The following discussion should be read in conjunction with our Consolidated
Financial Statements and related Notes contained in Part II, Item 8 of this
report. This discussion contains forward-looking statements that involve risks
and uncertainties. Our actual results could differ materially from those
anticipated due to various factors discussed above under Cautionary Statements
Regarding Forward-Looking Statements and under the caption Risk Factors in Part
I, Item 1A of this 2021 Form 10-K.

The comparisons presented in this discussion refer to the prior year, unless
otherwise noted. For a discussion on the comparison between fiscal year 2020 and
fiscal year 2019 results, see   Item 7,     Management's Discussion and Analysis
of Financial Condition and Results of Operations   included in MoneyGram's
Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as filed
with the SEC. This discussion is organized in the following sections:

• Overview

• Operating results

• Cash and capital resources

• Critical accounting policies and estimates

PREVIEW


MoneyGram is a global leader in cross-border P2P payments and money transfers.
Our consumer-centric capabilities enable the quick and affordable transfer of
money to family and friends around the world. Whether through online and mobile
platforms, integration with mobile wallets, kiosks, or any one of the hundreds
of thousands of agent locations in over 200 countries and territories, with over
100 now digitally enabled, the innovative MoneyGram platform connects consumers
in ways designed to be convenient for them. In the U.S. and in select countries
and territories, we also provide bill payment services, issue money orders and
process official checks. We primarily offer our services and products through
our Digital Channel and third-party agents. The Digital Channel includes MGO
(our direct-to-consumer business), digital partners, direct transfers to bank
accounts, mobile wallets and debit card solutions such as Visa Direct.
Third-party agents include retail chains, independent retailers, post offices
and financial institutions. MoneyGram also has a limited number of
Company-operated retail locations. Launched in April 2021, MoneyGram's emerging
embedded finance business for enterprise customers, MaaS, enables other
companies to access MoneyGram's global money transfer network and leverage the
Company's core capabilities as productized service offerings to meet their
various business needs and quickly add services and scale.

We manage our revenue and related commissions expense through two reporting
segments: GFT and FPP. The GFT segment provides global money transfer services
in more than 430,000 agent locations. Our global money transfer services are our
primary revenue driver, accounting for 93% of total revenue for the year ended
December 31, 2021. The GFT segment also provides bill payment services to
consumers through substantially all of our money transfer agent locations in the
U.S., at certain agent locations in select Caribbean and European countries and
through our Digital Channel. The FPP segment provides money order services to
consumers through retail locations and financial institutions located in the
U.S. and Puerto Rico and provides official check services to financial
institutions in the U.S.

COVID-19 Update


The global spread and unprecedented impact of COVID-19 and its variants, is
complex and ever-evolving. In March 2020, the World Health Organization declared
COVID-19 a global pandemic and recommended extensive containment and mitigation
measures worldwide. The outbreak is global and has impacted all the countries in
which we do business. Since the outbreak, we have seen the profound effect it is
having on human health, the global economy and society at large. Public and
private sector policies aimed at reducing the transmission of COVID-19 have
varied significantly in different regions of the world, but have resulted in
shelter-in-place orders and the mandatory closing of various businesses across
many of the countries in which we operate. Variants of COVID-19 combined with a
lack of vaccinations in many countries have resulted in new waves of infections
and new restrictions. These restrictions often have an impact on the ability of
consumers to transact at agent locations, which can cause temporary reductions
in remittance activity. Several countries and municipalities mandated closures
of their borders and incorporated shelter-in-place orders in 2021.

It is impossible to predict the scope and duration of the impact of the COVID-19
pandemic as the situation has been different on a country by country basis. The
impact of COVID-19 in 2021 and beyond will depend on the duration and severity
of economic
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conditions resulting from the crisis, its impact on public health, immigration,
public policy actions, vaccination rates and expansion and duration of returns
to lockdowns and shelter-in-place orders by governments, as well as changes in
consumer behavior over the long term.

We continue to place a priority on business continuity and contingency planning,
including for potential extended closures of any key agents or disruptions
related to our contractual counterparties that might arise as a result of
COVID-19. While disruptions in our service offerings have occurred from time to
time from temporary agent location closures, the inability of labor markets to
return to normal mobility can represent a longer impact on the Company. We
cannot reasonably estimate the potential impact or timing of those events, and
we may not be able to mitigate such impact.

Working environment


The competitive environment continues to change as both established players and
new, digital-only entrants work to innovate and deliver an affordable and
convenient customer experience to win market share. Our competitors include a
small number of large money transfer and bill payment providers, financial
institutions, banks and a number of small niche money transfer service providers
that serve select regions. We generally compete on the basis of customer
experience, price, agent commissions, brand awareness and convenience.

We continue to invest in innovative products and services, such as our leading
mobile app and integrations with mobile wallets and account deposit services, to
position the Company to meet consumer needs. Furthermore, our partnership with
Visa Direct provides consumers with additional choices on how to receive funds
across a broader number of countries. We believe that combining our cash and
digital capabilities enables us to differentiate against digital-only
competitors who are not able to serve a significant portion of the remittance
market that relies on cash.


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RECENT DEVELOPMENTS

At February 14, 2022we have entered into a merger agreement by and between the company, the parent company and an affiliate of madison dearbornand Submerge.


The Merger Agreement provides that, subject to the terms and conditions set
forth in the Merger Agreement, Merger Sub will merge with and into the Company.
Following the Merger the Company will become a subsidiary of Parent. At the
effective time of the Merger, each outstanding share of common stock will be
automatically canceled and converted into the right to receive $11.00 in cash.
Consummation of the Merger is subject to the satisfaction or, if permitted by
law, waiver by Parent, the Company or both of a number of conditions, including,
among other things, (a) approval of the Merger Agreement by the affirmative vote
of the holders of a majority of the Company's outstanding shares of common
stock, (b) expiration or termination of applicable waiting periods under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, (c) the
receipt of required approvals with respect to money transmitter licenses and
applicable foreign investment and competition laws, (d) the absence of any
material adverse effect on the Company's business and (e) other customary
closing conditions. The Merger Agreement contains certain termination rights for
the parties, including the right of the parties, subject to specified
limitations, to terminate the Merger Agreement is the Merger is not consummated
by February 13, 2023, although the End Date may be extended to May 14, 2023 in
certain circumstances to obtain required money transfer approvals. The terms of
the Merger Agreement did not impact the Company's Consolidated Financial
Statements as of and for the year ended December 31, 2021.

On January 5, 2022, we announced that we had completed a strategic minority
investment in Coinme, a cryptocurrency cash exchange in the U.S. This venture,
which gives us an approximate 2% ownership stake in Coinme, closed out Coinme's
Series A financing round and provided MoneyGram with a direct ownership
position.

On October 6, 2021, MoneyGram announced a partnership with the Stellar
Development Foundation, a non-profit organization that supports the development
and growth of the Stellar blockchain network and Circle Internet Financial
Limited, a global financial technology firm that is the principal operator of
USD Coin ("USDC"). MoneyGram's network, integrated with the Stellar blockchain
and facilitated through Circle's USDC, will enable cash funding and payout in
local currency for consumers using USDC. This offering provides consumers the
ability to seamlessly convert USDC to cash, or cash to USDC and increases the
utility and liquidity of digital assets while also enabling more consumers to
participate in the digital economy. The impact of this partnership is expected
to grow as more wallets and companies join the Stellar network.

On July 21, 2021, we entered into a New Credit Agreement with the lenders from
time to time party thereto and Bank of America, N.A., as administrative agent
and completed our previously announced private offering of $415.0 million
aggregate principal amount of 5.375% senior secured notes due 2026 (the "Senior
Secured Notes" or "notes") and related guarantees. The New Credit Agreement
provides for (i) a senior secured five-year Term Loan in an aggregate principal
amount of $400.0 million and (ii) a senior secured four-year Revolving Credit
Facility that may be used for revolving credit loans, swingline loans and
letters of credit up to an initial aggregate principal amount of $32.5 million
which was subsequently increased to $40.0 million in December 2021.

The proceeds from the notes offering, together with borrowings under the Term
Loan, were used to prepay the full amount of outstanding indebtedness under the
Prior Credit Facilities and to pay related accrued interest, fees and expenses.
Simultaneous with the prepayment, the Prior Credit Facilities were terminated.

As a result of the implementation of this new long-term financing, we expect our
interest expense to decline by approximately $47.0 million on an annualized
basis and cash payments for interest to decline by approximately $36.0 million
on an annualized basis.

In May 2021, MoneyGram launched a partnership with Coinme to enable the cash
funding and payout of digital currency purchases and sales. The partnership,
which utilizes MoneyGram's modern, mobile and API-driven payments platform and
Coinme's proprietary cryptocurrency exchange and custody technology, was
launched to bring bitcoin to thousands of new point-of-sale locations in the
U.S.

In April 2021, the Company launched MoneyGram as a Service ("MaaS") to enable
other companies to access MoneyGram's leading global money transfer network
through our powerful API-driven infrastructure and best-in-class technology.
Enterprise customers can leverage the Company's core capabilities as productized
service offerings to meet their various business needs and quickly add services
and scale.

The launch began with the successful integration of a partnership with Emergent
Technology Ltd, the owner and operator of the G-Coin digital token, to enable
quick and easy cash funding and payout of the purchase and sale of digital gold.

At January 11, 2021, MoneyGram engaged in an operating plan to reduce overall operating expenses, including the elimination of approximately 110 positions across the Company and certain measures to reduce other ongoing operating expenses, including related to real estate (the “2021 Organizational Realignment”). The actions aim to rationalize

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operations and structure the Company in a way that will be more agile and aligned with its plan for executing market-specific strategies. For the year ended December 31, 2021the total expense for the 2021 organizational realignment was $9.1 million. The Company expects the 2021 organizational realignment to reduce operating expenses by approximately $18.0 million on an annualized basis. From December 31, 2021the Company has paid substantially all of the costs related to the 2021 organizational realignment. See

Note 3 – Reorganization costs Notes to the consolidated financial statements contained in Part II, point 8 of this report for additional information relating to our 2021 organizational realignment.

Expected trends


This discussion of trends expected to impact our business in 2022 is based on
information presently available and reflects certain assumptions, including
assumptions regarding future economic conditions. Differences in actual economic
conditions compared with our assumptions could have a material impact on our
results. See Cautionary Statements Regarding Forward-Looking Statements and Part
I, Item 1A, Risks Factors of our 2021 Form 10-K for additional factors that
could cause results to differ materially from those contemplated by the
following forward-looking statements.

In 2021, MoneyGram focused on positioning the Company to better compete by
delivering a differentiated customer experience, scaling our digital growth,
being the preferred partner for cross-border transactions, capturing new revenue
by monetizing our capabilities and continuing to improve the cost structure of
the Company. Throughout 2021, we entered into a number of partnerships across a
variety of areas such as blockchain and cryptocurrency.

Through 2022, we believe the industry will continue to see a number of trends:
the growth of digital transactions, a competitive pricing environment,
continuing focus on customer experience and a broader trend towards potential
diversification of product and service offerings.

To position the Company to respond to these trends, our digital-first strategy
is creating tremendous value for consumers and the Company's strategy will
continue to focus on growing our digital business. To address this new and
evolving digital consumer, we expect to continue to invest in product innovation
as we look to go deeper and wider in our consumer-direct digital offerings. We
also plan to expand MGO to new countries, add new digital send partners and add
more wallets and account deposit offerings.

As we grow our digital business, we will also focus on maintaining our global
cash network. The cash receive network is important to millions of receivers
around the world who rely on cash to support the urgent needs of their families;
additionally, in many markets the cash network continues to provide benefit for
those consumers that need to send cash.

Additionally, in 2022, we plan to continue executing our strategy to lead innovation in cross-border payments and blockchain-based settlement by expanding our partnership with the Stellar Development Foundation as well as other initiatives and partnerships.


We expect a high level of competition for agents and customers, along with
competitive pricing to be a continuous challenge through 2022. Currency
volatility, liquidity pressure on certain central banks, immigration
restrictions and continuing immobility of labor throughout the world may also
continue to impact our business. We anticipate continuing prioritization of our
cost structure related to transactions and expect to remain price competitive
across our product line.

For our FPP segment, we expect the decline in overall paper-based transactions
to continue primarily due to continued gradual migration by customers to other
payment methods. Our investment revenue, which consists primarily of interest
income generated through the investment of cash balances received from the sale
of our FPP, is dependent on the prevailing short-term interest rate environment
in the United States. The Company would see a positive impact on its investment
revenue if U.S. money market rates rise and conversely, a negative impact if
interest rates decline.

Financial measures and key indicators


This 2021 Form 10-K includes financial information prepared in accordance with
U.S. GAAP as well as certain non-GAAP financial measures that we use to assess
our overall performance.

U.S. GAAP Measures - We utilize certain financial measures prepared in
accordance with U.S. GAAP to assess the Company's overall performance. These
measures include fee and other revenue, commissions and other fee expense, fee
and other revenue less commissions, gross profit, operating income and operating
margin.

Non-GAAP Measures - Generally, a non-GAAP financial measure is a numerical
measure of financial performance, financial position or cash flows that excludes
(or includes) amounts that are included in (or excluded from) the most directly
comparable measure calculated and presented in accordance with U.S. GAAP. The
non-GAAP financial measures should be viewed as a supplement to and not a
substitute for, financial measures presented in accordance with U.S. GAAP and
are not necessarily comparable with similarly named metrics of other companies.
We strongly encourage investors and stockholders to review our financial
statements and publicly-filed reports in their entirety and not to rely on any
single financial measure. We believe that the non-GAAP financial measures
enhance investors' understanding of our business and performance because they
are an
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indicator of the strength and performance of ongoing business operations. The
non-GAAP measures are commonly used as a basis for investors, analysts and other
interested parties to evaluate and compare the operating performance and value
of companies within our industry. They are also used by management in reviewing
results of operations, forecasting, allocating resources or establishing
employee incentive programs. The following are non-GAAP financial measures we
use to assess our overall performance:

EBITDA (earnings before interest, taxes, depreciation and amortization, including amortization of agent signing bonuses).

Adjusted EBITDA (Adjusted EBITDA for certain significant items) – Adjusted EBITDA does not reflect cash requirements to service interest or principal payments on our debt or tax payments which may result in a reduction in available cash.


Adjusted Free Cash Flow (Adjusted EBITDA less cash interest, cash taxes, cash
payments for capital expenditures and cash payments for agent signing bonuses) -
Adjusted Free Cash Flow does not reflect cash payments related to the adjustment
of certain significant items in Adjusted EBITDA.

Constant currency – Constant currency metrics assume that amounts denominated inwe dollars are converted into we dollar at rates consistent with those of the previous year.

RESULTS OF OPERATIONS


The following table is a summary of the results of operations for the years
ended December 31:

(Amounts in millions)                        2021           2020
Revenue
Fee and other revenue                     $ 1,275.8      $ 1,197.2
Investment revenue                              7.8           20.0
Total revenue                               1,283.6        1,217.2
Cost of revenue
Commissions and other fee expense             622.7          603.6
Investment commissions expense                  0.9            3.6
Direct transaction expense                     60.5           45.8
Total cost of revenue                         684.1          653.0
Gross profit                                  599.5          564.2
Operating expenses
Compensation and benefits                     227.8          223.8
Transaction and operations support            179.1          111.6
Occupancy, equipment and supplies              61.9           61.4
Depreciation and amortization                  57.0           64.4
Total operating expenses                      525.8          461.2
Operating income                               73.7          103.0
Other expenses
Interest expense                               69.5           92.4
Loss on early extinguishment of debt           44.1              -
Other non-operating expense                     3.7            4.5
Total other expenses                          117.3           96.9
(Loss) income before income taxes             (43.6)           6.1
Income tax (benefit) expense                   (5.7)          14.0
Net loss                                  $   (37.9)     $    (7.9)



Revenue

Revenue increased by $66.4 million for the year ended December 31, 2021, due to
an increase in GFT revenue of $77.9 million, partially offset by a decrease in
FPP revenue of $11.5 million. See the "Segments Results" section below for a
detailed discussion of revenues by segment.
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Revenue cost


Cost of revenue increased by $31.1 million for the year ended December 31, 2021,
due to an increase in GFT cost of revenue of $33.9 million, partially offset by
a decrease in FPP cost of revenue of $2.8 million. See the "Segments Results"
section below for further discussions.

Benefits and Compensation


Compensation and benefits increased by $4.0 million for the year ended December
31, 2021, primarily driven by severance costs associated with the 2021
Organizational Realignment, partially offset by higher employee related expenses
in the prior year.

Transaction and Operations Support


Transaction and operations support primarily includes marketing, professional
fees and other outside services, telecommunications, agent support costs,
including forms related to our products, non-compensation employee costs,
including training, travel and relocation costs, non-employee director
stock-based compensation expense, bank charges, the impact of non-U.S. dollar
exchange rate movements on our monetary transactions and assets and liabilities
denominated in a currency other than the U.S. dollar and Ripple market
development fees and related transaction and trading expenses.

Support for transactions and operations increased by $67.5 million for the year ended
December 31, 2021mainly due to:


•The absence of $38.3 million in net benefit from Ripple market development fees
following the termination of the commercial agreement in the first quarter of
2021

•The absence of foreign exchange gains of $14.5 millionmainly related to currency movements during the pandemic

• Restoration of expenses such as marketing in 2021

• An augmentation of $13.8 million within the legal reserves. See Note 15 – Commitments and contingencies of the Notes to the consolidated financial statements contained in Part II, Item 8 for more information.

• Partially offset by lower compliance costs following the exit of the DPA in
June 2021

Occupation, equipment and supplies

Occupancy, equipment and supplies expenses include facility rental and maintenance costs, software and equipment maintenance costs, transportation and delivery costs and supplies. Occupancy, material and supply costs remained relatively stable for the year ended December 31, 2021.

Depreciation and amortization


Depreciation and amortization includes depreciation on computer hardware and
software, agent signage, point of sale equipment, capitalized software
development costs, office furniture, equipment and leasehold improvements and
amortization of intangible assets. Depreciation and amortization decreased by
$7.4 million for the year ended December 31, 2021, primarily due to a decrease
in purchases of hardware and software as a result of our migration to cloud
computing.

Other expenses

Interest expense decreased by $22.9 million for the year ended December 31, 2021primarily due to interest savings resulting from our recent refinancing activities.

Loss on early extinguishment of the debt of $44.1 million for the year ended
December 31, 2021included $16.5 million prepaid call premium and $27.6 million related to the cancellation of debt issuance costs and debt discounts.

Other non-operating expenses remained relatively stable.

income tax expense


For the year ended December 31, 2021, the Company recognized an income tax
benefit of $5.7 million on a pre-tax loss of $43.6 million. Our income tax rate
was lower than the statutory rate primarily due to non-deductible expenses, an
increase in valuation allowance and foreign taxes net of federal income tax
benefits, all of which were partially offset by U.S. general business credits
and a net decrease in unrecognized tax benefits. See   Note 14 -     Income
Taxes   of the Notes to the Consolidated Financial Statements contained in Part
II, Item 8 of this report for additional information related to our unrecognized
tax benefits.
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Segments Results

GFT

The following table sets forth our GFT segment results of operations for the
years ended December 31:

(Amounts in millions)          2021           2020
Money transfer revenue      $ 1,188.3      $ 1,104.7
Bill payment revenue             40.5           46.2
Total revenue                 1,228.8        1,150.9

Cost of revenue                 683.2          649.3
Gross profit                $   545.6      $   501.6


Money Transfer Revenue

Money transfer revenue increased by $83.6 million for the year ended December
31, 2021, driven by transaction growth and continued stabilization in the
Company's traditional Retail Channel, coupled with the continued strength of the
Company's direct-to-consumer business MGO.

Bill payment receipts

Bill payment revenue decreased by $5.7 million for the year ended December 31, 2021due to declining transactions due to increased competition in Walmart’s market.

Revenue cost

Cost of sales increased by $33.9 million for the year ended December 31, 2021mainly due to an increase in commissions and other expenses related to the increase in transactions.

PPF

The following table shows the operating results of our FPP segment for the years ended the 31st of December:

                  (Amounts in millions)                  2021        2020
                  Money order revenue                  $ 40.9      $ 43.4
                  Official check revenue                 13.9        22.9
                  Total revenue                          54.8        66.3

                  Investment commissions expense          0.9         3.7
                  Gross profit                         $ 53.9      $ 62.6

Income from mandates


Money order revenue decreased by $2.5 million for the year ended December 31,
2021, primarily due to a decline in investment revenue as a result of lower
prevailing interest rates driven by a reduction in the federal funds rate in
response to the COVID-19 pandemic.

Receipts from official checks


Official check revenue decreased by $9.0 million for the year ended December 31,
2021, primarily due to a decline in investment revenue as a result of lower
prevailing interest rates driven by a reduction in the federal funds rate in
response to the COVID-19 pandemic.

Investment commission costs


Investment commissions expense is calculated as a percentage of our outstanding
cash balances of official checks. See   Note 2 -     Summary of Significant
Accounting Policies   of the Notes to the Consolidated Financial Statements
contained in Part II, Item 8 of this report for further details. In periods of
extremely low interest rates, it is possible for commissions to be at or close
to zero, resulting in abnormally high gross margin.

Commission expenses decreased by $2.8 million for the year ended December 31, 2021due to falling interest rates.

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EBITDA, Adjusted EBITDA, Adjusted Free Cash Flow and Constant Currency (non-GAAP measures)

The following table is a reconciliation of our non-GAAP financial measures to the we GAAP financial measures for the years ended the 31st of December:


(Amounts in millions, except percentages)                         2021      

2020

(Loss) income before income taxes                              $ (43.6)      $   6.1
Interest expense                                                  69.5          92.4
Depreciation and amortization                                     57.0          64.4
Signing bonus amortization                                        56.4          54.5
EBITDA                                                           139.3         217.4
Significant items impacting EBITDA:
Legal and contingent matters                                      14.1      

0.6

Stock-based, contingent and incentive compensation                 7.3      

6.6

Restructuring and reorganization costs                             9.4      

1.0

Compliance enhancement program                                     2.9      

4.4

Loss on early extinguishment of debt                              44.1             -
Severance and related costs                                        0.2           0.3
Direct monitor costs                                               4.9          11.0
Adjusted EBITDA                                                $ 222.2       $ 241.3

Adjusted EBITDA change, as reported                                 (8) %
Adjusted EBITDA change, constant currency adjusted                 (12) %

Adjusted EBITDA                                                $    222.2    $   241.3
Cash payments for interest                                         (51.8)   

(77.5)

Cash (payments) refunds for taxes, net                              (5.7)   

1.8

Cash payments for capital expenditures                             (41.4)   

(40.8)

Cash payments for agent signing bonuses                            (36.0)      (58.7)
Adjusted Free Cash Flow                                        $     87.3    $  66.1

See the “Results of Operations” and “Cash Flow Analysis” sections for more information on these changes.

CASH AND CAPITAL RESOURCES


We have various resources available for purposes of managing liquidity and
capital needs, including our investment portfolio, credit facilities and letters
of credit. We refer to our cash and cash equivalents, settlement cash and cash
equivalents, interest-bearing investments and available-for-sale investments
collectively as our "investment portfolio." The Company utilizes cash and cash
equivalents in various liquidity and capital assessments.
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Cash and cash equivalents, settlement assets and payment service obligations

The following table presents the components of the Company’s cash and cash equivalents and settlement assets as at the 31st of December:


(Amounts in millions)                          2021            2020
Cash and cash equivalents                  $    155.2      $    196.1

Settlement assets: Settlement cash and cash equivalents $1,895.7 $1,883.2
Receivables, net

                                700.4           825.0
Interest-bearing investments                    992.3           991.2
Available-for-sale investments                    3.0             3.5
                                           $  3,591.4      $  3,702.9
Payment service obligations                $ (3,591.4)     $ (3,702.9)


Our primary sources of liquidity include cash flows generated by the sale of our
payment instruments, our cash and cash equivalents and interest-bearing deposit
balances and proceeds from our investment portfolio. Our primary operating
liquidity needs are related to the settlement of payment service obligations to
our agents and financial institution customers, general operating expenses and
debt service.

To meet our payment service obligations at all times, we must have sufficient
highly-liquid assets and be able to move funds globally on a timely basis. On
average, we receive in and pay out a similar amount of funds on a daily basis to
collect and settle the principal amount of our payment instruments sold and
related fees and commissions with our end-consumers and agents. This pattern of
cash flows allows us to settle our payment service obligations through existing
cash balances and ongoing cash generation rather than liquidating investments or
utilizing our Revolving Credit Facility. We have historically generated and
expect to continue generating, sufficient cash flows from daily operations to
fund ongoing operational needs.

We preposition cash in various countries and currencies to facilitate settlement
of transactions. We also maintain funding capacity beyond our daily operating
needs to provide a cushion through the normal fluctuations in our payment
service obligations, as well as to provide working capital for the operational
and growth requirements of our business. We believe we have sufficient liquid
assets and funding capacity to operate and grow our business for the next
12 months. Should our liquidity needs exceed our operating cash flows, we
believe that external financing sources, including availability under our
Revolving Credit Facility, will be sufficient to meet our anticipated funding
requirements.

Cash and cash equivalents and interest-bearing investments


To ensure we maintain adequate liquidity to meet our payment service obligations
at all times, we keep a significant portion of our investment portfolio in cash
and cash equivalents and interest-bearing investments at financial institutions
rated A- or better by two of the following three rating agencies: Moody's, S&P
and Fitch; and in AAA rated U.S. government money market funds. If the rating
agencies have split ratings, the Company uses the lower of the highest two out
of three ratings across the agencies for disclosure purposes. If the institution
has only two ratings, the Company uses the lower of the two ratings for
disclosure purposes. As of December 31, 2021, cash and cash equivalents
(including unrestricted and settlement cash and cash equivalents) and
interest-bearing investments totaled $3.0 billion. Cash and cash equivalents
consist of interest-bearing deposit accounts, non-interest-bearing transaction
accounts and money market securities; interest-bearing investments consist of
time deposits and certificates of deposit with maturities of up to 24 months.

Investments available for sale


Our investment portfolio includes $3.0 million of available-for-sale investments
as of December 31, 2021. U.S. government agency residential mortgage-backed
securities comprise $2.3 million of our available-for-sale investments, while
asset-backed and other securities compose the remaining $0.7 million.


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Clearing and Cash Management Banks


We collect and disburse money through a network of clearing and cash management
banks. The relationships with these banks are a critical component of our
ability to maintain our global active funding requirements on a timely basis. In
the U.S., we have agreements with four active clearing banks that provide
clearing and processing functions for official checks, money orders and other
draft instruments. We believe that this network of banks provides sufficient
capacity to handle the current and projected volumes of items for these
services. We also maintain relationships with a variety of domestic and
international cash management banks for electronic funds transfer and wire
transfer services used in the movement of consumer funds and agent settlements.

Credit facilities and notes

The following is a summary of the Company’s outstanding debt as of the 31st of December: (Amounts in millions, except percentages)

                   2021         

2020

5.00% Term Loan due 2026                                  $ 384.0      $    

5.38% Senior Secured Notes due 2026                         415.0           

7.00% First Lien Credit Facility due 2023                       -        

635.3

13.00% Second Lien Credit Facility due 2024                     -        

254.6

Total debt at face value                                    799.0        

889.9

Unamortized debt issuance costs and debt discount (12.3) (32.1) Total debt, net

                                           $ 786.7      $ 857.8


As of December 31, 2021, the Company had no borrowings and no outstanding
letters of credit under its Revolving Credit Facility and had $40.0 million of
availability. See   Note 10     - Debt   of the Notes to the Consolidated
Financial Statements contained in Part II, Item 8 of this report for additional
disclosure related to the credit facilities.

During the first half of 2021, the First Lien Credit Agreement and Second Lien
Credit Agreement were in effect. The First Lien Credit Agreement provided for
(a) a senior secured three-year revolving credit facility available for
revolving credit loans, swingline loans and letters of credit up to an aggregate
principal amount of $35.0 million, and was scheduled to mature on September 30,
2022, (the "First Lien Revolving Credit Facility") and (b) a senior secured
four-year term loan facility in an aggregate principal amount of $645.0 million
(the "First Lien Term Credit Facility" and together with the First Lien
Revolving Credit Facility, the "First Lien Credit Facility"). The Second Lien
Credit Agreement provided for a second lien secured five-year term loan facility
in an aggregate principal amount of $245.0 million (the "Second Lien Term Credit
Facility" and together with the First Lien Credit Facility, the "Prior Credit
Facilities").

On June 28, 2021, the Company prepaid $100.0 million of principal balance under
its Second Lien Credit Agreement utilizing the proceeds under the ATM Program
plus cash on hand as defined and further discussed in   Note 12 -

Shareholders’ deficit of the notes to the consolidated financial statements contained in part II, point 8 of this report.


On July 21, 2021, we (i) completed the notes offering of $415.0 million
aggregate principal amount of 5.375% senior secured notes due 2026 and related
guarantees and (ii) entered into a New Credit Agreement with the lenders from
time to time party thereto and Bank of America, N.A. as administrative agent.
The New Credit Agreement provides for (i) a senior secured five-year Term Loan
in an aggregate principal amount of $400.0 million and (ii) a senior secured
four-year Revolving Credit Facility that may be used for revolving credit loans,
swingline loans and letters of credit up to an initial aggregate principal
amount of $32.5 million. In December 2021, we added additional $7.5 million
capacity to our Revolving Credit Facility bringing the total Revolving Credit
Facility to $40.0 million.

On July 21, 2021, the proceeds from the notes offering, together with borrowings
under the Term Loan, were used to prepay the full amount of outstanding
indebtedness under the Prior Credit Facilities and to pay related accrued
interest, fees and expenses. Simultaneous with the prepayment, the Prior Credit
Facilities were terminated. In the fourth quarter of 2021, the Company prepaid
$16.0 million of principal balance under its New Credit Agreement to deleverage
its balance sheet.
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As a result of the implementation of this new long-term financing, we expect our
interest expense to decline by approximately $47.0 million on an annualized
basis and cash payments for interest to decline by approximately $36.0 million
on an annualized basis.

The Indenture governing the terms of the notes contains covenants limiting our
ability to, among other things, incur or guarantee additional debt or issue
disqualified stock or certain preferred stock; create or incur liens; pay
dividends, redeem stock or make other distributions; make certain investments;
create restrictions on the ability to pay dividends or make certain other
intercompany transfers; transfer or sell assets; merge or consolidate, and;
enter into certain transactions with affiliates. These covenants are subject to
a number of exceptions and qualifications as set forth in the Indenture. Most of
these covenants will be suspended in the event and for as long as the notes have
investment grade ratings.

The New Credit Agreement also contains certain representations and warranties,
certain financial covenants and events of default and certain negative
covenants, including without limitation, limitations on liens, asset sales,
consolidations and mergers, acquisitions, investments, indebtedness,
transactions with affiliates and payment of dividends. The New Credit Agreement,
requires the Company and its consolidated subsidiaries to, (i) solely with
respect to the Revolving Credit Facility, (A) maintain a minimum interest
coverage ratio of not less than 2.150 to 1.000, (B) not permit their settlement
assets to be less than their payment service obligations at any time and (C)
maintain a total net leverage ratio that does not exceed 4.750 to 1.000, and
(ii) solely with respect to the Term Loan, maintain a total net leverage ratio
that does not exceed 5.000 to 1.000.

The Company recorded a loss on early extinguishment of debt of $44.1 million
which included $16.5 million of prepayment call premium and $27.6 million
associated with the write-off of debt issuance costs and debt discounts. The
Company also paid accrued interest of $7.0 million.

Credit ratings


As of December 31, 2021, our credit ratings from Moody's and S&P were B2 with a
stable outlook and B with a stable outlook, respectively. The Company does not
have rating triggers associated with its credit agreements or its regulatory
capital requirements.

Regulatory capital requirements


We have capital requirements relating to government regulations in the U.S. and
other countries where we operate. Such regulations typically require us to
maintain certain assets in a defined ratio to our payment service obligations.
Through our wholly-owned subsidiary and licensed entity, MPSI, we are regulated
in the U.S. by various state agencies that generally require us to maintain a
pool of liquid assets and investments in an amount generally equal to the
regulatory payment service obligation measure, as defined by each state, for our
regulated payment instruments, namely teller checks, agent checks, money orders
and money transfers. The regulatory requirements do not require us to specify
individual assets held to meet our payment service obligations, nor are we
required to deposit specific assets into a trust, escrow or other special
account. Rather, we must maintain a pool of liquid assets. Provided we maintain
a total pool of liquid assets sufficient to meet the regulatory and contractual
requirements, we are able to withdraw, deposit or sell our individual liquid
assets at will, without prior notice, penalty or limitations. We were in
compliance with all state and regulatory capital requirements as of December 31,
2021. We believe that our liquidity and capital resources will remain sufficient
to ensure ongoing compliance with all regulatory capital requirements.

Material cash requirements related to contractual obligations


The following table includes aggregated information about the Company's
contractual obligations that impact our liquidity and capital needs. The table
includes information about payments due under specified contractual obligations,
aggregated by type of contractual obligation as of December 31, 2021:

                                                                            

Payments due by period

                                                                        Less than                                                   More than
(Amounts in millions)                                 Total              1 year             1-3 years           3-5 years            5 years
Debt, including interest payments (1)              $   988.7          $     46.0          $     91.5          $    851.2          $        -
Non-cancellable leases (2)                              68.7                11.2                19.4                16.9                21.2
Signing bonuses (3)                                     63.5                40.9                18.7                   -                   -
Marketing (4)                                           17.8                13.9                 3.9                   -                   -
Unrecognized tax benefits (5)                           14.7                 3.0                   -                   -                   -
Total contractual cash obligations                 $ 1,153.4          $    

115.0 $133.5 $868.1 $21.2



(1) Our Consolidated Balance Sheet at December 31, 2021 includes $786.7 million
of debt, netted with unamortized debt issuance costs and debt discount of $12.3
million. The above table reflects the principal and interest that will be paid
through the maturity of the debt using the rates in effect on December 31, 2021
and assuming no prepayments of principal.
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(2) Noncancellable leases include operating leases for buildings, vehicles and
equipment and other leases. For more detail see   Note 19 -     Leases   of the
Notes to the Consolidated Financial Statements contained in Part II, Item 8 of
this report.

(3) Signing bonuses are payments to certain agents and financial institution
customers as an incentive to enter into long-term contracts. Signing bonuses
include $3.9 million of transaction volume-related obligations for which it is
not possible to reasonably estimate the timing of payments.

(4) Marketing represents contractual marketing obligations with certain agents, billers and corporate sponsorships.

(5) Unrecognized tax benefits include $11.7 million the time of conclusion of which cannot be determined with certainty.

We have other commitments, as described below, which are not included in this table because the timing and/or amount of payments are difficult to estimate.


We have a Pension Plan that is frozen to both future benefit accruals and new
participants. It is our policy to fund at least the minimum required
contribution each year plus additional discretionary amounts as available and
necessary to minimize expenses of the plan. We made contributions of
$1.0 million to the Pension Plan during 2021. Although, the Company has no
minimum contribution requirement for the Pension Plan in 2022, we expect to
contribute at least $1.0 million to the Pension Plan in 2022.

The Company has certain unfunded defined benefit plans: supplemental executive
retirement plans ("SERPs"), which are unfunded non-qualified defined benefit
pension plans providing postretirement income to their participants and a
postretirement plan ("Postretirement Benefits") that provides medical and life
insurance for its participants. These plans require payments over extended
periods of time. The Company will continue to make contributions to the SERPs
and the Postretirement Benefits to the extent benefits are paid. Aggregate
benefits paid for the unfunded plans are expected to be $5.5 million in 2022.

As discussed in   Note 15 -     Commitments and Contingencies   of the Notes to
the Consolidated Financial Statements contained in Part II, Item 8 of this
report, the IRS completed its examination of the Company's consolidated income
tax returns through 2013 and issued Notices of Deficiency for 2005-2007 and 2009
and an Examination Report for 2008. The Notices of Deficiency and Examination
Report disallow, among other items, approximately $900.0 million of ordinary
deductions on securities losses in the 2007, 2008 and 2009 tax returns. In May
2012 and December 2012, the Company filed petitions in the U.S. Tax Court
challenging the 2005-2007 and 2009 Notices of Deficiency, respectively. In 2013,
the Company reached a partial settlement with the IRS allowing ordinary loss
treatment on $186.9 million of deductions in dispute. In January 2015, the U.S.
Tax Court granted the IRS's motion for summary judgment upholding the remaining
adjustments in the Notices of Deficiency. During 2015, the Company made payments
to the IRS of $61.0 million for federal tax payments and associated interest
related to the matter. The Company believes that it has substantive tax law
arguments in favor of its position. The Company filed a notice of appeal with
the U.S. Tax Court on July 27, 2015 for an appeal to the U.S. Court of Appeals
for the Fifth Circuit. Oral arguments were held before the Fifth Circuit on June
7, 2016, and on November 15, 2016, the Fifth Circuit vacated the Tax Court's
decision and remanded the case to the Tax Court for further proceedings. The
Company filed a motion for summary judgment in the Tax Court on May 31, 2017. On
August 23, 2017, the IRS filed a motion for summary judgment and its response to
the Company's motions for summary judgment. The Tax Court directed the parties
to agree to a joint stipulation of facts, which the parties have filed with the
court. Each party has filed a revised memorandum in support of its motion for
summary judgment in the Tax Court. The Tax Court held oral arguments on this
matter on September 9, 2019 and the Tax Court issued an opinion on December 3,
2019 denying the Company's motion for summary judgment and granting summary
judgment to the IRS. MoneyGram then filed a Notice of Appeal to the Fifth
Circuit on February 21, 2020. Oral arguments were held before a Fifth Circuit
panel of judges on March 1, 2021, and the panel affirmed the Tax Court findings
on June 1, 2021. As a result of the Fifth Circuit decision, the Company has
decided to no longer pursue a remedy for the tax litigation and has determined
that it is appropriate to file amended state returns. As of December 31, 2021,
the Company has timely reported the adjustments to over half of the states and
paid out $4.2 million in tax and interest. The remaining balance to be settled
with the state tax authorities is $13.5 million, inclusive of interest, of which
$6.8 million is expected to be paid in 2022. The timing of settlement on the
remaining balance of $6.7 million cannot be determined with certainty.

Merger Agreement


Until the Merger closes, or the Merger Agreement is terminated, our liquidity
requirements will primarily be funded by our cash flow from operations,
borrowings under our existing credit facility and certain other capital
activities allowed under the Merger Agreement. In particular, we are subject to
various restrictions under the Merger Agreement on assuming additional debt,
issuing additional equity or debt, repurchasing equity, making certain capital
expenditures, and entering into certain acquisition, disposition and leasing
transactions, among other restrictions, subject to the restrictions under the
Merger Agreement.
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Analysis of Cash Flows

(Amounts in millions)                                                         2021           2020 (1)
Net cash provided by operating activities                                  $  37.1          $   96.8
Net cash (used in) provided by investing activities                          (44.5)            (44.6)
Net cash (used in) provided by financing activities                          (21.0)            349.2

Net change in cash and cash equivalents and settlement cash and cash equivalents

$(28.4) $401.4



(1) The Company revised its Consolidated Statements of Cash Flows presentation
to include settlement cash and cash equivalents as a component of total cash and
cash equivalents and such amounts have been restated for the year ended December
31, 2020.

Cash flow from operating activities

In 2021, cash flow from operating activities decreased by $59.7 million
mainly due to the $55.0 million payment to the government under the PAD.

Cash flow from investing activities


Cash flows from available-for-sale investments and interest-bearing investments
are included within investing activities following the restatement of our
Consolidated Statements of Cash Flows for the prior years. In 2021, cash used in
investing activities remained flat.

Cash flow from financing activities


Changes in receivables, net and in payment service obligations are included
within financing activities following the restatement of our Consolidated
Statements of Cash Flows for the prior years. In 2021, cash used in financing
activities increased by $370.2 million, which was primarily attributable to a
decrease in payment service obligations of $111.5 million compared to an
increase of $465.9 million in the prior year, the prepayment of $16.0 million on
our Term Loan and a decrease in receivables included in settlement assets of
$124.6 million compared to an increase of $109.5 million in the prior year.
Also, the net impact of the ATM Program and transactions related to the recent
refinancing of our Prior Credit Facilities contributed to the increase. The
changes in receivables, net and payment service obligations are due to the
timing of the remittance of funds by our agents and financial institution
customers.

Shareholders’ deficit


Stockholders' Deficit - Under the terms of our outstanding New Credit
Facilities, we are restricted in our ability to pay dividends on and repurchase
shares of, our common stock. No dividends were paid on our common stock in 2021
and we do not anticipate declaring any dividends on our common stock. Further,
we are also restricted in our ability to pay dividends under the Merger
Agreement.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES


The preparation of financial statements in conformity with U.S. GAAP requires
estimates and assumptions that affect the reported amounts and related
disclosures in the Consolidated Financial Statements. Actual results could
differ from those estimates. On a regular basis, management reviews its
accounting policies, assumptions and estimates to ensure that our financial
statements are presented fairly and in accordance with U.S. GAAP. Our
significant accounting policies are discussed in   Note 2 -     Summary of
Significant Accounting Policies   of the Notes to the Consolidated Financial
Statements contained in Part II, Item 8 of this report.

Critical accounting policies are those policies that management believes are
very important to the portrayal of our financial position and results of
operations and that require management to make estimates that are difficult,
subjective or complex. Based on these criteria, management has identified and
discussed with the Audit Committee the following critical accounting policies
and estimates, including the methodology and disclosures related to those
estimates.

Goodwill - We have two reporting units: GFT and FPP. Our GFT reporting unit is
the only reporting unit that carries goodwill. We evaluate goodwill for
impairment annually as of October 1, or more frequently upon occurrence of
certain events. When testing goodwill for impairment, we may elect to perform
either a qualitative test or a quantitative test to determine if it is more
likely than not that the carrying value of a reporting unit exceeds its
estimated fair value. During a qualitative analysis, we consider the impact of
any changes to the following factors: macroeconomic, industry and market
factors, cost factors and changes in overall financial performance, as well as
any other relevant events and uncertainties impacting a reporting unit. If our
qualitative assessment does not conclude that it is more likely than not that
the estimated fair value of the reporting unit is greater than the carrying
value, we perform a quantitative analysis. In a quantitative test, the fair
value of a reporting unit is determined based on a discounted cash flow analysis
and further analyzed using other methods of valuation. A discounted cash flow
analysis requires us to make various assumptions, including assumptions about
future cash flows, growth rates and discount rates. The assumptions about future
cash flows and growth rates are based on our long-term projections by reporting
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unit. In addition, an assumed terminal value is used to project future cash
flows beyond base years. Assumptions used in our impairment testing are
consistent with our internal forecasts and operating plans. Our discount rate is
based on our debt and equity balances, adjusted for current market conditions
and investor expectations of return on our equity. If the fair value of a
reporting unit exceeds its carrying amount, there is no impairment. If not, we
compare the fair value of the reporting unit with its carrying amount. To the
extent the carrying amount of the reporting unit exceeds its fair value, a
write-down of the reporting unit's goodwill would be necessary.

We have not recognized any goodwill impairment for 2021, 2020 or 2019. The carrying amount of goodwill allocated to the GFT reporting unit as of December 31, 2021 has been $442.2 million.


Pension - Through the Company's Pension, we provide defined benefit Pension plan
coverage to certain of our employees and certain employees of Viad Corporation,
our former parent. Our Pension obligations under these plans are measured as of
December 31, the measurement date. Pension benefit obligations and the related
expense are based upon actuarial projections using assumptions regarding
mortality, discount rates, expected long-term return on assets and other
factors.

Our assumptions reflect our historical experience and management's best judgment
regarding future expectations. Certain of the assumptions, particularly the
discount rate and expected return on plan assets, require significant judgment
and could have a material impact on the measurement of our Pension obligation.

In order to estimate the interest cost components of net periodic benefit
expense for its Pension and Postretirement Benefits, the Company utilizes a full
yield curve approach by applying the specific spot rates along the yield curve
used in the determination of the benefit obligation to their underlying
projected cash flows.

At each valuation date, the discount rate used to value the total pension and post-employment benefit obligation is based on the interest rate yield curves then prevailing for the long-term corporate debt securities with AA-rated maturities comparable to our bonds.


Our Pension Plan assets are primarily invested in commingled trust funds. Our
investments are periodically realigned in accordance with the investment
guidelines. The expected return on Pension Plan assets is based on our
historical market experience, asset allocations and expectations for long-term
rates of return. We also consider peer data and historical returns to assess the
reasonableness and appropriateness of our assumption. Our Pension Plan asset
allocations are reviewed periodically and are based upon plan funded ratio, an
evaluation of market conditions, tolerance for risk and cash requirements for
benefit payments.

Lower discount rates increase the Pension and Postretirement Benefits obligation
and subsequent year Pension expense, while higher discount rates decrease the
Pension and Postretirement Benefits obligation and subsequent year Pension
expense. Decreasing or increasing the discount rate by 50 basis points would
have had an immaterial impact on the 2021 Pension and Postretirement Benefits
net periodic benefit expense. Decreasing the expected rate of return by 50 basis
points would have increased the 2021 Pension Plan net periodic benefit expense
by $0.2 million and increasing the expected rate of return by 50 basis points
would have decreased the 2021 Pension Plan net periodic benefit expense by $0.2
million.

Income Taxes, Tax Contingencies - We are subject to income taxes in the U.S. and
various foreign jurisdictions. In determining taxable income, income or loss
before income taxes is adjusted for differences between local tax laws and U.S.
GAAP.

We file tax returns in all U.S. states and various countries. Generally, our tax
filings are subject to audit by tax authorities for three to five years
following submission of a return. With a few exceptions, the Company is no
longer subject to foreign or U.S. state and local income tax examinations for
years prior to 2016. The U.S. federal income tax filings are subject to audit
for fiscal years 2017 through 2020.

The benefits of tax positions are recorded in the Consolidated Statements of
Operations if we determine it is more likely than not, based on the technical
merits of the position, that the tax position will be sustained upon
examination, including any related appeals or litigation. The one exception to
the more-likely-than-not recognition threshold is the reliance on past
administrative practices and precedents, where a taxing authority with full
knowledge of all relevant facts will accept a position as filed. In these
limited situations, the Company will recognize the associated tax benefit.

Changes in tax laws, regulations, agreements and treaties, non-U.S. dollar
exchange restrictions or our level of operations or profitability in each taxing
jurisdiction could have an impact on the amount of income taxes that we provide
during any given year. The determination of taxable income in any jurisdiction
requires the interpretation of the related tax laws and regulations and the use
of estimates and assumptions regarding significant future events, such as the
amount, timing and character of deductions and the sources and character of
income and tax credits.

These assumptions and probabilities are periodically reviewed and revised based on new information.

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Changes in our current estimates due to unanticipated events, or other factors,
could have a material effect on our financial condition and results of
operations. Actual tax amounts may be materially different from amounts accrued
based upon the results of audits due to different interpretations by the tax
authorities than those of the Company. While we believe that our reserves are
adequate to cover reasonably expected tax risks, an unfavorable tax settlement
generally requires the use of cash and an increase in the amount of income tax
expense that we recognize. A favorable tax settlement generally requires a
decrease in the amount of income taxes that we recognize.

Income Taxes, Valuation of Deferred Tax Assets - Deferred tax assets and
liabilities are recorded based on the future tax consequences attributable to
temporary differences that exist between the financial statement carrying value
of assets and liabilities and their respective tax basis and operating loss and
tax credit carry-forwards on a taxing jurisdiction basis. We measure deferred
tax assets and liabilities using enacted statutory tax rates that will apply in
the years in which we expect the temporary differences to be recovered or paid.

The carrying amount of deferred tax assets must be reduced through valuation
allowances if it is more likely than not that the deferred tax asset will not be
realized. In the period in which a valuation allowance is recorded, we would
record tax expense, whereas a tax benefit would be recorded in the period a
valuation allowance is released.

In assessing the need for valuation allowances, we consider both positive and
negative evidence related to the likelihood that the deferred tax assets will be
realized. Our assessment of whether a valuation allowance is required or should
be adjusted requires judgment and is completed on a taxing jurisdiction basis.
We consider, among other matters: the nature, frequency and severity of any
cumulative financial reporting losses; the ability to carry back losses to prior
years; future reversals of existing taxable temporary differences; tax planning
strategies and projections of future taxable income. We also consider our best
estimate of the outcome of any on-going examinations based on the technical
merits of the position, historical procedures and case law, among other items.

As of December 31, 2021, we have recorded valuation allowances of $82.0 million
against deferred tax assets of $142.5 million. The valuation allowances
primarily relate to basis differences in revalued investments, capital loss
carryover, U.S. tax credit carryovers and certain state and foreign tax loss
carryovers. While we believe that the basis for estimating our valuation
allowances is appropriate, changes in our current estimates due to unanticipated
events, or other factors, could have a material effect on our financial
condition and results of operations.

RECENT ACCOUNTING PRONOUNCEMENTS

See Note 2 – Summary of significant accounting policies in the notes to the consolidated financial statements contained in Part II, point 8 of this report for information on recent accounting pronouncements.

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