Western Union 2011 Annual Report Download - page 151
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THE WESTERN UNION COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
2012 Changes in Reportable Segments
In connection with the acquisition of TGBP, recent management changes, and other key strategic initiatives,
the Company will implement a new segment structure to assess performance and allocate resources, beginning in
the first quarter of 2012. The changes in the Company’s segment structure primarily relate to the separation of
the Global Business Payments segment into two new reportable segments, Consumer-to-Business and Business
Solutions. A summary of how the segments will be structured follows:
Segment Description
Consumer-to-Consumer Money transfer services between consumers, primarily through a global network
of third-party agents.
Consumer-to-Business Processing of payments from consumers to businesses and other organizations,
including utilities, auto finance companies, mortgage servicers, financial service
providers, government agencies and other businesses.
Business Solutions Business-to-business payment solutions, primarily for cross-border, cross-
currency transactions, including services provided under the Company’s existing
Western Union Business Solutions business and TGBP, which was acquired in
November 2011.
Other Businesses that have not been classified into one of the Company’s other
segments. These businesses primarily include the Company’s money order and
prepaid services businesses.
18. Quarterly Financial Information (Unaudited)
Summarized quarterly results for the years ended December 31, 2011 and 2010 were as follows (in millions,
except per share data):
2011 by Quarter: Q1 Q2 Q3 Q4
Year Ended
December 31,
2011
Revenues ................................ $ 1,283.0 $ 1,366.3 $ 1,410.8 $ 1,431.3 $ 5,491.4
Expenses (a) .............................. 970.1 1,015.6 1,047.8 1,072.9 4,106.4
Operating income .......................... 312.9 350.7 363.0 358.4 1,385.0
Other expense, net (b) ...................... 38.2 17.3 49.1 5.8 110.4
Income before income taxes ................. 274.7 333.4 313.9 352.6 1,274.6
Provision for/(benefit from) income taxes (c) .... 64.5 70.2 74.2 (99.7) 109.2
Net income ............................... $ 210.2 $ 263.2 $ 239.7 $ 452.3 $ 1,165.4
Earnings per share:
Basic ............................... $ 0.32 $ 0.42 $ 0.38 $ 0.73 $ 1.85
Diluted .............................. $ 0.32 $ 0.41 $ 0.38 $ 0.73 $ 1.84
Weighted-average shares outstanding:
Basic ............................... 646.9 631.1 624.9 619.4 630.6
Diluted .............................. 652.1 635.8 627.1 621.7 634.2
(a) Includes $24.0 million in the first quarter, $8.9 million in the second quarter and $13.9 million in the third
quarter of restructuring and related expenses. For more information, see Note 4.
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