MoneyGram 2015 Annual Report Download - page 82
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Table of Contents
The following table is a summary of the cumulative restructuring costs incurred to date in operating expenses and the estimated remaining restructuring costs to be
incurred as of December 31, 2015 :
2014 Global Transformation Program
Other Restructuring
(Amounts in millions)
Severance,
Outplacement and
Related Benefits
Other (1)
Severance,
Outplacement and
Related Benefits
Total
Restructuring costs
Cumulative restructuring costs incurred to date in operating expenses $ 17.7
$ 3.0
$ 0.6
$ 21.3
Estimated additional restructuring costs to be incurred 1.6
0.4
0.5
2.5
Total restructuring costs incurred and to be incurred $ 19.3
$ 3.4
$ 1.1
$ 23.8
(1) Other primarily relates to expenses for facilities relocation and professional fees. Such costs are expensed as incurred.
The following table summarizes the reorganization and restructuring costs recorded for the years ended December 31 :
(Amounts in millions) 2015
2014
2013
Restructuring costs in operating expenses:
Compensation and benefits $ 3.7
$ 14.4
$ —
Transaction and operations support 1.3
1.9
—
Total restructuring costs in operating expenses 5.0
16.3
—
Reorganization costs in operating expenses:
Compensation and benefits $ 6.8
$ 5.0
$ 1.2
Transaction and operations support 6.7
8.4
0.7
Occupancy, equipment and supplies 1.5
0.8
1.3
Total reorganization costs in operating expenses 15.0
14.2
3.2
Total reorganization and restructuring costs $ 20.0
$ 30.5
$ 3.2
The following table is a summary of the total cumulative restructuring costs incurred to date in operating expenses and the total estimated remaining restructuring
costs to be incurred by reportable segment:
(Amounts in millions) GFT
FPP
Other
Total
2014 Global Transformation Program
Balance, December 31, 2014 $ 13.9
$ 1.7
$ 0.7
$ 16.3
First quarter 2015 2.2
0.2
—
2.4
Second quarter 2015 0.8
0.1
—
0.9
Third quarter 2015 0.4
0.1
—
0.5
Fourth quarter 2015 0.5
0.1
—
0.6
Total cumulative restructuring costs incurred to date in operating expenses $ 17.8
$ 2.2
$ 0.7
$ 20.7
Total estimated additional restructuring costs to be incurred 1.8
0.2
—
2.0
$ 19.6
$ 2.4
$ 0.7
$ 22.7
Other Restructuring
Third quarter 2015 $ 0.5
$ —
$ —
$ 0.5
Fourth quarter 2015 0.1
—
—
0.1
Total cumulative restructuring costs incurred to date in operating expenses $ 0.6
$ —
$ —
$ 0.6
Total estimated additional restructuring costs to be incurred 0.5
—
—
0.5
$ 1.1
$ —
$ —
$ 1.1
Total restructuring costs incurred and to be incurred $ 20.7
$ 2.4
$ 0.7
$ 23.8
F-18