Western Union 2015 Annual Report Download - page 229

THE WESTERN UNION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
127
12. Operating Lease Commitments
The Company leases certain real properties for use as customer service centers and administrative and sales offices. The
Company also leases automobiles and office equipment. Certain of these leases contain renewal options and escalation provisions.
Total rent expense under operating leases, net of sublease income, was $46.9 million, $54.0 million and $54.1 million during the
years ended December 31, 2015, 2014 and 2013, respectively.
As of December 31, 2015, the minimum aggregate rental commitments under all non-cancelable operating leases were as
follows (in millions):
Year Ending December 31,
2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 39.7
2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33.0
2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.8
2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.7
2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.1
Total future minimum lease payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 138.5
13. Stockholders' Equity
Accumulated other comprehensive loss
Accumulated other comprehensive loss includes all changes in equity during a period that have yet to be recognized in income,
except those resulting from transactions with shareholders. The major components include unrealized gains and losses on investment
securities, unrealized gains and losses from cash flow hedging activities, foreign currency translation adjustments and defined
benefit pension plan adjustments.
Unrealized gains and losses on investment securities that are available for sale, primarily state and municipal debt securities,
are included in "Accumulated other comprehensive loss" until the investment is either sold or deemed other-than-temporarily
impaired. See Note 7 for further discussion.
The effective portion of the change in fair value of derivatives that qualify as cash flow hedges are recorded in "Accumulated
other comprehensive loss." Generally, amounts are recognized in income when the related forecasted transaction affects earnings.
See Note 14 for further discussion.
The assets and liabilities of foreign subsidiaries whose functional currency is not the United States dollar are translated using
the appropriate exchange rate as of the end of the year. Foreign currency translation adjustments represent unrealized gains and
losses on assets and liabilities arising from the difference in the foreign country currency compared to the United States dollar.
These gains and losses are accumulated in other comprehensive income. When a foreign subsidiary is substantially liquidated, the
cumulative translation gain or loss is removed from "Accumulated other comprehensive loss" and is recognized as a component
of the gain or loss on the sale of the subsidiary.
The defined benefit pension plan adjustment is recognized for the difference between estimated assumptions (e.g., asset returns,
discount rates, mortality) and actual results. The amount in "Accumulated other comprehensive loss" is amortized to income over
the remaining life expectancy of the plan participants. Details of the pension plan's assets and obligations are explained further in
Note 11.
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