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79
The results of the discontinued concepts, associated impairment and restructuring charges (see Note 11: Restructuring), net of
tax, were recorded within Loss from discontinued operations, net of tax in our Consolidated Statements of Comprehensive
Income. The discontinued concepts did not meet the criteria to be classified as held for sale and accordingly the assets and
liabilities are not separately presented in our Consolidated Balance Sheets.
On June 9, 2011, we completed the sale transaction of the Money Transfer Business to Sigue Corporation (“Sigue”). We
received $19.5 million in cash and a note receivable of $29.5 million (the “Sigue Note”). In December 2011, as part of the sale
transaction, we were required to provide Sigue with an additional loan of $4.0 million under terms consistent with the Sigue
Note. See Note 18: Fair Value for additional details about the Sigue Note.
On June 9, 2011, the sold assets and liabilities of the Money Transfer Business primarily consisted of the following (in
thousands):
Dollars in thousands June 9, 2011
Cash and cash equivalents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 57,893
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,185
Other current assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,560
Property, plant and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,066
Goodwill, intangible, and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,162
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,866
Accounts payable and payable to agents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65,464
Accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,062
Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,526
Net assets sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 38,340
The net assets disposed represent the fair value less cost to sell the Money Transfer Business. The loss on disposal activities
recognized in 2011 and 2010 was allocated to the asset disposal group including property, plant and equipment, net, intangible
and other assets.
Summary Financial Information
The disposition and operating results of Rubi, Crisp Market, Orango and Star Studio, and the Money Transfer Business are
presented in discontinued operations in our Consolidated Statements of Comprehensive Income for all periods presented. The
continuing cash flows from Rubi, Crisp Market, Orango and Star Studio after discontinuation are expected to be insignificant
and continuing cash flows from the discontinuation of the Money Transfer Business after disposition was insignificant.