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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Employee Benefit Plans | 12. Employee Benefit Plans Defined Contribution Plans The Company administers several defined contribution plans in various countries globally, including The Western Union Company Incentive Savings Plan (the “401(k)”), which covers eligible employees on the United States payroll. Such plans have vesting and employer contribution provisions that vary by country. In addition, the Company sponsors a non-qualified deferred compensation plan for a select group of highly compensated United States employees. The plan provides tax-deferred contributions and the restoration of Company contributions otherwise limited under the 401(k). The aggregate amount charged to expense in connection with all of the above plans was $13.6 million, $17.8 million, and $18.4 million for the years ended December 31, 2022, 2021, and 2020, respectively. Defined Benefit Plan On July 22, 2021, the Company’s Board of Directors approved a plan to terminate and settle the Company's frozen defined benefit pension plan (the "Plan"). Upon settlement in the fourth quarter of 2021, the Company transferred Plan assets to an insurance company that will provide for and pay the remaining benefits to participants. The Company incurred $109.8 million of charges associated with this settlement in the year ended December 31, 2021. The pre-tax balance in AOCL associated with the Plan, along with costs related to the settlement, were recorded as a component of Total other income/(expense), net, with the related income tax effects recorded in Provision for income taxes, in the Consolidated Statements of Income. As of December 31, 2022 and 2021, the Company had $14.6 million and $18.4 million of restricted cash, respectively, and $7.4 million and $11.9 million of investments, respectively, remaining from the settlement, which are included in Other assets in the Consolidated Balance Sheets. These assets have been and will be used to fund contributions to the Company's defined contribution plan in future periods. The net periodic benefit cost associated with the Plan was $9.4 million and $4.4 million for the years ended December 31, 2021 and 2020, respectively. The Company made no material contributions to the Plan during the years ended December 31, 2021 and 2020.

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