Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 21, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Entity File Number | 001-31648 | ||
Entity Shell Company | false | ||
Document Annual Report | true | ||
Entity Small Business | false | ||
City Area Code | (913) | ||
Local Phone Number | 327-4200 | ||
Entity Address, Address Line One | 11400 Tomahawk Creek Parkway, Suite 300 | ||
Entity Address, City or Town | Leawood | ||
Entity Address, State or Province | KS | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Registrant Name | EURONET WORLDWIDE, INC. | ||
Entity Central Index Key | 0001029199 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 5.5 | ||
Entity Common Stock, Shares Outstanding | 45,782,740 | ||
Entity Tax Identification Number | 74-2806888 | ||
Entity Address, Postal Zip Code | 66211 | ||
Entity Emerging Growth Company | false | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Location | Kansas City, Missouri | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | EEFT | ||
Security Exchange Name | NASDAQ | ||
1.375% Senior Notes due 2026 [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 1.375% Senior Notes due 2026 | ||
Trading Symbol | EEFT26 | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,254.2 | $ 1,131.2 |
ATM cash | 525.2 | 515.6 |
Restricted cash | 15.2 | 7.4 |
Settlement assets | 1,681.5 | 1,442.7 |
Trade accounts receivable, net of credit loss allowance of $3.6 and $4.0 | 370.6 | 270.8 |
Prepaid expenses and other current assets | 316 | 359 |
Total current assets | 4,162.7 | 3,726.7 |
Operating right of use lease assets | 142.6 | 149.7 |
Property and equipment, net of accumulated depreciation of $656.9 and $576.4 | 332.1 | 336.6 |
Goodwill | 847.5 | 828.3 |
Acquired intangible assets, net of accumulated amortization of $214.1 and $199.2 | 167.6 | 188.3 |
Other assets, net of accumulated amortization of $76.3 and $68.0 | 181.9 | 174 |
Convertible notes receivable | 60 | |
Total assets | 5,894.4 | 5,403.6 |
Current liabilities: | ||
Settlement obligations | 1,681.5 | 1,442.7 |
Trade accounts payable | 241.2 | 222.4 |
Accrued expenses and other current liabilities | 439 | 505.7 |
Current portion of operating lease obligations | 50.3 | 50.2 |
Short-term debt obligations and current maturities of long-term debt obligations | 150.3 | 0.1 |
Income taxes payable | 81.6 | 67.5 |
Deferred revenue | 56.7 | 65.4 |
Total current liabilities | 2,700.6 | 2,354 |
Debt obligations, net of current portion | 1,715.4 | 1,609.1 |
Operating lease obligations, net of current portion | 95.8 | 102.7 |
Deferred income taxes | 47 | 28.4 |
Other long-term liabilities | 85.9 | 65 |
Total liabilities | 4,644.7 | 4,159.2 |
Euronet Worldwide, Inc. stockholders' equity: | ||
Preferred Stock, $0.02 par value. 10,000,000 shares authorized; none issued | ||
Common Stock, $0.02 par value. 90,000,000 shares authorized; shares issued 64,376,923 and 64,091,387 | 1.3 | 1.3 |
Additional paid-in capital | 1,311.6 | 1,251.8 |
Treasury stock, at cost, shares issued 18,598,961 and 14,269,645 | (1,487.7) | (1,105.8) |
Retained earnings | 1,627.9 | 1,348.3 |
Accumulated other comprehensive loss | (203.2) | (251) |
Total Euronet Worldwide, Inc. stockholders' equity | 1,249.9 | 1,244.6 |
Noncontrolling interests | (0.2) | (0.2) |
Total equity | 1,249.7 | 1,244.4 |
Total liabilities and equity | $ 5,894.4 | $ 5,403.6 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 3.6 | $ 4 |
Property and equipment, accumulated depreciation | 656.9 | 576.4 |
Accumulated amortization | 214.1 | 199.2 |
Accumulated amortization of other assets | $ 76.3 | $ 68 |
Preferred stock, par value per share | $ 0.02 | $ 0.02 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value per share | $ 0.02 | $ 0.02 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares, issued | 64,376,923 | 64,091,387 |
Treasury stock, shares | 18,598,961 | 14,269,645 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Revenues | $ 3,688 | $ 3,358.8 | $ 2,995.5 |
Operating expenses: | |||
Direct operating costs | 2,222.8 | 2,018.2 | 1,900.2 |
Acquired contract cost impairment | 38.6 | ||
Salaries and benefits | 602.9 | 534.2 | 484.9 |
Selling, general and administrative | 296.8 | 285.1 | 252 |
Depreciation and amortization | 132.9 | 135.9 | 135.8 |
Total operating expenses | 3,255.4 | 2,973.4 | 2,811.5 |
Operating income | 432.6 | 385.4 | 184 |
Other income (expense): | |||
Interest income | 15.2 | 2 | 0.7 |
Interest expense | (55.6) | (37.5) | (38.3) |
Foreign currency exchange gain (loss), net | 8 | (28.2) | (10.8) |
Other gains, net | 0.2 | 0.9 | |
Other expense, net | (32.2) | (62.8) | (48.4) |
Income before income taxes | 400.4 | 322.6 | 135.6 |
Income tax expense | (120.9) | (91.9) | (65.1) |
Net income | 279.5 | 230.7 | 70.5 |
Less: Net loss attributable to noncontrolling interests | 0.2 | 0.3 | 0.2 |
Net income (loss) attributable to Euronet Worldwide, Inc. | $ 279.7 | $ 231 | $ 70.7 |
Earnings per share attributable to Euronet Worldwide, Inc. stockholders: | |||
Basic | $ 5.77 | $ 4.6 | $ 1.34 |
Diluted | $ 5.5 | $ 4.41 | $ 1.32 |
Weighted average shares outstanding: | |||
Basic | 48,482,006 | 50,175,614 | 52,585,674 |
Diluted | 51,599,633 | 53,463,308 | 53,529,576 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net income | $ 279.5 | $ 230.7 | $ 70.5 |
Other comprehensive (loss) income | |||
Translation adjustment | 47.9 | (78.3) | (78.5) |
Comprehensive (loss) income | 327.4 | 152.4 | (8) |
Comprehensive loss (income) attributable to noncontrolling interests | (0.2) | 0.1 | |
Comprehensive (loss) income attributable to Euronet Worldwide, Inc. | $ 327.4 | $ 152.2 | $ (7.9) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Balance at Dec. 31, 2020 | $ 1,446 | $ 1.3 | $ 1,228.4 | $ (703) | $ 1,013.2 | $ (94.2) | $ 0.3 |
Balance, shares at Dec. 31, 2020 | 52,734,049 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 70.5 | 70.7 | (0.2) | ||||
Other comprehensive (loss) income | (78.5) | (78.4) | (0.1) | ||||
Stock issued under employee stock plans | 8.7 | 9.1 | (0.4) | ||||
Stock issued under employee stock plans, shares | 413,835 | ||||||
Share-based compensation | 36.6 | 36.6 | |||||
Repurchase of shares | (227.8) | (227.8) | |||||
Repurchase of shares, shares | (2,000,000) | ||||||
Balance at Dec. 31, 2021 | 1,255.5 | $ 1.3 | 1,274.1 | (931.2) | 1,083.9 | (172.6) | 0 |
Balance, shares at Dec. 31, 2021 | 51,147,884 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 230.7 | 231 | (0.3) | ||||
Other comprehensive (loss) income | (78.3) | (78.4) | 0.1 | ||||
Adoption of ASU-2020-60 on Convertible bond | ASU 2020-06 | (40.7) | (74.1) | 33.4 | ||||
Stock issued under employee stock plans | 8.1 | 7.7 | 0.4 | ||||
Stock issued under employee stock plans, shares | 314,358 | ||||||
Share-based compensation | 44.1 | 44.1 | |||||
Repurchase of shares | (175) | (175) | |||||
Repurchase of shares, shares | (1,639,535) | ||||||
Balance at Dec. 31, 2022 | 1,244.4 | $ 1.3 | 1,251.8 | (1,105.8) | 1,348.3 | (251) | (0.2) |
Balance, shares at Dec. 31, 2022 | 49,822,707 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 279.5 | 279.7 | (0.2) | ||||
Other comprehensive (loss) income | 47.9 | (0.1) | 47.8 | 0.2 | |||
Stock issued under employee stock plans | (2.6) | 6.1 | 3.5 | ||||
Stock issued under employee stock plans, shares | 292,151 | ||||||
Share-based compensation | 53.7 | 53.7 | |||||
Repurchase of shares | (378.4) | (378.4) | |||||
Repurchase of shares, shares | (4,336,896) | ||||||
Balance at Dec. 31, 2023 | $ 1,249.7 | $ 1.3 | $ 1,311.6 | $ (1,487.7) | $ 1,627.9 | $ (203.2) | $ (0.2) |
Balance, shares at Dec. 31, 2023 | 45,777,962 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Cash Flows [Abstract] | |||
Net income (loss) | $ 279.5 | $ 230.7 | $ 70.5 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 132.9 | 135.9 | 135.8 |
Share-based compensation | 53.7 | 44.1 | 36.5 |
Unrealized foreign exchange (gain) loss, net | (8) | 28.2 | 10.8 |
Deferred income taxes | 13.7 | 7.9 | (2.3) |
Accretion of convertible debt discount and amortization of debt issuance costs | 4 | 3.7 | 20.2 |
Changes in working capital, net of amounts acquired: | |||
Income taxes payable, net | 11.6 | 10.8 | 23.9 |
Trade accounts receivable, including amounts in settlement assets | (190.9) | (299.4) | (107.5) |
Prepaid expenses and other current assets, including amounts in settlement assets | 42.4 | (192.6) | 93.5 |
Trade accounts payable, including amounts in settlement obligations | 53.6 | 178.1 | (33.2) |
Deferred revenue | (10.3) | (8.4) | 7.5 |
Accrued expenses and other current liabilities, including amounts in settlement obligations | 238.7 | 608.2 | 93 |
Changes in non-current assets and liabilities | 22.2 | 1.1 | 57.6 |
Net cash provided by operating activities | 643.1 | 748.3 | 406.3 |
Cash flows from investing activities: | |||
Acquisitions, net of cash acquired | (1.3) | (343) | |
Purchases of property and equipment and proceeds of sale property and equipment | (94.4) | (104.3) | (92.2) |
Issuance of Convertible Notes Receivable | (60) | ||
Purchases of other long-term assets | (9.1) | (7.7) | (7.8) |
Other, net | 7.2 | 1.2 | 1.9 |
Net cash used in investing activities | (157.6) | (453.8) | (98.1) |
Cash flows from financing activities: | |||
Proceeds from issuance of shares | 7.8 | 9.1 | 10.8 |
Repurchase of shares | (378.4) | (176) | (229.9) |
Borrowings from revolving credit agreements | 7,925.8 | 7,904.6 | 5,074 |
Repayments of revolving credit agreements | (7,393.6) | (7,733.2) | (5,061) |
Net (repayments) borrowings from short-term debt obligations | (302.8) | 1.2 | 0.1 |
Debt issuance costs | (3) | ||
Other, net | (2) | (3.9) | (6) |
Net cash used in financing activities | (143.2) | (1.2) | (212) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (86.1) | (388.6) | (109.6) |
Increase (decrease) in cash and cash equivalents and restricted cash | 256.2 | (95.3) | (13.4) |
Cash and cash equivalents and restricted cash at beginning of period | 1,990.8 | 2,086.1 | 2,099.5 |
Cash and cash equivalents and restricted cash at end of period | 2,247 | 1,990.8 | 2,086.1 |
Supplemental Cash Flow Disclosures: | |||
Interest paid during the period | 53.2 | 29.1 | 18.5 |
Income taxes paid during the period | $ 94.5 | $ 86.2 | $ 48.7 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization | |
Organization | ( 1) Organization Euronet Worldwide, Inc. (the "Company" or "Euronet") was established as a Delaware corporation on December 13, 1996 and succeeded Euronet Holding N.V. as the group holding company, which was founded and established in 1994 |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Preparation | |
Basis of Preparation | (2) Basis of Preparation The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Consolidated Financial Statements include the accounts of Euronet and its wholly owned and majority owned subsidiaries and all significant intercompany balances and transactions have been eliminated. Euronet's investments in companies that it does not control, but has the ability to significantly influence, are accounted for under the equity method. Euronet has no variable interest entities. Results from operations related to entities acquired during the periods covered by the Consolidated Financial Statements are reflected from the effective date of acquisition. The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires that management make a number of estimates and assumptions relating to the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Significant items subject to such estimates and assumptions include computing income taxes, contingent purchase price consideration, estimating the useful lives and potential impairment of long-lived assets and goodwill, as well as allocating the purchase price to assets acquired and liabilities assumed in acquisitions and revenue recognition. Actual results could differ from those estimates. Seasonality Euronet’s EFT Processing Segment normally experiences its heaviest demand for DCC services during the third quarter of the fiscal year, normally coinciding with the tourism season. Additionally, the EFT Processing and epay Segments are normally impacted by seasonality during the fourth quarter and first quarter of each year due to higher transaction levels during the holiday season and lower levels following the holiday season. Seasonality in the Money Transfer Segment varies by region of the world. In most markets, Euronet usually experiences increased demand for money transfer services from the month of May through the fourth quarter of each year, coinciding with the increase in worker migration patterns and various holidays, and its lowest transaction levels during the first quarter of the year. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Practices | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies and Practices | |
Summary of Significant Accounting Policies and Practices | (3) Summary of Significant Accounting Policies and Practices Foreign currencies Assets and liabilities denominated in currencies other than the functional currency of a subsidiary are remeasured at rates of exchange on the balance sheet date. Resulting gains and losses on foreign currency transactions are included in the Consolidated Statements of Operations. The majority of our foreign currency exchange gains or losses are due to the of intercompany loans which are not considered a long-term investment in nature and are in a currency other than the functional currency of one The financial statements of foreign subsidiaries where the functional currency is not the U.S. dollar are translated to U.S. dollars using (i) exchange rates in effect at period end for assets and liabilities, and (ii) weighted average exchange rates during the period for revenues and expenses. Adjustments resulting from translation of such financial statements are reflected in accumulated other comprehensive (loss) income as a separate component of consolidated equity. Cash equivalents The Company considers all highly liquid investments, with an original maturity of three ATM cash ATM cash represents cash within the ATM network either included within ATMs, within dedicated accounts, or in-transit to ATMs. Settlement assets and obligations Settlement assets represent funds received or to be received from agents for unsettled money transfers and from merchants for unsettled prepaid transactions. 4 , Settlement Assets and Obligations, to the Consolidated Financial Statements for further discussion on settlement assets and obligations. Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Property and equipment acquired in acquisitions have been recorded at estimated fair values as of the acquisition date. Depreciation is generally calculated using the straight-line method over the estimated useful lives of the respective assets. Depreciation and amortization rates are generally as follows: ATMs or ATM upgrades 5 - 8 years Computers and software 3 - 5 years POS terminals 3 - 5 years Vehicles and office equipment 3 - 10 years Leasehold improvements Over the lesser of the lease term or estimated useful life Goodwill and ot her intangible assets Goodwill 350 Intangibles - Goodwill and Other ("ASC 350 350 one ASC 350 Under the qualitative assessment, various events, and circumstances (or factors) that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators). These factors are then classified by the type of impact they would have on the estimated fair value using positive, neutral, and adverse categories based on current business conditions. Furthermore, the Company considers the results of the most recent quantitative impairment test completed for a reporting unit and compares, among other factors, the weighted average cost of capital ("WACC") between the current and prior years for each reporting unit. Under the quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. The Company uses weighted results from the income approach or the discounted cash flow model ("DCF model") and guideline public company method ("Market Approach model") to estimate the current fair value of its reporting units when testing for impairment, as management believes forecasted cash flows and EBITDA are the best indicators of such fair value. A number of significant assumptions and estimates are involved in the application of the DCF model to forecast operating cash flows, including sales volumes, gross margins, tax rates, capital spending, discount rates and working capital changes. Most of these assumptions vary significantly among the reporting units. Significant assumptions in the Market Approach model are projected EBITDA, selected market multiple, and the estimated control premium. If the carrying value of goodwill exceeds its fair value, an impairment loss equal to such excess would be recognized. The DCF Model and Market Approach Model utilize Level 3 Other Intangible Assets - In accordance with ASC 350 Non-compete agreements 2 - 5 years Trademarks and trade names 2 - 20 years Software 3 - 10 years Customer relationships 6 - 20 years The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or changes in circumstances are present, a loss is recognized if the carrying value of the asset is in excess of the sum of the undiscounted cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset. See Note 9 Other assets Other assets include capitalized software development costs and capitalized payments for new or renewed contracts. Euronet capitalizes initial payments for new or renewed contracts to the extent recoverable through future operations, contractual minimums and/or penalties in the case of early termination. The Company's accounting policy is to limit the amount of capitalized costs for a given contract to the lesser of the estimated ongoing net future cash flows related to the contract or the termination fees the Company would receive in the event of early termination of the contract by the customer. ASC Topic 340 Other Assets and Deferred Costs ("ASC 340 requires the deferral of incremental costs to fulfill customer contracts, known as contract assets, which are then amortized to expense as part of direct operating costs over the respective periods of expected benefit. D eferred contract costs are reported on our balance sheet within current or non-current other assets based on the expected life of the related contract. At December 31, 2023 and 2022 $78.4 78.9 December 31, 2023 2022 and 2021 $17.1 22.1 33.3 2021 $38.6 million non 19 Convertible notes In August 2020, the FASB issued ASU 2020 06 "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" 815 2049 Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with ASC Topic 740 Income Taxes ("ASC 740 Operations. See Note 15 Presentation of taxes collected and remitted to governmental authorities The Company presents taxes collected and remitted to governmental authorities on a net basis in the accompanying Consolidated Statements of Operations. Fair value measurements The Company applies the provisions of ASC Topic 820 Fair Value Measurements and Disclosures ("ASC 820 820 accounting pronouncements require or permit fair value measurements. See Note 19 Accounting for derivative instruments and hedging activities The Company accounts for derivative instruments and hedging activities in accordance with ASC Topic 815 Derivatives and Hedging ("ASC 815 forward contracts, to offset foreign currency exposure related to money transfer settlement assets and liabilities in currencies other than the U.S. dollar, derivative contracts written to its customers arising from its cross-currency money transfer services and certain assets and liability positions denominated in currencies other than the U.S. dollar. These contracts are considered derivative instruments under the provisions of ASC 815 Cash flows resulting from derivative instruments are included in operating activities in the Company's Consolidated Statements of Cash Flows. The Company enters into derivative instruments with highly credit-worthy financial institutions and does not use derivative instruments for trading or speculative purposes. See Note 13 . Share-based compensation The Company follows the provisions of ASC Topic 718 Compensation - Stock Compensation ("ASC 718 The amount of future compensation expense related to awards of nonvested shares or nonvested share units ("restricted stock") is based on the market price for Euronet Common Stock at the grant date. The grant dat e is the date at which all key terms and conditions of the grant have been determined and the Company becomes contingently obligated to transfer equity to the employee who renders the requisite service, generally the date at which grants are approved by the Company's Board of Directors or Compensation Committee thereof. Share-based compensation expense for awards with only service conditions is generally recognized as expense on a "straight-line" basis over the requisite service period. For awards that vest based on achieving periodic performance conditions, expense is recognized on a "graded attribution method." The graded attribution method results in expense recognition on a straight-line basis over the requisite service period for each separately vesting portion of an award. The Company has elected to use the "with and without method" when calculating the income tax benefit associated with its share-based payment arrangements. See Note 17 , Stock Plans, for further disclosure. Revenue recogni tion The Company recognizes revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. Sales and usage-based taxes are excluded from revenues. A description of the major components of revenue by business segment is as follows: EFT Processing Transaction-based fees include charges for cash withdrawals, debit or credit card transactions, balance inquiries, transactions not completed because the relevant card issuer does not give authorization and prepaid mobile airtime recharges. Outsourcing services are generally billed on the basis of a fixed monthly fee per ATM, plus a transaction-based fee. Transaction-based fees are recognized at the time the transactions are processed and outsourcing management fees are recognized ratably over the contract period. C epay - sions or processing fees associated with distribution and/or processing of prepaid mobile airtime and digital media products. These fees and commissions are received from mobile operators, content vendors or distributors or from retailers. Commissions are recognized as revenue during the period in which the Company provides the service. The portion of the commission that is paid to retailers is generally recorded as a direct operating cost. In selling certain products, the Company is the p rinciple obligor in th Money Transfer - evenues for money transfer and other services represent a transaction fee in addition to a margin earned from purchasing currency at wholesale exchange rates and selling the currency to customers at retail exchange rates. Revenues and the associated direct operating cost are recognized at the time the transaction is processed. The Company has origination and distribution agents in place, which ea Revenues Deferred Revenues December 31, 2023 $32.9 million $41.6 December 31, 2022 Disaggregation of Revenues - and region. The Company recognizes foreign exchange revenues from derivative instruments in its xe operations in accordance with ASC Topic 815 and not ASC Topic 606 . These revenues are not significant to the Company's consolidated revenues and are included in the following tables. For the Year Ended December 31, 2023 (in millions) EFT Processing epay Money Transfer Total Europe $ 817.2 $ 717.1 $ 647.7 $ 2,182.0 North America 72.8 172.6 728.9 974.3 Asia Pacific 160.2 137.5 112.8 410.5 Other 8.1 55.2 65.8 129.1 Eliminations — — — (7.9 ) Total $ 1,058.3 $ 1,082.4 $ 1,555.2 $ 3,688.0 For the Year Ended December 31, 2022 (in millions) EFT Processing epay Money Transfer Total Europe $ 716.3 $ 658.3 $ 581.9 $ 1,956.5 North America 69.3 133.3 700.1 902.7 Asia Pacific 133.9 155.0 107.5 396.4 Other 4.7 51.3 55.0 111.0 Eliminations — — — (7.8 ) Total $ 924.2 $ 997.9 $ 1,444.5 $ 3,358.8 For the Year Ended December 31, 2021 (in millions) EFT Processing epay Money Transfer Total Europe $ 420.2 $ 669.3 $ 576.6 $ 1,666.1 North America 63.4 139.8 667.7 870.9 Asia Pacific 107.0 158.1 105.1 370.2 Other 0.6 44.3 51.5 96.4 Eliminations — — — (8.1 ) Total $ 591.2 $ 1,011.5 $ 1,400.9 $ 2,995.5 Recent accounting guidance In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023 07 Segment Reporting 280 Improvements to Reportable Segment Disclosures he Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023 09 Income Taxes 740 Improvements to Income Tax Disclosures 5 ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. T he Company is currently evaluating the impact of adopting ASU 2023-09. |
Settlement Assets and Obligatio
Settlement Assets and Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Settlement Assets and Obligations | |
Settlement Assets and Obligations | (4) Settlement Assets and Obligations Settlement assets represent funds received or to be received from agents for unsettled money transfers and from merchants for unsettled prepaid transactions. The Company records corresponding settlement obligations relating to accounts payable. Settlement assets consist of cash and cash equivalents, restricted cash, accounts receivable and prepaid expenses and other current assets. The settlement cash held at the Company is primarily generated from the monies remitted by consumers through Company agents and financial institutions in payment of the face value of the payment service or foreign currency purchased and the related fees charged to purchase the currency. The Company uses its cash and cash equivalents to pay the face value of the payment service product upon presentation by the recipient. Cash received by Company agents and merchants generally becomes available to the Company within two Settlement obligations consist of accrued expenses for money transfers, content providers, and EFT customer deposits and accounts payable to agents and content providers. Money transfer accrued expenses represent amounts to be paid to beneficiaries beneficiaries (in millions) As of December 31, 2023 As of December 31, 2022 Settlement assets: Settlement cash and cash equivalents $ 327.4 $ 242.6 Settlement restricted cash 125.0 94.0 Account receivables, net of credit loss allowance of $35.7 and $33.0 1,002.1 887.6 Prepaid expenses and other current assets 227.0 218.5 Total settlement assets $ 1,681.5 $ 1,442.7 Settlement obligations: Trade account payables $ 708.6 $ 655.1 Accrued expenses and other current liabilities 972.9 787.6 Total settlement obligations $ 1,681.5 $ 1,442.7 The table below reconciles cash and cash equivalents, restricted cash, ATM cash, settlement cash and cash equivalents, and settlement restricted cash as presented within "Cash and cash equivalents and restricted cash" in the Consolidated Statement of Cash Flows. As of (in millions) December 31, 2023 December 31, 2022 December 31, 2021 Cash and cash equivalents $ 1,254.2 $ 1,131.2 $ 1,260.5 Restricted cash 15.2 7.4 3.7 ATM cash 525.2 515.6 543.4 Settlement cash and cash equivalents 327.4 242.6 203.6 Settlement restricted cash 125.0 94.0 74.9 Cash and cash equivalents and restricted cash at end of period $ 2,247.0 $ 1,990.8 $ 2,086.1 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity | |
Stockholders' Equity | (5) Stockholders' Equity Earnings Per Share Basic earnings per share has been computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted earnings per share has been computed by dividing diluted earnings by the weighted average shares outstanding during the respective period, after adjusting for the potential dilution of options to purchase the Company's Common Stock, assumed vesting of restricted stock and the assumed conversion of the Company's convertible debt. The following table provides the computation of diluted weighted average number of common shares outstanding: Year Ended December 31, 2023 2022 2021 Computation of diluted earnings: Net income attributable to Euronet Worldwide, Inc. stockholders $ 279.7 $ 231.0 $ 70.7 Add: Interest expense from assumed conversion of convertible notes, net of tax 4.2 4.7 — Net income for diluted earnings per share calculation $ 283.9 $ 235.7 $ 70.7 Computation of diluted weighted average shares outstanding: Basic weighted average shares outstanding 48,482,006 50,175,614 52,585,674 Incremental shares from assumed exercise of stock options and vesting of restricted stock 335,809 505,876 943,902 Incremental shares from assumed conversion of convertible debt 2,781,818 2,781,818 — Diluted weighted average shares outstanding 51,599,633 53,463,308 53,529,576 The table includes all stock options and restricted stock that are dilutive to the Company's weighted average common shares outstanding during the period. The calculation of diluted earnings per share excludes stock options or shares of restricted stock that are anti-dilutive to the Company's weighted average common shares outstanding for the years ended December 31, 2023 2022 2021 of approximate , and , respectively. We issued Convertible Senior Notes ("Convertible Notes") due March 2049 on March 18, 2019. Our Convertible Notes currently have a settlement feature requiring us upon conversion to settle the principal amount of the debt and any conversion value in excess of the principal value ("conversion premium"), for cash or shares of our common stock or a combination thereof, at our option. We have stated our intent to settle any conversion of these notes by paying cash for the principal value and issuing common stock for any conversion premium; however, after adopting ASU 2020 06 conversion price $188.73 See Note 9 Share repurchases On December 8, 2021, the Company put a repurchase program in place to repurchase up to $ 300.0 5.0 For the year ended December 31, 2023, t he Company repurchased 1,400,229 10 5 1 On September 13, 2022, the Company put a repurchase program in place to repurchase up to $350.0 million in value, but not more than 7.0 million shares of common stock through September 13, 2024. For the year ended December 31, 2023, t 2,936,667 shares under the repurchase program at a weighted average purchase price of $ 86.27 for a total value of $ 253.4 million. plan. On September 13, 2023, the Company put a repurchase program in place to repurchase up to $ 350.0 7.0 10 5 1 The Inflation Reduction Act (IRA) was signed into law in August 2022. Among other things, it imposes a 1 Preferred Stock The Company has the authority t up to 10 shares of preferred stock, of which shares are currently issued or outstanding. Accumulated other comprehensive gain (loss) As of December 31, 2023 2022 of $47.9 million, a loss of $ 78.3 78.5 December 31, 2023 , 2022 2021 no December 31, 2023 , 2022 2021 Dividends No 2023 2022 2021 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2023 | |
Acquisitions | |
Acquisitions | (6) Acquisitions Acquisitions 2023 Other The Company completed one 2023 Acquisitions 2022 In accordance with ASC 805 On March 15, 2022 we completed the acquisition of the Merchant Acquiring Business of Piraeus Bank ("PBMA"). The acquisition includes 205,000 POS terminals at 170,000 merchants throughout Greece, as well as Piraeus Bank’s online merchant acquiring business and expands our omnichannel payments strategy where we use our proprietary technology to provide cash, card-based acquiring solutions, alternative payment acquiring, online acquiring, tokenized payment services and other payment products. Additionally, the acquisition includes a long-term commercial framework agreement between Piraeus Bank and Euronet which includes collaborative product distribution, processing and customer referrals. The purchase price was €317.8 million, or approximately $350.6 million, which includes $331.0 million cash paid at closing, $4.4 million cash paid for surplus working capital and $15.2 million of estimated contingent consideration for a ten-year contingent on performance targets outlined in the commercial framework agreement. The contingent consideration is related to a percentage of the net fee income received during the ten-year period of the commercial framework agreement and there is no contractual maximum amount of consideration under this agreement. The acquisition has been accounted for as a business combination in accordance with U.S. GAAP and the results of operations have been included from the date of acquisition in the EFT Processing Segment. The following table presents the final fair value that was allocated to PBMA's Euronet Merchant Services' (EMS) assets and liabilities based upon fair values as determined by the Company. The valuation process to determine the fair values is complete. For the year ended December 31, 2022, the Company made measurement period adjustments to reflect facts and circumstances in existence as of the effective time of the acquisition. These adjustments primarily included an adjustment to the accrued expenses and other current liabilities related to the surplus working capital of $4.4 million and some other immaterial adjustments. (in millions) As of March 15, 2022 Other current assets $ 1.8 Settlement assets 77.6 Property and equipment 5.7 Intangible assets 122.5 Total assets acquired $ 207.6 Trade accounts payable $ (2.1 ) Settlement liabilities (65.9 ) Accrued expenses and other current liabilities (1.3 ) Deferred revenue (0.3 ) Other long-term liabilities (0.1 ) Total liabilities assumed $ (69.7 ) Goodwill 212.7 Net assets acquired $ 350.6 The fair value measurements of intangible assets were based on significant inputs not observable in the market and represent Level 3 3 We acquired a customer relationship intangible asset with a fair value of $112.2 million that is being amortized on a straight-line basis over 15 years and a contract related intangible asset of $10.3 million that is being amortized on a straight-line basis over 10 years. Goodwill, with a value of $212.7 million, arising from the acquisition was included in the EFT Processing Segment. The factors that make up goodwill include synergies from combining PBMA operations and intangible assets that do not qualify for separate recognition. Goodwill and intangible assets associated with this acquisition are deductible for tax purposes. The results of PBMA operations are included in our consolidated results of operation, as part of our EFT Processing business segment, beginning on March 16, 2022. For the period beginning on the acquisition date through December 31, 2022, PBMA had $ 88.8 2023 Other The Company completed one additional acquisition in 2022 |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash | |
Restricted Cash | (7) Restricted Cash The restricted cash balances as of December 31, 2023 2022 As of December 31, (in millions) 2023 2022 Collateral on bank credit arrangements and other $ 15.2 $ 7.4 Restricted cash $ 15.2 $ 7.4 Cash held in trust and/or cash held on behalf of others $ 84.8 $ 80.6 Collateral on bank credit arrangements and other 40.2 13.4 Restricted cash included within settlement assets $ 125.0 $ 94.0 Total Restricted Cash $ 140.2 $ 101.4 Cash held in trust and/or cash held on behalf of others is in connection with the administration of the customer collection and vendor remittance activities by certain subsidiaries within the Company's epay and EFT Processing Segments. Amounts collected on behalf of certain mobile phone operators and/or merchants are deposited into a restricted cash account. The bank credit arrangements primarily represent cash collateral on deposit with commercial banks to cover guarantees. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment, Net | |
Property and Equipment, Net | (8) Property and Equipment, Net The components of property and equipment, net of accumulated depreciation and amortization as of December 31, 2023 2022 As of December 31, (in millions) 2023 2022 ATMs $ 635.8 $ 578.1 POS terminals 43.7 41.5 Vehicles and office equipment 73.8 76.3 Computers and software 235.1 216.5 Land and buildings 0.6 0.6 989.0 913.0 Less accumulated depreciation (656.9 ) (576.4 ) Total $ 332.1 $ 336.6 Depreciation expenses related to property and equipment, including property and equipment recorded under finance leases, for the years ended December 31, 2023 2022 2021 was $100.8 million, 101.5 104.7 |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Acquired Intangible Assets, Net | |
Goodwill and Acquired Intangible Assets, Net | ( 9 Goodwill and Acquired Intangible Assets, Net The following table summarizes intangible assets as of December 31, 2023 2022 As of December 31, 2023 As of December 31, 2022 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 270.5 $ (121.4 ) $ 279.1 $ (117.0 ) Trademarks and trade names 56.4 (54.6 ) 43.9 (33.7 ) Software 44.6 (36.3 ) 54.6 (48.4 ) Non-compete agreements 10.2 (1.8 ) 9.9 (0.1 ) Total $ 381.7 $ (214.1 ) $ 387.5 $ (199.2 ) The following table summarizes the goodwill and amortizable intangible assets activity for the years ended December 31, 2023 2022 (in millions) Acquired Intangible Assets Goodwill Total Intangible Assets Balance as of January 1, 2022 $ 97.8 $ 641.6 $ 739.4 Increases (decreases): Acquisitions (see footnote 6 ) 124.8 224.3 349.1 Amortization (27.0 ) — (27.0 ) Other (primarily changes in foreign currency exchange rates) (7.3 ) (37.6 ) (44.9 ) Balance as of December 31, 2022 188.3 828.3 1,016.6 Increases (decreases): Acquisitions (see footnote 6 ) — 1.3 1.3 Amortization (24.5 ) — (24.5 ) Other (primarily changes in foreign currency exchange rates) 3.8 17.9 21.7 Balance as of December 31, 2023 $ 167.6 $ 847.5 $ 1,015.1 Of the total goodwill balance of as of December 31, 2023 , relates to the Money Transfer Segment, relates to the Segment and the remaining relates to the EFT Processing Segment. Amortization expense for intangible assets with finite lives was , 27.0 and 23.1 for the years ended December 31, 2023 , 2022 and 2021 , respectively. Estimated annual amortization expense on intangible assets with finite lives as of December 31, 2023 , is expected to be for 2024 for 2025 for 2026 for 2027 $12.6 million for 2028. |
Convertible Notes Receivable
Convertible Notes Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Convertible Notes Receivable | |
Convertible Notes Receivable | ( 10 The Company loaned a total of $60.0 million to Koin Mobile, LLC and Marker Trax, LLC under two promissory notes (the "Notes"), which were fully executed on October 19, 2023. Under the terms of the Notes, interest will accrue on the Notes at 2% per annum and all unpaid principal and interest will be due and payable on October 18, 2028 if not converted earlier as discussed below. The Company has a security interest in all of the assets of Koin Mobile, LLC and Marker Trax, LLC. The outstanding principal and accrued interest were $60.0 million and $0.2 million at December 31, 2023, respectively. The Notes are convertible into preferred equity of Koin Mobile, LLC and Marker Trax, LLC at the option of the Company upon the occurrence of certain events including a qualified equity financing, change in control, achievement of profitability or at the option of the Company at maturity, as defined in the Notes. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses and Other Current Liabilities | |
Accrued Expenses and Other Current Liabilities | (11) Accrued Expenses and Other Current Liabilities The balances as of December 31, 2023 2022 As of December 31, (in millions) 2023 2022 Accrued expenses $ 254.8 $ 311.8 Other tax payables 69.1 80.6 Derivative liabilities 39.1 42.3 Accrued payroll expenses 74.4 68.0 Current portion of finance lease obligations 1.6 3.0 Total $ 439.0 $ 505.7 |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 31, 2023 | |
Debt Obligations | |
Debt Obligations | (12) Debt Obligations Debt obligations consist of the following as of December 31, 2023 2022 As of December 31, (in millions) 2023 2022 Credit Facility: Revolving credit agreement $ 536.9 $ 454.8 Convertible Debt: 0.75% convertible notes, unsecured, due 2049 525.0 525.0 1.375% Senior Notes, due 2026 662.2 642.1 Uncommitted credit a greeme 150.0 — Other obligations 0.3 0.2 Total debt obligations $ 1,874.4 $ 1,622.1 Unamortized debt issuance costs (8.7 ) (12.9 ) Carrying value of debt $ 1,865.7 $ 1,609.2 Short-term debt obligations and current maturities of long-term debt obligations (150.3 ) (0.1 ) Long-term debt obligations $ 1,715.4 $ 1,609.1 As of December 31, 2023 , aggregate annual maturities of long-term debt are 2024 , $ million 2025 2026 and thereafter. This maturity schedule reflects the revolving credit facility maturing in 2027 and the Convertible Notes maturing in 2025 €600 million) due in 2026 Credit Facility On October 24, 2022, the Company amended its revolving credit agreement (the “Credit Facility”) to increase the facility from $1.03 The revolving credit facility contains a sublimit of up to $250 , with $150 The Credit Facility allows for borrowings in British pounds sterling, euro and U.S. dollars. Subject to certain conditions, the Company has the option to increase the Credit Facility by up to an additional $500 1.00 1.625 1.25 The agreement contains customary affirmative and negative covenants, events of default and financial covenants, including (all as defined in the Credit Facility): (i) a Consolidated Total Leverage Ratio, depending on certain circumstances defined in the Credit Facility, not to exceed a range between 3.5 to 1.0 and 4.5 to 1.0; and (ii) a Consolidated Interest Coverage Ratio of not less than 3.0 to 1.0. Subject to meeting certain customary covenants (as defined in the Credit Facility), the Company is permitted to repurchase common stock and debt. The Company was in compliance with all debt covenants as of December 31, 2023. The interest rate of the Company's borrowings under the Credit Facility wa s 6.5% as of December 31, 2023 . As of December 31, 2023 2022 , the Company had stand-by letters of credit/bank guarantees outstanding under the Credit Facility of $51.9 million and $ 54.6 December 31, 2023 2022 each 1.25% per annum December 31, 2023 $661.2 million. Uncommitted Credit Agreements On June 27, 2023, the Company entered into an Uncommitted Credit Agreement for $300 million, for the sole purpose of providing vault cash for ATMs, that expired on November 30, 2023. The loan was fully repaid and there was no balance at December 31, 2023. 1.125 The weighted-average interest rate from the loan inception date to November 30, 2023 was 6.37 %. On June 26, 2023, the Company entered into an Uncommitted Loan Agreement for $ 150 million, fully drawn and outstanding at December 31, 2023, June 21, 2024. The loan is either a Prime rate loan, a Bloomberg Short-term Bank Yield ("BSBY") rate loan plus 0.95 % 6.29 On May 25, 2022, the Company entered into an Uncommitted Credit Agreement for $300.0 million, for the sole purpose of providing vault cash for , that expired on November 30, 2022. The loan was fully repaid and there was no balance at December 31, 2022. The loan bore interest at the rate per annum equal to the secured overnight financing rate (“SOFR”) plus 1.00%. The weighted-average interest rate from the loan inception date to November 30, 2022 was 3.14%. On June 24, 2022, the Company entered into an Uncommitted Loan Agreement for $150.0 million, for the sole purpose of providing vault cash for ATMs, that expires no later than June 23, 2023. The loan was fully repaid and there was no balance at December 31, 2022. The loan was either a Prime rate loan, a Bloomberg Short-term Bank Yield rate loan or bore interest at the rate agreed to by the bank and the Company at the time such loan is made. The weighted average interest rate from the loan inception date to the day of repayment (September 28, 2022) was 2.76%. Convertible Debt On March 18, 2019, the Company completed the sale of $ 525.0 188.73 per share if certain conditions are met (relating to the closing price of Euronet Common Stock exceeding certain thresholds for specified periods). Holders of the Convertible Notes have the option to require the Company to purchase their notes on each of March 15, 2025, March 15, 2029, March 15, 2034, March 15, 2039, and March 15, 2044 at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the relevant repurchase date. In connection with the issuance of the Convertible Notes, the Company recorded 12.8 The Company may redeem for cash all or any portion of the Convertible Notes, at its option, (i) if the closing sale price of the Company's Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (ii) on or after March 20, 2025 and prior to the maturity date, regardless of the foregoing sale price condition, in each case at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Convertible Notes. In addition, if a fundamental change, as defined in the Indenture, occurs prior to the maturity date, holders may require the Company to repurchase for cash all or part of their Convertible Notes at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. As of December 31, 2023 On January 1, 2022, the Company adopted ASU 2020 06 "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" which simplifies the accounting for convertible instruments by eliminating certain accounting models when the conversion features are not required to be accounted for as derivatives under Topic 815 2020 06 470 3 220 06 Contractual interest expenses for the Convertible Notes was $3.9 million for each of the years ended December 31, 2023 2022 2021 4.4 1.375 % Senior Notes due 2026 On May 22, 2019, the Company completed the sale of €600.0 669.9 1.375 €600 n ($662.2 million) December 31, 2023 $2.9 million Other obligations Certain of the Company's subsidiaries have available lines of credit and overdraft credit facilities that generally provide for short-term borrowings that are used from time to time for working capital purposes. As of December 31, 2023 2022 , borrowings under these arrangements were 0.2 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities | |
Derivative Instruments and Hedging Activities | (13) Derivative Instruments and Hedging Activities The Company is exposed to foreign currency exchange risk resulting from (i) the collection of funds or the settlement of money transfer transactions in currencies other than the U.S. dollar, (ii) derivative contracts written to its customers in connection with providing cross-currency money transfer services and (iii) certain foreign currency denominated other asset and liability positions. The Company enters into foreign currency derivative contracts, primarily foreign currency forwards and cross-currency swaps, to minimize its exposure related to fluctuations in foreign currency exchange rates. As a matter of Company policy, the derivative instruments used in these activities are economic hedges and are not designated as hedges under ASC 815 , Foreign currency exchange contracts - Ria Operations and Corporate In the United States, the Company uses short-duration foreign currency forward contracts, generally with maturities up to 14 executed with counterparties in the U.S. are governed by an International Swaps and Derivatives Association agreement that includes standard netting arrangements; therefore, asset and liability positions from forward contracts and all other foreign exchange transactions with the same counterparty are net settled upon maturity. As of December 31, 2023 2022 398.6 In addition, the Company uses forward contracts, typically with maturities from a few days to less than one year, to offset foreign exchange rate fluctuations on certain short-term borrowings that are payable in currencies other than the U.S dollar. As of December 31, 2023 2022 $ 563.1 million 228.4 Foreign currency exchange contracts - xe Operations xe, writes derivative instruments, primarily foreign currency forward contracts and cross-currency swaps, mostly with counterparties comprised of individuals and small-to-medium size businesses and derives a currency margin from this activity as part of its operations. xe aggregates its foreign currency exposures arising from customer contracts and hedges the resulting net currency risks by entering $85.3 million , $ 86.6 million, and $ 79.5 million for the years ended December 31, 2023 , 2022 and 2021 815 . The duration of these derivative contracts is generally less than one year The fair value of xe's total portfolio of positions can change significantly from period to period based on, among other factors, market movements and changes in customer contract positions. xe manages counterparty credit risk (the risk that counterparties will default and not make payments according to the terms of the agreements) on an individual counterparty basis. It mitigates this risk by entering into contracts with collateral posting requirements and/or by performing financial assessments prior to contract execution, conducting periodic evaluations of counterparty performance and maintaining a diverse portfolio of qualified counterparties. xe does not expect any significant losses from counterparty defaults. The aggregate equivalent U.S. dollar notional amounts of foreign currency derivative customer contracts held by the Company in its xe operations as of December 31, 2023 2022 $1.1 billion and $1.0 billion The following table summarizes the fair value of the derivative instruments as recorded in the Consolidated Balance Sheets as of the dates below: Asset Derivatives Liability Derivatives Fair Value Fair Value (in millions) Balance Sheet Location December 31, 2023 December 31, 2022 Balance Sheet Location December 31, 2023 December 31, 2022 Derivatives not designated as hedging instruments Foreign currency exchange contracts Other current assets $ 50.0 $ 50.3 Other current liabilities $ (39.1 ) $ (42.3 ) Balance Sheet Presentation The following tables summarize the gross and net fair value of derivative assets and liabilities as of December 31, 2023 2022 Offsetting of Derivative Assets As of December 31, 2023 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Derivatives Not Offset in the Consolidated Balance Sheet Net Amounts Derivatives subject to a master netting arrangement or similar agreement $ 50.0 $ — $ 50.0 $ (19.9 ) $ 30.1 As of December 31, 2022 Derivatives subject to a master netting arrangement or similar agreement $ 50.3 $ — $ 50.3 $ (32.0 ) $ 18.3 Offsetting of Derivative Liabilities As of December 31, 2023 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Derivatives Not Offset in the Consolidated Balance Sheet Net Amounts Derivatives subject to a master netting arrangement or similar agreement $ (39.1 ) $ — $ (39.1 ) $ 26.3 $ (12.8 ) As of December 31, 2022 Derivatives subject to a master netting arrangement or similar agreement $ (42.3 ) $ — $ (42.3 ) $ 32.1 $ (10.2 ) Income Statement Presentation The following tables summarize the location and amount of gains on derivatives in the Consolidated Statements of Operations for the years ended December 31, 2023 , 2022 2021 Amount of Gain (Loss) Recognized in Income on Derivative Contracts (a) Location of Gain (Loss) Recognized in Income on Derivative Contracts Year Ended December 31, (in millions) 2023 2022 2021 Foreign currency exchange contracts - Ria Operations Foreign currency exchange gain (loss), net $ (1.7 ) $ (0.3 ) $ 1.6 (a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its xe operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above. See Note 19 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | (14) Leases The Company enters into operating leases for ATM sites, office spaces, retail stores and equipment. The Company's finance leases are immaterial. Right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease terms. The present value of lease payments is determined using the incremental borrowing rate based on information available at the lease commencement date. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases include an option to renew, with renewal terms that can extend the lease terms. The exercise of lease renewal options is at the Company’s sole discretion. The depreciable life of assets and leasehold improvements are limited by the expected lease terms. The Company also has a unilateral termination right for most of the ATM site leases. Leases of ATM sites with termination options exercisable within the next 12 months are excluded from the right of use lease assets and lease liability under the short-term lease exemption as the termination options are not reasonably certain not to be exercised. Payments for ATM site leases with termination options subject to the short-term lease exemption are expensed in the period incurred. T he short-term lease expense for 2023 reasonably ref Future minimum lease payments Future minimum lease payments under the operating leases (with initial lease terms in excess of one December 31, 2023 are: As of December 31, 2023 Maturity of Lease Liabilities (in millions) Operating Leases ( 1 2024 $ 47.0 2025 36.3 2026 26.5 2027 17.9 2028 9.4 Thereafter 12.4 Total lease payments 149.5 Less: imputed interest (7.4 ) Present value of lease liabilities $ 142.1 ( 1 Operating lease payments reflect the Company's current fixed obligations under the operating lease agreements. Lease expense recognized in the Consolidated Statements of Operations is summarized as follows: Lease Expense (in millions) Income Statement Classification Year ended December 31, 2023 Year ended December 31, 2022 Year e nde December 31, 2021 Operating lease expense Selling, general and administrative and Direct operating costs $ 50.1 $ 51.0 $ 55.6 Variable lease expense Selling, general and administrative and Direct operating costs 164.3 142.6 116.0 Total lease expense $ 214.4 $ 193.6 $ 171.6 Lease Term and Discount Rate of Operating Leases As of December 31, 2023 As of December 31, 2022 Weighted- average remaining lease term (years) 4.3 4.6 Weighted- average discount rate 2.49 % 2.27 % The following table presents supplemental cash flow and non-cash information related to leases: Other Information (in millions) Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities (a) $ 49.9 $ 49.7 $ 51.5 Supplemental non-cash information on lease liabilities arising from obtaining ROU assets: ROU assets obtained in exchange for new operating lease liabilities $ 49.9 $ 50.0 $ 69.1 (a) Included in Net cash provided by operating activities on the Company's Consolidated Statements of Cash Flows. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Income Taxes | (15) Income Taxes The sources of income before income taxes for the years ended December 31, 2023 2022 2021 Year Ended December 31, (in millions) 2023 2022 2021 Income before taxes: United States $ 7.0 $ (12.5 ) $ (4.8 ) Foreign 393.4 335.1 140.4 Total income before income taxes $ 400.4 $ 322.6 $ 135.6 The Company's income tax expense for the years ended December 31, 2023 2022 2021 Year Ended December 31, (in millions) 2023 2022 2021 Current tax expense (benefit): U.S. $ 5.1 $ 3.9 $ 2.8 Foreign 102.9 80.3 59.9 Total current 108.0 84.2 62.7 Deferred tax expense (benefit): U.S. 12.2 (7.3 ) 12.3 Foreign 0.7 15.0 (9.9 ) Total deferred 12.9 7.7 2.4 Total tax expense $ 120.9 $ 91.9 $ 65.1 The following is a reconciliation of the federal statutory income tax rates of 21 % December 31, 2023 2022 2021 Year Ended December 31, (dollar amounts in millions) 2023 2022 2021 U.S. federal income tax expense at applicable statutory rate $ 84.1 $ 67.7 $ 28.5 Tax effect of: State income tax expense at statutory rates, net of U.S. federal income tax 3.7 3.7 1.5 Non-deductible expenses 2.9 1.7 0.5 Share-based compensation 4.0 1.9 (3.5 ) Other permanent differences 0.9 (0.2 ) (2.0 ) Difference between U.S. federal and foreign tax rates 16.7 13.9 7.4 Provision in excess of statutory rates 8.3 3.6 2.9 Change in federal and foreign valuation allowance 2.7 (7.7 ) 26.7 GILTI, net of tax credits 5.9 9.8 3.9 Tax credits (9.2 ) (0.7 ) (1.1 ) Other 0.9 (1.8 ) 0.3 Total income tax expense $ 120.9 $ 91.9 $ 65.1 Effective tax rate 30.19 % 28.47 % 48.00 % We calculate our provision for federal, state and foreign income taxes based on current tax law. The tax effect of temporary differences and carryforwards that give rise to deferred tax assets and liabilities from continuing operations are as follows: As of December 31, (in millions) 2023 2022 Deferred tax assets: Tax loss carryforwards $ 59.3 $ 64.9 Share-based compensation 15.8 12.6 Accrued expenses 20.1 23.2 Property and equipment 8.1 10.8 Goodwill and intangible amortization 11.2 9.0 Contract costs 3.5 7.0 Intercompany notes 16.7 17.4 Accrued revenue 4.0 5.1 Tax credits 58.1 64.4 Lease accounting 49.2 40.2 Foreign exchange 2.4 2.7 Capitalized research and development 6.2 — Other 6.0 7.8 Total deferred tax assets 260.6 265.1 Valuation allowance (90.7 ) (90.4 ) Total deferred tax assets, net of valuation allowance 169.9 174.7 Deferred tax liabilities: Intangible assets related to purchase accounting (15.0 ) (12.1 ) Goodwill and intangible amortization (31.9 ) (31.7 ) Accrued expenses (25.7 ) (22.7 ) Intercompany notes (12.9 ) (14.5 ) Accrued interest (34.4 ) (26.6 ) Capitalized research and development (0.3 ) (1.2 ) Property and equipment (6.8 ) (14.6 ) Accrued revenue (2.8 ) (2.1 ) Lease accounting (49.2 ) (40.2 ) Foreign exchange (4.0 ) (9.8 ) Other (5.6 ) (3.5 ) Total deferred tax liabilities (188.6 ) (179.0 ) Net deferred tax liabilities $ (18.7 ) $ (4.3 ) Subsequently recognized tax benefits relating to the valuation allowance for deferred tax assets as of December 31, 2023 December 31, 2023 2022 As of December 31, 2023 December 31, 2022 In assessing the Company's ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences, net of the existing valuation allowances, as of December 31, 2023 As of December 31, 2023 (in millions) Gross Tax Effected Year ending December 31, 2024 $ 1.7 $ 0.4 2025 13.1 3.3 2026 18.3 4.6 2027 3.6 0.9 2028 4.1 1.0 Thereafter 20.3 5.3 Unlimited 186.3 42.2 Total $ 247.4 $ 57.7 In addition, the Company's state tax net operating loss carryforwards of $ 68.4 2024 53.6 2032 3.8 2034 The Company has not provided additional deferred taxes with respect to items such as certain foreign exchange gains or losses, foreign withholding taxes or additional state taxes, if any, on undistributed earnings attributable to foreign subsidiaries and it is not practical to determine the income tax liability that would be payable if such earnings were not reinvested indefinitely. Gross undistributed earnings reinvested indefinitely in foreign subsidiaries aggregated approximately $2,356.1 million December 31, 2023 Accounting for uncertainty in income taxes A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2023 2022 Year Ended December 31, (in millions) 2023 2022 Beginning balance $ 42.8 $ 41.0 Additions based on tax positions related to the current year 7.2 6.1 Additions for tax positions of prior years 2.6 0.3 Reductions for tax positions of prior years (0.1 ) (4.0 ) Statute of limitations expiration (0.7 ) (0.6 ) Ending balance $ 51.8 $ 42.8 As of December 31, 2023 2022 $38.2 million 30.8 $10.0 million 8.3 December 31, 2023 2022 December 31, 2023 Jurisdictions Periods U.S. (Federal) 2014 through 2023 Germany 2016 through 2023 Greece 2013 through 2023 Spain 2016 through 2023 U.K. 2019 through 2023 It is reasonably possible that the balance of gross unrecognized tax benefits could significantly change within the next twelve |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Valuation and Qualifying Accounts | |
Valuation and Qualifying Accounts | (16) Valuation and Qualifying Accounts Trade accounts receivable and accounts receivable balances included within the settlement assets are stated net of credit losses. Historically, the Company has not experienced significant write-offs. The Company records credit losses when it is probable that the accounts receivable balance will not be collected. The following table provides a summary of the credit loss balances and activity for the years ended December 31, 2023 2022 2021 Year Ended December 31, (in millions) 2023 2022 2021 Beginning balance-credit losses $ 37.0 $ 31.8 $ 41.7 Additions-charged to expense 13.3 16.3 9.7 Amounts written off (9.8 ) (12.9 ) (21.6 ) Other (primarily changes in foreign currency exchange rates) (1.2 ) 1.8 2.0 Ending balance-credit losses $ 39.3 $ 37.0 $ 31.8 |
Stock Plans
Stock Plans | 12 Months Ended |
Dec. 31, 2023 | |
Stock Plans | |
Stock Plans | (17) Stock Plans The Company has share-based compensation plans ("SCP") that allow it to grant restricted shares, or options to purchase shares, of common stock to certain current and prospective key employees, directors, and consultants of the Company. These awards gen erally vest over periods ranging from three ten December 31, 2023 Share-based compensation expense was $53.7 million, $ 44.1 36.5 December 31, 2023 2022 2021 $4.0 million, 3.4 4.1 December 31, 2023 2022 2021 Stock options Summary stock options activity is presented in the table below: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (millions) Balance at December 31, 2022 4,703,405 $ 103.51 Granted 595,777 $ 91.66 Exercised (152,209 ) $ 90.92 Forfeited/Canceled (27,981 ) $ 116.58 Expired — $ — Balance at December 31, 2023 5,118,992 $ 103.66 6.6 $ 39.5 Exercisable at December 31, 2023 2,211,566 $ 103.03 4.9 $ 24.6 Vested and expected to vest at December 31, 2023 4,170,033 $ 99.90 6.4 $ 33.6 Options outstanding that are expected to vest are net of estimated future forfeitures. The Company received cash of $5.4 million, $ 5.9 million, and $ 7.8 million in connection with stock options exercised in the years ended December 31, 2023 , 2022 and 2021 , respectively. The intrinsic value of these options exercised was $6.3 million, $ 12.8 million, and $ 27.7 December 31, 2023 , 2022 and 2021 , respectively. As of December 31, 2023 , unrecognized compensation expense related to nonvested stock options that are expected to vest totaled $45.1 million years, with an overall weighted-average period of 3.1 years. The following table provides the fair value of options granted under the SCP during 2023 , 2022 and 2021 , together with a description of the assumptions used to calculate the fair value using the Black-Scholes-Merton option-pricing model or Monte Carlo simulation model: Year ended December 31, 2023 2022 2021 Volatility 42.5 % 42.4 % 39.3 % Risk-free interest rate - weighted average 4.23 % 3.97 % 1.2 % Risk-free interest rate - range 4.23 % 3.97% to 3.45 % 0.50 % to 1.21 % Dividend yield — % — % — % Assumed forfeitures 8.0 % 8.0 % 8.0 % Expected lives 5.0 years 4.6 years 4.6 years Weighted-average fair value (per option) $ 39.43 $ 37.15 $ 39.99 During 2023 10 30 During 2022 which vest evenly over a four year term upon the achievement of a 10% increase over the share price on the date of grant for 30 consecutive days. 2021 which vest evenly over a four year Restricted stock Restricted stock awards vest based on the achievement of time-based service conditions and/or performance-based conditions. For certain awards, vesting is based on the achievement of more than one The Company records related expenses for these awards that have performance-based conditions over the vesting period when the achievement of the award is probable of occurrence. Summary restricted stock activity is presented in the table below: Number of Shares Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2022 676,435 $ 115.36 Granted 267,678 $ 92.76 Vested (146,716 ) $ 123.78 Forfeited (30,695 ) $ 145.87 Nonvested at December 31, 2023 766,702 $ 104.65 T he fair value of shares vested in the y ears ended December 31, 2023 2022 and 2021 was $ million, $ 9.3 13.8 respectively. As o December 31, 2023 million of total unrecognized compensation cost related to unvested time-based restrict December 31, 2023 there was $28.8 compensation costs related to unvested performance-based restricted stock, which is expected to be recognized based on Company performance over a weighted-average period of 1.85 years. The weighted average grant date fair value of restricted stock granted during the years ended December 31, 2023 2022 2021 $92.76, 91.47 115.85 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Business Segment Information | |
Business Segment Information | (18) Business Segment Information Euronet's reportable operating segments have been determined in accordance with ASC Topic 280 Segment Reporting ("ASC 280 . The Company currently operates in the following three reportable operating segments: 1 Through the EFT Processing Segment, the Company processes transactions for a network of 2 hrough the Segment, the Company provides distribution, processing and collection services for prepaid mobile airtime and other electronic payment products in Europe, the Middle East, Asia Pacific, the U.S., and South America. 3 Through the Money Transfer Segment, the Company provides global money transfer services under the brand names Ria, AFEX, IME, and xe. Ria, AFEX, and IME provide global consumer-to-consumer money transfer services through a network of sending agents, Company-owned stores and Company-owned websites, disbursing money transfers through a worldwide correspondent network. xe offers account-to-account international payment services to high-income individuals and small-to-medium sized businesses. xe is also a provider of foreign currency exchange information. The Company also offers customers bill payment services, payment alternatives such as money orders and prepaid debit cards, comprehensive check cashing services, foreign currency exchange services and mobile top-up. Furthermore, xe provides cash management solutions and foreign currency risk management services to small-to-medium sized businesses. In addition, the Company accounts for non-operating activity, share-based compensation expense, certain intersegment eliminations and the costs of providing corporate and other administrative services in its administrative division, "Corporate Services, Eliminations and Other." These services are not directly identifiable with the Company's reportable operating segments. The following tables present the Company's results for the years ended December 31, 2023 2022 2021 For the Year Ended December 31, 2023 (in millions) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 1,058.3 $ 1,082.4 $ 1,555.2 $ (7.9 ) $ 3,688.0 Operating expenses: Direct operating costs 572.1 819.1 839.5 (7.9 ) 2,222.8 Salaries and benefits 126.5 91.1 310.5 74.8 602.9 Selling, general and administrative 58.8 39.1 188.8 10.1 296.8 Depreciation and amortization 94.6 6.9 31.0 0.4 132.9 Total operating expenses 852.0 956.2 1,369.8 77.4 3,255.4 Operating income (expense) $ 206.3 $ 126.2 $ 185.4 $ (85.3 ) $ 432.6 Other income (expense) Interest income 15.2 Interest expense (55.6 ) Foreign currency exchange gain, net 8.0 Other gains, net 0.2 Total other expense, net (32.2 ) Income before income taxes $ 400.4 Segment assets as of December 31, 2023 $ 2,442.0 $ 1,204.9 $ 1,921.2 $ 326.3 $ 5,894.4 For the Year Ended December 31, 2022 (in millions) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 924.2 $ 997.9 $ 1,444.5 $ (7.8 ) $ 3,358.8 Operating expenses: Direct operating costs 475.8 753.2 796.9 (7.7 ) 2,018.2 Salaries and benefits 111.9 81.8 277.0 63.5 534.2 Selling, general and administrative 57.1 36.0 182.2 9.8 285.1 Depreciation and amortization 95.4 6.2 33.9 0.4 135.9 Total operating expenses 740.2 877.2 1,290.0 66.0 2,973.4 Operating income (expense) $ 184.0 $ 120.7 $ 154.5 $ (73.8 ) $ 385.4 Other income (expense) Interest income 2.0 Interest expense (37.5 ) Foreign currency exchange loss, net (28.2 ) Other gains, net 0.9 Total other expense, net (62.8 ) Income before income taxes $ 322.6 Segment assets as of December 31, 2022 $ 2,150.7 $ 1,173.3 $ 1,795.8 $ 283.8 $ 5,403.6 For the Year Ended December 31, 2021 (in millions) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 591.2 $ 1,011.5 $ 1,400.9 $ (8.1 ) $ 2,995.5 Operating expenses: Direct operating costs 354.2 760.9 793.2 (8.1 ) 1,900.2 Acquired contract cost impairment — — 38.6 — 38.6 Salaries and benefits 98.6 79.5 255.7 51.1 484.9 Selling, general and administrative 47.9 39.6 157.9 6.6 252.0 Depreciation and amortization 90.9 8.5 36.0 0.4 135.8 Total operating expenses 591.6 888.5 1,281.4 50.0 2,811.5 Operating income (expense) $ (0.4 ) $ 123.0 $ 119.5 $ (58.1 ) $ 184.0 Other income (expense) Interest income 0.7 Interest expense (38.3 ) Foreign currency exchange loss, net (10.8 ) Other gains, net — Total other expense, net (48.4 ) Income before income taxes $ 135.6 Segment assets as of December 31, 2021 $ 1,682.7 $ 1,234.1 $ 1,621.7 $ 205.8 $ 4,744.3 Total revenues for the years ended December 31, 2023 2022 2021 December 31, 2023 2022 Revenues Property and Equipment, net Total Assets For the year ended December 31, as of December 31, as of December 31, (in millions) 2023 2022 2021 2023 2022 2023 2022 United States $ 898.5 $ 830.8 $ 805.0 $ 63.0 $ 59.9 $ 1,198.5 $ 1,051.4 Germany 691.5 644.5 631.5 29.0 30.2 760.2 772.6 Spain 243.4 211.7 157.8 40.8 46.4 375.5 322.6 United Kingdom 152.5 144.7 143.9 8.7 10.5 441.3 403.9 Italy 185.8 160.7 130.1 14.9 16.7 229.9 207.7 Poland 114.9 98.1 93.7 28.8 23.0 280.7 220.7 India 170.3 188.5 173.1 28.5 30.5 241.4 241.6 France 198.6 173.8 166.7 8.6 8.5 165.0 140.4 Greece 205.8 161.0 61.6 19.6 18.0 653.9 597.2 Malaysia 51.9 47.6 50.0 4.3 2.2 98.5 77.6 Australia 53.5 42.4 46.9 1.9 2.9 85.6 58.4 New Zealand 51.6 61.6 56.5 4.0 3.5 190.7 234.8 Netherlands 62.8 54.6 49.4 5.0 5.3 170.9 196.7 Canada 70.1 66.4 46.9 0.7 0.7 123.7 106.4 Brazil 55.2 51.4 44.3 0.3 0.3 38.2 46.7 Other 481.6 421.0 338.1 74.0 78.0 840.4 724.9 Total foreign 2,789.5 2,528.0 2,190.5 269.1 276.7 4,695.9 4,352.2 Total $ 3,688.0 $ 3,358.8 $ 2,995.5 $ 332.1 $ 336.6 $ 5,894.4 $ 5,403.6 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments and Fair Value Measurements | |
Financial Instruments and Fair Value Measurements | (19) Financial Instruments and Fair Value Measurements Concentrations of credit risk The Company's credit risk primarily relates to trade accounts receivable and cash and cash equivalents. The EFT Processing Segment's customer base includes the most significant international card organizations and certain banks in its markets. The epay Segment's customer base is diverse and includes several major retailers and/or distributors in markets that they operate. The Money Transfer Segment trade accounts receivable is primarily due from independent agents that collect cash from customers on the Company's behalf and generally remit the cash within one 16 The Company invests excess cash not required for use in operations primarily in high credit quality, short-term duration securities that the Company believes bear minimal risk. Fair value measurements Fair value measurements used in the consolidated financial statements are based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transac tion between market participants at the measurement date. The fair value hierarchy distinguishes between ( 1 2 three in active markets for identical assets or liabilities (Level 1 3 three L evel 1 L evel 2 Level 3 The following table details financial assets measured and recorded at fair value on a recurring basis: As of December 31, 2023 (in millions) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 50.0 $ — $ 50.0 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (39.1 ) $ — $ (39.1 ) As of December 31, 2022 (in millions) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 50.3 $ — $ 50.3 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (42.3 ) $ — $ (42.3 ) The carrying amounts of cash and cash equivalents, trade accounts receivable, trade accounts payable and short-term debt obligations are approximate fair values due to their short maturities. The carrying amount of the convertible notes receivable approximates fair value because we issued the notes on October 18, 2023. intervals of less than one 2 December 31, 2023 $530.3 million million $525.0 million $662.2 million, |
Litigation and Contingencies
Litigation and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Litigation and Contingencies | |
Litigation and Contingencies | (20) Litigation and Contingencies From time to time, the Company is a party to legal and regulatory proceedings arising in the ordinary course of its business. Currently, there are no |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments | |
Commitments | (21) Commitments As of December 31, 2023 , the Company had $ 80.0 million of stand-by letters of credit/bank guarantees issued on its behalf, of which $3.4 million are collateralized by cash deposits held by the respective issuing banks. Under certain circumstances, the Company grants guarantees in support of the obligations of subsidiaries. As of December 31, 2023 , the Company granted off balance sheet guarantees for cash in various ATM networks amounting to $ 11.2 million over the terms of the cash supply agreements and performance guarantees amounting to approximately $75.0 million over the terms of the agreements with the customers. From time to time, the Company enters into agreements with commercial counterparties that contain indemnification provisions, the terms of which may vary depending on the negotiated terms of each respective agreement. The amount of such potential obligations is generally not stated in the agreements. Euronet's liability under such indemnification provisions may be mitigated by relevant insurance coverage and may be subject to time and materiality limitations, monetary caps and other conditions and defenses. Such indemnification obligations include the following: • In connection with contracts with financial institutions in the EFT Processing Segment, the Company is responsible for damage to ATMs and theft of ATM network cash that, generally, is not recorded on the Company's Consolidated Balance Sheets. As of December 31, 2023 , the balance of such cash used in the Company's ATM networks for which the Company was responsible was approximately $ million. • In connection with contracts with certain customers the Company is responsible for losses suffered by those customers and other parties as a result of the breach of its computer systems, including in particular, losses arising from fraudulent transactions made using information stolen through its processing systems. The Company maintains insurance policies to mitigate this exposure; • In connection with the license of proprietary systems to customers, the Company provides certain warranties and infringement indemnities to the licensee, which generally warrant that such systems do not infringe on intellectual property owned by third parties and that the systems will perform in accordance with their specifications; • Euronet has entered into purchase and service agreements with vendors and consulting agreements with providers of consulting services, pursuant to which the Company has agreed to indemnify certain of such vendors and consultants, respectively, against third-party claims arising from the Company's use of the vendor's product or the services of the vendor or consultant; • In connection with acquisitions and dispositions of subsidiaries, operating units and business assets, the Company has entered into agreements containing indemnification provisions, which can be generally described as follows: (i) in connection with acquisitions of operating units or assets made by Euronet, the Company has agreed to indemnify the seller against third party claims made against the seller relating to the operating unit or asset and arising after the closing of the transaction, and (ii) in connection with dispositions made by Euronet, Euronet has agreed to indemnify the buyer against damages incurred by the buyer due to the buyer's reliance on representations and warranties relating to the subject subsidiary, operating unit or business assets in the disposition agreement if such representations or warranties were untrue when made; and • Euronet has entered into agreements with certain third parties, including banks that provide fiduciary and other services to Euronet or to the Company's benefit plans. Under such agreements, the Company has agreed to indemnify such service providers for third-party claims relating to carrying out their respective duties under such agreements. The Company is also required to meet minimum capitalization and cash requirements of various regulatory authorities in the jurisdictions in which the Company has money transfer operations. The Company has obtained surety bonds in compliance with money transfer licensing requirements of the applicable governmental authorities. To date, the Company is not aware of any significant claims made by the indemnified parties or third parties to guarantee agreements with the Company and, accordingly, no liabilities were recorded as of December 31, 2023 2022 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | |
Related Party Transactions | (22) Related Party Transactions The Company leases an airplane from a company owned by Mr. Michael J. Brown, Euronet's Chief Executive Officer, President, and Chairman of the Board of Directors. The airplane is leased for business use on a per flight hour basis at competitive commercial rates with no $0.2 million, 0.2 0.1 December 31, 2023 , 2022 2021 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 279.7 | $ 231 | $ 70.7 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Practices (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies and Practices | |
Foreign currencies | Foreign currencies Assets and liabilities denominated in currencies other than the functional currency of a subsidiary are remeasured at rates of exchange on the balance sheet date. Resulting gains and losses on foreign currency transactions are included in the Consolidated Statements of Operations. The majority of our foreign currency exchange gains or losses are due to the of intercompany loans which are not considered a long-term investment in nature and are in a currency other than the functional currency of one The financial statements of foreign subsidiaries where the functional currency is not the U.S. dollar are translated to U.S. dollars using (i) exchange rates in effect at period end for assets and liabilities, and (ii) weighted average exchange rates during the period for revenues and expenses. Adjustments resulting from translation of such financial statements are reflected in accumulated other comprehensive (loss) income as a separate component of consolidated equity. |
Cash equivalents | Cash equivalents The Company considers all highly liquid investments, with an original maturity of three |
ATM cash | ATM cash ATM cash represents cash within the ATM network either included within ATMs, within dedicated accounts, or in-transit to ATMs. |
Settlement assets and obligations | Settlement assets and obligations Settlement assets represent funds received or to be received from agents for unsettled money transfers and from merchants for unsettled prepaid transactions. 4 , Settlement Assets and Obligations, to the Consolidated Financial Statements for further discussion on settlement assets and obligations. |
Property and equipment | Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Property and equipment acquired in acquisitions have been recorded at estimated fair values as of the acquisition date. Depreciation is generally calculated using the straight-line method over the estimated useful lives of the respective assets. Depreciation and amortization rates are generally as follows: ATMs or ATM upgrades 5 - 8 years Computers and software 3 - 5 years POS terminals 3 - 5 years Vehicles and office equipment 3 - 10 years Leasehold improvements Over the lesser of the lease term or estimated useful life |
Goodwill and other intangible assets | Goodwill and ot her intangible assets Goodwill 350 Intangibles - Goodwill and Other ("ASC 350 350 one ASC 350 Under the qualitative assessment, various events, and circumstances (or factors) that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators). These factors are then classified by the type of impact they would have on the estimated fair value using positive, neutral, and adverse categories based on current business conditions. Furthermore, the Company considers the results of the most recent quantitative impairment test completed for a reporting unit and compares, among other factors, the weighted average cost of capital ("WACC") between the current and prior years for each reporting unit. Under the quantitative impairment test, the evaluation of impairment involves comparing the current fair value of each reporting unit to its carrying value, including goodwill. The Company uses weighted results from the income approach or the discounted cash flow model ("DCF model") and guideline public company method ("Market Approach model") to estimate the current fair value of its reporting units when testing for impairment, as management believes forecasted cash flows and EBITDA are the best indicators of such fair value. A number of significant assumptions and estimates are involved in the application of the DCF model to forecast operating cash flows, including sales volumes, gross margins, tax rates, capital spending, discount rates and working capital changes. Most of these assumptions vary significantly among the reporting units. Significant assumptions in the Market Approach model are projected EBITDA, selected market multiple, and the estimated control premium. If the carrying value of goodwill exceeds its fair value, an impairment loss equal to such excess would be recognized. The DCF Model and Market Approach Model utilize Level 3 Other Intangible Assets - In accordance with ASC 350 Non-compete agreements 2 - 5 years Trademarks and trade names 2 - 20 years Software 3 - 10 years Customer relationships 6 - 20 years The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If such events or changes in circumstances are present, a loss is recognized if the carrying value of the asset is in excess of the sum of the undiscounted cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is measured as the amount by which the carrying amount of the asset exceeds the fair value of the asset. See Note 9 |
Other assets | Other assets Other assets include capitalized software development costs and capitalized payments for new or renewed contracts. Euronet capitalizes initial payments for new or renewed contracts to the extent recoverable through future operations, contractual minimums and/or penalties in the case of early termination. The Company's accounting policy is to limit the amount of capitalized costs for a given contract to the lesser of the estimated ongoing net future cash flows related to the contract or the termination fees the Company would receive in the event of early termination of the contract by the customer. ASC Topic 340 Other Assets and Deferred Costs ("ASC 340 requires the deferral of incremental costs to fulfill customer contracts, known as contract assets, which are then amortized to expense as part of direct operating costs over the respective periods of expected benefit. D eferred contract costs are reported on our balance sheet within current or non-current other assets based on the expected life of the related contract. At December 31, 2023 and 2022 $78.4 78.9 December 31, 2023 2022 and 2021 $17.1 22.1 33.3 2021 $38.6 million non 19 |
Convertible notes | Convertible notes In August 2020, the FASB issued ASU 2020 06 "Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" 815 2049 |
Income taxes | Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with ASC Topic 740 Income Taxes ("ASC 740 Operations. See Note 15 |
Presentation of taxes collected and remitted to governmental authorities | Presentation of taxes collected and remitted to governmental authorities The Company presents taxes collected and remitted to governmental authorities on a net basis in the accompanying Consolidated Statements of Operations. |
Fair value measurements | Fair value measurements The Company applies the provisions of ASC Topic 820 Fair Value Measurements and Disclosures ("ASC 820 820 accounting pronouncements require or permit fair value measurements. See Note 19 |
Accounting for derivative instruments and hedging activities | Accounting for derivative instruments and hedging activities The Company accounts for derivative instruments and hedging activities in accordance with ASC Topic 815 Derivatives and Hedging ("ASC 815 forward contracts, to offset foreign currency exposure related to money transfer settlement assets and liabilities in currencies other than the U.S. dollar, derivative contracts written to its customers arising from its cross-currency money transfer services and certain assets and liability positions denominated in currencies other than the U.S. dollar. These contracts are considered derivative instruments under the provisions of ASC 815 Cash flows resulting from derivative instruments are included in operating activities in the Company's Consolidated Statements of Cash Flows. The Company enters into derivative instruments with highly credit-worthy financial institutions and does not use derivative instruments for trading or speculative purposes. See Note 13 . |
Share-based compensation | Share-based compensation The Company follows the provisions of ASC Topic 718 Compensation - Stock Compensation ("ASC 718 The amount of future compensation expense related to awards of nonvested shares or nonvested share units ("restricted stock") is based on the market price for Euronet Common Stock at the grant date. The grant dat e is the date at which all key terms and conditions of the grant have been determined and the Company becomes contingently obligated to transfer equity to the employee who renders the requisite service, generally the date at which grants are approved by the Company's Board of Directors or Compensation Committee thereof. Share-based compensation expense for awards with only service conditions is generally recognized as expense on a "straight-line" basis over the requisite service period. For awards that vest based on achieving periodic performance conditions, expense is recognized on a "graded attribution method." The graded attribution method results in expense recognition on a straight-line basis over the requisite service period for each separately vesting portion of an award. The Company has elected to use the "with and without method" when calculating the income tax benefit associated with its share-based payment arrangements. See Note 17 , Stock Plans, for further disclosure. |
Revenue recognition | Revenue recogni tion The Company recognizes revenue when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. Sales and usage-based taxes are excluded from revenues. A description of the major components of revenue by business segment is as follows: EFT Processing Transaction-based fees include charges for cash withdrawals, debit or credit card transactions, balance inquiries, transactions not completed because the relevant card issuer does not give authorization and prepaid mobile airtime recharges. Outsourcing services are generally billed on the basis of a fixed monthly fee per ATM, plus a transaction-based fee. Transaction-based fees are recognized at the time the transactions are processed and outsourcing management fees are recognized ratably over the contract period. C epay - sions or processing fees associated with distribution and/or processing of prepaid mobile airtime and digital media products. These fees and commissions are received from mobile operators, content vendors or distributors or from retailers. Commissions are recognized as revenue during the period in which the Company provides the service. The portion of the commission that is paid to retailers is generally recorded as a direct operating cost. In selling certain products, the Company is the p rinciple obligor in th Money Transfer - evenues for money transfer and other services represent a transaction fee in addition to a margin earned from purchasing currency at wholesale exchange rates and selling the currency to customers at retail exchange rates. Revenues and the associated direct operating cost are recognized at the time the transaction is processed. The Company has origination and distribution agents in place, which ea Revenues Deferred Revenues December 31, 2023 $32.9 million $41.6 December 31, 2022 Disaggregation of Revenues - and region. The Company recognizes foreign exchange revenues from derivative instruments in its xe operations in accordance with ASC Topic 815 and not ASC Topic 606 . These revenues are not significant to the Company's consolidated revenues and are included in the following tables. For the Year Ended December 31, 2023 (in millions) EFT Processing epay Money Transfer Total Europe $ 817.2 $ 717.1 $ 647.7 $ 2,182.0 North America 72.8 172.6 728.9 974.3 Asia Pacific 160.2 137.5 112.8 410.5 Other 8.1 55.2 65.8 129.1 Eliminations — — — (7.9 ) Total $ 1,058.3 $ 1,082.4 $ 1,555.2 $ 3,688.0 For the Year Ended December 31, 2022 (in millions) EFT Processing epay Money Transfer Total Europe $ 716.3 $ 658.3 $ 581.9 $ 1,956.5 North America 69.3 133.3 700.1 902.7 Asia Pacific 133.9 155.0 107.5 396.4 Other 4.7 51.3 55.0 111.0 Eliminations — — — (7.8 ) Total $ 924.2 $ 997.9 $ 1,444.5 $ 3,358.8 For the Year Ended December 31, 2021 (in millions) EFT Processing epay Money Transfer Total Europe $ 420.2 $ 669.3 $ 576.6 $ 1,666.1 North America 63.4 139.8 667.7 870.9 Asia Pacific 107.0 158.1 105.1 370.2 Other 0.6 44.3 51.5 96.4 Eliminations — — — (8.1 ) Total $ 591.2 $ 1,011.5 $ 1,400.9 $ 2,995.5 |
Recent accounting guidance | Recent accounting guidance In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023 07 Segment Reporting 280 Improvements to Reportable Segment Disclosures he Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023 09 Income Taxes 740 Improvements to Income Tax Disclosures 5 ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. T he Company is currently evaluating the impact of adopting ASU 2023-09. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Practices (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies and Practices | |
Schedule of depreciation and amortization rates | ATMs or ATM upgrades 5 - 8 years Computers and software 3 - 5 years POS terminals 3 - 5 years Vehicles and office equipment 3 - 10 years Leasehold improvements Over the lesser of the lease term or estimated useful life |
Schedule of other intangible assets | Non-compete agreements 2 - 5 years Trademarks and trade names 2 - 20 years Software 3 - 10 years Customer relationships 6 - 20 years |
Schedule of revenues by segment by region | For the Year Ended December 31, 2023 (in millions) EFT Processing epay Money Transfer Total Europe $ 817.2 $ 717.1 $ 647.7 $ 2,182.0 North America 72.8 172.6 728.9 974.3 Asia Pacific 160.2 137.5 112.8 410.5 Other 8.1 55.2 65.8 129.1 Eliminations — — — (7.9 ) Total $ 1,058.3 $ 1,082.4 $ 1,555.2 $ 3,688.0 For the Year Ended December 31, 2022 (in millions) EFT Processing epay Money Transfer Total Europe $ 716.3 $ 658.3 $ 581.9 $ 1,956.5 North America 69.3 133.3 700.1 902.7 Asia Pacific 133.9 155.0 107.5 396.4 Other 4.7 51.3 55.0 111.0 Eliminations — — — (7.8 ) Total $ 924.2 $ 997.9 $ 1,444.5 $ 3,358.8 For the Year Ended December 31, 2021 (in millions) EFT Processing epay Money Transfer Total Europe $ 420.2 $ 669.3 $ 576.6 $ 1,666.1 North America 63.4 139.8 667.7 870.9 Asia Pacific 107.0 158.1 105.1 370.2 Other 0.6 44.3 51.5 96.4 Eliminations — — — (8.1 ) Total $ 591.2 $ 1,011.5 $ 1,400.9 $ 2,995.5 |
Settlement Assets and Obligat_2
Settlement Assets and Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Settlement Assets and Obligations | |
Schedule of settlement assets and liabilities | (in millions) As of December 31, 2023 As of December 31, 2022 Settlement assets: Settlement cash and cash equivalents $ 327.4 $ 242.6 Settlement restricted cash 125.0 94.0 Account receivables, net of credit loss allowance of $35.7 and $33.0 1,002.1 887.6 Prepaid expenses and other current assets 227.0 218.5 Total settlement assets $ 1,681.5 $ 1,442.7 Settlement obligations: Trade account payables $ 708.6 $ 655.1 Accrued expenses and other current liabilities 972.9 787.6 Total settlement obligations $ 1,681.5 $ 1,442.7 |
Schedule of cash and cash equivalents and restricted cash | As of (in millions) December 31, 2023 December 31, 2022 December 31, 2021 Cash and cash equivalents $ 1,254.2 $ 1,131.2 $ 1,260.5 Restricted cash 15.2 7.4 3.7 ATM cash 525.2 515.6 543.4 Settlement cash and cash equivalents 327.4 242.6 203.6 Settlement restricted cash 125.0 94.0 74.9 Cash and cash equivalents and restricted cash at end of period $ 2,247.0 $ 1,990.8 $ 2,086.1 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity | |
Schedule of weighted average number of common shares outstanding | Year Ended December 31, 2023 2022 2021 Computation of diluted earnings: Net income attributable to Euronet Worldwide, Inc. stockholders $ 279.7 $ 231.0 $ 70.7 Add: Interest expense from assumed conversion of convertible notes, net of tax 4.2 4.7 — Net income for diluted earnings per share calculation $ 283.9 $ 235.7 $ 70.7 Computation of diluted weighted average shares outstanding: Basic weighted average shares outstanding 48,482,006 50,175,614 52,585,674 Incremental shares from assumed exercise of stock options and vesting of restricted stock 335,809 505,876 943,902 Incremental shares from assumed conversion of convertible debt 2,781,818 2,781,818 — Diluted weighted average shares outstanding 51,599,633 53,463,308 53,529,576 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Acquisitions | |
Schedule of fair values of the assets acquired and liabilities | (in millions) As of March 15, 2022 Other current assets $ 1.8 Settlement assets 77.6 Property and equipment 5.7 Intangible assets 122.5 Total assets acquired $ 207.6 Trade accounts payable $ (2.1 ) Settlement liabilities (65.9 ) Accrued expenses and other current liabilities (1.3 ) Deferred revenue (0.3 ) Other long-term liabilities (0.1 ) Total liabilities assumed $ (69.7 ) Goodwill 212.7 Net assets acquired $ 350.6 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash | |
Schedule of restricted cash balances | As of December 31, (in millions) 2023 2022 Collateral on bank credit arrangements and other $ 15.2 $ 7.4 Restricted cash $ 15.2 $ 7.4 Cash held in trust and/or cash held on behalf of others $ 84.8 $ 80.6 Collateral on bank credit arrangements and other 40.2 13.4 Restricted cash included within settlement assets $ 125.0 $ 94.0 Total Restricted Cash $ 140.2 $ 101.4 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment, Net | |
Schedule of property and equipment, net of accumulated depreciation and amortization | As of December 31, (in millions) 2023 2022 ATMs $ 635.8 $ 578.1 POS terminals 43.7 41.5 Vehicles and office equipment 73.8 76.3 Computers and software 235.1 216.5 Land and buildings 0.6 0.6 989.0 913.0 Less accumulated depreciation (656.9 ) (576.4 ) Total $ 332.1 $ 336.6 |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Acquired Intangible Assets, Net | |
Schedule of intangible assets | As of December 31, 2023 As of December 31, 2022 (in millions) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Customer relationships $ 270.5 $ (121.4 ) $ 279.1 $ (117.0 ) Trademarks and trade names 56.4 (54.6 ) 43.9 (33.7 ) Software 44.6 (36.3 ) 54.6 (48.4 ) Non-compete agreements 10.2 (1.8 ) 9.9 (0.1 ) Total $ 381.7 $ (214.1 ) $ 387.5 $ (199.2 ) |
Schedule of goodwill and amortizable intangible assets | (in millions) Acquired Intangible Assets Goodwill Total Intangible Assets Balance as of January 1, 2022 $ 97.8 $ 641.6 $ 739.4 Increases (decreases): Acquisitions (see footnote 6 ) 124.8 224.3 349.1 Amortization (27.0 ) — (27.0 ) Other (primarily changes in foreign currency exchange rates) (7.3 ) (37.6 ) (44.9 ) Balance as of December 31, 2022 188.3 828.3 1,016.6 Increases (decreases): Acquisitions (see footnote 6 ) — 1.3 1.3 Amortization (24.5 ) — (24.5 ) Other (primarily changes in foreign currency exchange rates) 3.8 17.9 21.7 Balance as of December 31, 2023 $ 167.6 $ 847.5 $ 1,015.1 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Expenses and Other Current Liabilities | |
Schedule of accrued expenses and other current liabilities | As of December 31, (in millions) 2023 2022 Accrued expenses $ 254.8 $ 311.8 Other tax payables 69.1 80.6 Derivative liabilities 39.1 42.3 Accrued payroll expenses 74.4 68.0 Current portion of finance lease obligations 1.6 3.0 Total $ 439.0 $ 505.7 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Obligations | |
Schedule of debt obligations | As of December 31, (in millions) 2023 2022 Credit Facility: Revolving credit agreement $ 536.9 $ 454.8 Convertible Debt: 0.75% convertible notes, unsecured, due 2049 525.0 525.0 1.375% Senior Notes, due 2026 662.2 642.1 Uncommitted credit a greeme 150.0 — Other obligations 0.3 0.2 Total debt obligations $ 1,874.4 $ 1,622.1 Unamortized debt issuance costs (8.7 ) (12.9 ) Carrying value of debt $ 1,865.7 $ 1,609.2 Short-term debt obligations and current maturities of long-term debt obligations (150.3 ) (0.1 ) Long-term debt obligations $ 1,715.4 $ 1,609.1 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities | |
Schedule of derivative instruments in statement of financial position fair value | Asset Derivatives Liability Derivatives Fair Value Fair Value (in millions) Balance Sheet Location December 31, 2023 December 31, 2022 Balance Sheet Location December 31, 2023 December 31, 2022 Derivatives not designated as hedging instruments Foreign currency exchange contracts Other current assets $ 50.0 $ 50.3 Other current liabilities $ (39.1 ) $ (42.3 ) |
Schedule of offsetting assets and liabilities | Offsetting of Derivative Assets As of December 31, 2023 Gross Amounts of Recognized Assets Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Derivatives Not Offset in the Consolidated Balance Sheet Net Amounts Derivatives subject to a master netting arrangement or similar agreement $ 50.0 $ — $ 50.0 $ (19.9 ) $ 30.1 As of December 31, 2022 Derivatives subject to a master netting arrangement or similar agreement $ 50.3 $ — $ 50.3 $ (32.0 ) $ 18.3 Offsetting of Derivative Liabilities As of December 31, 2023 Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheet Net Amounts Presented in the Consolidated Balance Sheet Derivatives Not Offset in the Consolidated Balance Sheet Net Amounts Derivatives subject to a master netting arrangement or similar agreement $ (39.1 ) $ — $ (39.1 ) $ 26.3 $ (12.8 ) As of December 31, 2022 Derivatives subject to a master netting arrangement or similar agreement $ (42.3 ) $ — $ (42.3 ) $ 32.1 $ (10.2 ) |
Schedule of derivative instruments gain (loss) | Amount of Gain (Loss) Recognized in Income on Derivative Contracts (a) Location of Gain (Loss) Recognized in Income on Derivative Contracts Year Ended December 31, (in millions) 2023 2022 2021 Foreign currency exchange contracts - Ria Operations Foreign currency exchange gain (loss), net $ (1.7 ) $ (0.3 ) $ 1.6 (a) The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its xe operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of future minimum lease payments | As of December 31, 2023 Maturity of Lease Liabilities (in millions) Operating Leases ( 1 2024 $ 47.0 2025 36.3 2026 26.5 2027 17.9 2028 9.4 Thereafter 12.4 Total lease payments 149.5 Less: imputed interest (7.4 ) Present value of lease liabilities $ 142.1 ( 1 Operating lease payments reflect the Company's current fixed obligations under the operating lease agreements. |
Schedule of lease expense recognized in consolidated statements of income | Lease Expense (in millions) Income Statement Classification Year ended December 31, 2023 Year ended December 31, 2022 Year e nde December 31, 2021 Operating lease expense Selling, general and administrative and Direct operating costs $ 50.1 $ 51.0 $ 55.6 Variable lease expense Selling, general and administrative and Direct operating costs 164.3 142.6 116.0 Total lease expense $ 214.4 $ 193.6 $ 171.6 |
Schedule of other information about lease amounts recognized in consolidated financial statements | Lease Term and Discount Rate of Operating Leases As of December 31, 2023 As of December 31, 2022 Weighted- average remaining lease term (years) 4.3 4.6 Weighted- average discount rate 2.49 % 2.27 % |
Schedule of supplemental cash flow and non-cash information related to leases | Other Information (in millions) Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities (a) $ 49.9 $ 49.7 $ 51.5 Supplemental non-cash information on lease liabilities arising from obtaining ROU assets: ROU assets obtained in exchange for new operating lease liabilities $ 49.9 $ 50.0 $ 69.1 (a) Included in Net cash provided by operating activities on the Company's Consolidated Statements of Cash Flows. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Schedule of income before income taxes domestic and foreign | Year Ended December 31, (in millions) 2023 2022 2021 Income before taxes: United States $ 7.0 $ (12.5 ) $ (4.8 ) Foreign 393.4 335.1 140.4 Total income before income taxes $ 400.4 $ 322.6 $ 135.6 |
Schedule of components of income tax expense (benefit) | Year Ended December 31, (in millions) 2023 2022 2021 Current tax expense (benefit): U.S. $ 5.1 $ 3.9 $ 2.8 Foreign 102.9 80.3 59.9 Total current 108.0 84.2 62.7 Deferred tax expense (benefit): U.S. 12.2 (7.3 ) 12.3 Foreign 0.7 15.0 (9.9 ) Total deferred 12.9 7.7 2.4 Total tax expense $ 120.9 $ 91.9 $ 65.1 |
Schedule of effective income tax rate reconciliation | Year Ended December 31, (dollar amounts in millions) 2023 2022 2021 U.S. federal income tax expense at applicable statutory rate $ 84.1 $ 67.7 $ 28.5 Tax effect of: State income tax expense at statutory rates, net of U.S. federal income tax 3.7 3.7 1.5 Non-deductible expenses 2.9 1.7 0.5 Share-based compensation 4.0 1.9 (3.5 ) Other permanent differences 0.9 (0.2 ) (2.0 ) Difference between U.S. federal and foreign tax rates 16.7 13.9 7.4 Provision in excess of statutory rates 8.3 3.6 2.9 Change in federal and foreign valuation allowance 2.7 (7.7 ) 26.7 GILTI, net of tax credits 5.9 9.8 3.9 Tax credits (9.2 ) (0.7 ) (1.1 ) Other 0.9 (1.8 ) 0.3 Total income tax expense $ 120.9 $ 91.9 $ 65.1 Effective tax rate 30.19 % 28.47 % 48.00 % |
Schedule of deferred tax assets and liabilities | As of December 31, (in millions) 2023 2022 Deferred tax assets: Tax loss carryforwards $ 59.3 $ 64.9 Share-based compensation 15.8 12.6 Accrued expenses 20.1 23.2 Property and equipment 8.1 10.8 Goodwill and intangible amortization 11.2 9.0 Contract costs 3.5 7.0 Intercompany notes 16.7 17.4 Accrued revenue 4.0 5.1 Tax credits 58.1 64.4 Lease accounting 49.2 40.2 Foreign exchange 2.4 2.7 Capitalized research and development 6.2 — Other 6.0 7.8 Total deferred tax assets 260.6 265.1 Valuation allowance (90.7 ) (90.4 ) Total deferred tax assets, net of valuation allowance 169.9 174.7 Deferred tax liabilities: Intangible assets related to purchase accounting (15.0 ) (12.1 ) Goodwill and intangible amortization (31.9 ) (31.7 ) Accrued expenses (25.7 ) (22.7 ) Intercompany notes (12.9 ) (14.5 ) Accrued interest (34.4 ) (26.6 ) Capitalized research and development (0.3 ) (1.2 ) Property and equipment (6.8 ) (14.6 ) Accrued revenue (2.8 ) (2.1 ) Lease accounting (49.2 ) (40.2 ) Foreign exchange (4.0 ) (9.8 ) Other (5.6 ) (3.5 ) Total deferred tax liabilities (188.6 ) (179.0 ) Net deferred tax liabilities $ (18.7 ) $ (4.3 ) |
Summary of operating loss carryforwards | (in millions) Gross Tax Effected Year ending December 31, 2024 $ 1.7 $ 0.4 2025 13.1 3.3 2026 18.3 4.6 2027 3.6 0.9 2028 4.1 1.0 Thereafter 20.3 5.3 Unlimited 186.3 42.2 Total $ 247.4 $ 57.7 |
Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits | Year Ended December 31, (in millions) 2023 2022 Beginning balance $ 42.8 $ 41.0 Additions based on tax positions related to the current year 7.2 6.1 Additions for tax positions of prior years 2.6 0.3 Reductions for tax positions of prior years (0.1 ) (4.0 ) Statute of limitations expiration (0.7 ) (0.6 ) Ending balance $ 51.8 $ 42.8 |
Schedule of income tax examinations | Jurisdictions Periods U.S. (Federal) 2014 through 2023 Germany 2016 through 2023 Greece 2013 through 2023 Spain 2016 through 2023 U.K. 2019 through 2023 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Valuation and Qualifying Accounts | |
Schedule of valuation and qualifying accounts | Year Ended December 31, (in millions) 2023 2022 2021 Beginning balance-credit losses $ 37.0 $ 31.8 $ 41.7 Additions-charged to expense 13.3 16.3 9.7 Amounts written off (9.8 ) (12.9 ) (21.6 ) Other (primarily changes in foreign currency exchange rates) (1.2 ) 1.8 2.0 Ending balance-credit losses $ 39.3 $ 37.0 $ 31.8 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Stock Plans | |
Schedule of stock options activity | Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (millions) Balance at December 31, 2022 4,703,405 $ 103.51 Granted 595,777 $ 91.66 Exercised (152,209 ) $ 90.92 Forfeited/Canceled (27,981 ) $ 116.58 Expired — $ — Balance at December 31, 2023 5,118,992 $ 103.66 6.6 $ 39.5 Exercisable at December 31, 2023 2,211,566 $ 103.03 4.9 $ 24.6 Vested and expected to vest at December 31, 2023 4,170,033 $ 99.90 6.4 $ 33.6 |
Schedule of the fair value using the Black-Scholes-Merton option-pricing model or Monte Carlo simulation model | Year ended December 31, 2023 2022 2021 Volatility 42.5 % 42.4 % 39.3 % Risk-free interest rate - weighted average 4.23 % 3.97 % 1.2 % Risk-free interest rate - range 4.23 % 3.97% to 3.45 % 0.50 % to 1.21 % Dividend yield — % — % — % Assumed forfeitures 8.0 % 8.0 % 8.0 % Expected lives 5.0 years 4.6 years 4.6 years Weighted-average fair value (per option) $ 39.43 $ 37.15 $ 39.99 |
Schedule of restricted stock activity | Number of Shares Weighted Average Grant Date Fair Value Per Share Nonvested at December 31, 2022 676,435 $ 115.36 Granted 267,678 $ 92.76 Vested (146,716 ) $ 123.78 Forfeited (30,695 ) $ 145.87 Nonvested at December 31, 2023 766,702 $ 104.65 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Segment Information | |
Schedule of reportable segment results | For the Year Ended December 31, 2023 (in millions) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 1,058.3 $ 1,082.4 $ 1,555.2 $ (7.9 ) $ 3,688.0 Operating expenses: Direct operating costs 572.1 819.1 839.5 (7.9 ) 2,222.8 Salaries and benefits 126.5 91.1 310.5 74.8 602.9 Selling, general and administrative 58.8 39.1 188.8 10.1 296.8 Depreciation and amortization 94.6 6.9 31.0 0.4 132.9 Total operating expenses 852.0 956.2 1,369.8 77.4 3,255.4 Operating income (expense) $ 206.3 $ 126.2 $ 185.4 $ (85.3 ) $ 432.6 Other income (expense) Interest income 15.2 Interest expense (55.6 ) Foreign currency exchange gain, net 8.0 Other gains, net 0.2 Total other expense, net (32.2 ) Income before income taxes $ 400.4 Segment assets as of December 31, 2023 $ 2,442.0 $ 1,204.9 $ 1,921.2 $ 326.3 $ 5,894.4 For the Year Ended December 31, 2022 (in millions) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 924.2 $ 997.9 $ 1,444.5 $ (7.8 ) $ 3,358.8 Operating expenses: Direct operating costs 475.8 753.2 796.9 (7.7 ) 2,018.2 Salaries and benefits 111.9 81.8 277.0 63.5 534.2 Selling, general and administrative 57.1 36.0 182.2 9.8 285.1 Depreciation and amortization 95.4 6.2 33.9 0.4 135.9 Total operating expenses 740.2 877.2 1,290.0 66.0 2,973.4 Operating income (expense) $ 184.0 $ 120.7 $ 154.5 $ (73.8 ) $ 385.4 Other income (expense) Interest income 2.0 Interest expense (37.5 ) Foreign currency exchange loss, net (28.2 ) Other gains, net 0.9 Total other expense, net (62.8 ) Income before income taxes $ 322.6 Segment assets as of December 31, 2022 $ 2,150.7 $ 1,173.3 $ 1,795.8 $ 283.8 $ 5,403.6 For the Year Ended December 31, 2021 (in millions) EFT Processing epay Money Transfer Corporate Services, Eliminations and Other Consolidated Total revenues $ 591.2 $ 1,011.5 $ 1,400.9 $ (8.1 ) $ 2,995.5 Operating expenses: Direct operating costs 354.2 760.9 793.2 (8.1 ) 1,900.2 Acquired contract cost impairment — — 38.6 — 38.6 Salaries and benefits 98.6 79.5 255.7 51.1 484.9 Selling, general and administrative 47.9 39.6 157.9 6.6 252.0 Depreciation and amortization 90.9 8.5 36.0 0.4 135.8 Total operating expenses 591.6 888.5 1,281.4 50.0 2,811.5 Operating income (expense) $ (0.4 ) $ 123.0 $ 119.5 $ (58.1 ) $ 184.0 Other income (expense) Interest income 0.7 Interest expense (38.3 ) Foreign currency exchange loss, net (10.8 ) Other gains, net — Total other expense, net (48.4 ) Income before income taxes $ 135.6 Segment assets as of December 31, 2021 $ 1,682.7 $ 1,234.1 $ 1,621.7 $ 205.8 $ 4,744.3 |
Schedule of total revenues, property and equipment and total assets | Revenues Property and Equipment, net Total Assets For the year ended December 31, as of December 31, as of December 31, (in millions) 2023 2022 2021 2023 2022 2023 2022 United States $ 898.5 $ 830.8 $ 805.0 $ 63.0 $ 59.9 $ 1,198.5 $ 1,051.4 Germany 691.5 644.5 631.5 29.0 30.2 760.2 772.6 Spain 243.4 211.7 157.8 40.8 46.4 375.5 322.6 United Kingdom 152.5 144.7 143.9 8.7 10.5 441.3 403.9 Italy 185.8 160.7 130.1 14.9 16.7 229.9 207.7 Poland 114.9 98.1 93.7 28.8 23.0 280.7 220.7 India 170.3 188.5 173.1 28.5 30.5 241.4 241.6 France 198.6 173.8 166.7 8.6 8.5 165.0 140.4 Greece 205.8 161.0 61.6 19.6 18.0 653.9 597.2 Malaysia 51.9 47.6 50.0 4.3 2.2 98.5 77.6 Australia 53.5 42.4 46.9 1.9 2.9 85.6 58.4 New Zealand 51.6 61.6 56.5 4.0 3.5 190.7 234.8 Netherlands 62.8 54.6 49.4 5.0 5.3 170.9 196.7 Canada 70.1 66.4 46.9 0.7 0.7 123.7 106.4 Brazil 55.2 51.4 44.3 0.3 0.3 38.2 46.7 Other 481.6 421.0 338.1 74.0 78.0 840.4 724.9 Total foreign 2,789.5 2,528.0 2,190.5 269.1 276.7 4,695.9 4,352.2 Total $ 3,688.0 $ 3,358.8 $ 2,995.5 $ 332.1 $ 336.6 $ 5,894.4 $ 5,403.6 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments and Fair Value Measurements | |
Schedule of financial assets measured and recorded at fair value | As of December 31, 2023 (in millions) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 50.0 $ — $ 50.0 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (39.1 ) $ — $ (39.1 ) As of December 31, 2022 (in millions) Balance Sheet Classification Level 1 Level 2 Level 3 Total Assets Foreign currency exchange contracts Other current assets $ — $ 50.3 $ — $ 50.3 Liabilities Foreign currency exchange contracts Other current liabilities $ — $ (42.3 ) $ — $ (42.3 ) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Practices (Details) | Dec. 31, 2023 |
ATMs [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
ATMs [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 8 years |
Computers and software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Computers and software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
POS Terminals [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
POS Terminals [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Vehicles and Office Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Vehicles and Office Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | Useful Life, Lease Term [Member] |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Practices (Details 1) | Dec. 31, 2023 |
Non-compete agreements [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 2 years |
Non-compete agreements [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 5 years |
Trademarks and trade names [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 2 years |
Trademarks and trade names [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 20 years |
Software [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 3 years |
Software [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 10 years |
Customer relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 6 years |
Customer relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, Useful life | 20 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Practices (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ 3,688 | $ 3,358.8 | $ 2,995.5 |
Operating Segments [Member] | EFT Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 1,058.3 | 924.2 | 591.2 |
Operating Segments [Member] | epay [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 1,082.4 | 997.9 | 1,011.5 |
Operating Segments [Member] | Money Transfer Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 1,555.2 | 1,444.5 | 1,400.9 |
Eliminations [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | (7.9) | (7.8) | (8.1) |
Eliminations [Member] | EFT Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | |||
Eliminations [Member] | epay [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | |||
Eliminations [Member] | Money Transfer Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | |||
Europe [Member] | Operating Segments [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 2,182 | 1,956.5 | 1,666.1 |
Europe [Member] | Operating Segments [Member] | EFT Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 817.2 | 716.3 | 420.2 |
Europe [Member] | Operating Segments [Member] | epay [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 717.1 | 658.3 | 669.3 |
Europe [Member] | Operating Segments [Member] | Money Transfer Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 647.7 | 581.9 | 576.6 |
North America [Member] | Operating Segments [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 974.3 | 902.7 | 870.9 |
North America [Member] | Operating Segments [Member] | EFT Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 72.8 | 69.3 | 63.4 |
North America [Member] | Operating Segments [Member] | epay [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 172.6 | 133.3 | 139.8 |
North America [Member] | Operating Segments [Member] | Money Transfer Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 728.9 | 700.1 | 667.7 |
Asia Pacific [Member] | Operating Segments [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 410.5 | 396.4 | 370.2 |
Asia Pacific [Member] | Operating Segments [Member] | EFT Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 160.2 | 133.9 | 107 |
Asia Pacific [Member] | Operating Segments [Member] | epay [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 137.5 | 155 | 158.1 |
Asia Pacific [Member] | Operating Segments [Member] | Money Transfer Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 112.8 | 107.5 | 105.1 |
Other [Member] | Operating Segments [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 129.1 | 111 | 96.4 |
Other [Member] | Operating Segments [Member] | EFT Processing [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 8.1 | 4.7 | 0.6 |
Other [Member] | Operating Segments [Member] | epay [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | 55.2 | 51.3 | 44.3 |
Other [Member] | Operating Segments [Member] | Money Transfer Segment [Member] | |||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||
Revenues | $ 65.8 | $ 55 | $ 51.5 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Practices (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Recently Issued And Adopted Accounting Pronouncements [Line Items] | ||||
Deferred contract costs | $ 78.4 | $ 78.9 | ||
Amortization related to deferred contract costs | $ 17.1 | $ 22.1 | $ 33.3 | |
Non-cash impairment charge | $ 38.6 | |||
Incremental shares from assumed conversion of convertible debt | 2,781,818 | 2,781,818 | ||
Cash payments received | $ 32.9 | |||
Revenue, remaining performance obligation, amount | $ 41.6 | |||
Maximum [Member] | ||||
Recently Issued And Adopted Accounting Pronouncements [Line Items] | ||||
Estimated fair value percentage | 50% | |||
ASU 2020-06 [Member] | ||||
Recently Issued And Adopted Accounting Pronouncements [Line Items] | ||||
Accounting for convertible instruments, Debt Modification, Increase (Decrease) in Debt Discounts, before Tax Amount | $ (56.8) | |||
Accounting for convertible instruments, Debt Modification, Increase (Decrease) in Equity, Tax Amount | (15) | |||
ASU 2020-06 [Member] | Additional Paid-in Capital | ||||
Recently Issued And Adopted Accounting Pronouncements [Line Items] | ||||
Accounting for convertible instruments, Debt Modification, Increase (Decrease) in Equity, before Tax Amount | (99.7) | |||
Accounting for convertible instruments, Debt Modification, Increase (Decrease) in Equity, Tax Amount | 25.6 | |||
ASU 2020-06 [Member] | Retained Earnings | ||||
Recently Issued And Adopted Accounting Pronouncements [Line Items] | ||||
Accounting for convertible instruments, Debt Modification, Increase (Decrease) in Equity, before Tax Amount | 42.9 | |||
Accounting for convertible instruments, Debt Modification, Increase (Decrease) in Equity, Tax Amount | $ (10.6) | |||
ASU 2020-06 [Member] | Treasury Stock | ||||
Recently Issued And Adopted Accounting Pronouncements [Line Items] | ||||
Incremental shares from assumed conversion of convertible debt | 2,800,000 |
Settlement Assets and Obligat_3
Settlement Assets and Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Settlement assets: | |||
Settlement cash and cash equivalents | $ 327.4 | $ 242.6 | $ 203.6 |
Settlement restricted cash | 125 | 94 | $ 74.9 |
Account receivables | 1,002.1 | 887.6 | |
Prepaid expenses and other current assets | 227 | 218.5 | |
Total settlement assets | 1,681.5 | 1,442.7 | |
Settlement obligations: | |||
Trade account payables | 708.6 | 655.1 | |
Accrued expenses and other current liabilities | 972.9 | 787.6 | |
Total settlement obligations | $ 1,681.5 | $ 1,442.7 |
Settlement Assets and Obligat_4
Settlement Assets and Obligations (Details 1) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Settlement Assets and Obligations | ||||
Cash and cash equivalents | $ 1,254.2 | $ 1,131.2 | $ 1,260.5 | |
Restricted cash | 15.2 | 7.4 | 3.7 | |
ATM cash | 525.2 | 515.6 | 543.4 | |
Settlement cash and cash equivalents | 327.4 | 242.6 | 203.6 | |
Settlement restricted cash | 125 | 94 | 74.9 | |
Cash and cash equivalents and restricted cash at end of period | $ 2,247 | $ 1,990.8 | $ 2,086.1 | $ 2,099.5 |
Settlement Assets and Obligat_5
Settlement Assets and Obligations (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Settlement Assets and Obligations | ||
Account receivables, net of credit loss allowance | $ 35.7 | $ 33 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Computation of diluted earnings: | |||
Net income attributable to Euronet Worldwide, Inc. stockholders | $ 279.7 | $ 231 | $ 70.7 |
Add: Interest expense from assumed conversion of convertible notes, net of tax | 4.2 | 4.7 | |
Net income for diluted earnings per share calculation | $ 283.9 | $ 235.7 | $ 70.7 |
Computation of diluted weighted average shares outstanding: | |||
Basic weighted average shares outstanding | 48,482,006 | 50,175,614 | 52,585,674 |
Incremental shares from assumed exercise of stock options and vesting of restricted stock | 335,809 | 505,876 | 943,902 |
Incremental shares from assumed conversion of convertible debt | 2,781,818 | 2,781,818 | |
Diluted weighted average shares outstanding | 51,599,633 | 53,463,308 | 53,529,576 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 13, 2023 | Sep. 13, 2022 | Dec. 08, 2021 | |
Stockholders' Equity | ||||||
Antidilutive securities excluded from computation of earnings per share, amount | 3,768,000 | 1,975,000 | 1,668,000 | |||
Incremental shares from assumed conversion of convertible debentures | 2,781,818 | 2,781,818 | ||||
Conversion Price | $ 188.73 | |||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||
Preferred stock, shares issued | 0 | 0 | ||||
Preferred stock, shares outstanding | 0 | |||||
Foreign currency translation gain (loss) | $ 47.9 | $ (78.3) | $ (78.5) | |||
Reclassifications of foreign currency translation | 0 | 0 | 0 | |||
Dividends paid | $ 0 | $ 0 | $ 0 | |||
Convertible Senior Notes ("Convertible Notes") [Member] | ||||||
Stockholders' Equity | ||||||
Incremental shares from assumed conversion of convertible debentures | 2,800,000 | |||||
Share Repurchase Plan, 2021 [Member] | ||||||
Stockholders' Equity | ||||||
Stock repurchase program authorized amount | $ 300 | |||||
Stock repurchase program, number of shares authorized to be repurchased | 5 | |||||
Stock repurchased (in shares) | 1,400,229 | |||||
Stock repurchased, weighted average purchase price | $ 89.31 | |||||
Stock repurchased | $ 125 | |||||
Share Repurchase Plan, 2022 [Member] | ||||||
Stockholders' Equity | ||||||
Stock repurchase program authorized amount | $ 350 | |||||
Stock repurchase program, number of shares authorized to be repurchased | 7 | |||||
Stock repurchased (in shares) | 2,936,667 | |||||
Stock repurchased, weighted average purchase price | $ 86.27 | |||||
Stock repurchased | $ 253.4 | |||||
Share Repurchase Plan, 2023 [Member] | ||||||
Stockholders' Equity | ||||||
Stock repurchase program authorized amount | $ 350 | |||||
Stock repurchase program, number of shares authorized to be repurchased | 7 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 15, 2022 | Dec. 31, 2021 |
Acquisitions | ||||
Goodwill | $ 847.5 | $ 828.3 | $ 641.6 | |
Piraeus Bank Merchant Acquiring [Member] | ||||
Acquisitions | ||||
Other current assets | $ 1.8 | |||
Settlement assets | 77.6 | |||
Property and equipment | 5.7 | |||
Intangible assets | 122.5 | |||
Total assets acquired | 207.6 | |||
Trade accounts payable | (2.1) | |||
Settlement liabilities | (65.9) | |||
Accrued expenses and other current liabilities | (1.3) | |||
Deferred revenue | (0.3) | |||
Other long-term liabilities | (0.1) | |||
Total liabilities assumed | (69.7) | |||
Goodwill | 212.7 | |||
Net assets acquired | $ 350.6 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) € in Millions, $ in Millions | 10 Months Ended | 12 Months Ended | ||||
Mar. 15, 2022 EUR (€) terminal merchant | Mar. 15, 2022 USD ($) terminal merchant | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) Item | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 828.3 | $ 847.5 | $ 828.3 | $ 641.6 | ||
Series of Individually Immaterial Business Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of additional acquisition | 1 | 1 | ||||
Piraeus Bank Merchant Acquiring [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of Point of Sale Terminals Acquisition | terminal | 205,000 | 205,000 | ||||
Number of Merchants at Point of Sale Terminals Acquisition | merchant | 170,000 | 170,000 | ||||
Business acquisition, purchase price | € 317.8 | $ 350.6 | ||||
Payments to acquired entity in cash | 331 | |||||
Payments to acquired entity in cash for surplus working capital | 4.4 | $ 4.4 | ||||
Business Combination, Intangible assets acquired | 122.5 | |||||
Goodwill | 212.7 | |||||
Business Combination, Revenue of acquiree | $ 88.8 | $ 130.2 | ||||
Piraeus Bank Merchant Acquiring [Member] | Customer Relationships [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Intangible assets acquired | $ 112.2 | |||||
Amortization method | straight-line | straight-line | ||||
Business Combination, Acquired Intangible asset, useful life | 15 years | 15 years | ||||
Piraeus Bank Merchant Acquiring [Member] | Contract-Based Intangible Assets [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Intangible assets acquired | $ 10.3 | |||||
Amortization method | straight-line | straight-line | ||||
Business Combination, Acquired Intangible asset, useful life | 10 years | 10 years | ||||
Piraeus Bank Merchant Acquiring [Member] | Earn Out Contingent [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Estimated contingent consideration | $ 15.2 | |||||
Business Acquisition, Period of Earn Out Contingent | 10 years | 10 years | ||||
Contractual maximum amount of consideration | no contractual maximum amount of consideration under this agreement. |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 15.2 | $ 7.4 | $ 3.7 |
Restricted cash included within settlement assets | 125 | 94 | $ 74.9 |
Total Restricted Cash | 140.2 | 101.4 | |
Cash held in trust or on behalf of others [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash included within settlement assets | 84.8 | 80.6 | |
Collateral on bank credit arrangements and other [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash included within settlement assets | 40.2 | 13.4 | |
Collateral on bank credit arrangements and other [Member] | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash | $ 15.2 | $ 7.4 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 989 | $ 913 |
Less accumulated depreciation | (656.9) | (576.4) |
Total | 332.1 | 336.6 |
ATMs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 635.8 | 578.1 |
POS terminals [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 43.7 | 41.5 |
Vehicles and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 73.8 | 76.3 |
Computers and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 235.1 | 216.5 |
Land and buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 0.6 | $ 0.6 |
Property and Equipment, Net (_2
Property and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property and Equipment, Net | |||
Depreciation expenses | $ 100.8 | $ 101.5 | $ 104.7 |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangible Assets, Net (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 381.7 | $ 387.5 |
Accumulated Amortization | (214.1) | (199.2) |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 270.5 | 279.1 |
Accumulated Amortization | (121.4) | (117) |
Trademarks and trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 56.4 | 43.9 |
Accumulated Amortization | (54.6) | (33.7) |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 44.6 | 54.6 |
Accumulated Amortization | (36.3) | (48.4) |
Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10.2 | 9.9 |
Accumulated Amortization | $ (1.8) | $ (0.1) |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangible Assets, Net (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Finite-lived Intangible Assets [Roll Forward] | |||
Acquired Intangible Assets, Balance | $ 188.3 | $ 97.8 | |
Acquired Intangible Assets, Increases (decreases): | |||
Acquired Intangible Assets, Acquisitions (see footnote 6) | 124.8 | ||
Acquired Intangible Assets, Amortization | (24.5) | (27) | $ (23.1) |
Acquired Intangible Assets, Other (primarily changes in foreign currency exchange rates) | 3.8 | (7.3) | |
Acquired Intangible Assets, Balance | 167.6 | 188.3 | 97.8 |
Goodwill, Balance | 828.3 | 641.6 | |
Goodwill, Increases (decreases): | |||
Goodwill, Acquisitions (see footnote 6) | 1.3 | 224.3 | |
Goodwill, Amortization | |||
Goodwill, Other (primarily changes in foreign currency exchange rates) | 17.9 | (37.6) | |
Goodwill, Balance | 847.5 | 828.3 | 641.6 |
Total Intangible Assets, Balance | 1,016.6 | 739.4 | |
Total Intangible Assets, Increases (decreases): | |||
Total Intangible Assets, Acquisitions (see footnote 6) | 1.3 | 349.1 | |
Total Intangible Assets, Amortization | (24.5) | (27) | |
Total Intangible Assets, Other (primarily changes in foreign currency exchange rates) | 21.7 | (44.9) | |
Total Intangible Assets, Balance | $ 1,015.1 | $ 1,016.6 | $ 739.4 |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangible Assets, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 847.5 | $ 828.3 | $ 641.6 |
Finite-Lived Intangible Assets, Amortization Expense | 24.5 | $ 27 | $ 23.1 |
Future Amortization Expense, Year One | 18.2 | ||
Future Amortization Expense, Year Two | 14.6 | ||
Future Amortization Expense, Year Three | 14.3 | ||
Future Amortization Expense, Year Four | 13 | ||
Future Amortization Expense, Year Five | 12.6 | ||
Money Transfer Segment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 389.9 | ||
Epay Segment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 125.9 | ||
EFT Processing Segment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 331.7 |
Convertible Notes Receivable (D
Convertible Notes Receivable (Details) - Convertible Notes Receivable $ in Millions | Oct. 19, 2023 USD ($) | Dec. 31, 2023 USD ($) |
Convertible Notes Receivable | ||
Number of convertible notes receivable | 2 | |
Principal amount of receivable | $ 60 | $ 60 |
Receivable, Interest rate per annum | 2% | |
Unpaid principal and interest due and payable date | Oct. 18, 2028 | |
Accrued interest receivable | $ 0.2 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Expenses and Other Current Liabilities | ||
Accrued expenses | $ 254.8 | $ 311.8 |
Other tax payables | 69.1 | 80.6 |
Derivative liabilities | 39.1 | 42.3 |
Accrued payroll expenses | 74.4 | 68 |
Current portion of finance lease obligations | 1.6 | 3 |
Accrued expenses and other current liabilities | $ 439 | $ 505.7 |
Debt Obligations (Details)
Debt Obligations (Details) € in Millions, $ in Millions | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |||
Revolving credit agreement | $ 536.9 | $ 454.8 | |
Uncommitted credit agreement | 150 | ||
Other obligations | 0.3 | 0.2 | |
Total debt obligations | 1,874.4 | 1,622.1 | |
Unamortized debt issuance costs | (8.7) | (12.9) | |
Carrying value of debt | 1,865.7 | 1,609.2 | |
Short-term debt obligations and current maturities of long-term debt obligations | (150.3) | (0.1) | |
Long-term debt obligations | 1,715.4 | 1,609.1 | |
Convertible Notes, 0.75 Percent, due 2049 [Member] | |||
Debt Instrument [Line Items] | |||
Convertible debt | 525 | 525 | |
1.375% Senior Notes due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | € 600 | $ 662.2 | $ 642.1 |
Debt Obligations (Details 1 - T
Debt Obligations (Details 1 - Textual) € in Millions, $ in Millions | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 525 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 662.2 | |
Long-term Debt, Maturities, thereafter | $ 536.9 | |
Convertible Notes, 0.75 Percent, due 2049 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.75% | 0.75% |
1.375% Senior Notes due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.375% | 1.375% |
Long-term Debt, Maturities, Repayments of Principal in Year Three | € 600 | $ 662.2 |
Debt Obligations (Details 2 - T
Debt Obligations (Details 2 - Textual) - USD ($) $ in Millions | 3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
Jun. 27, 2023 | Jun. 26, 2023 | Oct. 24, 2022 | Jun. 24, 2022 | May 25, 2022 | May 22, 2022 | Sep. 28, 2022 | Nov. 30, 2023 | Dec. 31, 2023 | Nov. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Oct. 23, 2022 | |
Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,250 | $ 661.2 | $ 661.2 | $ 1,030 | |||||||||
Line of Credit Facility, Expiration Date | Oct. 24, 2027 | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||||||
Line of Credit Facility, Covenant Terms | (i) a Consolidated Total Leverage Ratio, depending on certain circumstances defined in the Credit Facility, not to exceed a range between 3.5 to 1.0 and 4.5 to 1.0; and (ii) a Consolidated Interest Coverage Ratio of not less than 3.0 to 1.0. Subject to meeting certain customary covenants (as defined in the Credit Facility), the Company is permitted to repurchase common stock and debt. | ||||||||||||
Line of Credit Facility, Interest Rate at Period End | 6.50% | 6.50% | |||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Capacity available subject to certain conditions | $ 500 | $ 500 | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.625% | ||||||||||||
Revolving Credit Facility [Member] | Sublimit, 1 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | $ 250 | |||||||||||
Line of Credit Facility, Interest Rate at Period End | 1.25% | 1.25% | 1.25% | ||||||||||
Letters of Credit Outstanding, Amount | $ 51.9 | $ 51.9 | $ 54.6 | ||||||||||
Revolving Credit Facility [Member] | Sublimit, 1 [Member] | Letter of Credit [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150 | 150 | |||||||||||
Revolving Credit Facility [Member] | Sublimit, 1 [Member] | U.S. dollar swingline loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75 | 75 | |||||||||||
Revolving Credit Facility [Member] | Sublimit, 1 [Member] | Foreign currencies swingline loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 75 | 75 | |||||||||||
Uncommitted Credit Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | 1% | |||||||||||
Debt Instrument, Face Amount | $ 300 | $ 300 | |||||||||||
Debt Instrument, Maturity Date Range, End | Nov. 30, 2023 | Nov. 30, 2022 | |||||||||||
Uncommitted borrowings, Outstanding amount | 0 | 0 | 0 | ||||||||||
Debt Instrument, Description of Variable Rate Basis | secured overnight financing rate (“SOFR”) | secured overnight financing rate (“SOFR”) | |||||||||||
Weighted-average interest rate | 6.37% | 3.14% | |||||||||||
Uncommitted Loan Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | ||||||||||||
Debt Instrument, Face Amount | $ 150 | $ 150 | |||||||||||
Debt Instrument, Maturity Date Range, End | Jun. 21, 2024 | Jun. 23, 2023 | |||||||||||
Uncommitted borrowings, Outstanding amount | $ 150 | $ 150 | $ 0 | ||||||||||
Debt Instrument, Description of Variable Rate Basis | Bloomberg Short-term Bank Yield ("BSBY") rate loan | ||||||||||||
Weighted-average interest rate | 2.76% | 6.29% | |||||||||||
Debt Instrument, Interest Rate Terms | either a Prime rate loan, a Bloomberg Short-term Bank Yield rate loan or bore interest at the rate agreed to by the bank and the Company at the time such loan is made. |
Debt Obligations (Details 3 - T
Debt Obligations (Details 3 - Textual) $ / shares in Units, € in Millions, $ in Millions | 12 Months Ended | |||||||
Mar. 18, 2019 USD ($) $ / shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 USD ($) $ / shares | May 22, 2019 EUR (€) | May 22, 2019 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 188.73 | |||||||
Other short-term borrowings | $ 0.2 | $ 0.3 | ||||||
Convertible Notes, 0.75 Percent, due 2049 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 525 | |||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 188.73 | |||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100% | |||||||
Debt issuance costs | $ 12.8 | |||||||
Debt instrument, redemption, description | (i) if the closing sale price of the Company's Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (ii) on or after March 20, 2025 and prior to the maturity date, regardless of the foregoing sale price condition, in each case at a redemption price equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the Convertible Notes. In addition, if a fundamental change, as defined in the Indenture, occurs prior to the maturity date, holders may require the Company to repurchase for cash all or part of their Convertible Notes at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. | |||||||
Debt Instrument, Contractual interest expenses | $ 3.9 | 3.9 | $ 3.9 | |||||
Debt Instrument, Effective Interest Rate | 4.40% | |||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.75% | 0.75% | ||||||
1.375% Senior Notes due 2026 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | € 600 | $ 669.9 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.375% | 1.375% | ||||||
Debt Instrument, Frequency of Periodic Payment | annually | |||||||
Debt Instrument, Date of First Required Payment | May 22, 2020 | |||||||
Senior notes | $ 642.1 | € 600 | $ 662.2 | |||||
Debt Instrument, Redemption Period, Start Date | Feb. 22, 2026 | |||||||
Debt Instrument, Unamortized Discount | $ 2.9 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities Fair Value (Details) - Foreign Exchange Contract [Member] - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency exchange contracts | $ 50 | $ 50.3 |
Accrued expenses and other current liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign Currency Derivative Instruments Not Designated as Hedging Instruments, Liability at Fair Value | $ (39.1) | $ (42.3) |
Derivative Instruments and Fair
Derivative Instruments and Fair Value of Derivative Assets and Liabilities (Details 1) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities | ||
Gross Amounts of Recognized Assets | $ 50 | $ 50.3 |
Gross Amounts Offset in the Consolidated Balance Sheet | ||
Net Amounts Presented in the Consolidated Balance Sheet | 50 | 50.3 |
Derivatives Not Offset in the Consolidated Balance Sheet | (19.9) | (32) |
Derivatives Assets, Net Amounts | 30.1 | 18.3 |
Gross Amounts of Recognized Liabilities | (39.1) | (42.3) |
Gross Amounts Offset in the Consolidated Balance Sheet | ||
Net Amounts Presented in the Consolidated Balance Sheet | (39.1) | (42.3) |
Derivatives Not Offset in the Consolidated Balance Sheet | 26.3 | 32.1 |
Derivative Liability, Net Amounts | $ (12.8) | $ (10.2) |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Details 2) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | [1] | $ (1.7) | $ (0.3) | $ 1.6 |
[1]The Company enters into derivative contracts such as foreign currency exchange forwards and cross-currency swaps as part of its xe operations. These derivative contracts are excluded from this table as they are part of the broader disclosure of foreign currency exchange revenues for this business discussed above. |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities Derivative Financial Information (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Ria Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 393.3 | $ 398.6 | |
Corporate Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | 563.1 | 228.4 | |
xe Operations [Member] | Trading Revenue [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Trading Activity, Gain | 85.3 | 86.6 | $ 79.5 |
xe Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Notional Amount | $ 1.1 | $ 1 | |
Maximum [Member] | Ria Operations [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Foreign currency forward contract term | 14 days | ||
Maximum [Member] | xe Operations [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, term of contract | 1 year |
Leases (Details)
Leases (Details) $ in Millions | Dec. 31, 2023 USD ($) | [1] |
Leases | ||
2024 | $ 47 | |
2025 | 36.3 | |
2026 | 26.5 | |
2027 | 17.9 | |
2028 | 9.4 | |
Thereafter | 12.4 | |
Total lease payments | 149.5 | |
Less: imputed interest | (7.4) | |
Present value of lease liabilities | $ 142.1 | |
[1] Operating lease payments reflect the Company's current fixed obligations under the operating lease agreements. |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | |||
Operating lease expense | $ 50.1 | $ 51 | $ 55.6 |
Variable lease expense | 164.3 | 142.6 | 116 |
Total lease expense | $ 214.4 | $ 193.6 | $ 171.6 |
Leases (Details 2)
Leases (Details 2) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases | ||
Weighted- average remaining lease term (years) | 4 years 3 months 18 days | 4 years 7 months 6 days |
Weighted- average discount rate | 2.49% | 2.27% |
Leases (Details 3)
Leases (Details 3) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Leases | ||||
Cash paid for amounts included in the measurement of lease liabilities | [1] | $ 49.9 | $ 49.7 | $ 51.5 |
Supplemental non-cash information on lease liabilities arising from obtaining ROU assets: | ||||
ROU assets obtained in exchange for new operating lease liabilities | $ 49.9 | $ 50 | $ 69.1 | |
[1] Included in Net cash provided by operating activities on the Company's Consolidated Statements of Cash Flows. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income before taxes: | |||
Total income before income taxes | $ 400.4 | $ 322.6 | $ 135.6 |
United States | |||
Income before taxes: | |||
Total income before income taxes | 7 | (12.5) | (4.8) |
Foreign | |||
Income before taxes: | |||
Total income before income taxes | $ 393.4 | $ 335.1 | $ 140.4 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes [Line Items] | |||
Total current | $ 108 | $ 84.2 | $ 62.7 |
Total deferred | 12.9 | 7.7 | 2.4 |
Total income tax expense | 120.9 | 91.9 | 65.1 |
U.S. | |||
Income taxes [Line Items] | |||
Total current | 5.1 | 3.9 | 2.8 |
Total deferred | 12.2 | (7.3) | 12.3 |
Foreign | |||
Income taxes [Line Items] | |||
Total current | 102.9 | 80.3 | 59.9 |
Total deferred | $ 0.7 | $ 15 | $ (9.9) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | |||
U.S. federal income tax expense at applicable statutory rate | $ 84.1 | $ 67.7 | $ 28.5 |
Tax Effect Of: | |||
State income tax expense at statutory rates, net of U.S. federal income tax | 3.7 | 3.7 | 1.5 |
Non-deductible expenses | 2.9 | 1.7 | 0.5 |
Share-based compensation | 4 | 1.9 | (3.5) |
Other permanent differences | 0.9 | (0.2) | (2) |
Difference between U.S. federal and foreign tax rates | 16.7 | 13.9 | 7.4 |
Provision in excess of statutory rates | 8.3 | 3.6 | 2.9 |
Change in federal and foreign valuation allowance | 2.7 | (7.7) | 26.7 |
GILTI, net of tax credits | 5.9 | 9.8 | 3.9 |
Tax credits | (9.2) | (0.7) | (1.1) |
Other | 0.9 | (1.8) | 0.3 |
Total income tax expense | $ 120.9 | $ 91.9 | $ 65.1 |
Effective tax rate | 30.19% | 28.47% | 48% |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Tax loss carryforwards | $ 59.3 | $ 64.9 |
Share-based compensation | 15.8 | 12.6 |
Accrued expenses | 20.1 | 23.2 |
Property and equipment | 8.1 | 10.8 |
Goodwill and intangible amortization | 11.2 | 9 |
Contract costs | 3.5 | 7 |
Intercompany notes | 16.7 | 17.4 |
Accrued revenue | 4 | 5.1 |
Tax credits | 58.1 | 64.4 |
Lease accounting | 49.2 | 40.2 |
Foreign exchange | 2.4 | 2.7 |
Capitalized research and development | 6.2 | |
Other | 6 | 7.8 |
Total deferred tax assets | 260.6 | 265.1 |
Valuation allowance | (90.7) | (90.4) |
Total deferred tax assets, net of valuation allowance | 169.9 | 174.7 |
Deferred tax liabilities: | ||
Intangible assets related to purchase accounting | (15) | (12.1) |
Goodwill and intangible amortization | (31.9) | (31.7) |
Accrued expenses | (25.7) | (22.7) |
Intercompany notes | (12.9) | (14.5) |
Accrued interest | (34.4) | (26.6) |
Capitalized research and development | (0.3) | (1.2) |
Property and equipment | (6.8) | (14.6) |
Accrued revenue | (2.8) | (2.1) |
Lease accounting | (49.2) | (40.2) |
Foreign exchange | (4) | (9.8) |
Other | (5.6) | (3.5) |
Total deferred tax liabilities | (188.6) | (179) |
Net deferred tax liabilities | $ (18.7) | $ (4.3) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | ||
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 247.4 | $ 260.6 |
Operating Loss Carryforward, Tax Effected | 57.7 | |
Foreign Tax Authority [Member] | 2024 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 1.7 | |
Operating Loss Carryforward, Tax Effected | 0.4 | |
Foreign Tax Authority [Member] | 2025 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 13.1 | |
Operating Loss Carryforward, Tax Effected | 3.3 | |
Foreign Tax Authority [Member] | 2026 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 18.3 | |
Operating Loss Carryforward, Tax Effected | 4.6 | |
Foreign Tax Authority [Member] | 2027 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 3.6 | |
Operating Loss Carryforward, Tax Effected | 0.9 | |
Foreign Tax Authority [Member] | 2028 [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 4.1 | |
Operating Loss Carryforward, Tax Effected | 1 | |
Foreign Tax Authority [Member] | Thereafter [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 20.3 | |
Operating Loss Carryforward, Tax Effected | 5.3 | |
Foreign Tax Authority [Member] | Unlimited [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 186.3 | |
Operating Loss Carryforward, Tax Effected | $ 42.2 |
Income Taxes (Details 5)
Income Taxes (Details 5) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 42.8 | $ 41 |
Additions based on tax positions related to the current year | 7.2 | 6.1 |
Additions for tax positions of prior years | 2.6 | 0.3 |
Reductions for tax positions of prior years | (0.1) | (4) |
Statute of limitations expiration | (0.7) | (0.6) |
Ending balance | $ 51.8 | $ 42.8 |
Income Taxes (Details 6)
Income Taxes (Details 6) | 12 Months Ended |
Dec. 31, 2023 | |
Domestic Tax Authority [Member] | U.S. (Federal) [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Open tax year | 2014 |
Domestic Tax Authority [Member] | U.S. (Federal) [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Open tax year | 2023 |
Foreign Tax Authority [Member] | Germany [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Open tax year | 2016 |
Foreign Tax Authority [Member] | Germany [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Open tax year | 2023 |
Foreign Tax Authority [Member] | Greece [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Open tax year | 2013 |
Foreign Tax Authority [Member] | Greece [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Open tax year | 2023 |
Foreign Tax Authority [Member] | Spain [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Open tax year | 2016 |
Foreign Tax Authority [Member] | Spain [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Open tax year | 2023 |
Foreign Tax Authority [Member] | U.K. [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Open tax year | 2019 |
Foreign Tax Authority [Member] | U.K. [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Open tax year | 2023 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income taxes [Line Items] | |||
Federal statutory income tax rate | 21% | 21% | 21% |
Tax net operating loss carryforwards | |||
Gross undistributed earnings reinvested indefinitely in foreign subsidiaries | $ 2,356.1 | ||
Unrecognized tax benefits that would impact provision for income taxes and effective income tax rate | 38.2 | 30.8 | |
Unrecognized tax benefits, income tax penalties and interest accrued | 10 | 8.3 | |
Foreign [Member] | |||
Income taxes [Line Items] | |||
Tax net operating loss carryforwards | 247.4 | 260.6 | |
Tax credit carryforwards | $ 53.6 | 59.8 | |
Foreign [Member] | Earliest Tax Year [Member] | |||
Income taxes [Line Items] | |||
Tax credit carryforwards, Expiration year | 2027 | ||
Foreign [Member] | Latest Tax Year [Member] | |||
Income taxes [Line Items] | |||
Tax credit carryforwards, Expiration year | 2032 | ||
U.S. State [Member] | |||
Income taxes [Line Items] | |||
Tax net operating loss carryforwards | $ 68.4 | $ 97.7 | |
U.S. State [Member] | Earliest Tax Year [Member] | |||
Income taxes [Line Items] | |||
Tax net operating loss carryforwards, Expiration year | 2024 | ||
U.S. State [Member] | Latest Tax Year [Member] | |||
Income taxes [Line Items] | |||
Tax net operating loss carryforwards, Expiration year | 2043 | ||
U.S. Federal [Member] | Research and Expenditure Tax Credit Carryforward [Member] | |||
Income taxes [Line Items] | |||
Tax credit carryforwards | $ 3.8 | ||
U.S. Federal [Member] | Research and Expenditure Tax Credit Carryforward [Member] | Earliest Tax Year [Member] | |||
Income taxes [Line Items] | |||
Tax credit carryforwards, Expiration year | 2034 | ||
U.S. Federal [Member] | Research and Expenditure Tax Credit Carryforward [Member] | Latest Tax Year [Member] | |||
Income taxes [Line Items] | |||
Tax credit carryforwards, Expiration year | 2042 |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance-credit losses | $ 4 | ||
Ending balance-credit losses | 3.6 | $ 4 | |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance-credit losses | 37 | 31.8 | $ 41.7 |
Additions-charged to expense | 13.3 | 16.3 | 9.7 |
Amounts written off | (9.8) | (12.9) | (21.6) |
Other (primarily changes in foreign currency exchange rates) | (1.2) | 1.8 | 2 |
Ending balance-credit losses | $ 39.3 | $ 37 | $ 31.8 |
Stock Plans (Details)
Stock Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Summary stock options activity | ||
Number of Shares, Exercisable | 1,466,983 | |
Employee Stock Option | ||
Summary stock options activity | ||
Number of Shares, Outstanding balance | 4,703,405 | |
Number of Shares, Granted | 595,777 | |
Number of Shares, Exercised | (152,209) | |
Number of Shares, Forfeited/Canceled | (27,981) | |
Number of Shares, Expired | ||
Number of Shares, Outstanding balance | 5,118,992 | 4,703,405 |
Number of Shares, Exercisable | 2,211,566 | |
Number of Shares, Vested and expected to vest | 4,170,033 | |
Weighted Average Exercise Price, Outstanding balance | $ 103.51 | |
Weighted Average Exercise Price, Granted | 91.66 | |
Weighted Average Exercise Price, Exercised | 90.92 | |
Weighted Average Exercise Price, Forfeited/Canceled | 116.58 | |
Weighted Average Exercise Price, Expired | ||
Weighted Average Exercise Price, Outstanding balance | 103.66 | $ 103.51 |
Weighted Average Exercise Price, Exercisable | 103.03 | |
Weighted Average Exercise Price, Vested and expected to vest | $ 99.9 | |
Weighted Average Remaining Contractual Term (years), Outstanding balance | 6 years 7 months 6 days | |
Weighted Average Remaining Contractual Term (years), Exercisable | 4 years 10 months 24 days | |
Weighted Average Remaining Contractual Term (years), Vested and expected to vest | 6 years 4 months 24 days | |
Aggregate Intrinsic Value (thousands), Outstanding balance | $ 39.5 | |
Aggregate Intrinsic Value (thousands), Exercisable | 24.6 | |
Aggregate Intrinsic Value (thousands), Vested and expected to vest | $ 33.6 |
Stock Plans (Details 1)
Stock Plans (Details 1) - Employee Stock Option - Valuation Technique, Black-Scholes-Merton, Option Pricing or Monte Carlo Simulation Model [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||
Volatility | 42.50% | 42.40% | 39.30% |
Risk-free interest rate - weighted average | 4.23% | 3.97% | 1.20% |
Risk-free interest rate - range, low | 3.97% | 0.50% | |
Risk-free interest rate - range, high | 4.23% | 3.45% | 1.21% |
Dividend yield | |||
Assumed forfeitures | 8% | 8% | 8% |
Expected lives | 5 years | 4 years 7 months 6 days | 4 years 7 months 6 days |
Weighted-average fair value (per option) | $ 39.43 | $ 37.15 | $ 39.99 |
Stock Plans (Details 2)
Stock Plans (Details 2) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Summary restricted stock activity | |||
Number of Shares, Nonvested | 676,435 | ||
Number of Shares, Granted | 267,678 | ||
Number of Shares, Vested | (146,716) | ||
Number of Shares, Forfeited | (30,695) | ||
Number of Shares, Nonvested | 766,702 | 676,435 | |
Weighted Average Grant Date Fair Value Per Share | |||
Weighted Average Grant Date Fair Value Per Share, Nonvested | $ 115.36 | ||
Weighted Average Grant Date Fair Value Per Share, Granted | 92.76 | $ 91.47 | $ 115.85 |
Weighted Average Grant Date Fair Value Per Share, Vested | 123.78 | ||
Weighted Average Grant Date Fair Value Per Share, Forfeited | 145.87 | ||
Weighted Average Grant Date Fair Value Per Share, Nonvested | $ 104.65 | $ 115.36 |
Stock Plans (Details Textual)
Stock Plans (Details Textual) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) d $ / shares shares | Dec. 31, 2022 USD ($) d $ / shares shares | Dec. 31, 2021 USD ($) d $ / shares shares | |
Share-based compensation plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 3,900,000 | ||
Allocated Share-based Compensation Expense | $ 53.7 | $ 44.1 | $ 36.5 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 4 | 3.4 | 4.1 |
Share-based compensation plans [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 3 years | ||
Share-based compensation plans [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 5 years | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period | 10 years | ||
Proceeds from Stock Options Exercised | $ 5.4 | 5.9 | 7.8 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 6.3 | $ 12.8 | $ 27.7 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 45.1 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | ||
Employee service share-based compensation, nonvested awards, overall weighted-average period | 3 years 1 month 6 days | ||
Number of Shares, Granted | shares | 595,777 | ||
Employee Stock Option | Valuation Technique, Black-Scholes-Merton, Option Pricing or Monte Carlo Simulation Model [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period | 5 years | 4 years | 4 years |
Number of Shares, Granted | shares | 596,127 | 411,648 | 331,000 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Threshold Percentage of Stock Price Trigger for Vesting | 10% | 10% | 10% |
Share-Based Compensation Arrangement by Share-Based Payment Award, Threshold Consecutive Trading Days for Vesting | d | 30 | 30 | 30 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | $ 14.8 | $ 9.3 | $ 13.8 |
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares | $ 92.76 | $ 91.47 | $ 115.85 |
Time-based restricted stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 16.6 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 11 months 8 days | ||
Performance-based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 28.8 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months 6 days |
Business Segment Information (D
Business Segment Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 3,688 | $ 3,358.8 | $ 2,995.5 |
Operating expenses: | |||
Direct operating costs | 2,222.8 | 2,018.2 | 1,900.2 |
Acquired contract cost impairment | 38.6 | ||
Salaries and benefits | 602.9 | 534.2 | 484.9 |
Selling, general and administrative | 296.8 | 285.1 | 252 |
Depreciation and amortization | 132.9 | 135.9 | 135.8 |
Total operating expenses | 3,255.4 | 2,973.4 | 2,811.5 |
Operating income | 432.6 | 385.4 | 184 |
Other income (expense) | |||
Interest income | 15.2 | 2 | 0.7 |
Interest expense | (55.6) | (37.5) | (38.3) |
Foreign currency exchange gain (loss), net | 8 | (28.2) | (10.8) |
Other gains, net | 0.2 | 0.9 | |
Other expense, net | (32.2) | (62.8) | (48.4) |
Income before income taxes | 400.4 | 322.6 | 135.6 |
Total Assets | 5,894.4 | 5,403.6 | 4,744.3 |
Corporate Services, Eliminations and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | (7.9) | (7.8) | (8.1) |
Operating expenses: | |||
Direct operating costs | (7.9) | (7.7) | (8.1) |
Acquired contract cost impairment | |||
Salaries and benefits | 74.8 | 63.5 | 51.1 |
Selling, general and administrative | 10.1 | 9.8 | 6.6 |
Depreciation and amortization | 0.4 | 0.4 | 0.4 |
Total operating expenses | 77.4 | 66 | 50 |
Operating income | (85.3) | (73.8) | (58.1) |
Other income (expense) | |||
Total Assets | 326.3 | 283.8 | 205.8 |
EFT Processing [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,058.3 | 924.2 | 591.2 |
Operating expenses: | |||
Direct operating costs | 572.1 | 475.8 | 354.2 |
Acquired contract cost impairment | |||
Salaries and benefits | 126.5 | 111.9 | 98.6 |
Selling, general and administrative | 58.8 | 57.1 | 47.9 |
Depreciation and amortization | 94.6 | 95.4 | 90.9 |
Total operating expenses | 852 | 740.2 | 591.6 |
Operating income | 206.3 | 184 | (0.4) |
Other income (expense) | |||
Total Assets | 2,442 | 2,150.7 | 1,682.7 |
epay [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,082.4 | 997.9 | 1,011.5 |
Operating expenses: | |||
Direct operating costs | 819.1 | 753.2 | 760.9 |
Acquired contract cost impairment | |||
Salaries and benefits | 91.1 | 81.8 | 79.5 |
Selling, general and administrative | 39.1 | 36 | 39.6 |
Depreciation and amortization | 6.9 | 6.2 | 8.5 |
Total operating expenses | 956.2 | 877.2 | 888.5 |
Operating income | 126.2 | 120.7 | 123 |
Other income (expense) | |||
Total Assets | 1,204.9 | 1,173.3 | 1,234.1 |
Money Transfer Segment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 1,555.2 | 1,444.5 | 1,400.9 |
Operating expenses: | |||
Direct operating costs | 839.5 | 796.9 | 793.2 |
Acquired contract cost impairment | 38.6 | ||
Salaries and benefits | 310.5 | 277 | 255.7 |
Selling, general and administrative | 188.8 | 182.2 | 157.9 |
Depreciation and amortization | 31 | 33.9 | 36 |
Total operating expenses | 1,369.8 | 1,290 | 1,281.4 |
Operating income | 185.4 | 154.5 | 119.5 |
Other income (expense) | |||
Total Assets | $ 1,921.2 | $ 1,795.8 | $ 1,621.7 |
Business Segment Information _2
Business Segment Information (Details 1) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 3,688 | $ 3,358.8 | $ 2,995.5 |
Property and Equipment, net | 332.1 | 336.6 | |
Total Assets | 5,894.4 | 5,403.6 | 4,744.3 |
UNITED STATES | |||
Segment Reporting Information [Line Items] | |||
Revenues | 898.5 | 830.8 | 805 |
Property and Equipment, net | 63 | 59.9 | |
Total Assets | 1,198.5 | 1,051.4 | |
Non-US | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,789.5 | 2,528 | 2,190.5 |
Property and Equipment, net | 269.1 | 276.7 | |
Total Assets | 4,695.9 | 4,352.2 | |
GERMANY | |||
Segment Reporting Information [Line Items] | |||
Revenues | 691.5 | 644.5 | 631.5 |
Property and Equipment, net | 29 | 30.2 | |
Total Assets | 760.2 | 772.6 | |
SPAIN | |||
Segment Reporting Information [Line Items] | |||
Revenues | 243.4 | 211.7 | 157.8 |
Property and Equipment, net | 40.8 | 46.4 | |
Total Assets | 375.5 | 322.6 | |
UNITED KINGDOM | |||
Segment Reporting Information [Line Items] | |||
Revenues | 152.5 | 144.7 | 143.9 |
Property and Equipment, net | 8.7 | 10.5 | |
Total Assets | 441.3 | 403.9 | |
ITALY | |||
Segment Reporting Information [Line Items] | |||
Revenues | 185.8 | 160.7 | 130.1 |
Property and Equipment, net | 14.9 | 16.7 | |
Total Assets | 229.9 | 207.7 | |
POLAND | |||
Segment Reporting Information [Line Items] | |||
Revenues | 114.9 | 98.1 | 93.7 |
Property and Equipment, net | 28.8 | 23 | |
Total Assets | 280.7 | 220.7 | |
INDIA | |||
Segment Reporting Information [Line Items] | |||
Revenues | 170.3 | 188.5 | 173.1 |
Property and Equipment, net | 28.5 | 30.5 | |
Total Assets | 241.4 | 241.6 | |
FRANCE | |||
Segment Reporting Information [Line Items] | |||
Revenues | 198.6 | 173.8 | 166.7 |
Property and Equipment, net | 8.6 | 8.5 | |
Total Assets | 165 | 140.4 | |
GREECE | |||
Segment Reporting Information [Line Items] | |||
Revenues | 205.8 | 161 | 61.6 |
Property and Equipment, net | 19.6 | 18 | |
Total Assets | 653.9 | 597.2 | |
MALAYSIA | |||
Segment Reporting Information [Line Items] | |||
Revenues | 51.9 | 47.6 | 50 |
Property and Equipment, net | 4.3 | 2.2 | |
Total Assets | 98.5 | 77.6 | |
AUSTRALIA | |||
Segment Reporting Information [Line Items] | |||
Revenues | 53.5 | 42.4 | 46.9 |
Property and Equipment, net | 1.9 | 2.9 | |
Total Assets | 85.6 | 58.4 | |
NEW ZEALAND | |||
Segment Reporting Information [Line Items] | |||
Revenues | 51.6 | 61.6 | 56.5 |
Property and Equipment, net | 4 | 3.5 | |
Total Assets | 190.7 | 234.8 | |
NETHERLANDS | |||
Segment Reporting Information [Line Items] | |||
Revenues | 62.8 | 54.6 | 49.4 |
Property and Equipment, net | 5 | 5.3 | |
Total Assets | 170.9 | 196.7 | |
CANADA | |||
Segment Reporting Information [Line Items] | |||
Revenues | 70.1 | 66.4 | 46.9 |
Property and Equipment, net | 0.7 | 0.7 | |
Total Assets | 123.7 | 106.4 | |
BRAZIL | |||
Segment Reporting Information [Line Items] | |||
Revenues | 55.2 | 51.4 | 44.3 |
Property and Equipment, net | 0.3 | 0.3 | |
Total Assets | 38.2 | 46.7 | |
Other Countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 481.6 | 421 | $ 338.1 |
Property and Equipment, net | 74 | 78 | |
Total Assets | $ 840.4 | $ 724.9 |
Business Segment Information _3
Business Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2023 SEGMENT | |
Business Segment Information | |
Number of reportable segments | 3 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency exchange contracts, Other current assets | $ 50 | $ 50.3 |
Foreign currency exchange contracts, Other current liabilities | (39.1) | (42.3) |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency exchange contracts, Other current assets | ||
Foreign currency exchange contracts, Other current liabilities | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency exchange contracts, Other current assets | 50 | 50.3 |
Foreign currency exchange contracts, Other current liabilities | (39.1) | (42.3) |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency exchange contracts, Other current assets | ||
Foreign currency exchange contracts, Other current liabilities |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements (Details Textual) - Fair Value, Inputs, Level 2 [Member] $ in Millions | Dec. 31, 2023 USD ($) |
Convertible Notes Payable [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Convertible debt, fair value | $ 530.3 |
Convertible debt, carrying values | 525 |
Senior Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Convertible debt, fair value | 621.6 |
Senior notes (in USD) | $ 662.2 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Standby Letter of Credit [Member] | ||
Commitments | ||
Guarantees amount | $ 80 | |
Collateralized cash deposits | 3.4 | |
Financial Guarantee [Member] | ||
Commitments | ||
Guarantees amount | 11.2 | |
Performance Guarantee [Member] | ||
Commitments | ||
Guarantees amount | 75 | |
Indemnification Agreement [Member] | ||
Commitments | ||
Guarantees amount | 576.2 | |
Guarantor Obligations, Current Carrying Value | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Rontec Ltd. [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, incurred expenses | $ 0.2 | $ 0.2 | $ 0.1 |