Western Union 2014 Annual Report Download - page 255

2014 FORM 10-K
THE WESTERN UNION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
117
No non-recurring fair value adjustments were recorded during the years ended December 31, 2014 and 2013, except those
associated with acquisitions. The valuation of assets acquired, as disclosed in Note 4, was derived primarily using unobservable
Level 3 inputs, which require significant management judgment and estimation.
Other Fair Value Measurements
The carrying amounts for many of the Company's financial instruments, including cash and cash equivalents, settlement cash
and cash equivalents, and settlement receivables and settlement obligations approximate fair value due to their short maturities.
The aggregate fair value of the Company's borrowings was based on quotes from multiple banks and excluded the impact of related
interest rate swaps. All the assets and liabilities in the above tables were carried at fair value in the Consolidated Balance Sheets,
with the exception of borrowings, which had a carrying value of $3,720.4 million and $4,213.0 million as of December 31, 2014
and 2013, respectively (see Note 15).
The fair value of the assets in the Trust, which holds the assets for the Company's defined benefit plan, is disclosed in Note
11.
9. Other Assets and Other Liabilities
The following table summarizes the components of other assets and other liabilities (in millions):
December 31,
2014 2013
Other assets:
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 423.0 $ 224.3
Short-term taxable bond mutual fund (Note 7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 100.2
Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63.0 69.0
Amounts advanced to agents, net of discounts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.2 41.8
Equity method investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41.6 41.0
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97.0 85.8
Total other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 669.8 $ 562.1
Other liabilities:
Derivatives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 317.1 $ 223.4
Pension obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74.9 70.4
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92.2 64.4
Total other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 484.2 $ 358.2