First Data 2014 Annual Report Download - page 73
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The senior subordinated notes are unsecured and (i) rank equally in right of payment with all of the existing and future senior subordinated debt; (ii) rank
senior in right of payment to all future debt and other obligations that are, by their terms, expressly subordinated in right of payment to the senior
subordinated notes; (iii) are effectively subordinated in right of payment to all existing and future secured debt to the extent of the value of the assets
securing such debt; (iv) are subordinated in right of payment to all existing and future senior indebtedness; and (v) are structurally subordinated to all
obligations of each subsidiary that is not a guarantor of the senior subordinated notes.
The notes are similarly guaranteed in accordance with their terms by each of FDC’s domestic subsidiaries that guarantee obligations under FDC’s senior
secured term loan facility described in more detail in Note 17 "Supplemental Guarantor Condensed Consolidating Financial Statements" of these
Consolidated Financial Statements.
All obligations under the senior secured notes, senior secured second lien notes, senior unsecured notes, and senior unsecured subordinated notes also
contain a number of covenants similar to those described for the senior secured obligations noted above. FDC is in compliance with all applicable
covenants.
As of December 31, 2014 and 2013, the fair value of the Company's long-term borrowings was $22.1 billion and $24.0 billion, respectively. The estimated
fair value of the Company's long-term borrowings was primarily based on market trading prices and is considered to be a Level 2 measurement.
The following table details the components of “Other income (expense)” on the Consolidated Statements of Operations:
Investment gains and (losses)
$ 100.2
$ 2.4
$ (7.7)
Derivative financial instruments gains and (losses)
0.3
(24.4)
(91.4)
Divestitures, net
1.6
(5.4)
—
Non-operating foreign currency gains and (losses)
59.1
(19.5)
4.8
Other income (expense)
$ 161.2
$ (46.9)
$ (94.3)
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