XML 42 R28.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Segments | 12 Months Ended
--- | ---
Dec. 31, 2023
Segment Reporting [Abstract] |
Segments | 17. Segments As further described in Note 1, the Company has classified its business into the following segments: Consumer Money Transfer, Business Solutions, and Consumer Services. Operating segments are defined as components of an enterprise that engage in business activities, about which separate financial information is available that is evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in allocating resources and assessing performance. The Consumer Money Transfer operating segment facilitates money transfers between two consumers. The segment includes five geographic regions whose functions are primarily related to generating, managing, and maintaining agent relationships and localized marketing activities. The Company includes Branded Digital transactions in its regions. By means of common processes and systems, these regions, including Branded Digital, create one interconnected global network for consumer transactions, thereby constituting one Consumer Money Transfer business and one operating segment. The Business Solutions operating segment facilitated payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises and other organizations and individuals. On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC, and the final closing for this transaction occurred on July 1, 2023. Accordingly, the Company will no longer report Business Solutions revenues and operating expenses after July 1, 2023. See Note 4 for further information regarding this transaction. The Consumer Services segment primarily includes the Company’s bill payment services which facilitate payments for consumers, businesses, and other organizations, as well as the Company’s money order services, retail foreign exchange services, prepaid cards, lending partnerships, and digital wallets. The Company’s segments are reviewed separately below because each segment addresses a different combination of customer groups, distribution networks, and services offered. The business segment measurements provided to, and evaluated by, the Company’s CODM are computed in accordance with the following principles: • The accounting policies of the segments are the same as those described in the summary of significant accounting policies. • Corporate costs, including overhead expenses, are allocated to the segments primarily based on a percentage of the segments’ revenue compared to total revenue. Effective January 1, 2022, the Company stopped allocating corporate costs to its Business Solutions segment, given its agreement to sell this business, as discussed further in Note 4. • The CODM does not review total assets by segment for purposes of assessing segment performance and allocating resources. As such, the disclosure of total assets by segment has not been included below. • All items not included in operating income are excluded from the segments. The following tables present the Company’s segment results for the years ended December 31, 2023, 2022, and 2021 (in millions):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Revenues: |  |  |  |  |  |  |  |  |
Consumer Money Transfer |  | $ | 4,005.0 |  |  | $ | 3,993.5 |  |  | $ | 4,394.0 |
Business Solutions(a) |  |  | 29.7 |  |  |  | 196.9 |  |  |  | 421.8 |
Consumer Services |  |  | 322.3 |  |  |  | 285.1 |  |  |  | 255.0 |
Total consolidated revenues |  | $ | 4,357.0 |  |  | $ | 4,475.5 |  |  | $ | 5,070.8 |
Operating income: |  |  |  |  |  |  |  |  |
Consumer Money Transfer |  | $ | 750.8 |  |  | $ | 765.1 |  |  | $ | 977.6 |
Business Solutions(a) |  |  | 3.7 |  |  |  | 58.5 |  |  |  | 95.5 |
Consumer Services |  |  | 92.5 |  |  |  | 100.8 |  |  |  | 50.0 |
Total segment operating income |  |  | 847.0 |  |  |  | 924.4 |  |  |  | 1,123.1 |
Russia/Belarus exit costs(b) |  |  | — |  |  |  | (10.0 | ) |  |  | — |
Business Solutions exit costs(b) |  |  | — |  |  |  | (7.7 | ) |  |  | — |
Operating expense redeployment program costs(c) |  |  | (29.5 | ) |  |  | (21.8 | ) |  |  | — |
Total consolidated operating income |  | $ | 817.5 |  |  | $ | 884.9 |  |  | $ | 1,123.1 |
(a) On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to the Buyer. The sale was completed in three closings, the first of which occurred on March 1, 2022. The second occurred on December 31, 2022, and the final occurred on July 1, 2023. 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. (c) Represents severance, expenses associated with streamlining the Company’s organizational and legal structure, 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 strategy, as previously announced in October 2022. In 2023 and 2022, expenses incurred under the program also included non-cash impairments of operating lease right-of-use assets and property and equipment. 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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |
Consumer Money Transfer |  | $ | 173.7 |  |  | $ | 176.6 |  |  | $ | 181.6 |
Business Solutions |  |  | — |  |  |  | — |  |  |  | 16.1 |
Consumer Services |  |  | 9.9 |  |  |  | 7.2 |  |  |  | 10.5 |
Total consolidated depreciation and amortization |  | $ | 183.6 |  |  | $ | 183.8 |  |  | $ | 208.2 |
Capital expenditures: |  |  |  |  |  |  |  |  |
Consumer Money Transfer |  | $ | 136.6 |  |  | $ | 198.8 |  |  | $ | 192.3 |
Business Solutions |  |  | — |  |  |  | 0.2 |  |  |  | 5.2 |
Consumer Services |  |  | 11.2 |  |  |  | 9.2 |  |  |  | 17.1 |
Total consolidated capital expenditures |  | $ | 147.8 |  |  | $ | 208.2 |  |  | $ | 214.6 |
The geographic split of revenue below for the Consumer Money Transfer, Business Solutions, and Consumer Services segments is based upon the country where the transaction is initiated with 100% of the revenue allocated to that country. Long-lived assets, consisting of property and equipment, net, are presented based upon the location of the assets. Based on the method used to attribute revenue between countries described in the paragraph above, each individual country outside the United States accounted for less than 10% of consolidated revenue for the years ended December 31, 2023, 2022, and 2021, respectively. In addition, each individual agent or Business Solutions customer accounted for less than 10% of consolidated revenue during these periods. Information concerning principal geographic areas for Revenue was as follows (in millions):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
United States |  | $ | 1,507.9 |  |  | $ | 1,575.1 |  |  | $ | 1,702.0 |
International |  |  | 2,849.1 |  |  |  | 2,900.4 |  |  |  | 3,368.8 |
Total |  | $ | 4,357.0 |  |  | $ | 4,475.5 |  |  | $ | 5,070.8 |
Information concerning principal geographic areas for long-lived assets was as follows (in millions):
|  | December 31, |
|  | 2023 |  |  | 2022 |
United States |  | $ | 54.6 |  |  | $ | 69.7 |
International |  |  | 36.8 |  |  |  | 40.6 |
Total(a) |  | $ | 91.4 |  |  | $ | 110.3 |
(a) As of December 31, 2022, long-lived assets in International include Assets held for sale of $0.7 million. These assets related to the Company’s Business Solutions business, as further discussed in Note 4.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration