Assets Held for Sale (Notes)

3 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

Assets Held for Sale

On March 3, 2017, the Company signed a definitive agreement to contribute our Stored Value Solutions (SVS) prepaid card services and gift card program management assets into a venture with First Data’s core gift card business, Transactions Wireless, Inc. and Gyft, that will consolidate these various gift solutions to drive new value for clients. First Data will own57.5% percent of the joint venture and the Company will own 42.5% percent once the venture closes, which is expected in the second half of 2017, subject to customary regulatory approvals.

At March 31, 2017, the carrying value of current assets, goodwill and intangibles at SVS is approximately $54.7 million, $183.9 million and $218.0 million, respectively. SVS revenues were $48 million and $42 million in the three months ended March 31, 2017 and 2016. The results of the SVS businesses are included in our North America segment. The results of operations associated with the SVS assets will remain in continuing operations as the contribution of assets does not represent a significant shift in our corporate strategy and does not have a major effect on our operations and financial results.