Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
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 | 54,080,323 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 351 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 164.5 | $ 250.6 |
Settlement assets | 3,505.6 | 3,533.6 |
Property and equipment, net | 199.7 | 165.6 |
Goodwill | 442.2 | 442.5 |
Other assets | 193.2 | 236 |
Total assets | 4,505.2 | 4,628.3 |
LIABILITIES | ||
Payment service obligations | 3,505.6 | 3,533.6 |
Debt | 942.6 | 949.6 |
Pension and other postretirement benefits | 96.3 | 125.7 |
Accounts payable and other liabilities | 183.5 | 202.1 |
Total liabilities | $ 4,728 | $ 4,811 |
COMMITMENTS AND CONTINGENCIES (NOTE 14) | ||
STOCKHOLDERS’ DEFICIT | ||
Participating convertible preferred stock - series D, $0.01 par value, 200,000 shares authorized, 71,282 issued at December 31, 2015 and December 31, 2014 | $ 183.9 | $ 183.9 |
Common stock, $0.01 par value, 162,500,000 shares authorized, 58,823,567 shares issued at December 31, 2015 and December 31, 2014 | 0.6 | 0.6 |
Additional paid-in capital | 1,002.4 | 982.8 |
Retained loss | (1,226.8) | (1,144.6) |
Accumulated other comprehensive loss | (48.7) | (67.1) |
Treasury stock: 5,612,188 and 5,734,338 shares at December 31, 2015 and December 31, 2014, respectively | (134.2) | (138.3) |
Total stockholders’ deficit | (222.8) | (182.7) |
Total liabilities and stockholders’ deficit | $ 4,505.2 | $ 4,628.3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Participating convertible preferred stock, shares authorized (shares) | 7,000,000 | |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 162,500,000 | 162,500,000 |
Common stock, shares issued (shares) | 58,823,567 | 58,823,567 |
Treasury stock (shares) | 5,612,188 | 5,734,338 |
D Stock | ||
Participating convertible preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Participating convertible preferred stock, shares authorized (shares) | 200,000 | 200,000 |
Participating convertible preferred stock, shares issued (shares) | 71,282 | 71,282 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUE | |||
Fee and other revenue | $ 1,422.6 | $ 1,438.4 | $ 1,456.8 |
Investment revenue | 12.1 | 16.5 | 17.6 |
Total revenue | 1,434.7 | 1,454.9 | 1,474.4 |
EXPENSES | |||
Fee and other commissions expense | 655.4 | 666 | 677.8 |
Investment commissions expense | 0.8 | 0.4 | 0.4 |
Total commissions expense | 656.2 | 666.4 | 678.2 |
Compensation and benefits | 309.1 | 275 | 264.9 |
Transaction and operations support | 324.8 | 332.2 | 253.7 |
Occupancy, equipment and supplies | 62.3 | 54.4 | 49 |
Depreciation and amortization | 66.1 | 55.5 | 50.7 |
Total operating expenses | 1,418.5 | 1,383.5 | 1,296.5 |
OPERATING INCOME | 16.2 | 71.4 | 177.9 |
Other expenses (income) | |||
Net securities gains | 0 | (45.4) | 0 |
Interest expense | 45.3 | 44.2 | 47.3 |
Debt extinguishment costs | 0 | 0 | 45.3 |
Total other expenses (income), net | 45.3 | (1.2) | 92.6 |
(Loss) income before income taxes | (29.1) | 72.6 | 85.3 |
Income tax expense | 47.8 | 0.5 | 32.9 |
NET (LOSS) INCOME | $ (76.9) | $ 72.1 | $ 52.4 |
Basic (usd per share) | $ (1.24) | $ 1.10 | $ 0.73 |
Diluted (usd per share) | $ (1.24) | $ 1.10 | $ 0.73 |
Basic common shares outstanding (shares) | 62.1 | 65.3 | 71.6 |
Diluted common shares outstanding (shares) | 62.1 | 65.5 | 71.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
NET (LOSS) INCOME | $ (76.9) | $ 72.1 | $ 52.4 |
OTHER COMPREHENSIVE INCOME (LOSS) | |||
Net change in unrealized holding gains on available-for-sale securities arising during the period, net of tax (benefit) expense of $0.0, ($0.2) and $4.7 for the twelve months ended December 31, 2015, 2014 and 2013, respectively | (0.1) | (6.1) | 1 |
Net change in pension liability due to amortization of prior service cost and net actuarial loss, net of tax benefit of $3.1, $2.5 and $ 2.7 for the twelve months ended December 31, 2015, 2014 and 2013, respectively | 5 | 4.1 | 4.8 |
Valuation adjustment for pension and postretirement benefits, net of tax expense (benefit) of $7.2, ($13.4) and $7.4 for the twelve months ended December 31, 2015, 2014 and 2013, respectively | 12.7 | (23.2) | 12.6 |
Pension settlement charges, net of tax benefit of $5.1, $0.0 and $0.0 for the twelve months ended December 31, 2015, 2014 and 2013, respectively | 8.9 | 0 | 0 |
Unrealized foreign currency translation adjustments, net of tax (benefit) expense of ($4.6), ($5.2) and $0.5 for the twelve months ended December 31, 2015, 2014 and 2013, respectively | (8.1) | (8.9) | 0.9 |
Other comprehensive income (loss) | 18.4 | (34.1) | 19.3 |
COMPREHENSIVE (LOSS) INCOME | $ (58.5) | $ 38 | $ 71.7 |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net holding gains arising during the period, tax | $ 0 | $ (0.2) | $ 4.7 |
Net change in pension liability, tax | 3.1 | 2.5 | 2.7 |
Valuation adjustment for pension and postretirement benefit plans, tax | 7.2 | (13.4) | 7.4 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 5.1 | 0 | 0 |
Unrealized foreign currency translation gains (losses), tax | $ (4.6) | $ (5.2) | $ 0.5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net (loss) income | $ (76.9) | $ 72.1 | $ 52.4 |
Depreciation and amortization | 66.1 | 55.5 | 50.7 |
Signing bonus amortization | 60.4 | 53.8 | 42.8 |
Provision for deferred income taxes | 25.6 | 5.5 | 12 |
Loss on debt extinguishment | 0 | 0 | 45.3 |
Amortization of debt discount and debt issuance costs | 2.8 | 3.1 | 3.3 |
Non-cash compensation and pension expense | 45.3 | 15.2 | 20.3 |
Signing bonus payments | (87.3) | (93.9) | (45) |
Change in other assets | 27.2 | (34.8) | 29.2 |
Change in accounts payable and other liabilities | (29.1) | (8.3) | (58.4) |
Other non-cash items, net | (0.5) | (5.9) | 3.5 |
Net cash provided by operating activities | 33.6 | 62.3 | 156.1 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (109.9) | (85.8) | (48.8) |
Cash paid for acquisitions, net of cash acquired | 0 | (11.5) | (15.4) |
Proceeds from disposal of assets | 0.4 | 0.9 | 0.7 |
Net cash used in investing activities | (109.5) | (96.4) | (63.5) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt | 0 | 129.8 | 850 |
Transaction costs for issuance and amendment of debt | 0 | (5.1) | (11.8) |
Principal payments on debt | (9.8) | (9.5) | (819.5) |
Prepayment penalty | 0 | 0 | (21.5) |
Proceeds from exercise of stock options | 0 | 0.4 | 1.1 |
Stock repurchase | (0.4) | (149.7) | 0 |
Net cash used in financing activities | (10.2) | (34.1) | (1.7) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (86.1) | (68.2) | 90.9 |
CASH AND CASH EQUIVALENTS—Beginning of period | 250.6 | 318.8 | 227.9 |
CASH AND CASH EQUIVALENTS—End of period | 164.5 | 250.6 | 318.8 |
Supplemental cash flow information: | |||
Cash payments for interest | 42.1 | 41.1 | 43.9 |
Change in accrued purchases of property and equipment | (9.5) | 2.1 | 7.9 |
Cash payments for income taxes | 69.8 | 6.4 | 8 |
Cash refunds for income taxes | (5.4) | 0 | (0.8) |
Cash taxes, net | $ 64.4 | $ 6.4 | $ 7.2 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Deficit - USD ($) $ in Millions | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Loss | Accumulated Other Comprehensive Loss | Treasury Stock |
Beginning Balance at Dec. 31, 2012 | $ (161.4) | $ 281.9 | $ 0.6 | $ 1,001 | $ (1,265.9) | $ (52.3) | $ (126.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 52.4 | 52.4 | |||||
Stock-based compensation activity | 12.4 | 10.5 | (0.9) | 2.8 | |||
Capital contribution from Investors | 0.3 | 0.3 | |||||
Net change in unrealized holding gains on available-for-sale securities, net of tax | 1 | 1 | |||||
Pension valuation, net of tax | 12.6 | 12.6 | |||||
Net change in pension liability, net of tax | 4.8 | 4.8 | |||||
Unrealized foreign currency translation adjustment, net of tax | 0.9 | 0.9 | |||||
Ending 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 income | 72.1 | 72.1 | |||||
Stock-based compensation activity | 5.4 | 5.4 | (2.3) | 2.3 | |||
Capital contribution from Investors | 0.6 | 0.6 | |||||
Repurchase and retirement of shares | (133) | (0.1) | (132.9) | ||||
Conversion of Series D convertible shares | (98) | 0.1 | 97.9 | ||||
Stock repurchase | (16.7) | (16.7) | |||||
Net change in unrealized holding gains on available-for-sale securities, net of tax | (6.1) | (6.1) | |||||
Pension valuation, net of tax | (23.2) | (23.2) | |||||
Net change in pension liability, net of tax | 4.1 | 4.1 | |||||
Unrealized foreign currency translation adjustment, net of tax | (8.9) | (8.9) | |||||
Ending 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 income | (76.9) | ||||||
Stock-based compensation activity | 18.8 | 19.6 | (5.3) | 4.5 | |||
Stock repurchase | (0.4) | (0.4) | |||||
Net change in unrealized holding gains on available-for-sale securities, net of tax | (0.1) | (0.1) | |||||
Pension settlement charge, net of tax | 8.9 | 8.9 | |||||
Pension valuation, net of tax | 12.7 | 12.7 | |||||
Net change in pension liability, net of tax | 5 | 5 | |||||
Unrealized foreign currency translation adjustment, net of tax | (8.1) | (8.1) | |||||
Ending Balance at Dec. 31, 2015 | $ (222.8) | $ 183.9 | $ 0.6 | $ 1,002.4 | $ (1,226.8) | $ (48.7) | $ (134.2) |
Description of the Business and
Description of the Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 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. We primarily offer services through third-party agents, including retail chains, independent retailers, post offices and other financial institutions. We also offer Digital/Self-Service solutions such as moneygram.com, mobile solutions, account deposit and kiosk-based services. Additionally, 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 consolidated financial statements of MoneyGram are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The Consolidated Balance Sheets are unclassified due to the timing uncertainty surrounding the payment of settlement obligations. Use of Estimates — The 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. Principles of Consolidation — The consolidated financial statements include the accounts of MoneyGram International, Inc. and its subsidiaries. Intercompany profits, transactions and account balances have been eliminated in consolidation. The Company participates in various trust arrangements (special purpose entities or “SPEs”) related to official check processing agreements with financial institutions and structured investments within the investment portfolio. Working in cooperation with certain financial institutions, the Company historically established separate consolidated SPEs that provided these financial institutions with additional assurance of its ability to clear their official checks. The Company maintains control of the assets of the SPEs and receives all investment revenue generated by the assets. The Company remains liable to satisfy the obligations of the SPEs, both contractually and by operation of the Uniform Commercial Code, as issuer and drawer of the official checks. As the Company is the primary beneficiary and bears the primary burden of any losses, the SPEs are consolidated in the consolidated financial statements. The assets of the SPEs are recorded in the Consolidated Balance Sheets in a manner consistent with the assets of the Company based on the nature of the asset. Accordingly, the obligations have been recorded in the Consolidated Balance Sheets under “Payment service obligations.” The investment revenue generated by the assets of the SPEs is allocated to the FPP segment in the Consolidated Statements of Operations. For the years ending December 31, 2015 and 2014 , the Company’s SPEs had settlement assets and payment service obligations of $2.1 million and $3.1 million , respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and cash equivalents — The Company defines cash and cash equivalents and settlement cash and cash equivalents as cash on hand and all highly liquid debt instruments with original maturities of three months or less at the purchase date. 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 settlement 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 states. These obligations are recognized by the Company at the time the underlying transactions occur. The Company’s licensed entity, MoneyGram Payment Systems, Inc. (“MPSI”), is regulated by various U.S. state agencies that generally require the Company to maintain a pool of assets with an investment rating of A or higher (“permissible investments”) in an amount equal to the payment service obligations, as defined by each state, for those regulated payment instruments, namely teller checks, agent checks, money orders and money transfers. The regulatory payment service assets measure varies by state, but in all cases excludes investments rated below A-. The most restrictive states may also exclude assets held at banks that do not belong to a national insurance program, varying amounts of accounts receivable balances and/or assets held in one of the SPEs. The regulatory payment service obligations measure varies by state, but in all cases is substantially lower than the Company’s payment service obligations as disclosed in the Consolidated Balance Sheets as the Company is not regulated by state agencies for payment service obligations resulting from outstanding cashier’s checks or for amounts payable to agents and brokers. Our primary overseas operating subsidiary, MoneyGram International Ltd., is a licensed payment institution in the United Kingdom, enabling us to offer our money transfer service in the European Economic Area. We are also subject to licensing or other regulatory requirements in various other jurisdictions. Licensing requirements may include minimum net worth, provision of surety bonds or letters of credit, compliance with operational procedures, agent oversight and the maintenance of settlement assets in an amount equivalent to outstanding payment service obligations, as defined by our various regulators. The regulatory and contractual requirements do not require the Company to specify individual assets held to meet its payment service obligations, nor is the Company required to deposit specific assets into a trust, escrow or other special account. Rather, the Company must maintain a pool of liquid assets sufficient to comply with the requirements. No third party places limitations, legal or otherwise, on the Company regarding the use of its individual liquid assets. The Company is able to withdraw, deposit or sell its individual liquid assets at will, with no prior notice or penalty, provided the Company maintains a total pool of liquid assets sufficient to meet the regulatory and contractual requirements. Regulatory requirements also require MPSI to maintain positive net worth, with certain states requiring that MPSI maintain positive tangible net worth. The Company was in compliance with its contractual and financial regulatory requirements as of December 31, 2015 . The following table summarizes the amount of Settlement assets and Payment service obligations as of December 31 : (Amounts in millions) 2015 2014 Settlement assets: Settlement cash and cash equivalents $ 1,560.7 $ 1,657.3 Receivables, net 861.4 757.6 Interest-bearing investments 1,062.4 1,091.6 Available-for-sale investments 21.1 27.1 3,505.6 3,533.6 Payment service obligations $ (3,505.6 ) $ (3,533.6 ) Receivables, net (included in settlement assets) — The Company has receivables due from financial institutions and agents for payment instruments sold and amounts advanced by the Company to certain agents for operational and local regulatory purposes. These receivables are outstanding from the day of the sale of the payment instrument until the financial institution or agent remits the funds to the Company. The Company provides an allowance for the portion of the receivable estimated to become uncollectible based on its history of collection experience, known collection issues, such as agent suspensions and bankruptcies, consumer credit card chargebacks and insufficient funds and other matters the Company identifies in its routine collection monitoring. Receivables are generally considered past due one day after the contractual remittance schedule, which is typically one to three days after the sale of the underlying payment instrument. Receivables are generally written off against the allowance one year after becoming past due. The following summary details the activity within the allowance for credit losses for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Beginning balance $ 10.7 $ 10.7 $ 11.7 Provision 20.4 11.1 9.6 Write-offs, net of recoveries (21.9 ) (11.1 ) (10.6 ) Ending balance $ 9.2 $ 10.7 $ 10.7 Investments (included in settlement assets) — The Company classifies securities as interest-bearing or available-for-sale. The Company has no securities classified as trading or held-to-maturity. Time deposits and certificates of deposits with original maturities of up to 24 months are classified as interest-bearing investments and recorded at amortized cost. Securities held for indefinite periods of time, including any securities that may be sold to assist in the clearing of payment service obligations or in the management of the investment portfolio, are classified as available-for-sale securities. These securities are recorded at fair value, with the net after-tax unrealized gain or loss recorded as a separate component of stockholders’ deficit. Realized gains and losses and other-than-temporary impairments are recorded in the Consolidated Statements of Operations. Interest income on residential mortgage-backed securities for which risk of credit loss is deemed remote is recorded utilizing the level yield method. Changes in estimated cash flows, both positive and negative, are accounted for with retrospective changes to the carrying value of investments in order to maintain a level yield over the life of the investment. Interest income on residential mortgage-backed securities for which risk of credit loss is not deemed remote is recorded under the prospective method as adjustments of yield. The Company applies the cost recovery method of accounting for interest to its investments categorized as other asset-backed securities. The cost recovery method accounts for interest on a cash basis and deems any interest payments received as a recovery of principal, which reduces the book value of the related security. When the book value of the related security is reduced to zero, interest payments are then recognized as investment income upon receipt. The Company applies the cost recovery method of accounting as it believes it is probable that the Company will not recover all, or substantially all, of its principal investment and interest for its other asset-backed securities given the sustained deterioration in the investment and securities market, the collapse of many asset-backed securities and the low levels to which the securities have been written down. Securities with gross unrealized losses as of the balance sheet date are subject to a process for identifying other-than-temporary impairments. Securities that the Company deems to be other-than-temporarily impaired are written down to fair value in the period the impairment occurs. The assessment of whether such impairment has occurred is based on management’s evaluation of the underlying reasons for the decline in fair value on an individual security basis. The Company considers a wide range of factors about the security and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and the prospects for recovery. The Company considers an investment to be other-than-temporarily impaired when it is deemed probable that the Company will not receive all of the cash flows contractually stipulated for the investment, or whether it is more likely than not that we will sell an investment before recovery of its amortized cost basis. The Company evaluates residential mortgage-backed and other asset-backed investments rated A and below for which risk of credit loss is deemed more than remote for impairment. When an adverse change in expected cash flows occurs, and if the fair value of a security is less than its carrying value, the investment is written down to fair value through a permanent reduction to its amortized cost. Securities gains and losses are recognized upon the sale, call or maturity of securities using the specific identification method to determine the cost basis of securities sold. Any impairment charges and other securities gains and losses are included in the Consolidated Statements of Operations under “Net securities gains.” Fair Value of Financial Instruments — Financial instruments consist of cash and cash equivalents, investments, derivatives, deferred compensation and debt. The carrying values of cash and cash equivalents and interest-bearing investments approximate fair value. The carrying value of debt is stated at amortized cost; however, for disclosure purposes the fair value is estimated. See Note 4 — Fair Value Measurement for information regarding the principles and processes used to estimate the fair value of financial instruments. Derivative Financial Instruments — The Company recognizes derivative financial instruments in the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value is recognized through the “Transaction and operations support” line in the Consolidated Statements of Operations in the period of change. See Note 6 — Derivative Financial Instruments for additional disclosure. Property and Equipment — Property and equipment includes computer hardware, computer software, signage, equipment at agent locations, office furniture and equipment and leasehold improvements, and is stated at cost net of accumulated depreciation and amortization. Property and equipment is depreciated and amortized using a straight-line method over the useful life or term of the lease or license. The cost and related accumulated depreciation and amortization of assets sold or disposed of are removed from the financial statements, with the resulting gain or loss, if any, recognized in “Occupancy, equipment and supplies” in the Consolidated Statements of Operations. See Note 7 — Property and Equipment for additional disclosure. The following table summarizes the e stimated useful lives by major asset category: Type of Asset Useful Life Computer hardware 3 years Computer software 5 years Signage 3 years Equipment at agent locations 3 - 7 years Office furniture and equipment 7 years Leasehold improvements 10 years Tenant allowances for leasehold improvements are capitalized as leasehold improvements upon completion of the improvement and amortized over the shorter of the remaining term of the lease or 10 years . Computer software includes acquired and internally developed software. For the years ended December 31, 2015 and 2014 , software development costs of $47.2 million and $25.9 million , respectively, were capitalized. At December 31, 2015 and 2014 , there was $86.9 million and $61.5 million , respectively, of unamortized software development costs included in property and equipment. Property and equipment are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable by comparing the carrying value of the assets to the estimated future undiscounted cash flows to be generated by the asset. If an impairment is determined to exist for property and equipment, the carrying value of the asset is reduced to the estimated fair value. Goodwill and Intangible Assets — Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations and is assigned to the reporting unit in which the acquired business will operate. Intangible assets are recorded at their estimated fair value at the date of acquisition. In the year following the period in which identified intangible assets become fully amortized, the fully amortized balances are removed from the gross asset and accumulated amortization amounts. Goodwill is not amortized, but is instead subject to impairment testing. Intangible assets with finite lives are amortized using a straight-line method over their respective useful lives as follows: Type of Intangible Asset Useful Life Contractual and customer relationships 3-15 years Non-compete agreements 3-5 years Developed technology 5-7 years The Company evaluates its goodwill for impairment annually as of October 1 of each year or more frequently if impairment indicators arise in accordance with Accounting Standards Codification (“ASC”) Topic 350, “ Intangibles - Goodwill and Other. ” Goodwill is tested for impairment using a fair-value based approach and is assessed at the reporting unit level. The carrying value of the reporting unit is compared to its estimated fair value, with any excess of carrying value over fair value deemed to be an indicator of potential impairment, in which case a second step is performed comparing the recorded amount of goodwill to its implied fair value. Intangible assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable by comparing the carrying value of the assets to the estimated future undiscounted cash flows to be generated by the asset. If an impairment is determined to exist for goodwill or intangible assets, the carrying value of the asset is reduced to the estimated fair value. Payments on Long-Term Contracts — The Company makes payments to certain agents and financial institution customers as an incentive to enter into long-term contracts. The payments, or signing bonuses, are generally required to be refunded pro rata in the event of nonperformance under, or cancellation of, the contract by the customer. All signing bonuses are capitalized and amortized over the life of the related contract. Amortization of signing bonuses on long-term contracts is recorded in “Fee and other commissions expense” in the Consolidated Statements of Operations. The carrying values of the signing bonuses are reviewed whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Income Taxes — The provision for income taxes is computed based on the pre-tax (loss) income included in the Consolidated Statements of Operations. Deferred tax assets and liabilities are recorded based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax basis, and operating loss and tax credit carry-forwards on a taxing jurisdiction basis. The Company measures deferred tax assets and liabilities using enacted statutory tax rates that will apply in the years in which the Company expects the temporary differences to be recovered or paid. The Company's ability to realize deferred tax assets depends on the ability to generate sufficient taxable income within the carry-back or carry-forward periods provided for in the tax law. The Company establishes valuation allowances for its deferred tax assets based on a more-likely-than-not threshold. To the extent management believes that recovery is not likely, a valuation allowance is established in the period in which the determination is made. The liability for unrecognized tax benefits is recorded as a non-cash item in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. The Company records interest and penalties for unrecognized tax benefits in “Income tax expense” in the Consolidated Statements of Operations. See Note 13 — Income Taxes for additional disclosure. Treasury Stock — Repurchased common stock is stated at cost and is presented as a separate component of stockholders’ deficit. See Note 11 — Stockholders’ Deficit for additional disclosure. Foreign Currency Translation — The Company converts assets and liabilities of foreign operations to their U.S. dollar equivalents at rates in effect at the balance sheet dates and records the translation adjustments in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. Income statements of foreign operations are translated from the operation’s functional currency to U.S. dollar equivalents at the average exchange rate for the month. Foreign currency exchange transaction gains and losses are reported in “Transaction and operations support” in the Consolidated Statements of Operations. Revenue Recognition — The Company earns revenue primarily through service fees charged to consumers and through its investing activity. A description of these revenues and revenue recognition policies is as follows: • Fee and other revenue consists of transaction fees, service revenue, foreign exchange revenue and other revenue. • Transaction fees consist primarily of fees earned on money transfer, money order, bill payment and official check transactions. The money transfer transaction fees vary based on the principal value of the transaction and the locations in which these money transfers originate and to which they are sent. The official check, money order and bill payment transaction fees are fixed fees charged on a per item basis. Transaction fees are recognized at the time of the transaction or sale of the product. • Foreign exchange revenue is earned from the management of currency exchange spreads on money transfer transactions involving different “send” and “receive” currencies. Foreign exchange revenue is recognized at the time the exchange in funds occurs. • Other revenue primarily consists of service charges on aged outstanding money orders and money order dispenser fees. Additionally, for unclaimed payment instruments and money transfers, we recognize breakage income when the likelihood of consumer pick-up becomes remote based on historical experience and there is no requirement for remitting balances to government agencies under unclaimed property laws. • Investment revenue is earned from the investment of funds generated from the sale of payment instruments, primarily official checks and money orders, and consists of interest income, dividend income, income received on our cost recovery securities and amortization of premiums and discounts. Customer Loyalty Program — The MoneyGram Rewards loyalty program, introduced in January 2012, allowed enrolled members to earn points based on the face value of their send transactions, along with opportunities for points earned from promotional activities. Points were redeemable for various denominations of gift cards. The Company estimated the cost of the rewards and recorded this expense and the associated liability as points were accumulated by loyalty program members. The cost was recognized in “Transaction and operational support” within the Consolidated Statements of Operations, and the associated liability was included in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. In October 2013, the Company began to transition its MoneyGram Rewards loyalty program to a convenience card program, which does not feature points. The Company provided participants in the MoneyGram Rewards program until December 7, 2013 to redeem any outstanding program points, after which all points were canceled. As a result of the point cancellation, the Company had a reduction of marketing expense of $3.9 million in 2013. As of December 31, 2015 , the Company has no remaining liability related to the loyalty program. Fee and Other Commissions Expense — The Company incurs fee commissions primarily related to our Global Funds Transfer products. In a money transfer transaction, both the agent initiating the transaction and the receiving agent earn a commission that is generally based on a percentage of the fee charged to the consumer. In a bill payment transaction, the agent initiating the transaction receives a commission that is generally based on a percentage of the fee charged to the consumer and, in limited circumstances, the biller receives a commission that is based on a percentage of the fee charged to the consumer. The Company generally does not pay commissions to agents on the sale of money orders, except, in certain limited circumstances, for large agents where we may pay a fixed commission based on total money order transactions. Other commissions expense includes the amortization of capitalized agent signing bonus payments. Investment Commissions Expense — Investment commissions expense consists of amounts paid to financial institution customers based on short-term interest rate indices times the average outstanding cash balances of official checks sold by the financial institution. Investment commissions are recognized each month based on the average outstanding balances of each financial institution customer and their contractual variable rate for that month. Marketing and Advertising Expense — Marketing and advertising costs are expensed as incurred or at the time the advertising first takes place and are recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations. Marketing and advertising expense was $59.4 million , $64.7 million and $57.4 million for 2015 , 2014 and 2013 , respectively. Stock-Based Compensation — Stock-based compensation awards are measured at fair value at the date of grant and expensed over their vesting or service periods. The expense, net of estimated forfeitures, is recognized using the straight-line method. The Company accounts for modifications to its share-based payment awards in accordance with the provisions of ASC Topic 718, " Compensation - Stock Compensation." Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the share price and other pertinent factors at that date, and is recognized as compensation cost on the date of modification (for vested awards) or over the remaining vesting or service period (for unvested awards). Any unrecognized compensation cost remaining from the original award is recognized over the vesting period of the modified award. See Note 12 — Stock-Based Compensation for additional disclosure of the Company’s stock-based compensation. Reorganization and Restructuring Expenses — Reorganization and restructuring expenses consist of direct and incremental costs associated with reorganization, restructuring and related activities, including technology; process improvement efforts; independent consulting and contractors; severance; outplacement and other employee related benefits; facility closures, cease-use or related charges; asset impairments or accelerated depreciation and other expenses related to relocation of various operations to existing or new Company facilities and third-party providers, including hiring, training, relocation, travel and professional fees. The Company records severance-related expenses once they are both probable and estimable related to severance provided under an on-going benefit arrangement. One-time, involuntary benefit arrangements and other exit costs are recognized when the liability is incurred. The Company evaluates impairment issues associated with reorganization activities when the carrying amount of the assets may not be fully recoverable, and also reviews the appropriateness of the remaining useful lives of impacted fixed assets. See Note 3 — Reorganization and Restructuring Costs for additional disclosure of the Company’s reorganization and restructuring activities. Earnings Per Share — For all periods in which it is outstanding, the Series D Participating Convertible Preferred Stock (the "D Stock") is included in the weighted-average number of common shares outstanding utilized to calculate basic earnings per common share because the D Stock is deemed a common stock equivalent. Diluted earnings per common share reflects the potential dilution that could result if securities or incremental shares arising out of the Company’s stock-based compensation plans were exercised or converted into common stock. Diluted earnings per common share assumes the exercise of stock options using the treasury stock method. The following table is a reconciliation of the weighted-average amounts used in calculating earnings per share for the period ended December 31 : (Amounts in millions) 2015 2014 2013 Basic common shares outstanding 62.1 65.3 71.6 Shares related to stock options — 0.1 0.2 Shares related to restricted stock units — 0.1 0.1 Diluted common shares outstanding 62.1 65.5 71.9 Potential common shares are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive. All potential common shares are anti-dilutive in periods of net loss available to common stockholders. Stock options are anti-dilutive when the exercise price of these instruments is greater than the average market price of the Company’s common stock for the period. The following table summarizes the weighted-average potential common shares excluded from diluted (loss) income per common share as their effect would be anti-dilutive or their performance conditions are not met for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Shares related to stock options 3.4 4.0 3.6 Shares related to restricted stock units 3.8 1.1 0.8 Shares excluded from the computation 7.2 5.1 4.4 Recent Accounting Pronouncements and Related Developments — In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) : Deferral of the Effective Date . The amendment in this ASU defers the effective date of ASU 2014-09 for all entities for one year. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact this standard will have on the consolidated financial statements. In February 2015, the FASB issued 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 will have no impact on our consolidated financial statements. 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. The Company early adopted ASU 2015-03 on December 31, 2015 and the Consolidated Balance Sheet as of December 31, 2014 has been adjusted to apply the change in accounting principle retrospectively. Debt issuance costs of $13.9 million previously reported as "Other assets" on the Consolidated Balance Sheet as of December 31, 2014 have been reclassified as a direct deduction from the carrying amount of the related debt liability. There is no effect on our Consolidated Statement of Operations as a result of the change in accounting principle. In August 2015, the FASB issued ASU 2015-15, Interest - Imputed Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which clarifies that the guidance in ASU 2015-03 does not apply to line-of-credit arrangements. ASU 2015-15 allows for an entity to defer and present debt issuance costs associated with line-of-credit arrangements as an asset and subsequently amortize the debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The early adoption of ASU 2015-15 will have no impact on 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 adoption of ASU 2015-05 will not have a significant impact on our 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. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments ("ASU 2015-16") which replaces the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively with a requirement that an acquirer recognize adjustments to the provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fi |
Reorganization and Restructurin
Reorganization and Restructuring Costs | 12 Months Ended |
Dec. 31, 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 expects to complete these reorganization and restructuring activities in early 2016 . In the third quarter of 2015 , the Company initiated additional reorganization and restructuring activities to further improve operational efficiencies. The Company projects that these other restructuring activities will conclude at or near the end of 2016 . The 2014 Global Transformation Program and other restructuring 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 comes to an end and the other restructuring activities continue to be implemented. The following table is a roll-forward of the restructuring costs accrual as of December 31, 2015 : 2014 Global Transformation Program Other Restructuring (Amounts in millions) Severance, Outplacement and Related Benefits Other (1) Severance, Outplacement and Related Benefits Total Balance, December 31, 2014 $ 12.6 $ 0.7 $ — $ 13.3 Expenses 3.1 1.3 0.6 5.0 Cash payments (11.9 ) (2.0 ) (0.4 ) (14.3 ) Balance, December 31, 2015 $ 3.8 $ — $ 0.2 $ 4.0 (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 as of December 31, 2015 : 2014 Global Transformation Program Other Restructuring (Amounts in millions) Severance, Outplacement and Related Benefits Other (1) Severance, Outplacement and Related Benefits Total Restructuring costs Cumulative restructuring costs incurred to date in operating expenses $ 17.7 $ 3.0 $ 0.6 $ 21.3 Estimated additional restructuring costs to be incurred 1.6 0.4 0.5 2.5 Total restructuring costs incurred and to be incurred $ 19.3 $ 3.4 $ 1.1 $ 23.8 (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 years ended December 31 : (Amounts in millions) 2015 2014 2013 Restructuring costs in operating expenses: Compensation and benefits $ 3.7 $ 14.4 $ — Transaction and operations support 1.3 1.9 — Total restructuring costs in operating expenses 5.0 16.3 — Reorganization costs in operating expenses: Compensation and benefits $ 6.8 $ 5.0 $ 1.2 Transaction and operations support 6.7 8.4 0.7 Occupancy, equipment and supplies 1.5 0.8 1.3 Total reorganization costs in operating expenses 15.0 14.2 3.2 Total reorganization and restructuring costs $ 20.0 $ 30.5 $ 3.2 The following table is a summary of the total cumulative restructuring costs incurred to date in operating expenses and the total estimated remaining restructuring costs to be incurred by reportable segment: (Amounts in millions) GFT FPP Other Total 2014 Global Transformation Program Balance, 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 Third quarter 2015 0.4 0.1 — 0.5 Fourth quarter 2015 0.5 0.1 — 0.6 Total cumulative restructuring costs incurred to date in operating expenses $ 17.8 $ 2.2 $ 0.7 $ 20.7 Total estimated additional restructuring costs to be incurred 1.8 0.2 — 2.0 $ 19.6 $ 2.4 $ 0.7 $ 22.7 Other Restructuring Third quarter 2015 $ 0.5 $ — $ — $ 0.5 Fourth quarter 2015 0.1 — — 0.1 Total cumulative restructuring costs incurred to date in operating expenses $ 0.6 $ — $ — $ 0.6 Total estimated additional restructuring costs to be incurred 0.5 — — 0.5 $ 1.1 $ — $ — $ 1.1 Total restructuring costs incurred and to be incurred $ 20.7 $ 2.4 $ 0.7 $ 23.8 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 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 agency securities 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 December 31 : Fair Value at December 31, 2015 (Amounts in millions) Level 1 Level 2 Level 3 Total Financial assets: Available-for-sale investments: Residential mortgage-backed securities — agencies $ — $ 9.5 $ — $ 9.5 Other asset-backed securities — — 11.6 11.6 Forward contracts — 0.8 — 0.8 Total financial assets $ — $ 10.3 $ 11.6 $ 21.9 Financial liabilities: Forward contracts $ — $ 0.1 $ — $ 0.1 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 December 31 : 2015 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 $ 79.19 $ 0.1 $ 80.75 Home equity Price Third-party pricing service 0.1 29.40 0.1 30.37 Indirect exposure — high grade Price Third-party pricing service 8.3 21.65 8.3 21.64 Indirect exposure — mezzanine Price Third-party pricing service 0.8 0.75 1.1 1.11 Indirect exposure — mezzanine Price Broker 1.1 1.58 1.3 1.52 Other Net asset value Third-party pricing service 1.2 6.34 1.7 9.15 Total $ 11.6 $ 3.57 $ 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 years ended December 31 : (Amounts in millions) 2015 2014 2013 Beginning balance $ 12.6 $ 20.6 $ 18.0 Principal paydowns (0.9 ) (5.7 ) (3.7 ) Change in unrealized gains (0.1 ) (1.5 ) 6.3 Net realized losses — (0.8 ) — Ending balance $ 11.6 $ 12.6 $ 20.6 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 2015 , 2014 and 2013 . 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 December 31 : Fair Value Carrying Value (Amounts in millions) 2015 2014 2015 2014 Senior secured credit facility $ 858.9 $ 884.0 $ 954.3 $ 963.5 The carrying amounts for the Company's cash and cash equivalents, settlement cash and cash equivalents and interest-bearing investments approximate fair value as of December 31, 2015 and 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 property and equipment, goodwill and other intangible assets, which are re-measured only in the event of an impairment. No impairments of property and equipment, goodwill and other intangible assets were recorded during 2015 , 2014 and 2013 . 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 expenses" line in the Consolidated Statements of Operations. The Company records the investments in its defined benefit pension plan ("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 based on the current market values of the underlying assets. See Note 10 — Pension and Other Benefits for additional disclosure of investments held by the Pension Plan. |
Investment Portfolio
Investment Portfolio | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Investment Portfolio | Investment Portfolio The Company’s portfolio is invested in cash and cash equivalents, interest-bearing investments and available-for-sale investments as described in Note 2 — Summary of Significant Accounting Policies . The following table shows the components of the investment portfolio as of December 31 : (Amounts in millions) 2015 2014 Cash $ 1,717.3 $ 1,898.1 Money market securities 7.9 9.8 Cash and cash equivalents (1) 1,725.2 1,907.9 Interest-bearing investments 1,062.4 1,091.6 Available-for-sale investments 21.1 27.1 Total investment portfolio $ 2,808.7 $ 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 December 31, 2015 . Available-for-sale Investments — Available-for-sale investments consist of residential 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 December 31 : 2015 (Amounts in millions, except net average price) Amortized Cost Gross Unrealized Gains Fair Value Net (1) Average Price Residential mortgage-backed securities — agencies $ 8.7 $ 0.8 $ 9.5 $ 111.00 Other asset-backed securities 1.7 9.9 11.6 3.57 Total $ 10.4 $ 10.7 $ 21.1 $ 6.32 (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 : 2014 (Amounts in millions, except net average price) Amortized Cost Gross Unrealized Gains Fair Value Net (1) 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 As of December 31, 2015 and 2014 , 45 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 as of December 31, 2015 . Unrealized Gains and Losses — As of December 31, 2015 and 2014 , net unrealized gains of $11.1 million and $11.2 million , respectively, were included in the Consolidated Balance Sheets in “Accumulated other comprehensive loss.” The Company had no unrealized losses in its available-for-sale portfolio as of December 31, 2015 and 2014 . Gains and Losses — For 2015 and 2013 , the Company had no net realized gains or losses. During 2014, the Company realized $45.4 million of net securities gains related to certain securities settlements previously written down to a nominal fair value. See Note 14 — Commitments and Contingencies for additional disclosure. Investment Ratings — In rating the securities in its investment portfolio, the Company uses ratings from Moody’s Investor Service (“Moody’s”), Standard & Poor's (“S&P”) and Fitch Ratings (“Fitch”). If the rating agencies have split ratings, the Company uses the highest two out of three ratings across the rating agencies for disclosure purposes. If none of the rating agencies have the same rating, the Company uses the lowest rating across the agencies for disclosure purposes. Securities issued or backed by U.S. government agencies are included in the AAA rating category. Investment grade is defined as a security having a Moody’s equivalent rating of Aaa, Aa, A or Baa or an S&P or Fitch equivalent rating of AAA, AA, A or BBB. The Company’s investments consisted of the following ratings as of December 31 : 2015 2014 (Amounts in millions, except percentages) Number of Securities Fair Value Percent of Investments Number of Securities Fair Value Percent of Investments Investment grade 12 $ 9.4 45 % 13 $ 14.3 53 % Below investment grade 42 11.7 55 % 44 12.8 47 % Total 54 $ 21.1 100 % 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 December 31, 2015 and 2014 , respectively. Contractual Maturities — Actual maturities may differ from contractual maturities as borrowers may have the right to call or prepay obligations, sometimes without call or prepayment penalties. Maturities of residential 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 as of December 31, 2015 and 2014 : 95 percent used a third-party pricing service and 5 percent used broker quotes. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instrument Detail [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company uses forward contracts to manage its foreign currency needs and foreign currency exchange risk arising from its assets and liabilities denominated in foreign currencies. While these contracts may mitigate certain foreign currency risk, they are not designated as hedges for accounting purposes. These contracts will result in gains and losses which are reported in the "Transaction and operations support" line item in the Consolidated Statements of Operations. The Company may also report gains and losses from the spread differential between the rate set for its transactions and the actual cost of currency at the time the Company buys or sells in the open market. The “Transaction and operations support” line in the Consolidated Statements of Operations and the "Net cash provided by operating activities" line in the Consolidated Statements of Cash Flows include the following losses (gains) related to assets and liabilities denominated in foreign currencies, for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Net realized foreign currency losses (gains) $ 21.3 $ 25.0 $ (3.3 ) Net (gains) losses from the related forward contracts (32.7 ) (24.0 ) 5.3 Net (gains) losses from foreign currency transactions and related forward contracts $ (11.4 ) $ 1.0 $ 2.0 As of December 31, 2015 and 2014 , the Company had $295.8 million and $242.5 million , respectively, of outstanding notional amounts relating to its forward contracts. As of December 31, 2015 and 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 Net Amount of Assets Presented in the Consolidated Balance Sheets (Amounts in millions) Balance Sheet Location 2015 2014 2015 2014 2015 2014 Forward contracts Other assets $ 1.0 $ 5.3 $ (0.2 ) $ (0.5 ) $ 0.8 $ 4.8 Gross Amount of Recognized Liabilities Gross Amount of Offset Net Amount of Liabilities Presented in the Consolidated Balance Sheets (Amounts in millions) Balance Sheet Location 2015 2014 2015 2014 2015 2014 Forward contracts Accounts payable and other liabilities $ 0.3 $ 0.8 $ (0.2 ) $ (0.5 ) $ 0.1 $ 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. Asset and liability positions from forward contracts and all other foreign exchange transactions with the same counterparty are net settled upon maturity. The Company is exposed to credit loss in the event of non-performance by counterparties to its derivative contracts. The Company actively monitors its exposure to credit risk through the use of credit approvals and credit limits, and by selecting major international banks and financial institutions as counterparties. Collateral generally is not required of the counterparties or of the Company. In the unlikely event the counterparty fails to meet the contractual terms of the derivative contract, the Company’s risk is limited to the fair value of the instrument. The Company has not had any historical instances of non-performance by any counterparties, nor does it anticipate any future instances of non-performance. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following table is a summary of "Property and equipment, net" as of December 31 : (Amounts in millions) 2015 2014 Computer hardware and software $ 338.0 $ 268.8 Signage 87.9 86.9 Equipment at agent locations 58.0 80.1 Office furniture and equipment 29.2 34.8 Leasehold improvements 24.7 35.1 Total property and equipment 537.8 505.7 Accumulated depreciation and amortization (338.1 ) (340.1 ) Total property and equipment, net $ 199.7 $ 165.6 Depreciation and amortization expense for property and equipment for 2015 , 2014 and 2013 was $63.4 million , $53.4 million , and $50.0 million , respectively. At December 31, 2015 and 2014 , there was $7.5 million and $17.0 million , respectively, of property and equipment that had been received by the Company and included in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. During 2015 , the Company had a nominal loss related to relocations or disposal of its property and equipment. During 2014 and 2013 , the Company recognized a loss of $0.2 million and $0.1 million , respectively, on furniture and equipment related to office relocations and disposal of equipment and signage at agent locations. The losses were recorded in the “Occupancy, equipment and supplies” line in the Consolidated Statements of Operations. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The following table is a roll-forward of goodwill by reporting segment: (Amounts in millions) Global Funds Transfer Financial Paper Products Total Balance as of December 31, 2014 $ 442.5 $ — $ 442.5 Currency translation (0.3 ) — (0.3 ) Balance as of December 31, 2015 $ 442.2 $ — $ 442.2 The Company performed an annual assessment of goodwill during the fourth quarter of 2015 , 2014 and 2013 . No impairments of goodwill were recorded in 2015 , 2014 and 2013 . The following table is a summary of the gross goodwill balances and accumulated impairments as of December 31 : 2015 2014 (Amounts in millions) Gross Goodwill Accumulated Impairments Gross Goodwill Accumulated Impairments Global Funds Transfer $ 445.4 $ (3.2 ) $ 445.7 $ (3.2 ) The following table is a summary of intangible assets included in “Other assets” in the Consolidated Balance Sheets as of December 31 : 2015 2014 (Amounts in millions) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Contractual and customer relationships $ 11.7 $ (4.5 ) $ 7.2 $ 12.3 $ (2.6 ) $ 9.7 Non-compete agreements 1.6 (0.7 ) 0.9 1.6 (0.4 ) 1.2 Developed technology 1.1 (0.2 ) 0.9 1.1 (0.1 ) 1.0 Total intangible assets $ 14.4 $ (5.4 ) $ 9.0 $ 15.0 $ (3.1 ) $ 11.9 The Company did not complete any acquisitions in 2015 . In 2014 , the Company completed two acquisitions . As a result of the acquisitions, the Company acquired agent contracts valued at $4.4 million , which are amortized over lives of six to eight years, acquired developed technology valued at $1.1 million , which is amortized over lives ranging from five to seven years, and entered into non-compete agreements valued at $0.6 million , which are amortized over lives ranging between three to five years. Intangible asset amortization expense for 2015 , 2014 and 2013 was $2.7 million , $2.1 million and $0.7 million , respectively. The estimated future intangible asset amortization expense is $2.6 million , $2.3 million , $1.7 million , $0.8 million and $0.7 million for 2016 , 2017 , 2018 , 2019 and 2020 , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following is a summary of the Company's outstanding debt as of December 31: (Amounts in millions, except percentages) Effective Interest Rate 2015 2014 Senior secured credit facility due 2020 4.25 % $ 954.3 $ 964.1 Unamortized debt discount (0.6 ) (0.6 ) Unamortized debt issuance costs (11.1 ) (13.9 ) Total debt, net $ 942.6 $ 949.6 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 $325.0 million 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 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 Credit 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 Term Credit 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 11 — Stockholders' Deficit for additional disclosure on the share repurchases. The 2013 Credit Agreement is secured by substantially all of the non-financial assets of the Company and its material domestic subsidiaries that guarantee the payment and performance of the Company’s obligations under the 2013 Credit Agreement. The Company may elect an interest rate under the 2013 Credit Agreement at each reset period based on the BOA prime bank rate or the Eurodollar rate. The interest rate election may be made individually for the Term Credit Facility and each draw under the Revolving Credit Facility. The interest rate will be either the “alternate base rate” (calculated in part based on the BOA prime rate) plus either 200 or 225 basis points (depending on the Company's secured leverage ratio or total leverage ratio, as applicable, at such time) or the Eurodollar rate plus either 300 or 325 basis points (depending on the Company's secured leverage ratio or total leverage ratio, as applicable, at such time). In connection with the initial funding under the 2013 Credit Agreement, the Company elected the Eurodollar rate as its primary interest basis. Under the terms of the 2013 Credit Agreement, the minimum interest rate applicable to Eurodollar borrowings under the Term Credit Facility is 100 basis points plus the applicable margins previously referred to in this paragraph. Fees on the daily unused availability under the Revolving Credit Facility are 50 basis points. As of December 31, 2015 , the Company had no outstanding letters of credit and no borrowings under the Revolving Credit Facility, leaving $150.0 million of availability thereunder. 2013 Note Repurchase — In connection with the Company's entry into the 2013 Credit Agreement, the Company purchased all $325.0 million of the outstanding second lien notes for a purchase price equal to 106.625 percent of the principal amount purchased, plus accrued and unpaid interest, which was funded with a portion of the net proceeds from the 2013 Credit Agreement described above. Following the closing of the transaction, the second lien notes were canceled, and no second lien notes remain outstanding. The termination of the 2011 Credit Agreement and entry into the 2013 Credit Agreement and the purchase of the second lien notes were accounted for principally as a debt extinguishment with a partial modification of debt, in accordance with ASC Topic 470, “ Debt ." Under debt extinguishment accounting, the Company expensed the pro-rata portion of debt issuance costs and debt discount costs related to the extinguished debt balance. For the debt balance classified as a modification, the Company was required to amortize the pro-rata portion of the debt issuance costs and unamortized debt discount from the 2011 Credit Agreement over the terms of the 2013 Credit Agreement. Additionally, the Company expensed the pro-rata portion of the financing costs related to the 2013 Credit Agreement as third-party costs in connection with the modification of debt. Debt Covenants and Other Restrictions — Borrowings under the 2013 Credit Agreement are subject to various limitations that restrict the Company’s ability to: incur additional indebtedness; create or incur additional liens; effect mergers and consolidations; make certain acquisitions or investments; sell assets or subsidiary stock; pay 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 terms of our debt agreements place significant limitations on the amount of restricted payments we may make, including dividends on our common stock and our repurchase of our capital stock. Subject to certain customary conditions, we may (i) make restricted payments in an aggregate amount not to exceed $50.0 million (without regard to a pro forma leverage ratio calculation), (ii) make restricted payments up to a formulaic amount determined based on an incremental build-up of our consolidated net income in future periods (subject to compliance with a maximum pro forma leverage ratio calculation) and (iii) repurchase capital stock from THL and Goldman Sachs in a remaining aggregate amount up to $170.0 million as discussed above. The 2013 Credit Agreement contains various financial and non-financial covenants. A violation of these covenants could negatively impact the Company's liquidity by restricting the Company's ability to borrow under the Revolving Credit Facility and/or causing acceleration of amounts due under the credit facilities. The financial covenants in the 2013 Credit Agreement measure leverage, interest coverage and liquidity. Leverage is measured through a senior secured debt ratio calculated as consolidated indebtedness to consolidated EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted for certain items such as net securities gains, stock-based compensation expense, certain legal settlements and asset impairments, among other items, also referred to as adjusted EBITDA. This measure is similar, but not identical, to Adjusted EBITDA (EBITDA adjusted for certain significant items) as discussed in Note 12 — Stock-Based Compensation. Interest coverage is calculated as adjusted EBITDA to net cash interest expense. The Company is required to maintain asset coverage greater than its payment service obligations. Assets used in the determination of the asset coverage covenant are cash and cash equivalents and settlement assets. Our cash and cash equivalents balance as of December 31, 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 December 31 : (Amounts in millions) 2015 2014 Cash and cash equivalents $ 164.5 $ 250.6 Settlement assets 3,505.6 3,533.6 Total cash and cash equivalents and settlement assets 3,670.1 3,784.2 Payment service obligations (3,505.6 ) (3,533.6 ) Assets in excess of payment service obligations $ 164.5 $ 250.6 The 2013 Credit Agreement also has quarterly financial covenants to maintain the following interest coverage and secured leverage ratios: Interest Coverage Minimum Ratio 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 December 31, 2015 , the Company was in compliance with its financial covenants: our interest coverage ratio was 5.93 to 1.00 and our secured leverage ratio was 3.821 to 1.00. We continuously monitor our compliance with our debt covenants. Debt Issuance Costs —The Company presents debt issuance costs as a direct deduction from the carrying amount of the related indebtedness per the early adoption of ASU 2015-03 and amortizes these costs over the term of the related debt liability using the effective interest method. Expense of the debt issuance costs during 2013 includes the write-off of a pro-rata portion of debt issuance costs in connection with the extinguishment of the 2011 Credit Agreement, as well as payments on the second lien notes, the incremental term loan and the term debt. Amortization is recorded in “Interest expense” on the Consolidated Statements of Operations. In accordance with ASU 2015-15, the Company records debt issuance costs for its Revolving Credit Facility in Other assets on its Consolidated Balance Sheets and related amortization is recorded in "Interest expense" on the Consolidated Statements of Operations. The unamortized costs associated with the Revolving Credit Facility were $1.2 million and $1.7 million as of December 31, 2015 and 2014, respectively. Debt Discount — The Company records debt discount as a deduction from the carrying amount of the related indebtedness on its Consolidated Balance Sheets with the respective debt discount amortization recorded in “Interest expense,” and the write-off of the debt discount recorded in "Debt extinguishment costs," on the Consolidated Statements of Operations. Debt Extinguishment Costs — In 2015 and 2014 , there were no debt extinguishment costs. In 2013 , the Company recognized debt extinguishment costs of $45.3 million in connection with the termination of the 2011 Credit Agreement and entry into the 2013 Credit Agreement, which included $21.5 million in prepayment penalty, $20.0 million of unamortized debt issuance costs, $2.3 million of debt discount upon prepayments and $1.5 million of debt modification costs. Interest Paid in Cash — The Company paid $42.1 million , $41.1 million and $43.9 million of interest in 2015 , 2014 and 2013 , respectively. Maturities — At December 31, 2015 , debt totaling $912.6 million will mature in 2020, while debt principal totaling $41.7 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. |
Pension and Other Benefits
Pension and Other Benefits | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Benefits | Pension and Other Benefits Pension Benefits — The Company's Pension Plan is a frozen, non-contributory funded plan under which no new service or compensation credits are accrued by the plan participants. Cash accumulation accounts continue to be credited with interest credits until participants withdraw their money from the Pension Plan. It is the Company’s policy to fund at least the minimum required contribution each year plus additional discretionary amounts as available and necessary to minimize expenses of the plan. Supplemental Executive Retirement Plans — The Company has obligations under various supplemental executive retirement plans (“SERPs”), which are unfunded non-qualified defined benefit pension plans providing postretirement income to their participants. As of December 31, 2015 , all benefit accruals under the SERPs are frozen with the exception of one plan for which service is frozen but future pay increases are reflected for active participants. It is the Company’s policy to fund the SERPs as benefits are paid. The Company's Pension Plan and SERPs are collectively referred to as our “Pension." Postretirement Benefits Other Than Pensions — The Company has an unfunded defined benefit postretirement plan ("Postretirement Benefits") that provides medical and life insurance for its participants. The Company amended the Postretirement Benefits to close it to new participants as of December 31, 2009 . Effective July 1, 2011 , the Postretirement Benefits was amended to eliminate eligibility for participants eligible for Medicare coverage. As a result of this plan amendment, the Company no longer receives the Medicare retiree drug subsidy. The Company’s funding policy is to make contributions to the Postretirement Benefits as benefits are paid. Actuarial Valuation Assumptions — The measurement date for the Company’s Pension and Postretirement Benefits is December 31 . The following table is a summary of the weighted-average actuarial assumptions used in calculating net periodic benefit expense (income) and the benefit obligation for the years ended and as of December 31 : Pension Plan SERPs Postretirement Benefits 2015 2014 2013 2015 2014 2013 2015 2014 2013 Net periodic benefit expense (income): Discount rate 4.15 % 4.81 % 4.04 % 4.78 % 4.78 % 3.99 % 4.82 % 4.82 % 4.09 % Expected return on plan assets 4.74 % 5.68 % 6.20 % — — — — — — Rate of compensation increase — — — 5.75 % 5.75 % 5.75 % — — — Initial healthcare cost trend rate — — — — — — 6.50 % 7.00 % 8.00 % Ultimate healthcare cost trend rate — — — — — — 4.50 % 4.50 % 5.00 % Year ultimate healthcare cost trend rate is reached — — — — — — 2023 2023 2019 Benefit obligation: Discount rate 4.31 % 4.04 % 4.81 % 4.32 % 4.04 % 4.78 % 4.53 % 4.19 % 4.82 % Rate of compensation increase — — — 5.75 % 5.75 % 5.75 % — — — Initial healthcare cost trend rate — — — — — — 6.50 % 6.50 % 7.00 % Ultimate healthcare cost trend rate — — — — — — 4.50 % 4.50 % 4.50 % Year ultimate healthcare cost trend rate is reached — — — — — — 2024 2023 2023 The Company utilizes a building-block approach in determining the long-term expected rate of return on plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors, such as inflation and interest rates, are evaluated before long-term capital market assumptions are determined. The long-term portfolio return also takes proper consideration of diversification and rebalancing. Peer data and historical returns are reviewed for reasonableness and appropriateness. Actuarial gains and losses are amortized using the corridor approach, by amortizing the balance exceeding 10% of the greater of the benefit obligation or the fair value of plan assets. The amortization period is primarily based on the average remaining service life of plan participants for the Pension and the average remaining expected life of plan participants for the Postretirement Benefits. At December 31, 2015 , the Company changed its method for estimating the interest cost components of net periodic benefit expense for its Pension and Postretirement Benefits. Previously, the Company estimated the interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation. The new method utilizes a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows. This method provides a more precise measurement of interest costs by improving the correlation between projected benefit cash flows and their corresponding spot rates. The change does not affect the measurement of our total benefit obligations and it is accounted for as a change in accounting estimate, which is applied prospectively. For 2016, the change in estimate is expected to reduce Pension and Postretirement Benefits net periodic benefit expense from $8.4 million to $6.6 million . Pension Assets — The Company employs a total return investment approach whereby a mix of equity and fixed income securities are used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed income securities. Furthermore, equity securities are diversified across large and small capitalized securities, international securities and fixed income securities. Other assets, such as real estate and short-term investment funds, are used on a limited basis. The Company strives to maintain an equity and fixed income securities allocation mix appropriate to its funded status. As of December 31, 2015 , the funding mix was approximately 44 percent equity and 56 percent fixed income. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements. The following table is a summary of the Company’s weighted-average asset allocation for the Pension Plan by asset category at the measurement date as of December 31 : 2015 2014 Equity securities 44 % 44 % Fixed income securities 50 % 51 % Real estate 5 % 4 % Other 1 % 1 % Total 100 % 100 % The Company records its pension assets at fair value as described in Note 4 — Fair Value Measurement. The following is a description of the Pension Plan’s investments at fair value and valuation methodologies: • Common/collective trusts — The fair values of the underlying funds in the common/collective trusts are valued based on the unit value established for each fund at each valuation date. The unit value of a collective investment fund is calculated by dividing the fund's net asset value on the calculation date by the number of units of the fund that are outstanding on the calculation date, which is derived from observable purchase and redemption activity in the collective investment fund. • Real estate — The Pension Plan trust holds an investment in a real estate development project. The fair value of this investment represents the estimated fair value of the plan’s related ownership percentage in the project based upon an appraisal of the underlying real property as of each balance sheet date. The fund investment strategy for this asset is long-term capital appreciation. The following tables are a summary of the Pension Plan’s financial assets recorded at fair value, by hierarchy level, as of December 31 : 2015 (Amounts in millions) Level 1 Level 2 Level 3 Total Common/collective trusts Short-term investment fund $ — $ 1.2 $ — $ 1.2 Equity securities: Large cap — 26.8 — 26.8 Small cap — 6.3 — 6.3 International — 14.8 — 14.8 Fixed income securities — 53.3 — 53.3 Total common/collective trusts $ — $ 102.4 $ — $ 102.4 Real estate — — 5.5 5.5 Total financial assets $ — $ 102.4 $ 5.5 $ 107.9 2014 (Amounts in millions) Level 1 Level 2 Level 3 Total Common/collective trusts Short-term investment fund $ — $ 1.0 $ — $ 1.0 Equity securities: Large cap — 34.2 — 34.2 Small cap — 8.8 — 8.8 International — 16.4 — 16.4 Emerging — 3.5 — 3.5 Fixed income — 72.7 — 72.7 Total common/collective trusts $ — $ 136.6 $ — $ 136.6 Real estate — — 5.0 5.0 Total financial assets $ — $ 136.6 $ 5.0 $ 141.6 The Company’s Pension Plan assets include one security that the Company considers to be a Level 3 asset for valuation purposes. This security is an investment in a real estate joint venture and requires the use of unobservable inputs in its fair value measurement. The fair value of this asset as of December 31, 2015 and 2014 was $5.5 million and $5.0 million , respectively. The change in reported fair value was the result of $0.5 million change in unrealized gain for 2015 . The following table represents the Pension Plan's Level 3 financial instrument and the valuation technique used to measure the fair value of the financial instrument. (Amounts in millions) 2015 2014 Instrument Principal Valuation Technique Fair Value Fair Value Real estate Appraisal of underlying asset $ 5.5 $ 5.0 Plan Financial Information — Net periodic benefit expense (income) for the Pension and Postretirement Benefits includes the following components for the years ended December 31 : Pension Postretirement Benefits (Amounts in millions) 2015 2014 2013 2015 2014 2013 Settlement charges $ 14.0 $ — $ — $ — $ — $ — Interest cost 9.4 10.8 9.6 — 0.1 0.1 Expected return on plan assets (5.8 ) (7.3 ) (7.3 ) — — — Amortization of net actuarial loss 8.5 6.9 7.7 0.2 0.3 0.4 Amortization of prior service credit — — — (0.6 ) (0.6 ) (0.6 ) Net periodic benefit expense (income) $ 26.1 $ 10.4 $ 10.0 $ (0.4 ) $ (0.2 ) $ (0.1 ) The following tables are a summary of the amounts recognized in other comprehensive (loss) income and net periodic benefit expense (income) for the years ended December 31 : 2015 (Amounts in millions) Pension Postretirement Settlement charges $ (14.0 ) $ — Net actuarial gain (19.6 ) (0.3 ) Amortization of net actuarial loss (8.5 ) (0.2 ) Amortization of prior service credit — 0.6 Total recognized in other comprehensive (loss) income $ (42.1 ) $ 0.1 Total recognized in net periodic benefit expense (income) 26.1 (0.4 ) Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) $ (16.0 ) $ (0.3 ) 2014 (Amounts in millions) Pension Postretirement Benefits Net actuarial loss $ 37.0 $ 0.2 Amortization of net actuarial loss (6.9 ) (0.3 ) Amortization of prior service credit — 0.6 Total recognized in other comprehensive (loss) income $ 30.1 $ 0.5 Total recognized in net periodic benefit expense (income) 10.4 (0.2 ) Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) $ 40.5 $ 0.3 2013 (Amounts in millions) Pension Postretirement Benefits Net actuarial gain $ (18.8 ) $ (1.2 ) Amortization of net actuarial loss (7.7 ) (0.4 ) Amortization of prior service credit — 0.6 Total recognized in other comprehensive (loss) income $ (26.5 ) $ (1.0 ) Total recognized in net periodic benefit expense (income) 10.0 (0.1 ) Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) $ (16.5 ) $ (1.1 ) The estimated net actuarial loss and prior service credit for the Pension that will be amortized from “Accumulated other comprehensive loss” into “Net periodic benefit expense (income)” during 2016 is $5.6 million ( $3.5 million net of tax) and none , respectively. The estimated net actuarial loss and prior service credit for the Postretirement Benefits that will be amortized from “Accumulated other comprehensive loss” into “Net periodic benefit expense (income)” during 2016 is $0.2 million ( $0.1 million net of tax) and $0.6 million ( $0.4 million net of tax), respectively. The following tables are a summary of the benefit obligation and plan assets, changes to the benefit obligation and plan assets, and the funded status of the Pension and Postretirement Benefits as of and for the years ended December 31 : Pension Postretirement Benefits (Amounts in millions) 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at the beginning of the year $ 266.0 $ 233.6 $ 1.3 $ 1.4 Settlement impact (14.0 ) — — — Interest cost 9.4 10.8 — 0.1 Actuarial (gain) loss (25.9 ) 36.4 (0.2 ) 0.2 Benefits paid (32.3 ) (14.8 ) (0.1 ) (0.4 ) Benefit obligation at the end of the year $ 203.2 $ 266.0 $ 1.0 $ 1.3 Pension Postretirement Benefits (Amounts in millions) 2015 2014 2015 2014 Change in plan assets: Fair value of plan assets at the beginning of the year $ 141.6 $ 136.6 $ — $ — Settlement impact (14.0 ) — — — Actual return on plan assets (0.4 ) 6.9 — — Employer contributions 13.0 12.9 0.1 0.4 Benefits paid (32.3 ) (14.8 ) (0.1 ) (0.4 ) Fair value of plan assets at the end of the year $ 107.9 $ 141.6 $ — $ — Unfunded status at the end of the year $ 95.3 $ 124.4 $ 1.0 $ 1.3 The unfunded status of the Pension decreased by $29.1 million as the Pension benefit obligation decreased $62.8 million and the fair value of the Pension Plan assets decreased $33.7 million during the year. The unfunded status of the Pension Plan was $24.6 million and $41.9 million at December 31, 2015 and 2014 , respectively, and the unfunded status of the SERPs was $70.7 million and $82.5 million at December 31, 2015 and 2014 , respectively. 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 June 2015, the Company paid out $31.3 million of Pension Plan assets to participants electing the settlement with a corresponding decrease in the Pension Plan liability. As a result, the Company recognized settlement charges for the Pension Plan of $14.0 million for the year ended December 31 , 2015 . Additionally, the Company recognized a reduction in the projected benefit obligation for the Pension Plan of $51.0 million for the year ended December 31 , 2015 due to the settlement and changes in the actuarial assumptions used to estimate the Pension Plan projected benefit obligation. Also, in October 2015, the Society of Actuaries issued updated mortality tables. The Company adopted the updated mortality tables on its measurement date which decreased the Pension benefit obligation. The following table summarizes the components recognized in the Consolidated Balance Sheets relating to the Pension and Postretirement Benefits as of December 31 : Pension Postretirement Benefits Total (Amounts in millions) 2015 2014 2015 2014 2015 2014 Pension and other postretirement benefits liability $ 95.3 $ 124.4 $ 1.0 $ 1.3 $ 96.3 $ 125.7 Accumulated other comprehensive loss: Net actuarial loss, net of tax $ 46.0 $ 72.7 $ 0.8 $ 1.1 $ 46.8 $ 73.8 Prior service cost (credit), net of tax 0.2 0.1 (0.7 ) (1.0 ) (0.5 ) (0.9 ) Total $ 46.2 $ 72.8 $ 0.1 $ 0.1 $ 46.3 $ 72.9 The following table summarizes the benefit obligation and accumulated benefit obligation for the Pension Plan, SERPs and Postretirement Benefits fair value of plan assets as of December 31 : Pension Plan SERPs Postretirement Benefits (Amounts in millions) 2015 2014 2015 2014 2015 2014 Benefit obligation $ 132.5 $ 183.5 $ 70.7 $ 82.5 $ 1.0 $ 1.3 Accumulated benefit obligation 132.5 183.5 70.4 79.4 — — Fair value of plan assets 107.9 141.6 — — — — The following table summarizes the estimated future benefit payments for the Pension and Postretirement Benefits for the years ended December 31 : (Amounts in millions) 2016 2017 2018 2019 2020 2021-2025 Pension $ 17.6 $ 15.2 $ 16.1 $ 14.8 $ 14.6 $ 67.4 Postretirement Benefits 0.1 0.1 0.1 0.1 0.1 0.3 Although the Company has no minimum required contribution for the Pension Plan in 2016 , we expect to contribute $8.0 million to the Pension Plan in 2016 . The Company will continue to make contributions to the SERPs and the Postretirement Benefits to the extent benefits are paid. Aggregate benefits paid for the unfunded plans are expected to be $7.9 million in 2016 . Employee Savings Plan — The Company has an employee savings plan that qualifies under Section 401(k) of the Internal Revenue Code of 1986, as amended. Contributions to, and costs of, the 401(k) defined contribution plan totaled $4.4 million , $4.1 million and $4.1 million in 2015 , 2014 and 2013 , respectively. International Benefit Plans — The Company’s international subsidiaries have certain defined contribution benefit plans. Contributions to, and costs related to, international plans were $1.7 million , $2.4 million and $1.9 million for 2015 , 2014 and 2013 , respectively. Deferred Compensation Plans — During 2015 the Company dissolved the rabbi trusts associated with the deferred compensation plan. At December 31 , 2015 and 2014 , the Company had a liability related to the deferred compensation plans of $0.2 million and $2.0 million , respectively, recorded in the “Accounts payable and other liabilities” line in the Consolidated Balance Sheets. The rabbi trust had no market value at December 31 , 2015 and $10.0 million at December 31 , 2014 , recorded in “Other assets” in the Consolidated Balance Sheets. The Company made payments relating to the deferred compensation plans totaling $1.9 million and $0.4 million in 2015 and 2014 , respectively. |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Deficit | Stockholders' Deficit Common Stock — The Company’s Amended and Restated Certificate of Incorporation, as amended, provides for the issuance of up to 162,500,000 shares of common stock with a par value of $0.01 . The holders of MoneyGram common stock are entitled to one vote per share on all matters to be voted upon by its stockholders. The holders of common stock have no preemptive, conversion or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock. The determination to pay dividends on common stock will be at the discretion of the Board of Directors and will depend on applicable laws and the Company’s financial condition, results of operations, cash requirements, prospects and such other factors as the Board of Directors may deem relevant. 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 in 2015 , 2014 or 2013 . Preferred Stock — The Company’s Amended and Restated Certificate of Incorporation provides for the issuance of up to 7,000,000 shares of preferred stock that may be issued in one or more series, with each series to have certain rights and preferences as shall be determined in the unlimited discretion of the Company’s Board of Directors, including, without limitation, voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences. Series D Participating Convertible Preferred Stock — In 2011, the Company issued 173,189 shares of D Stock to Goldman Sachs. Each share of D Stock has a liquidation preference of $0.01 and is convertible into 125 shares of common stock by a stockholder other than Goldman Sachs which receives such shares by means of (i) a widespread public distribution, (ii) a transfer to an underwriter for the purpose of conducting a widespread public distribution, (iii) a transfer in which no transferee (or group of associated transferees) would receive 2 percent or more of any class of voting securities of the Company, or (iv) a transfer to a transferee that would control more than 50 percent of the voting securities of the Company without any transfer from such transferor or its affiliates as applicable (each of (i) — (iv), a “Widely Dispersed Offering”). The D Stock is non-voting while held by Goldman Sachs or any holder which receives such shares by any means other than a Widely Dispersed Offering (a “non-voting holder”). Holders of D Stock other than Goldman Sachs and non-voting holders vote as a single class with the holders of the common stock on an as-converted basis. The D Stock also participates in any dividends declared on the common stock on an as-converted basis. Treasury Stock — The Board of Directors has authorized the repurchase of a total of 12,000,000 shares. As of December 31, 2015 , the Company has repurchased 8,277,073 shares of common stock under this authorization and has remaining authorization to repurchase up to 3,722,927 shares. The following table is a summary of the Company’s authorized, issued and outstanding stock as of December 31 : D Stock Common Stock Treasury Stock (Shares in thousands) Authorized Issued Outstanding Authorized Issued Outstanding December 31, 2012 200 109 109 162,500 62,264 57,857 (4,407 ) Stock options exercised and release of restricted stock units — — — — — 106 106 December 31, 2013 200 109 109 162,500 62,264 57,963 (4,301 ) Conversion of Series D convertible shares — (38 ) (38 ) — 4,745 4,745 — Repurchase and retirement of shares — — — — (8,185 ) (8,185 ) — Stock repurchase — — — — — (1,514 ) (1,514 ) Stock options exercised and release of restricted stock units — — — — — 81 81 December 31, 2014 200 71 71 162,500 58,824 53,090 (5,734 ) Stock repurchase — — — — — (49 ) (49 ) Release of restricted stock units — — — — — 171 171 December 31, 2015 200 71 71 162,500 58,824 53,212 (5,612 ) 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 and the Company recognized expense and a corresponding increase to additional paid-in capital for the year ended December 31, 2014 . There were no payments under the Participation Agreement for the years ended December 31, 2015 and 2013 . Equity Registration Rights Agreement — In connection with our recapitalization in 2008, the Company and the Investors entered into a Registration Rights Agreement (the “Equity Registration Rights Agreement”) on March 25, 2008, as amended on May 18, 2011, with respect to the Series B Stock Participating Convertible Preferred Stock of the Company, the Series B-1 Participating Convertible Preferred Stock of the Company, D Stock and common stock owned by the Investors and their affiliates (collectively, the “Registrable Securities”). Under the terms of the Equity Registration Rights Agreement, the Company is required, after a specified holding period, to use the Company's reasonable best efforts to promptly file with the Securities and Exchange Commission (the “SEC”) a shelf registration statement relating to the offer and sale of the Registrable Securities. The Company is obligated to keep such shelf registration statement continuously effective under the Securities Act of 1933, as amended (the “Securities Act”), until the earlier of (1) the date as of which all of the Registrable Securities have been sold, (2) the date as of which each of the holders of the Registrable Securities is permitted to sell its Registrable Securities without registration pursuant to Rule 144 under the Securities Act and (3) fifteen years . The holders of the Registrable Securities are also entitled to six demand registrations and unlimited piggyback registrations during the term of the Equity Registration Rights Agreement. The Company has filed a shelf registration statement on Form S-3 with the SEC that permits the offer and sale of the Registrable Securities, as required by the terms of the Equity Registration Rights Agreement. The registration statement also permits the Company to offer and sell up to $500 million of its common stock, preferred stock, debt securities or any combination of these, from time to time, subject to market conditions and the Company’s capital needs. 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 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 table details the components of “Accumulated other comprehensive loss” as of December 31 : (Amounts in millions) 2015 2014 Net unrealized gains on securities classified as available-for-sale, net of tax $ 11.1 $ 11.2 Cumulative foreign currency translation adjustments, net of tax (13.5 ) (5.4 ) Pension and Postretirement Benefits adjustments, net of tax (46.3 ) (72.9 ) Accumulated other comprehensive loss $ (48.7 ) $ (67.1 ) The following table is a summary of the changes to "Accumulated other comprehensive loss" by component during 2015 , 2014 and 2013 : (Amounts in millions) Net unrealized gains on securities classified as available-for-sale, net of tax Cumulative foreign currency translation adjustments, net of tax Pension and Postretirement Benefits adjustments, net of tax Total December 31, 2012 $ 16.3 $ 2.6 $ (71.2 ) $ (52.3 ) Other comprehensive income before amortization 5.1 0.9 12.6 18.6 Amounts reclassified from accumulated other comprehensive loss (4.1 ) — 4.8 0.7 Net current period other comprehensive income 1.0 0.9 17.4 19.3 December 31, 2013 $ 17.3 $ 3.5 $ (53.8 ) $ (33.0 ) Other comprehensive loss before amortization (0.2 ) (8.9 ) (23.2 ) (32.3 ) Amounts reclassified from accumulated other comprehensive loss (5.9 ) — 4.1 (1.8 ) Net current period other comprehensive loss (6.1 ) (8.9 ) (19.1 ) (34.1 ) December 31, 2014 $ 11.2 $ (5.4 ) $ (72.9 ) $ (67.1 ) Other comprehensive income (loss) before reclassification 1.3 (8.1 ) 12.7 5.9 Amounts reclassified from accumulated other comprehensive loss (1.4 ) — 13.9 12.5 Net current period other comprehensive (loss) income (0.1 ) (8.1 ) 26.6 18.4 December 31, 2015 $ 11.1 $ (13.5 ) $ (46.3 ) $ (48.7 ) The following table is a summary of the significant amounts reclassified out of each component of "Accumulated other comprehensive loss" during the years ended December 31 : (Amounts in millions) 2015 2014 2013 Statement of Operations Location Change in unrealized gains on securities classified as available-for-sale, before tax $ (1.4 ) $ (5.7 ) $ (5.7 ) "Investment revenue" Tax (benefit) expense, net — (0.2 ) 1.6 Total, net of tax $ (1.4 ) $ (5.9 ) $ (4.1 ) Pension and Postretirement Benefits adjustments: Amortization of prior service credits $ (0.6 ) $ (0.6 ) $ (0.6 ) "Compensation and benefits" Amortization of net actuarial losses 8.7 7.2 8.1 "Compensation and benefits" Settlement charges 14.0 — — "Compensation and benefits" Total before tax 22.1 6.6 7.5 Tax benefit, net (8.2 ) (2.5 ) (2.7 ) Total, net of tax $ 13.9 $ 4.1 $ 4.8 Total reclassified for the period, net of tax $ 12.5 $ (1.8 ) $ 0.7 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The MoneyGram International, Inc. 2005 Omnibus Incentive Plan (“2005 Plan”) provides for the granting of equity-based compensation awards, including stock options, stock appreciation rights, restricted stock units and restricted stock awards (collectively, “share-based awards”) to officers, employees and directors. In May 2015, the Company's stockholders approved an amendment and restatement of the 2005 Plan increasing the aggregate number of shares that may be issued from 12,925,000 to 15,425,000 shares. As of December 31, 2015 , the Company has remaining authorization to issue future grants of up to 7,373,664 shares. The calculated fair value of share-based awards is recognized as compensation cost using the straight-line method over the vesting or service period in the Company’s financial statements. Stock-based compensation is recognized only for those options, restricted stock units and stock appreciation rights expected to vest, with forfeitures estimated at the date of grant and evaluated and adjusted periodically to reflect the Company’s historical experience and future expectations. Any change in the forfeiture assumption will be accounted for as a change in estimate, with the cumulative effect of the change on periods previously reported being reflected in the financial statements of the period in which the change is made. The following table is a summary of stock-based compensation expense for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Expense recognized related to stock options $ 4.6 $ 6.2 $ 6.7 Expense recognized related to restricted stock units 15.0 (0.8 ) 4.5 Stock-based compensation expense $ 19.6 $ 5.4 $ 11.2 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. There were no options granted in 2015 . All options granted in 2014 , 2013 and 2012 have a term of 10 years . Prior to the fourth quarter of 2011 , options issued were either time based, vesting over a four -year period, or performance based, vesting over a five -year period. All options issued after the fourth quarter of 2011 are time-based, with options granted in the fourth quarter of 2011 through the first part of 2014 vesting over a four -year period, and the remaining options granted in 2014 vesting over a three -year period, in an equal number of shares each year. For purposes of determining the fair value of stock option awards, the Company uses the Black-Scholes single option pricing model for time-based and performance-based tranches. The following table provides weighted-average grant-date fair value and assumptions utilized to estimate the grant-date fair value of the options granted during the years ended December 31 : 2014 2013 Expected dividend yield (1) 0.0% 0.0% Expected volatility (2) 64.6% - 68.2% 68.2%-69.0% Risk-free interest rate (3) 1.1% - 2.1% 1.1%-1.2% Expected life (4) 6.0 - 6.3 years 6.3 years Weighted-average grant-date fair value per option $10.99 $10.51 (1) Expected dividend yield represents the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. The Company does not anticipate declaring any dividends at this time. (2) Expected volatility is the amount by which the Company’s stock price has fluctuated or will fluctuate during the expected term of the option. The Company’s expected volatility is calculated based on the historical volatility of the price of the Company’s common stock since the spin-off from Viad Corporation on June 30, 2004. The Company also considers any known or anticipated factors that will likely impact future volatility. (3) The risk-free interest rate for the Black-Scholes model is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the option. (4) Expected life represents the period of time that options are expected to be outstanding. The expected life was determined using the simplified method as the pattern of changes in the value of the Company’s common stock and exercise activity since late 2007 has been inconsistent and substantially different from historical patterns. Additionally, there have been minimal stock option exercises which would be representative of the Company’s normal exercise activity since 2007. Accordingly, the Company does not believe that historical terms are relevant to the assessment of the expected term of the grant. Based on these factors, the Company does not believe that it has the ability to make a more refined estimate than the use of the simplified method. The following table is a summary of the Company’s stock option activity for the year ended December 31, 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 (693,877 ) 21.24 Options outstanding at December 31, 2015 3,092,581 $ 19.20 5.2 years $ — Vested or expected to vest at December 31, 2015 3,044,556 $ 19.23 5.2 years $ — Options exercisable at December 31, 2015 2,200,813 $ 18.97 4.5 years $ — The following table is a summary of the Company's stock option compensation information during years ended December 31 : (Amounts in millions) 2015 2014 2013 Intrinsic value of options exercised $ — $ 0.1 $ 0.1 Cash received from option exercises $ — $ 0.4 $ 1.1 Unrecognized stock option expense $ 4.2 Remaining weighted-average vesting period 0.7 years Restricted Stock Units — During 2013, the Company issued performance-based restricted stock units, which are subject to three -year cliff vesting and will vest based on the extent to which the performance goal is achieved during the performance period (2013-2015). The 2013 annual restricted stock unit awards are based on average annual Adjusted EBITDA growth. Under the terms of the grant, 50 percent of the restricted stock units granted will vest for threshold performance and 100 percent of the restricted stock units granted will vest for the achievement of average annual Adjusted EBITDA at target. The number of restricted stock units that will vest for performance achievement between the performance threshold and target will be determined based on a straight-line interpolation. No restricted stock units will vest for performance achievement below the threshold. In addition, a one-time contingent performance-based restricted stock unit award was issued in 2013. Vesting of the one-time contingent award is based on the achievement by the Company of a target level of the compound average growth rate ("CAGR") of revenue during the three year performance period. If the performance goal is attained at the end of the performance period, the performance award will vest and eligible participants will receive the value of their award. CAGR is a non-GAAP financial measure used by the Company in the budget and reporting process. During 2014 , the Company issued performance-based restricted stock units, which are subject to three-year cliff vesting, based on average annual Adjusted EBITDA growth and Digital/Self-Service revenue growth during the applicable performance period (2014 - 2016). Under the terms of the restricted stock units granted in 2014 , the number of restricted stock units that will vest is determined based on the extent to which the performance goals are achieved. Under the terms of the grant, 50 percent of the restricted stock units granted will vest for threshold performance and 100 percent of the restricted stock units granted will vest for the achievement of average annual Adjusted EBITDA and Digital/Self-Service revenue at target. The number of restricted stock units that will vest for performance achievement between the performance threshold and target will be determined based on a straight-line interpolation. No restricted stock units will vest for performance achievement below the threshold. In the fourth quarter of 2014 , the Company deemed the performance metrics for the 2011 and 2012 performance-based restricted stock units not probable of being attained. As such, the Company reversed $1.2 million of stock- based compensation expense. Also, in the fourth quarter of 2014 , the Company deemed the performance metrics for the annual performance-based restricted stock units granted in 2013 and 2014 and the one-time contingent performance-based restricted stock units not probable of being attained. As such, the Company reversed $9.0 million of stock-based compensation expense. In addition, the Company materially modified certain of the terms of the above mentioned performance-based restricted stock units. The Company accounted for this as a modification of awards, treating the exchange as a cancellation of the original awards accompanied by the concurrent grant of replacement awards. The terms under certain of the 2013 annual restricted stock unit awards were modified to time-based restricted stock units and the performance metrics associated with the one-time contingent performance-based restricted stock unit awards were modified to exclude U.S. to U.S. walk-in revenue from the performance goal. Each award remains subject to three -year cliff vesting. The terms under certain of the 2014 annual awards, which are subject to three -year cliff vesting, were modified to exclude annual Adjusted EBITDA growth as a performance metric. The modified 2014 annual awards will only use average annual adjusted Digital/Self-Service revenue growth as a performance target during the applicable performance period. The modifications to these awards affected 389 employees. The incremental compensation cost of $4.2 million was measured as the excess of the fair value of the replacement award over the fair value of the original award immediately before the modification date. The incremental costs will be amortized over the remaining term of the exchanged restricted stock unit award. During 2015 , the Company issued performance-based restricted stock units, which are subject to a one-year performance period, based on annual Adjusted EBITDA and Digital/Self-Service revenue for the fiscal year 2015. Under the terms of the restricted stock units agreement granted in 2015, the number of restricted stock units that will vest is determined based on the extent to which the performance goals are achieved. Under the terms of the grant, 50 percent of the restricted stock units granted will vest for threshold performance and 100 percent of the restricted stock units granted will vest for the achievement of the annual Adjusted EBITDA and Digital/Self-Service revenue at target. Upon achievement of the performance goal, each award vests ratably over a three -year period from the grant date. The number of restricted stock units that will vest for performance achievement between the performance threshold and target will be determined based on a straight-line interpolation. No restricted stock units will vest for performance achievement below the threshold. 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. For the performance-based restricted stock units, the grant-date fair values at the threshold and target performance levels are $12.7 million and $25.5 million , respectively. As of December 31, 2015 , the Company believes it is probable it will achieve the performance goal at the target level for the 2015 restricted stock units and the one-time contingent performance-based restricted stock unit award issued in 2013 and will achieve the threshold levels for the modified 2014 annual awards. For grants to employees, expense is recognized in the “Compensation and benefits” line and expense for grants to Directors is recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations using the straight-line method over the vesting period. The following table is a summary of the Company’s restricted stock unit activity for the year ended December 31, 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 3,043,012 8.62 Vested and converted to shares (233,245 ) 17.63 Forfeited (348,806 ) 12.07 Restricted stock units outstanding at December 31, 2015 4,162,568 $ 10.68 1.0 year $ 26.1 Restricted stock units vested and outstanding at December 31, 2015 256,388 $ 8.39 $ 1.6 The following table is a summary of the Company's restricted stock and restricted stock unit compensation information for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Market value of restricted stock units vested during the year $ 6.3 $ 1.5 $ 0.8 Unrecognized restricted stock unit expense and the remaining weighted-average vesting period are presented under the Company’s current estimate of achievement of performance goals. Unrecognized restricted stock unit expense, as of December 31, 2015 , under the minimum and maximum thresholds are $19.9 million and $23.1 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table is a summary of the components of (loss) income before income taxes for the years ended December 31 : (Amounts in millions) 2015 2014 2013 U.S. $ (45.2 ) $ 66.4 $ 69.9 Foreign 16.1 6.2 15.4 (Loss) income before income taxes $ (29.1 ) $ 72.6 $ 85.3 Foreign income consists of income and losses from the Company’s international subsidiaries. Most of the Company’s wholly-owned subsidiaries recognize revenue based solely on services agreements with the primary U.S. operating subsidiary. The following table is a summary of the income tax expense for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Current: Federal $ 17.7 $ (10.3 ) $ 9.7 State (0.5 ) 1.5 0.1 Foreign 5.0 3.8 11.1 Current income tax expense (benefit) 22.2 (5.0 ) 20.9 Deferred income tax expense 25.6 5.5 12.0 Income tax expense $ 47.8 $ 0.5 $ 32.9 As of December 31, 2015 , the Company had a tax payable of $16.9 million recorded in “Accounts payable and other liabilities” and a tax receivable of $6.3 million recorded in the “Other assets” on the Consolidated Balance Sheets. As of December 31 , 2014 , the Company had a net income tax payable of $53.2 million recorded in “Accounts payable and other liabilities” line on the Consolidated Balance Sheets. The following table is a reconciliation of the expected federal income tax (benefit) expense at statutory rates to the actual income tax expense for the years ended in December 31 : (Amounts in millions) 2015 2014 2013 Income tax (benefit) expense at statutory federal income tax rate $ (10.2 ) $ 25.4 $ 29.8 Tax effect of: State income tax, net of federal income tax effect (0.6 ) 1.5 1.7 Valuation allowance (1.0 ) (13.0 ) (2.7 ) International taxes 1.1 0.5 3.2 Net permanent difference 1.2 1.5 0.2 Decrease in tax reserve (8.8 ) (20.3 ) (0.5 ) Stock options 3.4 6.0 1.6 Effect of U.S. Tax Court decision 64.4 — — Other (1.7 ) (1.1 ) (0.4 ) Income tax expense $ 47.8 $ 0.5 $ 32.9 In 2015 , the Company recognized a tax expense of $47.8 million on a pre-tax loss of $29.1 million , primarily resulting from 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 below. In 2014 , the Company recognized a tax expense of $0.5 million on pre-tax income of $72.6 million , resulting from reductions of uncertain tax positions of prior years and the tax treatment of the net securities gains which were partially offset by the reversal of tax benefits on canceled stock options. In 2013 , the Company recognized a tax expense of $32.9 million on pre-tax income of $85.3 million , benefiting from proceeds on securities that result in a release of valuation allowance, offset by international taxes and the reversal of tax benefits recorded on cancelled stock options for executive employee terminations. The following table is a summary of the Company’s deferred tax assets and liabilities as of December 31 : (Amounts in millions) 2015 2014 Deferred tax assets: Basis difference in revalued investments $ 101.5 $ 97.6 Tax loss carryovers 35.8 50.1 Tax credit carryovers 31.7 30.2 Postretirement benefits and other employee benefits 29.1 47.7 Bad debt and other reserves 4.3 4.9 Other 13.7 14.6 Valuation allowance (125.8 ) (137.6 ) Total deferred tax assets 90.3 107.5 Deferred tax liability: Depreciation and amortization (92.0 ) (75.3 ) Total deferred tax liability (92.0 ) (75.3 ) Net deferred tax (liability) asset $ (1.7 ) $ 32.2 As of December 31, 2015 , net deferred tax asset positions of $5.1 million are included in “Other assets” and net deferred tax liability positions of $6.8 million are included in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. As of December 31 , 2014 , net deferred tax asset positions of $32.2 million were reflected in "Other assets" in the Consolidated Balance Sheets. Valuation allowances relate primarily to capital loss carryovers, basis differences in revalued investments and to a smaller extent, certain foreign tax loss carryovers. At the end of 2015 and 2014 , certain capital losses expired, resulting in decreases to tax loss carryovers and corresponding reductions in deferred tax assets and valuation allowances. The following table is a summary of the amounts and expiration dates of tax loss carry-forwards (not tax effected) and credit carry-forwards as of December 31, 2015 : (Amounts in millions) Expiration Date Amount U.S. capital loss carry-forwards 2016 - 2020 $ 58.8 U.S. net operating loss carry-forwards 2020 - 2035 $ 18.2 U.S. tax credit carry-forwards 2023 - 2035 $ 9.9 U.S. federal minimum tax credit carry-forwards Indefinite $ 21.8 The Company, and its subsidiaries, file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. With a few exceptions, the Company is no longer subject to foreign or U.S. federal, state and local income tax examinations for years prior to 2011. The Company is subject to foreign, U.S. federal and certain state income tax examinations for 2011 through 2014. The IRS has completed its examination of the Company’s consolidated income tax returns through 2013 and issued Notices of Deficiency for 2005-2007 and 2009 and an Examination Report for 2008. The Notices of Deficiency disallow among other items approximately $900.0 million of deductions on securities losses in the 2007, 2008 and 2009 tax returns. 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 U.S. Tax Court has transferred jurisdiction over the case to the U.S. Court of Appeals for the Fifth Circuit. 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, the Company re-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 . During 2015 , the Company made payments to the IRS of $61.0 million for federal tax payments and associated interest related to the matter. 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 U.S. Attorney’s Office for the Middle District of Pennsylvania ("MDPA") and the Asset Forfeiture and Money Laundering Section of the Criminal Division of the Department of Justice ("U.S. DOJ"). The Company filed a protest letter contesting the adjustment and is now scheduled to discuss this matter with the IRS Appeals Division in early 2016. As of December 31, 2015 , the Company has recognized a cumulative income tax benefit of approximately $23.3 million related to these deductions. Unrecognized tax benefits are recorded in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. The following table is a reconciliation of unrecognized tax benefits for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Beginning balance $ 31.7 $ 52.0 $ 51.6 Additions based on tax positions related to prior years 8.3 0.3 0.9 Additions based on tax positions related to current year 0.2 2.7 — Lapse in statute of limitations — — (0.5 ) Reductions for tax positions of prior years (9.7 ) (23.3 ) — Ending balance $ 30.5 $ 31.7 $ 52.0 As of December 31, 2015 and 2014 , the gross liability for unrecognized tax benefits was $30.5 million and $31.7 million , respectively, all of which could impact the effective tax rate if recognized. The increase in additions based on tax positions related to prior years is primarily due to a $6.5 million reclassification from accounts payable for the recharacterization of securities losses as discussed above with no impact on our income tax expense. The Company accrues interest and penalties for unrecognized tax benefits through “Income tax expense” in the Consolidated Statements of Operations. For the years ended December 31, 2015 , 2014 and 2013 the Company recorded approximately $1.9 million , $0.5 million and $1.1 million , respectively, in interest and penalties in its Consolidated Statements of Operations. The Company’s interest and penalties increased $2.7 million in 2015 related to the same reclassification from accounts payable as noted above, offset by a net income tax benefit of $0.8 million for a release of prior year positions. As of December 31, 2015 and 2014 , the Company had a total of $4.5 million and $2.6 million , respectively, accrued for interest and penalties within "Accounts payable and other liabilities." As a result of the U.S. DOJ and security adjustments being appealed, as detailed above, 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 December 31, 2015 , it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax positions over the next 12 months . The Company does not consider its earnings in its foreign entities to be permanently reinvested. As of December 31, 2015 and 2014 , a deferred tax liability of $4.6 million and $6.3 million , respectively, was recognized for the unremitted earnings of its foreign entities. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases — The Company has various non-cancelable operating leases for buildings and equipment that terminate through 2024 . Certain of these leases contain rent holidays and rent escalation clauses based on pre-determined annual rate increases. The Company recognizes rent expense under the straight-line method over the term of the lease. Any difference between the straight-line rent amounts and amounts payable under the leases are recorded as deferred rent in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. Cash or lease incentives received under certain leases are recorded as deferred rent when the incentive is received and amortized as a reduction to rent over the term of the lease using the straight-line method. Incentives received relating to tenant improvements are recognized as a reduction of rent expense under the straight-line method over the term of the lease. Tenant improvements are capitalized as leasehold improvements and depreciated over the shorter of the remaining term of the lease or 10 years . The deferred rent liability relating to these incentives was $0.2 million and $1.3 million at December 31, 2015 and 2014 , respectively. The following table is a summary of rent expense under operating leases for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Rent expense $ 17.8 $ 18.0 $ 16.2 Contingent rent — — 0.2 Sublease agreements (1.0 ) (1.1 ) (1.0 ) Rent expense under operating leases $ 16.8 $ 16.9 $ 15.4 The following table is a summary of the future minimum rental payments for all non-cancelable operating leases with an initial term of more than one year at December 31, 2015 : (Amounts in millions) Future Minimum Lease Payments 2016 $ 12.5 2017 10.4 2018 9.4 2019 8.6 2020 8.2 Thereafter 10.0 Total $ 59.1 Letters of Credit — At December 31, 2015 , the Company had no outstanding letters of credit. These letters of credit would reduce the amount available under the Revolving Credit Facility. Minimum Commission Guarantees — In limited circumstances as an incentive to new or renewing agents, the Company may grant minimum commission guarantees for a specified period of time at a contractually specified amount. Under the guarantees, the Company will pay to the agent the difference between the contractually specified minimum commission and the actual commissions earned by the agent. Expenses related to the guarantee are recognized in the “Fee and other commissions expense” line in the Consolidated Statements of Operations. As of December 31, 2015 , the liability for minimum commission guarantees was $3.2 million and the maximum amount that could be paid under the minimum commission guarantees was $11.3 million over a weighted-average remaining term of 1.9 years . The maximum payment is calculated as the contractually guaranteed minimum commission multiplied by the remaining term of the contract and, therefore, assumes that the agent generates no money transfer transactions during the remainder of its contract. However, under the terms of certain agent contracts, the Company may terminate the contract if the projected or actual volume of transactions falls beneath a contractually specified amount. Minimum commission guarantees paid in 2015 and 2014 were $0.2 million and $1.8 million , respectively, or 6 percent and 47 percent , respectively, of the estimated maximum payment for the year. Other Commitments — The Company has agreements with certain co-investors to provide funds related to investments in limited partnership interests. As of December 31, 2015 , the total amount of unfunded commitments related to these agreements was $0.3 million . Legal Proceedings — The matters set forth below are subject to uncertainties and outcomes that are not predictable. The Company accrues for these matters as any resulting losses become probable and can be reasonably estimated. Further, the Company maintains insurance coverage for many claims and litigation alleged. In relation to various legal matters, including those described below, the Company had $16.3 million and $17.3 million of liability recorded in the “Accounts payable and other liabilities” line in the Consolidated Balance Sheets as of December 31, 2015 and 2014 , respectively. A charge of $2.4 million , $12.8 million and $0.2 million were recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations during 2015 , 2014 and 2013 , 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, as amended (the "Securities Act"), 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. The Company is unable to predict the outcome, or the possible loss or range of loss, if any, related to this matter. 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. On February 11, 2016, the Company entered into a settlement agreement with 49 states and the District of Columbia to settle any civil or administrative claims such attorneys general may have asserted under their consumer protection laws through the date of the settlement agreement in connection with the investigation. Under the settlement agreement, the Company will make a non-refundable payment of $13.0 million to the participating states to be used by the states to provide restitution to consumers. The Company also agreed to implement certain enhancements to its compliance program and provide periodic reports to the states party to the settlement agreement. As of December 31, 2015, the Company had accrued $13.0 million in connection with the investigation. Other Matters — The Company is involved in various other government inquiries and other matters that arise from time to time. Management does not believe that after final disposition any of these other matters is likely to have a material adverse impact on the Company’s financial condition, results of operations and cash flows. Actions Commenced by the Company: CDO Litigation — In March 2012, the Company initiated an arbitration proceeding before the Financial Industry Regulatory Authority against Goldman Sachs 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 and issued Notices of Deficiency for 2005-2007 and 2009, and 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, respectively. 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 U.S. Tax Court has transferred jurisdiction over the case to the U.S. Court of Appeals for the Fifth Circuit. 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, the Company re-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 . During 2015 , the Company made payments to the IRS of $61.0 million for federal tax payments and associated interest related to the matter. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 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 and Puerto Rico, at certain agent locations in select Caribbean and European countries and through Digital/Self-Service solutions. The Financial Paper Products segment aggregates the Money Order and Official Check operating segments as they have similar economic characteristics and meet the aggregation criteria as outlined in the accounting standards. The Financial Paper Products segment provides money orders to consumers through retail and financial institutions located in the U.S. and Puerto Rico, and provides official check services to financial institutions in the U.S. Walmart is our only agent, for both the Global Funds Transfer segment and the Financial Paper Products segment, that accounts for more than 10 percent of total revenue. In 2015 , 2014 and 2013 , Walmart accounted for 19 percent , 22 percent and 27 percent of total revenue, respectively. The Company's Chief Operating Decision Maker reviews segment operating income and segment operating margin to assess segment performance and allocate resources. Segment accounting policies are the same as those described in Note 2 — Summary of Significant Accounting Policies . Investment revenue is allocated to each segment based on the average investable balances generated by that segment’s sale of payment instruments during the period. All operating expenses that have not been classified in the above segments are reported as "Other." These unallocated expenses in 2015 include $5.2 million of legal expenses, Pension and Postretirement Benefits net periodic benefit expense of $25.7 million and other net corporate costs of $2.5 million . Unallocated expenses in 2014 include $16.4 million of legal expenses related to the state Civil Investigative Demands accrual and other legal matters, as well as Pension and Postretirement Benefits net periodic benefit expense of $10.2 million and other net corporate cost of $5.5 million . Unallocated expenses in 2013 include $2.5 million of legal settlements in connection with MDPA and U.S. DOJ investigation and the shareholder litigation, $1.5 million of severance and related costs from executive terminations as well as other net corporate costs of $ 11.6 million . The following table is a summary of the total revenue by segment for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Global Funds Transfer revenue Money transfer revenue $ 1,262.7 $ 1,274.5 $ 1,287.8 Bill payment revenue 98.7 100.1 102.0 Total Global Funds Transfer revenue 1,361.4 1,374.6 1,389.8 Financial Paper Products revenue Money order revenue 51.0 54.1 55.1 Official check revenue 22.3 26.2 28.9 Total Financial Paper Products revenue 73.3 80.3 84.0 Other revenue — — 0.6 Total revenue $ 1,434.7 $ 1,454.9 $ 1,474.4 The following table is a summary of the operating income by segment and detail of the (loss) income before income taxes for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Global Funds Transfer operating income $ 31.7 $ 75.4 $ 162.6 Financial Paper Products operating income 17.9 28.1 30.9 Total segment operating income 49.6 103.5 193.5 Other operating loss (33.4 ) (32.1 ) (15.6 ) Total operating income 16.2 71.4 177.9 Net securities gains — 45.4 — Interest expense (45.3 ) (44.2 ) (47.3 ) Debt extinguishment costs — — (45.3 ) (Loss) income before income taxes $ (29.1 ) $ 72.6 $ 85.3 The following table is a summary of depreciation and amortization expense by segment for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Global Funds Transfer $ 60.4 $ 50.8 $ 46.5 Financial Paper Products 5.5 4.4 3.9 Other 0.2 0.3 0.3 Total depreciation and amortization $ 66.1 $ 55.5 $ 50.7 The following table is a summary of capital expenditures by segment for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Global Funds Transfer $ 70.1 $ 71.2 $ 49.3 Financial Paper Products 30.3 16.7 7.4 Total capital expenditures $ 100.4 $ 87.9 $ 56.7 Total assets by segment - Settlement assets, as defined in Note 2 - Summary of Significant Accounting Policies , are allocated based on the corresponding payment service obligations that are specifically identified to each reporting segment. Property and equipment is specifically identified to both reporting segments with the exception of certain software, most of which is jointly used and allocated to each segment. There is an immaterial amount of software used for corporate purposes. The net carrying value of goodwill and intangibles all relates to the Global Funds Transfer segment as further summarized in Note 8 - Goodwill and Intangible Assets . While the derivatives portfolio is also managed on a consolidated level, each derivative instrument is utilized in a manner that can be identified to the Global Funds Transfer segment. All assets that are not specifically identified or allocated to each reporting segment are reported as "Other.” These assets primarily include reported cash and cash equivalents, which are the assets in excess of payment service obligations as further discussed in Note 9 - Debt, and various other assets. The following table sets forth assets by segment as of December 31 : (Amounts in millions) 2015 2014 Global Funds Transfer $ 1,982.0 $ 1,858.3 Financial Paper Products 2,326.4 2,464.5 Other 196.8 305.5 Total assets $ 4,505.2 $ 4,628.3 Geographic areas Revenue — International revenues are defined as revenues generated from money transfer and bill payment transactions originating in a country other than the U.S. There are no individual countries, other than the U.S., that exceed 10% of total revenues for the years ended December 31, 2015 , 2014 and 2013 . The following table details total revenue by major geographic area for the years ended December 31 : (Amounts in millions) 2015 2014 2013 U.S. $ 823.3 $ 861.2 $ 891.6 International 611.4 593.7 582.8 Total revenue $ 1,434.7 $ 1,454.9 $ 1,474.4 Long-lived assets — Long-lived assets are defined as property and equipment and signing bonuses. Long-lived assets are principally located in the U.S. The following table details total long-lived assets by major geographic area for the years ended December 31 : (Amounts in millions) 2015 2014 U.S. $ 290.8 $ 235.1 International 33.8 31.3 Total long-lived assets $ 324.6 $ 266.4 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) The following tables are the summation of quarterly (loss) earnings per common share and may not equate to the calculation for the full year as quarterly calculations are performed on a discrete basis. 2015 Fiscal Quarters: (Amounts in millions, except per share data) First Second (1) Third Fourth Total revenue $ 330.6 $ 358.8 $ 368.6 $ 376.7 Total operating expenses 328.9 374.5 352.0 363.1 Operating income (loss) 1.7 (15.7 ) 16.6 13.6 Total other expenses, net 11.1 11.4 11.2 11.6 (Loss) income before income taxes $ (9.4 ) $ (27.1 ) $ 5.4 $ 2.0 Net (loss) income $ (72.0 ) $ (12.4 ) $ 4.9 $ 2.6 (Loss) earnings per common share Basic $ (1.16 ) $ (0.20 ) $ 0.08 $ 0.04 Diluted $ (1.16 ) $ (0.20 ) $ 0.08 $ 0.04 (1) For the three months ended June 30, 2015 , the Company experienced a decline in total operating results, primarily as a result of increase in Transaction and operations support and a $13.8 million pension settlement charge related to the voluntary pension buyout recorded in Compensation and benefits. See Note 10 — Pension and Other Benefit for more information regarding the voluntary pension buyout. 2014 Fiscal Quarters: (Amounts in millions, except per share data) First Second Third Fourth Total revenue $ 374.9 $ 372.4 $ 358.0 $ 349.6 Total operating expenses 337.9 351.3 341.7 352.6 Operating income 37.0 21.1 16.3 (3.0 ) Total other expenses, net 9.7 (11.0 ) 11.6 (11.5 ) Income before income taxes $ 27.3 $ 32.1 $ 4.7 $ 8.5 Net income (loss) $ 39.0 $ 25.6 $ (3.0 ) $ 10.5 Earnings (loss) per common share Basic $ 0.54 $ 0.40 $ (0.05 ) $ 0.17 Diluted $ 0.54 $ 0.40 $ (0.05 ) $ 0.17 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events through the date of issuance of the Company's Audited Consolidated Financial Statements. As such, the Company had the following two subsequent events: On January 29, 2016, the Company and Walmart entered into an Amended and Restated Master Trust Agreement, pursuant to which we will provide certain money transfer services, bill payment services and money order services for customers in Walmart stores located in the United States and Puerto Rico (the “New Agreement”). In addition, under the New Agreement, the Company will offer money transfer services to Walmart’s customers through Walmart’s retail website. The New Agreement has an initial term of three years, commencing on February 1, 2016, and will be subject to automatic successive renewals of one-year terms unless either party gives notice to the other party of its election to terminate the New Agreement at least 180 days prior to the expiration date of the applicable term. Pursuant to the New Agreement, Walmart will provide the Company’s money transfer services, bill payment services and money order services on a non-exclusive basis, and we will pay Walmart fees and commissions for such services purchased by Walmart’s customers. Also, in connection with the services to be provided pursuant to the New Agreement, the Company has agreed to certain expenditures for marketing, innovation, growth and development initiatives. On February 11, 2016, the Company entered into a settlement agreement with 49 states and the District of Columbia to settle any civil or administrative claims such attorneys general may have asserted under their consumer protection laws through the date of the settlement agreement in connection with the investigation regarding consumer fraud, which investigation is more fully described above in Note 14 — Commitments and Contingencies . |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements In the event the Company offers debt securities pursuant to an effective registration statement on Form S-3, these debt securities may be guaranteed by certain of its subsidiaries. Accordingly, the Company is providing condensed consolidating financial information in accordance with SEC Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. If the Company issues debt securities, the following 100 percent directly or indirectly owned subsidiaries could fully and unconditionally guarantee the debt securities on a joint and several basis: MoneyGram Payment Systems Worldwide, Inc.; MoneyGram Payment Systems, Inc.; and MoneyGram of New York LLC (collectively, the “Guarantors”). The following information represents condensed, consolidating Balance Sheets as of December 31, 2015 and 2014 , along with condensed, consolidating Statements of Operations and Statements of Cash Flows for the years ended December 31, 2015 , 2014 and 2013 . The condensed, consolidating financial information presents financial information in separate columns for MoneyGram International, Inc. on a Parent-only basis carrying its investment in subsidiaries under the equity method; Guarantors on a combined basis, carrying investments in subsidiaries that are not expected to guarantee the debt (collectively, the “Non-Guarantors”) under the equity method; Non-Guarantors on a combined basis; and eliminating entries. The eliminating entries primarily reflect intercompany transactions, such as accounts receivable and payable, fee revenue and commissions expense and the elimination of equity investments and income in subsidiaries. MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING BALANCE SHEETS FOR THE YEAR ENDED DECEMBER 31, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 2.1 $ 88.2 $ 74.2 $ — $ 164.5 Settlement assets — 3,424.1 81.5 — 3,505.6 Property and equipment, net — 179.0 20.7 — 199.7 Goodwill — 315.3 126.9 — 442.2 Other assets 27.0 168.5 36.4 (38.7 ) 193.2 Equity investments in subsidiaries 885.5 215.8 — (1,101.3 ) — Intercompany receivables 6.3 201.2 — (207.5 ) — Total assets $ 920.9 $ 4,592.1 $ 339.7 $ (1,347.5 ) $ 4,505.2 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Payment service obligations $ — $ 3,462.3 $ 43.3 $ — $ 3,505.6 Debt 942.6 — — — 942.6 Pension and other postretirement benefits — 96.3 — — 96.3 Accounts payable and other liabilities 1.0 148.0 73.2 (38.7 ) 183.5 Intercompany liabilities 200.1 — 7.4 (207.5 ) — Total liabilities 1,143.7 3,706.6 123.9 (246.2 ) 4,728.0 Total stockholders’ (deficit) equity (222.8 ) 885.5 215.8 (1,101.3 ) (222.8 ) Total liabilities and stockholders’ (deficit) equity $ 920.9 $ 4,592.1 $ 339.7 $ (1,347.5 ) $ 4,505.2 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 1,393.3 $ 413.8 $ (384.5 ) $ 1,422.6 Investment revenue — 12.0 0.1 — 12.1 Total revenue — 1,405.3 413.9 (384.5 ) 1,434.7 EXPENSES Fee and other commissions expense — 638.4 219.9 (202.9 ) 655.4 Investment commissions expense — 0.8 — — 0.8 Total commissions expense — 639.2 219.9 (202.9 ) 656.2 Compensation and benefits — 211.7 97.4 — 309.1 Transaction and operations support 1.4 451.3 53.8 (181.7 ) 324.8 Occupancy, equipment and supplies — 54.7 18.1 (10.5 ) 62.3 Depreciation and amortization — 53.5 12.6 — 66.1 Total operating expenses 1.4 1,410.4 401.8 (395.1 ) 1,418.5 OPERATING (LOSS) INCOME (1.4 ) (5.1 ) 12.1 10.6 16.2 Other expenses (income) Interest expense 45.3 — — — 45.3 Other income — — (10.6 ) 10.6 — Total other expenses (income) 45.3 — (10.6 ) 10.6 45.3 (Loss) income before income taxes (46.7 ) (5.1 ) 22.7 — (29.1 ) Income tax (benefit) expense (16.4 ) 56.3 7.9 — 47.8 (Loss) income after income taxes (30.3 ) (61.4 ) 14.8 — (76.9 ) Equity (loss) income in subsidiaries (46.6 ) 14.8 — 31.8 — NET (LOSS) INCOME (76.9 ) (46.6 ) 14.8 31.8 (76.9 ) TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 18.4 11.8 (20.4 ) 8.6 18.4 COMPREHENSIVE (LOSS) INCOME $ (58.5 ) $ (34.8 ) $ (5.6 ) $ 40.4 $ (58.5 ) MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (65.7 ) $ 149.6 $ (50.3 ) $ — $ 33.6 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (96.5 ) (13.4 ) — (109.9 ) Proceeds from disposal of assets — 0.4 — — 0.4 Intercompany investments 28.3 21.0 — (49.3 ) — Dividend from subsidiary guarantors 47.6 — — (47.6 ) — Capital contributions to non-guarantors — (2.4 ) — 2.4 — Net cash provided by (used in) investing activities 75.9 (77.5 ) (13.4 ) (94.5 ) (109.5 ) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on debt (9.8 ) — — — (9.8 ) Stock repurchase (0.4 ) — — — (0.4 ) Intercompany financings — (28.3 ) (21.0 ) 49.3 — Dividend to parent — (47.6 ) — 47.6 — Capital contributions from subsidiary guarantors — — 2.4 (2.4 ) — Net cash (used in) provided by financing activities (10.2 ) (75.9 ) (18.6 ) 94.5 (10.2 ) NET CHANGE IN CASH AND CASH EQUIVALENTS — (3.8 ) (82.3 ) — (86.1 ) CASH AND CASH EQUIVALENTS—Beginning of period 2.1 92.0 156.5 — 250.6 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 88.2 $ 74.2 $ — $ 164.5 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING BALANCE SHEETS FOR THE YEAR ENDED 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 8.5 253.3 36.4 (62.2 ) 236.0 Equity investments in subsidiaries 102.2 206.2 — (308.4 ) — Intercompany receivables 692.4 51.5 — (743.9 ) — Total assets $ 805.2 $ 4,556.0 $ 381.6 $ (1,114.5 ) $ 4,628.3 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Payment service obligations $ — $ 3,500.4 $ 33.2 $ — $ 3,533.6 Debt 949.6 — — — 949.6 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 987.9 4,453.8 175.4 (806.1 ) 4,811.0 Total stockholders’ (deficit) equity (182.7 ) 102.2 206.2 (308.4 ) (182.7 ) Total liabilities and stockholders’ (deficit) equity $ 805.2 $ 4,556.0 $ 381.6 $ (1,114.5 ) $ 4,628.3 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 1,547.0 $ 334.9 $ (443.5 ) $ 1,438.4 Investment revenue — 16.3 0.2 — 16.5 Total revenue — 1,563.3 335.1 (443.5 ) 1,454.9 EXPENSES Fee and other commissions expense — 802.5 161.9 (298.4 ) 666.0 Investment commissions expense — 0.4 — — 0.4 Total commissions expense — 802.9 161.9 (298.4 ) 666.4 Compensation and benefits — 193.5 81.5 — 275.0 Transaction and operations support 3.1 414.8 59.4 (145.1 ) 332.2 Occupancy, equipment and supplies — 40.5 13.9 — 54.4 Depreciation and amortization — 42.1 13.4 — 55.5 Total operating expenses 3.1 1,493.8 330.1 (443.5 ) 1,383.5 OPERATING (LOSS) INCOME (3.1 ) 69.5 5.0 — 71.4 Other expenses (income) Securities settlements — (45.4 ) — — (45.4 ) Interest expense 44.2 — — — 44.2 Total other expenses (income), net 44.2 (45.4 ) — — (1.2 ) (Loss) income before income taxes (47.3 ) 114.9 5.0 — 72.6 Income tax (benefit) expense (16.6 ) 15.4 1.7 — 0.5 (Loss) income after income taxes (30.7 ) 99.5 3.3 — 72.1 Equity income (loss) in subsidiaries 102.8 3.3 — (106.1 ) — NET INCOME (LOSS) 72.1 102.8 3.3 (106.1 ) 72.1 TOTAL OTHER COMPREHENSIVE (LOSS) INCOME (34.1 ) (34.1 ) (18.6 ) 52.7 (34.1 ) COMPREHENSIVE INCOME (LOSS) $ 38.0 $ 68.7 $ (15.3 ) $ (53.4 ) $ 38.0 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (27.4 ) $ 48.3 $ 41.4 $ — $ 62.3 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (69.0 ) (16.8 ) — (85.8 ) Cash paid for acquisitions, net of cash acquired — (3.7 ) (7.8 ) — (11.5 ) Proceeds from disposal of assets — 0.9 — — 0.9 Intercompany investments 11.2 (47.5 ) — 36.3 — Dividend from subsidiary guarantors 50.7 — — (50.7 ) — Net cash provided (used in) by investing activities 61.9 (119.3 ) (24.6 ) (14.4 ) (96.4 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of debt 129.8 — — — 129.8 Transaction costs for issuance and amendment of debt (5.1 ) — — — (5.1 ) Principle payments on debt (9.5 ) — — — (9.5 ) Proceeds from exercise of stock options 0.4 — — — 0.4 Stock repurchase (149.7 ) — — — (149.7 ) Intercompany financings — (11.2 ) 47.5 (36.3 ) — Dividend to parent — (50.7 ) — 50.7 — Net cash (used in) provided by financing activities (34.1 ) (61.9 ) 47.5 14.4 (34.1 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 0.4 (132.9 ) 64.3 — (68.2 ) CASH AND CASH EQUIVALENTS—Beginning of period 1.7 224.9 92.2 — 318.8 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 92.0 $ 156.5 $ — $ 250.6 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2013 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 1,488.4 $ 327.7 $ (359.3 ) $ 1,456.8 Investment revenue — 17.4 0.3 (0.1 ) 17.6 Total revenue — 1,505.8 328.0 (359.4 ) 1,474.4 EXPENSES Fee and other commissions expense — 730.5 167.0 (219.7 ) 677.8 Investment commissions expense — 0.4 — — 0.4 Total commissions expense — 730.9 167.0 (219.7 ) 678.2 Compensation and benefits — 196.0 68.9 — 264.9 Transaction and operations support 1.7 339.7 51.9 (139.6 ) 253.7 Occupancy, equipment and supplies — 40.5 8.6 (0.1 ) 49.0 Depreciation and amortization — 36.4 14.3 — 50.7 Total operating expenses 1.7 1,343.5 310.7 (359.4 ) 1,296.5 OPERATING (LOSS) INCOME (1.7 ) 162.3 17.3 — 177.9 Other expenses Interest expense 30.3 17.0 — — 47.3 Debt extinguishment costs — 45.3 — — 45.3 Total other expenses 30.3 62.3 — — 92.6 (Loss) income before income taxes (32.0 ) 100.0 17.3 — 85.3 Income tax (benefit) expense (11.2 ) 36.6 7.5 — 32.9 (Loss) income after income taxes (20.8 ) 63.4 9.8 — 52.4 Equity income (loss) in subsidiaries 73.2 9.8 — (83.0 ) — NET INCOME (LOSS) 52.4 73.2 9.8 (83.0 ) 52.4 TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 19.3 19.3 0.3 (19.6 ) 19.3 COMPREHENSIVE INCOME (LOSS) $ 71.7 $ 92.5 $ 10.1 $ (102.6 ) $ 71.7 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2013 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (48.0 ) $ 198.5 $ 5.6 $ — $ 156.1 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (48.8 ) — — (48.8 ) Cash paid for acquisitions, net of cash acquired — (15.0 ) (0.4 ) — (15.4 ) Proceeds from disposal of property and equipment — 0.7 — — 0.7 Intercompany investments (841.4 ) — — 841.4 — Dividend from subsidiary guarantors 44.0 — — (44.0 ) — Capital contribution from non-guarantors — 0.8 — (0.8 ) — Net cash (used in) provided by investing activities (797.4 ) (62.3 ) (0.4 ) 796.6 (63.5 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of debt 850.0 — — — 850.0 Transaction costs for issuance and amendment of debt — (11.8 ) — — (11.8 ) Prepayment penalty — (21.5 ) — — (21.5 ) Payments on debt (6.3 ) (813.2 ) — — (819.5 ) Proceeds from exercise of stock options 1.1 — — — 1.1 Intercompany financings — 841.4 — (841.4 ) — Dividend to parent — (44.0 ) — 44.0 — Capital contribution to subsidiary guarantors — — (0.8 ) 0.8 — Net cash provided by (used in) financing activities 844.8 (49.1 ) (0.8 ) (796.6 ) (1.7 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (0.6 ) 87.1 4.4 — 90.9 CASH AND CASH EQUIVALENTS—Beginning of period 2.3 137.8 87.8 — 227.9 CASH AND CASH EQUIVALENTS—End of period $ 1.7 $ 224.9 $ 92.2 $ — $ 318.8 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Cash and cash equivalents | Cash and cash equivalents — The Company defines cash and cash equivalents and settlement cash and cash equivalents as cash on hand and all highly liquid debt instruments with original maturities of three months or less at the purchase date. |
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 settlement 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 states. These obligations are recognized by the Company at the time the underlying transactions occur. The Company’s licensed entity, MoneyGram Payment Systems, Inc. (“MPSI”), is regulated by various U.S. state agencies that generally require the Company to maintain a pool of assets with an investment rating of A or higher (“permissible investments”) in an amount equal to the payment service obligations, as defined by each state, for those regulated payment instruments, namely teller checks, agent checks, money orders and money transfers. The regulatory payment service assets measure varies by state, but in all cases excludes investments rated below A-. The most restrictive states may also exclude assets held at banks that do not belong to a national insurance program, varying amounts of accounts receivable balances and/or assets held in one of the SPEs. The regulatory payment service obligations measure varies by state, but in all cases is substantially lower than the Company’s payment service obligations as disclosed in the Consolidated Balance Sheets as the Company is not regulated by state agencies for payment service obligations resulting from outstanding cashier’s checks or for amounts payable to agents and brokers. Our primary overseas operating subsidiary, MoneyGram International Ltd., is a licensed payment institution in the United Kingdom, enabling us to offer our money transfer service in the European Economic Area. We are also subject to licensing or other regulatory requirements in various other jurisdictions. Licensing requirements may include minimum net worth, provision of surety bonds or letters of credit, compliance with operational procedures, agent oversight and the maintenance of settlement assets in an amount equivalent to outstanding payment service obligations, as defined by our various regulators. The regulatory and contractual requirements do not require the Company to specify individual assets held to meet its payment service obligations, nor is the Company required to deposit specific assets into a trust, escrow or other special account. Rather, the Company must maintain a pool of liquid assets sufficient to comply with the requirements. No third party places limitations, legal or otherwise, on the Company regarding the use of its individual liquid assets. The Company is able to withdraw, deposit or sell its individual liquid assets at will, with no prior notice or penalty, provided the Company maintains a total pool of liquid assets sufficient to meet the regulatory and contractual requirements. Regulatory requirements also require MPSI to maintain positive net worth, with certain states requiring that MPSI maintain positive tangible net worth. The Company was in compliance with its contractual and financial regulatory requirements as of December 31, 2015 . |
Receivables, net (included in settlement assets) | Receivables, net (included in settlement assets) — The Company has receivables due from financial institutions and agents for payment instruments sold and amounts advanced by the Company to certain agents for operational and local regulatory purposes. These receivables are outstanding from the day of the sale of the payment instrument until the financial institution or agent remits the funds to the Company. The Company provides an allowance for the portion of the receivable estimated to become uncollectible based on its history of collection experience, known collection issues, such as agent suspensions and bankruptcies, consumer credit card chargebacks and insufficient funds and other matters the Company identifies in its routine collection monitoring. Receivables are generally considered past due one day after the contractual remittance schedule, which is typically one to three days after the sale of the underlying payment instrument. Receivables are generally written off against the allowance one year after becoming past due. |
Investments (included in settlement assets) | Investments (included in settlement assets) — The Company classifies securities as interest-bearing or available-for-sale. The Company has no securities classified as trading or held-to-maturity. Time deposits and certificates of deposits with original maturities of up to 24 months are classified as interest-bearing investments and recorded at amortized cost. Securities held for indefinite periods of time, including any securities that may be sold to assist in the clearing of payment service obligations or in the management of the investment portfolio, are classified as available-for-sale securities. These securities are recorded at fair value, with the net after-tax unrealized gain or loss recorded as a separate component of stockholders’ deficit. Realized gains and losses and other-than-temporary impairments are recorded in the Consolidated Statements of Operations. Interest income on residential mortgage-backed securities for which risk of credit loss is deemed remote is recorded utilizing the level yield method. Changes in estimated cash flows, both positive and negative, are accounted for with retrospective changes to the carrying value of investments in order to maintain a level yield over the life of the investment. Interest income on residential mortgage-backed securities for which risk of credit loss is not deemed remote is recorded under the prospective method as adjustments of yield. The Company applies the cost recovery method of accounting for interest to its investments categorized as other asset-backed securities. The cost recovery method accounts for interest on a cash basis and deems any interest payments received as a recovery of principal, which reduces the book value of the related security. When the book value of the related security is reduced to zero, interest payments are then recognized as investment income upon receipt. The Company applies the cost recovery method of accounting as it believes it is probable that the Company will not recover all, or substantially all, of its principal investment and interest for its other asset-backed securities given the sustained deterioration in the investment and securities market, the collapse of many asset-backed securities and the low levels to which the securities have been written down. Securities with gross unrealized losses as of the balance sheet date are subject to a process for identifying other-than-temporary impairments. Securities that the Company deems to be other-than-temporarily impaired are written down to fair value in the period the impairment occurs. The assessment of whether such impairment has occurred is based on management’s evaluation of the underlying reasons for the decline in fair value on an individual security basis. The Company considers a wide range of factors about the security and uses its best judgment in evaluating the cause of the decline in the estimated fair value of the security and the prospects for recovery. The Company considers an investment to be other-than-temporarily impaired when it is deemed probable that the Company will not receive all of the cash flows contractually stipulated for the investment, or whether it is more likely than not that we will sell an investment before recovery of its amortized cost basis. The Company evaluates residential mortgage-backed and other asset-backed investments rated A and below for which risk of credit loss is deemed more than remote for impairment. When an adverse change in expected cash flows occurs, and if the fair value of a security is less than its carrying value, the investment is written down to fair value through a permanent reduction to its amortized cost. Securities gains and losses are recognized upon the sale, call or maturity of securities using the specific identification method to determine the cost basis of securities sold. Any impairment charges and other securities gains and losses are included in the Consolidated Statements of Operations under “Net securities gains.” |
Fair value of financial instruments | Fair Value of Financial Instruments — Financial instruments consist of cash and cash equivalents, investments, derivatives, deferred compensation and debt. The carrying values of cash and cash equivalents and interest-bearing investments approximate fair value. The carrying value of debt is stated at amortized cost; however, for disclosure purposes the fair value is estimated. See Note 4 — Fair Value Measurement for information regarding the principles and processes used to estimate the fair value of financial instruments. |
Derivative financial instruments | Derivative Financial Instruments — The Company recognizes derivative financial instruments in the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value is recognized through the “Transaction and operations support” line in the Consolidated Statements of Operations in the period of change. See Note 6 — Derivative Financial Instruments for additional disclosure. |
Property and equipment | Property and Equipment — Property and equipment includes computer hardware, computer software, signage, equipment at agent locations, office furniture and equipment and leasehold improvements, and is stated at cost net of accumulated depreciation and amortization. Property and equipment is depreciated and amortized using a straight-line method over the useful life or term of the lease or license. The cost and related accumulated depreciation and amortization of assets sold or disposed of are removed from the financial statements, with the resulting gain or loss, if any, recognized in “Occupancy, equipment and supplies” in the Consolidated Statements of Operations. See Note 7 — Property and Equipment for additional disclosure. The following table summarizes the e stimated useful lives by major asset category: Type of Asset Useful Life Computer hardware 3 years Computer software 5 years Signage 3 years Equipment at agent locations 3 - 7 years Office furniture and equipment 7 years Leasehold improvements 10 years Tenant allowances for leasehold improvements are capitalized as leasehold improvements upon completion of the improvement and amortized over the shorter of the remaining term of the lease or 10 years . Computer software includes acquired and internally developed software. For the years ended December 31, 2015 and 2014 , software development costs of $47.2 million and $25.9 million , respectively, were capitalized. At December 31, 2015 and 2014 , there was $86.9 million and $61.5 million , respectively, of unamortized software development costs included in property and equipment. Property and equipment are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable by comparing the carrying value of the assets to the estimated future undiscounted cash flows to be generated by the asset. If an impairment is determined to exist for property and equipment, the carrying value of the asset is reduced to the estimated fair value. |
Goodwill and intangible assets | Goodwill and Intangible Assets — Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations and is assigned to the reporting unit in which the acquired business will operate. Intangible assets are recorded at their estimated fair value at the date of acquisition. In the year following the period in which identified intangible assets become fully amortized, the fully amortized balances are removed from the gross asset and accumulated amortization amounts. Goodwill is not amortized, but is instead subject to impairment testing. Intangible assets with finite lives are amortized using a straight-line method over their respective useful lives as follows: Type of Intangible Asset Useful Life Contractual and customer relationships 3-15 years Non-compete agreements 3-5 years Developed technology 5-7 years The Company evaluates its goodwill for impairment annually as of October 1 of each year or more frequently if impairment indicators arise in accordance with Accounting Standards Codification (“ASC”) Topic 350, “ Intangibles - Goodwill and Other. ” Goodwill is tested for impairment using a fair-value based approach and is assessed at the reporting unit level. The carrying value of the reporting unit is compared to its estimated fair value, with any excess of carrying value over fair value deemed to be an indicator of potential impairment, in which case a second step is performed comparing the recorded amount of goodwill to its implied fair value. Intangible assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable by comparing the carrying value of the assets to the estimated future undiscounted cash flows to be generated by the asset. If an impairment is determined to exist for goodwill or intangible assets, the carrying value of the asset is reduced to the estimated fair value. |
Payments on long term contracts | Payments on Long-Term Contracts — The Company makes payments to certain agents and financial institution customers as an incentive to enter into long-term contracts. The payments, or signing bonuses, are generally required to be refunded pro rata in the event of nonperformance under, or cancellation of, the contract by the customer. All signing bonuses are capitalized and amortized over the life of the related contract. Amortization of signing bonuses on long-term contracts is recorded in “Fee and other commissions expense” in the Consolidated Statements of Operations. The carrying values of the signing bonuses are reviewed whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. |
Income taxes | Income Taxes — The provision for income taxes is computed based on the pre-tax (loss) income included in the Consolidated Statements of Operations. Deferred tax assets and liabilities are recorded based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax basis, and operating loss and tax credit carry-forwards on a taxing jurisdiction basis. The Company measures deferred tax assets and liabilities using enacted statutory tax rates that will apply in the years in which the Company expects the temporary differences to be recovered or paid. The Company's ability to realize deferred tax assets depends on the ability to generate sufficient taxable income within the carry-back or carry-forward periods provided for in the tax law. The Company establishes valuation allowances for its deferred tax assets based on a more-likely-than-not threshold. To the extent management believes that recovery is not likely, a valuation allowance is established in the period in which the determination is made. The liability for unrecognized tax benefits is recorded as a non-cash item in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. The Company records interest and penalties for unrecognized tax benefits in “Income tax expense” in the Consolidated Statements of Operations. See Note 13 — Income Taxes for additional disclosure. |
Treasury stock | Treasury Stock — Repurchased common stock is stated at cost and is presented as a separate component of stockholders’ deficit. See Note 11 — Stockholders’ Deficit for additional disclosure. |
Foreign currency translation | Foreign Currency Translation — The Company converts assets and liabilities of foreign operations to their U.S. dollar equivalents at rates in effect at the balance sheet dates and records the translation adjustments in “Accumulated other comprehensive loss” in the Consolidated Balance Sheets. Income statements of foreign operations are translated from the operation’s functional currency to U.S. dollar equivalents at the average exchange rate for the month. Foreign currency exchange transaction gains and losses are reported in “Transaction and operations support” in the Consolidated Statements of Operations. |
Revenue recognition | Revenue Recognition — The Company earns revenue primarily through service fees charged to consumers and through its investing activity. A description of these revenues and revenue recognition policies is as follows: • Fee and other revenue consists of transaction fees, service revenue, foreign exchange revenue and other revenue. • Transaction fees consist primarily of fees earned on money transfer, money order, bill payment and official check transactions. The money transfer transaction fees vary based on the principal value of the transaction and the locations in which these money transfers originate and to which they are sent. The official check, money order and bill payment transaction fees are fixed fees charged on a per item basis. Transaction fees are recognized at the time of the transaction or sale of the product. • Foreign exchange revenue is earned from the management of currency exchange spreads on money transfer transactions involving different “send” and “receive” currencies. Foreign exchange revenue is recognized at the time the exchange in funds occurs. • Other revenue primarily consists of service charges on aged outstanding money orders and money order dispenser fees. Additionally, for unclaimed payment instruments and money transfers, we recognize breakage income when the likelihood of consumer pick-up becomes remote based on historical experience and there is no requirement for remitting balances to government agencies under unclaimed property laws. • Investment revenue is earned from the investment of funds generated from the sale of payment instruments, primarily official checks and money orders, and consists of interest income, dividend income, income received on our cost recovery securities and amortization of premiums and discounts. |
Customer loyalty program | Customer Loyalty Program — The MoneyGram Rewards loyalty program, introduced in January 2012, allowed enrolled members to earn points based on the face value of their send transactions, along with opportunities for points earned from promotional activities. Points were redeemable for various denominations of gift cards. The Company estimated the cost of the rewards and recorded this expense and the associated liability as points were accumulated by loyalty program members. The cost was recognized in “Transaction and operational support” within the Consolidated Statements of Operations, and the associated liability was included in “Accounts payable and other liabilities” in the Consolidated Balance Sheets. In October 2013, the Company began to transition its MoneyGram Rewards loyalty program to a convenience card program, which does not feature points. The Company provided participants in the MoneyGram Rewards program until December 7, 2013 to redeem any outstanding program points, after which all points were canceled. As a result of the point cancellation, the Company had a reduction of marketing expense of $3.9 million in 2013. As of December 31, 2015 , the Company has no remaining liability related to the loyalty program. |
Fees and other commissions expense | Fee and Other Commissions Expense — The Company incurs fee commissions primarily related to our Global Funds Transfer products. In a money transfer transaction, both the agent initiating the transaction and the receiving agent earn a commission that is generally based on a percentage of the fee charged to the consumer. In a bill payment transaction, the agent initiating the transaction receives a commission that is generally based on a percentage of the fee charged to the consumer and, in limited circumstances, the biller receives a commission that is based on a percentage of the fee charged to the consumer. The Company generally does not pay commissions to agents on the sale of money orders, except, in certain limited circumstances, for large agents where we may pay a fixed commission based on total money order transactions. Other commissions expense includes the amortization of capitalized agent signing bonus payments. |
Investment commissions expense | Investment Commissions Expense — Investment commissions expense consists of amounts paid to financial institution customers based on short-term interest rate indices times the average outstanding cash balances of official checks sold by the financial institution. Investment commissions are recognized each month based on the average outstanding balances of each financial institution customer and their contractual variable rate for that month. |
Marketing and advertising expense | Marketing and Advertising Expense — Marketing and advertising costs are expensed as incurred or at the time the advertising first takes place and are recorded in the “Transaction and operations support” line in the Consolidated Statements of Operations. Marketing and advertising expense was $59.4 million , $64.7 million and $57.4 million for 2015 , 2014 and 2013 , respectively. |
Stock-based compensation | Stock-Based Compensation — Stock-based compensation awards are measured at fair value at the date of grant and expensed over their vesting or service periods. The expense, net of estimated forfeitures, is recognized using the straight-line method. The Company accounts for modifications to its share-based payment awards in accordance with the provisions of ASC Topic 718, " Compensation - Stock Compensation." Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the share price and other pertinent factors at that date, and is recognized as compensation cost on the date of modification (for vested awards) or over the remaining vesting or service period (for unvested awards). Any unrecognized compensation cost remaining from the original award is recognized over the vesting period of the modified award. See Note 12 — Stock-Based Compensation for additional disclosure of the Company’s stock-based compensation. |
Reorganization and restructuring expenses | Reorganization and Restructuring Expenses — Reorganization and restructuring expenses consist of direct and incremental costs associated with reorganization, restructuring and related activities, including technology; process improvement efforts; independent consulting and contractors; severance; outplacement and other employee related benefits; facility closures, cease-use or related charges; asset impairments or accelerated depreciation and other expenses related to relocation of various operations to existing or new Company facilities and third-party providers, including hiring, training, relocation, travel and professional fees. The Company records severance-related expenses once they are both probable and estimable related to severance provided under an on-going benefit arrangement. One-time, involuntary benefit arrangements and other exit costs are recognized when the liability is incurred. The Company evaluates impairment issues associated with reorganization activities when the carrying amount of the assets may not be fully recoverable, and also reviews the appropriateness of the remaining useful lives of impacted fixed assets. See Note 3 — Reorganization and Restructuring Costs for additional disclosure of the Company’s reorganization and restructuring activities. |
Earnings per share | Earnings Per Share — For all periods in which it is outstanding, the Series D Participating Convertible Preferred Stock (the "D Stock") is included in the weighted-average number of common shares outstanding utilized to calculate basic earnings per common share because the D Stock is deemed a common stock equivalent. Diluted earnings per common share reflects the potential dilution that could result if securities or incremental shares arising out of the Company’s stock-based compensation plans were exercised or converted into common stock. Diluted earnings per common share assumes the exercise of stock options using the treasury stock method. The following table is a reconciliation of the weighted-average amounts used in calculating earnings per share for the period ended December 31 : (Amounts in millions) 2015 2014 2013 Basic common shares outstanding 62.1 65.3 71.6 Shares related to stock options — 0.1 0.2 Shares related to restricted stock units — 0.1 0.1 Diluted common shares outstanding 62.1 65.5 71.9 Potential common shares are excluded from the computation of diluted earnings per common share when the effect would be anti-dilutive. All potential common shares are anti-dilutive in periods of net loss available to common stockholders. Stock options are anti-dilutive when the exercise price of these instruments is greater than the average market price of the Company’s common stock for the period. The following table summarizes the weighted-average potential common shares excluded from diluted (loss) income per common share as their effect would be anti-dilutive or their performance conditions are not met for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Shares related to stock options 3.4 4.0 3.6 Shares related to restricted stock units 3.8 1.1 0.8 Shares excluded from the computation 7.2 5.1 4.4 |
Recent accounting pronouncements and related developments | Recent Accounting Pronouncements and Related Developments — In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"). The new guidance sets forth a new five-step revenue recognition model which replaces the prior revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance that have historically existed in GAAP. The underlying principle of the new standard is that a business or other organization will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional guidance for transactions that were not addressed completely in the prior accounting guidance. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) : Deferral of the Effective Date . The amendment in this ASU defers the effective date of ASU 2014-09 for all entities for one year. Public business entities should apply the guidance in ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The Company is currently evaluating the impact this standard will have on the consolidated financial statements. In February 2015, the FASB issued 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 will have no impact on our consolidated financial statements. 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. The Company early adopted ASU 2015-03 on December 31, 2015 and the Consolidated Balance Sheet as of December 31, 2014 has been adjusted to apply the change in accounting principle retrospectively. Debt issuance costs of $13.9 million previously reported as "Other assets" on the Consolidated Balance Sheet as of December 31, 2014 have been reclassified as a direct deduction from the carrying amount of the related debt liability. There is no effect on our Consolidated Statement of Operations as a result of the change in accounting principle. In August 2015, the FASB issued ASU 2015-15, Interest - Imputed Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (“ASU 2015-15”), which clarifies that the guidance in ASU 2015-03 does not apply to line-of-credit arrangements. ASU 2015-15 allows for an entity to defer and present debt issuance costs associated with line-of-credit arrangements as an asset and subsequently amortize the debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The early adoption of ASU 2015-15 will have no impact on 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 adoption of ASU 2015-05 will not have a significant impact on our 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. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments ("ASU 2015-16") which replaces the requirement that an acquirer in a business combination account for measurement period adjustments retrospectively with a requirement that an acquirer recognize adjustments to the provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. ASU 2015-16 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 2015-16 will not have a significant impact on our consolidated financial statements. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Settlement assets | The following table summarizes the amount of Settlement assets and Payment service obligations as of December 31 : (Amounts in millions) 2015 2014 Settlement assets: Settlement cash and cash equivalents $ 1,560.7 $ 1,657.3 Receivables, net 861.4 757.6 Interest-bearing investments 1,062.4 1,091.6 Available-for-sale investments 21.1 27.1 3,505.6 3,533.6 Payment service obligations $ (3,505.6 ) $ (3,533.6 ) |
Summary of activity within the allowance for losses | The following summary details the activity within the allowance for credit losses for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Beginning balance $ 10.7 $ 10.7 $ 11.7 Provision 20.4 11.1 9.6 Write-offs, net of recoveries (21.9 ) (11.1 ) (10.6 ) Ending balance $ 9.2 $ 10.7 $ 10.7 |
Property, plant and equipment estimated useful lives | The following table summarizes the e stimated useful lives by major asset category: Type of Asset Useful Life Computer hardware 3 years Computer software 5 years Signage 3 years Equipment at agent locations 3 - 7 years Office furniture and equipment 7 years Leasehold improvements 10 years The following table is a summary of "Property and equipment, net" as of December 31 : (Amounts in millions) 2015 2014 Computer hardware and software $ 338.0 $ 268.8 Signage 87.9 86.9 Equipment at agent locations 58.0 80.1 Office furniture and equipment 29.2 34.8 Leasehold improvements 24.7 35.1 Total property and equipment 537.8 505.7 Accumulated depreciation and amortization (338.1 ) (340.1 ) Total property and equipment, net $ 199.7 $ 165.6 |
Finite-lived intangible assets useful lives | Intangible assets with finite lives are amortized using a straight-line method over their respective useful lives as follows: Type of Intangible Asset Useful Life Contractual and customer relationships 3-15 years Non-compete agreements 3-5 years Developed technology 5-7 years The following table is a summary of intangible assets included in “Other assets” in the Consolidated Balance Sheets as of December 31 : 2015 2014 (Amounts in millions) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Contractual and customer relationships $ 11.7 $ (4.5 ) $ 7.2 $ 12.3 $ (2.6 ) $ 9.7 Non-compete agreements 1.6 (0.7 ) 0.9 1.6 (0.4 ) 1.2 Developed technology 1.1 (0.2 ) 0.9 1.1 (0.1 ) 1.0 Total intangible assets $ 14.4 $ (5.4 ) $ 9.0 $ 15.0 $ (3.1 ) $ 11.9 |
Schedule of earnings per share, basic and diluted | The following table is a reconciliation of the weighted-average amounts used in calculating earnings per share for the period ended December 31 : (Amounts in millions) 2015 2014 2013 Basic common shares outstanding 62.1 65.3 71.6 Shares related to stock options — 0.1 0.2 Shares related to restricted stock units — 0.1 0.1 Diluted common shares outstanding 62.1 65.5 71.9 |
Weighted-average potential common shares excluded from diluted loss per common share | The following table summarizes the weighted-average potential common shares excluded from diluted (loss) income per common share as their effect would be anti-dilutive or their performance conditions are not met for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Shares related to stock options 3.4 4.0 3.6 Shares related to restricted stock units 3.8 1.1 0.8 Shares excluded from the computation 7.2 5.1 4.4 |
Reorganization and Restructur29
Reorganization and Restructuring Costs (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Roll-forward of restructuring costs accrual | The following table is a roll-forward of the restructuring costs accrual as of December 31, 2015 : 2014 Global Transformation Program Other Restructuring (Amounts in millions) Severance, Outplacement and Related Benefits Other (1) Severance, Outplacement and Related Benefits Total Balance, December 31, 2014 $ 12.6 $ 0.7 $ — $ 13.3 Expenses 3.1 1.3 0.6 5.0 Cash payments (11.9 ) (2.0 ) (0.4 ) (14.3 ) Balance, December 31, 2015 $ 3.8 $ — $ 0.2 $ 4.0 (1) Other primarily relates to expenses for facilities relocation and professional fees. Such costs are expensed as incurred. |
Restructuring costs incurred and estimated in operating expenses | 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 as of December 31, 2015 : 2014 Global Transformation Program Other Restructuring (Amounts in millions) Severance, Outplacement and Related Benefits Other (1) Severance, Outplacement and Related Benefits Total Restructuring costs Cumulative restructuring costs incurred to date in operating expenses $ 17.7 $ 3.0 $ 0.6 $ 21.3 Estimated additional restructuring costs to be incurred 1.6 0.4 0.5 2.5 Total restructuring costs incurred and to be incurred $ 19.3 $ 3.4 $ 1.1 $ 23.8 (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 years ended December 31 : (Amounts in millions) 2015 2014 2013 Restructuring costs in operating expenses: Compensation and benefits $ 3.7 $ 14.4 $ — Transaction and operations support 1.3 1.9 — Total restructuring costs in operating expenses 5.0 16.3 — Reorganization costs in operating expenses: Compensation and benefits $ 6.8 $ 5.0 $ 1.2 Transaction and operations support 6.7 8.4 0.7 Occupancy, equipment and supplies 1.5 0.8 1.3 Total reorganization costs in operating expenses 15.0 14.2 3.2 Total reorganization and restructuring costs $ 20.0 $ 30.5 $ 3.2 |
Restructuring costs by segment | The following table is a summary of the total cumulative restructuring costs incurred to date in operating expenses and the total estimated remaining restructuring costs to be incurred by reportable segment: (Amounts in millions) GFT FPP Other Total 2014 Global Transformation Program Balance, 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 Third quarter 2015 0.4 0.1 — 0.5 Fourth quarter 2015 0.5 0.1 — 0.6 Total cumulative restructuring costs incurred to date in operating expenses $ 17.8 $ 2.2 $ 0.7 $ 20.7 Total estimated additional restructuring costs to be incurred 1.8 0.2 — 2.0 $ 19.6 $ 2.4 $ 0.7 $ 22.7 Other Restructuring Third quarter 2015 $ 0.5 $ — $ — $ 0.5 Fourth quarter 2015 0.1 — — 0.1 Total cumulative restructuring costs incurred to date in operating expenses $ 0.6 $ — $ — $ 0.6 Total estimated additional restructuring costs to be incurred 0.5 — — 0.5 $ 1.1 $ — $ — $ 1.1 Total restructuring costs incurred and to be incurred $ 20.7 $ 2.4 $ 0.7 $ 23.8 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 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 December 31 : Fair Value at December 31, 2015 (Amounts in millions) Level 1 Level 2 Level 3 Total Financial assets: Available-for-sale investments: Residential mortgage-backed securities — agencies $ — $ 9.5 $ — $ 9.5 Other asset-backed securities — — 11.6 11.6 Forward contracts — 0.8 — 0.8 Total financial assets $ — $ 10.3 $ 11.6 $ 21.9 Financial liabilities: Forward contracts $ — $ 0.1 $ — $ 0.1 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 December 31 : 2015 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 $ 79.19 $ 0.1 $ 80.75 Home equity Price Third-party pricing service 0.1 29.40 0.1 30.37 Indirect exposure — high grade Price Third-party pricing service 8.3 21.65 8.3 21.64 Indirect exposure — mezzanine Price Third-party pricing service 0.8 0.75 1.1 1.11 Indirect exposure — mezzanine Price Broker 1.1 1.58 1.3 1.52 Other Net asset value Third-party pricing service 1.2 6.34 1.7 9.15 Total $ 11.6 $ 3.57 $ 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 years ended December 31 : (Amounts in millions) 2015 2014 2013 Beginning balance $ 12.6 $ 20.6 $ 18.0 Principal paydowns (0.9 ) (5.7 ) (3.7 ) Change in unrealized gains (0.1 ) (1.5 ) 6.3 Net realized losses — (0.8 ) — Ending balance $ 11.6 $ 12.6 $ 20.6 |
Fair value and carrying value of debt | The following table is a summary of fair value and carrying value of debt as of December 31 : Fair Value Carrying Value (Amounts in millions) 2015 2014 2015 2014 Senior secured credit facility $ 858.9 $ 884.0 $ 954.3 $ 963.5 |
Investment Portfolio (Tables)
Investment Portfolio (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments [Abstract] | |
Components of investment portfolio | The following table shows the components of the investment portfolio as of December 31 : (Amounts in millions) 2015 2014 Cash $ 1,717.3 $ 1,898.1 Money market securities 7.9 9.8 Cash and cash equivalents (1) 1,725.2 1,907.9 Interest-bearing investments 1,062.4 1,091.6 Available-for-sale investments 21.1 27.1 Total investment portfolio $ 2,808.7 $ 3,026.6 |
Available for sale Investments (substantially restricted) | The following table is a summary of the amortized cost and fair value of available-for-sale investments as of December 31 : 2015 (Amounts in millions, except net average price) Amortized Cost Gross Unrealized Gains Fair Value Net (1) Average Price Residential mortgage-backed securities — agencies $ 8.7 $ 0.8 $ 9.5 $ 111.00 Other asset-backed securities 1.7 9.9 11.6 3.57 Total $ 10.4 $ 10.7 $ 21.1 $ 6.32 (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 : 2014 (Amounts in millions, except net average price) Amortized Cost Gross Unrealized Gains Fair Value Net (1) 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 December 31 : 2015 2014 (Amounts in millions, except percentages) Number of Securities Fair Value Percent of Investments Number of Securities Fair Value Percent of Investments Investment grade 12 $ 9.4 45 % 13 $ 14.3 53 % Below investment grade 42 11.7 55 % 44 12.8 47 % Total 54 $ 21.1 100 % 57 $ 27.1 100 % |
Derivative Financial Instrume32
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instrument Detail [Abstract] | |
Summary of (gains) losses related to assets and liabilities denominated in foreign currencies | The “Transaction and operations support” line in the Consolidated Statements of Operations and the "Net cash provided by operating activities" line in the Consolidated Statements of Cash Flows include the following losses (gains) related to assets and liabilities denominated in foreign currencies, for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Net realized foreign currency losses (gains) $ 21.3 $ 25.0 $ (3.3 ) Net (gains) losses from the related forward contracts (32.7 ) (24.0 ) 5.3 Net (gains) losses from foreign currency transactions and related forward contracts $ (11.4 ) $ 1.0 $ 2.0 |
Fair values of derivative forward contract instruments | As of December 31, 2015 and 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 Net Amount of Assets Presented in the Consolidated Balance Sheets (Amounts in millions) Balance Sheet Location 2015 2014 2015 2014 2015 2014 Forward contracts Other assets $ 1.0 $ 5.3 $ (0.2 ) $ (0.5 ) $ 0.8 $ 4.8 Gross Amount of Recognized Liabilities Gross Amount of Offset Net Amount of Liabilities Presented in the Consolidated Balance Sheets (Amounts in millions) Balance Sheet Location 2015 2014 2015 2014 2015 2014 Forward contracts Accounts payable and other liabilities $ 0.3 $ 0.8 $ (0.2 ) $ (0.5 ) $ 0.1 $ 0.3 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of property and equipment | The following table summarizes the e stimated useful lives by major asset category: Type of Asset Useful Life Computer hardware 3 years Computer software 5 years Signage 3 years Equipment at agent locations 3 - 7 years Office furniture and equipment 7 years Leasehold improvements 10 years The following table is a summary of "Property and equipment, net" as of December 31 : (Amounts in millions) 2015 2014 Computer hardware and software $ 338.0 $ 268.8 Signage 87.9 86.9 Equipment at agent locations 58.0 80.1 Office furniture and equipment 29.2 34.8 Leasehold improvements 24.7 35.1 Total property and equipment 537.8 505.7 Accumulated depreciation and amortization (338.1 ) (340.1 ) Total property and equipment, net $ 199.7 $ 165.6 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Roll forward of goodwill by reporting segment | The following table is a roll-forward of goodwill by reporting segment: (Amounts in millions) Global Funds Transfer Financial Paper Products Total Balance as of December 31, 2014 $ 442.5 $ — $ 442.5 Currency translation (0.3 ) — (0.3 ) Balance as of December 31, 2015 $ 442.2 $ — $ 442.2 |
Gross goodwill balances and accumulated impairments | The following table is a summary of the gross goodwill balances and accumulated impairments as of December 31 : 2015 2014 (Amounts in millions) Gross Goodwill Accumulated Impairments Gross Goodwill Accumulated Impairments Global Funds Transfer $ 445.4 $ (3.2 ) $ 445.7 $ (3.2 ) |
Components of Intangible assets | Intangible assets with finite lives are amortized using a straight-line method over their respective useful lives as follows: Type of Intangible Asset Useful Life Contractual and customer relationships 3-15 years Non-compete agreements 3-5 years Developed technology 5-7 years The following table is a summary of intangible assets included in “Other assets” in the Consolidated Balance Sheets as of December 31 : 2015 2014 (Amounts in millions) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Contractual and customer relationships $ 11.7 $ (4.5 ) $ 7.2 $ 12.3 $ (2.6 ) $ 9.7 Non-compete agreements 1.6 (0.7 ) 0.9 1.6 (0.4 ) 1.2 Developed technology 1.1 (0.2 ) 0.9 1.1 (0.1 ) 1.0 Total intangible assets $ 14.4 $ (5.4 ) $ 9.0 $ 15.0 $ (3.1 ) $ 11.9 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of outstanding debt | The following is a summary of the Company's outstanding debt as of December 31: (Amounts in millions, except percentages) Effective Interest Rate 2015 2014 Senior secured credit facility due 2020 4.25 % $ 954.3 $ 964.1 Unamortized debt discount (0.6 ) (0.6 ) Unamortized debt issuance costs (11.1 ) (13.9 ) Total debt, net $ 942.6 $ 949.6 |
Assets in Excess of Payment Service Obligations | The following table shows the components of our assets in excess of payment service obligations used for the asset coverage calculation as of December 31 : (Amounts in millions) 2015 2014 Cash and cash equivalents $ 164.5 $ 250.6 Settlement assets 3,505.6 3,533.6 Total cash and cash equivalents and settlement assets 3,670.1 3,784.2 Payment service obligations (3,505.6 ) (3,533.6 ) Assets in excess of payment service obligations $ 164.5 $ 250.6 |
Credit Agreement quarterly financial covenants | The 2013 Credit Agreement also has quarterly financial covenants to maintain the following interest coverage and secured leverage ratios: Interest Coverage Minimum Ratio 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 |
Pension and Other Benefits (Tab
Pension and Other Benefits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Weighted-average actuarial assumptions used in calculating the benefit obligation and net benefit cost | The following table is a summary of the weighted-average actuarial assumptions used in calculating net periodic benefit expense (income) and the benefit obligation for the years ended and as of December 31 : Pension Plan SERPs Postretirement Benefits 2015 2014 2013 2015 2014 2013 2015 2014 2013 Net periodic benefit expense (income): Discount rate 4.15 % 4.81 % 4.04 % 4.78 % 4.78 % 3.99 % 4.82 % 4.82 % 4.09 % Expected return on plan assets 4.74 % 5.68 % 6.20 % — — — — — — Rate of compensation increase — — — 5.75 % 5.75 % 5.75 % — — — Initial healthcare cost trend rate — — — — — — 6.50 % 7.00 % 8.00 % Ultimate healthcare cost trend rate — — — — — — 4.50 % 4.50 % 5.00 % Year ultimate healthcare cost trend rate is reached — — — — — — 2023 2023 2019 Benefit obligation: Discount rate 4.31 % 4.04 % 4.81 % 4.32 % 4.04 % 4.78 % 4.53 % 4.19 % 4.82 % Rate of compensation increase — — — 5.75 % 5.75 % 5.75 % — — — Initial healthcare cost trend rate — — — — — — 6.50 % 6.50 % 7.00 % Ultimate healthcare cost trend rate — — — — — — 4.50 % 4.50 % 4.50 % Year ultimate healthcare cost trend rate is reached — — — — — — 2024 2023 2023 |
Weighted-average asset allocation for the defined benefit pension plan by asset category | The following table is a summary of the Company’s weighted-average asset allocation for the Pension Plan by asset category at the measurement date as of December 31 : 2015 2014 Equity securities 44 % 44 % Fixed income securities 50 % 51 % Real estate 5 % 4 % Other 1 % 1 % Total 100 % 100 % |
Plan's financial assets recorded at fair value by hierarchy | The following tables are a summary of the Pension Plan’s financial assets recorded at fair value, by hierarchy level, as of December 31 : 2015 (Amounts in millions) Level 1 Level 2 Level 3 Total Common/collective trusts Short-term investment fund $ — $ 1.2 $ — $ 1.2 Equity securities: Large cap — 26.8 — 26.8 Small cap — 6.3 — 6.3 International — 14.8 — 14.8 Fixed income securities — 53.3 — 53.3 Total common/collective trusts $ — $ 102.4 $ — $ 102.4 Real estate — — 5.5 5.5 Total financial assets $ — $ 102.4 $ 5.5 $ 107.9 2014 (Amounts in millions) Level 1 Level 2 Level 3 Total Common/collective trusts Short-term investment fund $ — $ 1.0 $ — $ 1.0 Equity securities: Large cap — 34.2 — 34.2 Small cap — 8.8 — 8.8 International — 16.4 — 16.4 Emerging — 3.5 — 3.5 Fixed income — 72.7 — 72.7 Total common/collective trusts $ — $ 136.6 $ — $ 136.6 Real estate — — 5.0 5.0 Total financial assets $ — $ 136.6 $ 5.0 $ 141.6 |
Fair Value Inputs, Assets, Quantitative Information | The following table represents the Pension Plan's Level 3 financial instrument and the valuation technique used to measure the fair value of the financial instrument. (Amounts in millions) 2015 2014 Instrument Principal Valuation Technique Fair Value Fair Value Real estate Appraisal of underlying asset $ 5.5 $ 5.0 |
Net periodic benefit expense (income) | Plan Financial Information — Net periodic benefit expense (income) for the Pension and Postretirement Benefits includes the following components for the years ended December 31 : Pension Postretirement Benefits (Amounts in millions) 2015 2014 2013 2015 2014 2013 Settlement charges $ 14.0 $ — $ — $ — $ — $ — Interest cost 9.4 10.8 9.6 — 0.1 0.1 Expected return on plan assets (5.8 ) (7.3 ) (7.3 ) — — — Amortization of net actuarial loss 8.5 6.9 7.7 0.2 0.3 0.4 Amortization of prior service credit — — — (0.6 ) (0.6 ) (0.6 ) Net periodic benefit expense (income) $ 26.1 $ 10.4 $ 10.0 $ (0.4 ) $ (0.2 ) $ (0.1 ) |
Recognized other comprehensive income (loss) and net periodic benefit expense | The following tables are a summary of the amounts recognized in other comprehensive (loss) income and net periodic benefit expense (income) for the years ended December 31 : 2015 (Amounts in millions) Pension Postretirement Settlement charges $ (14.0 ) $ — Net actuarial gain (19.6 ) (0.3 ) Amortization of net actuarial loss (8.5 ) (0.2 ) Amortization of prior service credit — 0.6 Total recognized in other comprehensive (loss) income $ (42.1 ) $ 0.1 Total recognized in net periodic benefit expense (income) 26.1 (0.4 ) Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) $ (16.0 ) $ (0.3 ) 2014 (Amounts in millions) Pension Postretirement Benefits Net actuarial loss $ 37.0 $ 0.2 Amortization of net actuarial loss (6.9 ) (0.3 ) Amortization of prior service credit — 0.6 Total recognized in other comprehensive (loss) income $ 30.1 $ 0.5 Total recognized in net periodic benefit expense (income) 10.4 (0.2 ) Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) $ 40.5 $ 0.3 2013 (Amounts in millions) Pension Postretirement Benefits Net actuarial gain $ (18.8 ) $ (1.2 ) Amortization of net actuarial loss (7.7 ) (0.4 ) Amortization of prior service credit — 0.6 Total recognized in other comprehensive (loss) income $ (26.5 ) $ (1.0 ) Total recognized in net periodic benefit expense (income) 10.0 (0.1 ) Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) $ (16.5 ) $ (1.1 ) |
Changes to the benefit obligation and plan assets | The following tables are a summary of the benefit obligation and plan assets, changes to the benefit obligation and plan assets, and the funded status of the Pension and Postretirement Benefits as of and for the years ended December 31 : Pension Postretirement Benefits (Amounts in millions) 2015 2014 2015 2014 Change in benefit obligation: Benefit obligation at the beginning of the year $ 266.0 $ 233.6 $ 1.3 $ 1.4 Settlement impact (14.0 ) — — — Interest cost 9.4 10.8 — 0.1 Actuarial (gain) loss (25.9 ) 36.4 (0.2 ) 0.2 Benefits paid (32.3 ) (14.8 ) (0.1 ) (0.4 ) Benefit obligation at the end of the year $ 203.2 $ 266.0 $ 1.0 $ 1.3 Pension Postretirement Benefits (Amounts in millions) 2015 2014 2015 2014 Change in plan assets: Fair value of plan assets at the beginning of the year $ 141.6 $ 136.6 $ — $ — Settlement impact (14.0 ) — — — Actual return on plan assets (0.4 ) 6.9 — — Employer contributions 13.0 12.9 0.1 0.4 Benefits paid (32.3 ) (14.8 ) (0.1 ) (0.4 ) Fair value of plan assets at the end of the year $ 107.9 $ 141.6 $ — $ — Unfunded status at the end of the year $ 95.3 $ 124.4 $ 1.0 $ 1.3 |
Components recognized in the Consolidated Balance Sheets relating to the Pension Plan and SERPs and the postretirement benefit plans | The following table summarizes the components recognized in the Consolidated Balance Sheets relating to the Pension and Postretirement Benefits as of December 31 : Pension Postretirement Benefits Total (Amounts in millions) 2015 2014 2015 2014 2015 2014 Pension and other postretirement benefits liability $ 95.3 $ 124.4 $ 1.0 $ 1.3 $ 96.3 $ 125.7 Accumulated other comprehensive loss: Net actuarial loss, net of tax $ 46.0 $ 72.7 $ 0.8 $ 1.1 $ 46.8 $ 73.8 Prior service cost (credit), net of tax 0.2 0.1 (0.7 ) (1.0 ) (0.5 ) (0.9 ) Total $ 46.2 $ 72.8 $ 0.1 $ 0.1 $ 46.3 $ 72.9 |
Projected benefit obligation and accumulated benefit obligation | The following table summarizes the benefit obligation and accumulated benefit obligation for the Pension Plan, SERPs and Postretirement Benefits fair value of plan assets as of December 31 : Pension Plan SERPs Postretirement Benefits (Amounts in millions) 2015 2014 2015 2014 2015 2014 Benefit obligation $ 132.5 $ 183.5 $ 70.7 $ 82.5 $ 1.0 $ 1.3 Accumulated benefit obligation 132.5 183.5 70.4 79.4 — — Fair value of plan assets 107.9 141.6 — — — — |
Estimated future benefit payments | The following table summarizes the estimated future benefit payments for the Pension and Postretirement Benefits for the years ended December 31 : (Amounts in millions) 2016 2017 2018 2019 2020 2021-2025 Pension $ 17.6 $ 15.2 $ 16.1 $ 14.8 $ 14.6 $ 67.4 Postretirement Benefits 0.1 0.1 0.1 0.1 0.1 0.3 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 12 Months Ended |
Dec. 31, 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 December 31 : D Stock Common Stock Treasury Stock (Shares in thousands) Authorized Issued Outstanding Authorized Issued Outstanding December 31, 2012 200 109 109 162,500 62,264 57,857 (4,407 ) Stock options exercised and release of restricted stock units — — — — — 106 106 December 31, 2013 200 109 109 162,500 62,264 57,963 (4,301 ) Conversion of Series D convertible shares — (38 ) (38 ) — 4,745 4,745 — Repurchase and retirement of shares — — — — (8,185 ) (8,185 ) — Stock repurchase — — — — — (1,514 ) (1,514 ) Stock options exercised and release of restricted stock units — — — — — 81 81 December 31, 2014 200 71 71 162,500 58,824 53,090 (5,734 ) Stock repurchase — — — — — (49 ) (49 ) Release of restricted stock units — — — — — 171 171 December 31, 2015 200 71 71 162,500 58,824 53,212 (5,612 ) |
Components of Accumulated other comprehensive loss | Accumulated Other Comprehensive Loss — The following table details the components of “Accumulated other comprehensive loss” as of December 31 : (Amounts in millions) 2015 2014 Net unrealized gains on securities classified as available-for-sale, net of tax $ 11.1 $ 11.2 Cumulative foreign currency translation adjustments, net of tax (13.5 ) (5.4 ) Pension and Postretirement Benefits adjustments, net of tax (46.3 ) (72.9 ) Accumulated other comprehensive loss $ (48.7 ) $ (67.1 ) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table is a summary of the changes to "Accumulated other comprehensive loss" by component during 2015 , 2014 and 2013 : (Amounts in millions) Net unrealized gains on securities classified as available-for-sale, net of tax Cumulative foreign currency translation adjustments, net of tax Pension and Postretirement Benefits adjustments, net of tax Total December 31, 2012 $ 16.3 $ 2.6 $ (71.2 ) $ (52.3 ) Other comprehensive income before amortization 5.1 0.9 12.6 18.6 Amounts reclassified from accumulated other comprehensive loss (4.1 ) — 4.8 0.7 Net current period other comprehensive income 1.0 0.9 17.4 19.3 December 31, 2013 $ 17.3 $ 3.5 $ (53.8 ) $ (33.0 ) Other comprehensive loss before amortization (0.2 ) (8.9 ) (23.2 ) (32.3 ) Amounts reclassified from accumulated other comprehensive loss (5.9 ) — 4.1 (1.8 ) Net current period other comprehensive loss (6.1 ) (8.9 ) (19.1 ) (34.1 ) December 31, 2014 $ 11.2 $ (5.4 ) $ (72.9 ) $ (67.1 ) Other comprehensive income (loss) before reclassification 1.3 (8.1 ) 12.7 5.9 Amounts reclassified from accumulated other comprehensive loss (1.4 ) — 13.9 12.5 Net current period other comprehensive (loss) income (0.1 ) (8.1 ) 26.6 18.4 December 31, 2015 $ 11.1 $ (13.5 ) $ (46.3 ) $ (48.7 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table is a summary of the significant amounts reclassified out of each component of "Accumulated other comprehensive loss" during the years ended December 31 : (Amounts in millions) 2015 2014 2013 Statement of Operations Location Change in unrealized gains on securities classified as available-for-sale, before tax $ (1.4 ) $ (5.7 ) $ (5.7 ) "Investment revenue" Tax (benefit) expense, net — (0.2 ) 1.6 Total, net of tax $ (1.4 ) $ (5.9 ) $ (4.1 ) Pension and Postretirement Benefits adjustments: Amortization of prior service credits $ (0.6 ) $ (0.6 ) $ (0.6 ) "Compensation and benefits" Amortization of net actuarial losses 8.7 7.2 8.1 "Compensation and benefits" Settlement charges 14.0 — — "Compensation and benefits" Total before tax 22.1 6.6 7.5 Tax benefit, net (8.2 ) (2.5 ) (2.7 ) Total, net of tax $ 13.9 $ 4.1 $ 4.8 Total reclassified for the period, net of tax $ 12.5 $ (1.8 ) $ 0.7 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31 : (Amounts in millions) 2015 2014 2013 Expense recognized related to stock options $ 4.6 $ 6.2 $ 6.7 Expense recognized related to restricted stock units 15.0 (0.8 ) 4.5 Stock-based compensation expense $ 19.6 $ 5.4 $ 11.2 |
Assumptions utilized to estimate grant-date fair value of stock options | The following table provides weighted-average grant-date fair value and assumptions utilized to estimate the grant-date fair value of the options granted during the years ended December 31 : 2014 2013 Expected dividend yield (1) 0.0% 0.0% Expected volatility (2) 64.6% - 68.2% 68.2%-69.0% Risk-free interest rate (3) 1.1% - 2.1% 1.1%-1.2% Expected life (4) 6.0 - 6.3 years 6.3 years Weighted-average grant-date fair value per option $10.99 $10.51 (1) Expected dividend yield represents the level of dividends expected to be paid on the Company’s common stock over the expected term of the option. The Company does not anticipate declaring any dividends at this time. (2) Expected volatility is the amount by which the Company’s stock price has fluctuated or will fluctuate during the expected term of the option. The Company’s expected volatility is calculated based on the historical volatility of the price of the Company’s common stock since the spin-off from Viad Corporation on June 30, 2004. The Company also considers any known or anticipated factors that will likely impact future volatility. (3) The risk-free interest rate for the Black-Scholes model is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the option. (4) Expected life represents the period of time that options are expected to be outstanding. The expected life was determined using the simplified method as the pattern of changes in the value of the Company’s common stock and exercise activity since late 2007 has been inconsistent and substantially different from historical patterns. Additionally, there have been minimal stock option exercises which would be representative of the Company’s normal exercise activity since 2007. Accordingly, the Company does not believe that historical terms are relevant to the assessment of the expected term of the grant. Based on these factors, the Company does not believe that it has the ability to make a more refined estimate than the use of the simplified method. |
Summary of stock option activity | The following table is a summary of the Company’s stock option activity for the year ended December 31, 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 (693,877 ) 21.24 Options outstanding at December 31, 2015 3,092,581 $ 19.20 5.2 years $ — Vested or expected to vest at December 31, 2015 3,044,556 $ 19.23 5.2 years $ — Options exercisable at December 31, 2015 2,200,813 $ 18.97 4.5 years $ — |
Summary of stock activity | The following table is a summary of the Company's stock option compensation information during years ended December 31 : (Amounts in millions) 2015 2014 2013 Intrinsic value of options exercised $ — $ 0.1 $ 0.1 Cash received from option exercises $ — $ 0.4 $ 1.1 Unrecognized stock option expense $ 4.2 Remaining weighted-average vesting period 0.7 years |
Summary of restricted stock unit activity | The following table is a summary of the Company’s restricted stock unit activity for the year ended December 31, 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 3,043,012 8.62 Vested and converted to shares (233,245 ) 17.63 Forfeited (348,806 ) 12.07 Restricted stock units outstanding at December 31, 2015 4,162,568 $ 10.68 1.0 year $ 26.1 Restricted stock units vested and outstanding at December 31, 2015 256,388 $ 8.39 $ 1.6 |
Restricted stock and restricted stock unit compensation information | The following table is a summary of the Company's restricted stock and restricted stock unit compensation information for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Market value of restricted stock units vested during the year $ 6.3 $ 1.5 $ 0.8 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of income (loss) before income taxes | The following table is a summary of the components of (loss) income before income taxes for the years ended December 31 : (Amounts in millions) 2015 2014 2013 U.S. $ (45.2 ) $ 66.4 $ 69.9 Foreign 16.1 6.2 15.4 (Loss) income before income taxes $ (29.1 ) $ 72.6 $ 85.3 |
Income tax (benefit) expense | The following table is a summary of the income tax expense for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Current: Federal $ 17.7 $ (10.3 ) $ 9.7 State (0.5 ) 1.5 0.1 Foreign 5.0 3.8 11.1 Current income tax expense (benefit) 22.2 (5.0 ) 20.9 Deferred income tax expense 25.6 5.5 12.0 Income tax expense $ 47.8 $ 0.5 $ 32.9 |
Reconciliation of the expected federal income tax at statutory rates | The following table is a reconciliation of the expected federal income tax (benefit) expense at statutory rates to the actual income tax expense for the years ended in December 31 : (Amounts in millions) 2015 2014 2013 Income tax (benefit) expense at statutory federal income tax rate $ (10.2 ) $ 25.4 $ 29.8 Tax effect of: State income tax, net of federal income tax effect (0.6 ) 1.5 1.7 Valuation allowance (1.0 ) (13.0 ) (2.7 ) International taxes 1.1 0.5 3.2 Net permanent difference 1.2 1.5 0.2 Decrease in tax reserve (8.8 ) (20.3 ) (0.5 ) Stock options 3.4 6.0 1.6 Effect of U.S. Tax Court decision 64.4 — — Other (1.7 ) (1.1 ) (0.4 ) Income tax expense $ 47.8 $ 0.5 $ 32.9 |
Deferred tax assets and liabilities | The following table is a summary of the Company’s deferred tax assets and liabilities as of December 31 : (Amounts in millions) 2015 2014 Deferred tax assets: Basis difference in revalued investments $ 101.5 $ 97.6 Tax loss carryovers 35.8 50.1 Tax credit carryovers 31.7 30.2 Postretirement benefits and other employee benefits 29.1 47.7 Bad debt and other reserves 4.3 4.9 Other 13.7 14.6 Valuation allowance (125.8 ) (137.6 ) Total deferred tax assets 90.3 107.5 Deferred tax liability: Depreciation and amortization (92.0 ) (75.3 ) Total deferred tax liability (92.0 ) (75.3 ) Net deferred tax (liability) asset $ (1.7 ) $ 32.2 |
Amount and expiration dates of tax loss carry-forwards (not tax effected) and credit carry-forwards | The following table is a summary of the amounts and expiration dates of tax loss carry-forwards (not tax effected) and credit carry-forwards as of December 31, 2015 : (Amounts in millions) Expiration Date Amount U.S. capital loss carry-forwards 2016 - 2020 $ 58.8 U.S. net operating loss carry-forwards 2020 - 2035 $ 18.2 U.S. tax credit carry-forwards 2023 - 2035 $ 9.9 U.S. federal minimum tax credit carry-forwards Indefinite $ 21.8 |
Reconciliation of unrecognized tax benefits for the period | The following table is a reconciliation of unrecognized tax benefits for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Beginning balance $ 31.7 $ 52.0 $ 51.6 Additions based on tax positions related to prior years 8.3 0.3 0.9 Additions based on tax positions related to current year 0.2 2.7 — Lapse in statute of limitations — — (0.5 ) Reductions for tax positions of prior years (9.7 ) (23.3 ) — Ending balance $ 30.5 $ 31.7 $ 52.0 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Rent Expense | The following table is a summary of rent expense under operating leases for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Rent expense $ 17.8 $ 18.0 $ 16.2 Contingent rent — — 0.2 Sublease agreements (1.0 ) (1.1 ) (1.0 ) Rent expense under operating leases $ 16.8 $ 16.9 $ 15.4 |
Summary of minimum future rental payments | The following table is a summary of the future minimum rental payments for all non-cancelable operating leases with an initial term of more than one year at December 31, 2015 : (Amounts in millions) Future Minimum Lease Payments 2016 $ 12.5 2017 10.4 2018 9.4 2019 8.6 2020 8.2 Thereafter 10.0 Total $ 59.1 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Revenue by segment | The following table is a summary of the total revenue by segment for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Global Funds Transfer revenue Money transfer revenue $ 1,262.7 $ 1,274.5 $ 1,287.8 Bill payment revenue 98.7 100.1 102.0 Total Global Funds Transfer revenue 1,361.4 1,374.6 1,389.8 Financial Paper Products revenue Money order revenue 51.0 54.1 55.1 Official check revenue 22.3 26.2 28.9 Total Financial Paper Products revenue 73.3 80.3 84.0 Other revenue — — 0.6 Total revenue $ 1,434.7 $ 1,454.9 $ 1,474.4 |
Operating income by segment | The following table is a summary of the operating income by segment and detail of the (loss) income before income taxes for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Global Funds Transfer operating income $ 31.7 $ 75.4 $ 162.6 Financial Paper Products operating income 17.9 28.1 30.9 Total segment operating income 49.6 103.5 193.5 Other operating loss (33.4 ) (32.1 ) (15.6 ) Total operating income 16.2 71.4 177.9 Net securities gains — 45.4 — Interest expense (45.3 ) (44.2 ) (47.3 ) Debt extinguishment costs — — (45.3 ) (Loss) income before income taxes $ (29.1 ) $ 72.6 $ 85.3 |
Depreciation and amortization and capital expenditures by Segment | The following table is a summary of depreciation and amortization expense by segment for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Global Funds Transfer $ 60.4 $ 50.8 $ 46.5 Financial Paper Products 5.5 4.4 3.9 Other 0.2 0.3 0.3 Total depreciation and amortization $ 66.1 $ 55.5 $ 50.7 |
Schedule of Capital Expenditure, by Segment | The following table is a summary of capital expenditures by segment for the years ended December 31 : (Amounts in millions) 2015 2014 2013 Global Funds Transfer $ 70.1 $ 71.2 $ 49.3 Financial Paper Products 30.3 16.7 7.4 Total capital expenditures $ 100.4 $ 87.9 $ 56.7 |
Assets by Segment | December 31 : (Amounts in millions) 2015 2014 Global Funds Transfer $ 1,982.0 $ 1,858.3 Financial Paper Products 2,326.4 2,464.5 Other 196.8 305.5 Total assets $ 4,505.2 $ 4,628.3 |
Revenue by geographical area | The following table details total revenue by major geographic area for the years ended December 31 : (Amounts in millions) 2015 2014 2013 U.S. $ 823.3 $ 861.2 $ 891.6 International 611.4 593.7 582.8 Total revenue $ 1,434.7 $ 1,454.9 $ 1,474.4 |
Long-lived Assets by Geographic Areas | . The following table details total long-lived assets by major geographic area for the years ended December 31 : (Amounts in millions) 2015 2014 U.S. $ 290.8 $ 235.1 International 33.8 31.3 Total long-lived assets $ 324.6 $ 266.4 |
Quarterly Financial Data (Una42
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | The following tables are the summation of quarterly (loss) earnings per common share and may not equate to the calculation for the full year as quarterly calculations are performed on a discrete basis. 2015 Fiscal Quarters: (Amounts in millions, except per share data) First Second (1) Third Fourth Total revenue $ 330.6 $ 358.8 $ 368.6 $ 376.7 Total operating expenses 328.9 374.5 352.0 363.1 Operating income (loss) 1.7 (15.7 ) 16.6 13.6 Total other expenses, net 11.1 11.4 11.2 11.6 (Loss) income before income taxes $ (9.4 ) $ (27.1 ) $ 5.4 $ 2.0 Net (loss) income $ (72.0 ) $ (12.4 ) $ 4.9 $ 2.6 (Loss) earnings per common share Basic $ (1.16 ) $ (0.20 ) $ 0.08 $ 0.04 Diluted $ (1.16 ) $ (0.20 ) $ 0.08 $ 0.04 (1) For the three months ended June 30, 2015 , the Company experienced a decline in total operating results, primarily as a result of increase in Transaction and operations support and a $13.8 million pension settlement charge related to the voluntary pension buyout recorded in Compensation and benefits. See Note 10 — Pension and Other Benefit for more information regarding the voluntary pension buyout. 2014 Fiscal Quarters: (Amounts in millions, except per share data) First Second Third Fourth Total revenue $ 374.9 $ 372.4 $ 358.0 $ 349.6 Total operating expenses 337.9 351.3 341.7 352.6 Operating income 37.0 21.1 16.3 (3.0 ) Total other expenses, net 9.7 (11.0 ) 11.6 (11.5 ) Income before income taxes $ 27.3 $ 32.1 $ 4.7 $ 8.5 Net income (loss) $ 39.0 $ 25.6 $ (3.0 ) $ 10.5 Earnings (loss) per common share Basic $ 0.54 $ 0.40 $ (0.05 ) $ 0.17 Diluted $ 0.54 $ 0.40 $ (0.05 ) $ 0.17 |
Condensed Consolidating Finan43
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED, CONSOLIDATING BALANCE SHEETS | MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING BALANCE SHEETS FOR THE YEAR ENDED DECEMBER 31, 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 8.5 253.3 36.4 (62.2 ) 236.0 Equity investments in subsidiaries 102.2 206.2 — (308.4 ) — Intercompany receivables 692.4 51.5 — (743.9 ) — Total assets $ 805.2 $ 4,556.0 $ 381.6 $ (1,114.5 ) $ 4,628.3 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Payment service obligations $ — $ 3,500.4 $ 33.2 $ — $ 3,533.6 Debt 949.6 — — — 949.6 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 987.9 4,453.8 175.4 (806.1 ) 4,811.0 Total stockholders’ (deficit) equity (182.7 ) 102.2 206.2 (308.4 ) (182.7 ) Total liabilities and stockholders’ (deficit) equity $ 805.2 $ 4,556.0 $ 381.6 $ (1,114.5 ) $ 4,628.3 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING BALANCE SHEETS FOR THE YEAR ENDED DECEMBER 31, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 2.1 $ 88.2 $ 74.2 $ — $ 164.5 Settlement assets — 3,424.1 81.5 — 3,505.6 Property and equipment, net — 179.0 20.7 — 199.7 Goodwill — 315.3 126.9 — 442.2 Other assets 27.0 168.5 36.4 (38.7 ) 193.2 Equity investments in subsidiaries 885.5 215.8 — (1,101.3 ) — Intercompany receivables 6.3 201.2 — (207.5 ) — Total assets $ 920.9 $ 4,592.1 $ 339.7 $ (1,347.5 ) $ 4,505.2 LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY Payment service obligations $ — $ 3,462.3 $ 43.3 $ — $ 3,505.6 Debt 942.6 — — — 942.6 Pension and other postretirement benefits — 96.3 — — 96.3 Accounts payable and other liabilities 1.0 148.0 73.2 (38.7 ) 183.5 Intercompany liabilities 200.1 — 7.4 (207.5 ) — Total liabilities 1,143.7 3,706.6 123.9 (246.2 ) 4,728.0 Total stockholders’ (deficit) equity (222.8 ) 885.5 215.8 (1,101.3 ) (222.8 ) Total liabilities and stockholders’ (deficit) equity $ 920.9 $ 4,592.1 $ 339.7 $ (1,347.5 ) $ 4,505.2 |
CONDENSED, CONSOLIDATING STATEMENTS OF OPERATIONS | MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 1,393.3 $ 413.8 $ (384.5 ) $ 1,422.6 Investment revenue — 12.0 0.1 — 12.1 Total revenue — 1,405.3 413.9 (384.5 ) 1,434.7 EXPENSES Fee and other commissions expense — 638.4 219.9 (202.9 ) 655.4 Investment commissions expense — 0.8 — — 0.8 Total commissions expense — 639.2 219.9 (202.9 ) 656.2 Compensation and benefits — 211.7 97.4 — 309.1 Transaction and operations support 1.4 451.3 53.8 (181.7 ) 324.8 Occupancy, equipment and supplies — 54.7 18.1 (10.5 ) 62.3 Depreciation and amortization — 53.5 12.6 — 66.1 Total operating expenses 1.4 1,410.4 401.8 (395.1 ) 1,418.5 OPERATING (LOSS) INCOME (1.4 ) (5.1 ) 12.1 10.6 16.2 Other expenses (income) Interest expense 45.3 — — — 45.3 Other income — — (10.6 ) 10.6 — Total other expenses (income) 45.3 — (10.6 ) 10.6 45.3 (Loss) income before income taxes (46.7 ) (5.1 ) 22.7 — (29.1 ) Income tax (benefit) expense (16.4 ) 56.3 7.9 — 47.8 (Loss) income after income taxes (30.3 ) (61.4 ) 14.8 — (76.9 ) Equity (loss) income in subsidiaries (46.6 ) 14.8 — 31.8 — NET (LOSS) INCOME (76.9 ) (46.6 ) 14.8 31.8 (76.9 ) TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 18.4 11.8 (20.4 ) 8.6 18.4 COMPREHENSIVE (LOSS) INCOME $ (58.5 ) $ (34.8 ) $ (5.6 ) $ 40.4 $ (58.5 ) MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2013 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 1,488.4 $ 327.7 $ (359.3 ) $ 1,456.8 Investment revenue — 17.4 0.3 (0.1 ) 17.6 Total revenue — 1,505.8 328.0 (359.4 ) 1,474.4 EXPENSES Fee and other commissions expense — 730.5 167.0 (219.7 ) 677.8 Investment commissions expense — 0.4 — — 0.4 Total commissions expense — 730.9 167.0 (219.7 ) 678.2 Compensation and benefits — 196.0 68.9 — 264.9 Transaction and operations support 1.7 339.7 51.9 (139.6 ) 253.7 Occupancy, equipment and supplies — 40.5 8.6 (0.1 ) 49.0 Depreciation and amortization — 36.4 14.3 — 50.7 Total operating expenses 1.7 1,343.5 310.7 (359.4 ) 1,296.5 OPERATING (LOSS) INCOME (1.7 ) 162.3 17.3 — 177.9 Other expenses Interest expense 30.3 17.0 — — 47.3 Debt extinguishment costs — 45.3 — — 45.3 Total other expenses 30.3 62.3 — — 92.6 (Loss) income before income taxes (32.0 ) 100.0 17.3 — 85.3 Income tax (benefit) expense (11.2 ) 36.6 7.5 — 32.9 (Loss) income after income taxes (20.8 ) 63.4 9.8 — 52.4 Equity income (loss) in subsidiaries 73.2 9.8 — (83.0 ) — NET INCOME (LOSS) 52.4 73.2 9.8 (83.0 ) 52.4 TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 19.3 19.3 0.3 (19.6 ) 19.3 COMPREHENSIVE INCOME (LOSS) $ 71.7 $ 92.5 $ 10.1 $ (102.6 ) $ 71.7 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 1,547.0 $ 334.9 $ (443.5 ) $ 1,438.4 Investment revenue — 16.3 0.2 — 16.5 Total revenue — 1,563.3 335.1 (443.5 ) 1,454.9 EXPENSES Fee and other commissions expense — 802.5 161.9 (298.4 ) 666.0 Investment commissions expense — 0.4 — — 0.4 Total commissions expense — 802.9 161.9 (298.4 ) 666.4 Compensation and benefits — 193.5 81.5 — 275.0 Transaction and operations support 3.1 414.8 59.4 (145.1 ) 332.2 Occupancy, equipment and supplies — 40.5 13.9 — 54.4 Depreciation and amortization — 42.1 13.4 — 55.5 Total operating expenses 3.1 1,493.8 330.1 (443.5 ) 1,383.5 OPERATING (LOSS) INCOME (3.1 ) 69.5 5.0 — 71.4 Other expenses (income) Securities settlements — (45.4 ) — — (45.4 ) Interest expense 44.2 — — — 44.2 Total other expenses (income), net 44.2 (45.4 ) — — (1.2 ) (Loss) income before income taxes (47.3 ) 114.9 5.0 — 72.6 Income tax (benefit) expense (16.6 ) 15.4 1.7 — 0.5 (Loss) income after income taxes (30.7 ) 99.5 3.3 — 72.1 Equity income (loss) in subsidiaries 102.8 3.3 — (106.1 ) — NET INCOME (LOSS) 72.1 102.8 3.3 (106.1 ) 72.1 TOTAL OTHER COMPREHENSIVE (LOSS) INCOME (34.1 ) (34.1 ) (18.6 ) 52.7 (34.1 ) COMPREHENSIVE INCOME (LOSS) $ 38.0 $ 68.7 $ (15.3 ) $ (53.4 ) $ 38.0 |
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (65.7 ) $ 149.6 $ (50.3 ) $ — $ 33.6 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (96.5 ) (13.4 ) — (109.9 ) Proceeds from disposal of assets — 0.4 — — 0.4 Intercompany investments 28.3 21.0 — (49.3 ) — Dividend from subsidiary guarantors 47.6 — — (47.6 ) — Capital contributions to non-guarantors — (2.4 ) — 2.4 — Net cash provided by (used in) investing activities 75.9 (77.5 ) (13.4 ) (94.5 ) (109.5 ) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on debt (9.8 ) — — — (9.8 ) Stock repurchase (0.4 ) — — — (0.4 ) Intercompany financings — (28.3 ) (21.0 ) 49.3 — Dividend to parent — (47.6 ) — 47.6 — Capital contributions from subsidiary guarantors — — 2.4 (2.4 ) — Net cash (used in) provided by financing activities (10.2 ) (75.9 ) (18.6 ) 94.5 (10.2 ) NET CHANGE IN CASH AND CASH EQUIVALENTS — (3.8 ) (82.3 ) — (86.1 ) CASH AND CASH EQUIVALENTS—Beginning of period 2.1 92.0 156.5 — 250.6 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 88.2 $ 74.2 $ — $ 164.5 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2013 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (48.0 ) $ 198.5 $ 5.6 $ — $ 156.1 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (48.8 ) — — (48.8 ) Cash paid for acquisitions, net of cash acquired — (15.0 ) (0.4 ) — (15.4 ) Proceeds from disposal of property and equipment — 0.7 — — 0.7 Intercompany investments (841.4 ) — — 841.4 — Dividend from subsidiary guarantors 44.0 — — (44.0 ) — Capital contribution from non-guarantors — 0.8 — (0.8 ) — Net cash (used in) provided by investing activities (797.4 ) (62.3 ) (0.4 ) 796.6 (63.5 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of debt 850.0 — — — 850.0 Transaction costs for issuance and amendment of debt — (11.8 ) — — (11.8 ) Prepayment penalty — (21.5 ) — — (21.5 ) Payments on debt (6.3 ) (813.2 ) — — (819.5 ) Proceeds from exercise of stock options 1.1 — — — 1.1 Intercompany financings — 841.4 — (841.4 ) — Dividend to parent — (44.0 ) — 44.0 — Capital contribution to subsidiary guarantors — — (0.8 ) 0.8 — Net cash provided by (used in) financing activities 844.8 (49.1 ) (0.8 ) (796.6 ) (1.7 ) NET CHANGE IN CASH AND CASH EQUIVALENTS (0.6 ) 87.1 4.4 — 90.9 CASH AND CASH EQUIVALENTS—Beginning of period 2.3 137.8 87.8 — 227.9 CASH AND CASH EQUIVALENTS—End of period $ 1.7 $ 224.9 $ 92.2 $ — $ 318.8 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2014 (Amounts in millions) Parent Subsidiary Guarantors Non- Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (27.4 ) $ 48.3 $ 41.4 $ — $ 62.3 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (69.0 ) (16.8 ) — (85.8 ) Cash paid for acquisitions, net of cash acquired — (3.7 ) (7.8 ) — (11.5 ) Proceeds from disposal of assets — 0.9 — — 0.9 Intercompany investments 11.2 (47.5 ) — 36.3 — Dividend from subsidiary guarantors 50.7 — — (50.7 ) — Net cash provided (used in) by investing activities 61.9 (119.3 ) (24.6 ) (14.4 ) (96.4 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of debt 129.8 — — — 129.8 Transaction costs for issuance and amendment of debt (5.1 ) — — — (5.1 ) Principle payments on debt (9.5 ) — — — (9.5 ) Proceeds from exercise of stock options 0.4 — — — 0.4 Stock repurchase (149.7 ) — — — (149.7 ) Intercompany financings — (11.2 ) 47.5 (36.3 ) — Dividend to parent — (50.7 ) — 50.7 — Net cash (used in) provided by financing activities (34.1 ) (61.9 ) 47.5 14.4 (34.1 ) NET CHANGE IN CASH AND CASH EQUIVALENTS 0.4 (132.9 ) 64.3 — (68.2 ) CASH AND CASH EQUIVALENTS—Beginning of period 1.7 224.9 92.2 — 318.8 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 92.0 $ 156.5 $ — $ 250.6 |
Description of the Business a44
Description of the Business and Basis of Presentation - Additional Information (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)Segment | Dec. 31, 2014USD ($) | |
Number of reporting segments (segment) | Segment | 2 | |
Settlement assets | $ 3,505.6 | $ 3,533.6 |
Variable Interest Entity, Primary Beneficiary | ||
Settlement assets | 2.1 | 3.1 |
Payment service obligations | $ 2.1 | $ 3.1 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Threshold period past due for write-off of financing receivable (days) | 1 day | ||
Maximum maturity of time deposits and certificate of deposits (months) | 24 months | ||
Software development costs, capitalized | $ 47.2 | $ 25.9 | |
Unamortized software development costs | 86.9 | 61.5 | |
Reduction in marketing expense | $ 3.9 | ||
Remaining liability related to loyalty program | 0 | ||
Marketing and advertising expense | $ 59.4 | 64.7 | $ 57.4 |
Threshold Period Past Due for Write-off of Trade Accounts Receivable | 12 months | ||
Minimum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Contractual remittance schedule range (days) | 1 day | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Contractual remittance schedule range (days) | 3 days | ||
2013 Credit Agreement | Senior Notes | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred Finance Costs, Net | $ 11.1 | ||
Adjustments for New Accounting Pronouncement [Member] | 2013 Credit Agreement | Senior Notes | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred Finance Costs, Net | $ 13.9 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Settlement Assets (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | |||
Settlement cash and cash equivalents | $ 1,560.7 | $ 1,657.3 | |
Receivables, net | 861.4 | 757.6 | |
Interest-bearing investments | 1,062.4 | 1,091.6 | |
Available-for-sale investments | 21.1 | 27.1 | |
Settlement assets | 3,505.6 | 3,533.6 | |
Payment service obligations | $ (3,505.6) | $ (3,505.6) | $ (3,533.6) |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Summary of Activity Within Allowance for Losses (Details) - Receivables - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Trade account receivables | |||
Beginning balance | $ 10.7 | $ 10.7 | $ 11.7 |
Provision | 20.4 | 11.1 | 9.6 |
Write-offs, net of recoveries | (21.9) | (11.1) | (10.6) |
Ending balance | $ 9.2 | $ 10.7 | $ 10.7 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies - Estimated Useful Lives by Major Asset Category (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Computer hardware | |
Property, Plant and Equipment | |
Useful life (years) | 3 years |
Computer software | |
Property, Plant and Equipment | |
Useful life (years) | 5 years |
Signage | |
Property, Plant and Equipment | |
Useful life (years) | 3 years |
Office furniture and equipment | |
Property, Plant and Equipment | |
Useful life (years) | 7 years |
Leasehold improvements | |
Property, Plant and Equipment | |
Useful life (years) | 10 years |
Minimum | Equipment at agent locations | |
Property, Plant and Equipment | |
Useful life (years) | 3 years |
Maximum | Equipment at agent locations | |
Property, Plant and Equipment | |
Useful life (years) | 7 years |
Summary of Significant Accoun49
Summary of Significant Accounting Policies - Amortized Finite Lived Intangible Assets (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum | Contractual and customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 3 years | |
Minimum | Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 3 years | 3 years |
Minimum | Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 5 years | 5 years |
Maximum | Contractual and customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 15 years | |
Maximum | Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 5 years | 5 years |
Maximum | Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful life (years) | 7 years | 7 years |
Summary of Significant Accoun50
Summary of Significant Accounting Policies - Weighted-Average Common Shares Basic and Diluted (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted Average Amounts Used In Calculating Earnings Per Share [Line Items] | |||
Basic common shares outstanding (shares) | 62.1 | 65.3 | 71.6 |
Diluted common shares outstanding (shares) | 62.1 | 65.5 | 71.9 |
Stock Options | |||
Weighted Average Amounts Used In Calculating Earnings Per Share [Line Items] | |||
Shares related to stock options (shares) | 0 | 0.1 | 0.2 |
Restricted Stock Units (RSUs) | |||
Weighted Average Amounts Used In Calculating Earnings Per Share [Line Items] | |||
Share related to restricted stock units (shares) | 0 | 0.1 | 0.1 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from the computation (shares) | 7.2 | 5.1 | 4.4 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from the computation (shares) | 3.4 | 4 | 3.6 |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from the computation (shares) | 3.8 | 1.1 | 0.8 |
Reorganization and Restructur52
Reorganization and Restructuring Costs - Roll-forward of Restructuring Costs (Details) - Operating Expense $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Restructuring Reserve [Roll Forward] | ||
Balance, December 31, 2014 | $ 13.3 | |
Expenses | 5 | |
Cash payments | (14.3) | |
Balance, December 31, 2015 | 4 | |
Severance, Outplacement and Related Benefits | 2014 Global Transformation Program | ||
Restructuring Reserve [Roll Forward] | ||
Balance, December 31, 2014 | 12.6 | |
Expenses | 3.1 | |
Cash payments | (11.9) | |
Balance, December 31, 2015 | 3.8 | |
Severance, Outplacement and Related Benefits | Other Restructuring | ||
Restructuring Reserve [Roll Forward] | ||
Balance, December 31, 2014 | 0 | |
Expenses | 0.6 | |
Cash payments | (0.4) | |
Balance, December 31, 2015 | 0.2 | |
Other | 2014 Global Transformation Program | ||
Restructuring Reserve [Roll Forward] | ||
Balance, December 31, 2014 | 0.7 | [1] |
Expenses | 1.3 | [1] |
Cash payments | (2) | [1] |
Balance, December 31, 2015 | $ 0 | [1] |
[1] | (1) Other primarily relates to expenses for facilities relocation and professional fees. Such costs are expensed as incurred. |
Reorganization and Restructur53
Reorganization and Restructuring Costs - Restructuring costs incurred and estimated in operating expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total reorganization and restructuring costs | $ 20 | $ 30.5 | $ 3.2 | |||||
Operating Expense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Cumulative restructuring expenses incurred to date in operating expenses | $ 21.3 | 21.3 | ||||||
Estimated additional restructuring expenses to be incurred | 2.5 | 2.5 | ||||||
Total restructuring costs incurred and to be incurred | 23.8 | 23.8 | ||||||
Restructuring costs | 5 | 16.3 | 0 | |||||
Reorganization Costs | 15 | 14.2 | 3.2 | |||||
Operating Expense | Compensation and benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | 3.7 | 14.4 | 0 | |||||
Reorganization Costs | 6.8 | 5 | 1.2 | |||||
Operating Expense | Transaction and operations support | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | 1.3 | 1.9 | 0 | |||||
Reorganization Costs | 6.7 | 8.4 | 0.7 | |||||
Operating Expense | Occupancy, equipment and supplies | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Reorganization Costs | 1.5 | 0.8 | $ 1.3 | |||||
2014 Global Transformation Program | Operating Expense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Cumulative restructuring expenses incurred to date in operating expenses | 20.7 | 20.7 | $ 16.3 | |||||
Estimated additional restructuring expenses to be incurred | 2 | 2 | ||||||
Total restructuring costs incurred and to be incurred | 22.7 | 22.7 | ||||||
Restructuring costs | 0.6 | $ 0.5 | $ 0.9 | $ 2.4 | ||||
Other Restructuring | Operating Expense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Cumulative restructuring expenses incurred to date in operating expenses | 0.6 | 0.6 | ||||||
Estimated additional restructuring expenses to be incurred | 0.5 | 0.5 | ||||||
Total restructuring costs incurred and to be incurred | 1.1 | 1.1 | ||||||
Restructuring costs | 0.1 | $ 0.5 | ||||||
Severance, Outplacement and Related Benefits | 2014 Global Transformation Program | Operating Expense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Cumulative restructuring expenses incurred to date in operating expenses | 17.7 | 17.7 | ||||||
Estimated additional restructuring expenses to be incurred | 1.6 | 1.6 | ||||||
Total restructuring costs incurred and to be incurred | 19.3 | 19.3 | ||||||
Severance, Outplacement and Related Benefits | Other Restructuring | Operating Expense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Cumulative restructuring expenses incurred to date in operating expenses | 0.6 | 0.6 | ||||||
Estimated additional restructuring expenses to be incurred | 0.5 | 0.5 | ||||||
Total restructuring costs incurred and to be incurred | 1.1 | 1.1 | ||||||
Other | 2014 Global Transformation Program | Operating Expense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Cumulative restructuring expenses incurred to date in operating expenses | [1] | 3 | 3 | |||||
Estimated additional restructuring expenses to be incurred | [1] | 0.4 | 0.4 | |||||
Total restructuring costs incurred and to be incurred | [1] | $ 3.4 | $ 3.4 | |||||
[1] | (1) Other primarily relates to expenses for facilities relocation and professional fees. Such costs are expensed as incurred. |
Reorganization and Restructur54
Reorganization and Restructuring Costs - Restructuring and Related Activities Disclosure, by Segment (Details) - Operating Expense - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Cumulative restructuring expenses incurred to date in operating expenses | $ 21.3 | $ 21.3 | |||||
Restructuring costs | 5 | $ 16.3 | $ 0 | ||||
Estimated additional restructuring expenses to be incurred | 2.5 | 2.5 | |||||
Total restructuring expenses | 23.8 | 23.8 | |||||
2014 Global Transformation Program | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Cumulative restructuring expenses incurred to date in operating expenses | 20.7 | 20.7 | 16.3 | ||||
Restructuring costs | 0.6 | $ 0.5 | $ 0.9 | $ 2.4 | |||
Estimated additional restructuring expenses to be incurred | 2 | 2 | |||||
Total restructuring expenses | 22.7 | 22.7 | |||||
Other Restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Cumulative restructuring expenses incurred to date in operating expenses | 0.6 | 0.6 | |||||
Restructuring costs | 0.1 | 0.5 | |||||
Estimated additional restructuring expenses to be incurred | 0.5 | 0.5 | |||||
Total restructuring expenses | 1.1 | 1.1 | |||||
Global Funds Transfer | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total restructuring expenses | 20.7 | 20.7 | |||||
Global Funds Transfer | 2014 Global Transformation Program | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Cumulative restructuring expenses incurred to date in operating expenses | 17.8 | 17.8 | 13.9 | ||||
Restructuring costs | 0.5 | 0.4 | 0.8 | 2.2 | |||
Estimated additional restructuring expenses to be incurred | 1.8 | 1.8 | |||||
Total restructuring expenses | 19.6 | 19.6 | |||||
Global Funds Transfer | Other Restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Cumulative restructuring expenses incurred to date in operating expenses | 0.6 | 0.6 | |||||
Restructuring costs | 0.1 | 0.5 | |||||
Estimated additional restructuring expenses to be incurred | 0.5 | 0.5 | |||||
Total restructuring expenses | 1.1 | 1.1 | |||||
Financial Paper Products | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total restructuring expenses | 2.4 | 2.4 | |||||
Financial Paper Products | 2014 Global Transformation Program | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Cumulative restructuring expenses incurred to date in operating expenses | 2.2 | 2.2 | 1.7 | ||||
Restructuring costs | 0.1 | 0.1 | 0.1 | 0.2 | |||
Estimated additional restructuring expenses to be incurred | 0.2 | 0.2 | |||||
Total restructuring expenses | 2.4 | 2.4 | |||||
Financial Paper Products | Other Restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Cumulative restructuring expenses incurred to date in operating expenses | 0 | 0 | |||||
Restructuring costs | 0 | 0 | |||||
Estimated additional restructuring expenses to be incurred | 0 | 0 | |||||
Total restructuring expenses | 0 | 0 | |||||
Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Total restructuring expenses | 0.7 | 0.7 | |||||
Other | 2014 Global Transformation Program | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Cumulative restructuring expenses incurred to date in operating expenses | 0.7 | 0.7 | $ 0.7 | ||||
Restructuring costs | 0 | 0 | $ 0 | $ 0 | |||
Estimated additional restructuring expenses to be incurred | 0 | 0 | |||||
Total restructuring expenses | 0.7 | 0.7 | |||||
Other | Other Restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Cumulative restructuring expenses incurred to date in operating expenses | 0 | 0 | |||||
Restructuring costs | 0 | $ 0 | |||||
Estimated additional restructuring expenses to be incurred | 0 | 0 | |||||
Total restructuring expenses | $ 0 | $ 0 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional detail (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | |||
Other-than-temporary impairments | $ 0 | $ 0 | $ 0 |
Asset impairments | $ 0 | $ 0 | $ 0 |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value by Hierarchy Level (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets: [Abstract] | ||
Other asset-backed securities | $ 21.1 | $ 27.1 |
Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Total financial assets | 21.9 | 41.9 |
Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Other asset-backed securities | 9.5 | 14.5 |
Other asset-backed securities | ||
Financial assets: [Abstract] | ||
Other asset-backed securities | 11.6 | 12.6 |
Other asset-backed securities | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Other asset-backed securities | 11.6 | 12.6 |
Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Investment related to deferred compensation trust | 10 | |
Forward contracts | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Forward contracts | 0.8 | 4.8 |
Financial liabilities: [Abstract] | ||
Forward contracts | 0.1 | 0.3 |
Level 1 | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Total financial assets | 0 | 10 |
Level 1 | Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Other asset-backed securities | 0 | 0 |
Level 1 | Other asset-backed securities | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Other asset-backed securities | 0 | 0 |
Level 1 | Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Investment related to deferred compensation trust | 10 | |
Level 1 | Forward contracts | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Forward contracts | 0 | 0 |
Financial liabilities: [Abstract] | ||
Forward contracts | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Total financial assets | 10.3 | 19.3 |
Level 2 | Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Other asset-backed securities | 9.5 | 14.5 |
Level 2 | Other asset-backed securities | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Other asset-backed securities | 0 | 0 |
Level 2 | Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Investment related to deferred compensation trust | 0 | |
Level 2 | Forward contracts | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Forward contracts | 0.8 | 4.8 |
Financial liabilities: [Abstract] | ||
Forward contracts | 0.1 | 0.3 |
Level 3 | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Total financial assets | 11.6 | 12.6 |
Level 3 | Residential mortgage-backed securities — agencies | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Other asset-backed securities | 0 | 0 |
Level 3 | Other asset-backed securities | ||
Financial assets: [Abstract] | ||
Other asset-backed securities | 11.6 | 12.6 |
Level 3 | Other asset-backed securities | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Other asset-backed securities | 11.6 | 12.6 |
Level 3 | Investment related to deferred compensation trust | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Investment related to deferred compensation trust | 0 | |
Level 3 | Forward contracts | Fair Value, Measurements, Recurring | ||
Financial assets: [Abstract] | ||
Forward contracts | 0 | 0 |
Financial liabilities: [Abstract] | ||
Forward contracts | $ 0 | $ 0 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Unobservable Inputs Used in Other Asset-Backed Securities Classified as Level 3 (Detail) $ in Millions | Dec. 31, 2015USD ($)netaverageprice | Dec. 31, 2014USD ($)netaverageprice | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market Value | $ 21.1 | $ 27.1 | |
Net average price basis | 100 | 100 | |
Other asset-backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market Value | $ 11.6 | $ 12.6 | |
Level 3 | Market Approach Valuation Technique | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net Average Price | netaverageprice | [1] | 3.57 | 3.72 |
Level 3 | Market Approach Valuation Technique | Alt-A | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net Average Price | netaverageprice | [1] | 79.19 | 80.75 |
Level 3 | Market Approach Valuation Technique | Home Equity | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net Average Price | netaverageprice | [1] | 29.40 | 30.37 |
Level 3 | Market Approach Valuation Technique | Indirect Exposure — High Grade | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net Average Price | netaverageprice | [1] | 21.65 | 21.64 |
Level 3 | Market Approach Valuation Technique | Indirect Exposure — Mezzanine Third Party Pricing | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net Average Price | netaverageprice | [1] | 0.75 | 1.11 |
Level 3 | Market Approach Valuation Technique | Indirect Exposure — Mezzanine Broker Pricing | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net Average Price | netaverageprice | [1] | 1.58 | 1.52 |
Level 3 | Market Approach Valuation Technique | Other | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Net Average Price | netaverageprice | [1] | 6.34 | 9.15 |
Level 3 | Other asset-backed securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market Value | $ 11.6 | $ 12.6 | |
Level 3 | Other asset-backed securities | Alt-A | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market Value | 0.1 | 0.1 | |
Level 3 | Other asset-backed securities | Home Equity | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market Value | 0.1 | 0.1 | |
Level 3 | Other asset-backed securities | Indirect Exposure — High Grade | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market Value | 8.3 | 8.3 | |
Level 3 | Other asset-backed securities | Indirect Exposure — Mezzanine Third Party Pricing | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market Value | 0.8 | 1.1 | |
Level 3 | Other asset-backed securities | Indirect Exposure — Mezzanine Broker Pricing | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market Value | 1.1 | 1.3 | |
Level 3 | Other asset-backed securities | Other | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Market Value | $ 1.2 | $ 1.7 | |
[1] | (1) Net average price is per $100.00 |
Fair Value Measurement - Roll-f
Fair Value Measurement - Roll-forward of Other Asset-Backed Securities (Detail) - Level 3 - Fair Value, Measurements, Recurring - Other asset-backed securities - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Beginning balance | $ 12.6 | $ 20.6 | $ 18 |
Principal paydowns | (0.9) | (5.7) | (3.7) |
Change in unrealized gains | (0.1) | (1.5) | 6.3 |
Net realized losses | 0 | (0.8) | 0 |
Ending balance | $ 11.6 | $ 12.6 | $ 20.6 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value and Carrying Value of Senior Secured Facility (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt | $ 942.6 | $ 949.6 |
Fair Value, Measurements, Recurring | 2013 Credit Agreement | Senior secured credit facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 858.9 | 884 |
Long-term Debt | $ 954.3 | $ 963.5 |
Investment Portfolio - Addition
Investment Portfolio - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)AveragePriceOfAssetBackedSecurity / usd_per_par | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Investment [Line Items] | |||
Number of funds in which money market securities are invested | 2 | ||
Maximum maturity of time deposits and certificate of deposits (years) | 24 months | ||
Percentage of available-for-sale investments collateralized by US government agency debentures | 45.00% | 54.00% | |
Average price of an asset-backed security at par | AveragePriceOfAssetBackedSecurity / usd_per_par | 0.04 | ||
Unrealized losses in available-for-sale portfolio | $ 0 | ||
Net securities gains | 0 | $ (45,400,000) | $ 0 |
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% | |
Accumulated Net Investment Gain (Loss) Attributable to Parent | |||
Investment [Line Items] | |||
Net unrealized gains included in AOCI | $ 11,100,000 | $ 11,200,000 | |
Investments | |||
Investment [Line Items] | |||
Maximum maturity of time deposits and certificate of deposits (years) | 24 months |
Investment Portfolio - Componen
Investment Portfolio - Components of Investment Portfolio (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investment [Line Items] | ||||
Cash | $ 1,717.3 | $ 1,898.1 | ||
Money market securities | 7.9 | 9.8 | ||
Cash and cash equivalents | 164.5 | 250.6 | $ 318.8 | $ 227.9 |
Interest-bearing investments | 1,062.4 | 1,091.6 | ||
Available-for-sale investments | 21.1 | 27.1 | ||
Total investment portfolio | 2,808.7 | 3,026.6 | ||
Other Investments | ||||
Investment [Line Items] | ||||
Cash and cash equivalents | $ 1,725.2 | $ 1,907.9 |
Investment Portfolio - Availabl
Investment Portfolio - Available for Sale Investments (Substantially Restricted) (Detail) $ in Millions | Dec. 31, 2015USD ($)netaverageprice | Dec. 31, 2014USD ($)netaverageprice | |
Investment [Line Items] | |||
Amortized Cost | $ 10.4 | $ 16.3 | |
Gross Unrealized Gains | 10.7 | 10.8 | |
Market Value | $ 21.1 | $ 27.1 | |
Net Average Price | netaverageprice | [1] | 6.32 | 8.04 |
Net average price basis | 100 | 100 | |
Residential mortgage-backed securities — agencies | |||
Investment [Line Items] | |||
Amortized Cost | $ 8.7 | $ 13.2 | |
Gross Unrealized Gains | 0.8 | 1.3 | |
Market Value | $ 9.5 | $ 14.5 | |
Net Average Price | netaverageprice | [1] | 111 | 110.25 |
Other asset-backed securities | |||
Investment [Line Items] | |||
Amortized Cost | $ 1.7 | $ 3.1 | |
Gross Unrealized Gains | 9.9 | 9.5 | |
Market Value | $ 11.6 | $ 12.6 | |
Net Average Price | netaverageprice | [1] | 3.57 | 3.72 |
[1] | (1) Net average price is per $100.00 |
Investment Portfolio - Investme
Investment Portfolio - Investment Ratings (Detail) $ in Millions | Dec. 31, 2015USD ($)Securities | Dec. 31, 2014USD ($)Securities |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Securities | 54 | 57 |
Market Value | $ | $ 21.1 | $ 27.1 |
Percent of Investments | 100.00% | 100.00% |
Investment grade | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Securities | 12 | 13 |
Market Value | $ | $ 9.4 | $ 14.3 |
Percent of Investments | 45.00% | 53.00% |
Below investment grade | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Securities | 42 | 44 |
Market Value | $ | $ 11.7 | $ 12.8 |
Percent of Investments | 55.00% | 47.00% |
Derivative Financial Instrume64
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other assets | Not Designated as Hedging Instrument | Foreign Exchange Forward | ||
Derivatives, Fair Value [Line Items] | ||
Forward contracts outstanding notional amount | $ 295.8 | $ 242.5 |
Derivative Financial Instrume65
Derivative Financial Instruments - Summary of (Gains) Losses Related to Assets and Liabilities Denominated in Foreign Currencies (Detail) - Transaction and operations support - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net realized foreign currency losses (gains) | $ 21.3 | $ 25 | $ (3.3) |
Net (gains) losses from the related forward contracts | (32.7) | (24) | 5.3 |
Net (gains) losses from foreign currency transactions and related forward contracts | $ (11.4) | $ 1 | $ 2 |
Derivative Financial Instrume66
Derivative Financial Instruments - Fair Values of Derivative Forward Contract Instruments (Detail) - Forward contracts - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Other assets | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amount of Recognized Assets | $ 1 | $ 5.3 |
Gross Amount of Offset | (0.2) | (0.5) |
Net Amount of Assets Presented in the Consolidated Balance Sheets | 0.8 | 4.8 |
Accounts payable and other liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Gross Amount of Recognized Liabilities | 0.3 | 0.8 |
Gross Amount of Offset | (0.2) | (0.5) |
Net Amount of Liabilities Presented in the Consolidated Balance Sheets | $ 0.1 | $ 0.3 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment | |||
Depreciation and amortization | $ 66.1 | $ 55.5 | $ 50.7 |
Furniture and equipment disposal loss | 0.2 | 0.1 | |
Property, Plant and Equipment | |||
Property, Plant and Equipment | |||
Depreciation and amortization | 63.4 | 53.4 | $ 50 |
Accrued purchases of property and equipment | $ 7.5 | $ 17 |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment | ||
Property and equipment, Gross | $ 537.8 | $ 505.7 |
Accumulated depreciation and amortization | (338.1) | (340.1) |
Total property and equipment, net | 199.7 | 165.6 |
Computer hardware and software | ||
Property, Plant and Equipment | ||
Property and equipment, Gross | 338 | 268.8 |
Signage | ||
Property, Plant and Equipment | ||
Property and equipment, Gross | 87.9 | 86.9 |
Equipment at agent locations | ||
Property, Plant and Equipment | ||
Property and equipment, Gross | 58 | 80.1 |
Office furniture and equipment | ||
Property, Plant and Equipment | ||
Property and equipment, Gross | 29.2 | 34.8 |
Leasehold improvements | ||
Property, Plant and Equipment | ||
Property and equipment, Gross | $ 24.7 | $ 35.1 |
Goodwill and Intangible Asset69
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Impairments of goodwill | $ 0 | $ 0 | $ 0 |
Number of acquisitions | 2 | ||
Intangible asset amortization expense | 2.7 | $ 2.1 | $ 0.7 |
Estimated future intangible asset amortization expense, 2016 | 2.6 | ||
Estimated future intangible asset amortization expense, 2017 | 2.3 | ||
Estimated future intangible asset amortization expense, 2018 | 1.7 | ||
Estimated future intangible asset amortization expense, 2019 | 0.8 | ||
Estimated future intangible asset amortization expense, 2020 | $ 0.7 | ||
Agent contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | 4.4 | ||
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | 1.1 | ||
Non-compete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | $ 0.6 | ||
Minimum | Agent contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (years) | 6 years | ||
Minimum | Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (years) | 5 years | 5 years | |
Minimum | Non-compete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (years) | 3 years | 3 years | |
Maximum | Agent contracts | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (years) | 8 years | ||
Maximum | Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (years) | 7 years | 7 years | |
Maximum | Non-compete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life (years) | 5 years | 5 years |
Goodwill and Intangible Asset70
Goodwill and Intangible Assets - Roll Forward of Goodwill by Reporting Segment (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2014 | $ 442.5 |
Currency translation | (0.3) |
Balance as of December 31, 2015 | 442.2 |
Global Funds Transfer | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2014 | 442.5 |
Currency translation | (0.3) |
Balance as of December 31, 2015 | 442.2 |
Financial Paper Products | |
Goodwill [Roll Forward] | |
Balance as of December 31, 2014 | 0 |
Currency translation | 0 |
Balance as of December 31, 2015 | $ 0 |
Goodwill and Intangible Asset71
Goodwill and Intangible Assets - Gross Goodwill Balances and Accumulated Impairments (Detail) - Global Funds Transfer - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill [Line Items] | ||
Gross Goodwill | $ 445.4 | $ 445.7 |
Accumulated Impairments | $ (3.2) | $ (3.2) |
Goodwill and Intangible Asset72
Goodwill and Intangible Assets - Components of Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 14.4 | $ 15 |
Accumulated Amortization | (5.4) | (3.1) |
Net Carrying Value | 9 | 11.9 |
Contractual and customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 11.7 | 12.3 |
Accumulated Amortization | (4.5) | (2.6) |
Net Carrying Value | 7.2 | 9.7 |
Non-compete agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1.6 | 1.6 |
Accumulated Amortization | (0.7) | (0.4) |
Net Carrying Value | 0.9 | 1.2 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 1.1 | 1.1 |
Accumulated Amortization | (0.2) | (0.1) |
Net Carrying Value | $ 0.9 | $ 1 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Apr. 02, 2014USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2013 | Dec. 31, 2015USD ($)Note | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 28, 2013USD ($) | May. 18, 2011USD ($) |
Debt Instrument [Line Items] | ||||||||
Debt borrowing capacity for share repurchase from affiliates of THL and Goldman Sachs | $ 300,000,000 | |||||||
Remaining debt borrowing capacity for share repurchases from affiliates of THL and Goldman Sachs | $ 170,000,000 | $ 170,000,000 | ||||||
Outstanding letters of credit | 0 | 0 | ||||||
Total debt, net | $ 942,600,000 | $ 942,600,000 | $ 949,600,000 | |||||
Interest coverage ratio | 5.93 | 5.93 | ||||||
Total secured leverage ratio | 3.821 | 3.821 | ||||||
Debt extinguishment costs | $ 0 | 0 | $ 45,300,000 | |||||
Prepayment penalty | 21,500,000 | |||||||
Unamortized debt issuance costs | 20,000,000 | |||||||
Debt discount | 2,300,000 | |||||||
Debt modification costs | 1,500,000 | |||||||
Cash payments for interest | 42,100,000 | 41,100,000 | 43,900,000 | |||||
Debt maturing in 2020 | $ 912,600,000 | 912,600,000 | ||||||
Debt principal to be paid in incremental payments | 41,700,000 | $ 41,700,000 | ||||||
Quarterly increments | 2,500,000 | |||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis point addition to treasury rate | 0.50% | |||||||
Unamortized discount and debt issuance costs | 1,200,000 | $ 1,200,000 | $ 1,700,000 | |||||
Senior Subordinated Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Total debt, net | $ 325,000,000 | |||||||
Purchase price as a percent of principal amount purchase | 106.625% | |||||||
Second lien on notes | Note | 0 | |||||||
2013 Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum restricted payments | $ 50,000,000 | |||||||
2013 Credit Agreement | Term Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument term (years) | 7 years | |||||||
Debt face amount | $ 850,000,000 | |||||||
2013 Credit Agreement | Letter of Credit | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | 50,000,000 | |||||||
2013 Credit Agreement | Tranche B-1 loan facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings, gross | 130,000,000 | |||||||
2013 Credit Agreement | Revolving Credit Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument term (years) | 5 years | |||||||
Maximum borrowing capacity | $ 150,000,000 | $ 125,000,000 | ||||||
Outstanding letters of credit | 0 | $ 0 | ||||||
Fair value of borrowings under Revolving Credit Facility | 0 | 0 | ||||||
Revolving credit facility, availability | $ 150,000,000 | $ 150,000,000 | ||||||
2011 Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt face amount | $ 540,000,000 | |||||||
Minimum | 2013 Credit Agreement | BOA prime rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 1.00% | |||||||
Minimum | 2011 Credit Agreement | BOA prime rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 2.00% | |||||||
Minimum | 2011 Credit Agreement | Eurodollar rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 3.00% | |||||||
Maximum | 2011 Credit Agreement | BOA prime rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 2.25% | |||||||
Maximum | 2011 Credit Agreement | Eurodollar rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 3.25% |
Debt - Outstanding Debt (Detail
Debt - Outstanding Debt (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Total debt, net | $ 942.6 | $ 949.6 |
Senior Notes | 2013 Credit Agreement | ||
Debt Instrument [Line Items] | ||
Effective Interest Rate | 4.25% | 4.25% |
Senior secured credit facility due 2020 | $ 954.3 | $ 964.1 |
Unamortized debt discount | (0.6) | (0.6) |
Unamortized debt issuance costs | (11.1) | |
Total debt, net | $ 942.6 | $ 949.6 |
Debt - Assets in Excess of Paym
Debt - Assets in Excess of Payment Service Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt - Assets in Excess of Payment Service Obligations [Abstract] | |||||
Cash and cash equivalents | $ 164.5 | $ 250.6 | $ 318.8 | $ 227.9 | |
Settlement assets | 3,505.6 | 3,533.6 | |||
Total cash and cash equivalents and settlement assets | 3,670.1 | 3,784.2 | |||
Payment service obligations | (3,505.6) | $ (3,505.6) | (3,533.6) | ||
Assets in excess of payment service obligations | $ 164.5 | $ 250.6 |
Debt - Credit Agreement Quarter
Debt - Credit Agreement Quarterly Financial Covenants (Details) | Dec. 31, 2015 |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 5.93 |
Through December 31, 2015 | |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 2.250 |
Secured Leverage Not to Exceed | 4.750 |
January 1, 2016 through December 31, 2016 | |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 2.250 |
Secured Leverage Not to Exceed | 4.250 |
January 1, 2017 through December 31, 2017 | |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 2.250 |
Secured Leverage Not to Exceed | 3.750 |
January 1, 2018 through maturity | |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 2.250 |
Secured Leverage Not to Exceed | 3.500 |
Pension and Other Benefits - Ad
Pension and Other Benefits - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)SecurityPlans | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value | $ 107,900,000 | $ 141,600,000 | |||
Decrease in pension plan liability from settlements | $ 31,300,000 | ||||
Investment related to deferred compensation trust | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Contributions and costs related to plan | 4,400,000 | 4,100,000 | $ 4,100,000 | ||
Contributions and costs related to international plans | 1,700,000 | 2,400,000 | 1,900,000 | ||
Liability related to the deferred compensation plans | 200,000 | 2,000,000 | |||
Rabbi trust market value | 0 | 10,000,000 | |||
Deferred compensation plan payments | $ 1,900,000 | 400,000 | |||
Equity securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation (percent) | 44.00% | ||||
Fixed income securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocation (percent) | 56.00% | ||||
Real estate | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value | $ 5,500,000 | 5,000,000 | |||
Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value | $ 5,500,000 | 5,000,000 | |||
Level 3 | Real estate | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of securities held | Security | 1 | ||||
Fair value | $ 5,500,000 | 5,000,000 | |||
Unrealized gain | 500,000 | ||||
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change in fair value of pension plan assets | 33,700,000 | ||||
Unfunded status at the end of the year | 24,600,000 | 41,900,000 | |||
Minimum required contribution | 0 | ||||
Employer contributions | $ 8,000,000 | ||||
SERPs | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plans, services frozen (plan) | Plans | 1 | ||||
Unfunded status at the end of the year | $ 70,700,000 | 82,500,000 | |||
Pension | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Reduction in Pension and Postretirement Benefits from changes in estimates | (26,100,000) | (10,400,000) | (10,000,000) | ||
Fair value | 107,900,000 | 141,600,000 | 136,600,000 | ||
Estimated net (gains) losses amortized from AOCI to net periodic benefit expense | 5,600,000 | ||||
Estimated net (gains) losses amortized from AOCI to net periodic benefit expense, net of tax | 3,500,000 | ||||
Estimated prior service cost (credit) amortized from AOCI to net periodic benefit expense | 0 | ||||
Change in benefit obligation | 62,800,000 | ||||
Change in fair value of pension plan assets | (29,100,000) | ||||
Unfunded status at the end of the year | (95,300,000) | (124,400,000) | |||
Settlement charges | 14,000,000 | 0 | 0 | ||
Reduction in projected benefit obligation | 51,000,000 | ||||
Employer contributions | 13,000,000 | 12,900,000 | |||
Benefits paid for unfunded plan expected in 2016 | 17,600,000 | ||||
Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Reduction in Pension and Postretirement Benefits from changes in estimates | 400,000 | 200,000 | 100,000 | ||
Fair value | 0 | 0 | 0 | ||
Estimated net (gains) losses amortized from AOCI to net periodic benefit expense | 200,000 | ||||
Estimated net (gains) losses amortized from AOCI to net periodic benefit expense, net of tax | 100,000 | ||||
Estimated prior service cost (credit) amortized from AOCI to net periodic benefit expense | 600,000 | ||||
Estimated prior service cost (credit) amortized from AOCI to net periodic benefit expense, net of tax | 400,000 | ||||
Unfunded status at the end of the year | (1,000,000) | (1,300,000) | |||
Settlement charges | 0 | 0 | $ 0 | ||
Employer contributions | 100,000 | $ 400,000 | |||
Benefits paid for unfunded plan expected in 2016 | 100,000 | ||||
SERP and Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Benefits paid for unfunded plan expected in 2016 | $ 7,900,000 | ||||
Old method estimate [Member] | Scenario, Forecast | Change in Accounting Method Accounted for as Change in Estimate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Reduction in Pension and Postretirement Benefits from changes in estimates | $ 8,400,000 | ||||
New method estiamte [Member] | Scenario, Forecast | Change in Accounting Method Accounted for as Change in Estimate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Reduction in Pension and Postretirement Benefits from changes in estimates | $ 6,600,000 |
Pension and Other Benefits - We
Pension and Other Benefits - Weighted Average Actuarial Assumptions Used in Calculating Benefit Obligation and Net Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plan | |||
Net periodic benefit expense (income): | |||
Discount rate | 4.15% | 4.81% | 4.04% |
Expected return on plan assets | 4.74% | 5.68% | 6.20% |
Projected benefit obligation [Abstract] | |||
Discount rate | 4.31% | 4.04% | 4.81% |
SERPs | |||
Net periodic benefit expense (income): | |||
Discount rate | 4.78% | 4.78% | 3.99% |
Rate of compensation increase | 5.75% | 5.75% | 5.75% |
Projected benefit obligation [Abstract] | |||
Discount rate | 4.32% | 4.04% | 4.78% |
Rate of compensation increase | 5.75% | 5.75% | 5.75% |
Postretirement Benefits | |||
Net periodic benefit expense (income): | |||
Discount rate | 4.82% | 4.82% | 4.09% |
Initial healthcare cost trend rate | 6.50% | 7.00% | 8.00% |
Ultimate healthcare cost trend rate | 4.50% | 4.50% | 5.00% |
Year ultimate healthcare cost trend rate is reached | 2,023 | 2,023 | 2,019 |
Projected benefit obligation [Abstract] | |||
Discount rate | 4.53% | 4.19% | 4.82% |
Initial healthcare cost trend rate | 6.50% | 6.50% | 7.00% |
Ultimate healthcare cost trend rate | 4.50% | 4.50% | 4.50% |
Year ultimate healthcare cost trend rate is reached | 2,024 | 2,023 | 2,023 |
Pension and Other Benefits - 79
Pension and Other Benefits - Weighted-Average Asset Allocation for Defined Benefit Pension Plan by Asset Category (Detail) | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Weighted-average asset allocation at the measurement date | 100.00% | 100.00% |
Equity securities | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Weighted-average asset allocation at the measurement date | 44.00% | 44.00% |
Fixed income securities | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Weighted-average asset allocation at the measurement date | 50.00% | 51.00% |
Real estate | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Weighted-average asset allocation at the measurement date | 5.00% | 4.00% |
Other | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Weighted-average asset allocation at the measurement date | 1.00% | 1.00% |
Pension and Other Benefits - Pl
Pension and Other Benefits - Plan's Financial Assets Recorded at Fair Value by Hierarchy Level (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | $ 107.9 | $ 141.6 |
Short-term investment fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 1.2 | 1 |
Large cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 26.8 | 34.2 |
Small cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 6.3 | 8.8 |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 14.8 | 16.4 |
Emerging | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 3.5 | |
Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 53.3 | 72.7 |
Total common/collective trusts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 102.4 | 136.6 |
Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 5.5 | 5 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 102.4 | 136.6 |
Level 2 | Short-term investment fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 1.2 | 1 |
Level 2 | Large cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 26.8 | 34.2 |
Level 2 | Small cap | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 6.3 | 8.8 |
Level 2 | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 14.8 | 16.4 |
Level 2 | Emerging | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 3.5 | |
Level 2 | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 53.3 | 72.7 |
Level 2 | Total common/collective trusts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 102.4 | 136.6 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | 5.5 | 5 |
Level 3 | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Financial Assets | $ 5.5 | $ 5 |
Pension and Other Benefits - Va
Pension and Other Benefits - Valuation Technique of Level 3 Investments (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Financial Assets | $ 107.9 | $ 141.6 |
Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Financial Assets | 5.5 | 5 |
Real estate | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Financial Assets | 5.5 | 5 |
Real estate | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Financial Assets | $ 5.5 | $ 5 |
Pension and Other Benefits - Ne
Pension and Other Benefits - Net Periodic Benefit Expense Amortized from Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | $ 14 | $ 0 | $ 0 |
Interest cost | 9.4 | 10.8 | 9.6 |
Expected return on plan assets | (5.8) | (7.3) | (7.3) |
Amortization of net actuarial loss | 8.5 | 6.9 | 7.7 |
Amortization of prior service credit | 0 | 0 | 0 |
Net periodic benefit expense (income) | 26.1 | 10.4 | 10 |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | 0 | 0 | 0 |
Interest cost | 0 | 0.1 | 0.1 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of net actuarial loss | 0.2 | 0.3 | 0.4 |
Amortization of prior service credit | (0.6) | (0.6) | (0.6) |
Net periodic benefit expense (income) | $ (0.4) | $ (0.2) | $ (0.1) |
Pension and Other Benefits - Ot
Pension and Other Benefits - Other Comprehensive Income (Loss) and Net Periodic Benefit Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | $ 0 | ||
Net actuarial gain | (0.3) | $ 0.2 | $ (1.2) |
Amortization of net actuarial loss | (0.2) | (0.3) | (0.4) |
Amortization of prior service credit | 0.6 | 0.6 | 0.6 |
Total recognized in other comprehensive (loss) income | 0.1 | 0.5 | (1) |
Total recognized in net periodic benefit expense (income) | (0.4) | (0.2) | (0.1) |
Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) | (0.3) | 0.3 | (1.1) |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Settlement charges | (14) | ||
Net actuarial gain | (19.6) | 37 | (18.8) |
Amortization of net actuarial loss | (8.5) | (6.9) | (7.7) |
Amortization of prior service credit | 0 | 0 | 0 |
Total recognized in other comprehensive (loss) income | (42.1) | 30.1 | (26.5) |
Total recognized in net periodic benefit expense (income) | 26.1 | 10.4 | 10 |
Total recognized in net periodic benefit expense (income) and other comprehensive income (loss) | $ (16) | $ 40.5 | $ (16.5) |
Pension and Other Benefits - Ch
Pension and Other Benefits - Changes to Benefit Obligation and Plan Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | $ 141.6 | ||
Fair value of plan assets at the end of the year | 107.9 | $ 141.6 | |
Postretirement Benefits | |||
Change in benefit obligation: | |||
Benefit obligation at the beginning of the year | 1.3 | 1.4 | |
Settlement impact | 0 | 0 | $ 0 |
Interest cost | 0 | 0.1 | 0.1 |
Actuarial (gain) loss | (0.2) | 0.2 | |
Benefits paid | (0.1) | (0.4) | |
Benefit obligation at the end of the year | 1 | 1.3 | 1.4 |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | 0 | 0 | |
Settlement impact | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 0.1 | 0.4 | |
Benefits paid | (0.1) | (0.4) | |
Fair value of plan assets at the end of the year | 0 | 0 | 0 |
Unfunded status at the end of the year | 1 | 1.3 | |
Pension | |||
Change in benefit obligation: | |||
Benefit obligation at the beginning of the year | 266 | 233.6 | |
Settlement impact | (14) | 0 | 0 |
Interest cost | 9.4 | 10.8 | 9.6 |
Actuarial (gain) loss | (25.9) | 36.4 | |
Benefits paid | (32.3) | (14.8) | |
Benefit obligation at the end of the year | 203.2 | 266 | 233.6 |
Change in plan assets: | |||
Fair value of plan assets at the beginning of the year | 141.6 | 136.6 | |
Settlement impact | (14) | 0 | |
Actual return on plan assets | (0.4) | 6.9 | |
Employer contributions | 13 | 12.9 | |
Benefits paid | (32.3) | (14.8) | |
Fair value of plan assets at the end of the year | 107.9 | 141.6 | $ 136.6 |
Unfunded status at the end of the year | $ 95.3 | $ 124.4 |
Pension and Other Benefits - Co
Pension and Other Benefits - Consolidated Balance Sheet Components Relating to Defined Benefit Pension Plan and SERPs and Postretirement Benefit Plans (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Pension and other postretirement benefits | $ 96.3 | $ 125.7 |
Net actuarial loss, net of tax | 46.8 | 73.8 |
Prior service cost (credit), net of tax | (0.5) | (0.9) |
Total | 46.3 | 72.9 |
Pension | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Pension and other postretirement benefits | 95.3 | 124.4 |
Net actuarial loss, net of tax | 46 | 72.7 |
Prior service cost (credit), net of tax | 0.2 | 0.1 |
Total | 46.2 | 72.8 |
Postretirement Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | ||
Pension and other postretirement benefits | 1 | 1.3 |
Net actuarial loss, net of tax | 0.8 | 1.1 |
Prior service cost (credit), net of tax | (0.7) | (1) |
Total | $ 0.1 | $ 0.1 |
Pension and Other Benefits - Pr
Pension and Other Benefits - Projected Benefit Obligation and Accumulated Benefit Obligation (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | $ 132.5 | $ 183.5 |
Accumulated benefit obligation | 132.5 | 183.5 |
Fair value of plan assets | 107.9 | 141.6 |
SERPs | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | 70.7 | 82.5 |
Accumulated benefit obligation | 70.4 | 79.4 |
Fair value of plan assets | 0 | 0 |
Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Benefit obligation | 1 | 1.3 |
Accumulated benefit obligation | 0 | 0 |
Fair value of plan assets | $ 0 | $ 0 |
Pension and Other Benefits - Es
Pension and Other Benefits - Estimated Future Benefit Payments (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Pension | |
Defined Benefit Plan, Expected Future Benefit Payments, Maturity [Line Items] | |
2,016 | $ 17.6 |
2,017 | 15.2 |
2,018 | 16.1 |
2,019 | 14.8 |
2,020 | 14.6 |
2021-2025 | 67.4 |
Postretirement Benefits | |
Defined Benefit Plan, Expected Future Benefit Payments, Maturity [Line Items] | |
2,016 | 0.1 |
2,017 | 0.1 |
2,018 | 0.1 |
2,019 | 0.1 |
2,020 | 0.1 |
2021-2025 | $ 0.3 |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Details) | Apr. 02, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($)voteDemand_Registration$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)shares | Dec. 31, 2012shares | May. 18, 2011USD ($)shares | May. 09, 2007shares |
Class of Stock [Line Items] | |||||||
Number of common stock shares authorized (shares) | 162,500,000 | 162,500,000 | |||||
Common stock, par value (usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||
Common stock votes per share number | vote | 1 | ||||||
Common stock dividends paid | $ | $ 0 | $ 0 | $ 0 | ||||
Preferred stock, authorized (shares) | 7,000,000 | ||||||
Common stock, shares issued (shares) | 58,823,567 | 58,823,567 | |||||
Total shares authorized for repurchase (shares) | 12,000,000 | ||||||
Shares repurchased under authorization (shares) | 8,277,073 | ||||||
Remaining authorization to repurchase (shares) | 3,722,927 | ||||||
Additional paid in capital | $ | $ 600,000 | 300,000 | |||||
Repurchased common stock (shares) | 8,185,092 | ||||||
Share price (usd per share) | $ / shares | $ 16.25 | ||||||
2013 Credit Agreement | TrancheB1TermLoanFacilityDue2020 | |||||||
Class of Stock [Line Items] | |||||||
Debt face amount | $ | $ 130,000,000 | ||||||
WalMart Participation Agreement | |||||||
Class of Stock [Line Items] | |||||||
Additional paid in capital | $ | $ 0 | $ 600,000 | $ 0 | ||||
2008 Recapitalization | |||||||
Class of Stock [Line Items] | |||||||
Number of demand registrations | Demand_Registration | 6 | ||||||
2008 Recapitalization | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Required period for shelf registration to be continuously effective (years) | 15 years | ||||||
Amount of debt and equity permitted to offer and sell | $ | $ 500,000,000 | ||||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Number of common stock shares authorized (shares) | 162,500,000 | 162,500,000 | 162,500,000 | 162,500,000 | |||
Common stock, shares issued (shares) | 58,824,000 | 58,824,000 | 62,264,000 | 62,264,000 | |||
Underwritten secondary public offering (shares) | 9,200,000 | ||||||
Conversion of Series D convertible shares | 4,744,696 | 4,745,000 | |||||
Common Stock | 2011 Recapitalization | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares issued (shares) | 125 | ||||||
D Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, authorized (shares) | 200,000 | 200,000 | 200,000 | 200,000 | |||
Preferred shares issued (shares) | 71,282 | 71,282 | 109,000 | 109,000 | |||
Liquidation preference of D Stock | $ | $ 0.01 | ||||||
Conversion of Series D convertible shares | 37,957 | (38,000) | |||||
D Stock | Maximum | |||||||
Class of Stock [Line Items] | |||||||
Percentage limit of ownership for class of voting securities on transfer | 2.00% | ||||||
Percentage limit of ownership for voting securities on transfer | 50.00% | ||||||
D Stock | 2011 Recapitalization | |||||||
Class of Stock [Line Items] | |||||||
Preferred shares issued (shares) | 173,189 |
Stockholders' Deficit - Summary
Stockholders' Deficit - Summary of Stock Activity (Details) - shares | Apr. 02, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule Of Activity Of Company's Authorized Issued And Outstanding Stock [Roll Forward] | ||||
Common stock, shares authorized beginning balance (shares) | 162,500,000 | |||
Common stock, shares issued beginning balance (shares) | 58,823,567 | |||
Treasury stock beginning balance (shares) | (5,734,338) | |||
D stock, authorized ending balance (shares) | 7,000,000 | |||
Common stock, shares authorized ending balance (shares) | 162,500,000 | 162,500,000 | ||
Common stock, shares issued ending balance (shares) | 58,823,567 | 58,823,567 | ||
Treasury stock ending balance (shares) | (5,612,188) | (5,734,338) | ||
D Stock | ||||
Schedule Of Activity Of Company's Authorized Issued And Outstanding Stock [Roll Forward] | ||||
D stock, authorized beginning balance (shares) | 200,000 | 200,000 | 200,000 | |
D stock, issued beginning balance (shares) | 71,282 | 109,000 | 109,000 | |
D stock, outstanding beginning balance (shares) | 71,000 | 109,000 | 109,000 | |
Conversion of Series D convertible shares | 37,957 | (38,000) | ||
D stock, authorized ending balance (shares) | 200,000 | 200,000 | 200,000 | |
D stock, issued ending balance (shares) | 71,282 | 71,282 | 109,000 | |
D stock, outstanding ending balance (shares) | 71,000 | 71,000 | 109,000 | |
Common Stock | ||||
Schedule Of Activity Of Company's Authorized Issued And Outstanding Stock [Roll Forward] | ||||
Common stock, shares authorized beginning balance (shares) | 162,500,000 | 162,500,000 | 162,500,000 | |
Common stock, shares issued beginning balance (shares) | 58,824,000 | 62,264,000 | 62,264,000 | |
Common stock, shares outstanding beginning balance (shares) | 53,090,000 | 57,963,000 | 57,857,000 | |
Conversion of Series D convertible shares | 4,744,696 | 4,745,000 | ||
Repurchase and retirement of shares | (8,185,000) | |||
Stock repurchase | (49,000) | (1,514,000) | ||
Stock options exercised and release of restricted stock units | 171,000 | 81,000 | 106,000 | |
Common stock, shares authorized ending balance (shares) | 162,500,000 | 162,500,000 | 162,500,000 | |
Common stock, shares issued ending balance (shares) | 58,824,000 | 58,824,000 | 62,264,000 | |
Common stock, shares outstanding ending balance (shares) | 53,212,000 | 53,090,000 | 57,963,000 | |
Treasury Stock | ||||
Schedule Of Activity Of Company's Authorized Issued And Outstanding Stock [Roll Forward] | ||||
Treasury stock beginning balance (shares) | (5,734,000) | (4,301,000) | (4,407,000) | |
Stock repurchase | (49,000) | (1,514,000) | ||
Stock options exercised and release of restricted stock units | 171,000 | 81,000 | 106,000 | |
Treasury stock ending balance (shares) | (5,612,000) | (5,734,000) | (4,301,000) |
Stockholders' Deficit - Compone
Stockholders' Deficit - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Components of Accumulated Other Comprehensive Loss [Line Items] | ||||
Accumulated other comprehensive (Loss), Net of Tax | $ (48.7) | $ (67.1) | ||
Net unrealized gains on securities classified as available-for-sale, net of tax | ||||
Components of Accumulated Other Comprehensive Loss [Line Items] | ||||
Accumulated other comprehensive (Loss), Net of Tax | 11.1 | 11.2 | $ 17.3 | $ 16.3 |
Cumulative foreign currency translation adjustments, net of tax | ||||
Components of Accumulated Other Comprehensive Loss [Line Items] | ||||
Accumulated other comprehensive (Loss), Net of Tax | (13.5) | (5.4) | 3.5 | 2.6 |
Pension and Postretirement Benefits adjustment, net of tax | ||||
Components of Accumulated Other Comprehensive Loss [Line Items] | ||||
Accumulated other comprehensive (Loss), Net of Tax | $ (46.3) | $ (72.9) | $ (53.8) | $ (71.2) |
Stockholders' Deficit - Schedul
Stockholders' Deficit - Schedule of Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax | $ (67.1) | ||
Accumulated other comprehensive income (loss), net of tax | (48.7) | $ (67.1) | |
Net unrealized gains on securities classified as available-for-sale, net of tax | |||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax | 11.2 | 17.3 | $ 16.3 |
Other comprehensive income before amortization | 1.3 | (0.2) | 5.1 |
Amounts reclassified from accumulated other comprehensive loss | (1.4) | (5.9) | (4.1) |
Net current period other comprehensive income | (0.1) | (6.1) | 1 |
Accumulated other comprehensive income (loss), net of tax | 11.1 | 11.2 | 17.3 |
Cumulative foreign currency translation adjustments, net of tax | |||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax | (5.4) | 3.5 | 2.6 |
Other comprehensive income before amortization | (8.1) | (8.9) | 0.9 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 |
Net current period other comprehensive income | (8.1) | (8.9) | 0.9 |
Accumulated other comprehensive income (loss), net of tax | (13.5) | (5.4) | 3.5 |
Pension and Postretirement Benefits adjustment, net of tax | |||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax | (72.9) | (53.8) | (71.2) |
Other comprehensive income before amortization | 12.7 | (23.2) | 12.6 |
Amounts reclassified from accumulated other comprehensive loss | 13.9 | 4.1 | 4.8 |
Net current period other comprehensive income | 26.6 | (19.1) | 17.4 |
Accumulated other comprehensive income (loss), net of tax | (46.3) | (72.9) | (53.8) |
Accumulated Other Comprehensive Loss | |||
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Roll Forward] | |||
Accumulated other comprehensive income (loss), net of tax | (67.1) | (33) | (52.3) |
Other comprehensive income before amortization | 5.9 | (32.3) | 18.6 |
Amounts reclassified from accumulated other comprehensive loss | 12.5 | (1.8) | 0.7 |
Net current period other comprehensive income | 18.4 | (34.1) | 19.3 |
Accumulated other comprehensive income (loss), net of tax | $ (48.7) | $ (67.1) | $ (33) |
Stockholders' Deficit - Reclass
Stockholders' Deficit - Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
(Loss) income before income taxes | $ (29.1) | $ 72.6 | $ 85.3 |
Tax benefit, net | (47.8) | (0.5) | (32.9) |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total gains, net of tax | 12.5 | (1.8) | 0.7 |
Net unrealized gains on securities classified as available-for-sale, net of tax | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total gains, net of tax | 1.4 | 5.9 | 4.1 |
Net unrealized gains on securities classified as available-for-sale, net of tax | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Unrealized gains on securities classified as available-for-sale, before tax | (1.4) | (5.7) | (5.7) |
Tax (benefit) expense, net | 0 | (0.2) | 1.6 |
Total gains, net of tax | (1.4) | (5.9) | (4.1) |
Pension and Postretirement Benefits adjustment, net of tax | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total gains, net of tax | (13.9) | (4.1) | (4.8) |
Pension and Postretirement Benefits adjustment, net of tax | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total gains, net of tax | 13.9 | 4.1 | 4.8 |
Amortization of prior service credits | (0.6) | (0.6) | (0.6) |
Amortization of net actuarial losses | 8.7 | 7.2 | 8.1 |
Settlement charges | 14 | 0 | 0 |
(Loss) income before income taxes | 22.1 | 6.6 | 7.5 |
Tax benefit, net | $ (8.2) | $ (2.5) | $ (2.7) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014USD ($) | Sep. 30, 2014 | Sep. 30, 2011 | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Dec. 31, 2013shares | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | May. 31, 2015shares | Mar. 31, 2015shares | May. 01, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Total share-based awards authorized (shares) | shares | 15,425,000 | 12,925,000 | ||||||||||
Remaining shares authorized for future grants (shares) | shares | 7,373,664 | |||||||||||
Number of employees affected by plan modifications | 389 | |||||||||||
Incremental compensation cost | $ 4.2 | |||||||||||
Stock Options | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 | |||||||||||
Term of options granted (years) | 10 years | 10 years | 10 years | |||||||||
Exercisable period (years) | 3 years | 4 years | 4 years | 4 years | 4 years | 4 years | ||||||
Stock Options | Performance Based Tranche | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Exercisable period (years) | 5 years | 5 years | ||||||||||
Restricted Stock Units (RSUs) | Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Grant-date fair value at threshold and target performance levels | $ 12.7 | |||||||||||
Unrecognized restricted stock unit expense | 19.9 | |||||||||||
Restricted Stock Units (RSUs) | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Grant-date fair value at threshold and target performance levels | 25.5 | |||||||||||
Unrecognized restricted stock unit expense | $ 23.1 | |||||||||||
Restricted Stock Units (RSUs) | 2011 and 2012 Grants [Member] [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Stock-based compensation expense reversed | $ 1.2 | |||||||||||
Restricted Stock Units (RSUs) | 2013 Grants | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Percentage vested if minimum performance goal is met | 50.00% | |||||||||||
Percent vested for achievement of annual average EBITDA at target | 100.00% | |||||||||||
Performance based restricted stock units vested below threshold | shares | 0 | |||||||||||
Stock-based compensation expense reversed | $ 9 | |||||||||||
Restricted Stock Units (RSUs) | 2014 Grants | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Exercisable period (years) | 3 years | |||||||||||
Percentage vested if minimum performance goal is met | 50.00% | |||||||||||
Percent vested for achievement of annual average EBITDA at target | 100.00% | |||||||||||
Restricted Stock Units (RSUs) | 2015 Grants | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Exercisable period (years) | 3 years | |||||||||||
Percentage vested if minimum performance goal is met | 50.00% | |||||||||||
Percentage vested if maximum performance goal is met | 100.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 19.6 | $ 5.4 | $ 11.2 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 4.6 | 6.2 | 6.7 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 15 | $ (0.8) | $ 4.5 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Utilized to Estimate Grant-Date Fair Value of Stock Options (Detail) - Stock Options - $ / shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Expected volatility - Maximum | 68.20% | 69.00% |
Expected volatility - Minimum | 64.60% | 68.20% |
Risk-free interest rate - Minimum | 1.10% | 1.10% |
Risk-free interest rate - Maximum | 2.10% | 1.20% |
Expected life (years) | 6 years 3 months 20 days | |
Weighted-average grant-date fair value per option (usd per share) | $ 10.99 | $ 10.51 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 6 years | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 6 years 3 months 20 days |
Stock-Based Compensation - Su96
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Options - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Option Activity | ||
Shares, options outstanding, beginning balance | 3,786,458 | |
Shares, forfeited/expired | (693,877) | |
Shares, options outstanding, ending balance | 3,092,581 | 3,786,458 |
Shares, vested or expected to vest at December 31, 2015 | 3,044,556 | |
Shares, options exercisable at December 31, 2015 | 2,200,813 | |
Weighted Average Exercise Price | ||
Weighted average exercise price, options outstanding (usd per share), beginning balance | $ 19.57 | |
Weighted-average exercise price, forfeited/expired (usd per share) | 21.24 | |
Weighted average exercise price, options outstanding (usd per share), ending balance | 19.20 | $ 19.57 |
Weight average exercise price, vested or expected to vest (usd per share) | 19.23 | |
Weighted average exercise price, options exercisable (usd per share) | $ 18.97 | |
Additional Disclosures | ||
Weighted average remaining contractual term options outstanding (years) | 5 years 2 months | 6 years 4 months |
Weighted average remaining contractual term vested or expected to vest (years) | 5 years 2 months | |
Weighted average remaining contractual term options exercisable (years) | 4 years 6 months | |
Aggregate intrinsic value, options outstanding | $ 0 | $ 0 |
Aggregate intrinsic value, vested or expected to vest | 0 | |
Aggregate intrinsic value, options exercisable | $ 0 |
Stock-Based Compensation - Su97
Stock-Based Compensation - Summary of Stock Option Compensation Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from exercise of stock options | $ 0 | $ 0.4 | $ 1.1 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | 0 | 0.1 | 0.1 |
Proceeds from exercise of stock options | 0 | $ 0.4 | $ 1.1 |
Unrecognized stock option expense | $ 4.2 | ||
Remaining weighted-average vesting period (years) | 8 months 13 days |
Stock-Based Compensation - Su98
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Instruments Other than Options, Nonvested, Number of Shares | ||
Restricted stock units outstanding (shares), beginning balance | 1,701,607 | |
Granted (shares) | 3,043,012 | |
Vested and converted to shares (shares) | (233,245) | |
Forfeited (shares) | (348,806) | |
Restricted stock units outstanding (shares), ending balance | 4,162,568 | 1,701,607 |
Restricted stock units vested and convertible (shares) | 256,388 | |
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 and converted to shares (usd per share) | 17.63 | |
Forfeited (usd per share) | 12.07 | |
Restricted stock units outstanding (usd per share), ending balance | 10.68 | $ 15.77 |
Restricted stock units vested and convertible (usd per share) | $ 8.39 | |
Restricted stock units outstanding, weighted-average remaining contractual term (years) | 1 year | 1 year 5 months |
Restricted stock units outstanding, aggregate intrinsic value | $ 26.1 | $ 15.5 |
Restricted stock units vested and convertible, aggregate intrinsic value | $ 1.6 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock and Restricted Stock Unit Compensation Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Market value of restricted stock units vested during the year | $ 6.3 | $ 1.5 | $ 0.8 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 36 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2012 | |
Income Tax Examination [Line Items] | ||||||
Deferred Tax Assets, Net | $ 32.2 | |||||
Deferred Tax Liabilities, Net | $ 1.7 | |||||
Net Income tax payable | 16.9 | 53.2 | ||||
Tax receivable | 6.3 | |||||
Income Tax Expense (Benefit) | 47.8 | 0.5 | $ 32.9 | |||
(Loss) income before income taxes | (29.1) | 72.6 | 85.3 | |||
Cash payments for income taxes | 69.8 | 6.4 | 8 | |||
Cumulative tax benefits related to deductions | 9.7 | 23.3 | 0 | |||
Liability for unrecognized tax benefits | 30.5 | 31.7 | 52 | $ 51.6 | ||
Additions based on tax positions related to prior years | 8.3 | 0.3 | 0.9 | |||
Interest and penalties | 1.9 | 0.5 | 1.1 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 4.5 | 2.6 | ||||
Deferred tax liability for unremitted earnings of foreign entities | 4.6 | $ 6.3 | ||||
Foreign Tax Authority [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Deferred Tax Assets, Net | 5.1 | |||||
Domestic Tax Authority | ||||||
Income Tax Examination [Line Items] | ||||||
Deferred Tax Liabilities, Net | 6.8 | |||||
Interest and penalties | (0.8) | |||||
Internal Revenue Service (IRS) | ||||||
Income Tax Examination [Line Items] | ||||||
Deductions on securities losses | $ 900 | |||||
Tax adjustments | $ 63.7 | $ 186.9 | ||||
Cash payments for income taxes | 61 | |||||
Cumulative tax benefits related to deductions | 23.3 | |||||
Deferred Prosecution Agreement | ||||||
Income Tax Examination [Line Items] | ||||||
Disallowed deductions | $ 100 | |||||
Internal Revenue Service (IRS) | Deductions on Securities Examination | ||||||
Income Tax Examination [Line Items] | ||||||
Additions based on tax positions related to prior years | 6.5 | |||||
Interest and penalties | $ 2.7 |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of income before taxes [Abstract] | |||
U.S. | $ (45.2) | $ 66.4 | $ 69.9 |
Foreign | 16.1 | 6.2 | 15.4 |
(Loss) income before income taxes | $ (29.1) | $ 72.6 | $ 85.3 |
Income Taxes - Income Tax (Bene
Income Taxes - Income Tax (Benefit) Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 17.7 | $ (10.3) | $ 9.7 |
State | (0.5) | 1.5 | 0.1 |
Foreign | 5 | 3.8 | 11.1 |
Current income tax expense (benefit) | 22.2 | (5) | 20.9 |
Deferred income tax expense | 25.6 | 5.5 | 12 |
Income tax expense | $ 47.8 | $ 0.5 | $ 32.9 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Expected Federal Income Tax at Statutory Rates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax (benefit) expense at statutory federal income tax rate | $ (10.2) | $ 25.4 | $ 29.8 |
Tax effect of: | |||
State income tax, net of federal income tax effect | (0.6) | 1.5 | 1.7 |
Valuation allowance | (1) | (13) | (2.7) |
International taxes | 1.1 | 0.5 | 3.2 |
Net permanent difference | 1.2 | 1.5 | 0.2 |
Decrease in tax reserve | (8.8) | (20.3) | (0.5) |
Stock options | 3.4 | 6 | 1.6 |
Effect of U.S. Tax Court decision | 64.4 | 0 | 0 |
Other | (1.7) | (1.1) | (0.4) |
Income tax expense | $ 47.8 | $ 0.5 | $ 32.9 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Basis difference in revalued investments | $ 101.5 | $ 97.6 |
Tax loss carryovers | 35.8 | 50.1 |
Postretirement benefits and other employee benefits | 29.1 | 47.7 |
Tax credit carryovers | 31.7 | 30.2 |
Bad debt and other reserves | 4.3 | 4.9 |
Other | 13.7 | 14.6 |
Valuation allowance | (125.8) | (137.6) |
Total deferred tax asset | 90.3 | 107.5 |
Depreciation and amortization | (92) | (75.3) |
Gross deferred tax liability | (92) | (75.3) |
Net deferred tax (liability) asset | $ (1.7) | |
Net deferred tax (liability) asset | $ 32.2 |
Income Taxes - Amount and Expir
Income Taxes - Amount and Expiration Dates of Tax Loss Carry Forwards (Not Tax Effected) and Credit Carry Forwards (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
2016 - 2020 | Domestic Country and State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 58.8 |
2016 - 2020 | Minimum | Domestic Country and State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Expiration Date | Jan. 1, 2016 |
2016 - 2020 | Maximum | Domestic Country and State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
Expiration Date | Dec. 31, 2020 |
2020 - 2035 | Internal Revenue Service (IRS) | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 18.2 |
2020 - 2035 | Minimum | Internal Revenue Service (IRS) | |
Operating Loss Carryforwards [Line Items] | |
Expiration Date | Jan. 1, 2020 |
2020 - 2035 | Maximum | Internal Revenue Service (IRS) | |
Operating Loss Carryforwards [Line Items] | |
Expiration Date | Dec. 31, 2035 |
2029 - 2035 | Internal Revenue Service (IRS) | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 9.9 |
2029 - 2035 | Minimum | Internal Revenue Service (IRS) | |
Operating Loss Carryforwards [Line Items] | |
Expiration Date | Jan. 1, 2029 |
2029 - 2035 | Maximum | Internal Revenue Service (IRS) | |
Operating Loss Carryforwards [Line Items] | |
Expiration Date | Dec. 31, 2035 |
Indefinite | Domestic Country and State and Local Jurisdiction | |
Operating Loss Carryforwards [Line Items] | |
United States federal and state loss carry-forwards, Amount | $ 21.8 |
Income Taxes - Reconciliatio106
Income Taxes - Reconciliation of Unrecognized Tax Benefits for the Period (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 31.7 | $ 52 | $ 51.6 |
Additions based on tax positions related to prior years | 8.3 | 0.3 | 0.9 |
Additions based on tax positions related to current year | 0.2 | 2.7 | 0 |
Lapse in statute of limitations | 0 | 0 | (0.5) |
Reductions for tax positions of prior years | (9.7) | (23.3) | 0 |
Ending balance | $ 30.5 | $ 31.7 | $ 52 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||
May. 31, 2014USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2011State | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2009USD ($) | Apr. 30, 2014 | |
Commitments and Contingencies [Line Items] | ||||||||
Deferred rent liability | $ 200,000 | $ 1,300,000 | ||||||
Outstanding letters of credit | 0 | |||||||
Unfunded commitments in limited partnership interests | 300,000 | |||||||
Liability related to various legal matters | 16,300,000 | 17,300,000 | ||||||
Legal expenses | 2,400,000 | 12,800,000 | $ 200,000 | |||||
Cash payments for income taxes | 69,800,000 | 6,400,000 | 8,000,000 | |||||
State Civil Investigative Demands | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Number of state attorneys general who initiated investigation | State | 9 | |||||||
Loss contingency accrual | 13,000,000 | |||||||
Commission Guarantees | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Liability for minimum commission guarantees | 3,200,000 | |||||||
Maximum amount that could be paid under minimum commission guarantees | $ 11,300,000 | |||||||
Weighted average remaining term | 1 year 11 months 3 days | |||||||
Payments of minimum commission guarantees | $ 200,000 | $ 1,800,000 | ||||||
Percentage of estimated maximum annual payment | 6.00% | 47.00% | ||||||
Leaseholds and Leasehold Improvements | Maximum | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Useful life | 10 years | |||||||
Goldman Sachs & Co. | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Gain on litigation settlement | $ 13,000,000 | |||||||
Legal and regulatory settlement expenses | $ 4,350,000 | |||||||
Percentage ownership of common stock on diluted basis | 14.00% | |||||||
Internal Revenue Service (IRS) | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Deductions on securities losses | $ 900,000,000 | |||||||
Tax adjustments | $ 63,700,000 | $ 186,900,000 | ||||||
Cash payments for income taxes | $ 61,000,000 | |||||||
Other asset-backed securities | Residential mortgage-backed securities — agencies | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Gain on litigation settlement | $ 32,400,000 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies - Schedule of Rent Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 17.8 | $ 18 | $ 16.2 |
Contingent rent | 0 | 0 | 0.2 |
Sublease agreements | (1) | (1.1) | (1) |
Minimum rent expense under operating leases | $ 16.8 | $ 16.9 | $ 15.4 |
Commitments and Contingencie109
Commitments and Contingencies - Summary of Minimum Future Rental Payments (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 12.5 |
2,017 | 10.4 |
2,018 | 9.4 |
2,019 | 8.6 |
2,020 | 8.2 |
Thereafter | 10 |
Total | $ 59.1 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)SegmentCustomer | Dec. 31, 2014USD ($)Customer | Dec. 31, 2013USD ($)Customer | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Number of reporting segments (segment) | Segment | 2 | ||
Percentage of total revenue | 19.00% | 22.00% | 27.00% |
Legal expenses | $ 2.4 | $ 12.8 | $ 0.2 |
Global Funds Transfer | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Number of Countries in which Entity Operates | 200 | ||
Number of agents that accounted for significant percent of total revenue | Customer | 1 | 1 | 1 |
Financial Paper Products | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Number of agents that accounted for significant percent of total revenue | Customer | 1 | 1 | 1 |
Other | |||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||
Legal expenses | $ 5.2 | $ 16.4 | $ 2.5 |
Pension and Other Postretirement Benefit Expense | 25.7 | 10.2 | |
Net corporate costs | $ 2.5 | $ 5.5 | 11.6 |
Severance and related costs from executive terminations | $ 1.5 |
Segment Information - Revenue b
Segment Information - Revenue by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 1,434.7 | $ 1,454.9 | $ 1,474.4 |
Global Funds Transfer | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,361.4 | 1,374.6 | 1,389.8 |
Global Funds Transfer | Money transfer revenue | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 1,262.7 | 1,274.5 | 1,287.8 |
Global Funds Transfer | Bill payment revenue | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 98.7 | 100.1 | 102 |
Financial Paper Products | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 73.3 | 80.3 | 84 |
Financial Paper Products | Money order revenue | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 51 | 54.1 | 55.1 |
Financial Paper Products | Official check revenue | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 22.3 | 26.2 | 28.9 |
Other | |||
Segment Reporting Information [Line Items] | |||
Total revenue | $ 0 | $ 0 | $ 0.6 |
Segment Information - Operating
Segment Information - Operating Income by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total operating income | $ 16.2 | $ 71.4 | $ 177.9 |
Net securities gains | 0 | 45.4 | 0 |
Interest expense | (45.3) | (44.2) | (47.3) |
Debt extinguishment costs | 0 | 0 | (45.3) |
(Loss) income before income taxes | (29.1) | 72.6 | 85.3 |
Global Funds Transfer | |||
Segment Reporting Information [Line Items] | |||
Total operating income | 31.7 | 75.4 | 162.6 |
Financial Paper Products | |||
Segment Reporting Information [Line Items] | |||
Total operating income | 17.9 | 28.1 | 30.9 |
Total segment operating income | |||
Segment Reporting Information [Line Items] | |||
Total operating income | 49.6 | 103.5 | 193.5 |
Other | |||
Segment Reporting Information [Line Items] | |||
Total operating income | $ (33.4) | $ (32.1) | $ (15.6) |
Segment Information - Depreciat
Segment Information - Depreciation and Amortization and Capital Expenditures by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Depreciation and amortization: | |||
Total depreciation and amortization | $ 66.1 | $ 55.5 | $ 50.7 |
Global Funds Transfer | |||
Depreciation and amortization: | |||
Total depreciation and amortization | 60.4 | 50.8 | 46.5 |
Financial Paper Products | |||
Depreciation and amortization: | |||
Total depreciation and amortization | 5.5 | 4.4 | 3.9 |
Other | |||
Depreciation and amortization: | |||
Total depreciation and amortization | $ 0.2 | $ 0.3 | $ 0.3 |
Segment Information - Schedule
Segment Information - Schedule of Capital Expenditures, by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 100.4 | $ 87.9 | $ 56.7 |
Global Funds Transfer | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | 70.1 | 71.2 | 49.3 |
Financial Paper Products | |||
Segment Reporting Information [Line Items] | |||
Total capital expenditures | $ 30.3 | $ 16.7 | $ 7.4 |
Segment Information - Assets by
Segment Information - Assets by Segment (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Total assets | $ 4,505.2 | $ 4,628.3 |
Global Funds Transfer | ||
Assets: | ||
Total assets | 1,982 | 1,858.3 |
Financial Paper Products | ||
Assets: | ||
Total assets | 2,326.4 | 2,464.5 |
Other | ||
Assets: | ||
Total assets | $ 196.8 | $ 305.5 |
Segment Information - Revenu116
Segment Information - Revenue by Geographical Area (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 1,434.7 | $ 1,454.9 | $ 1,474.4 |
U.S. | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 823.3 | 861.2 | 891.6 |
International | |||
Segment Reporting Information [Line Items] | |||
Total revenue | $ 611.4 | $ 593.7 | $ 582.8 |
Segment Information Segment Inf
Segment Information Segment Information - Long-lived assets by geographical area (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 324.6 | $ 266.4 |
U.S. | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | 290.8 | 235.1 |
International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total long-lived assets | $ 33.8 | $ 31.3 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Total revenue | $ 1,434.7 | $ 1,454.9 | $ 1,474.4 | |||||||||
Total operating expenses | 1,418.5 | 1,383.5 | 1,296.5 | |||||||||
OPERATING INCOME | 16.2 | 71.4 | 177.9 | |||||||||
Total other expenses, net | 45.3 | (1.2) | 92.6 | |||||||||
(Loss) income before income taxes | (29.1) | 72.6 | 85.3 | |||||||||
NET (LOSS) INCOME | $ (76.9) | $ 72.1 | $ 52.4 | |||||||||
(Loss) income per common share | ||||||||||||
Basic (usd per share) | $ (1.24) | $ 1.10 | $ 0.73 | |||||||||
Diluted (usd per share) | $ (1.24) | $ 1.10 | $ 0.73 | |||||||||
Settlement charges | 13.8 | |||||||||||
Quarterly financial data [Member] | ||||||||||||
Total revenue | $ 376.7 | $ 368.6 | $ 358.8 | [1] | $ 330.6 | $ 349.6 | $ 358 | $ 372.4 | $ 374.9 | |||
Total operating expenses | 363.1 | 352 | 374.5 | [1] | 328.9 | 352.6 | 341.7 | 351.3 | 337.9 | |||
OPERATING INCOME | 13.6 | 16.6 | (15.7) | [1] | 1.7 | (3) | 16.3 | 21.1 | 37 | |||
Total other expenses, net | 11.6 | 11.2 | 11.4 | [1] | 11.1 | (11.5) | 11.6 | (11) | 9.7 | |||
(Loss) income before income taxes | 2 | 5.4 | (27.1) | [1] | (9.4) | 8.5 | 4.7 | 32.1 | 27.3 | |||
NET (LOSS) INCOME | $ 2.6 | $ 4.9 | $ (12.4) | [1] | $ (72) | $ 10.5 | $ (3) | $ 25.6 | $ 39 | |||
(Loss) income per common share | ||||||||||||
Basic (usd per share) | $ 0.04 | $ 0.08 | $ (0.20) | [1] | $ (1.16) | $ 0.17 | $ (0.05) | $ 0.40 | $ 0.54 | |||
Diluted (usd per share) | $ 0.04 | $ 0.08 | $ (0.20) | [1] | $ (1.16) | $ 0.17 | $ (0.05) | $ 0.40 | $ 0.54 | |||
[1] | (1)For the three months ended June 30, 2015, the Company experienced a decline in total operating results, primarily as a result of increase in Transaction and operations support and a $13.8 million pension settlement charge related to the voluntary pension buyout recorded in Compensation and benefits. See Note 10 — Pension and Other Benefit for more information regarding the voluntary pension buyout. |
Condensed Consolidating Fina119
Condensed Consolidating Financial Statements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percentage ownership in subsidiary for unconditional guarantee of debt securities | 100.00% |
Condensed Consolidating Fina120
Condensed Consolidating Financial Statements - Condensed, Consolidating Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | |||||
Cash and cash equivalents | $ 164.5 | $ 250.6 | $ 318.8 | $ 227.9 | |
Settlement assets | 3,505.6 | 3,533.6 | |||
Property and equipment, net | 199.7 | 165.6 | |||
Goodwill | 442.2 | 442.5 | |||
Other assets | 193.2 | 236 | |||
Equity investments in subsidiaries | 0 | 0 | |||
Intercompany receivables | 0 | 0 | |||
Total assets | 4,505.2 | 4,628.3 | |||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | |||||
Payment service obligations | 3,505.6 | $ 3,505.6 | 3,533.6 | ||
Debt | 942.6 | 949.6 | |||
Pension and other postretirement benefits | 96.3 | 125.7 | |||
Accounts payable and other liabilities | 183.5 | 202.1 | |||
Intercompany liabilities | 0 | 0 | |||
Total liabilities | 4,728 | 4,811 | |||
Total stockholders’ (deficit) equity | (222.8) | (182.7) | (77) | (161.4) | |
Total liabilities and stockholders’ deficit | 4,505.2 | 4,628.3 | |||
Parent | |||||
ASSETS | |||||
Cash and cash equivalents | 2.1 | 2.1 | 1.7 | 2.3 | |
Settlement assets | 0 | 0 | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Other assets | 27 | 8.5 | |||
Equity investments in subsidiaries | 885.5 | 102.2 | |||
Intercompany receivables | 6.3 | 692.4 | |||
Total assets | 920.9 | 805.2 | |||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | |||||
Payment service obligations | 0 | 0 | |||
Debt | 942.6 | 949.6 | |||
Pension and other postretirement benefits | 0 | 0 | |||
Accounts payable and other liabilities | 1 | 38.3 | |||
Intercompany liabilities | 200.1 | 0 | |||
Total liabilities | 1,143.7 | 987.9 | |||
Total stockholders’ (deficit) equity | (222.8) | (182.7) | |||
Total liabilities and stockholders’ deficit | 920.9 | 805.2 | |||
Subsidiary Guarantors | |||||
ASSETS | |||||
Cash and cash equivalents | 88.2 | 92 | 224.9 | 137.8 | |
Settlement assets | 3,424.1 | 3,494.4 | |||
Property and equipment, net | 179 | 143.3 | |||
Goodwill | 315.3 | 315.3 | |||
Other assets | 168.5 | 253.3 | |||
Equity investments in subsidiaries | 215.8 | 206.2 | |||
Intercompany receivables | 201.2 | 51.5 | |||
Total assets | 4,592.1 | 4,556 | |||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | |||||
Payment service obligations | 3,462.3 | 3,500.4 | |||
Debt | 0 | 0 | |||
Pension and other postretirement benefits | 96.3 | 125.7 | |||
Accounts payable and other liabilities | 148 | 128 | |||
Intercompany liabilities | 0 | 699.7 | |||
Total liabilities | 3,706.6 | 4,453.8 | |||
Total stockholders’ (deficit) equity | 885.5 | 102.2 | |||
Total liabilities and stockholders’ deficit | 4,592.1 | 4,556 | |||
Non- Guarantors | |||||
ASSETS | |||||
Cash and cash equivalents | 74.2 | 156.5 | 92.2 | 87.8 | |
Settlement assets | 81.5 | 39.2 | |||
Property and equipment, net | 20.7 | 22.3 | |||
Goodwill | 126.9 | 127.2 | |||
Other assets | 36.4 | 36.4 | |||
Equity investments in subsidiaries | 0 | 0 | |||
Intercompany receivables | 0 | 0 | |||
Total assets | 339.7 | 381.6 | |||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | |||||
Payment service obligations | 43.3 | 33.2 | |||
Debt | 0 | 0 | |||
Pension and other postretirement benefits | 0 | 0 | |||
Accounts payable and other liabilities | 73.2 | 98 | |||
Intercompany liabilities | 7.4 | 44.2 | |||
Total liabilities | 123.9 | 175.4 | |||
Total stockholders’ (deficit) equity | 215.8 | 206.2 | |||
Total liabilities and stockholders’ deficit | 339.7 | 381.6 | |||
Eliminations | |||||
ASSETS | |||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 | |
Settlement assets | 0 | 0 | |||
Property and equipment, net | 0 | 0 | |||
Goodwill | 0 | 0 | |||
Other assets | (38.7) | (62.2) | |||
Equity investments in subsidiaries | (1,101.3) | (308.4) | |||
Intercompany receivables | (207.5) | (743.9) | |||
Total assets | (1,347.5) | (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 | (38.7) | (62.2) | |||
Intercompany liabilities | (207.5) | (743.9) | |||
Total liabilities | (246.2) | (806.1) | |||
Total stockholders’ (deficit) equity | (1,101.3) | (308.4) | |||
Total liabilities and stockholders’ deficit | $ (1,347.5) | $ (1,114.5) |
Condensed Consolidating Fina121
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUE | |||
Fee and other revenue | $ 1,422.6 | $ 1,438.4 | $ 1,456.8 |
Investment revenue | 12.1 | 16.5 | 17.6 |
Total revenue | 1,434.7 | 1,454.9 | 1,474.4 |
EXPENSES | |||
Fee and other commissions expense | 655.4 | 666 | 677.8 |
Investment commissions expense | 0.8 | 0.4 | 0.4 |
Total commissions expense | 656.2 | 666.4 | 678.2 |
Compensation and benefits | 309.1 | 275 | 264.9 |
Transaction and operations support | 324.8 | 332.2 | 253.7 |
Occupancy, equipment and supplies | 62.3 | 54.4 | 49 |
Depreciation and amortization | 66.1 | 55.5 | 50.7 |
Total operating expenses | 1,418.5 | 1,383.5 | 1,296.5 |
OPERATING INCOME | 16.2 | 71.4 | 177.9 |
Other expenses (income) | |||
Securities settlements | 0 | (45.4) | 0 |
Interest expense | 45.3 | 44.2 | 47.3 |
Debt extinguishment costs | 0 | 0 | 45.3 |
Other income | 0 | ||
Total other expenses (income), net | 45.3 | (1.2) | 92.6 |
(Loss) income before income taxes | (29.1) | 72.6 | 85.3 |
Income tax (benefit) expense | 47.8 | 0.5 | 32.9 |
(Loss) income after income taxes | (76.9) | 72.1 | 52.4 |
Equity (loss) income in subsidiaries | 0 | 0 | 0 |
NET (LOSS) INCOME | (76.9) | 72.1 | 52.4 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 18.4 | (34.1) | 19.3 |
COMPREHENSIVE (LOSS) INCOME | (58.5) | 38 | 71.7 |
Parent | |||
REVENUE | |||
Fee and other revenue | 0 | 0 | 0 |
Investment revenue | 0 | 0 | 0 |
Total revenue | 0 | 0 | 0 |
EXPENSES | |||
Fee and other commissions expense | 0 | 0 | 0 |
Investment commissions expense | 0 | 0 | 0 |
Total commissions expense | 0 | 0 | 0 |
Compensation and benefits | 0 | 0 | 0 |
Transaction and operations support | 1.4 | 3.1 | 1.7 |
Occupancy, equipment and supplies | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Total operating expenses | 1.4 | 3.1 | 1.7 |
OPERATING INCOME | (1.4) | (3.1) | (1.7) |
Other expenses (income) | |||
Securities settlements | 0 | ||
Interest expense | 45.3 | 44.2 | 30.3 |
Debt extinguishment costs | 0 | ||
Other income | 0 | ||
Total other expenses (income), net | 45.3 | 44.2 | 30.3 |
(Loss) income before income taxes | (46.7) | (47.3) | (32) |
Income tax (benefit) expense | (16.4) | (16.6) | (11.2) |
(Loss) income after income taxes | (30.3) | (30.7) | (20.8) |
Equity (loss) income in subsidiaries | (46.6) | 102.8 | 73.2 |
NET (LOSS) INCOME | (76.9) | 72.1 | 52.4 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 18.4 | (34.1) | 19.3 |
COMPREHENSIVE (LOSS) INCOME | (58.5) | 38 | 71.7 |
Subsidiary Guarantors | |||
REVENUE | |||
Fee and other revenue | 1,393.3 | 1,547 | 1,488.4 |
Investment revenue | 12 | 16.3 | 17.4 |
Total revenue | 1,405.3 | 1,563.3 | 1,505.8 |
EXPENSES | |||
Fee and other commissions expense | 638.4 | 802.5 | 730.5 |
Investment commissions expense | 0.8 | 0.4 | 0.4 |
Total commissions expense | 639.2 | 802.9 | 730.9 |
Compensation and benefits | 211.7 | 193.5 | 196 |
Transaction and operations support | 451.3 | 414.8 | 339.7 |
Occupancy, equipment and supplies | 54.7 | 40.5 | 40.5 |
Depreciation and amortization | 53.5 | 42.1 | 36.4 |
Total operating expenses | 1,410.4 | 1,493.8 | 1,343.5 |
OPERATING INCOME | (5.1) | 69.5 | 162.3 |
Other expenses (income) | |||
Securities settlements | (45.4) | ||
Interest expense | 0 | 0 | 17 |
Debt extinguishment costs | 45.3 | ||
Other income | 0 | ||
Total other expenses (income), net | 0 | (45.4) | 62.3 |
(Loss) income before income taxes | (5.1) | 114.9 | 100 |
Income tax (benefit) expense | 56.3 | 15.4 | 36.6 |
(Loss) income after income taxes | (61.4) | 99.5 | 63.4 |
Equity (loss) income in subsidiaries | 14.8 | 3.3 | 9.8 |
NET (LOSS) INCOME | (46.6) | 102.8 | 73.2 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 11.8 | (34.1) | 19.3 |
COMPREHENSIVE (LOSS) INCOME | (34.8) | 68.7 | 92.5 |
Non- Guarantors | |||
REVENUE | |||
Fee and other revenue | 413.8 | 334.9 | 327.7 |
Investment revenue | 0.1 | 0.2 | 0.3 |
Total revenue | 413.9 | 335.1 | 328 |
EXPENSES | |||
Fee and other commissions expense | 219.9 | 161.9 | 167 |
Investment commissions expense | 0 | 0 | 0 |
Total commissions expense | 219.9 | 161.9 | 167 |
Compensation and benefits | 97.4 | 81.5 | 68.9 |
Transaction and operations support | 53.8 | 59.4 | 51.9 |
Occupancy, equipment and supplies | 18.1 | 13.9 | 8.6 |
Depreciation and amortization | 12.6 | 13.4 | 14.3 |
Total operating expenses | 401.8 | 330.1 | 310.7 |
OPERATING INCOME | 12.1 | 5 | 17.3 |
Other expenses (income) | |||
Securities settlements | 0 | ||
Interest expense | 0 | 0 | 0 |
Debt extinguishment costs | 0 | ||
Other income | (10.6) | ||
Total other expenses (income), net | (10.6) | 0 | 0 |
(Loss) income before income taxes | 22.7 | 5 | 17.3 |
Income tax (benefit) expense | 7.9 | 1.7 | 7.5 |
(Loss) income after income taxes | 14.8 | 3.3 | 9.8 |
Equity (loss) income in subsidiaries | 0 | 0 | 0 |
NET (LOSS) INCOME | 14.8 | 3.3 | 9.8 |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (20.4) | (18.6) | 0.3 |
COMPREHENSIVE (LOSS) INCOME | (5.6) | (15.3) | 10.1 |
Eliminations | |||
REVENUE | |||
Fee and other revenue | (384.5) | (443.5) | (359.3) |
Investment revenue | 0 | 0 | (0.1) |
Total revenue | (384.5) | (443.5) | (359.4) |
EXPENSES | |||
Fee and other commissions expense | (202.9) | (298.4) | (219.7) |
Investment commissions expense | 0 | 0 | 0 |
Total commissions expense | (202.9) | (298.4) | (219.7) |
Compensation and benefits | 0 | 0 | 0 |
Transaction and operations support | (181.7) | (145.1) | (139.6) |
Occupancy, equipment and supplies | (10.5) | 0 | (0.1) |
Depreciation and amortization | 0 | 0 | 0 |
Total operating expenses | (395.1) | (443.5) | (359.4) |
OPERATING INCOME | 10.6 | 0 | 0 |
Other expenses (income) | |||
Securities settlements | 0 | ||
Interest expense | 0 | 0 | 0 |
Debt extinguishment costs | 0 | ||
Other income | 10.6 | ||
Total other expenses (income), net | 10.6 | 0 | 0 |
(Loss) income before income taxes | 0 | 0 | 0 |
Income tax (benefit) expense | 0 | 0 | 0 |
(Loss) income after income taxes | 0 | 0 | 0 |
Equity (loss) income in subsidiaries | 31.8 | (106.1) | (83) |
NET (LOSS) INCOME | 31.8 | (106.1) | (83) |
TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | 8.6 | 52.7 | (19.6) |
COMPREHENSIVE (LOSS) INCOME | $ 40.4 | $ (53.4) | $ (102.6) |
Condensed Consolidating Fina122
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 33.6 | $ 62.3 | $ 156.1 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (109.9) | (85.8) | (48.8) |
Cash paid for acquisitions, net of cash acquired | 0 | (11.5) | (15.4) |
Proceeds from disposal of assets | 0.4 | 0.9 | 0.7 |
Intercompany investments | 0 | 0 | 0 |
Dividend from subsidiary guarantors | 0 | 0 | 0 |
Capital contributions to non-guarantors | 0 | 0 | |
Net cash used in investing activities | (109.5) | (96.4) | (63.5) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt | 0 | 129.8 | 850 |
Transaction costs for issuance and amendment of debt | 0 | (5.1) | (11.8) |
Prepayment penalty | 0 | 0 | (21.5) |
Principal payments on debt | (9.8) | (9.5) | (819.5) |
Proceeds from exercise of stock options | 0 | 0.4 | 1.1 |
Stock repurchase | (0.4) | (149.7) | 0 |
Intercompany financings | 0 | 0 | 0 |
Dividend to parent | 0 | 0 | |
Capital contributions from subsidiary guarantors | 0 | 0 | 0 |
Net cash used in financing activities | (10.2) | (34.1) | (1.7) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (86.1) | (68.2) | 90.9 |
CASH AND CASH EQUIVALENTS—Beginning of period | 250.6 | 318.8 | 227.9 |
CASH AND CASH EQUIVALENTS—End of period | 164.5 | 250.6 | 318.8 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (65.7) | (27.4) | (48) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | 0 | 0 | 0 |
Cash paid for acquisitions, net of cash acquired | 0 | 0 | |
Proceeds from disposal of assets | 0 | 0 | 0 |
Intercompany investments | 28.3 | 11.2 | (841.4) |
Dividend from subsidiary guarantors | 47.6 | 50.7 | 44 |
Capital contributions to non-guarantors | 0 | 0 | |
Net cash used in investing activities | 75.9 | 61.9 | (797.4) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt | 129.8 | 850 | |
Transaction costs for issuance and amendment of debt | (5.1) | 0 | |
Prepayment penalty | 0 | ||
Principal payments on debt | (9.8) | (9.5) | (6.3) |
Proceeds from exercise of stock options | 0.4 | 1.1 | |
Stock repurchase | (0.4) | (149.7) | |
Intercompany financings | 0 | 0 | 0 |
Dividend to parent | 0 | 0 | |
Capital contributions from subsidiary guarantors | 0 | 0 | 0 |
Net cash used in financing activities | (10.2) | (34.1) | 844.8 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0.4 | (0.6) |
CASH AND CASH EQUIVALENTS—Beginning of period | 2.1 | 1.7 | 2.3 |
CASH AND CASH EQUIVALENTS—End of period | 2.1 | 2.1 | 1.7 |
Subsidiary Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 149.6 | 48.3 | 198.5 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (96.5) | (69) | (48.8) |
Cash paid for acquisitions, net of cash acquired | (3.7) | (15) | |
Proceeds from disposal of assets | 0.4 | 0.9 | 0.7 |
Intercompany investments | 21 | (47.5) | 0 |
Dividend from subsidiary guarantors | 0 | 0 | 0 |
Capital contributions to non-guarantors | (2.4) | 0.8 | |
Net cash used in investing activities | (77.5) | (119.3) | (62.3) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt | 0 | 0 | |
Transaction costs for issuance and amendment of debt | 0 | (11.8) | |
Prepayment penalty | (21.5) | ||
Principal payments on debt | 0 | 0 | (813.2) |
Proceeds from exercise of stock options | 0 | 0 | |
Stock repurchase | 0 | 0 | |
Intercompany financings | (28.3) | (11.2) | 841.4 |
Dividend to parent | (47.6) | (44) | |
Capital contributions from subsidiary guarantors | 0 | (50.7) | 0 |
Net cash used in financing activities | (75.9) | (61.9) | (49.1) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (3.8) | (132.9) | 87.1 |
CASH AND CASH EQUIVALENTS—Beginning of period | 92 | 224.9 | 137.8 |
CASH AND CASH EQUIVALENTS—End of period | 88.2 | 92 | 224.9 |
Non- Guarantors | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (50.3) | 41.4 | 5.6 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (13.4) | (16.8) | 0 |
Cash paid for acquisitions, net of cash acquired | (7.8) | (0.4) | |
Proceeds from disposal of assets | 0 | 0 | 0 |
Intercompany investments | 0 | 0 | 0 |
Dividend from subsidiary guarantors | 0 | 0 | 0 |
Capital contributions to non-guarantors | 0 | 0 | |
Net cash used in investing activities | (13.4) | (24.6) | (0.4) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt | 0 | 0 | |
Transaction costs for issuance and amendment of debt | 0 | 0 | |
Prepayment penalty | 0 | ||
Principal payments on debt | 0 | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 | |
Stock repurchase | 0 | 0 | |
Intercompany financings | (21) | 47.5 | 0 |
Dividend to parent | 0 | 0 | |
Capital contributions from subsidiary guarantors | (2.4) | 0 | (0.8) |
Net cash used in financing activities | (18.6) | 47.5 | (0.8) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (82.3) | 64.3 | 4.4 |
CASH AND CASH EQUIVALENTS—Beginning of period | 156.5 | 92.2 | 87.8 |
CASH AND CASH EQUIVALENTS—End of period | 74.2 | 156.5 | 92.2 |
Eliminations | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 0 | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | 0 | 0 | 0 |
Cash paid for acquisitions, net of cash acquired | 0 | 0 | |
Proceeds from disposal of assets | 0 | 0 | 0 |
Intercompany investments | (49.3) | 36.3 | 841.4 |
Dividend from subsidiary guarantors | (47.6) | (50.7) | (44) |
Capital contributions to non-guarantors | 2.4 | (0.8) | |
Net cash used in investing activities | (94.5) | (14.4) | 796.6 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of debt | 0 | 0 | |
Transaction costs for issuance and amendment of debt | 0 | 0 | |
Prepayment penalty | 0 | ||
Principal payments on debt | 0 | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 | |
Stock repurchase | 0 | 0 | |
Intercompany financings | 49.3 | (36.3) | (841.4) |
Dividend to parent | 47.6 | 44 | |
Capital contributions from subsidiary guarantors | 2.4 | 50.7 | 0.8 |
Net cash used in financing activities | 94.5 | 14.4 | (796.6) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | $ 0 | $ 0 | $ 0 |