MoneyGram 2004 Annual Report Download - page 73

Download and view the complete annual report

Please find page 73 of the 2004 MoneyGram annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 93

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93

Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
2005, the Board of Directors declared a quarterly cash dividend of $0.01 per share to be paid on April 1, 2005 to stockholders of record on March 17, 2005.
Treasury Stock: Through June 30, 2004, treasury stock represented Viad common stock repurchased and held by the Company. As of December 31, 2003, the
Company held 11,382,364 shares of Viad common stock in treasury. On November 18, 2004, the Board of Directors authorized a plan to repurchase, at the
Company's discretion, up to 2,000,000 shares of MoneyGram International, Inc. common stock with the intended effect of returning value to the stockholders
and reducing dilution caused by the issuance of stock in connection with stock-based compensation described in Note 15. During the last six months of 2004,
the Company repurchased 770,299 shares at an average cost of $21.01 per share. At December 31, 2004, there are 801,130 shares of stock held in treasury.
Following is a summary of common stock and treasury stock share activity:
Common Treasury
Stock Stock
(Amounts in thousands)
Balance at January 1, 2003 99,740 11,638
Stock repurchases — 40
Net submission of shares upon exercise of stock options — 28
Net issuance upon vesting of restricted stock — (324)
Balance at December 31, 2003 99,740 11,382
Net submission of shares upon exercise of stock options — 37
Net issuance upon vesting of restricted stock — (235)
Impact of spin-off (11,184) (11,184)
Balance at June 30, 2004 88,556 —
Stock repurchases — 770
Net submission of shares upon exercise of stock options — 36
Net issuance upon vesting of restricted stock — (5)
Balance at December 31, 2004 88,556 801
Accumulated Other Comprehensive Income: The components of accumulated other comprehensive income (loss) at December 31 include:
2004 2003
(Dollars in thousands)
Unrealized gain on securities classified as available-for-sale $ 99,148 $ 105,263
Unrealized loss on derivative financial instruments (38,027) (106,472)
Cumulative foreign currency translation adjustments 6,344 4,537
Minimum pension liability adjustment (41,774) (38,536)
$ 25,691 $ (35,208)
F-29