | ' | ' | $52.30 | ' | ' | ' | $53.70 | $52.30 | ' | ' |
Income taxes paid | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 2.9 | 3.7 | ' |
Proceeds from Income Tax Refunds | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | ' | ' | ' |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 32.9 | 40.4 | -19.6 | ' |
Income (loss) before income taxes | 33 | 38.1 | 32.6 | -18.4 | 33 | -45.1 | -14.8 | 18 | 85.3 | -8.9 | 39.8 | ' |
Valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | 2.7 | -0.6 | 31.4 | ' |
Tax benefit from sale of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.7 | ' |
Effect of non-deductible capital transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.1 | ' |
Restructuring expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | ' |
Cumulative income tax position, duration in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Deductions in dispute with IRS that has reached partial settlement | 186.9 | ' | ' | ' | ' | ' | ' | ' | 186.9 | ' | ' | ' |
Cumulative Benefits On Deductions | 139.9 | ' | ' | ' | ' | ' | ' | ' | 139.9 | ' | ' | ' |
Liability for unrecognized tax benefits | 52 | ' | ' | ' | 51.6 | ' | ' | ' | 52 | 51.6 | 9.6 | 10.2 |
Interest and penalties | ' | ' | ' | ' | ' | ' | ' | ' | 1.1 | 0.7 | 0.2 | ' |
Liability for interest and penalties for unrecognized tax benefits | 2.1 | ' | ' | ' | 2 | ' | ' | ' | 2.1 | 2 | ' | ' |
Deferred tax liability for unremitted earnings of foreign entities | 7.6 | ' | ' | ' | 5.6 | ' | ' | ' | 7.6 | 5.6 | ' | ' |
Domestic Tax Authority | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34 | ' |
Cumulative Deductions For Net Securities Losses | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900 | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Expected Federal Income Tax at Statutory Rates (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax (benefit) expense at statutory federal income tax rate | $29.80 | ($3.10) | $13.90 |
Tax effect of: | ' | ' | ' |
State income tax, net of federal income tax effect | 1.7 | 0.9 | 1.9 |
Valuation allowance | -2.7 | 0.6 | -31.4 |
International taxes | 3.2 | 1.8 | 1.3 |
Net permanent difference | 0.2 | 1 | -6 |
(Decrease) increase in tax reserve | -0.5 | 37.1 | -0.2 |
Stock options | 1.6 | 3.7 | 1.3 |
Other | -0.4 | -1.6 | -0.4 |
Income tax expense (benefit) | $32.90 | $40.40 | ($19.60) |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Postretirement benefits and other employee benefits | $39.70 | $57.30 |
Tax loss carryovers | 76.3 | 415 |
Tax credit carryovers | 27.6 | 27.9 |
Basis difference in revalued investments | 106.1 | 87.9 |
Bad debt and other reserves | 3.5 | 3.6 |
Other | 5 | 1.9 |
Valuation allowance | -174.8 | -477 |
Total deferred tax asset | 83.4 | 116.6 |
Depreciation and amortization | -72.8 | -70.3 |
Gross deferred tax liability | -72.8 | -70.3 |
Net deferred tax asset | $10.60 | $46.30 |
Income_Taxes_Amount_and_Expira
Income Taxes - Amount and Expiration Dates of Tax Loss Carry Forwards (Not Tax Effected) and Credit Carry Forwards (Detail) (Domestic Country and State and Local Jurisdiction [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Definite Lived Carry Forwards [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards | 182 |
Definite Lived Carry Forwards [Member] | Minimum | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards, Expiration Date | 1-Jan-14 |
Definite Lived Carry Forwards [Member] | Maximum | ' |
Operating Loss Carryforwards [Line Items] | ' |
Operating Loss Carryforwards, Expiration Date | 31-Dec-18 |
Indefinite Lived Carry Forwards [Member] | ' |
Operating Loss Carryforwards [Line Items] | ' |
United States federal and state loss carry-forwards, Amount | 27.6 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Unrecognized Tax Benefits for the Period (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Beginning balance | $51.60 | $9.60 | $10.20 |
Additions based on tax positions related to prior years | 0.9 | 1.6 | 0 |
Additions based on tax positions related to current year | 0 | 40.8 | 0 |
Lapse in statute of limitations | -0.5 | -0.4 | -0.5 |
Reductions for tax positions of prior years | 0 | 0 | -0.1 |
Ending balance | $52 | $51.60 | $9.60 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies [Line Items] | ' | ' | ' |
Deferred rent liability | $2.60 | $2.60 | ' |
Outstanding letters of credit | 0.4 | ' | ' |
Unfunded commitments in limited partnership interests | 0.3 | ' | ' |
Liability related to various legal matters | 1.7 | 38.7 | ' |
Legal accruals and settlement charges | 0.2 | 108.8 | 1.9 |
Additional paid in capital | 0.3 | 3.2 | ' |
State Civil Investigative Demands | ' | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' | ' |
Number of state attorneys general who initiated investigation | 9 | ' | ' |
Commission Guarantees | ' | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' | ' |
Liability for minimum commission guarantees | 4 | ' | ' |
Maximum amount that could be paid under minimum commission guarantees | 13.3 | ' | ' |
Weighted average remaining term | '3 years 10 months 25 days | ' | ' |
Payments of minimum commission guarantees | $1.50 | $0.50 | ' |
Percentage of estimated maximum annual payment | 56.00% | 22.00% | ' |
Leaseholds and Leasehold Improvements | Maximum | ' | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' | ' |
Useful life | '10 years | ' | ' |
Goldman Sachs & Co. | ' | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' | ' |
Percentage ownership of common stock on diluted basis | 19.00% | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies Commitments and Contingencies - Schedule of Rent Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense | $16.20 | $15.60 | $16.60 |
Contingent rent | 0.2 | 0 | 0 |
Sublease agreements | -1 | -0.7 | -0.3 |
Minimum rent expense under operating leases | $15.40 | $14.90 | $16.30 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Summary of Minimum Future Rental Payments (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $15.20 |
2015 | 12 |
2016 | 6 |
2017 | 5.4 |
2018 | 5 |
Thereafter | 11.7 |
Total | $55.30 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Number of reporting segments | 2 | ' | ' |
Percentage of total revenue | 27.00% | 28.00% | 29.00% |
Legal expenses | $200,000 | $108,800,000 | $1,900,000 |
Asset impairments | 0 | 0 | 2,400,000 |
Global Funds Transfer | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Number of geographical regions or operating segments | 1 | ' | ' |
Number of agents that accounted for significant percent of total revenue | 1 | 1 | 1 |
Financial Paper Products | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Number of agents that accounted for significant percent of total revenue | 1 | 1 | 1 |
Other | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' |
Legal expenses | 2,500,000 | 119,200,000 | 4,800,000 |
Severance and related costs from executive terminations | 1,500,000 | 1,000,000 | ' |
Asset impairments | ' | ' | 300,000 |
Net corporate costs | $11,600,000 | $7,600,000 | $4,800,000 |
Segment_Information_Revenue_by
Segment Information - Revenue by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $385.80 | $383 | $365.10 | $340.50 | $354.40 | $338.60 | $330.10 | $318.10 | $1,474.40 | $1,341.20 | $1,247.80 |
Global Funds Transfer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,389.80 | 1,255.20 | 1,152.70 |
Global Funds Transfer | Money transfer revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,287.80 | 1,149.10 | 1,040.10 |
Global Funds Transfer | Bill payment revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 102 | 106.1 | 112.6 |
Financial Paper Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 84 | 84.5 | 93.3 |
Financial Paper Products | Money order revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 55.1 | 57.5 | 60.4 |
Financial Paper Products | Official check revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 28.9 | 27 | 32.9 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | $0.60 | $1.50 | $1.80 |
Segment_Information_Operating_
Segment Information - Operating Income by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income (Loss) | $43 | $48.10 | $42.50 | $44.30 | $40.70 | ($27.40) | $3.20 | $35.90 | $177.90 | $52.40 | $142.60 |
Net securities gains | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -10 | -32.8 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 47.3 | 70.9 | 86.2 |
Debt extinguishment costs | ' | ' | ' | -45.3 | ' | ' | ' | ' | 45.3 | 0 | 37.5 |
Other costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.4 | 11.9 |
Income (loss) before income taxes | 33 | 38.1 | 32.6 | -18.4 | 33 | -45.1 | -14.8 | 18 | 85.3 | -8.9 | 39.8 |
Global Funds Transfer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 162.6 | 149.6 | 124.8 |
Financial Paper Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 30.9 | 32.7 | 29.2 |
Total segment operating income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 193.5 | 182.3 | 154 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($15.60) | ($129.90) | ($11.40) |
Segment_Information_Depreciati
Segment Information - Depreciation and Amortization and Capital Expenditures by Segment (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Depreciation and amortization: | ' | ' | ' |
Total depreciation and amortization | $50.70 | $44.30 | $46 |
Global Funds Transfer | ' | ' | ' |
Depreciation and amortization: | ' | ' | ' |
Total depreciation and amortization | 46.5 | 40.7 | 40.5 |
Financial Paper Products | ' | ' | ' |
Depreciation and amortization: | ' | ' | ' |
Total depreciation and amortization | 3.9 | 3.5 | 5.4 |
Other | ' | ' | ' |
Depreciation and amortization: | ' | ' | ' |
Total depreciation and amortization | $0.30 | $0.10 | $0.10 |
Segment_Information_Segment_In
Segment Information Segment Information - Schedule of Capital Expenditures, by Segment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total capital expenditures | $56.70 | $56.70 | $50.10 |
Global Funds Transfer | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total capital expenditures | 49.3 | 50.6 | 44.3 |
Financial Paper Products | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Total capital expenditures | $7.40 | $6.10 | $5.80 |
Segment_Information_Assets_by_
Segment Information - Assets by Segment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Total assets | $4,786.90 | $5,150.60 |
Global Funds Transfer | ' | ' |
Assets: | ' | ' |
Total assets | 1,611.30 | 1,448.30 |
Financial Paper Products | ' | ' |
Assets: | ' | ' |
Total assets | 2,800 | 3,395.10 |
Other | ' | ' |
Assets: | ' | ' |
Total assets | $375.60 | $307.20 |
Segment_Information_Revenue_by1
Segment Information - Revenue by Geographical Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $385.80 | $383 | $365.10 | $340.50 | $354.40 | $338.60 | $330.10 | $318.10 | $1,474.40 | $1,341.20 | $1,247.80 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 891.6 | 822.5 | 768.7 |
International | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | $582.80 | $518.70 | $479.10 |
Quarterly_Financial_Data_Quart
Quarterly Financial Data - Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $385.80 | $383 | $365.10 | $340.50 | $354.40 | $338.60 | $330.10 | $318.10 | $1,474.40 | $1,341.20 | $1,247.80 |
Total operating expenses | 342.8 | 334.9 | 322.6 | 296.2 | 313.7 | 366 | 326.9 | 282.2 | 1,296.50 | 1,288.80 | 1,105.20 |
OPERATING INCOME | 43 | 48.1 | 42.5 | 44.3 | 40.7 | -27.4 | 3.2 | 35.9 | 177.9 | 52.4 | 142.6 |
Total other expense | 10 | 10 | 9.9 | 62.7 | 7.7 | 17.7 | 18 | 17.9 | 92.6 | 61.3 | 102.8 |
Income (loss) before income taxes | 33 | 38.1 | 32.6 | -18.4 | 33 | -45.1 | -14.8 | 18 | 85.3 | -8.9 | 39.8 |
Net income (loss) | $23.40 | $22.50 | $19.10 | ($12.60) | $20.20 | ($54.70) | ($25.10) | $10.30 | $52.40 | ($49.30) | $59.40 |
(Loss) income per common share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss) income per common share - Basic | $0.33 | $0.31 | $0.27 | ($0.18) | $0.28 | ($0.77) | ($0.35) | $0.14 | $0.73 | ($0.69) | ($9.03) |
(Loss) income per common share - Diluted | $0.33 | $0.31 | $0.27 | ($0.18) | $0.28 | ($0.77) | ($0.35) | $0.14 | $0.73 | ($0.69) | ($9.03) |
Quarterly_Financial_Data_Quart1
Quarterly Financial Data - Quarterly Financial Data (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||
In Millions, unless otherwise specified | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 |
Operating Expense | Operating Expense | Operating Expense | Operating Expense | Operating Expense | Operating Expense | Operating Expense | Operating Expense | Middle District Of Pennsylvania | Middle District Of Pennsylvania | |||||
Operating Expense | Operating Expense | |||||||||||||
Selected Interim Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on debt extinguishment | ($45.30) | $45.30 | $0 | $37.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring and reorganization costs | ' | 3.2 | 19.8 | 23.5 | ' | ' | ' | ' | 5.1 | 4 | 4.4 | 5.8 | ' | ' |
Legal expenses | ' | $0.20 | $108.80 | $1.90 | $3.70 | $72.30 | $39.60 | $3.60 | ' | ' | ' | ' | $70 | $30 |
Subsequent_Events_Subsequent_E1
Subsequent Events Subsequent Events (Details) (Scenario, Forecast, USD $) | 24 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2015 |
Minimum | ' |
Subsequent Event [Line Items] | ' |
Restructuring Costs | $30 |
Pre-tax cost savings from restructuring activities | 15 |
Maximum | ' |
Subsequent Event [Line Items] | ' |
Restructuring Costs | 40 |
Pre-tax cost savings from restructuring activities | $20 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of 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 $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $0 | $0 | $0 | $0 |
Cash and cash equivalents (substantially restricted) | 2,228.50 | 2,683.20 | ' | ' |
Receivables, net (substantially restricted) | 767.7 | 1,206.50 | ' | ' |
Interest-bearing investments (substantially restricted) | 1,011.60 | 450.1 | ' | ' |
Available-for-sale investments (substantially restricted) | 48.1 | 63.5 | ' | ' |
Property and equipment, net | 134.8 | 127.9 | ' | ' |
Goodwill | 435.2 | 428.7 | 428.7 | ' |
Other assets | 161 | 190.7 | ' | ' |
Equity investments in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivables | 0 | 0 | ' | ' |
Total assets | 4,786.90 | 5,150.60 | ' | ' |
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ' | ' | ' | ' |
Payment service obligations | 3,737.10 | 4,175.40 | ' | ' |
Debt | 842.9 | 809.9 | 810.9 | ' |
Pension and other postretirement benefits | 98.4 | 126.8 | ' | ' |
Accounts payable and other liabilities | 185.5 | 199.9 | ' | ' |
Intercompany liabilities | 0 | 0 | ' | ' |
Total liabilities | 4,863.90 | 5,312 | ' | ' |
Total stockholders’ (deficit) equity | -77 | -161.4 | -110.2 | -942.4 |
Total liabilities and stockholders’ deficit | 4,786.90 | 5,150.60 | ' | ' |
Parent | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Cash and cash equivalents (substantially restricted) | 1.7 | 2.3 | ' | ' |
Receivables, net (substantially restricted) | 0 | 0 | ' | ' |
Interest-bearing investments (substantially restricted) | 0 | 0 | ' | ' |
Available-for-sale investments (substantially restricted) | 0 | 0 | ' | ' |
Property and equipment, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Other assets | 18.1 | 7.5 | ' | ' |
Equity investments in subsidiaries | 81 | 26.6 | ' | ' |
Intercompany receivables | 703.6 | 0 | ' | ' |
Total assets | 804.4 | 36.4 | ' | ' |
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ' | ' | ' | ' |
Payment service obligations | 0 | 0 | ' | ' |
Debt | 842.9 | 0 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | ' |
Accounts payable and other liabilities | 38.5 | 60 | ' | ' |
Intercompany liabilities | 0 | 137.8 | ' | ' |
Total liabilities | 881.4 | 197.8 | ' | ' |
Total stockholders’ (deficit) equity | -77 | -161.4 | ' | ' |
Total liabilities and stockholders’ deficit | 804.4 | 36.4 | ' | ' |
Subsidiary Guarantors | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Cash and cash equivalents (substantially restricted) | 2,134.60 | 2,585.50 | ' | ' |
Receivables, net (substantially restricted) | 760.8 | 1,190.80 | ' | ' |
Interest-bearing investments (substantially restricted) | 975 | 425 | ' | ' |
Available-for-sale investments (substantially restricted) | 48.1 | 63.5 | ' | ' |
Property and equipment, net | 109.5 | 99.8 | ' | ' |
Goodwill | 313 | 306.9 | ' | ' |
Other assets | 163 | 181.6 | ' | ' |
Equity investments in subsidiaries | 194.7 | 181 | ' | ' |
Intercompany receivables | 4 | 165.9 | ' | ' |
Total assets | 4,702.70 | 5,200 | ' | ' |
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ' | ' | ' | ' |
Payment service obligations | 3,699.50 | 4,127 | ' | ' |
Debt | 0 | 809.9 | ' | ' |
Pension and other postretirement benefits | 98.4 | 126.8 | ' | ' |
Accounts payable and other liabilities | 112.9 | 109.7 | ' | ' |
Intercompany liabilities | 710.9 | 0 | ' | ' |
Total liabilities | 4,621.70 | 5,173.40 | ' | ' |
Total stockholders’ (deficit) equity | 81 | 26.6 | ' | ' |
Total liabilities and stockholders’ deficit | 4,702.70 | 5,200 | ' | ' |
Non-Guarantors | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Cash and cash equivalents (substantially restricted) | 92.2 | 95.4 | ' | ' |
Receivables, net (substantially restricted) | 6.9 | 15.7 | ' | ' |
Interest-bearing investments (substantially restricted) | 36.6 | 25.1 | ' | ' |
Available-for-sale investments (substantially restricted) | 0 | 0 | ' | ' |
Property and equipment, net | 25.3 | 28.1 | ' | ' |
Goodwill | 122.2 | 121.8 | ' | ' |
Other assets | 17.5 | 19.4 | ' | ' |
Equity investments in subsidiaries | 0 | 0 | ' | ' |
Intercompany receivables | 10.3 | 0 | ' | ' |
Total assets | 311 | 305.5 | ' | ' |
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ' | ' | ' | ' |
Payment service obligations | 37.6 | 48.4 | ' | ' |
Debt | 0 | 0 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | ' |
Accounts payable and other liabilities | 71.7 | 48 | ' | ' |
Intercompany liabilities | 7 | 28.1 | ' | ' |
Total liabilities | 116.3 | 124.5 | ' | ' |
Total stockholders’ (deficit) equity | 194.7 | 181 | ' | ' |
Total liabilities and stockholders’ deficit | 311 | 305.5 | ' | ' |
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 | -37.6 | -17.8 | ' | ' |
Equity investments in subsidiaries | -275.7 | -207.6 | ' | ' |
Intercompany receivables | -717.9 | -165.9 | ' | ' |
Total assets | -1,031.20 | -391.3 | ' | ' |
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ' | ' | ' | ' |
Payment service obligations | 0 | 0 | ' | ' |
Debt | 0 | 0 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | ' |
Accounts payable and other liabilities | -37.6 | -17.8 | ' | ' |
Intercompany liabilities | -717.9 | -165.9 | ' | ' |
Total liabilities | -755.5 | -183.7 | ' | ' |
Total stockholders’ (deficit) equity | -275.7 | -207.6 | ' | ' |
Total liabilities and stockholders’ deficit | ($1,031.20) | ($391.30) | ' | ' |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee and other revenue | ' | ' | ' | ' | ' | ' | ' | ' | $1,456.80 | $1,328.60 | $1,230.90 |
Investment revenue | ' | ' | ' | ' | ' | ' | ' | ' | 17.6 | 12.6 | 16.9 |
Total revenue | 385.8 | 383 | 365.1 | 340.5 | 354.4 | 338.6 | 330.1 | 318.1 | 1,474.40 | 1,341.20 | 1,247.80 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee and other commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 677.8 | 599.2 | 547.6 |
Investment commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 0.3 | 0.4 |
Total commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 678.2 | 599.5 | 548 |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 264.9 | 241.6 | 235.7 |
Transaction and operations support | ' | ' | ' | ' | ' | ' | ' | ' | 253.7 | 355.7 | 227.8 |
Occupancy, equipment and supplies | ' | ' | ' | ' | ' | ' | ' | ' | 49 | 47.7 | 47.7 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 50.7 | 44.3 | 46 |
Total operating expenses | 342.8 | 334.9 | 322.6 | 296.2 | 313.7 | 366 | 326.9 | 282.2 | 1,296.50 | 1,288.80 | 1,105.20 |
OPERATING INCOME | 43 | 48.1 | 42.5 | 44.3 | 40.7 | -27.4 | 3.2 | 35.9 | 177.9 | 52.4 | 142.6 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net securities gains | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -10 | -32.8 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 47.3 | 70.9 | 86.2 |
Debt extinguishment costs | ' | ' | ' | -45.3 | ' | ' | ' | ' | 45.3 | 0 | 37.5 |
Other costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.4 | 11.9 |
Total other expenses, net | 10 | 10 | 9.9 | 62.7 | 7.7 | 17.7 | 18 | 17.9 | 92.6 | 61.3 | 102.8 |
Income (loss) before income taxes | 33 | 38.1 | 32.6 | -18.4 | 33 | -45.1 | -14.8 | 18 | 85.3 | -8.9 | 39.8 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 32.9 | 40.4 | -19.6 |
(Loss) income after income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 52.4 | -49.3 | 59.4 |
Equity income (loss) in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) | 23.4 | 22.5 | 19.1 | -12.6 | 20.2 | -54.7 | -25.1 | 10.3 | 52.4 | -49.3 | 59.4 |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee and other revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Investment revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee and other commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Investment commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Transaction and operations support | ' | ' | ' | ' | ' | ' | ' | ' | 1.7 | 10.6 | 6.1 |
Occupancy, equipment and supplies | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1.7 | 10.6 | 6.1 |
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | -1.7 | -10.6 | -6.1 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net securities gains | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 30.3 | 0 | 0 |
Debt extinguishment costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Other costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 6.5 |
Total other expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 30.3 | 0.3 | 6.5 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -32 | -10.9 | -12.6 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | -11.2 | -6.3 | -4.4 |
(Loss) income after income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -20.8 | -4.6 | -8.2 |
Equity income (loss) in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 73.2 | -44.7 | 67.6 |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 52.4 | -49.3 | 59.4 |
Subsidiary Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee and other revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,488.40 | 1,432.70 | 1,203.40 |
Investment revenue | ' | ' | ' | ' | ' | ' | ' | ' | 17.4 | 12.1 | 16.4 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,505.80 | 1,444.80 | 1,219.80 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee and other commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 730.5 | 756 | 576.5 |
Investment commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 0.3 | 0.4 |
Total commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 730.9 | 756.3 | 576.9 |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 196 | 175.5 | 173.6 |
Transaction and operations support | ' | ' | ' | ' | ' | ' | ' | ' | 339.7 | 382.4 | 258 |
Occupancy, equipment and supplies | ' | ' | ' | ' | ' | ' | ' | ' | 40.5 | 34.5 | 36 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 36.4 | 31.2 | 34.5 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,343.50 | 1,379.90 | 1,079 |
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 162.3 | 64.9 | 140.8 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net securities gains | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10 | -32.8 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 70.9 | 86.2 |
Debt extinguishment costs | ' | ' | ' | ' | ' | ' | ' | ' | 45.3 | ' | 37.5 |
Other costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 5.1 |
Total other expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 62.3 | 61 | 96 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 3.9 | 44.8 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 36.6 | 42.5 | -18.3 |
(Loss) income after income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 63.4 | -38.6 | 63.1 |
Equity income (loss) in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 9.8 | -6.1 | 4.5 |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 73.2 | -44.7 | 67.6 |
Non-Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee and other revenue | ' | ' | ' | ' | ' | ' | ' | ' | 327.7 | 300.6 | 288.5 |
Investment revenue | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.5 | 0.5 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 328 | 301.1 | 289 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee and other commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 167 | 161.3 | 148.4 |
Investment commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 167 | 161.3 | 148.4 |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 68.9 | 66.1 | 62.1 |
Transaction and operations support | ' | ' | ' | ' | ' | ' | ' | ' | 51.9 | 49.3 | 47.4 |
Occupancy, equipment and supplies | ' | ' | ' | ' | ' | ' | ' | ' | 8.6 | 13.2 | 11.7 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 14.3 | 13.1 | 11.5 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 310.7 | 303 | 281.1 |
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 17.3 | -1.9 | 7.9 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net securities gains | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Debt extinguishment costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Other costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0.3 |
Total other expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0.3 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 17.3 | -1.9 | 7.6 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | 4.2 | 3.1 |
(Loss) income after income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 9.8 | -6.1 | 4.5 |
Equity income (loss) in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 9.8 | -6.1 | 4.5 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUE | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee and other revenue | ' | ' | ' | ' | ' | ' | ' | ' | -359.3 | -404.7 | -261 |
Investment revenue | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | 0 | 0 |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | -359.4 | -404.7 | -261 |
EXPENSES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee and other commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | -219.7 | -318.1 | -177.3 |
Investment commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total commissions expense | ' | ' | ' | ' | ' | ' | ' | ' | -219.7 | -318.1 | -177.3 |
Compensation and benefits | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Transaction and operations support | ' | ' | ' | ' | ' | ' | ' | ' | -139.6 | -86.6 | -83.7 |
Occupancy, equipment and supplies | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -359.4 | -404.7 | -261 |
OPERATING INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net securities gains | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Debt extinguishment costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Other costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Total other expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income tax (benefit) expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
(Loss) income after income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Equity income (loss) in subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -83 | 50.8 | -72.1 |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ($83) | $50.80 | ($72.10) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Comprehensive (Loss) Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | $23.40 | $22.50 | $19.10 | ($12.60) | $20.20 | ($54.70) | ($25.10) | $10.30 | $52.40 | ($49.30) | $59.40 |
Net unrealized gains on available-for-sale securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net holding gains arising during the period, net of tax expense of $3.1, $1.4 and $0.6 | ' | ' | ' | ' | ' | ' | ' | ' | 5.1 | 4.8 | 0.3 |
Reclassification adjustment for net realized (gains) losses included in net (loss) income, net of tax expense of $1.6, $0.0 and $0.0 | ' | ' | ' | ' | ' | ' | ' | ' | -4.1 | -10 | 0 |
Pension and postretirement benefit plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.2 | ' | ' | ' | ' | ' | ' | ' | ' | -0.4 | -0.4 | -0.4 |
Amortization of net actuarial loss for pension and postretirement benefits, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 5.2 | 3.9 | 4 |
Valuation adjustment for pension and postretirement benefit plans, net of tax expense of $7.4 | ' | ' | ' | ' | ' | ' | ' | ' | 12.6 | -14.2 | -5.8 |
Unrealized foreign currency translation gains, net of tax expense of $0.5 | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 1.6 | -4.2 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19.3 | -14.3 | -6.1 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 71.7 | -63.6 | 53.3 |
Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 52.4 | -49.3 | 59.4 |
Net unrealized gains on available-for-sale securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net holding gains arising during the period, net of tax expense of $3.1, $1.4 and $0.6 | ' | ' | ' | ' | ' | ' | ' | ' | 5.1 | -5.2 | 0.3 |
Reclassification adjustment for net realized (gains) losses included in net (loss) income, net of tax expense of $1.6, $0.0 and $0.0 | ' | ' | ' | ' | ' | ' | ' | ' | -4.1 | 0 | ' |
Pension and postretirement benefit plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.2 | ' | ' | ' | ' | ' | ' | ' | ' | -0.4 | -0.4 | -0.4 |
Amortization of net actuarial loss for pension and postretirement benefits, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 5.2 | 3.9 | 4 |
Valuation adjustment for pension and postretirement benefit plans, net of tax expense of $7.4 | ' | ' | ' | ' | ' | ' | ' | ' | 12.6 | -14.2 | -5.8 |
Unrealized foreign currency translation gains, net of tax expense of $0.5 | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 1.6 | -4.2 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19.3 | -14.3 | -6.1 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 71.7 | -63.6 | 53.3 |
Subsidiary Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 73.2 | -44.7 | 67.6 |
Net unrealized gains on available-for-sale securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net holding gains arising during the period, net of tax expense of $3.1, $1.4 and $0.6 | ' | ' | ' | ' | ' | ' | ' | ' | 5.1 | 4.8 | 0.3 |
Reclassification adjustment for net realized (gains) losses included in net (loss) income, net of tax expense of $1.6, $0.0 and $0.0 | ' | ' | ' | ' | ' | ' | ' | ' | -4.1 | -10 | ' |
Pension and postretirement benefit plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.2 | ' | ' | ' | ' | ' | ' | ' | ' | -0.4 | -0.4 | -0.4 |
Amortization of net actuarial loss for pension and postretirement benefits, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 5.2 | 3.9 | 4 |
Valuation adjustment for pension and postretirement benefit plans, net of tax expense of $7.4 | ' | ' | ' | ' | ' | ' | ' | ' | 12.6 | -14.2 | -5.8 |
Unrealized foreign currency translation gains, net of tax expense of $0.5 | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 0.1 | -4.8 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 19.3 | -15.8 | -6.7 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 92.5 | -60.5 | 60.9 |
Non-Guarantors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 9.8 | -6.1 | 4.5 |
Net unrealized gains on available-for-sale securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net holding gains arising during the period, net of tax expense of $3.1, $1.4 and $0.6 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Reclassification adjustment for net realized (gains) losses included in net (loss) income, net of tax expense of $1.6, $0.0 and $0.0 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Pension and postretirement benefit plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.2 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of net actuarial loss for pension and postretirement benefits, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Valuation adjustment for pension and postretirement benefit plans, net of tax expense of $7.4 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Unrealized foreign currency translation gains, net of tax expense of $0.5 | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 1.8 | -1.9 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 1.8 | -1.9 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | 10.1 | -4.3 | 2.6 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NET INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | -83 | 50.8 | -72.1 |
Net unrealized gains on available-for-sale securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net holding gains arising during the period, net of tax expense of $3.1, $1.4 and $0.6 | ' | ' | ' | ' | ' | ' | ' | ' | -5.1 | 5.2 | -0.3 |
Reclassification adjustment for net realized (gains) losses included in net (loss) income, net of tax expense of $1.6, $0.0 and $0.0 | ' | ' | ' | ' | ' | ' | ' | ' | 4.1 | 0 | ' |
Pension and postretirement benefit plans: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.2 | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 0.4 | 0.4 |
Amortization of net actuarial loss for pension and postretirement benefits, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -5.2 | -3.9 | -4 |
Valuation adjustment for pension and postretirement benefit plans, net of tax expense of $7.4 | ' | ' | ' | ' | ' | ' | ' | ' | -12.6 | 14.2 | 5.8 |
Unrealized foreign currency translation gains, net of tax expense of $0.5 | ' | ' | ' | ' | ' | ' | ' | ' | -1.2 | -1.9 | 6.7 |
Other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -19.6 | 14 | 8.6 |
COMPREHENSIVE INCOME (LOSS) | ' | ' | ' | ' | ' | ' | ' | ' | ($102.60) | $64.80 | ($63.50) |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Comprehensive (Loss) Income (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Net holding gains (losses) arising during the period, net of tax expense of $3.1 | $3.10 | $1.40 | $0.60 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | 1.6 | 0 | 0 |
Reclassification of prior service credit for pension and postretirement benefit plans recorded to net income (loss), net of tax expense of $0.2 | 0.2 | 0.2 | 0.2 |
Reclassification of net actuarial loss for pension and postretirement benefit plans recorded to net income (loss), net of tax benefit of $2.9 | 2.9 | 2.4 | 2.5 |
Valuation adjustment for pension and postretirement benefit plans, net of tax benefit of $7.4 | 7.4 | -8.7 | -3.6 |
Unrealized foreign currency translation gains (losses), net of tax expense of $0.5 | $0.50 | $1 | ($2.60) |
Condensed_Consolidating_Financ7
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $610.50 | ($56.10) | $188.10 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from sale of investment classified as available-for-sale (substantially restricted) | 0 | 10 | 0 |
Proceeds from maturities of investments classified as available-for-sale (substantially restricted) | 16.5 | 31.6 | 56.3 |
Proceeds from settlement of investments (substantially restricted) | 0 | 0 | 32.8 |
Purchases of interest-bearing investments (substantially restricted) | -1,098.70 | -473.5 | -540.3 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 536.9 | 548.1 | 422.5 |
Purchases of property and equipment, net of disposals | -48.8 | -59.6 | -44.2 |
Acquisition | -15.4 | 0 | -0.1 |
Proceeds from disposal of assets and businesses | 0.7 | 1 | 2.7 |
Dividend to parent/capital contribution from subsidiary guarantors | ' | 0 | 0 |
Net cash (used in) provided by investing activities | -608.8 | 57.6 | -70.3 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Borrowings, gross | 850 | 0 | 536 |
Transaction costs for issuance and amendment of debt | -11.8 | 0 | -17.1 |
Prepayment penalty | -21.5 | 0 | -23.2 |
Payments on debt | -819.5 | -1.5 | -366.6 |
Additional consideration issued in connection with conversion of mezzanine equity | 0 | 0 | -218.3 |
Transaction costs for the conversion and issuance of stock | 0 | 0 | -5.4 |
Cash dividends paid on mezzanine equity | 0 | 0 | -20.5 |
Transaction costs for secondary offering | 0 | 0 | -3.4 |
Proceeds from exercise of stock options | 1.1 | 0 | 0.7 |
Intercompany financings | 0 | 0 | 0 |
Dividend to parent | 0 | ' | ' |
Capital contribution to non-guarantors | 0 | 0 | 0 |
Net cash used in financing activities | -1.7 | -1.5 | -117.8 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 | 0 |
Parent | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | -47.4 | 8.4 | 41.7 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from sale of investment classified as available-for-sale (substantially restricted) | ' | 0 | ' |
Proceeds from maturities of investments classified as available-for-sale (substantially restricted) | 0 | ' | ' |
Proceeds from settlement of investments (substantially restricted) | ' | 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, net of disposals | 0 | 0 | ' |
Proceeds from disposal of assets and businesses | 0 | 0 | ' |
Dividend to parent/capital contribution from subsidiary guarantors | 44 | 0 | 241.9 |
Net cash (used in) provided by investing activities | -797.4 | 0 | 241.9 |
Payments for (Proceeds from) Other Investing Activities | -841.4 | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Borrowings, gross | 850 | ' | ' |
Transaction costs for issuance and amendment of debt | 0 | ' | ' |
Prepayment penalty | 0 | ' | ' |
Payments on debt | -6.3 | 0 | ' |
Additional consideration issued in connection with conversion of mezzanine equity | ' | ' | -218.3 |
Transaction costs for the conversion and issuance of stock | ' | ' | -5.4 |
Cash dividends paid on mezzanine equity | ' | ' | -20.5 |
Proceeds from exercise of stock options | 1.1 | ' | 0.7 |
Intercompany financings | 0 | -8.4 | -40.1 |
Dividend to parent | 0 | ' | ' |
Capital contribution to non-guarantors | 0 | 0 | ' |
Net cash used in financing activities | 844.8 | -8.4 | -283.6 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 | 0 |
Subsidiary Guarantors | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 675.1 | -71.7 | 112.5 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from sale of investment classified as available-for-sale (substantially restricted) | ' | 10 | ' |
Proceeds from maturities of investments classified as available-for-sale (substantially restricted) | 16.5 | 31.6 | 56.3 |
Proceeds from settlement of investments (substantially restricted) | ' | ' | 32.8 |
Purchases of interest-bearing investments (substantially restricted) | -1,058.20 | -425 | -494.1 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 478 | 500 | 400.5 |
Purchases of property and equipment, net of disposals | -48.8 | -44.9 | -28.2 |
Acquisition | -15 | ' | ' |
Proceeds from disposal of assets and businesses | 0.7 | 1 | 2.7 |
Dividend to parent/capital contribution from subsidiary guarantors | 0.8 | -7.9 | -6.4 |
Net cash (used in) provided by investing activities | -626 | 64.8 | -36.4 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Borrowings, gross | 0 | ' | 536 |
Transaction costs for issuance and amendment of debt | -11.8 | ' | -17.1 |
Prepayment penalty | -21.5 | ' | -23.2 |
Payments on debt | -813.2 | -1.5 | -366.6 |
Transaction costs for secondary offering | ' | ' | -3.4 |
Proceeds from exercise of stock options | 0 | ' | ' |
Intercompany financings | 841.4 | 8.4 | 40.1 |
Dividend to parent | -44 | ' | ' |
Capital contribution to non-guarantors | 0 | 0 | -241.9 |
Net cash used in financing activities | -49.1 | 6.9 | -76.1 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | 0 | 0 | 0 |
Non-Guarantors | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | -17.2 | 7.2 | 33.9 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Proceeds from maturities of investments classified as available-for-sale (substantially restricted) | 0 | 0 | ' |
Purchases of interest-bearing investments (substantially restricted) | -40.5 | -48.5 | -46.2 |
Proceeds from maturities of interest-bearing investments (substantially restricted) | 58.9 | 48.1 | 22 |
Purchases of property and equipment, net of disposals | 0 | -14.7 | -16 |
Acquisition | -0.4 | ' | -0.1 |
Proceeds from disposal of assets and businesses | 0 | 0 | ' |
Dividend to parent/capital contribution from subsidiary guarantors | 0 | 0 | ' |
Net cash (used in) provided by investing activities | 18 | -15.1 | -40.3 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Borrowings, gross | 0 | ' | ' |
Transaction costs for issuance and amendment of debt | 0 | ' | ' |
Prepayment penalty | 0 | ' | ' |
Payments on debt | 0 | 0 | ' |
Proceeds from exercise of stock options | 0 | ' | ' |
Intercompany financings | 0 | 0 | ' |
Dividend to parent | 0 | ' | ' |
Capital contribution to non-guarantors | -0.8 | 7.9 | 6.4 |
Net cash used in financing activities | -0.8 | 7.9 | 6.4 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | 0 | 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 sale of investment classified as available-for-sale (substantially restricted) | ' | 0 | ' |
Proceeds from maturities of investments classified as available-for-sale (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, net of disposals | 0 | 0 | ' |
Proceeds from disposal of assets and businesses | 0 | 0 | ' |
Dividend to parent/capital contribution from subsidiary guarantors | -44.8 | 7.9 | -235.5 |
Net cash (used in) provided by investing activities | 796.6 | 7.9 | -235.5 |
Payments for (Proceeds from) Other Investing Activities | 841.4 | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Borrowings, gross | 0 | ' | ' |
Transaction costs for issuance and amendment of debt | 0 | ' | ' |
Prepayment penalty | 0 | ' | ' |
Payments on debt | 0 | 0 | ' |
Proceeds from exercise of stock options | 0 | ' | ' |
Intercompany financings | -841.4 | 0 | ' |
Dividend to parent | 44 | ' | ' |
Capital contribution to non-guarantors | 0.8 | -7.9 | 235.5 |
Net cash used in financing activities | -796.6 | -7.9 | 235.5 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | $0 | $0 | $0 |