WESTERN UNION CO, 10-Q filed on 4/23/2025
Quarterly Report
v3.25.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2025
Apr. 18, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Mar. 31, 2025  
Securities Act File Number 001-32903  
Entity Registrant Name THE WESTERN UNION COMPANY  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-4531180  
Entity Address, Address Line One 7001 EAST BELLEVIEW AVENUE  
Entity Address, City or Town Denver  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80237  
City Area Code 866  
Local Phone Number 405-5012  
Title of 12(b) Security Common Stock, $0.01 Par Value  
Trading Symbol WU  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   330,525,315
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001365135  
Amendment Flag false  
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenues $ 983.6 $ 1,049.1
Type of Revenue us-gaap:ServiceMember us-gaap:ServiceMember
Expenses:    
Cost of services $ 619.2 $ 641.3
Type of Cost of Service us-gaap:ServiceMember us-gaap:ServiceMember
Selling, general, and administrative $ 187.0 $ 215.7
Total expenses 806.2 857.0
Operating income 177.4 192.1
Other income/(expense):    
Interest income 1.7 3.1
Interest expense (32.6) (26.1)
Other income, net 0.8 0.9
Total other expense, net (30.1) (22.1)
Income before income taxes 147.3 170.0
Provision for income taxes 23.8 27.3
Net income $ 123.5 $ 142.7
Earnings per share:    
Basic (USD per share) $ 0.37 $ 0.41
Diluted (USD per share) $ 0.36 $ 0.41
Weighted-average shares outstanding:    
Basic (shares) 337.7 344.4
Diluted (shares) 339.2 345.7
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 123.5 $ 142.7
Other comprehensive income, net of reclassifications and tax (Note 8):    
Unrealized gains/(losses) on investment securities 17.3 (4.6)
Unrealized gains/(losses) on hedging activities (19.8) 10.8
Foreign currency translation adjustments 1.1  
Total other comprehensive income/(loss) (1.4) 6.2
Comprehensive income $ 122.1 $ 148.9
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 1,289.0 $ 1,474.0
Settlement assets 3,521.5 3,360.8
Property and equipment, net of accumulated depreciation of $465.5 and $454.9, respectively 77.0 84.2
Goodwill 2,059.9 2,059.6
Other intangible assets, net of accumulated amortization of $612.7 and $599.0, respectively 299.7 315.4
Deferred tax asset, net 256.3 265.0
Other assets 834.5 811.5
Total assets 8,337.9 8,370.5
Liabilities:    
Accounts payable and accrued liabilities 376.2 407.9
Settlement obligations 3,521.5 3,360.8
Income taxes payable 271.4 272.2
Deferred tax liability, net 160.7 155.6
Borrowings [1] 2,791.3 2,940.8
Other liabilities 277.4 264.3
Total liabilities 7,398.5 7,401.6
Commitments and contingencies (Note 5)
Stockholders' equity    
Preferred stock, $1.00 par value; 10 shares authorized; no shares issued
Common stock, $0.01 par value; 2,000 shares authorized; 332.1 shares and 337.9 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 3.3 3.4
Capital surplus 1,081.4 1,070.8
Retained earnings/(accumulated deficit) (3.4) 35.2
Accumulated other comprehensive loss (141.9) (140.5)
Total stockholders' equity 939.4 968.9
Total liabilities and stockholders' equity $ 8,337.9 $ 8,370.5
[1] As of March 31, 2025, the Company’s weighted-average effective rate on total borrowings was approximately 4.5%.
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets    
Accumulated Depreciation on Property Plant and Equipment $ 465.5 $ 454.9
Accumulated Amortization on Other Intangible Assets $ 612.7 $ 599.0
Stockholders' Equity:    
Preferred stock, par value (USD per share) $ 1 $ 1
Preferred stock, shares authorized 10.0 10.0
Preferred stock, shares issued 0.0 0.0
Common stock, par value (USD per share) $ 0.01 $ 0.01
Common stock, shares authorized 2,000.0 2,000.0
Common stock, shares issued 332.1 337.9
Common stock, shares outstanding 332.1 337.9
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net income $ 123.5 $ 142.7
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 9.5 9.2
Amortization 32.4 37.4
Other non-cash items, net 33.7 20.0
Increase/(decrease) in cash, excluding the effects of acquisitions, resulting from changes in:    
Other assets (21.5) (46.6)
Accounts payable and accrued liabilities (32.0) (64.4)
Income taxes payable (2.1) 8.8
Other liabilities 4.7 (13.1)
Net cash provided by operating activities 148.2 94.0
Cash flows from investing activities    
Payments for capitalized contract costs (1.6) (2.4)
Payments for internal use software (19.4) (21.7)
Purchases of property and equipment (3.4) (11.0)
Purchases of settlement investments (128.0) (130.2)
Proceeds from the sale of settlement investments 33.1 160.2
Maturities of settlement investments 8.0 23.3
Other investing activities 0.2 (24.5)
Net cash used in investing activities (111.1) (6.3)
Cash flows from financing activities    
Cash dividends and dividend equivalents paid (Note 8) (82.3) (80.5)
Common stock repurchased (Note 8) (76.7) (150.6)
Net proceeds from commercial paper 350.0 35.0
Principal payments on borrowings (500.0)  
Net change in settlement obligations (387.5) (136.9)
Other financing activities (0.1) (0.1)
Net cash used in financing activities (696.6) (333.1)
Net change in cash and cash equivalents, including settlement, and restricted cash (659.5) (245.4)
Cash and cash equivalents, including settlement, and restricted cash at beginning of period 2,106.9 1,786.2
Cash and cash equivalents, including settlement, and restricted cash at end of period 1,447.4 1,540.8
Reconciliation of balance sheet cash and cash equivalents to cash flows:    
Cash and cash equivalents on balance sheet 1,289.0 1,106.5
Settlement cash and cash equivalents (Note 7) 157.2 412.4
Restricted cash in Other assets 1.2 21.9
Cash and cash equivalents, including settlement, and restricted cash 1,447.4 1,540.8
Supplemental cash flow information:    
Interest paid 23.8 21.4
Income taxes paid $ 14.1 $ 17.1
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Capital Surplus
Retained Earnings/(Accumulated Deficit)
Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2023 $ 479.0 $ 3.5 $ 1,031.9 $ (389.1) $ (167.3)
Beginning balance (shares) at Dec. 31, 2023   350.5      
Increase/(Decrease) in Stockholders' Equity [Roll Forward]          
Net income 142.7     142.7  
Stock-based compensation 8.7   8.7    
Common stock dividends and dividend equivalents declared (81.9)     (81.9)  
Repurchase and retirement of common shares (156.8) $ (0.1)   (156.7)  
Repurchase and retirement of common shares (shares)   (12.3)      
Shares issued under stock-based compensation plans (shares)   1.4      
Other comprehensive income/(loss) (Note 8) 6.2       6.2
Ending balance at Mar. 31, 2024 397.9 $ 3.4 1,040.6 (485.0) (161.1)
Ending balance (shares) at Mar. 31, 2024   339.6      
Beginning balance at Dec. 31, 2024 $ 968.9 $ 3.4 1,070.8 35.2 (140.5)
Beginning balance (shares) at Dec. 31, 2024 337.9 337.9      
Increase/(Decrease) in Stockholders' Equity [Roll Forward]          
Net income $ 123.5     123.5  
Stock-based compensation 10.6   10.6    
Common stock dividends and dividend equivalents declared (80.5)     (80.5)  
Repurchase and retirement of common shares (81.7) $ (0.1)   (81.6)  
Repurchase and retirement of common shares (shares)   (7.5)      
Shares issued under stock-based compensation plans (shares)   1.7      
Other comprehensive income/(loss) (Note 8) (1.4)       (1.4)
Ending balance at Mar. 31, 2025 $ 939.4 $ 3.3 $ 1,081.4 $ (3.4) $ (141.9)
Ending balance (shares) at Mar. 31, 2025 332.1 332.1      
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Common stock dividends (USD per share) $ 0.235 $ 0.235
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 123.5 $ 142.7
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Rule 10b5-1 Arr Modified Flag false
Non Rule 10b5-1 Arr Modified Flag false
v3.25.1
Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Business and Basis of Presentation

1. Business and Basis of Presentation

Business

The Western Union Company (“Western Union” or the “Company”) is a leader in cross-border, cross-currency money movement, payments, and digital financial services, empowering consumers, businesses, financial institutions, and governments with fast, reliable, and convenient ways to send money and make payments around the world. The Western Union brand is globally recognized. The Company’s services are available through a network of agent locations in more than 200 countries and territories and also through the Company's or its third-party digital partners' websites and mobile applications marketed under the Company’s brands (“Branded Digital”). Each location in the Company’s agent network is capable of providing one or more of the Company’s services.

The Western Union business consists of the following segments:

•
Consumer Money Transfer - The Consumer Money Transfer segment facilitates money transfers, which are primarily sent from retail agent and owned locations worldwide or through websites and mobile devices. The Company’s money transfer service is provided through one interconnected global network. This service is available for international cross-border transfers and, in certain countries, intra-country transfers.
•
Consumer Services - The Consumer Services segment includes the Company’s bill payment services, money order services, retail foreign exchange services, media network, prepaid cards, lending partnerships, and digital wallets.

 

See Note 13 for further information regarding the Company’s segments.

There are legal or regulatory limitations on transferring certain assets of the Company outside of the countries where these assets are located. However, there are generally no limitations on the use of these assets within those countries. Additionally, the Company must meet minimum capital requirements in some countries in order to maintain operating licenses. As of December 31, 2024, the Company's restricted net assets associated with these asset limitations and minimum capital requirements totaled approximately $340 million.

Various aspects of the Company’s services and businesses are subject to United States federal, state, and local regulation, as well as regulation by foreign jurisdictions, including certain banking and other financial services regulations.

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and were prepared in accordance with the instructions for Form 10‑Q and Article 10 of Regulation S-X. In compliance with those instructions, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted.

The unaudited condensed consolidated financial statements in this quarterly report are presented on a consolidated basis and include the accounts of the Company and its majority-owned subsidiaries. Results of operations and cash flows for the interim periods are not necessarily indicative of the results that may be expected for the entire year. All significant intercompany transactions and accounts have been eliminated as of March 31, 2025 and December 31, 2024 and for all periods presented.

In the opinion of management, these condensed consolidated financial statements include all the normal recurring adjustments necessary to fairly present the Company’s condensed consolidated results of operations, financial position, and cash flows as of March 31, 2025 and for all periods presented. These condensed consolidated financial statements

should be read in conjunction with the Company’s consolidated financial statements within the Company’s Annual Report on Form 10‑K for the year ended December 31, 2024.

Consistent with industry practice, the accompanying Condensed Consolidated Balance Sheets are unclassified due to the short-term nature of the Company’s settlement obligations contrasted with the Company’s ability to invest cash awaiting settlement in long-term investment securities.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

Recently Adopted Accounting Pronouncements

In December 2024, the Company adopted a new accounting standard that requires the Company to expand reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The adoption of this standard did not have an impact on the Company's financial position or results of operations. Refer to Note 13 for additional information and the related disclosures.

Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board issued a new accounting pronouncement regarding income tax disclosures. The standard requires that public entities disclose more consistent and detailed categories in their statutory to effective income tax rate reconciliations and further disaggregate income taxes paid by jurisdiction. The Company is required to adopt the new standard for its 2025 annual reporting. Management is currently evaluating the potential impact that the adoption of this standard will have on the Company, and is in the process of preparing to comply with the new disclosure requirements.

In November 2024, the Financial Accounting Standards Board issued a new accounting pronouncement regarding the disclosure of specified information about certain costs and expenses. The standard requires that public entities disclose certain detailed information about the types of expenses included in the expense captions presented within the consolidated statements of income, provide qualitative descriptions for expenses not separately disaggregated quantitatively, and disclose an entity's definition and total amount of selling expenses. The Company is required to adopt the new standard for its 2027 annual reporting and interim periods thereafter, using either a prospective or retrospective approach. Management is currently evaluating the potential impact that the adoption of this standard will have on the Company's disclosures.

v3.25.1
Revenue
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue

2. Revenue

The Company’s revenues are primarily derived from consideration paid by customers to transfer money. These revenues vary by transaction based upon factors such as channel, send and receive locations, the send and receive funding method, the principal amount sent, and, when the money transfer involves different send and receive currencies, the difference between the exchange rate set by the Company to the customer and a rate available in the wholesale foreign exchange market. The Company also offers other consumer services, for which revenue is impacted by similar factors. The Company analyzes its different services individually to determine the appropriate basis for revenue recognition. For additional information on the Company's different services, refer to the Company’s consolidated financial statements within the Company’s Annual Report on Form 10‑K for the year ended December 31, 2024.

Revenues from consumer money transfers are included in the Company’s Consumer Money Transfer segment and revenues from consumer bill payment and other services are included in the Company’s Consumer Services segment. See Note 13 for further information on the Company’s segments.

The substantial majority of the Company’s revenue is recognized at a point in time. The following tables represent the disaggregation of revenue earned from contracts with customers by product type and region for the three months ended March 31, 2025 and 2024 (in millions). The regional split of revenue shown in the tables below is based upon where transactions are initiated.

 

Three Months Ended March 31, 2025

 

 

Consumer

 

 

 

 

 

 

 

 

Money

 

 

Consumer

 

 

 

 

 

Transfer

 

 

Services

 

 

Total

 

Regions:

 

 

 

 

 

 

 

 

 

North America

 

$

329.8

 

 

$

36.4

 

 

$

366.2

 

Europe and CIS

 

 

230.3

 

 

 

10.1

 

 

 

240.4

 

Middle East, Africa, and South Asia

 

 

144.8

 

 

 

0.1

 

 

 

144.9

 

Latin America and the Caribbean

 

 

93.9

 

 

 

46.0

 

 

 

139.9

 

Asia Pacific

 

 

47.3

 

 

 

—

 

 

 

47.3

 

Revenues from contracts with customers

 

$

846.1

 

 

$

92.6

 

 

$

938.7

 

Other revenues (a)

 

 

26.8

 

 

 

18.1

 

 

 

44.9

 

Total revenues

 

$

872.9

 

 

$

110.7

 

 

$

983.6

 

 

 

Three Months Ended March 31, 2024

 

 

Consumer

 

 

 

 

 

 

 

 

Money

 

 

Consumer

 

 

 

 

 

Transfer

 

 

Services

 

 

Total

 

Regions:

 

 

 

 

 

 

 

 

 

North America

 

$

354.5

 

 

$

39.4

 

 

$

393.9

 

Europe and CIS

 

 

224.4

 

 

 

4.5

 

 

 

228.9

 

Middle East, Africa, and South Asia

 

 

192.3

 

 

 

0.1

 

 

 

192.4

 

Latin America and the Caribbean

 

 

107.5

 

 

 

23.1

 

 

 

130.6

 

Asia Pacific

 

 

49.9

 

 

 

—

 

 

 

49.9

 

Revenues from contracts with customers

 

$

928.6

 

 

$

67.1

 

 

$

995.7

 

Other revenues (a)

 

 

33.4

 

 

 

20.0

 

 

 

53.4

 

Total revenues

 

$

962.0

 

 

$

87.1

 

 

$

1,049.1

 

________________________________________

(a)
Includes revenue from investment income generated on settlement assets primarily related to money transfer and money order services, impacts from the Company's foreign currency cash flow hedges, and other sources.
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share

3. Earnings Per Share

The calculation of basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding for the period. Outstanding options to purchase Western Union stock and unvested shares of restricted stock are excluded from basic shares outstanding. Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented dates are exercised and shares of restricted stock have vested, using the treasury stock method. The treasury stock method assumes proceeds from the exercise price of stock options and the unamortized compensation expense of options and restricted stock are available to acquire shares at an average market price throughout the period, and therefore, reduce the dilutive effect.

Shares excluded from the diluted earnings per share calculation were 14.0 million and 11.4 million for the three months ended March 31, 2025 and 2024, respectively. The effect of these shares was anti-dilutive under the treasury stock method, as the assumed proceeds of the options and restricted stock per unit were above the Company's average share price during the periods.

The following table provides the calculation of diluted weighted-average shares outstanding (in millions):

 

 

Three Months Ended

 

 

March 31,

 

 

2025

 

 

2024

 

Basic weighted-average shares outstanding

 

 

337.7

 

 

 

344.4

 

Common stock equivalents

 

 

1.5

 

 

 

1.3

 

Diluted weighted-average shares outstanding

 

 

339.2

 

 

 

345.7

 
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

Fair value, as defined by the relevant accounting standards, represents the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. For additional information on how the Company measures fair value, refer to the Company’s consolidated financial statements within the Company’s Annual Report on Form 10‑K for the year ended December 31, 2024.

The following tables present the Company’s assets and liabilities, which are measured at fair value on a recurring basis, by category (in millions):

 

 

Fair Value Measurement Using

 

 

Total

 

March 31, 2025

 

Level 1

 

 

Level 2

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

Settlement assets:

 

 

 

 

 

 

 

 

 

Measured at fair value through net income:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

20.2

 

 

$

—

 

 

$

20.2

 

Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):

 

 

 

 

 

 

 

 

 

State and municipal debt securities

 

 

—

 

 

 

1,067.0

 

 

 

1,067.0

 

Asset-backed securities

 

 

—

 

 

 

208.6

 

 

 

208.6

 

Corporate debt securities

 

 

—

 

 

 

157.2

 

 

 

157.2

 

State and municipal variable-rate demand notes

 

 

—

 

 

 

1.4

 

 

 

1.4

 

United States government agency mortgage-backed securities

 

 

—

 

 

 

6.3

 

 

 

6.3

 

Other assets:

 

 

 

 

 

 

 

 

 

Derivatives

 

 

—

 

 

 

17.9

 

 

 

17.9

 

Total assets

 

$

20.2

 

 

$

1,458.4

 

 

$

1,478.6

 

Liabilities:

 

 

 

 

 

 

 

 

 

Other liabilities:

 

 

 

 

 

 

 

 

 

Derivatives

 

$

—

 

 

$

12.1

 

 

$

12.1

 

Total liabilities

 

$

—

 

 

$

12.1

 

 

$

12.1

 

 

 

 

Fair Value Measurement Using

 

 

Total

 

December 31, 2024

 

Level 1

 

 

Level 2

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

Settlement assets:

 

 

 

 

 

 

 

 

 

Measured at fair value through net income:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

32.6

 

 

$

—

 

 

$

32.6

 

Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):

 

 

 

 

 

 

 

 

 

State and municipal debt securities

 

 

—

 

 

 

1,027.6

 

 

 

1,027.6

 

Asset-backed securities

 

 

—

 

 

 

211.2

 

 

 

211.2

 

Corporate debt securities

 

 

—

 

 

 

85.0

 

 

 

85.0

 

State and municipal variable-rate demand notes

 

 

—

 

 

 

1.4

 

 

 

1.4

 

United States government agency mortgage-backed securities

 

 

—

 

 

 

7.1

 

 

 

7.1

 

Other assets:

 

 

 

 

 

 

 

 

 

Derivatives

 

 

—

 

 

 

29.5

 

 

 

29.5

 

Total assets

 

$

32.6

 

 

$

1,361.8

 

 

$

1,394.4

 

Liabilities:

 

 

 

 

 

 

 

 

 

Other liabilities:

 

 

 

 

 

 

 

 

 

Derivatives

 

$

—

 

 

$

3.6

 

 

$

3.6

 

Total liabilities

 

$

—

 

 

$

3.6

 

 

$

3.6

 

 

There were no material, non-recurring fair value adjustments in the three months ended March 31, 2025 and 2024. There were no transfers between Level 1 and Level 2 measurements during the three months ended March 31, 2025 and 2024.

Other Fair Value Measurements

The carrying amounts for many of the Company’s financial instruments, including certain cash and cash equivalents, settlement cash and cash equivalents, and settlement receivables and obligations approximate fair value due to their short maturities. The Company’s borrowings are classified as Level 2 within the valuation hierarchy, and the aggregate fair value of these borrowings was based on quotes from multiple banks. Fixed-rate notes are carried in the Company’s Condensed Consolidated Balance Sheets at their original issuance values as adjusted over time to accrete that value to par. As of March 31, 2025, the carrying value and fair value of the Company’s borrowings were $2,791.3 million and $2,749.5 million, respectively (see Note 10). As of December 31, 2024, the carrying value and fair value of the Company’s borrowings were $2,940.8 million and $2,876.7 million, respectively.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

5. Commitments and Contingencies

Letters of Credit and Bank Guarantees

The Company had approximately $65 million in outstanding letters of credit and bank guarantees as of March 31, 2025, which were primarily held in connection with regulatory requirements, lease arrangements, and certain agent agreements. The Company expects to renew many of its letters of credit and bank guarantees prior to expiration.

Litigation and Related Contingencies

The Company is subject to certain claims and litigation that could result in losses, including damages, fines, and/or civil penalties, which could be significant, and in some cases, criminal charges. The Company regularly evaluates the status of legal matters to assess whether a loss is probable and reasonably estimable in determining whether an accrual is appropriate. Furthermore, in determining whether disclosure is appropriate, the Company evaluates each legal matter to assess if there is at least a reasonable possibility that a material loss or additional material losses may have been incurred.

The Company also evaluates whether an estimate of possible loss or range of loss can be made. Unless otherwise specified below, the Company believes that there is at least a reasonable possibility that a loss or additional loss may have been incurred for each of the matters described below.

For those matters that the Company believes there is at least a reasonable possibility that a loss or additional loss may have been incurred and can reasonably estimate the loss or potential loss, the reasonably possible potential litigation losses in excess of the Company’s recorded liability for probable and estimable losses was approximately $40 million as of March 31, 2025. For the remaining matters, management is unable to provide a meaningful estimate of the possible loss or range of loss because, among other reasons: (i) the proceedings are in preliminary stages; (ii) specific damages have not been sought; (iii) damage claims are unsupported and/or unreasonable; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; or (vi) novel legal issues or unsettled legal theories are being asserted.

The outcomes of legal actions are unpredictable and subject to significant uncertainties, and it is inherently difficult to determine whether any loss is probable or even possible. It is also inherently difficult to estimate the amount of any loss, and there may be matters for which a loss is probable or reasonably possible but not currently estimable. Accordingly, actual losses may be in excess of the established liability or the range of reasonably possible loss.

Legal Matters

In October 2015, Consumidores Financieros Asociación Civil para su Defensa, an Argentinian consumer association, filed a purported class action lawsuit in Argentina’s National Commercial Court No. 19 against the Company’s subsidiary Western Union Financial Services Argentina S.R.L. (“WUFSA”). The lawsuit alleges, among other things, that WUFSA’s fees for money transfers sent from Argentina are excessive and that WUFSA does not provide consumers with adequate information about foreign exchange rates. The plaintiff is seeking, among other things, an order requiring WUFSA to reimburse consumers for the fees they paid and the foreign exchange revenue associated with money transfers sent from Argentina, plus punitive damages. The complaint does not specify a monetary value of the claim or a time period. In November 2015, the Court declared the complaint formally admissible as a class action. The notice of claim was served on WUFSA in May 2016, and in June 2016 WUFSA filed a response to the claim and moved to dismiss it on statute of limitations and standing grounds. In April 2017, the Court deferred ruling on the motion until later in the proceedings. The process for notifying potential class members has been completed, and the case is in the evidentiary stage. Due to the stage of this matter, the Company is unable to predict the outcome or the possible loss or range of loss, if any, associated with this matter. WUFSA intends to defend itself vigorously.

In late 2017, three individuals filed a lawsuit against certain alleged Western Union entities (collectively, the “Defendants”) in the Commercial Court in Kinshasa-Gombe in the Democratic Republic of the Congo (“DRC”), which was later joined by three additional individuals. These six individuals (the “Plaintiffs”), including current and/or former DRC government officials, claim that their privacy rights were violated and sought €22.4 million in damages. In 2018, the Commercial Court in Kinshasa-Gombe entered a judgment against the Defendants in the amount of €10.5 million ($11.3 million as of March 31, 2025). In 2019, the Commercial Court in Kinshasa-Gombe entered a judgment against the Company in the amount of €9 million ($9.7 million as of March 31, 2025). The business in the DRC is operated through independent agents. The Plaintiffs have previously sought and may continue to attempt to seize funds from the Company’s independent agents in the DRC to satisfy the judgments. The Defendants have learned that certain challenges to the judgments have been denied. The Defendants and the Company intend to continue to challenge both judgments and defend themselves vigorously in these matters.

In addition to the principal matters described above, the Company is a party to a variety of other legal matters that arise in the normal course of the Company’s business. While the results of these other legal matters cannot be predicted with certainty, management believes that the final outcome of these matters will not have a material adverse effect either individually or in the aggregate on the Company’s financial condition, results of operations, or cash flows.
v3.25.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions

6. Related Party Transactions

The Company has ownership interests in certain of its agents accounted for under the equity method of accounting. The Company pays these agents commissions for money transfer and other services provided on the Company’s behalf. Commission expense recognized for these agents for the three months ended March 31, 2025 and 2024 totaled $10.0 million and $10.4 million, respectively.
v3.25.1
Settlement Assets and Obligations
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Settlement Assets and Obligations

7. Settlement Assets and Obligations

Settlement assets represent funds received or to be received from agents and others for unsettled money transfers, money orders, and consumer payments. The Company records corresponding settlement obligations relating to amounts payable under money transfers, money orders, and consumer payment service arrangements.

Settlement assets and obligations consisted of the following (in millions):

 

 

March 31, 2025

 

 

December 31, 2024

 

Settlement assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

157.2

 

 

$

631.6

 

Receivables from agents and others

 

 

1,942.3

 

 

 

1,421.7

 

Less: Allowance for credit losses

 

 

(18.5

)

 

 

(24.7

)

Receivables from agents and others, net

 

 

1,923.8

 

 

 

1,397.0

 

Investment securities

 

 

1,440.5

 

 

 

1,332.3

 

Less: Allowance for credit losses

 

 

—

 

 

 

(0.1

)

Investment securities, net

 

 

1,440.5

 

 

 

1,332.2

 

Total settlement assets

 

$

3,521.5

 

 

$

3,360.8

 

Settlement obligations:

 

 

 

 

 

 

Money transfer, money order, and payment service payables

 

$

2,818.2

 

 

$

2,655.5

 

Payables to agents

 

 

703.3

 

 

 

705.3

 

Total settlement obligations

 

$

3,521.5

 

 

$

3,360.8

 

 

Allowance for Credit Losses

Receivables from agents and others primarily represent funds collected by such agents, but in transit to the Company. Cash received by Western Union agents generally becomes available to the Company within one week after initial receipt by the agent. Western Union has a large and diverse agent base, thereby reducing the credit risk of the Company from any one agent. The Company performs ongoing credit evaluations of its agents’ financial condition and credit worthiness.

The Company establishes and monitors an allowance for credit losses related to receivables from agents and others. The Company has estimated the allowance based on its historical collections experience, adjusted for current conditions and forecasts of future economic conditions based on information known as of March 31, 2025.

The following tables summarize the activity in the allowance for credit losses on receivables from agents and others (in millions):

 

 

Agents and

 

 

Others

 

Allowance for credit losses as of January 1, 2025

 

$

24.7

 

Current period provision for expected credit losses (a)

 

 

(3.8

)

Write-offs charged against the allowance

 

 

(10.4

)

Recoveries of amounts previously written off

 

 

7.8

 

Impacts of foreign currency exchange rates and other

 

 

0.2

 

Allowance for credit losses as of March 31, 2025

 

$

18.5

 

 

 

Agents and

 

 

Others

 

Allowance for credit losses as of January 1, 2024

 

$

15.4

 

Current period provision for expected credit losses (a)

 

 

—

 

Write-offs charged against the allowance

 

 

(5.2

)

Recoveries of amounts previously written off

 

 

2.3

 

Impacts of foreign currency exchange rates and other

 

 

(0.6

)

Allowance for credit losses as of March 31, 2024

 

$

11.9

 

 

(a)
Provision does not include losses from chargebacks or fraud associated with transactions initiated through the Company’s digital channels, as these losses are not credit-related.

 

In addition, from time to time, the Company makes advances to its agents and disbursement partners. The Company often owes settlement funds payable to these agents that offset these advances. These amounts advanced to agents and disbursement partners are included within Other assets in the accompanying Condensed Consolidated Balance Sheets. As of March 31, 2025 and December 31, 2024, amounts advanced to agents and disbursement partners were $221.8 million and $209.1 million, respectively, and the related allowances for credit losses were immaterial.

Investment Securities

Investment securities included in Settlement assets in the Company’s Condensed Consolidated Balance Sheets consist primarily of highly-rated state and municipal debt securities, including fixed-rate term notes and variable-rate demand notes. Variable-rate demand note securities can be put (sold at par) typically on a daily basis with settlement periods ranging from the same day to one week but have varying maturities through 2045. These securities may be used by the Company for short-term liquidity needs and held for short periods of time. Investment securities are exposed to market risk due to changes in interest rates and credit risk. The Company is required to hold highly-rated, investment grade securities and such investments are restricted to satisfy outstanding settlement obligations in accordance with applicable regulatory requirements.

The Company’s investment securities are classified as available-for-sale and recorded at fair value. Western Union regularly monitors credit risk and attempts to mitigate its exposure by investing in highly-rated securities and through investment diversification.

Unrealized gains on available-for-sale securities are excluded from earnings and presented as a component of accumulated other comprehensive loss, net of related deferred taxes. Available-for-sale securities with a fair value below the amortized cost basis are evaluated on an individual basis to determine whether the impairment is due to credit-related factors or noncredit-related factors. Factors that could indicate a credit loss exists include but are not limited to: (i) negative earnings performance, (ii) credit rating downgrades, or (iii) adverse changes in the regulatory or economic environment of the asset. Any impairment that is not credit-related is excluded from earnings and presented as a component of accumulated other comprehensive loss, net of related deferred taxes, unless the Company intends to sell the impaired

security, or it is more likely than not that the Company will be required to sell the security before recovering its amortized cost basis. Credit-related impairments are recognized immediately as an adjustment to earnings, regardless of whether the Company has the ability or intent to hold the security to maturity, and are limited to the difference between fair value and the amortized cost basis.

The components of investment securities are as follows (in millions):

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Net

 

 

 

Amortized

 

 

Fair

 

 

Unrealized

 

 

Unrealized

 

 

Unrealized

 

March 31, 2025

 

Cost

 

 

Value

 

 

Gains

 

 

Losses

 

 

Gains/(Losses)

 

Settlement assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

20.2

 

 

$

20.2

 

 

$

—

 

 

$

—

 

 

$

—

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal debt securities (a)

 

 

1,090.7

 

 

 

1,067.0

 

 

 

7.1

 

 

 

(30.8

)

 

 

(23.7

)

Asset-backed securities

 

 

205.7

 

 

 

208.6

 

 

 

2.9

 

 

 

—

 

 

 

2.9

 

Corporate debt securities

 

 

156.0

 

 

 

157.2

 

 

 

3.7

 

 

 

(2.5

)

 

 

1.2

 

State and municipal variable-rate demand notes

 

 

1.4

 

 

 

1.4

 

 

 

—

 

 

 

—

 

 

 

—

 

United States government agency mortgage-backed securities

 

 

6.4

 

 

 

6.3

 

 

 

—

 

 

 

(0.1

)

 

 

(0.1

)

Total available-for-sale securities

 

 

1,460.2

 

 

 

1,440.5

 

 

 

13.7

 

 

 

(33.4

)

 

 

(19.7

)

Total investment securities

 

$

1,480.4

 

 

$

1,460.7

 

 

$

13.7

 

 

$

(33.4

)

 

$

(19.7

)

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Net

 

 

 

Amortized

 

 

Fair

 

 

Unrealized

 

 

Unrealized

 

 

Unrealized

 

December 31, 2024

 

Cost

 

 

Value

 

 

Gains

 

 

Losses

 

 

Gains/(Losses)

 

Settlement assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

32.6

 

 

$

32.6

 

 

$

—

 

 

$

—

 

 

$

—

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal debt securities (a)

 

 

1,068.1

 

 

 

1,027.6

 

 

 

2.7

 

 

 

(43.2

)

 

 

(40.5

)

Asset-backed securities

 

 

208.6

 

 

 

211.2

 

 

 

2.6

 

 

 

—

 

 

 

2.6

 

Corporate debt securities

 

 

87.5

 

 

 

85.0

 

 

 

0.8

 

 

 

(3.3

)

 

 

(2.5

)

State and municipal variable-rate demand notes

 

 

1.4

 

 

 

1.4

 

 

 

—

 

 

 

—

 

 

 

—

 

United States government agency mortgage-backed securities

 

 

7.3

 

 

 

7.1

 

 

 

—

 

 

 

(0.2

)

 

 

(0.2

)

Total available-for-sale securities

 

 

1,372.9

 

 

 

1,332.3

 

 

 

6.1

 

 

 

(46.7

)

 

 

(40.6

)

Total investment securities

 

$

1,405.5

 

 

$

1,364.9

 

 

$

6.1

 

 

$

(46.7

)

 

$

(40.6

)

 

(a)
The majority of these securities are fixed-rate instruments.

 

The following summarizes investment securities that were in an unrealized loss position as of March 31, 2025, by the length of time the securities were in a continuous loss position (in millions, except number of securities):

Less Than One Year

 

Number of Securities

 

 

Fair Value

 

 

Unrealized Losses

 

State and municipal debt securities

 

 

45

 

 

$

119.0

 

 

$

(1.8

)

 

 

One Year or Greater

 

Number of Securities

 

 

Fair Value

 

 

Unrealized Losses

 

State and municipal debt securities

 

 

220

 

 

$

481.2

 

 

$

(29.0

)

Corporate debt securities

 

 

10

 

 

 

39.9

 

 

 

(2.5

)

United States government agency mortgage-backed securities

 

 

8

 

 

 

5.1

 

 

 

(0.1

)

 

The Company's provision for credit losses on its investment securities during the three months ended March 31, 2025 and the related allowance for credit losses as of March 31, 2025 were immaterial, as the unrealized losses were driven by a rise in U.S. Treasury interest rates since those investment securities were purchased. As of March 31, 2025, the Company did not intend to sell its securities in an unrealized loss position and did not expect it would be required to sell these securities prior to recovering their amortized cost basis.

The following summarizes the contractual maturities of available-for-sale securities within Settlement assets as of March 31, 2025 (in millions):

 

 

Fair Value

 

Due within 1 year

 

$

95.8

 

Due after 1 year through 5 years

 

 

578.4

 

Due after 5 years through 10 years

 

 

344.3

 

Due after 10 years

 

 

422.0

 

Total

 

$

1,440.5

 

 

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay the obligations or the Company may have the right to put the obligation prior to its contractual maturity, as with variable-rate demand notes. Variable-rate demand notes, having a fair value of $1.4 million, are included in the “Due after 10 years” category in the table above.
v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Equity

8. Stockholders’ Equity

Accumulated Other Comprehensive Loss

The following table details reclassifications out of Accumulated other comprehensive loss (“AOCL”) and into Net income. All amounts reclassified from AOCL affect the line items as indicated below and the amounts in parentheses indicate decreases to Net income in the Condensed Consolidated Statements of Income (in millions).

 

 

Amounts Reclassified from AOCL to Net Income

 

 

 

 

Three Months Ended

 

 

Income Statement

 

March 31,

 

Income for the period (in millions)

 

Location

 

2025

 

 

2024

 

Accumulated other comprehensive loss components:

 

 

 

 

 

 

 

 

 Gains/(losses) on investment securities:

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Revenues

 

$

1.1

 

 

$

2.5

 

Income tax expense

 

Provision for income taxes

 

 

(0.2

)

 

 

(0.4

)

Total reclassification adjustments related to investment securities, net of tax

 

 

 

 

0.9

 

 

 

2.1

 

 Gains on cash flow hedges:

 

 

 

 

 

 

 

 

Foreign currency contracts

 

Revenues

 

 

2.6

 

 

 

2.7

 

Total reclassification adjustments related to cash flow hedges, net of tax

 

 

 

 

2.6

 

 

 

2.7

 

Total reclassifications, net of tax

 

 

 

$

3.5

 

 

$

4.8

 

 

The following tables summarize the components of AOCL, net of tax in the accompanying Condensed Consolidated Balance Sheets (in millions):

 

 

Investment

 

 

Hedging

 

 

Foreign Currency

 

 

 

 

 

Securities

 

 

Activities

 

 

Translation

 

 

Total

 

As of December 31, 2024

 

$

(33.4

)

 

$

13.1

 

 

$

(120.2

)

 

$

(140.5

)

Unrealized gains/(losses)

 

 

22.0

 

 

 

(19.1

)

 

 

1.1

 

 

 

4.0

 

Tax benefit/(expense)

 

 

(3.8

)

 

 

1.9

 

 

 

—

 

 

 

(1.9

)

Amounts reclassified from AOCL into earnings, net of tax

 

 

(0.9

)

 

 

(2.6

)

 

 

—

 

 

 

(3.5

)

As of March 31, 2025

 

$

(16.1

)

 

$

(6.7

)

 

$

(119.1

)

 

$

(141.9

)

 

 

Investment

 

 

Hedging

 

 

Foreign Currency

 

 

 

 

 

Securities

 

 

Activities

 

 

Translation

 

 

Total

 

As of December 31, 2023

 

$

(33.0

)

 

$

(15.3

)

 

$

(119.0

)

 

$

(167.3

)

Unrealized gains/(losses)

 

 

(3.0

)

 

 

13.6

 

 

 

—

 

 

 

10.6

 

Tax benefit/(expense)

 

 

0.5

 

 

 

(0.1

)

 

 

—

 

 

 

0.4

 

Amounts reclassified from AOCL into earnings, net of tax

 

 

(2.1

)

 

 

(2.7

)

 

 

—

 

 

 

(4.8

)

As of March 31, 2024

 

$

(37.6

)

 

$

(4.5

)

 

$

(119.0

)

 

$

(161.1

)

 

Cash Dividends Paid

During both the three months ended March 31, 2025 and 2024, the Company's Board of Directors declared quarterly cash dividends of $0.235 per common share, representing $78.8 million and $80.1 million of total dividends, respectively.

Share Repurchases

On December 13, 2024, the Company's Board of Directors authorized $1.0 billion of common stock repurchases with no expiration date. During the three months ended March 31, 2025, 7.0 million shares were repurchased under this authorization for $75.0 million, excluding commissions, at an average cost of $10.76. As of March 31, 2025, $925.0 million remained available under this share repurchase authorization. During the three months ended March 31, 2024, 11.8 million shares were repurchased for $150.0 million, excluding commissions, at an average cost of $12.66, under the previous share repurchase authorization approved by the Company’s Board of Directors which expired on December 31, 2024. The amounts included in the Common stock repurchased line in the Company’s Condensed Consolidated Statements of Cash Flows represent both shares authorized by the Board of Directors for repurchase under publicly announced authorizations and shares withheld from employees to cover tax withholding obligations on stock awards that have vested.

v3.25.1
Derivatives
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives

9. Derivatives

The Company is exposed to foreign currency exchange risk resulting from fluctuations in exchange rates, including the euro, and, to a lesser degree, the British pound, the Canadian dollar, and other currencies, related to forecasted revenues and settlement assets and obligations, as well as on certain foreign currency denominated cash and other asset and liability positions. Additionally, the Company is exposed to interest rate risk related to changes in market rates both prior to and subsequent to the issuance of debt. The Company uses derivatives to minimize its exposures related to changes in foreign currency exchange rates and interest rates.

The Company executes derivatives with established financial institutions; the substantial majority of these financial institutions have a credit rating of “A-” or higher from a major credit rating agency. The primary credit risk inherent in derivative agreements represents the possibility that a loss may occur from the nonperformance of a counterparty to the agreements. The Company performs a review of the credit risk of these counterparties at the inception of the contract and on an ongoing basis, while also monitoring the concentration of its contracts with any individual counterparty.

Foreign Currency Derivatives

The Company’s policy is to use longer duration foreign currency forward contracts, with maturities of up to 36 months at inception and a targeted weighted-average maturity of one to two years, to help mitigate some of the risk that changes in foreign currency exchange rates compared to the United States dollar could have on forecasted revenues denominated in other currencies related to its business. As of March 31, 2025, these foreign currency forward contracts had maturities of a maximum of 36 months with a weighted-average maturity of approximately one year. These contracts are accounted for as cash flow hedges of forecasted revenue, with effectiveness assessed based on changes in the spot rate of the affected currencies during the period of designation and thus time value is excluded from the assessment of effectiveness. The initial value of the excluded components is amortized into Revenues within the Company’s Condensed Consolidated Statements of Income.

The Company also uses short duration foreign currency forward contracts, generally with maturities ranging from a few days to one month, to offset foreign exchange rate fluctuations on settlement assets and obligations between initiation and settlement. In addition, forward contracts, typically with maturities of less than one year at inception, are utilized to offset foreign exchange rate fluctuations on certain foreign currency denominated cash and other asset and liability positions. None of these contracts are designated as accounting hedges.

The aggregate equivalent United States dollar notional amounts of foreign currency forward contracts as of March 31, 2025 and December 31, 2024 were as follows (in millions):

 

March 31, 2025

 

 

December 31, 2024

 

Contracts designated as hedges:

 

 

 

 

 

Euro

$

275.6

 

 

$

210.5

 

Canadian dollar

 

156.8

 

 

 

111.7

 

British pound

 

113.6

 

 

 

75.6

 

Australian dollar

 

73.0

 

 

 

51.2

 

Swiss franc

 

58.1

 

 

 

41.6

 

Swedish krona

 

30.9

 

 

(b)

 

Other (a)

 

51.3

 

 

 

35.7

 

Contracts not designated as hedges:

 

 

 

 

 

Euro

$

483.4

 

 

$

499.1

 

British pound

 

131.9

 

 

 

118.1

 

Mexican peso

 

107.7

 

 

 

85.7

 

Philippine peso

 

95.6

 

 

 

89.8

 

Indonesian rupiah

 

95.4

 

 

(b)

 

Australian dollar

 

62.5

 

 

 

49.0

 

Indian rupee

 

55.0

 

 

 

57.7

 

Swiss franc

 

39.5

 

 

 

32.6

 

Canadian dollar

 

38.7

 

 

 

35.5

 

Chinese yuan

 

26.8

 

 

(b)

 

Thai baht

 

25.2

 

 

(b)

 

Singapore dollar

(b)

 

 

 

31.4

 

Other (a)

 

184.5

 

 

 

208.5

 

 

 

(a)
Comprised of exposures to various currencies; none of these individual currency exposures is greater than $25 million.
(b)
Amount is below $25 million for the relevant period; therefore, the balance has been included within “Other.”

 

Balance Sheet

The following table summarizes the fair value of derivatives reported in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in millions):

 

 

Derivative Assets

 

 

Derivative Liabilities

 

 

 

 

Fair Value

 

 

 

 

Fair Value

 

 

Balance Sheet

 

March 31,

 

 

December 31,

 

 

Balance Sheet

 

March 31,

 

 

December 31,

 

 

Location

 

2025

 

 

2024

 

 

Location

 

2025

 

 

2024

 

Derivatives designated as hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency cash flow hedges

 

Other assets

 

$

12.7

 

 

$

24.4

 

 

Other liabilities

 

$

9.6

 

 

$

0.2

 

Derivatives not designated as hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

 

Other assets

 

$

5.2

 

 

$

5.1

 

 

Other liabilities

 

$

2.5

 

 

$

3.4

 

Total derivatives

 

 

 

$

17.9

 

 

$

29.5

 

 

 

 

$

12.1

 

 

$

3.6

 

 

 

Offsetting of Derivative Assets and Liabilities

The Company has elected to present derivative assets and liabilities on a gross basis in the Condensed Consolidated Balance Sheets; however, derivatives associated with the Company's foreign currency exchange contracts that are subject to a master netting arrangement or similar agreement would have resulted in an offset of $8.7 million and $3.4 million to both derivative assets and liabilities as of March 31, 2025 and December 31, 2024, respectively. This includes the fair values of derivative assets and liabilities associated with contracts that include netting language that the Company believes to be enforceable. The Company’s rights under these agreements generally allow for transactions to be settled on a net basis, including upon early termination, which could occur upon the counterparty’s default, a change in control, or other conditions.

Income Statement

Cash Flow Hedges

The effective portion of the change in fair value of derivatives that qualify as cash flow hedges is recorded in AOCL in the Company’s Condensed Consolidated Balance Sheets. Generally, amounts are recognized in income when the related forecasted transaction affects earnings.

The following table presents the pre-tax amount of unrealized gains/(losses) recognized in other comprehensive income from cash flow hedges for the three months ended March 31, 2025 and 2024 (in millions):

 

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

Foreign currency derivatives (a)

 

$

(19.1

)

 

$

13.6

 

 

(a)
Gains/(losses) of $2.2 million and $(0.9) million for the three months ended March 31, 2025 and 2024, respectively, represent amounts excluded from the assessment of effectiveness and recognized in other comprehensive income, for which an amortization approach is applied.

The following table presents the location and amounts of pre-tax net gains from cash flow hedging relationships recognized in the Condensed Consolidated Statements of Income for the three months ended March 31, 2025 and 2024 (in millions):

 

 

Three Months Ended March 31,

 

 

2025

2024

 

 

Revenues

 

 

Revenues

 

Total amounts presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded

 

$

983.6

 

 

$

1,049.1

 

Gains on cash flow hedges:

 

 

 

 

 

 

Foreign currency derivatives:

 

 

 

 

 

 

Gains reclassified from AOCL to earnings

 

 

2.6

 

 

 

2.7

 

Amount excluded from effectiveness testing recognized in earnings based on an amortization approach

 

 

2.1

 

 

 

1.6

 

 

 

Undesignated Hedges

 

The following table presents the location and amount of pre-tax net gains/(losses) from undesignated hedges in the Condensed Consolidated Statements of Income on derivatives for the three months ended March 31, 2025 and 2024 (in millions):

 

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

Derivatives

 

Location

 

2025

 

 

2024

 

Foreign currency derivatives (a)

 

Selling, general, and administrative

 

$

(9.1

)

 

$

21.5

 

 

(a)
The Company uses foreign currency forward contracts to offset foreign exchange rate fluctuations on settlement assets and obligations as well as certain foreign currency denominated positions. Foreign exchange gains/(losses) on settlement assets and obligations, cash balances, and other assets and liabilities, not including amounts related to derivative activity as displayed above and included in Selling, general, and administrative in the Condensed Consolidated Statements of Income, were $12.2 million and $(17.5) million for the three months ended March 31, 2025 and 2024, respectively.

All cash flows associated with derivatives are included in Cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows.

Based on March 31, 2025 foreign exchange rates, an accumulated other comprehensive pre-tax gain of $1.8 million related to the foreign currency forward contracts is expected to be reclassified into Revenues within the next 12 months.
v3.25.1
Borrowings
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Borrowings

10. Borrowings

The Company’s outstanding borrowings consisted of the following (in millions):

 

 

March 31, 2025

 

 

December 31, 2024

 

Commercial paper (a)

 

$

350.0

 

 

$

—

 

Notes:

 

 

 

 

 

 

2.850% notes due 2025 (b)

 

 

—

 

 

 

500.0

 

1.350% notes due 2026 (c)

 

 

600.0

 

 

 

600.0

 

2.750% notes due 2031 (c)

 

 

300.0

 

 

 

300.0

 

6.200% notes due 2036 (c)

 

 

500.0

 

 

 

500.0

 

6.200% notes due 2040 (c)

 

 

250.0

 

 

 

250.0

 

Term loan facility borrowings (effective rate of 5.6%)

 

 

800.0

 

 

 

800.0

 

Total borrowings at par value

 

 

2,800.0

 

 

 

2,950.0

 

Debt issuance costs and unamortized discount, net

 

 

(8.7

)

 

 

(9.2

)

Total borrowings at carrying value (d)

 

$

2,791.3

 

 

$

2,940.8

 

 

(a)
Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $1.6 billion outstanding at any time, reduced to the extent of borrowings outstanding on the Company’s revolving credit facility (“Revolving Credit Facility”). The commercial paper notes may have maturities of up to 397 days from date of issuance. The Company’s commercial paper borrowings as of March 31, 2025 had a weighted-average annual interest rate of approximately 4.6% and a weighted-average term of approximately 1 day.
(b)
Certain proceeds from the term loan facility borrowings were used to repay $500.0 million of the aggregate principal amount of 2.850% unsecured notes due in January 2025.
(c)
The difference between the stated interest rate and the effective interest rate is not significant.
(d)
As of March 31, 2025, the Company’s weighted-average effective rate on total borrowings was approximately 4.5%.

 

The following summarizes the Company’s maturities of its notes and term loan at par value as of March 31, 2025 (in millions):

 

Due within 1 year

 

$

600.0

 

Due after 1 year through 2 years

 

 

—

 

Due after 2 years through 3 years

 

 

800.0

 

Due after 3 years through 4 years

 

 

—

 

Due after 4 years through 5 years

 

 

—

 

Due after 5 years

 

 

1,050.0

 

Total

 

$

2,450.0

 

 

The Company’s obligations with respect to its outstanding borrowings, as described above, rank equally.

The Revolving Credit Facility provides for unsecured financing facilities, including a $250.0 million letter of credit subfacility and $300.0 million swing line sublimit, and allows the Company to draw loans payable based upon the Secured Overnight Financing Rate (“SOFR”), the Euro Interbank Offered Rate, or the Sterling Overnight Index Average. On February 28, 2025, the Company increased the aggregate revolving credit commitments to $1.6 billion. The Revolving Credit Facility matures on November 30, 2029.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

The Company’s effective tax rates on pre-tax income were 16.1% and 16.0% for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, the effective tax rate was impacted by the reorganization of the Company’s international operations, offset by discrete benefits in the period.

 

Unrecognized tax benefits are reflected in Income taxes payable in the Condensed Consolidated Balance Sheets. The total amount of unrecognized tax benefits as of March 31, 2025 and December 31, 2024 was $53.7 million and $71.6 million, respectively, including interest and penalties.

 

The Company’s tax filings are subject to examination by U.S. federal, state, and various non-United States jurisdictions. The conclusion of the examination of the Company’s consolidated federal income tax returns for 2017 and 2018 resulted in both agreed and unagreed adjustments. The Company is contesting the one remaining unagreed adjustment at the IRS Appeals level and has fully reserved for this unagreed adjustment. The statute of limitations for the U.S. federal returns for 2017 and 2018 has been extended to September 30, 2025. The Company’s U.S. federal income tax returns since 2021 are also eligible to be examined.
v3.25.1
Stock-Based Compensation Plans
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Plans

12. Stock-Based Compensation Plans

For the three months ended March 31, 2025 and 2024, the Company recognized stock-based compensation expense of $10.6 million and $8.7 million, respectively, resulting primarily from stock options, restricted stock units, and performance-based restricted stock units, in the Condensed Consolidated Statements of Income.

During the three months ended March 31, 2025, the Company granted 3.9 million options at a weighted-average exercise price of $10.64 and 5.0 million performance-based restricted stock units and restricted stock units at a weighted-average grant date fair value of $10.65. As of March 31, 2025, the Company had 12.3 million outstanding options at a weighted-average exercise price of $13.52, of which 4.6 million options were exercisable at a weighted-average exercise price of $15.78. The Company had 10.9 million outstanding performance-based restricted stock units (based on target performance) and restricted stock units at a weighted-average grant date fair value of $12.27 as of March 31, 2025.

v3.25.1
Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segments

13. Segments

As further described in Note 1, the Company has classified its business into the following segments: Consumer Money Transfer 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 Company's CODM is the President and Chief Executive Officer. The CODM uses segment operating income or loss to assess performance and allocate resources to the segments. This measure includes all expenses necessary to operate the segment and enables the CODM to understand segment profitability based on prior resource allocation decisions. This measure also excludes certain expenses such as exit costs, other severance, and operating expense redeployment activities which may be driven by corporate initiatives or could result in a lack of comparability if included in segment operating income.

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 Consumer Services segment primarily includes the Company’s bill payment services, money order services, retail foreign exchange services, media network, 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 in the consolidated financial statements within the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
•
Corporate costs, including overhead expenses, are allocated to the segments primarily based on a percentage of the segments’ revenue compared to total revenue.
•
The CODM does not review total assets by segment and capital expenditures for purposes of assessing segment performance and allocating resources. As such, the disclosure of total assets by segment and capital expenditures have 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 three months ended March 31, 2025 and 2024 (in millions):

 

 

Three Months Ended March 31, 2025

 

 

Consumer Money Transfer

 

 

Consumer Services

 

 

Total

 

Revenues

 

$

872.9

 

 

$

110.7

 

 

$

983.6

 

Expenses:

 

 

 

 

 

 

 

 

 

Direct transactional expenses(a)

 

 

403.9

 

 

 

28.4

 

 

 

432.3

 

Depreciation and amortization(b)

 

 

25.4

 

 

 

5.0

 

 

 

30.4

 

Other segment items(c)

 

 

284.3

 

 

 

50.2

 

 

 

334.5

 

Total segment operating income

 

$

159.3

 

 

$

27.1

 

 

$

186.4

 

Severance costs(d)

 

 

 

 

 

 

 

 

(6.4

)

Acquisition, separation, and integration costs(e)

 

 

 

 

 

 

 

 

(1.6

)

Amortization and impairment of acquisition-related intangible assets(f)

 

 

 

 

 

 

 

 

(0.2

)

Russia termination costs(g)

 

 

 

 

 

 

 

 

(0.8

)

Total consolidated operating income

 

 

 

 

 

 

 

$

177.4

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

Consumer Money Transfer

 

 

Consumer Services

 

 

Total

 

Revenues

 

$

962.0

 

 

$

87.1

 

 

$

1,049.1

 

Expenses:

 

 

 

 

 

 

 

 

 

Direct transactional expenses(a)

 

 

429.7

 

 

 

21.7

 

 

 

451.4

 

Depreciation and amortization(b)

 

 

24.7

 

 

 

4.0

 

 

 

28.7

 

Other segment items(c)

 

 

320.0

 

 

 

42.8

 

 

 

362.8

 

Total segment operating income

 

$

187.6

 

 

$

18.6

 

 

$

206.2

 

Redeployment program costs(h)

 

 

 

 

 

 

 

 

(14.0

)

Acquisition, separation, and integration costs(e)

 

 

 

 

 

 

 

 

(0.1

)

Total consolidated operating income

 

 

 

 

 

 

 

$

192.1

 

 

 

(a)
Direct transactional expenses include commissions to agents, bank fees, credit and non-credit losses, and other variable expenses.
(b)
Depreciation and amortization excludes amortization of capitalized contract costs paid to agents and partners, as this amortization is recorded as commissions to agents and partners and is therefore included in direct transactional expenses. For the three months ended March 31, 2025 and 2024, amortization of capitalized contract costs included within direct transactional expenses in the Consumer Money Transfer segment was $11.5 million and $17.9 million, respectively.
(c)
Other segment items primarily consists of salaries and benefits, professional services, equipment and software expenses, advertising costs, and lease and facilities costs.
(d)
Represents severance costs, which have been excluded from the segments as management excludes severance in making operating decisions, including allocating resources to the Company's segments. These expenses are therefore excluded from the Company's segment operating income results. Prior to the fourth quarter of 2024, these severance costs were included in the redeployment program costs line item, and therefore, severance costs have been consistently excluded from segment operating income in the tables above.
(e)
Represents the impact from expenses incurred in connection with the Company's acquisition and divestiture activity, including for the review and closing of these transactions, and integration costs directly related to the Company's acquisitions. 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.
(f)
Represents the non-cash amortization and impairment of acquired intangible assets in connection with recent business acquisitions. 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.
(g)
Represents the costs associated with operating the Russian entity. The expenses were not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses were therefore excluded from the Company's segment operating income results. While the Company had previously made a decision to suspend its operations in Russia, in the third quarter of 2024, the Company decided to pursue either liquidating or selling the Russian assets. In the first quarter of 2025, the Company signed a definitive sale agreement subject to regulatory approvals.
(h)
Represented severance, expenses associated with streamlining the Company's organizational and legal structure, and other expenses associated with the Company's program which redeployed investment and expenses in the Company's cost base through optimizations in vendor management, real estate, marketing, and people strategy, as previously announced in October 2022. Expenses incurred under the program also included non-cash impairments of operating lease ROU assets and property and equipment. The expenses were not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses were therefore excluded from the Company's segment operating income results.
v3.25.1
Subsequent Event
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event

14. Subsequent Event

In March 2025, the Company entered into an agreement to acquire the entire share capital of Eurochange Limited, a provider of retail foreign exchange services in the United Kingdom, for cash consideration of approximately £60 million ($77 million as of March 31, 2025), inclusive of cash acquired. The Company completed the acquisition in April 2025. Management expects that the acquisition will further enable the Company to deliver accessible financial services to consumers by expanding its foreign exchange services and owned locations in the United Kingdom.
v3.25.1
Business and Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Basis of Presentation

The accompanying condensed consolidated financial statements are unaudited and were prepared in accordance with the instructions for Form 10‑Q and Article 10 of Regulation S-X. In compliance with those instructions, certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) have been condensed or omitted.

The unaudited condensed consolidated financial statements in this quarterly report are presented on a consolidated basis and include the accounts of the Company and its majority-owned subsidiaries. Results of operations and cash flows for the interim periods are not necessarily indicative of the results that may be expected for the entire year. All significant intercompany transactions and accounts have been eliminated as of March 31, 2025 and December 31, 2024 and for all periods presented.

In the opinion of management, these condensed consolidated financial statements include all the normal recurring adjustments necessary to fairly present the Company’s condensed consolidated results of operations, financial position, and cash flows as of March 31, 2025 and for all periods presented. These condensed consolidated financial statements

should be read in conjunction with the Company’s consolidated financial statements within the Company’s Annual Report on Form 10‑K for the year ended December 31, 2024.

Consistent with industry practice, the accompanying Condensed Consolidated Balance Sheets are unclassified due to the short-term nature of the Company’s settlement obligations contrasted with the Company’s ability to invest cash awaiting settlement in long-term investment securities.
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.

Recently Adopted Accounting Pronouncements

In December 2024, the Company adopted a new accounting standard that requires the Company to expand reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The adoption of this standard did not have an impact on the Company's financial position or results of operations. Refer to Note 13 for additional information and the related disclosures.

Recently Adopted Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In December 2024, the Company adopted a new accounting standard that requires the Company to expand reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The adoption of this standard did not have an impact on the Company's financial position or results of operations. Refer to Note 13 for additional information and the related disclosures.

Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements Not Yet Adopted

In December 2023, the Financial Accounting Standards Board issued a new accounting pronouncement regarding income tax disclosures. The standard requires that public entities disclose more consistent and detailed categories in their statutory to effective income tax rate reconciliations and further disaggregate income taxes paid by jurisdiction. The Company is required to adopt the new standard for its 2025 annual reporting. Management is currently evaluating the potential impact that the adoption of this standard will have on the Company, and is in the process of preparing to comply with the new disclosure requirements.

In November 2024, the Financial Accounting Standards Board issued a new accounting pronouncement regarding the disclosure of specified information about certain costs and expenses. The standard requires that public entities disclose certain detailed information about the types of expenses included in the expense captions presented within the consolidated statements of income, provide qualitative descriptions for expenses not separately disaggregated quantitatively, and disclose an entity's definition and total amount of selling expenses. The Company is required to adopt the new standard for its 2027 annual reporting and interim periods thereafter, using either a prospective or retrospective approach. Management is currently evaluating the potential impact that the adoption of this standard will have on the Company's disclosures.

Earnings Per Share

The calculation of basic earnings per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding for the period. Outstanding options to purchase Western Union stock and unvested shares of restricted stock are excluded from basic shares outstanding. Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options at the presented dates are exercised and shares of restricted stock have vested, using the treasury stock method. The treasury stock method assumes proceeds from the exercise price of stock options and the unamortized compensation expense of options and restricted stock are available to acquire shares at an average market price throughout the period, and therefore, reduce the dilutive effect.

Investment Securities

Investment Securities

Investment securities included in Settlement assets in the Company’s Condensed Consolidated Balance Sheets consist primarily of highly-rated state and municipal debt securities, including fixed-rate term notes and variable-rate demand notes. Variable-rate demand note securities can be put (sold at par) typically on a daily basis with settlement periods ranging from the same day to one week but have varying maturities through 2045. These securities may be used by the Company for short-term liquidity needs and held for short periods of time. Investment securities are exposed to market risk due to changes in interest rates and credit risk. The Company is required to hold highly-rated, investment grade securities and such investments are restricted to satisfy outstanding settlement obligations in accordance with applicable regulatory requirements.

The Company’s investment securities are classified as available-for-sale and recorded at fair value. Western Union regularly monitors credit risk and attempts to mitigate its exposure by investing in highly-rated securities and through investment diversification.

Unrealized gains on available-for-sale securities are excluded from earnings and presented as a component of accumulated other comprehensive loss, net of related deferred taxes. Available-for-sale securities with a fair value below the amortized cost basis are evaluated on an individual basis to determine whether the impairment is due to credit-related factors or noncredit-related factors. Factors that could indicate a credit loss exists include but are not limited to: (i) negative earnings performance, (ii) credit rating downgrades, or (iii) adverse changes in the regulatory or economic environment of the asset. Any impairment that is not credit-related is excluded from earnings and presented as a component of accumulated other comprehensive loss, net of related deferred taxes, unless the Company intends to sell the impaired

security, or it is more likely than not that the Company will be required to sell the security before recovering its amortized cost basis. Credit-related impairments are recognized immediately as an adjustment to earnings, regardless of whether the Company has the ability or intent to hold the security to maturity, and are limited to the difference between fair value and the amortized cost basis.

Foreign Currency - Derivatives

Foreign Currency Derivatives

The Company’s policy is to use longer duration foreign currency forward contracts, with maturities of up to 36 months at inception and a targeted weighted-average maturity of one to two years, to help mitigate some of the risk that changes in foreign currency exchange rates compared to the United States dollar could have on forecasted revenues denominated in other currencies related to its business. As of March 31, 2025, these foreign currency forward contracts had maturities of a maximum of 36 months with a weighted-average maturity of approximately one year. These contracts are accounted for as cash flow hedges of forecasted revenue, with effectiveness assessed based on changes in the spot rate of the affected currencies during the period of designation and thus time value is excluded from the assessment of effectiveness. The initial value of the excluded components is amortized into Revenues within the Company’s Condensed Consolidated Statements of Income.

The Company also uses short duration foreign currency forward contracts, generally with maturities ranging from a few days to one month, to offset foreign exchange rate fluctuations on settlement assets and obligations between initiation and settlement. In addition, forward contracts, typically with maturities of less than one year at inception, are utilized to offset foreign exchange rate fluctuations on certain foreign currency denominated cash and other asset and liability positions. None of these contracts are designated as accounting hedges.
v3.25.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue Earned from Contracts with Customers The following tables represent the disaggregation of revenue earned from contracts with customers by product type and region for the three months ended March 31, 2025 and 2024 (in millions). The regional split of revenue shown in the tables below is based upon where transactions are initiated.

 

Three Months Ended March 31, 2025

 

 

Consumer

 

 

 

 

 

 

 

 

Money

 

 

Consumer

 

 

 

 

 

Transfer

 

 

Services

 

 

Total

 

Regions:

 

 

 

 

 

 

 

 

 

North America

 

$

329.8

 

 

$

36.4

 

 

$

366.2

 

Europe and CIS

 

 

230.3

 

 

 

10.1

 

 

 

240.4

 

Middle East, Africa, and South Asia

 

 

144.8

 

 

 

0.1

 

 

 

144.9

 

Latin America and the Caribbean

 

 

93.9

 

 

 

46.0

 

 

 

139.9

 

Asia Pacific

 

 

47.3

 

 

 

—

 

 

 

47.3

 

Revenues from contracts with customers

 

$

846.1

 

 

$

92.6

 

 

$

938.7

 

Other revenues (a)

 

 

26.8

 

 

 

18.1

 

 

 

44.9

 

Total revenues

 

$

872.9

 

 

$

110.7

 

 

$

983.6

 

 

 

Three Months Ended March 31, 2024

 

 

Consumer

 

 

 

 

 

 

 

 

Money

 

 

Consumer

 

 

 

 

 

Transfer

 

 

Services

 

 

Total

 

Regions:

 

 

 

 

 

 

 

 

 

North America

 

$

354.5

 

 

$

39.4

 

 

$

393.9

 

Europe and CIS

 

 

224.4

 

 

 

4.5

 

 

 

228.9

 

Middle East, Africa, and South Asia

 

 

192.3

 

 

 

0.1

 

 

 

192.4

 

Latin America and the Caribbean

 

 

107.5

 

 

 

23.1

 

 

 

130.6

 

Asia Pacific

 

 

49.9

 

 

 

—

 

 

 

49.9

 

Revenues from contracts with customers

 

$

928.6

 

 

$

67.1

 

 

$

995.7

 

Other revenues (a)

 

 

33.4

 

 

 

20.0

 

 

 

53.4

 

Total revenues

 

$

962.0

 

 

$

87.1

 

 

$

1,049.1

 

________________________________________

(a)
Includes revenue from investment income generated on settlement assets primarily related to money transfer and money order services, impacts from the Company's foreign currency cash flow hedges, and other sources.
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Diluted Weighted-average Shares Outstanding

The following table provides the calculation of diluted weighted-average shares outstanding (in millions):

 

 

Three Months Ended

 

 

March 31,

 

 

2025

 

 

2024

 

Basic weighted-average shares outstanding

 

 

337.7

 

 

 

344.4

 

Common stock equivalents

 

 

1.5

 

 

 

1.3

 

Diluted weighted-average shares outstanding

 

 

339.2

 

 

 

345.7

 
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables present the Company’s assets and liabilities, which are measured at fair value on a recurring basis, by category (in millions):

 

 

Fair Value Measurement Using

 

 

Total

 

March 31, 2025

 

Level 1

 

 

Level 2

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

Settlement assets:

 

 

 

 

 

 

 

 

 

Measured at fair value through net income:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

20.2

 

 

$

—

 

 

$

20.2

 

Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):

 

 

 

 

 

 

 

 

 

State and municipal debt securities

 

 

—

 

 

 

1,067.0

 

 

 

1,067.0

 

Asset-backed securities

 

 

—

 

 

 

208.6

 

 

 

208.6

 

Corporate debt securities

 

 

—

 

 

 

157.2

 

 

 

157.2

 

State and municipal variable-rate demand notes

 

 

—

 

 

 

1.4

 

 

 

1.4

 

United States government agency mortgage-backed securities

 

 

—

 

 

 

6.3

 

 

 

6.3

 

Other assets:

 

 

 

 

 

 

 

 

 

Derivatives

 

 

—

 

 

 

17.9

 

 

 

17.9

 

Total assets

 

$

20.2

 

 

$

1,458.4

 

 

$

1,478.6

 

Liabilities:

 

 

 

 

 

 

 

 

 

Other liabilities:

 

 

 

 

 

 

 

 

 

Derivatives

 

$

—

 

 

$

12.1

 

 

$

12.1

 

Total liabilities

 

$

—

 

 

$

12.1

 

 

$

12.1

 

 

 

 

Fair Value Measurement Using

 

 

Total

 

December 31, 2024

 

Level 1

 

 

Level 2

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

Settlement assets:

 

 

 

 

 

 

 

 

 

Measured at fair value through net income:

 

 

 

 

 

 

 

 

 

Money market funds

 

$

32.6

 

 

$

—

 

 

$

32.6

 

Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):

 

 

 

 

 

 

 

 

 

State and municipal debt securities

 

 

—

 

 

 

1,027.6

 

 

 

1,027.6

 

Asset-backed securities

 

 

—

 

 

 

211.2

 

 

 

211.2

 

Corporate debt securities

 

 

—

 

 

 

85.0

 

 

 

85.0

 

State and municipal variable-rate demand notes

 

 

—

 

 

 

1.4

 

 

 

1.4

 

United States government agency mortgage-backed securities

 

 

—

 

 

 

7.1

 

 

 

7.1

 

Other assets:

 

 

 

 

 

 

 

 

 

Derivatives

 

 

—

 

 

 

29.5

 

 

 

29.5

 

Total assets

 

$

32.6

 

 

$

1,361.8

 

 

$

1,394.4

 

Liabilities:

 

 

 

 

 

 

 

 

 

Other liabilities:

 

 

 

 

 

 

 

 

 

Derivatives

 

$

—

 

 

$

3.6

 

 

$

3.6

 

Total liabilities

 

$

—

 

 

$

3.6

 

 

$

3.6

 
v3.25.1
Settlement Assets and Obligations (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Settlement Assets and Obligations

Settlement assets and obligations consisted of the following (in millions):

 

 

March 31, 2025

 

 

December 31, 2024

 

Settlement assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

157.2

 

 

$

631.6

 

Receivables from agents and others

 

 

1,942.3

 

 

 

1,421.7

 

Less: Allowance for credit losses

 

 

(18.5

)

 

 

(24.7

)

Receivables from agents and others, net

 

 

1,923.8

 

 

 

1,397.0

 

Investment securities

 

 

1,440.5

 

 

 

1,332.3

 

Less: Allowance for credit losses

 

 

—

 

 

 

(0.1

)

Investment securities, net

 

 

1,440.5

 

 

 

1,332.2

 

Total settlement assets

 

$

3,521.5

 

 

$

3,360.8

 

Settlement obligations:

 

 

 

 

 

 

Money transfer, money order, and payment service payables

 

$

2,818.2

 

 

$

2,655.5

 

Payables to agents

 

 

703.3

 

 

 

705.3

 

Total settlement obligations

 

$

3,521.5

 

 

$

3,360.8

 

 
Summary of Activity in the Allowance for Credit Losses

The following tables summarize the activity in the allowance for credit losses on receivables from agents and others (in millions):

 

 

Agents and

 

 

Others

 

Allowance for credit losses as of January 1, 2025

 

$

24.7

 

Current period provision for expected credit losses (a)

 

 

(3.8

)

Write-offs charged against the allowance

 

 

(10.4

)

Recoveries of amounts previously written off

 

 

7.8

 

Impacts of foreign currency exchange rates and other

 

 

0.2

 

Allowance for credit losses as of March 31, 2025

 

$

18.5

 

 

 

Agents and

 

 

Others

 

Allowance for credit losses as of January 1, 2024

 

$

15.4

 

Current period provision for expected credit losses (a)

 

 

—

 

Write-offs charged against the allowance

 

 

(5.2

)

Recoveries of amounts previously written off

 

 

2.3

 

Impacts of foreign currency exchange rates and other

 

 

(0.6

)

Allowance for credit losses as of March 31, 2024

 

$

11.9

 

 

(a)
Provision does not include losses from chargebacks or fraud associated with transactions initiated through the Company’s digital channels, as these losses are not credit-related.
Components of Investment Securities

The components of investment securities are as follows (in millions):

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Net

 

 

 

Amortized

 

 

Fair

 

 

Unrealized

 

 

Unrealized

 

 

Unrealized

 

March 31, 2025

 

Cost

 

 

Value

 

 

Gains

 

 

Losses

 

 

Gains/(Losses)

 

Settlement assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

20.2

 

 

$

20.2

 

 

$

—

 

 

$

—

 

 

$

—

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal debt securities (a)

 

 

1,090.7

 

 

 

1,067.0

 

 

 

7.1

 

 

 

(30.8

)

 

 

(23.7

)

Asset-backed securities

 

 

205.7

 

 

 

208.6

 

 

 

2.9

 

 

 

—

 

 

 

2.9

 

Corporate debt securities

 

 

156.0

 

 

 

157.2

 

 

 

3.7

 

 

 

(2.5

)

 

 

1.2

 

State and municipal variable-rate demand notes

 

 

1.4

 

 

 

1.4

 

 

 

—

 

 

 

—

 

 

 

—

 

United States government agency mortgage-backed securities

 

 

6.4

 

 

 

6.3

 

 

 

—

 

 

 

(0.1

)

 

 

(0.1

)

Total available-for-sale securities

 

 

1,460.2

 

 

 

1,440.5

 

 

 

13.7

 

 

 

(33.4

)

 

 

(19.7

)

Total investment securities

 

$

1,480.4

 

 

$

1,460.7

 

 

$

13.7

 

 

$

(33.4

)

 

$

(19.7

)

 

 

 

 

 

 

 

 

Gross

 

 

Gross

 

 

Net

 

 

 

Amortized

 

 

Fair

 

 

Unrealized

 

 

Unrealized

 

 

Unrealized

 

December 31, 2024

 

Cost

 

 

Value

 

 

Gains

 

 

Losses

 

 

Gains/(Losses)

 

Settlement assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

32.6

 

 

$

32.6

 

 

$

—

 

 

$

—

 

 

$

—

 

Available-for-sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and municipal debt securities (a)

 

 

1,068.1

 

 

 

1,027.6

 

 

 

2.7

 

 

 

(43.2

)

 

 

(40.5

)

Asset-backed securities

 

 

208.6

 

 

 

211.2

 

 

 

2.6

 

 

 

—

 

 

 

2.6

 

Corporate debt securities

 

 

87.5

 

 

 

85.0

 

 

 

0.8

 

 

 

(3.3

)

 

 

(2.5

)

State and municipal variable-rate demand notes

 

 

1.4

 

 

 

1.4

 

 

 

—

 

 

 

—

 

 

 

—

 

United States government agency mortgage-backed securities

 

 

7.3

 

 

 

7.1

 

 

 

—

 

 

 

(0.2

)

 

 

(0.2

)

Total available-for-sale securities

 

 

1,372.9

 

 

 

1,332.3

 

 

 

6.1

 

 

 

(46.7

)

 

 

(40.6

)

Total investment securities

 

$

1,405.5

 

 

$

1,364.9

 

 

$

6.1

 

 

$

(46.7

)

 

$

(40.6

)

 

(a)
The majority of these securities are fixed-rate instruments.
Summary of Investment Securities in Unrealized Position

The following summarizes investment securities that were in an unrealized loss position as of March 31, 2025, by the length of time the securities were in a continuous loss position (in millions, except number of securities):

Less Than One Year

 

Number of Securities

 

 

Fair Value

 

 

Unrealized Losses

 

State and municipal debt securities

 

 

45

 

 

$

119.0

 

 

$

(1.8

)

 

 

One Year or Greater

 

Number of Securities

 

 

Fair Value

 

 

Unrealized Losses

 

State and municipal debt securities

 

 

220

 

 

$

481.2

 

 

$

(29.0

)

Corporate debt securities

 

 

10

 

 

 

39.9

 

 

 

(2.5

)

United States government agency mortgage-backed securities

 

 

8

 

 

 

5.1

 

 

 

(0.1

)
Contractual Maturities of Debt Securities

The following summarizes the contractual maturities of available-for-sale securities within Settlement assets as of March 31, 2025 (in millions):

 

 

Fair Value

 

Due within 1 year

 

$

95.8

 

Due after 1 year through 5 years

 

 

578.4

 

Due after 5 years through 10 years

 

 

344.3

 

Due after 10 years

 

 

422.0

 

Total

 

$

1,440.5

 
v3.25.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Amounts Reclassified from AOCL

The following table details reclassifications out of Accumulated other comprehensive loss (“AOCL”) and into Net income. All amounts reclassified from AOCL affect the line items as indicated below and the amounts in parentheses indicate decreases to Net income in the Condensed Consolidated Statements of Income (in millions).

 

 

Amounts Reclassified from AOCL to Net Income

 

 

 

 

Three Months Ended

 

 

Income Statement

 

March 31,

 

Income for the period (in millions)

 

Location

 

2025

 

 

2024

 

Accumulated other comprehensive loss components:

 

 

 

 

 

 

 

 

 Gains/(losses) on investment securities:

 

 

 

 

 

 

 

 

Available-for-sale securities

 

Revenues

 

$

1.1

 

 

$

2.5

 

Income tax expense

 

Provision for income taxes

 

 

(0.2

)

 

 

(0.4

)

Total reclassification adjustments related to investment securities, net of tax

 

 

 

 

0.9

 

 

 

2.1

 

 Gains on cash flow hedges:

 

 

 

 

 

 

 

 

Foreign currency contracts

 

Revenues

 

 

2.6

 

 

 

2.7

 

Total reclassification adjustments related to cash flow hedges, net of tax

 

 

 

 

2.6

 

 

 

2.7

 

Total reclassifications, net of tax

 

 

 

$

3.5

 

 

$

4.8

 
Schedule of Components of Accumulated Other Comprehensive Income/(Loss)

The following tables summarize the components of AOCL, net of tax in the accompanying Condensed Consolidated Balance Sheets (in millions):

 

 

Investment

 

 

Hedging

 

 

Foreign Currency

 

 

 

 

 

Securities

 

 

Activities

 

 

Translation

 

 

Total

 

As of December 31, 2024

 

$

(33.4

)

 

$

13.1

 

 

$

(120.2

)

 

$

(140.5

)

Unrealized gains/(losses)

 

 

22.0

 

 

 

(19.1

)

 

 

1.1

 

 

 

4.0

 

Tax benefit/(expense)

 

 

(3.8

)

 

 

1.9

 

 

 

—

 

 

 

(1.9

)

Amounts reclassified from AOCL into earnings, net of tax

 

 

(0.9

)

 

 

(2.6

)

 

 

—

 

 

 

(3.5

)

As of March 31, 2025

 

$

(16.1

)

 

$

(6.7

)

 

$

(119.1

)

 

$

(141.9

)

 

 

Investment

 

 

Hedging

 

 

Foreign Currency

 

 

 

 

 

Securities

 

 

Activities

 

 

Translation

 

 

Total

 

As of December 31, 2023

 

$

(33.0

)

 

$

(15.3

)

 

$

(119.0

)

 

$

(167.3

)

Unrealized gains/(losses)

 

 

(3.0

)

 

 

13.6

 

 

 

—

 

 

 

10.6

 

Tax benefit/(expense)

 

 

0.5

 

 

 

(0.1

)

 

 

—

 

 

 

0.4

 

Amounts reclassified from AOCL into earnings, net of tax

 

 

(2.1

)

 

 

(2.7

)

 

 

—

 

 

 

(4.8

)

As of March 31, 2024

 

$

(37.6

)

 

$

(4.5

)

 

$

(119.0

)

 

$

(161.1

)
v3.25.1
Derivatives (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Notional Amounts of Foreign Currency Forward Contracts

The aggregate equivalent United States dollar notional amounts of foreign currency forward contracts as of March 31, 2025 and December 31, 2024 were as follows (in millions):

 

March 31, 2025

 

 

December 31, 2024

 

Contracts designated as hedges:

 

 

 

 

 

Euro

$

275.6

 

 

$

210.5

 

Canadian dollar

 

156.8

 

 

 

111.7

 

British pound

 

113.6

 

 

 

75.6

 

Australian dollar

 

73.0

 

 

 

51.2

 

Swiss franc

 

58.1

 

 

 

41.6

 

Swedish krona

 

30.9

 

 

(b)

 

Other (a)

 

51.3

 

 

 

35.7

 

Contracts not designated as hedges:

 

 

 

 

 

Euro

$

483.4

 

 

$

499.1

 

British pound

 

131.9

 

 

 

118.1

 

Mexican peso

 

107.7

 

 

 

85.7

 

Philippine peso

 

95.6

 

 

 

89.8

 

Indonesian rupiah

 

95.4

 

 

(b)

 

Australian dollar

 

62.5

 

 

 

49.0

 

Indian rupee

 

55.0

 

 

 

57.7

 

Swiss franc

 

39.5

 

 

 

32.6

 

Canadian dollar

 

38.7

 

 

 

35.5

 

Chinese yuan

 

26.8

 

 

(b)

 

Thai baht

 

25.2

 

 

(b)

 

Singapore dollar

(b)

 

 

 

31.4

 

Other (a)

 

184.5

 

 

 

208.5

 

 

 

(a)
Comprised of exposures to various currencies; none of these individual currency exposures is greater than $25 million.
(b)
Amount is below $25 million for the relevant period; therefore, the balance has been included within “Other.”
Fair Value of Derivatives

The following table summarizes the fair value of derivatives reported in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in millions):

 

 

Derivative Assets

 

 

Derivative Liabilities

 

 

 

 

Fair Value

 

 

 

 

Fair Value

 

 

Balance Sheet

 

March 31,

 

 

December 31,

 

 

Balance Sheet

 

March 31,

 

 

December 31,

 

 

Location

 

2025

 

 

2024

 

 

Location

 

2025

 

 

2024

 

Derivatives designated as hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency cash flow hedges

 

Other assets

 

$

12.7

 

 

$

24.4

 

 

Other liabilities

 

$

9.6

 

 

$

0.2

 

Derivatives not designated as hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency

 

Other assets

 

$

5.2

 

 

$

5.1

 

 

Other liabilities

 

$

2.5

 

 

$

3.4

 

Total derivatives

 

 

 

$

17.9

 

 

$

29.5

 

 

 

 

$

12.1

 

 

$

3.6

 

 

 
Schedule of Amount and Location of Gains/(Losses) from Hedging Activities

The following table presents the pre-tax amount of unrealized gains/(losses) recognized in other comprehensive income from cash flow hedges for the three months ended March 31, 2025 and 2024 (in millions):

 

 

Three Months Ended March 31,

 

 

2025

 

 

2024

 

Foreign currency derivatives (a)

 

$

(19.1

)

 

$

13.6

 

 

(a)
Gains/(losses) of $2.2 million and $(0.9) million for the three months ended March 31, 2025 and 2024, respectively, represent amounts excluded from the assessment of effectiveness and recognized in other comprehensive income, for which an amortization approach is applied.

The following table presents the location and amounts of pre-tax net gains from cash flow hedging relationships recognized in the Condensed Consolidated Statements of Income for the three months ended March 31, 2025 and 2024 (in millions):

 

 

Three Months Ended March 31,

 

 

2025

2024

 

 

Revenues

 

 

Revenues

 

Total amounts presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded

 

$

983.6

 

 

$

1,049.1

 

Gains on cash flow hedges:

 

 

 

 

 

 

Foreign currency derivatives:

 

 

 

 

 

 

Gains reclassified from AOCL to earnings

 

 

2.6

 

 

 

2.7

 

Amount excluded from effectiveness testing recognized in earnings based on an amortization approach

 

 

2.1

 

 

 

1.6

 

 

 

Undesignated Hedges

 

The following table presents the location and amount of pre-tax net gains/(losses) from undesignated hedges in the Condensed Consolidated Statements of Income on derivatives for the three months ended March 31, 2025 and 2024 (in millions):

 

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

Derivatives

 

Location

 

2025

 

 

2024

 

Foreign currency derivatives (a)

 

Selling, general, and administrative

 

$

(9.1

)

 

$

21.5

 

 

(a)
The Company uses foreign currency forward contracts to offset foreign exchange rate fluctuations on settlement assets and obligations as well as certain foreign currency denominated positions. Foreign exchange gains/(losses) on settlement assets and obligations, cash balances, and other assets and liabilities, not including amounts related to derivative activity as displayed above and included in Selling, general, and administrative in the Condensed Consolidated Statements of Income, were $12.2 million and $(17.5) million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Borrowings

The Company’s outstanding borrowings consisted of the following (in millions):

 

 

March 31, 2025

 

 

December 31, 2024

 

Commercial paper (a)

 

$

350.0

 

 

$

—

 

Notes:

 

 

 

 

 

 

2.850% notes due 2025 (b)

 

 

—

 

 

 

500.0

 

1.350% notes due 2026 (c)

 

 

600.0

 

 

 

600.0

 

2.750% notes due 2031 (c)

 

 

300.0

 

 

 

300.0

 

6.200% notes due 2036 (c)

 

 

500.0

 

 

 

500.0

 

6.200% notes due 2040 (c)

 

 

250.0

 

 

 

250.0

 

Term loan facility borrowings (effective rate of 5.6%)

 

 

800.0

 

 

 

800.0

 

Total borrowings at par value

 

 

2,800.0

 

 

 

2,950.0

 

Debt issuance costs and unamortized discount, net

 

 

(8.7

)

 

 

(9.2

)

Total borrowings at carrying value (d)

 

$

2,791.3

 

 

$

2,940.8

 

 

(a)
Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $1.6 billion outstanding at any time, reduced to the extent of borrowings outstanding on the Company’s revolving credit facility (“Revolving Credit Facility”). The commercial paper notes may have maturities of up to 397 days from date of issuance. The Company’s commercial paper borrowings as of March 31, 2025 had a weighted-average annual interest rate of approximately 4.6% and a weighted-average term of approximately 1 day.
(b)
Certain proceeds from the term loan facility borrowings were used to repay $500.0 million of the aggregate principal amount of 2.850% unsecured notes due in January 2025.
(c)
The difference between the stated interest rate and the effective interest rate is not significant.
(d)
As of March 31, 2025, the Company’s weighted-average effective rate on total borrowings was approximately 4.5%.
Schedule of Maturities of Borrowings

The following summarizes the Company’s maturities of its notes and term loan at par value as of March 31, 2025 (in millions):

 

Due within 1 year

 

$

600.0

 

Due after 1 year through 2 years

 

 

—

 

Due after 2 years through 3 years

 

 

800.0

 

Due after 3 years through 4 years

 

 

—

 

Due after 4 years through 5 years

 

 

—

 

Due after 5 years

 

 

1,050.0

 

Total

 

$

2,450.0

 
v3.25.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Results

The following tables present the Company’s segment results for the three months ended March 31, 2025 and 2024 (in millions):

 

 

Three Months Ended March 31, 2025

 

 

Consumer Money Transfer

 

 

Consumer Services

 

 

Total

 

Revenues

 

$

872.9

 

 

$

110.7

 

 

$

983.6

 

Expenses:

 

 

 

 

 

 

 

 

 

Direct transactional expenses(a)

 

 

403.9

 

 

 

28.4

 

 

 

432.3

 

Depreciation and amortization(b)

 

 

25.4

 

 

 

5.0

 

 

 

30.4

 

Other segment items(c)

 

 

284.3

 

 

 

50.2

 

 

 

334.5

 

Total segment operating income

 

$

159.3

 

 

$

27.1

 

 

$

186.4

 

Severance costs(d)

 

 

 

 

 

 

 

 

(6.4

)

Acquisition, separation, and integration costs(e)

 

 

 

 

 

 

 

 

(1.6

)

Amortization and impairment of acquisition-related intangible assets(f)

 

 

 

 

 

 

 

 

(0.2

)

Russia termination costs(g)

 

 

 

 

 

 

 

 

(0.8

)

Total consolidated operating income

 

 

 

 

 

 

 

$

177.4

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2024

 

 

Consumer Money Transfer

 

 

Consumer Services

 

 

Total

 

Revenues

 

$

962.0

 

 

$

87.1

 

 

$

1,049.1

 

Expenses:

 

 

 

 

 

 

 

 

 

Direct transactional expenses(a)

 

 

429.7

 

 

 

21.7

 

 

 

451.4

 

Depreciation and amortization(b)

 

 

24.7

 

 

 

4.0

 

 

 

28.7

 

Other segment items(c)

 

 

320.0

 

 

 

42.8

 

 

 

362.8

 

Total segment operating income

 

$

187.6

 

 

$

18.6

 

 

$

206.2

 

Redeployment program costs(h)

 

 

 

 

 

 

 

 

(14.0

)

Acquisition, separation, and integration costs(e)

 

 

 

 

 

 

 

 

(0.1

)

Total consolidated operating income

 

 

 

 

 

 

 

$

192.1

 

 

 

(a)
Direct transactional expenses include commissions to agents, bank fees, credit and non-credit losses, and other variable expenses.
(b)
Depreciation and amortization excludes amortization of capitalized contract costs paid to agents and partners, as this amortization is recorded as commissions to agents and partners and is therefore included in direct transactional expenses. For the three months ended March 31, 2025 and 2024, amortization of capitalized contract costs included within direct transactional expenses in the Consumer Money Transfer segment was $11.5 million and $17.9 million, respectively.
(c)
Other segment items primarily consists of salaries and benefits, professional services, equipment and software expenses, advertising costs, and lease and facilities costs.
(d)
Represents severance costs, which have been excluded from the segments as management excludes severance in making operating decisions, including allocating resources to the Company's segments. These expenses are therefore excluded from the Company's segment operating income results. Prior to the fourth quarter of 2024, these severance costs were included in the redeployment program costs line item, and therefore, severance costs have been consistently excluded from segment operating income in the tables above.
(e)
Represents the impact from expenses incurred in connection with the Company's acquisition and divestiture activity, including for the review and closing of these transactions, and integration costs directly related to the Company's acquisitions. 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.
(f)
Represents the non-cash amortization and impairment of acquired intangible assets in connection with recent business acquisitions. 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.
(g)
Represents the costs associated with operating the Russian entity. The expenses were not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses were therefore excluded from the Company's segment operating income results. While the Company had previously made a decision to suspend its operations in Russia, in the third quarter of 2024, the Company decided to pursue either liquidating or selling the Russian assets. In the first quarter of 2025, the Company signed a definitive sale agreement subject to regulatory approvals.
(h)
Represented severance, expenses associated with streamlining the Company's organizational and legal structure, and other expenses associated with the Company's program which redeployed investment and expenses in the Company's cost base through optimizations in vendor management, real estate, marketing, and people strategy, as previously announced in October 2022. Expenses incurred under the program also included non-cash impairments of operating lease ROU assets and property and equipment. The expenses were not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses were therefore excluded from the Company's segment operating income results.
v3.25.1
Business and Basis of Presentation - Narrative (Details)
$ in Millions
Mar. 31, 2025
Country
Dec. 31, 2024
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Number of countries and territories where services are available (more than) | Country 200  
Net assets subject to limitations | $   $ 340
v3.25.1
Revenue - Disaggregation of Revenue Earned from Contracts with Customers (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue    
Revenues from contracts with customers $ 938.7 $ 995.7
Other revenues [1] 44.9 53.4
Revenues 983.6 1,049.1
Consumer money transfers    
Revenue    
Revenues from contracts with customers 846.1 928.6
Other revenues [1] 26.8 33.4
Revenues 872.9 962.0
Consumer services    
Revenue    
Revenues from contracts with customers 92.6 67.1
Other revenues [1] 18.1 20.0
Revenues 110.7 87.1
North America    
Revenue    
Revenues from contracts with customers 366.2 393.9
North America | Consumer money transfers    
Revenue    
Revenues from contracts with customers 329.8 354.5
North America | Consumer services    
Revenue    
Revenues from contracts with customers 36.4 39.4
Europe and CIS    
Revenue    
Revenues from contracts with customers 240.4 228.9
Europe and CIS | Consumer money transfers    
Revenue    
Revenues from contracts with customers 230.3 224.4
Europe and CIS | Consumer services    
Revenue    
Revenues from contracts with customers 10.1 4.5
Middle East, Africa, and South Asia    
Revenue    
Revenues from contracts with customers 144.9 192.4
Middle East, Africa, and South Asia | Consumer money transfers    
Revenue    
Revenues from contracts with customers 144.8 192.3
Middle East, Africa, and South Asia | Consumer services    
Revenue    
Revenues from contracts with customers 0.1 0.1
Latin America and the Caribbean    
Revenue    
Revenues from contracts with customers 139.9 130.6
Latin America and the Caribbean | Consumer money transfers    
Revenue    
Revenues from contracts with customers 93.9 107.5
Latin America and the Caribbean | Consumer services    
Revenue    
Revenues from contracts with customers 46.0 23.1
Asia Pacific    
Revenue    
Revenues from contracts with customers 47.3 49.9
Asia Pacific | Consumer money transfers    
Revenue    
Revenues from contracts with customers $ 47.3 $ 49.9
[1] Includes revenue from investment income generated on settlement assets primarily related to money transfer and money order services, impacts from the Company's foreign currency cash flow hedges, and other sources.
v3.25.1
Earnings Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Outstanding restricted stock and options to purchase shares of stock excluded from the diluted earnings per share calculation 14.0 11.4
v3.25.1
Earnings Per Share - Schedule of Diluted Weighted-Average Shares Outstanding (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share, Diluted, Other Disclosure [Abstract]    
Basic weighted-average shares outstanding 337.7 344.4
Common stock equivalents 1.5 1.3
Diluted weighted-average shares outstanding 339.2 345.7
v3.25.1
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Settlement assets $ 3,521.5 $ 3,360.8
Derivatives 17.9 29.5
Liabilities:    
Derivatives 12.1 3.6
Recurring    
Assets:    
Derivatives 17.9 29.5
Total assets 1,478.6 1,394.4
Liabilities:    
Derivatives 12.1 3.6
Total liabilities 12.1 3.6
Recurring | Money market funds    
Assets:    
Settlement assets 20.2 32.6
Recurring | State and municipal debt securities    
Assets:    
Settlement assets 1,067.0 1,027.6
Recurring | Asset-backed securities    
Assets:    
Settlement assets 208.6 211.2
Recurring | Corporate debt securities    
Assets:    
Settlement assets 157.2 85.0
Recurring | State and municipal variable-rate demand notes    
Assets:    
Settlement assets 1.4 1.4
Recurring | United States government agency mortgage-backed securities    
Assets:    
Settlement assets 6.3 7.1
Recurring | Level 1    
Assets:    
Total assets 20.2 32.6
Recurring | Level 1 | Money market funds    
Assets:    
Settlement assets 20.2 32.6
Recurring | Level 2    
Assets:    
Derivatives 17.9 29.5
Total assets 1,458.4 1,361.8
Liabilities:    
Derivatives 12.1 3.6
Total liabilities 12.1 3.6
Recurring | Level 2 | State and municipal debt securities    
Assets:    
Settlement assets 1,067.0 1,027.6
Recurring | Level 2 | Asset-backed securities    
Assets:    
Settlement assets 208.6 211.2
Recurring | Level 2 | Corporate debt securities    
Assets:    
Settlement assets 157.2 85.0
Recurring | Level 2 | State and municipal variable-rate demand notes    
Assets:    
Settlement assets 1.4 1.4
Recurring | Level 2 | United States government agency mortgage-backed securities    
Assets:    
Settlement assets $ 6.3 $ 7.1
v3.25.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Carrying Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Borrowings $ 2,791.3 $ 2,940.8
Level 2 | Fair Value    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Borrowings $ 2,749.5 $ 2,876.7
v3.25.1
Commitments and Contingencies - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
Dec. 31, 2019
EUR (€)
Dec. 31, 2018
EUR (€)
Dec. 31, 2017
EUR (€)
Individual
Commitments and Contingencies        
Letters of credit outstanding and bank guarantees $ 65.0      
Number of individuals filed lawsuit | Individual       6
Damages sought, value | €       € 22.4
Judgement Against Defendants        
Commitments and Contingencies        
Court judgment against company, value 11.3   € 10.5  
Judgment Against The Western Union Company        
Commitments and Contingencies        
Court judgment against company, value 9.7 € 9.0    
Pending Litigation        
Commitments and Contingencies        
Range of possible loss, portion not accrued $ 40.0      
v3.25.1
Related Party Transactions - Narrative (Details) - Equity Method Investee - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Related Party Transactions    
Commission expense $ 10.0 $ 10.4
Operating Cost and Expense, Related Party [Extensible Enumeration] us-gaap:RelatedPartyMember us-gaap:RelatedPartyMember
v3.25.1
Settlement Assets and Obligations - Schedule of Settlement Assets and Obligations (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Settlement assets:      
Cash and cash equivalents $ 157.2 $ 631.6 $ 412.4
Receivables from agents and others 1,942.3 1,421.7  
Less: Allowance for credit losses (18.5) (24.7)  
Receivables from agents and others, net 1,923.8 1,397.0  
Investment securities 1,440.5 1,332.3  
Less: Allowance for credit losses 0.0 (0.1)  
Investment securities, net 1,440.5 1,332.2  
Total settlement assets 3,521.5 3,360.8  
Settlement obligations:      
Money transfer, money order, and payment service payables 2,818.2 2,655.5  
Payables to agents 703.3 705.3  
Total settlement obligations $ 3,521.5 $ 3,360.8  
v3.25.1
Settlement Assets and Obligations - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Variable rate demand notes, maximum maturity year 2045  
Due after 10 years $ 422.0  
Other Assets    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Advances to agents 221.8 $ 209.1
State and municipal variable-rate demand notes    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Due after 10 years $ 1.4  
v3.25.1
Settlement Assets and Obligations - Summary of Activity in the Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Summary of activity in allowance for credit losses    
Allowance for credit losses, Beginning Balance $ 24.7  
Allowance for credit losses, Ending Balance 18.5  
Receivables from agents and others    
Summary of activity in allowance for credit losses    
Allowance for credit losses, Beginning Balance 24.7 $ 15.4
Current period provision for expected credit losses [1] (3.8)  
Write-offs charged against the allowance (10.4) (5.2)
Recoveries of amounts previously written off 7.8 2.3
Impacts of foreign currency exchange rates and other 0.2 (0.6)
Allowance for credit losses, Ending Balance $ 18.5 $ 11.9
[1] Provision does not include losses from chargebacks or fraud associated with transactions initiated through the Company’s digital channels, as these losses are not credit-related.
v3.25.1
Settlement Assets and Obligations - Components of Investment Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Cash and cash equivalents      
Amortized Cost $ 1,289.0 $ 1,474.0 $ 1,106.5
Available-for-sale securities:      
Fair Value 1,440.5    
Settlement Assets      
Available-for-sale securities:      
Amortized Cost 1,460.2 1,372.9  
Fair Value 1,440.5 1,332.3  
Gross Unrealized Gains 13.7 6.1  
Gross Unrealized Losses (33.4) (46.7)  
Net Unrealized Gains/ (Losses) (19.7) (40.6)  
Amortized Cost 1,480.4 1,405.5  
Fair Value 1,460.7 1,364.9  
Gross Unrealized Gains 13.7 6.1  
Gross Unrealized Losses (33.4) (46.7)  
Net Unrealized Gains/ (Losses) (19.7) (40.6)  
Money market funds | Settlement Assets      
Cash and cash equivalents      
Amortized Cost 20.2 32.6  
Fair Value 20.2 32.6  
State and municipal debt securities | Settlement Assets      
Available-for-sale securities:      
Amortized Cost [1] 1,090.7 1,068.1  
Fair Value [1] 1,067.0 1,027.6  
Gross Unrealized Gains [1] 7.1 2.7  
Gross Unrealized Losses [1] (30.8) (43.2)  
Net Unrealized Gains/ (Losses) [1] (23.7) (40.5)  
Asset-backed securities | Settlement Assets      
Available-for-sale securities:      
Amortized Cost 205.7 208.6  
Fair Value 208.6 211.2  
Gross Unrealized Gains 2.9 2.6  
Net Unrealized Gains/ (Losses) 2.9 2.6  
Corporate debt securities | Settlement Assets      
Available-for-sale securities:      
Amortized Cost 156.0 87.5  
Fair Value 157.2 85.0  
Gross Unrealized Gains 3.7 0.8  
Gross Unrealized Losses (2.5) (3.3)  
Net Unrealized Gains/ (Losses) 1.2 (2.5)  
State and municipal variable-rate demand notes | Settlement Assets      
Available-for-sale securities:      
Amortized Cost 1.4 1.4  
Fair Value 1.4 1.4  
United States government agency mortgage-backed securities | Settlement Assets      
Available-for-sale securities:      
Amortized Cost 6.4 7.3  
Fair Value 6.3 7.1  
Gross Unrealized Losses (0.1) (0.2)  
Net Unrealized Gains/ (Losses) $ (0.1) $ (0.2)  
[1] The majority of these securities are fixed-rate instruments.
v3.25.1
Settlement Assets and Obligations - Summary of Investment Securities in Unrealized Position (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Securities
State and municipal debt securities  
Summary of Investment Holdings [Line Items]  
Number of securities less than one year | Securities 45
Fair value less than one year $ 119.0
Unrealized losses less than one year $ (1.8)
Number of securities one year or greater | Securities 220
Fair value one year or greater $ 481.2
Unrealized losses one year or greater $ (29.0)
Corporate debt securities  
Summary of Investment Holdings [Line Items]  
Number of securities one year or greater | Securities 10
Fair value one year or greater $ 39.9
Unrealized losses one year or greater $ (2.5)
United States government agency mortgage-backed securities  
Summary of Investment Holdings [Line Items]  
Number of securities one year or greater | Securities 8
Fair value one year or greater $ 5.1
Unrealized losses one year or greater $ (0.1)
v3.25.1
Settlement Assets and Obligations - Contractual Maturities of Debt Securities (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Fair Value  
Due within 1 year $ 95.8
Due after 1 year through 5 years 578.4
Due after 5 years through 10 years 344.3
Due after 10 years 422.0
Total $ 1,440.5
v3.25.1
Stockholders' Equity - Schedule of Amounts Reclassified from AOCL (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accumulated other comprehensive income (loss)    
Reclassification from AOCL, net of tax $ 3.5 $ 4.8
Investment Securities    
Accumulated other comprehensive income (loss)    
Reclassification from AOCL, Provision for income taxes (0.2) (0.4)
Reclassification from AOCL, net of tax 0.9 2.1
Investment Securities | Revenues    
Accumulated other comprehensive income (loss)    
Reclassification from AOCL, before tax 1.1 2.5
Hedging Activities    
Accumulated other comprehensive income (loss)    
Reclassification from AOCL, net of tax 2.6 2.7
Hedging Activities | Foreign currency contracts | Revenues    
Accumulated other comprehensive income (loss)    
Reclassification from AOCL, before tax $ 2.6 $ 2.7
v3.25.1
Stockholders' Equity - Schedule of Components of Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Beginning balance $ 968.9 $ 479.0
Amounts reclassified from AOCL into earnings, net of tax (3.5) (4.8)
Ending balance 939.4 397.9
Investment Securities    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Beginning balance (33.4) (33.0)
Unrealized gains/(losses) 22.0 (3.0)
Tax benefit/(expense) (3.8) 0.5
Amounts reclassified from AOCL into earnings, net of tax (0.9) (2.1)
Ending balance (16.1) (37.6)
Hedging Activities    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Beginning balance 13.1 (15.3)
Unrealized gains/(losses) (19.1) 13.6
Tax benefit/(expense) 1.9 (0.1)
Amounts reclassified from AOCL into earnings, net of tax (2.6) (2.7)
Ending balance (6.7) (4.5)
Foreign Currency Translation    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Beginning balance (120.2) (119.0)
Unrealized gains/(losses) 1.1  
Ending balance (119.1) (119.0)
Total AOCL    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]    
Beginning balance (140.5) (167.3)
Unrealized gains/(losses) 4.0 10.6
Tax benefit/(expense) (1.9) 0.4
Amounts reclassified from AOCL into earnings, net of tax (3.5) (4.8)
Ending balance $ (141.9) $ (161.1)
v3.25.1
Stockholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity, Class of Treasury Stock [Line Items]    
Cash dividends paid $ 78.8 $ 80.1
Common stock dividends (USD per share) $ 0.235 $ 0.235
Stock repurchased and retired, publicly announced authorizations (shares) 7.0 11.8
Stock repurchased and retired, publicly announced authorizations, value excluding commissions $ 75.0 $ 150.0
Stock repurchased and retired, publicly announced authorizations, average cost per share excluding commissions (USD per share) $ 10.76 $ 12.66
Remaining amount available under share repurchase authorization $ 925.0  
Common stock repurchases with no expiration date member    
Equity, Class of Treasury Stock [Line Items]    
Stock repurchases authorized amount $ 1,000.0  
v3.25.1
Derivatives - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Derivatives    
Accumulated other comprehensive pre-tax gain (loss) to be reclassified into revenue within the next 12 months $ 1.8  
Foreign currency contracts    
Derivatives    
Offsetting of derivative assets subject to a master netting arrangement or similar agreement 8.7 $ 3.4
Offsetting of derivative liabilities subject to a master netting arrangement or similar agreement $ 8.7 $ 3.4
Designated as hedges | Foreign currency contracts    
Derivatives    
Derivative policy - contract maturity period maximum 36 months  
Maximum remaining maturity of foreign currency derivatives 36 months  
Derivative weighted-average maturity 1 year  
Minimum | Designated as hedges | Foreign currency contracts    
Derivatives    
Derivative policy - targeted weighted-average maturity 1 year  
Minimum | Not designated as hedges | Uncollected Settlement Assets and Obligations    
Derivatives    
Foreign currency forward contracts maturity range 2 days  
Maximum | Designated as hedges | Foreign currency contracts    
Derivatives    
Derivative policy - targeted weighted-average maturity 2 years  
Maximum | Not designated as hedges | Uncollected Settlement Assets and Obligations    
Derivatives    
Foreign currency forward contracts maturity range 1 month  
Maximum | Not designated as hedges | Foreign Currency Denominated Cash and Other Asset and Other Liability Positions    
Derivatives    
Foreign currency forward contracts maturity range 1 year  
v3.25.1
Derivatives - Notional Amounts of Foreign Currency Forward Contracts (Details) - Foreign currency contracts - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Designated as hedges | Euro    
Notional amounts of foreign currency forward contracts    
Notional amounts $ 275.6 $ 210.5
Designated as hedges | Canadian dollar    
Notional amounts of foreign currency forward contracts    
Notional amounts 156.8 111.7
Designated as hedges | British pound    
Notional amounts of foreign currency forward contracts    
Notional amounts 113.6 75.6
Designated as hedges | Australian dollar    
Notional amounts of foreign currency forward contracts    
Notional amounts 73.0 51.2
Designated as hedges | Swiss franc    
Notional amounts of foreign currency forward contracts    
Notional amounts 58.1 41.6
Designated as hedges | Swedish krona    
Notional amounts of foreign currency forward contracts    
Notional amounts 30.9  
Designated as hedges | Other Currencies    
Notional amounts of foreign currency forward contracts    
Notional amounts [1] 51.3 35.7
Not designated as hedges | Euro    
Notional amounts of foreign currency forward contracts    
Notional amounts 483.4 499.1
Not designated as hedges | Canadian dollar    
Notional amounts of foreign currency forward contracts    
Notional amounts 38.7 35.5
Not designated as hedges | British pound    
Notional amounts of foreign currency forward contracts    
Notional amounts 131.9 118.1
Not designated as hedges | Mexican peso    
Notional amounts of foreign currency forward contracts    
Notional amounts 107.7 85.7
Not designated as hedges | Australian dollar    
Notional amounts of foreign currency forward contracts    
Notional amounts 62.5 49.0
Not designated as hedges | Swiss franc    
Notional amounts of foreign currency forward contracts    
Notional amounts 39.5 32.6
Not designated as hedges | Philippine peso    
Notional amounts of foreign currency forward contracts    
Notional amounts 95.6 89.8
Not designated as hedges | Indonesian rupiah    
Notional amounts of foreign currency forward contracts    
Notional amounts 95.4  
Not designated as hedges | Indian rupee    
Notional amounts of foreign currency forward contracts    
Notional amounts 55.0 57.7
Not designated as hedges | Chinese yuan    
Notional amounts of foreign currency forward contracts    
Notional amounts 26.8  
Not designated as hedges | Thai baht    
Notional amounts of foreign currency forward contracts    
Notional amounts 25.2  
Not designated as hedges | Singapore dollar    
Notional amounts of foreign currency forward contracts    
Notional amounts   31.4
Not designated as hedges | Other Currencies    
Notional amounts of foreign currency forward contracts    
Notional amounts [1] $ 184.5 $ 208.5
[1] Comprised of exposures to various currencies; none of these individual currency exposures is greater than $25 million.
(b)
Amount is below $25 million for the relevant period; therefore, the balance has been included within “Other.”
v3.25.1
Derivatives - Notional Amounts of Foreign Currency Forward Contracts (Parenthetical) (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Other Currencies | Designated as hedges    
Derivative [Line Items]    
Maximum individual currency exposure within various other currencies $ 25 $ 25
Other Currencies | Not designated as hedges    
Derivative [Line Items]    
Maximum individual currency exposure within various other currencies 25 25
Singapore dollar | Not designated as hedges    
Derivative [Line Items]    
Minimum individual currency exposure within various other currencies $ 25  
Chinese yuan | Not designated as hedges    
Derivative [Line Items]    
Minimum individual currency exposure within various other currencies   25
Thai baht | Not designated as hedges    
Derivative [Line Items]    
Minimum individual currency exposure within various other currencies   25
Indonesian rupiah | Not designated as hedges    
Derivative [Line Items]    
Minimum individual currency exposure within various other currencies   25
Swedish krona | Not designated as hedges    
Derivative [Line Items]    
Minimum individual currency exposure within various other currencies   $ 25
v3.25.1
Derivatives - Fair Value of Derivatives (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Fair Value of Derivatives    
Derivative Assets $ 17.9 $ 29.5
Derivative Liabilities 12.1 3.6
Designated as hedges | Foreign currency contracts    
Fair Value of Derivatives    
Derivative Assets $ 12.7 $ 24.4
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Derivative Liabilities $ 9.6 $ 0.2
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities
Not designated as hedges | Foreign currency contracts    
Fair Value of Derivatives    
Derivative Assets $ 5.2 $ 5.1
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Derivative Liabilities $ 2.5 $ 3.4
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities
v3.25.1
Derivatives - Unrealized Gains/(Losses) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Foreign currency contracts    
Derivatives    
Gain/(Loss) recognized in OCI [1] $ (19.1) $ 13.6
[1] Gains/(losses) of $2.2 million and $(0.9) million for the three months ended March 31, 2025 and 2024, respectively, represent amounts excluded from the assessment of effectiveness and recognized in other comprehensive income, for which an amortization approach is applied.
v3.25.1
Derivatives - Unrealized Gains/(Losses) (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative [Line Items]    
Gains/(losses) excluded from effectiveness testing recognized in other comprehensive income $ 2.2 $ (0.9)
v3.25.1
Derivatives - Gains/(Losses) from Hedging Activities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Gains/(Losses) from Derivatives    
Revenues $ 983.6 $ 1,049.1
Interest expense (32.6) (26.1)
Cash Flow Hedges | Foreign currency contracts | Revenues    
Cash Flow and Fair Value Hedges    
Gains reclassified from AOCL to earnings 2.6 2.7
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach $ 2.1 $ 1.6
v3.25.1
Derivatives - Undesignated Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Not designated as hedges | Selling, General and Administrative    
Cash Flow and Fair Value Hedges    
Gains/(losses) recognized in Income on Foreign currency derivatives [1] $ (9.1) $ 21.5
[1] The Company uses foreign currency forward contracts to offset foreign exchange rate fluctuations on settlement assets and obligations as well as certain foreign currency denominated positions. Foreign exchange gains/(losses) on settlement assets and obligations, cash balances, and other assets and liabilities, not including amounts related to derivative activity as displayed above and included in Selling, general, and administrative in the Condensed Consolidated Statements of Income, were $12.2 million and $(17.5) million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
Derivatives - Undesignated Hedges (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flow and Fair Value Hedges    
Foreign exchange gains/(losses) on settlement assets and obligations, cash balances, and other assets and liabilities $ 12.2 $ (17.5)
v3.25.1
Borrowings - Schedule of Outstanding Borrowings (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Outstanding Borrowings    
Total borrowings at par value $ 2,800.0 $ 2,950.0
Debt issuance costs and unamortized discount, net (8.7) (9.2)
Total borrowings at carrying value [1] 2,791.3 2,940.8
Commercial Paper    
Outstanding Borrowings    
Total borrowings at par value [2] 350.0 0.0
2.850% Notes Due 2025    
Outstanding Borrowings    
Total borrowings at par value [3] 0.0 500.0
1.350% Notes Due 2026    
Outstanding Borrowings    
Total borrowings at par value [4] 600.0 600.0
2.750% Notes Due 2031    
Outstanding Borrowings    
Total borrowings at par value [4] 300.0 300.0
6.200% Notes Due 2036    
Outstanding Borrowings    
Total borrowings at par value [4] 500.0 500.0
6.200% Notes Due 2040    
Outstanding Borrowings    
Total borrowings at par value [4] 250.0 250.0
Term Loan Facility Borrowing    
Outstanding Borrowings    
Total borrowings at par value [4] $ 800.0 $ 800.0
[1] As of March 31, 2025, the Company’s weighted-average effective rate on total borrowings was approximately 4.5%.
[2] Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $1.6 billion outstanding at any time, reduced to the extent of borrowings outstanding on the Company’s revolving credit facility (“Revolving Credit Facility”). The commercial paper notes may have maturities of up to 397 days from date of issuance. The Company’s commercial paper borrowings as of March 31, 2025 had a weighted-average annual interest rate of approximately 4.6% and a weighted-average term of approximately 1 day.
[3] Certain proceeds from the term loan facility borrowings were used to repay $500.0 million of the aggregate principal amount of 2.850% unsecured notes due in January 2025.
[4] The difference between the stated interest rate and the effective interest rate is not significant.
v3.25.1
Borrowings - Schedule of Outstanding Borrowings (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Outstanding Borrowings    
Weighted-average effective interest rate (as a percent) 4.50%  
Repayment of aggregate principal amount $ 500.0  
Commercial Paper    
Outstanding Borrowings    
Threshold over which Commercial Paper Program limit will be reduced for borrowings on revolving credit facility $ 1,600.0  
Maximum days to maturity 397 days  
Weighted-average effective interest rate (as a percent) 4.60%  
Weighted-average term 1 day  
2.850% Notes Due 2025    
Outstanding Borrowings    
Stated interest rate (as a percent) 2.85% 2.85%
Repayment of aggregate principal amount $ 500.0  
1.350% Notes Due 2026    
Outstanding Borrowings    
Stated interest rate (as a percent) 1.35% 1.35%
2.750% Notes Due 2031    
Outstanding Borrowings    
Stated interest rate (as a percent) 2.75% 2.75%
6.200% Notes Due 2036    
Outstanding Borrowings    
Stated interest rate (as a percent) 6.20% 6.20%
6.200% Notes Due 2040    
Outstanding Borrowings    
Stated interest rate (as a percent) 6.20% 6.20%
Term Loan Facility Borrowing    
Outstanding Borrowings    
Stated interest rate (as a percent) 5.60% 5.60%
v3.25.1
Borrowings - Schedule of Maturities of Borrowings (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Borrowings maturities at par value  
Due within 1 year $ 600.0
Due after 1 year through 2 years 0.0
Due after 2 years through 3 years 800.0
Due after 5 years 1,050.0
Total $ 2,450.0
v3.25.1
Borrowings - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Feb. 28, 2025
Letter of credit sub-facility    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 250.0  
Swing line sublimit    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity $ 300.0  
Revolving credit facility    
Line of Credit Facility [Line Items]    
Maximum borrowing capacity   $ 1,600.0
Maturity date Nov. 30, 2029  
v3.25.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]      
Effective tax rate 16.10% 16.00%  
Unrecognized tax benefits, including interest and penalties $ 53.7   $ 71.6
Income tax examination, year under examination 2017 2018    
v3.25.1
Stock-Based Compensation Plans - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Long-Term Incentive Plan    
Stock-based compensation expense $ 10.6 $ 8.7
Options granted (shares) 3.9  
Options granted exercise price (in dollars per share) $ 10.64  
Performance-based restricted stock units and Restricted stock units granted (in shares) 5.0  
Performance-based restricted stock units and Restricted stock units weighted average grant date fair value (in dollars per share) $ 10.65  
Number of options outstanding (in shares) 12.3  
Exercise price of options outstanding (in dollars per share) $ 13.52  
Number of options exercisable (in shares) 4.6  
Exercise price of options exercisable (in dollars per share) $ 15.78  
Number of non-vested Performance-based restricted stock units and Restricted stock units (in shares) 10.9  
Grant date fair value of Performance-based restricted stock units and Restricted stock units (in dollars per share) $ 12.27  
v3.25.1
Segments - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
Customer
Region
Segments  
Segment Reporting, Expense Information Used by CODM, Description The Company's CODM is the President and Chief Executive Officer. The CODM uses segment operating income or loss to assess performance and allocate resources to the segments. This measure includes all expenses necessary to operate the segment and enables the CODM to understand segment profitability based on prior resource allocation decisions. This measure also excludes certain expenses such as exit costs, other severance, and operating expense redeployment activities which may be driven by corporate initiatives or could result in a lack of comparability if included in segment operating income.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] President and Chief Executive Officer Member
Operating Segments | Consumer Money Transfer  
Segments  
Number of consumers in money transfer | Customer 2
Number of geographic regions in segment | Region 5
v3.25.1
Segments - Segments Results (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Revenues $ 983.6 $ 1,049.1
Expenses:    
Total segment operating income 177.4 192.1
Operating Segments    
Revenues:    
Revenues 983.6 1,049.1
Expenses:    
Direct transactional expenses [1] 432.3 451.4
Depreciation and amortization [2] 30.4 28.7
Other segment items [3] 334.5 362.8
Total segment operating income 186.4 206.2
Operating Segments | Consumer Money Transfer    
Revenues:    
Revenues 872.9 962.0
Expenses:    
Direct transactional expenses [1] 403.9 429.7
Depreciation and amortization [2] 25.4 24.7
Other segment items [3] 284.3 320.0
Total segment operating income 159.3 187.6
Operating Segments | Consumer services    
Revenues:    
Revenues 110.7 87.1
Expenses:    
Direct transactional expenses [1] 28.4 21.7
Depreciation and amortization [2] 5.0 4.0
Other segment items [3] 50.2 42.8
Total segment operating income 27.1 18.6
Not Allocated To Segments    
Expenses:    
Redeployment program costs [4]   (14.0)
Severance Costs [5] (6.4)  
Acquisition, separation, and integration costs [6] (1.6) $ (0.1)
Amortization and impairment of acquisition-related intangible assets [7] (0.2)  
Russia termination costs [8] $ (0.8)  
[1] Direct transactional expenses include commissions to agents, bank fees, credit and non-credit losses, and other variable expenses.
[2] Depreciation and amortization excludes amortization of capitalized contract costs paid to agents and partners, as this amortization is recorded as commissions to agents and partners and is therefore included in direct transactional expenses. For the three months ended March 31, 2025 and 2024, amortization of capitalized contract costs included within direct transactional expenses in the Consumer Money Transfer segment was $11.5 million and $17.9 million, respectively.
[3] Other segment items primarily consists of salaries and benefits, professional services, equipment and software expenses, advertising costs, and lease and facilities costs.
[4] Represented severance, expenses associated with streamlining the Company's organizational and legal structure, and other expenses associated with the Company's program which redeployed investment and expenses in the Company's cost base through optimizations in vendor management, real estate, marketing, and people strategy, as previously announced in October 2022. Expenses incurred under the program also included non-cash impairments of operating lease ROU assets and property and equipment. The expenses were not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses were therefore excluded from the Company's segment operating income results.
[5] Represents severance costs, which have been excluded from the segments as management excludes severance in making operating decisions, including allocating resources to the Company's segments. These expenses are therefore excluded from the Company's segment operating income results. Prior to the fourth quarter of 2024, these severance costs were included in the redeployment program costs line item, and therefore, severance costs have been consistently excluded from segment operating income in the tables above.
[6] Represents the impact from expenses incurred in connection with the Company's acquisition and divestiture activity, including for the review and closing of these transactions, and integration costs directly related to the Company's acquisitions. 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.
[7] Represents the non-cash amortization and impairment of acquired intangible assets in connection with recent business acquisitions. 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.
[8] Represents the costs associated with operating the Russian entity. The expenses were not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses were therefore excluded from the Company's segment operating income results. While the Company had previously made a decision to suspend its operations in Russia, in the third quarter of 2024, the Company decided to pursue either liquidating or selling the Russian assets. In the first quarter of 2025, the Company signed a definitive sale agreement subject to regulatory approvals.
v3.25.1
Segments - Segments Results (Parenthetical) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Segments | Consumer Money Transfer    
Segment Reporting Information [Line Items]    
Amortization of capitalized contract costs $ 11.5 $ 17.9
v3.25.1
Subsequent Event - Additional Information (Details) - Eurochange Limited
£ in Millions, $ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2025
Mar. 31, 2025
GBP (£)
Mar. 31, 2025
USD ($)
Subsequent Event [Line Items]      
Business acquisition, date of acquisition agreement Apr. 07, 2025    
Cash Consideration   £ 60 $ 77