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Table of Contents
MONEYGRAM INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
Consolidated Statements of Income have therefore been restated. The results of operations of Game Financial, included in "Income and gain from
discontinued operations" include the following:
2005 2004 2003
(Dollars in thousands)
Revenue $ — $ 10,668 $ 36,548
Earnings before income taxes — 852 3,025
Gain on disposition 740 11,417 —
Income and gain from discontinued operations 740 13,050 1,830
MoneyGram International Limited: In January 2003, the Company paid $105.1 million to acquire the remaining 49 percent minority interest in MoneyGram
International Limited ("MIL"). MIL provides international sales and marketing services for the Company, primarily in Europe, Africa, Asia and Australia.
Prior to the acquisition, the Company owned a 51 percent interest in MIL and accordingly, MIL was consolidated prior to the acquisition. As a result of the
acquisition, the Company owns 100 percent of MIL.
Note 4. Investments (Substantially Restricted)
The amortized cost and market value of investments are as follows at December 31, 2005:
Gross Gross
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
(Dollars in thousands)
Obligations of states and political subdivisions $ 836,419 $ 35,610 $ (529) $ 871,500
Commercial mortgage-backed securities 691,604 10,297 (2,235) 699,666
Residential mortgage-backed securities 1,894,227 5,024 (20,800) 1,878,451
Other asset-backed securities 1,963,047 38,340 (10,885) 1,990,502
U.S. government agencies 360,236 5,641 (5,274) 360,603
Corporate debt securities 395,869 11,830 (2,266) 405,433
Preferred and common stock 30,175 217 (3,214) 27,178
Total $ 6,171,577 $ 106,959 $ (45,203) $ 6,233,333
The amortized cost and market value of investments are as follows at December 31, 2004:
Gross Gross
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
(Dollars in thousands)
Obligations of states and political subdivisions $ 863,691 $ 59,855 $ (249) $ 923,297
Commercial mortgage-backed securities 729,066 20,500 (1,487) 748,079
Residential mortgage-backed securities 2,133,310 21,142 (7,356) 2,147,096
Other asset-backed securities 1,579,786 53,064 (4,062) 1,628,788
U.S. government agencies 369,446 2,683 (718) 371,411
Corporate debt securities 442,145 19,463 (1,652) 459,956
Preferred and common stock 59,411 1,318 (3,863) 56,866
Total $ 6,176,855 $ 178,025 $ (19,387) $ 6,335,493
F-19