The Western Union Company (WU) 10-Q 24 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
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		338,335,142
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001365135
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 1,049.1	$ 1,036.9
Type of Revenue	us-gaap:ServiceMember	us-gaap:ServiceMember
Expenses:
Cost of services	$ 641.3	$ 629.5
Type of Cost of Service	us-gaap:ServiceMember	us-gaap:ServiceMember
Selling, general, and administrative	$ 215.7	$ 202.7
Total expenses	857	832.2
Operating income	192.1	204.7
Other income/(expense):
Interest income	3.1	3.2
Interest expense	(26.1)	(25)
Other income/(expense), net	0.9	(1.9)
Total other expense, net	(22.1)	(23.7)
Income before income taxes	170	181
Provision for income taxes	27.3	29.2
Net income	$ 142.7	$ 151.8
Earnings per share:
Basic (USD per share)	$ 0.41	$ 0.41
Diluted (USD per share)	$ 0.41	$ 0.4
Weighted-average shares outstanding:
Basic (shares)	344.4	374.4
Diluted (shares)	345.7	375.5

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 142.7	$ 151.8
Other comprehensive income, net of reclassifications and tax (Note 9):
Unrealized gains/(losses) on investment securities	(4.6)	20
Unrealized gains/(losses) on hedging activities	10.8	(10.3)
Total other comprehensive income	6.2	9.7
Comprehensive income	$ 148.9	$ 161.5

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents		$ 1,106.5	$ 1,268.6
Settlement assets		3,635.6	3,687
Property and equipment, net of accumulated depreciation of $446.1 and $438.8, respectively		88.6	91.4
Goodwill		2,049.5	2,034.6
Other intangible assets, net of accumulated amortization of $685.6 and $685.9, respectively		369	380.2
Other assets		804	737
Total assets		8,053.2	8,198.8
Liabilities:
Accounts payable and accrued liabilities		392.7	453
Settlement obligations		3,635.6	3,687
Income taxes payable		668.9	659.5
Deferred tax liability, net		149.4	147.6
Borrowings	[1]	2,540.3	2,504.6
Other liabilities		268.4	268.1
Total liabilities		7,655.3	7,719.8
Commitments and contingencies (Note 6)
Stockholders' equity
Preferred stock, $1.00 par value; 10 shares authorized; no shares issued
Common stock, $0.01 par value; 2,000 shares authorized; 339.6 shares and 350.5 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively		3.4	3.5
Capital surplus		1,040.6	1,031.9
Accumulated deficit		(485)	(389.1)
Accumulated other comprehensive loss		(161.1)	(167.3)
Total stockholders' equity		397.9	479
Total liabilities and stockholders' equity		$ 8,053.2	$ 8,198.8
[1] As of March 31, 2024, the Company’s weighted-average effective rate on total borrowings was approximately 4.0 % .

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Accumulated Depreciation on Property Plant and Equipment	$ 446.1	$ 438.8
Accumulated Amortization on Other Intangible Assets	$ 685.6	$ 685.9
Stockholders' Equity:
Preferred stock, par value (USD per share)	$ 1	$ 1
Preferred stock, shares authorized	10	10
Preferred stock, shares issued	0	0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	2,000	2,000
Common stock, shares issued	339.6	350.5
Common stock, shares outstanding	339.6	350.5

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities
Net income	$ 142.7	$ 151.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	9.2	10.2
Amortization	37.4	36.4
Other non-cash items, net	20	19.3
Increase/(decrease) in cash, excluding the effects of acquisitions and divestitures, resulting from changes in:
Other assets	(46.6)	(28.1)
Accounts payable and accrued liabilities	(64.4)	(62.2)
Income taxes payable	8.8	17.2
Other liabilities	(13.1)	(7.3)
Net cash provided by operating activities	94	137.3
Cash flows from investing activities
Payments for capitalized contract costs	(2.4)	(31)
Payments for internal use software	(21.7)	(19.6)
Purchases of property and equipment	(11)	(6.8)
Other investing activities	(24.5)	1.1
Net cash used in investing activities	(6.3)	(36.4)
Cash flows from financing activities
Cash dividends and dividend equivalents paid (Note 9)	(80.5)	(88.1)
Common stock repurchased (Note 9)	(150.6)	(5.1)
Net proceeds from/(repayments of) commercial paper	35	(155)
Proceeds from exercise of options		0.3
Net change in settlement obligations	(136.9)	109.1
Other financing activities	(0.1)	(0.2)
Net cash used in financing activities	(333.1)	(139)
Net change in cash and cash equivalents, including settlement, and restricted cash	(245.4)	(38.1)
Cash and cash equivalents, including settlement, and restricted cash at beginning of period	1,786.2	2,040.7
Cash and cash equivalents, including settlement, and restricted cash at end of period	1,540.8	2,002.6
Reconciliation of balance sheet cash and cash equivalents to cash flows:
Cash and cash equivalents on balance sheet	1,106.5	1,228.6
Settlement cash and cash equivalents (Note 8)	412.4	737.1
Restricted cash in Other assets	21.9	36.9
Cash and cash equivalents, including settlement, and restricted cash	1,540.8	2,002.6
Supplemental cash flow information:
Interest paid	21.4	16.9
Income taxes paid	17.1	13.3
Settlement Investments
Cash flows from investing activities
Purchases of investments	(130.2)	(124.7)
Proceeds from the sale of investments	160.2	22.2
Maturities of settlement investments	$ 23.3	22.4
Non Settlement Investment
Cash flows from investing activities
Proceeds from the sale of investments		$ 100

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital Surplus	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022	$ 477.8	$ 3.7	$ 995.9	$ (353.9)	$ (167.9)
Beginning balance (shares) at Dec. 31, 2022		373.5
Increase/(Decrease) in Stockholders' Equity [Roll Forward]
Net income	151.8			151.8
Stock-based compensation	8		8
Common stock dividends and dividend equivalents declared	(88.6)			(88.6)
Repurchase and retirement of common shares	(6.2)	$ (0.1)		(6.1)
Repurchase and retirement of common shares (shares)		(0.5)
Shares issued under stock-based compensation plans	0.3	$ 0.1	0.2
Shares issued under stock-based compensation plans (shares)		1.4
Other comprehensive income (Note 9)	9.7				9.7
Ending balance at Mar. 31, 2023	552.8	$ 3.7	1,004.1	(296.8)	(158.2)
Ending balance (shares) at Mar. 31, 2023		374.4
Beginning balance at Dec. 31, 2023	$ 479	$ 3.5	1,031.9	(389.1)	(167.3)
Beginning balance (shares) at Dec. 31, 2023	350.5	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 (Note 9)	6.2				6.2
Ending balance at Mar. 31, 2024	$ 397.9	$ 3.4	$ 1,040.6	$ (485)	$ (161.1)
Ending balance (shares) at Mar. 31, 2024	339.6	339.6

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends (USD per share)	$ 0.235	$ 0.235

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 142.7	$ 151.8

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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

Business and Basis of Presentat

Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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 money transfer transactions conducted and funded through websites and mobile applications marketed under the Company’s brands (“Branded Digital”) and transactions initiated on internet and mobile applications hosted by the Company’s third-party white label partners. 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 operating segments: • Consumer Money Transfer - The Consumer Money Transfer segment facilitates money transfers, which are primarily sent from retail agent 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 which facilitate payments for consumers, businesses, and other organizations, as well as the Company’s money order services, retail foreign exchange services, prepaid cards, lending partnerships, digital wallets, and media network. See Note 14 for further information regarding the Company’s segments. On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business, and the final closing for this transaction occurred on July 1, 2023. See Note 4 for further information regarding this transaction. 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, 2023, the Company's restricted net assets associated with these asset limitations and minimum capital requirements totaled approximately $ 440 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, 2024 and December 31, 2023 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, 2024 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, 2023. 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. Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board issued a new accounting pronouncement regarding segment reporting. The standard requires that public entities expand reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The Company is required to adopt the new standard for its 2024 annual reporting and effective January 1, 2025 for its interim reporting, using a retrospective approach. Management is currently evaluating the potential impact that the adoption of this standard will have on the Company’s disclosures. 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, using a prospective approach. Management is currently evaluating the potential impact that the adoption of this standard will have on the Company’ s disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
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 principal amount sent, and the difference between the exchange rate set by the Company to the customer and a rate available in the wholesale foreign exchange market, when the money transfer involves different send and receive currencies. 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, 2023. 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. Revenues from business-to-business foreign exchange and payment services were included in the Company’s Business Solutions segment. See Note 14 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, 2024 and 2023 (in millions). The regional split of revenue shown in the tables below is based upon where transactions are initiated. 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 Three Months Ended March 31, 2023 Foreign Consumer Exchange Money and Payment Consumer Transfer Services (b) Services Total Regions: North America $ 347.3 $ — $ 33.4 $ 380.7 Europe and CIS 233.7 6.5 5.5 245.7 Middle East, Africa, and South Asia 169.3 — 0.1 169.4 Latin America and the Caribbean 99.7 — 28.2 127.9 Asia Pacific 55.3 — — 55.3 Revenues from contracts with customers $ 905.3 $ 6.5 $ 67.2 $ 979.0 Other revenues (a) 33.0 8.9 16.0 57.9 Total revenues $ 938.3 $ 15.4 $ 83.2 $ 1,036.9 (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. (b) On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business, and the final closing for this transaction occurred on July 1, 2023 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
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 11.4 million and 9.2 million for the three months ended March 31, 2024 and 2023, 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, 2024 2023 Basic weighted-average shares outstanding 344.4 374.4 Common stock equivalents 1.3 1.1 Diluted weighted-average shares outstanding 345.7 375.5

Divestiture

Divestiture	3 Months Ended
	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Divestiture	4. Divestiture On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC (collectively, “the Buyer”) for cash consideration of $ 910.0 million. The sale was completed in three closings, with the entire cash consideration collected at the first closing and allocated to the closings on a relative fair value basis. The final closing for this transaction occurred on July 1, 2023. During the period between the second and final closings, the Company was required to pay the Buyer a measure of profit of the European Union operations, while owned by the Company, adjusted for the occupancy charges for employees of the Buyer using Company facilities, and other items, as contractually agreed, which was $ 1.4 million for the three months ended March 31, 2023, and was included in Other expense, net in the Condensed Consolidated Statements of Income. The related income tax expense on this income was also passed to the Buyer. Business Solutions revenues included in the Condensed Consolidated Statements of Income were $ 15.4 million and direct operating expenses, excluding corporate allocations, were $ 13.5 million for the three months ended March 31, 2023. For the three months ended March 31, 2023 , divestiture costs directly associated with this transaction were immaterial.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. 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, 2023. 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, 2024 Level 1 Level 2 Fair Value Assets: Settlement assets: Measured at fair value through net income: Money market funds $ 13.0 $ — $ 13.0 Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income): State and municipal debt securities — 1,044.8 1,044.8 Asset-backed securities — 213.8 213.8 Corporate debt securities — 86.2 86.2 State and municipal variable-rate demand notes — 47.7 47.7 United States government agency mortgage-backed securities — 10.5 10.5 Other assets: Derivatives — 15.7 15.7 Total assets $ 13.0 $ 1,418.7 $ 1,431.7 Liabilities: Other liabilities: Derivatives $ — $ 6.7 $ 6.7 Total liabilities $ — $ 6.7 $ 6.7 Fair Value Measurement Using Total December 31, 2023 Level 1 Level 2 Fair Value Assets: Settlement assets: Measured at fair value through net income: Money market funds $ 11.8 $ — $ 11.8 Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income): State and municipal debt securities — 1,011.4 1,011.4 Asset-backed securities — 195.7 195.7 Corporate debt securities — 152.2 152.2 State and municipal variable-rate demand notes — 86.8 86.8 United States government agency mortgage-backed securities — 12.1 12.1 Other assets: Derivatives — 10.8 10.8 Total assets $ 11.8 $ 1,469.0 $ 1,480.8 Liabilities: Other liabilities: Derivatives $ — $ 17.4 $ 17.4 Total liabilities $ — $ 17.4 $ 17.4 There were no material, non-recurring fair value adjustments in the three months ended March 31, 2024 and 2023. There were no transfers between Level 1 and Level 2 measurements during the three months ended March 31, 2024 and 2023. 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, 2024, the carrying value and fair value of the Company’s borrowings were $ 2,540.3 million and $ 2,453.9 million, respectively (see Note 11). As of December 31, 2023, the carrying value and fair value of the Company’s borrowings were $ 2,504.6 million and $ 2,419.0 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies Letters of Credit and Bank Guarantees The Company had approximately $ 150 million in outstanding letters of credit and bank guarantees as of March 31, 2024, 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 $ 30 million as of March 31, 2024. 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 December 2022, a purported class action complaint was filed against several money transfer business defendants, including the Company, in the United States District Court for the Northern District of California, alleging that these defendants violated the federal Right to Financial Privacy Act and California’s Financial Information Privacy Act. The United States Department of Homeland Security and Immigration and Customs Enforcement are also named as defendants. The operative complaint alleges that the defendants violated plaintiffs’ financial privacy rights by sharing private financial information with law enforcement agencies through a program coordinated by the Transaction Record Analysis Center. On January 24, 2023, an amended complaint was filed naming the Company's subsidiary Western Union Financial Services, Inc. (“WUFSI”) as a defendant in place of The Western Union Company. The court granted in part and denied in part WUFSI’s motion to dismiss the operative complaint on March 21, 2024. On February 21, 2024, another purported class action complaint was filed in the United States District Court for the Central District of California against the Company (d/b/a WUFSI) and other defendants on behalf of California residents whose information was sent to the Transaction Record Analysis Center. On April 12, 2024, an amended complaint was filed naming WUFSI as a defendant in place of the Company. Due to the preliminary stage of these matters, the ultimate outcome and any potential financial impact to the Company cannot be reasonably determined at this time. WUFSI intends to defend itself vigorously in these matters. 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 judgme nt against the Defendants in the amount of € 10.5 million ($ 11.3 million as of March 31, 2024). In 2019, the Commercial Court in Kinshasa-Gombe entered a judgment against The Western Union Company (“TWUC” ) in the amount of € 9 million ($ 9.7 million as of March 31, 2024). The business in the DRC is operated through independent agents. No Western Union entity has a presence in the country. 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 TWUC 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.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	7. 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, 2024 and 2023 totaled $ 10.4 million and $ 10.8 million, respectively.

Settlement Assets and Obligatio

Settlement Assets and Obligations	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Settlement Assets and Obligations	8. 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, 2024 December 31, 2023 Settlement assets: Cash and cash equivalents $ 412.4 $ 496.0 Receivables from agents and others 1,832.2 1,748.3 Less: Allowance for credit losses ( 11.9 ) ( 15.4 ) Receivables from agents and others, net 1,820.3 1,732.9 Investment securities 1,403.0 1,458.2 Less: Allowance for credit losses ( 0.1 ) ( 0.1 ) Investment securities, net 1,402.9 1,458.1 Total settlement assets $ 3,635.6 $ 3,687.0 Settlement obligations: Money transfer, money order, and payment service payables $ 2,940.7 $ 2,764.5 Payables to agents 694.9 922.5 Total settlement obligations $ 3,635.6 $ 3,687.0 Allowance for Credit Losses Receivables from agents and others primarily represent funds collected by such agents, but in transit to the Company, and were $ 1,820.3 million and $ 1,732.9 million as of March 31, 2024 and December 31, 2023, respectively. 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, 2024. The following tables summarize the activity in the allowance for credit losses on receivables from agents and others, and Business Solutions customers (in millions): 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 Agents and Business Solutions Others Customers Allowance for credit losses as of January 1, 2023 $ 11.4 $ 1.6 Current period provision for expected credit losses (a) ( 0.4 ) 0.4 Write-offs charged against the allowance ( 4.2 ) ( 0.7 ) Recoveries of amounts previously written off 1.8 — Impacts of foreign currency exchange rates, divestitures, and other 0.1 0.7 Allowance for credit losses as of March 31, 2023 $ 8.7 $ 2.0 (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. The Company recognized losses that were not credit-related of $ 14.8 million and $ 9.1 million for the three months ended March 31, 2024, and 2023, respectively. 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, 2024 and December 31, 2023 , amounts advanced to agents and disbursement partners were $ 200.7 million and $ 188.5 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 2052 . 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 Company’s provision for credit losses on its available-for-sale securities during the three months ended March 31, 2024 and 2023 and the related allowance for credit losses as of March 31, 2024 and December 31, 2023 were immaterial. The components of investment securities are as follows (in millions): Gross Gross Net Amortized Fair Unrealized Unrealized Unrealized March 31, 2024 Cost Value Gains Losses Gains/(Losses) Settlement assets: Cash and cash equivalents: Money market funds $ 13.0 $ 13.0 $ — $ — $ — Available-for-sale securities: State and municipal debt securities (a) 1,087.1 1,044.8 5.2 ( 47.5 ) ( 42.3 ) Asset-backed securities 212.9 213.8 1.0 ( 0.1 ) 0.9 Corporate debt securities 89.9 86.2 0.6 ( 4.3 ) ( 3.7 ) State and municipal variable-rate demand notes 47.7 47.7 — — — United States government agency mortgage-backed securities 11.1 10.5 — ( 0.6 ) ( 0.6 ) Total available-for-sale securities 1,448.7 1,403.0 6.8 ( 52.5 ) ( 45.7 ) Total investment securities $ 1,461.7 $ 1,416.0 $ 6.8 $ ( 52.5 ) $ ( 45.7 ) Gross Gross Net Amortized Fair Unrealized Unrealized Unrealized December 31, 2023 Cost Value Gains Losses Gains/(Losses) Settlement assets: Cash and cash equivalents: Money market funds $ 11.8 $ 11.8 $ — $ — $ — Available-for-sale securities: State and municipal debt securities (a) 1,049.3 1,011.4 8.7 ( 46.6 ) ( 37.9 ) Asset-backed securities 194.5 195.7 1.2 — 1.2 Corporate debt securities 155.2 152.2 1.5 ( 4.5 ) ( 3.0 ) State and municipal variable-rate demand notes 86.8 86.8 — — — United States government agency mortgage-backed securities 12.6 12.1 — ( 0.5 ) ( 0.5 ) Total available-for-sale securities 1,498.4 1,458.2 11.4 ( 51.6 ) ( 40.2 ) Total investment securities $ 1,510.2 $ 1,470.0 $ 11.4 $ ( 51.6 ) $ ( 40.2 ) (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, 2024, 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 67 $ 174.5 $ ( 1.5 ) Asset-backed securities 8 12.7 ( 0.1 ) One Year or Greater Number of Securities Fair Value Unrealized Losses State and municipal debt securities 260 $ 559.3 $ ( 46.0 ) Corporate debt securities 14 52.3 ( 4.3 ) United States government agency mortgage-backed securities 10 9.9 ( 0.6 ) As noted above, the Company's provision for credit losses on its investment securities during the three months ended March 31, 2024 and the related allowance for credit losses as of March 31, 2024 were immaterial, as the unrealized losses were driven by a rise in U.S. Treasury interest rates. As of March 31, 2024, 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, 2024 (in millions): Fair Value Due within 1 year $ 95.8 Due after 1 year through 5 years 563.4 Due after 5 years through 10 years 454.1 Due after 10 years 289.7 Total $ 1,403.0 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 $ 47.7 million, are included in the “Due after 10 years” category in the table above.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	9. Stockholders’ Equity Accumulated Other Comprehensive Loss The following table details reclassifications out of 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. Amounts Reclassified from AOCL to Net Income Three Months Ended Income Statement March 31, Income for the period (in millions) Location 2024 2023 Accumulated other comprehensive loss components: Gains/(Losses) on investment securities: Available-for-sale securities Revenues $ 2.5 $ ( 0.1 ) Income tax expense Provision for income taxes ( 0.4 ) — Total reclassification adjustments related to investment securities, net of tax 2.1 ( 0.1 ) Gains on cash flow hedges: Foreign currency contracts Revenues 2.7 8.2 Total reclassification adjustments related to cash flow hedges, net of tax 2.7 8.2 Total reclassifications, net of tax $ 4.8 $ 8.1 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, 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 ) Investment Hedging Foreign Currency Securities Activities Translation Total As of December 31, 2022 $ ( 69.4 ) $ 20.5 $ ( 119.0 ) $ ( 167.9 ) Unrealized gains/(losses) 24.1 ( 2.2 ) — 21.9 Tax benefit/(expense) ( 4.2 ) 0.1 — ( 4.1 ) Amounts reclassified from AOCL into earnings, net of tax 0.1 ( 8.2 ) — ( 8.1 ) As of March 31, 2023 $ ( 49.4 ) $ 10.2 $ ( 119.0 ) $ ( 158.2 ) Cash Dividends Paid During both the three months ended March 31, 2024 and 2023, the Company's Board of Directors declared quarterly cash dividends of $ 0.235 per common share, representing $ 80.1 million and $ 88.0 million in total dividends, respectively, which were paid on March 29, 2024 and March 31, 2023 , respectively. Share Repurchases On February 10, 2022, the Company's Board of Directors authorized $ 1.0 billion of common stock repurchases through December 31, 2024. During the three months ended March 31, 2024, 11.8 million shares were repurchased under this authorization for $ 150.0 million, excluding commissions, at an average cost of $ 12.66 . No shares were repurchased during the three months ended March 31, 2023 under this share repurchase authorization. As of March 31, 2024, $ 198.2 million remained available under this share repurchase authorization. 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 restricted stock units that have vested.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	10. 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 Mexican peso, the British pound, 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 approximately one year , 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, 2024 , these foreign currency forward contracts had maturities of a maximum of 24 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, 2024 and December 31, 2023 were as follows (in millions): March 31, 2024 December 31, 2023 Contracts designated as hedges: Euro $ 212.6 $ 227.0 Canadian dollar 98.6 97.9 British pound 58.4 56.9 Australian dollar 46.1 46.5 Swiss franc 37.9 37.4 Other (a) 39.0 40.3 Contracts not designated as hedges: Euro $ 516.5 $ 597.9 Mexican peso 213.3 168.1 British pound 100.3 174.9 Australian dollar 67.4 79.9 Indian rupee 50.0 55.3 Canadian dollar 47.4 77.2 Brazilian real 32.6 31.4 Chinese yuan 27.3 30.0 Philippine peso 26.9 38.0 Singapore dollar 18.9 27.5 Japanese yen 15.3 29.2 Other (a) 138.2 146.2 (a) Comprised of exposures to various currencies; none of these individual currency exposures is greater than $ 25 million for both periods presented. Business Solutions Operations Prior to the final closing of the Business Solutions sale in 2023, the derivatives written related to this business were part of the broader portfolio of foreign currency positions arising from the Company’s cross-currency payments operations, which primarily included spot exchanges of currency in addition to forwards and options. Foreign exchange revenues from the total portfolio of positions included in Revenues in the Company’s Condensed Consolidated Statements of Income were $ 14.3 million for the three months ended March 31, 2023 . None of the derivative contracts used in Business Solutions operations were designated as accounting hedges. Balance Sheet The following table summarizes the fair value of derivatives reported in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (in millions): Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet March 31, December 31, Balance Sheet March 31, December 31, Location 2024 2023 Location 2024 2023 Derivatives designated as hedges: Foreign currency cash flow hedges Other assets $ 10.7 $ 8.5 Other liabilities $ 4.7 $ 13.2 Total derivatives designated as hedges $ 10.7 $ 8.5 $ 4.7 $ 13.2 Derivatives not designated as hedges: Foreign currency Other assets $ 5.0 $ 2.3 Other liabilities $ 2.0 $ 4.2 Total derivatives not designated as hedges $ 5.0 $ 2.3 $ 2.0 $ 4.2 Total derivatives $ 15.7 $ 10.8 $ 6.7 $ 17.4 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 $ 4.1 million and $ 7.3 million to both derivative assets and liabilities as of March 31, 2024 and December 31, 2023, 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, 2024 and 2023 (in millions): Three Months Ended March 31, 2024 2023 Foreign currency derivatives (a) $ 13.6 $ ( 2.2 ) (a) Gains/(losses) of $( 0.9 ) million and $ 1.8 million for the three months ended March 31, 2024 and 2023, 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/(losses) from cash flow hedging relationships recognized in the Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (in millions): Three Months Ended March 31, 2024 2023 Revenues Interest Expense Revenues Interest Expense Total amounts presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded $ 1,049.1 $ ( 26.1 ) $ 1,036.9 $ ( 25.0 ) Gain/(loss) on cash flow hedges: Foreign currency derivatives: Gains reclassified from AOCL into earnings 2.7 — 8.2 — Amount excluded from effectiveness testing recognized in earnings based on an amortization approach 1.6 — 1.6 — Interest rate derivatives: Gains/(losses) reclassified from AOCL into earnings — — — — Undesignated Hedges The following table presents the location and amount of pre-tax net gains from undesignated hedges in the Condensed Consolidated Statements of Income on derivatives for the three months ended March 31, 2024 and 2023 (in millions): Three Months Ended March 31, Derivatives Location 2024 2023 Foreign currency derivatives (a) Selling, general, and administrative $ 21.5 $ 4.7 (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 $( 17.5 ) million and $ 0.2 million for the three months ended March 31, 2024 and 2023 , 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, 2024 foreign exchange rates, an accumulated other comprehensive pre-tax gain of $ 0.2 million related to the foreign currency forward contracts is expected to be reclassified into Revenues within the next 12 months.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Borrowings	11. Borrowings The Company’s outstanding borrowings consisted of the following (in millions): March 31, 2024 December 31, 2023 Commercial paper (a) $ 399.9 $ 364.9 Notes: 2.850 % notes due 2025 (b) 500.0 500.0 1.350 % notes due 2026 (b) 600.0 600.0 2.750 % notes due 2031 (b) 300.0 300.0 6.200 % notes due 2036 (b) 500.0 500.0 6.200 % notes due 2040 (b) 250.0 250.0 Total borrowings at par value 2,549.9 2,514.9 Debt issuance costs and unamortized discount, net ( 9.6 ) ( 10.3 ) Total borrowings at carrying value (c) $ 2,540.3 $ 2,504.6 (a) Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $ 1.25 billion outstanding at any time, reduced to the extent of borrowings outstanding on the Company’s 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, 2024 had a weighted-average annual interest rate of approximately 5.5 % and a weighted-average term of approximately 2 days. (b) The difference between the stated interest rate and the effective interest rate is not significant. (c) As of March 31, 2024, the Company’s weighted-average effective rate on total borrowings was approximately 4.0 % . The following summarizes the Company’s maturities of its notes at par value as of March 31, 2024 (in millions): Due within 1 year $ 500.0 Due after 1 year through 2 years 600.0 Due after 2 years through 3 years — Due after 3 years through 4 years — Due after 4 years through 5 years — Due after 5 years 1,050.0 Total $ 2,150.0 The Company’s obligations with respect to its outstanding borrowings, as described above, rank equally.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The Company’s effective tax rates on pre-tax income were 16.0 % and 16.1 % for the three months ended March 31, 2024 and 2023, respectively. 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, 2024 and December 31, 2023 was $ 310.0 million and $ 309.7 million, respectively, including interest and penalties. It is reasonably possible that the Company’s total unrecognized tax benefits could decrease by up to approximately $ 250 million during the next 12 months in connection with various matters which may be resolved and impact the effective tax rate. 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 agreed adjustments have been reflected in the Company’s financial statements. The Company is contesting the unagreed adjustments at the IRS Appeals level and believes its reserves for these unagreed adjustments are adequate. The statute of limitations for the U.S. federal returns for 2017 and 2018 has been extended to March 31, 2025. The Company’s U.S. federal income tax returns since 2020 are also eligible to be examined.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Plans	13. Stock-Based Compensation Plans For the three months ended March 31, 2024 and 2023, the Company recognized stock-based compensation expense of $ 8.7 million and $ 8.0 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, 2024 , the Company granted 4.4 million options at a weighted-average exercise price of $ 12.80 and 4.1 million performance-based restricted stock units and restricted stock units at a weighted-average grant date fair value of $ 12.69 . As of March 31, 2024 , the Company had 11.0 million outstanding options at a weighted-average exercise price of $ 16.08 , of which 4.7 million options were exercisable at a weighted-average exercise price of $ 19.07 . The Company had 9.2 million outstanding performance-based restricted stock units (based on target performance) and restricted stock units at a weighted-average grant date fair value of $ 14.35 as of March 31, 2024 .

Segments

Segments	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segments	14. 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 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 which facilitate payments for consumers, businesses, and other organizations, as well as the Company’s money order services, retail foreign exchange services, prepaid cards, lending partnerships, digital wallets, and media network. On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business, and the final closing for this transaction occurred on July 1, 2023. Accordingly, the Company no longer reports Business Solutions revenues and operating expenses after July 1, 2023. Corporate costs, including overhead expenses, are allocated to the segments primarily based on a percentage of the segments’ revenue compared to total revenue. The following table presents the Company’s segment results for the three months ended March 31, 2024 and 2023 (in millions): Three Months Ended March 31, 2024 2023 Revenues: Consumer Money Transfer $ 962.0 $ 938.3 Consumer Services 87.1 83.2 Business Solutions (a) — 15.4 Total consolidated revenues $ 1,049.1 $ 1,036.9 Segment operating income: Consumer Money Transfer $ 187.6 $ 177.8 Consumer Services 18.6 32.1 Business Solutions (a) — 1.9 Total segment operating income 206.2 211.8 Redeployment program costs (b) ( 14.0 ) ( 7.1 ) Acquisition, separation, and integration costs (c) ( 0.1 ) — Total consolidated operating income $ 192.1 $ 204.7 (a) On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business. The sale was completed with the final closing on July 1, 2023. (b) Represents severance, expenses associated with streamlining the Company's organizational and legal structure, and other expenses associated with the Company's program to redeploy expenses in its cost base through optimizations in vendor management, real estate, marketing, and people strategy, as previously announced in October 2022. Expenses incurred under the program also include non-cash impairments of operating lease right-of-use assets and property and equipment. The expenses are not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses are therefore excluded from the Company's segment operating income results. (c) 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. Beginning in 2024, the Company changed its segment reporting methodology to no longer allocate these costs to its segments. These costs were previously allocated entirely to Consumer Services, and the amount included in the Consumer Services segment was immaterial for the three months ended March 31, 2023. The expenses are no longer 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.

Business and Basis of Present_2

Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 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, 2024 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, 2023. 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.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board issued a new accounting pronouncement regarding segment reporting. The standard requires that public entities expand reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The Company is required to adopt the new standard for its 2024 annual reporting and effective January 1, 2025 for its interim reporting, using a retrospective approach. Management is currently evaluating the potential impact that the adoption of this standard will have on the Company’s disclosures. 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, using a prospective 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 2052 . 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 Company’s provision for credit losses on its available-for-sale securities during the three months ended March 31, 2024 and 2023 and the related allowance for credit losses as of March 31, 2024 and December 31, 2023 were immaterial.
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 approximately one year , 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, 2024 , these foreign currency forward contracts had maturities of a maximum of 24 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.
Foreign Currency - Business Solutions	Business Solutions Operations Prior to the final closing of the Business Solutions sale in 2023, the derivatives written related to this business were part of the broader portfolio of foreign currency positions arising from the Company’s cross-currency payments operations, which primarily included spot exchanges of currency in addition to forwards and options. Foreign exchange revenues from the total portfolio of positions included in Revenues in the Company’s Condensed Consolidated Statements of Income were $ 14.3 million for the three months ended March 31, 2023 . None of the derivative contracts used in Business Solutions operations were designated as accounting hedges.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023 (in millions). The regional split of revenue shown in the tables below is based upon where transactions are initiated. 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 Three Months Ended March 31, 2023 Foreign Consumer Exchange Money and Payment Consumer Transfer Services (b) Services Total Regions: North America $ 347.3 $ — $ 33.4 $ 380.7 Europe and CIS 233.7 6.5 5.5 245.7 Middle East, Africa, and South Asia 169.3 — 0.1 169.4 Latin America and the Caribbean 99.7 — 28.2 127.9 Asia Pacific 55.3 — — 55.3 Revenues from contracts with customers $ 905.3 $ 6.5 $ 67.2 $ 979.0 Other revenues (a) 33.0 8.9 16.0 57.9 Total revenues $ 938.3 $ 15.4 $ 83.2 $ 1,036.9 (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. (b) On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business, and the final closing for this transaction occurred on July 1, 2023 .

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 2023 Basic weighted-average shares outstanding 344.4 374.4 Common stock equivalents 1.3 1.1 Diluted weighted-average shares outstanding 345.7 375.5

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 Level 1 Level 2 Fair Value Assets: Settlement assets: Measured at fair value through net income: Money market funds $ 13.0 $ — $ 13.0 Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income): State and municipal debt securities — 1,044.8 1,044.8 Asset-backed securities — 213.8 213.8 Corporate debt securities — 86.2 86.2 State and municipal variable-rate demand notes — 47.7 47.7 United States government agency mortgage-backed securities — 10.5 10.5 Other assets: Derivatives — 15.7 15.7 Total assets $ 13.0 $ 1,418.7 $ 1,431.7 Liabilities: Other liabilities: Derivatives $ — $ 6.7 $ 6.7 Total liabilities $ — $ 6.7 $ 6.7 Fair Value Measurement Using Total December 31, 2023 Level 1 Level 2 Fair Value Assets: Settlement assets: Measured at fair value through net income: Money market funds $ 11.8 $ — $ 11.8 Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income): State and municipal debt securities — 1,011.4 1,011.4 Asset-backed securities — 195.7 195.7 Corporate debt securities — 152.2 152.2 State and municipal variable-rate demand notes — 86.8 86.8 United States government agency mortgage-backed securities — 12.1 12.1 Other assets: Derivatives — 10.8 10.8 Total assets $ 11.8 $ 1,469.0 $ 1,480.8 Liabilities: Other liabilities: Derivatives $ — $ 17.4 $ 17.4 Total liabilities $ — $ 17.4 $ 17.4

Settlement Assets and Obligat_2

Settlement Assets and Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Settlement Assets and Obligations	Settlement assets and obligations consisted of the following (in millions): March 31, 2024 December 31, 2023 Settlement assets: Cash and cash equivalents $ 412.4 $ 496.0 Receivables from agents and others 1,832.2 1,748.3 Less: Allowance for credit losses ( 11.9 ) ( 15.4 ) Receivables from agents and others, net 1,820.3 1,732.9 Investment securities 1,403.0 1,458.2 Less: Allowance for credit losses ( 0.1 ) ( 0.1 ) Investment securities, net 1,402.9 1,458.1 Total settlement assets $ 3,635.6 $ 3,687.0 Settlement obligations: Money transfer, money order, and payment service payables $ 2,940.7 $ 2,764.5 Payables to agents 694.9 922.5 Total settlement obligations $ 3,635.6 $ 3,687.0
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, and Business Solutions customers (in millions): 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 Agents and Business Solutions Others Customers Allowance for credit losses as of January 1, 2023 $ 11.4 $ 1.6 Current period provision for expected credit losses (a) ( 0.4 ) 0.4 Write-offs charged against the allowance ( 4.2 ) ( 0.7 ) Recoveries of amounts previously written off 1.8 — Impacts of foreign currency exchange rates, divestitures, and other 0.1 0.7 Allowance for credit losses as of March 31, 2023 $ 8.7 $ 2.0 (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. The Company recognized losses that were not credit-related of $ 14.8 million and $ 9.1 million for the three months ended March 31, 2024, and 2023, respectively.
Components of Investment Securities	The components of investment securities are as follows (in millions): Gross Gross Net Amortized Fair Unrealized Unrealized Unrealized March 31, 2024 Cost Value Gains Losses Gains/(Losses) Settlement assets: Cash and cash equivalents: Money market funds $ 13.0 $ 13.0 $ — $ — $ — Available-for-sale securities: State and municipal debt securities (a) 1,087.1 1,044.8 5.2 ( 47.5 ) ( 42.3 ) Asset-backed securities 212.9 213.8 1.0 ( 0.1 ) 0.9 Corporate debt securities 89.9 86.2 0.6 ( 4.3 ) ( 3.7 ) State and municipal variable-rate demand notes 47.7 47.7 — — — United States government agency mortgage-backed securities 11.1 10.5 — ( 0.6 ) ( 0.6 ) Total available-for-sale securities 1,448.7 1,403.0 6.8 ( 52.5 ) ( 45.7 ) Total investment securities $ 1,461.7 $ 1,416.0 $ 6.8 $ ( 52.5 ) $ ( 45.7 ) Gross Gross Net Amortized Fair Unrealized Unrealized Unrealized December 31, 2023 Cost Value Gains Losses Gains/(Losses) Settlement assets: Cash and cash equivalents: Money market funds $ 11.8 $ 11.8 $ — $ — $ — Available-for-sale securities: State and municipal debt securities (a) 1,049.3 1,011.4 8.7 ( 46.6 ) ( 37.9 ) Asset-backed securities 194.5 195.7 1.2 — 1.2 Corporate debt securities 155.2 152.2 1.5 ( 4.5 ) ( 3.0 ) State and municipal variable-rate demand notes 86.8 86.8 — — — United States government agency mortgage-backed securities 12.6 12.1 — ( 0.5 ) ( 0.5 ) Total available-for-sale securities 1,498.4 1,458.2 11.4 ( 51.6 ) ( 40.2 ) Total investment securities $ 1,510.2 $ 1,470.0 $ 11.4 $ ( 51.6 ) $ ( 40.2 ) (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, 2024, 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 67 $ 174.5 $ ( 1.5 ) Asset-backed securities 8 12.7 ( 0.1 ) One Year or Greater Number of Securities Fair Value Unrealized Losses State and municipal debt securities 260 $ 559.3 $ ( 46.0 ) Corporate debt securities 14 52.3 ( 4.3 ) United States government agency mortgage-backed securities 10 9.9 ( 0.6 )
Contractual Maturities of Debt Securities	The following summarizes the contractual maturities of available-for-sale securities within Settlement assets as of March 31, 2024 (in millions): Fair Value Due within 1 year $ 95.8 Due after 1 year through 5 years 563.4 Due after 5 years through 10 years 454.1 Due after 10 years 289.7 Total $ 1,403.0

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Amounts Reclassified from AOCL	The following table details reclassifications out of 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. Amounts Reclassified from AOCL to Net Income Three Months Ended Income Statement March 31, Income for the period (in millions) Location 2024 2023 Accumulated other comprehensive loss components: Gains/(Losses) on investment securities: Available-for-sale securities Revenues $ 2.5 $ ( 0.1 ) Income tax expense Provision for income taxes ( 0.4 ) — Total reclassification adjustments related to investment securities, net of tax 2.1 ( 0.1 ) Gains on cash flow hedges: Foreign currency contracts Revenues 2.7 8.2 Total reclassification adjustments related to cash flow hedges, net of tax 2.7 8.2 Total reclassifications, net of tax $ 4.8 $ 8.1
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, 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 ) Investment Hedging Foreign Currency Securities Activities Translation Total As of December 31, 2022 $ ( 69.4 ) $ 20.5 $ ( 119.0 ) $ ( 167.9 ) Unrealized gains/(losses) 24.1 ( 2.2 ) — 21.9 Tax benefit/(expense) ( 4.2 ) 0.1 — ( 4.1 ) Amounts reclassified from AOCL into earnings, net of tax 0.1 ( 8.2 ) — ( 8.1 ) As of March 31, 2023 $ ( 49.4 ) $ 10.2 $ ( 119.0 ) $ ( 158.2 )

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2024
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, 2024 and December 31, 2023 were as follows (in millions): March 31, 2024 December 31, 2023 Contracts designated as hedges: Euro $ 212.6 $ 227.0 Canadian dollar 98.6 97.9 British pound 58.4 56.9 Australian dollar 46.1 46.5 Swiss franc 37.9 37.4 Other (a) 39.0 40.3 Contracts not designated as hedges: Euro $ 516.5 $ 597.9 Mexican peso 213.3 168.1 British pound 100.3 174.9 Australian dollar 67.4 79.9 Indian rupee 50.0 55.3 Canadian dollar 47.4 77.2 Brazilian real 32.6 31.4 Chinese yuan 27.3 30.0 Philippine peso 26.9 38.0 Singapore dollar 18.9 27.5 Japanese yen 15.3 29.2 Other (a) 138.2 146.2 (a) Comprised of exposures to various currencies; none of these individual currency exposures is greater than $ 25 million for both periods presented.
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, 2024 and December 31, 2023 (in millions): Derivative Assets Derivative Liabilities Fair Value Fair Value Balance Sheet March 31, December 31, Balance Sheet March 31, December 31, Location 2024 2023 Location 2024 2023 Derivatives designated as hedges: Foreign currency cash flow hedges Other assets $ 10.7 $ 8.5 Other liabilities $ 4.7 $ 13.2 Total derivatives designated as hedges $ 10.7 $ 8.5 $ 4.7 $ 13.2 Derivatives not designated as hedges: Foreign currency Other assets $ 5.0 $ 2.3 Other liabilities $ 2.0 $ 4.2 Total derivatives not designated as hedges $ 5.0 $ 2.3 $ 2.0 $ 4.2 Total derivatives $ 15.7 $ 10.8 $ 6.7 $ 17.4
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, 2024 and 2023 (in millions): Three Months Ended March 31, 2024 2023 Foreign currency derivatives (a) $ 13.6 $ ( 2.2 ) (a) Gains/(losses) of $( 0.9 ) million and $ 1.8 million for the three months ended March 31, 2024 and 2023, 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/(losses) from cash flow hedging relationships recognized in the Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 (in millions): Three Months Ended March 31, 2024 2023 Revenues Interest Expense Revenues Interest Expense Total amounts presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded $ 1,049.1 $ ( 26.1 ) $ 1,036.9 $ ( 25.0 ) Gain/(loss) on cash flow hedges: Foreign currency derivatives: Gains reclassified from AOCL into earnings 2.7 — 8.2 — Amount excluded from effectiveness testing recognized in earnings based on an amortization approach 1.6 — 1.6 — Interest rate derivatives: Gains/(losses) reclassified from AOCL into earnings — — — — Undesignated Hedges The following table presents the location and amount of pre-tax net gains from undesignated hedges in the Condensed Consolidated Statements of Income on derivatives for the three months ended March 31, 2024 and 2023 (in millions): Three Months Ended March 31, Derivatives Location 2024 2023 Foreign currency derivatives (a) Selling, general, and administrative $ 21.5 $ 4.7 (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 $( 17.5 ) million and $ 0.2 million for the three months ended March 31, 2024 and 2023 , respectively.

Borrowings (Tables)

Borrowings (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Borrowings	The Company’s outstanding borrowings consisted of the following (in millions): March 31, 2024 December 31, 2023 Commercial paper (a) $ 399.9 $ 364.9 Notes: 2.850 % notes due 2025 (b) 500.0 500.0 1.350 % notes due 2026 (b) 600.0 600.0 2.750 % notes due 2031 (b) 300.0 300.0 6.200 % notes due 2036 (b) 500.0 500.0 6.200 % notes due 2040 (b) 250.0 250.0 Total borrowings at par value 2,549.9 2,514.9 Debt issuance costs and unamortized discount, net ( 9.6 ) ( 10.3 ) Total borrowings at carrying value (c) $ 2,540.3 $ 2,504.6 (a) Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $ 1.25 billion outstanding at any time, reduced to the extent of borrowings outstanding on the Company’s 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, 2024 had a weighted-average annual interest rate of approximately 5.5 % and a weighted-average term of approximately 2 days. (b) The difference between the stated interest rate and the effective interest rate is not significant. (c) As of March 31, 2024, the Company’s weighted-average effective rate on total borrowings was approximately 4.0 % .
Schedule of Maturities of Borrowings	The following summarizes the Company’s maturities of its notes at par value as of March 31, 2024 (in millions): Due within 1 year $ 500.0 Due after 1 year through 2 years 600.0 Due after 2 years through 3 years — Due after 3 years through 4 years — Due after 4 years through 5 years — Due after 5 years 1,050.0 Total $ 2,150.0

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Results	The following table presents the Company’s segment results for the three months ended March 31, 2024 and 2023 (in millions): Three Months Ended March 31, 2024 2023 Revenues: Consumer Money Transfer $ 962.0 $ 938.3 Consumer Services 87.1 83.2 Business Solutions (a) — 15.4 Total consolidated revenues $ 1,049.1 $ 1,036.9 Segment operating income: Consumer Money Transfer $ 187.6 $ 177.8 Consumer Services 18.6 32.1 Business Solutions (a) — 1.9 Total segment operating income 206.2 211.8 Redeployment program costs (b) ( 14.0 ) ( 7.1 ) Acquisition, separation, and integration costs (c) ( 0.1 ) — Total consolidated operating income $ 192.1 $ 204.7 (a) On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business. The sale was completed with the final closing on July 1, 2023. (b) Represents severance, expenses associated with streamlining the Company's organizational and legal structure, and other expenses associated with the Company's program to redeploy expenses in its cost base through optimizations in vendor management, real estate, marketing, and people strategy, as previously announced in October 2022. Expenses incurred under the program also include non-cash impairments of operating lease right-of-use assets and property and equipment. The expenses are not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses are therefore excluded from the Company's segment operating income results. (c) 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. Beginning in 2024, the Company changed its segment reporting methodology to no longer allocate these costs to its segments. These costs were previously allocated entirely to Consumer Services, and the amount included in the Consumer Services segment was immaterial for the three months ended March 31, 2023. The expenses are no longer 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.

Business and Basis of Present_3

Business and Basis of Presentation - Narrative (Details) $ in Millions	Mar. 31, 2024 Country	Dec. 31, 2023 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 | $		$ 440

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue Earned from Contracts with Customers (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Revenue
Revenues from contracts with customers		$ 995.7	$ 979
Other revenues	[1]	53.4	57.9
Revenues		1,049.1	1,036.9
Consumer money transfers
Revenue
Revenues from contracts with customers		928.6	905.3
Other revenues	[1]	33.4	33
Revenues		962	938.3
Foreign exchange and payment services
Revenue
Revenues from contracts with customers	[2]		6.5
Other revenues	[1],[2]		8.9
Revenues	[2]		15.4
Consumer Services
Revenue
Revenues from contracts with customers		67.1	67.2
Other revenues	[1]	20	16
Revenues		87.1	83.2
North America
Revenue
Revenues from contracts with customers		393.9	380.7
North America | Consumer money transfers
Revenue
Revenues from contracts with customers		354.5	347.3
North America | Consumer Services
Revenue
Revenues from contracts with customers		39.4	33.4
Europe and CIS
Revenue
Revenues from contracts with customers		228.9	245.7
Europe and CIS | Consumer money transfers
Revenue
Revenues from contracts with customers		224.4	233.7
Europe and CIS | Foreign exchange and payment services
Revenue
Revenues from contracts with customers	[2]		6.5
Europe and CIS | Consumer Services
Revenue
Revenues from contracts with customers		4.5	5.5
Middle East, Africa, and South Asia
Revenue
Revenues from contracts with customers		192.4	169.4
Middle East, Africa, and South Asia | Consumer money transfers
Revenue
Revenues from contracts with customers		192.3	169.3
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		130.6	127.9
Latin America and the Caribbean | Consumer money transfers
Revenue
Revenues from contracts with customers		107.5	99.7
Latin America and the Caribbean | Consumer Services
Revenue
Revenues from contracts with customers		23.1	28.2
Asia Pacific
Revenue
Revenues from contracts with customers		49.9	55.3
Asia Pacific | Consumer money transfers
Revenue
Revenues from contracts with customers		$ 49.9	$ 55.3
[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. On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business, and the final closing for this transaction occurred on July 1, 2023 .

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Outstanding restricted stock and options to purchase shares of stock excluded from the diluted earnings per share calculation	11.4	9.2

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Diluted Weighted-Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Diluted, Other Disclosure [Abstract]
Basic weighted-average shares outstanding	344.4	374.4
Common stock equivalents	1.3	1.1
Diluted weighted-average shares outstanding	345.7	375.5

Divestiture - Narrative (Detail

Divestiture - Narrative (Details) - Business Solutions - Asset Held for Sale, Not Discontinued Operations $ in Millions		3 Months Ended
	Aug. 04, 2021 USD ($) Item	Mar. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from sale of business	$ 910
Number of closings | Item	3
Revenues		$ 15.4
Operating expenses		13.5
Other expense		$ 1.4

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets:
Settlement assets	$ 3,635.6	$ 3,687
Derivatives	15.7	10.8
Liabilities:
Derivatives	6.7	17.4
Recurring
Assets:
Derivatives	15.7	10.8
Total assets	1,431.7	1,480.8
Liabilities:
Derivatives	6.7	17.4
Total liabilities	6.7	17.4
Recurring | Money market funds
Assets:
Settlement assets	13	11.8
Recurring | State and municipal debt securities
Assets:
Settlement assets	1,044.8	1,011.4
Recurring | Asset-backed securities
Assets:
Settlement assets	213.8	195.7
Recurring | Corporate debt securities
Assets:
Settlement assets	86.2	152.2
Recurring | State and municipal variable-rate demand notes
Assets:
Settlement assets	47.7	86.8
Recurring | United States government agency mortgage-backed securities
Assets:
Settlement assets	10.5	12.1
Recurring | Level 1
Assets:
Total assets	13	11.8
Recurring | Level 1 | Money market funds
Assets:
Settlement assets	13	11.8
Recurring | Level 2
Assets:
Derivatives	15.7	10.8
Total assets	1,418.7	1,469
Liabilities:
Derivatives	6.7	17.4
Total liabilities	6.7	17.4
Recurring | Level 2 | State and municipal debt securities
Assets:
Settlement assets	1,044.8	1,011.4
Recurring | Level 2 | Asset-backed securities
Assets:
Settlement assets	213.8	195.7
Recurring | Level 2 | Corporate debt securities
Assets:
Settlement assets	86.2	152.2
Recurring | Level 2 | State and municipal variable-rate demand notes
Assets:
Settlement assets	47.7	86.8
Recurring | Level 2 | United States government agency mortgage-backed securities
Assets:
Settlement assets	$ 10.5	$ 12.1

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings	$ 2,540.3	$ 2,504.6
Level 2 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings	$ 2,453.9	$ 2,419

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) € in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2019 EUR (€)	Dec. 31, 2018 EUR (€)	Dec. 31, 2017 EUR (€) Individual
Commitments and Contingencies
Letters of credit outstanding and bank guarantees	$ 150
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
Pending Litigation
Commitments and Contingencies
Range of possible loss, portion not accrued	$ 30

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - Equity Method Investee - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transactions
Commission expense	$ 10.4	$ 10.8
Operating Cost and Expense, Related Party, Type [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember

Settlement Assets and Obligat_3

Settlement Assets and Obligations - Schedule of Settlement Assets and Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Settlement assets:
Cash and cash equivalents	$ 412.4	$ 496	$ 737.1
Receivables from agents and others	1,832.2	1,748.3
Less: Allowance for credit losses	(11.9)	(15.4)
Receivables from agents and others, net	1,820.3	1,732.9
Investment securities	1,403	1,458.2
Less: Allowance for credit losses	(0.1)	(0.1)
Investment securities, net	1,402.9	1,458.1
Total settlement assets	3,635.6	3,687
Settlement obligations:
Money transfer, money order, and payment service payables	2,940.7	2,764.5
Payables to agents	694.9	922.5
Total settlement obligations	$ 3,635.6	$ 3,687

Settlement Assets and Obligat_4

Settlement Assets and Obligations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables from agents and others, net	$ 1,820.3	$ 1,732.9
Variable rate demand notes, maximum maturity year	2052
Due after 10 years	$ 289.7
Other Assets
Accounts, Notes, Loans and Financing Receivable [Line Items]
Advances to agents	200.7	188.5
Receivables from agents and others
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables from agents and others, net	1,820.3	$ 1,732.9
State and municipal variable-rate demand notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Due after 10 years	$ 47.7

Settlement Assets and Obligat_5

Settlement Assets and Obligations - Summary of Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Summary of activity in allowance for credit losses
Allowance for credit losses, Beginning Balance		$ 15.4
Allowance for credit losses, Ending Balance		11.9
Receivables from agents and others
Summary of activity in allowance for credit losses
Allowance for credit losses, Beginning Balance		15.4	$ 11.4
Current period provision for expected credit losses	[1]		(0.4)
Write-offs charged against the allowance		(5.2)	(4.2)
Recoveries of amounts previously written off		2.3	1.8
Impacts of foreign currency exchange rates, divestitures and other		(0.6)	0.1
Allowance for credit losses, Ending Balance		$ 11.9	8.7
Receivables from Business Solutions customers
Summary of activity in allowance for credit losses
Allowance for credit losses, Beginning Balance			1.6
Current period provision for expected credit losses	[1]		0.4
Write-offs charged against the allowance			(0.7)
Impacts of foreign currency exchange rates, divestitures and other			0.7
Allowance for credit losses, Ending Balance			$ 2
[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. The Company recognized losses that were not credit-related of $ 14.8 million and $ 9.1 million for the three months ended March 31, 2024, and 2023, respectively.

Settlement Assets and Obligat_6

Settlement Assets and Obligations - Summary of Activity in the Allowance for Credit Losses (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Losses from chargebacks or fraud that are not credit-related	$ 14.8	$ 9.1

Settlement Assets and Obligat_7

Settlement Assets and Obligations - Components of Investment Securities (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Cash and cash equivalents
Amortized Cost		$ 1,106.5	$ 1,268.6	$ 1,228.6
Available-for-sale securities:
Fair Value		1,403
Settlement Assets
Available-for-sale securities:
Amortized Cost		1,448.7	1,498.4
Fair Value		1,403	1,458.2
Gross Unrealized Gains		6.8	11.4
Gross Unrealized Losses		(52.5)	(51.6)
Net Unrealized Gains/ (Losses)		(45.7)	(40.2)
Amortized Cost		1,461.7	1,510.2
Fair Value		1,416	1,470
Gross Unrealized Gains		6.8	11.4
Gross Unrealized Losses		(52.5)	(51.6)
Net Unrealized Gains/ (Losses)		(45.7)	(40.2)
Money market funds | Settlement Assets
Cash and cash equivalents
Amortized Cost		13	11.8
Fair Value		13	11.8
State and municipal debt securities | Settlement Assets
Available-for-sale securities:
Amortized Cost	[1]	1,087.1	1,049.3
Fair Value	[1]	1,044.8	1,011.4
Gross Unrealized Gains	[1]	5.2	8.7
Gross Unrealized Losses	[1]	(47.5)	(46.6)
Net Unrealized Gains/ (Losses)	[1]	(42.3)	(37.9)
Asset-backed securities | Settlement Assets
Available-for-sale securities:
Amortized Cost		212.9	194.5
Fair Value		213.8	195.7
Gross Unrealized Gains		1	1.2
Gross Unrealized Losses		(0.1)
Net Unrealized Gains/ (Losses)		0.9	1.2
Corporate debt securities | Settlement Assets
Available-for-sale securities:
Amortized Cost		89.9	155.2
Fair Value		86.2	152.2
Gross Unrealized Gains		0.6	1.5
Gross Unrealized Losses		(4.3)	(4.5)
Net Unrealized Gains/ (Losses)		(3.7)	(3)
State and municipal variable-rate demand notes | Settlement Assets
Available-for-sale securities:
Amortized Cost		47.7	86.8
Fair Value		47.7	86.8
United States government agency mortgage-backed securities | Settlement Assets
Available-for-sale securities:
Amortized Cost		11.1	12.6
Fair Value		10.5	12.1
Gross Unrealized Losses		(0.6)	(0.5)
Net Unrealized Gains/ (Losses)		$ (0.6)	$ (0.5)
[1] The majority of these securities are fixed-rate instruments.

Settlement Assets and Obligat_8

Settlement Assets and Obligation - Summary of Investment Securities in Unrealized Position (Details) $ in Millions	Mar. 31, 2024 USD ($) Securities
State and municipal debt securities
Summary of Investment Holdings [Line Items]
Number of securities less than one year | Securities	67
Fair value less than one year	$ 174.5
Unrealized losses less than one year	$ (1.5)
Number of securities one year or greater | Securities	260
Fair value one year or greater	$ 559.3
Unrealized losses one year or greater	$ (46)
Asset-backed securities
Summary of Investment Holdings [Line Items]
Number of securities less than one year | Securities	8
Fair value less than one year	$ 12.7
Unrealized losses less than one year	$ (0.1)
Corporate debt securities
Summary of Investment Holdings [Line Items]
Number of securities one year or greater | Securities	14
Fair value one year or greater	$ 52.3
Unrealized losses one year or greater	$ (4.3)
United States government agency mortgage-backed securities
Summary of Investment Holdings [Line Items]
Number of securities one year or greater | Securities	10
Fair value one year or greater	$ 9.9
Unrealized losses one year or greater	$ (0.6)

Settlement Assets and Obligat_9

Settlement Assets and Obligations - Contractual Maturities of Debt Securities (Details) $ in Millions	Mar. 31, 2024 USD ($)
Fair Value
Due within 1 year	$ 95.8
Due after 1 year through 5 years	563.4
Due after 5 years through 10 years	454.1
Due after 10 years	289.7
Total	$ 1,403

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Amounts Reclassified from AOCL (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated other comprehensive income (loss)
Reclassification from AOCL, net of tax	$ 4.8	$ 8.1
Investment Securities
Accumulated other comprehensive income (loss)
Reclassification from AOCL, Provision for income taxes	(0.4)
Reclassification from AOCL, net of tax	2.1	(0.1)
Investment Securities | Revenues
Accumulated other comprehensive income (loss)
Reclassification from AOCL, before tax	2.5	(0.1)
Hedging Activities
Accumulated other comprehensive income (loss)
Reclassification from AOCL, net of tax	2.7	8.2
Hedging Activities | Foreign currency contracts | Revenues
Accumulated other comprehensive income (loss)
Reclassification from AOCL, before tax	$ 2.7	$ 8.2

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Components of Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	$ 479	$ 477.8
Amounts reclassified from AOCL into earnings, net of tax	(4.8)	(8.1)
Ending balance	397.9	552.8
Investment Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(33)	(69.4)
Unrealized gains/(losses)	(3)	24.1
Tax benefit/(expense)	0.5	(4.2)
Amounts reclassified from AOCL into earnings, net of tax	(2.1)	0.1
Ending balance	(37.6)	(49.4)
Hedging Activities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(15.3)	20.5
Unrealized gains/(losses)	13.6	(2.2)
Tax benefit/(expense)	(0.1)	0.1
Amounts reclassified from AOCL into earnings, net of tax	(2.7)	(8.2)
Ending balance	(4.5)	10.2
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(119)	(119)
Ending balance	(119)	(119)
Total AOCL
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(167.3)	(167.9)
Unrealized gains/(losses)	10.6	21.9
Tax benefit/(expense)	0.4	(4.1)
Amounts reclassified from AOCL into earnings, net of tax	(4.8)	(8.1)
Ending balance	$ (161.1)	$ (158.2)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Feb. 10, 2022
Equity, Class of Treasury Stock [Line Items]
Cash dividends paid	$ 80.1	$ 88
Common stock dividends (USD per share)	$ 0.235	$ 0.235
Dividends payable, date to be paid	Mar. 29, 2024	Mar. 31, 2023
Stock repurchased and retired, publicly announced authorizations (shares)	11.8
Stock repurchased and retired, publicly announced authorizations, value excluding commissions	$ 150
Stock repurchased and retired, publicly announced authorizations, average cost per share excluding commissions (USD per share)	$ 12.66
Authorized through December 31, 2024
Equity, Class of Treasury Stock [Line Items]
Stock repurchases authorized amount			$ 1,000
Remaining amount available under share repurchase authorization	$ 198.2

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivatives
Accumulated other comprehensive pre-tax gain (loss) to be reclassified into revenue within the next 12 months	$ 0.2
Business Solutions
Derivatives
Foreign exchange revenues		$ 14.3
Foreign currency contracts
Derivatives
Offsetting of derivative assets subject to a master netting arrangement or similar agreement			$ 7.3
Derivative asset, subject to master netting arrangement, deduction of financial instrument not offset	4.1
Derivative liability, subject to master netting arrangement, deduction of financial instrument not offset	$ 4.1
Offsetting of derivative liabilities subject to a master netting arrangement or similar agreement			$ 7.3
Designated as hedges | Foreign currency contracts
Derivatives
Derivative policy - contract maturity period maximum	36 months
Derivative policy - targeted weighted-average maturity	1 year
Maximum remaining maturity of foreign currency derivatives	24 months
Derivative 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 | 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

Derivatives - Notional Amounts

Derivatives - Notional Amounts of Foreign Currency Forward Contracts (Details) - Foreign currency contracts - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Designated as hedges | Euro
Notional amounts of foreign currency forward contracts
Notional amounts		$ 212.6	$ 227
Designated as hedges | Canadian dollar
Notional amounts of foreign currency forward contracts
Notional amounts		98.6	97.9
Designated as hedges | British pound
Notional amounts of foreign currency forward contracts
Notional amounts		58.4	56.9
Designated as hedges | Australian dollar
Notional amounts of foreign currency forward contracts
Notional amounts		46.1	46.5
Designated as hedges | Swiss franc
Notional amounts of foreign currency forward contracts
Notional amounts		37.9	37.4
Designated as hedges | Other Currencies
Notional amounts of foreign currency forward contracts
Notional amounts	[1]	39	40.3
Not designated as hedges | Euro
Notional amounts of foreign currency forward contracts
Notional amounts		516.5	597.9
Not designated as hedges | Mexican peso
Notional amounts of foreign currency forward contracts
Notional amounts		213.3	168.1
Not designated as hedges | Canadian dollar
Notional amounts of foreign currency forward contracts
Notional amounts		47.4	77.2
Not designated as hedges | British pound
Notional amounts of foreign currency forward contracts
Notional amounts		100.3	174.9
Not designated as hedges | Australian dollar
Notional amounts of foreign currency forward contracts
Notional amounts		67.4	79.9
Not designated as hedges | Indian rupee
Notional amounts of foreign currency forward contracts
Notional amounts		50	55.3
Not designated as hedges | Brazilian real
Notional amounts of foreign currency forward contracts
Notional amounts		32.6	31.4
Not designated as hedges | Chinese yuan
Notional amounts of foreign currency forward contracts
Notional amounts		27.3	30
Not designated as hedges | Philippine peso
Notional amounts of foreign currency forward contracts
Notional amounts		26.9	38
Not designated as hedges | Singapore dollar
Notional amounts of foreign currency forward contracts
Notional amounts		18.9	27.5
Not designated as hedges | Japanese yen
Notional amounts of foreign currency forward contracts
Notional amounts		15.3	29.2
Not designated as hedges | Other Currencies
Notional amounts of foreign currency forward contracts
Notional amounts	[1]	$ 138.2	$ 146.2
[1] Comprised of exposures to various currencies; none of these individual currency exposures is greater than $ 25 million for both periods presented.

Derivatives - Notional Amount_2

Derivatives - Notional Amounts of Foreign Currency Forward Contracts (Parenthetical) (Details) - Other Currencies - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Designated as hedges
Derivative [Line Items]
Maximum individual currency exposure within various other currencies	$ 25	$ 25
Not designated as hedges
Derivative [Line Items]
Maximum individual currency exposure within various other currencies	$ 25	$ 25

Derivatives - Fair Value of Der

Derivatives - Fair Value of Derivatives (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value of Derivatives
Derivative Assets	$ 15.7	$ 10.8
Derivative Liabilities	6.7	17.4
Designated as hedges
Fair Value of Derivatives
Derivative Assets	10.7	8.5
Derivative Liabilities	4.7	13.2
Designated as hedges | Foreign currency contracts
Fair Value of Derivatives
Derivative Assets	$ 10.7	$ 8.5
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liabilities	$ 4.7	$ 13.2
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Not designated as hedges
Fair Value of Derivatives
Derivative Assets	$ 5	$ 2.3
Derivative Liabilities	2	4.2
Not designated as hedges | Foreign currency contracts
Fair Value of Derivatives
Derivative Assets	$ 5	$ 2.3
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liabilities	$ 2	$ 4.2
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities

Derivatives - Unrealized Gains_

Derivatives - Unrealized Gains/(Losses) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Foreign currency contracts
Derivatives
Gain/(Loss) recognized in OCI	[1]	$ 13.6	$ (2.2)
[1] Gains/(losses) of $( 0.9 ) million and $ 1.8 million for the three months ended March 31, 2024 and 2023, respectively, represent amounts excluded from the assessment of effectiveness and recognized in other comprehensive income, for which an amortization approach is applied.

Derivatives - Unrealized Gain_2

Derivatives - Unrealized Gains/(Losses) (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Gains/(losses) excluded from effectiveness testing recognized in other comprehensive income	$ (0.9)	$ 1.8

Derivatives - Gains_(Losses) fr

Derivatives - Gains/(Losses) from Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Gains/(Losses) from Derivatives
Revenues	$ 1,049.1	$ 1,036.9
Interest expense	(26.1)	(25)
Cash Flow Hedges | Foreign currency contracts | Revenues
Cash Flow and Fair Value Hedges
Gains/(losses) reclassified from AOCL into earnings	2.7	8.2
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	$ 1.6	$ 1.6

Derivatives - Undesignated Hedg

Derivatives - Undesignated Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Not designated as hedges | Selling, General and Administrative
Cash Flow and Fair Value Hedges
Gain recognized in Income on Foreign currency derivatives	$ 21.5	$ 4.7	[1]
[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 $( 17.5 ) million and $ 0.2 million for the three months ended March 31, 2024 and 2023 , respectively.

Derivatives - Undesignated He_2

Derivatives - Undesignated Hedges (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flow and Fair Value Hedges
Foreign exchange losses on settlement assets and obligations, cash balances, and other assets and liabilities	$ (17.5)	$ 0.2

Borrowings - Schedule of Outsta

Borrowings - Schedule of Outstanding Borrowings (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Outstanding Borrowings
Total borrowings at par value		$ 2,549.9	$ 2,514.9
Debt issuance costs and unamortized discount, net		(9.6)	(10.3)
Total borrowings at carrying value	[1]	2,540.3	2,504.6
Commercial Paper
Outstanding Borrowings
Total borrowings at par value	[2]	399.9	364.9
2.850% Notes Due 2025
Outstanding Borrowings
Total borrowings at par value	[3]	500	500
1.350% Notes Due 2026
Outstanding Borrowings
Total borrowings at par value	[3]	600	600
2.750% Notes Due 2031
Outstanding Borrowings
Total borrowings at par value	[3]	300	300
6.200% Notes Due 2036
Outstanding Borrowings
Total borrowings at par value	[3]	500	500
6.200% Notes Due 2040
Outstanding Borrowings
Total borrowings at par value	[3]	$ 250	$ 250
[1] As of March 31, 2024, the Company’s weighted-average effective rate on total borrowings was approximately 4.0 % . Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $ 1.25 billion outstanding at any time, reduced to the extent of borrowings outstanding on the Company’s 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, 2024 had a weighted-average annual interest rate of approximately 5.5 % and a weighted-average term of approximately 2 days. The difference between the stated interest rate and the effective interest rate is not significant.

Borrowings - Schedule of Outs_2

Borrowings - Schedule of Outstanding Borrowings (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Outstanding Borrowings
Weighted-average effective interest rate (as a percent)	4%
Commercial Paper
Outstanding Borrowings
Threshold over which Commercial Paper Program limit will be reduced for borrowings on revolving credit facility	$ 1,250
Maximum days to maturity	397 days
Weighted-average effective interest rate (as a percent)	5.50%
Weighted-average term	2 days
2.850% Notes Due 2025
Outstanding Borrowings
Stated interest rate (as a percent)	2.85%	2.85%
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%

Borrowings - Schedule of Maturi

Borrowings - Schedule of Maturities of Borrowings (Details) $ in Millions	Mar. 31, 2024 USD ($)
Borrowings maturities at par value
Due within 1 year	$ 500
Due after 1 year through 2 years	600
Due after 5 years	1,050
Total	$ 2,150

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	16%	16.10%
Unrecognized tax benefits, including interest and penalties	$ 310		$ 309.7
Income tax examination, year under examination	2017 2018
Reasonably possible decrease to the Company's total unrecognized tax benefits during the next 12 months	$ 250

Stock-Based Compensation Plans

Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Long-Term Incentive Plan
Stock-based compensation expense	$ 8.7	$ 8
Options granted (shares)	4.4
Options granted exercise price (in dollars per share)	$ 12.8
Performance-based restricted stock units and Restricted stock units granted (in shares)	4.1
Performance-based restricted stock units and Restricted stock units weighted average grant date fair value (in dollars per share)	$ 12.69
Number of options outstanding (in shares)	11
Exercise price of options outstanding (in dollars per share)	$ 16.08
Number of options exercisable (in shares)	4.7
Exercise price of options exercisable (in dollars per share)	$ 19.07
Number of non-vested Performance-based restricted stock units and Restricted stock units (in shares)	9.2
Grant date fair value of Performance-based restricted stock units and Restricted stock units (in dollars per share)	$ 14.35

Segments - Narrative (Details)

Segments - Narrative (Details) - Operating Segments - Consumer Money Transfer	3 Months Ended
	Mar. 31, 2024 Customer Region
Segments
Number of consumers in money transfer | Customer	2
Number of geographic regions in segment | Region	5

Segments - Segments Results (De

Segments - Segments Results (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Revenues:
Total consolidated revenues		$ 1,049.1	$ 1,036.9
Operating income:
Total operating income		192.1	204.7
Operating Segments
Operating income:
Total operating income		206.2	211.8
Operating Segments | Consumer Money Transfer
Revenues:
Total consolidated revenues		962	938.3
Operating income:
Total operating income		187.6	177.8
Operating Segments | Consumer Services
Revenues:
Total consolidated revenues		87.1	83.2
Operating income:
Total operating income		18.6	32.1
Operating Segments | Business Solutions
Revenues:
Total consolidated revenues	[1]		15.4
Operating income:
Total operating income	[1]		1.9
Not Allocated To Segments
Operating income:
Acquisition, separation, and integration costs	[2]	(0.1)
Redeployment program costs	[3]	$ (14)	$ (7.1)
[1] On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business. The sale was completed with the final closing on July 1, 2023. 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. Beginning in 2024, the Company changed its segment reporting methodology to no longer allocate these costs to its segments. These costs were previously allocated entirely to Consumer Services, and the amount included in the Consumer Services segment was immaterial for the three months ended March 31, 2023. The expenses are no longer 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. Represents severance, expenses associated with streamlining the Company's organizational and legal structure, and other expenses associated with the Company's program to redeploy expenses in its cost base through optimizations in vendor management, real estate, marketing, and people strategy, as previously announced in October 2022. Expenses incurred under the program also include non-cash impairments of operating lease right-of-use assets and property and equipment. The expenses are not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses are therefore excluded from the Company's segment operating income results.

Segments - Segments Results (Pa

Segments - Segments Results (Parenthetical) (Details)	Aug. 04, 2021 Item
Business Solutions | Asset Held for Sale, Not Discontinued Operations
Segment Reporting Information [Line Items]
Number of closings	3