MoneyGram 2009 Annual Report Download - page 50

Table of Contents
Other Funding Sources and Requirements
Contractual Obligations — The following table includes aggregated information about the Company's contractual obligations that impact
its liquidity and capital needs. The table includes information about payments due under specified contractual obligations, aggregated by
type of contractual obligation.
Table 10 — Contractual Obligations
Payments due by period
Less than More than
(Amounts in thousands) Total 1 year 1-3 years 4-5 years 5 years
Debt, including interest payments $ 1,424,484 $ 88,743 $ 177,430 $ 443,919 $ 714,392
Operating leases 48,022 12,231 24,816 10,237 738
Other obligations 384 384 — — —
Total contractual cash obligations $ 1,472,890 $ 101,358 $ 202,246 $ 454,156 $ 715,130
Debt consists of amounts outstanding under our Senior Facility and the Notes as shown in Table 9 — Schedule of Credit Facilities, as
well as related interest payments, facility fees and annual commitment fees. Included in our Consolidated Balance Sheet at December 31,
2009 is $796.8 million of debt, net of unamortized discounts of $9.5 million, and $0.1 million of accrued interest on the debt. The above
table reflects the principal and interest that will be paid through the maturity of the debt using the rates in effect on December 31, 2009
and assuming no prepayments of principal and the continued payment of interest on the Notes. Operating leases consist of various leases
for buildings and equipment used in our business. Other obligations are unfunded capital commitments related to our limited partnership
interests included in "Other asset-backed securities" in our investment portfolio. We have other commitments as described further below
that are not included in Table 10 as the timing and/or amount of payments are difficult to estimate.
The Series B Stock has a cash dividend rate of 10 percent. At the Company's option, dividends may be accrued through March 25, 2013
at a rate of 12.5 percent in lieu of paying a cash dividend. Due to restrictions in our debt agreements, we elected to accrue the dividends
in 2009 and expect that dividends will be accrued for at least the next 12 months. While no dividends have been declared as of
December 31, 2009, we have accrued dividends of $110.3 million in our Consolidated Balance Sheets as accumulated and unpaid
dividends are included in the redemption price of the Series B Stock regardless of whether dividends have been declared.
We have a funded, noncontributory pension plan that is frozen to both future benefit accruals and new participants. Our funding policy
has historically been to contribute the minimum contribution required by applicable regulations. We were not required to, and did not
make, a contribution to the funded pension plan during 2009. We anticipate a minimum contribution of $3.0 million to the pension plan
trust in 2010. We also have certain unfunded pension and postretirement plans that require benefit payments over extended periods of
time. During 2009, we paid benefits totaling $4.3 million related to these unfunded plans. Benefit payments under these unfunded plans
are expected to be $2.6 million in 2010. Expected contributions and benefit payments under these plans are not included in the above
table as it is difficult to estimate the timing and amount of benefit payments and required contributions beyond the next 12 months. See
"Critical Accounting Policies — Pension Obligations" for further discussion of these plans.
As of December 31, 2009, the liability for unrecognized tax benefits is $10.7 million. As there is a high degree of uncertainty regarding
the timing of potential future cash outflows associated with liabilities relating to this liability, we are unable to make a reasonably reliable
estimate of the amount and period in which these liabilities might be paid.
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