Segments (Tables)

6 Months Ended

Jun. 30, 2022

The following table presents the Company’s segment results for the three and six months ended June 30, 2022 and 2021 (in millions):


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2022			2021		2022			2021
Revenues:
Consumer-to-Consumer	$	1,026.9		$	1,127.1	$	2,025.9		$	2,178.0
Business Solutions (a)		35.7			99.3		124.8			195.8
Other		75.7			63.3		143.3			125.9
Total consolidated revenues	$	1,138.3		$	1,289.7	$	2,294.0		$	2,499.7
Operating income:
Consumer-to-Consumer	$	225.6		$	233.8	$	432.8		$	439.9
Business Solutions (a)		8.3			10.9		35.8			23.5
Other		30.3			10.2		51.8			24.3
Total segment operating income		264.2			254.9		520.4			487.7
Russia/Belarus exit costs (b)		(0.2	)		—		(11.2	)		—
Business Solutions exit costs (b)		—			—		(7.7	)		—
Total consolidated operating income	$	264.0		$	254.9	$	501.5		$	487.7

(a)

On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to the Buyer, which will be completed in two closings. The first closing occurred on March 1, 2022, with the second expected in the fourth quarter of 2022. The operations of the Business Solutions business to be sold in the second closing continue to be included in Revenues and Operating income after the first closing. However, between the first and second closing, the Company will pay the Buyer a measure of the profits from these operations, adjusted for income taxes and other charges, as contractually agreed, and this expense is recognized in Other income/(expense), net in the Condensed Consolidated Statements of Income. See Note 4 for further information regarding this transaction.

(b)

Represents the exit costs incurred in connection with the Company's suspension of its operations in Russia and Belarus and the divestiture of the Business Solutions business, primarily related to severance and non-cash impairments of property and equipment, an operating lease right-of-use asset, and other intangible assets. While certain of the expenses are identifiable to the Company's segments, the expenses are not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses are therefore excluded from the Company's segment operating income results.