Segments (Tables)

9 Months Ended

Sep. 30, 2022

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022			2021
Revenues:
Consumer-to-Consumer	$	982.4	$	1,104.5	$	3,008.3		$	3,282.5
Business Solutions (a)		42.6		116.8		167.4			312.6
Other		64.6		65.0		207.9			190.9
Total consolidated revenues	$	1,089.6	$	1,286.3	$	3,383.6		$	3,786.0
Operating income:
Consumer-to-Consumer	$	193.7	$	268.2	$	626.5		$	708.1
Business Solutions (a)		15.9		38.4		51.7			61.9
Other		21.6		12.0		73.4			36.3
Total segment operating income		231.2		318.6		751.6			806.3
Russia/Belarus exit costs (b)		0.6		—		(10.6	)		—
Business Solutions exit costs (b)		—		—		(7.7	)		—
Total consolidated operating income	$	231.8	$	318.6	$	733.3		$	806.3

(a)

On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to the Buyer. The sale will be completed in three closings, the first of which occurred on March 1, 2022. The second is expected to occur in December 2022, with the third expected in the first quarter of 2023. The operations of the Business Solutions business to be sold in the second and third closings continue to be included in Revenues and Operating income after the first closing. During the period between the first and third closings, the Company will pay to the Buyer a measure of profit of the European Union and United Kingdom operations, while owned by the Company, adjusted for the occupancy charges for employees of the Buyer using Company facilities and other items, as contractually agreed, and this expense is recognized in Other income/(expense), net in the Condensed Consolidated Statements of Income. The related income tax expense on this income is also passed to the Buyer.

(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.