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Segment Information
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segment information Segment Information

We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions.  Our CODM is our President and Chief Executive Officer.  Our CODM evaluates performance and allocates resources to each operating segment based on a profit or loss measure which, at the reportable segment level, excludes the following:
•
Corporate expenses -  former non-segment and regional management costs, currency transaction gains and losses, adjustments to reconcile segment accounting policies to U.S. GAAP, and costs related to global initiatives
•
Other items not allocated to segments - certain significant items such as reorganization and restructuring actions that are evaluated on an individual basis by management and are not considered part of the ongoing activities of the business are excluded from segment results. Prior to deconsolidation (see Note 1), results from Venezuela operations were also excluded from our segment results due to the Venezuelan government's restrictions that have prevented us from repatriating funds. We also exclude certain costs, gains and losses related to acquisitions and dispositions of assets and of businesses. Beginning in the third quarter of 2018, we began to consolidate Brink's Argentina using our accounting policy for subsidiaries operating in highly inflationary economies. We have excluded from our segment results the impact of highly inflationary accounting in Argentina, including currency remeasurement losses. Incremental costs (primarily third party expenses) incurred related to the mitigation of material weaknesses and the implementation and adoption of ASU 2016-02, the new lease accounting standard effective for us as of January 1, 2019, are excluded from segment results. We have also excluded from our segment results net charges related to an internal loss in our U.S. global services operations. The net impact includes costs incurred to reconstruct an accounts receivable subledger as well as estimated bad debt expense for uncollectible receivables, partially offset by revenue billed and collected, but not previously recorded as a result of the former non-management employee's embezzlement activities.

We currently serve customers in more than 100 countries, including 41 countries where we operate subsidiaries.

We have the following three reportable segments:
•
North America
•
South America
•
Rest of World.



 
Revenues
 
Operating Profit
 
Years Ended December 31,
 
Years Ended December 31,
(In millions)
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Reportable Segments:
 
 
 
 
 
 
 
 
 
 
 
North America
$
1,782.8

 
1,466.3

 
1,254.2

 
$
186.4

 
129.8

 
74.0

South America
916.5

 
926.9

 
924.6

 
217.1

 
198.7

 
182.8

Rest of World
980.4

 
1,044.3

 
1,014.1

 
115.8

 
114.4

 
115.2

Total reportable segments
3,679.7

 
3,437.5

 
3,192.9

 
519.3

 
442.9

 
372.0

Reconciling Items:
 
 
 
 
 
 
 
 
 
 
 
Corporate items:
 
 
 
 
 
 
 
 
 
 
 
General, administrative and other expenses
—

 
—

 
—

 
(123.2
)
 
(99.4
)
 
(84.3
)
Foreign currency transaction losses
—

 
—

 
—

 
(4.8
)
 
(2.2
)
 
(1.1
)
Reconciliation of segment policies to GAAP
—

 
—

 
—

 
0.3

 
5.6

 
(5.2
)
Other items not allocated to segments:
 
 
 
 
 
 
 
 
 
 
 
Venezuela operations(a)
—

 
51.4

 
154.1

 
—

 
2.3

 
20.4

Reorganization and Restructuring
—

 
—

 
—

 
(28.8
)
 
(20.6
)
 
(22.6
)
Acquisitions and dispositions
(0.5
)
 
—

 
—

 
(88.5
)
 
(41.4
)
 
(5.3
)
Argentina highly inflationary impact
—

 
—

 
—

 
(14.5
)
 
(8.0
)
 
—

Internal loss(b)
4.0

 
—

 
—

 
(20.9
)
 
—

 
—

Reporting compliance(c)
—

 
—

 
—

 
(2.1
)
 
(4.5
)
 
—

Total
$
3,683.2

 
3,488.9

 
3,347.0

 
$
236.8

 
274.7

 
273.9



(a)
Amounts in 2018 represent revenues and operating profit from our Venezuela operations prior to the June 30, 2018 deconsolidation. See Note 1 for details.
(b)
See details regarding the impact of the Internal loss at Note 1.
(c)
Accounting standard implementation and material weakness remediation. Additional information provided at page 28.

 
Years Ended December 31,
(In millions)
2019
 
2018
 
2017
 
 
 
 
 
 
Capital Expenditures by Reportable Segment
 
 
 
 
 
North America
$
76.6

 
59.1

 
86.3

South America
44.4

 
43.3

 
39.2

Rest of World
33.5

 
37.9

 
35.9

Total reportable segments
154.5

 
140.3

 
161.4

Corporate items
10.3

 
14.8

 
8.9

Venezuela
—

 
—

 
4.2

Total
$
164.8

 
155.1

 
174.5

 
 
 
 
 
 
Depreciation and Amortization by Reportable Segment
 
 
 
 
 
Depreciation and amortization of property and equipment:
 
 
 
 
 
North America
$
81.1

 
72.1

 
68.4

South America
27.9

 
26.3

 
23.5

Rest of World
32.3

 
31.3

 
30.4

Total reportable segments
141.3

 
129.7

 
122.3

Corporate items
10.8

 
11.9

 
12.0

Venezuela
—

 
1.1

 
1.7

Argentina highly inflationary impact
1.8

 
—

 
—

Acquisitions and dispositions
3.1

 
—

 
—

Reorganization and Restructuring
0.2

 
1.9

 
2.2

Depreciation and amortization of property and equipment
157.2

 
144.6

 
138.2

 
 
 
 
 
 
Amortization of intangible assets(a)
27.8

 
17.7

 
8.4

Total
$
185.0

 
162.3

 
146.6



(a)
Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.

 
December 31,
(In millions)
2019
 
2018
 
2017
 
 
 
 
 
 
Assets held by Reportable Segment
 
 
 
 
 
North America
$
1,683.0

 
1,404.5

 
733.5

South America
806.1

 
602.5

 
740.5

Rest of World
1,006.8

 
940.7

 
883.3

Total reportable segments
3,495.9

 
2,947.7

 
2,357.3

Corporate items
267.9

 
288.3

 
643.6

Venezuela
—

 
—

 
58.7

Total
$
3,763.8

 
3,236.0

 
3,059.6


 
December 31,
(In millions)
2019
 
2018
 
2017
 
 
 
 
 
 
Long-Lived Assets by Geographic Area(a)
 
 
 
 
 
Non-U.S.:
 
 
 
 
 
Mexico
$
129.4

 
107.0

 
99.6

France
74.1

 
79.0

 
84.1

Brazil
72.2

 
62.5

 
57.2

Canada
54.1

 
47.6

 
46.7

Other
150.0

 
135.4

 
146.5

Subtotal
479.8

 
431.5

 
434.1

U.S.
283.5

 
267.9

 
206.8

Total
$
763.3

 
699.4

 
640.9


(a)
Long-lived assets include only property and equipment.

 
Years Ended December 31,
(In millions)
2019
 
2018
 
2017
 
 
 
 
 
 
Revenues by Geographic Area(a)
 
 
 
 
 
Outside the U.S.:
 
 
 
 
 
Brazil
$
440.4

 
405.4

 
434.6

France
373.2

 
428.5

 
429.4

Mexico
412.4

 
365.3

 
327.2

Argentina
214.4

 
247.2

 
250.3

Venezuela
—

 
51.4

 
154.1

Canada
149.8

 
151.7

 
151.2

Other
868.4

 
890.1

 
824.4

Subtotal
2,458.6

 
2,539.6

 
2,571.2

U.S.
1,224.6

 
949.3

 
775.8

Total
$
3,683.2

 
3,488.9

 
3,347.0


(a)
Revenues are recorded in the country where service is initiated or performed. No single customer represents more than 10% of total revenue.  


 
December 31,
(In millions)
2019
 
2018
 
2017
 
 
 
 
 
 
Net assets outside the U.S.
 
 
 
 
 
France
$
155.4

 
213.4

 
219.4

Other Rest of World countries
313.6

 
309.2

 
273.1

Mexico
181.3

 
154.8

 
133.7

Argentina
166.1

 
154.6

 
234.0

Brazil
274.1

 
147.9

 
151.3

Other South American countries
123.7

 
109.6

 
116.2

Canada
45.9

 
52.0

 
63.3

Total
$
1,260.1

 
1,141.5

 
1,191.0



(In millions)
2019
 
2018
 
2017
 
 
 
 
 
 
Information about Unconsolidated Equity Affiliates:
 
 
 
 
 
Carrying value of investments and advances at December 31
$
5.0

 
4.9

 
4.0

Undistributed earnings at December 31
3.2

 
3.5

 
2.6

Share of equity earnings (loss)
0.9

 
1.9

 
0.4



In 2019, the Rest of World segment reported equity earnings of $0.6 million related to an equity investment with a carrying value of $4.4 million as of December 31, 2019 and undistributed earnings of $2.6 million as of December 31, 2019. In 2019, the South America segment reported equity earnings of $0.3 million related to an equity investment with a carrying value of $0.6 million as of December 31, 2019 and undistributed earnings of $0.6 million as of December 31, 2019.

In 2018, the Rest of World segment reported equity earnings of $0.9 million related to an equity method investment with a carrying value of $4.2 million and undistributed earnings of $2.8 million as of December 31, 2018. In 2018, the South America segment reported equity earnings of $1.0 million related to an equity method investment with a carrying value of $0.7 million and undistributed earnings of $0.7 million as of December 31, 2018.

Prior to 2018, the investment in South America was not accounted for as an equity method investment.