Western Union 2012 Annual Report Download - page 57

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52
Results of Operations
The following discussion of our consolidated results of operations and segment results refers to the year ended December 31,
2012 compared to the same period in 2011 and the year ended December 31, 2011 compared to the same period in 2010. 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 Consolidated Statements of Income. All significant intercompany
accounts and transactions between our segments have been eliminated.
During the year ended December 31, 2011, we reached an agreement with the United States Internal Revenue Service (“IRS”)
resolving substantially all of the issues related to the restructuring of our international operations in 2003. As a result of the IRS
Agreement, we recognized a tax benefit of $204.7 million related to the adjustment of reserves associated with this matter. For
additional information, refer to “Income taxes.”