First Data 2013 Annual Report Download - page 82
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Assets:
Settlement assets:
Student loan auction rate securities $ — $ — $ 38.8 $38.8
Corporate bonds —6.6 —6.6
State and municipal obligations —133.9 —133.9
Preferred stock 0.6 — — 0.6
Total settlement assets 0.6 140.5 38.8 179.9
Other current assets:
Interest rate swap contracts —1.0 —1.0
Foreign currency derivative contracts —10.1 —10.1
Other long-term assets:
Available-for-sale securities — 0.5 — 0.5
Interest rate swap contracts —89.8 —89.8
Total assets at fair value $ 0.6 $ 241.9 $ 38.8 $281.3
Liabilities:
Other current liabilities:
Interest rate swap contracts $ — $ 0.3 $ — $ 0.3
Other long-term liabilities:
Foreign currency derivative contracts —34.4 —34.4
Interest rate swap contracts —137.4 —137.4
Contingent consideration — — 20.0 20.0
Total liabilities at fair value $ — $ 172.1 $ 20.0 $192.1
Due to the lack of observable market activity for the SLARS held by the Company as of
December 31, 2013, the Company, with the assistance of a third-party valuation firm upon which the Company in part relied, made certain assumptions,
primarily relating to estimating both the weighted-average life for the securities held by the Company and the impact on the fair value of the current inability to
redeem the securities at par value. All key assumptions and valuations were determined by and are the responsibility of management. The securities were
valued using an income approach based on a probability-weighted discounted cash flow analysis. The Company considered each security’s key terms
including date of issuance, date of maturity, auction intervals, scheduled auction dates, maximum auction rates, as well as underlying collateral, ratings, and
guarantees or insurance. Due to the use of unobservable inputs, these instruments are classified as Level 3 within the fair value hierarchy. For additional
information regarding the SLARS, refer to Note 5 of these Consolidated Financial Statements .
Beginning balance as of January 1, 2012 $ 170.5
Total realized gains included in product sales and other 4.4
Sales (135.6)
Settlements (0.5)
Transfers in (out) of Level 3 —
Ending balance as of December 31, 2012 38.8
Total realized gains included in product sales and other 1.7
Total unrealized losses included in other comprehensive income (0.5)
Sales (30.8)
Transfers in (out) of Level 3 —
Ending balance as of December 31, 2013 $9.2
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