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Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segments

Segment Results

The following tables present the Company’s segment results for the years ended December 31, 2021, 2020, and 2019 (in millions):

		Year Ended December 31,
		2021				2020				2019
Revenues:
Consumer-to-Consumer		$	4,394.0			$	4,220.0			$	4,407.8
Business Solutions(a)			421.8				356.1				388.8
Other(b)			255.0				258.9				495.5
Total consolidated revenues		$	5,070.8			$	4,835.0			$	5,292.1
Operating income:
Consumer-to-Consumer		$	977.6			$	924.7			$	975.4
Business Solutions(a)			95.5				24.4				46.8
Other(b)			50.0				55.0				27.3
Total segment operating income(c)			1,123.1				1,004.1				1,049.5
Restructuring-related expenses (Note 4)			—				(36.8	)			(115.5	)
Total consolidated operating income		$	1,123.1			$	967.3			$	934.0

(a)On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business, as further discussed in Note 5.

(b)Other primarily consists of the Company’s bill payment services which facilitate payments from consumers to businesses and other organizations. In May 2019, the Company sold a substantial majority of its United States based electronic bill payment services known as Speedpay and Paymap, as discussed in Note 5. Speedpay revenues included in the Company’s results were $125.4 million for the year ended December 31, 2019. Speedpay direct operating expenses were $98.2 million for the year ended December 31, 2019. Paymap revenues included in the Company’s results were $5.3 million for the year ended December 31, 2019. Paymap direct operating expenses were $2.2 million for the year ended December 31, 2019.

(c)In the first quarter of 2020, the Company changed its expense allocation method so that its corporate data center and network engineering information technology expenses are allocated based on a percentage of relative revenue. In 2019, these costs had been allocated based in part on a percentage of relative transactions. The Company believes that an allocation method based fully on relative revenue presents a more representative view of segment profitability, as certain of the Company’s services, particularly some of its bill payment services and its money order services, have much lower revenues per transaction than the Company’s other services. Further, these technology expenses are becoming increasingly based on data storage utilized and less based on the number of transactions processed. For the year ended December 31, 2019, this change would have decreased Consumer-to-Consumer operating income and increased Other operating income by $49.6 million. Business Solutions was not materially impacted by the change in the allocation method.

		Year Ended December 31,
		2021				2020				2019
Depreciation and amortization:
Consumer-to-Consumer		$	181.6			$	178.5			$	194.5
Business Solutions			16.1				36.1				39.6
Other			10.5				11.0				23.6
Total consolidated depreciation and amortization		$	208.2			$	225.6			$	257.7
Capital expenditures:
Consumer-to-Consumer		$	192.3			$	133.5			$	97.0
Business Solutions			5.2				10.3				7.7
Other			17.1				13.0				23.0
Total consolidated capital expenditures		$	214.6			$	156.8			$	127.7

Information Concerning Principal Geographic Areas

Information concerning principal geographic areas was as follows (in millions):

		Year Ended December 31,
		2021				2020				2019
Revenue:
United States		$	1,702.0			$	1,678.4			$	1,896.1
International			3,368.8				3,156.6				3,396.0
Total		$	5,070.8			$	4,835.0			$	5,292.1
Long-lived assets:
United States(a)		$	82.0			$	100.4			$	173.7
International			53.7				50.0				62.5
Total(b)		$	135.7			$	150.4			$	236.2

(a)Assets held for sale of $49.3 million, which primarily consisted of the Company’s former headquarters, were included in Other assets as of December 31, 2019 in the Company’s Consolidated Balance Sheets. In 2020, the Company sold its former corporate headquarters and other property and recorded an immaterial gain on the sales.

(b)As of December 31, 2021, Long-lived assets in United States and International include Assets held for sale of $1.4 million and $4.9 million, respectively, related to the Company's Business Solutions business, as further discussed in Note 5. 

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