Segments (Tables)

12 Months Ended

Dec. 31, 2023

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

Information Concerning Principal Geographic Areas for Revenue

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

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.