10-Q

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2022

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from to

Commission File Number: 001-32903

 

THE WESTERN UNION COMPANY

(Exact name of registrant as specified in its charter)

Delaware (State or Other Jurisdiction of Incorporation or Organization)		20-4531180 (I.R.S. Employer Identification No.)
	7001 EAST BELLEVIEW AVENUE Denver, Colorado 80237 (Address of principal executive offices)

Registrant’s telephone number, including area code: (866) 405-5012

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $0.01 Par Value	WU	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b‑2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer☐ Non-accelerated filer ☐

Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒

As of April 22, 2022, 386,034,020 shares of the registrant’s common stock were outstanding.

THE WESTERN UNION COMPANY

INDEX

		PAGE NUMBER
PART I FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Statements of Income for the three months ended March 31, 2022 and 2021	3
	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2022 and 2021	4
	Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021	5
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021	6
	Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2022 and 2021	8
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	50
	Review Report of Independent Registered Public Accounting Firm (PCAOB ID: 42)	51
PART II OTHER INFORMATION
Item 1.	Legal Proceedings	52
Item 1A.	Risk Factors	52
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	52
Item 3.	Defaults Upon Senior Securities	52
Item 4.	Mine Safety Disclosures	52
Item 5.	Other Information	52
Item 6.	Exhibits	53

2

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(in millions, except per share amounts)

	Three Months Ended
	March 31,
	2022			2021
Revenues	$	1,155.7		$	1,210.0
Expenses:
Cost of services		655.1			706.0
Selling, general, and administrative		263.1			271.2
Total expenses		918.2			977.2
Operating income		237.5			232.8
Other income/(expense):
Gain on divestiture of business (Note 4)		151.4			—
Interest income		0.6			0.4
Interest expense		(24.8	)		(28.4	)
Other expense, net		(2.5	)		(1.9	)
Total other income/(expense), net		124.7			(29.9	)
Income before income taxes		362.2			202.9
Provision for income taxes		68.9			21.1
Net income	$	293.3		$	181.8
Earnings per share:
Basic	$	0.75		$	0.44
Diluted	$	0.74		$	0.44
Weighted-average shares outstanding:
Basic		393.1			411.7
Diluted		394.5			414.3

See Notes to Condensed Consolidated Financial Statements.

3

THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(in millions)

	Three Months Ended
	March 31,
	2022			2021
Net income	$	293.3		$	181.8
Other comprehensive income, net of reclassifications and tax (Note 9):
Unrealized losses on investment securities		(51.6	)		(13.0	)
Unrealized gains on hedging activities		5.3			28.9
Foreign currency translation adjustments		(17.8	)		—
Defined benefit pension plan adjustments		—			2.5
Total other comprehensive income/(loss)		(64.1	)		18.4
Comprehensive income	$	229.2		$	200.2

See Notes to Condensed Consolidated Financial Statements.

4

THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in millions, except per share amounts)

	March 31,			December 31,
	2022			2021
Assets
Cash and cash equivalents	$	1,295.8		$	1,208.3
Settlement assets		2,999.5			2,843.5
Property and equipment, net of accumulated depreciation of $645.0 and $650.4, respectively		122.9			129.4
Goodwill		2,034.6			2,034.6
Other intangible assets, net of accumulated amortization of $753.9 and $731.8, respectively		400.1			417.1
Other assets		1,012.7			737.7
Assets held for sale (Note 4)		623.1			1,452.9
Total assets	$	8,488.7		$	8,823.5
Liabilities and stockholders' equity
Liabilities:
Accounts payable and accrued liabilities	$	470.7		$	450.2
Settlement obligations		2,999.5			2,843.5
Income taxes payable		927.3			870.7
Deferred tax liability, net		182.7			203.8
Borrowings		2,534.5			3,008.4
Other liabilities (Note 4)		662.6			269.4
Liabilities associated with assets held for sale (Note 4)		358.6			821.9
Total liabilities		8,135.9			8,467.9
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; 387.1 shares and 393.8 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively		3.9			3.9
Capital surplus		960.5			941.0
Accumulated deficit		(495.4	)		(537.2	)
Accumulated other comprehensive loss		(116.2	)		(52.1	)
Total stockholders' equity		352.8			355.6
Total liabilities and stockholders' equity	$	8,488.7		$	8,823.5

See Notes to Condensed Consolidated Financial Statements.

5

THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in millions)

	Three Months Ended
	March 31,
	2022			2021
Cash flows from operating activities
Net income	$	293.3		$	181.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		11.3			12.8
Amortization		35.5			40.6
Gain on divestiture of business, excluding transaction costs (Note 4)		(155.8	)		—
Other non-cash items, net		22.9			30.3
Increase/(decrease) in cash, excluding the effects of divestitures, resulting from changes in:
Other assets		(93.2	)		(46.9	)
Accounts payable and accrued liabilities		36.0			(35.8	)
Income taxes payable		56.2			5.5
Other liabilities		(6.2	)		(12.5	)
Net cash provided by operating activities		200.0			175.8
Cash flows from investing activities
Payments for capitalized contract costs		(6.9	)		(78.3	)
Payments for internal use software		(12.6	)		(9.9	)
Purchases of property and equipment		(10.3	)		(8.7	)
Purchases of settlement investments		(178.4	)		(161.7	)
Proceeds from the sale of settlement investments		71.6			427.1
Maturities of settlement investments		37.4			100.0
Purchase of a non-settlement investment		(250.0	)		—
Proceeds from divestiture, net of cash divested (Note 4)		896.1			—
Other investing activities		(5.9	)		0.7
Net cash provided by investing activities		541.0			269.2
Cash flows from financing activities
Cash dividends and dividend equivalents paid		(91.8	)		(96.7	)
Common stock repurchased (Note 9)		(154.4	)		(84.5	)
Net repayments of commercial paper		(175.0	)		(80.0	)
Net proceeds from issuance of borrowings		—			892.6
Principal payments on borrowings		(300.0	)		(650.0	)
Proceeds from exercise of options		8.9			8.1
Net change in settlement obligations		(80.4	)		(297.1	)
Other financing activities		—			0.1
Net cash used in financing activities		(792.7	)		(307.5	)
Net change in cash and cash equivalents, including settlement, and restricted cash		(51.7	)		137.5
Cash and cash equivalents, including settlement, and restricted cash at beginning of period		2,110.9			2,143.1
Cash and cash equivalents, including settlement, and restricted cash at end of period	$	2,059.2		$	2,280.6

See Notes to Condensed Consolidated Financial Statements.

6

THE WESTERN UNION COMPANY

SUPPLEMENTAL CASH FLOW INFORMATION

(Unaudited)

(in millions)

	March 31,
	2022		2021
Reconciliation of balance sheet cash and cash equivalents to cash flows:
Cash and cash equivalents on balance sheet	$	1,295.8	$	1,502.6
Settlement cash and cash equivalents (Note 8)		685.7		764.0
Restricted cash in Other assets		24.6		14.0
Cash and cash equivalents included in Assets held for sale (Note 4)		53.1		—
Cash and cash equivalents, including settlement, and restricted cash	$	2,059.2	$	2,280.6
	Three Months Ended
	March 31,
	2022		2021
Supplemental cash flow information:
Interest paid	$	16.6	$	19.6
Income taxes paid	$	23.0	$	15.0
Internal use software capitalized but not yet paid	$	—	$	42.0

See Notes to Condensed Consolidated Financial Statements.

7

THE WESTERN UNION COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(in millions)

												Accumulated
												Other			Total
	Common Stock						Capital		Accumulated			Comprehensive			Stockholders'
	Shares			Amount			Surplus		Deficit			Loss			Equity
Balance, December 31, 2021		393.8		$	3.9		$	941.0	$	(537.2	)	$	(52.1	)	$	355.6
Net income		—			—			—		293.3			—			293.3
Stock-based compensation		—			—			10.7		—			—			10.7
Common stock dividends and dividend equivalents declared ($0.235 per share)		—			—			—		(92.6	)		—			(92.6	)
Repurchase and retirement of common shares		(8.6	)		(0.1	)		—		(158.9	)		—			(159.0	)
Shares issued under stock-based compensation plans		1.9			0.1			8.8		—			—			8.9
Other comprehensive loss (Note 9)		—			—			—		—			(64.1	)		(64.1	)
Balance, March 31, 2022		387.1		$	3.9		$	960.5	$	(495.4	)	$	(116.2	)	$	352.8

											Accumulated
											Other			Total
	Common Stock					Capital		Accumulated			Comprehensive			Stockholders'
	Shares			Amount		Surplus		Deficit			Loss			Equity
Balance, December 31, 2020		411.2		$	4.1	$	885.1	$	(543.1	)	$	(159.5	)	$	186.6
Net income		—			—		—		181.8			—			181.8
Stock-based compensation		—			—		10.8		—			—			10.8
Common stock dividends and dividend equivalents declared ($0.235 per share)		—			—		—		(97.9	)		—			(97.9	)
Repurchase and retirement of common shares		(3.7	)		—		—		(89.0	)		—			(89.0	)
Shares issued under stock-based compensation plans		2.3			—		8.1		—			—			8.1
Other comprehensive income (Note 9)		—			—		—		—			18.4			18.4
Balance, March 31, 2021		409.8		$	4.1	$	904.0	$	(548.2	)	$	(141.1	)	$	218.8

See Notes to Condensed Consolidated Financial Statements.

8

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. Business and Basis of Presentation

Business

The Western Union Company ("Western Union" or the "Company") is a leader in global money movement and payment services, providing people and businesses 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 (“westernunion.com”) and transactions initiated on websites and mobile applications hosted by the Company’s third-party white label or co-branded digital partners (together with westernunion.com, “Digital Money Transfer”). Each location in the Company’s agent network is capable of providing one or more of the Company’s services.

The Western Union business consists of the following segments:

•Consumer-to-Consumer - The Consumer-to-Consumer operating segment facilitates money transfers which are sent from retail agent locations worldwide or through websites and mobile devices, including Digital Money Transfer services. 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.

•Business Solutions - The Business Solutions operating segment facilitates payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises, and other organizations and individuals. The significant majority of the Business Solutions business relates to exchanges of currency at spot rates, which enable customers to make cross-currency payments. In addition, in certain countries, the Company writes foreign currency forward and option contracts for customers to facilitate future payments. 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. The sale will be completed in two closings, the first of which occurred on March 1, 2022, with the second expected in the second half of 2022. See Note 4 for further information regarding this transaction.

All businesses and other services that have not been classified in the above segments are reported as Other, which primarily includes the Company’s bill payment services which facilitate payments from consumers to businesses and other organizations and the Company’s money order services. Certain of the Company's corporate costs such as costs related to strategic initiatives, including costs for the review and closing of mergers, acquisitions, and divestitures, are also included in Other. See Note 14 for further information regarding the Company’s segments.

There are legal or regulatory limitations on transferring certain assets of the Company outside of the countries where these assets are located. However, there are generally no limitations on the use of these assets within those countries. Additionally, the Company must meet minimum capital requirements in some countries in order to maintain operating licenses. As of December 31, 2021, the Company's restricted net assets associated with these asset limitations and minimum capital requirements totaled approximately $460 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

9

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

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, 2022 and December 31, 2021 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, 2022 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, 2021.

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.

Cash Flow Classification Revision

Beginning in the fourth quarter of 2021, the Company revised its presentation to include changes in settlement cash associated with settlement obligations as a financing activity and changes in settlement cash from purchases, sales, and maturities of settlement investments as an investing activity within its Condensed Consolidated Statements of Cash Flows. Previously, the changes in settlement assets and settlement obligations were presented on a net basis within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Prior period amounts have been revised to conform to this presentation. These changes in presentation have been concluded to be immaterial, having no impact on the Company’s previously reported net income, financial position, or cash flows from operating activities, as changes in the Company’s settlement assets exactly offset changes in its settlement obligations. However, the revised presentation shows all changes associated with settlement cash in the Condensed Consolidated Statements of Cash Flows instead of in the Notes to the Condensed Consolidated Financial Statements.

10

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following table presents the effects of the changes in presentation of these cash flows, compared to the previously reported Condensed Consolidated Statements of Cash Flows (in millions):

	Three Months Ended March 31, 2021
	As Previously
	Reported(a)			Revisions			As Revised
Net cash provided by/(used in):
Operating activities	$	175.8		$	—		$	175.8
Investing activities(b)		(96.2	)		365.4			269.2
Financing activities(c)		(10.4	)		(297.1	)		(307.5	)
Net change in cash and cash equivalents, including settlement, and restricted cash	$	69.2		$	68.3		$	137.5

(a)As reported in the Company's Form 10-Q filed with the Securities Exchange Commission on May 4, 2021.

(b)The financial statement lines included in Investing activities are Purchases of settlement investments, Proceeds from the sale of settlement investments, and Maturities of settlement investments.

(c)The financial statement line included in Financing activities is Net change in settlement obligations.

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, whether the money transfer involves different send and receive currencies, the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market, and speed of service, as applicable. The Company also offers several other services, including foreign exchange and payment services and other bill payment services, for which revenue is impacted by similar factors. For the substantial majority of the Company’s revenues, the Company acts as the principal in transactions and reports revenue on a gross basis, as the Company controls the service at all times prior to transfer to the customer, is primarily responsible for fulfilling the customer contracts, has the risk of loss, and has the ability to establish transaction prices. The Company also provides services to financial institutions and other third parties to enable such entities to offer money transfer services to their own customers under their brands. Generally, in these arrangements, consumers agree to terms and conditions specified by the financial institution or other third party that, among other things, establish pricing paid by the consumer for the service. The Company recognizes revenue on a net basis under these arrangements. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

The Company recognized $1,100.7 million and $1,166.3 million in revenues from contracts with customers for the three months ended March 31, 2022 and 2021, respectively. There were no material upfront costs incurred to obtain contracts with customers during these same periods. Under the Company’s loyalty programs, which are primarily offered in its money transfer services, the Company must fulfill loyalty program rewards earned by customers. The loyalty program redemption activity has been and continues to be insignificant to the Company’s results of operations, and the Company has immaterial contract liability balances, which primarily relate to its customer loyalty programs and other services. Contract asset balances related to customers were also immaterial as of the periods presented, as the Company typically receives payment of consideration from its customers prior to satisfying performance obligations under the customer contracts. In addition to revenue generated from contracts with customers, the Company recognizes revenue from other sources, including the sale of derivative financial instruments and investment income generated on settlement assets primarily related to money transfer and money order services.

The Company analyzes its different services individually to determine the appropriate basis for revenue recognition, as further described below. Revenues from consumer money transfers are included in the Company’s Consumer-to- Consumer segment, revenues from foreign exchange and payment services are included in the Company’s Business Solutions segment, and revenues from consumer bill payment and other services are not included in the Company’s segments and are reported as Other. See Note 14 for further information on the Company’s segments. On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to Goldfinch Partners LLC and The Baupost

11

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Group LLC. The sale will be completed in two closings, the first of which occurred on March 1, 2022, with the second expected in the second half of 2022. See Note 4 for further information regarding this transaction.

Consumer Money Transfers

For the Company’s money transfer services, customers agree to the Company’s terms and conditions at the time of initiating a transaction. In a money transfer, the Company has one performance obligation as the customer engages the Company to perform one integrated service which typically occurs within minutes — collect the customer’s money and make funds available for payment to a designated person in the currency requested. Therefore, the Company recognizes revenue upon completion of the following: (i) the customer’s acknowledgment of the Company’s terms and conditions and payment information has been received by the Company, (ii) the Company has agreed to process the money transfer, (iii) the Company has provided the customer a unique transaction identification number, and (iv) funds are available to be picked up by the customer’s designated receiving party. The transaction price is comprised of a transaction fee and the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market, as applicable, both of which are readily determinable at the time the transaction is initiated.

Foreign Exchange and Payment Services

For the Company’s foreign exchange and payment services, customers agree to terms and conditions for all transactions, either at the time of initiating a transaction or signing a contract with the Company to provide payment services on the customer’s behalf. In the majority of the Company’s foreign exchange and payment services, the Company makes payments to the recipient to satisfy its performance obligation to the customer, and therefore, the Company recognizes revenue on foreign exchange and payment services when this performance obligation has been fulfilled. Revenues from foreign exchange and payment services are primarily comprised of the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market.

Consumer Bill Payments and Other

The Company offers bill payment and other services that vary by contractual features, including the types and amounts of fixed charges and with respect to how fees are billed and collected. The identification of the contract with the customer for revenue recognition purposes is consistent with these features for each of the Company’s bill payment and other services. As with consumer money transfers, customers engage the Company to perform one integrated service — collect money from the consumer and process the transaction, thereby providing billers with real-time or near real-time information regarding consumer payments and simplifying the billers’ collection efforts.

12

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Management has determined that 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, 2022 and 2021 (in millions). The regional split of revenue shown in the tables below is based upon where transactions are initiated.

	Three Months Ended March 31, 2022
			Foreign
	Consumer		Exchange
	Money		and Payment		Consumer		Other
	Transfers		Services		Bill Payments		Services		Total
Regions:
North America	$	381.2	$	17.9	$	17.5	$	14.2	$	430.8
Europe and Russia/CIS		283.8		33.7		3.5		0.1		321.1
Middle East, Africa, and South Asia		162.3		0.4		0.1		—		162.8
Latin America and the Caribbean		88.1		0.5		21.2		2.0		111.8
East Asia and Oceania		61.4		12.5		0.3		—		74.2
Revenues from contracts with customers	$	976.8	$	65.0	$	42.6	$	16.3	$	1,100.7
Other revenues (a)		22.2		24.1		3.8		4.9		55.0
Total revenues	$	999.0	$	89.1	$	46.4	$	21.2	$	1,155.7

	Three Months Ended March 31, 2021
			Foreign
	Consumer		Exchange
	Money		and Payment		Consumer		Other
	Transfers		Services		Bill Payments		Services		Total
Regions:
North America	$	386.6	$	21.2	$	18.6	$	14.5	$	440.9
Europe and Russia/CIS		338.7		34.3		1.1		0.4		374.5
Middle East, Africa, and South Asia		159.7		0.5		0.1		—		160.3
Latin America and the Caribbean		86.7		0.8		17.7		1.8		107.0
East Asia and Oceania		66.7		16.6		0.3		—		83.6
Revenues from contracts with customers	$	1,038.4	$	73.4	$	37.8	$	16.7	$	1,166.3
Other revenues (a)		12.5		23.1		3.0		5.1		43.7
Total revenues	$	1,050.9	$	96.5	$	40.8	$	21.8	$	1,210.0

(a)Includes revenue from the sale of derivative financial instruments, investment income generated on settlement assets primarily related to money transfer and money order services, and other sources.

3. Earnings Per Share

The calculation of basic earnings per share is computed by dividing net income available to common stockholders 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.

For the three months ended March 31, 2022 and 2021, there were 7.2 million and 1.4 million, respectively, of shares excluded from the diluted earnings per share calculation under the treasury stock method, primarily due to outstanding options to purchase shares of Western Union stock and restricted stock units, as the assumed proceeds of the options and restricted stock per unit were above the Company’s weighted-average share price during the periods and their effect was anti-dilutive.

13

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

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

	Three Months Ended
	March 31,
	2022		2021
Basic weighted-average shares outstanding		393.1		411.7
Common stock equivalents		1.4		2.6
Diluted weighted-average shares outstanding		394.5		414.3

4. Assets Held for Sale and Related 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, subject to regulatory and working capital adjustments. The sale will be completed in two closings, the first of which occurred on March 1, 2022 with the entirety of the cash consideration collected and allocated to the closings on a relative fair value basis. The first closing excluded the operations in the European Union and the United Kingdom and resulted in a gain of $151.4 million. In connection with the first closing, the Company reclassified $17.8 million of currency translation gains previously included within Accumulated other comprehensive loss (“AOCL”) as a component of Gain on divestiture of business in the Condensed Consolidated Statements of Income. As of March 31, 2022, the Company has classified the proceeds allocated to the European Union and United Kingdom operations of $390.3 million within Other liabilities in the Condensed Consolidated Balance Sheets. The second closing is currently expected in the second half of 2022, pending required regulatory approvals, at which time the remainder of the gain will be recognized. During the period between the closings, the Company will pay to the Buyer a measure of profit of the European Union and United Kingdom operations, adjusted for the provision for income taxes, occupancy charges for employees of the Buyer using Company facilities, and other items, as contractually agreed, which was $2.8 million for the three months ended March 31, 2022 and was included in Other expense, net in the Condensed Consolidated Statements of Income.

The Company has presented the remaining assets of its Business Solutions business as held for sale, along with the associated liabilities, as it believes completion of the second closing is probable. However, in the event that the second closing does not occur by February 4, 2023, the Company may, with appropriate notice to the Buyer, otherwise dispose of the European Union and United Kingdom operations, with any profit realized on disposition remitted to the Buyer, and conversely, any loss indemnified by the Buyer. The Buyer has rebranded the sold operations within a new standalone company (now referred to as "Convera").

Business Solutions revenues were $89.1 million and $96.5 million and direct operating expenses, which exclude corporate allocations, were $62.6 million and $81.8 million for the three months ended March 31, 2022 and 2021, respectively. For the three months ended March 31, 2022, divestiture costs directly associated with this transaction were $3.2 million.

14

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following table reflects the assets held for sale and associated liabilities of the Business Solutions business in the accompanying Condensed Consolidated Balance Sheets (in millions). These balances are subject to regulatory capital and other requirements which will be finalized upon the second close.

	March 31,		December 31,
	2022		2021
Cash and cash equivalents	$	53.1	$	37.7
Settlement assets		205.9		566.0
Property and equipment, net of accumulated depreciation of $2.5 and $19.3		2.0		6.3
Goodwill		229.5		532.0
Other intangible assets, net of accumulated amortization of $78.2 and $360.2		9.9		50.4
Other assets		122.7		260.5
Total assets	$	623.1	$	1,452.9
Accounts payable and accrued liabilities	$	47.5	$	61.6
Settlement obligations		205.9		566.0
Other liabilities		105.2		194.3
Total liabilities	$	358.6	$	821.9

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, 2021.

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

	Fair Value Measurement Using				Total
March 31, 2022	Level 1		Level 2		Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds	$	6.7	$	—	$	6.7
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities		—		1,232.0		1,232.0
State and municipal variable-rate demand notes		—		79.9		79.9
Corporate debt securities		—		58.9		58.9
United States government agency mortgage-backed securities		—		31.5		31.5
Other assets:
Derivatives		—		139.5		139.5
Total assets	$	6.7	$	1,541.8	$	1,548.5
Liabilities:
Other liabilities:
Derivatives	$	—	$	114.0	$	114.0
Total liabilities	$	—	$	114.0	$	114.0

15

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Fair Value Measurement Using				Total
December 31, 2021	Level 1		Level 2		Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds	$	7.9	$	—	$	7.9
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities		—		1,219.9		1,219.9
State and municipal variable-rate demand notes		—		84.8		84.8
Corporate and other debt securities		—		57.8		57.8
United States government agency mortgage-backed securities		—		36.4		36.4
Other assets:
Derivatives		—		247.7		247.7
Total assets	$	7.9	$	1,646.6	$	1,654.5
Liabilities:
Other liabilities:
Derivatives	$	—	$	183.8	$	183.8
Total liabilities	$	—	$	183.8	$	183.8

There were no material, non-recurring fair value adjustments other than $8.7 million of property and equipment, operating lease right-of-use asset, and other intangible asset impairments associated with the Company's suspension of its operations in Russia and Belarus and the first closing of its Business Solutions divestiture in the three months ended March 31, 2022, as discussed further in Note 14. There were no material, non-recurring fair value adjustments in the three months ended March 31, 2021 or transfers between Level 1 and Level 2 measurements during the three months ended March 31, 2022 and 2021.

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, 2022, the carrying value and fair value of the Company’s borrowings were $2,534.5 million and $2,540.5 million, respectively (see Note 11). As of December 31, 2021, the carrying value and fair value of the Company’s borrowings were $3,008.4 million and $3,217.2 million, respectively.

In March 2022, the Company entered into a reverse repurchase agreement, a form of secured lending, with a broker-dealer affiliate of a large U.S. bank, using a portion of the proceeds from the sale of the Company's Business Solutions business. This agreement requires the counterparty to pledge marketable securities with a value greater than the amount of cash transferred as collateral, which is held and valued by a third-party custodial bank. The investment generates interest income through the date of repurchase, at which point the purchase price together with the interest due will be paid back to the Company. The Company carries this investment at amortized cost, and as of March 31, 2022, the carrying value of this investment, as reported in Other assets in the Company's Condensed Consolidated Balance Sheets, was $250 million, which approximates fair value due to the creditworthiness of the counterparty, the value of the collateral, and the investment's short-term nature and variable interest rate.

16

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

6. Commitments and Contingencies

Letters of Credit and Bank Guarantees

The Company had approximately $330 million in outstanding letters of credit and bank guarantees as of March 31, 2022, which were primarily held in connection with safeguarding consumer funds, lease arrangements, and certain agent agreements. The Company expects to renew most 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, 2022. 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 proceeded to the evidentiary stage. The case will be stayed until (i) the Attorney-General instructs the Prosecutor to continue to litigate the claims on behalf of the plaintiff (during the time the registration of Consumidores Financieros before the Secretary of Commerce remains suspended); or (ii) the parties report to the Court that the plaintiff recovered its legal capacity. 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.

17

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

In April 2019, certain family members of Quinn Schansman filed a complaint seeking damages and other relief against a number of financial institutions, including The Western Union Company and Western Union Financial Services, Inc., in the United States District Court for the Southern District of New York, alleging that the defendants violated the United States Anti-Terrorism Act. The operative complaint alleges that the defendants provided funding to a terrorist organization by processing money transfers to groups or individuals associated with the Donetsk People’s Republic (“DPR”), a pro-Russian separatist group in eastern Ukraine. The complaint alleges that DPR downed Malaysian Airlines Flight 17, on which Mr. Schansman was a passenger. On September 30, 2021, the Court denied the defendants’ motion to dismiss the operative complaint. The Company intends to defend itself vigorously in this matter.

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.

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, 2022 and 2021 totaled $11.5 million and $13.2 million, respectively.

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 also include amounts receivable from, and payable to, customers for the value of their cross-currency payment transactions related to the Business Solutions segment.

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

	March 31, 2022
Settlement assets:
Cash and cash equivalents	$	685.7
Receivables from agents, Business Solutions customers, and others		1,137.4
Less: Allowance for credit losses		(19.9	)
Receivables from agents, Business Solutions customers, and others, net		1,117.5
Investment securities		1,402.3
Less: Allowance for credit losses		(0.1	)
Investment securities, net		1,402.2
Total settlement assets (a)	$	3,205.4
Settlement obligations:
Money transfer, money order, and payment service payables	$	2,507.9
Payables to agents		697.5
Total settlement obligations (a)	$	3,205.4

18

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

	December 31, 2021
Settlement assets:
Cash and cash equivalents	$	835.5
Receivables from agents, Business Solutions customers, and others		1,198.8
Less: Allowance for credit losses		(23.7	)
Receivables from agents, Business Solutions customers, and others, net		1,175.1
Investment securities		1,398.9
Total settlement assets	$	3,409.5
Settlement obligations:
Money transfer, money order, and payment service payables	$	2,838.9
Payables to agents		570.6
Total settlement obligations	$	3,409.5

(a)Settlement assets and Settlement obligations include Assets held for sale and Liabilities associated with assets held for sale of $205.9 million and $566.0 million as of March 31, 2022 and December 31, 2021, respectively (see Note 4).

Allowance for Credit Losses

Receivables from agents and others primarily represent funds collected by such agents, but in transit to the Company, and were $1,089.9 million and $1,125.9 million as of March 31, 2022 and December 31, 2021, 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.

Receivables from Business Solutions customers arise from cross-currency payment transactions in the Business Solutions segment. Business Solutions receivables totaled $27.6 million and $49.2 million as of March 31, 2022 and December 31, 2021, respectively. Receivables occur when funds have been paid out to a beneficiary but not yet received from the customer. Collection of these receivables ordinarily occurs within a few days. To mitigate risk associated with potential Business Solutions customer defaults, the Company performs credit reviews on an ongoing basis.

The Company establishes and monitors an allowance for credit losses related to receivables from agents and others, and Business Solutions customers. 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, 2022.

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			Business Solutions
	Others			Customers
Allowance for credit losses as of January 1, 2022	$	18.0		$	5.7
Current period provision for expected credit losses (a)		1.9			0.4
Write-offs charged against the allowance		(3.1	)		(0.4	)
Recoveries of amounts previously written off		1.7			—
Impacts of foreign currency exchange rates, divestitures, and other		(0.1	)		(4.2	)
Allowance for credit losses as of March 31, 2022	$	18.4		$	1.5

19

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Agents and			Business Solutions
	Others			Customers
Allowance for credit losses as of January 1, 2021	$	49.3		$	3.9
Current period provision for expected credit losses (a)		2.3			1.5
Write-offs charged against the allowance		(3.3	)		(0.4	)
Recoveries of amounts previously written off		1.9			—
Impacts of foreign currency exchange rates and other		(0.5	)		(0.1	)
Allowance for credit losses as of March 31, 2021	$	49.7		$	4.9

(a)Provision does not include losses from chargebacks or fraud associated with transactions initiated through the Company’s digital channels, as these losses are not credit related. The Company recognized losses that were not credit-related of $10.0 million and $13.7 million for the three months ended March 31, 2022, and 2021, respectively.

In addition, from time to time, the Company makes advances to its agents. The Company generally owes settlement funds payable to these agents that offset these advances. These amounts advanced to agents are included within Other assets in the accompanying Condensed Consolidated Balance Sheets. As of March 31, 2022 and December 31, 2021, amounts advanced to agents were $143.9 million and $146.9 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 2050. 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, 2022 and 2021 and the related allowance for credit losses as of March 31, 2022 and December 31, 2021 were immaterial.

20

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

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

					Gross		Gross			Net
	Amortized		Fair		Unrealized		Unrealized			Unrealized
March 31, 2022	Cost		Value		Gains		Losses			Gains/(Losses)
Settlement assets:
Cash and cash equivalents:
Money market funds	$	6.7	$	6.7	$	—	$	—		$	—
Available-for-sale securities:
State and municipal debt securities (a)		1,254.8		1,232.0		5.5		(28.3	)		(22.8	)
State and municipal variable-rate demand notes		79.9		79.9		—		—			—
Corporate debt securities		61.9		58.9		—		(3.0	)		(3.0	)
United States government agency mortgage-backed securities		31.5		31.5		—		—			—
Total available-for-sale securities		1,428.1		1,402.3		5.5		(31.3	)		(25.8	)
Total investment securities	$	1,434.8	$	1,409.0	$	5.5	$	(31.3	)	$	(25.8	)

					Gross		Gross			Net
	Amortized		Fair		Unrealized		Unrealized			Unrealized
December 31, 2021	Cost		Value		Gains		Losses			Gains/(Losses)
Settlement assets:
Cash and cash equivalents:
Money market funds	$	7.9	$	7.9	$	—	$	—		$	—
Available-for-sale securities:
State and municipal debt securities (a)		1,182.6		1,219.9		39.8		(2.5	)		37.3
State and municipal variable-rate demand notes		84.8		84.8		—		—			—
Corporate and other debt securities		58.1		57.8		0.2		(0.5	)		(0.3	)
United States government agency mortgage- backed securities		35.6		36.4		0.8		—			0.8
Total available-for-sale securities		1,361.1		1,398.9		40.8		(3.0	)		37.8
Total investment securities	$	1,369.0	$	1,406.8	$	40.8	$	(3.0	)	$	37.8

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

The following summarizes the contractual maturities of available-for-sale securities within Settlement assets as of March 31, 2022 (in millions):

	Fair Value
Due within 1 year	$	154.5
Due after 1 year through 5 years		540.0
Due after 5 years through 10 years		554.8
Due after 10 years		153.0
Total	$	1,402.3

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 $10.0 million and $69.9 million are included in the "Due after 5 years through 10 years" and "Due after 10 years" categories, respectively, in the table above.

21

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

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	2022			2021
Accumulated other comprehensive loss components:
Gains/(losses) on investment securities:
Available-for-sale securities	Revenues	$	(0.1	)	$	(0.1	)
Total reclassification adjustments related to investment securities, net of tax			(0.1	)		(0.1	)
Gains/(losses) on cash flow hedges:
Foreign currency contracts	Revenues		1.0			(6.1	)
Interest rate contracts	Interest expense		(0.1	)		(0.2	)
Interest rate contracts	Other expense, net		—			0.7
Total reclassification adjustments related to cash flow hedges, net of tax			0.9			(5.6	)
Foreign currency translation adjustments:
Foreign currency translation	Gain on divestiture of business		17.8			—
Total reclassification adjustments related to foreign currency translation adjustments, net of tax			17.8			—
Amortization of components of defined benefit plans:
Actuarial loss	Other expense, net		—			(3.1	)
Income tax benefit	Provision for income taxes		—			0.6
Total reclassification adjustments related to defined benefit plans, net of tax			—			(2.5	)
Total reclassifications, net of tax		$	18.6		$	(8.2	)

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, 2021	$	30.4		$	18.7		$	(101.2	)	$	(52.1	)
Unrealized gains/(losses)		(63.6	)		6.2			—			(57.4	)
Tax benefit		11.9			—			—			11.9
Amounts reclassified from AOCL into earnings, net of tax		0.1			(0.9	)		(17.8	)		(18.6	)
As of March 31, 2022	$	(21.2	)	$	24.0		$	(119.0	)	$	(116.2	)

22

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

	Investment			Hedging			Foreign Currency			Defined Benefit
	Securities			Activities			Translation			Pension Plan			Total
As of December 31, 2020	$	58.3		$	(30.5	)	$	(101.2	)	$	(86.1	)	$	(159.5	)
Unrealized gains/(losses)		(16.0	)		24.2			—			—			8.2
Tax benefit/(expense)		2.9			(0.9	)		—			—			2.0
Amounts reclassified from AOCL into earnings, net of tax		0.1			5.6			—			2.5			8.2
As of March 31, 2021	$	45.3		$	(1.6	)	$	(101.2	)	$	(83.6	)	$	(141.1	)

On July 22, 2021, the Company’s Board of Directors approved a plan to terminate and settle the Company’s frozen defined benefit pension plan. In the fourth quarter of 2021, the Company settled its defined benefit pension plan. Refer to Part II, Item 8, Financial Statements and Supplementary Data, Note 12, Employee Benefit Plans, in our Annual Report on Form 10-K for the year ended December 31, 2021 for details on the termination and settlement of the Company's frozen defined benefit pension plan.

Cash Dividends Paid

During both the three months ended March 31, 2022 and 2021, the Company’s Board of Directors declared quarterly cash dividends of $0.235 per common share, representing $91.7 million and $96.6 million in total dividends, which were paid on March 31, 2022 and 2021, respectively.

Share Repurchases

During the three months ended March 31, 2022 and 2021, 8.1 million and 3.1 million shares were repurchased for $150.0 million and $75.0 million, respectively, excluding commissions, at an average cost of $18.46 and $24.24, respectively, under the share repurchase authorizations approved by the Company's Board of Directors, including one which expired on December 31, 2021. On February 10, 2022, the Company's Board of Directors authorized $1.0 billion of common stock repurchases through December 31, 2024. As of March 31, 2022, $850.0 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.

10. Derivatives

The Company is exposed to foreign currency exchange risk resulting from fluctuations in exchange rates, primarily the euro, and, to a lesser degree, the Canadian dollar, 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. The Company is also exposed to risk from derivative contracts, primarily from customer derivatives, arising from its cross-currency Business Solutions payment operations. 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 has used derivatives to: (i) minimize its exposures related to changes in foreign currency exchange rates and interest rates and (ii) facilitate cross-currency Business Solutions payments by writing derivatives to customers.

23

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

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. Customer derivatives written by the Company’s Business Solutions operations primarily involve small and medium size enterprises. 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. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements but takes action when doubt arises about the counterparties’ ability to perform. These actions may include requiring Business Solutions customers to post or increase collateral, and for all counterparties, the possible termination of the related contracts. The Company’s hedged foreign currency exposures are in liquid currencies; consequently, there is minimal risk that appropriate derivatives to maintain the hedging program would not be available in the future.

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, 2022, 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.

24

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The aggregate equivalent United States dollar notional amounts of foreign currency forward contracts as of March 31, 2022 and December 31, 2021 were as follows (in millions):

	March 31, 2022
Contracts designated as hedges:
Euro	$	418.6
Canadian dollar		133.4
Australian dollar		57.2
Swiss franc		45.8
British pound		42.1
Swedish krona		32.0
Japanese yen		28.6
Other (a)		—
Contracts not designated as hedges:
Euro	$	601.1
British pound		95.9
Canadian dollar		82.4
Australian dollar		66.1
Indian rupee		58.9
Mexican peso		57.2
Swiss franc		41.6
Japanese yen		41.0
Swedish krona		29.2
Brazilian real		25.3
Other (a)		184.1

	December 31, 2021
Contracts designated as hedges:
Euro	$	399.9
Canadian dollar		134.0
Australian dollar		58.4
Swiss franc		45.9
British pound		43.8
Swedish krona		30.7
Japanese yen		30.4
Other (a)		0.9
Contracts not designated as hedges:
Euro	$	755.7
British pound		148.1
Canadian dollar		144.2
Australian dollar		98.1
Mexican peso		96.3
Philippine peso		76.2
Indian rupee		63.4
Japanese yen		46.0
Russian ruble		44.4
Chinese yuan		31.6
New Zealand dollar		26.6
Swiss franc		25.1
Swedish krona		25.1
Other (a)		132.7

(a)Comprised of exposures to various currencies; none of these individual currency exposures is greater than $25 million.

25

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Business Solutions Operations

The Company writes derivatives, primarily foreign currency forward contracts and option contracts, mostly with small and medium size enterprises and derives a currency spread from this activity as part of its Business Solutions operations. On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC and completed the first closing on March 1, 2022. See Note 4 for further information regarding this transaction. The Company aggregates its Business Solutions foreign currency exposures arising from customer contracts, including the derivative contracts described above, and hedges the resulting net currency risks by entering into offsetting contracts with Convera through the end of the second closing of the Business Solutions divestiture. The derivatives written are part of the broader portfolio of foreign currency positions arising from the Company’s cross-currency payments operations, which primarily include 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 $78.6 million and $84.5 million for the three months ended March 31, 2022 and 2021, respectively. None of the derivative contracts used in Business Solutions operations are designated as accounting hedges and the majority of these derivative contracts have a duration at inception of less than one year.

The aggregate equivalent United States dollar notional amount of derivative customer contracts held by the Company in its Business Solutions operations was approximately $5.0 billion and $8.0 billion as of March 31, 2022 and December 31, 2021, respectively. The significant majority of customer contracts are written in the following currencies: the United States dollar, euro, and the British pound.

Interest Rate Hedging

Periodically, the Company utilizes interest rate swaps to effectively change the interest rate payments on a portion of its notes from fixed-rate payments to short-term, variable-rate payments in order to manage its overall exposure to interest rate fluctuations. The Company designates these derivatives as fair value hedges. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the debt being hedged within Borrowings in the Condensed Consolidated Balance Sheets. Interest expense in the Condensed Consolidated Statements of Income has been adjusted to include the effects of interest accrued on the swaps.

The Company terminated two of its treasury locks in the first quarter of 2021, which were associated with the issuance of $600.0 million of aggregate principal amount of 1.350% unsecured notes due March 15, 2026 (“2026 Notes”). The Company received a total of $3.3 million upon termination, of which $2.6 million was deferred as a component of AOCL and will be amortized to Interest expense in the Condensed Consolidated Statements of Income over the term of the 2026 Notes. As a portion of the forecasted interest payments on the 2026 Notes will occur outside the time period originally specified at designation of the treasury locks as cash flow hedges, $0.7 million was recognized in Other expense, net in the Condensed Consolidated Statements of Income, upon termination.

26

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Balance Sheet

The following table summarizes the fair value of derivatives reported in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (in millions):

	Derivative Assets					Derivative Liabilities
		Fair Value					Fair Value
	Balance Sheet	March 31,		December 31,		Balance Sheet	March 31,		December 31,
	Location	2022		2021		Location	2022		2021
Derivatives designated as hedges:
Foreign currency cash flow hedges	Other assets	$	35.4	$	30.6	Other liabilities	$	2.5	$	2.6
Total derivatives designated as hedges		$	35.4	$	30.6		$	2.5	$	2.6
Derivatives not designated as hedges:
Business Solutions operations - foreign currency (a)	Other assets	$	101.7	$	213.1	Other liabilities	$	101.8	$	174.1
Foreign currency	Other assets		2.4		4.0	Other liabilities		9.7		7.1
Total derivatives not designated as hedges		$	104.1	$	217.1		$	111.5	$	181.2
Total derivatives		$	139.5	$	247.7		$	114.0	$	183.8

(a)In many circumstances, the Company allows its Business Solutions customers to settle part or all of their derivative contracts prior to maturity. However, the offsetting positions entered into with Convera do not allow for similar settlement. To mitigate this, additional foreign currency contracts are entered into with Convera to offset the original economic hedge contracts. This frequently results in changes in the Company’s derivative assets and liabilities that may not directly align with the performance in the underlying derivatives business.

The fair values of derivative assets and liabilities associated with contracts that include netting language that the Company believes to be enforceable have been netted in the following tables to present the Company’s net exposure with these counterparties. 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.

In addition, certain of the Company’s other agreements include netting provisions, the enforceability of which may vary from jurisdiction to jurisdiction, depending on the circumstances. Due to the uncertainty related to the enforceability of these provisions, the derivative balances associated with these agreements are included within "Derivatives that are not or may not be subject to master netting arrangement or similar agreement" in the following tables. In certain circumstances, the Company may require its Business Solutions customers to maintain collateral balances which may mitigate the risk associated with potential customer defaults.

27

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following tables summarize the gross and net fair value of derivative assets and liabilities as of March 31, 2022 and December 31, 2021 (in millions):

Offsetting of Derivative Assets

			Gross		Net Amounts		Derivatives
	Gross		Amounts Offset in		Presented in		Not Offset in
	Amounts of		the Condensed		the Condensed		the Condensed
	Recognized		Consolidated		Consolidated		Consolidated			Net
March 31, 2022	Assets		Balance Sheets		Balance Sheets		Balance Sheets			Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	84.2	$	—	$	84.2	$	(51.1	)	$	33.1
Derivatives that are not or may not be subject to master netting arrangement or similar agreement		55.3
Total	$	139.5
December 31, 2021
Derivatives subject to a master netting arrangement or similar agreement	$	163.9	$	—	$	163.9	$	(92.4	)	$	71.5
Derivatives that are not or may not be subject to master netting arrangement or similar agreement		83.8
Total	$	247.7

Offsetting of Derivative Liabilities

			Gross		Net Amounts		Derivatives
	Gross		Amounts Offset in		Presented in		Not Offset in
	Amounts of		the Condensed		the Condensed		the Condensed
	Recognized		Consolidated		Consolidated		Consolidated			Net
March 31, 2022	Liabilities		Balance Sheets		Balance Sheets		Balance Sheets			Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	83.0	$	—	$	83.0	$	(51.1	)	$	31.9
Derivatives that are not or may not be subject to master netting arrangement or similar agreement		31.0
Total	$	114.0
December 31, 2021
Derivatives subject to a master netting arrangement or similar agreement	$	109.6	$	—	$	109.6	$	(92.4	)	$	17.2
Derivatives that are not or may not be subject to master netting arrangement or similar agreement		74.2
Total	$	183.8

28

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

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, 2022 and 2021 (in millions):

	Three Months Ended March 31,
	2022		2021
Foreign currency derivatives (a)	$	6.2	$	20.9
Interest rate derivatives		—		3.3

(a)Gains/(losses) of $(4.2) million and $(0.7) million for the three months ended March 31, 2022 and 2021, 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, 2022 and 2021 (in millions):

	Three Months Ended March 31,
	2022					2021
	Revenues		Interest Expense			Revenues			Interest Expense			Other expense, net
Total amounts presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded	$	1,155.7	$	(24.8	)	$	1,210.0		$	(28.4	)	$	(1.9	)
Gain/(loss) on cash flow hedges:
Foreign currency derivatives:
Gains/(losses) reclassified from AOCL into earnings		1.0		—			(6.1	)		—			—
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach		1.1		—			1.9			—			—
Interest rate derivatives:
Gains/(losses) reclassified from AOCL into earnings		—		(0.1	)		—			(0.2	)		0.7

29

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Undesignated Hedges

The following table presents the location and amount of pre-tax net gains/(losses) from undesignated hedges in the Condensed Consolidated Statements of Income on derivatives for the three months ended March 31, 2022 and 2021 (in millions):

		Three Months Ended
		March 31,
Derivatives (a)	Location	2022		2021
Foreign currency derivatives (b)	Selling, general, and administrative	$	11.7	$	16.0

(a)The Company uses foreign currency forward and option contracts as part of its Business Solutions payments operations. These derivative contracts are excluded from this table as they are managed as part of a broader currency portfolio that includes non-derivative currency exposures. The gains and losses on these derivatives are included as part of the broader disclosure of portfolio revenue for this business discussed above.

(b)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 $(9.9) million and $(21.8) million for the three months ended March 31, 2022 and 2021, 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, 2022 foreign exchange rates, an accumulated other comprehensive pre-tax gain of $23.3 million related to the foreign currency forward contracts is expected to be reclassified into Revenues within the next 12 months.

11. Borrowings

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

	March 31, 2022			December 31, 2021
Commercial paper (a)	$	100.0		$	275.0
Notes:
4.250% notes due 2023 (b)		300.0			300.0
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
Term loan facility borrowing (c)		—			300.0
Total borrowings at par value		2,550.0			3,025.0
Debt issuance costs and unamortized discount, net		(15.5	)		(16.6	)
Total borrowings at carrying value (d)	$	2,534.5		$	3,008.4

(a)Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $1.5 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, 2022 had a weighted-average annual interest rate of approximately 0.7% and a weighted-average term of approximately 1 day.

(b)The difference between the stated interest rate and the effective interest rate is not significant.

(c)See Term Loan Facility section below for further discussion.

(d)As of March 31, 2022, the Company’s weighted-average effective rate on total borrowings was approximately 3.7%.

30

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

Term Loan Facility

On December 18, 2018, the Company entered into an amended and restated term loan facility providing for up to $950.0 million in borrowings and extending the final maturity of the facility to January 2024 (the "Term Loan Facility"). In the first quarter of 2021, proceeds from the 2026 Notes and $300.0 million of aggregate principal amount of 2.750% unsecured notes due March 15, 2031 ("2031 Notes"), and cash, including cash generated from operations, were used to repay $650.0 million of the Term Loan Facility. On January 4, 2022, the Company repaid all remaining borrowings owed under the Term Loan Facility for total consideration of $300.0 million, using proceeds from commercial paper and cash, including cash generated from operations. The Company is no longer able to borrow money under this facility.

The following summarizes the Company’s maturities of its notes at par value as of March 31, 2022 (in millions):

Due within 1 year	$	—
Due after 1 year through 2 years		300.0
Due after 2 years through 3 years		500.0
Due after 3 years through 4 years		600.0
Due after 4 years through 5 years		—
Due after 5 years		1,050.0
Total	$	2,450.0

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

12. Income Taxes

The Company’s effective tax rates on pre-tax income were 19.0% and 10.4% for the three months ended March 31, 2022 and 2021. The increase in the Company’s effective tax rate compared to the corresponding period in the prior year was primarily due to the sale of the Company's Business Solutions business, discrete benefits in the prior period not recurring in the current period, and the Company's decision to suspend its operations in Russia and Belarus. The sale of the Company's Business Solutions business is included in the Company's estimated annual effective rate, the ongoing effects of which are expected to continue throughout the year.

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, 2022 and December 31, 2021 was $373.1 million and $376.3 million, respectively, including interest and penalties.

The Company’s tax filings are subject to examination by U.S. federal, state, and various non-United States jurisdictions. The Internal Revenue Service is currently examining the Company’s United States consolidated income tax returns for 2017 and 2018. The statute of limitations for the U.S. federal returns for 2017 and 2018 has been extended to April 4, 2023.
 

13. Stock-Based Compensation Plans

For the three months ended March 31, 2022 and 2021, the Company recognized stock-based compensation expense of $10.7 million and $10.8 million, respectively, resulting primarily from stock options, restricted stock units, and performance-based restricted stock units in the Condensed Consolidated Statements of Income.

31

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

During the three months ended March 31, 2022, the Company granted 0.6 million options at a weighted-average exercise price of $18.62 and 3.1 million performance-based restricted stock units and restricted stock units at a weighted-average grant date fair value of $20.34. As of March 31, 2022, the Company had 7.0 million outstanding options at a weighted-average exercise price of $19.03, of which 3.6 million options were exercisable at a weighted-average exercise price of $19.10. The Company had 7.7 million outstanding performance-based restricted stock units (based on target performance) and restricted stock units at a weighted-average grant date fair value of $21.75 as of March 31, 2022.

14. Segments

As further described in Note 1, the Company classifies its business into two segments: Consumer-to-Consumer and Business Solutions. 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-to-Consumer 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 Digital Money Transfer transactions in its regions, including transactions from the Company’s arrangements with financial institutions and other third parties to enable such entities to offer money transfer services to their own customers under their brands. By means of common processes and systems, these regions, including Digital Money Transfer transactions, create one interconnected global network for consumer transactions, thereby constituting one Consumer-to-Consumer money transfer business and one operating segment.

The Business Solutions operating segment facilitates payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises, and other organizations and individuals. On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC. The sale will be completed in two closings, the first of which occurred on March 1, 2022, with the second expected in the second half of 2022. See Note 4 for further information regarding this transaction.

All businesses and other services that have not been classified in the above segments are reported as Other, which primarily includes the Company’s bill payment services which facilitate payments from consumers to businesses and other organizations and the Company’s money order services.

Corporate costs, including stock-based compensation and other overhead, are allocated to the segments primarily based on a percentage of the segments’ revenue compared to total revenue. Effective January 1, 2022, the Company stopped allocating corporate costs to its Business Solutions segment, given its agreement to sell this business, as discussed further in Note 4.

32

THE WESTERN UNION COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(Unaudited)

The following table presents the Company’s segment results for the three months ended March 31, 2022 and 2021 (in millions):

	Three Months Ended March 31,
	2022			2021
Revenues:
Consumer-to-Consumer	$	999.0		$	1,050.9
Business Solutions (a)		89.1			96.5
Other		67.6			62.6
Total consolidated revenues	$	1,155.7		$	1,210.0
Operating income:
Consumer-to-Consumer	$	207.2		$	206.1
Business Solutions (a)		27.5			12.6
Other		21.5			14.1
Total segment operating income		256.2			232.8
Russia/Belarus exit costs (b)		(11.0	)		—
Business Solutions exit costs (b)		(7.7	)		—
Total consolidated operating income	$	237.5		$	232.8

(a)On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to the Buyer, which will be completed in two closings. The first closing occurred on March 1, 2022, with the second expected in the second half of 2022. The operations of the Business Solutions business to be sold in the second closing continue to be included in Revenues and Operating income after the first closing. However, between the first and second closing, the Company will pay the Buyer a measure of the profits from these operations, adjusted for income taxes and other charges, as contractually agreed, and this expense is recognized in Other expense, net in the Condensed Consolidated Statements of Income. See Note 4 for further information regarding this transaction.

(b)Represents the exit costs incurred in connection with the Company's suspension of its operations in Russia and Belarus and the divestiture of the Business Solutions business, primarily related to severance and non-cash impairments of property and equipment, an operating lease right-of-use asset, and other intangible assets. While certain of the expenses are identifiable to the Company's segments, the expenses are not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses are therefore excluded from the Company's segment operating income results.

33

THE WESTERN UNION COMPANY

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 2.

The following discussion should be read in conjunction with the condensed consolidated financial statements and the notes to those statements included elsewhere in this report on Form 10-Q. This report on Form 10‑Q contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions that are difficult to predict. Actual outcomes and results may differ materially from those expressed in, or implied by, our forward-looking statements. Words such as "expects," "intends," "targets," "anticipates," "believes," "estimates," "guides," "provides guidance," "provides outlook," and other similar expressions or future or conditional verbs such as "may," "will," "should," "would," "could," and "might" are intended to identify such forward-looking statements. Readers of the Form 10‑Q of The Western Union Company (the "Company," "Western Union," "we," "our," or "us") should not rely solely on the forward-looking statements and should consider all uncertainties and risks discussed in the Risk Factors section and throughout the Annual Report on Form 10‑K for the year ended December 31, 2021. The statements are only as of the date they are made, and the Company undertakes no obligation to update any forward-looking statement.

Possible events or factors that could cause results or performance to differ materially from those expressed in our forward-looking statements include the following: (i) events related to our business and industry, such as: changes in general economic conditions and economic conditions in the regions and industries in which we operate, including global economic downturns and trade disruptions, or significantly slower growth or declines in the money transfer, payment service, and other markets in which we operate, including downturns or declines related to interruptions in migration patterns or other events, such as public health emergencies, epidemics, or pandemics, such as COVID-19, civil unrest, war, terrorism, natural disasters, or non-performance by our banks, lenders, insurers, or other financial services providers; failure to compete effectively in the money transfer and payment service industry, including among other things, with respect to price, with global and niche or corridor money transfer providers, banks and other money transfer and payment service providers, including digital, mobile and internet-based services, card associations, and card-based payment providers, and with digital currencies and related exchanges and protocols, and other innovations in technology and business models; geopolitical tensions, political conditions, and related actions, including trade restrictions and government sanctions, which may adversely affect our business and economic conditions as a whole, including interruptions of United States or other government relations with countries in which we have or are implementing significant business relationships with agents, clients, or other partners; deterioration in customer confidence in our business, or in money transfer and payment service providers generally; failure to maintain our agent network and business relationships under terms consistent with or more advantageous to us than those currently in place; our ability to adopt new technology and develop and gain market acceptance of new and enhanced services in response to changing industry and consumer needs or trends; mergers, acquisitions, and the integration of acquired businesses and technologies into our Company, divestitures, and the failure to realize anticipated financial benefits from these transactions, and events requiring us to write down our goodwill; decisions to change our business mix; changes in, and failure to manage effectively, exposure to foreign exchange rates, including the impact of the regulation of foreign exchange spreads on money transfers and payment transactions; changes in tax laws, or their interpretation, any subsequent regulation, and potential related state income tax impacts, and unfavorable resolution of tax contingencies; any material breach of security, including cybersecurity, or safeguards of or interruptions in any of our systems or those of our vendors or other third parties; cessation of or defects in various services provided to us by third-party vendors; our ability to realize the anticipated benefits from restructuring-related initiatives, which may include decisions to downsize or to transition operating activities from one location to another, and to minimize any disruptions in our workforce that may result from those initiatives; failure to manage credit and fraud risks presented by our agents, clients, and consumers; adverse rating actions by credit rating agencies; our ability to protect our trademarks, patents, copyrights, and other intellectual property rights, and to defend ourselves against potential intellectual property infringement claims; our ability to attract and retain qualified key employees and to manage our workforce successfully; material changes in the market value or liquidity of securities that we hold; restrictions imposed by our debt obligations; (ii) events related to our regulatory and litigation environment, such as: liabilities or loss of business resulting from a failure by us, our agents, or their subagents to comply with laws and regulations and regulatory or judicial interpretations thereof, including laws and regulations designed to

34

protect consumers, or detect and prevent money laundering, terrorist financing, fraud, and other illicit activity; increased costs or loss of business due to regulatory initiatives and changes in laws, regulations, and industry practices and standards, including changes in interpretations, in the United States and abroad, affecting us, our agents or their subagents, or the banks with which we or our agents maintain bank accounts needed to provide our services, including related to anti-money laundering regulations, anti-fraud measures, our licensing arrangements, customer due diligence, agent and subagent due diligence, registration and monitoring requirements, consumer protection requirements, remittances, and immigration; liabilities, increased costs or loss of business and unanticipated developments resulting from governmental investigations and consent agreements with or enforcement actions by regulators; liabilities resulting from litigation, including class-action lawsuits and similar matters, and regulatory enforcement actions, including costs, expenses, settlements, and judgments; failure to comply with regulations and evolving industry standards regarding consumer privacy, data use, the transfer of personal data between jurisdictions, and information security, including with respect to the General Data Protection Regulation (“GDPR”) in the European Union ("EU") and the California Consumer Privacy Act; failure to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), as well as regulations issued pursuant to it and the actions of the Consumer Financial Protection Bureau (“CFPB”) and similar legislation and regulations enacted by other governmental authorities in the United States and abroad related to consumer protection and derivative transactions; effects of unclaimed property laws or their interpretation or the enforcement thereof; failure to maintain sufficient amounts or types of regulatory capital or other restrictions on the use of our working capital to meet the changing requirements of our regulators worldwide; changes in accounting standards, rules and interpretations, or industry standards affecting our business; and (iii) other events, such as: catastrophic events; and management’s ability to identify and manage these and other risks.

Overview

We are a leading provider of money movement and payment services, operating in two business segments:

•Consumer-to-Consumer - Our Consumer-to-Consumer operating segment facilitates money transfers, which are sent from our retail agent locations worldwide or through websites and mobile devices, including our fast-growing money transfer transactions conducted and funded through websites and mobile applications marketed under our brands (“westernunion.com”) and transactions initiated on websites and mobile applications hosted by our third-party white label or co-branded digital partners (together with westernunion.com, “Digital Money Transfer”). Our 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.

•Business Solutions - Our Business Solutions operating segment facilitates payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises and other organizations and individuals. The majority of the segment’s business relates to exchanges of currency at spot rates, which enable customers to make cross-currency payments. In addition, in certain countries, we write foreign currency forward and option contracts for customers to facilitate future payments. On August 4, 2021, we entered into an agreement to sell our Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC. The sale will be completed in two closings, the first of which occurred on March 1, 2022, with the second expected in the second half of 2022. See below for additional information regarding this transaction

All businesses and other services that have not been classified in the above segments are reported as Other, which primarily includes our bill payment services which facilitate payments from consumers to businesses and other organizations and our money order services. Certain of our corporate costs such as costs related to strategic initiatives, including costs for the review and closing of mergers, acquisitions, and divestitures, are also included in Other. Additional information on our segments is provided in the Segment Discussion below.

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Results of Operations

The following discussion of our consolidated results of operations and segment results refers to the three months ended March 31, 2022 compared to the same period in 2021. The results of operations should be read in conjunction with the discussion of our segment results of operations, which provide more detailed discussions concerning certain components of the Condensed Consolidated Statements of Income. All significant intercompany accounts and transactions between our segments have been eliminated. The below information has been prepared in conformity with generally accepted accounting principles in the United States of America ("GAAP") unless otherwise noted. All amounts provided in this section are rounded to the nearest tenth of a million, except as otherwise noted. As a result, the percentage changes and margins disclosed herein may not recalculate precisely using the rounded amounts provided.

Our revenues and operating income for the three months ended March 31, 2022 were impacted by fluctuations in the United States dollar compared to foreign currencies. Fluctuations in the United States dollar compared to foreign currencies, net of the impact of foreign currency hedges, resulted in a decrease to revenues of $33.2 million for the three months ended March 31, 2022 relative to the corresponding period in the prior year. Fluctuations in the United States dollar compared to foreign currencies positively impacted operating income by $3.9 million for the three months ended March 31, 2022 relative to the corresponding period in the prior year.

On August 4, 2021, we entered into an agreement to sell our Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC (collectively, the “Buyer”) for cash consideration of $910.0 million, subject to regulatory and working capital adjustments. The sale will be completed in two closings, the first of which occurred on March 1, 2022 with the entirety of the cash consideration collected and allocated to the closings on a relative fair value basis. The first closing excluded the operations in the European Union and the United Kingdom and resulted in a gain of $151.4 million. The second closing is currently expected by late 2022, pending required regulatory approvals, at which time the remainder of the gain will be recognized. The Buyer has rebranded Business Solutions as a new standalone company (now referred to as "Convera"). Refer to Part I, Item 1, Financial Statements, Note 4, Assets Held for Sale and Related Divestiture for further discussion.

Business Solutions revenues were $89.1 million and $96.5 million for the three months ended March 31, 2022 and 2021. Business Solutions direct operating expenses, which exclude corporate allocations, were $62.6 million and $81.8 million for the three months ended March 31, 2022 and 2021. Divestiture costs directly associated with the Business Solutions transaction and incurred through the three months ended March 31, 2022 were $3.2 million.

In March 2022, we suspended our operations in Russia and Belarus, which are included in our Consumer-to-Consumer segment, due to the Russia/Ukraine conflict (the "Conflict"). Revenues associated with the Russia and Belarus operations, including transactions sent from, into, and within these countries for the three months ended March 31, 2022 and 2021 and the year ended December 31, 2021, were $27.6 million, $30.2 million, and $145.5 million, respectively. The Conflict is expected to have broader implications to our overall business, including reduced transaction activity in Ukraine. We expect that our results of operations will be negatively impacted by this Conflict in the year ending December 31, 2022 and possibly thereafter.

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The following table sets forth our consolidated results of operations for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
(in millions, except per share amounts)	2022			2021			% Change
Revenues	$	1,155.7		$	1,210.0			(4	)%
Expenses:
Cost of services		655.1			706.0			(7	)%
Selling, general, and administrative		263.1			271.2			(3	)%
Total expenses		918.2			977.2			(6	)%
Operating income		237.5			232.8			2	%
Other income/(expense):
Gain on divestiture of business		151.4			—		(a)
Interest income		0.6			0.4			51	%
Interest expense		(24.8	)		(28.4	)		(13	)%
Other expense, net		(2.5	)		(1.9	)		21	%
Total other income/(expense), net		124.7			(29.9	)	(a)
Income before income taxes		362.2			202.9			79	%
Provision for income taxes		68.9			21.1		(a)
Net income	$	293.3		$	181.8			61	%
Earnings per share:
Basic	$	0.75		$	0.44			70	%
Diluted	$	0.74		$	0.44			68	%
Weighted-average shares outstanding:
Basic		393.1			411.7
Diluted		394.5			414.3

(a)Calculation not meaningful.

Revenues Overview

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, whether the money transfer involves different send and receive currencies, the difference between the exchange rate we set to the customer and the rate available in the wholesale foreign exchange market, and speed of service, as applicable. We also offer several other services, including foreign exchange and payment services and other bill payment services, for which revenue is impacted by similar factors.

Due to the significance of the effect that foreign exchange fluctuations against the United States dollar can have on our reported revenues, constant currency results have been provided in the table below for consolidated revenues. Constant currency results assume foreign revenues are translated from foreign currencies to the United States dollar, net of the effect of foreign currency hedges, at rates consistent with those in the prior year. We have also disclosed the impact of our Business Solutions divestiture on our revenues in the table below. Constant currency measures and measures that exclude the impact of divestitures are non-GAAP financial measures and are provided so that revenue can be viewed without the effect of fluctuations in foreign currency exchange rates and divestitures of our businesses, which is consistent with how management evaluates our revenue results and trends. We believe that these measures provide management and investors with information about revenue results and trends that eliminates currency volatility and divestitures, thereby providing greater clarity regarding, and increasing the comparability of, our underlying results and trends. These disclosures are provided in addition to, and not as a substitute for, the percentage change in revenue on a GAAP basis for the three months ended March 31, 2022 compared to the corresponding periods in the prior year. Other companies may calculate and define similarly labeled items differently, which may limit the usefulness of this measure for comparative purposes.

The following table sets forth our consolidated revenue results for the three months ended March 31, 2022 and 2021:

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	Three Months Ended March 31,
(dollars in millions)	2022		2021		% Change
Revenues, as reported - (GAAP)	$	1,155.7	$	1,210.0		(4	)%
Foreign currency impact (a)						2	%
Divestitures impact (b)						1	%
Revenue change, constant currency adjusted, excluding Business Solutions - (Non-GAAP)						(1	)%

(a)Fluctuations in the United States dollar compared to foreign currencies, net of the impact of foreign currency hedges, resulted in a decrease to revenues of $33.2 million for the three months ended March 31, 2022, when compared to foreign currency rates in the corresponding period in the prior year.

(b)In March 2022, we completed the first closing of the sale of our Business Solutions business, as discussed above. Business Solutions revenues included in our results were $89.1 million and $96.5 million for the three months ended March 31, 2022 and 2021, respectively.

For the three months ended March 31, 2022, revenues decreased 4% when compared to the corresponding period in the prior year primarily due to a transaction decline in the retail channel of our Consumer-to-Consumer segment and the first closing of the divestiture of our Business Solutions business, as described above. Fluctuations in the exchange rates between the United States dollar and foreign currencies negatively impacted revenue by 2% for the three months ended March 31, 2022, compared to the corresponding period in the prior year.

Operating Expenses Overview

Enhanced Regulatory Compliance

The financial services industry, including money services businesses, continues to be subject to increasingly strict legal and regulatory requirements, and we continue to focus on and regularly review our compliance programs. In connection with these reviews, and in light of growing and rapidly evolving regulatory complexity and heightened attention of, and increased dialogue with, governmental and regulatory authorities related to our compliance activities, we have made, and continue to make, enhancements to our processes and systems designed to detect and prevent money laundering, terrorist financing, and fraud and other illicit activity, and enhancements designed to improve consumer protection. Some of these changes have had, and we believe will continue to have, an adverse effect on our business, financial condition, and results of operations.

Cost of Services

Cost of services primarily consists of agent commissions, which represented approximately 60% of total cost of services for both the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022, cost of services decreased compared to the corresponding period in the prior year due to a decrease in agent commissions in our Consumer-to-Consumer money transfer business, which generally vary with revenues, decreased employee-related expenses, including incentive compensation, and decreased information technology costs. The decrease in employee-related expenses and information technology costs was due, in part, to the divestiture of our Business Solutions business, as discussed above.

Selling, General, and Administrative

Selling, general, and administrative expenses decreased for the three months ended March 31, 2022 compared to the corresponding period in the prior year due to fluctuations between the United States dollar and foreign currencies, decreases in employee-related expenses, due, in part, to the divestiture of Business Solutions, and a decrease in marketing costs, partially offset by exit costs associated with the suspension of our Russian and Belarus operations and the Business Solutions divestiture, as discussed below.

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Total Other Income/(Expense), Net

Total other income/(expense), net during the three months ended March 31, 2022 when compared to the corresponding period in the prior year was impacted by the gain recognized from the first closing of the Business Solutions divestiture, as discussed above, partially offset by expense associated with payments to the Buyer of the Business Solutions business for a measure of the profits, as contractually agreed, from the European Union and United Kingdom operations subsequent to the first closing, which will continue until the second closing. Total other income/(expense), net for the three months ended March 31, 2022 compared to the corresponding period in the prior year benefited from a reduction in interest expense driven by lower average debt balances outstanding.

Income Taxes

Our effective tax rates on pre-tax income were 19.0% and 10.4% for the three months ended March 31, 2022 and 2021, respectively. The increase in our effective tax rate for the three months ended March 31, 2022 compared to the corresponding period in the prior year was primarily due to the sale of our Business Solutions business, discrete benefits in the prior period not recurring in the current period, and our decision to suspend operations in Russia and Belarus. The sale of our Business Solutions business is included in our estimated annual effective rate, the ongoing effects of which are expected to continue throughout the year.

As of March 31, 2022, the total amount of tax contingency reserves was $317.9 million, including accrued interest and penalties, net of related items.

Earnings Per Share

During the three months ended March 31, 2022 and 2021, basic earnings per share were $0.75 and $0.44, respectively, and diluted earnings per share were $0.74 and $0.44, respectively. 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. For the three months ended March 31, 2022 and 2021, there were 7.2 million and 1.4 million, respectively, of shares excluded from the diluted earnings per share calculation under the treasury stock method, primarily due to options to purchase shares of Western Union stock and outstanding restricted stock units, as the assumed proceeds of the options and restricted stock per unit were above our weighted-average share price during the periods and their effect was anti-dilutive.

Earnings per share for the three months ended March 31, 2022 compared to the corresponding period in the prior year were positively impacted by the previously described factors impacting net income and a lower number of shares outstanding. The lower number of shares outstanding was due to stock repurchases exceeding stock issuances under our stock compensation programs.

Segment Discussion

We manage our business around the consumers and businesses we serve and the types of services we offer. Each of our segments addresses a different combination of consumer groups, distribution networks, and services offered. Our segments are Consumer-to-Consumer and Business Solutions. On August 4, 2021, we entered into an agreement to sell our Business Solutions business and completed the first closing on March 1, 2022. The operations of the Business Solutions business to be sold in the second closing continue to be included in Revenues and Operating income after the first closing. However, between the first and second closing, we will pay the Buyer a measure of the profits from these operations, adjusted for income taxes and other charges, and this expense is recognized in Other expense, net in the Condensed Consolidated Statements of Income.

During the three months ended March 31, 2022, we incurred $11.0 million and $7.7 million of exit costs associated with the suspension of our Russia and Belarus operations and the Business Solutions divestiture, respectively, which primarily related to severance and non-cash impairments of property and equipment, an operating lease right-of-use asset, and other intangible assets. While certain of the expenses are identifiable to our segments, the expenses are not included in the measurement of segment operating income provided to the Chief Operating Decision Maker for purposes of

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performance assessment and resource allocation. These expenses are therefore excluded from our segment operating income results.

The following table sets forth the components of segment revenues as a percentage of the consolidated totals for the three months ended March 31, 2022 and 2021:

	Three Months Ended
	March 31,
	2022			2021
Consumer-to-Consumer		86	%		87	%
Business Solutions		8	%		8	%
Other		6	%		5	%
		100	%		100	%

Consumer-to-Consumer Segment

The following table sets forth our Consumer-to-Consumer segment results of operations for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
(dollars and transactions in millions)	2022			2021			% Change
Revenues	$	999.0		$	1,050.9			(5	)%
Operating income	$	207.2		$	206.1			1	%
Operating income margin		21	%		20	%
Key indicator:
Consumer-to-Consumer transactions		69.7			73.0			(4	)%

Our Consumer-to-Consumer money transfer service facilitates money transfers sent from our retail agent locations worldwide and our Digital Money Transfer services. The segment includes five geographic regions whose functions are primarily related to generating, managing, and maintaining agent relationships and localized marketing activities. We include Digital Money Transfer transactions in our regions, including transactions from our arrangements with financial institutions and other third parties to enable such entities to offer money transfer services to their own customers under their brands. By means of common processes and systems, these regions, including Digital Money Transfer transactions, create one interconnected global network for consumer transactions, thereby constituting one Consumer-to-Consumer money transfer business and one operating segment.

Transaction volume is the primary generator of revenue in our Consumer-to-Consumer segment. A Consumer-to-Consumer transaction constitutes the transfer of funds to a designated recipient utilizing one of our consumer money transfer services. The geographic split for transactions and revenue in the table that follows, including Digital Money Transfer transactions, is determined based upon the region where the money transfer is initiated. Included in each region’s transaction and revenue percentages in the tables below are Digital Money Transfer transactions for the three months ended March 31, 2022 and 2021. Where reported separately in the discussion below, Digital Money Transfer, and its subset westernunion.com, consist of 100% of the transactions conducted and funded through those respective channels.

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The table below sets forth revenue and transaction changes by geographic region compared to the same period in the prior year. Additionally, due to the significance of our Consumer-to-Consumer segment to our overall results, we have also provided constant currency results for our Consumer-to-Consumer segment revenues. Consumer-to-Consumer segment constant currency revenue growth/(decline) is a non-GAAP financial measure, as further discussed in Revenues Overview above.

	Three Months Ended March 31, 2022
	Revenue Growth / (Decline) as Reported - (GAAP)	Foreign Exchange Translation Impact	Constant Currency Revenue Growth / (Decline)(a) - (Non- GAAP)	Transaction Growth / (Decline)
Consumer-to-Consumer regional growth/(decline):
North America (United States & Canada) ("NA")	(1)%	0%	(1)%	(6)%
Europe and Russia/CIS ("EU & CIS")	(14)%	(4)%	(10)%	(7)%
Middle East, Africa, and South Asia ("MEASA")	2%	(1)%	3%	5%
Latin America and the Caribbean ("LACA")	2%	(3)%	5%	2%
East Asia and Oceania ("APAC")	(6)%	(3)%	(3)%	(13)%
Total Consumer-to-Consumer growth:	(5)%	(2)%	(3)%	(4)%
Digital Money Transfer(b)	5%	(1)%	6%	4%
westernunion.com(b)	4%	(1)%	5%	0%

(a)Constant currency revenue growth assumes that revenues denominated in foreign currencies are translated to the United States dollar, net of the effect of foreign currency hedges, at rates consistent with those in the corresponding prior period.

(b)Digital Money Transfer revenues have been included in the regions above. As noted above, westernunion.com is a subset of Digital Money Transfer and is included in the regions and Digital Money Transfer revenues.

The table below sets forth regional revenues as a percentage of our Consumer-to-Consumer revenue for the three months ended March 31, 2022 and 2021:

	Three Months Ended
	March 31,
	2022			2021
Consumer-to-Consumer revenue as a percentage of segment revenue:
NA		39	%		37	%
EU & CIS		29	%		33	%
MEASA		17	%		16	%
LACA		9	%		8	%
APAC		6	%		6	%

Digital Money Transfer, which is included in the regional percentages above, represented approximately 25% and 23% of our Consumer-to-Consumer revenues for the three months ended March 31, 2022 and 2021, respectively.

Our consumers transferred $24.8 billion and $25.7 billion in Consumer-to-Consumer principal for the three months ended March 31, 2022 and 2021, of which $23.8 billion and $24.5 billion related to cross-border principal for the same corresponding periods described above, respectively. The decrease in principal and cross-border principal transferred during the three months ended March 31, 2022 compared to the corresponding periods in the prior year was primarily attributable to fluctuations in exchange rates between the United States dollar and foreign currencies and a decline in Consumer-to-Consumer retail transactions. Consumer-to-Consumer principal is the amount of consumer funds transferred to the designated recipient. Cross-border principal is the amount of consumer funds transferred to a designated recipient in a country or territory that differs from the country or territory from which the transaction was initiated. Consumer-to-Consumer principal and cross-border principal are metrics used by management to monitor and better understand the growth in our underlying business relative to competitors, as well as changes in our market share of global remittances.

Revenues

Consumer-to-Consumer money transfer revenue and transactions decreased 5% and 4%, respectively, for the three months ended March 31, 2022 compared to the corresponding period in the prior year, primarily due to declines in our retail channel. Fluctuations in the United States dollar compared to foreign currencies, net of the impact of foreign currency

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hedges, negatively impacted revenue by 2% for the three months ended March 31, 2022 compared to the corresponding period in the prior year.

In our Consumer-to-Consumer regions, the decrease in NA revenue for the three months ended March 31, 2022 compared to the corresponding period in the prior year was primarily due to decreases in transactions both sent and received within the United States. The EU & CIS region experienced transaction volume and revenue declines, including in France, Germany, and the United Kingdom. The MEASA region continued to benefit from growth in Digital Money Transfer, including white label partnerships. Revenue growth in Digital Money Transfer, which includes westernunion.com, was attributable to continued growth in digital transaction volumes. However, our revenues associated with Digital Money Transfer, including white label partnerships, will be negatively impacted by our suspension of operations in Russia and Belarus for the year ending December 31, 2022 and thereafter.

We have historically implemented price reductions or price increases throughout many of our global corridors. We will likely continue to implement price changes from time to time in response to competition and other factors. Price reductions generally reduce margins and adversely affect financial results in the short term and may also adversely affect financial results in the long term if transaction volumes do not increase sufficiently. Price increases may adversely affect transaction volumes, as consumers may not use our services if we fail to price them appropriately.

Operating Income

Consumer-to-Consumer operating income increased 1% for the three months ended March 31, 2022 compared to the corresponding period in the prior year primarily due to decreases in agent commissions, which generally vary with revenues, employee-related expenses, and information technology costs, partially offset by the decrease in revenues, as discussed above.

Business Solutions

The following table sets forth our Business Solutions segment results of operations for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
(dollars in millions)	2022			2021			% Change
Revenues	$	89.1		$	96.5			(8	)%
Operating income	$	27.5		$	12.6		(a)
Operating income margin		31	%		13	%

(a)Calculation not meaningful.

Revenues

Business Solutions revenue decreased 8% for the three months ended March 31, 2022 compared to the corresponding period in the prior year primarily due to the first closing of the sale of our Business Solutions business, which occurred on March 1, 2022, as described further above. Fluctuations in the exchange rates between the United States dollar and foreign currencies negatively impacted revenue by 3% for the three months ended March 31, 2022.

Operating Income

For the three months ended March 31, 2022, the increase in operating income and operating income margin when compared to the corresponding period in the prior year was primarily due to a reduction in depreciation and amortization expenses, including as a result of classifying our Business Solutions business as held for sale in August 2021, and decreases in employee-related expenses, including incentive compensation, associated with the Business Solutions divestiture, as discussed above.

Effective January 1, 2022, we stopped allocating corporate costs to our Business Solutions segment, given our agreement to sell this business.

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Other

Other primarily consists of our cash-based bill payments businesses in Argentina and the United States, in addition to our money order services.

The following table sets forth Other results for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
(dollars in millions)	2022			2021			% Change
Revenues	$	67.6		$	62.6			8	%
Operating income	$	21.5		$	14.1			52	%
Operating income margin		32	%		23	%

Revenues

For the three months ended March 31, 2022 compared to the corresponding period in the prior year, Other revenues increased primarily due to transaction growth in our cash-based bill payments services offered at retail locations in Argentina, partially offset by the strengthening of the United States dollar against the Argentine peso.

Operating Income

Other operating income increased for the three months ended March 31, 2022 compared to the corresponding period in the prior year primarily due to the increase in revenues, as discussed above, partially offset by an increase in costs associated with strategic initiatives, including for the review of mergers, acquisitions, and divestitures.

Capital Resources and Liquidity

Our primary source of liquidity has been cash generated from our operating activities, primarily from net income and fluctuations in working capital. Our working capital is affected by the timing of payments for employee and agent incentives, interest payments on our outstanding borrowings and timing of income tax payments, among other items. Many of our annual employee incentive compensation and agent incentive payments are made in the first quarter following the year they were incurred. The majority of our interest payments are due in the second and fourth quarters. The annual payments resulting from the United States tax reform legislation enacted in 2017 (the “Tax Act”) include amounts related to the United States taxation of certain previously undistributed earnings of foreign subsidiaries. These payments are typically due in the second quarter of each year through 2025.

Our future cash flows could be impacted by a variety of factors, some of which are out of our control. These factors include, but are not limited to, changes in economic conditions, especially those impacting migrant populations, changes in income tax laws or the status of income tax audits, including the resolution of outstanding tax matters, and the settlement or resolution of legal contingencies.

Substantially all of our cash flows from operating activities have been generated from subsidiaries. Most of these cash flows are generated from our regulated subsidiaries. Our regulated subsidiaries may transfer all excess cash to the parent company for general corporate use, except for assets subject to legal or regulatory restrictions, including: (i) requirements to maintain cash and other qualifying investment balances, free of any liens or other encumbrances, related to the payment of certain of our money transfer and other payment obligations, (ii) other legal or regulatory restrictions, including statutory or formalized minimum net worth requirements, and (iii) restrictions on transferring assets outside of the countries where these assets are located.

We currently believe we have adequate liquidity to meet our business needs, including payments under our debt and other obligations, through our existing cash balances, our ability to generate cash flows through operations, and our $1.5 billion revolving credit facility ("Revolving Credit Facility"), which expires in January 2025 and supports our commercial paper program. Our commercial paper program enables us to issue unsecured commercial paper notes in an amount not to exceed $1.5 billion outstanding at any time, reduced to the extent of any borrowings outstanding on our Revolving Credit

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Facility. As of March 31, 2022, we had no outstanding borrowings on our Revolving Credit Facility and $100.0 million of outstanding borrowings on the commercial paper program.

To help ensure availability of our worldwide cash where needed, we utilize a variety of planning and financial strategies, including decisions related to the amounts, timing, and manner by which cash is made available from our international subsidiaries. These decisions can influence our overall tax rate and impact our total liquidity. We regularly evaluate our United States cash requirements, taking tax consequences and other factors into consideration, and also the potential uses of cash internationally to determine the appropriate level of dividend repatriations of our foreign source income.

Cash and Investment Securities

As of March 31, 2022 and December 31, 2021, we had Cash and cash equivalents of $1,348.9 million and $1,246.0 million, which includes $53.1 million and $37.7 million related to Business Solutions, respectively. As described in Part I, Item 1, Financial Statements, Note 4, Assets Held for Sale and Related Divestiture, we collected the entirety of the cash consideration related to the sale of our Business Solutions business, subject to regulatory approval and other closing conditions. We invested a portion of these proceeds temporarily in a reverse repurchase agreement, as discussed in Part 1, Item 1, Financial Statements, Note 5, Fair Value Measurements. We believe that the longer-term use of the Business Solutions proceeds will be consistent with our objective to maintain strong liquidity and a capital structure consistent with investment-grade credit ratings, as further described below. In many cases, we receive funds from money transfers and certain other payment services before we settle the payment of those transactions. These funds, referred to as Settlement assets on our Condensed Consolidated Balance Sheets, are not used to support our operations. However, we earn income from investing these funds. We maintain a portion of these settlement assets in highly liquid investments, classified as Cash and cash equivalents within Settlement assets, to fund settlement obligations.

Investment securities, classified within Settlement assets on the Condensed Consolidated Balance Sheets, were $1,402.2 million and $1,398.9 million as of March 31, 2022 and December 31, 2021, respectively, and consist primarily of highly-rated state and municipal debt securities, including fixed-rate term notes and variable-rate demand notes. These investment securities are held in order to comply with state licensing requirements in the United States and are required to have credit ratings of "A-" or better from a major credit rating agency.

Investment securities are exposed to market risk due to changes in interest rates and credit risk. We regularly monitor credit risk and attempt to mitigate our exposure by investing in highly-rated securities and diversifying our investment portfolio. Our investment securities are also actively managed with respect to concentration. As of March 31, 2022, all investments with a single issuer and each individual security represented less than 10% of our investment securities portfolio.

Cash Flows from Operating Activities

Cash provided by operating activities increased to $200.0 million during the three months ended March 31, 2022, from $175.8 million in the corresponding period in the prior year. Cash provided by operating activities can be impacted by changes to our consolidated net income, in addition to fluctuations in our working capital balances, among other factors.

Financing Resources

On December 18, 2018, we entered into an amended and restated term loan facility providing for up to $950.0 million in borrowings and extending the final maturity of the facility to January 2024 (the "Term Loan Facility"). In the first quarter of 2021, we repaid $650.0 million of the Term Loan Facility. On January 4, 2022, we repaid all remaining borrowings owed under the Term Loan Facility for total consideration of $300.0 million, using proceeds from our commercial paper and cash, including cash generated from operations. We are no longer able to borrow money under this facility.

On March 9, 2021, we issued $600.0 million and $300.0 million of aggregate principal amount of 1.350% and 2.750% unsecured notes due March 15, 2026 (“2026 Notes”) and March 15, 2031 (“2031 Notes”), respectively. Interest with respect to these notes is payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2021. If a change of control triggering event occurs, holders of the 2026 Notes and 2031 Notes may require

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us to repurchase some or all of their notes at a price equal to 101% of the principal amount of their notes, plus any accrued and unpaid interest. We may redeem the 2026 Notes and the 2031 Notes, in whole or in part, at any time prior to February 15, 2026 and December 15, 2030, respectively, at the greater of par or a price based on the applicable treasury rate plus 15 and 25 basis points, respectively. We may redeem the 2026 Notes and the 2031 Notes at any time after February 15, 2026 and December 15, 2030, respectively, at a price equal to par, plus accrued interest.

Proceeds from the 2026 Notes and 2031 Notes and cash, including cash generated from operations, were used to repay $650.0 million of the term loan facility in the first quarter of 2021.

As of March 31, 2022, we have outstanding borrowings at par value of $2,550.0 million. The substantial majority of these outstanding borrowings consist of unsecured fixed-rate notes with maturities ranging from 2023 to 2040.

Our Revolving Credit Facility provides for unsecured financing facilities in an aggregate amount of $1.5 billion, including a $250.0 million letter of credit sub-facility. Interest due under the Revolving Credit Facility is fixed for the term of each borrowing and is payable according to the terms of that borrowing. Generally, interest is calculated using a selected LIBOR rate plus an interest rate margin of 110 basis points. A facility fee is also payable quarterly at an annual rate of 15 basis points on the total facility, regardless of usage. Both the interest rate margin and facility fee percentage are based on certain of our credit ratings. While we have not drawn on our Revolving Credit Facility since its inception, the governing agreement for the Revolving Credit Facility contains provisions to amend the rate and payment terms to conform to an appropriate LIBOR alternative, and we intend to exercise and negotiate these options in accordance with market standards prior to cessation of the one-month USD LIBOR benchmark setting after June 2023.

The purpose of our Revolving Credit Facility, which is diversified through a group of 19 participating institutions, is to provide general liquidity and to support our commercial paper program, which we believe enhances our short-term credit rating. The largest commitment from any single financial institution within the total committed balance of $1.5 billion is approximately 11%. As of March 31, 2022, we had no outstanding borrowings under our Revolving Credit Facility. If the amount available to borrow under the Revolving Credit Facility decreased, or if the Revolving Credit Facility were eliminated, the cost and availability of borrowing under the commercial paper program may be impacted.

Pursuant to our commercial paper program, we may issue unsecured commercial paper notes in an amount not to exceed $1.5 billion outstanding at any time, reduced to the extent of borrowings outstanding on our Revolving Credit Facility. Our commercial paper borrowings may have maturities of up to 397 days from date of issuance. Interest rates for borrowings are based on market rates at the time of issuance. We had $100.0 million of commercial paper borrowings outstanding as of March 31, 2022. Our commercial paper borrowings as of March 31, 2022 had a weighted-average annual interest rate of approximately 0.7% and a weighted-average term of approximately 1 day. During the three months ended March 31, 2022, the average commercial paper balance outstanding was $263.5 million, and the maximum balance outstanding was $725.0 million. Proceeds from our commercial paper borrowings were used for general corporate purposes and working capital needs.

Cash Priorities

Liquidity

Our objective is to maintain strong liquidity and a capital structure consistent with investment-grade credit ratings. We have existing cash balances, cash flows from operating activities, access to the commercial paper markets, and our Revolving Credit Facility available to support the needs of our business.

Our ability to grow the business, make investments in our business, make acquisitions, return capital to shareholders, including through dividends and share repurchases, and service our debt and tax obligations will depend on our ability to continue to generate excess operating cash through our operating subsidiaries and to continue to receive dividends from those operating subsidiaries, our ability to obtain adequate financing and our ability to identify acquisitions that align with our long-term strategy. For additional information, please refer to Part II, Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities in our Annual Report on Form 10‑K for the year ended December 31, 2021.

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Capital Expenditures

The total aggregate amount paid for contract costs, purchases of property and equipment, and purchased and developed software was $29.8 million and $96.9 million for the three months ended March 31, 2022 and 2021, respectively. Amounts paid for new and renewed agent contracts vary depending on the terms of existing contracts as well as the timing of new and renewed contract signings. Other capital expenditures during these periods included investments in our information technology infrastructure and purchased and developed software.

Share Repurchases and Dividends

During the three months ended March 31, 2022 and 2021, 8.1 million and 3.1 million shares were repurchased for $150.0 million and $75.0 million, respectively, excluding commissions, at an average cost of $18.46 and $24.24, respectively, under the share repurchase authorizations approved by our Board of Directors, including one which expired on December 31, 2021. On February 10, 2022, our Board of Directors authorized $1.0 billion of common stock repurchases through December 31, 2024. As of March 31, 2022, $850.0 million remained available under this share repurchase program.

Our Board of Directors declared a quarterly cash dividend of $0.235 per common share in the first quarter of 2022, representing $91.7 million in total dividends.

Material Cash Requirements

Debt Service Requirements

Our 2022 and future debt service requirements will include payments on all outstanding indebtedness, including any borrowings under our commercial paper program. Our next scheduled principal payment on our outstanding notes is in 2023.

2017 United States Federal Tax Liability

The Tax Act imposed a tax on certain of our previously undistributed foreign earnings. This tax charge, combined with our other 2017 United States taxable income and tax attributes, resulted in a 2017 United States federal tax liability of approximately $800 million, of which approximately $541 million remained as of March 31, 2022. We have elected to pay this liability in periodic installments through 2025. Under the terms of the law, we are required to pay the remaining installment payments as summarized in the Capital Resources and Liquidity discussion located in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10‑K for the year ended December 31, 2021. These payments have affected and will continue to adversely affect our cash flows and liquidity and may adversely affect future share repurchases.

Operating Leases

We lease real properties for use as administrative and sales offices, in addition to transportation, office, and other equipment. Refer to Part II, Item 8, Financial Statements and Supplementary Data, Note 13, Leases, in our Annual Report on Form 10-K for the year ended December 31, 2021 for details on our leasing arrangements, including future maturities of our operating lease liabilities.

We have no material off-balance sheet arrangements that have or are reasonably likely to have a material current or future effect on our financial condition, results of operations, liquidity, capital expenditures, or capital resources.

Other Commercial Commitments

We had approximately $330 million in outstanding letters of credit and bank guarantees as of March 31, 2022 primarily held in connection with safeguarding consumer funds, lease arrangements, and certain agent agreements. We expect to renew many of our letters of credit and bank guarantees prior to expiration.

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As of March 31, 2022, our total amount of unrecognized income tax benefits was $373.1 million, including associated interest and penalties. The timing of related cash payments for substantially all of these liabilities is inherently uncertain because the ultimate amount and timing of such liabilities are affected by factors which are variable and outside our control.

Critical Accounting Policies and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts and disclosures in the financial statements and accompanying notes. Actual results could differ from those estimates. Our Critical Accounting Policies and Estimates disclosed in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10‑K for the year ended December 31, 2021, for which there were no material changes, included:

•Income taxes, including income tax contingencies

•Derivative financial instruments

•Goodwill

•Other intangible assets

•Legal contingencies

Risk Management

We are exposed to market risks arising from changes in market rates and prices, including changes in foreign currency exchange rates and interest rates and credit risk related to our agents and customers. A risk management program is in place to manage these risks.

Foreign Currency Exchange Rates

We provide our services primarily through a network of agent locations in more than 200 countries and territories. We manage foreign exchange risk through the structure of the business and an active risk management process. We currently settle with the significant majority of our agents in United States dollars, Mexican pesos, or euros, requiring those agents to obtain local currency to pay recipients, and we generally do not rely on international currency markets to obtain and pay illiquid currencies. However, in certain circumstances, we settle in other currencies. The foreign currency exposure that does exist is limited by the fact that the majority of transactions are paid by the next day after they are initiated, and agent settlements occur within a few days in most instances. To mitigate this risk further, we enter into short duration foreign currency forward contracts, generally with maturities from a few days up to one month, to offset foreign exchange rate fluctuations between transaction initiation and settlement. We also have exposure to certain foreign currency denominated cash and other asset and liability positions and may utilize foreign currency forward contracts, typically with maturities of less than one year at inception, to offset foreign exchange rate fluctuations on these positions. In certain consumer money transfer, bill payment, and Business Solutions transactions involving different send and receive currencies, we generate revenue based on the difference between the exchange rate set by us to the consumer or business and the rate available in the wholesale foreign exchange market, helping to provide protection against currency fluctuations. We attempt to promptly buy and sell foreign currencies as necessary to cover our net payables and receivables which are denominated in foreign currencies.

We use longer-term foreign currency forward contracts to help mitigate risks associated with changes in foreign currency exchange rates on revenues denominated primarily in the euro, and, to a lesser degree, the Canadian dollar, and other currencies. We use contracts with maturities of up to 36 months at inception to mitigate some of the impact that changes in foreign currency exchange rates could have on forecasted revenues, with a targeted weighted-average maturity of approximately one year. We believe the use of longer-term foreign currency forward contracts provides predictability of future cash flows from our international operations.

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We have additional foreign exchange risk and associated foreign exchange risk management requirements due to the nature of our Business Solutions business. The significant majority of our Business Solutions business relates to exchanges of currency at spot rates, which enable customers to make cross-currency payments. In certain countries, this business also writes foreign currency forward and option contracts for our customers to facilitate future payments. The majority of these derivative contracts have a duration at inception of less than one year. Business Solutions aggregates its foreign exchange exposures arising from customer contracts, including the derivative contracts described above, and hedges the resulting net currency risks by entering into offsetting contracts with Convera through the end of the second closing of the Business Solutions divestiture.

As of March 31, 2022, a hypothetical uniform 10% strengthening or weakening in the value of the United States dollar relative to all other currencies in which our net income is generated would have resulted in a decrease/increase to pre-tax annual income of approximately $20 million, based on our forecast of unhedged exposure to foreign currency at that date. There are inherent limitations in this sensitivity analysis, primarily due to the following assumptions: (i) foreign exchange rate movements are linear and instantaneous, (ii) fixed exchange rates between certain currency pairs are retained, (iii) the unhedged exposure is static, and (iv) we would not hedge any additional exposure. As a result, the analysis is unable to reflect the potential effects of more complex market changes that could arise, which may positively or negatively affect income.

Interest Rates

We invest in several types of interest-bearing assets, with a total value as of March 31, 2022 of approximately $3.1 billion. Approximately $1.9 billion of these assets bear interest at floating rates. Our interest-bearing assets primarily include cash in banks, money market instruments, state and municipal variable-rate securities, and a reverse repurchase agreement and are included in our Condensed Consolidated Balance Sheets within Cash and cash equivalents, Settlement assets, and Other assets. To the extent these assets are held in connection with money transfers and other related payment services awaiting redemption, they are classified as Settlement assets. Earnings on these investments will increase and decrease with changes in the underlying short-term interest rates.

The remainder of our interest-bearing assets primarily consists of highly-rated state and municipal debt securities, which are fixed-rate term notes. These investments may include investments made from cash received from our money order services, money transfer business, and other related payment services awaiting redemption and are classified within Settlement assets in the Condensed Consolidated Balance Sheets. As interest rates rise, the fair value of these fixed-rate interest-bearing securities will decrease; conversely, a decrease to interest rates would result in an increase to the fair values of the securities. We have classified these investments as available-for-sale within Settlement assets in the Condensed Consolidated Balance Sheets, and accordingly, recorded these instruments at their fair value with the net unrealized gains and losses, net of the applicable deferred income tax effect, being added to or deducted from our Total stockholders’ equity in our Condensed Consolidated Balance Sheets.

Borrowings under our commercial paper program mature in such a short period that the financing is effectively floating rate. As of March 31, 2022, there were $100.0 million in outstanding borrowings under our commercial paper program.

We review our overall exposure to floating and fixed rates by evaluating our net asset or liability position and the duration of each individual position. We manage this mix of fixed versus floating exposure in an attempt to minimize risk, reduce costs, and improve returns. Our exposure to interest rates can be modified by changing the mix of our interest-bearing assets as well as adjusting the mix of fixed versus floating rate debt. The latter is accomplished primarily through the use of interest rate swaps and the decision regarding terms of any new debt issuances (i.e., fixed versus floating). From time to time, we use interest rate swaps designated as hedges to vary the percentage of fixed to floating rate debt, subject to market conditions. As of March 31, 2022, our weighted-average effective rate on total borrowings was approximately 3.7%. For further detail on our variable rate borrowings, see risk factor “We have substantial debt and other obligations that could restrict our operations” in Part I, Item 1A, Risk Factors in our Annual Report on Form 10‑K for the year ended December 31, 2021.

At March 31, 2022, a hypothetical 100 basis point increase/decrease in interest rates would result in a decrease/increase to pre-tax income for the next twelve months of approximately $1 million based on borrowings that are sensitive to interest rate fluctuations, net of the impact of hedges. The same 100 basis point increase/decrease in interest

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rates, if applied to our cash and investment balances on March 31, 2022 that bear interest at floating rates, would result in an offsetting increase/decrease to pre-tax income for the next twelve months of approximately $19 million. There are inherent limitations in the sensitivity analysis presented, primarily due to the assumptions that interest rate changes would be instantaneous and consistent across all geographies in which our interest-bearing assets are held and our liabilities are payable. As a result, the analysis is unable to reflect the potential effects of more complex market changes, including changes in credit risk regarding our investments, which may positively or negatively affect income. In addition, the mix of fixed versus floating rate debt and investments and the level of assets and liabilities will change over time, including the impact from commercial paper borrowings that may be outstanding in future periods.

Credit Risk

To manage our exposures to credit risk with respect to investment securities, money market fund investments, derivatives, and other credit risk exposures resulting from our relationships with banks and financial institutions, we regularly review investment concentrations, trading levels, credit spreads, and credit ratings, and we attempt to diversify our investments among global financial institutions.

We are also exposed to credit risk related to receivable balances from agents in the money transfer, walk-in bill payment, and money order settlement process. We perform a credit review before each agent signing and conduct periodic analyses of agents and certain other parties we transact with directly. In addition, we are exposed to losses directly from consumer transactions, particularly through our digital channels, where transactions are originated through means other than cash and are therefore subject to "chargebacks," insufficient funds or other collection impediments, such as fraud, which are anticipated to increase as digital channels become a greater proportion of our money transfer business.

We are exposed to credit risk in our Business Solutions business relating to: (i) derivatives written by us, primarily to our customers, and (ii) the extension of trade credit when transactions are paid to recipients prior to our receiving cleared funds from the sending customers. For the derivatives, the duration of these contracts at inception is generally less than one year. The credit risk associated with our derivative contracts increases when foreign currency exchange rates move against our customers, possibly impacting their ability to honor their obligations to deliver currency to us or to maintain appropriate collateral with us. For those receivables where we have extended trade credit, collection ordinarily occurs within a few days. To mitigate the risk associated with potential customer defaults, we perform credit reviews of the customer on an ongoing basis, and, for our derivatives, we may require certain customers to post or increase collateral.

Our losses have been approximately 2% or less of our consolidated revenues in all periods presented.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

The information under Risk Management in Part I, Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report is incorporated herein by reference.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer, has evaluated the effectiveness of our controls and procedures related to our reporting and disclosure obligations (as defined by Rules 13a-15(e) and 15d-15(e) within the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of March 31, 2022, which is the end of the period covered by this Quarterly Report on Form 10‑Q. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that, as of March 31, 2022, the disclosure controls and procedures were effective to ensure that information required to be disclosed by us, including our consolidated subsidiaries, in the reports we file or submit under the Exchange Act, is recorded, processed, summarized and reported, as applicable, within the time periods specified in the rules and forms of the Securities and Exchange Commission, and are designed to ensure that information required to be disclosed by us in the reports that we file or submit is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There were no changes that occurred during the fiscal quarter covered by this Quarterly Report on Form 10‑Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Review Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of The Western Union Company

Results of Review of Interim Financial Statements

We have reviewed the condensed consolidated balance sheet of The Western Union Company (the Company) as of March 31, 2022, the related condensed consolidated statements of income, comprehensive income, cash flows, and stockholders’ equity for the three months ended March 31, 2022 and 2021, and the related notes (collectively referred to as the “condensed consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the condensed consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2021, the related consolidated statements of income, comprehensive income, cash flows, and stockholders’ equity for the year then ended, and the related notes and schedule (not presented herein); and in our report dated February 24, 2022, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 31, 2021, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

	/s/ Ernst & Young LLP
Denver, Colorado
April 28, 2022

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PART II

OTHER INFORMATION

Item 1. Legal Proceedings

The information required by this Item 1 is incorporated herein by reference to the discussion in Part I, Item 1, Financial Statements, Note 6, Commitments and Contingencies.

Item 1A. Risk Factors

There have been no material changes to the risk factors described in our Annual Report on Form 10‑K for the year ended December 31, 2021.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table sets forth stock repurchases for each of the three months of the quarter ended March 31, 2022:

							Approximate Dollar
					Total Number of Shares		Value of Shares that
					Purchased as Part of		May Yet Be Purchased
	Total Number of		Average Price		Publicly Announced		Under the Plans or
Period	Shares Purchased (a)		Paid per Share		Plans or Programs (b)		Programs (in millions)
January 1 - 31		24,142	$	18.66		—	$	—
February 1 - 28		2,472,212	$	19.53		2,049,163	$	960.0
March 1 - 31		6,083,632	$	18.10		6,077,795	$	850.0
Total		8,579,986	$	18.51		8,126,958

(a)These amounts represent both shares authorized by our Board of Directors for repurchase under a publicly announced authorization, as described below, as well as shares withheld from employees to cover tax withholding obligations on restricted stock units that have vested.

(b)On February 10, 2022, our Board of Directors authorized $1.0 billion of common stock repurchases through December 31, 2024, of which $850.0 million remained available as of March 31, 2022. In certain instances, management has historically and may continue to establish prearranged written plans pursuant to Rule 10b5‑1. A Rule 10b5‑1 plan permits us to repurchase shares at times when we may otherwise be unable to do so, provided the plan is adopted when we are not aware of material non-public information.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

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Item 6. Exhibits

See Exhibit Index for documents filed or furnished herewith and incorporated herein by reference.

EXHIBIT INDEX

Exhibit Number	Description
10.1	Mutual Separation Agreement and Release dated February 25, 2022 between Michelle Swanback and Western Union LLC*
10.2	Offer Letter dated August 30, 2021, between Gabriella Fitzgerald and the Company.*
15	Letter from Ernst & Young LLP Regarding Unaudited Interim Financial Information
31.1	Certification of Chief Executive Officer of The Western Union Company Pursuant to Rule 13a‑14(a) under the Securities Exchange Act of 1934
31.2	Certification of Chief Financial Officer of The Western Union Company Pursuant to Rule 13a‑14(a) under the Securities Exchange Act of 1934
32	Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

* Management contracts and compensatory plans and arrangements required to be filed as exhibits pursuant to Item 6 of this report

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	The Western Union Company (Registrant)
Date: April 28, 2022	By:	/s/ Devin B. McGranahan
		Devin B. McGranahan
		President and Chief Executive Officer (Principal Executive Officer)
Date: April 28, 2022	By:	/s/ Raj Agrawal
		Raj Agrawal
		Chief Financial Officer (Principal Financial Officer)
Date: April 28, 2022	By:	/s/ Mark Hinsey
		Mark Hinsey
		Chief Accounting Officer and Controller (Principal Accounting Officer)

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EX-10.1

Exhibit 10.1

MUTUAL SEPARATION AGREEMENT AND RELEASE

This is a Separation Agreement and Release ("Agreement") between Michelle Swanback ("Executive") and Western Union, LLC ("Company"), an Affiliate of The Western Union Company ("Western Union"), whereby your employment is being terminated by mutual agreement effective March 31, 2022 ("Termination Date").

For purposes of this Agreement, "Affiliate" means a Person that directly, or indirectly through one or more intermediaries, owns or controls, is owned or is controlled by, or is under common ownership or control with, another Person. As used herein, "control" means the power to direct the management or affairs of a Person, and "ownership" means the beneficial ownership of at least 10% of the voting securities of the Person. The Company and/or Western Union shall be deemed to control any settlement network in which it has any equity ownership. As used herein, "Person" means any corporation, limited or general partnership, limited liability company, joint venture, association, organization or other entity.

1. Payments and Benefits. In consideration for Executive's execution of this Agreement, and her compliance with other obligations under this Agreement, including, but not limited to, any non-compete obligation, but subject to the terms of the paragraph in this Agreement titled "Release of Age Discrimination Claims," and the terms of the paragraph titled "Consideration and Remedies," the Company agrees to provide to Executive the following payments and benefits:

(a)Termination Payment. Executive will receive $1,565,000 ("Termination Payment") payable in equal installments less tax withholding and other legally allowed deductions, on the 15th and last business day of each month for a 9-month period commencing in April 2022, and ending in December 2022, subject to this Agreement having been executed and being fully effective and nonrevocable. For purposes of this Agreement, the period from the Termination Date through December 31, 2022, is referred to as the "Payment Period."

To the extent permitted under applicable law, Executive agrees the Company may deduct from the Termination Payment referenced in subparagraph (a) any outstanding debt Executive owes the Company, Western Union, and/or their subsidiaries or Affiliates including, but not limited to, the value of unreturned property, any overpayment made to Executive, or any other amount Executive owes to Company, Western Union, and/or their subsidiaries or Affiliates.

(b)Bonus for Year of Termination. Executive agrees that she will not receive a bonus under The Western Union Senior Executive Performance Incentive Plan ("SEPIP") for 2022.

(c)Benefits Coverage. Subject to the terms of the applicable plan documents, and in accordance with Western Union's policies applicable to similarly situated employees, Executive will continue to be eligible for coverage under Western Union's medical, dental, vision, EAP, health savings account and health care flexible spending account plans (if applicable) until

the last day of the month in which the Termination Date occurs. Details about specific plan coverages, conversion and distribution eligibility will be provided separately. Information on electing COBRA coverage will be provided at the conclusion of active group health plan coverage (if applicable).

(d) Long-Term Incentive Awards. Executive shall forfeit Executive's right to any unvested Stock Awards granted pursuant to The Western Union Company 2015 Long-Term Incentive Plan and all such unvested Stock Awards will be canceled by the Company on the Executive's Termination Date.

2. Complete Release. In consideration of those payments and benefits listed above which are payable only under this Agreement, Executive agrees to and hereby does knowingly and voluntarily release and discharge the Company, Western Union, their respective subsidiaries, Affiliates, and insurers, each of the foregoing entities' respective past, present and future agents, executives, directors, officers, attorneys, employees, and the predecessors and successors of each of the foregoing entities, including the subsidiaries, Affiliates, and insurers, agents, executives, directors, officers, attorneys, and employees of any such predecessors and successors (the "Released Parties"), from any and all claims, causes of action and demands of any kind, whether known or unknown, which Executive has, ever has had, or ever in the future may have and which are based on acts, omissions or events occurring up to and including the date of this Agreement. Included in the release set forth in the preceding sentence, without limiting its scope, are claims related to Executive's employment arising under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Employee Retirement Income Security Act of 1974 ("ERISA"), the Worker Adjustment and Retraining Notification Act of 1988 (the "WARN Act") and the Age Discrimination in Employment Act of 1967 ("ADEA"), each as amended, as well as any other federal, state or local employment or labor laws, wrongful discharge or other statutory employment law claims, as well as any claims in contract, tort, or common law, and which are related to Executive's employment with the Company, Western Union, and/or their subsidiaries and Affiliates or the termination of that employment (the "Claims"). The term "Claims" is intended to be broad and all-encompassing and is not limited to those claims specifically cited in the foregoing sentence. Executive also agrees not to participate in any class, collective, representative or group action that may include any of the Claims released above, and will affirmatively opt out of any such class, collective, representative or group action.

Executive affirms that Executive has been paid and/or has received all compensation, wages, bonuses, commissions, expense reimbursements, and/or benefits to which Executive may be entitled, except the Termination Payment referenced in subparagraph (a) of the "Payments and Benefits" paragraph of this Agreement. Executive affirms that Executive has been granted any leave to which Executive was entitled under the Family and Medical Leave Act, or related state or local leave or disability accommodation laws. Executive further affirms that Executive has no known workplace injuries or occupational diseases not previously disclosed in writing to the Released Parties.

Executive further acknowledges and agrees that she is not eligible for any severance payments or benefits under The Western Union Company Severance/Change in Control Policy (Executive Committee Level) (the "Severance Policy") upon Executive's termination of

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employment with the Company. In consideration for the payments and benefits hereunder, Executive therefore hereby waives any severance payments or benefits to which Executive may be entitled under the Severance Policy upon Executive's Termination Date.

Notwithstanding the foregoing, Executive does not waive claims, causes of action or demands of any kind to enforce this Agreement; claims, causes of action or demands that may arise after the date this Agreement is executed and which are based on acts or omissions occurring after the date this Agreement is signed; or claims, causes of action or demands which by law cannot be released by private agreement between the employer and employee, including but not limited to any claim for any accrued benefits to which Executive has a non-forfeitable right under any ERISA retirement benefit plan. Furthermore, notwithstanding the foregoing, nothing in this Agreement waives a claim which by law cannot be waived.

3.No Waiver of Right to File a Charge of Discrimination or Cooperate in Certain
Governmental Inquiries. Nothing in this Agreement shall prevent Executive from filing (or participating in the investigation of) a charge of employment discrimination against the Released Parties before a government agency authorized to investigate such claims. Executive and the Released Parties further acknowledge that nothing in the Agreement shall prevent the Equal Opportunity Employment Commission ("EEOC") or any other government agency from separately enforcing Title VII of the Civil Rights Act of 1964, the ADEA, and/or any other employment law. Nothing in the Agreement shall be interpreted as restricting Executive's rights (if any) under Section 7 of the National Labor Relations Act. Executive expressly waives by this Agreement the right to recover monetary damages and any other relief personal to Executive if a charge of employment discrimination, lawsuit or action related to such matters is pursued against the Company by any person or any government agency. Executive understands, however, that this Agreement does not limit Executive's ability to communicate with any government agency or otherwise participate in any investigation or proceeding that may be conducted by any government agency. This Agreement does not limit Executive's right to receive an award for information provided to any government agency.

4.Return of Company Property. On or before the last day of Executive's active employment, or immediately after any earlier date requested by the Company as determined in its sole discretion, Executive will resign from all titles and positions with the Company, Western Union, and/or their subsidiaries or Affiliates, including any and all board of directors positions, and return to the Company all property and return to the Company all property within Executive's possession belonging to the Company, Western Union, and/or their subsidiaries or Affiliates, any customers of the Company, Western Union, and/or their subsidiaries or Affiliates or any entity with whom the Company, Western Union, and/or their subsidiaries or Affiliates has entered into a confidentiality agreement. Such property to be returned includes, but is not limited to, reports, maps, files, memoranda, records, credit cards, keys, passes, customer lists, information, forms, software, formulas, plans, documents, systems, designs, methodologies, product features, technology, and other written material (whether in electronic or paper format), equipment and access codes, and copies of same that Executive has requested or received, prepared or helped to prepare in connection with Executive's employment with the Company, Western Union, and/or their subsidiaries or Affiliates. Executive will not at any time, now or thereafter, retain any copies, duplicates, reproductions or excerpts of such property.

5.Non-Competition, Non-Solicitation and Non-Disclosure. Executive understands that Executive is required to abide by the Confidentiality and Restrictive Covenant Agreement,

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attached as Exhibit B, which is incorporated herein by reference. Additionally, Executive remains bound by all other agreements related to non-competition, non-solicitation, non-disclosure, or other restrictive covenants by and between Executive and the Company and/or Western Union and/or their subsidiaries or Affiliates; in particular, Executive's 2021 Restrictive Covenant Agreement effective April 8, 2021, and Executive's 2020 RCA effective March 27, 2020 (collectively, the "RCAs"). The RCAs constitute a part of this Agreement and are attached hereto as Exhibit C. In the event any provision of the RCAs conflicts with the Confidentiality and Restrictive Covenant Agreement in Exhibit B, the conflicting terms of the Confidentiality and Restrictive Covenant Agreement will supersede and control any conflicting terms of the RCAs. Any dispute arising out of or related to the Confidentiality and Restrictive Covenant Agreement or the RCAs shall not be subject to the dispute resolution procedure described in Exhibit A of this Agreement.

Executive's obligations under this paragraph are subject to Executive's rights as stated in the paragraph of this Agreement titled "No Waiver of Right to File a Charge of Discrimination or Cooperate in Certain Governmental Inquiries."

6. Commencing Another Position. If Executive obtains employment with the Company or its subsidiaries or Affiliates after the date this Agreement is executed and prior to the end of the Payment Period ("Subsequent Company Employment"), any and all further payments or benefits under the Agreement immediately will cease as of the date of such employment. In the event of Subsequent Company Employment, Executive specifically agrees that the offer of employment to Executive by the Company or its subsidiaries or Affiliates, and Executive's acceptance thereof, is sufficient consideration to support the release of claims contained herein, including but not limited to the ADEA Released Claims, notwithstanding the fact that payments and benefits hereunder have ceased. If Executive obtains employment during the Payment Period with an entity other than the Company, Western Union, and/or their subsidiaries or Affiliates ("Subsequent Non-Company Employment"), Executive will, subject to the provisions of this Agreement, including without limitation the paragraphs in this Agreement titled "Non-Solicitation and Non-Disclosure" and "Consideration and Remedies," continue to be eligible to receive cash payments and benefits in accordance with paragraph 1 of this Agreement. In any event, it is Executive's obligation to advise the Company of Subsequent Non-Company Employment within five (5) business days of Executive's acceptance of a job offer.

7. Cooperation. During the Payment Period and thereafter, Executive agrees to cooperate fully with the Company, Western Union and/or their subsidiaries or Affiliates, their financial and legal advisors, and/or government officials in any claims, investigations, administrative proceedings, lawsuits, and other legal, internal or business matters, as reasonably requested by the Company, Western Union, and/or their subsidiaries or Affiliates. To the extent that it is consistent with the Company's and/or Western Union's by-laws, certificate of incorporation and applicable laws, the Company and/or Western Union will cooperate with Executive for the engagement of legal counsel if necessary in connection with such cooperation, and in any event will reimburse Executive for documented, reasonable and necessary out-of-pocket travel expenses as are required and which Executive incurs in complying with Executive's obligations under this paragraph in accordance with Western Union's Global Travel and Expenses Policy. If for any reason the Company and/or Western Union determines that a conflict of interest may exist between Executive and the Company and/or Western Union, the Company and/or Western Union may require Executive to obtain separate counsel in which case the Company and/or Western Union will subsequently reimburse Executive for the reasonable and necessary legal fees associated with the use of such counsel and/or related

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travel expenses (as limited above), to the extent that such reimbursement is permitted by the Company's and/or Western Union's bylaws, certificate of incorporation and applicable laws. Executive's obligations under this paragraph are subject to Executive's rights as stated in this paragraph and the paragraph of this Agreement titled "No Waiver of Right to File a Charge of Discrimination or Cooperate in Certain Governmental Inquiries."

8.Non-Assistance. Executive agrees that, absent compulsion of court order or lawfully-issued subpoena, notification of which will be provided to Western Union and/or their subsidiaries or Affiliates within five (5) business days after receipt, Executive will not directly or indirectly assist any non-governmental third party in investigating, maintaining, proceeding upon, or litigating any claim of any kind in any forum against the Company or any of the other Released Parties.

9.Confidentiality. Executive hereby agrees to maintain the terms, conditions and existence of this Agreement in the strictest confidence and agrees not to disclose any of the terms of this Agreement unless and to the extent such disclosure is required by law or to secure advice from a legal or tax advisor. This obligation extends to Executive's family members and agents, including all tax advisors, who Executive must duly notify of the confidential nature of the content of this Agreement and of their confidentiality obligations hereunder. Executive's obligations under this paragraph are subject to Executive's rights as stated in this paragraph and the paragraph of this Agreement titled "No Waiver of Right to File a Charge of Discrimination or Cooperate in Certain Governmental Inquiries."

10.Non-Disparagement. Executive agrees not to make any disparaging comments about the Company, Western Union, and/or their subsidiaries or Affiliates, or any of their respective directors, officers, representatives, employees, or agents in any forum including, but not limited to, any type of media including all types of social media. This includes, but is not limited to, any statements made through Facebook, LinkedIn, Twitter, etc. Executive agrees that Executive will not represent herself as continuing to have any connection with the Company, Western Union, or their Affiliates in any manner (save as a former employee for the purposes only of communicating with prospective employers or complying with any applicable statutory requirements), and will not enter into or attempt to enter into any contract on behalf of the Company, Western Union, or their Affiliates or bind or create any legal obligations on behalf of the Company, Western Union, or their Affiliates or hold out or represent to any other party that Executive is authorized to act on behalf of the Company, Western Union, or their Affiliates in any manner. Executive's obligations under this paragraph are subject to Executive's rights as stated in this paragraph and the paragraph of this Agreement titled "No Waiver of Right to File a Charge of Discrimination or Cooperate in Certain Governmental Inquiries."

11.Non-Admission. Nothing in this Agreement is intended to or shall be construed as an admission by the Company or any of the other Released Parties that it violated any law, interfered with any right, breached any obligation or otherwise engaged in any improper or illegal conduct with respect to Executive or otherwise, the Released Parties expressly denying any such improper or illegal conduct.

12.Severability and Governing Law. In the event that any provision of this Agreement is deemed unenforceable, Executive agrees that an arbitrator or court of competent jurisdiction shall have jurisdiction to reform such provision to the extent necessary to cause it to be enforceable to the

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maximum extent permitted by law. If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby. This paragraph shall be interpreted consistently with the Dispute Resolution paragraph of this Agreement and the Dispute Resolution Procedure attached as Exhibit A. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Colorado without regard to principles of conflicts of law.

13.Affirmation of Compliance. Employee specifically acknowledges familiarity with Western Union's Code of Conduct, including the internal channels and procedures made available by Western Union for the purpose of reporting employee concerns regarding any conduct, action, or omission that might give rise to possible noncompliance with any federal or state law, regulation, or Western Union policy. Employee further specifically affirms and represents that Employee has disclosed in writing (including any disclosure made anonymously) to the Chief Legal Officer, the Ethics Office, Human Resources or to the Audit Committee of Western Union's Board of Directors any information or knowledge about Western Union or any of its employees or agents (or the employees or agents of its Affiliates) that Employee believes represents possible or actual noncompliance, if any, including but not limited to violation of any securities laws or regulations, fraudulent activity or other unlawful conduct. Employee further acknowledges that the Company, in providing the consideration under this Agreement, has relied on Employee's specific acknowledgements, affirmations, and representations in this regard. Employee understands that this Agreement does not limit Employee's ability to communicate with any government agency or otherwise participate in any investigation or proceeding that may be conducted by any government agency.

14.Other Agreements, Survivability, and Successorship. Executive acknowledges that, except as provided in this paragraph, this Agreement, including the exhibits appended hereto, is the entire agreement between the Company and Executive concerning the subject matter hereof and that Executive has not relied on any other representations or statements, written or oral, by the Released Parties or their employees or agents concerning the terms of the Agreement or any other matters not contained herein. This Agreement is supplemental to, and does not supersede, any non-solicitation, non-compete, non-disclosure, confidentiality, or any other electronic or written agreement that Executive may have accepted or signed while employed with the Company, Western Union, and/or their subsidiaries or Affiliates. For further clarity, nothing in this Agreement shall restrict Western Union's ability to seek recoupment from Executive of incentive compensation in accordance with the clawback policies adopted by Western Union's Board of Directors. In addition to this paragraph, the following paragraphs in this Agreement survive the termination of this Agreement: Complete Release; No Waiver of Right to File a Charge of Discrimination or Cooperate in Certain Governmental Inquiries; Return of Company Property; Non-Solicitation and Non-Disclosure; Commencing Another Position; Cooperation; Non-Assistance; Confidentiality; Non-Disparagement; Non-Admission; Severability and Governing Law; Dispute Resolution; Consideration and Remedies; Notices, Code Section 409A and Release of Age Discrimination Claims.

This Agreement is binding upon and inures to the benefit of any successors or assigns of the Company, Western Union, and/or their subsidiaries and Affiliates, and Executive's obligations apply equally to the Company, Western Union, their subsidiaries, Affiliates, and/or their successors and assigns.

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15.Dispute Resolution. The parties agree that any dispute arising out of or related to Executive's employment (or separation of employment) with the Company that is not subject to the release set forth in the Complete Release Paragraph of this Agreement, and/or any dispute regarding the enforceability of the General Release ("Claim") shall be resolved exclusively through arbitration, as described in the Dispute Resolution Procedure set forth in Exhibit A, which is incorporated herein by reference. Executive acknowledges that the payments and other consideration described in this Agreement is sufficient for Executive's agreement to resolve any disputes through arbitration under the terms described in Exhibit A.

16.Consideration and Remedies Executive acknowledges that in addition to this paragraph, the following paragraphs are material provisions of this Agreement: Complete Release; No Waiver of Right to File a Charge of Discrimination or Cooperate in Certain Governmental Inquires; Return of Company Property; Non-Solicitation and Non-Disclosure; Commencing Another Position; Cooperation; Non-Assistance; Confidentiality; Non-Disparagement; Severability and Governing Law; Other Agreements, Survivability and Successorship; Dispute Resolution; and Release of Age Discrimination Claims (collectively, the "Material Provisions"). Executive further acknowledges that (i) the first $1,000 payable to Executive as payments pursuant to subparagraph (a) of the "Payments and Benefits" paragraph of this Agreement is sufficient consideration (the "ADEA Consideration") for Executive's release and waiver in the "Complete Release" paragraph of this Agreement of any claims, causes of action and demands of any kind arising under the Age Discrimination in Employment Act of 1967, as amended (the "ADEA Released Claims") and (ii) the remainder of the amount payable to Executive as payments and benefits described in the "Payments and Benefits" paragraph of this Agreement are consideration (the "Other Consideration") for (a) the Executive's release and waiver in the "Complete Release" paragraph of this Agreement of any claims, causes of action and demands of any kind other than the ADEA Released Claims (the "Other Released Claims") and (b) the Executive's obligations pursuant to the Material Provisions. In the event of a breach by Executive of any of the Material Provisions (excluding ADEA Released Claims) or in the event Executive challenges the enforceability of this Agreement as to any of the Other Released Claims, the Company shall be entitled to immediately cease providing to Executive the Other Consideration and any other benefits under this Agreement, except to the extent that such payments and benefits are required, either under this paragraph or by law. The Company, Western Union, and/or their subsidiaries and Affiliates shall also be entitled to all remedies available at law or equity. Executive also agrees that in the event the Company determines Executive has breached any of the Material Provisions as defined herein, the Termination Payment shall cease and Executive shall immediately repay to the Company upon the Company's written demand seventy (70) percent of the Termination Payment received by Executive under subparagraph (a) of the "Payments and Benefits" paragraph of this Agreement (excluding the ADEA Consideration) ("Clawback Amount"). Further, if the Company is the prevailing party in any action or proceeding related to a breach by Executive of any of the Material Provisions, any challenge by Executive of the enforceability of this Agreement as to any of the Other Released Claims, the recovery of the Clawback Amount, or any other claim in law or equity, the Company shall be entitled to recover its reasonable costs and attorney's fees.

17.Code Section 409A. Notwithstanding any provision of this Agreement to the contrary, this Agreement will be construed, administered or deemed amended as necessary to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code") to avoid taxation under Code Section 409A(a)(1) to the extent subject to Code Section 409A. However, under no circumstances shall the Company, Western Union, or their subsidiaries or Affiliates or any of their employees, officers, directors, service providers or agents have any liability to Executive for

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any taxes, penalties or interest due on amounts paid or payable under this Agreement, including any taxes, penalties or interest imposed under Code Section 409A. The payments to Executive pursuant to this Agreement are intended to be exempt from Code Section 409A to the maximum extent possible, first, to the extent such payments are scheduled to be paid and are in fact paid during the short-term deferral period, as short-term deferrals pursuant to Treasury regulation §1.409A-1(b)(4), and then under the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii), and for this purpose each payment shall be considered a separate payment such that the determination of whether a payment qualifies as a short-term deferral shall be made without regard to whether other payments so qualify and the determination of whether a payment qualifies under the separation pay exemption shall be made without regard to any payments which qualify as short-term deferrals. To the extent any amounts under this Agreement are payable by reference to Executive's "termination of employment," such term shall be deemed to refer to Executive's "separation from service," within the meaning of Code Section 409A. Notwithstanding any other provision in this Agreement, if Executive is a "specified employee," as defined in Section 409A of the Code, as of the date of Executive's separation from service, then to the extent any amount payable under this Agreement (i) constitutes the payment of nonqualified deferred compensation, within the meaning of Code Section 409A, (ii) is payable upon Executive's separation from service and (iii) under the terms of this Agreement would be payable prior to the six-month anniversary of Executive's separation from service, such payment shall be delayed until the earlier to occur of (a) the six-month anniversary of the separation from service or (b) the date of Executive's death.

18.Paragraph Headings. The paragraph headings in this Agreement are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

19.Modification. Executive and the Company agree that no waiver, amendment or modification of any of the terms of this Agreement shall be effective unless in writing and signed by Executive and the Company. No waiver of any term, condition or default of any term of this Agreement shall be construed as a waiver of any other term, condition or default.

20.Notices. All notices required pursuant to this Agreement shall be in writing and shall be deemed given if emailed, mailed, postage prepaid, or if delivered by fax or by hand, to a party at the address set forth below:

If to Executive, to such address as shall most currently appear on the records of the Company.

If to the Company, to:

Richard Williams

Chief People Officer, The Western Union Company

7001 E. Belleview Ave., HQ-13

Denver, CO 80237

richard.williams@westernunion.com

With a copy to:

Heather French

Deputy General Counsel, Corporate Affairs, The Western Union Company

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7001 E. Belleview Ave., HQ-8
Denver, Colorado 80237

heather.french@westernunion.com

21. Release of Age Discrimination Claims. Executive acknowledges that Executive

was given 21 calendar days to review this Agreement and the attached Exhibits A, B and C which are incorporated herein by reference, from the time Executive received it. Executive agrees that to the extent there have been changes to the terms of this Agreement, whether they are material or immaterial, the 21-day period for review of this Agreement is not recommenced. EXECUTIVE ACKNOWLEDGES EXECUTIVE WAS ADVISED IN WRITING BY THIS AGREEMENT TO REVIEW THIS AGREEMENT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT. Executive is further advised that Executive has 7 calendar days after Executive signs this Agreement to revoke it by notifying the Company of such revocation in writing. In the event Executive revokes this Agreement as specified in the immediately preceding sentence, the Company shall deem this Agreement to be void in its entirety, in which case neither party shall be bound by its terms and no payment shall be made to the Executive hereunder. If Executive properly revokes this Agreement, Executive shall nevertheless remain subject to any other Agreement that Executive signed while employed with the Company, Western Union, and/or their subsidiaries or Affiliates as referenced in the paragraph titled "Other Agreements, Survivability and Successorship." Nothing in this Agreement precludes Executive from filing a lawsuit to challenge the validity of this Agreement under the ADEA.

Executive's signature below indicates that Executive has carefully read, reviewed, and fully understands this Agreement and the attached Exhibits A, B and C. Executive acknowledges that Executive's signature below constitutes a knowing and voluntary execution of this Agreement and Executive signs the same of Executive's own free will and it is Executive's intention to be bound thereby.

Dated this 25 day of February, 2022.

/s/ Michelle Swanback______________

Michelle Swanback

Western Union, LLC

By: s/s Richard L. Williams_________

Title: Chief People Officer__________

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ELECTION TO EXECUTE PRIOR TO EXPIRATION
OF 21 DAY PERIOD

I, Michelle Swanback, understand that I have at least 21 days to consider and execute this Agreement and Release. After having the opportunity to consult with counsel, however, I have freely and voluntarily elected to execute this Agreement and Release prior to expiration of the 21 day period.

2/25/22___________ /s/ Michelle Swanback______________________

Date Michelle Swanback

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EXHIBIT A

DISPUTE RESOLUTION PROCEDURE

1. Scope.

a.To the fullest extent permitted by law, any dispute arising out of or related to Executive's employment (or separation from employment) with the Company that is deemed to not be subject to the release set forth in the paragraphs of the Agreement titled "Complete Release" (the "Release") and "Release of Unknown Claims" and/or any dispute regarding the enforceability of the Release (hereinafter, a "Claim"), shall be resolved exclusively through final and binding arbitration as described in this Dispute Resolution Procedure ("Procedure"). This Procedure is governed by the Federal Arbitration Act, 9 U.S.C. § 1 et seq. (FAA) and is not intended to cover claims that cannot by law be required to be arbitrated, nor prevent Executive from filing a complaint with a governmental administrative agency. Executive acknowledges and agrees that, in the event Executive asserts claims that are not subject to arbitration under applicable law, Executive hereby consents to a stay of the litigation of any such claim pending resolution in arbitration of all other claims so arbitrable.

a.All disputes or issues regarding arbitrability, the validity, scope, enforceability, interpretation, or application of this Procedure, the arbitrator's jurisdiction, as well as any gateway, threshold, or any other challenges either to the Release or this Procedure, including claims that either the Release or this Procedure is unconscionable, are delegated to the arbitrator for resolution, except as specified in Paragraph 3 below.

2. Invoking Arbitration.

Arbitration under this Procedure shall be administered by JAMS and conducted pursuant to the JAMS Employment Arbitration Rules & Procedures, effective July 1, 2014 ("JAMS Rules"), except as modified in this Procedure. Copies of the JAMS Rules may be obtained atwww.jamsadr.com or by request directed to Western Union's Office of General Counsel, at 7001 E. Belleview Ave., HQ-8, Denver, CO 80237. The arbitration shall be subject to JAMS Policy on Employment Arbitration, Minimum Standards of Procedural Fairness. This Procedure constitutes an agreement to arbitrate within the meaning of JAMS Rule 5(a)(ii).

b. The party asserting a Claim must demand arbitration in writing, and deliver the written demand by hand, overnight delivery or first class mail to the other party within the applicable statute of limitations period. The demand shall include identification of the parties, a statement of the legal and factual basis of the Claim(s), and a specification of the remedy sought. Any demand made by Executive shall be delivered to the Company at its principal office located at 7001 E. Belleview Ave., Denver, CO 80237, attention General Counsel. Any demand made by the Company shall be sent to Executive's last known home address as reflected in the Company's business records.

EX-A 1

c. The party receiving a demand shall respond in writing to the demand as described in the JAMS rules.

3. Class, Collective, Representative and Group Action Waivers. Claims may be taken to arbitration on an individual basis only. There will be no right or authority for any Claim to proceed as a class, collective, representative or group arbitration. In the event the arbitrator issues any ruling, including a clause construction ruling or a discovery ruling, that is inconsistent with the waivers described in this paragraph, the arbitration will be terminated immediately, and the parties shall litigate the Claim in a court of competent jurisdiction. The waivers described in this paragraph shall be severable from this Procedure in any case in which the Claim is filed as an individual action and severance is necessary to ensure that the individual action proceeds in arbitration. The provisions of the FAA permitting federal courts to enjoin arbitration proceedings apply to this Procedure.

4. Selection of the Arbitrator and Arbitration Procedures.

a.The parties shall select a single arbitrator to resolve the Claim. If the parties cannot agree on an arbitrator, the arbitrator will be appointed pursuant to the JAMS Rules. In either case, the arbitrator shall be either a retired judge or a lawyer with more than twenty (20) years of experience in counselling and/or litigation of employment disputes. Notwithstanding JAMS Rule 15, in no event will an arbitrator be appointed without the agreement of both parties.

b.Any arbitration convened shall be conducted in the same federal judicial district where Executive was last employed by the Company.

c.Nothing in this Procedure shall preclude either party from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction.

5. Arbitration Fees. Each party will pay the fees for his, her, or its own attorneys, subject to any remedies to which that party may later be entitled under applicable law. The Company agrees to bear all but the first $350 of the JAMS arbitration case filing fee. In all cases where required by law, the Company will pay the arbitrator's fee and any case administration fees imposed by JAMS. However, if under applicable law the Company is not required to pay all of the arbitrator's and/or JAMS fees, such fee(s) will be apportioned between the parties in accordance with said applicable law, and any disputes on such matters will be resolved by the arbitrator. Any dispute about the reasonableness of either party's claim to recover attorneys' fees shall be resolved by the arbitrator according to the standards for awarding reasonable attorneys' fees applicable to the underlying substantive law.

6. Pre-Hearing Matters.

a. The arbitrator shall have jurisdiction to hear and rule on pre-hearing disputes and is authorized to hold pre-hearing conferences by telephone or in person, as the arbitrator deems necessary. The Arbitrator shall have the power to entertain a dispositive motion by either party and shall apply the standards governing such motions set forth in the Federal Rules of Civil Procedure.

EX-A 2

b.The arbitrator shall have no jurisdiction to take any action that is inconsistent with the waivers set forth in paragraph 3.

c.Discovery and other pre-hearing proceedings in any arbitration shall be conducted in accordance with JAMS Rules, as modified in this subparagraph.

d.Each side may take three (3) discovery depositions. Each side's depositions are to consume no more than a total of fifteen (15) hours.

e.The total period for the taking of depositions shall not exceed six (6) weeks.

f.Written discovery shall be permitted as ordered by the arbitrator.

g.Each party shall submit its witness list ten (10) business days before the hearing.

h.The arbitrator shall have discretion to issue appropriate rulings governing discovery and other pre-hearing matters, including dispositive motions, in order to facilitate a prompt resolution of the dispute.

7.Substantive Law and Arbitration Proceeding. The arbitrator shall apply the substantive law including, but not limited to, applicable statutes of limitations, of the state of Executive's work location, at the time the Claim arises, or federal law, or both, as applicable to the Claims asserted. Except as otherwise ordered by the arbitrator, the arbitration hearing shall be concluded in no more than two (2) days of evidentiary hearings. Within 30 days of the close of the arbitration hearing, any party will have to file a post-hearing with the arbitrator, a copy of which will be served on the other party.

8.Confidentiality. Exceptas may be permitted or required by law, neither a party nor an arbitrator may disclose the existence, content (including all testimony, information and discovery materials), or results of any arbitration conducted hereunder without the prior written consent of all parties.

9.The Arbitrator's Award. The arbitrator may award any party any remedy to which that party is entitled under applicable law, but such remedies shall be limited to those that would be available to a party in his or her individual capacity in a court of law.

10.The Arbitrator's Written Decision. The arbitrator will issue a written decision or award, stating findings of fact and conclusions of law. A court of competent jurisdiction shall have the authority to enter a judgment enforcing the award pursuant to the FAA.

11.General Provisions. This Procedure reflects the parties' full and complete agreement relating to the resolution of Claims. The FAA shall govern arbitrations conducted pursuant to this Procedure. In the event any portion of this Procedure is deemed unenforceable, the unenforceable provision will be severed and the remainder of this Procedure will be enforceable.

EX-A 3

EXHIBIT B

CONFIDENTIALITY AND RESTRICTIVE COVENANT AGREEMENT

For purposes of this Exhibit B, "Company" refers to Western Union, LLC, The Western Union Company and/or its subsidiaries or Affiliates (as defined in the Agreement) for which Executive works or may work in the future (hereinafter individually and collectively referred to as the "Company" for purposes of this Exhibit B).

Executive agrees that the Company is engaged in a highly competitive business and has expended, and continues to expend, significant money, skill, and time to develop and maintain valuable customer relationships, trade secrets, and confidential and proprietary information. Executive agrees that Executive's work for the Company has brought Executive into close contact with many of the Company's customers, Trade Secrets and Confidential Information (as defined below) and the Company has provided Executive access to such information to perform Executive's job duties, the disclosure of which would cause the Company significant and irreparable harm. Executive further agrees that the covenants in this Agreement are reasonable and necessary to protect the Company's legitimate business interests in its customer relationships, Trade Secrets, and Confidential Information (as defined in Section I below).

I. Definitions. For the purposes of this Agreement, the following terms are defined as described below:

"Affiliate" means a Person that directly, or indirectly through one or more intermediaries, owns or controls, is owned or is controlled by, or is under common ownership or control with, another Person. As used herein, "control" means the power to direct the management or affairs of a Person, and "ownership" means the beneficial ownership of at least 10% of the voting securities of the Person. The Company shall be deemed to control any settlement network in which it has any equity ownership. As used herein, "Person" means any corporation (including The Western Union Company), limited or general partnership, limited liability company, joint venture, association, organization or other entity;

"Client" means any person, firm or company (including, without limitation, consumers, clients and customers) to whom the Company provides any of its goods or services;

"Confidential Information" means any data or information and documentation, other than Trade Secrets, which is valuable to the Company and not generally known to the public, including but not limited to:

a)Financial information, including but not limited to earnings, assets, debts, prices, fee structures, volumes of purchases or sales, or other financial data, whether relating to the Company generally, or to particular products, services, geographic areas, or time periods;

b)Supply and service information, including but not limited to information concerning the goods and services utilized or purchased by the Company, the names and addresses of Key Accounts and suppliers, terms of Key Account and supplier service contracts, or of particular transactions, or information about Prospective Key Accounts or potential suppliers, to the extent that such information is not generally known to the

EX-B 1

public, and to the extent that the combination of Key Accounts or suppliers or use of particular Key Accounts or suppliers, though generally known or available, yields advantages to the Company the details of which are not generally known; and

c) Data or information of the Company's Clients, suppliers, or Executives that the Company is prohibited by law, contract or Company policy from disclosing. By way of example such information includes but is not limited to:

(1)Product specifications, marketing strategies, pricing, sales volumes, discounts;

(2)Nonpublic personal information regarding consumers, including but not limited to names, addresses, credit card numbers, financial transactions, and account balances;

(1)Personnel information, including but not limited to other Executives' personal or medical histories, compensation or other terms of employment, actual or proposed promotions, hiring, resignations, disciplinary actions, terminations or reasons therefore, training methods, performance skills, qualifications, and abilities, or other Executive information (nothing in this provision, however, is intended to prohibit Executive from disclosing to others information about Executive's own compensation or the Executive's working conditions); and

(3)Customer information, which is not protected by a separate confidentiality agreement, including but not limited to any compilations of past, existing or prospective customers, agreements between customers and the Company, status of customer accounts or credit, the identity of customer representatives responsible for entering into contracts with the Company, specific customer needs and requirements, or related information about actual or prospective customers or other nonpublic consumer information;

"Key Account" means any person, firm or company (including, without limitation, agents) in conjunction with whom the Company provides any of its goods or services;

"Prospective Client" means any person, firm or company who has been engaged in negotiations with a view to contracting with the Company for the Company's goods or services, in relation to which negotiations Executive has been directly and materially involved in the course of Executive's employment at any time the last twenty-four (24) months of Executive's employment with the Company;

"Prospective Key Account" means any person, firm or company (including, without limitation, agents) who has been engaged in negotiations with a view to contracting or otherwise working in conjunction with the Company in relation to the provision of any of the Company's goods or services, in relation to which negotiations Executive has been directly and materially involved in the course of Executive's employment at any time during the last twenty-four (24) months of Executive's employment with the Company;

EX-B 2

"Relevant Area" means the geographic area that is the same or substantially similar to the geographic area that Executive serviced while employed by Western Union in the course of Executive's employment at any time during the Relevant Period;

"Relevant Period" means the period of 12 months immediately prior to the Termination Date;

"Restricted Activities" means acting as an Executive, principal, agent, partner, shareholder, contractor, director, consultant, investor or otherwise in the Relevant Area for a Restricted Company without the prior written approval of the Company;

"Restricted Business" means the business or businesses (or part thereof) carried on by the Company in or with which Executive has been materially involved or concerned in the course of Executive's employment at any time during the Relevant Period;

"Restricted Client" means any Client (i) with whom Executive had direct and material business dealings or (ii) in respect of whom Executive was in possession of Confidential Information or Trade Secrets, in the course of Executive's employment at any time during the last twenty-four (24) months of Executive's employment with the Company;

"Restricted Company" means those companies and entities which (i) compete, or (ii) are planning to compete with the Restricted Business, including (without limitation) those companies and their respective affiliates and subsidiaries listed in Appendix A;

"Restricted Key Account" means any Key Account (i) with whom Executive had direct and material business dealings or (ii) in respect of whom Executive was in possession of Confidential Information or Trade Secrets, in the course of Executive's employment at any time during the last twenty-four (24) months of Executive's employment with the Company;

"Restricted Supplier" means any person, firm or company who was a supplier to the Company of any services and with whom Executive had material business dealings in the course of Executive's employment at any time during the Relevant Period;

"Termination Date" means the date on which Executive's employment terminates for whatever reason; and

"Trade Secrets" includes but is not limited to the following:

a)any data or information that is competitively sensitive or commercially valuable, and not generally known to the public, including, but not limited to, products planning information, marketing strategies, marketing results, forecasts or strategies, plans, finance, operations, reports, data, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities of the Company, and its customers, clients, and suppliers; and

b)any scientific or technical information, design, process, procedure, formula, or improvement, computer software, object code, source code, specifications,

EX-B 3

inventions, systems information, whether or not patentable or copyrightable.

II. Protection of Trade Secrets and Confidential Information.

A.Company Trade Secrets and Confidential Information. Executive agrees that the Company is engaged in a highly competitive business and has expended, and continues to expend, significant money, skill and time to develop and maintain valuable Client and Key Account relationships, Trade Secrets, and Confidential Information. Executive agrees that Executive's work for the Company will continue to bring Executive into close contact with many of the Company's Clients, Prospective Clients, Key Accounts, Prospective Clients, Trade Secrets, and Confidential Information, the disclosure of which would cause the Company significant and irreparable harm. Executive further agrees that the covenants in this Agreement are reasonable and necessary to protect the Company's legitimate business interests in its Client and Key Account relationships, Prospective Client and Prospective Key Account relationships, Trade Secrets, and Confidential Information.

B.Non-Disclosure of Trade Secrets and Confidential Information. Executive agrees that for so long as the pertinent information or documentation constitutes Trade Secrets and/or Confidential Information, Executive will not use, disclose, or disseminate to any other person, organization, or entity or otherwise employ any such Trade Secrets and/or Confidential Information, other than in the authorized scope of Executive's employment with the Company. Executive further agrees that during Executive's employment and after the cessation of Executive's employment with the Company, Executive will not use, disclose, or disseminate to any other person, organization, or entity or otherwise employ any Trade Secrets and/or Confidential Information. The obligations set forth herein shall not apply to any Trade Secrets or Confidential Information which shall have become generally known to competitors of the Company through no act or omission of Executive, nor shall the obligations set forth herein apply to disclosures made as required by law. Under 18 U.S.C. §1833(b), Executive shall not be held criminally or civilly liable under any federal or state trade secret law for disclosing Trade Secrets in confidence (i) to either a federal, state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

Should Executive file a retaliation lawsuit alleging that Executive was retaliated against for reporting a suspected violation of law, Executive may disclose Trade Secrets to Executive's attorney and use that information in a court proceeding so long as (i) Executive files any document containing the Trade Secrets under seal, and (ii) does not disclose the Trade Secrets, except pursuant to court order. This constitutes notice under 18 U.S.C. §1833(b)(3).

Notwithstanding the foregoing, nothing in this Agreement limits Executive's ability to communicate with any government agency or otherwise participate in any investigation or proceeding that may be conducted by any government agency, nor does this Agreement limit Executive's right to receive an award for information provided to any government agency.

EX-B 4

C. Return of Information. Upon cessation of Executive's employment with the Company or at any time the Company requests, Executive agrees to return all Company materials and Trade Secrets and Confidential Information, and all copies thereof (including without limitation, all memoranda and notes containing the names, addresses, and needs of the Company's customers and prospective customers, and any associated passwords and access codes) in Executive's possession or over which Executive exercises control, and regardless of whether such materials were prepared by the Company, Executive, or a third party.

III. Non-Competition.

A. Executive agrees that the Company is engaged in a highly competitive business. Executive agrees that due to Executive's position, which is special, unique, and extraordinary, and due to Executive's unique access to the Company's Trade Secrets, Confidential Information, and other proprietary information, engaging in any business which is competitive with the Company will cause the Company great and irreparable harm. Executive agrees that Executive's work for the Company has brought and will bring Executive into close contact with many of the Company's Clients, Prospective Clients, Key Accounts, Prospective Key Accounts, Trade Secrets, Confidential Information, and other proprietary information. Executive further agrees that the covenants in this Agreement are reasonable and necessary to protect the Company's legitimate business interests in its Client and Prospective Client relationships, Key Account and Prospective Key Account relationships, goodwill, Trade Secrets, Confidential Information, and other proprietary information.

B. Executive agrees that, except as prohibited by law, for twelve (12) months from the Termination Date, Executive shall not, on Executive's behalf or another's behalf, directly or indirectly, without the prior consent of the Company, be engaged in or employed by any of the following:

1.any Restricted Activities at any time during the twelve-month period after the Termination Date;

2.any Restricted Client in the Relevant Area where such engagement, employment, concern or interest (i) will reduce, or (ii) is likely to reduce, the amount of Restricted Business provided to such Restricted Client;

3.any Restricted Client in the Relevant Area where such engagement, employment, concern or interest (i) will, or (ii) is likely to adversely vary the terms on which Relevant Business is provided to such Restricted Client;

4.any Restricted Key Account in the Relevant Area where such engagement, employment, concern or interest (i) will or (ii) is likely to reduce the amount of good or services provided in conjunction with such Restricted Key Account; or

5.any Prospective Client or Prospective Key Account in the Relevant Area where such engagement, employment, concern or interest (i) will interfere with, or (ii) is likely to interfere with negotiations for the provision of any of goods or services

EX-B 5

between the Company and (A) such Prospective Client or (B) in conjunction with such Prospective Key Account,

provided that Executive may hold an investment by way of shares or other securities of not more than 5% of the total issued share capital of any company (whether or not it is listed or dealt in on a recognized stock exchange).

C.Executive agrees that prospective employers exist such that employment opportunities are available to Executive which would not be in violation of this Section III. Executive further agrees that this Section III is reasonable in scope and does not constitute a restraint of trade with respect to Executive's ability to obtain alternate employment in the event Executive's employment with Western Union terminates for any reason, and regardless of whether such termination is initiated by Executive or Western Union.

IV. Non-Solicitation of Clients or Key Accounts.

A.Executive agrees that Executive's work for Western Union has brought and will bring Executive into close contact with many of Western Union's Trade Secrets, Confidential Information, and other proprietary information. Executive agrees that while employed by the Company, Executive has had and will have contact with and has become and will become aware of the Company's Clients and Key Accounts and the representatives of those Clients and Key Accounts, their names and addresses, specific Client and Key Account needs and requirements, and leads and references to Prospective Clients and Prospective Key Accounts, and that Executive has benefited and added and will continue to benefit and add to the Company's goodwill with its Clients, Key Accounts, and in the marketplace generally. Executive further agrees that loss of such Clients or Prospective Clients or Key Accounts or Prospective Key Accounts will cause the Company significant and irreparable harm.

B.Accordingly, Executive agrees that, for twelve (12) months from the Termination Date, Executive will not solicit, contact, call upon, or attempt to communicate with any Restricted Client, Prospective Client, Restricted Key Account, or Prospective Key Account for the purpose of providing any Restricted Business services.

V. Non-Solicitation of Employees and Others.

A.Executive acknowledges and agrees that the Company has a legitimate interest in maintaining the stability of its workforce and solely as a result of employment with the Company, Executive has and will come into contact with and has acquired and will acquire Trade Secrets or Confidential Information regarding, and influence over, the Company's employees, consultants, contractors, or agents (for purposes of this Section V, collectively referred to as "worker").

B.Accordingly, both during employment with the Company and for twenty-four (24) months from the Termination Date, Executive will not recruit, or attempt to recruit, any other worker of the Company (i) whom Executive managed, reported to, or who reported to Executive, (ii) with whom Executive had business-related interaction, or (iii) about whom Executive learned Trade Secrets or Confidential Information, in each

EX-B 6

case during Executive's last twenty-four (24) months of employment with the Company.

VI.Notices Regarding Subsequent Employment. To facilitate compliance with this Agreement, Executive agrees to provide the Company with written notice of Executive's post-Company employment during the time period encompassed by the restrictions contained herein. Such notice shall include the identity of the company with which Executive will be employed, Executive's job title, and Executive's general responsibilities in the job. The notice shall be given to the Employment Law Group, The Western Union Company, 7001 E. Belleview Ave., HQ 8, Denver, CO 80237 within five (5) business days of Executive's acceptance of a job offer. Additionally, Executive agrees to provide a copy of this Agreement to prospective employers prior to commencing employment.

VII.Miscellaneous Provisions.

A.Successorship. This Agreement inures to the benefit of any successors or assigns of the Company, and Executive's obligations apply equally to the Company and its successors or assigns.

B.Amendments in Writing. No modification, amendment to, or waiver of this Agreement or any of its provisions shall be binding upon Executive or the Company unless made in writing and duly signed by both parties, except that Executive agrees that the Company may, at its option and without consideration, substitute less restrictive provisions relating to the provisions contained herein.

C.Severability. The provisions (including subparagraphs) in this Agreement are severable and, if any provision is determined to be prohibited or unenforceable in any jurisdiction, it shall be deemed modified to render it enforceable. To the extent the provision cannot be modified to render it enforceable, it shall be severed and the remaining provisions shall nevertheless be binding and enforceable.

D.Court's Right to Modify Restrictions. The parties have attempted to limit Executive's activities only to the extent necessary to protect the Company's Trade Secrets, Confidential Information, and customer relationships. The parties agree that, if the scope or enforceability of this Agreement, or any part thereof, is in any way disputed at any time, a court may modify and enforce the paragraph to the extent it believes to be reasonable under the applicable law and circumstances.

E.Injunctive Relief. Executive understands, acknowledges, and agrees that in the event of a breach or threatened breach of any of the covenants contained in this Agreement, the Company shall suffer irreparable injury for which there is no adequate remedy at law, and the Company will therefore be entitled to temporary, preliminary, and/or permanent injunctive relief, without bond or other security from the courts, enjoining additional breaches and threatened breaches. Executive further acknowledges that the Company also shall have the right to seek a remedy at law as well as or in lieu of equitable relief in the event of any such breach.

F.Choice of Law. This Agreement shall be governed by and interpreted in accordance

EX-B 7

with the laws of the State of Delaware without regard to principles of conflict of law.

G.Waiver of Jury Trial. The parties agree to waive their right to trial by jury for any dispute hereunder.

H.Waiver of Breach. The Company's waiver of a breach of any provision of this Agreement by the Executive does not waive any subsequent breach by the Executive, nor does the Company's failure to take action against any other Executive for similar breaches operate as a waiver by the Company of Executive's breach of this Agreement.

I.Attorneys' Fees. If the Company must enforce any of its rights under this Agreement
through legal proceedings, Executive agrees to reimburse the Company for all reasonable costs, expenses, and attorneys' fees incurred by it in connection with the enforcement of its rights.

J.Other Obligations. This Agreement is in addition to and not in lieu of other non-solicitation, non-disclosure, and non-competition obligations that Executive may owe to the Company.

K.Consultation with Counsel. Executive has a right to consult with legal counsel prior to executing this Agreement, and the Company hereby advises Executive to do so.

EX-B 8

APPENDIX A

Coinbase Global, Inc.

Euronet Worldwide, Inc.

MoneyGram International, Inc.
Remitly, Inc.

Wise plc

PayPal, Inc. (including Xoom)
WorldRemit Ltd

Appendix A to EX-B 1

EXHIBIT C

RESTRICTIVE COVENANT AGREEMENTS

2020 Confidentiality and Restrictive Covenant Agreement for Employees in Colorado 2021 Confidentiality and Restrictive Covenant Agreement for Employees in Colorado

EX-C

CONFIDENTIALITY AND RESTRICTIVE COVENANT AGREEMENT FOR EMPLOYEES IN COLORADO

This Agreement is between Shelly Swanback (hereinafter referred to as "Employee") and Western Union, LLC, The Western Union Company, or its Affiliates for which Employee works or may work in the future (hereinafter individually and collectively referred to as the "Company"). Employee understands and agrees that should Employee become employed by another entity owned or otherwise affiliated with The Western Union Company (such as its divisions or unincorporated affiliates), the obligations of this agreement follow Employee to such other entity automatically and without further action, and that entity becomes the "Company" within the meaning of this Agreement.

In consideration of employment or continued employment by the Company, the grant to Employee of an award pursuant to The Western Union Company 2015 Long-Term Incentive Plan on February 19, 2020 ("LTIP Award") (incorporated herein by this reference), and other good and valuable consideration, Employee agrees as follows:

I. Protection of Trade Secrets and Confidential Information.

A. Employee agrees that the Company is engaged in a highly competitive business and has expended, and continues to expend, significant money, skill and time to develop and maintain valuable customer relationships, trade secrets, and confidential and proprietary information. Employee agrees that Employee's work for the Company will continue to bring Employee into close contact with many of the Company's customers, Trade Secrets, and Confidential Information (as defined below), the disclosure of which would cause the Company significant and irreparable harm. Employee further agrees that the covenants in this Agreement are reasonable and necessary to protect the Company's legitimate business interests in its customer relationships, Trade Secrets, and Confidential Information.

1. "Trade Secrets" includes but is not limited to the following:

a)any data or information that is competitively sensitive or commercially valuable, and not generally known to the public, including, but not limited to, products planning information, marketing strategies, marketing results, forecasts or strategies, plans, finance, operations, reports, data, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities of the Company, and its customers, clients, and suppliers; and

b)any scientific or technical information, design, process, procedure, formula, or improvement, computer software, object code, source code, specifications, inventions, systems information, whether or not patentable or copyrightable.

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2. "Confidential Information" means any data or information and documentation, other than Trade Secrets, which is valuable to the Company

and not generally known to the public, including but not limited to:

a)Financial information, including but not limited to earnings, assets, debts, prices, fee structures, volumes of purchases or sales, or other financial data, whether relating to the Company generally, or to particular products, services, geographic areas, or time periods; and

b)Supply and service information, including but not limited to information concerning the goods and services utilized or purchased by the Company, the names and addresses of suppliers, terms of supplier service contracts, or of particular transactions, or related information about potential suppliers, to the extent that such information is not generally known to the public, and to the extent that the combination of suppliers or use of particular suppliers, though generally known or available, yields advantages to the Company the details of which are not generally known.

c)Data or information of the Company's customers, suppliers, consumers or employees that the Company is prohibited by law, contract or Company policy from disclosing. By way of example such information includes but is not limited to:

(1)Product specifications, marketing strategies, pricing, sales volumes, discounts;

(2)Nonpublic personal information regarding consumers, including but not limited to names, addresses, credit card numbers, financial transactions, and account balances;

(3)Personnel information, including but not limited to other employees' personal or medical histories, compensation or other terms of employment, actual or proposed promotions, hiring, resignations, disciplinary actions, terminations or reasons therefore, training methods, performance skills, qualifications, and abilities, or other employee information (nothing in this provision, however, is intended to prohibit employee from disclosing to others information about Employee's compensation or the Employee's working conditions); and

(4)Customer information, which is not protected by a separate confidentiality agreement, including but not limited to any compilations of past, existing or prospective customers,

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agreements between customers and the Company, status of customer accounts or credit, the identity of customer representatives responsible for entering into contracts with the Company, specific customer needs and requirements, or related information about actual or prospective customers or other nonpublic consumer information.

B. Non-Disclosure of Trade Secrets and Confidential Information. Employee

agrees that for so long as the pertinent information or documentation remains a Trade Secret, Employee will not use, disclose, or disseminate to any other person, organization, or entity or otherwise employ any Trade Secrets. Employee further agrees that during Employee's employment and after the cessation of Employee's employment with the Company, Employee will not use, disclose, or disseminate to any other person, organization, or entity or otherwise employ any Confidential Information. The obligations set forth herein shall not apply to any Trade Secrets or Confidential Information which shall have become generally known to competitors of the Company through no act or omission of Employee, nor shall the obligations set forth herein apply to disclosures made as required by law. Under 18 U.S.C. §1833(b), Employee shall not be held criminally or civilly liable under any Federal or State trade secret law for disclosing a Trade Secret in confidence (i) to either a Federal, State, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

Should Employee file a retaliation lawsuit alleging that Employee was retaliated against for reporting a suspected violation of law, Employee may disclose Trade Secret information to Employee's attorney and use that information in a court proceeding so long as (i) Employee files any document containing the Trade Secret information under seal, and (ii) does not disclose the Trade Secret, except pursuant to court order. This constitutes notice under 18 U.S.C. §1833(b)(3).

Notwithstanding the foregoing, nothing in this Agreement limits Employee's ability to communicate with any government agency or otherwise participate in any investigation or proceeding that may be conducted by any government agency, nor does this Agreement limit Employee's right to receive an award for information provided to any government agency.

C. Return of Information. Upon cessation of Employee's employment with the

Company or at any time the Company requests, Employee agrees to return all Company materials and Trade Secrets and Confidential Information, and all copies thereof (including without limitation, all memoranda and notes containing the names, addresses, and needs of the Company's customers and prospective customers) in Employee's possession or over which Employee exercises control, and regardless of whether such materials were prepared by the Company, Employee, or a third party.

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II. Non-Competition.

A.Employee agrees that Western Union, LLC (for purposes of this Section II only, referred to as "Western Union") is engaged in a highly competitive business. Employee agrees that due to Employee's position, and unique access to Western Union's Trade Secrets, Confidential Information, and other proprietary information, engaging in any business which is competitive with Western Union will cause Western Union great and irreparable harm. Employee agrees that Employee's work for Western Union has brought and will bring Employee into close contact with many of Western Union's customers, Trade Secrets, Confidential Information, and other proprietary information. Employee further agrees that the covenants in this Agreement are reasonable and necessary to protect Western Union's legitimate business interests in its customer relationships, Trade Secrets, Confidential Information, and other proprietary information.

B.Employee agrees that while employed by Western Union, Employee will not engage in any activity that would create either an actual or apparent conflict of interest with any business interests of Western Union.

C.Employee agrees that for twelve (12) months after the cessation of employment with Western Union for any reason, Employee shall not, on Employee's behalf or another's behalf, engage in any activities for a competitor of Western Union that are substantially similar to the activities Employee performed on behalf of Western Union within the geographic area that is the same or substantially similar to the geographic area that Employee serviced while employed by Western Union, except as prohibited by law.

D.Employee agrees that prospective employers exist such that employment opportunities are available to Employee which would not be in violation of this Section II. Employee further agrees that this Section II is reasonable in scope and does not constitute a restraint of trade with respect to Employee's ability to obtain alternate employment in the event Employee's employment with Western Union terminates for any reason, and regardless of whether such termination is initiated by Employee or Western Union.

III.Non-Solicitation of Customers.

A. Employee agrees that Employee's work for Western Union has brought and will bring Employee into close contact with many of Western Union's Trade Secrets, Confidential Information, and other proprietary information. Employee agrees that while employed by the Company, Employee has had and will have contact with and has become and will become aware of the Company's customers and the representatives of those customers, their names and addresses, specific customer needs and requirements, and leads and references to prospective customers, and that Employee has benefited and added and will continue to benefit and add to the Company's goodwill with its customers and in the marketplace generally.

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Employee further agrees that loss of such customers will cause the Company significant and irreparable harm.

B. Accordingly, Employee agrees that, for twelve (12) months after the cessation of

Employee's employment with the Company, Employee will not solicit, contact, call upon, or attempt to communicate with any customer or prospective customer of the Company for the purpose of providing any products or services substantially similar to those Employee provided while employed with the Company. This restriction shall apply only to any customer or prospective customer of the Company with whom Employee had contact or about whom Employee learned Trade Secrets or Confidential -Information, during the last twenty-four (24) months of Employee's employment with the Company. For the purpose of this Section III(B), "contact" means interaction between Employee and the customer or prospective customer which takes place to further the business relationship, or making sales to or performing services for the customer or prospective customer on behalf of the Company.

IV. Non-Solicitation of Employees and Others.

A.Employee acknowledges and agrees that solely as a result of employment with the Company, Employee has and will come into contact with and has acquired and will acquire Trade Secrets or Confidential Information regarding some, most, or all of the Company's employees, consultants, contractors, or agents (for purposes of this Section IV, collectively referred to as "worker").

B.Accordingly, both during employment with the Company and for twenty-four (24) months after the cessation of employment with the Company, Employee will not recruit, or attempt to recruit, any other worker of the Company with whom Employee had contact or about whom Employee learned Trade Secrets or Confidential Information during Employee's last twenty-four (24) months of employment with the Company. For the purposes of this Section IV, "contact" means any business-related interaction between Employee and the other worker.

V.Notices Regarding Subsequent Employment. To facilitate compliance with this Agreement, Employee agrees to provide the Company with notice of Employee's post-Company employment during the time period encompassed by the restrictions contained herein. Such notice shall include the identity of the company with which Employee will be employed, Employee's job title, and Employee's general responsibilities in the job. The notice shall be given to the Employment Law Group, The Western Union Company, 7001 E. Belleview Ave., HQ 8, Denver, CO 80237within five (5) business days of Employee's acceptance of a job offer. Additionally, Employee agrees to provide a copy of this Agreement to prospective employers prior to commencing employment.

VI. Nondisparagement. Employee agrees not to make any disparaging comments about the Company, or its officers, directors, representatives, employees and agents; provided that nothing in this Agreement limits Employee's ability to communicate with any government

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agency or otherwise participate in any investigation or proceeding that may be conducted by any government agency, nor does this Agreement limit Employee's right to receive an award for information provided to any government agency.

VII. Miscellaneous Provisions.

A.Successorship. This Agreement inures to the benefit of any successors or assigns of the Company, and Employee's obligations apply equally to the Company and its successors or assigns.

B.Amendments in Writing. No modification, amendment to, or waiver of this Agreement or any of its provisions shall be binding upon Employee or the Company unless made in writing and duly signed by both parties, except that Employee agrees that the Company may, at its option and without consideration, substitute less restrictive provisions relating to the provisions contained herein.

C.Severability. The provisions (including subparagraphs) in this Agreement are severable and, if any provision is determined to be prohibited or unenforceable in any jurisdiction, it shall be deemed modified to render it enforceable. To the extent the provision cannot be modified to render it enforceable, it shall be severed and the remaining provisions shall nevertheless be binding and enforceable; provided however, that Employee agrees that the consideration offered in the LTIP Award agreement to which this Agreement is attached, as well as future LTIP Awards, are conditioned upon Employee's acceptance of and compliance with the terms of this Agreement as written. If Employee fails to comply with this Agreement as written, the Company and The Western Union Company will be relieved of their obligations under the LTIP Award agreement as well as future LTIP Awards agreements.

D. Court's Right to Modify Restrictions. The parties have attempted to limit Employee's activities only to the extent necessary to protect the Company's Trade Secrets, Confidential Information, and customer relationships. The parties agree that, if the scope or enforceability of this Agreement, or any part thereof, is in any way disputed at any time, a court may modify and enforce the paragraph to the extent it believes to be reasonable under the applicable law and circumstances.

E.Injunctive Relief. Employee understands, acknowledges, and agrees that in the event of a breach or threatened breach of any of the covenants contained in this Agreement, the Company shall suffer irreparable injury for which there is no adequate remedy at law, and the Company will therefore be entitled to temporary, preliminary, and/or permanent injunctive relief, without bond or other security from the courts, enjoining additional breaches and threatened breaches. Employee further acknowledges that the Company also shall have the right to seek a remedy at law as well as or in lieu of equitable relief in the event of any such breach.

F.Choice of Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware without regard to principles of

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conflict of law.

G.Waiver of Jury Trial. The parties agree to waive their right to trial by jury for any dispute hereunder.

H.Definition of Affiliate. For purposes of this Agreement, "Affiliate" means a Person that directly, or indirectly through one or more intermediaries, owns or controls, is owned or is controlled by, or is under common ownership or control with, another Person. As used herein, "control" means the power to direct the management or affairs of a Person, and "ownership" means the beneficial ownership of at least 10% of the voting securities of the Person. The Company shall be deemed to control any settlement network in which it has any equity ownership. As used herein, "Person" means any corporation (including The Western Union Company), limited or general partnership, limited liability company, joint venture, association, organization or other entity.

I.Waiver of Breach. The Company's waiver of a breach of any provision of this Agreement by the Employee does not waive any subsequent breach by the Employee, nor does the Company's failure to take action against any other employee for similar breaches operate as a waiver by the Company of Employee's breach of this Agreement.

J.Attorney's Fees. If the Company must enforce any of its rights under this Agreement through legal proceedings, Employee agrees to reimburse the Company for all reasonable costs, expenses, and attorney's fees incurred by it in connection with the enforcement of its rights.

K.Other Obligations. This Agreement is in addition to and not in lieu of other non-solicitation, non-disclosure, and non-competition obligations that Employee may owe to the Company.

L.Electronic Acceptance. This Agreement may be accepted by Employee either manually by signing and dating this Agreement below or by means of a Company-approved electronic acceptance process. Employee understands and agrees that electronic acceptance by Employee of this Agreement has the same legal effect as a manual signature of this Agreement.

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ON BEHALF OF COMPANY EMPLOYEE

By: /s/ Steven E. Christoffersen___ By: /s/ Shelly Swanback____

The Western Union Company Employee Signature

Steven E. Christoffersen,

Assistant General Counsel

_3/27/2020_____________________

Date

CONFIDENTIALITY AND RESTRICTIVE COVENANT AGREEMENT FOR EMPLOYEES IN COLORADO

This Agreement is between Shelly Swanback (hereinafter referred to as "Employee") and Western Union, LLC, The Western Union Company, or its Affiliates for which Employee works or may work in the future (hereinafter individually and collectively referred to as the "Company"). Employee understands and agrees that should Employee become employed by another entity owned or otherwise affiliated with The Western Union Company (such as its divisions or unincorporated affiliates), the obligations of this agreement follow Employee to such other entity automatically and without further action, and that entity becomes the "Company" within the meaning of this Agreement.

In consideration of employment or continued employment by the Company, the grant to Employee of an award pursuant to The Western Union Company 2015 Long-Term Incentive Plan on February 18, 2021 ("LTIP Award") (incorporated herein by this reference), and other good and valuable consideration, Employee agrees as follows:

I. Protection of Trade Secrets and Confidential Information.

A. Employee agrees that the Company is engaged in a highly competitive business and has expended, and continues to expend, significant money, skill and time to develop and maintain valuable customer relationships, trade secrets, and confidential and proprietary information. Employee agrees that Employee's work for the Company will continue to bring Employee into close contact with many of the Company's customers, Trade Secrets, and Confidential Information (as defined below), the disclosure of which would cause the Company significant and irreparable harm. Employee further agrees that the covenants in this Agreement are reasonable and necessary to protect the Company's legitimate business interests in its customer relationships, Trade Secrets, and Confidential Information.

1. "Trade Secrets" includes but is not limited to the following:

a)any data or information that is competitively sensitive or commercially valuable, and not generally known to the public, including, but not limited to, products planning information, marketing strategies, marketing results, forecasts or strategies, plans, finance, operations, reports, data, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities of the Company, and its customers, clients, and suppliers; and

b)any scientific or technical information, design, process, procedure, formula, or improvement, computer software, object code, source code, specifications, inventions, systems information, whether or not patentable or copyrightable.

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2. "Confidential Information" means any data or information and documentation, other than Trade Secrets, which is valuable to the Company

and not generally known to the public, including but not limited to:

a)Financial information, including but not limited to earnings, assets, debts, prices, fee structures, volumes of purchases or sales, or other financial data, whether relating to the Company generally, or to particular products, services, geographic areas, or time periods; and

b)Supply and service information, including but not limited to information concerning the goods and services utilized or purchased by the Company, the names and addresses of suppliers, terms of supplier service contracts, or of particular transactions, or related information about potential suppliers, to the extent that such information is not generally known to the public, and to the extent that the combination of suppliers or use of particular suppliers, though generally known or available, yields advantages to the Company the details of which are not generally known.

c)Data or information of the Company's customers, suppliers, consumers or employees that the Company is prohibited by law, contract or Company policy from disclosing. By way of example such information includes but is not limited to:

(1)Product specifications, marketing strategies, pricing, sales volumes, discounts;

(2)Nonpublic personal information regarding consumers, including but not limited to names, addresses, credit card numbers, financial transactions, and account balances;

(3)Personnel information, including but not limited to other employees' personal or medical histories, compensation or other terms of employment, actual or proposed promotions, hiring, resignations, disciplinary actions, terminations or reasons therefore, training methods, performance skills, qualifications, and abilities, or other employee information (nothing in this provision, however, is intended to prohibit employee from disclosing to others information about Employee's compensation or the Employee's working conditions); and

(4)Customer information, which is not protected by a separate confidentiality agreement, including but not limited to any compilations of past, existing or prospective customers,

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agreements between customers and the Company, status of customer accounts or credit, the identity of customer representatives responsible for entering into contracts with the Company, specific customer needs and requirements, or related information about actual or prospective customers or other nonpublic consumer information.

B. Non-Disclosure of Trade Secrets and Confidential Information. Employee

agrees that for so long as the pertinent information or documentation remains a Trade Secret, Employee will not use, disclose, or disseminate to any other person, organization, or entity or otherwise employ any Trade Secrets. Employee further agrees that during Employee's employment and after the cessation of Employee's employment with the Company, Employee will not use, disclose, or disseminate to any other person, organization, or entity or otherwise employ any Confidential Information. The obligations set forth herein shall not apply to any Trade Secrets or Confidential Information which shall have become generally known to competitors of the Company through no act or omission of Employee, nor shall the obligations set forth herein apply to disclosures made as required by law. Under 18 U.S.C. §1833(b), Employee shall not be held criminally or civilly liable under any Federal or State trade secret law for disclosing a Trade Secret in confidence (i) to either a Federal, State, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

Should Employee file a retaliation lawsuit alleging that Employee was retaliated against for reporting a suspected violation of law, Employee may disclose Trade Secret information to Employee's attorney and use that information in a court proceeding so long as (i) Employee files any document containing the Trade Secret information under seal, and (ii) does not disclose the Trade Secret, except pursuant to court order. This constitutes notice under 18 U.S.C. §1833(b)(3).

Notwithstanding the foregoing, nothing in this Agreement limits Employee's ability to communicate with any government agency or otherwise participate in any investigation or proceeding that may be conducted by any government agency, nor does this Agreement limit Employee's right to receive an award for information provided to any government agency.

C. Return of Information. Upon cessation of Employee's employment with the

Company or at any time the Company requests, Employee agrees to return all Company materials and Trade Secrets and Confidential Information, and all copies thereof (including without limitation, all memoranda and notes containing the names, addresses, and needs of the Company's customers and prospective customers) in Employee's possession or over which Employee exercises control, and regardless of whether such materials were prepared by the Company, Employee, or a third party.

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II. Non-Competition.

A.Employee agrees that Western Union, LLC (for purposes of this Section II only, referred to as "Western Union") is engaged in a highly competitive business. Employee agrees that due to Employee's position, and unique access to Western Union's Trade Secrets, Confidential Information, and other proprietary information, engaging in any business which is competitive with Western Union will cause Western Union great and irreparable harm. Employee agrees that Employee's work for Western Union has brought and will bring Employee into close contact with many of Western Union's customers, Trade Secrets, Confidential Information, and other proprietary information. Employee further agrees that the covenants in this Agreement are reasonable and necessary to protect Western Union's legitimate business interests in its customer relationships, Trade Secrets, Confidential Information, and other proprietary information.

B.Employee agrees that while employed by Western Union, Employee will not engage in any activity that would create either an actual or apparent conflict of interest with any business interests of Western Union.

C.Employee agrees that for twelve (12) months after the cessation of employment with Western Union for any reason, Employee shall not, on Employee's behalf or another's behalf, engage in any activities for a competitor of Western Union that are substantially similar to the activities Employee performed on behalf of Western Union within the geographic area that is the same or substantially similar to the geographic area that Employee serviced while employed by Western Union, except as prohibited by law.

D.Employee agrees that prospective employers exist such that employment opportunities are available to Employee which would not be in violation of this Section II. Employee further agrees that this Section II is reasonable in scope and does not constitute a restraint of trade with respect to Employee's ability to obtain alternate employment in the event Employee's employment with Western Union terminates for any reason, and regardless of whether such termination is initiated by Employee or Western Union.

III.Non-Solicitation of Customers.

A. Employee agrees that Employee's work for Western Union has brought and will bring Employee into close contact with many of Western Union's Trade Secrets, Confidential Information, and other proprietary information. Employee agrees that while employed by the Company, Employee has had and will have contact with and has become and will become aware of the Company's customers and the representatives of those customers, their names and addresses, specific customer needs and requirements, and leads and references to prospective customers, and that Employee has benefited and added and will continue to benefit and add to the Company's goodwill with its customers and in the marketplace generally.

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Employee further agrees that loss of such customers will cause the Company significant and irreparable harm.

B. Accordingly, Employee agrees that, for twelve (12) months after the cessation of Employee's employment with the Company, Employee will not solicit, contact, call upon, or attempt to communicate with any customer or prospective customer of the Company for the purpose of providing any products or services substantially similar to those Employee provided while employed with the Company. This restriction shall apply only to any customer or prospective customer of the Company with whom Employee had contact or about whom Employee learned Trade Secrets or Confidential Information, during the last twenty-four (24) months of Employee's employment with the Company. For the purpose of this Section III(B), "contact" means interaction between Employee and the customer or prospective customer which takes place to further the business relationship, or making sales to or performing services for the customer or prospective customer on behalf of the Company.

IV. Non-Solicitation of Employees and Others.

A.Employee acknowledges and agrees that solely as a result of employment with the Company, Employee has and will come into contact with and has acquired and will acquire Trade Secrets or Confidential Information regarding some, most, or all of the Company's employees, consultants, contractors, or agents (for purposes of this Section IV, collectively referred to as "worker").

B.Accordingly, both during employment with the Company and for twenty-four (24) months after the cessation of employment with the Company, Employee will not recruit, or attempt to recruit, any other worker of the Company with whom Employee had contact or about whom Employee learned Trade Secrets or Confidential Information during Employee's last twenty-four (24) months of employment with the Company. For the purposes of this Section IV, "contact" means any business-related interaction between Employee and the other worker.

V.Notices Regarding Subsequent Employment. To facilitate compliance with this Agreement, Employee agrees to provide the Company with notice of Employee's post-Company employment during the time period encompassed by the restrictions contained herein. Such notice shall include the identity of the company with which Employee will be employed, Employee's job title, and Employee's general responsibilities in the job. The notice shall be given to the Employment Law Group, The Western Union Company, 7001 E. Belleview Ave., HQ 8, Denver, CO 80237 within five (5) business days of Employee's acceptance of a job offer. Additionally, Employee agrees to provide a copy of this Agreement to prospective employers prior to commencing employment.

VI. Nondisparagement. Employee agrees not to make any disparaging comments about the Company, or its officers, directors, representatives, employees and agents; provided that nothing in this Agreement limits Employee's ability to communicate with any government

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agency or otherwise participate in any investigation or proceeding that may be conducted by any government agency, nor does this Agreement limit Employee's right to receive an award for information provided to any government agency.

VII.Miscellaneous Provisions.

A.Successorship. This Agreement inures to the benefit of any successors or assigns of the Company, and Employee's obligations apply equally to the Company and its successors or assigns.

B.Amendments in Writing. No modification, amendment to, or waiver of this Agreement or any of its provisions shall be binding upon Employee or the Company unless made in writing and duly signed by both parties, except that Employee agrees that the Company may, at its option and without consideration, substitute less restrictive provisions relating to the provisions contained herein.

C.Severability. The provisions (including subparagraphs) in this Agreement are severable and, if any provision is determined to be prohibited or unenforceable in any jurisdiction, it shall be deemed modified to render it enforceable. To the extent the provision cannot be modified to render it enforceable, it shall be severed and the remaining provisions shall nevertheless be binding and enforceable; provided however, that Employee agrees that the consideration offered in the LTIP Award agreement to which this Agreement is attached, as well as future LTIP Awards, are conditioned upon Employee's acceptance of and compliance with the terms of this Agreement as written. If Employee fails to comply with this Agreement as written, the Company and The Western Union Company will be relieved of their obligations under the LTIP Award agreement as well as future LTIP Awards agreements.

D.Court's Right to Modify Restrictions. The parties have attempted to limit Employee's activities only to the extent necessary to protect the Company's Trade Secrets, Confidential Information, and customer relationships. The parties agree that, if the scope or enforceability of this Agreement, or any part thereof, is in any way disputed at any time, a court may modify and enforce the paragraph to the extent it believes to be reasonable under the applicable law and circumstances.

E.Injunctive Relief. Employee understands, acknowledges, and agrees that in the event of a breach or threatened breach of any of the covenants contained in this Agreement, the Company shall suffer irreparable injury for which there is no adequate remedy at law, and the Company will therefore be entitled to temporary, preliminary, and/or permanent injunctive relief, without bond or other security from the courts, enjoining additional breaches and threatened breaches. Employee further acknowledges that the Company also shall have the right to seek a remedy at law as well as or in lieu of equitable relief in the event of any such breach.

F.Choice of Law. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Delaware without regard to principles of

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conflict of law.

G.Waiver of Jury Trial. The parties agree to waive their right to trial by jury for any dispute hereunder.

H.Definition of Affiliate. For purposes of this Agreement, "Affiliate" means a Person that directly, or indirectly through one or more intermediaries, owns or controls, is owned or is controlled by, or is under common ownership or control with, another Person. As used herein, "control" means the power to direct the management or affairs of a Person, and "ownership" means the beneficial ownership of at least 10% of the voting securities of the Person. The Company shall be deemed to control any settlement network in which it has any equity ownership. As used herein, "Person" means any corporation (including The Western Union Company), limited or general partnership, limited liability company, joint venture, association, organization or other entity.

I.Waiver of Breach. The Company's waiver of a breach of any provision of this Agreement by the Employee does not waive any subsequent breach by the Employee, nor does the Company's failure to take action against any other employee for similar breaches operate as a waiver by the Company of Employee's breach of this Agreement.

J.Attorney's Fees. If the Company must enforce any of its rights under this Agreement through legal proceedings, Employee agrees to reimburse the Company for all reasonable costs, expenses, and attorney's fees incurred by it in connection with the enforcement of its rights.

K.Other Obligations. This Agreement is in addition to and not in lieu of other non-solicitation, non-disclosure, and non-competition obligations that Employee may owe to the Company.

L.Electronic Acceptance. This Agreement may be accepted by Employee either manually by signing and dating this Agreement below or by means of a Company-approved electronic acceptance process. Employee understands and agrees that electronic acceptance by Employee of this Agreement has the same legal effect as a manual signature of this Agreement.

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On Behalf of The Western Union Company

By: /s/ Richard Searle

Richard Searle
Senior Counsel

I accept the grant of Options under the terms and conditions set forth in this Agreement.

By: /s/ Shelly Swanback_____________

Shelly Swanback

4/8/2021

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EX-10.2

Exhibit 10.2

SUBJECT TO THE APPROVAL OF THE COMPENSATION AND BENEFITS COMMITTEE OF THE WESTERN UNION COMPANY BOARD OF DIRECTORS

August 25, 2021

Gabriella Fitzgerald

Dear Gabriella:

On behalf of Hikmet Ersek, it is my pleasure to extend this offer of employment ("Offer") with Western Union, LLC (the "Company"), an affiliate of The Western Union Company ("Western Union"). We are looking forward to you joining us as President, Americas Region, reporting directly to the Chief Executive Officer of Western Union. The work location of this position is Denver, Colorado ("Work Location"). If you choose to accept this Offer, your start date will be September 13, 2021 ("Start Date").

Exempt Salary

Your gross annualized starting salary will be $550,000, payable in accordance with the Company's regular payroll practices.

Short -Term Incentives

You will be eligible to participate in Western Union's 2021 Senior Executive Performance Incentive Plan ("SEPIP"), with a target short-term incentive award opportunity equal to 110% of your annualized base salary (for purposes of clarity, you will be eligible in 2021 for your full annual bonus target, payable in March 2022). Your SEPIP award, if any, will be based on Western Union's achievement of established performance measures, your individual performance, and in accordance with the SEPIP's terms and conditions. All awards under the SEPIP require approval from the Compensation and Benefits Committee of Western Union's Board of Directors ("Compensation Committee") and the acceptance by you of the terms and conditions of each award. All your rights and obligations with respect to any SEPIP awards granted to you are subject to the terms and conditions of the SEPIP as well as the terms and conditions of the applicable award agreements.

Long-Term Incentives

Beginning with the February 2022 annual equity grant, you will be eligible for annual awards under Western Union's 2015 Long-Term Incentive Plan ("LTIP") in such form(s) as are approved by the Compensation Committee (most recently, annual equity grants to senior executives consisted of time-vested restricted stock units and performance-based restricted stock units), with an aggregate target grant date value of $1,900,000 (as calculated by the Company).

All awards under the LTIP require approval from the Compensation Committee and the acceptance by you of the terms and conditions of each award. All your rights and obligations with

respect to any LTIP awards granted to you are subject to the terms and conditions of the LTIP as well as the terms and conditions of the applicable award agreements. In addition, LTIP awards require the acceptance by you of an agreement containing certain restrictive covenants such as non-solicitation, non-competition and non-disclosure commitments.

Sign-On Equity Award

Subject to the approval of the Compensation Committee, you will receive a one-time sign-on equity award of restricted stock units with a grant date value of $2,000,000 (as calculated by the Company), with any fractional share rounded up, to vest in three substantially equal installments on the first, second and third anniversaries of the grant date, (subject to your continued employment with the Company on the applicable vesting dates) pursuant to the terms of the LTIPand the acceptance by you of an agreement containing certain restrictive covenants. Expected grant date will be September 13, 2021 (or Compensation Committee approval date if later).

Siqn-On Cash Bonus

Subject to the approval of the Compensation Committee, you will receive a one-time sign-on cash bonus of $200,000, less applicable taxes and deductions, payable in two equal installments, the first installment to be paid within 30 days of your Start Date and the second installment to be paid as soon as administratively possible following the six-month anniversary of your Start Date. In the event you voluntarily terminate your employment with the Company (other than for Good Reason following a Change in Control, each as defined under The Western Union Company Severance/Change in Control Policy (Executive Committee Level) (the "Executive Severance Policy")) or you are terminated for Cause (as defined under the Executive Severance Policy) within the 12-month period beginning on your Start Date, you agree to refund to the Company a prorated portion of the $200,000 sign-on bonus, which may be deducted from your pay, subject to applicable law. This prorated amount will be based on the portion of the 12-month period you have been employed by the Company since your Start Date and calculated on the total amount of the sign-on bonus.

Benefits

You will be eligible to participate in the Company's health, welfare and financial security benefit programs on the same terms as similarly situated employees of the Company at the location where you will be employed. Health and welfare benefit eligibility begins on the first day of the month following or coinciding with your Start Date. Additional information regarding benefits and enrollment information will be reviewed with you on or shortly after your Start Date. Please note that there may be a deadline following your Start Date in which to enroll in certain benefit programs. Please also understand that Western Union reserves the right to amend or terminate any or all of its employee benefit plans and corporate policies at any time, in its sole discretion.

Supplemental Incentive Savings Plan (Deferred Compensation)

You will be eligible to participate in Western Union's Supplemental Incentive Savings Plan, a nonqualified deferred compensation plan. Plan information and enrollment materials will be provided separately. Eligibility for this program is subject to approval by Western Union's Employee Benefits Committee (or its delegate).

Flexible Time Off

You are eligible for Flexible Time Off pursuant to the Company's Flexible Time Off Policy. Please understand that the Company reserves the right to amend or terminate its Flexible Time Off Policy or any other time-off or leave policy at any time, in its sole discretion, subject to applicable law.

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Relocation

If you accept this conditional offer, you agree to work at the Work Location during the Company's regular business hours, following your relocation which must be initiated by May 31, 2022, or as otherwise agreed upon in writing by the Chief Executive Officer of Western Union. You will be eligible for relocation assistance in accordance with the attached U.S. Relocation Policy Executive provided, however, you execute a Relocation Repayment Agreement in advance. Western Union has partnered with American International Relocation Solutions (AIReS) to facilitate your relocation to your new Work Location. Upon receipt of your signed offer letter, a member of the Western Union Global Mobility team will contact you to review your relocation benefits as well as to provide you with an overview of the process. Please note that if you resign from, or are terminated for cause by, the Company within a period of 24 months after the completion of your relocation as determined by the Company in its sole discretion, you will be required to reimburse, at a prorated amount, the Company any expenses incurred by the Company as a result of your relocation, which may be deducted from your pay, subject to applicable law. This prorated amount will be based on the portion of the 24-month period you have been employed by the Company since the date of the completion of your relocation as determined by the Company in its sole discretion. Any modification to any relocation benefits provided by the Company, including but not limited to the date by which you must relocate, requires prior written approval by the Chief People Officer.

Severance

As an "Eligible Executive" as defined under the Executive Severance Policy, you are eligible for coverage under the Executive Severance Policy, subject to its terms and conditions as the same may be amended by Western Union from time to time in its sole discretion.

Immigration Reform and Control Act

In compliance with the Immigration Reform and Control Act of 1986, on your first day of work we ask that you bring documents that will establish your identity and your eligibility to work in the United States. Some examples include your driver's license and social security card, your birth certificate, or a current passport. For a comprehensive list of acceptable documents, please visit the following link: http://www.uscis.qov/files/form/i-9.pdf.

Company Policies

You will be subject to all Western Union policies applicable to the Company's employees, including but not limited to the Western Union Code of Conduct and Western Union's Anti-Money Laundering Policy. The Company reserves the right to amend or terminate any or all of its policies referenced herein, including but not limited to its employee benefit plans and corporate policies, time off and leave policies, and relocation policies, subject to applicable law.

Other Agreements

As noted above, as a condition of your employment with the Company and your receipt of certain types of compensation from the Company, you will be required to sign agreement(s) containing certain restrictive covenants, which may include non-solicitation, non-competition, and confidentiality/non-disclosure provisions. You will also be subject to the terms of the clawback policies adopted by Western Union's Board of Directors, as may be amended from time to time.

Drug Screen

As one of the requirements for employment, you will be required to complete a drug screen within two business days of an e-mail communication, which will provide drug test locations. If you fail to complete your drug screen within the given timeframe, this offer of employment may be rescinded.

Background Checks

This Offer is also, of course, contingent upon Western Union receiving favorable results acceptable to the Company in its sole discretion from your references and background investigation, which you agree to authorize by your acceptance of this Offer, satisfactory completion by you of all required security clearance and training applicable to your position (which may require fingerprinting, handwriting samples, and other items), drug screening, and timely provision by you of documentation which verifies your eligibility to work in the United States.

At Will Employment

Please understand that this Offer does not constitute an express or implied contract or a guarantee of continued employment for any period of time. As is the case throughout Western Union and its U.S. subsidiaries and affiliate companies, employment is "at will." This means that you are free to end your employment with the Company at any time, with or without cause, and with or without advance notice. It also means that the Company is free to terminate your employment at any time, with or without cause, and with or without advance notice, and that the Company may modify any aspect, term or condition of your employment (i.e., job duties, title, compensation, hours, benefits, job location, policies and practices, except for the "at will" nature of the employment relationship) at any time, without advance notice.

Entire Agreement

This Offer sets forth the entire offer of employment between you and the Company regarding the terms of your employment and it supersedes any prior discussions, commitments or understandings. It is also our mutual understanding that you have not relied on any representations other than those contained in this Offer in making your decision to work for the Company.

Modification

You agree that no waiver, amendment or modification of any of the terms of this Offer shall be effective unless in writing and signed by both you and the Company. No waiver of any term, condition or default of any term of this Offer shall be construed as a waiver of any other term, condition or default.

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Acceptance

Gabriella, I hope you will accept this Offer. Feel free to call me at my office at (720) 332-4476 or on my cell phone at (303) 618-2876 if you have any questions or need additional clarification of this Offer. Please note that the terms of this Offer are subject to the approval of the Compensation Committee. Please indicate your decision and confirm your acceptance of the terms described in this Offer by signing, dating, and returning to me a signed copy of this Offer within three (3) days of receipt. You may send the signed copy of this Offer to me by email at Richard.williams@westernunion.com.

Sincerely,

/s/ Richard Williams

Richard L.Williams

Chief People Officer

The Western Union Company

I accept your Offer of employment as described in this letter.

/s/ Gabriella Fitzgerald______________________

Gabriella Fitzgerald

Date: 8/30/21_________

EX-15

Exhibit 15

Letter from Ernst & Young LLP Regarding Unaudited Interim Financial Information

The Board of Directors and Stockholders of The Western Union Company

We are aware of the incorporation by reference in the following Registration Statements:

(1)Registration Statement (Form S-3 No. 333-234014) of The Western Union Company, and

(2)Registration Statement (Form S-8 Nos. 333-137665 and 333-204183) pertaining to The Western Union Company 2006 Long-Term Incentive Plan, The Western Union Company 2006 Non-Employee Director Equity Compensation Plan, The Western Union Company Supplemental Incentive Savings Plan, and The Western Union Company 2015 Long-Term Incentive Plan;

of our report dated April 28, 2022, relating to the unaudited condensed consolidated interim financial statements of The Western Union Company that are included in its Form 10-Q for the quarter ended March 31, 2022.

	/s/ Ernst & Young LLP
Denver, Colorado
April 28, 2022

EX-31.1

Exhibit 31.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

I, Devin McGranahan, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The Western Union Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	April 28, 2022	/s/ DEVIN B. MCGRANAHAN
		Devin B. McGranahan
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

I, Raj Agrawal, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The Western Union Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	April 28, 2022	/s/ RAJ AGRAWAL
		Raj Agrawal
		Chief Financial Officer

EX-32

Exhibit 32

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

The certification set forth below is being submitted in connection with the Quarterly Report of The Western Union Company on Form 10-Q for the period ended March 31, 2022 (the "Report") for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code.

Devin McGranahan and Raj Agrawal certify that, to the best of each of their knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of The Western Union Company.

Date:	April 28, 2022	/s/ DEVIN B. MCGRANAHAN
		Devin B. McGranahan
		President and Chief Executive Officer

Date:	April 28, 2022	/s/ RAJ AGRAWAL
		Raj Agrawal
		Chief Financial Officer

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Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 22, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Entity 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		386,034,020
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001365135
Amendment Flag	false

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF INCOME
Revenues	$ 1,155.7	$ 1,210.0
Type of Revenue	us-gaap:ServiceMember	us-gaap:ServiceMember
Expenses:
Cost of services	$ 655.1	$ 706.0
Type of Cost of Service	us-gaap:ServiceMember	us-gaap:ServiceMember
Selling, general, and administrative	$ 263.1	$ 271.2
Total expenses	918.2	977.2
Operating income	237.5	232.8
Other income/(expense):
Gain on divestitures of businesses (Note 4)	151.4
Interest income	0.6	0.4
Interest expense	(24.8)	(28.4)
Other expense, net	(2.5)	(1.9)
Total other income/(expense), net	124.7	(29.9)
Income before income taxes	362.2	202.9
Provision for income taxes	68.9	21.1
Net income	$ 293.3	$ 181.8
Earnings per share:
Basic (USD per share)	$ 0.75	$ 0.44
Diluted (USD per share)	$ 0.74	$ 0.44
Weighted-average shares outstanding:
Basic (shares)	393.1	411.7
Diluted (shares)	394.5	414.3

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 293.3	$ 181.8
Other comprehensive income, net of reclassifications and tax (Note 9):
Unrealized losses on investment securities	(51.6)	(13.0)
Unrealized gains on hedging activities	5.3	28.9
Foreign currency translation adjustments	(17.8)
Defined benefit pension plan adjustments		2.5
Total other comprehensive income/(loss)	(64.1)	18.4
Comprehensive income	$ 229.2	$ 200.2

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents		$ 1,295.8	$ 1,208.3
Settlement assets		2,999.5	2,843.5
Property and equipment, net of accumulated depreciation of $645.0 and $650.4, respectively		122.9	129.4
Goodwill		2,034.6	2,034.6
Other intangible assets, net of accumulated amortization of $753.9 and $731.8, respectively		400.1	417.1
Other assets		1,012.7	737.7
Assets held for sale (Note 4)		623.1	1,452.9
Total assets		8,488.7	8,823.5
Liabilities:
Accounts payable and accrued liabilities		470.7	450.2
Settlement obligations		2,999.5	2,843.5
Income taxes payable		927.3	870.7
Deferred tax liability, net		182.7	203.8
Borrowings	[1]	2,534.5	3,008.4
Other liabilities (Note 4)		662.6	269.4
Liabilities associated with assets held for sale (Note 4)		358.6	821.9
Total liabilities		8,135.9	8,467.9
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; 387.1 shares and 393.8 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively		3.9	3.9
Capital surplus		960.5	941.0
Accumulated deficit		(495.4)	(537.2)
Accumulated other comprehensive loss		(116.2)	(52.1)
Total stockholders' equity		352.8	355.6
Total liabilities and stockholders' equity		$ 8,488.7	$ 8,823.5

[1] As of March 31, 2022, the Company’s weighted-average effective rate on total borrowings was approximately 3.7%.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Accumulated Depreciation on Property Plant and Equipment	$ 645.0	$ 650.4
Accumulated Amortization on Other Intangible Assets	$ 753.9	$ 731.8
Stockholders' Equity:
Preferred stock, par value (USD per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized	10.0	10.0
Preferred stock, shares issued	0.0	0.0
Common stock, par value (USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized	2,000.0	2,000.0
Common stock, shares issued	387.1	393.8
Common stock, shares outstanding	387.1	393.8

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net income	$ 293.3	$ 181.8
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	11.3	12.8
Amortization	35.5	40.6
Gain on divestiture of businesses, excluding transaction costs (Note 4)	(155.8)
Other non-cash items, net	22.9	30.3
Increase/(decrease) in cash, excluding the effects of divestitures, resulting from changes in:
Other assets	(93.2)	(46.9)
Accounts payable and accrued liabilities	36.0	(35.8)
Income taxes payable	56.2	5.5
Other liabilities	(6.2)	(12.5)
Net cash provided by operating activities	200.0	175.8
Cash flows from investing activities
Payments for capitalized contract costs	(6.9)	(78.3)
Payments for internal use software	(12.6)	(9.9)
Purchases of property and equipment	(10.3)	(8.7)
Proceeds from divestitures , net of cash divested (Note 4)	896.1
Other investing activities	(5.9)	0.7
Net cash provided by investing activities	541.0	269.2
Cash flows from financing activities
Cash dividends and dividend equivalents paid	(91.8)	(96.7)
Common stock repurchased (Note 9)	(154.4)	(84.5)
Net repayments of commercial paper	(175.0)	(80.0)
Net proceeds from issuance of borrowings		892.6
Principal payments on borrowings	(300.0)	(650.0)
Proceeds from exercise of options	8.9	8.1
Other financing activities		0.1
Net cash used in financing activities	(792.7)	(307.5)
Net change in cash and cash equivalents, including settlement, and restricted cash	(51.7)	137.5
Cash and cash equivalents, including settlement, and restricted cash at beginning of period	2,110.9	2,143.1
Cash and cash equivalents, including settlement, and restricted cash at end of period	2,059.2	2,280.6
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents on balance sheet	1,295.8	1,502.6
Settlement cash and cash equivalents (Note 8)	685.7
Restricted cash in Other assets	24.6	14.0
Cash and cash equivalents included in Assets held for sale (Note 4)	53.1
Cash and cash equivalents, including settlement, and restricted cash	2,059.2	2,280.6
Supplemental cash flow information:
Interest paid	16.6	19.6
Income taxes paid	23.0	15.0
Internal use software capitalized but not yet paid		42.0
Settlement Investments
Cash flows from investing activities
Proceeds from the sale of settlement investments	71.6	427.1
Maturities of settlement investments	37.4	100.0
Purchase of investments	(178.4)	(161.7)
Cash flows from financing activities
Net change in settlement obligations	(80.4)	(297.1)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Settlement cash and cash equivalents (Note 8)	685.7	764.0
Non Settlement Investment
Cash flows from investing activities
Purchase of investments	$ (250.0)

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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, 2020	$ 186.6	$ 4.1	$ 885.1	$ (543.1)	$ (159.5)
Beginning balance (shares) at Dec. 31, 2020		411.2
Increase/(Decrease) in Stockholders' Equity [Roll Forward]
Net income	181.8			181.8
Stock-based compensation	10.8		10.8
Common stock dividends and dividend equivalents declared	(97.9)			(97.9)
Repurchase and retirement of common shares	(89.0)			(89.0)
Repurchase and retirement of common shares (shares)		(3.7)
Shares issued under stock-based compensation plans	8.1		8.1
Shares issued under stock-based compensation plans (shares)		2.3
Other comprehensive income (loss) (Note 9)	18.4				18.4
Ending balance at Mar. 31, 2021	218.8	$ 4.1	904.0	(548.2)	(141.1)
Ending balance (shares) at Mar. 31, 2021		409.8
Beginning balance at Dec. 31, 2021	$ 355.6	$ 3.9	941.0	(537.2)	(52.1)
Beginning balance (shares) at Dec. 31, 2021	393.8	393.8
Increase/(Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 293.3			293.3
Stock-based compensation	10.7		10.7
Common stock dividends and dividend equivalents declared	(92.6)			(92.6)
Repurchase and retirement of common shares	(159.0)	$ (0.1)		(158.9)
Repurchase and retirement of common shares (shares)		(8.6)
Shares issued under stock-based compensation plans	8.9	$ 0.1	8.8
Shares issued under stock-based compensation plans (shares)		1.9
Other comprehensive income (loss) (Note 9)	(64.1)				(64.1)
Ending balance at Mar. 31, 2022	$ 352.8	$ 3.9	$ 960.5	$ (495.4)	$ (116.2)
Ending balance (shares) at Mar. 31, 2022	387.1	387.1

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY/(DEFICIT)
Common stock dividends (USD per share)	$ 0.235	$ 0.235

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Business and Basis of Presentation

3 Months Ended

Mar. 31, 2022

Business and Basis of Presentation

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 global money movement and payment services, providing people and businesses 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 (“westernunion.com”) and transactions initiated on websites and mobile applications hosted by the Company’s third-party white label or co-branded digital partners (together with westernunion.com, “Digital Money Transfer”). Each location in the Company’s agent network is capable of providing one or more of the Company’s services.

The Western Union business consists of the following segments:

•Consumer-to-Consumer - The Consumer-to-Consumer operating segment facilitates money transfers which are sent from retail agent locations worldwide or through websites and mobile devices, including Digital Money Transfer services. 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.

•Business Solutions - The Business Solutions operating segment facilitates payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises, and other organizations and individuals. The significant majority of the Business Solutions business relates to exchanges of currency at spot rates, which enable customers to make cross-currency payments. In addition, in certain countries, the Company writes foreign currency forward and option contracts for customers to facilitate future payments. 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. The sale will be completed in two closings, the first of which occurred on March 1, 2022, with the second expected in the second half of 2022. See Note 4 for further information regarding this transaction.

All businesses and other services that have not been classified in the above segments are reported as Other, which primarily includes the Company’s bill payment services which facilitate payments from consumers to businesses and other organizations and the Company’s money order services. Certain of the Company's corporate costs such as costs related to strategic initiatives, including costs for the review and closing of mergers, acquisitions, and divestitures, are also included in Other. See Note 14 for further information regarding the Company’s segments.

There are legal or regulatory limitations on transferring certain assets of the Company outside of the countries where these assets are located. However, there are generally no limitations on the use of these assets within those countries. Additionally, the Company must meet minimum capital requirements in some countries in order to maintain operating licenses. As of December 31, 2021, the Company's restricted net assets associated with these asset limitations and minimum capital requirements totaled approximately $460 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, 2022 and December 31, 2021 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, 2022 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, 2021.

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.

Cash Flow Classification Revision

Beginning in the fourth quarter of 2021, the Company revised its presentation to include changes in settlement cash associated with settlement obligations as a financing activity and changes in settlement cash from purchases, sales, and maturities of settlement investments as an investing activity within its Condensed Consolidated Statements of Cash Flows. Previously, the changes in settlement assets and settlement obligations were presented on a net basis within operating activities in the Company’s Condensed Consolidated Statements of Cash Flows.

Prior period amounts have been revised to conform to this presentation. These changes in presentation have been concluded to be immaterial, having no impact on the Company’s previously reported net income, financial position, or cash flows from operating activities, as changes in the Company’s settlement assets exactly offset changes in its settlement obligations. However, the revised presentation shows all changes associated with settlement cash in the Condensed Consolidated Statements of Cash Flows instead of in the Notes to the Condensed Consolidated Financial Statements.

The following table presents the effects of the changes in presentation of these cash flows, compared to the previously reported Condensed Consolidated Statements of Cash Flows (in millions):

	Three Months Ended March 31, 2021
	As Previously
	Reported(a)			Revisions			As Revised
Net cash provided by/(used in):
Operating activities	$	175.8		$	—		$	175.8
Investing activities(b)		(96.2	)		365.4			269.2
Financing activities(c)		(10.4	)		(297.1	)		(307.5	)
Net change in cash and cash equivalents, including settlement, and restricted cash	$	69.2		$	68.3		$	137.5

(a)As reported in the Company's Form 10-Q filed with the Securities Exchange Commission on May 4, 2021.

(b)The financial statement lines included in Investing activities are Purchases of settlement investments, Proceeds from the sale of settlement investments, and Maturities of settlement investments.

(c)The financial statement line included in Financing activities is Net change in settlement obligations.

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Revenue

3 Months Ended

Mar. 31, 2022

Revenue

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, whether the money transfer involves different send and receive currencies, the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market, and speed of service, as applicable. The Company also offers several other services, including foreign exchange and payment services and other bill payment services, for which revenue is impacted by similar factors. For the substantial majority of the Company’s revenues, the Company acts as the principal in transactions and reports revenue on a gross basis, as the Company controls the service at all times prior to transfer to the customer, is primarily responsible for fulfilling the customer contracts, has the risk of loss, and has the ability to establish transaction prices. The Company also provides services to financial institutions and other third parties to enable such entities to offer money transfer services to their own customers under their brands. Generally, in these arrangements, consumers agree to terms and conditions specified by the financial institution or other third party that, among other things, establish pricing paid by the consumer for the service. The Company recognizes revenue on a net basis under these arrangements. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

The Company recognized $1,100.7 million and $1,166.3 million in revenues from contracts with customers for the three months ended March 31, 2022 and 2021, respectively. There were no material upfront costs incurred to obtain contracts with customers during these same periods. Under the Company’s loyalty programs, which are primarily offered in its money transfer services, the Company must fulfill loyalty program rewards earned by customers. The loyalty program redemption activity has been and continues to be insignificant to the Company’s results of operations, and the Company has immaterial contract liability balances, which primarily relate to its customer loyalty programs and other services. Contract asset balances related to customers were also immaterial as of the periods presented, as the Company typically receives payment of consideration from its customers prior to satisfying performance obligations under the customer contracts. In addition to revenue generated from contracts with customers, the Company recognizes revenue from other sources, including the sale of derivative financial instruments and investment income generated on settlement assets primarily related to money transfer and money order services.

The Company analyzes its different services individually to determine the appropriate basis for revenue recognition, as further described below. Revenues from consumer money transfers are included in the Company’s Consumer-to- Consumer segment, revenues from foreign exchange and payment services are included in the Company’s Business Solutions segment, and revenues from consumer bill payment and other services are not included in the Company’s segments and are reported as Other. See Note 14 for further information on the Company’s segments. 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. The sale will be completed in two closings, the first of which occurred on March 1, 2022, with the second expected in the second half of 2022. See Note 4 for further information regarding this transaction.

Consumer Money Transfers

For the Company’s money transfer services, customers agree to the Company’s terms and conditions at the time of initiating a transaction. In a money transfer, the Company has one performance obligation as the customer engages the Company to perform one integrated service which typically occurs within minutes — collect the customer’s money and make funds available for payment to a designated person in the currency requested. Therefore, the Company recognizes revenue upon completion of the following: (i) the customer’s acknowledgment of the Company’s terms and conditions and payment information has been received by the Company, (ii) the Company has agreed to process the money transfer, (iii) the Company has provided the customer a unique transaction identification number, and (iv) funds are available to be picked up by the customer’s designated receiving party. The transaction price is comprised of a transaction fee and the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market, as applicable, both of which are readily determinable at the time the transaction is initiated.

Foreign Exchange and Payment Services

For the Company’s foreign exchange and payment services, customers agree to terms and conditions for all transactions, either at the time of initiating a transaction or signing a contract with the Company to provide payment services on the customer’s behalf. In the majority of the Company’s foreign exchange and payment services, the Company makes payments to the recipient to satisfy its performance obligation to the customer, and therefore, the Company recognizes revenue on foreign exchange and payment services when this performance obligation has been fulfilled. Revenues from foreign exchange and payment services are primarily comprised of the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market.

Consumer Bill Payments and Other

The Company offers bill payment and other services that vary by contractual features, including the types and amounts of fixed charges and with respect to how fees are billed and collected. The identification of the contract with the customer for revenue recognition purposes is consistent with these features for each of the Company’s bill payment and other services. As with consumer money transfers, customers engage the Company to perform one integrated service — collect money from the consumer and process the transaction, thereby providing billers with real-time or near real-time information regarding consumer payments and simplifying the billers’ collection efforts.

Management has determined that 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, 2022 and 2021 (in millions). The regional split of revenue shown in the tables below is based upon where transactions are initiated.

	Three Months Ended March 31, 2022
			Foreign
	Consumer		Exchange
	Money		and Payment		Consumer		Other
	Transfers		Services		Bill Payments		Services		Total
Regions:
North America	$	381.2	$	17.9	$	17.5	$	14.2	$	430.8
Europe and Russia/CIS		283.8		33.7		3.5		0.1		321.1
Middle East, Africa, and South Asia		162.3		0.4		0.1		—		162.8
Latin America and the Caribbean		88.1		0.5		21.2		2.0		111.8
East Asia and Oceania		61.4		12.5		0.3		—		74.2
Revenues from contracts with customers	$	976.8	$	65.0	$	42.6	$	16.3	$	1,100.7
Other revenues (a)		22.2		24.1		3.8		4.9		55.0
Total revenues	$	999.0	$	89.1	$	46.4	$	21.2	$	1,155.7

	Three Months Ended March 31, 2021
			Foreign
	Consumer		Exchange
	Money		and Payment		Consumer		Other
	Transfers		Services		Bill Payments		Services		Total
Regions:
North America	$	386.6	$	21.2	$	18.6	$	14.5	$	440.9
Europe and Russia/CIS		338.7		34.3		1.1		0.4		374.5
Middle East, Africa, and South Asia		159.7		0.5		0.1		—		160.3
Latin America and the Caribbean		86.7		0.8		17.7		1.8		107.0
East Asia and Oceania		66.7		16.6		0.3		—		83.6
Revenues from contracts with customers	$	1,038.4	$	73.4	$	37.8	$	16.7	$	1,166.3
Other revenues (a)		12.5		23.1		3.0		5.1		43.7
Total revenues	$	1,050.9	$	96.5	$	40.8	$	21.8	$	1,210.0

(a)Includes revenue from the sale of derivative financial instruments, investment income generated on settlement assets primarily related to money transfer and money order services, and other sources.

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Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share

Earnings Per Share

3. Earnings Per Share

The calculation of basic earnings per share is computed by dividing net income available to common stockholders 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.

For the three months ended March 31, 2022 and 2021, there were 7.2 million and 1.4 million, respectively, of shares excluded from the diluted earnings per share calculation under the treasury stock method, primarily due to outstanding options to purchase shares of Western Union stock and restricted stock units, as the assumed proceeds of the options and restricted stock per unit were above the Company’s weighted-average share price during the periods and their effect was anti-dilutive.

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

	Three Months Ended
	March 31,
	2022		2021
Basic weighted-average shares outstanding		393.1		411.7
Common stock equivalents		1.4		2.6
Diluted weighted-average shares outstanding		394.5		414.3

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Assets Held for Sale and Related Divestiture

3 Months Ended

Mar. 31, 2022

Assets Held for Sale and Related Divestiture [Abstract]

Assets Held for Sale and Related Divestiture

4. Assets Held for Sale and Related 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, subject to regulatory and working capital adjustments. The sale will be completed in two closings, the first of which occurred on March 1, 2022 with the entirety of the cash consideration collected and allocated to the closings on a relative fair value basis. The first closing excluded the operations in the European Union and the United Kingdom and resulted in a gain of $151.4 million. In connection with the first closing, the Company reclassified $17.8 million of currency translation gains previously included within Accumulated other comprehensive loss (“AOCL”) as a component of Gain on divestiture of business in the Condensed Consolidated Statements of Income. As of March 31, 2022, the Company has classified the proceeds allocated to the European Union and United Kingdom operations of $390.3 million within Other liabilities in the Condensed Consolidated Balance Sheets. The second closing is currently expected in the second half of 2022, pending required regulatory approvals, at which time the remainder of the gain will be recognized. During the period between the closings, the Company will pay to the Buyer a measure of profit of the European Union and United Kingdom operations, adjusted for the provision for income taxes, occupancy charges for employees of the Buyer using Company facilities, and other items, as contractually agreed, which was $2.8 million for the three months ended March 31, 2022 and was included in Other expense, net in the Condensed Consolidated Statements of Income.

The Company has presented the remaining assets of its Business Solutions business as held for sale, along with the associated liabilities, as it believes completion of the second closing is probable. However, in the event that the second closing does not occur by February 4, 2023, the Company may, with appropriate notice to the Buyer, otherwise dispose of the European Union and United Kingdom operations, with any profit realized on disposition remitted to the Buyer, and conversely, any loss indemnified by the Buyer. The Buyer has rebranded the sold operations within a new standalone company (now referred to as "Convera").

Business Solutions revenues were $89.1 million and $96.5 million and direct operating expenses, which exclude corporate allocations, were $62.6 million and $81.8 million for the three months ended March 31, 2022 and 2021, respectively. For the three months ended March 31, 2022, divestiture costs directly associated with this transaction were $3.2 million.

The following table reflects the assets held for sale and associated liabilities of the Business Solutions business in the accompanying Condensed Consolidated Balance Sheets (in millions). These balances are subject to regulatory capital and other requirements which will be finalized upon the second close.

	March 31,		December 31,
	2022		2021
Cash and cash equivalents	$	53.1	$	37.7
Settlement assets		205.9		566.0
Property and equipment, net of accumulated depreciation of $2.5 and $19.3		2.0		6.3
Goodwill		229.5		532.0
Other intangible assets, net of accumulated amortization of $78.2 and $360.2		9.9		50.4
Other assets		122.7		260.5
Total assets	$	623.1	$	1,452.9
Accounts payable and accrued liabilities	$	47.5	$	61.6
Settlement obligations		205.9		566.0
Other liabilities		105.2		194.3
Total liabilities	$	358.6	$	821.9

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Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

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, 2021.

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

	Fair Value Measurement Using				Total
March 31, 2022	Level 1		Level 2		Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds	$	6.7	$	—	$	6.7
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities		—		1,232.0		1,232.0
State and municipal variable-rate demand notes		—		79.9		79.9
Corporate debt securities		—		58.9		58.9
United States government agency mortgage-backed securities		—		31.5		31.5
Other assets:
Derivatives		—		139.5		139.5
Total assets	$	6.7	$	1,541.8	$	1,548.5
Liabilities:
Other liabilities:
Derivatives	$	—	$	114.0	$	114.0
Total liabilities	$	—	$	114.0	$	114.0

	Fair Value Measurement Using				Total
December 31, 2021	Level 1		Level 2		Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds	$	7.9	$	—	$	7.9
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities		—		1,219.9		1,219.9
State and municipal variable-rate demand notes		—		84.8		84.8
Corporate and other debt securities		—		57.8		57.8
United States government agency mortgage-backed securities		—		36.4		36.4
Other assets:
Derivatives		—		247.7		247.7
Total assets	$	7.9	$	1,646.6	$	1,654.5
Liabilities:
Other liabilities:
Derivatives	$	—	$	183.8	$	183.8
Total liabilities	$	—	$	183.8	$	183.8

There were no material, non-recurring fair value adjustments other than $8.7 million of property and equipment, operating lease right-of-use asset, and other intangible asset impairments associated with the Company's suspension of its operations in Russia and Belarus and the first closing of its Business Solutions divestiture in the three months ended March 31, 2022, as discussed further in Note 14. There were no material, non-recurring fair value adjustments in the three months ended March 31, 2021 or transfers between Level 1 and Level 2 measurements during the three months ended March 31, 2022 and 2021.

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, 2022, the carrying value and fair value of the Company’s borrowings were $2,534.5 million and $2,540.5 million, respectively (see Note 11). As of December 31, 2021, the carrying value and fair value of the Company’s borrowings were $3,008.4 million and $3,217.2 million, respectively.

In March 2022, the Company entered into a reverse repurchase agreement, a form of secured lending, with a broker-dealer affiliate of a large U.S. bank, using a portion of the proceeds from the sale of the Company's Business Solutions business. This agreement requires the counterparty to pledge marketable securities with a value greater than the amount of cash transferred as collateral, which is held and valued by a third-party custodial bank. The investment generates interest income through the date of repurchase, at which point the purchase price together with the interest due will be paid back to the Company. The Company carries this investment at amortized cost, and as of March 31, 2022, the carrying value of this investment, as reported in Other assets in the Company's Condensed Consolidated Balance Sheets, was $250 million, which approximates fair value due to the creditworthiness of the counterparty, the value of the collateral, and the investment's short-term nature and variable interest rate.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies

Commitments and Contingencies

6. Commitments and Contingencies

Letters of Credit and Bank Guarantees

The Company had approximately $330 million in outstanding letters of credit and bank guarantees as of March 31, 2022, which were primarily held in connection with safeguarding consumer funds, lease arrangements, and certain agent agreements. The Company expects to renew most 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, 2022. 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 proceeded to the evidentiary stage. The case will be stayed until (i) the Attorney-General instructs the Prosecutor to continue to litigate the claims on behalf of the plaintiff (during the time the registration of Consumidores Financieros before the Secretary of Commerce remains suspended); or (ii) the parties report to the Court that the plaintiff recovered its legal capacity. 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 April 2019, certain family members of Quinn Schansman filed a complaint seeking damages and other relief against a number of financial institutions, including The Western Union Company and Western Union Financial Services, Inc., in the United States District Court for the Southern District of New York, alleging that the defendants violated the United States Anti-Terrorism Act. The operative complaint alleges that the defendants provided funding to a terrorist organization by processing money transfers to groups or individuals associated with the Donetsk People’s Republic (“DPR”), a pro-Russian separatist group in eastern Ukraine. The complaint alleges that DPR downed Malaysian Airlines Flight 17, on which Mr. Schansman was a passenger. On September 30, 2021, the Court denied the defendants’ motion to dismiss the operative complaint. The Company intends to defend itself vigorously in this matter.

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.

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Related Party Transactions

3 Months Ended

Mar. 31, 2022

Related Party Transactions

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, 2022 and 2021 totaled $11.5 million and $13.2 million, respectively.

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Settlement Assets and Obligations

3 Months Ended

Mar. 31, 2022

Settlement Assets and Obligations

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 also include amounts receivable from, and payable to, customers for the value of their cross-currency payment transactions related to the Business Solutions segment.

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

	March 31, 2022
Settlement assets:
Cash and cash equivalents	$	685.7
Receivables from agents, Business Solutions customers, and others		1,137.4
Less: Allowance for credit losses		(19.9	)
Receivables from agents, Business Solutions customers, and others, net		1,117.5
Investment securities		1,402.3
Less: Allowance for credit losses		(0.1	)
Investment securities, net		1,402.2
Total settlement assets (a)	$	3,205.4
Settlement obligations:
Money transfer, money order, and payment service payables	$	2,507.9
Payables to agents		697.5
Total settlement obligations (a)	$	3,205.4

	December 31, 2021
Settlement assets:
Cash and cash equivalents	$	835.5
Receivables from agents, Business Solutions customers, and others		1,198.8
Less: Allowance for credit losses		(23.7	)
Receivables from agents, Business Solutions customers, and others, net		1,175.1
Investment securities		1,398.9
Total settlement assets	$	3,409.5
Settlement obligations:
Money transfer, money order, and payment service payables	$	2,838.9
Payables to agents		570.6
Total settlement obligations	$	3,409.5

(a)Settlement assets and Settlement obligations include Assets held for sale and Liabilities associated with assets held for sale of $205.9 million and $566.0 million as of March 31, 2022 and December 31, 2021, respectively (see Note 4).

Allowance for Credit Losses

Receivables from agents and others primarily represent funds collected by such agents, but in transit to the Company, and were $1,089.9 million and $1,125.9 million as of March 31, 2022 and December 31, 2021, 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.

Receivables from Business Solutions customers arise from cross-currency payment transactions in the Business Solutions segment. Business Solutions receivables totaled $27.6 million and $49.2 million as of March 31, 2022 and December 31, 2021, respectively. Receivables occur when funds have been paid out to a beneficiary but not yet received from the customer. Collection of these receivables ordinarily occurs within a few days. To mitigate risk associated with potential Business Solutions customer defaults, the Company performs credit reviews on an ongoing basis.

The Company establishes and monitors an allowance for credit losses related to receivables from agents and others, and Business Solutions customers. 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, 2022.

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			Business Solutions
	Others			Customers
Allowance for credit losses as of January 1, 2022	$	18.0		$	5.7
Current period provision for expected credit losses (a)		1.9			0.4
Write-offs charged against the allowance		(3.1	)		(0.4	)
Recoveries of amounts previously written off		1.7			—
Impacts of foreign currency exchange rates, divestitures, and other		(0.1	)		(4.2	)
Allowance for credit losses as of March 31, 2022	$	18.4		$	1.5

	Agents and			Business Solutions
	Others			Customers
Allowance for credit losses as of January 1, 2021	$	49.3		$	3.9
Current period provision for expected credit losses (a)		2.3			1.5
Write-offs charged against the allowance		(3.3	)		(0.4	)
Recoveries of amounts previously written off		1.9			—
Impacts of foreign currency exchange rates and other		(0.5	)		(0.1	)
Allowance for credit losses as of March 31, 2021	$	49.7		$	4.9

(a)Provision does not include losses from chargebacks or fraud associated with transactions initiated through the Company’s digital channels, as these losses are not credit related. The Company recognized losses that were not credit-related of $10.0 million and $13.7 million for the three months ended March 31, 2022, and 2021, respectively.

In addition, from time to time, the Company makes advances to its agents. The Company generally owes settlement funds payable to these agents that offset these advances. These amounts advanced to agents are included within Other assets in the accompanying Condensed Consolidated Balance Sheets. As of March 31, 2022 and December 31, 2021, amounts advanced to agents were $143.9 million and $146.9 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 2050. 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, 2022 and 2021 and the related allowance for credit losses as of March 31, 2022 and December 31, 2021 were immaterial.

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

					Gross		Gross			Net
	Amortized		Fair		Unrealized		Unrealized			Unrealized
March 31, 2022	Cost		Value		Gains		Losses			Gains/(Losses)
Settlement assets:
Cash and cash equivalents:
Money market funds	$	6.7	$	6.7	$	—	$	—		$	—
Available-for-sale securities:
State and municipal debt securities (a)		1,254.8		1,232.0		5.5		(28.3	)		(22.8	)
State and municipal variable-rate demand notes		79.9		79.9		—		—			—
Corporate debt securities		61.9		58.9		—		(3.0	)		(3.0	)
United States government agency mortgage-backed securities		31.5		31.5		—		—			—
Total available-for-sale securities		1,428.1		1,402.3		5.5		(31.3	)		(25.8	)
Total investment securities	$	1,434.8	$	1,409.0	$	5.5	$	(31.3	)	$	(25.8	)

					Gross		Gross			Net
	Amortized		Fair		Unrealized		Unrealized			Unrealized
December 31, 2021	Cost		Value		Gains		Losses			Gains/(Losses)
Settlement assets:
Cash and cash equivalents:
Money market funds	$	7.9	$	7.9	$	—	$	—		$	—
Available-for-sale securities:
State and municipal debt securities (a)		1,182.6		1,219.9		39.8		(2.5	)		37.3
State and municipal variable-rate demand notes		84.8		84.8		—		—			—
Corporate and other debt securities		58.1		57.8		0.2		(0.5	)		(0.3	)
United States government agency mortgage- backed securities		35.6		36.4		0.8		—			0.8
Total available-for-sale securities		1,361.1		1,398.9		40.8		(3.0	)		37.8
Total investment securities	$	1,369.0	$	1,406.8	$	40.8	$	(3.0	)	$	37.8

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

The following summarizes the contractual maturities of available-for-sale securities within Settlement assets as of March 31, 2022 (in millions):

	Fair Value
Due within 1 year	$	154.5
Due after 1 year through 5 years		540.0
Due after 5 years through 10 years		554.8
Due after 10 years		153.0
Total	$	1,402.3

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 $10.0 million and $69.9 million are included in the "Due after 5 years through 10 years" and "Due after 10 years" categories, respectively, in the table above.

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Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Stockholders' Equity/(Deficit)

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	2022			2021
Accumulated other comprehensive loss components:
Gains/(losses) on investment securities:
Available-for-sale securities	Revenues	$	(0.1	)	$	(0.1	)
Total reclassification adjustments related to investment securities, net of tax			(0.1	)		(0.1	)
Gains/(losses) on cash flow hedges:
Foreign currency contracts	Revenues		1.0			(6.1	)
Interest rate contracts	Interest expense		(0.1	)		(0.2	)
Interest rate contracts	Other expense, net		—			0.7
Total reclassification adjustments related to cash flow hedges, net of tax			0.9			(5.6	)
Foreign currency translation adjustments:
Foreign currency translation	Gain on divestiture of business		17.8			—
Total reclassification adjustments related to foreign currency translation adjustments, net of tax			17.8			—
Amortization of components of defined benefit plans:
Actuarial loss	Other expense, net		—			(3.1	)
Income tax benefit	Provision for income taxes		—			0.6
Total reclassification adjustments related to defined benefit plans, net of tax			—			(2.5	)
Total reclassifications, net of tax		$	18.6		$	(8.2	)

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, 2021	$	30.4		$	18.7		$	(101.2	)	$	(52.1	)
Unrealized gains/(losses)		(63.6	)		6.2			—			(57.4	)
Tax benefit		11.9			—			—			11.9
Amounts reclassified from AOCL into earnings, net of tax		0.1			(0.9	)		(17.8	)		(18.6	)
As of March 31, 2022	$	(21.2	)	$	24.0		$	(119.0	)	$	(116.2	)

	Investment			Hedging			Foreign Currency			Defined Benefit
	Securities			Activities			Translation			Pension Plan			Total
As of December 31, 2020	$	58.3		$	(30.5	)	$	(101.2	)	$	(86.1	)	$	(159.5	)
Unrealized gains/(losses)		(16.0	)		24.2			—			—			8.2
Tax benefit/(expense)		2.9			(0.9	)		—			—			2.0
Amounts reclassified from AOCL into earnings, net of tax		0.1			5.6			—			2.5			8.2
As of March 31, 2021	$	45.3		$	(1.6	)	$	(101.2	)	$	(83.6	)	$	(141.1	)

On July 22, 2021, the Company’s Board of Directors approved a plan to terminate and settle the Company’s frozen defined benefit pension plan. In the fourth quarter of 2021, the Company settled its defined benefit pension plan. Refer to Part II, Item 8, Financial Statements and Supplementary Data, Note 12, Employee Benefit Plans, in our Annual Report on Form 10-K for the year ended December 31, 2021 for details on the termination and settlement of the Company's frozen defined benefit pension plan.

Cash Dividends Paid

During both the three months ended March 31, 2022 and 2021, the Company’s Board of Directors declared quarterly cash dividends of $0.235 per common share, representing $91.7 million and $96.6 million in total dividends, which were paid on March 31, 2022 and 2021, respectively.

Share Repurchases

During the three months ended March 31, 2022 and 2021, 8.1 million and 3.1 million shares were repurchased for $150.0 million and $75.0 million, respectively, excluding commissions, at an average cost of $18.46 and $24.24, respectively, under the share repurchase authorizations approved by the Company's Board of Directors, including one which expired on December 31, 2021. On February 10, 2022, the Company's Board of Directors authorized $1.0 billion of common stock repurchases through December 31, 2024. As of March 31, 2022, $850.0 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.

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Derivatives

3 Months Ended

Mar. 31, 2022

Derivatives

Derivatives

10. Derivatives

The Company is exposed to foreign currency exchange risk resulting from fluctuations in exchange rates, primarily the euro, and, to a lesser degree, the Canadian dollar, 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. The Company is also exposed to risk from derivative contracts, primarily from customer derivatives, arising from its cross-currency Business Solutions payment operations. 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 has used derivatives to: (i) minimize its exposures related to changes in foreign currency exchange rates and interest rates and (ii) facilitate cross-currency Business Solutions payments by writing derivatives to customers.

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. Customer derivatives written by the Company’s Business Solutions operations primarily involve small and medium size enterprises. 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. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements but takes action when doubt arises about the counterparties’ ability to perform. These actions may include requiring Business Solutions customers to post or increase collateral, and for all counterparties, the possible termination of the related contracts. The Company’s hedged foreign currency exposures are in liquid currencies; consequently, there is minimal risk that appropriate derivatives to maintain the hedging program would not be available in the future.

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, 2022, 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, 2022 and December 31, 2021 were as follows (in millions):

	March 31, 2022
Contracts designated as hedges:
Euro	$	418.6
Canadian dollar		133.4
Australian dollar		57.2
Swiss franc		45.8
British pound		42.1
Swedish krona		32.0
Japanese yen		28.6
Other (a)		—
Contracts not designated as hedges:
Euro	$	601.1
British pound		95.9
Canadian dollar		82.4
Australian dollar		66.1
Indian rupee		58.9
Mexican peso		57.2
Swiss franc		41.6
Japanese yen		41.0
Swedish krona		29.2
Brazilian real		25.3
Other (a)		184.1

	December 31, 2021
Contracts designated as hedges:
Euro	$	399.9
Canadian dollar		134.0
Australian dollar		58.4
Swiss franc		45.9
British pound		43.8
Swedish krona		30.7
Japanese yen		30.4
Other (a)		0.9
Contracts not designated as hedges:
Euro	$	755.7
British pound		148.1
Canadian dollar		144.2
Australian dollar		98.1
Mexican peso		96.3
Philippine peso		76.2
Indian rupee		63.4
Japanese yen		46.0
Russian ruble		44.4
Chinese yuan		31.6
New Zealand dollar		26.6
Swiss franc		25.1
Swedish krona		25.1
Other (a)		132.7

(a)Comprised of exposures to various currencies; none of these individual currency exposures is greater than $25 million.

Business Solutions Operations

The Company writes derivatives, primarily foreign currency forward contracts and option contracts, mostly with small and medium size enterprises and derives a currency spread from this activity as part of its Business Solutions operations. On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC and completed the first closing on March 1, 2022. See Note 4 for further information regarding this transaction. The Company aggregates its Business Solutions foreign currency exposures arising from customer contracts, including the derivative contracts described above, and hedges the resulting net currency risks by entering into offsetting contracts with Convera through the end of the second closing of the Business Solutions divestiture. The derivatives written are part of the broader portfolio of foreign currency positions arising from the Company’s cross-currency payments operations, which primarily include 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 $78.6 million and $84.5 million for the three months ended March 31, 2022 and 2021, respectively. None of the derivative contracts used in Business Solutions operations are designated as accounting hedges and the majority of these derivative contracts have a duration at inception of less than one year.

The aggregate equivalent United States dollar notional amount of derivative customer contracts held by the Company in its Business Solutions operations was approximately $5.0 billion and $8.0 billion as of March 31, 2022 and December 31, 2021, respectively. The significant majority of customer contracts are written in the following currencies: the United States dollar, euro, and the British pound.

Interest Rate Hedging

Periodically, the Company utilizes interest rate swaps to effectively change the interest rate payments on a portion of its notes from fixed-rate payments to short-term, variable-rate payments in order to manage its overall exposure to interest rate fluctuations. The Company designates these derivatives as fair value hedges. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the debt being hedged within Borrowings in the Condensed Consolidated Balance Sheets. Interest expense in the Condensed Consolidated Statements of Income has been adjusted to include the effects of interest accrued on the swaps.

The Company terminated two of its treasury locks in the first quarter of 2021, which were associated with the issuance of $600.0 million of aggregate principal amount of 1.350% unsecured notes due March 15, 2026 (“2026 Notes”). The Company received a total of $3.3 million upon termination, of which $2.6 million was deferred as a component of AOCL and will be amortized to Interest expense in the Condensed Consolidated Statements of Income over the term of the 2026 Notes. As a portion of the forecasted interest payments on the 2026 Notes will occur outside the time period originally specified at designation of the treasury locks as cash flow hedges, $0.7 million was recognized in Other expense, net in the Condensed Consolidated Statements of Income, upon termination.

Balance Sheet

The following table summarizes the fair value of derivatives reported in the Company’s Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021 (in millions):

	Derivative Assets					Derivative Liabilities
		Fair Value					Fair Value
	Balance Sheet	March 31,		December 31,		Balance Sheet	March 31,		December 31,
	Location	2022		2021		Location	2022		2021
Derivatives designated as hedges:
Foreign currency cash flow hedges	Other assets	$	35.4	$	30.6	Other liabilities	$	2.5	$	2.6
Total derivatives designated as hedges		$	35.4	$	30.6		$	2.5	$	2.6
Derivatives not designated as hedges:
Business Solutions operations - foreign currency (a)	Other assets	$	101.7	$	213.1	Other liabilities	$	101.8	$	174.1
Foreign currency	Other assets		2.4		4.0	Other liabilities		9.7		7.1
Total derivatives not designated as hedges		$	104.1	$	217.1		$	111.5	$	181.2
Total derivatives		$	139.5	$	247.7		$	114.0	$	183.8

(a)In many circumstances, the Company allows its Business Solutions customers to settle part or all of their derivative contracts prior to maturity. However, the offsetting positions entered into with Convera do not allow for similar settlement. To mitigate this, additional foreign currency contracts are entered into with Convera to offset the original economic hedge contracts. This frequently results in changes in the Company’s derivative assets and liabilities that may not directly align with the performance in the underlying derivatives business.

The fair values of derivative assets and liabilities associated with contracts that include netting language that the Company believes to be enforceable have been netted in the following tables to present the Company’s net exposure with these counterparties. 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.

In addition, certain of the Company’s other agreements include netting provisions, the enforceability of which may vary from jurisdiction to jurisdiction, depending on the circumstances. Due to the uncertainty related to the enforceability of these provisions, the derivative balances associated with these agreements are included within "Derivatives that are not or may not be subject to master netting arrangement or similar agreement" in the following tables. In certain circumstances, the Company may require its Business Solutions customers to maintain collateral balances which may mitigate the risk associated with potential customer defaults.

The following tables summarize the gross and net fair value of derivative assets and liabilities as of March 31, 2022 and December 31, 2021 (in millions):

Offsetting of Derivative Assets

			Gross		Net Amounts		Derivatives
	Gross		Amounts Offset in		Presented in		Not Offset in
	Amounts of		the Condensed		the Condensed		the Condensed
	Recognized		Consolidated		Consolidated		Consolidated			Net
March 31, 2022	Assets		Balance Sheets		Balance Sheets		Balance Sheets			Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	84.2	$	—	$	84.2	$	(51.1	)	$	33.1
Derivatives that are not or may not be subject to master netting arrangement or similar agreement		55.3
Total	$	139.5
December 31, 2021
Derivatives subject to a master netting arrangement or similar agreement	$	163.9	$	—	$	163.9	$	(92.4	)	$	71.5
Derivatives that are not or may not be subject to master netting arrangement or similar agreement		83.8
Total	$	247.7

Offsetting of Derivative Liabilities

			Gross		Net Amounts		Derivatives
	Gross		Amounts Offset in		Presented in		Not Offset in
	Amounts of		the Condensed		the Condensed		the Condensed
	Recognized		Consolidated		Consolidated		Consolidated			Net
March 31, 2022	Liabilities		Balance Sheets		Balance Sheets		Balance Sheets			Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	83.0	$	—	$	83.0	$	(51.1	)	$	31.9
Derivatives that are not or may not be subject to master netting arrangement or similar agreement		31.0
Total	$	114.0
December 31, 2021
Derivatives subject to a master netting arrangement or similar agreement	$	109.6	$	—	$	109.6	$	(92.4	)	$	17.2
Derivatives that are not or may not be subject to master netting arrangement or similar agreement		74.2
Total	$	183.8

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, 2022 and 2021 (in millions):

	Three Months Ended March 31,
	2022		2021
Foreign currency derivatives (a)	$	6.2	$	20.9
Interest rate derivatives		—		3.3

(a)Gains/(losses) of $(4.2) million and $(0.7) million for the three months ended March 31, 2022 and 2021, 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, 2022 and 2021 (in millions):

	Three Months Ended March 31,
	2022					2021
	Revenues		Interest Expense			Revenues			Interest Expense			Other expense, net
Total amounts presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded	$	1,155.7	$	(24.8	)	$	1,210.0		$	(28.4	)	$	(1.9	)
Gain/(loss) on cash flow hedges:
Foreign currency derivatives:
Gains/(losses) reclassified from AOCL into earnings		1.0		—			(6.1	)		—			—
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach		1.1		—			1.9			—			—
Interest rate derivatives:
Gains/(losses) reclassified from AOCL into earnings		—		(0.1	)		—			(0.2	)		0.7

Undesignated Hedges

The following table presents the location and amount of pre-tax net gains/(losses) from undesignated hedges in the Condensed Consolidated Statements of Income on derivatives for the three months ended March 31, 2022 and 2021 (in millions):

		Three Months Ended
		March 31,
Derivatives (a)	Location	2022		2021
Foreign currency derivatives (b)	Selling, general, and administrative	$	11.7	$	16.0

(a)The Company uses foreign currency forward and option contracts as part of its Business Solutions payments operations. These derivative contracts are excluded from this table as they are managed as part of a broader currency portfolio that includes non-derivative currency exposures. The gains and losses on these derivatives are included as part of the broader disclosure of portfolio revenue for this business discussed above.

(b)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 $(9.9) million and $(21.8) million for the three months ended March 31, 2022 and 2021, 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, 2022 foreign exchange rates, an accumulated other comprehensive pre-tax gain of $23.3 million related to the foreign currency forward contracts is expected to be reclassified into Revenues within the next 12 months.

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Borrowings

3 Months Ended

Mar. 31, 2022

Borrowings

Borrowings

11. Borrowings

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

	March 31, 2022			December 31, 2021
Commercial paper (a)	$	100.0		$	275.0
Notes:
4.250% notes due 2023 (b)		300.0			300.0
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
Term loan facility borrowing (c)		—			300.0
Total borrowings at par value		2,550.0			3,025.0
Debt issuance costs and unamortized discount, net		(15.5	)		(16.6	)
Total borrowings at carrying value (d)	$	2,534.5		$	3,008.4

(a)Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $1.5 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, 2022 had a weighted-average annual interest rate of approximately 0.7% and a weighted-average term of approximately 1 day.

(b)The difference between the stated interest rate and the effective interest rate is not significant.

(c)See Term Loan Facility section below for further discussion.

(d)As of March 31, 2022, the Company’s weighted-average effective rate on total borrowings was approximately 3.7%.

Term Loan Facility

On December 18, 2018, the Company entered into an amended and restated term loan facility providing for up to $950.0 million in borrowings and extending the final maturity of the facility to January 2024 (the "Term Loan Facility"). In the first quarter of 2021, proceeds from the 2026 Notes and $300.0 million of aggregate principal amount of 2.750% unsecured notes due March 15, 2031 ("2031 Notes"), and cash, including cash generated from operations, were used to repay $650.0 million of the Term Loan Facility. On January 4, 2022, the Company repaid all remaining borrowings owed under the Term Loan Facility for total consideration of $300.0 million, using proceeds from commercial paper and cash, including cash generated from operations. The Company is no longer able to borrow money under this facility.

The following summarizes the Company’s maturities of its notes at par value as of March 31, 2022 (in millions):

Due within 1 year	$	—
Due after 1 year through 2 years		300.0
Due after 2 years through 3 years		500.0
Due after 3 years through 4 years		600.0
Due after 4 years through 5 years		—
Due after 5 years		1,050.0
Total	$	2,450.0

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

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Income Taxes

3 Months Ended

Mar. 31, 2022

Income Taxes

Income Taxes

12. Income Taxes

The Company’s effective tax rates on pre-tax income were 19.0% and 10.4% for the three months ended March 31, 2022 and 2021. The increase in the Company’s effective tax rate compared to the corresponding period in the prior year was primarily due to the sale of the Company's Business Solutions business, discrete benefits in the prior period not recurring in the current period, and the Company's decision to suspend its operations in Russia and Belarus. The sale of the Company's Business Solutions business is included in the Company's estimated annual effective rate, the ongoing effects of which are expected to continue throughout the year.

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, 2022 and December 31, 2021 was $373.1 million and $376.3 million, respectively, including interest and penalties.

The Company’s tax filings are subject to examination by U.S. federal, state, and various non-United States jurisdictions. The Internal Revenue Service is currently examining the Company’s United States consolidated income tax returns for 2017 and 2018. The statute of limitations for the U.S. federal returns for 2017 and 2018 has been extended to April 4, 2023.
 

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Stock-Based Compensation Plans

3 Months Ended

Mar. 31, 2022

Stock-Based Compensation Plans

Stock-Based Compensation Plans

13. Stock-Based Compensation Plans

For the three months ended March 31, 2022 and 2021, the Company recognized stock-based compensation expense of $10.7 million and $10.8 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, 2022, the Company granted 0.6 million options at a weighted-average exercise price of $18.62 and 3.1 million performance-based restricted stock units and restricted stock units at a weighted-average grant date fair value of $20.34. As of March 31, 2022, the Company had 7.0 million outstanding options at a weighted-average exercise price of $19.03, of which 3.6 million options were exercisable at a weighted-average exercise price of $19.10. The Company had 7.7 million outstanding performance-based restricted stock units (based on target performance) and restricted stock units at a weighted-average grant date fair value of $21.75 as of March 31, 2022.

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Segments

3 Months Ended

Mar. 31, 2022

Segments

Segments

14. Segments

As further described in Note 1, the Company classifies its business into two segments: Consumer-to-Consumer and Business Solutions. 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-to-Consumer 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 Digital Money Transfer transactions in its regions, including transactions from the Company’s arrangements with financial institutions and other third parties to enable such entities to offer money transfer services to their own customers under their brands. By means of common processes and systems, these regions, including Digital Money Transfer transactions, create one interconnected global network for consumer transactions, thereby constituting one Consumer-to-Consumer money transfer business and one operating segment.

The Business Solutions operating segment facilitates payment and foreign exchange solutions, primarily cross-border, cross-currency transactions, for small and medium size enterprises, and other organizations and individuals. On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC. The sale will be completed in two closings, the first of which occurred on March 1, 2022, with the second expected in the second half of 2022. See Note 4 for further information regarding this transaction.

All businesses and other services that have not been classified in the above segments are reported as Other, which primarily includes the Company’s bill payment services which facilitate payments from consumers to businesses and other organizations and the Company’s money order services.

Corporate costs, including stock-based compensation and other overhead, are allocated to the segments primarily based on a percentage of the segments’ revenue compared to total revenue. Effective January 1, 2022, the Company stopped allocating corporate costs to its Business Solutions segment, given its agreement to sell this business, as discussed further in Note 4.

The following table presents the Company’s segment results for the three months ended March 31, 2022 and 2021 (in millions):

	Three Months Ended March 31,
	2022			2021
Revenues:
Consumer-to-Consumer	$	999.0		$	1,050.9
Business Solutions (a)		89.1			96.5
Other		67.6			62.6
Total consolidated revenues	$	1,155.7		$	1,210.0
Operating income:
Consumer-to-Consumer	$	207.2		$	206.1
Business Solutions (a)		27.5			12.6
Other		21.5			14.1
Total segment operating income		256.2			232.8
Russia/Belarus exit costs (b)		(11.0	)		—
Business Solutions exit costs (b)		(7.7	)		—
Total consolidated operating income	$	237.5		$	232.8

(a)On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to the Buyer, which will be completed in two closings. The first closing occurred on March 1, 2022, with the second expected in the second half of 2022. The operations of the Business Solutions business to be sold in the second closing continue to be included in Revenues and Operating income after the first closing. However, between the first and second closing, the Company will pay the Buyer a measure of the profits from these operations, adjusted for income taxes and other charges, as contractually agreed, and this expense is recognized in Other expense, net in the Condensed Consolidated Statements of Income. See Note 4 for further information regarding this transaction.

(b)Represents the exit costs incurred in connection with the Company's suspension of its operations in Russia and Belarus and the divestiture of the Business Solutions business, primarily related to severance and non-cash impairments of property and equipment, an operating lease right-of-use asset, and other intangible assets. While certain of the expenses are identifiable to the Company's segments, the expenses are not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses are therefore excluded from the Company's segment operating income results.

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Business and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2022

Business and Basis of Presentation

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, 2022 and December 31, 2021 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, 2022 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, 2021.

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.

Revenue Recognition

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, whether the money transfer involves different send and receive currencies, the difference between the exchange rate set by the Company to the customer and the rate available in the wholesale foreign exchange market, and speed of service, as applicable. The Company also offers several other services, including foreign exchange and payment services and other bill payment services, for which revenue is impacted by similar factors. For the substantial majority of the Company’s revenues, the Company acts as the principal in transactions and reports revenue on a gross basis, as the Company controls the service at all times prior to transfer to the customer, is primarily responsible for fulfilling the customer contracts, has the risk of loss, and has the ability to establish transaction prices. The Company also provides services to financial institutions and other third parties to enable such entities to offer money transfer services to their own customers under their brands. Generally, in these arrangements, consumers agree to terms and conditions specified by the financial institution or other third party that, among other things, establish pricing paid by the consumer for the service. The Company recognizes revenue on a net basis under these arrangements. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

Earnings Per Share

The calculation of basic earnings per share is computed by dividing net income available to common stockholders 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 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 2050. 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, 2022 and 2021 and the related allowance for credit losses as of March 31, 2022 and December 31, 2021 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, 2022, 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

The Company writes derivatives, primarily foreign currency forward contracts and option contracts, mostly with small and medium size enterprises and derives a currency spread from this activity as part of its Business Solutions operations. On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to Goldfinch Partners LLC and The Baupost Group LLC and completed the first closing on March 1, 2022. See Note 4 for further information regarding this transaction. The Company aggregates its Business Solutions foreign currency exposures arising from customer contracts, including the derivative contracts described above, and hedges the resulting net currency risks by entering into offsetting contracts with Convera through the end of the second closing of the Business Solutions divestiture. The derivatives written are part of the broader portfolio of foreign currency positions arising from the Company’s cross-currency payments operations, which primarily include 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 $78.6 million and $84.5 million for the three months ended March 31, 2022 and 2021, respectively. None of the derivative contracts used in Business Solutions operations are designated as accounting hedges and the majority of these derivative contracts have a duration at inception of less than one year.

Interest Rate Hedging

Interest Rate Hedging

Periodically, the Company utilizes interest rate swaps to effectively change the interest rate payments on a portion of its notes from fixed-rate payments to short-term, variable-rate payments in order to manage its overall exposure to interest rate fluctuations. The Company designates these derivatives as fair value hedges. The change in fair value of the interest rate swaps is offset by a change in the carrying value of the debt being hedged within Borrowings in the Condensed Consolidated Balance Sheets. Interest expense in the Condensed Consolidated Statements of Income has been adjusted to include the effects of interest accrued on the swaps.

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Business and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2022

Business and Basis of Presentation

Summary of Effects of Changes in Presentation Cash Flows

The following table presents the effects of the changes in presentation of these cash flows, compared to the previously reported Condensed Consolidated Statements of Cash Flows (in millions):

	Three Months Ended March 31, 2021
	As Previously
	Reported(a)			Revisions			As Revised
Net cash provided by/(used in):
Operating activities	$	175.8		$	—		$	175.8
Investing activities(b)		(96.2	)		365.4			269.2
Financing activities(c)		(10.4	)		(297.1	)		(307.5	)
Net change in cash and cash equivalents, including settlement, and restricted cash	$	69.2		$	68.3		$	137.5

(a)As reported in the Company's Form 10-Q filed with the Securities Exchange Commission on May 4, 2021.

(b)The financial statement lines included in Investing activities are Purchases of settlement investments, Proceeds from the sale of settlement investments, and Maturities of settlement investments.

(c)The financial statement line included in Financing activities is Net change in settlement obligations.

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Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenue

Disaggregation of Revenue Earned from Contracts with Customers

Management has determined that 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, 2022 and 2021 (in millions). The regional split of revenue shown in the tables below is based upon where transactions are initiated.

	Three Months Ended March 31, 2022
			Foreign
	Consumer		Exchange
	Money		and Payment		Consumer		Other
	Transfers		Services		Bill Payments		Services		Total
Regions:
North America	$	381.2	$	17.9	$	17.5	$	14.2	$	430.8
Europe and Russia/CIS		283.8		33.7		3.5		0.1		321.1
Middle East, Africa, and South Asia		162.3		0.4		0.1		—		162.8
Latin America and the Caribbean		88.1		0.5		21.2		2.0		111.8
East Asia and Oceania		61.4		12.5		0.3		—		74.2
Revenues from contracts with customers	$	976.8	$	65.0	$	42.6	$	16.3	$	1,100.7
Other revenues (a)		22.2		24.1		3.8		4.9		55.0
Total revenues	$	999.0	$	89.1	$	46.4	$	21.2	$	1,155.7

	Three Months Ended March 31, 2021
			Foreign
	Consumer		Exchange
	Money		and Payment		Consumer		Other
	Transfers		Services		Bill Payments		Services		Total
Regions:
North America	$	386.6	$	21.2	$	18.6	$	14.5	$	440.9
Europe and Russia/CIS		338.7		34.3		1.1		0.4		374.5
Middle East, Africa, and South Asia		159.7		0.5		0.1		—		160.3
Latin America and the Caribbean		86.7		0.8		17.7		1.8		107.0
East Asia and Oceania		66.7		16.6		0.3		—		83.6
Revenues from contracts with customers	$	1,038.4	$	73.4	$	37.8	$	16.7	$	1,166.3
Other revenues (a)		12.5		23.1		3.0		5.1		43.7
Total revenues	$	1,050.9	$	96.5	$	40.8	$	21.8	$	1,210.0

(a)Includes revenue from the sale of derivative financial instruments, investment income generated on settlement assets primarily related to money transfer and money order services, and other sources.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share

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,
	2022		2021
Basic weighted-average shares outstanding		393.1		411.7
Common stock equivalents		1.4		2.6
Diluted weighted-average shares outstanding		394.5		414.3

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Assets Held for Sale and Related Divestiture (Tables)

3 Months Ended

Mar. 31, 2022

Assets Held for Sale and Related Divestiture [Abstract]

Schedule of Assets and Liabilities Held for Sale

The following table reflects the assets held for sale and associated liabilities of the Business Solutions business in the accompanying Condensed Consolidated Balance Sheets (in millions). These balances are subject to regulatory capital and other requirements which will be finalized upon the second close.

	March 31,		December 31,
	2022		2021
Cash and cash equivalents	$	53.1	$	37.7
Settlement assets		205.9		566.0
Property and equipment, net of accumulated depreciation of $2.5 and $19.3		2.0		6.3
Goodwill		229.5		532.0
Other intangible assets, net of accumulated amortization of $78.2 and $360.2		9.9		50.4
Other assets		122.7		260.5
Total assets	$	623.1	$	1,452.9
Accounts payable and accrued liabilities	$	47.5	$	61.6
Settlement obligations		205.9		566.0
Other liabilities		105.2		194.3
Total liabilities	$	358.6	$	821.9

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

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 balance sheet line item (in millions):

	Fair Value Measurement Using				Total
March 31, 2022	Level 1		Level 2		Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds	$	6.7	$	—	$	6.7
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities		—		1,232.0		1,232.0
State and municipal variable-rate demand notes		—		79.9		79.9
Corporate debt securities		—		58.9		58.9
United States government agency mortgage-backed securities		—		31.5		31.5
Other assets:
Derivatives		—		139.5		139.5
Total assets	$	6.7	$	1,541.8	$	1,548.5
Liabilities:
Other liabilities:
Derivatives	$	—	$	114.0	$	114.0
Total liabilities	$	—	$	114.0	$	114.0

	Fair Value Measurement Using				Total
December 31, 2021	Level 1		Level 2		Fair Value
Assets:
Settlement assets:
Measured at fair value through net income:
Money market funds	$	7.9	$	—	$	7.9
Measured at fair value through other comprehensive income (net of expected credit losses recorded through net income):
State and municipal debt securities		—		1,219.9		1,219.9
State and municipal variable-rate demand notes		—		84.8		84.8
Corporate and other debt securities		—		57.8		57.8
United States government agency mortgage-backed securities		—		36.4		36.4
Other assets:
Derivatives		—		247.7		247.7
Total assets	$	7.9	$	1,646.6	$	1,654.5
Liabilities:
Other liabilities:
Derivatives	$	—	$	183.8	$	183.8
Total liabilities	$	—	$	183.8	$	183.8

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Settlement Assets and Obligations (Tables)

3 Months Ended

Mar. 31, 2022

Settlement Assets and Obligations

Schedule of Settlement Assets and Obligations

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

	March 31, 2022
Settlement assets:
Cash and cash equivalents	$	685.7
Receivables from agents, Business Solutions customers, and others		1,137.4
Less: Allowance for credit losses		(19.9	)
Receivables from agents, Business Solutions customers, and others, net		1,117.5
Investment securities		1,402.3
Less: Allowance for credit losses		(0.1	)
Investment securities, net		1,402.2
Total settlement assets (a)	$	3,205.4
Settlement obligations:
Money transfer, money order, and payment service payables	$	2,507.9
Payables to agents		697.5
Total settlement obligations (a)	$	3,205.4

	December 31, 2021
Settlement assets:
Cash and cash equivalents	$	835.5
Receivables from agents, Business Solutions customers, and others		1,198.8
Less: Allowance for credit losses		(23.7	)
Receivables from agents, Business Solutions customers, and others, net		1,175.1
Investment securities		1,398.9
Total settlement assets	$	3,409.5
Settlement obligations:
Money transfer, money order, and payment service payables	$	2,838.9
Payables to agents		570.6
Total settlement obligations	$	3,409.5

(a)Settlement assets and Settlement obligations include Assets held for sale and Liabilities associated with assets held for sale of $205.9 million and $566.0 million as of March 31, 2022 and December 31, 2021, respectively (see Note 4).

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			Business Solutions
	Others			Customers
Allowance for credit losses as of January 1, 2022	$	18.0		$	5.7
Current period provision for expected credit losses (a)		1.9			0.4
Write-offs charged against the allowance		(3.1	)		(0.4	)
Recoveries of amounts previously written off		1.7			—
Impacts of foreign currency exchange rates, divestitures, and other		(0.1	)		(4.2	)
Allowance for credit losses as of March 31, 2022	$	18.4		$	1.5

	Agents and			Business Solutions
	Others			Customers
Allowance for credit losses as of January 1, 2021	$	49.3		$	3.9
Current period provision for expected credit losses (a)		2.3			1.5
Write-offs charged against the allowance		(3.3	)		(0.4	)
Recoveries of amounts previously written off		1.9			—
Impacts of foreign currency exchange rates and other		(0.5	)		(0.1	)
Allowance for credit losses as of March 31, 2021	$	49.7		$	4.9

(a)Provision does not include losses from chargebacks or fraud associated with transactions initiated through the Company’s digital channels, as these losses are not credit related. The Company recognized losses that were not credit-related of $10.0 million and $13.7 million for the three months ended March 31, 2022, and 2021, 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, 2022	Cost		Value		Gains		Losses			Gains/(Losses)
Settlement assets:
Cash and cash equivalents:
Money market funds	$	6.7	$	6.7	$	—	$	—		$	—
Available-for-sale securities:
State and municipal debt securities (a)		1,254.8		1,232.0		5.5		(28.3	)		(22.8	)
State and municipal variable-rate demand notes		79.9		79.9		—		—			—
Corporate debt securities		61.9		58.9		—		(3.0	)		(3.0	)
United States government agency mortgage-backed securities		31.5		31.5		—		—			—
Total available-for-sale securities		1,428.1		1,402.3		5.5		(31.3	)		(25.8	)
Total investment securities	$	1,434.8	$	1,409.0	$	5.5	$	(31.3	)	$	(25.8	)

					Gross		Gross			Net
	Amortized		Fair		Unrealized		Unrealized			Unrealized
December 31, 2021	Cost		Value		Gains		Losses			Gains/(Losses)
Settlement assets:
Cash and cash equivalents:
Money market funds	$	7.9	$	7.9	$	—	$	—		$	—
Available-for-sale securities:
State and municipal debt securities (a)		1,182.6		1,219.9		39.8		(2.5	)		37.3
State and municipal variable-rate demand notes		84.8		84.8		—		—			—
Corporate and other debt securities		58.1		57.8		0.2		(0.5	)		(0.3	)
United States government agency mortgage- backed securities		35.6		36.4		0.8		—			0.8
Total available-for-sale securities		1,361.1		1,398.9		40.8		(3.0	)		37.8
Total investment securities	$	1,369.0	$	1,406.8	$	40.8	$	(3.0	)	$	37.8

The majority of these securities are fixed-rate instruments.

Contractual Maturities of Debt Securities

The following summarizes the contractual maturities of available-for-sale securities within Settlement assets as of March 31, 2022 (in millions):

	Fair Value
Due within 1 year	$	154.5
Due after 1 year through 5 years		540.0
Due after 5 years through 10 years		554.8
Due after 10 years		153.0
Total	$	1,402.3

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Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Stockholders' Equity/(Deficit)

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	2022			2021
Accumulated other comprehensive loss components:
Gains/(losses) on investment securities:
Available-for-sale securities	Revenues	$	(0.1	)	$	(0.1	)
Total reclassification adjustments related to investment securities, net of tax			(0.1	)		(0.1	)
Gains/(losses) on cash flow hedges:
Foreign currency contracts	Revenues		1.0			(6.1	)
Interest rate contracts	Interest expense		(0.1	)		(0.2	)
Interest rate contracts	Other expense, net		—			0.7
Total reclassification adjustments related to cash flow hedges, net of tax			0.9			(5.6	)
Foreign currency translation adjustments:
Foreign currency translation	Gain on divestiture of business		17.8			—
Total reclassification adjustments related to foreign currency translation adjustments, net of tax			17.8			—
Amortization of components of defined benefit plans:
Actuarial loss	Other expense, net		—			(3.1	)
Income tax benefit	Provision for income taxes		—			0.6
Total reclassification adjustments related to defined benefit plans, net of tax			—			(2.5	)
Total reclassifications, net of tax		$	18.6		$	(8.2	)

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, 2021	$	30.4		$	18.7		$	(101.2	)	$	(52.1	)
Unrealized gains/(losses)		(63.6	)		6.2			—			(57.4	)
Tax benefit		11.9			—			—			11.9
Amounts reclassified from AOCL into earnings, net of tax		0.1			(0.9	)		(17.8	)		(18.6	)
As of March 31, 2022	$	(21.2	)	$	24.0		$	(119.0	)	$	(116.2	)

	Investment			Hedging			Foreign Currency			Defined Benefit
	Securities			Activities			Translation			Pension Plan			Total
As of December 31, 2020	$	58.3		$	(30.5	)	$	(101.2	)	$	(86.1	)	$	(159.5	)
Unrealized gains/(losses)		(16.0	)		24.2			—			—			8.2
Tax benefit/(expense)		2.9			(0.9	)		—			—			2.0
Amounts reclassified from AOCL into earnings, net of tax		0.1			5.6			—			2.5			8.2
As of March 31, 2021	$	45.3		$	(1.6	)	$	(101.2	)	$	(83.6	)	$	(141.1	)

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Derivatives (Tables)

3 Months Ended

Mar. 31, 2022

Derivatives

Notional Amounts of Foreign Currency Forward Contracts

The aggregate equivalent United States dollar notional amounts of foreign currency forward contracts as of March 31, 2022 and December 31, 2021 were as follows (in millions):

	March 31, 2022
Contracts designated as hedges:
Euro	$	418.6
Canadian dollar		133.4
Australian dollar		57.2
Swiss franc		45.8
British pound		42.1
Swedish krona		32.0
Japanese yen		28.6
Other (a)		—
Contracts not designated as hedges:
Euro	$	601.1
British pound		95.9
Canadian dollar		82.4
Australian dollar		66.1
Indian rupee		58.9
Mexican peso		57.2
Swiss franc		41.6
Japanese yen		41.0
Swedish krona		29.2
Brazilian real		25.3
Other (a)		184.1

	December 31, 2021
Contracts designated as hedges:
Euro	$	399.9
Canadian dollar		134.0
Australian dollar		58.4
Swiss franc		45.9
British pound		43.8
Swedish krona		30.7
Japanese yen		30.4
Other (a)		0.9
Contracts not designated as hedges:
Euro	$	755.7
British pound		148.1
Canadian dollar		144.2
Australian dollar		98.1
Mexican peso		96.3
Philippine peso		76.2
Indian rupee		63.4
Japanese yen		46.0
Russian ruble		44.4
Chinese yuan		31.6
New Zealand dollar		26.6
Swiss franc		25.1
Swedish krona		25.1
Other (a)		132.7

(a)Comprised of exposures to various currencies; none of these individual currency exposures is greater than $25 million.

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, 2022 and December 31, 2021 (in millions):

	Derivative Assets					Derivative Liabilities
		Fair Value					Fair Value
	Balance Sheet	March 31,		December 31,		Balance Sheet	March 31,		December 31,
	Location	2022		2021		Location	2022		2021
Derivatives designated as hedges:
Foreign currency cash flow hedges	Other assets	$	35.4	$	30.6	Other liabilities	$	2.5	$	2.6
Total derivatives designated as hedges		$	35.4	$	30.6		$	2.5	$	2.6
Derivatives not designated as hedges:
Business Solutions operations - foreign currency (a)	Other assets	$	101.7	$	213.1	Other liabilities	$	101.8	$	174.1
Foreign currency	Other assets		2.4		4.0	Other liabilities		9.7		7.1
Total derivatives not designated as hedges		$	104.1	$	217.1		$	111.5	$	181.2
Total derivatives		$	139.5	$	247.7		$	114.0	$	183.8

(a)In many circumstances, the Company allows its Business Solutions customers to settle part or all of their derivative contracts prior to maturity. However, the offsetting positions entered into with Convera do not allow for similar settlement. To mitigate this, additional foreign currency contracts are entered into with Convera to offset the original economic hedge contracts. This frequently results in changes in the Company’s derivative assets and liabilities that may not directly align with the performance in the underlying derivatives business.

Gross and Net Fair Value of Derivative Assets

The following tables summarize the gross and net fair value of derivative assets and liabilities as of March 31, 2022 and December 31, 2021 (in millions):

Offsetting of Derivative Assets

			Gross		Net Amounts		Derivatives
	Gross		Amounts Offset in		Presented in		Not Offset in
	Amounts of		the Condensed		the Condensed		the Condensed
	Recognized		Consolidated		Consolidated		Consolidated			Net
March 31, 2022	Assets		Balance Sheets		Balance Sheets		Balance Sheets			Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	84.2	$	—	$	84.2	$	(51.1	)	$	33.1
Derivatives that are not or may not be subject to master netting arrangement or similar agreement		55.3
Total	$	139.5
December 31, 2021
Derivatives subject to a master netting arrangement or similar agreement	$	163.9	$	—	$	163.9	$	(92.4	)	$	71.5
Derivatives that are not or may not be subject to master netting arrangement or similar agreement		83.8
Total	$	247.7

Gross and Net Fair Value of Derivative Liabilities

Offsetting of Derivative Liabilities

			Gross		Net Amounts		Derivatives
	Gross		Amounts Offset in		Presented in		Not Offset in
	Amounts of		the Condensed		the Condensed		the Condensed
	Recognized		Consolidated		Consolidated		Consolidated			Net
March 31, 2022	Liabilities		Balance Sheets		Balance Sheets		Balance Sheets			Amounts
Derivatives subject to a master netting arrangement or similar agreement	$	83.0	$	—	$	83.0	$	(51.1	)	$	31.9
Derivatives that are not or may not be subject to master netting arrangement or similar agreement		31.0
Total	$	114.0
December 31, 2021
Derivatives subject to a master netting arrangement or similar agreement	$	109.6	$	—	$	109.6	$	(92.4	)	$	17.2
Derivatives that are not or may not be subject to master netting arrangement or similar agreement		74.2
Total	$	183.8

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, 2022 and 2021 (in millions):

	Three Months Ended March 31,
	2022		2021
Foreign currency derivatives (a)	$	6.2	$	20.9
Interest rate derivatives		—		3.3

(a)Gains/(losses) of $(4.2) million and $(0.7) million for the three months ended March 31, 2022 and 2021, 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, 2022 and 2021 (in millions):

	Three Months Ended March 31,
	2022					2021
	Revenues		Interest Expense			Revenues			Interest Expense			Other expense, net
Total amounts presented in the Condensed Consolidated Statements of Income in which the effects of cash flow hedges are recorded	$	1,155.7	$	(24.8	)	$	1,210.0		$	(28.4	)	$	(1.9	)
Gain/(loss) on cash flow hedges:
Foreign currency derivatives:
Gains/(losses) reclassified from AOCL into earnings		1.0		—			(6.1	)		—			—
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach		1.1		—			1.9			—			—
Interest rate derivatives:
Gains/(losses) reclassified from AOCL into earnings		—		(0.1	)		—			(0.2	)		0.7

Undesignated Hedges

The following table presents the location and amount of pre-tax net gains/(losses) from undesignated hedges in the Condensed Consolidated Statements of Income on derivatives for the three months ended March 31, 2022 and 2021 (in millions):

		Three Months Ended
		March 31,
Derivatives (a)	Location	2022		2021
Foreign currency derivatives (b)	Selling, general, and administrative	$	11.7	$	16.0

(a)The Company uses foreign currency forward and option contracts as part of its Business Solutions payments operations. These derivative contracts are excluded from this table as they are managed as part of a broader currency portfolio that includes non-derivative currency exposures. The gains and losses on these derivatives are included as part of the broader disclosure of portfolio revenue for this business discussed above.

(b)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 $(9.9) million and $(21.8) million for the three months ended March 31, 2022 and 2021, respectively.

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Borrowings (Tables)

3 Months Ended

Mar. 31, 2022

Borrowings

Schedule of Outstanding Borrowings

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

	March 31, 2022			December 31, 2021
Commercial paper (a)	$	100.0		$	275.0
Notes:
4.250% notes due 2023 (b)		300.0			300.0
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
Term loan facility borrowing (c)		—			300.0
Total borrowings at par value		2,550.0			3,025.0
Debt issuance costs and unamortized discount, net		(15.5	)		(16.6	)
Total borrowings at carrying value (d)	$	2,534.5		$	3,008.4

(a)Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $1.5 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, 2022 had a weighted-average annual interest rate of approximately 0.7% and a weighted-average term of approximately 1 day.

(b)The difference between the stated interest rate and the effective interest rate is not significant.

(c)See Term Loan Facility section below for further discussion.

(d)As of March 31, 2022, the Company’s weighted-average effective rate on total borrowings was approximately 3.7%.

Schedule of Maturities of Borrowings

The following summarizes the Company’s maturities of its notes at par value as of March 31, 2022 (in millions):

Due within 1 year	$	—
Due after 1 year through 2 years		300.0
Due after 2 years through 3 years		500.0
Due after 3 years through 4 years		600.0
Due after 4 years through 5 years		—
Due after 5 years		1,050.0
Total	$	2,450.0

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Segments (Tables)

3 Months Ended

Mar. 31, 2022

Segments

Segment Results

The following table presents the Company’s segment results for the three months ended March 31, 2022 and 2021 (in millions):

	Three Months Ended March 31,
	2022			2021
Revenues:
Consumer-to-Consumer	$	999.0		$	1,050.9
Business Solutions (a)		89.1			96.5
Other		67.6			62.6
Total consolidated revenues	$	1,155.7		$	1,210.0
Operating income:
Consumer-to-Consumer	$	207.2		$	206.1
Business Solutions (a)		27.5			12.6
Other		21.5			14.1
Total segment operating income		256.2			232.8
Russia/Belarus exit costs (b)		(11.0	)		—
Business Solutions exit costs (b)		(7.7	)		—
Total consolidated operating income	$	237.5		$	232.8

(a)On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to the Buyer, which will be completed in two closings. The first closing occurred on March 1, 2022, with the second expected in the second half of 2022. The operations of the Business Solutions business to be sold in the second closing continue to be included in Revenues and Operating income after the first closing. However, between the first and second closing, the Company will pay the Buyer a measure of the profits from these operations, adjusted for income taxes and other charges, as contractually agreed, and this expense is recognized in Other expense, net in the Condensed Consolidated Statements of Income. See Note 4 for further information regarding this transaction.

(b)Represents the exit costs incurred in connection with the Company's suspension of its operations in Russia and Belarus and the divestiture of the Business Solutions business, primarily related to severance and non-cash impairments of property and equipment, an operating lease right-of-use asset, and other intangible assets. While certain of the expenses are identifiable to the Company's segments, the expenses are not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses are therefore excluded from the Company's segment operating income results.

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Business and Basis of Presentation - Narrative (Details) $ in Millions	Mar. 31, 2022 Country	Dec. 31, 2021 USD ($)
Business and Basis of Presentation
Number of countries and territories where services are primarily available through a network of agent locations (more than) | Country	200
Net assets subject to limitations | $		$ 460

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Business and Basis of Presentation - Summary of Effects of Changes in Presentation Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by/(used in) Operating activities	$ 200.0	$ 175.8
Net cash provided by/(used in) Investing activities	541.0	269.2
Net cash provided by/(used in) Financing activities	(792.7)	(307.5)
Net change in cash and cash equivalents, including settlement, and restricted cash	$ (51.7)	137.5
As Revised
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by/(used in) Operating activities		175.8
Net cash provided by/(used in) Investing activities		(96.2)
Net cash provided by/(used in) Financing activities		(10.4)
Net change in cash and cash equivalents, including settlement, and restricted cash		69.2
Revisions
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net cash provided by/(used in) Investing activities		365.4
Net cash provided by/(used in) Financing activities		(297.1)
Net change in cash and cash equivalents, including settlement, and restricted cash		$ 68.3

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Revenue - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) Item	Mar. 31, 2021 USD ($)
Revenue
Revenues from contracts with customers | $	$ 1,100.7	$ 1,166.3
Consumer money transfers
Revenue
Revenues from contracts with customers | $	$ 976.8	1,038.4
Number of performance obligations | Item	1
Number of integrated services involved in a transaction | Item	1
Consumer bill payments
Revenue
Revenues from contracts with customers | $	$ 42.6	$ 37.8
Number of integrated services involved in a transaction | Item	1

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Revenue - Disaggregation of Revenue Earned from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Revenues from contracts with customers	$ 1,100.7	$ 1,166.3
Other revenues	55.0	43.7
Revenues	1,155.7	1,210.0
Consumer money transfers
Revenue
Revenues from contracts with customers	976.8	1,038.4
Other revenues	22.2	12.5
Revenues	999.0	1,050.9
Foreign exchange and payment services
Revenue
Revenues from contracts with customers	65.0	73.4
Other revenues	24.1	23.1
Revenues	89.1	96.5
Consumer bill payments
Revenue
Revenues from contracts with customers	42.6	37.8
Other revenues	3.8	3.0
Revenues	46.4	40.8
Other services
Revenue
Revenues from contracts with customers	16.3	16.7
Other revenues	4.9	5.1
Revenues	21.2	21.8
North America
Revenue
Revenues from contracts with customers	430.8	440.9
North America | Consumer money transfers
Revenue
Revenues from contracts with customers	381.2	386.6
North America | Foreign exchange and payment services
Revenue
Revenues from contracts with customers	17.9	21.2
North America | Consumer bill payments
Revenue
Revenues from contracts with customers	17.5	18.6
North America | Other services
Revenue
Revenues from contracts with customers	14.2	14.5
Europe and Russia/CIS
Revenue
Revenues from contracts with customers	321.1	374.5
Europe and Russia/CIS | Consumer money transfers
Revenue
Revenues from contracts with customers	283.8	338.7
Europe and Russia/CIS | Foreign exchange and payment services
Revenue
Revenues from contracts with customers	33.7	34.3
Europe and Russia/CIS | Consumer bill payments
Revenue
Revenues from contracts with customers	3.5	1.1
Europe and Russia/CIS | Other services
Revenue
Revenues from contracts with customers	0.1	0.4
Middle East, Africa, and South Asia
Revenue
Revenues from contracts with customers	162.8	160.3
Middle East, Africa, and South Asia | Consumer money transfers
Revenue
Revenues from contracts with customers	162.3	159.7
Middle East, Africa, and South Asia | Foreign exchange and payment services
Revenue
Revenues from contracts with customers	0.4	0.5
Middle East, Africa, and South Asia | Consumer bill payments
Revenue
Revenues from contracts with customers	0.1	0.1
Latin America and the Caribbean
Revenue
Revenues from contracts with customers	111.8	107.0
Latin America and the Caribbean | Consumer money transfers
Revenue
Revenues from contracts with customers	88.1	86.7
Latin America and the Caribbean | Foreign exchange and payment services
Revenue
Revenues from contracts with customers	0.5	0.8
Latin America and the Caribbean | Consumer bill payments
Revenue
Revenues from contracts with customers	21.2	17.7
Latin America and the Caribbean | Other services
Revenue
Revenues from contracts with customers	2.0	1.8
East Asia and Oceania
Revenue
Revenues from contracts with customers	74.2	83.6
East Asia and Oceania | Consumer money transfers
Revenue
Revenues from contracts with customers	61.4	66.7
East Asia and Oceania | Foreign exchange and payment services
Revenue
Revenues from contracts with customers	12.5	16.6
East Asia and Oceania | Consumer bill payments
Revenue
Revenues from contracts with customers	$ 0.3	$ 0.3

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Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share
Outstanding restricted stock and options to purchase shares of stock excluded from the diluted earnings per share calculation	7.2	1.4

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Earnings Per Share - Schedule of Diluted Weighted-Average Shares Outstanding (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Basic weighted-average shares outstanding	393.1	411.7
Common stock equivalents	1.4	2.6
Diluted weighted-average shares outstanding	394.5	414.3

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Assets Held for Sale and Related Divestiture - Narrative (Details) $ in Millions		3 Months Ended
	Aug. 04, 2021 USD ($) Item	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liability		$ 358.6		$ 821.9
Gain on sale		151.4
Business Solutions | Asset Held for Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration from sale of business	$ 910.0
Number of closings | Item	2
Revenues		89.1	$ 96.5
Operating expenses		62.6	$ 81.8
Divestiture costs directly associated with transaction		3.2
Unrealized currency translation gains		17.8
Liability		358.6		$ 821.9
Gain on sale		151.4
Other expense		2.8
Business Solutions | Asset Held for Sale, Not Discontinued Operations | Other liabilities | European Union and United Kingdom
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Liability		$ 390.3

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Assets Held for Sale and Related Divestiture - Schedule of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 53.1
Total assets	623.1	$ 1,452.9
Total liabilities	358.6	821.9
Business Solutions | Asset Held for Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	53.1	37.7
Settlement assets	205.9	566.0
Property and equipment, net of accumulated depreciation of 2.5 and $19.3	2.0	6.3
Goodwill	229.5	532.0
Other intangible assets, net of accumulated amortization of 78.2 and $360.2	9.9	50.4
Other assets	122.7	260.5
Total assets	623.1	1,452.9
Accounts payable and accrued liabilities	47.5	61.6
Settlement obligations	205.9	566.0
Other liabilities	105.2	194.3
Total liabilities	$ 358.6	$ 821.9

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Assets Held for Sale and Related Divestiture - Schedule of Assets and Liabilities Held for Sale (Parenthetical) (Details) - Business Solutions - Asset Held for Sale, Not Discontinued Operations - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accumulated depreciation on property and equipment	$ 2.5	$ 19.3
Accumulated amortization on other intangible assets	$ 78.2	$ 360.2

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Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets:
Settlement assets	$ 2,999.5	$ 2,843.5
Derivatives	139.5	247.7
Liabilities:
Derivatives	114.0	183.8
Recurring
Assets:
Derivatives	139.5	247.7
Total assets	1,548.5	1,654.5
Liabilities:
Derivatives	114.0	183.8
Total liabilities	114.0	183.8
Recurring | Money market funds
Assets:
Settlement assets	6.7	7.9
Recurring | State and municipal debt securities
Assets:
Settlement assets	1,232.0	1,219.9
Recurring | State and municipal variable rate demand notes
Assets:
Settlement assets	79.9	84.8
Recurring | Corporate debt securities
Assets:
Settlement assets	58.9
Recurring | Corporate and other debt securities
Assets:
Settlement assets		57.8
Recurring | United States government agency mortgage-backed securities
Assets:
Settlement assets	31.5	36.4
Recurring | Level 1
Assets:
Total assets	6.7	7.9
Recurring | Level 1 | Money market funds
Assets:
Settlement assets	6.7	7.9
Recurring | Level 2
Assets:
Derivatives	139.5	247.7
Total assets	1,541.8	1,646.6
Liabilities:
Derivatives	114.0	183.8
Total liabilities	114.0	183.8
Recurring | Level 2 | State and municipal debt securities
Assets:
Settlement assets	1,232.0	1,219.9
Recurring | Level 2 | State and municipal variable rate demand notes
Assets:
Settlement assets	79.9	84.8
Recurring | Level 2 | Corporate debt securities
Assets:
Settlement assets	58.9
Recurring | Level 2 | Corporate and other debt securities
Assets:
Settlement assets		57.8
Recurring | Level 2 | United States government agency mortgage-backed securities
Assets:
Settlement assets	$ 31.5	$ 36.4

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Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of investments	$ 250.0
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings	2,534.5	$ 3,008.4
Level 2 | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Borrowings	2,540.5	$ 3,217.2
Non-recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Non-recurring asset fair value adjustments	$ 8.7

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Commitments and Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2022 USD ($)
Commitments and Contingencies
Letters of credit outstanding and bank guarantees	$ 330
Pending Litigation
Commitments and Contingencies
Range of possible loss, portion not accrued	$ 30

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Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity Method Investee
Related Party Transactions
Commission expense	$ 11.5	$ 13.2

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Settlement Assets and Obligations - Schedule of Settlement Assets and Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Settlement assets:
Cash and cash equivalents	$ 685.7	$ 835.5
Receivables from agents, Business Solutions customers, and others	1,137.4	1,198.8
Less: Allowance for credit losses	(19.9)	(23.7)
Receivables from agents, Business Solutions customers, and others, net	1,117.5	1,175.1
Investment securities	1,402.3	1,398.9
Less: Allowance for credit losses	(0.1)
Investment securities, net	1,402.2
Total settlement assets	3,205.4	3,409.5
Total settlement assets	2,999.5	2,843.5
Settlement obligations:
Money transfer, money order, and payment service payables	2,507.9	2,838.9
Payables to agents	697.5	570.6
Total settlement obligations	3,205.4	3,409.5
Total settlement obligations	$ 2,999.5	$ 2,843.5

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Settlement Assets and Obligations - Schedule of Settlement Assets and Obligations (Parenthetical) (Details) - Business Solutions [Member] - Asset Held for Sale, Not Discontinued Operations - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Settlement assets:
Settlement assets held for sale	$ 205.9	$ 566.0
Settlement obligations:
Settlement obligations associated with assets held for sale	$ 205.9	$ 566.0

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Settlement Assets and Obligations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables from agents, business solutions customers, and others, net	$ 1,117.5	$ 1,175.1
Advances to agents	$ 143.9	146.9
Variable rate demand notes, maximum maturity year	2050
Due after 5 years through 10 years	$ 554.8
Due after 10 years	153.0
Receivables from agents and others
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables from agents, business solutions customers, and others, net	1,089.9	1,125.9
Receivables from Business Solutions customers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables from agents, business solutions customers, and others, net	27.6	$ 49.2
State and municipal variable rate demand notes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Due after 5 years through 10 years	10.0
Due after 10 years	$ 69.9

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Settlement Assets and Obligations - Summary of Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary of activity in allowance for credit losses
Allowance for credit losses, Beginning Balance	$ 23.7
Allowance for credit losses, Ending Balance	19.9
Receivables from agents and others
Summary of activity in allowance for credit losses
Allowance for credit losses, Beginning Balance	18.0	$ 49.3
Current period provision for expected credit losses	1.9	2.3
Write-offs charged against the allowance	(3.1)	(3.3)
Recoveries of amounts previously written off	1.7	1.9
Impacts of foreign currency exchange rates, divestitures and other	(0.1)	(0.5)
Allowance for credit losses, Ending Balance	18.4	49.7
Receivables from Business Solutions customers
Summary of activity in allowance for credit losses
Allowance for credit losses, Beginning Balance	5.7	3.9
Current period provision for expected credit losses	0.4	1.5
Write-offs charged against the allowance	(0.4)	(0.4)
Impacts of foreign currency exchange rates, divestitures and other	(4.2)	(0.1)
Allowance for credit losses, Ending Balance	$ 1.5	$ 4.9

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Settlement Assets and Obligations - Summary of Activity in the Allowance for Credit Losses (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Settlement Assets and Obligations
Losses from chargebacks or fraud that are not credit-related	$ 10.0	$ 13.7

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Settlement Assets and Obligations - Components of Investment Securities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Cash and cash equivalents
Amortized Cost	$ 1,295.8	$ 1,208.3	$ 1,502.6
Available-for-sale securities:
Amortized Cost	1,428.1	1,361.1
Fair Value	1,402.3	1,398.9
Gross Unrealized Gains	5.5	40.8
Gross Unrealized Losses	(31.3)	(3.0)
Net Unrealized Gains/ (Losses)	(25.8)	37.8
Amortized Cost	1,434.8	1,369.0
Fair Value	1,409.0	1,406.8
Gross Unrealized Gains	5.5	40.8
Gross Unrealized Losses	31.3	(3.0)
Net Unrealized Gains/ (Losses)	(25.8)	37.8
Money market funds | Settlement Assets
Cash and cash equivalents
Amortized Cost	6.7	7.9
Fair Value	6.7	7.9
State and municipal debt securities
Available-for-sale securities:
Amortized Cost	1,254.8	1,182.6
Fair Value	1,232.0	1,219.9
Gross Unrealized Gains	5.5	39.8
Gross Unrealized Losses	(28.3)	(2.5)
Net Unrealized Gains/ (Losses)	(22.8)	37.3
State and municipal variable rate demand notes
Available-for-sale securities:
Amortized Cost	79.9	84.8
Fair Value	79.9	84.8
Corporate debt securities
Available-for-sale securities:
Amortized Cost	61.9
Fair Value	58.9
Gross Unrealized Losses	(3.0)
Net Unrealized Gains/ (Losses)	(3.0)
Corporate and other debt securities
Available-for-sale securities:
Amortized Cost		58.1
Fair Value		57.8
Gross Unrealized Gains		0.2
Gross Unrealized Losses		(0.5)
Net Unrealized Gains/ (Losses)		(0.3)
United States government agency mortgage-backed securities
Available-for-sale securities:
Amortized Cost	31.5	35.6
Fair Value	$ 31.5	36.4
Gross Unrealized Gains		0.8
Net Unrealized Gains/ (Losses)		$ 0.8

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Settlement Assets and Obligations - Contractual Maturities of Debt Securities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value
Due within 1 year	$ 154.5
Due after 1 year through 5 years	540.0
Due after 5 years through 10 years	554.8
Due after 10 years	153.0
Total	$ 1,402.3	$ 1,398.9

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Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Feb. 10, 2022
Equity, Class of Treasury Stock [Line Items]
Cash dividends paid	$ 91.7	$ 96.6
Common stock dividends (USD per share)	$ 0.235	$ 0.235
Stock repurchased and retired, publicly announced authorizations (shares)	8.1	3.1
Stock repurchased and retired, publicly announced authorizations, value excluding commissions	$ 150.0	$ 75.0
Stock repurchased and retired, publicly announced authorizations, average cost per share excluding commissions (USD per share)	$ 18.46	$ 24.24
Stock repurchase program expiration date	Dec. 31, 2021
Authorized through December 31, 2024
Equity, Class of Treasury Stock [Line Items]
Stock repurchases authorized amount			$ 1,000.0
Remaining amount available under share repurchase authorization	$ 850.0

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Stockholders' Equity - Schedule of Amounts Reclassified from AOCL (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated other comprehensive income (loss)
Reclassification from AOCL, net of tax	$ 18.6	$ (8.2)
Investment Securities
Accumulated other comprehensive income (loss)
Reclassification from AOCL, net of tax	(0.1)	(0.1)
Investment Securities | Revenues
Accumulated other comprehensive income (loss)
Reclassification from AOCL, before tax	(0.1)	(0.1)
Hedging Activities
Accumulated other comprehensive income (loss)
Reclassification from AOCL, net of tax	0.9	(5.6)
Hedging Activities | Foreign currency contracts | Revenues
Accumulated other comprehensive income (loss)
Reclassification from AOCL, before tax	1.0	(6.1)
Hedging Activities | Interest rate contracts | Interest Expense
Accumulated other comprehensive income (loss)
Reclassification from AOCL, before tax	(0.1)	(0.2)
Hedging Activities | Interest rate contracts | Other expense, net
Accumulated other comprehensive income (loss)
Reclassification from AOCL, before tax		0.7
Defined benefit plans
Accumulated other comprehensive income (loss)
Reclassification from AOCL, Provision for income taxes		0.6
Reclassification from AOCL, net of tax		(2.5)
Defined benefit plans | Other expense, net
Accumulated other comprehensive income (loss)
Reclassification from AOCL, before tax		$ (3.1)
Foreign Currency Translation
Accumulated other comprehensive income (loss)
Reclassification from AOCL, net of tax	17.8
Foreign Currency Translation | Gain on Divestiture of Business Member
Accumulated other comprehensive income (loss)
Reclassification from AOCL, before tax	$ 17.8

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Stockholders' Equity - Schedule of Components of Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	$ 355.6	$ 186.6
Amounts reclassified from AOCL into earnings, net of tax	(18.6)	8.2
Ending balance	352.8	218.8
Investment Securities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	30.4	58.3
Unrealized gains/(losses)	(63.6)	(16.0)
Tax benefit/(expense)	(11.9)	2.9
Amounts reclassified from AOCL into earnings, net of tax	0.1	0.1
Ending balance	21.2	45.3
Hedging Activities
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	18.7	(30.5)
Unrealized gains/(losses)	6.2	24.2
Tax benefit/(expense)		(0.9)
Amounts reclassified from AOCL into earnings, net of tax	(0.9)	5.6
Ending balance	24.0	(1.6)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(101.2)	(101.2)
Amounts reclassified from AOCL into earnings, net of tax	(17.8)
Ending balance	(119.0)	(101.2)
Defined benefit plans
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance		(86.1)
Amounts reclassified from AOCL into earnings, net of tax		2.5
Ending balance		(83.6)
Total AOCL
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(52.1)	(159.5)
Unrealized gains/(losses)	57.4	8.2
Tax benefit/(expense)	11.9	2.0
Amounts reclassified from AOCL into earnings, net of tax	18.6	8.2
Ending balance	$ (116.2)	$ (141.1)

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Derivatives - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)		Mar. 31, 2021 USD ($) Derivative	Dec. 31, 2021 USD ($)
Derivatives
Total borrowings at par value	$ 2,550.0			$ 3,025.0
Accumulated other comprehensive pre-tax gain (loss) to be reclassified into revenue within the next 12 months	23.3
1.350% Notes Due 2026
Derivatives
Total borrowings at par value	$ 600.0	[1]	$ 600.0	$ 600.0	[1]
Stated interest rate (as a percent)	1.35%		1.35%	1.35%
Business Solutions
Derivatives
Foreign exchange revenues	$ 78.6		$ 84.5
Cash Flow Hedges | Interest rate contracts | 3.600% Notes Due 2022
Derivatives
Number of derivative instruments terminated | Derivative			2
Deferred gain on termination of treasury locks			$ 2.6
Cash payment received for terminated swap agreement			3.3
Gain on derivative recognized in Other expense, net			$ 0.7
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
Not designated as hedges | Foreign currency contracts | Business Solutions
Derivatives
Notional amounts	$ 5,000.0			$ 8,000.0
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 contracts | Business Solutions
Derivatives
Foreign currency forward contracts maturity range	1 year
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

[1] The difference between the stated interest rate and the effective interest rate is not significant.

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Derivatives - Notional Amounts of Foreign Currency Forward Contracts (Details) - Foreign currency contracts - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Designated as hedges | Euro
Notional amounts of foreign currency forward contracts
Notional amounts	$ 418.6	$ 399.9
Designated as hedges | Canadian dollar
Notional amounts of foreign currency forward contracts
Notional amounts	133.4	134.0
Designated as hedges | Australian dollar
Notional amounts of foreign currency forward contracts
Notional amounts	57.2	58.4
Designated as hedges | Swiss franc
Notional amounts of foreign currency forward contracts
Notional amounts	45.8	45.9
Designated as hedges | British pound
Notional amounts of foreign currency forward contracts
Notional amounts	42.1	43.8
Designated as hedges | Swedish krona
Notional amounts of foreign currency forward contracts
Notional amounts	32.0	30.7
Designated as hedges | Japanese yen
Notional amounts of foreign currency forward contracts
Notional amounts	28.6	30.4
Designated as hedges | Other Currencies
Notional amounts of foreign currency forward contracts
Notional amounts		0.9
Not designated as hedges | Euro
Notional amounts of foreign currency forward contracts
Notional amounts	601.1	755.7
Not designated as hedges | Canadian dollar
Notional amounts of foreign currency forward contracts
Notional amounts	82.4	144.2
Not designated as hedges | Australian dollar
Notional amounts of foreign currency forward contracts
Notional amounts	66.1	98.1
Not designated as hedges | Swiss franc
Notional amounts of foreign currency forward contracts
Notional amounts	41.6	25.1
Not designated as hedges | British pound
Notional amounts of foreign currency forward contracts
Notional amounts	95.9	148.1
Not designated as hedges | Swedish krona
Notional amounts of foreign currency forward contracts
Notional amounts	29.2	25.1
Not designated as hedges | Japanese yen
Notional amounts of foreign currency forward contracts
Notional amounts	41.0	46.0
Not designated as hedges | Other Currencies
Notional amounts of foreign currency forward contracts
Notional amounts	184.1	132.7
Not designated as hedges | Mexican peso
Notional amounts of foreign currency forward contracts
Notional amounts	57.2	96.3
Not designated as hedges | Indian rupee
Notional amounts of foreign currency forward contracts
Notional amounts	58.9	63.4
Not designated as hedges | Philippine peso
Notional amounts of foreign currency forward contracts
Notional amounts		76.2
Not designated as hedges | Russian ruble
Notional amounts of foreign currency forward contracts
Notional amounts		44.4
Not designated as hedges | Chinese yuan
Notional amounts of foreign currency forward contracts
Notional amounts		31.6
Not designated as hedges | New Zealand dollar
Notional amounts of foreign currency forward contracts
Notional amounts		$ 26.6
Not designated as hedges | Brazilian real
Notional amounts of foreign currency forward contracts
Notional amounts	$ 25.3

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Derivatives - Notional Amounts of Foreign Currency Forward Contracts (Parenthetical) (Details) - Other Currencies - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
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

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Derivatives - Fair Value of Derivatives (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value of Derivatives
Derivative Assets	$ 139.5	$ 247.7
Derivative Liabilities	114.0	183.8
Designated as hedges
Fair Value of Derivatives
Derivative Assets	35.4	30.6
Derivative Liabilities	2.5	2.6
Designated as hedges | Other assets | Foreign currency contracts
Fair Value of Derivatives
Derivative Assets	35.4	30.6
Designated as hedges | Other liabilities | Foreign currency contracts
Fair Value of Derivatives
Derivative Liabilities	2.5	2.6
Not designated as hedges
Fair Value of Derivatives
Derivative Assets	104.1	217.1
Derivative Liabilities	111.5	181.2
Not designated as hedges | Other assets | Foreign currency contracts
Fair Value of Derivatives
Derivative Assets	2.4	4.0
Not designated as hedges | Other liabilities | Foreign currency contracts
Fair Value of Derivatives
Derivative Liabilities	9.7	7.1
Not designated as hedges | Business Solutions | Other assets | Foreign currency contracts
Fair Value of Derivatives
Derivative Assets	101.7	213.1
Not designated as hedges | Business Solutions | Other liabilities | Foreign currency contracts
Fair Value of Derivatives
Derivative Liabilities	$ 101.8	$ 174.1

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Derivatives - Gross and Net Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Offsetting of Derivative Assets
Gross Amounts of Recognized Assets	$ 84.2	$ 163.9
Net Amounts Presented in the Consolidated Balance Sheets	84.2	163.9
Derivatives Not Offset in the Consolidated Balance Sheets	(51.1)	(92.4)
Net Amounts	33.1	71.5
Derivatives that are not or may not be subject to master netting arrangement or similar agreement	55.3	83.8
Total	139.5	247.7
Offsetting of Derivative Liabilities
Gross Amounts of Recognized Liabilities	83.0	109.6
Net Amounts Presented in the Consolidated Balance Sheets	83.0	109.6
Derivatives Not Offset in the Consolidated Balance Sheets	(51.1)	(92.4)
Net Amounts	31.9	17.2
Derivatives that are not or may not be subject to master netting arrangement or similar agreement	31.0	74.2
Total	$ 114.0	$ 183.8

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Derivatives - Unrealized Gains/(Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Foreign currency contracts
Derivatives
Gain/(Loss) recognized in OCI	$ 6.2	$ 20.9
Interest rate contracts
Derivatives
Gain/(Loss) recognized in OCI		$ 3.3

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Derivatives - Unrealized Gains/(Losses) (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Foreign Exchange Contract [Member]
Derivative [Line Items]
Gains/(losses) excluded from effectiveness testing recognized in other comprehensive income	$ (4.2)	$ (0.7)

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Derivatives - Gains/(Losses) from Hedging Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Gains/(Losses) from Derivatives
Revenues	$ 1,155.7	$ 1,210.0
Interest expense	(24.8)	(28.4)
Other expense, net	(2.5)	(1.9)
Cash Flow Hedges | Foreign currency contracts | Revenues
Cash Flow and Fair Value Hedges
Gains/(losses) reclassified from AOCL into earnings	1.0	(6.1)
Amount excluded from effectiveness testing recognized in earnings based on an amortization approach	1.1	1.9
Cash Flow Hedges | Interest rate contracts | Interest Expense
Cash Flow and Fair Value Hedges
Gains/(losses) reclassified from AOCL into earnings	$ (0.1)	(0.2)
Cash Flow Hedges | Interest rate contracts | Other expense, net
Cash Flow and Fair Value Hedges
Gains/(losses) reclassified from AOCL into earnings		$ 0.7

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Derivatives - Undesignated Hedges (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Not designated as hedges | Selling, General and Administrative
Cash Flow and Fair Value Hedges
Gain recognized in Income on Foreign currency derivatives	$ 11.7	$ 16.0

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Derivatives - Undesignated Hedges (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flow and Fair Value Hedges
Foreign exchange gains/(losses) on settlement assets and obligations, cash balances, and other assets and liabilities	$ (9.9)	$ (21.8)

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Borrowings - Schedule of Outstanding Borrowings (Details) - USD ($) $ in Millions		Mar. 31, 2022		Dec. 31, 2021		Mar. 31, 2021
Outstanding Borrowings
Total borrowings at par value		$ 2,550.0		$ 3,025.0
Debt issuance costs and unamortized discount, net		(15.5)		(16.6)
Total borrowings at carrying value	[1]	2,534.5		3,008.4
Commercial Paper
Outstanding Borrowings
Total borrowings at par value	[2]	100.0		275.0
4.250% Notes Due 2023
Outstanding Borrowings
Total borrowings at par value	[3]	300.0		300.0
2.850% Notes Due 2025
Outstanding Borrowings
Total borrowings at par value	[3]	500.0		500.0
1.350% Notes Due 2026
Outstanding Borrowings
Total borrowings at par value		600.0	[3]	600.0	[3]	$ 600.0
2.750% Notes Due 2031
Outstanding Borrowings
Total borrowings at par value		300.0	[3]	300.0	[3]	$ 300.0
6.200% Notes Due 2036
Outstanding Borrowings
Total borrowings at par value	[3]	500.0		500.0
6.200% Notes Due 2040
Outstanding Borrowings
Total borrowings at par value	[3]	$ 250.0		250.0
Term Loan Facility Borrowing
Outstanding Borrowings
Total borrowings at par value	[4]			$ 300.0

[1] As of March 31, 2022, the Company’s weighted-average effective rate on total borrowings was approximately 3.7%.

[2] Pursuant to the Company’s commercial paper program, the Company may issue unsecured commercial paper notes in an amount not to exceed $1.5 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, 2022 had a weighted-average annual interest rate of approximately 0.7% and a weighted-average term of approximately 1 day.

[3] The difference between the stated interest rate and the effective interest rate is not significant.

[4] See Term Loan Facility section below for further discussion.

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Borrowings - Schedule of Outstanding Borrowings (Parenthetical) (Details) - USD ($) $ in Billions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Outstanding Borrowings
Weighted-average effective interest rate (as a percent)	3.70%
Commercial Paper
Outstanding Borrowings
Maximum borrowing capacity	$ 1.5
Maximum days to maturity	397 days
Weighted-average effective interest rate (as a percent)	0.70%
Weighted-average term	1 day
4.250% Notes Due 2023
Outstanding Borrowings
Stated interest rate (as a percent)	4.25%	4.25%
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%	1.35%
2.750% Notes Due 2031
Outstanding Borrowings
Stated interest rate (as a percent)	2.75%	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%

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Borrowings - Narrative (Details) - USD ($) $ in Millions			3 Months Ended
		Jan. 04, 2022	Mar. 31, 2022		Mar. 31, 2021	Dec. 31, 2021		Dec. 18, 2018
Long-term and Short-term Debt Instruments
Total borrowings at par value			$ 2,550.0			$ 3,025.0
Repayment of long-term debt			300.0		$ 650.0
Term Loan Facility Borrowing
Long-term and Short-term Debt Instruments
Total borrowings at par value	[1]					300.0
Maximum borrowing capacity								$ 950.0
Repayment of long-term debt		$ 300.0			650.0
2.750% Notes Due 2031
Long-term and Short-term Debt Instruments
Total borrowings at par value			$ 300.0	[2]	$ 300.0	$ 300.0	[2]
Stated interest rate (as a percent)			2.75%		2.75%	2.75%

[1] See Term Loan Facility section below for further discussion.

[2] The difference between the stated interest rate and the effective interest rate is not significant.

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Borrowings - Schedule of Maturities of Borrowings (Details) $ in Millions	Mar. 31, 2022 USD ($)
Borrowings maturities at par value
Due after 1 year through 2 years	$ 300.0
Due after 2 years through 3 years	500.0
Due after 3 years through 4 years	600.0
Due after 5 years	1,050.0
Total	$ 2,450.0

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Taxes
Effective tax rate	19.00%	10.40%
Unrecognized tax benefits, including interest and penalties	$ 373.1		$ 376.3

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Stock-Based Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Long-Term Incentive Plan
Stock-based compensation expense	$ 10.7	$ 10.8
Options granted (shares)	0.6
Options granted exercise price (in dollars per share)	$ 18.62
Performance-based restricted stock units and Restricted stock units granted (in shares)	3.1
Performance-based restricted stock units and Restricted stock units weighted average grant date fair value (in dollars per share)	$ 20.34
Number of options outstanding (in shares)	7.0
Exercise price of options outstanding (in dollars per share)	$ 19.03
Number of options exercisable (in shares)	3.6
Exercise price of options exercisable (in dollars per share)	$ 19.10
Number of non-vested Performance-based restricted stock units and Restricted stock units (in shares)	7.7
Grant date fair value of Performance-based restricted stock units and Restricted stock units (in dollars per share)	$ 21.75

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Segments - Narrative (Details) - Operating Segments	3 Months Ended
	Mar. 31, 2022 Customer Segment Region
Segments
Number of operating segments | Segment	2
Consumer-to-Consumer
Segments
Number of consumers in money transfer | Customer	2
Number of geographic regions in segment | Region	5

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Segments - Segments Results (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Revenues:
Total consolidated revenues		$ 1,155.7	$ 1,210.0
Operating income:
Total operating income		237.5	232.8
Operating Segments
Operating income:
Total operating income		256.2	232.8
Operating Segments | Consumer-to-Consumer
Revenues:
Total consolidated revenues		999.0	1,050.9
Operating income:
Total operating income		207.2	206.1
Operating Segments | Business Solutions
Revenues:
Total consolidated revenues	[1]	89.1	96.5
Operating income:
Total operating income	[1]	27.5	12.6
Operating Segments | Other
Revenues:
Total consolidated revenues		67.6	62.6
Operating income:
Total operating income		21.5	$ 14.1
Not Allocated To Segments | Russia/Belarus
Operating income:
Exit costs	[2]	(11.0)
Not Allocated To Segments | Business Solutions
Operating income:
Exit costs	[2]	$ (7.7)

[1] On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to the Buyer, which will be completed in two closings. The first closing occurred on March 1, 2022, with the second expected in the second half of 2022. The operations of the Business Solutions business to be sold in the second closing continue to be included in Revenues and Operating income after the first closing. However, between the first and second closing, the Company will pay the Buyer a measure of the profits from these operations, adjusted for income taxes and other charges, as contractually agreed, and this expense is recognized in Other expense, net in the Condensed Consolidated Statements of Income. See Note 4 for further information regarding this transaction.

[2] Represents the exit costs incurred in connection with the Company's suspension of its operations in Russia and Belarus and the divestiture of the Business Solutions business, primarily related to severance and non-cash impairments of property and equipment, an operating lease right-of-use asset, and other intangible assets. While certain of the expenses are identifiable to the Company's segments, the expenses are not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses are therefore excluded from the Company's segment operating income results.

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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	2