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2013 FORM 10-K
91
THE WESTERN UNION COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
Year Ended December 31,
2013 2012 2011
Revenues:
Transaction fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,065.8 $ 4,210.0 $ 4,220.2
Foreign exchange revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,348.0 1,332.7 1,151.2
Other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128.2 122.1 120.0
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,542.0 5,664.8 5,491.4
Expenses:
Cost of services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,235.0 3,194.2 3,102.0
Selling, general and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,199.6 1,140.6 1,004.4
Total expenses*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,434.6 4,334.8 4,106.4
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,107.4 1,330.0 1,385.0
Other income/(expense):
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.4 5.5 5.2
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (195.6)(179.6)(181.9)
Derivative gains/(losses), net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.3) 0.5 14.0
Other income, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.0 12.4 52.3
Total other expense, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (180.5)(161.2)(110.4)
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 926.9 1,168.8 1,274.6
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128.5 142.9 109.2
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 798.4 $ 1,025.9 $ 1,165.4
Earnings per share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.43 $ 1.70 $ 1.85
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.43 $ 1.69 $ 1.84
Weighted-average shares outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 556.6 604.9 630.6
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 559.7 607.4 634.2
Cash dividends declared per common share . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.50 $ 0.425 $ 0.31
____________________
* As further described in Note 6, total expenses include amounts for related parties of $80.6 million, $95.0 million and
$190.7 million for the years ended December 31, 2013, 2012 and 2011, respectively.
See Notes to Consolidated Financial Statements.