Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | MONEYGRAM INTERNATIONAL INC | |
Entity Central Index Key | 1,273,931 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 53,445,844 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 148.6 | $ 164.5 |
Settlement assets | 3,320.5 | 3,505.6 |
Property and equipment, net | 196.8 | 199.7 |
Goodwill | 442.2 | 442.2 |
Other assets | 182.7 | 193.2 |
Total assets | 4,290.8 | 4,505.2 |
LIABILITIES | ||
Payment service obligations | 3,320.5 | 3,505.6 |
Debt | 939 | 942.6 |
Pension and other postretirement benefits | 91.4 | 96.3 |
Accounts payable and other liabilities | 161.1 | 183.5 |
Total liabilities | 4,512 | 4,728 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
STOCKHOLDERS’ DEFICIT | ||
Participating convertible preferred stock - series D, $0.01 par value, 200,000 shares authorized, 71,282 issued at June 30, 2016 and December 31, 2015 | 183.9 | 183.9 |
Common stock, $0.01 par value, 162,500,000 shares authorized, 58,823,567 shares issued at June 30, 2016 and December 31, 2015 | 0.6 | 0.6 |
Additional paid-in capital | 1,011.9 | 1,002.4 |
Retained loss | (1,260) | (1,226.8) |
Accumulated other comprehensive loss | (48.4) | (48.7) |
Treasury stock: 5,399,831 and 5,612,188 shares at June 30, 2016 and December 31, 2015, respectively | (109.2) | (134.2) |
Total stockholders’ deficit | (221.2) | (222.8) |
Total liabilities and stockholders’ deficit | $ 4,290.8 | $ 4,505.2 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
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) | 5,399,831 | 5,612,188 |
Series D Preferred Stock | ||
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 200,000 | 200,000 |
Preferred stock, shares issued (shares) | 71,282 | 71,282 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
REVENUE | ||||
Fee and other revenue | $ 379.3 | $ 356 | $ 734 | $ 683.7 |
Investment revenue | 4.4 | 2.8 | 8.1 | 5.7 |
Total revenue | 383.7 | 358.8 | 742.1 | 689.4 |
EXPENSES | ||||
Fee and other commissions expense | 172.9 | 163.2 | 335.2 | 316.6 |
Investment commissions expense | 0.6 | 0.2 | 1.1 | 0.3 |
Total commissions expense | 173.5 | 163.4 | 336.3 | 316.9 |
Compensation and benefits | 74.4 | 87.8 | 146.1 | 162.5 |
Transaction and operations support | 83.1 | 90.3 | 147.6 | 160.7 |
Occupancy, equipment and supplies | 16 | 15.8 | 31.2 | 31.3 |
Depreciation and amortization | 20.5 | 17.2 | 41.6 | 32 |
Total operating expenses | 367.5 | 374.5 | 702.8 | 703.4 |
OPERATING INCOME (LOSS) | 16.2 | (15.7) | 39.3 | (14) |
Other expense | ||||
Interest expense | 11.2 | 11.4 | 22.5 | 22.5 |
Total other expense | 11.2 | 11.4 | 22.5 | 22.5 |
Income (loss) before income taxes | 5 | (27.1) | 16.8 | (36.5) |
Income tax expense (benefit) | 1.9 | (14.7) | 17.9 | 47.9 |
NET INCOME (LOSS) | $ 3.1 | $ (12.4) | $ (1.1) | $ (84.4) |
INCOME (LOSS) PER COMMON SHARE | ||||
Basic (usd per share) | $ 0.05 | $ (0.20) | $ (0.02) | $ (1.36) |
Diluted (usd per share) | $ 0.05 | $ (0.20) | $ (0.02) | $ (1.36) |
Weighted-average outstanding common shares and equivalents used in computing income (loss) per common share | ||||
Basic | 62.5 | 62.1 | 62.5 | 62.1 |
Diluted | 66 | 62.1 | 62.5 | 62.1 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME (LOSS) | $ 3.1 | $ (12.4) | $ (1.1) | $ (84.4) |
OTHER COMPREHENSIVE (LOSS) INCOME | ||||
Net change in unrealized holding gains on available-for-sale securities arising during the period, net of tax (benefit) expense of ($0.1) and $0.1 for the three and six months ended June 30, 2016 and 2015, respectively | (0.2) | (0.1) | (0.2) | 0 |
Net change in pension liability due to amortization of prior service cost and net actuarial losses, net of tax benefit of $0.5 and $0.8 for the three months ended June 30, 2016 and 2015, respectively, and $1.0 and $1.6 for the six months ended June 30, 2016 and 2015, respectively | 0.8 | 1.4 | 1.6 | 2.8 |
Valuation adjustment for pension and postretirement benefits, net of tax expense of $0.0 and $3.7 for the three and six months ended June 30, 2016 and 2015, respectively | 0 | 6.3 | 0 | 6.3 |
Pension settlement charge, net of tax benefit of $0.0 and $5.0 for the three and six months ended June 30, 2016 and 2015, respectively | 0 | 8.8 | 0 | 8.8 |
Unrealized foreign currency translation adjustments, net of tax (benefit) expense of ($1.0) and $2.5 for the three months ended June 30, 2016 and 2015, respectively, and $1.8 and ($4.5) for the six months ended June 30, 2016 and 2015, respectively | (2.3) | 4.3 | (1.1) | (7.8) |
Other comprehensive (loss) income | (1.7) | 20.7 | 0.3 | 10.1 |
COMPREHENSIVE INCOME (LOSS) | $ 1.4 | $ 8.3 | $ (0.8) | $ (74.3) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net change in unrealized holding gains on available-for-sale securities, tax | $ (0.1) | $ 0.1 | $ (0.1) | $ 0.1 |
Amortization of prior service credit and net actuarial loss for pension and postretirement benefit plans, tax | 0.5 | 0.8 | 1 | 1.6 |
Other Comprehensive Income (Loss), Finalization of Pension and Other Postretirement Benefit Plan Valuation, Net of Tax | 0 | 3.7 | 0 | 3.7 |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Tax | 0 | 5 | 0 | 5 |
Unrealized foreign currency translation adjustments, tax | $ (1) | $ 2.5 | $ 1.8 | $ (4.5) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1.1) | $ (84.4) |
Depreciation and amortization | 41.6 | 32 |
Signing bonus amortization | 27.7 | 29.1 |
Signing bonus payments | (14.6) | (63.8) |
Amortization of debt issuance costs and debt discount | 1.6 | 1.5 |
Non-cash compensation and pension expense | 12.8 | 29.5 |
Change in other assets | (1.7) | 29 |
Change in accounts payable and other liabilities | (34.3) | (30) |
Other non-cash items, net | (0.3) | (0.2) |
Net cash provided by (used in) operating activities | 31.7 | (57.3) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (38.1) | (59.7) |
Net cash used in investing activities | (38.1) | (59.7) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on debt | (4.9) | (5) |
Stock repurchase | (4.6) | 0 |
Net cash used in financing activities | (9.5) | (5) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (15.9) | (122) |
CASH AND CASH EQUIVALENTS—Beginning of period | 164.5 | 250.6 |
CASH AND CASH EQUIVALENTS—End of period | 148.6 | 128.6 |
Supplemental Cash Flow Information [Abstract] | ||
Cash payments for interest | 20.9 | 21 |
Cash taxes, net | $ 4.6 | $ 65.3 |
Condensed Consolidated Stateme8
Condensed Consolidated Statement 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, 2014 | $ (182.7) | $ 183.9 | $ 0.6 | $ 982.8 | $ (1,144.6) | $ (67.1) | $ (138.3) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (84.4) | (84.4) | |||||
Stock-based compensation activity | 8.3 | 9 | (4.8) | 4.1 | |||
Other comprehensive income | 10.1 | 10.1 | |||||
Ending Balance at Jun. 30, 2015 | (248.7) | 183.9 | 0.6 | 991.8 | (1,233.8) | (57) | (134.2) |
Beginning Balance at Dec. 31, 2015 | (222.8) | 183.9 | 0.6 | 1,002.4 | (1,226.8) | (48.7) | (134.2) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (1.1) | (1.1) | |||||
Stock-based compensation activity | 7 | 9.5 | (32.1) | 29.6 | |||
Stock repurchase | (4.6) | (4.6) | |||||
Other comprehensive income | 0.3 | 0.3 | |||||
Ending Balance at Jun. 30, 2016 | $ (221.2) | $ 183.9 | $ 0.6 | $ 1,011.9 | $ (1,260) | $ (48.4) | $ (109.2) |
Description of the Business and
Description of the Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
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. Nature of Operations — MoneyGram offers products and services under its two reporting segments: Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment provides global money transfer services and bill payment services to consumers. We primarily offer services through third-party agents, including retail chains, independent retailers, post offices and other financial institutions. We also offer Digital 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 Financial Paper Products segment provides official check outsourcing services and money orders through financial institutions and agent locations. Basis of Presentation — The accompanying unaudited condensed consolidated financial statements of MoneyGram are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for future periods. For further information, refer to the Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on historical experience, future expectations and other factors and assumptions the Company believes to be reasonable under the circumstances. These estimates and assumptions are reviewed on an ongoing basis and are revised when necessary. Changes in estimates are recorded in the period of change. Actual amounts may differ from these estimates. Recent Accounting Pronouncements and Related Developmen ts — In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606). The new guidance sets forth a five-step revenue recognition model which replaces the current revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance and requires more detailed disclosures. To further assist with adoption and implementation of ASU 2014-09, the FASB issued the following ASUs: • ASU 2016-08 (Issued March 2016) — Principal versus Agent Consideration (Reporting Revenue Gross versus Net) • ASU 2016-10 (Issued April 2016) — Identifying Performance Obligations and Licensing • ASU 2016-12 (Issued May 2016) — Narrow-Scope Improvements and Practical Expedients These ASUs are effective for public entities for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before interim and annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact this standard will have on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 requires organizations to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about leasing arrangements. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous leases guidance. The FASB retained the distinction between finance leases and operating leases, leaving the effect of leases in the statement of comprehensive income and the statement of cash flows largely unchanged from previous GAAP. ASU 2016-02 mandates a modified retrospective transition method and is effective for fiscal years beginning after December 15, 2018. Early adoption of the amendment is permitted. The Company is currently evaluating the impact this standard will have on the consolidated financial statements. In April 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. Further, the ASU requires that cash payments to tax authorities in connection with shares withheld to meet statutory tax withholding requirements be presented as a financing activity in the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 and early adoption of the amendment is permitted. The Company is currently evaluating the impact this standard will have on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new credit impairment standard changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking expected loss model that generally will result in the earlier recognition of allowances for credit losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and early adoption of the amendment is permitted. The adoption of ASU 2016-13 will not have a significant impact on our consolidated financial statements. |
Reorganization and Restructurin
Reorganization and Restructuring Costs | 6 Months Ended |
Jun. 30, 2016 | |
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 completed these reorganization and restructuring activities as of June 30, 2016 . In the third quarter of 2015, the Company initiated other reorganization and restructuring activities to further improve operational efficiencies and concluded these activities as of June 30, 2016 . The following table is a roll-forward of the restructuring costs accrual as of June 30, 2016 : 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, 2015 $ 3.8 $ — $ 0.2 $ 4.0 Expenses 0.2 0.1 — 0.3 Cash payments (4.0 ) (0.1 ) — (4.1 ) Balance, June 30, 2016 $ — $ — $ 0.2 $ 0.2 (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 as of June 30, 2016 : (Amounts in millions) 2014 Global Transformation Program Other Restructuring Total Severance, Outplacement and Related Benefits Other (1) Severance, Outplacement and Related Benefits Restructuring costs Cumulative restructuring costs incurred to date in operating expenses $ 17.9 $ 3.1 $ 0.6 $ 21.6 (1) Other primarily relates to expenses for facilities relocation and professional fees. Such costs are expensed as incurred. The following table summarizes the reorganization and restructuring costs recorded: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Restructuring costs in operating expenses: Compensation and benefits $ — $ 0.5 $ 0.2 $ 2.7 Transaction and operations support — 0.4 0.1 0.6 Total restructuring costs in operating expenses — 0.9 0.3 3.3 Reorganization costs in operating expenses: Compensation and benefits — 1.9 — 5.9 Transaction and operations support — 1.6 0.1 4.3 Occupancy, equipment and supplies — 0.2 0.1 1.0 Total reorganization costs in operating expenses — 3.7 0.2 11.2 Total reorganization and restructuring costs $ — $ 4.6 $ 0.5 $ 14.5 The following table is a summary of the total cumulative restructuring costs incurred to date in operating expenses by reportable segment as of June 30, 2016 : (Amounts in millions) Global Funds Transfer Financial Paper Products Other Total 2014 Global Transformation Program Balance, December 31, 2015 $ 17.8 $ 2.2 $ 0.7 $ 20.7 First quarter 2016 0.3 — — 0.3 Total cumulative restructuring costs incurred to date in operating expenses 18.1 2.2 0.7 21.0 Other Restructuring Total cumulative restructuring costs incurred to date in operating expenses 0.6 — — 0.6 Total restructuring costs incurred $ 18.7 $ 2.2 $ 0.7 $ 21.6 |
Settlement Assets and Payment S
Settlement Assets and Payment Service Obligations | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Settlement Assets in Excess of Payment Service Obligations [Abstract] | |
Settlement Assets and Payment Service Obligations | Settlement Assets and Payment Service Obligations Settlement assets represent funds received or to be received from agents for unsettled money transfers, money orders and consumer payments. The Company records corresponding payment service obligations relating to amounts payable under money transfers, money orders and consumer payment service arrangements. These obligations are recognized by the Company at the time the underlying transactions occur. The following table summarizes the amount of Settlement assets and Payment service obligations: (Amounts in millions) June 30, 2016 December 31, 2015 Settlement assets: Settlement cash and cash equivalents $ 1,340.4 $ 1,560.7 Receivables, net 758.7 861.4 Interest-bearing investments 1,202.0 1,062.4 Available-for-sale investments 19.4 21.1 $ 3,320.5 $ 3,505.6 Payment service obligations $ (3,320.5 ) $ (3,505.6 ) |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2016 | |
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. The following tables summarize the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis: (Amounts in millions) Level 2 Level 3 Total June 30, 2016 Financial assets: Available-for-sale investments: Residential mortgage-backed securities $ 8.4 $ — $ 8.4 Other asset-backed securities — 11.0 11.0 Forward contracts 1.2 — 1.2 Total financial assets $ 9.6 $ 11.0 $ 20.6 Financial liabilities: Forward contracts $ — $ — $ — December 31, 2015 Financial assets: Available-for-sale investments: Residential mortgage-backed securities $ 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 The following table is a summary of the unobservable inputs used in the valuation of other asset-backed securities classified as Level 3: June 30, 2016 December 31, 2015 (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 $ 78.67 $ 0.1 $ 79.19 Home equity Price Third-party pricing service 0.1 27.67 0.1 29.40 Indirect exposure — high grade Price Third-party pricing service 8.4 21.76 8.3 21.65 Indirect exposure — mezzanine Price Third-party pricing service 0.7 0.68 0.8 0.75 Indirect exposure — mezzanine Price Broker 1.0 1.49 1.1 1.58 Other Net asset value Third-party pricing service 0.7 3.70 1.2 6.34 Total $ 11.0 $ 11.6 (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: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Beginning balance $ 11.4 $ 12.5 $ 11.6 $ 12.6 Principal paydowns (0.6 ) (0.1 ) (0.8 ) (0.2 ) Change in unrealized gains 0.1 (0.2 ) 0.1 (0.2 ) Net realized gains 0.1 — 0.1 — Ending balance $ 11.0 $ 12.2 $ 11.0 $ 12.2 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 the Company's fair value and carrying value of debt: Fair Value Carrying Value (Amounts in millions) June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 Senior secured credit facility $ 892.5 $ 858.9 $ 949.4 $ 954.3 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 June 30, 2016 and December 31, 2015 . |
Investment Portfolio
Investment Portfolio | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Portfolio | Investment Portfolio The following table shows the components of the investment portfolio: (Amounts in millions) June 30, 2016 December 31, 2015 Cash $ 1,481.4 $ 1,717.3 Money market securities 7.6 7.9 Cash and cash equivalents (1) 1,489.0 1,725.2 Interest-bearing investments 1,202.0 1,062.4 Available-for-sale investments 19.4 21.1 Total investment portfolio $ 2,710.4 $ 2,808.7 (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. The following table is a summary of the amortized cost and fair value of available-for-sale investments: Amortized Cost Gross Unrealized Gains Fair Value (Amounts in millions) June 30, 2016 Residential mortgage-backed securities $ 7.5 $ 0.9 $ 8.4 Other asset-backed securities 1.5 9.5 11.0 Total $ 9.0 $ 10.4 $ 19.4 December 31, 2015 Residential mortgage-backed securities $ 8.7 $ 0.8 $ 9.5 Other asset-backed securities 1.7 9.9 11.6 Total $ 10.4 $ 10.7 $ 21.1 As of June 30, 2016 and December 31, 2015 , 43% and 45% , 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. Gains and Losses — For the three and six months ended June 30, 2016 and 2015 , the Company had nominal net realized gains. The Company had no unrealized losses in its available-for-sale portfolio as of June 30, 2016 and December 31, 2015 . See summary of net unrealized gains included in Accumulated other comprehensive loss at Note 9 — Stockholders' Deficit . 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. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following gains (losses) related to assets and liabilities denominated in foreign currencies are included in the “Transaction and operations support” line in the Condensed Consolidated Statements of Operations and in the "Net cash used in operating activities" line in the Condensed Consolidated Statements of Cash Flows: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Net realized foreign currency (losses) gains $ (2.1 ) $ 5.5 $ 4.6 $ (18.8 ) Net gains (losses) from the related forward contracts 5.9 (5.3 ) 9.9 21.1 Net gains from foreign currency transactions and related forward contracts $ 3.8 $ 0.2 $ 14.5 $ 2.3 As of June 30, 2016 and December 31, 2015 , the Company had $314.8 million and $295.8 million , respectively, of outstanding notional amounts relating to its forward contracts. The Company reflects the following fair values of derivative forward contract instruments in its Condensed Consolidated Balance Sheets: Gross Amount of Recognized Assets Gross Amount of Offset Net Amount of Assets Presented in the Condensed Consolidated Balance Sheets Balance Sheet Location June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 (Amounts in millions) Forward contracts Other assets $ 1.9 $ 1.0 $ (0.7 ) $ (0.2 ) $ 1.2 $ 0.8 Gross Amount of Recognized Liabilities Gross Amount of Offset Net Amount of Liabilities Presented in the Condensed Consolidated Balance Sheets Balance Sheet Location June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 (Amounts in millions) Forward contracts Accounts payable and other liabilities $ 0.7 $ 0.3 $ (0.7 ) $ (0.2 ) $ — $ 0.1 The Company is exposed to credit loss in the event of non-performance by counterparties to its derivative contracts. 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. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following is a summary of the Company’s outstanding debt: (Amounts in millions, except percentages) Effective Interest Rate June 30, 2016 December 31, 2015 Senior secured credit facility due 2020 4.25 % $ 949.4 $ 954.3 Unamortized debt issuance costs and debt discount (10.4 ) (11.7 ) Total debt, net $ 939.0 $ 942.6 Revolving Credit Facility — As of June 30, 2016 , the Company had no outstanding letters of credit and no borrowings under its revolving credit facility, leaving $150.0 million of availability thereunder. Debt Covenants and Other Restrictions — Borrowings under the credit agreement that provides for the senior secured facility due 2020 and the revolving credit facility 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 revolving credit facility contains certain financial covenants, in addition to the non-financial covenants described above. 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. The following table shows the components of our assets in excess of payment service obligations used for the asset coverage calculation: (Amounts in millions) June 30, 2016 December 31, 2015 Cash and cash equivalents $ 148.6 $ 164.5 Settlement assets 3,320.5 3,505.6 Total cash and cash equivalents and settlement assets 3,469.1 3,670.1 Payment service obligations (3,320.5 ) (3,505.6 ) Assets in excess of payment service obligations $ 148.6 $ 164.5 The 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 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 As of June 30, 2016 , the Company was in compliance with its financial covenants: our interest coverage ratio was 6.43 to 1.00 and our secured leverage ratio was 3.511 to 1.00. We continuously monitor our compliance with our debt covenants. |
Pensions and Other Benefits
Pensions and Other Benefits | 6 Months Ended |
Jun. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pensions and Other Benefits | Pensions and Other Benefits The following table is a summary of net periodic benefit expense for the Company's defined pension plan ("Pension Plan") and supplemental executive retirement plans ("SERPs"), collectively referred to as ("Pension"): Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Pension settlement charge $ — $ 13.8 $ — $ 13.8 Interest cost 1.6 2.4 3.3 5.0 Expected return on plan assets (1.3 ) (1.5 ) (2.6 ) (3.3 ) Amortization of net actuarial losses 1.4 2.3 2.8 4.6 Net periodic benefit expense $ 1.7 $ 17.0 $ 3.5 $ 20.1 The Company made contributions to the Pension Plan of $2.0 million and $4.0 million for each of the three and six months ended June 30, 2016 and 2015 , respectively. Contributions made to the SERPs were $0.7 million and $1.7 million for the three and six months ended June 30, 2016 , respectively, and $0.6 million and $1.9 million for the three and six months ended June 30, 2015 , respectively. The following table is a summary of net periodic benefit income for the Company’s postretirement medical benefit plan ("Postretirement Benefits"): Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Amortization of prior service credits $ (0.2 ) $ (0.1 ) $ (0.3 ) $ (0.3 ) Amortization of net actuarial losses 0.1 — 0.1 0.1 Net periodic benefit income $ (0.1 ) $ (0.1 ) $ (0.2 ) $ (0.2 ) |
Stockholders' Deficit
Stockholders' Deficit | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Deficit | Stockholders’ Deficit Common Stock — No dividends were paid during the three or six months ended June 30, 2016 or June 30, 2015 . Accumulated Other Comprehensive Loss — The following tables are a summary of the changes to Accumulated other comprehensive loss by component: (Amounts in millions) Net Unrealized Gains on Securities Classified as Available-for-sale, Net of Tax Cumulative Foreign Currency Translation Adjustments, Net of Tax Pension and Postretirement Benefits Adjustment, Net of Tax Total December 31, 2015 $ 11.1 $ (13.5 ) $ (46.3 ) $ (48.7 ) Other comprehensive loss before reclassification (0.1 ) (1.1 ) — (1.2 ) Amounts reclassified from accumulated other comprehensive loss (0.1 ) — 1.6 1.5 Net current period other comprehensive (loss) income (0.2 ) (1.1 ) 1.6 0.3 June 30, 2016 $ 10.9 $ (14.6 ) $ (44.7 ) $ (48.4 ) December 31, 2014 $ 11.2 $ (5.4 ) $ (72.9 ) $ (67.1 ) Other comprehensive income (loss) before reclassification 0.6 (7.8 ) 6.3 (0.9 ) Amounts reclassified from accumulated other comprehensive loss (0.6 ) — 11.6 11.0 Net current period other comprehensive (loss) income — (7.8 ) 17.9 10.1 June 30, 2015 $ 11.2 $ (13.2 ) $ (55.0 ) $ (57.0 ) The following table is a summary of the significant amounts reclassified out of each component of Accumulated other comprehensive loss: Three Months Ended June 30, Six Months Ended June 30, Statement of Operations Location (Amounts in millions) 2016 2015 2016 2015 Change in unrealized gains on securities classified as available-for-sale, before tax $ — $ (0.3 ) $ (0.1 ) $ (0.5 ) "Investment revenue" Tax expense — (0.1 ) — (0.1 ) Total, net of tax — (0.4 ) (0.1 ) (0.6 ) Pension and Postretirement Benefits adjustments: Amortization of prior service credits (0.2 ) (0.1 ) (0.3 ) (0.3 ) "Compensation and benefits" Amortization of net actuarial losses 1.5 2.3 2.9 4.7 "Compensation and benefits" Settlement charges — 13.8 — 13.8 "Compensation and benefits" Total before tax 1.3 16.0 2.6 18.2 Tax benefit (0.5 ) (5.8 ) (1.0 ) (6.6 ) Total, net of tax 0.8 10.2 1.6 11.6 Total reclassified for the period, net of tax $ 0.8 $ 9.8 $ 1.5 $ 11.0 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table is a summary of the Company's stock-based compensation expense: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Expense recognized related to stock options $ 0.7 $ 1.0 $ 1.6 $ 2.5 Expense recognized related to restricted stock units 3.8 4.0 7.9 6.5 Stock-based compensation expense $ 4.5 $ 5.0 $ 9.5 $ 9.0 Stock Options — The following table is a summary of the Company’s stock option activity: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value ($000,000) Options outstanding at December 31, 2015 3,092,581 $ 19.20 5.2 years $ — Forfeited/Expired (361,766 ) 25.59 Options outstanding at June 30, 2016 2,730,815 $ 18.35 4.7 years $ — Vested or expected to vest at June 30, 2016 2,708,693 $ 18.36 4.7 years $ — Options exercisable at June 30, 2016 2,329,528 $ 18.34 4.4 years $ — As of June 30, 2016 , the unrecognized stock option expense related to outstanding options was $2.1 million with a remaining weighted-average vesting period of 0.7 years . Restricted Stock Units — In February 2016, the Company issued time-based and performance-based restricted stock units. The time-based restricted stock units vest in three equal installments on each anniversary of the grant date. The performance-based restricted stock units are subject to performance conditions that must be satisfied. If such performance conditions are satisfied at the conclusion of a one-year performance period, the performance-based restricted stock units will vest in three equal installments on each anniversary of the grant date. With respect to the performance-based restricted stock units, up to 50% of such awards become eligible to vest over such three year period if a target level of Adjusted EBITDA is achieved for the year ended December 31, 2016. Adjusted EBITDA is EBITDA (earnings before interest, taxes, depreciation and amortization, including agent signing bonus amortization) adjusted for certain significant items. The other 50% of the performance-based restricted stock units become eligible to vest over such three year period if a target level of Digital revenue is achieved for the year ended December 31, 2016. The performance-based restricted stock units have a threshold level of performance for each of the target levels. Achievement of the threshold level will result in vesting of 50% of the target levels discussed above. The number of performance-based restricted stock units that will vest for performance achievement between the threshold and target will be determined based on a straight-line interpolation. No performance-based restricted stock units will vest for performance achievement below the thresholds. The following table is a summary of the Company’s restricted stock unit activity: Total Shares Weighted Average Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value ($000,000) Restricted stock units outstanding at December 31, 2015 4,162,568 $ 10.68 1.0 year $ 26.1 Granted 3,014,261 5.11 Vested and converted to shares (1,448,347 ) 9.59 Forfeited (496,007 ) 11.73 Restricted stock units outstanding at June 30, 2016 5,232,475 $ 7.68 1.4 years $ 35.8 As of June 30, 2016 , the Company’s outstanding restricted stock units had unrecognized compensation expense of $24.5 million . Unrecognized restricted stock unit expense and the remaining weighted-average vesting period are presented using the Company’s current estimate of achievement of performance goals. The grant-date fair value of restricted stock units vested was $1.0 million and $13.9 million for the three and six months ended June 30, 2016 , respectively, and $0.7 million and $3.8 million for the three and six months ended June 30, 2015 , respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended June 30, 2016 , the Company recognized income tax expense of $1.9 million on pre-tax income of $5.0 million . For the three months ended June 30, 2016 , our income tax rate did not differ significantly from our statutory tax rate. For the six months ended June 30, 2016 , the Company recognized income tax expense of $17.9 million on a pre-tax income of $16.8 million . The recorded income tax expense for the six months ended June 30, 2016 differs from taxes calculated at the statutory rate primarily due to tax expense of $7.7 million from the settlement reached with the Internal Revenue Service (the "IRS") on the matter discussed below related to the deduction of payments previously made by the Company to the Asset Forfeiture and Money Laundering Section of the Department of Justice ("U.S. DOJ") pursuant to the Deferred Prosecution Agreement, the reversal of tax benefits of $3.1 million on share-based compensation and a tax expense of $1.1 million related to non-deductible executive compensation. For the three months ended June 30, 2015 , the Company recognized an income tax benefit of $14.7 million on a pre-tax loss of $27.1 million , which included reductions of uncertain tax positions of prior years, which were partially offset by the reversal of tax benefits on share-based compensation. For the six months ended June 30, 2015 , although the Company recognized a pre-tax loss of $36.5 million , an income tax expense of $47.9 million was recorded primarily as a result of the U.S. Tax Court decision related to the IRS matter discussed below. 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 and Examination Report 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. All appellate briefs were filed by the end of January 2016, and oral arguments were held before the Fifth Circuit on June 7, 2016. The Tax Court's decision was 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 Condensed 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. Pending the outcome of the appeal, the Company may be required to file amended state returns and make additional cash payments of up to $17.0 million on amounts that have previously been accrued. 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 U.S. DOJ pursuant to the Deferred Prosecution Agreement. In April 2016, the Company entered into a settlement agreement with the IRS allowing a deduction of $39.3 million . As of December 31, 2015, the Company had recognized a cumulative benefit of approximately $23.3 million related to this matter. “Income tax expense” in the Condensed Consolidated Statements of Operations for the six months ended June 30, 2016 increased by $7.7 million as a result of the settlement. Unrecognized tax benefits are recorded in “Accounts payable and other liabilities” in the Condensed Consolidated Balance Sheets. As of June 30, 2016 and December 31, 2015 , the liability for unrecognized tax benefits was $16.9 million and $30.5 million , respectively, all of which could impact the effective tax rate if recognized. During the second quarter of 2016 , unrecognized tax benefits decreased by $21.2 million relating to the settlement of the U.S. DOJ tax matter discussed above. The Company accrues interest and penalties for unrecognized tax benefits through “Income tax expense” in the Condensed Consolidated Statements of Operations. For the six months ended June 30, 2016 , interest and penalties increased by $0.8 million offset by $0.5 million from the settlement of the U.S. DOJ tax matter. For the six months ended June 30, 2015 , the Company's accrual for interest and penalties decreased by $1.4 million . As of June 30, 2016 and December 31, 2015 , the Company had a liability of $4.8 million and $4.5 million , respectively, for interest and penalties related to its unrecognized tax benefits. As a result of the Company's appeal with the U.S. Court of Appeals related to its securities losses previously discussed, it is possible that there could be a significant decrease to the total amount of unrecognized tax benefits over the next 12 months. As of June 30, 2016 , it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax positions over the next 12 months. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings — The matters set forth below are subject to uncertainties and outcomes that are not predictable. The Company accrues for these matters as any resulting losses become probable and can be reasonably estimated. Further, the Company maintains insurance coverage for many claims and litigation alleged. In relation to various legal matters, including those described below, the Company had $1.5 million and $16.3 million of liability recorded in the “Accounts payable and other liabilities” line in the Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015 , respectively. No charges were recorded for legal proceedings during the three months ended June 30, 2016 , while a nominal charge was recorded in the “Transaction and operations support” line in the Condensed Consolidated Statements of Operations during the six months ended June 30, 2016 . Charges of $2.0 million and $2.2 million were recorded for legal proceedings in the “Transaction and operations support” line in the Condensed Consolidated Statements of Operations during the three and six months ended June 30, 2015 , respectively. 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, Thomas H. Lee Partners, Goldman Sachs & Co., Inc. 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, 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 made a non-refundable payment of $13.0 million to the participating states in March 2016 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. 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. In 2015, we initiated an internal investigation to identify any payments processed by the Company that were violations of the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) sanctions regulations. We have notified OFAC of the ongoing internal investigation, which is being conducted in conjunction with the Company’s outside counsel. If any violations are confirmed as part of our investigation, we could be subject to fines or penalties. Actions Commenced by the Company: 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 and Examination Report disallow, among other items, approximately $900.0 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. All appellate briefs were filed by the end of January 2016, and oral arguments were held before the Fifth Circuit on June 7, 2016. The Tax Court's decision was 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 Condensed 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. Pending the outcome of the appeal, the Company may be required to file amended state returns and make additional cash payments of up to $17.0 million on amounts that have previously been accrued. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common 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 (loss) per common share because the D Stock is deemed a common stock equivalent. Diluted earnings (loss) 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 (loss) 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 (loss) per share: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Basic common shares outstanding 62.5 62.1 62.5 62.1 Shares related to stock options and restricted stock units 3.5 — — — Diluted common shares outstanding 66.0 62.1 62.5 62.1 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 and restricted stock units are anti-dilutive if they are subject to performance conditions that have not been met. The following table summarizes the weighted-average potential common shares excluded from diluted earnings (loss) per common share, as their effect would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Shares related to stock options 2.8 3.5 2.9 3.6 Shares related to restricted stock units 1.8 4.3 4.6 3.5 Shares excluded from the computation 4.6 7.8 7.5 7.1 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2016 | |
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. See Note 1 — Description of the Business and Basis for Presentation for further discussion on our segments. One of the Company’s agents for both the Global Funds Transfer segment and the Financial Paper Products segment accounted for 19 percent of total revenue for the three months ended June 30, 2016 and 2015 and 19 percent and 20 percent of total revenue for the six months ended June 30, 2016 and 2015, respectively . The following table is a summary of the total revenue by segment: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Global Funds Transfer revenue: Money transfer revenue $ 341.5 $ 316.6 $ 657.7 $ 603.4 Bill payment revenue 23.2 24.1 47.3 49.6 Total Global Funds Transfer revenue 364.7 340.7 705.0 653.0 Financial Paper Products revenue: Money order revenue 12.9 12.8 25.6 25.9 Official check revenue 6.1 5.3 11.5 10.5 Total Financial Paper Products revenue 19.0 18.1 37.1 36.4 Total revenue $ 383.7 $ 358.8 $ 742.1 $ 689.4 The following table is a summary of the operating income (loss) by segment and detail of the income (loss) before income taxes: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Global Funds Transfer operating income $ 19.7 $ 0.4 $ 43.4 $ 0.6 Financial Paper Products operating income 4.6 4.0 9.1 9.4 Total segment operating income 24.3 4.4 52.5 10.0 Other operating loss (8.1 ) (20.1 ) (13.2 ) (24.0 ) Total operating income (loss) 16.2 (15.7 ) 39.3 (14.0 ) Interest expense 11.2 11.4 22.5 22.5 Income (loss) before income taxes $ 5.0 $ (27.1 ) $ 16.8 $ (36.5 ) The following table sets forth the assets by segment: (Amounts in millions) June 30, 2016 December 31, 2015 Global Funds Transfer $ 2,113.7 $ 1,982.0 Financial Paper Products 1,998.9 2,326.4 Other 178.2 196.8 Total assets $ 4,290.8 $ 4,505.2 |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Consolidating Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements In the event the Company offers debt securities pursuant to an effective registration statement on Form S-3, these debt securities may be guaranteed by certain of its subsidiaries. Accordingly, the Company is providing condensed consolidating financial information in accordance with the Securities and Exchange Commission ("SEC") Regulation S-X Rule 3-10, Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered. If the Company issues debt securities, the following 100 percent directly or indirectly owned subsidiaries could fully and unconditionally guarantee the debt securities on a joint and several basis: MoneyGram Payment Systems Worldwide, Inc.; MoneyGram Payment Systems, Inc.; and MoneyGram of New York LLC (collectively, the “Guarantors”). The following information represents Condensed Consolidating Balance Sheets as of June 30, 2016 and December 31, 2015 , Condensed Consolidating Statements of Operations for the three and six months ended June 30, 2016 and 2015 and Condensed Statements of Cash Flows for the six months ended June 30, 2016 and 2015 . The condensed consolidating financial information presents financial information in separate columns for MoneyGram International, Inc. on a Parent-only basis carrying its investment in subsidiaries under the equity method; Guarantors on a combined basis, carrying investments in subsidiaries that are not expected to guarantee the debt (collectively, the “Non-Guarantors”) under the equity method; Non-Guarantors on a combined basis; and eliminating entries. The eliminating entries primarily reflect intercompany transactions, such as accounts receivable and payable, fee revenue and commissions expense and the elimination of equity investments and income in subsidiaries. MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING BALANCE SHEETS AS OF JUNE 30, 2016 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 2.1 $ 64.9 $ 81.6 $ — $ 148.6 Settlement assets — 3,239.0 81.5 — 3,320.5 Property and equipment, net — 177.0 19.8 — 196.8 Goodwill — 315.3 126.9 — 442.2 Other assets 28.8 166.2 29.5 (41.8 ) 182.7 Equity investments in subsidiaries 888.3 220.1 — (1,108.4 ) — Intercompany receivables — 207.3 26.0 (233.3 ) — Total assets $ 919.2 $ 4,389.8 $ 365.3 $ (1,383.5 ) $ 4,290.8 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Payment service obligations $ — $ 3,269.4 $ 51.1 $ — $ 3,320.5 Debt 939.0 — — — 939.0 Pension and other postretirement benefits — 91.4 — — 91.4 Accounts payable and other liabilities 3.3 140.7 58.9 (41.8 ) 161.1 Intercompany liabilities 198.1 — 35.2 (233.3 ) — Total liabilities 1,140.4 3,501.5 145.2 (275.1 ) 4,512.0 Total stockholders’ (deficit) equity (221.2 ) 888.3 220.1 (1,108.4 ) (221.2 ) Total liabilities and stockholders’ (deficit) equity $ 919.2 $ 4,389.8 $ 365.3 $ (1,383.5 ) $ 4,290.8 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING BALANCE SHEETS AS OF 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 THREE MONTHS ENDED JUNE 30, 2016 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 369.8 $ 112.6 $ (103.1 ) $ 379.3 Investment revenue — 4.4 — — 4.4 Total revenue — 374.2 112.6 (103.1 ) 383.7 EXPENSES Fee and other commissions expense — 168.8 53.7 (49.6 ) 172.9 Investment commissions expense — 0.6 — — 0.6 Total commissions expense — 169.4 53.7 (49.6 ) 173.5 Compensation and benefits — 48.7 25.7 — 74.4 Transaction and operations support 0.5 119.7 16.4 (53.5 ) 83.1 Occupancy, equipment and supplies — 11.9 4.1 — 16.0 Depreciation and amortization — 17.4 3.1 — 20.5 Total operating expenses 0.5 367.1 103.0 (103.1 ) 367.5 OPERATING (LOSS) INCOME (0.5 ) 7.1 9.6 — 16.2 Other expense Interest expense 11.2 — — — 11.2 Total other expense 11.2 — — — 11.2 (Loss) income before income taxes (11.7 ) 7.1 9.6 — 5.0 Income tax (benefit) expense (4.2 ) 5.7 0.4 — 1.9 (Loss) income after income taxes (7.5 ) 1.4 9.2 — 3.1 Equity income in subsidiaries 10.6 9.2 — (19.8 ) — NET INCOME 3.1 10.6 9.2 (19.8 ) 3.1 TOTAL OTHER COMPREHENSIVE (LOSS) (1.7 ) (5.5 ) (5.1 ) 10.6 (1.7 ) COMPREHENSIVE INCOME $ 1.4 $ 5.1 $ 4.1 $ (9.2 ) $ 1.4 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 723.8 $ 203.9 $ (193.7 ) $ 734.0 Investment revenue — 8.1 — — 8.1 Total revenue — 731.9 203.9 (193.7 ) 742.1 EXPENSES Fee and other commissions expense — 327.3 107.4 (99.5 ) 335.2 Investment commissions expense — 1.1 — — 1.1 Total commissions expense — 328.4 107.4 (99.5 ) 336.3 Compensation and benefits — 98.2 47.9 — 146.1 Transaction and operations support 0.9 212.3 28.6 (94.2 ) 147.6 Occupancy, equipment and supplies — 23.2 8.0 — 31.2 Depreciation and amortization — 35.1 6.5 — 41.6 Total operating expenses 0.9 697.2 198.4 (193.7 ) 702.8 OPERATING (LOSS) INCOME (0.9 ) 34.7 5.5 — 39.3 Other expense Interest expense 22.5 — — — 22.5 Total other expense 22.5 — — — 22.5 (Loss) income before income taxes (23.4 ) 34.7 5.5 — 16.8 Income tax (benefit) expense (8.5 ) 30.2 (3.8 ) — 17.9 (Loss) income after income taxes (14.9 ) 4.5 9.3 — (1.1 ) Equity income in subsidiaries 13.8 9.3 — (23.1 ) — NET (LOSS) INCOME (1.1 ) 13.8 9.3 (23.1 ) (1.1 ) TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 0.3 (1.2 ) 0.3 0.9 0.3 COMPREHENSIVE (LOSS) INCOME $ (0.8 ) $ 12.6 $ 9.6 $ (22.2 ) $ (0.8 ) MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 380.9 $ 119.6 $ (144.5 ) $ 356.0 Investment revenue — 2.7 0.1 — 2.8 Total revenue — 383.6 119.7 (144.5 ) 358.8 OPERATING EXPENSES Fee and other commissions expense — 159.6 80.7 (77.1 ) 163.2 Investment commissions expense — 0.2 — — 0.2 Total commissions expense — 159.8 80.7 (77.1 ) 163.4 Compensation and benefits — 64.9 22.9 — 87.8 Transaction and operations support 0.5 143.7 13.5 (67.4 ) 90.3 Occupancy, equipment and supplies — 20.7 4.0 (8.9 ) 15.8 Depreciation and amortization — 13.9 3.3 — 17.2 Total operating expenses 0.5 403.0 124.4 (153.4 ) 374.5 OPERATING LOSS (0.5 ) (19.4 ) (4.7 ) 8.9 (15.7 ) Other expense (income) Interest expense 11.4 — — — 11.4 Other income — — (8.9 ) 8.9 — Total other expense (income) 11.4 — (8.9 ) 8.9 11.4 (Loss) income before income taxes (11.9 ) (19.4 ) 4.2 — (27.1 ) Income tax (benefit) expense (4.0 ) (10.8 ) 0.1 — (14.7 ) (Loss) income after income taxes (7.9 ) (8.6 ) 4.1 — (12.4 ) Equity (loss) income in subsidiaries (4.5 ) 4.1 — 0.4 — NET (LOSS) INCOME (12.4 ) (4.5 ) 4.1 0.4 (12.4 ) TOTAL OTHER COMPREHENSIVE INCOME 20.7 20.7 3.7 (24.4 ) 20.7 COMPREHENSIVE INCOME $ 8.3 $ 16.2 $ 7.8 $ (24.0 ) $ 8.3 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 673.7 $ 215.3 $ (205.3 ) $ 683.7 Investment revenue — 5.6 0.1 — 5.7 Total revenue — 679.3 215.4 (205.3 ) 689.4 OPERATING EXPENSES Fee and other commissions expense — 307.6 122.6 (113.6 ) 316.6 Investment commissions expense — 0.3 — — 0.3 Total commissions expense — 307.9 122.6 (113.6 ) 316.9 Compensation and benefits — 113.5 49.0 — 162.5 Transaction and operations support 0.8 222.7 28.9 (91.7 ) 160.7 Occupancy, equipment and supplies — 31.9 8.3 (8.9 ) 31.3 Depreciation and amortization — 25.8 6.2 — 32.0 Total operating expenses 0.8 701.8 215.0 (214.2 ) 703.4 OPERATING (LOSS) INCOME (0.8 ) (22.5 ) 0.4 8.9 (14.0 ) Other expense (income) Interest expense 22.5 — — — 22.5 Other income — — (8.9 ) 8.9 — Total other expense (income) 22.5 — (8.9 ) 8.9 22.5 (Loss) income before income taxes (23.3 ) (22.5 ) 9.3 — (36.5 ) Income tax (benefit) expense (8.0 ) 55.3 0.6 — 47.9 (Loss) income after income taxes (15.3 ) (77.8 ) 8.7 — (84.4 ) Equity (loss) income in subsidiaries (69.1 ) 8.7 — 60.4 — NET (LOSS) INCOME (84.4 ) (69.1 ) 8.7 60.4 (84.4 ) TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 10.1 10.1 (10.9 ) 0.8 10.1 COMPREHENSIVE (LOSS) $ (74.3 ) $ (59.0 ) $ (2.2 ) $ 61.2 $ (74.3 ) MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (20.7 ) $ 42.3 $ 10.1 $ — $ 31.7 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (33.6 ) (4.5 ) — (38.1 ) Dividend from subsidiary guarantors 25.9 — — (25.9 ) — Intercompany investments — (6.1 ) — 6.1 — Net cash provided by (used in) investing activities 25.9 (39.7 ) (4.5 ) (19.8 ) (38.1 ) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on debt (4.9 ) — — — (4.9 ) Stock repurchase (4.6 ) — — — (4.6 ) Dividend to parent — (25.9 ) — 25.9 — Intercompany financings 4.3 — 1.8 (6.1 ) — Net cash (used in) provided by financing activities (5.2 ) (25.9 ) 1.8 19.8 (9.5 ) NET CHANGE IN CASH AND CASH EQUIVALENTS — (23.3 ) 7.4 — (15.9 ) CASH AND CASH EQUIVALENTS—Beginning of period 2.1 88.2 74.2 — 164.5 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 64.9 $ 81.6 $ — $ 148.6 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (3.2 ) $ 0.7 $ (54.8 ) $ — $ (57.3 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (53.9 ) (5.8 ) — (59.7 ) Dividend from subsidiary guarantors 13.0 — — (13.0 ) — Intercompany investments (4.8 ) 44.5 — (39.7 ) — Net cash provided by (used in) investing activities 8.2 (9.4 ) (5.8 ) (52.7 ) (59.7 ) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on debt (5.0 ) — — — (5.0 ) Dividend to parent — (13.0 ) — 13.0 — Intercompany financings — 4.8 (44.5 ) 39.7 — Net cash used in financing activities (5.0 ) (8.2 ) (44.5 ) 52.7 (5.0 ) NET CHANGE IN CASH AND CASH EQUIVALENTS — (16.9 ) (105.1 ) — (122.0 ) CASH AND CASH EQUIVALENTS—Beginning of period 2.1 92.0 156.5 — 250.6 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 75.1 $ 51.4 $ — $ 128.6 |
Description of the Business a24
Description of the Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations — MoneyGram offers products and services under its two reporting segments: Global Funds Transfer and Financial Paper Products. The Global Funds Transfer segment provides global money transfer services and bill payment services to consumers. We primarily offer services through third-party agents, including retail chains, independent retailers, post offices and other financial institutions. We also offer Digital 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 Financial Paper Products segment provides official check outsourcing services and money orders through financial institutions and agent locations. |
Basis of Presentation | Basis of Presentation — The accompanying unaudited condensed consolidated financial statements of MoneyGram are prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”) and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and are of a normal recurring nature. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for future periods. For further information, refer to the Consolidated Financial Statements and Notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 . |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are based on historical experience, future expectations and other factors and assumptions the Company believes to be reasonable under the circumstances. These estimates and assumptions are reviewed on an ongoing basis and are revised when necessary. Changes in estimates are recorded in the period of change. Actual amounts may differ from these estimates. |
Recent Accounting Pronouncements and Related Developments | Recent Accounting Pronouncements and Related Developmen ts — In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606). The new guidance sets forth a five-step revenue recognition model which replaces the current revenue recognition guidance in its entirety and is intended to eliminate numerous industry-specific pieces of revenue recognition guidance and requires more detailed disclosures. To further assist with adoption and implementation of ASU 2014-09, the FASB issued the following ASUs: • ASU 2016-08 (Issued March 2016) — Principal versus Agent Consideration (Reporting Revenue Gross versus Net) • ASU 2016-10 (Issued April 2016) — Identifying Performance Obligations and Licensing • ASU 2016-12 (Issued May 2016) — Narrow-Scope Improvements and Practical Expedients These ASUs are effective for public entities for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before interim and annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact this standard will have on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 requires organizations to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about leasing arrangements. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous leases guidance. The FASB retained the distinction between finance leases and operating leases, leaving the effect of leases in the statement of comprehensive income and the statement of cash flows largely unchanged from previous GAAP. ASU 2016-02 mandates a modified retrospective transition method and is effective for fiscal years beginning after December 15, 2018. Early adoption of the amendment is permitted. The Company is currently evaluating the impact this standard will have on the consolidated financial statements. In April 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. Further, the ASU requires that cash payments to tax authorities in connection with shares withheld to meet statutory tax withholding requirements be presented as a financing activity in the statement of cash flows. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 and early adoption of the amendment is permitted. The Company is currently evaluating the impact this standard will have on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new credit impairment standard changes the impairment model for most financial assets and certain other instruments. For trade and other receivables, held-to-maturity debt securities, loans and other instruments, entities will be required to use a new forward-looking expected loss model that generally will result in the earlier recognition of allowances for credit losses. For available-for-sale debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than as reductions in the amortized cost of the securities. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 and early adoption of the amendment is permitted. The adoption of ASU 2016-13 will not have a significant impact on our consolidated financial statements. |
Reorganization and Restructur25
Reorganization and Restructuring Costs (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following table is a roll-forward of the restructuring costs accrual as of June 30, 2016 : 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, 2015 $ 3.8 $ — $ 0.2 $ 4.0 Expenses 0.2 0.1 — 0.3 Cash payments (4.0 ) (0.1 ) — (4.1 ) Balance, June 30, 2016 $ — $ — $ 0.2 $ 0.2 (1) Other primarily relates to expenses for facilities relocation and professional fees. Such costs are expensed as incurred. |
Restructuring and Related Costs | The following table is a summary of the cumulative restructuring costs incurred to date in operating expenses as of June 30, 2016 : (Amounts in millions) 2014 Global Transformation Program Other Restructuring Total Severance, Outplacement and Related Benefits Other (1) Severance, Outplacement and Related Benefits Restructuring costs Cumulative restructuring costs incurred to date in operating expenses $ 17.9 $ 3.1 $ 0.6 $ 21.6 (1) Other primarily relates to expenses for facilities relocation and professional fees. Such costs are expensed as incurred. |
Reorganization and Restructuring in Operating Expenses | The following table summarizes the reorganization and restructuring costs recorded: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Restructuring costs in operating expenses: Compensation and benefits $ — $ 0.5 $ 0.2 $ 2.7 Transaction and operations support — 0.4 0.1 0.6 Total restructuring costs in operating expenses — 0.9 0.3 3.3 Reorganization costs in operating expenses: Compensation and benefits — 1.9 — 5.9 Transaction and operations support — 1.6 0.1 4.3 Occupancy, equipment and supplies — 0.2 0.1 1.0 Total reorganization costs in operating expenses — 3.7 0.2 11.2 Total reorganization and restructuring costs $ — $ 4.6 $ 0.5 $ 14.5 |
Restructuring and related Activities Disclosure, by Segment | The following table is a summary of the total cumulative restructuring costs incurred to date in operating expenses by reportable segment as of June 30, 2016 : (Amounts in millions) Global Funds Transfer Financial Paper Products Other Total 2014 Global Transformation Program Balance, December 31, 2015 $ 17.8 $ 2.2 $ 0.7 $ 20.7 First quarter 2016 0.3 — — 0.3 Total cumulative restructuring costs incurred to date in operating expenses 18.1 2.2 0.7 21.0 Other Restructuring Total cumulative restructuring costs incurred to date in operating expenses 0.6 — — 0.6 Total restructuring costs incurred $ 18.7 $ 2.2 $ 0.7 $ 21.6 |
Settlement Assets and Payment26
Settlement Assets and Payment Service Obligations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Settlement Assets in Excess of Payment Service Obligations [Abstract] | |
Settlement Assets and Payment Service Obligations | The following table summarizes the amount of Settlement assets and Payment service obligations: (Amounts in millions) June 30, 2016 December 31, 2015 Settlement assets: Settlement cash and cash equivalents $ 1,340.4 $ 1,560.7 Receivables, net 758.7 861.4 Interest-bearing investments 1,202.0 1,062.4 Available-for-sale investments 19.4 21.1 $ 3,320.5 $ 3,505.6 Payment service obligations $ (3,320.5 ) $ (3,505.6 ) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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: (Amounts in millions) Level 2 Level 3 Total June 30, 2016 Financial assets: Available-for-sale investments: Residential mortgage-backed securities $ 8.4 $ — $ 8.4 Other asset-backed securities — 11.0 11.0 Forward contracts 1.2 — 1.2 Total financial assets $ 9.6 $ 11.0 $ 20.6 Financial liabilities: Forward contracts $ — $ — $ — December 31, 2015 Financial assets: Available-for-sale investments: Residential mortgage-backed securities $ 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 |
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: June 30, 2016 December 31, 2015 (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 $ 78.67 $ 0.1 $ 79.19 Home equity Price Third-party pricing service 0.1 27.67 0.1 29.40 Indirect exposure — high grade Price Third-party pricing service 8.4 21.76 8.3 21.65 Indirect exposure — mezzanine Price Third-party pricing service 0.7 0.68 0.8 0.75 Indirect exposure — mezzanine Price Broker 1.0 1.49 1.1 1.58 Other Net asset value Third-party pricing service 0.7 3.70 1.2 6.34 Total $ 11.0 $ 11.6 (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: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Beginning balance $ 11.4 $ 12.5 $ 11.6 $ 12.6 Principal paydowns (0.6 ) (0.1 ) (0.8 ) (0.2 ) Change in unrealized gains 0.1 (0.2 ) 0.1 (0.2 ) Net realized gains 0.1 — 0.1 — Ending balance $ 11.0 $ 12.2 $ 11.0 $ 12.2 |
Fair value and carrying value of debt | The following table is a summary of the Company's fair value and carrying value of debt: Fair Value Carrying Value (Amounts in millions) June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 Senior secured credit facility $ 892.5 $ 858.9 $ 949.4 $ 954.3 |
Investment Portfolio (Tables)
Investment Portfolio (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Components of Investment Portfolio | The following table shows the components of the investment portfolio: (Amounts in millions) June 30, 2016 December 31, 2015 Cash $ 1,481.4 $ 1,717.3 Money market securities 7.6 7.9 Cash and cash equivalents (1) 1,489.0 1,725.2 Interest-bearing investments 1,202.0 1,062.4 Available-for-sale investments 19.4 21.1 Total investment portfolio $ 2,710.4 $ 2,808.7 |
Available for Sale Investments | The following table is a summary of the amortized cost and fair value of available-for-sale investments: Amortized Cost Gross Unrealized Gains Fair Value (Amounts in millions) June 30, 2016 Residential mortgage-backed securities $ 7.5 $ 0.9 $ 8.4 Other asset-backed securities 1.5 9.5 11.0 Total $ 9.0 $ 10.4 $ 19.4 December 31, 2015 Residential mortgage-backed securities $ 8.7 $ 0.8 $ 9.5 Other asset-backed securities 1.7 9.9 11.6 Total $ 10.4 $ 10.7 $ 21.1 |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of (Gains) Losses Related to Assets and Liabilities Denominated in Foreign Currencies | The following gains (losses) related to assets and liabilities denominated in foreign currencies are included in the “Transaction and operations support” line in the Condensed Consolidated Statements of Operations and in the "Net cash used in operating activities" line in the Condensed Consolidated Statements of Cash Flows: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Net realized foreign currency (losses) gains $ (2.1 ) $ 5.5 $ 4.6 $ (18.8 ) Net gains (losses) from the related forward contracts 5.9 (5.3 ) 9.9 21.1 Net gains from foreign currency transactions and related forward contracts $ 3.8 $ 0.2 $ 14.5 $ 2.3 |
Fair Values of Derivative Forward Contract Instruments | The Company reflects the following fair values of derivative forward contract instruments in its Condensed Consolidated Balance Sheets: Gross Amount of Recognized Assets Gross Amount of Offset Net Amount of Assets Presented in the Condensed Consolidated Balance Sheets Balance Sheet Location June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 (Amounts in millions) Forward contracts Other assets $ 1.9 $ 1.0 $ (0.7 ) $ (0.2 ) $ 1.2 $ 0.8 Gross Amount of Recognized Liabilities Gross Amount of Offset Net Amount of Liabilities Presented in the Condensed Consolidated Balance Sheets Balance Sheet Location June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 June 30, 2016 December 31, 2015 (Amounts in millions) Forward contracts Accounts payable and other liabilities $ 0.7 $ 0.3 $ (0.7 ) $ (0.2 ) $ — $ 0.1 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Debt | The following is a summary of the Company’s outstanding debt: (Amounts in millions, except percentages) Effective Interest Rate June 30, 2016 December 31, 2015 Senior secured credit facility due 2020 4.25 % $ 949.4 $ 954.3 Unamortized debt issuance costs and debt discount (10.4 ) (11.7 ) Total debt, net $ 939.0 $ 942.6 |
Settlement Assets and Payment Service Obligations | The following table shows the components of our assets in excess of payment service obligations used for the asset coverage calculation: (Amounts in millions) June 30, 2016 December 31, 2015 Cash and cash equivalents $ 148.6 $ 164.5 Settlement assets 3,320.5 3,505.6 Total cash and cash equivalents and settlement assets 3,469.1 3,670.1 Payment service obligations (3,320.5 ) (3,505.6 ) Assets in excess of payment service obligations $ 148.6 $ 164.5 |
Credit Agreement Quarterly Financial Covenants | The 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 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 |
Pensions and Other Benefits (Ta
Pensions and Other Benefits (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Pension | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs | The following table is a summary of net periodic benefit expense for the Company's defined pension plan ("Pension Plan") and supplemental executive retirement plans ("SERPs"), collectively referred to as ("Pension"): Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Pension settlement charge $ — $ 13.8 $ — $ 13.8 Interest cost 1.6 2.4 3.3 5.0 Expected return on plan assets (1.3 ) (1.5 ) (2.6 ) (3.3 ) Amortization of net actuarial losses 1.4 2.3 2.8 4.6 Net periodic benefit expense $ 1.7 $ 17.0 $ 3.5 $ 20.1 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs | The following table is a summary of net periodic benefit income for the Company’s postretirement medical benefit plan ("Postretirement Benefits"): Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Amortization of prior service credits $ (0.2 ) $ (0.1 ) $ (0.3 ) $ (0.3 ) Amortization of net actuarial losses 0.1 — 0.1 0.1 Net periodic benefit income $ (0.1 ) $ (0.1 ) $ (0.2 ) $ (0.2 ) |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Loss — The following tables are a summary of the changes to Accumulated other comprehensive loss by component: (Amounts in millions) Net Unrealized Gains on Securities Classified as Available-for-sale, Net of Tax Cumulative Foreign Currency Translation Adjustments, Net of Tax Pension and Postretirement Benefits Adjustment, Net of Tax Total December 31, 2015 $ 11.1 $ (13.5 ) $ (46.3 ) $ (48.7 ) Other comprehensive loss before reclassification (0.1 ) (1.1 ) — (1.2 ) Amounts reclassified from accumulated other comprehensive loss (0.1 ) — 1.6 1.5 Net current period other comprehensive (loss) income (0.2 ) (1.1 ) 1.6 0.3 June 30, 2016 $ 10.9 $ (14.6 ) $ (44.7 ) $ (48.4 ) December 31, 2014 $ 11.2 $ (5.4 ) $ (72.9 ) $ (67.1 ) Other comprehensive income (loss) before reclassification 0.6 (7.8 ) 6.3 (0.9 ) Amounts reclassified from accumulated other comprehensive loss (0.6 ) — 11.6 11.0 Net current period other comprehensive (loss) income — (7.8 ) 17.9 10.1 June 30, 2015 $ 11.2 $ (13.2 ) $ (55.0 ) $ (57.0 ) |
Schedule of Amounts Reclassified From AOCI | The following table is a summary of the significant amounts reclassified out of each component of Accumulated other comprehensive loss: Three Months Ended June 30, Six Months Ended June 30, Statement of Operations Location (Amounts in millions) 2016 2015 2016 2015 Change in unrealized gains on securities classified as available-for-sale, before tax $ — $ (0.3 ) $ (0.1 ) $ (0.5 ) "Investment revenue" Tax expense — (0.1 ) — (0.1 ) Total, net of tax — (0.4 ) (0.1 ) (0.6 ) Pension and Postretirement Benefits adjustments: Amortization of prior service credits (0.2 ) (0.1 ) (0.3 ) (0.3 ) "Compensation and benefits" Amortization of net actuarial losses 1.5 2.3 2.9 4.7 "Compensation and benefits" Settlement charges — 13.8 — 13.8 "Compensation and benefits" Total before tax 1.3 16.0 2.6 18.2 Tax benefit (0.5 ) (5.8 ) (1.0 ) (6.6 ) Total, net of tax 0.8 10.2 1.6 11.6 Total reclassified for the period, net of tax $ 0.8 $ 9.8 $ 1.5 $ 11.0 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock-Based Compensation Expense | The following table is a summary of the Company's stock-based compensation expense: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Expense recognized related to stock options $ 0.7 $ 1.0 $ 1.6 $ 2.5 Expense recognized related to restricted stock units 3.8 4.0 7.9 6.5 Stock-based compensation expense $ 4.5 $ 5.0 $ 9.5 $ 9.0 |
Summary of Stock Option Activity | The following table is a summary of the Company’s stock option activity: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value ($000,000) Options outstanding at December 31, 2015 3,092,581 $ 19.20 5.2 years $ — Forfeited/Expired (361,766 ) 25.59 Options outstanding at June 30, 2016 2,730,815 $ 18.35 4.7 years $ — Vested or expected to vest at June 30, 2016 2,708,693 $ 18.36 4.7 years $ — Options exercisable at June 30, 2016 2,329,528 $ 18.34 4.4 years $ — |
Summary of Restricted Stock Unit Activity | The following table is a summary of the Company’s restricted stock unit activity: Total Shares Weighted Average Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value ($000,000) Restricted stock units outstanding at December 31, 2015 4,162,568 $ 10.68 1.0 year $ 26.1 Granted 3,014,261 5.11 Vested and converted to shares (1,448,347 ) 9.59 Forfeited (496,007 ) 11.73 Restricted stock units outstanding at June 30, 2016 5,232,475 $ 7.68 1.4 years $ 35.8 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table is a reconciliation of the weighted-average amounts used in calculating earnings (loss) per share: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Basic common shares outstanding 62.5 62.1 62.5 62.1 Shares related to stock options and restricted stock units 3.5 — — — Diluted common shares outstanding 66.0 62.1 62.5 62.1 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table summarizes the weighted-average potential common shares excluded from diluted earnings (loss) per common share, as their effect would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Shares related to stock options 2.8 3.5 2.9 3.6 Shares related to restricted stock units 1.8 4.3 4.6 3.5 Shares excluded from the computation 4.6 7.8 7.5 7.1 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Revenue by Segment | The following table is a summary of the total revenue by segment: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Global Funds Transfer revenue: Money transfer revenue $ 341.5 $ 316.6 $ 657.7 $ 603.4 Bill payment revenue 23.2 24.1 47.3 49.6 Total Global Funds Transfer revenue 364.7 340.7 705.0 653.0 Financial Paper Products revenue: Money order revenue 12.9 12.8 25.6 25.9 Official check revenue 6.1 5.3 11.5 10.5 Total Financial Paper Products revenue 19.0 18.1 37.1 36.4 Total revenue $ 383.7 $ 358.8 $ 742.1 $ 689.4 |
Operating Income by Segment | The following table is a summary of the operating income (loss) by segment and detail of the income (loss) before income taxes: Three Months Ended June 30, Six Months Ended June 30, (Amounts in millions) 2016 2015 2016 2015 Global Funds Transfer operating income $ 19.7 $ 0.4 $ 43.4 $ 0.6 Financial Paper Products operating income 4.6 4.0 9.1 9.4 Total segment operating income 24.3 4.4 52.5 10.0 Other operating loss (8.1 ) (20.1 ) (13.2 ) (24.0 ) Total operating income (loss) 16.2 (15.7 ) 39.3 (14.0 ) Interest expense 11.2 11.4 22.5 22.5 Income (loss) before income taxes $ 5.0 $ (27.1 ) $ 16.8 $ (36.5 ) |
Assets by Segment | The following table sets forth the assets by segment: (Amounts in millions) June 30, 2016 December 31, 2015 Global Funds Transfer $ 2,113.7 $ 1,982.0 Financial Paper Products 1,998.9 2,326.4 Other 178.2 196.8 Total assets $ 4,290.8 $ 4,505.2 |
Condensed Consolidating Finan36
Condensed Consolidating Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Income Statements, Captions [Line Items] | |
CONDENSED, CONSOLIDATING BALANCE SHEETS | MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING BALANCE SHEETS AS OF JUNE 30, 2016 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated ASSETS Cash and cash equivalents $ 2.1 $ 64.9 $ 81.6 $ — $ 148.6 Settlement assets — 3,239.0 81.5 — 3,320.5 Property and equipment, net — 177.0 19.8 — 196.8 Goodwill — 315.3 126.9 — 442.2 Other assets 28.8 166.2 29.5 (41.8 ) 182.7 Equity investments in subsidiaries 888.3 220.1 — (1,108.4 ) — Intercompany receivables — 207.3 26.0 (233.3 ) — Total assets $ 919.2 $ 4,389.8 $ 365.3 $ (1,383.5 ) $ 4,290.8 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Payment service obligations $ — $ 3,269.4 $ 51.1 $ — $ 3,320.5 Debt 939.0 — — — 939.0 Pension and other postretirement benefits — 91.4 — — 91.4 Accounts payable and other liabilities 3.3 140.7 58.9 (41.8 ) 161.1 Intercompany liabilities 198.1 — 35.2 (233.3 ) — Total liabilities 1,140.4 3,501.5 145.2 (275.1 ) 4,512.0 Total stockholders’ (deficit) equity (221.2 ) 888.3 220.1 (1,108.4 ) (221.2 ) Total liabilities and stockholders’ (deficit) equity $ 919.2 $ 4,389.8 $ 365.3 $ (1,383.5 ) $ 4,290.8 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING BALANCE SHEETS AS OF 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 THREE MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 380.9 $ 119.6 $ (144.5 ) $ 356.0 Investment revenue — 2.7 0.1 — 2.8 Total revenue — 383.6 119.7 (144.5 ) 358.8 OPERATING EXPENSES Fee and other commissions expense — 159.6 80.7 (77.1 ) 163.2 Investment commissions expense — 0.2 — — 0.2 Total commissions expense — 159.8 80.7 (77.1 ) 163.4 Compensation and benefits — 64.9 22.9 — 87.8 Transaction and operations support 0.5 143.7 13.5 (67.4 ) 90.3 Occupancy, equipment and supplies — 20.7 4.0 (8.9 ) 15.8 Depreciation and amortization — 13.9 3.3 — 17.2 Total operating expenses 0.5 403.0 124.4 (153.4 ) 374.5 OPERATING LOSS (0.5 ) (19.4 ) (4.7 ) 8.9 (15.7 ) Other expense (income) Interest expense 11.4 — — — 11.4 Other income — — (8.9 ) 8.9 — Total other expense (income) 11.4 — (8.9 ) 8.9 11.4 (Loss) income before income taxes (11.9 ) (19.4 ) 4.2 — (27.1 ) Income tax (benefit) expense (4.0 ) (10.8 ) 0.1 — (14.7 ) (Loss) income after income taxes (7.9 ) (8.6 ) 4.1 — (12.4 ) Equity (loss) income in subsidiaries (4.5 ) 4.1 — 0.4 — NET (LOSS) INCOME (12.4 ) (4.5 ) 4.1 0.4 (12.4 ) TOTAL OTHER COMPREHENSIVE INCOME 20.7 20.7 3.7 (24.4 ) 20.7 COMPREHENSIVE INCOME $ 8.3 $ 16.2 $ 7.8 $ (24.0 ) $ 8.3 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 723.8 $ 203.9 $ (193.7 ) $ 734.0 Investment revenue — 8.1 — — 8.1 Total revenue — 731.9 203.9 (193.7 ) 742.1 EXPENSES Fee and other commissions expense — 327.3 107.4 (99.5 ) 335.2 Investment commissions expense — 1.1 — — 1.1 Total commissions expense — 328.4 107.4 (99.5 ) 336.3 Compensation and benefits — 98.2 47.9 — 146.1 Transaction and operations support 0.9 212.3 28.6 (94.2 ) 147.6 Occupancy, equipment and supplies — 23.2 8.0 — 31.2 Depreciation and amortization — 35.1 6.5 — 41.6 Total operating expenses 0.9 697.2 198.4 (193.7 ) 702.8 OPERATING (LOSS) INCOME (0.9 ) 34.7 5.5 — 39.3 Other expense Interest expense 22.5 — — — 22.5 Total other expense 22.5 — — — 22.5 (Loss) income before income taxes (23.4 ) 34.7 5.5 — 16.8 Income tax (benefit) expense (8.5 ) 30.2 (3.8 ) — 17.9 (Loss) income after income taxes (14.9 ) 4.5 9.3 — (1.1 ) Equity income in subsidiaries 13.8 9.3 — (23.1 ) — NET (LOSS) INCOME (1.1 ) 13.8 9.3 (23.1 ) (1.1 ) TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 0.3 (1.2 ) 0.3 0.9 0.3 COMPREHENSIVE (LOSS) INCOME $ (0.8 ) $ 12.6 $ 9.6 $ (22.2 ) $ (0.8 ) MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 673.7 $ 215.3 $ (205.3 ) $ 683.7 Investment revenue — 5.6 0.1 — 5.7 Total revenue — 679.3 215.4 (205.3 ) 689.4 OPERATING EXPENSES Fee and other commissions expense — 307.6 122.6 (113.6 ) 316.6 Investment commissions expense — 0.3 — — 0.3 Total commissions expense — 307.9 122.6 (113.6 ) 316.9 Compensation and benefits — 113.5 49.0 — 162.5 Transaction and operations support 0.8 222.7 28.9 (91.7 ) 160.7 Occupancy, equipment and supplies — 31.9 8.3 (8.9 ) 31.3 Depreciation and amortization — 25.8 6.2 — 32.0 Total operating expenses 0.8 701.8 215.0 (214.2 ) 703.4 OPERATING (LOSS) INCOME (0.8 ) (22.5 ) 0.4 8.9 (14.0 ) Other expense (income) Interest expense 22.5 — — — 22.5 Other income — — (8.9 ) 8.9 — Total other expense (income) 22.5 — (8.9 ) 8.9 22.5 (Loss) income before income taxes (23.3 ) (22.5 ) 9.3 — (36.5 ) Income tax (benefit) expense (8.0 ) 55.3 0.6 — 47.9 (Loss) income after income taxes (15.3 ) (77.8 ) 8.7 — (84.4 ) Equity (loss) income in subsidiaries (69.1 ) 8.7 — 60.4 — NET (LOSS) INCOME (84.4 ) (69.1 ) 8.7 60.4 (84.4 ) TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 10.1 10.1 (10.9 ) 0.8 10.1 COMPREHENSIVE (LOSS) $ (74.3 ) $ (59.0 ) $ (2.2 ) $ 61.2 $ (74.3 ) MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2016 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated REVENUE Fee and other revenue $ — $ 369.8 $ 112.6 $ (103.1 ) $ 379.3 Investment revenue — 4.4 — — 4.4 Total revenue — 374.2 112.6 (103.1 ) 383.7 EXPENSES Fee and other commissions expense — 168.8 53.7 (49.6 ) 172.9 Investment commissions expense — 0.6 — — 0.6 Total commissions expense — 169.4 53.7 (49.6 ) 173.5 Compensation and benefits — 48.7 25.7 — 74.4 Transaction and operations support 0.5 119.7 16.4 (53.5 ) 83.1 Occupancy, equipment and supplies — 11.9 4.1 — 16.0 Depreciation and amortization — 17.4 3.1 — 20.5 Total operating expenses 0.5 367.1 103.0 (103.1 ) 367.5 OPERATING (LOSS) INCOME (0.5 ) 7.1 9.6 — 16.2 Other expense Interest expense 11.2 — — — 11.2 Total other expense 11.2 — — — 11.2 (Loss) income before income taxes (11.7 ) 7.1 9.6 — 5.0 Income tax (benefit) expense (4.2 ) 5.7 0.4 — 1.9 (Loss) income after income taxes (7.5 ) 1.4 9.2 — 3.1 Equity income in subsidiaries 10.6 9.2 — (19.8 ) — NET INCOME 3.1 10.6 9.2 (19.8 ) 3.1 TOTAL OTHER COMPREHENSIVE (LOSS) (1.7 ) (5.5 ) (5.1 ) 10.6 (1.7 ) COMPREHENSIVE INCOME $ 1.4 $ 5.1 $ 4.1 $ (9.2 ) $ 1.4 |
CONDENSED, CONSOLIDATING STATEMENTS OF CASH FLOWS | MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2015 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (3.2 ) $ 0.7 $ (54.8 ) $ — $ (57.3 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (53.9 ) (5.8 ) — (59.7 ) Dividend from subsidiary guarantors 13.0 — — (13.0 ) — Intercompany investments (4.8 ) 44.5 — (39.7 ) — Net cash provided by (used in) investing activities 8.2 (9.4 ) (5.8 ) (52.7 ) (59.7 ) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on debt (5.0 ) — — — (5.0 ) Dividend to parent — (13.0 ) — 13.0 — Intercompany financings — 4.8 (44.5 ) 39.7 — Net cash used in financing activities (5.0 ) (8.2 ) (44.5 ) 52.7 (5.0 ) NET CHANGE IN CASH AND CASH EQUIVALENTS — (16.9 ) (105.1 ) — (122.0 ) CASH AND CASH EQUIVALENTS—Beginning of period 2.1 92.0 156.5 — 250.6 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 75.1 $ 51.4 $ — $ 128.6 MONEYGRAM INTERNATIONAL, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2016 (Amounts in millions) Parent Subsidiary Guarantors Non-Guarantors Eliminations Consolidated NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES $ (20.7 ) $ 42.3 $ 10.1 $ — $ 31.7 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment — (33.6 ) (4.5 ) — (38.1 ) Dividend from subsidiary guarantors 25.9 — — (25.9 ) — Intercompany investments — (6.1 ) — 6.1 — Net cash provided by (used in) investing activities 25.9 (39.7 ) (4.5 ) (19.8 ) (38.1 ) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on debt (4.9 ) — — — (4.9 ) Stock repurchase (4.6 ) — — — (4.6 ) Dividend to parent — (25.9 ) — 25.9 — Intercompany financings 4.3 — 1.8 (6.1 ) — Net cash (used in) provided by financing activities (5.2 ) (25.9 ) 1.8 19.8 (9.5 ) NET CHANGE IN CASH AND CASH EQUIVALENTS — (23.3 ) 7.4 — (15.9 ) CASH AND CASH EQUIVALENTS—Beginning of period 2.1 88.2 74.2 — 164.5 CASH AND CASH EQUIVALENTS—End of period $ 2.1 $ 64.9 $ 81.6 $ — $ 148.6 |
Description of the Business a37
Description of the Business and Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2016Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of reporting segments (segment) | 2 |
Reorganization and Restructur38
Reorganization and Restructuring Costs - Restructuring Costs Accrual (Details) - Operating Expense $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | $ 4 |
Expenses | 0.3 |
Cash payments | (4.1) |
Ending Balance | 0.2 |
2014 Global Transformation Program | Severance, Outplacement and Related Benefits | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 3.8 |
Expenses | 0.2 |
Cash payments | (4) |
Ending Balance | 0 |
2014 Global Transformation Program | Other | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 0 |
Expenses | 0.1 |
Cash payments | (0.1) |
Ending Balance | 0 |
Other Restructuring | Severance, Outplacement and Related Benefits | |
Restructuring Reserve [Roll Forward] | |
Beginning Balance | 0.2 |
Expenses | 0 |
Cash payments | 0 |
Ending Balance | $ 0.2 |
Reorganization and Restructur39
Reorganization and Restructuring Costs - Cumulative Restructuring Costs Incurred to Date and Remaining to be Incurred (Details) - Operating Expense - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | ||
Cumulative restructuring costs incurred to date in operating expenses | $ 21.6 | |
2014 Global Transformation Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative restructuring costs incurred to date in operating expenses | 21 | $ 20.7 |
2014 Global Transformation Program | Severance, Outplacement and Related Benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative restructuring costs incurred to date in operating expenses | 17.9 | |
2014 Global Transformation Program | Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative restructuring costs incurred to date in operating expenses | 3.1 | |
Other Restructuring | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative restructuring costs incurred to date in operating expenses | 0.6 | |
Other Restructuring | Severance, Outplacement and Related Benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative restructuring costs incurred to date in operating expenses | $ 0.6 |
Reorganization and Restructur40
Reorganization and Restructuring Costs - Summary of Costs Recorded (Details) - Operating Expense - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reorganization and restructuring in operating expenses [Line Items] | ||||
Restructuring costs in operating expenses | $ 0 | $ 0.9 | $ 0.3 | $ 3.3 |
Reorganization costs in operating expenses | 0 | 3.7 | 0.2 | 11.2 |
Reorganization and restructuring costs | 0 | 4.6 | 0.5 | 14.5 |
Compensation and benefits | ||||
Reorganization and restructuring in operating expenses [Line Items] | ||||
Restructuring costs in operating expenses | 0 | 0.5 | 0.2 | 2.7 |
Reorganization costs in operating expenses | 0 | 1.9 | 0 | 5.9 |
Transaction and operations support | ||||
Reorganization and restructuring in operating expenses [Line Items] | ||||
Restructuring costs in operating expenses | 0 | 0.4 | 0.1 | 0.6 |
Reorganization costs in operating expenses | 0 | 1.6 | 0.1 | 4.3 |
Occupancy, equipment and supplies | ||||
Reorganization and restructuring in operating expenses [Line Items] | ||||
Reorganization costs in operating expenses | $ 0 | $ 0.2 | $ 0.1 | $ 1 |
Reorganization and Restructur41
Reorganization and Restructuring Costs - Cumulative Restructuring Costs Incurred to Date and Remaining to be Incurred by Segment (Details) - Operating Expense - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative restructuring costs incurred to date in operating expenses | $ 21.6 | $ 21.6 | ||||
Restructuring charges | 0 | $ 0.9 | 0.3 | $ 3.3 | ||
Global Funds Transfer | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative restructuring costs incurred to date in operating expenses | 18.7 | 18.7 | ||||
Financial Paper Products | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative restructuring costs incurred to date in operating expenses | 2.2 | 2.2 | ||||
Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative restructuring costs incurred to date in operating expenses | 0.7 | 0.7 | ||||
2014 Global Transformation Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative restructuring costs incurred to date in operating expenses | 21 | 21 | $ 20.7 | |||
Restructuring charges | $ 0.3 | |||||
2014 Global Transformation Program | Global Funds Transfer | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative restructuring costs incurred to date in operating expenses | 18.1 | 18.1 | 17.8 | |||
Restructuring charges | 0.3 | |||||
2014 Global Transformation Program | Financial Paper Products | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative restructuring costs incurred to date in operating expenses | 2.2 | 2.2 | 2.2 | |||
Restructuring charges | 0 | |||||
2014 Global Transformation Program | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative restructuring costs incurred to date in operating expenses | 0.7 | 0.7 | $ 0.7 | |||
Restructuring charges | $ 0 | |||||
Other Restructuring | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative restructuring costs incurred to date in operating expenses | 0.6 | 0.6 | ||||
Other Restructuring | Global Funds Transfer | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative restructuring costs incurred to date in operating expenses | 0.6 | 0.6 | ||||
Other Restructuring | Financial Paper Products | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative restructuring costs incurred to date in operating expenses | 0 | 0 | ||||
Other Restructuring | Other | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Cumulative restructuring costs incurred to date in operating expenses | $ 0 | $ 0 |
Settlement Assets and Payment42
Settlement Assets and Payment Service Obligations (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Disclosure Settlement Assets in Excess of Payment Service Obligations [Abstract] | ||
Settlement cash and cash equivalents | $ 1,340.4 | $ 1,560.7 |
Receivables, net | 758.7 | 861.4 |
Interest-bearing investments | 1,202 | 1,062.4 |
Available-for-sale investments | 19.4 | 21.1 |
Settlement Assets | 3,320.5 | 3,505.6 |
Payment service obligations | $ (3,320.5) | $ (3,505.6) |
Fair Value Measurement - Assets
Fair Value Measurement - Assets and Liabilities Measured at Fair Value by Hierarchy Level (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Available-for-sale investments | $ 19.4 | $ 21.1 |
Other asset-backed securities | ||
Financial assets: | ||
Available-for-sale investments | 11 | 11.6 |
Level 3 | Other asset-backed securities | ||
Financial assets: | ||
Available-for-sale investments | 11 | 11.6 |
Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Total financial assets | 20.6 | 21.9 |
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | ||
Financial assets: | ||
Available-for-sale investments | 8.4 | 9.5 |
Fair Value, Measurements, Recurring | Other asset-backed securities | ||
Financial assets: | ||
Available-for-sale investments | 11 | 11.6 |
Fair Value, Measurements, Recurring | Forward contracts | ||
Financial assets: | ||
Forward contracts | 1.2 | 0.8 |
Financial liabilities: | ||
Forward contracts | 0 | 0.1 |
Fair Value, Measurements, Recurring | Level 2 | ||
Financial assets: | ||
Total financial assets | 9.6 | 10.3 |
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities | ||
Financial assets: | ||
Available-for-sale investments | 8.4 | 9.5 |
Fair Value, Measurements, Recurring | Level 2 | Other asset-backed securities | ||
Financial assets: | ||
Available-for-sale investments | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | Forward contracts | ||
Financial assets: | ||
Forward contracts | 1.2 | 0.8 |
Financial liabilities: | ||
Forward contracts | 0 | 0.1 |
Fair Value, Measurements, Recurring | Level 3 | ||
Financial assets: | ||
Total financial assets | 11 | 11.6 |
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities | ||
Financial assets: | ||
Available-for-sale investments | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Other asset-backed securities | ||
Financial assets: | ||
Available-for-sale investments | 11 | 11.6 |
Fair Value, Measurements, Recurring | Level 3 | Forward contracts | ||
Financial assets: | ||
Forward contracts | 0 | 0 |
Financial liabilities: | ||
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 | Jun. 30, 2016USD ($)netaverageprice | Dec. 31, 2015USD ($)netaverageprice | |
Other asset-backed securities | |||
Available-for-sale Securities | $ 19.4 | $ 21.1 | |
Net average price basis | 100 | 100 | |
Other asset-backed securities | |||
Other asset-backed securities | |||
Available-for-sale Securities | $ 11 | $ 11.6 | |
Level 3 | Other asset-backed securities | |||
Other asset-backed securities | |||
Available-for-sale Securities | 11 | 11.6 | |
Level 3 | Other asset-backed securities | Alt-A | |||
Other asset-backed securities | |||
Available-for-sale Securities | $ 0.1 | $ 0.1 | |
Net average price | netaverageprice | [1] | 78.67 | 79.19 |
Level 3 | Other asset-backed securities | Home equity | |||
Other asset-backed securities | |||
Available-for-sale Securities | $ 0.1 | $ 0.1 | |
Net average price | netaverageprice | [1] | 27.67 | 29.40 |
Level 3 | Other asset-backed securities | Indirect exposure — high grade | |||
Other asset-backed securities | |||
Available-for-sale Securities | $ 8.4 | $ 8.3 | |
Net average price | netaverageprice | [1] | 21.76 | 21.65 |
Level 3 | Other asset-backed securities | Indirect exposure — mezzanine, third-party priced | |||
Other asset-backed securities | |||
Available-for-sale Securities | $ 0.7 | $ 0.8 | |
Net average price | netaverageprice | [1] | 0.68 | 0.75 |
Level 3 | Other asset-backed securities | Indirect exposure — mezzanine, broker | |||
Other asset-backed securities | |||
Available-for-sale Securities | $ 1 | $ 1.1 | |
Net average price | netaverageprice | [1] | 1.49 | 1.58 |
Level 3 | Other asset-backed securities | Other | |||
Other asset-backed securities | |||
Available-for-sale Securities | $ 0.7 | $ 1.2 | |
Net average price | netaverageprice | [1] | 3.70 | 6.34 |
[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) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Net average price basis | 100 | 100 | 100 | ||
Level 3 | Fair Value, Measurements, Recurring | Other asset-backed securities | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | $ 11.4 | $ 12.5 | $ 11.6 | $ 12.6 | |
Principal paydowns | (0.6) | (0.1) | (0.8) | (0.2) | |
Change in unrealized gains | 0.1 | (0.2) | 0.1 | (0.2) | |
Net realized gains | 0.1 | 0 | 0.1 | 0 | |
Ending balance | $ 11 | $ 12.2 | $ 11 | $ 12.2 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value and Carrying Value of Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Fair Value | $ 892.5 | $ 858.9 |
Carrying Value | $ 949.4 | $ 954.3 |
Investment Portfolio - Addition
Investment Portfolio - Additional Information (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Percent of available-for-sale portfolio invested in U.S government agency residential mortgage-backed securities | 43.00% | 45.00% |
Unrealized losses in available-for-sale portfolio | $ 0 | $ 0 |
Investment Portfolio - Componen
Investment Portfolio - Components of Investment Portfolio (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Line Items] | |||||
Cash | $ 1,481.4 | $ 1,717.3 | |||
Money market securities | 7.6 | 7.9 | |||
Cash and cash equivalents | 148.6 | 164.5 | $ 128.6 | $ 250.6 | |
Interest-bearing investments | 1,202 | 1,062.4 | |||
Available-for-sale Securities | 19.4 | 21.1 | |||
Total investment portfolio | 2,710.4 | 2,808.7 | |||
Cash and cash equivalents | |||||
Investments, Debt and Equity Securities [Line Items] | |||||
Cash and cash equivalents | [1] | $ 1,489 | $ 1,725.2 | ||
[1] | (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. |
Investment Portfolio - Availabl
Investment Portfolio - Available for Sale Investments (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Investment [Line Items] | ||
Amortized Cost | $ 9 | $ 10.4 |
Gross Unrealized Gains | 10.4 | 10.7 |
Fair Value | 19.4 | 21.1 |
Residential mortgage-backed securities | ||
Investment [Line Items] | ||
Amortized Cost | 7.5 | 8.7 |
Gross Unrealized Gains | 0.9 | 0.8 |
Fair Value | 8.4 | 9.5 |
Other asset-backed securities | ||
Investment [Line Items] | ||
Amortized Cost | 1.5 | 1.7 |
Gross Unrealized Gains | 9.5 | 9.9 |
Fair Value | $ 11 | $ 11.6 |
Derivative Financial Instrume50
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Foreign Exchange Forward | Not Designated as Hedging Instrument | ||
Notional Disclosures [Abstract] | ||
Forward contracts outstanding notional amount | $ 314.8 | $ 295.8 |
Derivative Financial Instrume51
Derivative Financial Instruments - Summary of (Gains) Losses Related to Assets and Liabilities Denominated in Foreign Currencies (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Net realized foreign currency (losses) gains | $ (2.1) | $ 5.5 | $ 4.6 | $ (18.8) |
Net gains (losses) from the related forward contracts | 5.9 | (5.3) | 9.9 | 21.1 |
Net gains from foreign currency transactions and related forward contracts | $ 3.8 | $ 0.2 | $ 14.5 | $ 2.3 |
Derivative Financial Instrume52
Derivative Financial Instruments - Fair Values of Derivative Forward Contract Instruments (Detail) - Foreign Exchange Forward - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Summary of Derivative Instruments by Hedge Designation [Abstract] | ||
Gross Amount of Recognized Assets | $ 1.9 | $ 1 |
Gross Amount of Offset | (0.7) | (0.2) |
Net Amount of Assets Presented in the Condensed Consolidated Balance Sheets | 1.2 | 0.8 |
Gross Amount of Recognized Liabilities | 0.7 | 0.3 |
Gross Amount of Offset | (0.7) | (0.2) |
Net Amount of Liabilities Presented in the Condensed Consolidated Balance Sheets | $ 0 | $ 0.1 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jun. 30, 2016USD ($) |
Debt Instrument [Line Items] | |
Interest coverage ratio | 6.43 |
Secured leverage ratio | 3.511 |
2013 Credit Agreement | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Letters of Credit Outstanding, Amount | $ 0 |
Borrowings outstanding | 0 |
Remaining borrowing capacity | $ 150,000,000 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Effective Interest Rate | 4.25% | |
Senior secured credit facility due 2020 | $ 949.4 | $ 954.3 |
Unamortized debt issuance costs and debt discount | (10.4) | (11.7) |
Total debt, net | $ 939 | $ 942.6 |
Debt - Settlement Assets and Pa
Debt - Settlement Assets and Payment Service Obligations (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Disclosure [Abstract] | ||||
Cash and cash equivalents | $ 148.6 | $ 164.5 | $ 128.6 | $ 250.6 |
Settlement assets | 3,320.5 | 3,505.6 | ||
Total cash and cash equivalents and settlement assets | 3,469.1 | 3,670.1 | ||
Payment service obligations | (3,320.5) | (3,505.6) | ||
Assets in excess of payment service obligations | $ 148.6 | $ 164.5 |
Debt - Credit Agreement Quarter
Debt - Credit Agreement Quarterly Financial Covenants (Detail) | Jun. 30, 2016 |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 6.43 |
Secured Leverage Not to Exceed | 3.511 |
January 1, 2016 through December 31, 2016 | |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 2.25 |
Secured Leverage Not to Exceed | 4.25 |
January 1, 2017 through December 31, 2017 | |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 2.25 |
Secured Leverage Not to Exceed | 3.75 |
January 1, 2018 through maturity | |
Debt Instrument [Line Items] | |
Interest Coverage Minimum Ratio | 2.25 |
Secured Leverage Not to Exceed | 3.5 |
Pensions and Other Benefits - A
Pensions and Other Benefits - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Pension Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions | $ 2 | $ 2 | $ 4 | $ 4 |
Supplemental Employee Retirement Plans, Defined Benefit | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions | $ 0.7 | $ 0.6 | $ 1.7 | $ 1.9 |
Pensions and Other Benefits - N
Pensions and Other Benefits - Net Periodic Benefit Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension settlement charge | $ 0 | $ 13.8 | $ 0 | $ 13.8 |
Interest cost | 1.6 | 2.4 | 3.3 | 5 |
Expected return on plan assets | (1.3) | (1.5) | (2.6) | (3.3) |
Amortization of net actuarial losses | 1.4 | 2.3 | 2.8 | 4.6 |
Net periodic benefit income | 1.7 | 17 | 3.5 | 20.1 |
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service credits | (0.2) | (0.1) | (0.3) | (0.3) |
Amortization of net actuarial losses | 0.1 | 0 | 0.1 | 0.1 |
Net periodic benefit income | $ (0.1) | $ (0.1) | $ (0.2) | $ (0.2) |
Stockholders' Deficit Additiona
Stockholders' Deficit Additional detail (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Dividends [Abstract] | ||||
Dividends, Common Stock, Cash | $ 0 | $ 0 | $ 0 | $ 0 |
Stockholders' Deficit - Compone
Stockholders' Deficit - Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | $ (48.7) | |
Net current period other comprehensive (loss) income | 0.3 | $ 10.1 |
Ending Balance | (48.4) | |
Net Unrealized Gains on Securities Classified as Available-for-sale, Net of Tax | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 11.1 | 11.2 |
Other comprehensive loss before reclassification | (0.1) | 0.6 |
Amounts reclassified from accumulated other comprehensive loss | (0.1) | (0.6) |
Net current period other comprehensive (loss) income | (0.2) | 0 |
Ending Balance | 10.9 | 11.2 |
Cumulative Foreign Currency Translation Adjustments, Net of Tax | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (13.5) | (5.4) |
Other comprehensive loss before reclassification | (1.1) | (7.8) |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Net current period other comprehensive (loss) income | (1.1) | (7.8) |
Ending Balance | (14.6) | (13.2) |
Pension and Postretirement Benefits Adjustment, Net of Tax | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (46.3) | (72.9) |
Other comprehensive loss before reclassification | 0 | 6.3 |
Amounts reclassified from accumulated other comprehensive loss | 1.6 | 11.6 |
Net current period other comprehensive (loss) income | 1.6 | 17.9 |
Ending Balance | (44.7) | (55) |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (48.7) | (67.1) |
Other comprehensive loss before reclassification | (1.2) | (0.9) |
Amounts reclassified from accumulated other comprehensive loss | 1.5 | 11 |
Net current period other comprehensive (loss) income | 0.3 | 10.1 |
Ending Balance | $ (48.4) | $ (57) |
Stockholders' Deficit - Stockho
Stockholders' Deficit - Stockholders' Deficit Reclassified from AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Tax benefit | $ (1.9) | $ 14.7 | $ (17.9) | $ (47.9) |
Net unrealized gains on securities classified as available-for-sale, net of tax | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total, net of tax | (0.1) | (0.6) | ||
Amounts reclassified from accumulated other comprehensive loss | (0.1) | (0.6) | ||
Pension and Postretirement Benefits adjustment, net of tax | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total, net of tax | 1.6 | 11.6 | ||
Amounts reclassified from accumulated other comprehensive loss | 1.6 | 11.6 | ||
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total, net of tax | (0.8) | (9.8) | (1.5) | (11) |
Amounts reclassified from accumulated other comprehensive loss | (0.8) | (9.8) | (1.5) | (11) |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains on securities classified as available-for-sale, net of tax | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | 0 | (0.3) | (0.1) | (0.5) |
Tax expense | 0 | (0.1) | 0 | (0.1) |
Total, net of tax | 0 | 0.4 | 0.1 | 0.6 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0.4 | 0.1 | 0.6 |
Reclassification out of Accumulated Other Comprehensive Income | Pension and Postretirement Benefits adjustment, net of tax | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax | (1.3) | (16) | (2.6) | (18.2) |
Total, net of tax | 0.8 | 10.2 | 1.6 | 11.6 |
Amortization of prior service credits | (0.2) | (0.1) | (0.3) | (0.3) |
Amortization of net actuarial losses | 1.5 | 2.3 | 2.9 | 4.7 |
Settlement charges | 0 | 13.8 | 0 | 13.8 |
Tax benefit | (0.5) | (5.8) | (1) | (6.6) |
Amounts reclassified from accumulated other comprehensive loss | $ 0.8 | $ 10.2 | $ 1.6 | $ 11.6 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Percent Vested For Achievement of Adjusted EBITDA at target | 50.00% | |||
Percent vested for achievement of Digital revenue target | 50.00% | |||
Percentage Vested If Minimum Performance Goal Met | 50.00% | |||
Stock options | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Unrecognized compensation expense | $ 2.1 | $ 2.1 | ||
Weighted-average vesting period (years) | 7 months 25 days | |||
Shares related to restricted stock units | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Unrecognized compensation expense | 24.5 | $ 24.5 | ||
Grant-date fair value of restricted stock units vested | $ 1 | $ 0.7 | $ 13.9 | $ 3.8 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 4.5 | $ 5 | $ 9.5 | $ 9 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 0.7 | 1 | 1.6 | 2.5 |
Shares related to restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 3.8 | $ 4 | $ 7.9 | $ 6.5 |
Stock-Based Compensation - Su64
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock options - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Stock option activity | ||
Options outstanding, beginning balance (shares) | 3,092,581 | |
Forfeited/expired (shares) | (361,766) | |
Options outstanding, ending balance (shares) | 2,730,815 | 3,092,581 |
Vested or expected to vest (shares) | 2,708,693 | |
Option exercisable (shares) | 2,329,528 | |
Weighted Average Exercise Price | ||
Options outstanding, beginning balance, weighted-average exercise price | $ 19.20 | |
Forfeited/expired, weighted-average exercise price | 25.59 | |
Options outstanding, ending balance, weighted-average exercise price | 18.35 | $ 19.20 |
Vested or expected to vest, weighted-average exercise price | 18.36 | |
Options exercisable, weighted-average exercise price | $ 18.34 | |
Additional Disclosures | ||
Options outstanding, weighted-average remaining contractual term (years) | 4 years 8 months 15 days | 5 years 2 months 20 days |
Vested or expected to vest, weighted-average remaining contractual term (years) | 4 years 8 months 9 days | |
Options exercisable, weighted-average remaining contractual term (years) | 4 years 4 months 9 days | |
Options outstanding, aggregate intrinsic value | $ 0 | $ 0 |
Options vested or expected to vest, aggregate intrinsic value | 0 | |
Options exercisable, aggregate intrinsic value | $ 0 |
Stock-Based Compensation - Su65
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - Shares related to restricted stock units - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Equity Instruments Other than Options, Nonvested, Number of Shares | ||
Restricted stock units outstanding, beginning balance (shares) | 4,162,568 | |
Granted (shares) | 3,014,261 | |
Vested and converted (shares) | (1,448,347) | |
Forfeited (shares) | (496,007) | |
Restricted stock units outstanding, ending balance (shares) | 5,232,475 | 4,162,568 |
Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ||
Restricted stock units outstanding, beginning balance, weighted-average price (usd per share) | $ 10.68 | |
Granted, weighted-average price | 5.11 | |
Vested and converted, weighted-average price | 9.59 | |
Forfeited, weighted-average | 11.73 | |
Restricted stock units outstanding, ending balance, weighted-average price (usd per share) | $ 7.68 | $ 10.68 |
Restricted stock units outstanding, weighted-average remaining contractual term (years) | 1 year 4 months 12 days | 1 year |
Restricted stock units outstanding, aggregate intrinsic value | $ 35.8 | $ 26.1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2009 | |
Income tax expense (benefit) | $ 1.9 | $ (14.7) | $ 17.9 | $ 47.9 | ||||
Income (loss) before income taxes | 5 | (27.1) | 16.8 | (36.5) | ||||
Nonoperating Income (Expense) | (11.2) | $ (11.4) | (22.5) | (22.5) | ||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | (21.2) | |||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 0.5 | 0.5 | ||||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | 3.1 | |||||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 1.1 | |||||||
Cash taxes, net | 4.6 | 65.3 | ||||||
Loss Contingency Accrual | 1.5 | 1.5 | $ 16.3 | |||||
Unrecognized tax benefits | 16.9 | 16.9 | 30.5 | |||||
Unrecognized tax benefits interest and penalties accrual | (0.8) | $ 1.4 | ||||||
Liability for unrecognized tax benefits, interest and penalties | 4.8 | 4.8 | 4.5 | |||||
Internal Revenue Service (IRS) | ||||||||
Cumulative Deductions For Net Securities Losses | $ 900 | |||||||
Tax adjustments | $ 63.7 | $ 186.9 | ||||||
Cash taxes, net | 61 | |||||||
Loss contingency accrual probable cash payments | 17 | 17 | ||||||
Deferred Prosecution Agreement [Member] | ||||||||
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | 7.7 | |||||||
Disallowed deductions | 100 | |||||||
Settlement allowable deductions | $ 39.3 | $ 39.3 | ||||||
Unrecognized tax benefits | $ 23.3 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | ||||||
Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Sep. 30, 2011State | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2009USD ($) | |
Commitments And Contingencies [Line Items] | ||||||||||
Loss Contingency Accrual | $ 1,500,000 | $ 1,500,000 | $ 16,300,000 | |||||||
Charge for legal proceedings | 0 | $ 2,000,000 | $ 2,200,000 | |||||||
Cash taxes, net | 4,600,000 | $ 65,300,000 | ||||||||
Internal Revenue Service (IRS) | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Cumulative Deductions For Net Securities Losses | $ 900,000,000 | |||||||||
Tax adjustments | $ 63,700,000 | $ 186,900,000 | ||||||||
Cash taxes, net | $ 61,000,000 | |||||||||
Loss contingency accrual probable cash payments | $ 17,000,000 | $ 17,000,000 | ||||||||
State Civil Investigative Demands | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Number of state attorneys general | State | 9 | |||||||||
Non-refundable payment made | $ 13,000,000 |
Earnings per Common Share Earni
Earnings per Common Share Earnings per Common Share (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Basic | 62.5 | 62.1 | 62.5 | 62.1 |
Shares related to stock options and restricted stock units | 3.5 | 0 | 0 | 0 |
Diluted | 66 | 62.1 | 62.5 | 62.1 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation (shares) | 4.6 | 7.8 | 7.5 | 7.1 |
Shares related to stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation (shares) | 2.8 | 3.5 | 2.9 | 3.6 |
Shares related to restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation (shares) | 1.8 | 4.3 | 4.6 | 3.5 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Number of reporting segments (segment) | 2 | |||
Percentage of total revenue | 19.00% | 19.00% | 19.00% | 20.00% |
Segment Information - Revenue b
Segment Information - Revenue by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 383.7 | $ 358.8 | $ 742.1 | $ 689.4 |
Global Funds Transfer revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 364.7 | 340.7 | 705 | 653 |
Global Funds Transfer revenue | Money transfer revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 341.5 | 316.6 | 657.7 | 603.4 |
Global Funds Transfer revenue | Bill payment revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 23.2 | 24.1 | 47.3 | 49.6 |
Financial Paper Products revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 19 | 18.1 | 37.1 | 36.4 |
Financial Paper Products revenue | Money order revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 12.9 | 12.8 | 25.6 | 25.9 |
Financial Paper Products revenue | Official check revenue | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 6.1 | $ 5.3 | $ 11.5 | $ 10.5 |
Segment Information - Operating
Segment Information - Operating Income by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Segment operating income: | ||||
Total operating income (loss) | $ 16.2 | $ (15.7) | $ 39.3 | $ (14) |
Interest expense | 11.2 | 11.4 | 22.5 | 22.5 |
Income (loss) before income taxes | 5 | (27.1) | 16.8 | (36.5) |
Global Funds Transfer | ||||
Segment operating income: | ||||
Total operating income (loss) | 19.7 | 0.4 | 43.4 | 0.6 |
Financial Paper Products | ||||
Segment operating income: | ||||
Total operating income (loss) | 4.6 | 4 | 9.1 | 9.4 |
Total segment operating income | ||||
Segment operating income: | ||||
Total operating income (loss) | 24.3 | 4.4 | 52.5 | 10 |
Other | ||||
Segment operating income: | ||||
Total operating income (loss) | $ (8.1) | $ (20.1) | $ (13.2) | $ (24) |
Segment Information - Assets by
Segment Information - Assets by Segment (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 4,290.8 | $ 4,505.2 |
Global Funds Transfer | ||
Segment Reporting Information [Line Items] | ||
Total assets | 2,113.7 | 1,982 |
Financial Paper Products | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,998.9 | 2,326.4 |
Other | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 178.2 | $ 196.8 |
Condensed Consolidating Finan74
Condensed Consolidating Financial Statements - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016 | |
Condensed Consolidating Financial Statements [Abstract] | |
Percentage ownership in subsidiary for unconditional guarantee of debt securities | 100.00% |
Condensed Consolidating Finan75
Condensed Consolidating Financial Statements - Condensed, Consolidating Balance Sheets (Detail) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||||
Cash and cash equivalents | $ 148.6 | $ 164.5 | $ 128.6 | $ 250.6 |
Settlement assets | 3,320.5 | 3,505.6 | ||
Property and equipment, net | 196.8 | 199.7 | ||
Goodwill | 442.2 | 442.2 | ||
Other assets | 182.7 | 193.2 | ||
Equity investments in subsidiaries | 0 | 0 | ||
Intercompany receivables | 0 | 0 | ||
Total assets | 4,290.8 | 4,505.2 | ||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||
Payment service obligations | 3,320.5 | 3,505.6 | ||
Debt | 939 | 942.6 | ||
Pension and other postretirement benefits | 91.4 | 96.3 | ||
Accounts payable and other liabilities | 161.1 | 183.5 | ||
Intercompany liabilities | 0 | 0 | ||
Total liabilities | 4,512 | 4,728 | ||
Total stockholders’ (deficit) equity | (221.2) | (222.8) | (248.7) | (182.7) |
Total liabilities and stockholders’ deficit | 4,290.8 | 4,505.2 | ||
Parent | ||||
ASSETS | ||||
Cash and cash equivalents | 2.1 | 2.1 | 2.1 | 2.1 |
Settlement assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Other assets | 28.8 | 27 | ||
Equity investments in subsidiaries | 888.3 | 885.5 | ||
Intercompany receivables | 0 | 6.3 | ||
Total assets | 919.2 | 920.9 | ||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||
Payment service obligations | 0 | 0 | ||
Debt | 939 | 942.6 | ||
Pension and other postretirement benefits | 0 | 0 | ||
Accounts payable and other liabilities | 3.3 | 1 | ||
Intercompany liabilities | 198.1 | 200.1 | ||
Total liabilities | 1,140.4 | 1,143.7 | ||
Total stockholders’ (deficit) equity | (221.2) | (222.8) | ||
Total liabilities and stockholders’ deficit | 919.2 | 920.9 | ||
Subsidiary Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 64.9 | 88.2 | 75.1 | 92 |
Settlement assets | 3,239 | 3,424.1 | ||
Property and equipment, net | 177 | 179 | ||
Goodwill | 315.3 | 315.3 | ||
Other assets | 166.2 | 168.5 | ||
Equity investments in subsidiaries | 220.1 | 215.8 | ||
Intercompany receivables | 207.3 | 201.2 | ||
Total assets | 4,389.8 | 4,592.1 | ||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||
Payment service obligations | 3,269.4 | 3,462.3 | ||
Debt | 0 | 0 | ||
Pension and other postretirement benefits | 91.4 | 96.3 | ||
Accounts payable and other liabilities | 140.7 | 148 | ||
Intercompany liabilities | 0 | 0 | ||
Total liabilities | 3,501.5 | 3,706.6 | ||
Total stockholders’ (deficit) equity | 888.3 | 885.5 | ||
Total liabilities and stockholders’ deficit | 4,389.8 | 4,592.1 | ||
Non-Guarantors | ||||
ASSETS | ||||
Cash and cash equivalents | 81.6 | 74.2 | 51.4 | 156.5 |
Settlement assets | 81.5 | 81.5 | ||
Property and equipment, net | 19.8 | 20.7 | ||
Goodwill | 126.9 | 126.9 | ||
Other assets | 29.5 | 36.4 | ||
Equity investments in subsidiaries | 0 | 0 | ||
Intercompany receivables | 26 | 0 | ||
Total assets | 365.3 | 339.7 | ||
LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | ||||
Payment service obligations | 51.1 | 43.3 | ||
Debt | 0 | 0 | ||
Pension and other postretirement benefits | 0 | 0 | ||
Accounts payable and other liabilities | 58.9 | 73.2 | ||
Intercompany liabilities | 35.2 | 7.4 | ||
Total liabilities | 145.2 | 123.9 | ||
Total stockholders’ (deficit) equity | 220.1 | 215.8 | ||
Total liabilities and stockholders’ deficit | 365.3 | 339.7 | ||
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 | (41.8) | (38.7) | ||
Equity investments in subsidiaries | (1,108.4) | (1,101.3) | ||
Intercompany receivables | (233.3) | (207.5) | ||
Total assets | (1,383.5) | (1,347.5) | ||
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 | (41.8) | (38.7) | ||
Intercompany liabilities | (233.3) | (207.5) | ||
Total liabilities | (275.1) | (246.2) | ||
Total stockholders’ (deficit) equity | (1,108.4) | (1,101.3) | ||
Total liabilities and stockholders’ deficit | $ (1,383.5) | $ (1,347.5) |
Condensed Consolidating Finan76
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
REVENUE | ||||
Fee and other revenue | $ 379.3 | $ 356 | $ 734 | $ 683.7 |
Investment revenue | 4.4 | 2.8 | 8.1 | 5.7 |
Total revenue | 383.7 | 358.8 | 742.1 | 689.4 |
EXPENSES | ||||
Fee and other commissions expense | 172.9 | 163.2 | 335.2 | 316.6 |
Investment commissions expense | 0.6 | 0.2 | 1.1 | 0.3 |
Total commissions expense | 173.5 | 163.4 | 336.3 | 316.9 |
Compensation and benefits | 74.4 | 87.8 | 146.1 | 162.5 |
Transaction and operations support | 83.1 | 90.3 | 147.6 | 160.7 |
Occupancy, equipment and supplies | 16 | 15.8 | 31.2 | 31.3 |
Depreciation and amortization | 20.5 | 17.2 | 41.6 | 32 |
Total operating expenses | 367.5 | 374.5 | 702.8 | 703.4 |
OPERATING INCOME (LOSS) | 16.2 | (15.7) | 39.3 | (14) |
Other expense | ||||
Interest expense | 11.2 | 11.4 | 22.5 | 22.5 |
Other income | 0 | 0 | ||
Total other expense (income) | 11.2 | 11.4 | 22.5 | 22.5 |
(Loss) income before income taxes | 5 | (27.1) | 16.8 | (36.5) |
Income tax (benefit) expense | 1.9 | (14.7) | 17.9 | 47.9 |
(Loss) income after income taxes | 3.1 | (12.4) | (1.1) | (84.4) |
Equity (loss) income in subsidiaries | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | 3.1 | (12.4) | (1.1) | (84.4) |
TOTAL OTHER COMPREHENSIVE INCOME | (1.7) | 20.7 | 0.3 | 10.1 |
COMPREHENSIVE (LOSS) INCOME | 1.4 | 8.3 | (0.8) | (74.3) |
Parent | ||||
REVENUE | ||||
Fee and other revenue | 0 | 0 | 0 | 0 |
Investment revenue | 0 | 0 | 0 | 0 |
Total revenue | 0 | 0 | 0 | 0 |
EXPENSES | ||||
Fee and other commissions expense | 0 | 0 | 0 | 0 |
Investment commissions expense | 0 | 0 | 0 | 0 |
Total commissions expense | 0 | 0 | 0 | 0 |
Compensation and benefits | 0 | 0 | 0 | 0 |
Transaction and operations support | 0.5 | 0.5 | 0.9 | 0.8 |
Occupancy, equipment and supplies | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total operating expenses | 0.5 | 0.5 | 0.9 | 0.8 |
OPERATING INCOME (LOSS) | (0.5) | (0.5) | (0.9) | (0.8) |
Other expense | ||||
Interest expense | 11.2 | 11.4 | 22.5 | 22.5 |
Other income | 0 | 0 | ||
Total other expense (income) | 11.2 | 11.4 | 22.5 | 22.5 |
(Loss) income before income taxes | (11.7) | (11.9) | (23.4) | (23.3) |
Income tax (benefit) expense | (4.2) | (4) | (8.5) | (8) |
(Loss) income after income taxes | (7.5) | (7.9) | (14.9) | (15.3) |
Equity (loss) income in subsidiaries | 10.6 | (4.5) | 13.8 | (69.1) |
NET INCOME (LOSS) | 3.1 | (12.4) | (1.1) | (84.4) |
TOTAL OTHER COMPREHENSIVE INCOME | (1.7) | 20.7 | 0.3 | 10.1 |
COMPREHENSIVE (LOSS) INCOME | 1.4 | 8.3 | (0.8) | (74.3) |
Subsidiary Guarantors | ||||
REVENUE | ||||
Fee and other revenue | 369.8 | 380.9 | 723.8 | 673.7 |
Investment revenue | 4.4 | 2.7 | 8.1 | 5.6 |
Total revenue | 374.2 | 383.6 | 731.9 | 679.3 |
EXPENSES | ||||
Fee and other commissions expense | 168.8 | 159.6 | 327.3 | 307.6 |
Investment commissions expense | 0.6 | 0.2 | 1.1 | 0.3 |
Total commissions expense | 169.4 | 159.8 | 328.4 | 307.9 |
Compensation and benefits | 48.7 | 64.9 | 98.2 | 113.5 |
Transaction and operations support | 119.7 | 143.7 | 212.3 | 222.7 |
Occupancy, equipment and supplies | 11.9 | 20.7 | 23.2 | 31.9 |
Depreciation and amortization | 17.4 | 13.9 | 35.1 | 25.8 |
Total operating expenses | 367.1 | 403 | 697.2 | 701.8 |
OPERATING INCOME (LOSS) | 7.1 | (19.4) | 34.7 | (22.5) |
Other expense | ||||
Interest expense | 0 | 0 | 0 | 0 |
Other income | 0 | 0 | ||
Total other expense (income) | 0 | 0 | 0 | 0 |
(Loss) income before income taxes | 7.1 | (19.4) | 34.7 | (22.5) |
Income tax (benefit) expense | 5.7 | (10.8) | 30.2 | 55.3 |
(Loss) income after income taxes | 1.4 | (8.6) | 4.5 | (77.8) |
Equity (loss) income in subsidiaries | 9.2 | 4.1 | 9.3 | 8.7 |
NET INCOME (LOSS) | 10.6 | (4.5) | 13.8 | (69.1) |
TOTAL OTHER COMPREHENSIVE INCOME | (5.5) | 20.7 | (1.2) | 10.1 |
COMPREHENSIVE (LOSS) INCOME | 5.1 | 16.2 | 12.6 | (59) |
Non-Guarantors | ||||
REVENUE | ||||
Fee and other revenue | 112.6 | 119.6 | 203.9 | 215.3 |
Investment revenue | 0 | 0.1 | 0 | 0.1 |
Total revenue | 112.6 | 119.7 | 203.9 | 215.4 |
EXPENSES | ||||
Fee and other commissions expense | 53.7 | 80.7 | 107.4 | 122.6 |
Investment commissions expense | 0 | 0 | 0 | 0 |
Total commissions expense | 53.7 | 80.7 | 107.4 | 122.6 |
Compensation and benefits | 25.7 | 22.9 | 47.9 | 49 |
Transaction and operations support | 16.4 | 13.5 | 28.6 | 28.9 |
Occupancy, equipment and supplies | 4.1 | 4 | 8 | 8.3 |
Depreciation and amortization | 3.1 | 3.3 | 6.5 | 6.2 |
Total operating expenses | 103 | 124.4 | 198.4 | 215 |
OPERATING INCOME (LOSS) | 9.6 | (4.7) | 5.5 | 0.4 |
Other expense | ||||
Interest expense | 0 | 0 | 0 | 0 |
Other income | (8.9) | (8.9) | ||
Total other expense (income) | 0 | (8.9) | 0 | (8.9) |
(Loss) income before income taxes | 9.6 | 4.2 | 5.5 | 9.3 |
Income tax (benefit) expense | 0.4 | 0.1 | (3.8) | 0.6 |
(Loss) income after income taxes | 9.2 | 4.1 | 9.3 | 8.7 |
Equity (loss) income in subsidiaries | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | 9.2 | 4.1 | 9.3 | 8.7 |
TOTAL OTHER COMPREHENSIVE INCOME | (5.1) | 3.7 | 0.3 | (10.9) |
COMPREHENSIVE (LOSS) INCOME | 4.1 | 7.8 | 9.6 | (2.2) |
Eliminations | ||||
REVENUE | ||||
Fee and other revenue | (103.1) | (144.5) | (193.7) | (205.3) |
Investment revenue | 0 | 0 | 0 | 0 |
Total revenue | (103.1) | (144.5) | (193.7) | (205.3) |
EXPENSES | ||||
Fee and other commissions expense | (49.6) | (77.1) | (99.5) | (113.6) |
Investment commissions expense | 0 | 0 | 0 | 0 |
Total commissions expense | (49.6) | (77.1) | (99.5) | (113.6) |
Compensation and benefits | 0 | 0 | 0 | 0 |
Transaction and operations support | (53.5) | (67.4) | (94.2) | (91.7) |
Occupancy, equipment and supplies | 0 | (8.9) | 0 | (8.9) |
Depreciation and amortization | 0 | 0 | 0 | 0 |
Total operating expenses | (103.1) | (153.4) | (193.7) | (214.2) |
OPERATING INCOME (LOSS) | 0 | 8.9 | 0 | 8.9 |
Other expense | ||||
Interest expense | 0 | 0 | 0 | 0 |
Other income | 8.9 | 8.9 | ||
Total other expense (income) | 0 | 8.9 | 0 | 8.9 |
(Loss) income before income taxes | 0 | 0 | 0 | 0 |
Income tax (benefit) expense | 0 | 0 | 0 | 0 |
(Loss) income after income taxes | 0 | 0 | 0 | 0 |
Equity (loss) income in subsidiaries | (19.8) | 0.4 | (23.1) | 60.4 |
NET INCOME (LOSS) | (19.8) | 0.4 | (23.1) | 60.4 |
TOTAL OTHER COMPREHENSIVE INCOME | 10.6 | (24.4) | 0.9 | 0.8 |
COMPREHENSIVE (LOSS) INCOME | $ (9.2) | $ (24) | $ (22.2) | $ 61.2 |
Condensed Consolidating Finan77
Condensed Consolidating Financial Statements - Condensed, Consolidating Statements of Cash Flows (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ 31.7 | $ (57.3) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (38.1) | (59.7) |
Dividend from subsidiary guarantors | 0 | 0 |
Intercompany investments | 0 | 0 |
Net cash used in investing activities | (38.1) | (59.7) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on debt | (4.9) | (5) |
Stock repurchase | (4.6) | 0 |
Dividend to parent | 0 | 0 |
Intercompany financings | 0 | 0 |
Net cash used in financing activities | (9.5) | (5) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (15.9) | (122) |
CASH AND CASH EQUIVALENTS—Beginning of period | 164.5 | 250.6 |
CASH AND CASH EQUIVALENTS—End of period | 148.6 | 128.6 |
Parent | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (20.7) | (3.2) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | 0 | 0 |
Dividend from subsidiary guarantors | 25.9 | 13 |
Intercompany investments | 0 | (4.8) |
Net cash used in investing activities | 25.9 | 8.2 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on debt | (4.9) | (5) |
Stock repurchase | (4.6) | |
Dividend to parent | 0 | 0 |
Intercompany financings | 4.3 | 0 |
Net cash used in financing activities | (5.2) | (5) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 2.1 | 2.1 |
CASH AND CASH EQUIVALENTS—End of period | 2.1 | 2.1 |
Subsidiary Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 42.3 | 0.7 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (33.6) | (53.9) |
Dividend from subsidiary guarantors | 0 | 0 |
Intercompany investments | (6.1) | 44.5 |
Net cash used in investing activities | (39.7) | (9.4) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on debt | 0 | 0 |
Stock repurchase | 0 | |
Dividend to parent | (25.9) | (13) |
Intercompany financings | 0 | 4.8 |
Net cash used in financing activities | (25.9) | (8.2) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (23.3) | (16.9) |
CASH AND CASH EQUIVALENTS—Beginning of period | 88.2 | 92 |
CASH AND CASH EQUIVALENTS—End of period | 64.9 | 75.1 |
Non-Guarantors | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 10.1 | (54.8) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (4.5) | (5.8) |
Dividend from subsidiary guarantors | 0 | 0 |
Intercompany investments | 0 | 0 |
Net cash used in investing activities | (4.5) | (5.8) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on debt | 0 | 0 |
Stock repurchase | 0 | |
Dividend to parent | 0 | 0 |
Intercompany financings | 1.8 | (44.5) |
Net cash used in financing activities | 1.8 | (44.5) |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 7.4 | (105.1) |
CASH AND CASH EQUIVALENTS—Beginning of period | 74.2 | 156.5 |
CASH AND CASH EQUIVALENTS—End of period | 81.6 | 51.4 |
Eliminations | ||
Condensed Financial Statements, Captions [Line Items] | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | 0 | 0 |
Dividend from subsidiary guarantors | (25.9) | (13) |
Intercompany investments | 6.1 | (39.7) |
Net cash used in investing activities | (19.8) | (52.7) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Principal payments on debt | 0 | 0 |
Stock repurchase | 0 | |
Dividend to parent | 25.9 | 13 |
Intercompany financings | (6.1) | 39.7 |
Net cash used in financing activities | 19.8 | 52.7 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS—Beginning of period | 0 | 0 |
CASH AND CASH EQUIVALENTS—End of period | $ 0 | $ 0 |