0001273931-23-000039 | 10-K | XBRL Viewer | Moneygram International INC

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instrument Detail [Abstract]

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. dollars. 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 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 Consolidated Statements of Operations and in the "Net cash provided by operating activities" line in the Consolidated Statements of Cash Flows:


(Amounts in millions)	2022		2021		2020
Net realized non-U.S. dollar (loss) gain	$	(38.2)	$	(20.4)	$	26.6
Net gain (loss) from the related forward contracts	39.8		18.4		(11.9)
Net gain (loss) from the related forward contracts	$	1.6	$	(2.0)	$	14.7

As of December 31, 2022 and 2021, the Company had $816.0 million and $698.7 million, respectively, of outstanding notional amounts relating to its non-U.S. dollar forward contracts. As of December 31, 2022 and 2021, the Company reflects the following fair values of derivative forward contract instruments in its 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 on the Consolidated Balance Sheets
Balance Sheet Location	2022		2021		2022		2021		2022		2021		2022		2021
"Other assets"	$	1.8	$	0.4	$	(1.6)	$	(0.3)	$	5.0	$	—	$	5.2	$	0.1


(Amounts in millions)	Gross Amount of Recognized Liabilities				Gross Amount of Offset				Cash Collateral Received				Net Amount of Liabilities Presented on the Consolidated Balance Sheets
Balance Sheet Location	2022		2021		2022		2021		2022		2021		2022		2021
"Accounts payable and other liabilities"	$	4.9	$	0.6	$	(1.6)	$	(0.4)	$	—	$	—	$	3.3	$	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.

Earnings per Common Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings per Common Share

The following table is a reconciliation of the weighted-average share amounts used in calculating earnings (loss) per common share for the years ended December 31:


(Amounts in millions)	2022	2021	2020
Basic and diluted common shares outstanding	96.4	89.7	77.8
Shares related to restricted stock units	3.7	—	—

Diluted common shares outstanding	100.1	89.7	77.8

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 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:


(Amounts in millions)	2022	2021	2020
Shares related to stock options	0.1	0.2	0.3
Shares related to restricted stock units	—	4.2	4.5
Shares related to Ripple Warrants	—	1.1	6.0
Shares excluded from the computation	0.1	5.5	10.8

Investment Portfolio

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Investment Portfolio

The Company's portfolio is invested in cash and cash equivalents, interest-bearing investments and available-for-sale investments as described in Note 2 — Summary of Significant Accounting Policies. The following table shows the components of the investment portfolio as of December 31:


(Amounts in millions)	2022		2021


Cash and cash equivalents and settlement cash and cash equivalents	$	1,671.2	$	2,050.9
Interest-bearing investments	998.1		992.3
Available-for-sale investments	3.0		3.0
Total investment portfolio	$	2,672.3	$	3,046.2

Cash and Cash Equivalents and settlement cash and cash equivalents — Cash and cash equivalents and settlement cash and cash equivalents consist of interest-bearing deposit accounts, non-interest-bearing transaction accounts and money market securities. The Company's money market securities are invested in one fund, which is AAA rated and consists of U.S. Treasury bills, notes or other obligations issued or guaranteed by the U.S. government and its agencies, as well as repurchase agreements secured by such instruments.

Interest-bearing Investments — Interest-bearing investments consist of time deposits and certificates of deposit with maturities of up to 24 months and are issued from financial institutions rated A- or better as of December 31, 2022.

Available-for-sale Investments — Available-for-sale investments consist of residential mortgage-backed securities and asset-backed and other securities. 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		Gross Unrealized Losses		Fair Value
December 31, 2022
Residential mortgage-backed securities	$	1.5	$	—	$	—	$	1.5
Asset-backed and other securities	—		1.5		—		1.5
Total	$	1.5	$	1.5	$	—	$	3.0

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 December 31, 2022 and 2021, 50% 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 years ended December 31, 2022, 2021 and 2020, the Company had no realized gains and losses.

Investment Ratings — In rating the securities in its investment portfolio, the Company uses ratings from Moody's Investor Service ("Moody's"), Standard & Poor's ("S&P") and Fitch Ratings ("Fitch"). If the rating agencies have split ratings, the Company uses the lower of the highest two out of three ratings across the rating agencies for disclosure purposes. If the institution has only two ratings, the Company uses the lower of the two ratings for disclosure purposes. Securities issued or

backed by U.S. government agencies are included in the AAA rating category. Investment grade is defined as a security having a Moody's equivalent rating of Aaa, Aa, A or Baa or an S&P or Fitch equivalent rating of AAA, AA, A or BBB. The Company's investments consisted of the following ratings as of December 31:


	2022					2021
(Dollar amounts in millions)	Number of Securities	Fair Value		Percent of Investments		Number of Securities	Fair Value		Percent of Investments
Investment grade	9	$	1.5	50	%	9	$	2.3	78	%
Below investment grade	33	1.5		50	%	33	0.7		22	%
Total	42	$	3.0	100	%	42	$	3.0	100	%

Had the Company used the lowest rating from the rating agencies in the information presented above, there would be no change to the classifications as of December 31, 2022 and 2021.

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 Determination — The Company uses various sources of pricing for its fair value estimates of its available-for-sale portfolio. The percentage of the portfolio for which the various pricing sources were used is as follows as of December 31, 2022 and 2021, 89% and 93% used a third-party pricing service and 11% and 7% used broker quotes, respectively.

Income Taxes Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Loss from continuing operations before income taxes, domestic	$ 33.4	$ (49.8)	$ (0.3)
Income from continuing operations before income taxes, foreign	6.4	6.2	6.4
Income (loss) before income taxes	$ (39.8)	$ 43.6	$ (6.1)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Income Taxes Income Taxes - Amount and Expiration Dates of Tax Loss Carry Forwards (Not Tax Effected) and Credit Carry Forwards (Details) $ in Millions	Dec. 31, 2022 USD ($)
Internal Revenue Service (IRS) \| Expiration Date 2020 to Indefinite
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 1.8
Internal Revenue Service (IRS) \| Expiration Date 2024 to 2039
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	13.6
Domestic Country and State and Local Jurisdiction \| Indefinite Lived Carry Forwards
Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount	64.4
Capital Loss Carryforward \| Expiration Date 2020 to 2024
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 43.1

Description of the Business and Basis of Presentation	12 Months Ended
Description of the Business and Basis of Presentation	Dec. 31, 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 consolidated financial statements of MoneyGram are prepared in conformity with generally accepted accounting principles in the United States of America ("U.S. GAAP"). The Consolidated Balance Sheets are unclassified due to the timing uncertainty surrounding the payment of settlement obligations. 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 Consolidated Financial Statements as of and for the year ended December 31, 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 Consolidated Financial Statements include the accounts of MoneyGram International, Inc. and its subsidiaries. Intercompany profits, transactions and account balances have been eliminated in consolidation. The Company participates in various trust arrangements (special purpose entities or "SPEs") related to official check processing agreements with financial institutions and structured investments within the investment portfolio. As the Company is the primary beneficiary and bears the primary burden of any losses, the SPEs are consolidated in the Consolidated Financial Statements. The assets and obligations of the SPEs are recorded on the Consolidated Balance Sheets in a manner consistent with the assets and obligations of the Company. Presentation — In 2021, the Company changed its presentation to disclose "Gross profit" in the Consolidated Statements of Operations. The presentation of gross profit is intended to supplement investors with an understanding of our operating performance. Gross profit is calculated as total revenue less commissions and direct transaction expenses. These expenses were previously included within "Operating expenses" and are now presented within "Cost of revenue" in the Consolidated Statements of Operations. The change in presentation was applied retrospectively to all years presented in the Consolidated Statements of Operations and it had no effect on Operating income, Net loss or Loss per share. The Consolidated Balance Sheets, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Stockholders' Deficit and Consolidated Statements of Cash Flows are not affected by this change in presentation. Merger Update — On February 14, 2022, we entered into a Merger Agreement by and among the Company, Parent and an affiliate of MDP, 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 and adopted the Merger Agreement. To date, money transmission regulators in all applicable U.S. states and territories have provided their approval or non-objection of the transaction. In addition, the parties have obtained all but one approval from 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. While, the waiting period under the Hart-Scott-Rodino ("HSR") Antitrust Improvements Act of 1976 had previously expired, the parties recently refiled the application as the existing approval was set to expire. The new HSR waiting period is set to expire on March 13, 2023. The final regulatory approval is to be issued by the Reserve Bank of India (“RBI”). The RBI is the issuer of MoneyGram’s Money Transfer Service Scheme ("MTSS") license in India. Since the Company and MDP signed the Merger Agreement, the RBI issued a new Circular covering approval requirements related to Payment System Operators ("PSO") such as the Company. The Merger will be one of the first PSOs undergoing a sale since the Circular was issued. As a result, the process has been taking longer than originally anticipated. MoneyGram has been in active dialogue with the RBI and the Central Government of India regarding its review of the Merger. Prior to closing, the parties will engage in a financing marketing period which, pursuant to the merger agreement, may last for as long as fifteen consecutive business days. Closing would occur within a matter of days after completing the marketing period. The parties have agreed to extend the end date beyond February 14, 2023, in accordance with the Merger Agreement, to May 14, 2023. In light of the timing and factors discussed above, the parties now expect to close the Merger either late in the first quarter or early in the second quarter of 2023.

Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 598.4	$ 672.3
Accumulated depreciation and amortization	(463.9)	(538.4)
Property and equipment, net	134.5	133.9
Computer Hardware and Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	476.2	529.9
Signage
Property, Plant and Equipment [Line Items]
Property and equipment, gross	41.6	50.6
Office Furniture and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11.6	19.5
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	21.1	22.1
Equipment At Agent Locations
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 47.9	$ 50.2

Income Taxes Income Taxes - Reconciliation of the Expected Federal Income Tax at Statutory Rates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation at federal statutory income tax rate, amount	$ 8.4	$ (9.2)	$ 1.3
Effective income tax rate reconciliation, state and local income taxes, amount	(0.4)	(0.6)	(0.4)
Effective income tax rate reconciliation, change in deferred tax assets valuation allowance, amount	(2.9)	1.7	12.0
Effective income tax rate reconciliation, foreign income tax rate differential, amount	2.0	1.0	1.5
Effective income tax rate reconciliation, nondeductible expense, amount	3.1	5.3	1.8
Effective income tax rate reconciliation, tax credit, amount	(3.1)	(2.6)	(3.6)
Effective income tax rate reconciliation, tax contingency, amount	(1.5)	(1.7)	2.4
Effective income tax rate reconciliation, nondeductible expense, share-based compensation cost, amount	(0.7)	(0.3)	0.7
Effective income tax rate reconciliation Tax Cuts And Jobs Act transition tax on accumulated foreign earning	0.0	0.0	(0.6)
Effective income tax rate reconciliation Tax Cuts And Jobs Act U.S. taxation of foreign earnings	0.3	0.5	(1.1)
Effective income tax rate reconciliation, other reconciling items, amount	0.4	0.2	0.0
Income tax expense (benefit)	$ 5.6	$ (5.7)	$ 14.0

Stock-Based Compensation - Restricted Stock and Restricted Stock Unit Compensation Information (Detail) - Restricted Stock Units (RSUs) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of restricted stock units vested during the year	$ 10.2	$ 7.0	$ 7.5
Total intrinsic value of vested and converted shares	$ 23.3	$ 16.1	$ 2.9

Settlement Assets and Payment Service Obligations

12 Months Ended

Dec. 31, 2022

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

Other Assets Disclosure

The Company's primary licensed entities are MoneyGram Payment Systems, Inc. ("MPSI"), MoneyGram International SA and MoneyGram International Limited, which enable us to offer our money transfer service in the European Economic Area as well as around the globe. MPSI is regulated by various U.S. state agencies that generally require the Company to maintain a pool of assets with an investment rating bearing one of the three highest grades as defined by a nationally recognized rating agency ("permissible investments") in an amount equal to the payment service obligations, as defined by each state, for those regulated payment instruments, namely teller checks, agent checks, money orders and money transfers. The regulatory payment service assets measure varies by state but in all cases excludes investments rated below A-. The most restrictive states may also exclude assets held at banks that do not belong to a national insurance program, varying amounts of accounts receivable balances and/or assets held in the SPE. The regulatory payment service obligations measure varies by state but in all cases is substantially lower than the Company's payment service obligations as disclosed on the Consolidated Balance Sheets as the Company is not regulated by state agencies for payment service obligations primarily resulting from outstanding cashier's checks.

We are also subject to licensing or other regulatory requirements in various other jurisdictions. Licensing requirements may include minimum net worth, provision of surety bonds or letters of credit, compliance with operational procedures, agent oversight and the maintenance of settlement assets in an amount equivalent to outstanding payment service obligations, as defined by our various regulators.

The regulatory and contractual requirements do not require the Company to specify individual assets held to meet its payment service obligations, nor is the Company required to deposit specific assets into a trust, escrow or other special account. Rather, the Company must maintain a pool of liquid assets sufficient to comply with the requirements. No third-party places limitations, legal or otherwise, on the Company regarding the use of its individual liquid assets. The Company is able to withdraw, deposit or sell its individual liquid assets at will, with no prior notice or penalty, provided the Company maintains a total pool of liquid assets sufficient to meet the regulatory and contractual requirements. Regulatory requirements also require MPSI to maintain positive net worth, with certain states requiring that MPSI maintain positive tangible net worth. The Company was in compliance with its contractual and financial regulatory requirements as of December 31, 2022.

The following table summarizes the amount of settlement assets and payment service obligations as of December 31:


(Amounts in millions)	2022		2021
Settlement assets:
Settlement cash and cash equivalents	$	1,499.1	$	1,895.7
Receivables, net	1,107.0		700.4
Interest-bearing investments	998.1		992.3
Available-for-sale investments	3.0		3.0
	$	3,607.2	$	3,591.4
Payment service obligations	$	(3,607.2)	$	(3,591.4)

Investment Portfolio - Components of Investment Portfolio (Detail) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Investments [Abstract]
Cash and cash equivalents	$ 1,671.2	$ 2,050.9
Interest-bearing investments	998.1	992.3
Available-for-sale investments:	3.0	3.0
Total investment portfolio	$ 2,672.3	$ 3,046.2

Segment Information

12 Months Ended

Dec. 31, 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:


	2022		2021		2020
Revenue from Walmart as a percentage of GFT revenue	<10%		10	%	13	%
Revenue from Walmart as a percentage of FPP revenue	34	%	35	%	29	%
Revenue from Walmart as a percentage of total revenue	<10%		11	%	13	%

The Company's Chief Operating Decision Maker reviews segment gross profit to assess segment performance and allocate resources. Segment accounting policies are the same as those described in Note 2 — Summary of Significant Accounting Policies. Investment revenue is allocated to each segment based on the average investable balances generated by that segment's sale of payment instruments during the period.

The following table is a summary of the total revenue by segment for the years ended December 31:


(Amounts in millions)	2022		2021		2020
GFT revenue
Money transfer revenue	$	1,190.3	$	1,189.2	$	1,104.7
Bill payment revenue	35.6		39.6		46.2
Total GFT revenue	1,225.9		1,228.8		1,150.9
FPP revenue
Money order revenue	44.1		40.9		43.4
Official check revenue	40.1		13.9		22.9
Total FPP revenue	84.2		54.8		66.3
Total revenue	$	1,310.1	$	1,283.6	$	1,217.2

The following table is a summary of the gross profit by segment and detail of the income (loss) before income taxes for the years ended December 31:


(Amounts in millions)	2022		2021		2020
GFT gross profit	$	557.7	$	545.6	$	501.6

FPP gross profit (1)	62.2		53.9		62.6
Total gross profit	619.9		599.5		564.2
Total operating expenses	526.7		525.8		461.2
Total operating income	93.2		73.7		103.0
Interest expense	49.4		69.5		92.4
Loss on early extinguishment of debt	—		44.1		—
Other non-operating expense	4.0		3.7		4.5
Income (loss) before income taxes	$	39.8	$	(43.6)	$	6.1

(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 is a summary of depreciation and amortization expense by segment for the years ended December 31:


(Amounts in millions)	2022		2021		2020
GFT	$	46.6	$	51.3	$	57.3
FPP	5.1		5.7		7.1
Total depreciation and amortization	$	51.7	$	57.0	$	64.4

The following table is a summary of capital expenditures by segment for the years ended December 31:


(Amounts in millions)	2022		2021		2020
GFT	$	47.1	$	38.3	$	31.5
FPP	5.2		4.3		3.9
Total capital expenditures	$	52.3	$	42.6	$	35.4

The following table sets forth assets by segment as of December 31:


(Amounts in millions)	2022		2021
GFT	$	1,412.6	$	1,269.5
FPP	3,066.0		3,169.8
Other	26.6		37.2
Total assets	$	4,505.2	$	4,476.5

Revenue by geographic area — International revenues are defined as revenues generated from money transfer and bill payment transactions originating in a country other than the U.S. There are no individual countries from which the Company generates revenues, other than the U.S., that exceed 10% of total revenues for the years ended December 31, 2022, 2021 and 2020. The following table details total revenue by major geographic area for the years ended December 31:


(Amounts in millions)	2022		2021		2020
U.S.	$	544.7	$	543.9	$	543.8
International	765.4		739.7		673.4
Total revenue	$	1,310.1	$	1,283.6	$	1,217.2

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

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+ Details

Summary of Significant Accounting Policies - Receivables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Allowance for doubtful accounts receivable	$ 6.1	$ 6.7	$ 9.5	$ 4.6
Provision for doubtful accounts	13.3	11.1	14.3
Allowance for doubtful accounts receivable, write-offs	$ (13.9)	$ (13.9)	$ (9.4)

Stockholders' Deficit

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders' Deficit

Common Stock — The Company's Amended and Restated Certificate of Incorporation, as amended, provides for the issuance of up to 162,500,000 shares of common stock with a par value of $0.01. The holders of MoneyGram common stock are entitled to one vote per share on all matters to be voted upon by its stockholders. The holders of common stock have no preemptive, conversion or other subscription rights. There are no redemption or sinking fund provisions applicable to the common stock. The determination to pay dividends on common stock will be at the discretion of the Board of Directors and will depend on applicable laws and the Company's financial condition, results of operations, cash requirements, prospects and such other factors as the Board of Directors may deem relevant. The Company's ability to declare or pay dividends or distributions to the holders of the Company's common stock is restricted under the Company's New Credit Agreement. No dividends were paid in 2022, 2021 or 2020. On June 7, 2021, MoneyGram announced its ATM Program which provided for the offer and sale, from time to time, of shares of its common stock having an aggregate sales price of up to $100.0 million. On June 18, 2021,

MoneyGram completed the ATM Program by selling $99.8 million, or 10.4 million shares, at an average price per share of $9.56, resulting in total net proceeds to the Company of 97.2 million.

Preferred Stock — The Company's Amended and Restated Certificate of Incorporation provides for the issuance of up to 7,000,000 shares of preferred stock that may be issued in one or more series, with each series to have certain rights and preferences as shall be determined in the unlimited discretion of the Company's Board of Directors, including, without limitation, voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences.

Treasury Stock — The Board of Directors has authorized the repurchase of shares up to $50.0 million in the aggregate. As of December 31, 2022, the Company repurchased 1,023,209 shares or $6.1 million in common stock.

Series D Participating Convertible Preferred Stock (the "D Stock") — In 2011, the Company issued 71,282 shares out of 200,000 authorized shares of D Stock to Goldman Sachs. Each share of D Stock has a liquidation preference of $0.01 and is convertible into 125 shares of common stock. In 2020, Goldman Sachs converted all of its 71,282 shares of D Stock into 8,910,234 shares of common stock with a par value of $0.01 per share.

The following table is a summary of the Company's authorized, issued and outstanding stock as of December 31, 2022:


	Common Stock
		Authorized	Issued	Outstanding	Treasury Stock
January 1, 2020		162,500,000	65,061,090	62,731,184	2,329,906
Release for restricted stock units		—	56,358	876,121	819,763
Preferred stock - series D conversion		—	7,413,322	8,910,234	1,496,912
December 31, 2020		162,500,000	72,530,770	72,517,539	13,231
ATM equity offering		—	10,441,111	10,441,111	—
Exercise of Ripple Warrants		—	5,948,895	5,948,895	—
Release for restricted stock units		—	2,419,079	1,877,434	541,645
Exercise of Second Lien Warrants		—	965,156	964,212	944
Stock repurchases		—	—	(1,023,209)	1,023,209
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		—	2,200,740	1,446,291	754,449
December 31, 2022		162,500,000	98,964,065	96,626,432	2,337,633

Accumulated Other Comprehensive Loss — The following table details the components and changes of "Accumulated other comprehensive loss" as of and for the years ended:


(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, 2020	$	1.6	$	(28.1)	$	(37.0)	$	(63.5)
Other comprehensive loss before reclassification	(0.4)		7.2		(3.4)		3.4
Amounts reclassified from accumulated other comprehensive loss	—		—		1.7		1.7
Net current year other comprehensive income	(0.4)		7.2		(1.7)		5.1
December 31, 2020	1.2		(20.9)		(38.7)		(58.4)
Other comprehensive income before reclassification	0.3		(8.0)		1.4		(6.3)
Amounts reclassified from accumulated other comprehensive loss	—		—		1.9		1.9
Net current year other comprehensive income	0.3		(8.0)		3.3		(4.4)
December 31, 2021	1.5		(28.9)		(35.4)		(62.8)
Other comprehensive loss before reclassification	0.7		(9.8)		5.6		(3.5)
Amounts reclassified from accumulated other comprehensive loss	—		—		1.4		1.4
Net current year other comprehensive loss	0.7		(9.8)		7.0		(2.1)
December 31, 2022	$	2.2	$	(38.7)	$	(28.4)	$	(64.9)

- 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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Condensed Consolidated Statements of Operations (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Affiliated Entity
Market development fees	$ 50.2

Pension and Other Benefits Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accumulated other comprehensive income (loss), defined benefit plan, gain (loss), after tax	$ 28.4	$ 35.4
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accumulated other comprehensive income (loss), defined benefit plan, gain (loss), after tax	28.1	35.2
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Accumulated other comprehensive income (loss), defined benefit plan, gain (loss), after tax	$ 0.3	$ 0.2

Pension and Other Benefits Pension Unfunded Status Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, benefit obligation	$ 88.9	$ 112.5	$ 120.7
Interest cost	2.4	2.0
Defined benefit plan, benefit obligation, actuarial gain (loss)	(18.5)	(2.6)
Defined benefit plan, benefit obligation, benefits paid	(7.5)	(7.6)
Defined benefit plan, plan assets, amount	35.6	45.4	46.2
Defined benefit plan, plan assets, increase (decrease) for actual return (loss)	(10.0)	(0.1)
Defined benefit plan, plan assets, contributions by employer	7.7	6.9
Defined benefit plan, plan assets, benefits paid	(7.5)	(7.6)
Defined benefit plan, funded (unfunded) status of plan	$ 53.3	67.1
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Pension and other postretirement benefits
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, benefit obligation	$ 88.4	111.9	120.1
Interest cost	2.4	2.0	3.1
Defined benefit plan, benefit obligation, actuarial gain (loss)	(18.6)	(2.6)
Defined benefit plan, benefit obligation, benefits paid	(7.3)	(7.6)
Defined benefit plan, plan assets, amount	35.6	45.4	46.2
Defined benefit plan, plan assets, increase (decrease) for actual return (loss)	(10.0)	(0.1)
Defined benefit plan, plan assets, contributions by employer	7.5	6.9
Defined benefit plan, plan assets, benefits paid	(7.3)	(7.6)
Defined benefit plan, funded (unfunded) status of plan	52.8	66.5
Other Postretirement Benefits Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, benefit obligation	0.5	0.6	0.6
Interest cost	0.0	0.0	0.0
Defined benefit plan, benefit obligation, actuarial gain (loss)	0.1	0.0
Defined benefit plan, benefit obligation, benefits paid	(0.2)	0.0
Defined benefit plan, plan assets, amount	0.0	0.0	$ 0.0
Defined benefit plan, plan assets, increase (decrease) for actual return (loss)	0.0	0.0
Defined benefit plan, plan assets, contributions by employer	0.2	0.0
Defined benefit plan, plan assets, benefits paid	(0.2)	0.0
Defined benefit plan, funded (unfunded) status of plan	$ 0.5	$ 0.6

Leases Leases - Summary of the Lease Expense and Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Buildings, equipment and vehicle leases	$ 10.8	$ 13.3	$ 15.0
Short-term and variable lease cost	0.3	1.1	1.2
Cash paid for amounts included in the measurement of operating lease liabilities	10.9	13.7	15.3
Right-of-use asset obtained in exchange for finance lease liability	0.0	10.1	15.0
Total lease cost	$ 11.1	$ 14.4	$ 16.2

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The following table is a summary of the components of income (loss) before income taxes for the years ended December 31:


(Amounts in millions)	2022		2021		2020
U.S.	$	33.4	$	(49.8)	$	(0.3)
Foreign	6.4		6.2		6.4
Income (loss) before income taxes	$	39.8	$	(43.6)	$	6.1

Foreign income consists of income from the Company's international subsidiaries. Most of the Company's wholly-owned subsidiaries recognize revenue based solely on services agreements with the primary U.S. operating subsidiary. The following table is a summary of the income tax expense (benefit) for the years ended December 31:


(Amounts in millions)	2022		2021		2020
Current:
Federal	$	2.2	$	0.1	$	(1.4)
State	(2.4)		(2.7)		2.1
Foreign	4.6		5.7		4.2
Current income tax expense	4.4		3.1		4.9
Deferred:
Federal	2.3		(6.6)		7.1
State	(0.9)		(0.3)		1.9
Foreign	(0.2)		(1.9)		0.1
Deferred income tax expense (benefit)	1.2		(8.8)		9.1
Income tax expense (benefit)	$	5.6	$	(5.7)	$	14.0

As of December 31, 2022 and 2021, the Company had tax payable of $7.2 million and $16.2 million, respectively and tax receivable of $2.9 million and $2.5 million, respectively. Tax payable and tax receivable are recorded within "Accounts payable and other liabilities" and "Other assets", respectively, on the Consolidated Balance Sheets.

The following table is a reconciliation of the expected federal income tax (benefit) expense at statutory rates to the actual income tax (benefit) expense for the years ended in December 31:


(Amounts in millions)	2022		2021		2020
Income tax expense (benefit) at statutory federal income tax rate	$	8.4	$	(9.2)	$	1.3
Tax effect of:
State income tax, net of federal income tax effect	(0.4)		(0.6)		(0.4)
Valuation allowances	(2.9)		1.7		12.0
International taxes	2.0		1.0		1.5

Other net permanent differences	3.1		5.3		1.8
U.S. general business credits	(3.1)		(2.6)		(3.6)
Change in unrecognized tax benefits	(1.5)		(1.7)		2.4
Stock-based compensation	(0.7)		(0.3)		0.7


BEAT	—		—		(0.6)
U.S. taxation of foreign earnings	0.3		0.5		(1.1)

Other	0.4		0.2		—
Income tax expense (benefit)	$	5.6	$	(5.7)	$	14.0

The following table is a summary of the Company's deferred tax assets and liabilities as of December 31:


(Amounts in millions)	2022		2021
Deferred tax assets:
Basis difference in revalued investments	$	50.2	$	50.4
Tax loss carryovers	16.6		22.5
Tax credit carryovers	13.6		17.7
Postretirement benefits and other employee benefits	1.7		5.4
Bad debt and other reserves	1.4		1.6
Lease liabilities	8.8		10.9
Depreciation & amortization	20.6		12.3
Interest expense carryovers	14.2		16.3
Other	4.2		5.4
Valuation allowances	(76.8)		(82.0)
Total deferred tax assets	54.5		60.5
Deferred tax liability:
Depreciation and amortization and other	(63.8)		(64.0)
Lease right-of-use assets	(8.1)		(10.2)
Total deferred tax liability	(71.9)		(74.2)
Net deferred tax liability	$	(17.4)	$	(13.7)

The Company offsets deferred tax asset positions with deferred tax liability positions based on right to offset in each respective tax jurisdiction. As of December 31, 2022, net deferred tax asset positions of $5.6 million were included within "Other assets" and net deferred tax liability positions of $23.0 million were included within "Accounts payable and other liabilities" on the Consolidated Balance Sheets. As of December 31, 2021, net deferred tax asset positions of $6.0 million were reflected within "Other assets" and net deferred tax liability positions of $19.7 million were included within "Accounts payable and other liabilities" on the Consolidated Balance Sheets. The valuation allowances as of December 31, 2022 and 2021, primarily relate to basis differences in revalued investments, capital loss carryovers, U.S. tax credit carryovers U.S. interest expense carryovers and certain state and foreign tax loss carryovers. The net $5.2 million decrease in our valuation allowances reflects a net release of $2.9 million through earnings, a decrease of $1.4 million through other comprehensive loss and a $0.9 million decrease with corresponding adjustments to the respective deferred tax asset. As of December 31, 2022, the Company is no longer in a three-year cumulative pre-tax loss position. However, 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 than 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 and other applicable evidence.

The following table is a summary of the amounts and expiration dates of tax loss carry-forwards (not tax effected), credit carry-forwards and other expense carry-forwards (not tax effected) as of December 31, 2022:


(Amounts in millions)	Expiration Date	Amount
U.S. capital loss carry-forwards	2023 - 2026	$	43.1
U.S. net operating loss carry-forwards	2025 - Indefinite	$	1.8
U.S. tax credit carry-forwards	2024- 2042	$	13.6
U.S. interest expense carry-forwards	Indefinite	$	64.4

Unrecognized tax benefits are recorded within "Accounts payable and other liabilities" on the Consolidated Balance Sheets. The following table is a reconciliation of unrecognized tax benefits for the years ended December 31:


(Amounts in millions)	2022		2021		2020
Beginning balance	$	14.7	$	19.7	$	18.2
Additions based on tax positions related to prior years	0.3		1.5		0.9
Additions based on tax positions related to current year	0.8		0.6		0.6
Settlements with cash or attributes	(4.8)		(2.3)		—

Reductions for tax positions of prior years and other	(1.9)		(4.8)		—
Ending balance	$	9.1	$	14.7	$	19.7

As of December 31, 2022, 2021 and 2020, the liability for unrecognized tax benefits was $9.1 million, $14.7 million and $19.7 million, respectively, exclusive of interest and penalties. For 2022, 2021 and 2020, the net amount of unrecognized tax benefits that if recognized would impact the effective tax rate was $9.1 million , $14.7 million and $19.7 million, respectively. The Company accrues interest and penalties for unrecognized tax benefits through "Income tax (benefit) expense" in the Consolidated Statements of Operations. For 2022, the Company's liability for interest and penalties decreased by $4.6 million, which was comprised of a net decrease in the accrual of $1.4 million and cash payments of $3.2 million. For 2021 and 2020, the Company’s accrual for interest and penalties decreased by $2.0 million and increased by $1.1 million, respectively. As of December 31, 2022 and 2021, the Company had a liability of $2.8 million and $7.4 million, respectively, accrued for 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 discussed in more detail in No te 1 4 — Commitments and Contingencies, the Company is anticipating a $2.9 million decrease to the total amount of state related unrecognized tax benefits by way cash settlements or statute lapses 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Description of the Business and Basis of Presentation - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 Segment
Description of the Business and Basis of Presentation [Abstract]
Number of reportable segments	2

Debt - Outstanding Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Jun. 26, 2019
Debt Instrument [Line Items]
Senior secured credit facilities	$ 795.0	$ 799.0
Unamortized debt issuance costs and debt discounts	(9.6)	(12.3)
Debt, net	785.4	786.7
Term Loan due 2026
Debt Instrument [Line Items]
Debt instrument, face amount	$ 380.0	$ 384.0
Effective interest rate	8.57%	5.00%
Senior Secured Notes due 2026
Debt Instrument [Line Items]
Debt instrument, face amount	$ 415.0	$ 415.0
Effective interest rate	5.375%
First Lien Credit Facility due 2023
Debt Instrument [Line Items]
Debt instrument, face amount			$ 400.0

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Investment Portfolio (Tables)

12 Months Ended

Dec. 31, 2022

Investments [Abstract]

Components of Investment Portfolio

The following table shows the components of the investment portfolio as of December 31:


(Amounts in millions)	2022		2021


Cash and cash equivalents and settlement cash and cash equivalents	$	1,671.2	$	2,050.9
Interest-bearing investments	998.1		992.3
Available-for-sale investments	3.0		3.0
Total investment portfolio	$	2,672.3	$	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		Gross Unrealized Losses		Fair Value
December 31, 2022
Residential mortgage-backed securities	$	1.5	$	—	$	—	$	1.5
Asset-backed and other securities	—		1.5		—		1.5
Total	$	1.5	$	1.5	$	—	$	3.0

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

Schedule of Investment Ratings

Investment grade is defined as a security having a Moody's equivalent rating of Aaa, Aa, A or Baa or an S&P or Fitch equivalent rating of AAA, AA, A or BBB. The Company's investments consisted of the following ratings as of December 31:


	2022					2021
(Dollar amounts in millions)	Number of Securities	Fair Value		Percent of Investments		Number of Securities	Fair Value		Percent of Investments
Investment grade	9	$	1.5	50	%	9	$	2.3	78	%
Below investment grade	33	1.5		50	%	33	0.7		22	%
Total	42	$	3.0	100	%	42	$	3.0	100	%

Leases Leases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Lease liability - operating	$ 45.4	$ 56.3
Noncancellable operating leases terminate date	2030
Right-of-use asset, operating lease	$ 42.5	$ 52.6
Weighted average remaining lease term (in years)	6 years 6 months	7 years 1 month 6 days
Weighted average discount rate (as a percentage)	5.80%	5.30%

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Outstanding Debt

The following is a summary of the Company's outstanding debt as of December 31:


(Amounts in millions, except percentages)	2022		2021
8.57% Term Loan due 2026	$	380.0	$	384.0
5.375% Senior Secured Notes due 2026	415.0		415.0
Total debt at face value	795.0		799.0
Unamortized debt issuance costs and debt discounts	(9.6)		(12.3)
Total debt, net	$	785.4	$	786.7

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Options - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock Option Activity
Shares, options outstanding, beginning balance	131,153
Shares, forfeited/expired	(20,378)
Shares, options outstanding, ending balance	110,775	131,153
Weighted Average Exercise Price
Weighted average exercise price, options outstanding (usd per share), beginning balance	$ 17.54
Weighted-average exercise price, forfeited/expired (usd per share)	17.74
Weighted average exercise price, options outstanding (usd per share), ending balance	$ 17.51	$ 17.54
Additional Disclosures
Weighted average remaining contractual term options outstanding (years)	7 months 6 days	1 year 4 months 24 days
Aggregate intrinsic value, options outstanding	$ 0.0	$ 0.0

Leases Leases - Schedule of Operating Lease Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 9.1
2024	8.9
2025	8.5
2026	7.6
2027	6.2
Thereafter	15.0
Total	55.3
Less: present value discount	(9.9)
Lease liability - operating	$ 45.4	$ 56.3

Stockholders' Deficit (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Schedule of Activity of Company's Authorized Issued and Outstanding

The following table is a summary of the Company's authorized, issued and outstanding stock as of December 31, 2022:


	Common Stock
		Authorized	Issued	Outstanding	Treasury Stock
January 1, 2020		162,500,000	65,061,090	62,731,184	2,329,906
Release for restricted stock units		—	56,358	876,121	819,763
Preferred stock - series D conversion		—	7,413,322	8,910,234	1,496,912
December 31, 2020		162,500,000	72,530,770	72,517,539	13,231
ATM equity offering		—	10,441,111	10,441,111	—
Exercise of Ripple Warrants		—	5,948,895	5,948,895	—
Release for restricted stock units		—	2,419,079	1,877,434	541,645
Exercise of Second Lien Warrants		—	965,156	964,212	944
Stock repurchases		—	—	(1,023,209)	1,023,209
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		—	2,200,740	1,446,291	754,449
December 31, 2022		162,500,000	98,964,065	96,626,432	2,337,633

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table details the components and changes of "Accumulated other comprehensive loss" as of and for the years ended:

Summary of 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, 2020	$	1.6	$	(28.1)	$	(37.0)	$	(63.5)
Other comprehensive loss before reclassification	(0.4)		7.2		(3.4)		3.4
Amounts reclassified from accumulated other comprehensive loss	—		—		1.7		1.7
Net current year other comprehensive income	(0.4)		7.2		(1.7)		5.1
December 31, 2020	1.2		(20.9)		(38.7)		(58.4)
Other comprehensive income before reclassification	0.3		(8.0)		1.4		(6.3)
Amounts reclassified from accumulated other comprehensive loss	—		—		1.9		1.9
Net current year other comprehensive income	0.3		(8.0)		3.3		(4.4)
December 31, 2021	1.5		(28.9)		(35.4)		(62.8)
Other comprehensive loss before reclassification	0.7		(9.8)		5.6		(3.5)
Amounts reclassified from accumulated other comprehensive loss	—		—		1.4		1.4
Net current year other comprehensive loss	0.7		(9.8)		7.0		(2.1)
December 31, 2022	$	2.2	$	(38.7)	$	(28.4)	$	(64.9)

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

Goodwill — The Company's goodwill balance was $442.2 million as of December 31, 2022 and 2021, and all relates to the GFT segment. During the fourth quarter of 2022 and 2021, the Company performed a qualitative assessment of goodwill and a quantitative impairment test during the fourth quarter of 2020. No impairments of goodwill were recorded in 2022, 2021 and 2020.

Intangibles — All of the Company's intangible assets are included within "Other assets" on the Consolidated Balance Sheets. The following table is a summary of finite-lived intangible assets as of December 31:


	2022						2021
(Amounts in millions)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Contractual and customer relationships	$	3.5	$	(3.5)	$	—	$	4.1	$	(3.7)	$	0.4
Developed technology	—		—		—		0.6		(0.6)		—
Total finite-intangible assets	$	3.5	$	(3.5)	$	—	$	4.7	$	(4.3)	$	0.4

Intangible asset amortization expense for 2022, 2021 and 2020 was $0.4 million, $0.6 million and $0.5 million, respectively. There is no future intangible asset amortization expense

Consdensed Consolidated Statements of Stockholders' Deficit - USD ($) shares in Millions, $ in Millions	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Retained Loss	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning Balance at Dec. 31, 2019	$ (240.4)	$ 183.9	$ 0.7	$ 1,116.9	$ (1,460.1)	$ (63.5)	$ (18.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(7.9)				(7.9)
Stock-based compensation activity	$ 6.2			$ 6.6	(7.3)		$ 6.9
Stock Issued During Period, Shares, Conversion of Convertible Securities	0.0	(183.9)		172.5			11.4
Other comprehensive loss	$ 5.1					5.1
Ending Balance at Dec. 31, 2020	(237.0)	$ 0.0	0.7	$ 1,296.0	(1,475.3)	(58.4)	$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(37.9)				(37.9)
Stock-based compensation activity	3.3			7.3	(0.2)		(3.8)
Exercise of Ripple Warrants	0.0		0.1	(0.1)
ATM Equity Offering	97.2		0.1	97.1
Stock repurchases	(6.2)						(6.2)
Other comprehensive loss	(4.4)					(4.4)
Ending Balance at Dec. 31, 2021	(185.0)	0.0	0.9	1,400.3	(1,513.4)	(62.8)	(10.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	34.2				34.2
Stock-based compensation activity	6.9			15.0			(8.1)
Exercise of Lender Warrants	0.2		0.1				0.1
Other comprehensive loss	(2.1)					(2.1)
Ending Balance at Dec. 31, 2022	$ (145.8)	$ 0.0	$ 1.0	$ 1,415.3	$ (1,479.2)	$ (64.9)	$ (18.0)

Earnings per Common Share - Weighted-Average Common Shares Basic and Diluted (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Basic	96,400	89,700	77,800
Diluted	100,100	89,700	77,800
Weighted Average Number of Shares, Restricted Stock	3,700	0	0
Weighted Average Number Diluted Shares Outstanding Adjustment	100,100	89,700	77,800

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

The following table is a summary of "Property and equipment, net" as of December 31:


(Amounts in millions)	2022		2021
Computer hardware and software	$	476.2	$	529.9
Signage	41.6		50.6
Equipment at agent locations	47.9		50.2
Office furniture and equipment	11.6		19.5
Leasehold improvements	21.1		22.1
Total property and equipment	598.4		672.3
Accumulated depreciation and amortization	(463.9)		(538.4)
Total property and equipment, net	$	134.5	$	133.9

Depreciation and amortization expense for property and equipment for 2022, 2021 and 2020 was $51.3 million, $56.4 million and $63.9 million, respectively. No impairments of property and equipment were recorded during 2022, 2021 and 2020.

At December 31, 2022 and 2021, the Company had $0.3 million and $1.7 million, respectively, in accrued purchases of property and equipment included within "Accounts payable and other liabilities" on the Consolidated Balance Sheets.

During 2022, 2021 and 2020 the Company had nominal losses related to disposals of its property and equipment. The loss was recorded within "Occupancy, equipment and supplies" in the Consolidated Statements of Operations.

For the years ended December 31, 2022 and 2021, software development costs of $45.2 million and $35.0 million, respectively, were capitalized. At December 31, 2022 and 2021, there were $113.6 million and $104.3 million, respectively, of unamortized software development costs included in property and equipment.

For the years ended December 31, 2022 and 2021, the Company had $5.8 million and $1.0 million, respectively, in net capitalized implementation costs related to hosting arrangements that are service contracts. These costs are recorded within "Other assets" on the Consolidated Balance Sheets and the related amortization is recorded in the same line item in the Consolidated Statements of Operations as other fees associated with the service arrangements.

Income Taxes Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Deferred tax assets, investments	$ 50.2	$ 50.4
Deferred tax assets, operating loss carryforwards	16.6	22.5
Deferred tax assets, tax credit carryforwards	13.6	17.7
Deferred tax assets, tax deferred expense, compensation and benefits	1.7	5.4
Deferred tax assets, tax deferred expense, reserves and accruals	1.4	1.6
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent	8.8	10.9
Deferred Tax Assets, Property, Plant and Equipment	20.6	12.3
Deferred tax assets, other	4.2	5.4
Deferred tax assets, valuation allowance	(76.8)	(82.0)
Deferred tax assets, net of valuation allowance	54.5	60.5
Deferred tax liabilities, property, plant and equipment	(63.8)	(64.0)
Deferred Tax Liabilities, Leasing Arrangements	(8.1)	(10.2)
Deferred tax liabilities, gross	(71.9)	(74.2)
Deferred tax liabilities, net	(17.4)	(13.7)
Deferred Tax Asset, Interest Carryforward	$ 14.2	$ 16.3

Segment Information - Operating Income by Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Gross Profit	$ 619.9	$ 599.5	$ 564.2
Costs and Expenses	526.7	525.8	461.2
Operating Income (Loss)	93.2	73.7	103.0
Loss on early extinguishment of debt	0.0	44.1	0.0
Income (loss) before income taxes	39.8	(43.6)	6.1
Interest expense	49.4	69.5	92.4
Other non-operating expense	4.0	3.7	4.5
Global Funds Transfer
Segment Reporting Information [Line Items]
Gross Profit	557.7	545.6	501.6
Financial Paper Products
Segment Reporting Information [Line Items]
Gross Profit	$ 62.2	$ 53.9	$ 62.6

Investment Portfolio - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Investment [Line Items]
Number of investments in money market securities	1
Maturities of time deposits, description	24 months
Percentage of available-for-sale investments collateralized by US government agency debentures	50.00%	77.00%
Assets, fair value disclosure	$ 35.4	$ 45.3
Available for sale securities fair value estimates percentage of third party pricing	89.00%	93.00%
Available for sale securities fair value estimates percentage of broker pricing	11.00%	7.00%

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instrument Detail [Abstract]

Summary of Gains (Losses) Related to Assets and Liabilities Denominated in Foreign Currencies


(Amounts in millions)	2022		2021		2020
Net realized non-U.S. dollar (loss) gain	$	(38.2)	$	(20.4)	$	26.6
Net gain (loss) from the related forward contracts	39.8		18.4		(11.9)
Net gain (loss) from the related forward contracts	$	1.6	$	(2.0)	$	14.7

Fair Values of Derivative Forward Contract Instruments

As of December 31, 2022 and 2021, the Company reflects the following fair values of derivative forward contract instruments in its 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 on the Consolidated Balance Sheets
Balance Sheet Location	2022		2021		2022		2021		2022		2021		2022		2021
"Other assets"	$	1.8	$	0.4	$	(1.6)	$	(0.3)	$	5.0	$	—	$	5.2	$	0.1

(Amounts in millions)