Western Union 2015 Annual Report Download - page 194
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92
THE WESTERN UNION COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
Year Ended December 31,
2015 2014 2013
Revenues:
Transaction fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,915.6 $ 4,083.6 $ 4,065.8
Foreign exchange revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,436.2 1,386.3 1,348.0
Other revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131.9 137.3 128.2
Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,483.7 5,607.2 5,542.0
Expenses:
Cost of services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,199.4 3,297.4 3,235.0
Selling, general and administrative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,174.9 1,169.3 1,199.6
Total expenses*. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,374.3 4,466.7 4,434.6
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,109.4 1,140.5 1,107.4
Other income/(expense):
Interest income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.9 11.5 9.4
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (167.9)(176.6)(195.6)
Derivative gains/(losses), net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 (2.2)(1.3)
Other income/(expense), net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.8)(5.0) 7.0
Total other expense, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (167.6)(172.3)(180.5)
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 941.8 968.2 926.9
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104.0 115.8 128.5
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 837.8 $ 852.4 $ 798.4
Earnings per share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.63 $ 1.60 $ 1.43
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.62 $ 1.59 $ 1.43
Weighted-average shares outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 512.6 533.4 556.6
Diluted. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 516.7 536.8 559.7
Cash dividends declared per common share . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.62 $ 0.50 $ 0.50
____________________
* As further described in Note 6, total expenses include amounts for related parties of $65.5 million, $70.2 million and $80.6
million for the years ended December 31, 2015, 2014 and 2013, respectively.
See Notes to Consolidated Financial Statements.
201 FORM 10-K
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