Western Union 2011 Annual Report Download - page 113
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THE WESTERN UNION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table summarizes the activity for the restructuring and related expenses discussed above and the
related restructuring accruals as of and for the years ended December 31, 2011 and December 31, 2010 (in millions):
Severance,
Outplacement
And Related
Benefits
Fixed Asset
Write-Offs and
Accelerated
Depreciation
Lease
Terminations Other (b) Total
Balance, January 1, 2010 ................. $ — $ — $ — $ — $ —
Expenses (a) ........................... 48.7 0.9 — 9.9 59.5
Cash payments ......................... (13.7) — — (8.8) (22.5)
Non-cash charges (a) .................... (0.7) (0.9) — — (1.6)
Balance, December 31, 2010 .............. $ 34.3 $ — $ — $ 1.1 $ 35.4
Expenses (a) ........................... 26.1 1.3 3.5 15.9 46.8
Cash payments ......................... (48.1) — (3.5) (16.8) (68.4)
Non-cash charges (a) .................... 1.4 (1.3) — — 0.1
Balance, December 31, 2011 .............. $ 13.7 $ — $ — $ 0.2 $ 13.9
Total expenses ......................... $ 74.8 $ 2.2 $ 3.5 $ 25.8 $ 106.3
(a) Expenses include non-cash write-offs and accelerated depreciation of fixed assets and leasehold
improvements. However, these amounts were recognized outside of the restructuring accrual.
(b) Other expenses related to the relocation of various operations to new and existing Company facilities
including expenses for hiring, training, relocation, travel and professional fees. All such expenses will be
recorded when incurred.
Restructuring and related expenses are reflected in the Consolidated Statements of Income as follows (in
millions):
Year Ended
December 31, 2011
Year Ended
December 31, 2010
Cost of services ............................................. $ 10.6 $ 15.0
Selling, general and administrative .............................. 36.2 44.5
Total restructuring and related expenses, pre-tax ................... $ 46.8 $ 59.5
Total restructuring and related expenses, net of tax ................. $ 32.0 $ 39.3
106