Western Union 2014 Annual Report Download - page 230

2014 FORM 10-K
92
THE WESTERN UNION COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
Year Ended December 31,
2014 2013 2012
Revenues:
Transaction fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,083.6 $ 4,065.8 $ 4,210.0
Foreign exchange revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,386.3 1,348.0 1,332.7
Other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137.3 128.2 122.1
Total revenues. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,607.2 5,542.0 5,664.8
Expenses:
Cost of services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,297.4 3,235.0 3,194.2
Selling, general and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,169.3 1,199.6 1,140.6
Total expenses*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,466.7 4,434.6 4,334.8
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,140.5 1,107.4 1,330.0
Other income/(expense):
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.5 9.4 5.5
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (176.6)(195.6)(179.6)
Derivative gains/(losses), net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.2)(1.3) 0.5
Other income/(expense), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.0) 7.0 12.4
Total other expense, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (172.3)(180.5)(161.2)
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 968.2 926.9 1,168.8
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115.8 128.5 142.9
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 852.4 $ 798.4 $ 1,025.9
Earnings per share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.60 $ 1.43 $ 1.70
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.59 $ 1.43 $ 1.69
Weighted-average shares outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 533.4 556.6 604.9
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 536.8 559.7 607.4
Cash dividends declared per common share. . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.50 $ 0.50 $ 0.425
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* As further described in Note 6, total expenses include amounts for related parties of $70.2 million, $80.6 million and $95.0
million for the years ended December 31, 2014, 2013 and 2012, respectively.
See Notes to Consolidated Financial Statements.