Western Union 2009 Annual Report Download - page 121

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(a) Equity investments include 6% of securities that participate in securities lending.
(b) Substantially all corporate debt securities are investment grade securities.
(c) Other assets primarily includes investment related receivables and futures contracts.
The maturities of debt securities at December 31, 2009 range from less than one year to approximately
57 years with a weighted-average maturity of 22 years.
The following table provides a summary of changes in the fair value of the Trust’s Level 3 financial
assets for the year ended December 31, 2009, (in millions).
Asset-backed
securities
Private equity
securities Total
Beginning balance, January 1, 2009 ............................ $9.8 $2.8 $12.6
Actual return on plan assets:
Relating to assets still held at the reporting date ................. 1.0 (0.8) 0.2
Relating to assets sold during the period....................... 0.2 — 0.2
Net issuances and repayments . ............................... (2.3) — (2.3)
Transfers out of Level 3 (a) . . . ............................... (8.7) — (8.7)
Ending balance, December 31, 2009 ........................... $— $2.0 $ 2.0
(a) Market liquidity for these assets has significantly improved since 2008 resulting in improved price
transparency.
The estimated future benefit payments are expected to be $42.3 million in 2010, $41.0 million in 2011,
$39.7 million in 2012, $38.3 million in 2013, $36.8 million in 2014 and $159.7 million in 2015 through 2019.
12. Operating Lease Commitments
Western Union leases certain real properties for use as customer service centers and administrative and
sales offices. Western Union also leases data communications terminals, computers and office equipment.
Certain of these leases contain renewal options and escalation provisions. Total rent expense under operating
leases, net of sublease income, was $34.0 million, $39.7 million and $31.6 million during the years ended
December 31, 2009, 2008 and 2007, respectively.
As of December 31, 2009, the minimum aggregate rental commitments under all noncancelable operating
leases, net of sublease income commitments aggregating $3.4 million through 2014, were as follows (in
millions):
Year Ending December 31,
2010 .......................................................... $ 28.3
2011 .......................................................... 21.5
2012 .......................................................... 15.8
2013 .......................................................... 12.0
2014 .......................................................... 10.6
Thereafter ...................................................... 19.5
Total future minimum lease payments .............................. $107.7
107
THE WESTERN UNION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)