Western Union 2013 Annual Report Download - page 143
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2013 FORM 10-K
33
The trust holding the assets of our pension plan has assets totaling approximately $295.8 million as of December 31, 2013.
The fair value of these assets held in the trust are compared to the plan's projected benefit obligation to determine the pension
liability of $70.4 million recorded within "Other liabilities" in our Consolidated Balance Sheet as of December 31, 2013. We
attempt to mitigate risk through diversification, and we regularly monitor investment risk on our portfolio through quarterly
investment portfolio reviews and periodic asset and liability studies. Despite these measures, it is possible that the value of our
portfolio may decline in the future due to any number of factors, including general market conditions and credit issues. Such
declines could have an impact on the funded status of our pension plan and future funding requirements.
We have substantial debt obligations that could restrict our operations.
As of December 31, 2013, we had approximately $4.2 billion in consolidated indebtedness, and we may also incur additional
indebtedness in the future.
Our indebtedness could have adverse consequences, including:
• limiting our ability to pay dividends to our stockholders or to repurchase stock consistent with our historical practices;
• increasing our vulnerability to changing economic, regulatory and industry conditions;
• limiting our ability to compete and our flexibility in planning for, or reacting to, changes in our business and the industry;
• limiting our ability to borrow additional funds; and
• requiring us to dedicate a substantial portion of our cash flow from operations to payments on our debt, thereby reducing
funds available for working capital, capital expenditures, acquisitions and other purposes.
There would be adverse tax consequences associated with using certain earnings generated outside the United States to pay
the interest and principal on our indebtedness. Accordingly, this portion of our cash flow will be unavailable under normal
circumstances to service our debt obligations.