Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | MONEYGRAM INTERNATIONAL INC | |
Entity Central Index Key | 1,273,931 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 53,246,960 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 128.6 | $ 250.6 |
Settlement assets | 3,474.4 | 3,533.6 |
Property and equipment, net | 192 | 165.6 |
Goodwill | 442.5 | 442.5 |
Other assets | 227.1 | 249.9 |
Total assets | 4,464.6 | 4,642.2 |
LIABILITIES | ||
Payment service obligations | 3,474.4 | 3,533.6 |
Debt | 958.5 | 963.5 |
Pension and other postretirement benefits | 111.4 | 125.7 |
Accounts payable and other liabilities | 169 | 202.1 |
Total liabilities | $ 4,713.3 | $ 4,824.9 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
STOCKHOLDERS’ DEFICIT | ||
Common stock, $0.01 par value, 162,500,000 shares authorized, 58,823,567 shares issued at June 30, 2015 and December 31, 2014 | $ 0.6 | $ 0.6 |
Additional paid-in capital | 991.8 | 982.8 |
Retained loss | (1,233.8) | (1,144.6) |
Accumulated other comprehensive loss | (57) | (67.1) |
Treasury stock: 5,580,147 and 5,734,338 shares at June 30, 2015 and December 31, 2014, respectively | (134.2) | (138.3) |
Total stockholders’ deficit | (248.7) | (182.7) |
Total liabilities and stockholders’ deficit | 4,464.6 | 4,642.2 |
Series D Preferred Stock | ||
STOCKHOLDERS’ DEFICIT | ||
Participating convertible preferred stock - series D, $0.01 par value, 200,000 shares authorized, 71,282 issued at June 30, 2015 and December 31, 2014 | $ 183.9 | $ 183.9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 162,500,000 | 162,500,000 |
Common stock, shares issued | 58,823,567 | 58,823,567 |
Treasury stock, shares | 5,629,285 | 5,734,338 |
Series D Preferred Stock | ||
Preferred Stock Par | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 71,282 | 71,282 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUE | ||||
Fee and other revenue | $ 356 | $ 368.8 | $ 683.7 | $ 736.5 |
Investment revenue | 2.8 | 3.6 | 5.7 | 10.8 |
Total revenue | 358.8 | 372.4 | 689.4 | 747.3 |
OPERATING EXPENSES | ||||
Fee and other commissions expense | 163.2 | 171.6 | 316.6 | 342.5 |
Investment commissions expense | 0.2 | 0.1 | 0.3 | 0.2 |
Total commissions expense | 163.4 | 171.7 | 316.9 | 342.7 |
Compensation and benefits | 87.8 | 75 | 162.5 | 144.7 |
Transaction and operations support | 90.3 | 77.3 | 160.7 | 148.6 |
Occupancy, equipment and supplies | 15.8 | 13.7 | 31.3 | 26.5 |
Depreciation and amortization | 17.2 | 13.6 | 32 | 26.7 |
Total operating expenses | 374.5 | 351.3 | 703.4 | 689.2 |
OPERATING (LOSS) INCOME | (15.7) | 21.1 | (14) | 58.1 |
Other Nonoperating Income (Expense) | 0 | 0 | ||
OTHER EXPENSE | ||||
Net securities gains | (22.4) | (22.4) | ||
Interest expense | 11.4 | 11.4 | 22.5 | 21.1 |
Total other expense (income) | 11.4 | (11) | 22.5 | (1.3) |
(Loss) income before income taxes | (27.1) | 32.1 | (36.5) | 59.4 |
Income tax (benefit) expense | (14.7) | 6.5 | 47.9 | (5.2) |
NET (LOSS) INCOME | $ (12.4) | $ 25.6 | $ (84.4) | $ 64.6 |
(LOSS) EARNINGS PER COMMON SHARE | ||||
Basic | $ (0.20) | $ 0.40 | $ (1.36) | $ 0.96 |
Diluted | $ (0.20) | $ 0.40 | $ (1.36) | $ 0.95 |
Weighted-average outstanding common shares and equivalents used in computing (loss) earnings per share | ||||
Basic | 62.1 | 63.6 | 62.1 | 67.6 |
Diluted | 62.1 | 63.8 | 62.1 | 67.8 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
NET (LOSS) INCOME | $ (12.4) | $ 25.6 | $ (84.4) | $ 64.6 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Net change in unrealized holding gains on available-for-sale securities, net of tax | (0.1) | (0.5) | 0 | (4.9) |
Amortization of prior service credit and net actuarial loss for pension and postretirement benefit plans, net of tax | 1.4 | 1.1 | 2.8 | 2.1 |
Valuation adjustment for pension and postretirement benefit plans, net of tax | 6.3 | 0 | 6.3 | 0 |
Pension settlement charge, net of tax | 8.8 | 0 | 8.8 | 0 |
Unrealized foreign currency translation adjustments, net of tax | 4.3 | (1) | (7.8) | (2) |
Other comprehensive income (loss) | 20.7 | (0.4) | 10.1 | (4.8) |
COMPREHENSIVE INCOME (LOSS) | $ 8.3 | $ 25.2 | (74.3) | 59.8 |
Accumulated Other Comprehensive Loss | ||||
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Amortization of prior service credit and net actuarial loss for pension and postretirement benefit plans, net of tax | 2.8 | 2.1 | ||
Valuation adjustment for pension and postretirement benefit plans, net of tax | 6.3 | |||
Unrealized foreign currency translation adjustments, net of tax | $ (7.8) | $ (2) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net change in unrealized holding gains on available-for-sale securities, tax | $ 0.1 | $ (0.1) | $ 0.1 | $ 0.4 |
Amortization of prior service credit and net actuarial loss for pension and postretirement benefit plans, tax | 0.8 | 0.5 | 1.6 | 1.1 |
Valuation adjustment for pension and postretirement benefit plans, tax | 3.7 | 0 | 3.7 | 0 |
Pension settlement charge, tax | 5 | 0 | 5 | 0 |
Unrealized foreign currency translation adjustments, tax | $ 2.5 | $ (0.5) | $ (4.5) | $ (1.1) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net (loss) income | $ (12.4) | $ 25.6 | $ (84.4) | $ 64.6 |
Depreciation and amortization | 17.2 | 13.6 | 32 | 26.7 |
Signing bonus amortization | 14.5 | 12.7 | 29.1 | 24.5 |
Signing bonus payments | (19.8) | (4.6) | (63.8) | (9.5) |
Amortization of debt discount and deferred financing costs | 0.8 | 0.8 | 1.5 | 1.4 |
Non-cash compensation and pension expense | 22.6 | 7.1 | 29.5 | 12.6 |
Change in other assets | 8.8 | (18.5) | 29 | (34.2) |
Change in accounts payable and other liabilities | (42.9) | 16 | (30) | 1.6 |
Other non-cash items, net | (0.1) | (0.3) | (0.2) | (5.7) |
Net cash (used in) provided by operating activities | (11.3) | 52.4 | (57.3) | 82 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property and equipment | (32.8) | (22.4) | (59.7) | (39.5) |
Proceeds from disposal of assets | 0 | 0.2 | 0 | |
Net cash used in investing activities | (32.8) | (22.2) | (59.7) | (39.3) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issuance of debt | 0 | 129.8 | 0 | 129.8 |
Transaction costs for issuance and amendment of debt | 0 | (5.1) | 0 | (5.1) |
Principal payments on debt | (2.5) | (2.4) | (4.5) | |
Payments | 5 | |||
Proceeds from exercise of stock options | 0 | 0 | 0 | 0.4 |
Stock repurchase | 0 | (133) | 0 | (133) |
Net cash used in financing activities | (2.5) | (10.7) | (5) | (12.4) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (46.6) | 19.5 | (122) | 30.3 |
CASH AND CASH EQUIVALENTS—Beginning of period | 175.2 | 329.6 | 250.6 | 318.8 |
CASH AND CASH EQUIVALENTS—End of period | 128.6 | 349.1 | 128.6 | 349.1 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash payments for interest | 10.6 | 10.6 | 21 | 19.7 |
Cash payments for income taxes | 57.7 | 0.3 | 65.3 | 0.4 |
Change in accrued purchases of property and equipment | $ 1.6 | $ (2.6) | (0.6) | (7.8) |
Proceeds from Sale of Other Property, Plant, and Equipment | $ 0.2 | |||
2013 Credit Agreement | Senior secured credit facility | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payments | $ (5) |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Deficit - USD ($) $ in Millions | Total | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Loss | Accumulated Other Comprehensive Loss | Treasury Stock | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ (5.1) | |||||||||
Beginning Balance at Dec. 31, 2013 | $ (77) | $ 281.9 | $ 0.6 | $ 1,011.8 | $ (1,214.4) | $ (33) | $ (123.9) | |||
Increase Decrease In Stockholders Equity Roll Forward | ||||||||||
Net (loss) income | 64.6 | 64.6 | ||||||||
Stock-based compensation activity | 7.6 | 7.6 | (2.3) | 2.3 | ||||||
Capital contribution from investors | 0.6 | 0.6 | ||||||||
Repurchase and retirement of share | (133) | (0.1) | (132.9) | |||||||
Conversion of Series D convertible shares | (98) | 0.1 | 97.9 | |||||||
Net change in available-for-sale securities, net of tax | (4.9) | (4.9) | ||||||||
Pension valuation, net of tax | 0 | |||||||||
Net change in pension liability, net of tax | (2.1) | (2.1) | ||||||||
Unrealized foreign currency translation adjustment, net of tax | (2) | (2) | ||||||||
Ending Balance at Jun. 30, 2014 | (142) | 183.9 | 0.6 | 985 | (1,152.1) | (37.8) | (121.6) | |||
Increase Decrease In Stockholders Equity Roll Forward | ||||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | 0.4 | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 4.7 | 2.6 | $ (2.6) | (4.7) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (0.5) | |||||||||
Beginning Balance at Dec. 31, 2014 | (182.7) | 183.9 | 0.6 | 982.8 | (1,144.6) | (67.1) | (138.3) | |||
Increase Decrease In Stockholders Equity Roll Forward | ||||||||||
Net (loss) income | (84.4) | (84.4) | ||||||||
Stock-based compensation activity | 8.3 | 9 | (4.8) | 4.1 | ||||||
Capital contribution from investors | 0 | |||||||||
Pension settlement charge, net of tax | 8.8 | 8.8 | ||||||||
Pension valuation, net of tax | 6.3 | 6.3 | ||||||||
Net change in pension liability, net of tax | (2.8) | (2.8) | ||||||||
Unrealized foreign currency translation adjustment, net of tax | (7.8) | (7.8) | ||||||||
Ending Balance at Jun. 30, 2015 | $ (248.7) | $ 183.9 | $ 0.6 | $ 991.8 | $ (1,233.8) | (57) | $ (134.2) | |||
Increase Decrease In Stockholders Equity Roll Forward | ||||||||||
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax | (0.1) | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0.6 | $ (11) | $ 11 | $ (0.6) |
Description of the Business and
Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business and Basis of Presentation | Description of the Business and Basis of Presentation References to “MoneyGram,” the “Company,” “we,” “us” and “our” are to MoneyGram International, Inc. and its subsidiaries and consolidated entities. Nature of Operations — MoneyGram offers products and services under its two reporting segments: Global Funds Transfer ("GFT") and Financial Paper Products ("FPP"). The GFT segment provides global money transfer services and bill payment services to consumers through a network of agent locations. We primarily offer services through third-party agents, including retail chains, independent retailers, post offices and other financial institutions. We also offer self-service solutions such as moneygram.com, mobile, account deposit and kiosk-based services. We have Company-operated retail locations in the U.S. and Western Europe. The FPP segment provides official check outsourcing services and money orders through financial institutions and agent locations. Basis of Presentation — The accompanying unaudited consolidated financial statements of MoneyGram are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for future periods. For further information, refer to the Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. As of December 31, 2014, we recast our Consolidated Balance Sheets to include the settlement cash and cash equivalents, receivables, net, interest-bearing investments and available-for-sale investments in a new balance sheet caption, entitled "Settlement assets," in an amount equal to "Payment service obligations." The historically reported assets in excess of payment service obligations are now presented as unrestricted "Cash and cash equivalents" on the Consolidated Balance Sheets. Prior year amounts have been reclassified to conform to current year presentation. Similar presentation changes have been made on the prior year Consolidated Statement of Cash Flows to conform to current year presentation disclosing ending unrestricted "Cash and cash equivalents." In addition, we have recast the Consolidated Statements of Cash Flows to net the changes in "Settlement assets" and "Payment service obligations" in the operating section of the statement. Historically, investments used to settle payment service obligations were included in the investing section of the cash flow statement; however, settlement assets represent funds received or to be received from agents for unsettled money transfers, money orders and customer payments, the receipt of which creates an equal and offsetting settlement obligation for subsequent payment to the intended recipient. Settlement assets are segregated due to their restricted nature, as they are held for payout to customers and subject to restrictions by various U.S. state agencies and foreign jurisdictions pursuant to licensing requirements. Since "Settlement assets" and the related "Payment service obligations" fluctuate in equal amounts with one another, they do not have a net impact on the Company’s cash flows. Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on historical experience, future expectations and other factors and assumptions the Company believes to be reasonable under the circumstances. These estimates and assumptions 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. Recent Accounting Pronouncements and Related Developments — In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, ("ASU 2015-02"). The new consolidation standard amended the process that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for the annual period ending after December 15, 2015, and for annual and interim periods thereafter. Early adoption is permitted. The adoption of ASU 2015-02 is not expected to have a material impact on our financial position or results of operations. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance ("ASU 2015-03"), which changes the presentation of debt issuance costs in financial statements. Under ASU 2015-03, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. ASU 2015-03 is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of ASU 2015-03 will not have a significant impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-04, Compensation-Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets ("ASU 2015-04"). ASU 2015-04 gives an employer whose fiscal year end does not coincide with a calendar month end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month end that is closest to its fiscal year end. ASU 2015-04 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The adoption of ASU 2015-04 will not impact our consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"), which amends ASC 350-40 to provide customers with guidance on whether a cloud computing arrangement contains a software license to be accounted for as internal use software. ASU 2015-05 will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on the consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) ("ASU 2015-07"), which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Instead, those investments must be included as a reconciling line item so that the total fair value amount of investments in the disclosure is consistent with the amount on the balance sheet. ASU 2015-07 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The adoption of ASU 2015-07 will not have a significant impact on our consolidated financial statements. |
Reorganization and Restructurin
Reorganization and Restructuring Costs | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Reorganization and Restructuring Costs | Reorganization and Restructuring Costs In the first quarter of 2014, the Company announced the implementation of a global transformation program (the "2014 Global Transformation Program"), which includes certain reorganization and restructuring activities centered around facilities and headcount rationalization, system efficiencies and headcount right-shoring and outsourcing. The Company projects that the reorganization and restructuring activities will conclude at or near the end of the 2015 fiscal year. The activities include employee termination benefits and other costs which qualify as restructuring activities as defined by ASC 420, Exit or Disposal Cost Obligations ("ASC 420"), as well as certain reorganization activities related to the relocation of various operations to existing or new Company facilities and third party providers which are outside the scope of ASC 420. The following figures are the Company’s estimates and are subject to change as the 2014 Global Transformation Program continues to be implemented. The following table is a roll-forward of the restructuring costs accrual related to the 2014 Global Transformation Program as of June 30, 2015 : (Amounts in millions) Severance, Outplacement and Related Benefits Other (1) Total Balance, December 31, 2014 $ 12.6 $ 0.7 $ 13.3 Expenses 2.7 0.6 3.3 Cash payments (7.8 ) — (7.8 ) Balance, June 30, 2015 $ 7.5 $ 1.3 $ 8.8 (1) Other primarily relates to expenses for facilities relocation and professional fees. Such costs are expensed as incurred. The following table is a summary of the cumulative restructuring costs incurred to date in operating expenses and the estimated remaining restructuring costs to be incurred for the 2014 Global Transformation Program as of June 30, 2015 : (Amounts in millions) Severance, Outplacement and Related Benefits Other (1) Total Restructuring costs Cumulative restructuring expenses incurred to date in operating expenses $ 17.3 $ 2.3 $ 19.6 Estimated additional restructuring expenses to be incurred 0.9 0.1 1.0 Total restructuring costs incurred and to be incurred $ 18.2 $ 2.4 $ 20.6 (1) Other primarily relates to expenses for facilities relocation and professional fees. Such costs are expensed as incurred. The following table summarizes the reorganization and restructuring costs recorded for the three and six months ended June 30, 2015 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Restructuring costs in operating expenses: Compensation and benefits $ 0.5 $ 3.8 $ 2.7 $ 6.0 Transaction and operations support 0.4 0.2 0.6 1.0 Total restructuring costs in operating expenses 0.9 4.0 3.3 7.0 Reorganization costs in operating expenses: Compensation and benefits $ 1.9 $ 1.1 $ 5.9 $ 1.2 Transaction and operations support 1.6 1.6 4.3 1.6 Occupancy, equipment and supplies 0.2 — 1.0 — Total reorganization costs in operating expenses 3.7 2.7 11.2 2.8 Total reorganization and restructuring costs $ 4.6 $ 6.7 $ 14.5 $ 9.8 The following table is a summary of restructuring expenses related to the 2014 Global Transformation Program incurred by reportable segment: (Amounts in millions) GFT FPP Other Total Year ended December 31, 2014 $ 13.9 $ 1.7 $ 0.7 $ 16.3 First quarter 2015 2.2 0.2 — 2.4 Second quarter 2015 0.8 0.1 — 0.9 Total cumulative expenses incurred to date in operating expenses $ 16.9 $ 2.0 $ 0.7 $ 19.6 Total estimated additional expenses to be incurred 0.9 0.1 — 1.0 Total restructuring expenses $ 17.8 $ 2.1 $ 0.7 $ 20.6 |
Settlement Assets and Payment S
Settlement Assets and Payment Service Obligations | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Settlement Assets in Excess of Payment Service Obligations [Abstract] | |
Settlement Assets and Payment Service Obligations | Settlement Assets and Payment Service Obligations Settlement assets represent funds received or to be received from agents for unsettled money transfers, money orders and consumer payments. The Company records corresponding payment service obligations relating to amounts payable under money transfers, money orders and consumer payment service arrangements. Settlement assets consist of cash and cash equivalents, receivables and investments. 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 jurisdictions. These obligations are recognized by the Company at the time the underlying transactions occur. The following table summarizes the amount of Settlement assets and Payment service obligations at June 30, 2015 and December 31, 2014 : (Amounts in millions) June 30, 2015 December 31, 2014 Settlement assets: Settlement cash and cash equivalents $ 1,516.9 $ 1,657.3 Receivables, net 871.6 757.6 Interest-bearing investments 1,061.4 1,091.6 Available-for-sale investments 24.5 27.1 3,474.4 3,533.6 Payment service obligations $ (3,474.4 ) $ (3,533.6 ) The Company was in compliance with its contractual and financial regulatory requirements as of June 30, 2015 and December 31, 2014 . See Note 7 — Debt for additional disclosure in regards to the Company's compliance with its contractual and financial requirements. |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2015 | |
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. The 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. For other asset–backed securities and investments in limited partnerships, market quotes are generally not available. The Company will utilize a broker quote to measure market value, if available. Because the inputs and assumptions that brokers use to develop prices are unobservable, most valuations that are based on brokers' quotes are classified as Level 3. If no broker quote is available, the Company will utilize a fair value measurement from a pricing service. The pricing service utilizes pricing models based on market observable data and indices, such as quotes for comparable securities, yield curves, default indices, interest rates and historical prepayment speeds. 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, other asset-backed securities valued using third party pricing models are classified as Level 3. • Derivative financial instruments — Derivatives consist of forward contracts to manage income statement exposure to foreign currency exchange risk arising from the Company’s assets and liabilities denominated in foreign currencies. The Company’s forward contracts are well-established products, allowing the use of standardized models with market-based inputs. These models do not contain a high level of subjectivity and the inputs are readily observable. Accordingly, the Company has classified its forward contracts as Level 2 financial instruments. See Note 6 — Derivative Financial Instruments for additional disclosure on the Company's forward contracts. • Deferred compensation — The assets associated with the deferred compensation plan that are funded through voluntary contributions by the Company consist of investments in money market securities and mutual funds. These investments were classified as Level 1 as there are quoted market prices for these funds. The following tables summarize the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of June 30, 2015 and December 31, 2014 : Fair Value at June 30, 2015 (Amounts in millions) Level 1 Level 2 Level 3 Total Financial assets: Available-for-sale investments: Residential mortgage-backed securities — agencies $ — $ 12.3 $ — $ 12.3 Other asset-backed securities — — 12.2 12.2 Investment related to deferred compensation trust 5.4 — — 5.4 Forward contracts — 0.3 — 0.3 Total financial assets $ 5.4 $ 12.6 $ 12.2 $ 30.2 Financial liabilities: Forward contracts $ — $ (0.2 ) $ — $ (0.2 ) Fair Value at December 31, 2014 (Amounts in millions) Level 1 Level 2 Level 3 Total Financial assets: Available-for-sale investments: Residential mortgage-backed securities — agencies $ — $ 14.5 $ — $ 14.5 Other asset-backed securities — — 12.6 12.6 Investment related to deferred compensation trust 10.0 — — 10.0 Forward contracts — 4.8 — 4.8 Total financial assets $ 10.0 $ 19.3 $ 12.6 $ 41.9 Financial liabilities: Forward contracts $ — $ 0.3 $ — $ 0.3 The following table is a summary of the unobservable inputs used in the valuation of other asset-backed securities classified as Level 3 as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 (Amounts in millions, except net average price) Unobservable Input Pricing Source Market Value Net Average Price (1) Market Value Net Average Price (1) Alt-A Price Third party pricing service $ 0.1 $ 79.83 $ 0.1 $ 80.75 Home Equity Price Third party pricing service 0.1 29.46 0.1 30.37 Indirect Exposure — High Grade Price Third party pricing service 8.4 21.92 8.3 21.64 Indirect Exposure — Mezzanine Price Third party pricing service 0.9 0.87 1.1 1.11 Indirect Exposure — Mezzanine Price Broker 1.2 1.45 1.3 1.52 Other Net Asset Value Third party pricing service 1.5 7.98 1.7 9.15 Total $ 12.2 $ 3.64 $ 12.6 $ 3.72 (1) Net average price is per $100.00 The following table provides a roll-forward of the other asset-backed securities classified as Level 3, which are measured at fair value on a recurring basis, for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Beginning balance $ 12.5 $ 15.6 $ 12.6 $ 20.6 Principal paydowns (0.1 ) (0.2 ) (0.2 ) (4.0 ) Change in unrealized losses (0.2 ) (0.1 ) (0.2 ) (1.3 ) Ending balance $ 12.2 $ 15.3 $ 12.2 $ 15.3 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 three and six months ended June 30, 2015 and 2014 , respectively. Assets and liabilities that are disclosed at fair value — Debt and interest-bearing investments 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 an observable market quotation (Level 2). The following table is a summary of fair value and carrying value of debt as of June 30, 2015 and December 31, 2014 : Fair Value Carrying Value (Amounts in millions) June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Senior secured credit facility $ 908.2 $ 884.0 $ 958.5 $ 963.5 The carrying amounts for the Company's cash and cash equivalents, settlement cash and cash equivalents and the interest-bearing investments approximate fair value as of June 30, 2015 and December 31, 2014 . Assets and liabilities measured at fair value on a non-recurring basis — Assets and liabilities that are measured at fair value on a non-recurring basis relate primarily to the Company's tangible fixed assets, goodwill and other intangible assets, which are re-measured only in the event of an impairment. No impairments of fixed assets, goodwill and other intangible assets were recorded during the three and six months ended June 30, 2015 and 2014 . Fair value re-measurements are normally based on significant unobservable inputs (Level 3). Tangible and intangible asset fair values are derived using accepted valuation methodologies. 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 ("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 11 — Pension and Other Benefits in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 for additional disclosure of investments held by the Pension Plan. |
Investment Portfolio
Investment Portfolio | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Portfolio | Investment Portfolio The Company’s portfolio is invested in cash and cash equivalents, interest-bearing investments and available-for-sale investments as described in Note 2 — Summary of Significant Accounting Policies in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 . The following table shows the components of the investment portfolio as of June 30, 2015 and December 31, 2014 : (Amounts in millions) June 30, 2015 December 31, 2014 Cash $ 1,637.6 $ 1,898.1 Money market securities 7.9 9.8 Cash and cash equivalents (1) 1,645.5 1,907.9 Interest-bearing investments 1,061.4 1,091.6 Available-for-sale investments 24.5 27.1 Total investment portfolio $ 2,731.4 $ 3,026.6 (1) For purposes of the discussion of the investment portfolio as a whole, the cash and cash equivalents balance includes settlement cash and cash equivalents. Cash and Cash Equivalents — 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 two funds, each of which is AAA rated and consists 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 — Interest-bearing investments consist of time deposits and certificates of deposit with maturities of up to 24 months, and are issued from financial institutions rated A- or better as of June 30, 2015 . Available-for-sale Investments — Available-for-sale investments consist of mortgage-backed securities and other asset-backed securities. The following table is a summary of the amortized cost and fair value of available-for-sale investments as of June 30, 2015 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Net Average Price (1) (Amounts in millions, except net average price) Residential mortgage-backed securities — agencies $ 11.1 $ 1.2 $ — $ 12.3 $ 111.38 Other asset-backed securities 2.7 9.5 — 12.2 3.64 Total $ 13.8 $ 10.7 $ — $ 24.5 $ 7.10 (1) Net average price is per $100.00 The following table is a summary of the amortized cost and fair value of available-for-sale investments as of December 31, 2014 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Net Average Price (1) (Amounts in millions, except net average price) Residential mortgage-backed securities — agencies $ 13.2 $ 1.3 $ — $ 14.5 $ 110.25 Other asset-backed securities 3.1 9.5 — 12.6 3.72 Total $ 16.3 $ 10.8 $ — $ 27.1 $ 8.04 (1) Net average price is per $100.00 At June 30, 2015 and December 31, 2014 , 50 percent and 54 percent , respectively, of the available-for-sale portfolio were invested in U.S. government agency residential mortgage-backed securities. These securities have the implicit backing of the U.S. government, and the Company expects to receive full par value upon maturity or pay-down, as well as all interest payments. Included in other asset-backed securities are collateralized debt obligations backed primarily by high-grade debt, mezzanine equity tranches of collateralized debt obligations and home equity loans, along with private equity investments, as summarized in Note 4 — Fair Value Measurement . The other asset-backed securities continue to have market exposure, and this risk is factored into the fair value estimates of the Company, with the average price of an asset-backed security at $0.04 per dollar of par value at June 30, 2015 . Gains and Losses and Other-than-temporary Impairments — At both June 30, 2015 and December 31, 2014 , net unrealized gains of $11.2 million were included in the Consolidated Balance Sheets in "Accumulated other comprehensive loss." Investment Ratings — In rating the securities in its investment portfolio, the Company uses ratings from Moody’s Investor Service (“Moody’s”), Standard & Poors (“S&P”) and Fitch Ratings (“Fitch”). If the rating agencies have split ratings, the Company uses the highest two out of three ratings across the rating agencies for disclosure purposes. If none of the rating agencies have the same rating, the Company uses the lowest rating across the agencies for disclosure purposes. Securities issued, or backed by U.S. government agencies, are included in the AAA rating category. Investment grade is defined as a security having a Moody’s equivalent rating of Aaa, Aa, A or Baa or an S&P or Fitch equivalent rating of AAA, AA, A or BBB. The Company’s investments consisted of the following ratings as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Number of Securities Fair Value Percent of Investments Number of Securities Fair Value Percent of Investments (Dollars in millions) Investment grade 13 $ 12.2 50 % 13 $ 14.3 53 % Below investment grade 42 12.3 50 % 44 12.8 47 % Total 55 $ 24.5 100 % 57 $ 27.1 100 % Had the Company used the lowest rating from the rating agencies in the information presented above, there would be no change to the classifications in the above table as of June 30, 2015 and December 31, 2014 . 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. 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 both June 30, 2015 and December 31, 2014 : 95 percent used a third party pricing service and five percent used broker quotes. Assessment of Unrealized Losses — The Company had no unrealized losses in its available-for-sale portfolio at June 30, 2015 and December 31, 2014 . |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company uses forward contracts to manage its foreign currency needs and foreign currency exchange risk arising from its assets and liabilities denominated in foreign currencies. While these contracts may mitigate certain foreign currency risk, they are not designated as hedges for accounting purposes. The “Transaction and operations support” line in the Consolidated Statements of Operations and the "Net cash (used in) provided by operating activities" line in the Consolidated Statements of Cash Flows include the following (gains) losses related to assets and liabilities denominated in foreign currencies, for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Net realized foreign currency (gains) losses $ (5.5 ) $ 0.5 $ 18.8 $ 2.2 Net losses (gains) from the related forward contracts 5.3 (0.5 ) (21.1 ) (2.1 ) Net losses (gains) from foreign currency transactions and related forward contracts $ (0.2 ) $ — $ (2.3 ) $ 0.1 As of June 30, 2015 and December 31, 2014 , the Company had $340.2 million and $242.5 million , respectively, of outstanding notional amounts relating to its forward contracts. As of June 30, 2015 and December 31, 2014 , the Company reflects the following fair values of derivative forward contract instruments in its Consolidated Balance Sheets: Gross Amount of Recognized Assets Gross Amount of Offset Assets Net Amount of Assets Presented in the Consolidated Balance Sheets Balance Sheet Location June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 (Amounts in millions) Forward contracts Other assets $ 0.7 $ 5.3 $ (0.4 ) $ (0.5 ) $ 0.3 $ 4.8 Gross Amount of Recognized Liabilities Gross Amount of Offset Liabilities Net Amount of Liabilities Presented in the Consolidated Balance Sheets Balance Sheet Location June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 (Amounts in millions) Forward contracts Accounts payable and other liabilities $ 0.6 $ 0.8 $ (0.4 ) $ (0.5 ) $ 0.2 $ 0.3 The Company's forward contracts are primarily executed with counterparties governed by International Swaps and Derivatives Association agreements that generally include standard netting arrangements. Hence, asset and liability positions from forward contracts and all other foreign exchange transactions with the same counterparty are net settled upon maturity. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following is a summary of the Company’s outstanding debt at June 30, 2015 and activity since December 31, 2014 : (Amounts in millions) Senior secured credit facility Balance at December 31, 2014 $ 963.5 Payments (5.0 ) Balance at June 30, 2015 $ 958.5 Weighted average interest rate 4.25 % 2013 Credit Agreement — On March 28, 2013 , the Company, as borrower, entered into an Amended and Restated Credit Agreement (the "2013 Credit Agreement") with Bank of America, N.A. ("BOA"), as administrative agent, the financial institutions party thereto, as lenders, and the other agents party thereto. The 2013 Credit Agreement provides for (i) a senior secured five -year revolving credit facility up to an aggregate principal amount of $125.0 million (the "Revolving Credit Facility") and (ii) a senior secured seven -year term loan facility of $850.0 million (the "Term Credit Facility"). The proceeds of the Term Credit Facility were used to repay in full all outstanding indebtedness under the $540.0 million Credit Agreement with BOA, as Administrative Agent, and the lenders party thereto (the "2011 Credit Agreement"), to purchase all of the outstanding second lien notes held by Goldman Sachs & Co. (“Goldman Sachs”), to pay certain costs, fees and expenses relating to the 2013 Credit Agreement and the purchase of the second lien notes and also used 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. On April 2, 2014, the Company, as borrower, entered into a First Incremental Amendment and Joinder Agreement (the "Incremental Agreement") with BOA, as administrative agent, and various lenders. The Incremental Agreement provided for (a) a tranche under the term loan facility in an aggregate principal amount of $130.0 million (the "Tranche B-1 Term Loan Facility") to be made available to the Company under the 2013 Credit Agreement, (b) an increase in the Revolving Credit Facility under the 2013 Credit Agreement from $125.0 million to $150.0 million and (c) certain other amendments to the 2013 Credit Agreement including, without limitation, (i) amendments to certain of the conditions precedent with respect to these incremental borrowings, (ii) an increase in the maximum secured leverage ratio with which the Company is required to comply as of the last day of each fiscal quarter, and (iii) amendments to permit the Company to borrow up to $300.0 million under the facility for share repurchases exclusively from affiliates of Thomas H. Lee Partners L.P. ("THL") and Goldman Sachs. The Company borrowed $130.0 million under the Tranche B-1 Term Loan Facility on April 2, 2014, and the proceeds were used to fund a portion of the share repurchases from THL reducing the remaining limit for such purchases to $170.0 million . See Note 9 — Stockholders' Deficit for additional disclosure on the share repurchase. 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 June 30, 2015 , the Company had no outstanding letters of credit or borrowings under the Revolving Credit Facility, leaving $150.0 million of availability thereunder. Debt Covenants and Other Restrictions — Borrowings under the 2013 Credit Agreement are subject to various limitations that restrict the Company’s ability to: incur additional indebtedness; create or incur additional liens; effect mergers and consolidations; make certain acquisitions or investments; sell assets or subsidiary stock; pay dividends and other restricted payments; and effect loans, advances and certain other transactions with affiliates. In addition, the Revolving Credit Facility has covenants that place limitations on the use of proceeds from borrowings under the facility. The Company is required to maintain asset coverage (as defined in the 2013 Credit Agreement) greater than its payment service obligations. Assets used in the determination of the asset coverage covenant are cash and cash equivalents and settlement assets. Our cash and cash equivalents balance as of June 30, 2015 represents the excess of assets over our payment service obligation for purposes of determining asset coverage. The following table shows the components of our assets in excess of payment service obligations used for the asset coverage calculation as of June 30, 2015 and December 31, 2014 : (Amounts in millions) June 30, 2015 December 31, 2014 Cash and cash equivalents $ 128.6 $ 250.6 Settlement assets: Settlement cash and cash equivalents 1,516.9 1,657.3 Receivables, net 871.6 757.6 Interest-bearing investments 1,061.4 1,091.6 Available-for-sale investments 24.5 27.1 Total settlement assets 3,474.4 3,533.6 Total cash and cash equivalents and settlement assets 3,603.0 3,784.2 Payment service obligations (3,474.4 ) (3,533.6 ) Assets in excess of payment service obligations $ 128.6 $ 250.6 The 2013 Credit Agreement also has quarterly financial covenants to maintain the following interest coverage and total secured leverage ratios: Interest Coverage Minimum Ratio Total Secured Leverage Not to Exceed Through December 31, 2015 2.25:1 4.750:1 January 1, 2016 through December 31, 2016 2.25:1 4.250:1 January 1, 2017 through December 31, 2017 2.25:1 3.750:1 January 1, 2018 through maturity 2.25:1 3.500:1 At June 30, 2015 , the Company was in compliance with its financial covenants: our Interest Coverage ratio was 5.82 and our Total Secured Leverage ratio was 3.888 . We continuously monitor our compliance with our debt covenants. 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. Amortization is recorded in “Interest expense” in the Consolidated Statements of Operations. The following is a summary of the deferred financing costs at June 30, 2015 . (Amounts in millions) Deferred Financing Costs Balance at December 31, 2014 $ 15.6 Amortization of deferred financing costs (1.5 ) Balance at June 30, 2015 $ 14.1 Interest Paid in Cash — The Company paid $10.6 million and $21.0 million of interest for the three and six months ended June 30, 2015 , respectively, and $10.6 million and $19.7 million of interest for the three and six months ended June 30, 2014 , respectively. Maturities — At June 30, 2015 , debt totaling $912.6 million will mature in 2020, while debt principal totaling $46.6 million will be paid quarterly in increments of approximately $2.5 million through 2020. Any borrowings under the Revolving Credit Facility will mature in 2018. |
Pensions and Other Benefits
Pensions and Other Benefits | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pensions and Other Benefits | Pensions and Other Benefits The following table is a summary of net periodic benefit expense for the Company’s Pension Plan and combined supplemental executive retirement plans (“SERPs”), for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Pension settlement charge $ 13.8 $ — $ 13.8 $ — Interest cost 2.4 2.7 5.0 5.4 Expected return on plan assets (1.5 ) (1.9 ) (3.3 ) (3.7 ) Recognized net actuarial loss 2.3 1.7 4.6 3.4 Net periodic benefit expense $ 17.0 $ 2.5 $ 20.1 $ 5.1 In January 2015, the Company announced a voluntary pension buyout whereby eligible deferred vested participants could elect to receive a lump-sum settlement of their remaining pension benefit. In the three months ended June 30, 2015, the Company paid out $31.3 million of plan assets to participants electing the settlement with a corresponding decrease in the pension liabilities and recognized a charge of $13.8 million . Additionally, the Company recognized a reduction in the projected benefit obligation of $41.9 million as a result of the settlement and a change in the actuarial assumptions used to estimate the projected benefit obligation. The Company made contributions to the Pension Plan of $2.0 million and $4.0 million for the three and six months ended June 30, in each of 2015 and 2014 , respectively. Contributions made to the combined SERPs were $0.6 million and $1.9 million for the three and six months ended June 30, 2015 , respectively, and $1.0 million and $2.1 million for the three and six months ended June 30, 2014 . The following table is a summary of net periodic benefit income for the Company’s postretirement medical benefit plans, for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Amortization of prior service credit (0.1 ) (0.1 ) $ (0.3 ) $ (0.3 ) Recognized net actuarial loss — — 0.1 0.1 Net periodic benefit income $ (0.1 ) $ (0.1 ) $ (0.2 ) $ (0.2 ) |
Stockholders' Deficit
Stockholders' Deficit | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Deficit | Stockholders’ Deficit The following table is a summary of the Company’s authorized, issued and outstanding stock as of June 30, 2015 : D Stock Common Stock Treasury Stock (Shares in thousands) Authorized Issued Outstanding Authorized Issued Outstanding June 30, 2015 200 71 71 162,500 58,824 53,244 (5,580 ) Common Stock — The holders of the Company's common stock are entitled to one vote per share on all matters to be voted upon by its stockholders. The holders of common stock have no preemptive, conversion or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock. The determination to pay dividends on common stock will be at the discretion of the Board of Directors and will depend on applicable laws and the Company’s financial condition, results of operations, cash requirements, prospects and such other factors as the Board of Directors may deem relevant. The Company’s ability to declare or pay dividends or distributions to the holders of the Company’s common stock is restricted under the Company’s 2013 Credit Agreement. No dividends were paid during the three and six months ended June 30, 2015 . Participation Agreement between the Investors and Wal-Mart Stores, Inc. — THL and Goldman Sachs (collectively, the "Investors") have a Participation Agreement with Wal-Mart Stores, Inc. (“Walmart”), under which the Investors are obligated to pay Walmart certain percentages of any accumulated cash payments received by the Investors in excess of the Investors’ original investment in the Company. While the Company is not a party to, and has no obligations to Walmart or additional obligations to the Investors under the Participation Agreement, the Company must recognize the Participation Agreement in its consolidated financial statements as the Company indirectly benefits from the agreement. Any future payments by the Investors to Walmart may result in an expense that could be material to the Company’s 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 Investors, and has not recognized any further liability or expense related to the Participation Agreement. As a result of the transactions occurring on April 2, 2014 described below, the Investors made a payment of approximately $0.6 million to Walmart under the Participation Agreement. As a result of these transactions, the Company recognized expense and a corresponding increase to additional paid-in capital. There were no payments under the Participation Agreement for the three and six months ended ended June 30, 2015 . Secondary Offering — On April 2, 2014, the Company completed an underwritten secondary public offering by the Investors of an aggregate of 9,200,000 shares of the Company’s common stock. As part of the transaction, the affiliates of Goldman Sachs converted an aggregate of 37,957 shares of Series D Participating Convertible Preferred Stock (the "D Stock") to 4,744,696 shares of common stock, which were sold as part of the transaction. The selling stockholders received all of the proceeds from the offering. Also on April 2, 2014, the Company completed the repurchase of 8,185,092 shares of common stock from the THL selling stockholders at a price of $16.25 per share. The Company funded the share repurchase with 130.0 million of the proceeds from its Tranche B-1 Term Loan Facility and cash. Accumulated Other Comprehensive Loss — The following tables are a summary of the changes to "Accumulated other comprehensive loss" by component during the six months ended June 30, 2015 and 2014 : (Amounts in millions) Net unrealized gains on securities classified as available-for-sale, net of tax Cumulative foreign currency translation adjustments, net of tax Pension and postretirement benefits adjustment, net of tax Total December 31, 2014 $ 11.2 $ (5.4 ) $ (72.9 ) $ (67.1 ) Other comprehensive income (loss) before reclassification 0.6 (7.8 ) 6.3 (0.9 ) Amounts reclassified from accumulated other comprehensive (loss) income (0.6 ) — 11.6 11.0 Net current period other comprehensive (loss) income — (7.8 ) 17.9 10.1 June 30, 2015 $ 11.2 $ (13.2 ) $ (55.0 ) $ (57.0 ) (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 December 31, 2013 $ 17.3 $ 3.5 $ (53.8 ) $ (33.0 ) Other comprehensive loss before reclassification (0.2 ) (2.0 ) — (2.2 ) Amounts reclassified from accumulated other comprehensive (loss) income (4.7 ) — 2.1 (2.6 ) Net current period other comprehensive (loss) income (4.9 ) (2.0 ) 2.1 (4.8 ) June 30, 2014 $ 12.4 $ 1.5 $ (51.7 ) $ (37.8 ) The following table is a summary of the significant amounts reclassified out of each component of "Accumulated other comprehensive loss" during the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, Statement of Operations Location (Amounts in millions) 2015 2014 2015 2014 Unrealized gains on securities classified as available-for-sale, before tax $ (0.3 ) $ (0.3 ) $ (0.5 ) $ (5.1 ) "Investment revenue" Tax (benefit) expense, net (0.1 ) (0.1 ) (0.1 ) 0.4 Total gains, net of tax $ (0.4 ) $ (0.4 ) $ (0.6 ) $ (4.7 ) Pension and postretirement benefits adjustments: Prior service credits $ (0.1 ) $ (0.1 ) $ (0.3 ) $ (0.3 ) "Compensation and benefits" Net actuarial losses 2.3 1.7 4.7 3.5 "Compensation and benefits" Pension settlement charge 13.8 — 13.8 — "Compensation and benefits" Total before tax 16.0 1.6 18.2 3.2 Tax benefit, net (5.8 ) (0.5 ) (6.6 ) (1.1 ) Total, net of tax $ 10.2 $ 1.1 $ 11.6 $ 2.1 Total reclassified for the period, net of tax $ 9.8 $ 0.7 $ 11.0 $ (2.6 ) |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table is a summary of stock-based compensation expense for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Expense recognized related to stock options $ 1.0 $ 2.1 $ 2.5 $ 3.4 Expense recognized related to restricted stock units 4.0 2.4 6.5 4.2 Stock-based compensation expense $ 5.0 $ 4.5 $ 9.0 $ 7.6 Stock Options — Option awards are granted with an exercise price equal to the closing market price of the Company’s common stock on the date of grant. All outstanding stock options contain certain forfeiture and non-compete provisions. For purposes of determining the fair value of stock option awards, the Company uses the Black-Scholes single option pricing model for time-based and performance-based tranches. The following table is a summary of the Company’s stock option activity for the six months ended June 30, 2015 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value ($000,000) Options outstanding at December 31, 2014 3,786,458 $ 19.57 6.3 years $ — Forfeited/Expired (462,407 ) 22.02 Options outstanding at June 30, 2015 3,324,051 $ 19.23 5.8 years $ — Vested or expected to vest at June 30, 2015 3,233,874 $ 19.28 5.7 years $ — Options exercisable at June 30, 2015 2,222,567 $ 19.20 4.9 years $ — As of June 30, 2015 , the unrecognized stock option expense related to outstanding options was $7.0 million with a remaining weighted-average vesting period of 1.1 years . Restricted Stock Units — For purposes of determining the fair value of restricted stock units and performance-based restricted stock units, the fair value is calculated based on the stock price at the time of grant. For performance-based restricted stock units, expense is recognized if achievement of the performance goal is deemed probable, with the amount of expense recognized based on the Company’s best estimate of the ultimate achievement level. The following table is a summary of the Company’s restricted stock unit activity for the six months ended June 30, 2015 : Total Shares Weighted Average Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value ($000,000) Restricted stock units outstanding at December 31, 2014 1,701,607 $ 15.77 1.4 years $ 15.5 Granted 2,955,039 8.62 Vested and converted to shares (209,204 ) 18.13 Forfeited (218,313 ) 13.92 Restricted stock units outstanding at June 30, 2015 4,229,129 $ 10.59 1.5 years $ 38.9 As of June 30, 2015 , the Company’s outstanding restricted stock units had unrecognized compensation expense of $28.0 million . Unrecognized restricted stock unit expense and the remaining weighted-average vesting period are presented using the Company’s current estimate of achievement of performance goals. Unrecognized restricted stock unit expense as of June 30, 2015 under the minimum and maximum thresholds are $22.4 million and $28.0 million , respectively. The grant-date fair value of restricted stock units vested was $0.7 million and $3.8 million for the three and six months ended June 30, 2015 , respectively, and $0.4 million and $1.4 million for the three and six months ended June 30, 2014 , respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended June 30, 2015 , the company recognized an income tax benefit of $14.7 million on pre-tax loss of $27.1 million , which included reductions of uncertain tax positions of prior years which were partially offset by the reversal of tax benefits on share-based compensation. For the six months ended June 30, 2015 , although the Company recognized a pre-tax loss of $36.5 million , an income tax expense of $47.9 million was recorded primarily as a result of the decision of the U.S. Tax Court during the first quarter of 2015 related to the Internal Revenue Service (“IRS”) matter discussed in more detail in Note 12 — Commitments and Contingencies of the Notes to the Consolidated Financial Statements. For the three months ended June 30, 2014 , the Company had $6.5 million of income tax expense on pre-tax income of $32.1 million . For the six months ended June 30, 2014 , the Company had $5.2 million of income tax benefit on pre-tax income of $59.4 million , reflecting reductions of uncertain tax positions of prior years. The IRS completed its examination of the Company’s consolidated income tax returns for the tax years 2011 through 2013 and issued a Revenue Agent Report (“RAR”) in the first quarter of 2015 that included disallowing $100.0 million of deductions related to payments the Company made to the United States government in connection with the Deferred Prosecution Agreement with the U.S. Attorney’s Office for the Middle District of Pennsylvania and the Asset Forfeiture and Money Laundering Section of the Criminal Division of the Department of Justice. The Company disagrees with the adjustments in the RAR and has filed a protest letter so that the issue will be considered by the IRS Appeals Division. As of June 30, 2015 , the Company has recognized a cumulative income tax benefit of approximately $23.3 million related to these deductions. The Company continues to believe that the amounts recorded in its consolidated financial statements reflect the cumulative probability for the 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 of unrecognized tax benefits as of June 30, 2015 : (Amounts in millions) Balance at December 31, 2014 $ 31.7 Additions based on tax positions related to prior years 1.5 Reductions for tax positions of prior years (9.7 ) Balance at June 30, 2015 $ 23.5 As of June 30, 2015 and December 31, 2014 , the liability for unrecognized tax benefits was $23.5 million and $31.7 million , respectively, which could impact the effective tax rate if recognized. The Company accrues interest and penalties for unrecognized tax benefits through “Income tax (benefit) expense ” in the Consolidated Statements of Operations. For the six months ended June 30, 2015 and 2014 , the Company's accrual for interest and penalties decreased by $1.4 million and increased by $0.2 million , respectively. As of June 30, 2015 and December 31, 2014 , the Company had a liability of $1.2 million and $2.6 million , respectively, for interest and penalties related to its unrecognized tax benefits. We have a tax position under consideration by the IRS Appeals Division as well as ongoing tax litigation and other uncertain tax positions. As a result, it is reasonably possible that there could be a significant increase or decrease to the total amount of unrecognized tax benefits over the next 12 months. However, as of June 30, 2015 , it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax positions over the next 12 months. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases — The following table is a summary of the minimum future rental payments for all non-cancelable operating leases with an initial term of more than one year at June 30, 2015 (amounts in millions): 2015 $ 7.7 2016 11.5 2017 9.5 2018 8.5 2019 7.9 Thereafter 17.3 Total $ 62.4 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 commission earned by the agent. Expenses related to the guarantee are recognized in the “Fee and other commissions expense” line in the Consolidated Statements of Operations. As of June 30, 2015 , the liability for minimum commission guarantees was $2.2 million and the maximum amount that could be paid under the minimum commission guarantees was $11.8 million over a weighted-average remaining term of 2.4 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. Minimum commission guarantees paid during the six months ended June 30, 2015 were $0.1 million , or two percent, of the estimated maximum payment for the year. 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 $19.1 million and $17.3 million of liability recorded in the “Accounts payable and other liabilities” line in the Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 , respectively. A charge of $2.0 million and $2.2 million , net of insurance recoveries, were recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations during the three and six months ended June 30, 2015 , respectively. A nominal charge and a charge of $0.4 million , net of insurance recoveries, were recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations during the three and six months ended June 30, 2014 , respectively, for legal proceedings. Litigation Commenced Against the Company: Class Action Securities Litigation - On April 15, 2015, a putative securities class action lawsuit was filed in the Superior Court of the State of Delaware, County of New Castle, against MoneyGram, all of its directors, certain of its executive officers, THL, Goldman Sachs and the underwriters of the secondary public offering of the Company’s common stock that closed on April 2, 2014 (the “2014 Offering”). The lawsuit was brought by the Iron Workers District Council of New England Pension Fund seeking to represent a class consisting of all purchasers of the Company’s common stock pursuant and/or traceable to the Company’s registration statement and prospectus, and all documents incorporated by reference therein, issued in connection with the 2014 Offering. The lawsuit alleges violations of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 due to allegedly false and misleading statements in connection with the 2014 Offering and seeks unspecified damages and other relief. On May 19, 2015, MoneyGram and the other defendants filed a notice of removal to the federal district court of the District of Delaware. On June 18, 2015, the plaintiff filed a motion to remand the case back to Delaware State Court. The Company believes that the claims are without merit and intends to vigorously defend against the lawsuit. Other Matters — The Company is involved in various other claims and litigation that arise from time to time in the ordinary course of the Company's business. Management does not believe that after final disposition any of these matters is likely to have a material adverse impact on the Company's financial condition, results of operations and cash flows. Government Investigations State Civil Investigative Demands — MoneyGram has received Civil Investigative Demands from a working group of nine state attorneys general who have initiated an investigation into whether the Company took adequate steps to prevent consumer fraud during the period from 2007 to 2014. The Civil Investigative Demands seek information and documents relating to the Company’s procedures designed to prevent fraudulent transfers and consumer complaint information. MoneyGram has cooperated fully with the attorneys general in this matter and submitted the information and documents requested. No claims have been filed against MoneyGram in connection with this investigation and the Company has denied any wrongful conduct. The Company is currently in discussions with the attorneys general to resolve any allegations that they might assert. Based on our continuing discussions with the attorneys general, as of June 30, 2015 , we have accrued $13.0 million in connection with such investigation and we believe this represents the total expected loss exposure to resolve the matter. Any estimate of a loss contingency involves judgments based upon currently available information and assumptions believed to be reasonable and is subject to uncertainties. There may be an exposure to losses in excess of any amounts accrued, and any actual loss may vary from the current estimate. 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 relating to the Company’s purchase of Residential Mortgage Backed Securities and Collateral Debt Obligations from Goldman Sachs during 2005 through 2007, which the Company and Goldman Sachs agreed to settle in April 2014. In connection with this resolution, Goldman Sachs agreed to make a one-time payment, net of fees and certain expenses, to MoneyGram in the amount of $13.0 million , and to make a one-time payment of fees and expenses to MoneyGram’s legal counsel in the amount of $4.35 million . All amounts were paid in May 2014. This resolution terminated all litigation and arbitration between MoneyGram and Goldman Sachs. Goldman Sachs owns, together with certain of its affiliates, approximately 14 percent of the shares of the Company’s common stock on a diluted basis, assuming conversion of the D Stock currently owned by Goldman Sachs and its affiliates. Certain litigation matters commenced by the Company were also settled during 2014 , resulting in the recognition of an additional $32.4 million in securities settlements during 2014 . Tax Litigation — The IRS completed its examination of the Company’s consolidated income tax returns through 2013. The IRS issued Notices of Deficiency for 2005-2007 and 2009, and also issued an Examination Report for 2008. The Notices of Deficiency disallow, among other items, approximately $900 million of ordinary deductions on securities losses in the 2007, 2008 and 2009 tax returns. In May 2012 and December 2012, the Company filed petitions in the U.S. Tax Court challenging the 2005-2007 and 2009 Notices of Deficiency. In 2013, the Company reached a partial settlement with the IRS allowing ordinary loss treatment on $186.9 million of deductions in dispute. In January 2015, the U.S. Tax Court granted the IRS's motion for summary judgment upholding the remaining adjustments in the Notices of Deficiency. On July 27, 2015, the Company filed a notice of appeal with the U.S. Tax Court. The Tax Court's decision is a change in facts which warranted reassessment of the Company's uncertain tax position. Although the Company believes that it has substantive tax law arguments in favor of its position and has appealed the ruling, the reassessment resulted in the Company determining that it is no longer more likely than not that its existing position will be sustained. Accordingly, as of June 30, 2015 , the Company characterized certain deductions relating to securities losses to be capital in nature, rather than ordinary. The Company recorded a full valuation allowance against these losses in the quarter ended March 31, 2015 . This change increased "Income tax expense" in the Consolidated Statements of Operations in the quarter ended March 31, 2015 by $63.7 million , which is reflected as a discrete item for tax purposes. As of June 30, 2015 , there was no change in the amount accrued. During the six months ended June 30, 2015 , the Company made total cash payments of $61.0 million for federal tax payments and associated interest related to the issue, of which $55.8 million was paid during the three months ended June 30, 2015 . |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share For all periods in which it is outstanding, the D Stock is included in the weighted-average number of common shares outstanding utilized to calculate basic earnings per common share because the D Stock is deemed a common stock equivalent. Diluted earnings per common share reflects the potential dilution that could result if securities or incremental shares arising out of the Company’s stock-based compensation plans were exercised or converted into common stock. Diluted earnings per common share assumes the exercise of stock options using the treasury stock method. The following table is a reconciliation of the weighted-average amounts used in calculating (loss) earnings per share for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Basic common shares outstanding 62.1 63.6 62.1 67.6 Shares related to stock options and restricted stock units — 0.2 — 0.2 Diluted common shares outstanding 62.1 63.8 62.1 67.8 Potential common shares are excluded from the computation of diluted (loss) earnings per common share when the effect would be anti-dilutive. All potential common shares are anti-dilutive in periods of net loss available to common stockholders. Stock options are anti-dilutive when the exercise price of these instruments is greater than the average market price of the Company’s common stock for the period. The following table summarizes the weighted-average potential common shares excluded from diluted (loss) earnings per common share, as their effect would be anti-dilutive, for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Shares related to stock options 3.5 4.3 3.6 4.3 Shares related to restricted stock units 4.3 1.8 3.5 1.5 Shares excluded from the computation 7.8 6.1 7.1 5.8 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
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 transfer services in more than 200 countries and territories. The Global Funds Transfer segment also provides bill payment services to consumers through substantially all of our money transfer agent and Company-operated locations in the U.S., Canada, Puerto Rico, and at certain agent locations in select Caribbean and European countries. 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 for both the Global Funds Transfer segment and the Financial Paper Products segment accounted for 19 percent and 23 percent of total revenue for the three months ended June 30, 2015 and 2014 , respectively, and 20 percent and 25 percent of total revenue for the six months ended June 30, 2015 and 2014 , respectively. Excluded from the segments' operating income are interest and other expenses related to our credit agreement, certain pension and benefit obligation expenses, director deferred compensation plan expenses, executive severance and related costs and certain legal and corporate costs not related to the performance of the segments . Segment pre-tax operating income and segment operating margin are used to review segment performance and to allocate resources. The following table is a summary of the total revenue by segment for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Global Funds Transfer revenue: Money transfer revenue $ 316.6 $ 328.3 $ 603.4 $ 654.4 Bill payment revenue 24.1 24.5 49.6 50.1 Total Global Funds Transfer revenue 340.7 352.8 653.0 704.5 Financial Paper Products revenue: Money order revenue 12.8 13.3 25.9 27.7 Official check revenue 5.3 6.3 10.5 15.1 Total Financial Paper Products revenue 18.1 19.6 36.4 42.8 Total revenue $ 358.8 $ 372.4 $ 689.4 $ 747.3 The following table is a summary of the operating (loss) income by segment and detail of the (loss) income before income taxes for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Global Funds Transfer operating income $ 0.4 $ 19.5 $ 0.6 $ 51.0 Financial Paper Products operating income 4.0 6.1 9.4 15.9 Total segment operating income 4.4 25.6 10.0 66.9 Other operating loss (20.1 ) (4.5 ) (24.0 ) (8.8 ) Total operating (loss) income (15.7 ) 21.1 (14.0 ) 58.1 Securities settlements — (22.4 ) — (22.4 ) Interest expense 11.4 11.4 22.5 21.1 (Loss) income before income taxes $ (27.1 ) $ 32.1 $ (36.5 ) $ 59.4 The following table sets forth the assets by segment as of June 30, 2015 and December 31, 2014 : (Amounts in millions) June 30, 2015 December 31, 2014 Global Funds Transfer $ 1,988.9 $ 1,858.3 Financial Paper Products 2,335.6 2,464.5 Other 140.1 319.4 Total assets $ 4,464.6 $ 4,642.2 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Consolidating 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 the Securities and Exchange Commission ("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 June 30, 2015 and December 31, 2014 , along with condensed, consolidating Statements of Operations and Statements of Cash Flows for the three and six months ended June 30, 2015 and 2014 . The condensed, consolidating financial information presents financial information in separate columns for MoneyGram International, Inc. on a Parent-only basis carrying its investment in subsidiaries under the equity method; Guarantors on a combined basis, carrying investments in subsidiaries that are not expected to guarantee the debt (collectively, the “Non-Guarantors”) under the equity method; Non-Guarantors on a combined basis; and eliminating entries. The eliminating entries primarily reflect intercompany transactions, such as accounts receivable and payable, fee revenue and commissions expense and the elimination of equity investments and income in subsidiaries. MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING BALANCE SHEETS AS OF JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 2.1 $ 75.1 $ 51.4 $ — $ 128.6 Settlement assets — 3,378.8 95.6 — 3,474.4 Property and equipment, net — 171.6 20.4 — 192.0 Goodwill — 315.3 127.2 — 442.5 Other assets 16.9 218.7 40.1 (48.6 ) 227.1 Equity investments in subsidiaries 16.4 207.7 — (224.1 ) — Intercompany receivables 697.2 6.8 7.4 (711.4 ) — Total assets $ 732.6 $ 4,374.0 $ 342.1 $ (984.1 ) $ 4,464.6 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Payment service obligations $ — $ 3,426.5 $ 47.9 $ — $ 3,474.4 Debt 958.5 — — — 958.5 Pension and other postretirement benefits — 111.4 — — 111.4 Accounts payable and other liabilities 22.8 115.4 79.4 (48.6 ) 169.0 Intercompany liabilities — 704.3 7.1 (711.4 ) — Total liabilities 981.3 4,357.6 134.4 (760.0 ) 4,713.3 Total stockholders’ (deficit) equity (248.7 ) 16.4 207.7 (224.1 ) (248.7 ) Total liabilities and stockholders’ (deficit) equity $ 732.6 $ 4,374.0 $ 342.1 $ (984.1 ) $ 4,464.6 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING BALANCE SHEETS AS OF DECEMBER 31, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 2.1 $ 92.0 $ 156.5 $ — $ 250.6 Settlement assets — 3,494.4 39.2 — 3,533.6 Property and equipment, net — 143.3 22.3 — 165.6 Goodwill — 315.3 127.2 — 442.5 Other assets 22.4 253.3 36.4 (62.2 ) 249.9 Equity investments in subsidiaries 102.2 206.2 — (308.4 ) — Intercompany receivables 692.4 51.5 — (743.9 ) — Total assets $ 819.1 $ 4,556.0 $ 381.6 $ (1,114.5 ) $ 4,642.2 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Payment service obligations $ — $ 3,500.4 $ 33.2 $ — $ 3,533.6 Debt 963.5 — — — 963.5 Pension and other postretirement benefits — 125.7 — — 125.7 Accounts payable and other liabilities 38.3 128.0 98.0 (62.2 ) 202.1 Intercompany liabilities — 699.7 44.2 (743.9 ) — Total liabilities 1,001.8 4,453.8 175.4 (806.1 ) 4,824.9 Total stockholders’ (deficit) equity (182.7 ) 102.2 206.2 (308.4 ) (182.7 ) Total liabilities and stockholders’ (deficit) equity $ 819.1 $ 4,556.0 $ 381.6 $ (1,114.5 ) $ 4,642.2 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 380.9 $ 119.6 $ (144.5 ) $ 356.0 Investment revenue — 2.7 0.1 — 2.8 Total revenue — 383.6 119.7 (144.5 ) 358.8 OPERATING EXPENSES Fee and other commissions expense — 159.6 80.7 (77.1 ) 163.2 Investment commissions expense — 0.2 — — 0.2 Total commissions expense — 159.8 80.7 (77.1 ) 163.4 Compensation and benefits — 64.9 22.9 — 87.8 Transaction and operations support 0.5 143.7 13.5 (67.4 ) 90.3 Occupancy, equipment and supplies — 20.7 4.0 (8.9 ) 15.8 Depreciation and amortization — 13.9 3.3 — 17.2 Total operating expenses 0.5 403.0 124.4 (153.4 ) 374.5 OPERATING (LOSS) INCOME (0.5 ) (19.4 ) (4.7 ) 8.9 (15.7 ) OTHER EXPENSE (INCOME) Interest expense 11.4 — — — 11.4 Other income — — (8.9 ) 8.9 — Total other expense (income) 11.4 — (8.9 ) 8.9 11.4 (Loss) income before income taxes (11.9 ) (19.4 ) 4.2 — (27.1 ) Income tax (benefit) expense (4.0 ) (10.8 ) 0.1 — (14.7 ) (Loss) income after income taxes (7.9 ) (8.6 ) 4.1 — (12.4 ) Equity (loss) income in subsidiaries (4.5 ) 4.1 — 0.4 — NET (LOSS) INCOME (12.4 ) (4.5 ) 4.1 0.4 (12.4 ) TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 20.7 20.7 3.7 (24.4 ) 20.7 COMPREHENSIVE INCOME (LOSS) $ 8.3 $ 16.2 $ 7.8 $ (24.0 ) $ 8.3 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 673.7 $ 215.3 $ (205.3 ) $ 683.7 Investment revenue — 5.6 0.1 — 5.7 Total revenue — 679.3 215.4 (205.3 ) 689.4 OPERATING EXPENSES Fee and other commissions expense — 307.6 122.6 (113.6 ) 316.6 Investment commissions expense — 0.3 — — 0.3 Total commissions expense — 307.9 122.6 (113.6 ) 316.9 Compensation and benefits — 113.5 49.0 — 162.5 Transaction and operations support 0.8 222.7 28.9 (91.7 ) 160.7 Occupancy, equipment and supplies — 31.9 8.3 (8.9 ) 31.3 Depreciation and amortization — 25.8 6.2 — 32.0 Total operating expenses 0.8 701.8 215.0 (214.2 ) 703.4 OPERATING (LOSS) INCOME (0.8 ) (22.5 ) 0.4 8.9 (14.0 ) OTHER EXPENSE (INCOME) Interest expense 22.5 — — — 22.5 Other income — — (8.9 ) 8.9 — Total other expense (income) 22.5 — (8.9 ) 8.9 22.5 (Loss) income before income taxes (23.3 ) (22.5 ) 9.3 — (36.5 ) Income tax (benefit) expense (8.0 ) 55.3 0.6 — 47.9 (Loss) income after income taxes (15.3 ) (77.8 ) 8.7 — (84.4 ) Equity (loss) income in subsidiaries (69.1 ) 8.7 — 60.4 — NET (LOSS) INCOME (84.4 ) (69.1 ) 8.7 60.4 (84.4 ) TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 10.1 10.1 (10.9 ) 0.8 10.1 COMPREHENSIVE (LOSS) INCOME $ (74.3 ) $ (59.0 ) $ (2.2 ) $ 61.2 $ (74.3 ) MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 381.9 $ 84.3 $ (97.4 ) $ 368.8 Investment revenue — 3.5 0.1 — 3.6 Total revenue — 385.4 84.4 (97.4 ) 372.4 OPERATING EXPENSES Fee and other commissions expense — 183.5 50.3 (62.2 ) 171.6 Investment commissions expense — 0.1 — — 0.1 Total commissions expense — 183.6 50.3 (62.2 ) 171.7 Compensation and benefits — 54.8 20.2 — 75.0 Transaction and operations support 0.7 101.6 10.2 (35.2 ) 77.3 Occupancy, equipment and supplies — 9.8 3.9 — 13.7 Depreciation and amortization — 10.2 3.4 — 13.6 Total operating expenses 0.7 360.0 88.0 (97.4 ) 351.3 OPERATING (LOSS) INCOME (0.7 ) 25.4 (3.6 ) — 21.1 OTHER EXPENSE (INCOME) Interest expense 11.4 — — — 11.4 Securities settlements — (22.4 ) — — (22.4 ) Total other expense (income) 11.4 (22.4 ) — — (11.0 ) (Loss) income before income taxes (12.1 ) 47.8 (3.6 ) — 32.1 Income tax (benefit) expense (4.1 ) 10.6 — — 6.5 (Loss) income after income taxes (8.0 ) 37.2 (3.6 ) — 25.6 Equity income (loss) in subsidiaries 33.6 (3.6 ) — (30.0 ) — NET INCOME (LOSS) 25.6 33.6 (3.6 ) (30.0 ) 25.6 TOTAL OTHER COMPREHENSIVE (LOSS) INCOME (0.4 ) (0.4 ) (2.6 ) 3.0 (0.4 ) COMPREHENSIVE INCOME (LOSS) $ 25.2 $ 33.2 $ (6.2 ) $ (27.0 ) $ 25.2 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 787.4 $ 159.6 $ (210.5 ) $ 736.5 Investment revenue — 10.7 0.1 — 10.8 Total revenue — 798.1 159.7 (210.5 ) 747.3 OPERATING EXPENSES Fee and other commissions expense — 392.3 93.7 (143.5 ) 342.5 Investment commissions expense — 0.2 — — 0.2 Total commissions expense — 392.5 93.7 (143.5 ) 342.7 Compensation and benefits — 107.5 37.2 — 144.7 Transaction and operations support 2.7 189.4 23.5 (67.0 ) 148.6 Occupancy, equipment and supplies — 19.2 7.3 — 26.5 Depreciation and amortization — 19.8 6.9 — 26.7 Total operating expenses 2.7 728.4 168.6 (210.5 ) 689.2 OPERATING (LOSS) INCOME (2.7 ) 69.7 (8.9 ) — 58.1 OTHER EXPENSE (INCOME) Interest expense 21.1 — — — 21.1 Securities settlements — (22.4 ) — — (22.4 ) Total other expense (income) 21.1 (22.4 ) — — (1.3 ) (Loss) income before income taxes (23.8 ) 92.1 (8.9 ) — 59.4 Income tax (benefit) expense (8.2 ) 3.0 — — (5.2 ) (Loss) income after income taxes (15.6 ) 89.1 (8.9 ) — 64.6 Equity income (loss) in subsidiaries 80.2 (8.9 ) — (71.3 ) — NET INCOME (LOSS) 64.6 80.2 (8.9 ) (71.3 ) 64.6 TOTAL OTHER COMPREHENSIVE (LOSS) INCOME (4.8 ) (4.8 ) (1.7 ) 6.5 (4.8 ) COMPREHENSIVE INCOME (LOSS) $ 59.8 $ 75.4 $ (10.6 ) $ (64.8 ) $ 59.8 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ 9.9 $ (32.2 ) $ 11.0 $ — $ (11.3 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (28.0 ) (4.8 ) — (32.8 ) Dividend from subsidiary 0.1 — — (0.1 ) — Intercompany financing (7.5 ) 1.2 — 6.3 — Net cash (used in) provided by investing activities (7.4 ) (26.8 ) (4.8 ) 6.2 (32.8 ) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on debt (2.5 ) — — — (2.5 ) Dividend to parent — (0.1 ) — 0.1 — Intercompany financings — 7.5 (1.2 ) (6.3 ) — Net cash (used in) provided by financing activities (2.5 ) 7.4 (1.2 ) (6.2 ) (2.5 ) NET CHANGE IN CASH AND CASH EQUIVALENTS — (51.6 ) 5.0 — (46.6 ) CASH AND CASH EQUIVALENTS—Beginning of period 2.1 126.7 46.4 — 175.2 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 75.1 $ 51.4 $ — $ 128.6 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED JUNE 30, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (6.6 ) $ 22.1 $ 36.9 $ — $ 52.4 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (9.3 ) (13.1 ) — (22.4 ) Proceeds from disposal of assets — 0.2 — — 0.2 Dividend from subsidiary 13.1 — — (13.1 ) — Intercompany financing 4.3 — — (4.3 ) — Net cash provided by (used in) investing activities 17.4 (9.1 ) (13.1 ) (17.4 ) (22.2 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of debt 129.8 — — — 129.8 Stock repurchase (133.0 ) — — — (133.0 ) Transaction costs for issuance and amendment of debt (5.1 ) — — — (5.1 ) Principal payments on debt (2.4 ) — — — (2.4 ) Dividend to parent — (13.1 ) — 13.1 — Intercompany financing — (4.3 ) — 4.3 — Net cash (used in) provided by financing activities (10.7 ) (17.4 ) — 17.4 (10.7 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 0.1 (4.4 ) 23.8 — 19.5 CASH AND CASH EQUIVALENTS—Beginning of period 2.0 258.2 69.4 — 329.6 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 253.8 $ 93.2 $ — $ 349.1 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (3.2 ) $ 0.7 $ (54.8 ) $ — $ (57.3 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (53.9 ) (5.8 ) — (59.7 ) Dividend from subsidiary 13.0 — — (13.0 ) — Intercompany financing (4.8 ) 44.5 — (39.7 ) — Net cash provided by (used in) investing activities 8.2 (9.4 ) (5.8 ) (52.7 ) (59.7 ) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on debt (5.0 ) — — — (5.0 ) Dividend to parent — (13.0 ) — 13.0 — Intercompany financings — 4.8 (44.5 ) 39.7 — Net cash (used in) provided by financing activities (5.0 ) (8.2 ) (44.5 ) 52.7 (5.0 ) NET CHANGE IN CASH AND CASH EQUIVALENTS — (16.9 ) (105.1 ) — (122.0 ) CASH AND CASH EQUIVALENTS—Beginning of period 2.1 92.0 156.5 — 250.6 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 75.1 $ 51.4 $ — $ 128.6 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (20.8 ) $ 88.7 $ 14.1 $ — $ 82.0 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (26.4 ) (13.1 ) — (39.5 ) Proceeds from disposal of assets — 0.2 — — 0.2 Dividend from subsidiary 24.4 — — (24.4 ) — Intercompany financing 9.2 — — (9.2 ) — Net cash provided by (used in) investing activities 33.6 (26.2 ) (13.1 ) (33.6 ) (39.3 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of debt 129.8 — — — 129.8 Stock repurchase (133.0 ) — — — (133.0 ) Transaction costs for issuance and amendment of debt (5.1 ) — — — (5.1 ) Payment on debt (4.5 ) — — — (4.5 ) Proceeds from exercise of stock options 0.4 — — — 0.4 Dividend to parent — (24.4 ) — 24.4 — Intercompany financing — (9.2 ) — 9.2 — Net cash (used in) provided by financing activities (12.4 ) (33.6 ) — 33.6 (12.4 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 0.4 28.9 1.0 — 30.3 CASH AND CASH EQUIVALENTS—Beginning of period 1.7 224.9 92.2 — 318.8 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 253.8 $ 93.2 $ — $ 349.1 |
Description of the Business a24
Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Nature of Operations — MoneyGram offers products and services under its two reporting segments: Global Funds Transfer ("GFT") and Financial Paper Products ("FPP"). The GFT segment provides global money transfer services and bill payment services to consumers through a network of agent locations. We primarily offer services through third-party agents, including retail chains, independent retailers, post offices and other financial institutions. We also offer self-service solutions such as moneygram.com, mobile, account deposit and kiosk-based services. We have Company-operated retail locations in the U.S. and Western Europe. The FPP segment provides official check outsourcing services and money orders through financial institutions and agent locations. |
Basis of Presentation | Basis of Presentation — The accompanying unaudited consolidated financial statements of MoneyGram are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for future periods. For further information, refer to the Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014. As of December 31, 2014, we recast our Consolidated Balance Sheets to include the settlement cash and cash equivalents, receivables, net, interest-bearing investments and available-for-sale investments in a new balance sheet caption, entitled "Settlement assets," in an amount equal to "Payment service obligations." The historically reported assets in excess of payment service obligations are now presented as unrestricted "Cash and cash equivalents" on the Consolidated Balance Sheets. Prior year amounts have been reclassified to conform to current year presentation. Similar presentation changes have been made on the prior year Consolidated Statement of Cash Flows to conform to current year presentation disclosing ending unrestricted "Cash and cash equivalents." In addition, we have recast the Consolidated Statements of Cash Flows to net the changes in "Settlement assets" and "Payment service obligations" in the operating section of the statement. Historically, investments used to settle payment service obligations were included in the investing section of the cash flow statement; however, settlement assets represent funds received or to be received from agents for unsettled money transfers, money orders and customer payments, the receipt of which creates an equal and offsetting settlement obligation for subsequent payment to the intended recipient. Settlement assets are segregated due to their restricted nature, as they are held for payout to customers and subject to restrictions by various U.S. state agencies and foreign jurisdictions pursuant to licensing requirements. Since "Settlement assets" and the related "Payment service obligations" fluctuate in equal amounts with one another, they do not have a net impact on the Company’s cash flows. |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on historical experience, future expectations and other factors and assumptions the Company believes to be reasonable under the circumstances. These estimates and assumptions are reviewed on an ongoing basis and are revised when necessary. Changes in estimates are recorded in the period of change. Actual amounts may differ from these estimates. |
Recently Issued Accounting Standards | Recent Accounting Pronouncements and Related Developments — In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, ("ASU 2015-02"). The new consolidation standard amended the process that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for the annual period ending after December 15, 2015, and for annual and interim periods thereafter. Early adoption is permitted. The adoption of ASU 2015-02 is not expected to have a material impact on our financial position or results of operations. In April 2015, the FASB issued ASU 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance ("ASU 2015-03"), which changes the presentation of debt issuance costs in financial statements. Under ASU 2015-03, an entity presents such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs is reported as interest expense. ASU 2015-03 is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The adoption of ASU 2015-03 will not have a significant impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-04, Compensation-Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets ("ASU 2015-04"). ASU 2015-04 gives an employer whose fiscal year end does not coincide with a calendar month end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month end that is closest to its fiscal year end. ASU 2015-04 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The adoption of ASU 2015-04 will not impact our consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement ("ASU 2015-05"), which amends ASC 350-40 to provide customers with guidance on whether a cloud computing arrangement contains a software license to be accounted for as internal use software. ASU 2015-05 will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on the consolidated financial statements. In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) ("ASU 2015-07"), which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Instead, those investments must be included as a reconciling line item so that the total fair value amount of investments in the disclosure is consistent with the amount on the balance sheet. ASU 2015-07 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The adoption of ASU 2015-07 will not have a significant impact on our consolidated financial statements. |
Reorganization and Restructur25
Reorganization and Restructuring Costs Reorganization and Restructuring Costs (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following table is a roll-forward of the restructuring costs accrual related to the 2014 Global Transformation Program as of June 30, 2015 : (Amounts in millions) Severance, Outplacement and Related Benefits Other (1) Total Balance, December 31, 2014 $ 12.6 $ 0.7 $ 13.3 Expenses 2.7 0.6 3.3 Cash payments (7.8 ) — (7.8 ) Balance, June 30, 2015 $ 7.5 $ 1.3 $ 8.8 (1) Other primarily relates to expenses for facilities relocation and professional fees. Such costs are expensed as incurred. |
Restructuring and Related Costs | The following table is a summary of the cumulative restructuring costs incurred to date in operating expenses and the estimated remaining restructuring costs to be incurred for the 2014 Global Transformation Program as of June 30, 2015 : (Amounts in millions) Severance, Outplacement and Related Benefits Other (1) Total Restructuring costs Cumulative restructuring expenses incurred to date in operating expenses $ 17.3 $ 2.3 $ 19.6 Estimated additional restructuring expenses to be incurred 0.9 0.1 1.0 Total restructuring costs incurred and to be incurred $ 18.2 $ 2.4 $ 20.6 (1) Other primarily relates to expenses for facilities relocation and professional fees. Such costs are expensed as incurred. |
Reorganization and restructuring in operating expenses [Table Text Block] | The following table summarizes the reorganization and restructuring costs recorded for the three and six months ended June 30, 2015 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Restructuring costs in operating expenses: Compensation and benefits $ 0.5 $ 3.8 $ 2.7 $ 6.0 Transaction and operations support 0.4 0.2 0.6 1.0 Total restructuring costs in operating expenses 0.9 4.0 3.3 7.0 Reorganization costs in operating expenses: Compensation and benefits $ 1.9 $ 1.1 $ 5.9 $ 1.2 Transaction and operations support 1.6 1.6 4.3 1.6 Occupancy, equipment and supplies 0.2 — 1.0 — Total reorganization costs in operating expenses 3.7 2.7 11.2 2.8 Total reorganization and restructuring costs $ 4.6 $ 6.7 $ 14.5 $ 9.8 |
Restructuring and related Activities Disclosure, by Segment | The following table is a summary of restructuring expenses related to the 2014 Global Transformation Program incurred by reportable segment: (Amounts in millions) GFT FPP Other Total Year ended December 31, 2014 $ 13.9 $ 1.7 $ 0.7 $ 16.3 First quarter 2015 2.2 0.2 — 2.4 Second quarter 2015 0.8 0.1 — 0.9 Total cumulative expenses incurred to date in operating expenses $ 16.9 $ 2.0 $ 0.7 $ 19.6 Total estimated additional expenses to be incurred 0.9 0.1 — 1.0 Total restructuring expenses $ 17.8 $ 2.1 $ 0.7 $ 20.6 |
Settlement Assets and Payment26
Settlement Assets and Payment Service Obligations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Settlement Assets in Excess of Payment Service Obligations [Abstract] | |
Settlement Assets and Payment Service Obligations | The following table summarizes the amount of Settlement assets and Payment service obligations at June 30, 2015 and December 31, 2014 : (Amounts in millions) June 30, 2015 December 31, 2014 Settlement assets: Settlement cash and cash equivalents $ 1,516.9 $ 1,657.3 Receivables, net 871.6 757.6 Interest-bearing investments 1,061.4 1,091.6 Available-for-sale investments 24.5 27.1 3,474.4 3,533.6 Payment service obligations $ (3,474.4 ) $ (3,533.6 ) The following table shows the components of our assets in excess of payment service obligations used for the asset coverage calculation as of June 30, 2015 and December 31, 2014 : (Amounts in millions) June 30, 2015 December 31, 2014 Cash and cash equivalents $ 128.6 $ 250.6 Settlement assets: Settlement cash and cash equivalents 1,516.9 1,657.3 Receivables, net 871.6 757.6 Interest-bearing investments 1,061.4 1,091.6 Available-for-sale investments 24.5 27.1 Total settlement assets 3,474.4 3,533.6 Total cash and cash equivalents and settlement assets 3,603.0 3,784.2 Payment service obligations (3,474.4 ) (3,533.6 ) Assets in excess of payment service obligations $ 128.6 $ 250.6 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Financial assets measured at fair value by hierarchy level | The following tables summarize the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of June 30, 2015 and December 31, 2014 : Fair Value at June 30, 2015 (Amounts in millions) Level 1 Level 2 Level 3 Total Financial assets: Available-for-sale investments: Residential mortgage-backed securities — agencies $ — $ 12.3 $ — $ 12.3 Other asset-backed securities — — 12.2 12.2 Investment related to deferred compensation trust 5.4 — — 5.4 Forward contracts — 0.3 — 0.3 Total financial assets $ 5.4 $ 12.6 $ 12.2 $ 30.2 Financial liabilities: Forward contracts $ — $ (0.2 ) $ — $ (0.2 ) Fair Value at December 31, 2014 (Amounts in millions) Level 1 Level 2 Level 3 Total Financial assets: Available-for-sale investments: Residential mortgage-backed securities — agencies $ — $ 14.5 $ — $ 14.5 Other asset-backed securities — — 12.6 12.6 Investment related to deferred compensation trust 10.0 — — 10.0 Forward contracts — 4.8 — 4.8 Total financial assets $ 10.0 $ 19.3 $ 12.6 $ 41.9 Financial liabilities: Forward contracts $ — $ 0.3 $ — $ 0.3 |
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 the valuation of other asset-backed securities classified as Level 3 as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 (Amounts in millions, except net average price) Unobservable Input Pricing Source Market Value Net Average Price (1) Market Value Net Average Price (1) Alt-A Price Third party pricing service $ 0.1 $ 79.83 $ 0.1 $ 80.75 Home Equity Price Third party pricing service 0.1 29.46 0.1 30.37 Indirect Exposure — High Grade Price Third party pricing service 8.4 21.92 8.3 21.64 Indirect Exposure — Mezzanine Price Third party pricing service 0.9 0.87 1.1 1.11 Indirect Exposure — Mezzanine Price Broker 1.2 1.45 1.3 1.52 Other Net Asset Value Third party pricing service 1.5 7.98 1.7 9.15 Total $ 12.2 $ 3.64 $ 12.6 $ 3.72 (1) Net average price is per $100.00 |
Roll-forward of other asset-backed securities | The following table provides a roll-forward of the other asset-backed securities classified as Level 3, which are measured at fair value on a recurring basis, for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Beginning balance $ 12.5 $ 15.6 $ 12.6 $ 20.6 Principal paydowns (0.1 ) (0.2 ) (0.2 ) (4.0 ) Change in unrealized losses (0.2 ) (0.1 ) (0.2 ) (1.3 ) Ending balance $ 12.2 $ 15.3 $ 12.2 $ 15.3 |
Fair value and carrying value of debt | The following table is a summary of fair value and carrying value of debt as of June 30, 2015 and December 31, 2014 : Fair Value Carrying Value (Amounts in millions) June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Senior secured credit facility $ 908.2 $ 884.0 $ 958.5 $ 963.5 |
Investment Portfolio (Tables)
Investment Portfolio (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Components of Investment Portfolio | The following table shows the components of the investment portfolio as of June 30, 2015 and December 31, 2014 : (Amounts in millions) June 30, 2015 December 31, 2014 Cash $ 1,637.6 $ 1,898.1 Money market securities 7.9 9.8 Cash and cash equivalents (1) 1,645.5 1,907.9 Interest-bearing investments 1,061.4 1,091.6 Available-for-sale investments 24.5 27.1 Total investment portfolio $ 2,731.4 $ 3,026.6 |
Available for Sale Investments | The following table is a summary of the amortized cost and fair value of available-for-sale investments as of June 30, 2015 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Net Average Price (1) (Amounts in millions, except net average price) Residential mortgage-backed securities — agencies $ 11.1 $ 1.2 $ — $ 12.3 $ 111.38 Other asset-backed securities 2.7 9.5 — 12.2 3.64 Total $ 13.8 $ 10.7 $ — $ 24.5 $ 7.10 (1) Net average price is per $100.00 The following table is a summary of the amortized cost and fair value of available-for-sale investments as of December 31, 2014 : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Net Average Price (1) (Amounts in millions, except net average price) Residential mortgage-backed securities — agencies $ 13.2 $ 1.3 $ — $ 14.5 $ 110.25 Other asset-backed securities 3.1 9.5 — 12.6 3.72 Total $ 16.3 $ 10.8 $ — $ 27.1 $ 8.04 (1) Net average price is per $100.00 |
Investment Ratings | The Company’s investments consisted of the following ratings as of June 30, 2015 and December 31, 2014 : June 30, 2015 December 31, 2014 Number of Securities Fair Value Percent of Investments Number of Securities Fair Value Percent of Investments (Dollars in millions) Investment grade 13 $ 12.2 50 % 13 $ 14.3 53 % Below investment grade 42 12.3 50 % 44 12.8 47 % Total 55 $ 24.5 100 % 57 $ 27.1 100 % |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of (Gains) Losses Related to Assets and Liabilities Denominated in Foreign Currencies | The “Transaction and operations support” line in the Consolidated Statements of Operations and the "Net cash (used in) provided by operating activities" line in the Consolidated Statements of Cash Flows include the following (gains) losses related to assets and liabilities denominated in foreign currencies, for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Net realized foreign currency (gains) losses $ (5.5 ) $ 0.5 $ 18.8 $ 2.2 Net losses (gains) from the related forward contracts 5.3 (0.5 ) (21.1 ) (2.1 ) Net losses (gains) from foreign currency transactions and related forward contracts $ (0.2 ) $ — $ (2.3 ) $ 0.1 |
Fair Values of Derivative Forward Contract Instruments | As of June 30, 2015 and December 31, 2014 , the Company reflects the following fair values of derivative forward contract instruments in its Consolidated Balance Sheets: Gross Amount of Recognized Assets Gross Amount of Offset Assets Net Amount of Assets Presented in the Consolidated Balance Sheets Balance Sheet Location June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 (Amounts in millions) Forward contracts Other assets $ 0.7 $ 5.3 $ (0.4 ) $ (0.5 ) $ 0.3 $ 4.8 Gross Amount of Recognized Liabilities Gross Amount of Offset Liabilities Net Amount of Liabilities Presented in the Consolidated Balance Sheets Balance Sheet Location June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 (Amounts in millions) Forward contracts Accounts payable and other liabilities $ 0.6 $ 0.8 $ (0.4 ) $ (0.5 ) $ 0.2 $ 0.3 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The following is a summary of the Company’s outstanding debt at June 30, 2015 and activity since December 31, 2014 : (Amounts in millions) Senior secured credit facility Balance at December 31, 2014 $ 963.5 Payments (5.0 ) Balance at June 30, 2015 $ 958.5 Weighted average interest rate 4.25 % |
Settlement Assets and Payment Service Obligations | The following table summarizes the amount of Settlement assets and Payment service obligations at June 30, 2015 and December 31, 2014 : (Amounts in millions) June 30, 2015 December 31, 2014 Settlement assets: Settlement cash and cash equivalents $ 1,516.9 $ 1,657.3 Receivables, net 871.6 757.6 Interest-bearing investments 1,061.4 1,091.6 Available-for-sale investments 24.5 27.1 3,474.4 3,533.6 Payment service obligations $ (3,474.4 ) $ (3,533.6 ) The following table shows the components of our assets in excess of payment service obligations used for the asset coverage calculation as of June 30, 2015 and December 31, 2014 : (Amounts in millions) June 30, 2015 December 31, 2014 Cash and cash equivalents $ 128.6 $ 250.6 Settlement assets: Settlement cash and cash equivalents 1,516.9 1,657.3 Receivables, net 871.6 757.6 Interest-bearing investments 1,061.4 1,091.6 Available-for-sale investments 24.5 27.1 Total settlement assets 3,474.4 3,533.6 Total cash and cash equivalents and settlement assets 3,603.0 3,784.2 Payment service obligations (3,474.4 ) (3,533.6 ) Assets in excess of payment service obligations $ 128.6 $ 250.6 |
Credit Agreement Quarterly Financial Covenants | The 2013 Credit Agreement also has quarterly financial covenants to maintain the following interest coverage and total secured leverage ratios: Interest Coverage Minimum Ratio Total Secured Leverage Not to Exceed Through December 31, 2015 2.25:1 4.750:1 January 1, 2016 through December 31, 2016 2.25:1 4.250:1 January 1, 2017 through December 31, 2017 2.25:1 3.750:1 January 1, 2018 through maturity 2.25:1 3.500:1 |
Schedule Of Deferred Financing Cost Table [Table Text Block] | 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. Amortization is recorded in “Interest expense” in the Consolidated Statements of Operations. The following is a summary of the deferred financing costs at June 30, 2015 . (Amounts in millions) Deferred Financing Costs Balance at December 31, 2014 $ 15.6 Amortization of deferred financing costs (1.5 ) Balance at June 30, 2015 $ 14.1 |
Pensions and Other Benefits (Ta
Pensions and Other Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Defined Benefit Pension Plan And Supplemental Executive Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | The following table is a summary of net periodic benefit expense for the Company’s Pension Plan and combined supplemental executive retirement plans (“SERPs”), for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Pension settlement charge $ 13.8 $ — $ 13.8 $ — Interest cost 2.4 2.7 5.0 5.4 Expected return on plan assets (1.5 ) (1.9 ) (3.3 ) (3.7 ) Recognized net actuarial loss 2.3 1.7 4.6 3.4 Net periodic benefit expense $ 17.0 $ 2.5 $ 20.1 $ 5.1 |
Net periodic benefit income | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs [Table Text Block] | The following table is a summary of net periodic benefit income for the Company’s postretirement medical benefit plans, for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Amortization of prior service credit (0.1 ) (0.1 ) $ (0.3 ) $ (0.3 ) Recognized net actuarial loss — — 0.1 0.1 Net periodic benefit income $ (0.1 ) $ (0.1 ) $ (0.2 ) $ (0.2 ) |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
Summary of Stock Activity | The following table is a summary of the Company’s authorized, issued and outstanding stock as of June 30, 2015 : D Stock Common Stock Treasury Stock (Shares in thousands) Authorized Issued Outstanding Authorized Issued Outstanding June 30, 2015 200 71 71 162,500 58,824 53,244 (5,580 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss — The following tables are a summary of the changes to "Accumulated other comprehensive loss" by component during the six months ended June 30, 2015 and 2014 : (Amounts in millions) Net unrealized gains on securities classified as available-for-sale, net of tax Cumulative foreign currency translation adjustments, net of tax Pension and postretirement benefits adjustment, net of tax Total December 31, 2014 $ 11.2 $ (5.4 ) $ (72.9 ) $ (67.1 ) Other comprehensive income (loss) before reclassification 0.6 (7.8 ) 6.3 (0.9 ) Amounts reclassified from accumulated other comprehensive (loss) income (0.6 ) — 11.6 11.0 Net current period other comprehensive (loss) income — (7.8 ) 17.9 10.1 June 30, 2015 $ 11.2 $ (13.2 ) $ (55.0 ) $ (57.0 ) (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 December 31, 2013 $ 17.3 $ 3.5 $ (53.8 ) $ (33.0 ) Other comprehensive loss before reclassification (0.2 ) (2.0 ) — (2.2 ) Amounts reclassified from accumulated other comprehensive (loss) income (4.7 ) — 2.1 (2.6 ) Net current period other comprehensive (loss) income (4.9 ) (2.0 ) 2.1 (4.8 ) June 30, 2014 $ 12.4 $ 1.5 $ (51.7 ) $ (37.8 ) |
Schedule of Amounts Reclassified From AOCI | The following table is a summary of the significant amounts reclassified out of each component of "Accumulated other comprehensive loss" during the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, Statement of Operations Location (Amounts in millions) 2015 2014 2015 2014 Unrealized gains on securities classified as available-for-sale, before tax $ (0.3 ) $ (0.3 ) $ (0.5 ) $ (5.1 ) "Investment revenue" Tax (benefit) expense, net (0.1 ) (0.1 ) (0.1 ) 0.4 Total gains, net of tax $ (0.4 ) $ (0.4 ) $ (0.6 ) $ (4.7 ) Pension and postretirement benefits adjustments: Prior service credits $ (0.1 ) $ (0.1 ) $ (0.3 ) $ (0.3 ) "Compensation and benefits" Net actuarial losses 2.3 1.7 4.7 3.5 "Compensation and benefits" Pension settlement charge 13.8 — 13.8 — "Compensation and benefits" Total before tax 16.0 1.6 18.2 3.2 Tax benefit, net (5.8 ) (0.5 ) (6.6 ) (1.1 ) Total, net of tax $ 10.2 $ 1.1 $ 11.6 $ 2.1 Total reclassified for the period, net of tax $ 9.8 $ 0.7 $ 11.0 $ (2.6 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock-Based Compensation Expense | The following table is a summary of stock-based compensation expense for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Expense recognized related to stock options $ 1.0 $ 2.1 $ 2.5 $ 3.4 Expense recognized related to restricted stock units 4.0 2.4 6.5 4.2 Stock-based compensation expense $ 5.0 $ 4.5 $ 9.0 $ 7.6 |
Summary of Stock Option Activity | The following table is a summary of the Company’s stock option activity for the six months ended June 30, 2015 : Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value ($000,000) Options outstanding at December 31, 2014 3,786,458 $ 19.57 6.3 years $ — Forfeited/Expired (462,407 ) 22.02 Options outstanding at June 30, 2015 3,324,051 $ 19.23 5.8 years $ — Vested or expected to vest at June 30, 2015 3,233,874 $ 19.28 5.7 years $ — Options exercisable at June 30, 2015 2,222,567 $ 19.20 4.9 years $ — |
Summary of Restricted Stock Unit Activity | The following table is a summary of the Company’s restricted stock unit activity for the six months ended June 30, 2015 : Total Shares Weighted Average Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value ($000,000) Restricted stock units outstanding at December 31, 2014 1,701,607 $ 15.77 1.4 years $ 15.5 Granted 2,955,039 8.62 Vested and converted to shares (209,204 ) 18.13 Forfeited (218,313 ) 13.92 Restricted stock units outstanding at June 30, 2015 4,229,129 $ 10.59 1.5 years $ 38.9 |
Income Taxes Unrecognized tax b
Income Taxes Unrecognized tax benefit rollforward (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table is a summary of unrecognized tax benefits as of June 30, 2015 : (Amounts in millions) Balance at December 31, 2014 $ 31.7 Additions based on tax positions related to prior years 1.5 Reductions for tax positions of prior years (9.7 ) Balance at June 30, 2015 $ 23.5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Minimum Future Rental Payments | The following table is a summary of the minimum future rental payments for all non-cancelable operating leases with an initial term of more than one year at June 30, 2015 (amounts in millions): 2015 $ 7.7 2016 11.5 2017 9.5 2018 8.5 2019 7.9 Thereafter 17.3 Total $ 62.4 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The following table is a reconciliation of the weighted-average amounts used in calculating (loss) earnings per share for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Basic common shares outstanding 62.1 63.6 62.1 67.6 Shares related to stock options and restricted stock units — 0.2 — 0.2 Diluted common shares outstanding 62.1 63.8 62.1 67.8 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table summarizes the weighted-average potential common shares excluded from diluted (loss) earnings per common share, as their effect would be anti-dilutive, for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Shares related to stock options 3.5 4.3 3.6 4.3 Shares related to restricted stock units 4.3 1.8 3.5 1.5 Shares excluded from the computation 7.8 6.1 7.1 5.8 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Revenue by Segment | The following table is a summary of the total revenue by segment for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Global Funds Transfer revenue: Money transfer revenue $ 316.6 $ 328.3 $ 603.4 $ 654.4 Bill payment revenue 24.1 24.5 49.6 50.1 Total Global Funds Transfer revenue 340.7 352.8 653.0 704.5 Financial Paper Products revenue: Money order revenue 12.8 13.3 25.9 27.7 Official check revenue 5.3 6.3 10.5 15.1 Total Financial Paper Products revenue 18.1 19.6 36.4 42.8 Total revenue $ 358.8 $ 372.4 $ 689.4 $ 747.3 |
Operating Income by Segment | The following table is a summary of the operating (loss) income by segment and detail of the (loss) income before income taxes for the three and six months ended June 30, 2015 and 2014 : Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2015 2014 2015 2014 Global Funds Transfer operating income $ 0.4 $ 19.5 $ 0.6 $ 51.0 Financial Paper Products operating income 4.0 6.1 9.4 15.9 Total segment operating income 4.4 25.6 10.0 66.9 Other operating loss (20.1 ) (4.5 ) (24.0 ) (8.8 ) Total operating (loss) income (15.7 ) 21.1 (14.0 ) 58.1 Securities settlements — (22.4 ) — (22.4 ) Interest expense 11.4 11.4 22.5 21.1 (Loss) income before income taxes $ (27.1 ) $ 32.1 $ (36.5 ) $ 59.4 |
Assets by Segment | The following table sets forth the assets by segment as of June 30, 2015 and December 31, 2014 : (Amounts in millions) June 30, 2015 December 31, 2014 Global Funds Transfer $ 1,988.9 $ 1,858.3 Financial Paper Products 2,335.6 2,464.5 Other 140.1 319.4 Total assets $ 4,464.6 $ 4,642.2 |
Condensed Consolidating Finan38
Condensed Consolidating Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Consolidating Financial Statements [Abstract] | |
CONDENSED, CONSOLIDATING BALANCE SHEETS | MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING BALANCE SHEETS AS OF JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 2.1 $ 75.1 $ 51.4 $ — $ 128.6 Settlement assets — 3,378.8 95.6 — 3,474.4 Property and equipment, net — 171.6 20.4 — 192.0 Goodwill — 315.3 127.2 — 442.5 Other assets 16.9 218.7 40.1 (48.6 ) 227.1 Equity investments in subsidiaries 16.4 207.7 — (224.1 ) — Intercompany receivables 697.2 6.8 7.4 (711.4 ) — Total assets $ 732.6 $ 4,374.0 $ 342.1 $ (984.1 ) $ 4,464.6 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Payment service obligations $ — $ 3,426.5 $ 47.9 $ — $ 3,474.4 Debt 958.5 — — — 958.5 Pension and other postretirement benefits — 111.4 — — 111.4 Accounts payable and other liabilities 22.8 115.4 79.4 (48.6 ) 169.0 Intercompany liabilities — 704.3 7.1 (711.4 ) — Total liabilities 981.3 4,357.6 134.4 (760.0 ) 4,713.3 Total stockholders’ (deficit) equity (248.7 ) 16.4 207.7 (224.1 ) (248.7 ) Total liabilities and stockholders’ (deficit) equity $ 732.6 $ 4,374.0 $ 342.1 $ (984.1 ) $ 4,464.6 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING BALANCE SHEETS AS OF DECEMBER 31, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 2.1 $ 92.0 $ 156.5 $ — $ 250.6 Settlement assets — 3,494.4 39.2 — 3,533.6 Property and equipment, net — 143.3 22.3 — 165.6 Goodwill — 315.3 127.2 — 442.5 Other assets 22.4 253.3 36.4 (62.2 ) 249.9 Equity investments in subsidiaries 102.2 206.2 — (308.4 ) — Intercompany receivables 692.4 51.5 — (743.9 ) — Total assets $ 819.1 $ 4,556.0 $ 381.6 $ (1,114.5 ) $ 4,642.2 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Payment service obligations $ — $ 3,500.4 $ 33.2 $ — $ 3,533.6 Debt 963.5 — — — 963.5 Pension and other postretirement benefits — 125.7 — — 125.7 Accounts payable and other liabilities 38.3 128.0 98.0 (62.2 ) 202.1 Intercompany liabilities — 699.7 44.2 (743.9 ) — Total liabilities 1,001.8 4,453.8 175.4 (806.1 ) 4,824.9 Total stockholders’ (deficit) equity (182.7 ) 102.2 206.2 (308.4 ) (182.7 ) Total liabilities and stockholders’ (deficit) equity $ 819.1 $ 4,556.0 $ 381.6 $ (1,114.5 ) $ 4,642.2 |
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 380.9 $ 119.6 $ (144.5 ) $ 356.0 Investment revenue — 2.7 0.1 — 2.8 Total revenue — 383.6 119.7 (144.5 ) 358.8 OPERATING EXPENSES Fee and other commissions expense — 159.6 80.7 (77.1 ) 163.2 Investment commissions expense — 0.2 — — 0.2 Total commissions expense — 159.8 80.7 (77.1 ) 163.4 Compensation and benefits — 64.9 22.9 — 87.8 Transaction and operations support 0.5 143.7 13.5 (67.4 ) 90.3 Occupancy, equipment and supplies — 20.7 4.0 (8.9 ) 15.8 Depreciation and amortization — 13.9 3.3 — 17.2 Total operating expenses 0.5 403.0 124.4 (153.4 ) 374.5 OPERATING (LOSS) INCOME (0.5 ) (19.4 ) (4.7 ) 8.9 (15.7 ) OTHER EXPENSE (INCOME) Interest expense 11.4 — — — 11.4 Other income — — (8.9 ) 8.9 — Total other expense (income) 11.4 — (8.9 ) 8.9 11.4 (Loss) income before income taxes (11.9 ) (19.4 ) 4.2 — (27.1 ) Income tax (benefit) expense (4.0 ) (10.8 ) 0.1 — (14.7 ) (Loss) income after income taxes (7.9 ) (8.6 ) 4.1 — (12.4 ) Equity (loss) income in subsidiaries (4.5 ) 4.1 — 0.4 — NET (LOSS) INCOME (12.4 ) (4.5 ) 4.1 0.4 (12.4 ) TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 20.7 20.7 3.7 (24.4 ) 20.7 COMPREHENSIVE INCOME (LOSS) $ 8.3 $ 16.2 $ 7.8 $ (24.0 ) $ 8.3 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 673.7 $ 215.3 $ (205.3 ) $ 683.7 Investment revenue — 5.6 0.1 — 5.7 Total revenue — 679.3 215.4 (205.3 ) 689.4 OPERATING EXPENSES Fee and other commissions expense — 307.6 122.6 (113.6 ) 316.6 Investment commissions expense — 0.3 — — 0.3 Total commissions expense — 307.9 122.6 (113.6 ) 316.9 Compensation and benefits — 113.5 49.0 — 162.5 Transaction and operations support 0.8 222.7 28.9 (91.7 ) 160.7 Occupancy, equipment and supplies — 31.9 8.3 (8.9 ) 31.3 Depreciation and amortization — 25.8 6.2 — 32.0 Total operating expenses 0.8 701.8 215.0 (214.2 ) 703.4 OPERATING (LOSS) INCOME (0.8 ) (22.5 ) 0.4 8.9 (14.0 ) OTHER EXPENSE (INCOME) Interest expense 22.5 — — — 22.5 Other income — — (8.9 ) 8.9 — Total other expense (income) 22.5 — (8.9 ) 8.9 22.5 (Loss) income before income taxes (23.3 ) (22.5 ) 9.3 — (36.5 ) Income tax (benefit) expense (8.0 ) 55.3 0.6 — 47.9 (Loss) income after income taxes (15.3 ) (77.8 ) 8.7 — (84.4 ) Equity (loss) income in subsidiaries (69.1 ) 8.7 — 60.4 — NET (LOSS) INCOME (84.4 ) (69.1 ) 8.7 60.4 (84.4 ) TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 10.1 10.1 (10.9 ) 0.8 10.1 COMPREHENSIVE (LOSS) INCOME $ (74.3 ) $ (59.0 ) $ (2.2 ) $ 61.2 $ (74.3 ) MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 381.9 $ 84.3 $ (97.4 ) $ 368.8 Investment revenue — 3.5 0.1 — 3.6 Total revenue — 385.4 84.4 (97.4 ) 372.4 OPERATING EXPENSES Fee and other commissions expense — 183.5 50.3 (62.2 ) 171.6 Investment commissions expense — 0.1 — — 0.1 Total commissions expense — 183.6 50.3 (62.2 ) 171.7 Compensation and benefits — 54.8 20.2 — 75.0 Transaction and operations support 0.7 101.6 10.2 (35.2 ) 77.3 Occupancy, equipment and supplies — 9.8 3.9 — 13.7 Depreciation and amortization — 10.2 3.4 — 13.6 Total operating expenses 0.7 360.0 88.0 (97.4 ) 351.3 OPERATING (LOSS) INCOME (0.7 ) 25.4 (3.6 ) — 21.1 OTHER EXPENSE (INCOME) Interest expense 11.4 — — — 11.4 Securities settlements — (22.4 ) — — (22.4 ) Total other expense (income) 11.4 (22.4 ) — — (11.0 ) (Loss) income before income taxes (12.1 ) 47.8 (3.6 ) — 32.1 Income tax (benefit) expense (4.1 ) 10.6 — — 6.5 (Loss) income after income taxes (8.0 ) 37.2 (3.6 ) — 25.6 Equity income (loss) in subsidiaries 33.6 (3.6 ) — (30.0 ) — NET INCOME (LOSS) 25.6 33.6 (3.6 ) (30.0 ) 25.6 TOTAL OTHER COMPREHENSIVE (LOSS) INCOME (0.4 ) (0.4 ) (2.6 ) 3.0 (0.4 ) COMPREHENSIVE INCOME (LOSS) $ 25.2 $ 33.2 $ (6.2 ) $ (27.0 ) $ 25.2 |
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ 9.9 $ (32.2 ) $ 11.0 $ — $ (11.3 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (28.0 ) (4.8 ) — (32.8 ) Dividend from subsidiary 0.1 — — (0.1 ) — Intercompany financing (7.5 ) 1.2 — 6.3 — Net cash (used in) provided by investing activities (7.4 ) (26.8 ) (4.8 ) 6.2 (32.8 ) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on debt (2.5 ) — — — (2.5 ) Dividend to parent — (0.1 ) — 0.1 — Intercompany financings — 7.5 (1.2 ) (6.3 ) — Net cash (used in) provided by financing activities (2.5 ) 7.4 (1.2 ) (6.2 ) (2.5 ) NET CHANGE IN CASH AND CASH EQUIVALENTS — (51.6 ) 5.0 — (46.6 ) CASH AND CASH EQUIVALENTS—Beginning of period 2.1 126.7 46.4 — 175.2 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 75.1 $ 51.4 $ — $ 128.6 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED JUNE 30, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (6.6 ) $ 22.1 $ 36.9 $ — $ 52.4 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (9.3 ) (13.1 ) — (22.4 ) Proceeds from disposal of assets — 0.2 — — 0.2 Dividend from subsidiary 13.1 — — (13.1 ) — Intercompany financing 4.3 — — (4.3 ) — Net cash provided by (used in) investing activities 17.4 (9.1 ) (13.1 ) (17.4 ) (22.2 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of debt 129.8 — — — 129.8 Stock repurchase (133.0 ) — — — (133.0 ) Transaction costs for issuance and amendment of debt (5.1 ) — — — (5.1 ) Principal payments on debt (2.4 ) — — — (2.4 ) Dividend to parent — (13.1 ) — 13.1 — Intercompany financing — (4.3 ) — 4.3 — Net cash (used in) provided by financing activities (10.7 ) (17.4 ) — 17.4 (10.7 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 0.1 (4.4 ) 23.8 — 19.5 CASH AND CASH EQUIVALENTS—Beginning of period 2.0 258.2 69.4 — 329.6 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 253.8 $ 93.2 $ — $ 349.1 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (3.2 ) $ 0.7 $ (54.8 ) $ — $ (57.3 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (53.9 ) (5.8 ) — (59.7 ) Dividend from subsidiary 13.0 — — (13.0 ) — Intercompany financing (4.8 ) 44.5 — (39.7 ) — Net cash provided by (used in) investing activities 8.2 (9.4 ) (5.8 ) (52.7 ) (59.7 ) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on debt (5.0 ) — — — (5.0 ) Dividend to parent — (13.0 ) — 13.0 — Intercompany financings — 4.8 (44.5 ) 39.7 — Net cash (used in) provided by financing activities (5.0 ) (8.2 ) (44.5 ) 52.7 (5.0 ) NET CHANGE IN CASH AND CASH EQUIVALENTS — (16.9 ) (105.1 ) — (122.0 ) CASH AND CASH EQUIVALENTS—Beginning of period 2.1 92.0 156.5 — 250.6 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 75.1 $ 51.4 $ — $ 128.6 MONEYGRAM INTERNATIONAL, INC. CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (20.8 ) $ 88.7 $ 14.1 $ — $ 82.0 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (26.4 ) (13.1 ) — (39.5 ) Proceeds from disposal of assets — 0.2 — — 0.2 Dividend from subsidiary 24.4 — — (24.4 ) — Intercompany financing 9.2 — — (9.2 ) — Net cash provided by (used in) investing activities 33.6 (26.2 ) (13.1 ) (33.6 ) (39.3 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of debt 129.8 — — — 129.8 Stock repurchase (133.0 ) — — — (133.0 ) Transaction costs for issuance and amendment of debt (5.1 ) — — — (5.1 ) Payment on debt (4.5 ) — — — (4.5 ) Proceeds from exercise of stock options 0.4 — — — 0.4 Dividend to parent — (24.4 ) — 24.4 — Intercompany financing — (9.2 ) — 9.2 — Net cash (used in) provided by financing activities (12.4 ) (33.6 ) — 33.6 (12.4 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 0.4 28.9 1.0 — 30.3 CASH AND CASH EQUIVALENTS—Beginning of period 1.7 224.9 92.2 — 318.8 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 253.8 $ 93.2 $ — $ 349.1 |
Description of the Business a39
Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2015Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Reportable Segments | 2 |
Reorganization and Restructur40
Reorganization and Restructuring Costs Schedule of Restructuring Reserve by Type of Cost (Details) - Operating Expense - 2014 Global Transformation Program $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | $ 13.3 |
Restructuring costs, current expense | 3.3 |
Cash payments | (7.8) |
Ending Balance | 8.8 |
Severance, outplacement and related benefits | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 12.6 |
Restructuring costs, current expense | 2.7 |
Cash payments | (7.8) |
Ending Balance | 7.5 |
Other Expense | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 0.7 |
Restructuring costs, current expense | 0.6 |
Cash payments | 0 |
Ending Balance | $ 1.3 |
Reorganization and Restructur41
Reorganization and Restructuring Costs Restructuring Costs (Details) - Jun. 30, 2015 - 2014 Global Transformation Program - Operating Expense - USD ($) $ in Millions | Total |
Restructuring Cost and Reserve [Line Items] | |
Cumulative restructuring expenses incurred to date in operating expenses | $ 19.6 |
Estimated additional expenses to be incurred | 1 |
Total restructuring costs incurred and to be incurred | 20.6 |
Severance, outplacement and related benefits | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative restructuring expenses incurred to date in operating expenses | 17.3 |
Estimated additional expenses to be incurred | 0.9 |
Total restructuring costs incurred and to be incurred | 18.2 |
Other Expense | |
Restructuring Cost and Reserve [Line Items] | |
Cumulative restructuring expenses incurred to date in operating expenses | 2.3 |
Estimated additional expenses to be incurred | 0.1 |
Total restructuring costs incurred and to be incurred | $ 2.4 |
Reorganization and Restructur42
Reorganization and Restructuring Costs Reorganization and restructuring costs by operating expense (Details) - 2014 Global Transformation Program - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Reorganization and restructuring in operating expenses [Line Items] | ||||||
Reorganization Costs | $ 3.7 | $ 2.7 | $ 11.2 | $ 2.8 | ||
Reorganization And Restructuring Costs | 4.6 | 6.7 | 14.5 | 9.8 | ||
Operating Expense | ||||||
Reorganization and restructuring in operating expenses [Line Items] | ||||||
Restructuring charges | 0.9 | $ 2.4 | 4 | 3.3 | 7 | $ 16.3 |
Compensation And Benefits [Member] | Operating Expense | ||||||
Reorganization and restructuring in operating expenses [Line Items] | ||||||
Restructuring charges | 0.5 | 3.8 | 2.7 | 6 | ||
Reorganization Costs | 1.9 | 1.1 | 5.9 | 1.2 | ||
Selling, General and Administrative Expenses [Member] | Operating Expense | ||||||
Reorganization and restructuring in operating expenses [Line Items] | ||||||
Restructuring charges | 0.4 | 0.2 | 0.6 | 1 | ||
Reorganization Costs | 1.6 | 1.6 | 4.3 | 1.6 | ||
Occupancy Equipment And Supplies [Member] | Operating Expense | ||||||
Reorganization and restructuring in operating expenses [Line Items] | ||||||
Reorganization Costs | $ 0.2 | $ 0 | $ 1 | $ 0 |
Reorganization and Restructur43
Reorganization and Restructuring Costs Summary of Restructuring Expenses Incurred by Reportable Segment (Details) - Operating Expense - 2014 Global Transformation Program - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 0.9 | $ 2.4 | $ 4 | $ 3.3 | $ 7 | $ 16.3 |
Cumulative restructuring expenses incurred to date in operating expenses | 19.6 | 19.6 | ||||
Estimated additional expenses to be incurred | 1 | 1 | ||||
Total restructuring costs incurred and to be incurred | 20.6 | |||||
Global Funds Transfer | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 0.8 | 2.2 | 13.9 | |||
Cumulative restructuring expenses incurred to date in operating expenses | 16.9 | 16.9 | ||||
Estimated additional expenses to be incurred | 0.9 | 0.9 | ||||
Total restructuring costs incurred and to be incurred | 17.8 | |||||
Financial Paper Products | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 0.1 | 0.2 | 1.7 | |||
Cumulative restructuring expenses incurred to date in operating expenses | 2 | 2 | ||||
Estimated additional expenses to be incurred | 0.1 | 0.1 | ||||
Total restructuring costs incurred and to be incurred | 2.1 | |||||
Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 0 | $ 0 | $ 0.7 | |||
Cumulative restructuring expenses incurred to date in operating expenses | 0.7 | 0.7 | ||||
Estimated additional expenses to be incurred | $ 0 | 0 | ||||
Total restructuring costs incurred and to be incurred | $ 0.7 |
Settlement Assets and Payment44
Settlement Assets and Payment Service Obligations (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Settlement cash and cash equivalents | $ 1,516.9 | $ 1,657.3 |
Receivables, net | 871.6 | 757.6 |
Interest-bearing investments | 1,061.4 | 1,091.6 |
Available-for-sale investments | 24.5 | 27.1 |
Settlement Assets | 3,474.4 | 3,533.6 |
Payment service obligations | $ (3,474.4) | $ (3,533.6) |
Fair Value Measurement (Assets
Fair Value Measurement (Assets and Liabilities Measured at Fair Value by Hierarchy Level) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Financial assets: | ||
Available-for-sale investments | $ 24.5 | $ 27.1 |
Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Total financial assets | 30.2 | 41.9 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Residential mortgage-backed securities — agencies | 12.3 | 14.5 |
Other asset-backed securities | ||
Financial assets: | ||
Available-for-sale investments | 12.2 | 12.6 |
Other asset-backed securities | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Available-for-sale investments | 12.2 | 12.6 |
Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Investment related to deferred compensation trust | 5.4 | 10 |
Forward contracts | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Forward contracts | 0.3 | 4.8 |
Financial liabilities: | ||
Forward contracts | (0.2) | 0.3 |
Level 1 | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Total financial assets | 5.4 | 10 |
Level 1 | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Residential mortgage-backed securities — agencies | 0 | 0 |
Level 1 | Other asset-backed securities | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Available-for-sale investments | 0 | 0 |
Level 1 | Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Investment related to deferred compensation trust | 5.4 | 10 |
Level 1 | Forward contracts | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Forward contracts | 0 | 0 |
Financial liabilities: | ||
Forward contracts | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Total financial assets | 12.6 | 19.3 |
Level 2 | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Residential mortgage-backed securities — agencies | 12.3 | 14.5 |
Level 2 | Other asset-backed securities | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Available-for-sale investments | 0 | 0 |
Level 2 | Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Investment related to deferred compensation trust | 0 | 0 |
Level 2 | Forward contracts | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Forward contracts | 0.3 | 4.8 |
Financial liabilities: | ||
Forward contracts | (0.2) | 0.3 |
Level 3 | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Total financial assets | 12.2 | 12.6 |
Level 3 | Collateralized Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Residential mortgage-backed securities — agencies | 0 | 0 |
Level 3 | Other asset-backed securities | ||
Financial assets: | ||
Available-for-sale investments | 12.2 | 12.6 |
Level 3 | Other asset-backed securities | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Available-for-sale investments | 12.2 | 12.6 |
Level 3 | Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Investment related to deferred compensation trust | 0 | 0 |
Level 3 | Forward contracts | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Forward contracts | 0 | 0 |
Financial liabilities: | ||
Forward contracts | $ 0 | $ 0 |
Fair Value Measurement (Summary
Fair Value Measurement (Summary of Unobservable Inputs Used in Other Asset-Backed Securities Classified as Level 3) (Detail) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)netaverageprice$ / shares | Dec. 31, 2014USD ($)netaverageprice$ / shares | |
Other asset-backed securities | ||
Available-for-sale Securities | $ 24.5 | $ 27.1 |
Net average price basis | $ / shares | $ 100 | $ 100 |
Other asset-backed securities | ||
Other asset-backed securities | ||
Available-for-sale Securities | $ 12.2 | $ 12.6 |
Level 3 | Other asset-backed securities | ||
Other asset-backed securities | ||
Available-for-sale Securities | $ 12.2 | $ 12.6 |
Net Average Price (1) | netaverageprice | 3.64 | 3.72 |
Level 3 | Other asset-backed securities | Alt-A | ||
Other asset-backed securities | ||
Available-for-sale Securities | $ 0.1 | $ 0.1 |
Net Average Price (1) | netaverageprice | 79.83 | 80.75 |
Level 3 | Other asset-backed securities | Home Equity | ||
Other asset-backed securities | ||
Available-for-sale Securities | $ 0.1 | $ 0.1 |
Net Average Price (1) | netaverageprice | 29.46 | 30.37 |
Level 3 | Other asset-backed securities | Indirect Exposure — High Grade | ||
Other asset-backed securities | ||
Available-for-sale Securities | $ 8.4 | $ 8.3 |
Net Average Price (1) | netaverageprice | 21.92 | 21.64 |
Level 3 | Other asset-backed securities | Indirect Exposure - Mezzanine - Third Party Pricing Service | ||
Other asset-backed securities | ||
Available-for-sale Securities | $ 0.9 | $ 1.1 |
Net Average Price (1) | netaverageprice | 0.87 | 1.11 |
Level 3 | Other asset-backed securities | Indirect Exposure Mezzanine Broker Priced | ||
Other asset-backed securities | ||
Available-for-sale Securities | $ 1.2 | $ 1.3 |
Net Average Price (1) | netaverageprice | 1.45 | 1.52 |
Level 3 | Other asset-backed securities | Other | ||
Other asset-backed securities | ||
Available-for-sale Securities | $ 1.5 | $ 1.7 |
Net Average Price (1) | netaverageprice | 7.98 | 9.15 |
Fair Value, Measurements, Recurring | Other asset-backed securities | ||
Other asset-backed securities | ||
Available-for-sale Securities | $ 12.2 | $ 12.6 |
Fair Value, Measurements, Recurring | Level 3 | Other asset-backed securities | ||
Other asset-backed securities | ||
Available-for-sale Securities | $ 12.2 | $ 12.6 |
Fair Value Measurement (Roll-fo
Fair Value Measurement (Roll-forward of Other Asset-Backed Securities) (Detail) - Level 3 - Fair Value, Measurements, Recurring - Other asset-backed securities - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning balance | $ 12.5 | $ 15.6 | $ 12.6 | $ 20.6 |
Principal paydowns | (0.1) | (0.2) | (0.2) | (4) |
Change in unrealized losses | 0.2 | (0.1) | 0.2 | (1.3) |
Ending balance | $ 12.2 | $ 15.3 | $ 12.2 | $ 15.3 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 958.5 | $ 963.5 | |
Other than temporary impairments | 0 | $ 0 | |
Impairments of fixed assets, goodwill and other intangible assets | 0 | $ 0 | |
2013 Credit Agreement | Fair Value, Measurements, Recurring | Senior secured credit facility | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value | 908.2 | 884 | |
Carrying Value | $ 958.5 | $ 963.5 |
Investment Portfolio (Component
Investment Portfolio (Components of Investment Portfolio) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Investments, Debt and Equity Securities [Line Items] | ||||||
Cash | $ 1,637.6 | $ 1,898.1 | ||||
Money market securities | 7.9 | 9.8 | ||||
Cash and cash equivalents (1) | 128.6 | $ 175.2 | 250.6 | $ 349.1 | $ 329.6 | $ 318.8 |
Interest-bearing investments | 1,061.4 | 1,091.6 | ||||
Available-for-sale Securities | 24.5 | 27.1 | ||||
Total investment portfolio | 2,731.4 | 3,026.6 | ||||
Other Investments | ||||||
Investments, Debt and Equity Securities [Line Items] | ||||||
Cash and cash equivalents (1) | $ 1,645.5 | $ 1,907.9 |
Investment Portfolio - Addition
Investment Portfolio - Additional Information (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($)fund$ / shares | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2013USD ($) | |
Investment [Line Items] | ||||
Available-for-sale Securities, Gross Unrealized Loss | $ 0 | |||
Number of investments in money market securities (in funds) | fund | 2 | |||
Percentage Of Available For Sale Portfolio Collateralized By Us Debentures | 50.00% | 54.00% | ||
Average price of an asset-backed security at par (in dollars per share) | $ / shares | $ 0.04 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (57,000) | $ (67,100) | ||
Change in Investment Grade | $ 0 | $ 0 | ||
Percentage of available-for-sale portfolio priced by third party pricing service | 95.00% | 95.00% | ||
Percentage of available-for-sale portfolio priced by broker pricing | 5.00% | 5.00% | ||
Unrealized losses in available-for-sale portfolio | $ 0 | |||
Net unrealized gains on securities classified as available-for-sale, net of tax | ||||
Investment [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 11,200 | $ 11,200 | $ 12,400 | $ 17,300 |
Investment Portfolio (Available
Investment Portfolio (Available for Sale Investments) (Detail) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)netaverageprice$ / shares | Dec. 31, 2014USD ($)netaverageprice$ / shares | |
Investment [Line Items] | ||
Amortized Cost | $ 13.8 | $ 16.3 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 10.7 | 10.8 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale Securities | $ 24.5 | $ 27.1 |
Net Average Price (in dollars per share) | netaverageprice | 7.10 | 8.04 |
Net average price basis | $ / shares | $ 100 | $ 100 |
Residential mortgage-backed securities — agencies | ||
Investment [Line Items] | ||
Amortized Cost | $ 11.1 | $ 13.2 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1.2 | 1.3 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale Securities | $ 12.3 | $ 14.5 |
Net Average Price (in dollars per share) | netaverageprice | 111.38 | 110.25 |
Other asset-backed securities | ||
Investment [Line Items] | ||
Amortized Cost | $ 2.7 | $ 3.1 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 9.5 | 9.5 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Available-for-sale Securities | $ 12.2 | $ 12.6 |
Net Average Price (in dollars per share) | netaverageprice | 3.64 | 3.72 |
Investment Portfolio (Investmen
Investment Portfolio (Investment Ratings) (Detail) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)Securities | Dec. 31, 2014USD ($)Securities | |
Available for Sale Securities By Credit Qaulity Indicator [Line Items] | ||
Number of Securities | 55 | 57 |
Fair Value | $ | $ 24.5 | $ 27.1 |
Percent of Investments | 100.00% | 100.00% |
External Credit Rating, Investment Grade | ||
Available for Sale Securities By Credit Qaulity Indicator [Line Items] | ||
Number of Securities | 13 | 13 |
Fair Value | $ | $ 12.2 | $ 14.3 |
Percent of Investments | 50.00% | 53.00% |
External Credit Rating, Non Investment Grade | ||
Available for Sale Securities By Credit Qaulity Indicator [Line Items] | ||
Number of Securities | 42 | 44 |
Fair Value | $ | $ 12.3 | $ 12.8 |
Percent of Investments | 50.00% | 47.00% |
Derivative Financial Instrume53
Derivative Financial Instruments (Summary of (Gains) Losses Related to Assets and Liabilities Denominated in Foreign Currencies) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative [Line Items] | ||||
Net realized foreign currency (gains) losses | $ (5.5) | $ 0.5 | $ 18.8 | $ 2.2 |
Net losses (gains) from the related forward contracts | 5.3 | (0.5) | (21.1) | (2.1) |
Net losses (gains) from foreign currency transactions and related forward contracts | $ (0.2) | $ 0 | $ (2.3) | $ 0.1 |
Derivative Financial Instrume54
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Foreign Exchange Forward | Not Designated as Hedging Instrument | Other assets | ||
Notional Disclosures [Abstract] | ||
Forward contracts outstanding notional amount | $ 340.2 | $ 242.5 |
Derivative Financial Instrume55
Derivative Financial Instruments (Fair Values of Derivative Forward Contract Instruments) (Detail) - Forward contracts - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Other assets | ||
Summary of Derivative Instruments by Hedge Designation [Abstract] | ||
Gross Amount of Recognized Assets | $ 0.7 | $ 5.3 |
Gross Amount of Offset Assets | (0.4) | (0.5) |
Net Amount of Assets Presented in the Consolidated Balance Sheets | 0.3 | 4.8 |
Accounts payable and other liabilities | ||
Summary of Derivative Instruments by Hedge Designation [Abstract] | ||
Gross Amount of Recognized Liabilities | 0.6 | 0.8 |
Gross Amount of Offset Liabilities | (0.4) | (0.5) |
Net Amount of Liabilities Presented in the Consolidated Balance Sheets | $ 0.2 | $ 0.3 |
Debt (Summary of Outstanding De
Debt (Summary of Outstanding Debt) (Detail) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Schedule of Debt [Roll Forward] | |
Balance at December 31, 2014 | $ 963.5 |
Payments | 5 |
Balance at June 30, 2015 | 958.5 |
Senior secured credit facility | 2013 Credit Agreement | |
Schedule of Debt [Roll Forward] | |
Balance at December 31, 2014 | 963.5 |
Payments | (5) |
Balance at June 30, 2015 | $ 958.5 |
Weighted average interest rate | 4.25% |
Debt - Additional Information (
Debt - Additional Information (Detail) | Mar. 29, 2013 | Jun. 30, 2015USD ($) | Mar. 31, 2015 | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Apr. 02, 2014USD ($) | Mar. 28, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||
Capacity Available for Specific Purpose | $ 300,000,000 | |||||||
Remaining Capacity Available for a Specific Purpose | 170,000,000 | |||||||
Interest Coverage Ratio | 5.82 | 5.82 | ||||||
Total Secured Leverage | 3.888 | 3.888 | ||||||
Amortization of Financing Costs | $ 1,500,000 | |||||||
Cash payments for interest | $ 10,600,000 | $ 10,600,000 | 21,000,000 | $ 19,700,000 | ||||
Debt maturing in 2020 | 912,600,000 | 912,600,000 | ||||||
Incremental payment of debt principal | 46,600,000 | 46,600,000 | ||||||
Increment paid | 2,500,000 | |||||||
2013 Credit Agreement | Senior revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Term of debt instrument | 5 years | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | |||||||
Basis Rate For Fees On Unused Availability Under Revolving Credit Facility | 0.50% | |||||||
Letters of Credit Outstanding, Amount | 0 | 0 | ||||||
Revolving credit facility, availability | $ 150,000,000 | $ 150,000,000 | ||||||
2013 Credit Agreement | Term Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Term of debt instrument | 7 years | |||||||
Debt Instrument, Face Amount | $ 850,000,000 | |||||||
2013 Credit Agreement | Letter of credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | 50,000,000 | |||||||
2013 Credit Agreement | Tranche B-1 term loan facility due 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 130,000,000 | |||||||
2013 Credit Agreement | Senior revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 125,000,000 | |||||||
2011 Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 540,000,000 | |||||||
Prime Rate | Minimum | 2013 Credit Agreement | Term Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||
Prime Rate | Maximum | 2013 Credit Agreement | Term Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||||
Eurodollar Rate | 2013 Credit Agreement | Term Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
Eurodollar Rate | Minimum | 2013 Credit Agreement | Term Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||
Eurodollar Rate | Maximum | 2013 Credit Agreement | Term Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% |
Debt Debt (Settlement Assets an
Debt Debt (Settlement Assets and Payment Service Obligations) (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Debt Disclosure (Settlement Assets and Payment Service Obligations) [Abstract] | ||||||
Cash and cash equivalents | $ 128.6 | $ 175.2 | $ 250.6 | $ 349.1 | $ 329.6 | $ 318.8 |
Settlement cash and cash equivalents | 1,516.9 | 1,657.3 | ||||
Receivables, net | 871.6 | 757.6 | ||||
Interest-bearing investments | 1,061.4 | 1,091.6 | ||||
Available-for-sale investments | 24.5 | 27.1 | ||||
Settlement Assets | 3,474.4 | 3,533.6 | ||||
Total cash and cash equivalents and settlement assets | 3,603 | 3,784.2 | ||||
Payment service obligations | (3,474.4) | (3,533.6) | ||||
Assets in excess of payment service obligations | $ 128.6 | $ 250.6 |
Debt (Credit Agreement Quarterl
Debt (Credit Agreement Quarterly Financial Covenants) (Detail) | Jun. 30, 2015 |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 5.82 |
Secured Leverage Ratio | 3.888 |
Through December 31, 2015 | |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 2.25 |
Secured Leverage Ratio | 4.750 |
January 1, 2016 through December 31, 2016 | |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 2.25 |
Secured Leverage Ratio | 4.250 |
January 1, 2017 through December 31, 2017 | |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 2.25 |
Secured Leverage Ratio | 3.750 |
January 1, 2018 through maturity | |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 2.25 |
Secured Leverage Ratio | 3.500 |
Debt Debt - (Summary of Deferre
Debt Debt - (Summary of Deferred Financing Costs) Details $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Debt Instrument [Roll Forward] | |
Deferred Finance Costs, Net | $ 15.6 |
Amortization of Financing Costs | 1.5 |
Deferred Finance Costs, Net | $ 14.1 |
Pensions and Other Benefits (Ne
Pensions and Other Benefits (Net Periodic Benefit Expense) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net periodic benefit income | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service credit | $ (0.1) | $ (0.1) | $ (0.3) | $ (0.3) |
Recognized net actuarial loss | 0 | 0 | 0.1 | 0.1 |
Net periodic benefit income | (0.1) | (0.1) | (0.2) | (0.2) |
Defined Benefit Pension Plan And Supplemental Executive Retirement Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension settlement charge | 13.8 | 0 | 13.8 | 0 |
Interest cost | 2.4 | 2.7 | 5 | 5.4 |
Expected return on plan assets | (1.5) | (1.9) | (3.3) | (3.7) |
Recognized net actuarial loss | 2.3 | 1.7 | 4.6 | 3.4 |
Net periodic benefit income | $ 17 | $ 2.5 | $ 20.1 | $ 5.1 |
Pensions and Other Benefits - A
Pensions and Other Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Purchases, Sales, and Settlements | $ 31.3 | |||
Defined Benefit Pension Plan And Supplemental Executive Retirement Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension settlement charge | 13.8 | $ 0 | $ 13.8 | $ 0 |
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension settlement charge | 13.8 | |||
Defined Benefit Plan, Effect of Settlements and Curtailments on Accumulated Benefit Obligation | 41.9 | 41.9 | ||
Contributions | 2 | 2 | 4 | 4 |
Supplemental Employee Retirement Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions | $ 0.6 | $ 1 | $ 1.9 | $ 2.1 |
Stockholders' Deficit (Summary
Stockholders' Deficit (Summary of Stock Activity) (Detail) - shares | Jun. 30, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||
Common stock, shares authorized | 162,500,000 | 162,500,000 |
Common stock, shares issued | 58,823,567 | 58,823,567 |
Treasury Stock | (5,629,285) | (5,734,338) |
Preferred Stock | ||
Class of Stock [Line Items] | ||
Authorized | 200,000 | |
Preferred stock, shares issued | 71,000 | |
Preferred Stock, shares outstanding | 71,000 | |
Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized | 162,500,000 | |
Common stock, shares issued | 58,824,000 | |
Common Stock, shares outstanding | 53,244,000 | |
Treasury Stock | ||
Class of Stock [Line Items] | ||
Treasury Stock | (5,580,000) |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Detail) | Apr. 02, 2014USD ($)$ / sharesshares | Jun. 30, 2015USD ($)vote | Jun. 30, 2015USD ($)vote | Jun. 30, 2014USD ($) |
Common stock votes per share (in votes) | vote | 1 | 1 | ||
Dividends, Common Stock, Cash | $ | $ 0 | $ 0 | ||
Capital contribution from investors | $ | $ 600,000 | $ 0 | $ 0 | $ 600,000 |
Conversion of Stock, Shares Converted | 37,957 | |||
Stock Repurchased During Period, Shares | 8,185,092 | |||
Share Price | $ / shares | $ 16.25 | |||
Common Stock | ||||
Common Shares offered in Secondary Public Offering | 9,200,000 | |||
Preferred Stock | ||||
Conversion of Stock, Shares Converted | 4,744,696 | |||
2013 Credit Agreement | TrancheB1TermLoanFacilityDue2020 [Domain] | ||||
Debt Instrument, Face Amount | $ | $ 130,000,000 |
Stockholders' Deficit (Componen
Stockholders' Deficit (Components of Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | $ (67.1) | |||
Ending Balance | $ (57) | (57) | ||
Net unrealized gains on securities classified as available-for-sale, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | 11.2 | $ 17.3 | ||
Other comprehensive income (loss) before reclassification | 0.6 | (0.2) | ||
Amounts reclassified from accumulated other comprehensive (loss) income | (0.6) | (4.7) | ||
Net current period other comprehensive (loss) income | 0 | (4.9) | ||
Ending Balance | 11.2 | $ 12.4 | 11.2 | 12.4 |
Cumulative foreign currency translation adjustments, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (5.4) | 3.5 | ||
Other comprehensive income (loss) before reclassification | (7.8) | (2) | ||
Amounts reclassified from accumulated other comprehensive (loss) income | 0 | 0 | ||
Net current period other comprehensive (loss) income | (7.8) | (2) | ||
Ending Balance | (13.2) | 1.5 | (13.2) | 1.5 |
Pension and postretirement benefits adjustment, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (72.9) | (53.8) | ||
Other comprehensive income (loss) before reclassification | 6.3 | 0 | ||
Amounts reclassified from accumulated other comprehensive (loss) income | 11.6 | 2.1 | ||
Net current period other comprehensive (loss) income | 17.9 | 2.1 | ||
Ending Balance | (55) | (51.7) | (55) | (51.7) |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (67.1) | (33) | ||
Other comprehensive income (loss) before reclassification | (0.9) | (2.2) | ||
Amounts reclassified from accumulated other comprehensive (loss) income | 11 | (2.6) | ||
Net current period other comprehensive (loss) income | 10.1 | (4.8) | ||
Ending Balance | (57) | (37.8) | (57) | (37.8) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive (loss) income | (9.8) | (0.7) | (11) | 2.6 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Net unrealized gains on securities classified as available-for-sale, net of tax | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive (loss) income | 0.4 | 0.4 | 0.6 | 4.7 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension and postretirement benefits adjustment, net of tax | ||||
Components of Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 13.8 | 0 | 13.8 | 0 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive (loss) income | $ 10.2 | $ 1.1 | $ 11.6 | $ 2.1 |
Stockholders' Deficit Stockhold
Stockholders' Deficit Stockholders' Deficit Reclassified from AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
(Loss) income before income taxes | $ (27.1) | $ 32.1 | $ (36.5) | $ 59.4 |
Income tax expense (benefit) | 14.7 | (6.5) | (47.9) | 5.2 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total gains, net of tax | 9.8 | 0.7 | 11 | (2.6) |
Total gains, net of tax | (9.8) | (0.7) | (11) | 2.6 |
Amounts reclassified from accumulated other comprehensive (loss) income | (9.8) | (0.7) | (11) | 2.6 |
Net unrealized gains on securities classified as available-for-sale, net of tax | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total gains, net of tax | 0.6 | 4.7 | ||
Total gains, net of tax | (0.6) | (4.7) | ||
Amounts reclassified from accumulated other comprehensive (loss) income | (0.6) | (4.7) | ||
Net unrealized gains on securities classified as available-for-sale, net of tax | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized gains on securities classified as available-for-sale, before tax | (0.3) | (0.3) | (0.5) | (5.1) |
Tax (benefit) expense, net | (0.1) | (0.1) | (0.1) | 0.4 |
Total gains, net of tax | (0.4) | (0.4) | (0.6) | (4.7) |
Total gains, net of tax | 0.4 | 0.4 | 0.6 | 4.7 |
Amounts reclassified from accumulated other comprehensive (loss) income | 0.4 | 0.4 | 0.6 | 4.7 |
Pension and postretirement benefits adjustment, net of tax | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total gains, net of tax | (11.6) | (2.1) | ||
Total gains, net of tax | 11.6 | 2.1 | ||
Amounts reclassified from accumulated other comprehensive (loss) income | 11.6 | 2.1 | ||
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] | ||||
Total gains, net of tax | (10.2) | (1.1) | (11.6) | (2.1) |
Prior service credits | (0.1) | (0.1) | (0.3) | (0.3) |
Net actuarial losses | 2.3 | 1.7 | 4.7 | 3.5 |
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, before Tax | 13.8 | 0 | 13.8 | 0 |
(Loss) income before income taxes | 16 | 1.6 | 18.2 | 3.2 |
Total gains, net of tax | 10.2 | 1.1 | 11.6 | 2.1 |
Amounts reclassified from accumulated other comprehensive (loss) income | 10.2 | 1.1 | 11.6 | 2.1 |
Income tax expense (benefit) | $ (5.8) | $ (0.5) | $ (6.6) | $ (1.1) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock options | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 7 | $ 7 | ||
Weighted-Average Remaining Contractual Term | 1 year 1 month | |||
Restricted Stock Units (RSUs) [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Unrecognized compensation expense | 28 | $ 28 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 0.7 | $ 0.4 | 3.8 | $ 1.4 |
Minimum | Restricted Stock Units (RSUs) [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Unrecognized compensation expense | 22.4 | 22.4 | ||
Maximum | Restricted Stock Units (RSUs) [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Unrecognized compensation expense | $ 28 | $ 28 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Stock-Based Compensation Expense) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 5 | $ 4.5 | $ 9 | $ 7.6 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 1 | 2.1 | 2.5 | 3.4 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 4 | $ 2.4 | $ 6.5 | $ 4.2 |
Stock-Based Compensation (Sum69
Stock-Based Compensation (Summary of Stock Option Activity) (Detail) - Stock options - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Stock option activity | ||
Shares, options outstanding, Beginning Balance | 3,786,458 | |
Shares, Forfeited/Expired | (462,407) | |
Shares, options outstanding, Ending Balance | 3,324,051 | 3,786,458 |
Shares, Vested or expected to vest | 3,233,874 | |
Shares, Options exercisable | 2,222,567 | |
Weighted Average Exercise Price | ||
Weighted average exercise price, Options outstanding, Beginning Balance (usd per share) | $ 19.57 | |
Weighted-Average Exercise Price, Forfeited/Expired (usd per share) | 22.02 | |
Weighted average exercise price, Options outstanding, Ending Balance (usd per share) | 19.23 | $ 19.57 |
Weight Average Exercise Price, Vested or expected to vest (usd per share) | 19.28 | |
Weighted average exercise price, Options exercisable (usd per share) | $ 19.20 | |
Additional Disclosures | ||
Weighted-Average Remaining Contractual Term, Options outstanding | 5 years 9 months | 6 years 3 months 02 days |
Weighted-Average Remaining Contractual Term, Vested or expected to vest | 5 years 8 months | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 11 months | |
Aggregate intrinsic value, Options outstanding | $ 0 | $ 0 |
Aggregate intrinsic value, Options vested or expected to vest | 0 | |
Aggregate intrinsic value, Options exercisable | $ 0 |
Stock-Based Compensation (Sum70
Stock-Based Compensation (Summary of Restricted Stock Unit Activity) (Detail) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 6 months | 1 year 5 months |
Aggregate Intrinsic Value | $ 38.9 | $ 15.5 |
Equity Instruments Other than Options, Nonvested, Number of Shares | ||
Restricted stock units outstanding, beginning balance | 1,701,607 | |
Granted | 2,955,039 | |
Vested | (209,204) | |
Forfeited | (218,313) | |
Restricted stock units outstanding, ending balance | 4,229,129 | 1,701,607 |
Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ||
Restricted stock units outstanding (usd per share), beginning balance | $ 15.77 | |
Granted (usd per share) | 8.62 | |
Vested (usd per share) | 18.13 | |
Forfeited (usd per share) | 13.92 | |
Restricted stock units outstanding (usd per share), ending balance | $ 10.59 | $ 15.77 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 36 Months Ended | |||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax expense (benefit) | $ (14.7) | $ 6.5 | $ 47.9 | $ (5.2) | ||||
Income before income taxes | (27.1) | 32.1 | (36.5) | 59.4 | ||||
Cash payments for income taxes | 57.7 | $ 0.3 | 65.3 | 0.4 | ||||
Cumulative income tax benefit taken in prior period | 9.7 | |||||||
Unrecognized Tax Benefits | 23.5 | 23.5 | $ 31.7 | |||||
Unrecognized tax benefits interest and penalties | (1.4) | $ 0.2 | ||||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1.2 | 1.2 | $ 2.6 | |||||
Internal Revenue Service (IRS) [Member] | ||||||||
Income tax expense (benefit) | 0 | $ 63.7 | ||||||
Cumulative Deductions For Net Securities Losses | $ 900 | |||||||
Cash payments for income taxes | $ 55.8 | 61 | ||||||
Disallowed deductions | $ 100 | |||||||
Cumulative income tax benefit taken in prior period | $ 23.3 | |||||||
Deductions In Dispute With IRS With Partial Settlements | $ 186.9 |
Income Taxes Schedule of Unreco
Income Taxes Schedule of Unrecognized Tax Benefit (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Balance at December 31, 2014 | $ 31.7 |
Additions based on tax positions related to prior years | 1.5 |
Reductions for tax positions of prior years | (9.7) |
Balance at June 30, 2015 | $ 23.5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | ||||
May. 31, 2014 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2009 | Dec. 31, 2013 | |
Commitments And Contingencies [Line Items] | |||||||||
Liability related to various legal matters | $ 19.1 | $ 19.1 | $ 17.3 | ||||||
Legal And Regulatory Settlement Expense | 2 | $ 2.2 | $ 0.4 | ||||||
State Attorneys General Initiating Investigation Number | 9 | ||||||||
Loss Contingency, Accrual, Current | 13 | $ 13 | |||||||
Gain (Loss) Related to Litigation Settlement | $ 22.4 | 22.4 | |||||||
Income tax expense (benefit) | (14.7) | 6.5 | 47.9 | (5.2) | |||||
Cash payments for income taxes | 57.7 | $ 0.3 | 65.3 | $ 0.4 | |||||
Commission Guarantees | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Liability for minimum commission guarantees | 2.2 | 2.2 | |||||||
Maximum amount that could be paid under minimum commission guarantees | $ 11.8 | $ 11.8 | |||||||
Weighted average remaining term | 2 years 5 months | ||||||||
Minimum Commission Guarantees Amount Paid | $ 0.1 | ||||||||
Minimum Commission Guarantees Percentage Of Estimated Annual Amount Paid | 2.00% | ||||||||
Goldman Sachs & Co. | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Legal And Regulatory Settlement Expense | $ 4.4 | ||||||||
Gain (Loss) Related to Litigation Settlement | $ 13 | ||||||||
Percentage ownership of common stock on diluted basis | 14.00% | 14.00% | |||||||
Internal Revenue Service (IRS) [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Cumulative Deductions For Net Securities Losses | $ 900 | ||||||||
Deductions In Dispute With IRS With Partial Settlements | $ 186.9 | ||||||||
Income tax expense (benefit) | $ 0 | $ 63.7 | |||||||
Cash payments for income taxes | $ 55.8 | $ 61 | |||||||
Residential mortgage-backed securities — agencies | Other asset-backed securities | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Gain (Loss) Related to Litigation Settlement | $ 32.4 |
Commitments and Contingencies74
Commitments and Contingencies (Summary of Minimum Future Rental Payments) (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,015 | $ 7.7 |
2,016 | 11.5 |
2,017 | 9.5 |
2,018 | 8.5 |
2,019 | 7.9 |
Thereafter | 17.3 |
Total | $ 62.4 |
Earnings per Common Share (Deta
Earnings per Common Share (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Basic common shares outstanding | 62.1 | 63.6 | 62.1 | 67.6 |
Shares related to stock options and restricted stock units | 0 | 0.2 | 0 | 0.2 |
Diluted common shares outstanding | 62.1 | 63.8 | 62.1 | 67.8 |
Earnings per Common Share Earni
Earnings per Common Share Earnings per Share antidilutive securities excluded (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation | 7.8 | 6.1 | 7.1 | 5.8 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation | 3.5 | 4.3 | 3.6 | 4.3 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation | 4.3 | 1.8 | 3.5 | 1.5 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015SegmentCustomer | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | Segment | 2 | |||
Percentage of total revenue | 19.00% | 23.00% | 20.00% | 25.00% |
Global Funds Transfer | ||||
Segment Reporting Information [Line Items] | ||||
Entity Wide Revenue Major Customer Number | 1 | |||
Financial Paper Products | ||||
Segment Reporting Information [Line Items] | ||||
Entity Wide Revenue Major Customer Number | 1 |
Segment Information (Revenue by
Segment Information (Revenue by Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 358.8 | $ 372.4 | $ 689.4 | $ 747.3 |
Global Funds Transfer revenue: | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 340.7 | 352.8 | 653 | 704.5 |
Global Funds Transfer revenue: | Money transfer revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 316.6 | 328.3 | 603.4 | 654.4 |
Global Funds Transfer revenue: | Bill payment revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 24.1 | 24.5 | 49.6 | 50.1 |
Financial Paper Products revenue: | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 18.1 | 19.6 | 36.4 | 42.8 |
Financial Paper Products revenue: | Money order revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 12.8 | 13.3 | 25.9 | 27.7 |
Financial Paper Products revenue: | Official check revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 5.3 | $ 6.3 | $ 10.5 | $ 15.1 |
Segment Information (Operating
Segment Information (Operating Income by Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Marketable Securities, Gain (Loss) | $ 0 | $ 22.4 | $ 0 | $ 22.4 |
Segment operating income: | ||||
Total operating (loss) income | (15.7) | 21.1 | (14) | 58.1 |
Interest expense | 11.4 | 11.4 | 22.5 | 21.1 |
(Loss) income before income taxes | (27.1) | 32.1 | (36.5) | 59.4 |
Global Funds Transfer | ||||
Segment operating income: | ||||
Total operating (loss) income | 0.4 | 19.5 | 0.6 | 51 |
Financial Paper Products | ||||
Segment operating income: | ||||
Total operating (loss) income | 4 | 6.1 | 9.4 | 15.9 |
Total segment operating income | ||||
Segment operating income: | ||||
Total operating (loss) income | 4.4 | 25.6 | 10 | 66.9 |
Other | ||||
Segment operating income: | ||||
Total operating (loss) income | $ (20.1) | $ (4.5) | $ (24) | $ (8.8) |
Segment Information (Assets by
Segment Information (Assets by Segment) (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 4,464.6 | $ 4,642.2 |
Global Funds Transfer | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,988.9 | 1,858.3 |
Financial Paper Products | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,335.6 | 2,464.5 |
Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 140.1 | $ 319.4 |
Condensed Consolidating Finan81
Condensed Consolidating Financial Statements - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Condensed Consolidating Financial Statements [Abstract] | |
Percentage ownership in subsidiary for unconditional guarantee of debt securities | 100.00% |
Condensed Consolidating Finan82
Condensed Consolidating Financial Statements - Condensed, Consolidating Balance Sheets (Detail) - USD ($) $ in Millions | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||||
Cash and cash equivalents | $ 128.6 | $ 175.2 | $ 250.6 | $ 349.1 | $ 329.6 | $ 318.8 |
Settlement assets | 3,474.4 | 3,533.6 | ||||
Property and equipment, net | 192 | 165.6 | ||||
Goodwill | 442.5 | 442.5 | ||||
Other assets | 227.1 | 249.9 | ||||
Equity investments in subsidiaries | 0 | 0 | ||||
Intercompany receivables | 0 | 0 | ||||
Total assets | 4,464.6 | 4,642.2 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||
Payment service obligations | 3,474.4 | 3,533.6 | ||||
Debt | 958.5 | 963.5 | ||||
Pension and other postretirement benefits | 111.4 | 125.7 | ||||
Accounts payable and other liabilities | 169 | 202.1 | ||||
Intercompany liabilities | 0 | 0 | ||||
Total liabilities | 4,713.3 | 4,824.9 | ||||
Total stockholders’ (deficit) equity | (248.7) | (182.7) | (142) | (77) | ||
Total liabilities and stockholders’ deficit | 4,464.6 | 4,642.2 | ||||
Parent | ||||||
ASSETS | ||||||
Cash and cash equivalents | 2.1 | 2.1 | 2.1 | 2.1 | 2 | 1.7 |
Settlement assets | 0 | 0 | ||||
Property and equipment, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | 16.9 | 22.4 | ||||
Equity investments in subsidiaries | 16.4 | 102.2 | ||||
Intercompany receivables | 697.2 | 692.4 | ||||
Total assets | 732.6 | 819.1 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||
Payment service obligations | 0 | 0 | ||||
Debt | 958.5 | 963.5 | ||||
Pension and other postretirement benefits | 0 | 0 | ||||
Accounts payable and other liabilities | 22.8 | 38.3 | ||||
Intercompany liabilities | 0 | 0 | ||||
Total liabilities | 981.3 | 1,001.8 | ||||
Total stockholders’ (deficit) equity | (248.7) | (182.7) | ||||
Total liabilities and stockholders’ deficit | 732.6 | 819.1 | ||||
Subsidiary Guarantors | ||||||
ASSETS | ||||||
Cash and cash equivalents | 75.1 | 126.7 | 92 | 253.8 | 258.2 | 224.9 |
Settlement assets | 3,378.8 | 3,494.4 | ||||
Property and equipment, net | 171.6 | 143.3 | ||||
Goodwill | 315.3 | 315.3 | ||||
Other assets | 218.7 | 253.3 | ||||
Equity investments in subsidiaries | 207.7 | 206.2 | ||||
Intercompany receivables | 6.8 | 51.5 | ||||
Total assets | 4,374 | 4,556 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||
Payment service obligations | 3,426.5 | 3,500.4 | ||||
Debt | 0 | 0 | ||||
Pension and other postretirement benefits | 111.4 | 125.7 | ||||
Accounts payable and other liabilities | 115.4 | 128 | ||||
Intercompany liabilities | 704.3 | 699.7 | ||||
Total liabilities | 4,357.6 | 4,453.8 | ||||
Total stockholders’ (deficit) equity | 16.4 | 102.2 | ||||
Total liabilities and stockholders’ deficit | 4,374 | 4,556 | ||||
Non-Guarantors | ||||||
ASSETS | ||||||
Cash and cash equivalents | 51.4 | 46.4 | 156.5 | 93.2 | 69.4 | 92.2 |
Settlement assets | 95.6 | 39.2 | ||||
Property and equipment, net | 20.4 | 22.3 | ||||
Goodwill | 127.2 | 127.2 | ||||
Other assets | 40.1 | 36.4 | ||||
Equity investments in subsidiaries | 0 | 0 | ||||
Intercompany receivables | 7.4 | 0 | ||||
Total assets | 342.1 | 381.6 | ||||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||||
Payment service obligations | 47.9 | 33.2 | ||||
Debt | 0 | 0 | ||||
Pension and other postretirement benefits | 0 | 0 | ||||
Accounts payable and other liabilities | 79.4 | 98 | ||||
Intercompany liabilities | 7.1 | 44.2 | ||||
Total liabilities | 134.4 | 175.4 | ||||
Total stockholders’ (deficit) equity | 207.7 | 206.2 | ||||
Total liabilities and stockholders’ deficit | 342.1 | 381.6 | ||||
Eliminations | ||||||
ASSETS | ||||||
Cash and cash equivalents | 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 |
Settlement assets | 0 | 0 | ||||
Property and equipment, net | 0 | 0 | ||||
Goodwill | 0 | 0 | ||||
Other assets | (48.6) | (62.2) | ||||
Equity investments in subsidiaries | (224.1) | (308.4) | ||||
Intercompany receivables | (711.4) | (743.9) | ||||
Total assets | (984.1) | (1,114.5) | ||||
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 | (48.6) | (62.2) | ||||
Intercompany liabilities | (711.4) | (743.9) | ||||
Total liabilities | (760) | (806.1) | ||||
Total stockholders’ (deficit) equity | (224.1) | (308.4) | ||||
Total liabilities and stockholders’ deficit | $ (984.1) | $ (1,114.5) |
Condensed Consolidating Finan83
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUE | ||||
Fee and other revenue | $ 356 | $ 368.8 | $ 683.7 | $ 736.5 |
Investment revenue | 2.8 | 3.6 | 5.7 | 10.8 |
Total revenue | 358.8 | 372.4 | 689.4 | 747.3 |
OPERATING EXPENSES | ||||
Fee and other commissions expense | 163.2 | 171.6 | 316.6 | 342.5 |
Investment commissions expense | 0.2 | 0.1 | 0.3 | 0.2 |
Total commissions expense | 163.4 | 171.7 | 316.9 | 342.7 |
Compensation and benefits | 87.8 | 75 | 162.5 | 144.7 |
Transaction and operations support | 90.3 | 77.3 | 160.7 | 148.6 |
Occupancy, equipment and supplies | 15.8 | 13.7 | 31.3 | 26.5 |
Depreciation and amortization | 17.2 | 13.6 | 32 | 26.7 |
Total operating expenses | 374.5 | 351.3 | 703.4 | 689.2 |
OPERATING (LOSS) INCOME | (15.7) | 21.1 | (14) | 58.1 |
OTHER EXPENSE | ||||
Interest expense | 11.4 | 11.4 | 22.5 | 21.1 |
Other income | 0 | 0 | ||
Securities settlements | (22.4) | (22.4) | ||
Total other expense (income) | 11.4 | (11) | 22.5 | (1.3) |
(Loss) income before income taxes | (27.1) | 32.1 | (36.5) | 59.4 |
Income tax (benefit) expense | (14.7) | 6.5 | 47.9 | (5.2) |
(Loss) income after income taxes | (12.4) | 25.6 | (84.4) | 64.6 |
Equity income (loss) in subsidiaries | 0 | 0 | 0 | 0 |
NET (LOSS) INCOME | (12.4) | 25.6 | (84.4) | 64.6 |
Other comprehensive income (loss) | 20.7 | (0.4) | 10.1 | (4.8) |
COMPREHENSIVE (LOSS) INCOME | 8.3 | 25.2 | (74.3) | 59.8 |
Parent | ||||
REVENUE | ||||
Fee and other revenue | 0 | 0 | 0 | 0 |
Investment revenue | 0 | 0 | 0 | 0 |
Total revenue | 0 | 0 | 0 | 0 |
OPERATING EXPENSES | ||||
Fee and other commissions expense | 0 | 0 | 0 | 0 |
Investment commissions expense | 0 | 0 | 0 | 0 |
Total commissions expense | 0 | 0 | 0 | 0 |
Compensation and benefits | 0 | 0 | 0 | 0 |
Transaction and operations support | 0.5 | 0.7 | 0.8 | 2.7 |
Occupancy, equipment and supplies | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total operating expenses | 0.5 | 0.7 | 0.8 | 2.7 |
OPERATING (LOSS) INCOME | (0.5) | (0.7) | (0.8) | (2.7) |
OTHER EXPENSE | ||||
Interest expense | 11.4 | 11.4 | 22.5 | 21.1 |
Other income | 0 | 0 | ||
Securities settlements | 0 | 0 | ||
Total other expense (income) | 11.4 | 11.4 | 22.5 | 21.1 |
(Loss) income before income taxes | (11.9) | (12.1) | (23.3) | (23.8) |
Income tax (benefit) expense | (4) | (4.1) | (8) | (8.2) |
(Loss) income after income taxes | (7.9) | (8) | (15.3) | (15.6) |
Equity income (loss) in subsidiaries | (4.5) | 33.6 | (69.1) | 80.2 |
NET (LOSS) INCOME | (12.4) | 25.6 | (84.4) | 64.6 |
Other comprehensive income (loss) | 20.7 | (0.4) | 10.1 | (4.8) |
COMPREHENSIVE (LOSS) INCOME | 8.3 | 25.2 | (74.3) | 59.8 |
Subsidiary Guarantors | ||||
REVENUE | ||||
Fee and other revenue | 380.9 | 381.9 | 673.7 | 787.4 |
Investment revenue | 2.7 | 3.5 | 5.6 | 10.7 |
Total revenue | 383.6 | 385.4 | 679.3 | 798.1 |
OPERATING EXPENSES | ||||
Fee and other commissions expense | 159.6 | 183.5 | 307.6 | 392.3 |
Investment commissions expense | 0.2 | 0.1 | 0.3 | 0.2 |
Total commissions expense | 159.8 | 183.6 | 307.9 | 392.5 |
Compensation and benefits | 64.9 | 54.8 | 113.5 | 107.5 |
Transaction and operations support | 143.7 | 101.6 | 222.7 | 189.4 |
Occupancy, equipment and supplies | 20.7 | 9.8 | 31.9 | 19.2 |
Depreciation and amortization | 13.9 | 10.2 | 25.8 | 19.8 |
Total operating expenses | 403 | 360 | 701.8 | 728.4 |
OPERATING (LOSS) INCOME | (19.4) | 25.4 | (22.5) | 69.7 |
OTHER EXPENSE | ||||
Interest expense | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | ||
Securities settlements | (22.4) | (22.4) | ||
Total other expense (income) | 0 | (22.4) | 0 | (22.4) |
(Loss) income before income taxes | (19.4) | 47.8 | (22.5) | 92.1 |
Income tax (benefit) expense | (10.8) | 10.6 | 55.3 | 3 |
(Loss) income after income taxes | (8.6) | 37.2 | (77.8) | 89.1 |
Equity income (loss) in subsidiaries | 4.1 | (3.6) | 8.7 | (8.9) |
NET (LOSS) INCOME | (4.5) | 33.6 | (69.1) | 80.2 |
Other comprehensive income (loss) | 20.7 | (0.4) | 10.1 | (4.8) |
COMPREHENSIVE (LOSS) INCOME | 16.2 | 33.2 | (59) | 75.4 |
Non-Guarantors | ||||
REVENUE | ||||
Fee and other revenue | 119.6 | 84.3 | 215.3 | 159.6 |
Investment revenue | 0.1 | 0.1 | 0.1 | 0.1 |
Total revenue | 119.7 | 84.4 | 215.4 | 159.7 |
OPERATING EXPENSES | ||||
Fee and other commissions expense | 80.7 | 50.3 | 122.6 | 93.7 |
Investment commissions expense | 0 | 0 | 0 | 0 |
Total commissions expense | 80.7 | 50.3 | 122.6 | 93.7 |
Compensation and benefits | 22.9 | 20.2 | 49 | 37.2 |
Transaction and operations support | 13.5 | 10.2 | 28.9 | 23.5 |
Occupancy, equipment and supplies | 4 | 3.9 | 8.3 | 7.3 |
Depreciation and amortization | 3.3 | 3.4 | 6.2 | 6.9 |
Total operating expenses | 124.4 | 88 | 215 | 168.6 |
OPERATING (LOSS) INCOME | (4.7) | (3.6) | 0.4 | (8.9) |
OTHER EXPENSE | ||||
Interest expense | 0 | 0 | 0 | 0 |
Other income | (8.9) | (8.9) | ||
Securities settlements | 0 | 0 | ||
Total other expense (income) | (8.9) | 0 | (8.9) | 0 |
(Loss) income before income taxes | 4.2 | (3.6) | 9.3 | (8.9) |
Income tax (benefit) expense | 0.1 | 0 | 0.6 | 0 |
(Loss) income after income taxes | 4.1 | (3.6) | 8.7 | (8.9) |
Equity income (loss) in subsidiaries | 0 | 0 | 0 | 0 |
NET (LOSS) INCOME | 4.1 | (3.6) | 8.7 | (8.9) |
Other comprehensive income (loss) | 3.7 | (2.6) | (10.9) | (1.7) |
COMPREHENSIVE (LOSS) INCOME | 7.8 | (6.2) | (2.2) | (10.6) |
Eliminations | ||||
REVENUE | ||||
Fee and other revenue | (144.5) | (97.4) | (205.3) | (210.5) |
Investment revenue | 0 | 0 | 0 | 0 |
Total revenue | (144.5) | (97.4) | (205.3) | (210.5) |
OPERATING EXPENSES | ||||
Fee and other commissions expense | (77.1) | (62.2) | (113.6) | (143.5) |
Investment commissions expense | 0 | 0 | 0 | 0 |
Total commissions expense | (77.1) | (62.2) | (113.6) | (143.5) |
Compensation and benefits | 0 | 0 | 0 | 0 |
Transaction and operations support | (67.4) | (35.2) | (91.7) | (67) |
Occupancy, equipment and supplies | (8.9) | 0 | (8.9) | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total operating expenses | (153.4) | (97.4) | (214.2) | (210.5) |
OPERATING (LOSS) INCOME | 8.9 | 0 | 8.9 | 0 |
OTHER EXPENSE | ||||
Interest expense | 0 | 0 | 0 | 0 |
Other income | 8.9 | 8.9 | ||
Securities settlements | 0 | 0 | ||
Total other expense (income) | 8.9 | 0 | 8.9 | 0 |
(Loss) income before income taxes | 0 | 0 | 0 | 0 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
(Loss) income after income taxes | 0 | 0 | 0 | 0 |
Equity income (loss) in subsidiaries | 0.4 | (30) | 60.4 | (71.3) |
NET (LOSS) INCOME | 0.4 | (30) | 60.4 | (71.3) |
Other comprehensive income (loss) | (24.4) | 3 | 0.8 | 6.5 |
COMPREHENSIVE (LOSS) INCOME | $ (24) | $ (27) | $ 61.2 | $ (64.8) |
Condensed Consolidating Finan84
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ (11.3) | $ 52.4 | $ (57.3) | $ 82 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property and equipment | (32.8) | (22.4) | (59.7) | (39.5) |
Proceeds from disposal of assets | 0 | 0.2 | 0 | |
Proceeds from Sale of Other Property, Plant, and Equipment | 0.2 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||
Dividend from subsidiary | 0 | 0 | 0 | 0 |
Intercompany financing | 0 | 0 | 0 | 0 |
Net cash used in investing activities | (32.8) | (22.2) | (59.7) | (39.3) |
Proceeds from issuance of debt | 0 | 129.8 | 0 | 129.8 |
Payments for Repurchase of Common Stock | 0 | (133) | 0 | (133) |
Transaction costs for issuance and amendment of debt | 0 | (5.1) | 0 | (5.1) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Principal payments on debt | (2.5) | (2.4) | (4.5) | |
Proceeds from exercise of stock options | 0 | 0 | 0 | 0.4 |
Dividend to parent | 0 | 0 | 0 | 0 |
Intercompany financing | 0 | 0 | 0 | 0 |
Net cash used in financing activities | (2.5) | (10.7) | (5) | (12.4) |
Payments | 5 | |||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (46.6) | 19.5 | (122) | 30.3 |
CASH AND CASH EQUIVALENTS—Beginning of period | 175.2 | 329.6 | 250.6 | 318.8 |
CASH AND CASH EQUIVALENTS—End of period | 128.6 | 349.1 | 128.6 | 349.1 |
Parent | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 9.9 | (6.6) | (3.2) | (20.8) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property and equipment | 0 | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | ||
Proceeds from Sale of Other Property, Plant, and Equipment | 0 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||
Dividend from subsidiary | 0.1 | 13.1 | 13 | 24.4 |
Intercompany financing | (7.5) | 4.3 | (4.8) | 9.2 |
Net cash used in investing activities | (7.4) | 17.4 | 8.2 | 33.6 |
Proceeds from issuance of debt | 129.8 | 129.8 | ||
Payments for Repurchase of Common Stock | (133) | (133) | ||
Transaction costs for issuance and amendment of debt | (5.1) | (5.1) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Principal payments on debt | (2.5) | (2.4) | (5) | (4.5) |
Proceeds from exercise of stock options | 0.4 | |||
Dividend to parent | 0 | 0 | 0 | 0 |
Intercompany financing | 0 | 0 | 0 | 0 |
Net cash used in financing activities | (2.5) | (10.7) | (5) | (12.4) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0.1 | 0 | 0.4 |
CASH AND CASH EQUIVALENTS—Beginning of period | 2.1 | 2 | 2.1 | 1.7 |
CASH AND CASH EQUIVALENTS—End of period | 2.1 | 2.1 | 2.1 | 2.1 |
Subsidiary Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (32.2) | 22.1 | 0.7 | 88.7 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property and equipment | (28) | (9.3) | (53.9) | (26.4) |
Proceeds from disposal of assets | 0 | 0.2 | ||
Proceeds from Sale of Other Property, Plant, and Equipment | 0.2 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||
Dividend from subsidiary | 0 | 0 | 0 | 0 |
Intercompany financing | 1.2 | 0 | 44.5 | 0 |
Net cash used in investing activities | (26.8) | (9.1) | (9.4) | (26.2) |
Proceeds from issuance of debt | 0 | 0 | ||
Payments for Repurchase of Common Stock | 0 | 0 | ||
Transaction costs for issuance and amendment of debt | 0 | 0 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Principal payments on debt | 0 | 0 | 0 | 0 |
Proceeds from exercise of stock options | 0 | |||
Dividend to parent | (0.1) | (13.1) | (13) | (24.4) |
Intercompany financing | 7.5 | (4.3) | 4.8 | (9.2) |
Net cash used in financing activities | 7.4 | (17.4) | (8.2) | (33.6) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (51.6) | (4.4) | (16.9) | 28.9 |
CASH AND CASH EQUIVALENTS—Beginning of period | 126.7 | 258.2 | 92 | 224.9 |
CASH AND CASH EQUIVALENTS—End of period | 75.1 | 253.8 | 75.1 | 253.8 |
Non-Guarantors | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 11 | 36.9 | (54.8) | 14.1 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property and equipment | (4.8) | (13.1) | (5.8) | (13.1) |
Proceeds from disposal of assets | 0 | 0 | ||
Proceeds from Sale of Other Property, Plant, and Equipment | 0 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||
Dividend from subsidiary | 0 | 0 | 0 | 0 |
Intercompany financing | 0 | 0 | 0 | 0 |
Net cash used in investing activities | (4.8) | (13.1) | (5.8) | (13.1) |
Proceeds from issuance of debt | 0 | 0 | ||
Payments for Repurchase of Common Stock | 0 | 0 | ||
Transaction costs for issuance and amendment of debt | 0 | 0 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Principal payments on debt | 0 | 0 | 0 | 0 |
Proceeds from exercise of stock options | 0 | |||
Dividend to parent | 0 | 0 | 0 | 0 |
Intercompany financing | (1.2) | 0 | (44.5) | 0 |
Net cash used in financing activities | (1.2) | 0 | (44.5) | 0 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 5 | 23.8 | (105.1) | 1 |
CASH AND CASH EQUIVALENTS—Beginning of period | 46.4 | 69.4 | 156.5 | 92.2 |
CASH AND CASH EQUIVALENTS—End of period | 51.4 | 93.2 | 51.4 | 93.2 |
Eliminations | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 0 | 0 | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Purchases of property and equipment | 0 | 0 | 0 | 0 |
Proceeds from disposal of assets | 0 | 0 | ||
Proceeds from Sale of Other Property, Plant, and Equipment | 0 | |||
Payments to Acquire Businesses, Net of Cash Acquired | 0 | |||
Dividend from subsidiary | (0.1) | (13.1) | (13) | (24.4) |
Intercompany financing | 6.3 | (4.3) | (39.7) | (9.2) |
Net cash used in investing activities | 6.2 | (17.4) | (52.7) | (33.6) |
Proceeds from issuance of debt | 0 | 0 | ||
Payments for Repurchase of Common Stock | 0 | 0 | ||
Transaction costs for issuance and amendment of debt | 0 | 0 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Principal payments on debt | 0 | 0 | 0 | 0 |
Proceeds from exercise of stock options | 0 | |||
Dividend to parent | 0.1 | 13.1 | 13 | 24.4 |
Intercompany financing | (6.3) | 4.3 | 39.7 | 9.2 |
Net cash used in financing activities | (6.2) | 17.4 | 52.7 | 33.6 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | $ 0 | $ 0 | $ 0 | $ 0 |
Summary of Deferred Financing C
Summary of Deferred Financing Cost (Details) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Deferred Finance Costs, Net | $ 14.1 | $ 15.6 |