Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of stock option activity for the year ended December 31, 2023 was as follows (options and aggregate intrinsic value in millions):

				Weighted- Average Exercise		Weighted-Average Remaining Contractual Term		Aggregate Intrinsic
	Options			Price		(Years)		Value
Outstanding as of January 1		6.4		$	18.68
Granted		1.0		$	13.27
Exercised		—		$	—
Cancelled/forfeited		(0.3	)	$	13.94
Outstanding as of December 31		7.1		$	18.09		6.3	$	—
Options exercisable as of December 31		4.8		$	19.10		5.2	$	—

Schedule of Restricted Stock Units and Performance-based Restricted Stock Units Activity

A summary of activity for restricted stock units and performance-based restricted stock units for the year ended December 31, 2023 was as follows (units in millions):

				Weighted-Average
	Units			Grant-Date Fair Value
Non-vested as of January 1		6.4		$	21.01
Granted		4.6		$	13.00
Vested		(1.9	)	$	20.72
Forfeited		(1.8	)	$	19.48
Non-vested as of December 31		7.3		$	16.39

Schedule of Impact on Earnings

The following table sets forth the total impact on earnings for stock-based compensation expense recognized in the Consolidated Statements of Income resulting from stock options, restricted stock units, performance-based restricted stock units and deferred stock units for the years ended December 31, 2023, 2022, and 2021 (in millions, except per share data):

	2023			2022			2021
Stock-based compensation expense	$	(35.9	)	$	(45.5	)	$	(44.3	)
Income tax benefit from stock-based compensation expense		6.1			8.1			7.5
Net income impact	$	(29.8	)	$	(37.4	)	$	(36.8	)
Earnings per share impact:
Basic and diluted	$	(0.08	)	$	(0.10	)	$	(0.09	)

Schedule of Assumptions for Black-Scholes Option Pricing Model

The Company used the following assumptions for the Black-Scholes option pricing model to determine the value of Western Union options granted for the years ended December 31, 2023, 2022, and 2021:

	2023			2022			2021
Stock options granted:
Weighted-average risk-free interest rate		4.0	%		1.9	%	1.3%
Weighted-average dividend yield		6.0	%		4.3	%	4.2%
Volatility		27.8	%		29.9	%	29.1%
Expected term (in years)		7.23			7.28			7.03
Weighted-average grant date fair value	$	2.09		$	3.47		$	3.26