M & F WORLDWIDE CORP

CIK:0000945235|SEC Filings

Comprehensive Income

9 Months Ended

Sep. 30, 2011

Comprehensive Income (Loss) Note [Text Block]

Comprehensive Income

Total comprehensive income for the three and nine months ended September 30, 2011 and 2010 is as follows:



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2011			2010			2011			2010
Net income	$	44.5		$	30.2		$	94.6		$	93.6
Other comprehensive (loss) income:
Foreign currency translation adjustments, net of taxes of $0.0, $0.0, $0.0 and $0.2	(3.1		)	4.5			0.6			(2.7		)
Derivative fair-value adjustments, net of taxes of $0.8, $2.3, $1.8 and $3.2	1.4			(3.6		)	2.9			(5.0		)
Unrealized gains on investments, net of taxes of $0.0, $0.7, $0.2 and $0.8	—			1.2			0.3			1.3
Reclassification of gains on investments included in net income, net of taxes of $0.0, $0.0, $5.1 and $0.0	—			—			(8.1		)	—
Change in unrecognized amounts included in pension and postretirement obligations, net of taxes of $0.0, $2.7, $0.1 and $2.7	(0.1		)	4.4			(0.2		)	4.4
Comprehensive income	$	42.7		$	36.7		$	90.1		$	91.6

Consolidated Statements of Cash Flows (unaudited) (USD $) In Millions	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Operating activities
Net income	$ 94.6	$ 93.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	32.9	38.3
Amortization of intangible assets	90.4	81.6
Amortization of deferred financing fees	5.2	5.5
Revaluation of contingent consideration	(24.6)	0.2
Deferred income taxes	(31.2)	(17.8)
Restricted stock amortization	0	0.6
Realized and unrealized (gain) loss on marketable securities	(13.2)	0.3
Asset impairments	2.4	2.5
Changes in operating assets and liabilities, net of effect of businesses acquired:
Accounts receivable	(7.2)	(12.4)
Inventories	7.7	2.6
Prepaid expenses and other assets	(6.4)	(3.7)
Pension asset	0.4	0.4
Contract acquisition payments, net	(9.3)	(1.3)
Accounts payable and accrued liabilities	(4.0)	22.2
Deferred revenues	15.9	4.8
Income and other taxes	11.6	2.0
Other, net	(1.1)	3.7
Net cash provided by operating activities	164.1	223.1
Investing activities
Purchase of business, net of cash acquired	(134.9)	(28.6)
Additional purchase price consideration for previous acquisition	(0.2)	0
Net repayments of related party notes receivable	1.0	3.0
Proceeds from sale of property, plant and equipment	0.1	2.5
Proceeds from sale and redemption of marketable securitites	13.4	44.4
Capital expenditures	(40.8)	(24.3)
Capitalized interest	(0.2)	(0.1)
Other, net	(4.8)	(2.8)
Net cash used in investing activities	(166.4)	(5.9)
Financing activities
Payments of contingent consideration arrangements	(0.3)	0
Repayments of short-term borrowings	0	(15.3)
Repayments of credit agreements and other borrowings	(25.8)	(30.8)
Other, net	(0.2)	(0.6)
Net cash used in financing activities	(26.3)	(46.7)
Effect of exchange rate changes on cash and cash equivalents	0	(0.1)
Net (decrease) increase in cash and cash equivalents	(28.6)	170.4
Cash and cash equivalents at beginning of period	312.8	133.7
Cash and cash equivalents at end of period	284.2	304.1
Supplemental disclosure of cash paid for:
Interest, net of amounts capitalized	70.4	77.1
Income taxes, net of refunds	$ 56.0	$ 73.5

Consolidated Balance Sheets (unaudited) (USD $) In Millions	Sep. 30, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 284.2	$ 312.8
Accounts receivable (net of allowances of $3.6 and $3.1)	147.0	137.8
Inventories	122.8	130.0
Income taxes receivable	1.8	12.1
Deferred tax assets	25.1	18.4
Prepaid expenses and other current assets	80.1	71.9
Total current assets	661.0	683.0
Property, plant and equipment	430.3	398.6
Less accumulated depreciation	(265.2)	(241.5)
Property, plant and equipment, net	165.1	157.1
Goodwill	1,660.6	1,569.8
Other intangible assets, net	1,212.2	1,207.3
Pension asset	10.0	10.3
Contract acquisition payments, net	36.5	27.2
Other assets	68.0	114.4
Total assets	3,813.4	3,769.1
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	43.4	43.0
Deferred revenues	134.1	128.9
Current maturities of long-term debt	19.1	19.4
Accrued liabilities:
Salaries, wages and employee benefits	57.8	77.6
Income and other taxes payable	14.8	13.4
Customer incentives	38.9	29.0
Other current liabilities	42.0	30.9
Total current liabilities	350.1	342.2
Long-term debt	2,206.0	2,231.3
Deferred tax liabilities	429.1	440.1
Other liabilities	95.6	113.0
Commitments and contingencies
Stockholders' equity:
Common stock, par value $0.01; 250,000,000 shares authorized; 23,875,831 shares issued at September 30, 2011 and December 31, 2010	0.2	0.2
Additional paid-in capital	76.0	76.0
Treasury stock at cost; 4,541,900 shares at September 30, 2011 and December 31, 2010	(106.6)	(106.6)
Retained earnings	772.2	677.6
Accumulated other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustments	4.2	3.6
Unrecognized amounts included in pension and postretirement obligations	(5.4)	(5.2)
Derivative fair-value adjustments	(8.0)	(10.9)
Unrealized gains on investments, net	0	7.8
Total accumulated other comprehensive loss, net of taxes	(9.2)	(4.7)
Total stockholders' equity	732.6	642.5
Total liabilities and stockholders' equity	$ 3,813.4	$ 3,769.1