0001273931-22-000107 | 10-Q | XBRL Viewer | Moneygram International INC

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Nov. 07, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	001-31950
Entity Registrant Name	MONEYGRAM INTERNATIONAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-1690064
Entity Address, Address Line One	2828 N. Harwood St., 15th Floor
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	214
Local Phone Number	999-7552
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common stock, $0.01 par value
Trading Symbol	MGI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		96,545,041
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001273931
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 126.7	$ 155.2
Settlement assets	3,543.5	3,591.4
Property and equipment, net	135.0	133.9
Goodwill	442.2	442.2
Right-of-use asset, operating lease	42.8	52.6
Other assets	98.9	101.2
Total assets	4,389.1	4,476.5
LIABILITIES
Payment service obligations	3,543.5	3,591.4
Debt, net	785.7	786.7
Pension and other postretirement benefits	62.5	67.1
Lease liability - operating	45.8	56.3
Accounts payable and other liabilities	138.0	160.0
Total liabilities	4,575.5	4,661.5
COMMITMENTS AND CONTINGENCIES (NOTE 11)
STOCKHOLDERS' DEFICIT
Common stock, $0.01 par value, 162,500,000 shares authorized, 98,825,387 and 92,305,011 shares issued, 96,528,940 and 90,725,982 shares outstanding at September 30, 2022 and December 31, 2021, respectively	1.0	0.9
Additional paid-in capital	1,411.6	1,400.3
Retained loss	(1,501.1)	(1,513.4)
Accumulated other comprehensive loss	(80.3)	(62.8)
Treasury stock: 2,296,447 and 1,579,029 shares at September 30, 2022 and December 31, 2021, respectively	17.6	10.0
Total stockholders' deficit	(186.4)	(185.0)
Total liabilities and stockholders' deficit	$ 4,389.1	$ 4,476.5

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Authorized	162,500,000	162,500,000
Issued	98,825,387	92,305,011
Common Stock, Shares, Outstanding	96,528,940	90,725,982
Treasury Stock	2,296,447	1,579,029

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Fee and other revenue	$ 319.1	$ 317.7	$ 949.1	$ 953.1
Investment revenue	11.7	1.9	18.9	5.9
Total revenue	330.8	319.6	968.0	959.0
COST OF REVENUE
Commissions and other fee expense	153.7	154.6	458.9	465.8
Investment commissions expense	7.2	0.3	10.0	0.7
Direct transaction expense	13.7	15.6	39.8	47.0
Total cost of revenue	174.6	170.5	508.7	513.5
GROSS PROFIT
Gross Profit, Total	156.2	149.1	459.3	445.5
OPERATING EXPENSES
Compensation and benefits	55.8	53.8	171.6	175.0
Transaction and operations support	48.9	39.1	147.3	122.8
Occupancy, equipment and supplies	14.7	15.3	44.3	47.1
Depreciation and amortization	13.7	14.1	38.0	43.5
Total operating expenses	133.1	122.3	401.2	388.4
OPERATING INCOME	23.1	26.8	58.1	57.1
Other expenses
Interest expense	12.2	13.0	35.2	57.8
Loss on early extinguishment of debt	0.0	33.6	0.0	43.9
Other non-operating expense	0.8	1.0	2.8	2.8
Total other expenses	13.0	47.6	38.0	104.5
Income (loss) before income taxes	10.1	(20.8)	20.1	(47.4)
Income tax expense (benefit)	5.9	(5.2)	7.7	(5.3)
NET INCOME (LOSS)	$ 4.2	$ (15.6)	$ 12.4	$ (42.1)
EARNINGS (LOSS) PER COMMON SHARE
Basic (usd per share)	$ 0.04	$ (0.16)	$ 0.13	$ (0.48)
Diluted (usd per share)	$ 0.04	$ (0.16)	$ 0.12	$ (0.48)
Basic	96.6	96.0	96.3	87.7
Diluted (in shares)	100.1	96.0	100.0	87.7

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 4.2	$ (15.6)	$ 12.4	$ (42.1)
OTHER COMPREHENSIVE LOSS
Net change in unrealized holding gain on available-for-sale securities arising during the period, net of tax expense (benefit) of $0.0 and $0.0 for the three months ended September 30, 2022 and 2021, respectively, and $(0.1) and $0.0 for the nine months ended September 30, 2022 and 2021, respectively	0.4	(0.1)	0.5	0.3
Net change in pension liability due to amortization of prior service credit and net actuarial loss, net of tax benefit of $0.0 and $0.1 for the three months ended September 30, 2022 and 2021, respectively, and $0.3 and $0.4 for nine months ended September 30, 2022 and 2021, respectively	0.4	0.4	1.3	1.4
Unrealized non-U.S. dollar translation adjustments, net of tax expense of $0.0 and $0.4 for the three months ended September 30, 2022 and 2021, respectively, and $0.0 and $0.0 for the nine months ended September 30, 2022 and 2021, respectively	(8.8)	(3.7)	(19.3)	(6.9)
Other comprehensive loss	(8.0)	(3.4)	(17.5)	(5.2)
COMPREHENSIVE LOSS	$ (3.8)	$ (19.0)	$ (5.1)	$ (47.3)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Comprehensive (Loss) Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax	$ 0.0	$ 0.0	$ (0.1)	$ 0.0
Net change in pension liability, tax	0.0	0.1	0.3	0.4
Unrealized foreign currency translation gains (losses), tax	$ 0.0	$ 0.4	$ (0.0)	$ (0.0)

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	$ 12,400,000	$ (42,100,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	38,000,000.0	43,500,000
Signing bonus amortization	40,500,000	42,800,000
Change in right-of-use assets	8,500,000	9,900,000
Amortization of debt discount and debt issuance costs	2,000,000.0	6,800,000
Loss on early extinguishment of debt	0	43,900,000
Non-cash compensation and pension expense	13,900,000	7,700,000
Signing bonus payments	(22,900,000)	(26,200,000)
Change in other assets	(27,400,000)	(3,800,000)
Change in lease liabilities	(8,300,000)	(10,700,000)
Change in accounts payable and other liabilities	(30,700,000)	(72,700,000)
Other non-cash items, net	(400,000)	100,000
Net cash provided by (used in) operating activities	25,600,000	(800,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for capital expenditures	(40,200,000)	(31,400,000)
Proceeds from available-for-sale investments	500,000	600,000
Purchases of interest-bearing investments	(544,100,000)	(568,000,000.0)
Proceeds from interest-bearing investments	543,000,000.0	566,600,000
Purchase of equity investments	(4,000,000.0)	0
Net cash used in investing activities	(44,800,000)	(32,200,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Transaction costs for issuance and amendment of debt	0	(6,500,000)
Proceeds from issuance of debt	0	807,800,000
Principal payments on debt	(3,000,000.0)	(889,900,000)
Prepayment call premium	0	(16,500,000)
Change in receivables, net	(327,400,000)	14,300,000
Change in payment service obligations	(47,900,000)	(96,900,000)
Net proceeds from stock issuance	0	97,300,000
Payments to tax authorities for stock-based compensation	(7,600,000)	(3,700,000)
Net cash used in financing activities	(385,900,000)	(94,100,000)
NET CHANGE IN CASH AND CASH EQUIVALENTS AND SETTLEMENT CASH AND CASH EQUIVALENTS	(405,100,000)	(127,100,000)
CASH AND CASH EQUIVALENTS AND SETTLEMENT CASH AND CASH EQUIVALENTS—Beginning of year	2,050,900,000	2,079,300,000
CASH AND CASH EQUIVALENTS AND SETTLEMENT CASH AND CASH EQUIVALENTS—End of period	1,645,800,000	1,952,200,000
Supplemental Cash Flow Information [Abstract]
Cash payments for interest	39,500,000	46,600,000
Cash payments (refunds) for taxes, net	9,000,000.0	500,000
Cash and cash equivalents	126,700,000	152,600,000
Settlement Cash and Cash Equivalents	1,519,100,000	1,799,600,000
Cash and Cash Equivalents and Settlement Cash and Cash Equivalents	$ 1,645,800,000	$ 1,952,200,000

Consdensed Consolidated Statements of Stockholders' Deficit - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Loss	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning Balance at Dec. 31, 2020	$ (237.0)	$ 0.7	$ 1,296.0	$ (1,475.3)	$ (58.4)	$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(15.4)			(15.4)
Stock-based compensation activity	(1.8)		1.9	(0.1)		(3.6)
Exercise of lender warrants	0.0	0.1	(0.1)			0.0
Other comprehensive loss	(5.0)				(5.0)
Ending Balance at Mar. 31, 2021	(259.2)	0.8	1,297.8	(1,490.8)	(63.4)	3.6
Beginning Balance at Dec. 31, 2020	(237.0)	0.7	1,296.0	(1,475.3)	(58.4)	0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(42.1)
Ending Balance at Sep. 30, 2021	(185.9)	0.9	1,398.0	(1,517.5)	(63.6)	(3.7)
Beginning Balance at Mar. 31, 2021	(259.2)	0.8	1,297.8	(1,490.8)	(63.4)	3.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income				(11.1)
Stock-based compensation activity	1.3		1.4	0.0		(0.1)
ATM equity offering	97.6	0.1	97.5
Other comprehensive loss	3.2				3.2
Ending Balance at Jun. 30, 2021	(168.2)	0.9	1,396.7	(1,501.9)	(60.2)	(3.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(15.6)			(15.6)
Stock-based compensation activity	1.6		1.6	0.0		0.0
ATM equity offering	(0.3)		(0.3)
Other comprehensive loss	(3.4)				(3.4)
Ending Balance at Sep. 30, 2021	(185.9)	0.9	1,398.0	(1,517.5)	(63.6)	(3.7)
Beginning Balance at Dec. 31, 2021	(185.0)	0.9	1,400.3	(1,513.4)	(62.8)	(10.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	5.1			5.1
Stock-based compensation activity	(3.3)		2.8	0.0		(6.1)
Exercise of lender warrants	0.2	0.1	0.0			0.1
Other comprehensive loss	(1.3)				(1.3)
Ending Balance at Mar. 31, 2022	(184.3)	1.0	1,403.1	(1,508.3)	(64.1)	16.0
Beginning Balance at Dec. 31, 2021	(185.0)	0.9	1,400.3	(1,513.4)	(62.8)	(10.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	12.4
Ending Balance at Sep. 30, 2022	(186.4)	1.0	1,411.6	(1,501.1)	(80.3)	(17.6)
Beginning Balance at Mar. 31, 2022	(184.3)	1.0	1,403.1	(1,508.3)	(64.1)	16.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	3.1			3.1
Stock-based compensation activity	4.5		5.2	(0.1)		(0.6)
Other comprehensive loss	(8.2)				(8.2)
Ending Balance at Jun. 30, 2022	(184.9)	1.0	1,408.3	(1,505.3)	(72.3)	(16.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	4.2			4.2
Stock-based compensation activity	2.3		3.3	0.0		(1.0)
Other comprehensive loss	(8.0)				(8.0)
Ending Balance at Sep. 30, 2022	$ (186.4)	$ 1.0	$ 1,411.6	$ (1,501.1)	$ (80.3)	$ (17.6)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Description of the Business and Basis of Presentation	9 Months Ended
Description of the Business and Basis of Presentation	Sep. 30, 2022
Description of the Business and Basis of Presentation [Abstract]
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: GFT and FPP. The GFT segment provides global money transfer services and bill payment services to consumers through two primary distribution channels: retail and digital. Through our Retail Channel, we offer services through third-party agents, including retail chains, independent retailers, post offices and other financial institutions. Additionally, we have limited Company-operated retail locations. We offer services through MGO, digital partnerships, direct transfers to bank accounts, mobile wallets and card solutions, such as Visa Direct, as part of our Digital Channel. The FPP 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 U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheets are unclassified due to the timing uncertainty surrounding the payment of settlement obligations. The Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature that, in the opinion of management, are necessary in order to make the financial statements not misleading. Impact of COVID-19 Pandemic On Our Financial Statements — The global spread of COVID-19 and the unprecedented impact of the COVID-19 pandemic is complex and ever-evolving. In March 2020, the World Health Organization declared COVID-19 a global pandemic and recommended extensive containment and mitigation measures worldwide. The outbreak reached all regions in which we do business, and governmental authorities around the world implemented numerous measures attempting to contain and mitigate the effects of the virus, including travel bans and restrictions, border closings, quarantines, shelter-in-place orders, shutdowns, limitations or closures of non-essential businesses, school closures and social distancing requirements. The global spread of COVID-19 and its subsequent variants, in combination with the government actions taken in response to the virus have caused and may continue to cause, significant economic and business disruption, volatility, financial uncertainty and a continued significant global economic downturn. This has had and may continue to have, a negative impact on the mobility of the global workforce, our agents, customers, consumer spending and global financial markets. Even after the initial impact of the COVID-19 pandemic has subsided, we may continue to experience adverse impacts to our business as a result of inflation, economic weakness and lower disposable income. Therefore, the Company cannot reasonably estimate the future impact at this time. There were no other material impacts to our unaudited Condensed Consolidated Financial Statements as of and for the periods ended September 30, 2022, based on the Company's assessment of its estimates. As additional information becomes available to us, our future assessment of these estimates, including our expectations at the time regarding the duration, scope and severity of the pandemic, as well as other factors, could materially and adversely impact our Consolidated Financial Statements in the future. Use of Estimates — The preparation of these financial statements in conformity with U.S. 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, impact of the COVID-19 pandemic and other factors and assumptions the Company believes to be reasonable under the circumstances. These estimates and assumptions are reviewed on an ongoing basis and are revised when necessary. Changes in estimates are recorded in the period of change. Actual amounts may differ from these estimates. Principles of Consolidation — The Condensed Consolidated Financial Statements include the accounts of MoneyGram International, Inc. and its subsidiaries. Intercompany profits, transactions and account balances have been eliminated in consolidation. Recently Adopted Accounting Standards — In May 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The ASU clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options, warrants for instance, that remain equity classified after modification or exchange. The ASU provides guidance that will clarify whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as (1) an adjustment to equity and, if so, the related earnings per share effects, if any, or (2) an expense and, if so, the manner and pattern of recognition. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted, including adoption in an interim period. The adoption of ASU 2021-04 will not have a material impact on our Condensed Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide, if certain criteria are met, optional expedients and exceptions for applying the U.S. GAAP requirements for contract modifications, hedging relationships and sales or transfers of debt securities that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform through December 31, 2022. The adoption of this ASU is optional and the election can be made anytime during the effective period. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on our Condensed Consolidated Financial Statements. Recently Issued Accounting Standards and Related Developments Not Yet Adopted — In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This ASU changes how entities account for convertible instruments and contracts in an entity's own equity and simplifies the accounting for convertible instruments by removing certain separation models for convertible instruments. This ASU also modifies the guidance on diluted earnings per share calculations. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2020-06 is not expected to have a material impact on our Condensed 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. To further assist with adoption and implementation of ASU 2016-13, the FASB issued the following ASUs: •ASU 2018-19 (Issued November 2018) — Codification Improvements to Topic 326, Financial Instruments - Credit Losses •ASU 2019-04 (Issued April 2019) — Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments •ASU 2019-05 (Issued May 2019) — Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief •ASU 2019-10 (Issued November 2019) — Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates •ASU 2019-11 (Issued November 2019) — Codification Improvements to Topic 326, Financial Instruments - Credit Losses •ASU 2020-02 (Issued February 2020) — Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) (SEC Update) •ASU 2020-03 (Issued March 2020) — Codification Improvements to Financial Instruments •ASU 2022-02 (Issued March 2022) — Financial Instruments - Credit Losses (Topic 326): Trouble Debt Restructurings and Vintage Disclosures ASU 2019-10 changed the effective date of ASU 2016-13 for public business entities that meet the definition of a U.S. Securities and Exchange Commission ("SEC") filer but that are eligible to be a smaller reporting company to fiscal years beginning after December 15, 2022. As of November 15, 2019, which is the determination date for ASU 2016-13, MoneyGram was a smaller reporting company and, as such, has elected to adopt the amendments in these standards in 2023. We are still evaluating these ASUs, but we do not believe the adoption will have a material impact on our Condensed Consolidated Financial Statements. The Company has determined that there have been no other recently adopted or issued accounting standards that had, or will have, a material impact on its Condensed Consolidated Financial Statements. Merger Update — On February 14, 2022, we entered into a Merger Agreement by and among the Company, Parent and an affiliate of Madison Dearborn, and Merger Sub. The Merger Agreement provides that, subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company. Following the Merger, the Company will become a subsidiary of Parent. At the effective time of the Merger, each outstanding share of common stock will be automatically canceled and converted into the right to receive $11.00 in cash. On May 23, 2022, the Company held a virtual-only special meeting of stockholders related to the Merger Agreement and stockholders approved the transaction with affiliates of funds managed by MDP. To date, money transmission regulators in 50 U.S. states and territories have provided their approval of, or non-objection to the transaction. Only three state approvals remain, and the parties are in active dialogue with each of these states. In addition, the parties have obtained all but two approvals from its international money transmission regulators and have received approval from the Financial Conduct Authority ("FCA") in the United Kingdom and the National Bank of Belgium where MoneyGram holds its European license.

Settlement Assets and Payment Service Obligations

9 Months Ended

Sep. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Settlement Assets and Payment Service Obligations

The Company records 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 transaction occurs. The Company records corresponding settlement assets, which represent funds received or to be received for unsettled money transfers, money orders and consumer payments.

The following table summarizes the amount of settlement assets and payment service obligations:


(Amounts in millions)	September 30, 2022		December 31, 2021
Settlement assets:
Settlement cash	$	1,519.1	$	1,895.7
Receivables, net	1,027.8		700.4
Interest-bearing investments	993.7		992.3
Available-for-sale investments	2.9		3.0
Total settlement assets	$	3,543.5	$	3,591.4

Payment service obligations	$	(3,543.5)	$	(3,591.4)

Investment Portfolio

9 Months Ended

Sep. 30, 2022

Investments [Abstract]

Investment Portfolio

The following table shows the components of the investment portfolio:


(Amounts in millions)	September 30, 2022		December 31, 2021
Cash	$	1,645.8	$	2,050.9


Interest-bearing investments	993.7		992.3
Available-for-sale investments	2.9		3.0
Total investment portfolio	$	2,642.4	$	3,046.2

The following table is a summary of the amortized cost and fair value of available-for-sale investments:


(Amounts in millions)	Amortized Cost		Gross Unrealized Gains		Fair Value
September 30, 2022
Residential mortgage-backed securities	$	1.6	$	—	$	1.6
Asset-backed and other securities	—		1.3		1.3
Total	$	1.6	$	1.3	$	2.9

December 31, 2021
Residential mortgage-backed securities	$	2.1	$	0.2	$	2.3
Asset-backed and other securities	—		0.7		0.7
Total	$	2.1	$	0.9	$	3.0

As of September 30, 2022 and December 31, 2021, 55% and 77%, respectively, of the fair value of the available-for-sale portfolio were invested in residential mortgage-backed securities issued by U.S. government agencies. 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 nine months ended September 30, 2022 and 2021, the Company had no realized gains or losses.

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 asset-backed and other securities depend on the repayment characteristics and experience of the underlying obligations.

Fair Value Measurement

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring

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.

Assets and liabilities that are measured at fair value on a recurring basis:

•Available-for-sale investments — For residential mortgage-backed securities issued by U.S. government agencies, fair value measures are obtained from an independent pricing service. As market quotes are generally not readily available or accessible for these specific securities, the pricing service measures fair value through the use of pricing models utilizing reported market quotes adjusted for observable inputs, such as market prices for comparable securities, spreads, prepayment speeds, yield curves and delinquency rates. Accordingly, these securities are classified as Level 2 financial instruments.

For asset-backed and other securities, which include investments in limited partnerships, market quotes are generally not available. The Company utilizes broker quotes to measure market value, if available. Because the inputs and assumptions that brokers use to develop prices are unobservable, valuations that are based on brokers' quotes are classified as Level 3. Also, the Company uses pricing services that utilize pricing models based on market observable and unobservable data. The observable inputs include quotes for comparable securities, yield curves, default indices, interest rates, historical prepayment speeds and delinquency rates. These pricing models also apply an inactive market adjustment as a significant unobservable input. Accordingly, asset-backed and other securities valued using third-party pricing models are classified as Level 3.

•Derivative financial instruments — Derivatives consist of forward contracts to manage income statement exposure to non-U.S. dollar exchange risk arising from the Company's assets and liabilities denominated in non-U.S. dollar currencies. The Company's forward contracts are well-established products, allowing the use of standardized models with market-based inputs. These models do not contain a high level of subjectivity, and the inputs are readily observable. Accordingly, the Company has classified its forward contracts as Level 2 financial instruments. See Note 5 — Derivative Financial Instruments for additional disclosure on the Company's forward contracts.

The following table summarizes 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
September 30, 2022
Financial assets:
Available-for-sale investments:
Residential mortgage-backed securities	$	1.6	$	—	$	1.6
Asset-backed and other securities	—		1.3		1.3
Forward contracts (1)	10.5		—		10.5
Total financial assets	$	12.1	$	1.3	$	13.4
Financial liabilities:
Forward contracts	$	0.2	$	—	$	0.2

December 31, 2021
Financial assets:
Available-for-sale investments:
Residential mortgage-backed securities	$	2.3	$	—	$	2.3
Asset-backed and other securities	—		0.7		0.7
Forward contracts	0.1		—		0.1
Total financial assets	$	2.4	$	0.7	$	3.1
Financial liabilities:
Forward contracts	$	0.2	$	—	$	0.2

(1) Includes associated cash posted as collateral

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 values of the Term Loan and Senior Secured Notes are estimated using an observable market quotation (Level 2).

The following table provides the carrying value and fair value for the Term Loan and the Senior Secured Notes:


(Amounts in millions)	September 30, 2022				December 31, 2021
	Carrying value		Fair value		Carrying value		Fair value
Term Loan	$	381.0	$	367.7	$	384.0	$	383.5
Senior Secured Notes	$	415.0	$	405.7	$	415.0	$	421.2

The carrying amounts for the Company's cash and cash equivalents, settlement cash and cash equivalents, receivables, interest-bearing investments and payment service obligations approximate fair value as of September 30, 2022 and December 31, 2021.

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2022

Derivative Instrument Detail [Abstract]

Derivative Financial Instruments

The Company uses forward contracts to manage its non-U.S. dollar needs and non-U.S. dollar exchange risk arising from its assets and liabilities denominated in non-U.S. dollar. While these contracts may mitigate certain non-U.S. dollar risk, they are not designated as hedges for accounting purposes and will result in gains and losses in the Condensed Consolidated Statements of Operations. The Company also reports gains and losses from the spread differential between the rate set for its transactions and the actual cost of currency at the time the Company buys or sells in the open market.

The following net gains (losses) related to assets and liabilities denominated in non-U.S. dollar are included in "Transaction and operations support" in the Condensed Consolidated Statements of Operations and in the "Net cash provided by (used in) operating activities" line in the Condensed Consolidated Statements of Cash Flows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in millions)	2022		2021		2022		2021
Net realized non-U.S. dollar loss	$	(27.8)	$	(7.0)	$	(54.2)	$	(13.3)
Net gain from the related forward contracts	24.5		6.0		50.3		11.4
Net loss from the related forward contracts	$	(3.3)	$	(1.0)	$	(3.9)	$	(1.9)

As of September 30, 2022 and December 31, 2021, the Company had $653.6 million and $698.7 million, respectively, of outstanding notional amounts relating to its non-U.S. dollar forward contracts.

As of September 30, 2022 and December 31, 2021, the Company reflects the following fair values of derivative forward contract instruments in its Condensed Consolidated Balance Sheets on a net basis, allowing for the right of offset by counterparty and cash collateral:


(Amounts in millions)	Gross Amount of Recognized Assets				Gross Amount of Offset				Cash Collateral Posted				Net Amount of Assets Presented in the Condensed Consolidated Balance Sheets
Balance Sheet Location	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
"Other assets"	$	8.3	$	0.4	$	(2.8)	$	(0.3)	$	5.0	$	—	$	10.5	$	0.1


(Amounts in millions)	Gross Amount of Recognized Liabilities				Gross Amount of Offset				Cash Collateral Received				Net Amount of Liabilities Presented in the Condensed Consolidated Balance Sheets
Balance Sheet Location	September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021		September 30, 2022		December 31, 2021
"Accounts payable and other liabilities"	$	3.0	$	0.6	$	(2.8)	$	(0.4)	$	—	$	—	$	0.2	$	0.2

The Company's forward contracts are primarily executed with counterparties governed by International Swaps and Derivatives Association agreements that generally include standard netting arrangements. Asset and liability positions from forward contracts and all other non-U.S. dollar exchange transactions with the same counterparty are net settled upon maturity. In addition, the Company nets derivative liabilities against any receivables for cash collateral placed with the same counterparties.

The Company is exposed to credit loss in the event of non-performance by counterparties to its derivative contracts. The Company actively monitors its exposure to credit risk through the use of credit approvals and credit limits and by selecting major international banks and financial institutions as counterparties. Collateral generally is not required of the counterparties; however, it is required of the Company in some 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

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

The following is a summary of the Company's outstanding debt:


(Amounts in millions, except percentages)	September 30, 2022		December 31, 2021
Term Loan due 2026	$	381.0	$	384.0
5.375% Senior Secured Notes due 2026	415.0		415.0


Total debt at face value	796.0		799.0
Unamortized debt issuance costs and debt discounts	(10.3)		(12.3)
Total debt, net	$	785.7	$	786.7

Indenture and New Credit Agreement — On July 21, 2021, the Company entered into a new credit agreement (the “New Credit Agreement”) with the lenders from time to time party thereto and Bank of America, N.A., as administrative agent and completed its previously announced private offering of $415.0 million aggregate principal amount of 5.375% senior secured notes due 2026 (the “Senior Secured Notes” or "Notes" and such offering, the "Notes Offering") and related guarantees. The

New Credit Agreement provides for (i) a senior secured five-year term loan in an aggregate principal amount of $400.0 million (the “Term Loan”) and (ii) a senior secured four-year revolving credit facility that may be used for revolving credit loans, swingline loans and letters of credit (the "Revolving Credit Facility" and together with the Term Loan the "New Credit Facilities") up to an aggregate principal amount of $40.0 million. The interest rate spread applicable to loans under the Term Loan is 3.50% per annum for base rate loans and 4.50% for LIBOR rate loans. For purposes of the Term Loan, the LIBOR rate is subject to a 0.50% per annum floor and for purposes of the Revolving Credit Facility the LIBOR rate is subject to a 0.0% floor. As of September 30, 2022 and December 31, 2021, LIBOR rate was 1.50% and 0.50%, and interest rate was 6.00% and 5.00%, respectively, for the Term Loan. As of September 30, 2022, the Company had no borrowings and no outstanding letters of credit under its Revolving Credit Facility. The New Credit Facilities were secured by substantially all of the Company's assets and its material domestic subsidiaries that guarantee the payment and performance of the Company's obligations under the Credit Facilities.

Debt Covenants and Other Restrictions — The New Credit Agreement requires the Company and its consolidated subsidiaries to maintain a minimum interest coverage ratio of 2.150:1.000 and to not exceed a total net leverage ratio of 4.750:1.000. The asset coverage covenant contained in the New Credit Agreement requires the aggregate amount of the Company's cash and cash equivalents and other settlement assets to exceed its aggregate payment service obligations. As of September 30, 2022, the Company was in compliance with its financial covenants: our interest coverage ratio was 4.822 to 1.000, our total net leverage ratio was 3.272 to 1.000 and our assets in excess of payment service obligations used for the asset coverage calculation were $126.7 million. We continuously monitor our compliance with our debt covenants.

Pension and Other Benefits

9 Months Ended

Sep. 30, 2022

Retirement Benefits [Abstract]

Pension and Other Benefits

The following table is a summary of net periodic benefit expense for the Company's defined benefit Pension Plan and supplemental executive retirement plans, collectively referred to as "Pension":


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in millions)	2022		2021		2022		2021

Interest cost	$	0.6	$	0.5	$	1.8	$	1.5
Expected return on plan assets	(0.3)		(0.2)		(0.9)		(0.6)

Amortization of net actuarial loss	0.5		0.5		1.6		1.8
Net periodic benefit expense	$	0.8	$	0.8	$	2.5	$	2.7

Net periodic benefit expense for the Pension and Postretirement Benefits is recorded in "Other non-operating expense" in the Condensed Consolidated Statements of Operations.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Stockholders' Deficit

9 Months Ended

Sep. 30, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Deficit

Common Stock — No dividends were paid during the three and nine months ended September 30, 2022 or 2021.

The following table is a summary of changes in the number of shares of the Company’s authorized, issued and outstanding stock as of September 30, 2022:


	Common Stock		Treasury Stock
		Authorized		Issued		Outstanding
December 31, 2021		162,500,000	92,305,011		90,725,982		1,579,029

Exercise of lender warrants		—	4,458,314		4,454,159		4,155
Release for restricted stock units		—	2,062,062		1,348,799		713,263

September 30, 2022		162,500,000	98,825,387		96,528,940		2,296,447

The following table is 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 non-U.S. dollar Translation Adjustments, Net of Tax		Pension and Postretirement Benefits Adjustment, Net of Tax		Total
January 1, 2022	$	1.5	$	(28.9)	$	(35.4)	$	(62.8)
Other comprehensive loss before reclassification	0.1		(1.8)		—		(1.7)
Amounts reclassified from accumulated other comprehensive loss	—		—		0.4		0.4
Net current period other comprehensive loss	0.1		(1.8)		0.4		(1.3)
March 31, 2022	1.6		(30.7)		(35.0)		(64.1)
Other comprehensive loss before reclassification	—		(8.7)		—		(8.7)
Amounts reclassified from accumulated other comprehensive loss	—		—		0.5		0.5
Net current period other comprehensive loss	—		(8.7)		0.5		(8.2)
June 30, 2022	1.6		(39.4)		(34.5)		(72.3)
Other comprehensive loss before reclassification	0.4		(8.8)		—		(8.4)
Amounts reclassified from accumulated other comprehensive loss	—		—		0.4		0.4
Net current period other comprehensive loss	0.4		(8.8)		0.4		(8.0)
September 30, 2022	$	2.0	$	(48.2)	$	(34.1)	$	(80.3)


(Amounts in millions)	Net Unrealized Gains on Securities Classified as Available-for-sale, Net of Tax		Cumulative non-U.S. dollar Translation Adjustments, Net of Tax		Pension and Postretirement Benefits Adjustment, Net of Tax		Total
January 1, 2021	$	1.2	$	(20.9)	$	(38.7)	$	(58.4)
Other comprehensive loss before reclassification	0.3		(5.8)		—		(5.5)
Amounts reclassified from accumulated other comprehensive loss	—		—		0.5		0.5
Net current period other comprehensive loss	0.3		(5.8)		0.5		(5.0)
March 31, 2021	1.5		(26.7)		(38.2)		(63.4)
Other comprehensive income before reclassification	0.1		2.6		—		2.7
Amounts reclassified from accumulated other comprehensive loss	—		—		0.5		0.5
Net current period other comprehensive income	0.1		2.6		0.5		3.2
June 30, 2021	1.6		(24.1)		(37.7)		(60.2)
Other comprehensive loss before reclassification	(0.1)		(3.7)		—		(3.8)
Amounts reclassified from accumulated other comprehensive loss	—		—		0.4		0.4
Net current period other comprehensive loss	(0.1)		(3.7)		0.4		(3.4)
September 30, 2021	$	1.5	$	(27.8)	$	(37.3)	$	(63.6)

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-based Payment Arrangement [Abstract]

Shareholders' Equity and Share-based Payments

The following table is a summary of the Company's stock-based compensation expense:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in millions)	2022		2021		2022		2021


Stock-based compensation expense	$	3.3	$	1.6	$	11.3	$	4.9

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 (in millions)
Options outstanding at December 31, 2021	131,153	$	17.54	1.4 years	$	—
Forfeited/Expired	(19,202)	$	17.79
Options outstanding, vested or expected to vest, and exercisable at September 30, 2022	111,951	$	17.50	0.9 years	$	—

As of September 30, 2022, the Company had no unrecognized stock option expense related to outstanding options.

Restricted Stock Units — On February 16, 2022, the Company granted 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 and a one-year performance period. When and if the conditions are satisfied at the end of the one-year performance period, vesting of the performance-based restricted stock units are subject only to the passage of time and vest in three equal installments on each anniversary of the grant date.

The following table is a summary of the Company's restricted stock unit activity:


	Total Shares	Weighted-Average Grant-Date Fair Value		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Restricted stock units outstanding at December 31, 2021	4,104,547	$	3.82	0.86 years	$	32.4
Granted	1,665,176	10.69
Vested	(2,084,376)	4.51
Forfeited	(7,081)	7.07
Restricted stock units outstanding at September 30, 2022	3,678,266	$	7.35	0.99 years	$	38.3
Restricted stock units vested and deferred at September 30, 2022	174,827	$	4.15		$	1.8

The following table is a summary of the Company's restricted stock unit compensation information:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in millions)	2022		2021		2022		2021
Weighted-average grant-date fair value of restricted stock units vested during the period	$	0.5	$	0.1	$	9.4	$	6.7
Total intrinsic value of vested and converted shares	$	0.6	$	0.2	$	22.1	$	15.5

As of September 30, 2022, the Company's outstanding restricted stock units had unrecognized compensation expense of $18.4 million with a remaining weighted-average vesting period of 1.4 years.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	For the three months ended September 30, 2022, the Company recognized an income tax expense of $5.9 million on pre-tax income of $10.1 million primarily due to an increase in valuation allowance, non-deductible expenses, foreign taxes net of federal income tax benefits, state taxes and an increase in unrecognized tax benefits, all of which were partially offset by U.S. general business credits. For the nine months ended September 30, 2022, the Company recognized an income tax expense of $7.7 million on pre-tax income of $20.1 million primarily due to non-deductible expenses, an increase in valuation allowance, foreign taxes net of federal income tax benefits, an increase in unrecognized tax benefits and state taxes, all of which were partially offset by U.S. general business credits and recognition of excess tax benefits on share-based compensation. The net increase in valuation allowance against our U.S. federal and state deferred tax assets is primarily due to an increase in the Company's federal interest expense limitation carryover and the possibility that the net interest expense may be further limited in the foreseeable future. The valuation allowance increase is partially offset by a decrease in the valuation allowance for the estimated use of U.S. general business credits and state net operating losses. As of September 30, 2022, the Company remains in a three-year cumulative pre-tax loss position. However, it is possible that the Company could be out of its current three-year cumulative loss position within the next 12 months. The Company will maintain a valuation allowance on applicable deferred tax assets until there is sufficient evidence to support the reversal of any or all of these valuation allowances. The Company continues to analyze the positive and negative evidence in determining the need for a valuation allowance with respect to its deferred tax assets. It is reasonably possible that, within the next 12 months, the valuation allowance could be reduced if there is sufficient evidence indicating it is more likely than not that all or a portion of the Company’s deferred tax assets will be realized. Release of the valuation allowance would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period in which the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change based on the level of profitability achieved. For the three months ended September 30, 2021, the Company recognized an income tax benefit of $5.2 million on a pre-tax loss of $20.8 million primarily due to state taxes, non-deductible expenses, foreign taxes net of federal income tax benefits and U.S. taxation of foreign earnings, all of which were partially offset by U.S. general business credits and an increase in valuation allowance. For the nine months ended September 30, 2021, the Company recognized an income tax benefit of $5.3 million on a pre-tax loss of $47.4 million primarily due to non-deductible expenses, foreign taxes net of federal income tax benefits, U.S. taxation of foreign earnings and an increase in valuation allowance, all of which were partially offset by U.S. general business credits. Unrecognized tax benefits are recorded in "Accounts payable and other liabilities" in the Condensed Consolidated Balance Sheets. As of September 30, 2022 and December 31, 2021, the liability for unrecognized tax benefits was $12.8 million and $14.7 million, respectively, exclusive of interest and penalties. For the nine months ended September 30, 2022 and 2021, the net amount of unrecognized tax benefits that if recognized could impact the effective tax rate was $12.8 million and $19.3 million, respectively. The Company accrues interest and penalties for unrecognized tax benefits through "Income tax (benefit) expense" in the Condensed Consolidated Statements of Operations. For the nine months ended September 30, 2022, the Company's accrual for interest and penalties decreased by $1.2 million which was comprised of a $0.3 million increase in the accrual offset by cash payments of $1.5 million. For the nine months ended September 30, 2021, the company’s accrual for interest and penalties increased by $0.7 million. As of September 30, 2022 and December 31, 2021, the Company had a liability of $6.3 million and $7.4 million, respectively, for accrued interest and penalties within "Accounts payable and other liabilities." As a result of the Company's completion of its litigation related to its securities losses, the Company is anticipating a $3.7 million decrease to the total amount of state related unrecognized tax benefits, exclusive of interest and penalties, by way of cash or attribute settlements over the next 12 months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
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 matters. In relation to various legal matters, including those described below, the Company had $7.5 million and $15.8 million of liability recorded in "Accounts payable and other liabilities" in the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021, respectively. Legal proceedings are recorded in "Transaction and operations support" in the Condensed Consolidated Statements of Operations. No charges were recorded for the three and nine months ended September 30, 2022 and 2021. Litigation Commenced Against the Company: Class Action Securities Litigation — On November 14, 2018, a putative securities class action lawsuit was filed in the United States District Court for the Northern District of Illinois against MoneyGram and certain of its executive officers. The lawsuit asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and alleges that MoneyGram made material misrepresentations regarding its compliance with the stipulated order for permanent injunction and final judgment that MoneyGram entered into with the FTC in October 2009 and with the DPA that MoneyGram entered into with the U.S. Attorney’s Office for the Middle District of Pennsylvania and the U.S. Department of Justice in November 2012. The lawsuit seeks unspecified damages, equitable relief, interest and costs and attorneys' fees. The Company believes the case is without merit and is vigorously defending this matter. On May 16, 2019, MoneyGram filed a motion to dismiss which the court has yet to rule upon. We are unable to predict the outcome, or the possible loss or range of loss, if any, related to this matter. Books and Records Requests — The Company has received multiple requests from various putative shareholders for inspection of books and records pursuant to Section 220 of the Delaware General Corporation Law relating to the subject matter of the putative class lawsuit described in the preceding paragraphs. On February 26, 2019, two of these shareholders filed a petition in the Delaware Court of Chancery to compel MoneyGram to produce books and records in accordance with their request but have since dismissed their action. We are unable to predict the outcome, or the possible loss or range of loss, if any, related to these matters. MDP Transaction Shareholder Litigation — On March 13, 2022, a purported MoneyGram stockholder filed a lawsuit, entitled Shiva Stein v. MoneyGram International, Inc., et al., in the United States District Court for the Southern District of New York. On March 31, 2022, a purported MoneyGram stockholder filed a lawsuit, entitled Chandler Tulin v. MoneyGram International, Inc., et al., in the United States District Court for the Southern District of New York. On April 1, 2022, a purported MoneyGram stockholder filed a lawsuit, entitled Ryan O’Dell v. MoneyGram International, Inc., et al., in the United States District Court for the Southern District of New York. On April 6, 2022, a purported MoneyGram stockholder filed a lawsuit, entitled Lewis D. Baker v. MoneyGram International, Inc., et al., in the United States District Court for the Eastern District of New York. On April 8, 2022, a purported MoneyGram stockholder filed a lawsuit, entitled Marc Waterman v. MoneyGram International, Inc., et al., in the United States District Court for the Eastern District of Pennsylvania. On April 10, 2022, a purported MoneyGram stockholder filed a lawsuit, entitled Khristina Keller v. MoneyGram International, Inc., et al., in the United States District Court for the Eastern District of New York. The plaintiffs in each lawsuit alleged that the preliminary proxy statement filed by MoneyGram with the SEC on March 29, 2022, in connection with the proposed Merger contains materially incomplete and misleading information and omits material information with respect to the Merger, rendering the preliminary proxy statement materially incomplete and misleading in violation of Sections 14(a) and 20(a) of the Exchange Act, 15 U.S.C. §§ 78n(a), 78t(a), Rule 14a-9 of the SEC rules and/or 17 C.F.R. § 244.100. The plaintiff in the Tulin action also asserted that the members of the MoneyGram board breached their fiduciary duties by, among other things, entering into the Merger Agreement through an unfair process and for inadequate compensation, and that MoneyGram aided and abetted the purported breaches of fiduciary duties. Each plaintiff sought, among other things, injunctive relief until the defendants to the applicable lawsuit disclosed the alleged omitted material information. All the federal lawsuits described above that were filed against MoneyGram regarding the MDP transaction and the Company's related public disclosure have now been voluntarily dismissed. In addition, on or about April 25, 2022, a purported MoneyGram stockholder filed a putative class action lawsuit, entitled Hatch v. Holmes, et al., in the Delaware Court of Chancery. The plaintiff in the Hatch action asserts that the members of the MoneyGram board breached their fiduciary duties by obtaining inadequate consideration for MoneyGram’s stockholders and making materially incomplete or misleading proxy disclosures in connection with the proposed Merger. On May 6, 2022, the Delaware Court of Chancery denied plaintiff's motion for expedited proceedings and for injunctive relief regarding the proxy disclosures in the MDP transaction. On July 29, 2022, plaintiff filed a stipulation of dismissal without prejudice, which the court granted on August 1, 2022. Accordingly, every shareholder lawsuit filed over the MDP transaction and the Company’s related public disclosures have now been dismissed and are no longer pending. It is possible that additional shareholder lawsuits could be filed relating to the subject matter of the above putative class action, the Section 220 books and records requests and the shareholder suits pertaining to the MDP transaction. 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 or cash flows. Government Investigations: On June 9, 2021, the Government filed an Amended Unopposed Motion to Dismiss that provided additional details about the Company’s satisfaction of its obligations under the DPA and enhancements to the Company’s compliance program. On June 10, 2021, the United States Judge for the Middle District of Pennsylvania signed an Order dismissing the criminal information with prejudice, which effectively discharged the Government’s criminal case against the Company and officially ended the matter. NYDFS — As previously reported, on June 22, 2018, the Company received a request for production of documents from the NYDFS related to the Company’s failure to maintain an effective anti-money laundering program and to adequately supervise certain of the Company’s New York-based agents that conducted suspicious transactions on behalf of customers. This request followed previous inquiries by the NYDFS regarding certain of the Company’s New York-based agents. On March 16, 2022, the Company and the NYDFS entered into a consent order (the “Consent Order”) to resolve this matter. In entering into the Consent Order, the NYDFS acknowledged that there were several mitigating factors in respect to the Consent Order, including that the Company fully cooperated with the NYDFS’s investigation, including by reporting on the results of its internal investigation on the matter, had voluntarily undertaken significant enhancements to its compliance program and had undertaken remediation to prevent similar violations from occurring. Such measures and enhancements include termination of certain agents, the creation of new compliance procedures to increase the authority of compliance personnel within the Company, the implementation of new limits on and supervision of high-risk agents and a substantial increase in the resources allocated to compliance. Pursuant to the Consent Order, the Company agreed to, among other things, pay a civil monetary penalty in the amount of $8.3 million and undertake various reporting obligations. These include the obligation to (i) submit to the NYDFS a written description of the Company’s current compliance program with respect to the supervision of its New York-based agents and update such description with the NYDFS at 12 and 24 months after the date of the Consent Order, (ii) deliver to the NYDFS detailed data of all transactions in the State of New York for the one-year period prior to the date of the Consent Order, and (iii) fully cooperate with the NYDFS regarding all terms of the Consent Order. Pursuant to the Consent Order, the NYDFS agreed that it will take no further action against the Company for the conduct subject to the previous request for production of documents, provided that the Company fully complies with the terms of the Consent Order. The $8.3 million payment, which was made in the first quarter of 2022, is consistent with the estimated amount that the Company previously accrued in the fourth quarter of 2021. CFPB — As previously reported, on February 12, 2020, the Company received a Report of Examination (“ROE”) from the Consumer Financial Protection Bureau (“CFPB”) stating that previous findings from a 2019 exam were not remediated, and the matter would be referred to its Enforcement Unit. On March 18, 2020, the Company received a Civil Investigative Demand (“CID”) from the CFPB’s Enforcement Unit. On June 11, 2020, the Company provided a timely response to the ROE describing the remedial actions taken and that the findings have been substantially remediated. On August 21, 2020, the Company completed its production in response to the CID. On February 25, 2021, the CFPB provided the Company with a Notice and Opportunity to Respond and Advise (“NORA”) letter, documenting the CFPB’s intent to take legal action against the Company based on four alleged violations under the Remittance Rule, the Electronic Fund Transfer Act (the “EFTA”) and the Consumer Financial Protection Act (the “CFPA”). The Company provided the CFPB with its written response to the NORA letter on March 17, 2021. Over the next several months, the Company and the CFPB engaged in negotiations regarding a potential settlement agreement but were ultimately unable to reach an agreed resolution on this matter. On April 21, 2022, the CFPB and the New York State Office of the Attorney General filed a complaint (the “Complaint”) in the United States District Court for the Southern District of New York against the Company and MoneyGram Payment Systems, Inc., a wholly owned subsidiary of the Company. The Complaint alleges seven counts of violations under the Remittance Rule, the CFPA, the EFTA and New York Executive Law § 63(12) and seeks injunctive relief, restitution, unspecified damages, civil money penalties and costs. On July 5, 2022, the CFPB and the New York Office of the Attorney General filed a First Amended Complaint. The Company filed its response to the First Amended Complaint on August 4, 2022, with motions to dismiss and to transfer venue to Texas. The CFPB and New York Office of the Attorney General responded to the Company's motions on September 19, 2022, and MoneyGram filed a brief reply on October 3, 2022. MoneyGram continues to believe the case is without merit and intends to vigorously defend this matter. Based on the prior settlement negotiations which have since terminated, the Company had accrued $7.5 million as of December 31, 2021, as our best estimate to settle this matter. Notwithstanding the termination of the settlement discussion and the filing of the lawsuit by the CFPB, we continue to maintain the $7.5 million accrual in accordance with U.S. GAAP as our best loss estimate related to this matter. 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 or cash flows.

Earnings per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings per Common Share

The following table summarizes the weighted-average share amounts used in calculating earnings (loss) per common share:


	Three Months Ended September 30,		Nine Months Ended September 30,
(Amounts in millions)	2022	2021	2022	2021
Basic common shares outstanding	96.6	96.0	96.3	87.7

Shares related to restricted stock units	3.5	—	3.7	—

Diluted common shares outstanding	100.1	96.0	100.0	87.7

Potential common shares issuable to employees upon exercise or conversion of shares under the Company's stock-based compensation plans and upon exercise of the Ripple Warrants (as defined below, which are no longer outstanding) are excluded from the computation of diluted earnings per common share in periods 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, regardless of whether the Company is in a period of net loss available to common shareholders.

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 September 30,		Nine Months Ended September 30,
(Amounts in millions)	2022	2021	2022	2021
Shares related to stock options	0.1	0.2	0.1	0.3
Shares related to restricted stock units	—	4.0	—	4.3
Shares related to Ripple Warrants	—	—	—	1.4
Shares excluded from the computation	0.1	4.2	0.1	6.0

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

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: GFT and FPP. See Note 1 — Description of the Business and Basis of Presentation for further discussion on our segments. Walmart Inc. ("Walmart") is our only agent that is considered major. The following table is a summary of revenue from Walmart as a percentage of each segment and total revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue from Walmart as a percentage of GFT revenue	<10%		10	%	<10%		11	%
Revenue from Walmart as a percentage of FPP revenue	33	%	35	%	35	%	34	%
Revenue from Walmart as a percentage of total revenue	<10%		10	%	<10%		11	%

The following table is a summary of the total revenue by segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in millions)	2022		2021		2022		2021
GFT revenue
Money transfer revenue	$	299.1	$	296.2	$	886.9	$	887.0
Bill payment revenue	8.9		9.8		26.8		30.5
Total GFT revenue	308.0		306.0		913.7		917.5




FPP revenue
Money order revenue	11.1		10.0		32.2		31.0
Official check revenue	11.7		3.6		22.1		10.5
Total FPP revenue	22.8		13.6		54.3		41.5
Total revenue	$	330.8	$	319.6	$	968.0	$	959.0

The following table is a summary of the gross profit by segment:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in millions)	2022		2021		2022		2021
GFT gross profit	$	140.5	$	135.8	$	415.0	$	404.7

FPP gross profit (1)	15.7		13.3		44.3		40.8
Total gross profit	156.2		149.1		459.3		445.5
Total operating expenses	133.1		122.3		401.2		388.4
Total operating income	23.1		26.8		58.1		57.1
Interest expense	12.2		13.0		35.2		57.8
Loss on early extinguishment of debt	—		33.6		—		43.9
Other non-operating expense	0.8		1.0		2.8		2.8
Income (loss) before income taxes	$	10.1	$	(20.8)	$	20.1	$	(47.4)

(1) In periods of extremely low interest rates, it is possible for commissions to be close to zero, resulting in abnormally high gross margin.

The following table sets forth assets by segment:


(Amounts in millions)	September 30, 2022		December 31, 2021
GFT	$	1,246.3	$	1,269.5

FPP	3,110.5		3,169.8
Other	32.3		37.2
Total assets	$	4,389.1	$	4,476.5

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Revenue Recognition

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The following table is a summary of the Company's revenue streams disaggregated by services and products for each segment and timing of revenue recognition for such services and products excluding other revenue:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Amounts in millions)	2022		2021		2022		2021
GFT revenue
Money transfer fee revenue	$	288.6	$	289.5	$	859.0	$	867.5
Bill payment services fee revenue	7.9		9.9		26.8		31.1
Other revenue	11.5		6.6		27.9		18.9
Total GFT fee and other revenue	308.0		306.0		913.7		917.5





FPP revenue
Money order fee revenue	1.3		1.6		4.1		4.9
Official check outsourcing services fee revenue	1.7		1.8		5.1		5.4
Other revenue	8.1		8.3		26.2		25.3
Total FPP fee and other revenue	11.1		11.7		35.4		35.6
Total fee and other revenue	319.1		317.7		949.1		953.1
Investment revenue	11.7		1.9		18.9		5.9
Total revenue	$	330.8	$	319.6	$	968.0	$	959.0

Timing of revenue recognition:
Services and products transferred at a point in time	$	297.8	$	300.8	$	889.9	$	903.4
Products transferred over time	1.7		1.8		5.1		5.4
Total revenue from services and products	299.5		302.6		895.0		908.8
Investment revenue	11.7		1.9		18.9		5.9
Other revenue	19.6		15.1		54.1		44.3
Total revenue	$	330.8	$	319.6	$	968.0	$	959.0

Due to the short-term nature of the Company's services and products, the amount of contract assets and liabilities on the Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021, is negligible. Assets for unsettled money transfers, money orders and consumer payments are included in "Settlement assets" with a corresponding liability recorded in "Payment service obligations" on the Condensed Consolidated Balance Sheets. For more information on these assets and liabilities see Note 2 — Settlement Assets and Payment Service Obligations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Description of the Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
Description of the Business and Basis of Presentation [Abstract]
Basis of Presentation	Basis of Presentation — The accompanying unaudited Condensed Consolidated Financial Statements of MoneyGram are prepared in conformity with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheets are unclassified due to the timing uncertainty surrounding the payment of settlement obligations. The Condensed Consolidated Financial Statements include all adjustments of a normal recurring nature that, in the opinion of management, are necessary in order to make the financial statements not misleading.
Use of Estimates	Use of Estimates — The preparation of these financial statements in conformity with U.S. 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, impact of the COVID-19 pandemic and other factors and assumptions the Company believes to be reasonable under the circumstances. These estimates and assumptions are reviewed on an ongoing basis and are revised when necessary. Changes in estimates are recorded in the period of change. Actual amounts may differ from these estimates.
Principles of Consolidation	Principles of Consolidation — The Condensed Consolidated Financial Statements include the accounts of MoneyGram International, Inc. and its subsidiaries. Intercompany profits, transactions and account balances have been eliminated in consolidation.
Recent Accounting Pronouncements and Related Developments	In May 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The ASU clarifies and reduces diversity in an issuer’s accounting for modifications or exchanges of freestanding equity-classified written call options, warrants for instance, that remain equity classified after modification or exchange. The ASU provides guidance that will clarify whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as (1) an adjustment to equity and, if so, the related earnings per share effects, if any, or (2) an expense and, if so, the manner and pattern of recognition. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted, including adoption in an interim period. The adoption of ASU 2021-04 will not have a material impact on our Condensed Consolidated Financial Statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this ASU provide, if certain criteria are met, optional expedients and exceptions for applying the U.S. GAAP requirements for contract modifications, hedging relationships and sales or transfers of debt securities that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform through December 31, 2022. The adoption of this ASU is optional and the election can be made anytime during the effective period. The amendments in this ASU are effective as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on our Condensed Consolidated Financial Statements. Recently Issued Accounting Standards and Related Developments Not Yet Adopted — In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. This ASU changes how entities account for convertible instruments and contracts in an entity's own equity and simplifies the accounting for convertible instruments by removing certain separation models for convertible instruments. This ASU also modifies the guidance on diluted earnings per share calculations. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The adoption of ASU 2020-06 is not expected to have a material impact on our Condensed 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. To further assist with adoption and implementation of ASU 2016-13, the FASB issued the following ASUs: •ASU 2018-19 (Issued November 2018) — Codification Improvements to Topic 326, Financial Instruments - Credit Losses •ASU 2019-04 (Issued April 2019) — Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments •ASU 2019-05 (Issued May 2019) — Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief •ASU 2019-10 (Issued November 2019) — Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates •ASU 2019-11 (Issued November 2019) — Codification Improvements to Topic 326, Financial Instruments - Credit Losses •ASU 2020-02 (Issued February 2020) — Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842) (SEC Update) •ASU 2020-03 (Issued March 2020) — Codification Improvements to Financial Instruments •ASU 2022-02 (Issued March 2022) — Financial Instruments - Credit Losses (Topic 326): Trouble Debt Restructurings and Vintage Disclosures ASU 2019-10 changed the effective date of ASU 2016-13 for public business entities that meet the definition of a U.S. Securities and Exchange Commission ("SEC") filer but that are eligible to be a smaller reporting company to fiscal years beginning after December 15, 2022. As of November 15, 2019, which is the determination date for ASU 2016-13, MoneyGram was a smaller reporting company and, as such, has elected to adopt the amendments in these standards in 2023. We are still evaluating these ASUs, but we do not believe the adoption will have a material impact on our Condensed Consolidated Financial Statements. The Company has determined that there have been no other recently adopted or issued accounting standards that had, or will have, a material impact on its Condensed Consolidated Financial Statements. Merger Update — On February 14, 2022, we entered into a Merger Agreement by and among the Company, Parent and an affiliate of Madison Dearborn, and Merger Sub. The Merger Agreement provides that, subject to the terms and conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company. Following the Merger, the Company will become a subsidiary of Parent. At the effective time of the Merger, each outstanding share of common stock will be automatically canceled and converted into the right to receive $11.00 in cash. On May 23, 2022, the Company held a virtual-only special meeting of stockholders related to the Merger Agreement and stockholders approved the transaction with affiliates of funds managed by MDP. To date, money transmission regulators in 50 U.S. states and territories have provided their approval of, or non-objection to the transaction. Only three state approvals remain, and the parties are in active dialogue with each of these states. In addition, the parties have obtained all but two approvals from its international money transmission regulators and have received approval from the Financial Conduct Authority ("FCA") in the United Kingdom and the National Bank of Belgium where MoneyGram holds its European license.

Settlement Assets and Payment Service Obligations (Tables)

9 Months Ended

Sep. 30, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Summary of settlement assets and payment service obligations

The following table summarizes the amount of settlement assets and payment service obligations:


(Amounts in millions)	September 30, 2022		December 31, 2021
Settlement assets:
Settlement cash	$	1,519.1	$	1,895.7
Receivables, net	1,027.8		700.4
Interest-bearing investments	993.7		992.3
Available-for-sale investments	2.9		3.0
Total settlement assets	$	3,543.5	$	3,591.4

Payment service obligations	$	(3,543.5)	$	(3,591.4)

Investment Portfolio (Tables)

9 Months Ended

Sep. 30, 2022

Investments [Abstract]

Components of investment portfolio

The following table shows the components of the investment portfolio:


(Amounts in millions)	September 30, 2022		December 31, 2021
Cash	$	1,645.8	$	2,050.9


Interest-bearing investments	993.7		992.3
Available-for-sale investments	2.9		3.0
Total investment portfolio	$	2,642.4	$	3,046.2

Debt securities, available-for-sale

The following table is a summary of the amortized cost and fair value of available-for-sale investments:


(Amounts in millions)	Amortized Cost		Gross Unrealized Gains		Fair Value
September 30, 2022
Residential mortgage-backed securities	$	1.6	$	—	$	1.6
Asset-backed and other securities	—		1.3		1.3
Total	$	1.6	$	1.3	$	2.9

December 31, 2021
Residential mortgage-backed securities	$	2.1	$	0.2	$	2.3
Asset-backed and other securities	—		0.7		0.7
Total	$	2.1