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Segments (Tables)

12 Months Ended

Dec. 31, 2022

The following tables present the Company’s segment results for the years ended December 31, 2022, 2021, and 2020 (in millions):


	Year Ended December 31,
	2022			2021		2020
Revenues:
Consumer-to-Consumer	$	3,993.5		$	4,394.0	$	4,220.0
Business Solutions(a)		196.9			421.8		356.1
Other		285.1			255.0		258.9
Total consolidated revenues	$	4,475.5		$	5,070.8	$	4,835.0
Operating income:
Consumer-to-Consumer	$	765.1		$	977.6	$	924.7
Business Solutions(a)		58.5			95.5		24.4
Other		100.8			50.0		55.0
Total segment operating income		924.4			1,123.1		1,004.1
Restructuring-related expenses (Note 4)(b)		—			—		(36.8	)
Russia/Belarus exit costs(c)		(10.0	)		—		—
Business Solutions exit costs(c)		(7.7	)		—		—
Operating expense redeployment program costs(d)		(21.8	)		—		—
Total consolidated operating income	$	884.9		$	1,123.1	$	967.3

(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 three closings, the first of which occurred on March 1, 2022. The second occurred on December 31, 2022, with the third expected to occur in the second quarter of 2023. The operations of the Business Solutions business to be sold in the third closing will continue to be included in Revenues and Operating income after the second closing. However, between the first and third closings, the Company is required to pay the Buyer a measure of profit from these operations, while owned by the Company, adjusted for other charges, and this expense is recognized in Other income/(expense), net in the Consolidated Statements of Income.

(b)

As described in Note 4, on August 1, 2019, the Company’s Board of Directors approved an overall plan to change the Company’s operating model and improve its business processes and cost structure by reducing its headcount and consolidating various facilities. For the year ended December 31, 2020, the Company incurred $36.8 million of expenses related to this plan. While certain of these expenses may be identifiable to the Company’s segments, primarily the Company’s Consumer-to-Consumer segment, the expenses are not included in the measurement of segment operating income provided to the CODM for purposes of assessing segment performance and decision making with respect to resource allocation.

(c)

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 ROU 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.

(d)

Represents severance, non-cash impairments of operating lease right-of-use assets and property and equipment, and other expenses associated with the Company's program to redeploy expenses in its cost base through optimizations in vendor management, real estate, marketing, and people costs. 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.


	Year Ended December 31,
	2022		2021		2020
Depreciation and amortization:
Consumer-to-Consumer	$	176.6	$	181.6	$	178.5
Business Solutions		—		16.1		36.1
Other		7.2		10.5		11.0
Total consolidated depreciation and amortization	$	183.8	$	208.2	$	225.6

Capital expenditures:
Consumer-to-Consumer	$	198.8	$	192.3	$	133.5
Business Solutions		0.2		5.2		10.3
Other		9.2		17.1		13.0
Total consolidated capital expenditures	$	208.2	$	214.6	$	156.8

Information Concerning Principal Geographic Areas

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


	Year Ended December 31,
	2022		2021		2020
Revenue:
United States	$	1,575.1	$	1,702.0	$	1,678.4
International		2,900.4		3,368.8		3,156.6
Total	$	4,475.5	$	5,070.8	$	4,835.0
Long-lived assets:
United States	$	69.7	$	82.0	$	100.4
International		40.6		53.7		50.0
Total(a)	$	110.3	$	135.7	$	150.4

(a)

As of December 31, 2022 and 2021, Long-lived assets in International include Assets held for sale of $0.7 million and $4.9 million, respectively, and as of December 31, 2021, Long-lived assets in the United States include Assets held for sale of $1.4 million. These assets related to the Company's Business Solutions business, as further discussed in Note 5.