THE | ||||||||
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(In millions, except for per share amounts) | September 30, 2023 | December 31, 2022 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | ||||||||||
Restricted cash | |||||||||||
Accounts receivable, net | |||||||||||
Prepaid expenses and other | |||||||||||
Total current assets | |||||||||||
Right-of-use assets, net | |||||||||||
Property and equipment, net | |||||||||||
Goodwill | |||||||||||
Other intangibles | |||||||||||
Deferred tax assets, net | |||||||||||
Other | |||||||||||
Total assets | $ | ||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings | $ | ||||||||||
Current maturities of long-term debt | |||||||||||
Accounts payable | |||||||||||
Accrued liabilities | |||||||||||
Restricted cash held for customers | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Accrued pension costs | |||||||||||
Retirement benefits other than pensions | |||||||||||
Lease liabilities | |||||||||||
Deferred tax liabilities | |||||||||||
Other | |||||||||||
Total liabilities | |||||||||||
Commitments and contingent liabilities (notes 4, 8 and 14) | |||||||||||
Equity: | |||||||||||
The Brink's Company ("Brink's") shareholders: | |||||||||||
Common stock, par value $ | |||||||||||
Shares authorized: | |||||||||||
Shares issued and outstanding: 2023 - | |||||||||||
Capital in excess of par value | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Brink’s shareholders | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions, except for per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues | $ | $ | |||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenues | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Total costs and expenses | |||||||||||||||||||||||
Other operating income (expense) | ( | ( | ( | ||||||||||||||||||||
Operating profit | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Interest and other nonoperating income (expense) | |||||||||||||||||||||||
Income from continuing operations before tax | |||||||||||||||||||||||
Provision (benefit) for income taxes | ( | ||||||||||||||||||||||
Income from continuing operations | |||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | ( | ( | |||||||||||||||||||||
Net income | |||||||||||||||||||||||
Less net income attributable to noncontrolling interests | |||||||||||||||||||||||
Net income attributable to Brink’s | |||||||||||||||||||||||
Amounts attributable to Brink’s | |||||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||
Discontinued operations | ( | ( | |||||||||||||||||||||
Net income attributable to Brink’s | $ | $ | |||||||||||||||||||||
Income per share attributable to Brink’s common shareholders(a): | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Continuing operations | $ | $ | |||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||
Net income | $ | $ | |||||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Continuing operations | $ | $ | |||||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||
Net income | $ | $ | |||||||||||||||||||||
Weighted-average shares | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Cash dividends paid per common share | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net income | $ | $ | |||||||||||||||||||||
Benefit plan adjustments: | |||||||||||||||||||||||
Benefit plan actuarial gains | |||||||||||||||||||||||
Benefit plan prior service costs | ( | ( | ( | ( | |||||||||||||||||||
Deferred profit sharing | ( | ||||||||||||||||||||||
Total benefit plan adjustments | ( | ||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ||||||||||||||||||||
Unrealized net gains on available-for-sale securities | |||||||||||||||||||||||
Gains on cash flow hedges | |||||||||||||||||||||||
Other comprehensive income (loss) before tax | ( | ( | ( | ||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||
Comprehensive income (loss) | ( | ||||||||||||||||||||||
Less comprehensive income (loss) attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||
Comprehensive income (loss) attributable to Brink's | $ | ( | $ |
Nine Months ended September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
(In millions) | Shares | Common Stock | Capital in Excess of Par Value | Retained Earnings | AOCI* | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | ( | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Shares repurchased | ( | ( | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Dividends to: | |||||||||||||||||||||||||||||||||||||||||
Brink’s common shareholders ($ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation: | |||||||||||||||||||||||||||||||||||||||||
Stock awards and options: | |||||||||||||||||||||||||||||||||||||||||
Compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other share-based benefit transactions | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | ( | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Shares repurchased | ( | ( | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Dividends to: | |||||||||||||||||||||||||||||||||||||||||
Brink’s common shareholders ($ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation: | |||||||||||||||||||||||||||||||||||||||||
Stock awards and options: | |||||||||||||||||||||||||||||||||||||||||
Compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other share-based benefit transactions | ( | — | — | ||||||||||||||||||||||||||||||||||||||
Acquisitions of noncontrolling interests | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ | ( | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Shares repurchased(a) | ( | ( | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Dividends to: | |||||||||||||||||||||||||||||||||||||||||
Brink’s common shareholders ($ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation: | |||||||||||||||||||||||||||||||||||||||||
Stock awards and options: | |||||||||||||||||||||||||||||||||||||||||
Compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other share-based benefit transactions | — | — | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | ( |
Nine Months ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
(In millions) | Shares | Common Stock | Capital in Excess of Par Value | Retained Earnings | AOCI* | Noncontrolling Interests | Total | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | ( | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Dividends to: | |||||||||||||||||||||||||||||||||||||||||
Brink’s common shareholders ($ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation: | |||||||||||||||||||||||||||||||||||||||||
Stock awards and options: | |||||||||||||||||||||||||||||||||||||||||
Compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other share-based benefit transactions | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | ( | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Shares repurchased | ( | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||
Dividends to: | |||||||||||||||||||||||||||||||||||||||||
Brink’s common shareholders ($ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation: | |||||||||||||||||||||||||||||||||||||||||
Stock awards and options: | |||||||||||||||||||||||||||||||||||||||||
Compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other share-based benefit transactions | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | ( | |||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Shares repurchased(a) | ( | ( | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Dividends to: | |||||||||||||||||||||||||||||||||||||||||
Brink’s common shareholders ($ | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Share-based compensation: | |||||||||||||||||||||||||||||||||||||||||
Stock awards and options: | |||||||||||||||||||||||||||||||||||||||||
Compensation expense | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other share-based benefit transactions | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||
Capital contributions from noncontrolling interest | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Acquisitions of noncontrolling interests | — | — | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||
Acquisitions with noncontrolling interests | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | ( |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
(Gain) loss from discontinued operations, net of tax | ( | ||||||||||
Depreciation and amortization | |||||||||||
Share-based compensation expense | |||||||||||
Deferred income taxes | ( | ||||||||||
(Gain) loss on sale of property, equipment and marketable securities | |||||||||||
Impairment losses | |||||||||||
Retirement benefit funding (more) less than expense: | |||||||||||
Pension | ( | ( | |||||||||
Other than pension | ( | ||||||||||
Remeasurement losses due to Argentina currency devaluations | |||||||||||
Other operating | |||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | |||||||||||
(Increase) decrease in accounts receivable and income taxes receivable | ( | ||||||||||
Increase (decrease) in accounts payable, income taxes payable and accrued liabilities | ( | ||||||||||
Increase (decrease) in restricted cash held for customers | ( | ( | |||||||||
Increase (decrease) in customer obligations | ( | ||||||||||
Increase in prepaid and other current assets | ( | ||||||||||
Other | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Acquisitions, net of cash acquired | ( | ||||||||||
Dispositions, net of cash disposed | |||||||||||
Marketable securities: | |||||||||||
Purchases | ( | ( | |||||||||
Sales | |||||||||||
Cash proceeds from sale of property and equipment | |||||||||||
Cash proceeds from settlement of cross currency swap | |||||||||||
Net change in loans held for investment | ( | ( | |||||||||
Other | ( | ( | |||||||||
Discontinued operations | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings (repayments) of debt: | |||||||||||
Short-term borrowings | |||||||||||
Long-term revolving credit facilities: | |||||||||||
Borrowings | |||||||||||
Repayments | ( | ( | |||||||||
Other long-term debt: | |||||||||||
Borrowings | |||||||||||
Repayments | ( | ( | |||||||||
Acquisition of noncontrolling interest | ( | ( | |||||||||
Cash paid for acquisition related settlements and obligations | ( | ( | |||||||||
Debt financing costs | ( | ||||||||||
Repurchase shares of Brink's common stock | ( | ( | |||||||||
Dividends to: | |||||||||||
Shareholders of Brink’s | ( | ( | |||||||||
Noncontrolling interests in subsidiaries | ( | ( | |||||||||
Tax withholdings associated with share-based compensation | ( | ( | |||||||||
Other | |||||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Effect of exchange rate changes on cash | ( | ( | |||||||||
Cash, cash equivalents and restricted cash: | |||||||||||
Increase (decrease) | ( | ||||||||||
Balance at beginning of period | |||||||||||
Balance at end of period | $ |
(In millions) | Cash and Valuables Management | DRS and AMS | Total | ||||||||||||||
Three months ended September 30, 2023 | |||||||||||||||||
Reportable Segments: | |||||||||||||||||
North America | $ | ||||||||||||||||
Latin America | |||||||||||||||||
Europe | |||||||||||||||||
Rest of World | |||||||||||||||||
Total reportable segments | $ | ||||||||||||||||
Three months ended September 30, 2022 | |||||||||||||||||
Reportable Segments: | |||||||||||||||||
North America | $ | ||||||||||||||||
Latin America | |||||||||||||||||
Europe | |||||||||||||||||
Rest of World | |||||||||||||||||
Total reportable segments | $ | ||||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||
Reportable Segments: | |||||||||||||||||
North America | $ | ||||||||||||||||
Latin America | |||||||||||||||||
Europe | |||||||||||||||||
Rest of World | |||||||||||||||||
Total reportable segments | $ | ||||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||
Reportable Segments: | |||||||||||||||||
North America | $ | ||||||||||||||||
Latin America | |||||||||||||||||
Europe | |||||||||||||||||
Rest of World | |||||||||||||||||
Total reportable segments | $ | ||||||||||||||||
(In millions) | Receivables | Contract Assets | Contract Liabilities | ||||||||||||||
Opening (January 1, 2023) | $ | ||||||||||||||||
Closing (September 30, 2023) | |||||||||||||||||
Increase (decrease) | $ | ( | ( |
Revenues | Operating Profit | ||||||||||||||||||||||
Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Reportable Segments: | |||||||||||||||||||||||
North America | $ | ||||||||||||||||||||||
Latin America | |||||||||||||||||||||||
Europe | |||||||||||||||||||||||
Rest of World | |||||||||||||||||||||||
Total reportable segments | |||||||||||||||||||||||
Reconciling Items: | |||||||||||||||||||||||
Corporate expenses: | |||||||||||||||||||||||
General, administrative and other expenses | — | — | ( | ( | |||||||||||||||||||
Foreign currency transaction gains | — | — | |||||||||||||||||||||
Reconciliation of segment policies to GAAP(a) | — | — | ( | ||||||||||||||||||||
Other items not allocated to segments: | |||||||||||||||||||||||
Reorganization and Restructuring(b) | — | — | ( | ( | |||||||||||||||||||
Acquisitions and dispositions(c) | — | — | ( | ( | |||||||||||||||||||
Argentina highly inflationary impact(d) | — | — | ( | ( | |||||||||||||||||||
Change in allowance estimate(e) | — | — | |||||||||||||||||||||
Chile antitrust matter(f) | — | — | ( | ||||||||||||||||||||
Reporting compliance(g) | — | — | ( | — | |||||||||||||||||||
Total | $ | $ |
Revenues | Operating Profit | ||||||||||||||||||||||
Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Reportable Segments: | |||||||||||||||||||||||
North America | $ | ||||||||||||||||||||||
Latin America | |||||||||||||||||||||||
Europe | |||||||||||||||||||||||
Rest of World | |||||||||||||||||||||||
Total reportable segments | |||||||||||||||||||||||
Reconciling Items: | |||||||||||||||||||||||
Corporate expenses: | |||||||||||||||||||||||
General, administrative and other expenses | — | — | ( | ( | |||||||||||||||||||
Foreign currency transaction gains | — | — | |||||||||||||||||||||
Reconciliation of segment policies to GAAP(a) | — | — | |||||||||||||||||||||
Other items not allocated to segments: | |||||||||||||||||||||||
Reorganization and Restructuring(b) | — | — | ( | ( | |||||||||||||||||||
Acquisitions and dispositions(c) | — | — | ( | ( | |||||||||||||||||||
Argentina highly inflationary impact(d) | — | — | ( | ( | |||||||||||||||||||
Change in allowance estimate(e) | — | — | ( | ||||||||||||||||||||
Chile antitrust matter(f) | — | — | ( | ( | |||||||||||||||||||
Reporting compliance(g) | — | — | ( | — | |||||||||||||||||||
Total | $ | $ |
U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Three months ended September 30, | |||||||||||||||||||||||||||||||||||
Service cost | $ | ||||||||||||||||||||||||||||||||||
Interest cost on projected benefit obligation | |||||||||||||||||||||||||||||||||||
Return on assets – expected | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Amortization of losses | |||||||||||||||||||||||||||||||||||
Amortization of prior service credit | ( | ( | |||||||||||||||||||||||||||||||||
Settlement loss | |||||||||||||||||||||||||||||||||||
Net periodic pension cost | $ | ( | ( | ||||||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
Service cost | $ | ||||||||||||||||||||||||||||||||||
Interest cost on projected benefit obligation | |||||||||||||||||||||||||||||||||||
Return on assets – expected | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Amortization of losses | |||||||||||||||||||||||||||||||||||
Amortization of prior service cost | ( | ( | |||||||||||||||||||||||||||||||||
Settlement loss | |||||||||||||||||||||||||||||||||||
Net periodic pension cost | $ | ( | ( | ||||||||||||||||||||||||||||||||
UMWA Plans | Black Lung and Other Plans | Total | |||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Three months ended September 30, | |||||||||||||||||||||||||||||||||||
Interest cost on accumulated postretirement benefit obligations | $ | ||||||||||||||||||||||||||||||||||
Return on assets – expected | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of losses | |||||||||||||||||||||||||||||||||||
Amortization of prior service cost | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net periodic postretirement cost | $ | ( | |||||||||||||||||||||||||||||||||
Nine months ended September 30, | |||||||||||||||||||||||||||||||||||
Service cost | $ | ||||||||||||||||||||||||||||||||||
Interest cost on accumulated postretirement benefit obligations | |||||||||||||||||||||||||||||||||||
Return on assets – expected | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of losses | |||||||||||||||||||||||||||||||||||
Amortization of prior service cost | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net periodic postretirement cost | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||
Provision (benefit) for income taxes (in millions) | $ | $ | ( | ||||||||||||||||||||
Effective tax rate | % | % | % | ( | %) |
(In millions) | Estimated Fair Value at Acquisition Date | ||||
Fair value of purchase consideration | |||||
Purchase consideration, excluding contingent consideration | $ | ||||
Contingent consideration at acquisition-date fair value(a) | |||||
Fair value of purchase consideration | $ | ||||
Fair value of net assets acquired | |||||
Cash | $ | ||||
Restricted cash | |||||
Accounts receivable | |||||
Other current assets | |||||
Property and equipment, net | |||||
Intangible assets(b) | |||||
Goodwill(c) | |||||
Other noncurrent assets | |||||
Current liabilities | ( | ||||
Other noncurrent liabilities | ( | ||||
Fair value of net assets acquired | $ |
(In millions) | Revenue | Net income attributable to Brink's | |||||||||
Three months ended September 30, 2023 | |||||||||||
NoteMachine | $ | ( | |||||||||
Total | $ | ( | |||||||||
Three months ended September 30, 2022 | |||||||||||
NoteMachine | $ | ||||||||||
Total | $ | ||||||||||
Nine months ended September 30, 2023 | |||||||||||
NoteMachine | $ | ||||||||||
Total | $ | ||||||||||
Nine months ended September 30, 2022 | |||||||||||
NoteMachine | $ | ||||||||||
Total | $ |
(In millions) | Revenue | Net income attributable to Brink's | |||||||||
Pro forma results of Brink's for the three months ended September 30, | |||||||||||
2023 | |||||||||||
Brink's as reported | $ | ||||||||||
NoteMachine(a) | |||||||||||
Total | $ | ||||||||||
2022 | |||||||||||
Brink's as reported | $ | ||||||||||
NoteMachine(a) | |||||||||||
Total | $ | ||||||||||
Pro forma results of Brink's for the nine months ended September 30, | |||||||||||
2023 | |||||||||||
Brink's as reported | $ | ||||||||||
NoteMachine(a) | |||||||||||
Total | $ | ||||||||||
2022 | |||||||||||
Brink's as reported | $ | ||||||||||
NoteMachine(a) | |||||||||||
Total | $ |
Amounts Arising During the Current Period | Amounts Reclassified to Net Income (Loss) | ||||||||||||||||||||||||||||
(In millions) | Pretax | Income Tax | Pretax | Income Tax | Total Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
Three months ended September 30, 2023 | |||||||||||||||||||||||||||||
Amounts attributable to Brink's: | |||||||||||||||||||||||||||||
Benefit plan adjustments | $ | ( | |||||||||||||||||||||||||||
Foreign currency translation adjustments(b) | ( | ( | ( | ( | |||||||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | ( | ( | |||||||||||||||||||||||||||
Gains (losses) on cash flow hedges | ( | ( | |||||||||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||||||||
( | ( | ||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Benefit plan adjustments(a) | ( | ||||||||||||||||||||||||||||
Foreign currency translation adjustments(b) | ( | ( | ( | ( | |||||||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities(c) | ( | ( | |||||||||||||||||||||||||||
Gains (losses) on cash flow hedges(d) | ( | ( | |||||||||||||||||||||||||||
$ | ( | ( | ( | ( | |||||||||||||||||||||||||
Three months ended September 30, 2022 | |||||||||||||||||||||||||||||
Amounts attributable to Brink's: | |||||||||||||||||||||||||||||
Benefit plan adjustments | $ | ( | ( | ||||||||||||||||||||||||||
Foreign currency translation adjustments(b) | ( | ( | ( | ( | |||||||||||||||||||||||||
Unrealized losses on available-for-sale securities | ( | ( | |||||||||||||||||||||||||||
Gains (losses) on cash flow hedges | ( | ||||||||||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||||||||
( | ( | ||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Benefit plan adjustments(a) | ( | ( | |||||||||||||||||||||||||||
Foreign currency translation adjustments(b) | ( | ( | ( | ( | |||||||||||||||||||||||||
Unrealized losses on available-for-sale securities(c) | ( | ( | |||||||||||||||||||||||||||
Gains (losses) on cash flow hedges(d) | ( | ||||||||||||||||||||||||||||
$ | ( | ( | ( | ( |
Amounts Arising During the Current Period | Amounts Reclassified to Net Income (Loss) | ||||||||||||||||||||||||||||
(In millions) | Pretax | Income Tax | Pretax | Income Tax | Total Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||
Amounts attributable to Brink's: | |||||||||||||||||||||||||||||
Benefit plan adjustments | $ | ( | ( | ( | |||||||||||||||||||||||||
Foreign currency translation adjustments(b) | ( | ( | |||||||||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities | ( | ( | |||||||||||||||||||||||||||
Gains (losses) on cash flow hedges | ( | ( | |||||||||||||||||||||||||||
( | ( | ||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||||||||
( | ( | ||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Benefit plan adjustments(a) | ( | ( | ( | ||||||||||||||||||||||||||
Foreign currency translation adjustments(b) | ( | ( | |||||||||||||||||||||||||||
Unrealized gains (losses) on available-for-sale securities(c) | ( | ( | |||||||||||||||||||||||||||
Gains (losses) on cash flow hedges(d) | ( | ( | |||||||||||||||||||||||||||
$ | ( | ( | |||||||||||||||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||
Amounts attributable to Brink's: | |||||||||||||||||||||||||||||
Benefit plan adjustments | $ | ( | |||||||||||||||||||||||||||
Foreign currency translation adjustments(b) | ( | ( | ( | ( | |||||||||||||||||||||||||
Unrealized losses on available-for-sale securities | ( | ( | |||||||||||||||||||||||||||
Gains (losses) on cash flow hedges | ( | ( | |||||||||||||||||||||||||||
( | ( | ( | ( | ||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests: | |||||||||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | |||||||||||||||||||||||||||
( | ( | ||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Benefit plan adjustments(a) | ( | ||||||||||||||||||||||||||||
Foreign currency translation adjustments(b) | ( | ( | ( | ( | |||||||||||||||||||||||||
Unrealized losses on available-for-sale securities(c) | ( | ( | |||||||||||||||||||||||||||
Gains (losses) on cash flow hedges(d) | ( | ( | |||||||||||||||||||||||||||
$ | ( | ( | ( | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Total net periodic retirement benefit cost included in: | |||||||||||||||||||||||
Cost of revenues | $ | $ | |||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Interest and other nonoperating expense |
(In millions) | Benefit Plan Adjustments | Foreign Currency Translation Adjustments | Unrealized Losses on Available-for-Sale Securities | Gains (Losses) on Cash Flow Hedges | Total | ||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | ( | ( | ( | ( | ||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss to net income | ( | ( | ( | ||||||||||||||||||||||||||
Other comprehensive income (loss) attributable to Brink's | ( | ||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ | ( | ( | ( |
(In millions) | September 30, 2023 | December 31, 2022 | |||||||||
$600 million senior unsecured notes | |||||||||||
Carrying value | $ | ||||||||||
Fair value | |||||||||||
$400 million senior unsecured notes | |||||||||||
Carrying value | |||||||||||
Fair value |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Derivative instrument gains included in other operating income (expense) | $ | $ | |||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Derivative instrument gains (losses) included in other operating income (expense) | $ | ( | $ | ( | ( | ||||||||||||||||||
Offsetting transaction gains (losses) | ( | ||||||||||||||||||||||
Derivative instrument losses included in interest expense | ( | ( | ( | ( | |||||||||||||||||||
Net derivative instrument gains (losses) | ( | ( | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Interest rate swaps designated as cash flow hedges | $ | ( | ( | ||||||||||||||||||||
Cross currency swaps designated as net investment hedges | ( | ( | ( | ( | |||||||||||||||||||
Net derivative instrument (gains) losses included in interest expense | $ | ( | ( | ( |
September 30, | December 31, | ||||||||||
(In millions) | 2023 | 2022 | |||||||||
Debt: | |||||||||||
Short-term borrowings | $ | ||||||||||
Total short-term borrowings | $ | ||||||||||
Long-term debt | |||||||||||
Bank credit facilities: | |||||||||||
Term loan A(a) | $ | ||||||||||
Senior unsecured notes(b) | |||||||||||
Revolving Credit Facility | |||||||||||
Other (c) | |||||||||||
Financing leases | |||||||||||
Total long-term debt | $ | ||||||||||
Total debt | $ | ||||||||||
Included in: | |||||||||||
Current liabilities | $ | ||||||||||
Noncurrent liabilities | |||||||||||
Total debt | $ |
(In millions) | |||||
December 31, 2022 | $ | ||||
Provision for uncollectible accounts receivable | |||||
Write-offs and recoveries | ( | ||||
Foreign currency exchange effects | ( | ||||
September 30, 2023 | $ |
Compensation Expense | Compensation Expense | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Performance share units | $ | $ | |||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||
Deferred stock units and fees paid in stock | |||||||||||||||||||||||
Time-based vesting stock options | |||||||||||||||||||||||
Cash based awards | |||||||||||||||||||||||
Share-based payment expense | |||||||||||||||||||||||
Income tax benefit | ( | ( | ( | ( | |||||||||||||||||||
Share-based payment expense, net of tax | $ | $ |
Shares (in thousands) | Weighted-Average Grant-Date Fair Value | ||||||||||
Outstanding balance as of December 31, 2022 | $ | ||||||||||
Exercised | ( | ||||||||||
Outstanding balance as of September 30, 2023 | $ |
Shares (in thousands) | Weighted-Average Grant-Date Fair Value | ||||||||||
Outstanding balance as of December 31, 2022 | $ | ||||||||||
Expired | |||||||||||
Outstanding balance as of September 30, 2023 | $ |
Shares (in thousands) | Weighted-Average Grant-Date Fair Value | ||||||||||
Nonvested balance as of December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Forfeited | ( | ||||||||||
Vested | ( | ||||||||||
Nonvested balance as of September 30, 2023 | $ |
Shares (in thousands) | Weighted-Average Grant-Date Fair Value | ||||||||||
Nonvested balance as of December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Forfeited or expired(a) | ( | ||||||||||
Vested(b) | ( | ||||||||||
Nonvested balance as of September 30, 2023 | $ |
Shares (in thousands) | Weighted-Average Grant-Date Fair Value | ||||||||||
Nonvested balance as of December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Nonvested balance as of September 30, 2023 | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Weighted-average shares: | |||||||||||||||||||||||
Basic(a) | |||||||||||||||||||||||
Effect of dilutive stock awards and options | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Antidilutive stock awards and options excluded from denominator(b) |
Nine Months Ended September 30, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash paid for: | |||||||||||
Interest | $ | ||||||||||
Income taxes, net |
September 30, | December 31, | ||||||||||
(In millions) | 2023 | 2022 | |||||||||
Cash and cash equivalents | $ | ||||||||||
Restricted cash | |||||||||||
Total, cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows | $ |
(In millions) | Severance Costs | Other | Total | ||||||||||||||
Balance as of January 1, 2023 | $ | ||||||||||||||||
Expense | |||||||||||||||||
Payments and utilization | ( | ( | ( | ||||||||||||||
Foreign currency exchange effects | |||||||||||||||||
Balance as of September 30, 2023 | $ |
Three Months Ended September 30, | % | Nine Months Ended September 30, | % | ||||||||||||||||||||||||||||||||
(In millions, except for per share amounts) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
GAAP | |||||||||||||||||||||||||||||||||||
Revenues | 1,227.4 | 1,136.7 | 8 | 3,629.0 | 3,344.6 | 9 | |||||||||||||||||||||||||||||
Cost of revenues | 921.0 | 880.7 | 5 | 2,785.1 | 2,587.9 | 8 | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | 170.0 | 180.8 | (6) | 517.6 | 519.9 | — | |||||||||||||||||||||||||||||
Operating profit | 137.7 | 59.5 | fav | 323.1 | 218.4 | 48 | |||||||||||||||||||||||||||||
Income from continuing operations(a) | 45.7 | 19.2 | fav | 92.2 | 125.8 | (27) | |||||||||||||||||||||||||||||
Diluted EPS from continuing operations(a) | 0.97 | 0.41 | fav | 1.95 | 2.63 | (26) | |||||||||||||||||||||||||||||
Non-GAAP(b) | |||||||||||||||||||||||||||||||||||
Non-GAAP revenues | 1,227.4 | 1,136.7 | 8 | 3,629.0 | 3,344.6 | 9 | |||||||||||||||||||||||||||||
Non-GAAP operating profit | 166.3 | 126.8 | 31 | 425.5 | 362.9 | 17 | |||||||||||||||||||||||||||||
Non-GAAP income from continuing operations(a) | 90.5 | 65.5 | 38 | 202.2 | 186.8 | 8 | |||||||||||||||||||||||||||||
Non-GAAP diluted EPS from continuing operations(a) | 1.92 | 1.38 | 39 | 4.27 | 3.90 | 9 |
Organic | Acquisitions / | % Change | |||||||||||||||||||||||||||||||||||||||
(In millions) | 3Q'22 | Change | Dispositions(a) | Currency(b) | 3Q'23 | Total | Organic | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
North America | $ | 400.6 | (2.7) | 1.0 | (0.8) | 398.1 | (1) | (1) | |||||||||||||||||||||||||||||||||
Latin America | 301.1 | 71.1 | 0.6 | (33.2) | 339.6 | 13 | 24 | ||||||||||||||||||||||||||||||||||
Europe | 220.0 | 12.2 | 34.9 | 20.7 | 287.8 | 31 | 6 | ||||||||||||||||||||||||||||||||||
Rest of World | 215.0 | (9.0) | (2.0) | (2.1) | 201.9 | (6) | (4) | ||||||||||||||||||||||||||||||||||
Segment revenues(c) | 1,136.7 | 71.6 | 34.5 | (15.4) | 1,227.4 | 8 | 6 | ||||||||||||||||||||||||||||||||||
Revenues - GAAP | $ | 1,136.7 | 71.6 | 34.5 | (15.4) | 1,227.4 | 8 | 6 | |||||||||||||||||||||||||||||||||
Operating profit: | |||||||||||||||||||||||||||||||||||||||||
North America | $ | 38.2 | 8.9 | 0.4 | — | 47.5 | 24 | 23 | |||||||||||||||||||||||||||||||||
Latin America | 66.5 | 20.3 | 0.2 | (18.9) | 68.1 | 2 | 31 | ||||||||||||||||||||||||||||||||||
Europe | 25.9 | 1.9 | 5.4 | 2.6 | 35.8 | 38 | 7 | ||||||||||||||||||||||||||||||||||
Rest of World | 48.3 | (5.4) | 0.3 | (0.6) | 42.6 | (12) | (11) | ||||||||||||||||||||||||||||||||||
Segment operating profit | 178.9 | 25.7 | 6.3 | (16.9) | 194.0 | 8 | 14 | ||||||||||||||||||||||||||||||||||
Corporate(d) | (52.1) | 22.9 | — | 1.5 | (27.7) | (47) | (44) | ||||||||||||||||||||||||||||||||||
Operating profit - non-GAAP | 126.8 | 48.6 | 6.3 | (15.4) | 166.3 | 31 | 38 | ||||||||||||||||||||||||||||||||||
Other items not allocated to segments(e) | (67.3) | 18.2 | 16.6 | 3.9 | (28.6) | (58) | (27) | ||||||||||||||||||||||||||||||||||
Operating profit - GAAP | $ | 59.5 | 66.8 | 22.9 | (11.5) | 137.7 | fav | fav |
Organic | Acquisitions / | % Change | |||||||||||||||||||||||||||||||||||||||
(In millions) | YTD '22 | Change | Dispositions(a) | Currency(b) | YTD '23 | Total | Organic | ||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
North America | $ | 1,171.0 | 27.6 | 3.2 | (4.4) | 1,197.4 | 2 | 2 | |||||||||||||||||||||||||||||||||
Latin America | 898.7 | 191.1 | 2.1 | (102.9) | 989.0 | 10 | 21 | ||||||||||||||||||||||||||||||||||
Europe | 668.8 | 54.2 | 107.0 | 12.4 | 842.4 | 26 | 8 | ||||||||||||||||||||||||||||||||||
Rest of World | 606.1 | 19.6 | (5.3) | (20.2) | 600.2 | (1) | 3 | ||||||||||||||||||||||||||||||||||
Segment revenues(c) | 3,344.6 | 292.5 | 107.0 | (115.1) | 3,629.0 | 9 | 9 | ||||||||||||||||||||||||||||||||||
Revenues - GAAP | $ | 3,344.6 | 292.5 | 107.0 | (115.1) | 3,629.0 | 9 | 9 | |||||||||||||||||||||||||||||||||
Operating profit: | |||||||||||||||||||||||||||||||||||||||||
North America | $ | 96.7 | 26.0 | 0.8 | 0.1 | 123.6 | 28 | 27 | |||||||||||||||||||||||||||||||||
Latin America | 194.2 | 51.8 | 0.7 | (46.1) | 200.6 | 3 | 27 | ||||||||||||||||||||||||||||||||||
Europe | 63.1 | 8.3 | 13.5 | 2.2 | 87.1 | 38 | 13 | ||||||||||||||||||||||||||||||||||
Rest of World | 120.9 | 3.4 | 0.8 | (3.9) | 121.2 | — | 3 | ||||||||||||||||||||||||||||||||||
Segment operating profit | 474.9 | 89.5 | 15.8 | (47.7) | 532.5 | 12 | 19 | ||||||||||||||||||||||||||||||||||
Corporate(d) | (112.0) | (0.9) | — | 5.9 | (107.0) | (4) | 1 | ||||||||||||||||||||||||||||||||||
Operating profit - non-GAAP | 362.9 | 88.6 | 15.8 | (41.8) | 425.5 | 17 | 24 | ||||||||||||||||||||||||||||||||||
Other items not allocated to segments(e) | (144.5) | 34.7 | 9.6 | (2.2) | (102.4) | (29) | (24) | ||||||||||||||||||||||||||||||||||
Operating profit - GAAP | $ | 218.4 | 123.3 | 25.4 | (44.0) | 323.1 | 48 | 56 |
Three Months Ended September 30, | % | Nine Months Ended September 30, | % | ||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | change | 2023 | 2022 | change | |||||||||||||||||||||||||||||
General, administrative and other expenses | $ | (32.4) | (57.0) | (43) | $ | (122.3) | (125.4) | (2) | |||||||||||||||||||||||||||
Foreign currency transaction gains | 5.4 | 3.6 | 50 | 15.3 | 9.4 | 63 | |||||||||||||||||||||||||||||
Reconciliation of segment policies to GAAP | (0.7) | 1.3 | unfav | — | 4.0 | (100) | |||||||||||||||||||||||||||||
Corporate expenses | $ | (27.7) | (52.1) | (47) | $ | (107.0) | (112.0) | (4) |
Three Months Ended September 30, | % | Nine Months Ended September 30, | % | ||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | change | 2023 | 2022 | change | |||||||||||||||||||||||||||||
Operating profit: | |||||||||||||||||||||||||||||||||||
Reorganization and Restructuring | (0.4) | (19.6) | (98) | $ | (14.6) | (34.0) | (57) | ||||||||||||||||||||||||||||
Acquisitions and dispositions | (19.4) | (35.7) | (46) | (56.4) | (66.3) | (15) | |||||||||||||||||||||||||||||
Argentina highly inflationary impact | (8.1) | (12.0) | (33) | (30.3) | (27.1) | 12 | |||||||||||||||||||||||||||||
Change in allowance estimate | — | 0.3 | (100) | — | (16.0) | (100) | |||||||||||||||||||||||||||||
Chile antitrust matter | — | (0.3) | (100) | (0.4) | (1.1) | (64) | |||||||||||||||||||||||||||||
Reporting compliance | (0.7) | — | unfav | (0.7) | — | unfav | |||||||||||||||||||||||||||||
Operating profit | $ | (28.6) | (67.3) | (58) | $ | (102.4) | (144.5) | (29) |
Three Months Ended September 30, | % | Nine Months Ended September 30, | % | ||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | change | 2023 | 2022 | change | |||||||||||||||||||||||||||||
Reportable Segments: | |||||||||||||||||||||||||||||||||||
North America | $ | (0.3) | (5.1) | (94) | $ | (4.3) | (12.6) | (66) | |||||||||||||||||||||||||||
Latin America | (0.3) | (8.2) | (96) | (4.3) | (13.5) | (68) | |||||||||||||||||||||||||||||
Europe | 0.2 | (5.3) | fav | (4.0) | (7.5) | (47) | |||||||||||||||||||||||||||||
Rest of World | — | (1.0) | (100) | (0.7) | (1.1) | (36) | |||||||||||||||||||||||||||||
Total reportable segments | (0.4) | (19.6) | (98) | (13.3) | (34.7) | (62) | |||||||||||||||||||||||||||||
Corporate items | — | — | — | (1.3) | 0.7 | unfav | |||||||||||||||||||||||||||||
Total | $ | (0.4) | (19.6) | (98) | $ | (14.6) | (34.0) | (57) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Derivative instrument gains included in other operating income (expense) | $ | 4.3 | 25.4 | $ | 22.9 | 58.4 | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Derivative instrument gains (losses) included in other operating income (expense) | $ | (0.5) | 0.3 | $ | (7.7) | (6.2) | |||||||||||||||||
Offsetting transaction gains (losses) | 0.5 | (0.3) | 7.7 | 6.2 | |||||||||||||||||||
Derivative instrument losses included in interest expense | (0.2) | (0.3) | (0.7) | (1.0) | |||||||||||||||||||
Net derivative instrument gains (losses) | (0.7) | — | (8.4) | (7.2) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Net derivative instrument gains included in interest expense | $ | (1.2) | (1.3) | (4.1) | (4.4) |
Three Months Ended September 30, | % | Nine Months Ended September 30, | % | ||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | change | 2023 | 2022 | change | |||||||||||||||||||||||||||||
Foreign currency items: | |||||||||||||||||||||||||||||||||||
Transaction losses | $ | (4.6) | (32.7) | (86) | $ | (31.5) | (73.4) | (57) | |||||||||||||||||||||||||||
Derivative instrument gains | 4.3 | 25.4 | (83) | 22.9 | 58.4 | (61) | |||||||||||||||||||||||||||||
Gains (losses) on sale of property and other assets | 3.2 | (0.1) | fav | 1.4 | 1.4 | — | |||||||||||||||||||||||||||||
Impairment losses | (3.0) | (4.9) | (39) | (7.2) | (7.9) | (9) | |||||||||||||||||||||||||||||
Indemnification asset adjustments | (1.4) | (7.8) | (82) | (4.0) | (7.8) | (49) | |||||||||||||||||||||||||||||
Share in earnings of equity affiliates | 0.7 | 0.5 | 40 | 1.9 | 1.3 | 46 | |||||||||||||||||||||||||||||
Royalty income | 1.9 | 2.1 | (10) | 5.5 | 7.2 | (24) | |||||||||||||||||||||||||||||
Contingent consideration liability adjustment | — | — | — | 4.8 | — | 100 | |||||||||||||||||||||||||||||
Other gains | 0.2 | 1.8 | (89) | 3.0 | 2.4 | 25 | |||||||||||||||||||||||||||||
Other operating income (expense) | $ | 1.3 | (15.7) | fav | $ | (3.2) | (18.4) | (83) |
Three Months Ended September 30, | % | Nine Months Ended September 30, | % | ||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | change | 2023 | 2022 | change | |||||||||||||||||||||||||||||
Interest expense | $ | 53.8 | 34.7 | 55 | $ | 151.5 | 95.0 | 59 |
Three Months Ended September 30, | % | Nine Months Ended September 30, | % | ||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | change | 2023 | 2022 | change | |||||||||||||||||||||||||||||
Interest income | $ | 12.9 | 8.1 | 59 | $ | 26.9 | 17.0 | 58 | |||||||||||||||||||||||||||
Gain (loss) on marketable securities(b) | (9.0) | 0.3 | unfav | (10.0) | (0.2) | unfav | |||||||||||||||||||||||||||||
Foreign currency transaction gains (losses) | 0.9 | 1.6 | (44) | (0.2) | 3.9 | unfav | |||||||||||||||||||||||||||||
Retirement benefit cost other than service cost | 0.2 | (3.1) | fav | 1.0 | (11.1) | fav | |||||||||||||||||||||||||||||
Argentina turnover tax | (2.4) | — | unfav | (4.3) | — | unfav | |||||||||||||||||||||||||||||
Non-income taxes on intercompany billings(a) | (0.4) | (0.6) | (33) | (1.3) | (1.8) | (28) | |||||||||||||||||||||||||||||
Other | 0.7 | — | fav | (0.4) | 0.6 | unfav | |||||||||||||||||||||||||||||
Interest and other nonoperating income (expense) | $ | 2.9 | 6.3 | (54) | $ | 11.7 | 8.4 | 39 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(in millions) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Continuing operations | |||||||||||||||||||||||
Provision (benefit) for income taxes (in millions) | $ | 37.3 | 8.5 | $ | 81.0 | (3.3) | |||||||||||||||||
Effective tax rate | 43.0 | % | 27.3 | % | 44.2 | % | (2.5 | %) |
Three Months Ended September 30, | % | Nine Months Ended September 30, | % | ||||||||||||||||||||||||||||||||
(In millions) | 2023 | 2022 | change | 2023 | 2022 | change | |||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | $ | 3.8 | 3.4 | 12 | $ | 10.1 | 9.3 | 9 |
YTD '23 | YTD '22 | ||||||||||||||||||||||||||||||||||
(In millions, except for percentages) | Pre-tax income | Income taxes | Effective tax rate | Pre-tax income | Income taxes | Effective tax rate | |||||||||||||||||||||||||||||
Effective Income Tax Rate(a) | |||||||||||||||||||||||||||||||||||
GAAP | $ | 183.3 | 81.0 | 44.2 | % | $ | 131.8 | (3.3) | (2.5) | % | |||||||||||||||||||||||||
Retirement plans(d) | (6.2) | (1.3) | 6.5 | 2.1 | |||||||||||||||||||||||||||||||
Reorganization and restructuring(b) | 14.6 | 2.7 | 34.0 | 6.1 | |||||||||||||||||||||||||||||||
Acquisitions and dispositions(b) | 57.3 | 7.7 | 63.1 | 14.5 | |||||||||||||||||||||||||||||||
Argentina highly inflationary impact(b) | 53.6 | (1.6) | 29.0 | (0.5) | |||||||||||||||||||||||||||||||
Change in allowance estimate(b) | — | — | 16.0 | 3.8 | |||||||||||||||||||||||||||||||
Valuation allowance on tax credits(e) | — | (6.7) | — | 52.8 | |||||||||||||||||||||||||||||||
Chile antitrust matter(b) | 0.4 | 0.1 | 1.1 | 0.3 | |||||||||||||||||||||||||||||||
Reporting compliance(b) | 0.7 | — | — | — | |||||||||||||||||||||||||||||||
Income tax rate adjustment(c) | — | 9.2 | — | 9.5 | |||||||||||||||||||||||||||||||
Non-GAAP | $ | 303.7 | 91.1 | 30.0 | % | $ | 281.5 | 85.3 | 30.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions, except for percentages and per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||
GAAP | $ | 1,227.4 | 1,136.7 | $ | 3,629.0 | 3,344.6 | |||||||||||||||||
Non-GAAP | $ | 1,227.4 | 1,136.7 | $ | 3,629.0 | 3,344.6 | |||||||||||||||||
Operating profit: | |||||||||||||||||||||||
GAAP | $ | 137.7 | 59.5 | $ | 323.1 | 218.4 | |||||||||||||||||
Reorganization and restructuring(b) | 0.4 | 19.6 | 14.6 | 34.0 | |||||||||||||||||||
Acquisitions and dispositions(b) | 19.4 | 35.7 | 56.4 | 66.3 | |||||||||||||||||||
Argentina highly inflationary impact(b) | 8.1 | 12.0 | 30.3 | 27.1 | |||||||||||||||||||
Change in allowance estimate(b) | — | (0.3) | — | 16.0 | |||||||||||||||||||
Chile antitrust matter(b) | — | 0.3 | 0.4 | 1.1 | |||||||||||||||||||
Reporting compliance(b) | 0.7 | — | 0.7 | — | |||||||||||||||||||
Non-GAAP | $ | 166.3 | 126.8 | $ | 425.5 | 362.9 | |||||||||||||||||
Operating margin: | |||||||||||||||||||||||
GAAP margin | 11.2 | % | 5.2 | % | 8.9 | % | 6.5 | % | |||||||||||||||
Non-GAAP margin | 13.5 | % | 11.2 | % | 11.7 | % | 10.9 | % | |||||||||||||||
Interest expense: | |||||||||||||||||||||||
GAAP | $ | (53.8) | (34.7) | (151.5) | (95.0) | ||||||||||||||||||
Acquisitions and dispositions(b) | 0.2 | 0.3 | 0.7 | 1.0 | |||||||||||||||||||
Non-GAAP | $ | (53.6) | (34.4) | $ | (150.8) | (94.0) | |||||||||||||||||
Interest and other nonoperating income (expense): | |||||||||||||||||||||||
GAAP | $ | 2.9 | 6.3 | $ | 11.7 | 8.4 | |||||||||||||||||
Retirement plans(d) | (2.1) | 1.6 | (6.2) | 6.5 | |||||||||||||||||||
Acquisitions and dispositions(b) | (0.9) | (1.8) | 0.2 | (4.2) | |||||||||||||||||||
Argentina highly inflationary impact(b) | 22.7 | 0.4 | 23.3 | 1.9 | |||||||||||||||||||
Non-GAAP | $ | 22.6 | 6.5 | $ | 29.0 | 12.6 | |||||||||||||||||
Provision (benefit) for income taxes: | |||||||||||||||||||||||
GAAP | $ | 37.3 | 8.5 | 81.0 | (3.3) | ||||||||||||||||||
Retirement plans(d) | (0.6) | 0.7 | (1.3) | 2.1 | |||||||||||||||||||
Reorganization and restructuring(b) | 0.1 | 3.8 | 2.7 | 6.1 | |||||||||||||||||||
Acquisitions and dispositions(b) | 3.3 | 12.7 | 7.7 | 14.5 | |||||||||||||||||||
Argentina highly inflationary impact(b) | (0.9) | — | (1.6) | (0.5) | |||||||||||||||||||
Change in allowance estimate(b) | — | (0.1) | — | 3.8 | |||||||||||||||||||
Valuation allowance on tax credits(e) | — | (2.2) | (6.7) | 52.8 | |||||||||||||||||||
Chile antitrust matter(b) | — | 0.1 | 0.1 | 0.3 | |||||||||||||||||||
Reporting compliance(b) | — | — | — | — | |||||||||||||||||||
Income tax rate adjustment(c) | 1.4 | 6.5 | 9.2 | 9.5 | |||||||||||||||||||
Non-GAAP | $ | 40.6 | 30.0 | $ | 91.1 | $ | 85.3 | ||||||||||||||||
Net income (loss) attributable to noncontrolling interests: | |||||||||||||||||||||||
GAAP | $ | 3.8 | 3.4 | 10.1 | 9.3 | ||||||||||||||||||
Retirement plans(d) | — | — | — | 0.1 | |||||||||||||||||||
Acquisitions and dispositions(b) | 0.3 | 0.3 | 0.8 | 0.8 | |||||||||||||||||||
Income tax rate adjustment(c) | 0.1 | (0.3) | (0.5) | (0.8) | |||||||||||||||||||
Non-GAAP | $ | 4.2 | 3.4 | $ | 10.4 | 9.4 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
(In millions, except for percentages and per share amounts) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Income (loss) from continuing operations attributable to Brink's: | |||||||||||||||||||||||
GAAP | $ | 45.7 | 19.2 | $ | 92.2 | 125.8 | |||||||||||||||||
Retirement plans(d) | (1.5) | 0.9 | (4.9) | 4.3 | |||||||||||||||||||
Reorganization and restructuring(b) | 0.3 | 15.8 | 11.9 | 27.9 | |||||||||||||||||||
Acquisitions and dispositions(b) | 15.1 | 21.2 | 48.8 | 47.8 | |||||||||||||||||||
Argentina highly inflationary impact(b) | 31.7 | 12.4 | 55.2 | 29.5 | |||||||||||||||||||
Change in allowance estimate(b) | — | (0.2) | — | 12.2 | |||||||||||||||||||
Valuation allowance on tax credits(e) | — | 2.2 | 6.7 | (52.8) | |||||||||||||||||||
Chile antitrust matter(b) | — | 0.2 | 0.3 | 0.8 | |||||||||||||||||||
Reporting compliance(b) | 0.7 | — | 0.7 | — | |||||||||||||||||||
Income tax rate adjustment(c) | (1.5) | (6.2) | (8.7) | (8.7) | |||||||||||||||||||
Non-GAAP | $ | 90.5 | 65.5 | $ | 202.2 | 186.8 | |||||||||||||||||
Diluted EPS: | |||||||||||||||||||||||
GAAP | $ | 0.97 | 0.41 | $ | 1.95 | 2.63 | |||||||||||||||||
Retirement plans(d) | (0.03) | 0.02 | (0.11) | 0.09 | |||||||||||||||||||
Reorganization and restructuring(b) | 0.01 | 0.33 | 0.25 | 0.58 | |||||||||||||||||||
Acquisitions and dispositions(b) | 0.31 | 0.45 | 1.02 | 1.00 | |||||||||||||||||||
Argentina highly inflationary impact(b) | 0.67 | 0.26 | 1.17 | 0.62 | |||||||||||||||||||
Change in allowance estimate(b) | — | — | — | 0.26 | |||||||||||||||||||
Valuation allowance on tax credits(e) | — | 0.05 | 0.14 | (1.10) | |||||||||||||||||||
Chile antitrust matter(b) | — | — | 0.01 | 0.02 | |||||||||||||||||||
Reporting compliance(b) | 0.02 | — | 0.02 | — | |||||||||||||||||||
Income tax rate adjustment(c) | (0.03) | (0.13) | (0.18) | (0.18) | |||||||||||||||||||
Non-GAAP | $ | 1.92 | 1.38 | $ | 4.27 | 3.90 |
Nine Months Ended September 30, | $ | |||||||||||||
(In millions) | 2023 | 2022 | change | |||||||||||
Cash flows from operating activities | ||||||||||||||
Operating activities - GAAP | $ | 293.0 | 200.5 | 92.5 | ||||||||||
(Increase) decrease in restricted cash held for customers | 44.9 | 4.4 | 40.5 | |||||||||||
(Increase) decrease in customer obligations(a) | 5.5 | (4.0) | 9.5 | |||||||||||
Operating activities - non-GAAP | $ | 343.4 | 200.9 | 142.5 |
Nine Months Ended September 30, | $ | ||||||||||||||||
(In millions) | 2023 | 2022 | change | ||||||||||||||
Cash flows from investing activities | |||||||||||||||||
Capital expenditures | $ | (133.1) | (131.5) | (1.6) | |||||||||||||
Acquisitions, net of cash acquired | — | (14.2) | 14.2 | ||||||||||||||
Dispositions, net of cash disposed | 1.1 | — | 1.1 | ||||||||||||||
Marketable securities: | |||||||||||||||||
Purchases | (58.3) | (18.3) | (40.0) | ||||||||||||||
Sales | 48.7 | 7.7 | 41.0 | ||||||||||||||
Proceeds from sale of property and equipment | 5.7 | 3.3 | 2.4 | ||||||||||||||
Proceeds from settlement of cross currency swap | — | 64.3 | (64.3) | ||||||||||||||
Net change in loans held for investment | (12.3) | (23.3) | 11.0 | ||||||||||||||
Other | (0.6) | (0.1) | (0.5) | ||||||||||||||
Discontinued operations | 0.9 | — | 0.9 | ||||||||||||||
Investing activities | $ | (147.9) | (112.1) | (35.8) |
Nine Months Ended September 30, | $ | Full Year | |||||||||||||||||||||
(In millions) | 2023 | 2022 | change | 2022 | |||||||||||||||||||
Property and equipment acquired during the period | |||||||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||
North America | $ | 27.8 | 29.6 | (1.8) | 41.4 | ||||||||||||||||||
Latin America | 35.2 | 39.0 | (3.8) | 50.1 | |||||||||||||||||||
Europe | 41.5 | 32.8 | 8.7 | 50.5 | |||||||||||||||||||
Rest of World | 23.1 | 25.5 | (2.4) | 34.4 | |||||||||||||||||||
Corporate | 5.5 | 4.6 | 0.9 | 6.2 | |||||||||||||||||||
Capital expenditures - GAAP and non-GAAP | $ | 133.1 | 131.5 | 1.6 | 182.6 | ||||||||||||||||||
Financing leases:(b) | |||||||||||||||||||||||
North America | $ | 42.0 | 30.1 | 11.9 | 46.3 | ||||||||||||||||||
Latin America | 3.7 | 8.8 | (5.1) | 10.9 | |||||||||||||||||||
Europe | 15.6 | 4.7 | 10.9 | 8.1 | |||||||||||||||||||
Rest of World | 0.2 | 0.1 | 0.1 | 0.4 | |||||||||||||||||||
Financing leases - GAAP and non-GAAP | $ | 61.5 | 43.7 | 17.8 | 65.7 | ||||||||||||||||||
Total: | |||||||||||||||||||||||
North America | $ | 69.8 | 59.7 | 10.1 | 87.7 | ||||||||||||||||||
Latin America | 38.9 | 47.8 | (8.9) | 61.0 | |||||||||||||||||||
Europe | 57.1 | 37.5 | 19.6 | 58.6 | |||||||||||||||||||
Rest of World | 23.3 | 25.6 | (2.3) | 34.8 | |||||||||||||||||||
Corporate | 5.5 | 4.6 | 0.9 | 6.2 | |||||||||||||||||||
Total property and equipment acquired | $ | 194.6 | 175.2 | 19.4 | 248.3 | ||||||||||||||||||
Depreciation and amortization(a) | |||||||||||||||||||||||
North America | $ | 53.9 | 51.6 | 2.3 | 69.1 | ||||||||||||||||||
Latin America | 40.0 | 36.8 | 3.2 | 49.1 | |||||||||||||||||||
Europe | 41.1 | 27.8 | 13.3 | 39.6 | |||||||||||||||||||
Rest of World | 17.8 | 17.7 | 0.1 | 23.6 | |||||||||||||||||||
Corporate | 5.3 | 6.4 | (1.1) | 8.4 | |||||||||||||||||||
Depreciation and amortization - non-GAAP | $ | 158.1 | 140.3 | 17.8 | 189.8 | ||||||||||||||||||
Argentina highly inflationary impact | 3.8 | 2.1 | 1.7 | 2.9 | |||||||||||||||||||
Reorganization and Restructuring | 1.2 | 0.1 | 1.1 | 1.0 | |||||||||||||||||||
Acquisitions and dispositions | — | — | — | 0.1 | |||||||||||||||||||
Amortization of intangible assets | 43.2 | 37.4 | 5.8 | 52.0 | |||||||||||||||||||
Depreciation and amortization - GAAP | $ | 206.3 | 179.9 | 26.4 | 245.8 |
Nine Months Ended September 30, | $ | ||||||||||||||||
(In millions) | 2023 | 2022 | change | ||||||||||||||
Cash flows from financing activities | |||||||||||||||||
Borrowings and repayments: | |||||||||||||||||
Short-term borrowings | $ | 76.6 | 11.5 | 65.1 | |||||||||||||
Long-term revolving credit facilities, net | (72.6) | 217.0 | (289.6) | ||||||||||||||
Other long-term debt, net | (54.7) | 149.5 | (204.2) | ||||||||||||||
Borrowings (repayments) | (50.7) | 378.0 | (428.7) | ||||||||||||||
Acquisition of noncontrolling interest | (0.6) | (7.8) | 7.2 | ||||||||||||||
Debt financing costs | — | (5.5) | 5.5 | ||||||||||||||
Repurchase shares of Brink's common stock | (105.7) | (27.3) | (78.4) | ||||||||||||||
Dividends to: | |||||||||||||||||
Shareholders of Brink’s | (29.7) | (28.3) | (1.4) | ||||||||||||||
Noncontrolling interests in subsidiaries | (6.5) | (6.9) | 0.4 | ||||||||||||||
Acquisition-related financing activities: | |||||||||||||||||
Cash paid for acquisition related settlements and obligations | (10.5) | (2.8) | (7.7) | ||||||||||||||
Tax withholdings associated with share-based compensation | (7.6) | (10.2) | 2.6 | ||||||||||||||
Other | 3.9 | 2.7 | 1.2 | ||||||||||||||
Financing activities | $ | (207.4) | 291.9 | (499.3) |
September 30, | December 31, | ||||||||||
(In millions) | 2023 | 2022 | |||||||||
Debt: | |||||||||||
Short-term borrowings | $ | 124.9 | 47.2 | ||||||||
Long-term debt | 3,294.2 | 3,355.6 | |||||||||
Total Debt | 3,419.1 | 3,402.8 | |||||||||
Less: | |||||||||||
Cash and cash equivalents | 933.5 | 972.0 | |||||||||
Amounts held by Cash Management Services operations(a) | (93.6) | (85.2) | |||||||||
Cash and cash equivalents available for general corporate purposes | 839.9 | 886.8 | |||||||||
Net Debt(b) | $ | 2,579.2 | 2,516.0 |
Funded Status of U.S. Retirement Plans | |||||||||||||||||||||||||||||||||||||||||
Actual | Actual | Projected | |||||||||||||||||||||||||||||||||||||||
(In millions) | 2022 | Nine Months 2023 | 4th Quarter 2023 | 2024 | 2025 | 2026 | 2027 | ||||||||||||||||||||||||||||||||||
Primary U.S. pension plan | |||||||||||||||||||||||||||||||||||||||||
Beginning funded status | $ | (65.8) | (24.0) | (12.7) | (24.9) | (24.7) | (22.5) | (8.5) | |||||||||||||||||||||||||||||||||
Net periodic pension credit(a) | 26.0 | 11.3 | 3.8 | 14.0 | 12.1 | 10.0 | 8.3 | ||||||||||||||||||||||||||||||||||
Payment from Brink’s | — | — | — | — | — | 11.7 | 11.5 | ||||||||||||||||||||||||||||||||||
Benefit plan experience gain (loss) | 15.8 | — | (16.0) | (13.8) | (9.9) | (7.7) | (5.0) | ||||||||||||||||||||||||||||||||||
Ending funded status | $ | (24.0) | (12.7) | (24.9) | (24.7) | (22.5) | (8.5) | 6.3 | |||||||||||||||||||||||||||||||||
UMWA plans | |||||||||||||||||||||||||||||||||||||||||
Beginning funded status | $ | (219.4) | (94.9) | (91.1) | (95.7) | (97.9) | (100.4) | (103.4) | |||||||||||||||||||||||||||||||||
Net periodic postretirement cost(a) | 2.9 | (0.6) | (0.2) | (2.2) | (2.5) | (3.0) | (3.4) | ||||||||||||||||||||||||||||||||||
Benefit plan experience gain | 58.5 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Prior service credit(b) | 66.7 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Other | (3.6) | 4.4 | (4.4) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Ending funded status | $ | (94.9) | (91.1) | (95.7) | (97.9) | (100.4) | (103.4) | (106.8) | |||||||||||||||||||||||||||||||||
Black lung plans | |||||||||||||||||||||||||||||||||||||||||
Beginning funded status | $ | (101.3) | (75.8) | (73.0) | (70.4) | (65.3) | (60.5) | (56.1) | |||||||||||||||||||||||||||||||||
Net periodic postretirement cost(a) | (2.6) | (2.9) | (1.0) | (3.6) | (3.3) | (3.1) | (2.8) | ||||||||||||||||||||||||||||||||||
Payment from Brink’s | 8.8 | 5.7 | 3.6 | 8.7 | 8.1 | 7.5 | 6.9 | ||||||||||||||||||||||||||||||||||
Benefit plan experience gain | 19.3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Ending funded status | $ | (75.8) | (73.0) | (70.4) | (65.3) | (60.5) | (56.1) | (52.0) |
Actual | Actual | Projected | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 2022 | Nine Months 2023 | 4th Quarter 2023 | FY2023 | 2024 | 2025 | 2026 | 2027 | |||||||||||||||||||||||||||||||||||||||
Primary U.S. pension plan | $ | (1.9) | (10.2) | (3.4) | (13.6) | (8.7) | (2.0) | 5.0 | 11.1 | ||||||||||||||||||||||||||||||||||||||
UMWA plans | 2.5 | (3.6) | (1.5) | (5.1) | (2.5) | (2.5) | 2.3 | 2.5 | |||||||||||||||||||||||||||||||||||||||
Black lung plans | 9.8 | 6.4 | 2.1 | 8.5 | 7.8 | 7.3 | 6.8 | 6.3 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 10.4 | (7.4) | (2.8) | (10.2) | (3.4) | 2.8 | 14.1 | 19.9 |
Actual | Actual | Projected | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | 2022 | Nine Months 2023 | 4th Quarter 2023 | FY2023 | 2024 | 2025 | 2026 | 2027 | |||||||||||||||||||||||||||||||||||||||
Payments from Brink’s to U.S. Plans | |||||||||||||||||||||||||||||||||||||||||||||||
Primary U.S. pension plan | $ | — | — | — | — | — | — | 11.7 | 11.5 | ||||||||||||||||||||||||||||||||||||||
Black lung plans | 8.8 | 5.7 | 3.6 | 9.3 | 8.7 | 8.1 | 7.5 | 6.9 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 8.8 | 5.7 | 3.6 | 9.3 | 8.7 | 8.1 | 19.2 | 18.4 | ||||||||||||||||||||||||||||||||||||||
Payments from U.S. Plans to participants | |||||||||||||||||||||||||||||||||||||||||||||||
Primary U.S. pension plan | $ | 44.4 | 33.4 | 14.7 | 48.1 | 48.0 | 48.0 | 48.0 | 47.7 | ||||||||||||||||||||||||||||||||||||||
UMWA plans | 20.3 | 15.6 | 4.4 | 20.0 | 19.9 | 19.8 | 19.6 | 19.5 | |||||||||||||||||||||||||||||||||||||||
Black lung plans | 8.8 | 5.7 | 3.6 | 9.3 | 8.7 | 8.1 | 7.5 | 6.9 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 73.5 | 54.7 | 22.7 | 77.4 | 76.6 | 75.9 | 75.1 | 74.1 |
Period | (a) Total Number of Shares Purchased(1) | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 1 through | ||||||||||||||||||||||||||
July 31, 2023 | — | $ | — | — | $ | 180,284,154 | ||||||||||||||||||||
August 1 through | ||||||||||||||||||||||||||
August 31, 2023 | 549,781 | $ | 73.38 | 549,781 | 139,941,652 | |||||||||||||||||||||
September 1 through | ||||||||||||||||||||||||||
September 30, 2023 | 631,325 | $ | 75.74 | 1,181,106 | 92,123,370 |
10.1 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101 | Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended September 30, 2023, furnished in Inline eXtensible Business Reporting Language (iXBRL)). The instance document does not appear in the interactive data file because its iXBRL tags are embedded within the iXBRL document. Attached as Exhibit 101 to this report are the following documents formatted in iXBRL: (i) the Condensed Consolidated Balance Sheets at September 30, 2023, and December 31, 2022, (ii) the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023 and 2022, (iv) the Condensed Consolidated Statements of Equity for the nine months ended September 30, 2023 and 2022, (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 and (vi) the Notes to the Condensed Consolidated Financial Statements. Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities and Exchange Act of 1934, and otherwise is not subject to liability under these sections. | ||||
104 | Cover Page Interactive Data File, formatted in iXBRL (included within Exhibit 101). |
THE BRINK’S COMPANY | |||||
November 7, 2023 | By: /s/ Kurt B. McMaken | ||||
Kurt B. McMaken | |||||
(Executive Vice President and | |||||
Chief Financial Officer) | |||||
(principal financial officer) |
/s/ Mark Eubanks | ||||||||
Mark Eubanks | ||||||||
President and Chief Executive Officer | ||||||||
(Principal Executive Officer) |
/s/ Kurt B. McMaken | ||||||||
Kurt B. McMaken | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Par value (in dollars per share) | $ 1 | $ 1 |
Shares authorized (in shares) | 100,000,000.0 | 100,000,000.0 |
Shares issued (in shares) | 45,300,000 | 46,300,000 |
Shares outstanding (in shares) | 45,300,000 | 46,300,000 |
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 49.4 | $ 22.6 | $ 102.8 | $ 134.9 |
Benefit plan adjustments: | ||||
Benefit plan actuarial gains | 4.2 | 10.1 | 7.3 | 33.3 |
Benefit plan prior service costs | (2.8) | (1.3) | (8.5) | (3.8) |
Deferred profit sharing | (0.2) | 0.0 | 0.1 | 0.0 |
Total benefit plan adjustments | 1.2 | 8.8 | (1.1) | 29.5 |
Foreign currency translation adjustments | (41.0) | (42.2) | 18.1 | (72.7) |
Unrealized net gains on available-for-sale securities | 7.9 | 0.7 | 8.3 | 0.0 |
Gains on cash flow hedges | 6.9 | 12.2 | 13.9 | 37.4 |
Other comprehensive income (loss) before tax | (25.0) | (20.5) | 39.2 | (5.8) |
Provision for income taxes | 5.7 | 12.6 | 3.6 | 17.5 |
Other comprehensive income (loss) | (30.7) | (33.1) | 35.6 | (23.3) |
Comprehensive income (loss) | 18.7 | (10.5) | 138.4 | 111.6 |
Less comprehensive income (loss) attributable to noncontrolling interests | 2.3 | (0.6) | 5.8 | (1.2) |
Comprehensive income (loss) attributable to Brink's | $ 16.4 | $ (9.9) | $ 132.6 | $ 112.8 |
Condensed Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock |
Capital in Excess of Par Value |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Noncontrolling Interests |
||||
---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2021 | $ 252.6 | $ 47.4 | $ 670.6 | $ 312.9 | $ (907.9) | $ 129.6 | ||||
Beginning balance, Shares at Dec. 31, 2021 | 47.4 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 74.2 | 71.3 | 2.9 | |||||||
Other comprehensive income (loss) | 49.4 | 50.9 | (1.5) | |||||||
Dividends to: | ||||||||||
Brink’s common shareholders | (9.5) | (9.5) | ||||||||
Noncontrolling interests | (1.2) | (1.2) | ||||||||
Stock options and awards | ||||||||||
Compensation expense | 7.1 | 7.1 | ||||||||
Other share-based benefit transactions | (2.8) | $ 0.2 | (3.0) | |||||||
Other share-based benefit transactions, shares | 0.2 | |||||||||
Ending balance at Mar. 31, 2022 | 369.8 | $ 47.6 | 674.7 | 374.7 | (857.0) | 129.8 | ||||
Ending balance, Shares at Mar. 31, 2022 | 47.6 | |||||||||
Beginning balance at Dec. 31, 2021 | 252.6 | $ 47.4 | 670.6 | 312.9 | (907.9) | 129.6 | ||||
Beginning balance, Shares at Dec. 31, 2021 | 47.4 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 134.9 | |||||||||
Other comprehensive income (loss) | (23.3) | (12.8) | ||||||||
Ending balance at Sep. 30, 2022 | 319.2 | $ 46.7 | 677.4 | 399.2 | (920.6) | 116.5 | ||||
Ending balance, Shares at Sep. 30, 2022 | 46.7 | |||||||||
Beginning balance at Mar. 31, 2022 | 369.8 | $ 47.6 | 674.7 | 374.7 | (857.0) | 129.8 | ||||
Beginning balance, Shares at Mar. 31, 2022 | 47.6 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 38.1 | 35.1 | 3.0 | |||||||
Other comprehensive income (loss) | (39.6) | (34.6) | (5.0) | |||||||
Shares repurchased | 0.0 | $ (0.5) | (8.0) | 8.5 | ||||||
Stock Repurchased During Period, Shares | (0.5) | |||||||||
Dividends to: | ||||||||||
Brink’s common shareholders | (9.4) | (9.4) | ||||||||
Noncontrolling interests | (1.6) | (1.6) | ||||||||
Stock options and awards | ||||||||||
Compensation expense | 14.9 | 14.9 | ||||||||
Other share-based benefit transactions | (5.5) | $ 0.1 | (5.5) | (0.1) | ||||||
Other share-based benefit transactions, shares | 0.1 | |||||||||
Ending balance at Jun. 30, 2022 | 366.7 | $ 47.2 | 676.1 | 408.8 | (891.6) | 126.2 | ||||
Ending balance, Shares at Jun. 30, 2022 | 47.2 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 22.6 | 19.2 | 3.4 | |||||||
Other comprehensive income (loss) | (33.1) | (29.1) | (4.0) | |||||||
Shares repurchased | [1] | (30.5) | $ (0.5) | (10.7) | (19.3) | |||||
Stock Repurchased During Period, Shares | [1] | (0.5) | ||||||||
Dividends to: | ||||||||||
Brink’s common shareholders | (9.4) | (9.4) | ||||||||
Noncontrolling interests | (4.1) | (4.1) | ||||||||
Stock options and awards | ||||||||||
Compensation expense | 14.3 | 14.3 | ||||||||
Other share-based benefit transactions | 0.3 | 0.4 | (0.1) | |||||||
Capital contributions from noncontrolling interest | 0.1 | 0.1 | ||||||||
Acquisitions of noncontrolling interests | (7.8) | (2.7) | 0.1 | (5.2) | ||||||
Acquisitions with noncontrolling interests | 0.1 | 0.1 | ||||||||
Ending balance at Sep. 30, 2022 | 319.2 | $ 46.7 | 677.4 | 399.2 | (920.6) | 116.5 | ||||
Ending balance, Shares at Sep. 30, 2022 | 46.7 | |||||||||
Beginning balance at Dec. 31, 2022 | 570.2 | $ 46.3 | 684.1 | 417.2 | (700.5) | 123.1 | ||||
Beginning balance, Shares at Dec. 31, 2022 | 46.3 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 18.3 | 15.0 | 3.3 | |||||||
Other comprehensive income (loss) | 36.0 | 35.8 | 0.2 | |||||||
Shares repurchased | (16.0) | $ (0.2) | (3.8) | (12.0) | ||||||
Stock Repurchased During Period, Shares | (0.2) | |||||||||
Dividends to: | ||||||||||
Brink’s common shareholders | (9.3) | (9.3) | ||||||||
Noncontrolling interests | (0.4) | (0.4) | ||||||||
Stock options and awards | ||||||||||
Compensation expense | 10.9 | 10.9 | ||||||||
Other share-based benefit transactions | (4.7) | $ 0.3 | (4.8) | (0.2) | ||||||
Other share-based benefit transactions, shares | 0.3 | |||||||||
Ending balance at Mar. 31, 2023 | 605.0 | $ 46.4 | 686.4 | 410.7 | (664.7) | 126.2 | ||||
Ending balance, Shares at Mar. 31, 2023 | 46.4 | |||||||||
Beginning balance at Dec. 31, 2022 | 570.2 | $ 46.3 | 684.1 | 417.2 | (700.5) | 123.1 | ||||
Beginning balance, Shares at Dec. 31, 2022 | 46.3 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 102.8 | |||||||||
Other comprehensive income (loss) | 35.6 | 39.9 | ||||||||
Ending balance at Sep. 30, 2023 | 584.3 | $ 45.3 | 680.3 | 397.8 | (660.6) | 121.5 | ||||
Ending balance, Shares at Sep. 30, 2023 | 45.3 | |||||||||
Beginning balance at Mar. 31, 2023 | 605.0 | $ 46.4 | 686.4 | 410.7 | (664.7) | 126.2 | ||||
Beginning balance, Shares at Mar. 31, 2023 | 46.4 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 35.1 | 32.1 | 3.0 | |||||||
Other comprehensive income (loss) | 30.3 | 33.3 | (3.0) | |||||||
Shares repurchased | (1.5) | $ (0.1) | (0.3) | (1.1) | ||||||
Stock Repurchased During Period, Shares | (0.1) | |||||||||
Dividends to: | ||||||||||
Brink’s common shareholders | (10.2) | (10.2) | ||||||||
Noncontrolling interests | (2.4) | (2.4) | ||||||||
Stock options and awards | ||||||||||
Compensation expense | 8.3 | 8.3 | ||||||||
Other share-based benefit transactions | 0.2 | $ 0.1 | 0.2 | (0.1) | ||||||
Other share-based benefit transactions, shares | 0.1 | |||||||||
Acquisitions of noncontrolling interests | (0.6) | 0.3 | (0.9) | |||||||
Ending balance at Jun. 30, 2023 | 664.2 | $ 46.4 | 694.9 | 431.4 | (631.4) | 122.9 | ||||
Ending balance, Shares at Jun. 30, 2023 | 46.4 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 49.4 | 45.6 | 3.8 | |||||||
Other comprehensive income (loss) | (30.7) | (29.2) | (1.5) | |||||||
Shares repurchased | [2] | (90.8) | $ (1.1) | (20.9) | (68.8) | |||||
Stock Repurchased During Period, Shares | [2] | (1.1) | ||||||||
Dividends to: | ||||||||||
Brink’s common shareholders | (10.2) | (10.2) | ||||||||
Noncontrolling interests | (3.7) | (3.7) | ||||||||
Stock options and awards | ||||||||||
Compensation expense | 6.4 | 6.4 | ||||||||
Other share-based benefit transactions | (0.3) | (0.1) | (0.2) | |||||||
Ending balance at Sep. 30, 2023 | $ 584.3 | $ 45.3 | $ 680.3 | $ 397.8 | $ (660.6) | $ 121.5 | ||||
Ending balance, Shares at Sep. 30, 2023 | 45.3 | |||||||||
|
Condensed Consolidated Statement of Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends (dollars per share) | $ 0.22 | $ 0.22 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 |
Accrued liabilities | $ 1,016.7 | |||||
Share Repurchase Program, Excise Tax | $ 0.8 | |||||
250 Million Share Repurchase Program II | ||||||
Stock repurchased and retired during period (in shares) | 1,181,106 | 501,560 | ||||
Repurchase shares of Brink's common stock | $ 88.2 | $ 27.3 | ||||
Accrued liabilities | $ 1.8 | $ 3.2 |
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Cash flows from operating activities: | ||
Net income | $ 102.8 | $ 134.9 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
(Gain) loss from discontinued operations, net of tax | (0.5) | 0.2 |
Depreciation and amortization | 206.3 | 179.9 |
Share-based compensation expense | 25.6 | 36.3 |
Deferred income taxes | 3.7 | (57.3) |
(Gain) loss on sale of property, equipment and marketable securities | 2.2 | 0.8 |
Impairment losses | 8.2 | 7.9 |
Retirement benefit funding (more) less than expense: | ||
Pension | (6.9) | (4.7) |
Other than pension | (6.0) | 2.8 |
Remeasurement losses due to Argentina currency devaluations | 23.9 | 24.4 |
Other operating | 17.1 | 29.7 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
(Increase) decrease in accounts receivable and income taxes receivable | 30.8 | (175.7) |
Increase (decrease) in accounts payable, income taxes payable and accrued liabilities | (61.0) | 108.7 |
Increase (decrease) in restricted cash held for customers | (44.9) | (4.4) |
Increase (decrease) in customer obligations | (5.5) | 4.0 |
Increase in prepaid and other current assets | 5.1 | (79.8) |
Other | (7.9) | (7.2) |
Net cash provided by operating activities | 293.0 | 200.5 |
Cash flows from investing activities: | ||
Capital expenditures | (133.1) | (131.5) |
Acquisitions, net of cash acquired | 0.0 | (14.2) |
Dispositions, net of cash disposed | 1.1 | 0.0 |
Purchases | (58.3) | (18.3) |
Sales | 48.7 | 7.7 |
Cash proceeds from sale of property and equipment | 5.7 | 3.3 |
Cash proceeds from settlement of cross currency swap | 0.0 | 64.3 |
Net change in loans held for investment | (12.3) | (23.3) |
Other | (0.6) | (0.1) |
Discontinued operations | 0.9 | 0.0 |
Net cash used in investing activities | (147.9) | (112.1) |
Cash flows from financing activities: | ||
Short-term borrowings | 76.6 | 11.5 |
Long-term revolving credit facilities: Borrowings | 6,640.5 | 5,036.1 |
Long-term revolving credit facilities: Repayments | (6,713.1) | (4,819.1) |
Other long-term debt: Borrowings | 16.4 | 213.2 |
Other long-term debt: Repayments | (71.1) | (63.7) |
Acquisition of noncontrolling interest | (0.6) | (7.8) |
Cash paid for acquisition related settlements and obligations | (10.5) | (2.8) |
Debt financing costs | 0.0 | (5.5) |
Repurchase shares of Brink's common stock | (105.7) | (27.3) |
Dividends to: | ||
Shareholders of Brink’s | (29.7) | (28.3) |
Noncontrolling interests in subsidiaries | (6.5) | (6.9) |
Tax withholdings associated with share-based compensation | (7.6) | (10.2) |
Other | 3.9 | 2.7 |
Net cash (used in) provided by financing activities | (207.4) | 291.9 |
Effect of exchange rate changes on cash | (27.7) | (118.1) |
Cash, cash equivalents and restricted cash: | ||
Increase (decrease) | (90.0) | 262.2 |
Balance at beginning of period | 1,410.5 | 1,086.7 |
Balance at end of period | $ 1,320.5 | $ 1,348.9 |
Basis of presentation |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The Brink’s Company (along with its subsidiaries, “Brink’s”, the “Company”, “we”, “us” or “our”) has four operating segments: •North America •Latin America •Europe •Rest of World Our unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and applicable quarterly reporting regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates In accordance with GAAP, we have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill, intangibles and other long-lived assets, pension and other retirement benefit assets and obligations, legal contingencies, allowance for doubtful accounts, deferred tax assets and purchase price allocations. In the first quarter of 2022, we further refined our global methodology of estimating the allowance for doubtful accounts. Our updated method not only reviews historical loss rates and identifies high risk customer accounts but now also includes an estimated allowance for accounts receivable significantly past due in order to adjust for at-risk receivables not captured in our previous method. As part of the analysis under the updated estimation methodology, we recorded an additional allowance of $16.7 million in the first quarter of 2022. In the second and third quarters of 2022, the additional allowance was reduced by $0.7 million as a result of collections. Due to the fact that management had excluded this amount when evaluating internal performance, we excluded it from segment results. Consolidation The condensed consolidated financial statements include our controlled subsidiaries. Control is determined based on ownership rights or, when applicable, based on whether we are considered to be the primary beneficiary of a variable interest entity. See "Venezuela" section below for further information. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in net income and in total equity. Investments in businesses that we do not control, but for which we have the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method and our proportionate share of income or loss is recorded in other operating income (expense). Investments in businesses for which we do not have the ability to exercise significant influence over operating and financial policies are accounted for at fair value, if readily determinable, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, we measure these investments at cost minus impairment, if any, plus or minus changes from observable price changes. All intercompany accounts and transactions have been eliminated in consolidation. Foreign Currency Translation Our condensed consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary. Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expenses are translated at rates of exchange in effect during the year. Transaction gains and losses are recorded in net income. Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Other than nonmonetary equity securities, nonmonetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. For nonmonetary equity securities traded in highly inflationary economies, the fair market value of the equity securities are remeasured at the current exchange rates to determine gain or loss to be recorded in net income. Revenues and expenses are translated at rates of exchange in effect during the year. Argentina We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together "Brink's Argentina"). Revenues from Brink's Argentina represented approximately 4% of our consolidated revenues for the first nine months of 2023 and 5% of our consolidated revenues for the first nine months of 2022. The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. In the first nine months of 2023 and 2022, the Argentine peso declined approximately 48% (from 178.6 to 344.8 pesos to the U.S. dollar) and approximately 30% (from 103.1 to 147.1 pesos to the U.S. dollar), respectively. For the year ended December 31, 2022, the Argentine peso declined approximately 42% (from 103.1 to 178.6 pesos to the U.S. dollar). Beginning July 1, 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, we consolidated Brink's Argentina using our accounting policy for subsidiaries operating in highly inflationary economies beginning with the third quarter of 2018. Argentine peso-denominated monetary assets and liabilities are remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In the first nine months of 2023, we recognized a $23.9 million pretax remeasurement loss. In the first nine months of 2022, we recognized a $24.4 million pretax remeasurement loss. At September 30, 2023, Argentina's economy remains highly inflationary for accounting purposes. At September 30, 2023, we had net monetary assets denominated in Argentine pesos of $74.1 million (including cash of $71.4 million). At September 30, 2023, we had net nonmonetary assets of $174.9 million (including $99.8 million of goodwill, $2.2 million in equity securities denominated in Argentine pesos and $38.6 million in debt securities denominated in Argentine pesos). At December 31, 2022, we had net monetary assets denominated in Argentine pesos of $66.2 million (including cash of $57.7 million) and net nonmonetary assets of $168.2 million (including $99.8 million of goodwill, $1.9 million in equity securities denominated in Argentine pesos and $27.4 million in debt securities denominated in Argentine pesos). During September 2019, the Argentine government announced currency controls on both companies and individuals. The Argentine central bank issued details as to how the exchange control procedures would operate in practice. Under these procedures, central bank approval is required for many transactions, including dividend repatriation abroad. We have previously elected to use other market mechanisms to convert Argentine pesos into U.S. dollars. Conversions under these other market mechanisms generally settle at rates that are less favorable than the rates at which we remeasure the financial statements of Brink’s Argentina. We did not have any such conversions or related conversion losses in the nine months ended September 30, 2023 or September 30, 2022. Although the Argentine government has implemented currency controls, Brink’s management continues to provide guidance and strategic oversight, including budgeting and forecasting for Brink’s Argentina. We continue to control our Argentina business for purposes of consolidation of our financial statements and continue to monitor the situation in Argentina. Venezuela Our Venezuelan operations offer transportation and route-based logistics management services for cash and valuables throughout Venezuela. Currency exchange regulations, combined with other government regulations, such as price controls and strict labor laws, significantly limit our ability to make and execute operational decisions at our Venezuelan subsidiaries. As a result of these conditions, we do not meet the accounting criteria for control over our Venezuelan operations and, as a result, we report the results of our investment in our Venezuelan subsidiaries using the cost method of accounting, the basis of which approximates zero. Prior to the imposition of the U.S. government sanctions in 2019, we provided immaterial amounts of financial support to our Venezuela operations. We continue to monitor the situation in Venezuela, including the imposition of sanctions by the U.S. government targeting Venezuela. Goodwill Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. We review goodwill for impairment annually, as of October 1, and whenever events or circumstances in interim periods indicate that it is more-likely-than-not that an impairment may have occurred. Impairment indicators were reviewed as of September 30, 2023 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. We will continue to monitor results in future periods to determine whether any indicators of impairment exist that would cause us to perform an impairment review. Restricted Cash In France and Malaysia, we offer services to certain of our customers where we manage some or all of their cash supply chains. In connection with these offerings, we take temporary title to certain customers' cash, which is included as restricted cash in our financial statements due to customer agreement or regulation. In addition, in accordance with a revolving credit facility, as of September 30, 2023, we are required to maintain a restricted cash reserve of $40.6 million ($40.7 million at December 31, 2022) and, due to this contractual restriction, we have classified these amounts as restricted cash in our condensed consolidated balance sheet.
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Revenue from Contracts with Customers | Revenue from Contracts with Customers Performance Obligations We provide various services to meet the needs of our customers and we group these service offerings into two broad categories: cash and valuables management; and digital retail solutions ("DRS") and ATM managed services ("AMS"). Cash and Valuables Management Cash and valuables management services are provided to customers throughout the world. Cash-in-transit services include the secure transportation of cash, securities and other valuables between businesses, financial institutions and central banks. Basic ATM management services include cash replenishment, treasury management and first and second line maintenance. Our global services business provides secure transport of high-value commodities including diamonds, jewelry, precious metals, securities, banknotes, currency, high-tech devices, electronics and pharmaceuticals. Additional global services include pick-up, packaging, customs clearance, secure vault storage and inventory management. We also offer a variety of cash management services including money processing (e.g., counting, sorting, wrapping, checking condition of bills, etc.), check imaging and other cash management services (e.g., cashier balancing, counterfeit detection, account consolidation and electronic reporting). Our vaulting services combine cash-in-transit services, cash management services, vaulting and electronic reporting technologies to help banks expand into new markets while minimizing investment in vaults and branch facilities. In addition to providing secure storage, we process deposits, provide check imaging and reconciliation services, perform currency inventory management, process ATM replenishment orders and electronically transmit banking transactions. Digital Retail Solutions and ATM Managed Services DRS and AMS are technology enabled services provided to customers throughout the world. DRS includes services that leverage Brink’s tech-enabled sales and software platforms to simplify cash acceptance, enables merchants to access their cash without visiting a bank and provide customers with enhanced analytics and visibility. DRS includes our patented Brink’s CompleteTM and CompuSafe® services. AMS provides comprehensive services beyond basic ATM services including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, and installation services. These services allow financial institutions, retailers and independent ATM owners to outsource day-to-day operation of ATMs. For certain customers, we take ownership of ATM devices as part of our managed services offering. For performance obligations related to the services described above, we generally satisfy our obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied over time. We use an output method, units of service provided, to recognize revenue because that is the best method to represent the transfer of our services to the customer at the agreed upon rate for each action. Although not as significant as our service offerings, we also sell goods to customers from time to time, such as safe devices. In those transactions, we satisfy our performance obligation at a point in time. We recognize revenue when the goods are delivered to the customer as that is the point in time that best represents when control has transferred to the customer. Our contracts with customers describe the services we can provide along with the fees for each action to provide the service. We typically send invoices to customers for all of the services we have provided within a monthly period and payments are generally due within 30 to 60 days of the invoice date. Although our customer contracts specify the fees for each action to provide service, the majority of the services stated in our contracts do not have a defined quantity over the contract term. Accordingly, the transaction price is considered variable as there is an unknown volume of services that will be rendered over the course of the contract. We recognize revenue for these services in the period in which they are provided to the customer based on the contractual rate at which we have the right to invoice the customer for each action. Some of our contracts with customers contain clauses that define the level of service that the customer will receive. The service level agreements (“SLA”) within those contracts contain specific calculations to determine whether the appropriate level of service has been met within a specific period, which is typically a month. We estimate SLA penalties and recognize the amounts as a reduction to revenue. Taxes collected from customers and remitted to governmental authorities are not included in revenues in the condensed consolidated statements of operations. Revenue Disaggregated by Reportable Segment and Type of Service
Certain of our high-value services involve the leasing of assets, such as safes, to our customers along with the regular servicing of those safe devices. Revenues related to the leasing of these assets are recognized in accordance with applicable lease guidance, but are included in the above table as the amounts are a small percentage of overall revenues. Contract Balances Contract Assets Although payment terms and conditions can vary, for the majority of our customer contracts, we invoice for all of the services provided to the customer within a monthly period. For certain customer contracts, the timing of our performance may precede our right to invoice the customer for the total transaction price. For example, Brink's affiliates in certain countries, primarily in Latin America, negotiate annual price adjustments with certain customers and, once the price increases are finalized, the pricing changes are made retroactive to services provided in earlier periods. These retroactive pricing adjustments are estimated and recognized as revenue with a corresponding contract asset in the same period in which the related services are performed. As the estimate of the ultimate transaction price changes, we recognize a cumulative catch-up adjustment for the change in estimate. In our Rest of World segment, certain Brink's affiliates provide services to specific customers and, per contract, a portion of the consideration is retained by the customers until the contract is completed. The retention amounts are reported as contract assets until we have the right to bill the customer for these amounts. Contract assets expected to be collected within one year ($6.3 million at September 30, 2023) are included in prepaid expenses and other on the condensed consolidated balance sheet. Amounts not expected to be billed and collected within one year ($8.8 million at September 30, 2023) are reported in other assets on the condensed consolidated balance sheet. Contract Liabilities For other customer contracts, we may obtain the right to payment or receive customer payments prior to performing the related services under the contract. When the right to customer payments or receipt of payments precedes our performance, we recognize a contract liability, which is included in accrued liabilities on the condensed consolidated balance sheet. The opening and closing balances of receivables, contract assets and contract liabilities related to contracts with customers are as follows:
The amount of revenue recognized in the nine months ended September 30, 2023 that was included in the January 1, 2023 contract liabilities balance was $14.1 million. This revenue consists of services provided to customers who had prepaid for those services prior to the current year. Revenue recognized in the nine months ended September 30, 2023 from performance obligations satisfied in the prior year was not significant. This revenue is a result of changes in the transaction price of our contracts with customers. Contract Costs Sales commissions directly related to obtaining new contracts with customers are capitalized when incurred and are then amortized to expense ratably over the term of the contracts. At September 30, 2023, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet. The capitalized amounts at September 30, 2023 and December 31, 2022 were $3.7 million and $3.7 million, respectively. The amortization expense in the first nine months of 2023 and 2022 was $1.5 million and $0.9 million, respectively. Practical Expedients For the majority of our contracts with customers, we invoice a fixed amount for each unit of service we have provided. These contracts provide us with the right to invoice for an amount or rate that corresponds to the value we have delivered to our customers. The volume of services that will be provided to customers over the term is not known at inception of these contracts. Therefore, while the rate per unit of service is known, the transaction price itself is variable. For this reason, we recognize revenue from these contracts equal to the amount for which we have the contractual right to invoice the customers. Because we are not required to estimate variable consideration related to the transaction price in order to recognize revenue, we are also not required to estimate the variable consideration to provide certain disclosures. As a result, we have elected to use the optional exemption related to the disclosure of transaction prices, amounts allocated to remaining performance obligations and the future periods in which revenue will be recognized, sometimes referred to as backlog. We have also elected to use the practical expedient for financing components related to our contract liabilities. We do not recognize interest expense on contracts for which the period between our receipt of customer payments and our service to the customer is one year or less.
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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 - include corporate headquarters costs, regional management costs, currency transaction gains and losses, adjustments to reconcile segment accounting policies to GAAP, and costs related to global initiatives. •Other items not allocated to segments - certain significant items that are not considered part of the ongoing activities of the business are excluded from segment results. See further explanation for each item not allocated to segments on page 14. We manage our business in the following four segments: •North America – operations in the U.S. and Canada, including the Brink’s Global Services ("BGS") line of business, •Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business, •Europe – total operations in European countries that primarily provide services outside of the BGS line of business, and •Rest of World – operations in the Middle East, Africa and Asia. This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest. The following table summarizes our revenues and segment profit for each of our reportable segments and reconciles these amounts to consolidated revenues and operating profit:
(a)This line item includes adjustments to bad debt expense and a Mexico profit sharing plan accrual reported by the segments to the estimated consolidated amounts required by U.S. GAAP. (b)Management periodically implements restructuring actions in targeted sections of our business. Due to the unique circumstances around the charges related to these actions, they have not been allocated to segment results. (c)Certain acquisition and disposition items that are not considered part of the ongoing activities of the business and are special in nature are consistently excluded from segment results. These items include amortization expense for acquisition-related intangible assets and integration, transaction and restructuring costs related to business acquisitions. (d)We have designated Argentina's economy as highly inflationary for accounting purposes. Currency remeasurement gains and losses related to peso-denominated monetary assets and liabilities as well as incremental expense related to nonmonetary assets are excluded from segment results. (e)Represents impact of a change in our methodology to estimate our allowance for doubtful accounts in the first quarter of 2022. See Note 1 for further details. (f)See details regarding the Chile antitrust matter at Note 14. (g)Costs (primarily third party expenses) related to material weakness remediation. Additional information provided at page 45.
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Retirement benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement benefits | Retirement benefits Pension plans We have various defined-benefit pension plans covering eligible current and former employees. Benefits under most plans are based on salary and years of service. The components of net periodic pension cost for our pension plans were as follows:
The components of net periodic pension cost and net periodic postretirement cost other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations. We did not make cash contributions to the primary U.S. pension plan in 2022 or the first nine months of 2023. Based on current assumptions described in our Annual Report on Form 10-K for the year ended December 31, 2022, we do not expect to make contributions to the primary U.S. pension plan until 2026. Retirement benefits other than pensions We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees. Retirement benefits related to our former U.S. coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for United Mine Workers of America Represented Employees (the “UMWA plans”) as well as costs related to Black Lung obligations. The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows:
The components of net periodic pension cost and net periodic postretirement cost other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.
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Income taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes
2023 Compared to U.S. Statutory Rate The effective income tax rate on continuing operations in the first nine months of 2023 was greater than the 21% U.S. statutory rate due to the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and U.S. taxable income and credit limitations, the increase of valuation allowances on U.S. tax credits, and the characterization of a French business tax as an income tax. 2022 Compared to U.S. Statutory Rate The effective income tax rate on continuing operations in the first nine months of 2022 was less than the 21% U.S. statutory rate primarily due to the release of valuation allowances on U.S. tax credits deemed realizable as a result of the issuance of U.S. final foreign tax credit regulations, offset by the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and U.S. taxable income limitations, and the characterization of a French business tax as an income tax. Valuation Allowance-Tax Credits In the first quarter of 2022, we concluded that it is more-likely-than-not that a substantial amount of the U.S. deferred tax assets for U.S. foreign tax credit and general business credit carryforwards that previously required a valuation allowance would be realized. Our conclusion was based upon an analysis of the final foreign tax credit regulations that the U.S. Treasury published in the Federal Register on January 4, 2022. Based upon this analysis, we determined a significant amount of the post-2021 foreign withholding taxes will now be ineligible for U.S. foreign income tax credit treatment and therefore we forecasted that our U.S. operations would no longer annually be generating new foreign tax credits in excess of its annual foreign tax credit utilization limit. As a result, we expect to be able to utilize a substantial amount of our foreign tax credit and general business tax credit carryforwards to offset future tax prior to their expiration. Accordingly, we reversed a substantial amount of our valuation allowance on our net U.S. deferred tax assets, resulting in a $52.8 million benefit in our provision for income taxes for the period ended September 30, 2022. In the second quarter of 2023, we concluded that changes in Brazilian tax law will allow Brazilian withholding taxes to be eligible for U.S. foreign tax credit treatment. Based on this conclusion, we expect to annually be generating more new foreign tax credits and utilizing fewer foreign tax carryforwards to offset taxes prior to their expiration. As a result, we recorded a $7.0 million tax expense in our provision for income taxes for the nine month period ended September 30, 2023. It is possible that further developments in foreign country or U.S. tax laws could occur and may require us to change our assessment of the ultimate amounts we consider more-likely-than-not to be realized. On July 21, 2023, the U.S. Treasury issued Notice 2023-55 (the "Notice") announcing temporary relief for taxpayers in determining whether a foreign tax is eligible for a foreign tax credit under the final foreign tax credit regulations mentioned above. The Notice will allow us to apply the pre-January 4, 2022 regulations in determining the creditability of foreign taxes for our 2022 and 2023 U.S. income tax filings. The impact in our provision for income taxes for the three and nine month periods ended September 30, 2023 is less than $1.0 million of tax expense.
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Acquisitions and Dispositions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions We account for business combinations using the acquisition method. Under the acquisition method of accounting, assets acquired and liabilities assumed from these operations are recorded at fair value on the date of acquisition. The condensed consolidated statements of operations include the results of operations for each acquired entity from the date of acquisition. NoteMachine Limited Acquisition On October 3, 2022, we acquired 100% of the capital stock of NoteMachine Limited and Testlink Services Limited. At the acquisition date, these two entities directly owned 100% of the ownership interests in three additional entities (collectively, the five entities are referred to as "NoteMachine"). We acquired the NoteMachine businesses for approximately $194 million. NoteMachine is based in the United Kingdom and manages a portfolio of ATMs. NoteMachine generated approximately $150 million in revenues in the twelve month period prior to the acquisition. We estimated fair values for the assets purchased, liabilities assumed and purchase consideration as of the date of the acquisition. The determination of estimated fair value required management to make significant estimates and assumptions. We finalized our purchase price accounting for NoteMachine in the third quarter of 2023. There were no material changes in the third quarter of 2023 to the amounts previously disclosed.
(a)The contingent consideration has two components. The largest component was based on post-acquisition collections of ATM tax rate rebates from municipal governments in the U.K. The consideration was estimated at $10.5 million at the acquisition date. Through September 30, 2023, approximately $10 million has been paid to the seller for this component. A smaller component was based on post-acquisition increases in the ATM cash withdrawal interchange fees through September 30, 2023. The consideration was estimated at $4.3 million at the acquisition date. The post-acquisition fee increases did not occur and the liability was derecognized in the second quarter of 2023 resulting in a $4.8 million gain classified as other operating income (expense) in the condensed consolidated statements of operations. (b)Intangible assets are composed of customer relationships ($47 million fair value and 13 year amortization period), developed technology ($27 million fair value and 12 year amortization period) and a trade name ($10 million fair value and 5 year amortization period). (c)Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating NoteMachine's operations with our existing Brink's operations. Goodwill of $63 million has been assigned to the Europe reporting unit and goodwill of $1 million has been assigned to the North America reporting unit. We do not expect goodwill in these reporting units to be deductible for tax purposes. Touchpoint 21 Acquisition In January 2022, we acquired net assets from Touchpoint 21 LLC, an ATM and cash management solutions company operating in Texas and Oklahoma. We have determined that this acquisition represents a business combination and we have recorded acquired assets and liabilities at estimated fair value. The purchase consideration was approximately $15 million. Actual and Pro Forma (unaudited) disclosures Below are the actual results included in Brink's consolidated results for the businesses we acquired in 2022 and the first nine months of 2023.
The pro forma consolidated results of Brink's presented below reflect a hypothetical ownership as of January 1, 2021 for the businesses we acquired during 2022.
(a)Represents amounts prior to acquisition by Brink's. Argentina Union Payments In the third quarter of 2017, we acquired 100% of the shares of Maco Transportadora de Caudales S.A. ("Maco Transportadora") and Maco Litoral, S.A. ("Maco Litoral" and, together with Maco Transportadora, "Maco"). Maco Transportadora is a CIT and money processing business and Maco Litoral provides CIT and ATM services. Both businesses operate in Argentina. Although the Maco operations were acquired by Brink's Argentina in 2017, the National Antitrust Authority did not formally approve the business acquisitions until 2021. The approval was issued conditioned on the divestiture of certain armored vehicles and relocation of other armored vehicles. These actions were completed in 2022. Upon the acquisition approval by the National Antitrust Authority, the national teamster unions demanded that Maco employees be paid severance benefits as if the employees had been terminated in 2022 and then immediately rehired by Brink's Argentina without their seniority. Brink's Argentina management finalized negotiations with the Maco Transportadora and Maco Litoral unions and has agreed to pay amounts to the union members in monthly installments through June 2024. We recognized $12.5 million in related costs in 2022. In the first nine months of 2023, we recognized a $4.7 million charge for an inflation-adjusted labor increase to the expected payments. Changes in the liability as a result of currency-related remeasurement are reflected in our operating results as described in Note 1. Changes in the liability as a result of labor rate increases are reflected as acquisition-related costs. Due to the fact that management has excluded these amounts when evaluating internal performance, we have excluded the amounts from segment results.
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Accumulated other comprehensive income (loss) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive loss into earnings, was as follows:
(a)The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income. Net periodic retirement benefit cost also includes service cost, interest cost, expected return on assets, and settlement losses. Total service cost is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis and the remaining net periodic retirement benefit cost items are allocated to interest and other nonoperating expense:
(b)2023 foreign currency translation adjustment amounts arising during the three months ended September 30, 2023 reflect primarily the devaluation of the Brazilian real, the Mexican peso, the Chilean peso, and the euro. 2022 foreign currency translation adjustment amounts arising during the three months ended September 30, 2022 reflect primarily the devaluation of the British pound and the Brazilian real. 2023 foreign currency translation adjustment amounts arising during the nine months ended September 30, 2023 reflect primarily the appreciation of the Mexican peso, and the Brazilian real, partially offset by the devaluation of the euro. 2022 foreign currency translation adjustment amounts arising during the nine months ended September 30, 2022 reflect primarily the devaluation of the British pound, the euro, and the Chilean peso, partially offset by appreciation of the Mexican peso. (c)Gains and losses on sales of available-for-sale debt securities are reclassified from accumulated other comprehensive income (loss) to the condensed consolidated statements of operations when the gains or losses are realized. Pretax amounts are classified in the condensed consolidated statements of operations as interest and other nonoperating income (expense). We realized an $8.6 million loss on sales of available-for-sale debt securities in the third quarter of 2023. (d)Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as: •other operating income (expense) ($0.5 million loss in the three months ended September 30, 2023 and $0.3 million gain in the three months ended September 30, 2022; as well as $7.7 million loss in the nine months ended September 30, 2023 and $6.2 million loss in the nine months ended September 30, 2022). •interest expense ($5.2 million reduction to expense in the three months ended September 30, 2023 and $0.5 million of expense in the three months ended September 30, 2022; as well as $13.7 million reduction to expense in the nine months ended September 30, 2023 and $5.4 million of expense in the nine months ended September 30, 2022). The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:
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Fair value of financial instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of financial instruments | Fair value of financial instruments Investments in Marketable Securities We have investments in mutual funds, equity securities and available for sale debt securities that are carried at fair value in the condensed financial statements. For these investments, fair value was based on quoted market prices, which we have categorized as a Level 1 valuation. Fixed-Rate Debt The fair value and carrying value of our material fixed-rate debt, excluding any unamortized debt issuance costs, are as follows:
Pricing inputs for nonpublic debt are often not observable. The fair value estimates of our senior notes reflect unobservable estimates and assumptions, which we have categorized as a Level 3 valuation. Our fair value estimates were based on the present value of future cash flows, discounted at rates for public debt at the measurement date. The rates for public debt were additionally adjusted for a factor which represented the change in the interest spreads between the inception rates and the public debt rates at the measurement date. Forward and Swap Contracts We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies. At September 30, 2023, the notional value of our outstanding foreign currency forward and swap contracts was $574 million, with average maturities of approximately one month. These foreign currency forward and swap contracts primarily offset exposures in the euro and the Mexican peso and are not designated as hedges for accounting purposes. Accordingly, changes in their fair value are recorded immediately in earnings. At September 30, 2023, the fair value of our short term foreign currency contracts was a net asset of approximately $6.3 million of which $9.2 million was included in prepaid expenses and other and $2.9 million was included in accrued liabilities on the condensed consolidated balance sheet. At December 31, 2022, the fair value of these foreign currency contracts was a net liability of approximately $7.0 million of which $3.5 million was included in prepaid expenses and other and $10.5 million was included in accrued liabilities on the condensed consolidated balance sheet. Amounts under these contracts were recognized in other operating income (expense) as follows:
. In the first quarter of 2019, we entered into a long term cross currency swap contract to hedge exposure in Brazilian real, which is designated as a cash flow hedge for accounting purposes. Accordingly, changes in the fair value of the cash flow hedge are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss). We immediately reclassify from accumulated other comprehensive income (loss) to earnings an amount to offset the remeasurement recognized in earnings associated with the respective intercompany loan. Additionally, we reclassify amounts from accumulated other comprehensive income (loss) to interest expense amounts that are associated with the interest rate differential between a U.S. dollar denominated intercompany loan and a Brazilian real denominated intercompany loan. At September 30, 2023, the notional value of this contract was $30 million with a weighted-average maturity of 0.1 years. At September 30, 2023, the fair value of the cross currency swap contract was an asset of $7.2 million and was included in prepaid expenses and other on the condensed consolidated balance sheet. At December 31, 2022, the fair value of the cross currency swap contract was an asset of $14.6 million and was included in prepaid expenses and other on the condensed consolidated balance sheet. Amounts under this contract were recognized in other operating income (expense) to offset transaction gains or losses and in interest expense as follows:
In the first quarter of 2019, we entered into ten interest rate swaps that hedge cash flow risk associated with changes in variable interest rates and that are designated as cash flow hedges for accounting purposes. Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss). We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings. At September 30, 2023, the notional value of these contracts was $400 million with a remaining weighted-average maturity of 0.2 years. At September 30, 2023, the fair value of these interest rate swaps was an asset of $4.1 million and was included in prepaid expenses and other on the condensed consolidated balance sheet. At December 31, 2022, the fair value of these interest rate swaps was a net asset of $10.0 million of which $9.3 million was included in prepaid expenses and other and $0.7 million was included in other assets on the condensed consolidated balance sheet. In the first quarter of 2022, we entered into four forward-starting interest rate swaps that hedge cash flow risk associated with changes in variable interest rates and that were designated as cash flow hedges for accounting purposes. The forward-starting interest rate swaps had a maturity date in July 2030 and had a mandatory settlement scheduled to occur in July 2022. In July 2022, an amendment was executed to terminate the four forward-starting interest rates swaps and concurrently enter into three forward-starting interest rate swaps with an amended maturity in June 2027. We designated these interest rates swaps as cash flow hedges for accounting purposes. Accordingly, the changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss). We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings. As of the July 2022 termination date of the four previous interest rate swaps, a cumulative net gain of $9.2 million was recorded in accumulated other comprehensive income (loss). This amount is reclassified to earnings as forecasted interest payments occur through the original maturity date in July 2030. The three new interest rate swaps had an inception date fair value equal to a $9.2 million asset, approximating the settlement value of the four previous interest rate swaps. Instead of receiving cash upon termination of the previous swaps, we elected to negotiate a lower off-market fixed rate for the three new interest rate swaps. This inception date fair value is amortized to earnings on a ratable and systematic basis through the maturity date of the new interest rate swaps in June 2027. At September 30, 2023, the notional value of these contracts was $200 million with a remaining weighted-average maturity of 1.9 years. At September 30, 2023, the fair value of these interest rate swaps was a net asset of $18.4 million of which $7.0 million was included in prepaid expenses and other and $11.4 million was included in other assets on the condensed consolidated balance sheet. At December 31, 2022, the fair value of these interest rate swaps was a net asset of $16.4 million of which $6.0 million was included in prepaid expenses and other and $10.4 million was included in other assets on the consolidated balance sheet. In the fourth quarter of 2022, we entered into two interest rate swaps with a maturity date in June 2027. These swaps are intended to hedge cash flow risk associated with changes in variable interest rates and were designated as cash flow hedges for accounting purposes. Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss). We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings. At September 30, 2023, the notional value of these contracts was $175 million with a remaining weighted-average maturity of 1.9 years. At September 30, 2023, the fair value of these interest rate swaps was a net asset of $5.0 million of which $3.0 million was included in prepaid expenses and other and $2.0 million was included in other assets on the condensed consolidated balance sheet. At December 31, 2022, the fair value of these interest rate swaps was a net asset of $1.0 million of which $2.0 million was included in prepaid expenses and other and $1.0 million was included in other liabilities on the condensed consolidated balance sheet. In the second quarter of 2023, we entered into eight forward-starting interest rates swaps which will become effective in January 2024. The forward-starting interest rate swaps have a maturity date in June 2027. These swaps are intended to replace the existing $400 million interest rate swaps that will mature on the same date in January 2024 that the forward-starting swaps become effective. These swaps are intended to hedge cash flow risk associated with changes in variable interest rates and were designated as cash flow hedges for accounting purposes. Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss). At September 30, 2023, the notional value of these contracts was $400 million with a remaining weighted-average maturity of 2.1 years. At September 30, 2023, the fair value of these interest rate swaps was an asset of $14.8 million of which $5.6 million was included in prepaid expenses and other and $9.2 million was included in other assets on the condensed consolidated balance sheet. In the second quarter of 2021, we entered into ten cross currency swaps to hedge a portion of our net investments in certain of our subsidiaries with euro functional currencies. As net investment hedges for accounting purposes, we elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges. Accordingly, changes in fair value attributable to changes in the undiscounted spot rates are recorded in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) and will remain there until the hedged net investments are sold or substantially liquidated. We have elected to exclude the spot-forward difference from the assessment of hedge effectiveness and are amortizing this amount separately on a straight-line basis over the term of these cross currency swaps. In July 2022, we terminated these cross currency swap contracts and received $67 million in cash for the fair value of the derivative assets at the settlement date. We subsequently entered into a total of nine cross currency swaps with a total notional of $400 million to hedge a portion of our net investment in certain of our subsidiaries with euro functional currencies. Swaps with a total notional of $215 million will terminate in May 2026 and swaps with a total notional of $185 million will terminate in April 2031. We have designated these swaps as net investment hedges for accounting purposes. In July 2023, we entered into a zero cost foreign exchange collar contract with a $215 million notional amount and a May 2026 expiration date. We sold a put option with a lower strike price and bought a call option with a higher strike price to manage the foreign exchange risk related to the final settlement of the $215 million notional cross currency swaps. Upon the execution of the zero cost foreign exchange collar contract, we de-designated the existing $215 million notional cross currency swaps and re-designated the combined $215 million notional cross currency swaps and zero cost collar into a new hedging instrument. At re-designation, the existing $215 million notional cross currency swaps had a non-zero fair value representing an off-market component of the participating cross currency swaps. The off-market value is being ratably amortized into earnings through May 2026. The combined cross currency swaps and zero cost collar has been designated as a net investment hedge for accounting purposes. At September 30, 2023, the total notional value of these cross currency swap contracts was $400 million with a remaining weighted average maturity of 2.1 years for the cross currency swaps maturing in May 2026 and a remaining weighted average maturity of 6.3 years for the cross currency swaps maturing in April 2031. At September 30, 2023, the fair value of these cross currency swaps was a net liability of $17.3 million of which $5.6 million was included in prepaid expenses and other and $22.9 million was included in other liabilities on the condensed consolidated balance sheet. At December 31, 2022, the fair value of these cross currency swaps was a net liability of $11.7 million of which $5.6 million was included in prepaid expenses and other and $17.3 million was included in other liabilities on the condensed consolidated balance sheet. At September 30, 2023, the fair value of the zero cost collar was an asset of $2.6 million included in other assets on the condensed consolidated balance sheet. The effect of the interest rate swaps and the amortization of the spot-forward difference on the net investment hedges cross currency swaps is included in interest expense as follows:
The fair values of these forward and swap contracts are based on the present value of net future cash payments and receipts, as well as inputs related to forward interest rates and forward currency rates that are derived principally from, or corroborated by, observable market data, which we have categorized as a Level 2 valuation. Contingent Consideration In the second quarter of 2020, we acquired cash management operations in Malaysia from U.K.-based G4S and have recorded a payable for contingent consideration. The contingent consideration will be paid when minimum dividend distributions are received by Brink's relating to cash on the balance sheets of the Malaysia subsidiaries as of the acquisition date. We used a probability-weighted approach to estimate the fair value of the contingent consideration. The fair value of the contingent consideration is the full $22 million that remains potentially payable as of September 30, 2023 as we believe it is unlikely that the contingent consideration payments will be reduced. In the fourth quarter of 2022, we acquired NoteMachine and recognized a payable for contingent consideration, consisting of two components. The first component was a payable based on post-acquisition increases in ATM cash withdrawal interchange fees through June 30, 2023. This payable was written off in the second quarter of 2023 as no increases in the fee occurred through June 30, 2023. The $4.8 million gain is classified as other operating income (expense) in the condensed consolidated statements of operations. The second component is a payable contingent on our post-acquisition collection of ATM tax rate rebates from municipal governments in the U.K. The fair value of this payable was estimated at $10.5 million as of the October 3, 2022 acquisition date. Approximately $9.7 million of the contingent consideration has been paid through September 30, 2023, and we do not expect any material change to the payable estimated as of the acquisition date. Other Financial Instruments Other financial instruments include cash and cash equivalents, accounts receivable, floating rate debt, accounts payable and accrued liabilities. The financial statement carrying amounts of these items approximate the fair value. There were no transfers in or out of any of the levels of the valuation hierarchy in the first nine months of 2023.
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Debt |
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Debt | Debt
(a)Amounts outstanding are net of unamortized debt costs of $4.2 million as of September 30, 2023 and $5.1 million as of December 31, 2022. (b)Amounts outstanding are net of unamortized debt costs of $6.2 million as of September 30, 2023 and $7.9 million as of December 31, 2022. (c)Other facilities include $113.8 million to the Brink's Capital credit facility at September 30, 2023, compared to $106.8 million at December 31, 2022. The facility had $5,076.3 million in borrowings and $5,069.3 million in repayments in the first nine months of 2023, which is reflected in the long-term revolving credit facilities movement in the condensed consolidated statements of cash flows. Long-Term Debt Senior Secured Credit Facility In June 2022, we amended our senior secured credit facility (the “Senior Secured Credit Facility”) with Bank of America, N.A. as administrative agent. After the amendment, the Senior Secured Credit Facility consisted of a $1 billion revolving credit facility (the "Revolving Credit Facility") and $1.4 billion of term loans (the "Term Loans"). All loans under the Revolving Credit Facility and the Term Loans mature on June 23, 2027. Principal payments for the Term Loans are due quarterly in an amount equal to 0.625% of the initial loan amount for the first eight quarterly installment payments and 1.25% for subsequent payments with a final lump sum payment due on June 23, 2027. Interest rates for the Senior Secured Credit Facility are based on the Secured Overnight Financing Rate ("SOFR") plus a margin or an alternate base rate plus a margin. The Revolving Credit Facility allows us to borrow money or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of September 30, 2023, $437 million was available under the Revolving Credit Facility. The obligations under the Senior Secured Credit Facility are secured by a first-priority lien on all or substantially all of the assets of the Company and certain of its domestic subsidiaries, including a first-priority lien on equity interests of certain of the Company’s direct and indirect subsidiaries. The Company and certain of its domestic subsidiaries also guarantee the obligations under the Senior Secured Credit Facility. The margin on both SOFR and alternate base rate borrowings under the Senior Secured Credit Facility is based on the Company’s total net debt leverage ratio. The margin on SOFR borrowings, which can range from 1.25% to 1.75%, was 1.50% at September 30, 2023. The margin on alternate base rate borrowings, which can range from 0.25% to 0.75%, was 0.50% as of September 30, 2023. We also pay a commitment fee on the unused portion of the Revolving Credit Facility based on the Company’s total net leverage ratio. The commitment fee, which can range from 0.15% to 0.28%, was 0.23% as of September 30, 2023. Senior Unsecured Notes In June 2020, we issued at par five-year senior unsecured notes (the "2020 Senior Notes") in the aggregate principal amount of $400 million. The 2020 Senior Notes will mature on July 15, 2025 and bear an annual interest rate of 5.5%. The 2020 Senior Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility. In October 2017, we issued at par ten-year senior unsecured notes (the "2017 Senior Notes" and together with the 2020 Senior Notes, the "Senior Notes") in the aggregate principal amount of $600 million. The 2017 Senior Notes will mature on October 15, 2027 and bear an annual interest rate of 4.625%. The 2017 Senior Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility. The Senior Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The notes were offered in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on the exception from registration set forth in Rule 144A under the Securities Act and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The aggregate proceeds from the Senior Secured Credit Facility and the 2017 Senior Notes were used in part to repay certain prior indebtedness and certain fees and expenses related to the closing of certain transactions. Borrowings were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes. The aggregate proceeds from the 2020 Senior Notes were used in part to repay certain existing indebtedness incurred in connection with the G4S acquisition, finance the remaining G4S acquisition transactions and pay certain fees and expenses related to the transactions. Remaining net proceeds from the 2020 Senior Notes were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes. Letter of Credit Facilities and Bank Guarantee Facilities We have two committed letter of credit facilities totaling $39 million, of which approximately $9 million was available at September 30, 2023. At September 30, 2023, we had undrawn letters of credit and guarantees of $30 million issued under these facilities. The $15 million facility expires in April 2025 and the $24 million facility expires in May 2027. We have two uncommitted letter of credit facilities totaling $55 million, of which approximately $32 million was available at September 30, 2023. At September 30, 2023, we had undrawn letters of credit and guarantees of $23 million issued under these facilities. The $40 million and the $15 million facilities have no expiration date. The Senior Secured Credit Facility is also available for issuance of letters of credit and bank guarantees. The Senior Secured Credit Facility, Senior Unsecured Notes, the Letter of Credit Facilities and Bank Guarantee Facilities contain various financial and other covenants. The financial covenants, among other things, limit our ability to provide liens, restrict fundamental changes, limit transactions with affiliates and unrestricted subsidiaries, restrict changes to our fiscal year and to organizational documents, limit asset dispositions, limit the use of proceeds from asset sales, limit sale and leaseback transactions, limit investments, limit the ability to incur debt, restrict certain payments to shareholders, limit negative pledges, limit the ability to change the nature of our business, provide for a maximum consolidated net leverage ratio and provide for minimum coverage of interest costs. If we were not to comply with the terms of our various financing agreements, the repayment terms could be accelerated and the commitments could be withdrawn. An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements. We were in compliance with all covenants at September 30, 2023.
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Credit losses |
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Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit losses | Credit losses We are exposed to credit losses primarily through sales of our cash and valuable management services and DRS and AMS services to customers with operations in the U.S. as well as customers in more than 100 countries outside the U.S. We typically invoice our customers on a monthly basis and payment terms are generally between 30 and 60 days. We assess currently expected credit losses in our financial assets on a pool basis by aggregating financial assets with similar risk characteristics. We have pooled financial assets by geographic location because of the similarities within each location such as customers, payment terms, and services offered. Loss experience is monitored for each pool and we determine historical loss rates for each pool. These historical loss rates are the main assumption used in estimating expected credit losses over the life of the financial assets. We also considered current and expected economic conditions, particularly the effects of the pandemic, in determining an appropriate allowance. We monitor the aging of accounts receivables by country and write off any accounts that are deemed uncollectible. We also monitor any significant economic events to identify any current or expected trends and risks within a pool that could impact the collectability of outstanding accounts receivables balances that were not contemplated or relevant during a previous period. The following table is a rollforward of the allowance for doubtful accounts for the nine month period ended September 30, 2023. Allowance for doubtful accounts:
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Share-based compensation plans |
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Share-based compensation plans | Share-based compensation plans We have share-based compensation plans to attract and retain employees and non-employee directors and to more closely align their interests with those of our shareholders. We have outstanding share-based awards granted to employees under the 2017 Equity Incentive Plan (the "2017 Plan"). The 2017 Plan permits grants of restricted stock, restricted stock units, performance stock, performance units, stock appreciation rights, stock options, as well as other share-based awards to eligible employees. The 2017 Plan also permits cash awards to eligible employees. The 2017 Plan became effective May 2017. During the first quarter ended March 31, 2023, the remaining outstanding awards granted under the 2013 Equity Incentive Plan (the "2013 Plan") were fully exercised. No further grants of awards will be made under the 2013 Plan. We also have outstanding deferred stock units granted to directors under the 2017 Plan. Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Director's Equity Plan and the Directors’ Stock Accumulation Plan, which has expired. Outstanding awards at September 30, 2023 include performance share units, restricted stock units, deferred stock units, performance-based stock options, time-based stock options and certain awards that will be settled in cash. Compensation Expense Compensation expense is measured using the fair-value-based method. Prior to 2020, for employee and director awards considered equity grants, compensation expense is recognized from the award or grant date to the earlier of the retirement-eligible date or the vesting date. In 2020, the retirement eligibility provisions for many employee awards were changed on a go-forward basis to require a six month notification period prior to actual retirement. For the 2020 awards, we recognized expense from the grant date to six months after the participant's retirement eligible date. In 2021, the retirement eligibility provisions were changed to require a minimum of a one year service period in order to meet the retirement eligible conditions. For the 2021, 2022, and 2023 awards, we recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date. For awards considered liability awards, compensation cost is based on the change in the fair value of the instrument for each reporting period and the percentage of the requisite service that has been rendered. Compensation expenses are classified as selling, general and administrative expenses in the condensed consolidated statements of operations. Compensation expenses for the share-based awards were as follows:
Performance-Based Stock Options In 2018, 2017 and 2016, we granted performance-based stock options that have a service condition as well as a market condition. In addition, some of the awards granted in 2016 contained a non-financial performance condition. We measured the fair value of these performance-based options at the grant date using a Monte Carlo simulation model. The following table summarizes performance-based stock option activity during the first nine months of 2023:
Time-Based Stock Options In 2020 and 2019, we granted time-based stock options that contain only a service condition. We measure the fair value of these time-based options at the grant date using a Black-Scholes-Merton option pricing model. The following table summarizes time-based stock option activity during the first nine months of 2023:
Restricted Stock Units (“RSUs”) We granted RSUs that contain only a service condition. We measure the fair value of RSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period. The following table summarizes RSU activity during the first nine months of 2023:
Performance Share Units ("PSUs”) Historically, we have granted Internal Metric PSUs ("IM PSUs") and Relative Total Shareholder Return PSUs ("TSR PSUs"). The majority of outstanding IM PSUs contain a performance condition as well as a service condition. We measure the fair value of these PSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period. For the IM PSUs granted in 2021, the performance period is from January 1, 2021 to December 31, 2022 with an additional one year of service requirement after 2022. For IM PSUs granted in 2022, the performance period is from January 1, 2022 to December 31, 2024. For IM PSUs granted in 2023, the performance period is from January 1, 2023 to December 31, 2025. In 2023, we also granted IM PSUs to certain employees which contain a market condition, a performance condition, and a service condition. We measure the fair value of IM PSUs containing a market condition at the grant date using a Monte Carlo simulation model. Before 2023, we granted TSR PSUs containing a market condition as well as a service condition. We measure the fair value of TSR PSUs at the grant date using a Monte Carlo simulation model. For the TSR PSUs granted in 2021, the service period is from January 1, 2021 to December 31, 2023. For the TSR PSUs granted in 2022, the service period is from January 1, 2022 to December 31, 2024. The following table summarizes all PSU activity during the first nine months of 2023:
(a)Although the service condition had been met, 31.4 thousand TSR PSUs granted in 2020 expired in accordance with the market condition terms of the underlying award agreement. These units had a weighted average grant-date fair value of $94.52 per share. (b)The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended December 31, 2022 were 208.1 thousand, compared to target shares of 171.5 thousand. Deferred Stock Units ("DSUs") We granted DSUs to our non-employee directors. We measure the fair value of DSUs at the grant date, based on the price of Brink's stock, and, if applicable, adjusted for a discount for dividends not received or accrued during the vesting period. DSUs granted after 2014 will be paid out in shares of Brink's stock approximately one year after the grant date, provided that the director has not elected to defer the distribution of shares until a later date. DSUs granted prior to 2015, in general, will be paid out in shares of stock following separation from service. The following table summarizes all DSU activity during the first nine months of 2023:
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Capital Stock |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock | Capital Stock Common Stock At September 30, 2023, we had 100 million shares of common stock authorized and 45.3 million shares issued and outstanding. Dividends We paid regular quarterly dividends on our common stock during the last two years. On July 13, 2023, the Board declared a regular quarterly dividend of 22 cents per share payable on September 1, 2023 to shareholders of record on July 31, 2023. On September 21, 2023, the Board declared a regular quarterly dividend of 22 cents per share payable on December 1, 2023 to shareholders of record on November 6, 2023. The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors. Preferred Stock At September 30, 2023, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $10 per share. Share Repurchase Program On October 27, 2021, we announced that our Board of Directors authorized a $250 million share repurchase program that expires on December 31, 2023 (the "2021 Repurchase Program"). This authorization replaces our previous $250 million repurchase program, authorized by the Board in February 2020 (the "2020 Repurchase Program"), which expired on December 31, 2021, with no amount remaining available. Under the 2021 Repurchase Program, we are not obligated to repurchase any specific dollar amount or number of shares. The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Share repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise. During the first nine months ended September 30, 2023, we repurchased a total of 1,453,573 shares of our common stock for an aggregate of $105.7 million and an average price of $72.72 per share. These shares were retired upon repurchase. At September 30, 2023, $92 million remained available under the 2021 Repurchase Program. Under the 2020 Repurchase Program, we entered into an accelerated share repurchase arrangement ("ASR") in the fourth quarter of 2021 and repurchased 1,742,160 shares in November 2021 in exchange for a $150 million upfront payment to a financial institution. Under this ASR, the purchase period had a scheduled termination date of June 1, 2022. In April 2022, the financial institution elected to early terminate this ASR and an additional 546,993 shares were repurchased. In total, 2,289,153 shares were repurchased under this ASR at an average repurchase price of $65.53. On November 2, 2023, our Board of Directors authorized a $500 million share repurchase program that expires on December 31, 2025. The new share repurchase program is in addition to the existing share repurchase program expiring December 31, 2023. Shares Used to Calculate Earnings per Share
(a)We have deferred compensation plans for directors and certain of our employees. Some amounts owed to participants are denominated in common stock units. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average common stock units credited to employees and directors under the deferred compensation plans. Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed. Accordingly, included in basic shares are 0.3 million in the three months and 0.3 million in the nine months ended September 30, 2023, and 0.2 million in the three months and 0.3 million in nine months ended September 30, 2022. (b)Under the November 2021 ASR, based on our stock prices from November 1, 2021 to March 31, 2022, we would have received additional shares under the ASR if the settlement date had been March 31, 2022. Because the ASR settlement date did not occur until April 2022 and because any anticipated receipt of additional shares of our common stock would have been antidilutive, no amounts were included in the computation of diluted EPS. The antidilutive impact from the first quarter of 2022 continued to have year-to-date antidilutive impact for the remainder of 2022.
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Supplemental cash flow information |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental cash flow information | Supplemental cash flow information
Argentina Currency Conversions We have elected in the past and could continue in the future to repatriate cash from Brink's Argentina using different means to convert Argentine pesos into U.S. dollars. Conversions under these other market mechanisms generally settle at rates that are less favorable than the rates at which we remeasure the financial statements of Brink’s Argentina. The net cash flows from these transactions are treated as operating cash flows as the financial instruments are purchased specifically for resale and are generally sold within a short period of time from the date of purchase. We did not have any such conversions in the first nine months of 2023 or 2022. Non-cash Investing and Financing Activities We acquired $61.5 million in armored vehicles and other equipment under financing lease arrangements in the first nine months of 2023 compared to $43.7 million in armored vehicles and other equipment acquired under financing lease arrangements in the first nine months of 2022. Loans Held for Investment In France, as part of an ATM managed services contract for a large customer, we purchase the ATMs at the beginning of the contract. However, since these ATMs are specifically for the benefit of the customer and transfer back to the customer at the end of the contract, this is recorded as a financing transaction. As a result, the loan to the customer, net of payments received, is treated as investing cash flows. Restricted Cash (Cash Supply Chain Services) In France, we offer services to certain of our customers where we manage some or all of their cash supply chains. Providing this service requires our French subsidiary to take temporary title to the cash received from the management of our customers' cash supply chains until the cash is returned to the customers. The cash for which we have temporary title is restricted and cannot be used for any other purpose other than to service our customers who participate in this service offering. In Malaysia, we offer ATM replenishment services to certain of our financial institution customers. Providing this service requires our Malaysia subsidiary to take temporary title to the cash received in advance of ATM replenishment. The cash for which we have temporary title is restricted and cannot be used for any other purpose other than to service our customers who participate in this service offering. In accordance with a revolving credit facility, we are required to maintain a restricted cash reserve of $40.6 million ($40.7 million at December 31, 2022) and, due to this contractual restriction, we have classified these amounts as restricted cash. At September 30, 2023, we held $387.0 million of restricted cash ($184.3 million represented restricted cash held for customers and $160.7 million represented accrued liabilities). At December 31, 2022, we held $438.5 million of restricted cash ($229.3 million represented restricted cash held for customers and $156.3 million represented accrued liabilities). The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.
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Contingent matters |
9 Months Ended |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent matters | Contingent matters In August 2020, the Company received a subpoena issued in connection with an investigation being conducted by the U.S. Department of Justice (the “DOJ”). The Company is fully cooperating with the investigation and has responded to requests from the DOJ for documents and other information, primarily related to cross-border shipments of cash and things of value and anti-money laundering compliance. Given that the investigation is still ongoing and that no civil or criminal claims have been brought to date, the Company cannot predict the outcome of the investigation, the timing of the ultimate resolution of the matter, or reasonably estimate the possible range of loss, if any, that may result from this matter. Accordingly, no accruals have been made with respect to this matter. At the end of the fourth quarter of 2018, we became aware of an investigation initiated by the Chilean Fiscalía Nacional Económica (the Chilean antitrust agency) (“FNE”) related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. In October 2021, the FNE filed a complaint before the Chilean antitrust court alleging that Brink’s Chile (as well as competitor companies) engaged in collusion in 2017 and 2018 and requested that the court approve a fine of $30.5 million. The Company filed its response to the complaint in November 2022, which signaled the beginning of the evidentiary phase. The Company intends to vigorously defend itself against the FNE's complaint. Based on available information to date, the Company recorded a charge of $9.5 million in the third quarter of 2021 in connection with this matter. In 2022, we recognized an additional $1.4 million adjustment and, in the first nine months of 2023, we recognized an additional $0.4 million adjustment to our estimated loss. The adjustments resulted from a change in currency rates. In addition, we are involved in various other lawsuits and claims in the ordinary course of business. We are not able to estimate the loss or range of losses for some of these matters. We have recorded accruals for losses that are considered probable and reasonably estimable. Except as otherwise noted, we do not believe that it is reasonably possible the ultimate disposition of any of the lawsuits currently pending against the Company could have a material adverse effect on our liquidity, financial position or results of operations.
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Reorganization and Restructuring |
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Reorganization and Restructuring | Reorganization and Restructuring 2022 Global Restructuring Plan In the first quarter of 2023, management completed the review and approval of remaining actions included in the previously announced restructuring plan across our global business operations. The actions were taken to enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions. In total, we have recognized $32.2 million in charges under the program, including $10.0 million in the first nine months of 2023. We expect total expenses from the program to be between $42 million and $48 million. The following table summarizes the changes in the accrued liability for costs incurred, payments and utilization, and foreign currency exchange effects of the 2022 Global Restructuring Plan:
Other Restructurings Management periodically implements restructuring actions in targeted sections of our business. As a result of these actions, we recognized net costs of $16.5 million in the first nine months of 2022, primarily severance costs. We recognized $4.6 million in net costs in the first nine months of 2023, primarily severance costs. The majority of the costs in both the 2023 and 2022 periods resulted from the exit of a line of business in a specific geography with most of the remaining costs due to management initiatives to address the COVID-19 pandemic.
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Pay vs Performance Disclosure - USD ($) $ in Millions |
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Pay vs Performance Disclosure | ||||
Net income (loss) attributable to Brink’s | $ 45.6 | $ 19.2 | $ 92.7 | $ 125.6 |
Insider Trading Arrangements |
3 Months Ended |
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Sep. 30, 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 |
Basis of presentation (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates In accordance with GAAP, we have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill, intangibles and other long-lived assets, pension and other retirement benefit assets and obligations, legal contingencies, allowance for doubtful accounts, deferred tax assets and purchase price allocations. In the first quarter of 2022, we further refined our global methodology of estimating the allowance for doubtful accounts. Our updated method not only reviews historical loss rates and identifies high risk customer accounts but now also includes an estimated allowance for accounts receivable significantly past due in order to adjust for at-risk receivables not captured in our previous method. As part of the analysis under the updated estimation methodology, we recorded an additional allowance of $16.7 million in the first quarter of 2022. In the second and third quarters of 2022, the additional allowance was reduced by $0.7 million as a result of collections. Due to the fact that management had excluded this amount when evaluating internal performance, we excluded it from segment results.
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Consolidation | Consolidation The condensed consolidated financial statements include our controlled subsidiaries. Control is determined based on ownership rights or, when applicable, based on whether we are considered to be the primary beneficiary of a variable interest entity. See "Venezuela" section below for further information. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in net income and in total equity. Investments in businesses that we do not control, but for which we have the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method and our proportionate share of income or loss is recorded in other operating income (expense). Investments in businesses for which we do not have the ability to exercise significant influence over operating and financial policies are accounted for at fair value, if readily determinable, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, we measure these investments at cost minus impairment, if any, plus or minus changes from observable price changes. All intercompany accounts and transactions have been eliminated in consolidation.
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Foreign Currency Translation | Foreign Currency Translation Our condensed consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary. Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expenses are translated at rates of exchange in effect during the year. Transaction gains and losses are recorded in net income. Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Other than nonmonetary equity securities, nonmonetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. For nonmonetary equity securities traded in highly inflationary economies, the fair market value of the equity securities are remeasured at the current exchange rates to determine gain or loss to be recorded in net income. Revenues and expenses are translated at rates of exchange in effect during the year. Argentina We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together "Brink's Argentina"). Revenues from Brink's Argentina represented approximately 4% of our consolidated revenues for the first nine months of 2023 and 5% of our consolidated revenues for the first nine months of 2022. The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. In the first nine months of 2023 and 2022, the Argentine peso declined approximately 48% (from 178.6 to 344.8 pesos to the U.S. dollar) and approximately 30% (from 103.1 to 147.1 pesos to the U.S. dollar), respectively. For the year ended December 31, 2022, the Argentine peso declined approximately 42% (from 103.1 to 178.6 pesos to the U.S. dollar). Beginning July 1, 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, we consolidated Brink's Argentina using our accounting policy for subsidiaries operating in highly inflationary economies beginning with the third quarter of 2018. Argentine peso-denominated monetary assets and liabilities are remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In the first nine months of 2023, we recognized a $23.9 million pretax remeasurement loss. In the first nine months of 2022, we recognized a $24.4 million pretax remeasurement loss. At September 30, 2023, Argentina's economy remains highly inflationary for accounting purposes. At September 30, 2023, we had net monetary assets denominated in Argentine pesos of $74.1 million (including cash of $71.4 million). At September 30, 2023, we had net nonmonetary assets of $174.9 million (including $99.8 million of goodwill, $2.2 million in equity securities denominated in Argentine pesos and $38.6 million in debt securities denominated in Argentine pesos). At December 31, 2022, we had net monetary assets denominated in Argentine pesos of $66.2 million (including cash of $57.7 million) and net nonmonetary assets of $168.2 million (including $99.8 million of goodwill, $1.9 million in equity securities denominated in Argentine pesos and $27.4 million in debt securities denominated in Argentine pesos). During September 2019, the Argentine government announced currency controls on both companies and individuals. The Argentine central bank issued details as to how the exchange control procedures would operate in practice. Under these procedures, central bank approval is required for many transactions, including dividend repatriation abroad. We have previously elected to use other market mechanisms to convert Argentine pesos into U.S. dollars. Conversions under these other market mechanisms generally settle at rates that are less favorable than the rates at which we remeasure the financial statements of Brink’s Argentina. We did not have any such conversions or related conversion losses in the nine months ended September 30, 2023 or September 30, 2022. Although the Argentine government has implemented currency controls, Brink’s management continues to provide guidance and strategic oversight, including budgeting and forecasting for Brink’s Argentina. We continue to control our Argentina business for purposes of consolidation of our financial statements and continue to monitor the situation in Argentina. Venezuela Our Venezuelan operations offer transportation and route-based logistics management services for cash and valuables throughout Venezuela. Currency exchange regulations, combined with other government regulations, such as price controls and strict labor laws, significantly limit our ability to make and execute operational decisions at our Venezuelan subsidiaries. As a result of these conditions, we do not meet the accounting criteria for control over our Venezuelan operations and, as a result, we report the results of our investment in our Venezuelan subsidiaries using the cost method of accounting, the basis of which approximates zero. Prior to the imposition of the U.S. government sanctions in 2019, we provided immaterial amounts of financial support to our Venezuela operations. We continue to monitor the situation in Venezuela, including the imposition of sanctions by the U.S. government targeting Venezuela.
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Goodwill | Goodwill Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. We review goodwill for impairment annually, as of October 1, and whenever events or circumstances in interim periods indicate that it is more-likely-than-not that an impairment may have occurred. Impairment indicators were reviewed as of September 30, 2023 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. We will continue to monitor results in future periods to determine whether any indicators of impairment exist that would cause us to perform an impairment review.
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Restricted Cash | Restricted CashIn France and Malaysia, we offer services to certain of our customers where we manage some or all of their cash supply chains. In connection with these offerings, we take temporary title to certain customers' cash, which is included as restricted cash in our financial statements due to customer agreement or regulation. |
Revenue from Contracts with Customers (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | For performance obligations related to the services described above, we generally satisfy our obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied over time. We use an output method, units of service provided, to recognize revenue because that is the best method to represent the transfer of our services to the customer at the agreed upon rate for each action. Although not as significant as our service offerings, we also sell goods to customers from time to time, such as safe devices. In those transactions, we satisfy our performance obligation at a point in time. We recognize revenue when the goods are delivered to the customer as that is the point in time that best represents when control has transferred to the customer. Our contracts with customers describe the services we can provide along with the fees for each action to provide the service. We typically send invoices to customers for all of the services we have provided within a monthly period and payments are generally due within 30 to 60 days of the invoice date. Although our customer contracts specify the fees for each action to provide service, the majority of the services stated in our contracts do not have a defined quantity over the contract term. Accordingly, the transaction price is considered variable as there is an unknown volume of services that will be rendered over the course of the contract. We recognize revenue for these services in the period in which they are provided to the customer based on the contractual rate at which we have the right to invoice the customer for each action. Some of our contracts with customers contain clauses that define the level of service that the customer will receive. The service level agreements (“SLA”) within those contracts contain specific calculations to determine whether the appropriate level of service has been met within a specific period, which is typically a month. We estimate SLA penalties and recognize the amounts as a reduction to revenue. Taxes collected from customers and remitted to governmental authorities are not included in revenues in the condensed consolidated statements of operations. Certain of our high-value services involve the leasing of assets, such as safes, to our customers along with the regular servicing of those safe devices. Revenues related to the leasing of these assets are recognized in accordance with applicable lease guidance, but are included in the above table as the amounts are a small percentage of overall revenues. Contract Balances Contract Assets Although payment terms and conditions can vary, for the majority of our customer contracts, we invoice for all of the services provided to the customer within a monthly period. For certain customer contracts, the timing of our performance may precede our right to invoice the customer for the total transaction price. For example, Brink's affiliates in certain countries, primarily in Latin America, negotiate annual price adjustments with certain customers and, once the price increases are finalized, the pricing changes are made retroactive to services provided in earlier periods. These retroactive pricing adjustments are estimated and recognized as revenue with a corresponding contract asset in the same period in which the related services are performed. As the estimate of the ultimate transaction price changes, we recognize a cumulative catch-up adjustment for the change in estimate. In our Rest of World segment, certain Brink's affiliates provide services to specific customers and, per contract, a portion of the consideration is retained by the customers until the contract is completed. The retention amounts are reported as contract assets until we have the right to bill the customer for these amounts. Contract assets expected to be collected within one year ($6.3 million at September 30, 2023) are included in prepaid expenses and other on the condensed consolidated balance sheet. Amounts not expected to be billed and collected within one year ($8.8 million at September 30, 2023) are reported in other assets on the condensed consolidated balance sheet. Contract Liabilities For other customer contracts, we may obtain the right to payment or receive customer payments prior to performing the related services under the contract. When the right to customer payments or receipt of payments precedes our performance, we recognize a contract liability, which is included in accrued liabilities on the condensed consolidated balance sheet. The amount of revenue recognized in the nine months ended September 30, 2023 that was included in the January 1, 2023 contract liabilities balance was $14.1 million. This revenue consists of services provided to customers who had prepaid for those services prior to the current year. Revenue recognized in the nine months ended September 30, 2023 from performance obligations satisfied in the prior year was not significant. This revenue is a result of changes in the transaction price of our contracts with customers. Contract Costs Sales commissions directly related to obtaining new contracts with customers are capitalized when incurred and are then amortized to expense ratably over the term of the contracts. At September 30, 2023, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet. The capitalized amounts at September 30, 2023 and December 31, 2022 were $3.7 million and $3.7 million, respectively. The amortization expense in the first nine months of 2023 and 2022 was $1.5 million and $0.9 million, respectively. Practical Expedients For the majority of our contracts with customers, we invoice a fixed amount for each unit of service we have provided. These contracts provide us with the right to invoice for an amount or rate that corresponds to the value we have delivered to our customers. The volume of services that will be provided to customers over the term is not known at inception of these contracts. Therefore, while the rate per unit of service is known, the transaction price itself is variable. For this reason, we recognize revenue from these contracts equal to the amount for which we have the contractual right to invoice the customers. Because we are not required to estimate variable consideration related to the transaction price in order to recognize revenue, we are also not required to estimate the variable consideration to provide certain disclosures. As a result, we have elected to use the optional exemption related to the disclosure of transaction prices, amounts allocated to remaining performance obligations and the future periods in which revenue will be recognized, sometimes referred to as backlog. We have also elected to use the practical expedient for financing components related to our contract liabilities. We do not recognize interest expense on contracts for which the period between our receipt of customer payments and our service to the customer is one year or less.
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Revenue from Contracts with Customers (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Revenue Disaggregated by Reportable Segment and Type of Service
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Contract with Customer, Asset and Liability | The opening and closing balances of receivables, contract assets and contract liabilities related to contracts with customers are as follows:
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Segment information (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue and Operating Profit from Segments to Consolidated | The following table summarizes our revenues and segment profit for each of our reportable segments and reconciles these amounts to consolidated revenues and operating profit:
(a)This line item includes adjustments to bad debt expense and a Mexico profit sharing plan accrual reported by the segments to the estimated consolidated amounts required by U.S. GAAP. (b)Management periodically implements restructuring actions in targeted sections of our business. Due to the unique circumstances around the charges related to these actions, they have not been allocated to segment results. (c)Certain acquisition and disposition items that are not considered part of the ongoing activities of the business and are special in nature are consistently excluded from segment results. These items include amortization expense for acquisition-related intangible assets and integration, transaction and restructuring costs related to business acquisitions. (d)We have designated Argentina's economy as highly inflationary for accounting purposes. Currency remeasurement gains and losses related to peso-denominated monetary assets and liabilities as well as incremental expense related to nonmonetary assets are excluded from segment results. (e)Represents impact of a change in our methodology to estimate our allowance for doubtful accounts in the first quarter of 2022. See Note 1 for further details. (f)See details regarding the Chile antitrust matter at Note 14. (g)Costs (primarily third party expenses) related to material weakness remediation. Additional information provided at page 45.
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Retirement benefits (Tables) |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The components of net periodic pension cost for our pension plans were as follows:
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Schedule of Costs of Retirement Plans | The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows:
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Income taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) |
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Acquisitions and Dispositions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
(a)The contingent consideration has two components. The largest component was based on post-acquisition collections of ATM tax rate rebates from municipal governments in the U.K. The consideration was estimated at $10.5 million at the acquisition date. Through September 30, 2023, approximately $10 million has been paid to the seller for this component. A smaller component was based on post-acquisition increases in the ATM cash withdrawal interchange fees through September 30, 2023. The consideration was estimated at $4.3 million at the acquisition date. The post-acquisition fee increases did not occur and the liability was derecognized in the second quarter of 2023 resulting in a $4.8 million gain classified as other operating income (expense) in the condensed consolidated statements of operations. (b)Intangible assets are composed of customer relationships ($47 million fair value and 13 year amortization period), developed technology ($27 million fair value and 12 year amortization period) and a trade name ($10 million fair value and 5 year amortization period). (c)Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating NoteMachine's operations with our existing Brink's operations. Goodwill of $63 million has been assigned to the Europe reporting unit and goodwill of $1 million has been assigned to the North America reporting unit. We do not expect goodwill in these reporting units to be deductible for tax purposes.
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Business Acquisition, Pro Forma Information | Below are the actual results included in Brink's consolidated results for the businesses we acquired in 2022 and the first nine months of 2023.
The pro forma consolidated results of Brink's presented below reflect a hypothetical ownership as of January 1, 2021 for the businesses we acquired during 2022.
(a)Represents amounts prior to acquisition by Brink's.
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Accumulated other comprehensive income (loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive loss into earnings, was as follows:
(a)The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income. Net periodic retirement benefit cost also includes service cost, interest cost, expected return on assets, and settlement losses. Total service cost is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis and the remaining net periodic retirement benefit cost items are allocated to interest and other nonoperating expense:
(b)2023 foreign currency translation adjustment amounts arising during the three months ended September 30, 2023 reflect primarily the devaluation of the Brazilian real, the Mexican peso, the Chilean peso, and the euro. 2022 foreign currency translation adjustment amounts arising during the three months ended September 30, 2022 reflect primarily the devaluation of the British pound and the Brazilian real. 2023 foreign currency translation adjustment amounts arising during the nine months ended September 30, 2023 reflect primarily the appreciation of the Mexican peso, and the Brazilian real, partially offset by the devaluation of the euro. 2022 foreign currency translation adjustment amounts arising during the nine months ended September 30, 2022 reflect primarily the devaluation of the British pound, the euro, and the Chilean peso, partially offset by appreciation of the Mexican peso. (c)Gains and losses on sales of available-for-sale debt securities are reclassified from accumulated other comprehensive income (loss) to the condensed consolidated statements of operations when the gains or losses are realized. Pretax amounts are classified in the condensed consolidated statements of operations as interest and other nonoperating income (expense). We realized an $8.6 million loss on sales of available-for-sale debt securities in the third quarter of 2023. (d)Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as: •other operating income (expense) ($0.5 million loss in the three months ended September 30, 2023 and $0.3 million gain in the three months ended September 30, 2022; as well as $7.7 million loss in the nine months ended September 30, 2023 and $6.2 million loss in the nine months ended September 30, 2022). •interest expense ($5.2 million reduction to expense in the three months ended September 30, 2023 and $0.5 million of expense in the three months ended September 30, 2022; as well as $13.7 million reduction to expense in the nine months ended September 30, 2023 and $5.4 million of expense in the nine months ended September 30, 2022).
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Reclassification Out of Accumulated Other Comprehensive Income | The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:
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Fair value of financial instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value and carrying value of our material fixed-rate debt, excluding any unamortized debt issuance costs, are as follows:
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Derivatives Not Designated as Hedging Instruments | Amounts under these contracts were recognized in other operating income (expense) as follows:
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Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | Amounts under this contract were recognized in other operating income (expense) to offset transaction gains or losses and in interest expense as follows:
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Schedule of Interest Rate Derivatives | The effect of the interest rate swaps and the amortization of the spot-forward difference on the net investment hedges cross currency swaps is included in interest expense as follows:
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt |
(a)Amounts outstanding are net of unamortized debt costs of $4.2 million as of September 30, 2023 and $5.1 million as of December 31, 2022. (b)Amounts outstanding are net of unamortized debt costs of $6.2 million as of September 30, 2023 and $7.9 million as of December 31, 2022. (c)Other facilities include $113.8 million to the Brink's Capital credit facility at September 30, 2023, compared to $106.8 million at December 31, 2022. The facility had $5,076.3 million in borrowings and $5,069.3 million in repayments in the first nine months of 2023, which is reflected in the long-term revolving credit facilities movement in the condensed consolidated statements of cash flows.
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Credit losses (Tables) |
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Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss | Allowance for doubtful accounts:
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Share-based compensation plans (Tables) |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation expense by plan | Compensation expenses are classified as selling, general and administrative expenses in the condensed consolidated statements of operations. Compensation expenses for the share-based awards were as follows:
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Option activity | The following table summarizes performance-based stock option activity during the first nine months of 2023:
The following table summarizes time-based stock option activity during the first nine months of 2023:
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Nonvested share activity | The following table summarizes RSU activity during the first nine months of 2023:
The following table summarizes all PSU activity during the first nine months of 2023:
(a)Although the service condition had been met, 31.4 thousand TSR PSUs granted in 2020 expired in accordance with the market condition terms of the underlying award agreement. These units had a weighted average grant-date fair value of $94.52 per share. (b)The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended December 31, 2022 were 208.1 thousand, compared to target shares of 171.5 thousand. The following table summarizes all DSU activity during the first nine months of 2023:
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Capital Stock (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | Shares Used to Calculate Earnings per Share
(a)We have deferred compensation plans for directors and certain of our employees. Some amounts owed to participants are denominated in common stock units. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average common stock units credited to employees and directors under the deferred compensation plans. Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed. Accordingly, included in basic shares are 0.3 million in the three months and 0.3 million in the nine months ended September 30, 2023, and 0.2 million in the three months and 0.3 million in nine months ended September 30, 2022. (b)Under the November 2021 ASR, based on our stock prices from November 1, 2021 to March 31, 2022, we would have received additional shares under the ASR if the settlement date had been March 31, 2022. Because the ASR settlement date did not occur until April 2022 and because any anticipated receipt of additional shares of our common stock would have been antidilutive, no amounts were included in the computation of diluted EPS. The antidilutive impact from the first quarter of 2022 continued to have year-to-date antidilutive impact for the remainder of 2022.
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Supplemental cash flow information (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures |
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Reconciliation of cash, cash equivalents, and restricted cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.
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Reorganization and Restructuring (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the changes in the accrued liability for costs incurred, payments and utilization, and foreign currency exchange effects of the 2022 Global Restructuring Plan:
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Basis of presentation (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2022
USD ($)
$ / $
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Mar. 31, 2022
USD ($)
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Sep. 30, 2023
USD ($)
segment
$ / $
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Sep. 30, 2022
USD ($)
$ / $
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Dec. 31, 2022
USD ($)
$ / $
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Dec. 31, 2021
$ / $
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New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Number of operating segments | segment | 4 | |||||
Change in allowance estimate | $ 12.1 | |||||
Net monetary assets | 2,462.4 | $ 2,597.4 | ||||
Cash and cash equivalents | 933.5 | 972.0 | ||||
Goodwill | 1,448.1 | 1,450.9 | ||||
Restricted cash | $ 387.0 | $ 438.5 | ||||
Uncollectible Receivables | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Change in allowance estimate | $ 0.7 | $ 16.7 | ||||
Argentina, Pesos | Argentina | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Percent of consolidated revenue | 4.00% | 5.00% | ||||
Rate decrease percent | 30.00% | 48.00% | 30.00% | 42.00% | ||
Official exchange rate | $ / $ | 147.1 | 344.8 | 147.1 | 178.6 | 103.1 | |
Currency remeasurement loss | $ 23.9 | $ 24.4 | ||||
Net monetary assets | 74.1 | $ 66.2 | ||||
Cash and cash equivalents | 71.4 | 57.7 | ||||
Nonmonetary assets | 174.9 | 168.2 | ||||
Goodwill | 99.8 | 99.8 | ||||
Equity securities | 2.2 | 1.9 | ||||
Debt securities | 38.6 | 27.4 | ||||
Revolving Credit Facility | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Restricted cash | $ 40.6 | $ 40.7 |
Revenue from Contracts with Customers - disaggregation of revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,227.4 | $ 1,136.7 | $ 3,629.0 | $ 3,344.6 |
Reportable segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 1,227.4 | 1,136.7 | 3,629.0 | 3,344.6 |
Reportable segments | Cash and valuables management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 970.9 | 956.9 | 2,883.4 | 2,826.1 |
Reportable segments | DRS and AMS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 256.5 | 179.8 | 745.6 | 518.5 |
Reportable segments | North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 398.1 | 400.6 | 1,197.4 | 1,171.0 |
Reportable segments | North America | Cash and valuables management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 301.3 | 305.0 | 912.3 | 892.0 |
Reportable segments | North America | DRS and AMS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 96.8 | 95.6 | 285.1 | 279.0 |
Reportable segments | Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 339.6 | 301.1 | 989.0 | 898.7 |
Reportable segments | Latin America | Cash and valuables management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 291.8 | 270.5 | 855.1 | 811.0 |
Reportable segments | Latin America | DRS and AMS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 47.8 | 30.6 | 133.9 | 87.7 |
Reportable segments | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 287.8 | 220.0 | 842.4 | 668.8 |
Reportable segments | Europe | Cash and valuables management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 189.0 | 177.6 | 555.8 | 548.7 |
Reportable segments | Europe | DRS and AMS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 98.8 | 42.4 | 286.6 | 120.1 |
Reportable segments | Rest of World | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 201.9 | 215.0 | 600.2 | 606.1 |
Reportable segments | Rest of World | Cash and valuables management | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 188.8 | 203.8 | 560.2 | 574.4 |
Reportable segments | Rest of World | DRS and AMS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 13.1 | $ 11.2 | $ 40.0 | $ 31.7 |
Revenue from Contracts with Customers - contract balances (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
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Revenue from Contract with Customer [Abstract] | |||
Contract asset current | $ 6.3 | ||
Contract asset noncurrent | 8.8 | ||
Receivables | 801.3 | $ 862.2 | |
Receivable - increase (decrease) | (60.9) | ||
Contract Assets | 15.1 | 12.6 | |
Contract asset increase (decrease) | 2.5 | ||
Contract Liabilities | 16.0 | 17.0 | |
Contract liability - increase (decrease) | (1.0) | ||
Revenue recognized included in beginning balance | 14.1 | ||
Capitalized costs to obtain contracts | 3.7 | $ 3.7 | |
Capitalized cost amortization expense | $ 1.5 | $ 0.9 |
Segment information (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Mar. 31, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
segment
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
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Segment Reporting Information [Line Items] | ||||||
Number of operating segments | segment | 4 | |||||
Revenues | $ 1,227.4 | $ 1,136.7 | $ 3,629.0 | $ 3,344.6 | ||
Operating Profit | 137.7 | 59.5 | 323.1 | 218.4 | ||
Foreign currency transaction gains | (23.9) | (24.4) | ||||
Change in allowance estimate | 12.1 | |||||
Chile Antitrust Matter | ||||||
Segment Reporting Information [Line Items] | ||||||
Chile antitrust matter | 0.4 | $ 1.4 | ||||
Uncollectible Receivables | ||||||
Segment Reporting Information [Line Items] | ||||||
Change in allowance estimate | 0.7 | $ 16.7 | ||||
Reportable segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 1,227.4 | 1,136.7 | 3,629.0 | 3,344.6 | ||
Operating Profit | 194.0 | 178.9 | 532.5 | 474.9 | ||
Corporate expenses | ||||||
Segment Reporting Information [Line Items] | ||||||
General, administrative and other expenses | (32.4) | (57.0) | (122.3) | (125.4) | ||
Foreign currency transaction gains | 5.4 | 3.6 | 15.3 | 9.4 | ||
Reconciliation of segment policies to GAAP | (0.7) | 1.3 | 0.0 | 4.0 | ||
Other items not allocated to segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Reorganization and Restructuring | (0.4) | (19.6) | (14.6) | (34.0) | ||
Acquisitions and dispositions | (19.4) | (35.7) | (56.4) | (66.3) | ||
Reporting compliance | (0.7) | (0.7) | ||||
Other items not allocated to segments | Chile Antitrust Matter | ||||||
Segment Reporting Information [Line Items] | ||||||
Chile antitrust matter | 0.0 | (0.3) | (0.4) | (1.1) | ||
Other items not allocated to segments | Uncollectible Receivables | ||||||
Segment Reporting Information [Line Items] | ||||||
Change in allowance estimate | 0.0 | 0.3 | 0.0 | (16.0) | ||
Other items not allocated to segments | Argentina | ||||||
Segment Reporting Information [Line Items] | ||||||
Argentina highly inflationary impact | (8.1) | (12.0) | (30.3) | (27.1) | ||
North America | Reportable segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 398.1 | 400.6 | 1,197.4 | 1,171.0 | ||
Operating Profit | 47.5 | 38.2 | 123.6 | 96.7 | ||
Latin America | Reportable segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 339.6 | 301.1 | 989.0 | 898.7 | ||
Operating Profit | 68.1 | 66.5 | 200.6 | 194.2 | ||
Europe | Reportable segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 287.8 | 220.0 | 842.4 | 668.8 | ||
Operating Profit | 35.8 | 25.9 | 87.1 | 63.1 | ||
Rest of World | Reportable segments | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 201.9 | 215.0 | 600.2 | 606.1 | ||
Operating Profit | $ 42.6 | $ 48.3 | $ 121.2 | $ 120.9 |
Retirement benefits - Retirement Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Pension plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 1.9 | $ 2.0 | $ 5.6 | $ 6.1 |
Interest cost on projected benefit obligation | 12.7 | 9.0 | 37.8 | 27.0 |
Return on assets – expected | (14.6) | (15.3) | (43.7) | (46.0) |
Amortization of losses | 0.8 | 6.4 | 2.5 | 19.5 |
Amortization of prior service credit | 0.1 | (0.1) | 0.1 | (0.1) |
Settlement loss | 0.1 | 0.1 | 0.4 | 0.6 |
Net periodic pension cost | 1.0 | 2.1 | 2.7 | 7.1 |
Retirement benefits other than pensions | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.2 | 0.1 | ||
Interest cost on projected benefit obligation | 4.1 | 3.4 | 12.4 | 10.5 |
Return on assets – expected | (2.6) | (3.3) | (7.8) | (9.9) |
Amortization of losses | 2.4 | 4.2 | 7.6 | 13.2 |
Amortization of prior service credit | (2.8) | (1.3) | (8.3) | (3.7) |
Net periodic pension cost | 1.1 | 3.0 | 4.1 | 10.2 |
UMWA Plans | Retirement benefits other than pensions | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.0 | 0.0 | ||
Interest cost on projected benefit obligation | 2.7 | 2.5 | 8.4 | 7.8 |
Return on assets – expected | (2.6) | (3.3) | (7.8) | (9.9) |
Amortization of losses | 1.1 | 2.4 | 4.0 | 7.7 |
Amortization of prior service credit | (2.7) | (1.2) | (8.2) | (3.5) |
Net periodic pension cost | (1.5) | 0.4 | (3.6) | 2.1 |
Black Lung and Other Plans | Retirement benefits other than pensions | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.2 | 0.1 | ||
Interest cost on projected benefit obligation | 1.4 | 0.9 | 4.0 | 2.7 |
Return on assets – expected | 0.0 | 0.0 | 0.0 | 0.0 |
Amortization of losses | 1.3 | 1.8 | 3.6 | 5.5 |
Amortization of prior service credit | (0.1) | (0.1) | (0.1) | (0.2) |
Net periodic pension cost | 2.6 | 2.6 | 7.7 | 8.1 |
U.S. Plans | Pension plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.0 | 0.0 | 0.0 | 0.0 |
Interest cost on projected benefit obligation | 8.1 | 5.8 | 24.3 | 17.2 |
Return on assets – expected | (11.8) | (12.1) | (35.4) | (36.5) |
Amortization of losses | 0.3 | 5.9 | 1.2 | 18.0 |
Amortization of prior service credit | 0.0 | 0.0 | 0.0 | 0.0 |
Settlement loss | 0.0 | 0.0 | 0.0 | 0.0 |
Net periodic pension cost | (3.4) | (0.4) | (9.9) | (1.3) |
Non-U.S. Plans | Pension plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 1.9 | 2.0 | 5.6 | 6.1 |
Interest cost on projected benefit obligation | 4.6 | 3.2 | 13.5 | 9.8 |
Return on assets – expected | (2.8) | (3.2) | (8.3) | (9.5) |
Amortization of losses | 0.5 | 0.5 | 1.3 | 1.5 |
Amortization of prior service credit | 0.1 | (0.1) | 0.1 | (0.1) |
Settlement loss | 0.1 | 0.1 | 0.4 | 0.6 |
Net periodic pension cost | $ 4.4 | $ 2.5 | $ 12.6 | $ 8.4 |
Income taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Provision (benefit) for income taxes (in millions) | $ 37.3 | $ 8.5 | $ 81.0 | $ (3.3) |
Effective tax rate | 43.00% | 27.30% | 44.20% | (2.50%) |
Income taxes - Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Domestic Tax Authority | ||
Valuation Allowance [Line Items] | ||
Change in valuation allowance, deferred tax asset | $ (52.8) | |
Foreign Tax Authority | ||
Valuation Allowance [Line Items] | ||
Change in valuation allowance, deferred tax asset | $ 1.0 | |
Foreign Tax Authority | BRAZIL | ||
Valuation Allowance [Line Items] | ||
Change in valuation allowance, deferred tax asset | $ 7.0 |
Acquisitions and Dispositions - Acquired Entities (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Oct. 03, 2022 |
Jan. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jul. 18, 2017 |
|
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Restricted cash | $ 387.0 | $ 387.0 | $ 438.5 | |||||
Goodwill | 1,448.1 | 1,448.1 | 1,450.9 | |||||
Contingent consideration payment | 10.5 | $ 2.8 | ||||||
NoteMachine | ||||||||
Business Acquisition [Line Items] | ||||||||
Acquisition date | Oct. 03, 2022 | |||||||
Percentage of shares acquired | 100.00% | |||||||
Annual revenues | $ 150.0 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Purchase consideration - cash paid | 179.4 | |||||||
Contingent consideration | $ 14.8 | |||||||
Fair value of purchase consideration | 194.2 | |||||||
Cash | 6.8 | |||||||
Restricted cash | 12.1 | |||||||
Accounts receivable | 27.3 | |||||||
Other current assets | 14.5 | |||||||
Property and equipment, net | 38.2 | |||||||
Intangible assets | 84.2 | |||||||
Goodwill | 64.2 | |||||||
Other noncurrent assets | 11.1 | |||||||
Current liabilities | (37.0) | |||||||
Noncurrent liabilities | (27.2) | |||||||
Fair value of net assets acquired | 194.2 | |||||||
NoteMachine | Post-Acquisition Collection of ATM Tax Rate Rebates | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Contingent consideration | 10.5 | |||||||
Contingent consideration payment | 9.7 | |||||||
NoteMachine | ATM Cash Withdrawal Interchange Fees | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Contingent consideration | $ 4.3 | |||||||
Contingent consideration derecognition gain | 4.8 | |||||||
NoteMachine | Europe | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Goodwill | 63.0 | 63.0 | ||||||
NoteMachine | North America | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Goodwill | 1.0 | $ 1.0 | ||||||
NoteMachine | Customer relationships | ||||||||
Business Acquisition [Line Items] | ||||||||
Remaining Amortization Period | 13 years | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | $ 47.0 | |||||||
NoteMachine | Developed technology | ||||||||
Business Acquisition [Line Items] | ||||||||
Remaining Amortization Period | 12 years | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | $ 27.0 | |||||||
NoteMachine | Trade names | ||||||||
Business Acquisition [Line Items] | ||||||||
Remaining Amortization Period | 5 years | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Intangible assets | $ 10.0 | |||||||
Touchpoint 21 LLC | ||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Fair value of purchase consideration | $ 15.0 | |||||||
Maco | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of shares acquired | 100.00% | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||
Severance costs | $ 4.7 | $ 12.5 |
Acquisitions and Dispositions - Pro Forma (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Business Acquisition [Line Items] | ||||
Actual revenue results included in consolidation | $ 38.0 | $ 0.0 | $ 106.2 | $ 0.0 |
Actual net income results included in consolidation | (0.1) | 0.0 | 0.0 | 0.0 |
Revenues | 1,227.4 | 1,136.7 | 3,629.0 | 3,344.6 |
Net income (loss) attributable to Brink’s | 45.6 | 19.2 | 92.7 | 125.6 |
Pro forma revenue results | 1,227.4 | 1,172.7 | 3,629.0 | 3,453.8 |
Pro forma net income results | 45.6 | 22.6 | 92.7 | 135.5 |
NoteMachine | ||||
Business Acquisition [Line Items] | ||||
Actual revenue results included in consolidation | 38.0 | 0.0 | 106.2 | 0.0 |
Actual net income results included in consolidation | (0.1) | 0.0 | 0.0 | 0.0 |
Pro forma revenue results | 0.0 | 36.0 | 0.0 | 109.2 |
Pro forma net income results | $ 0.0 | $ 3.4 | $ 0.0 | $ 9.9 |
Accumulated other comprehensive income (loss) - Amounts in OCI (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Other Comprehensive Income Loss [Line Items] | ||||||||
Amounts Arising During the Current Period, Pretax | $ (28.3) | $ (28.7) | $ 38.7 | $ (42.1) | ||||
Amounts Arising During the Current Period, Income Tax | (3.9) | (10.7) | (1.6) | (8.1) | ||||
Amounts Reclassified to Net Income (Loss), Pretax | 3.3 | 8.2 | 0.5 | 36.3 | ||||
Amounts Reclassified to Net Income (Loss), Income Tax | (1.8) | (1.9) | (2.0) | (9.4) | ||||
Other comprehensive income (loss) | (30.7) | $ 30.3 | $ 36.0 | (33.1) | $ (39.6) | $ 49.4 | 35.6 | (23.3) |
Cost of revenues | 921.0 | 880.7 | 2,785.1 | 2,587.9 | ||||
Selling, general and administrative expenses | 170.0 | 180.8 | 517.6 | 519.9 | ||||
Interest and other income (expense) | (2.9) | (6.3) | (11.7) | (8.4) | ||||
Other operating income (expense) | 1.3 | (15.7) | (3.2) | (18.4) | ||||
Interest expense | 53.8 | 34.7 | 151.5 | 95.0 | ||||
Benefit plan adjustments | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Amounts Arising During the Current Period, Pretax | 0.7 | (0.6) | (3.0) | 0.4 | ||||
Amounts Arising During the Current Period, Income Tax | 0.2 | 0.2 | 0.7 | 0.3 | ||||
Amounts Reclassified to Net Income (Loss), Pretax | 0.5 | 9.4 | 1.9 | 29.1 | ||||
Amounts Reclassified to Net Income (Loss), Income Tax | (0.1) | (2.2) | (0.5) | (6.9) | ||||
Other comprehensive income (loss) | 1.3 | 6.8 | (0.9) | 22.9 | ||||
Foreign currency translation adjustments | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Amounts Arising During the Current Period, Pretax | (38.3) | (36.8) | 26.5 | (57.8) | ||||
Amounts Arising During the Current Period, Income Tax | (2.7) | (7.3) | (0.7) | (2.9) | ||||
Amounts Reclassified to Net Income (Loss), Pretax | (1.2) | (1.4) | (4.1) | (4.4) | ||||
Amounts Reclassified to Net Income (Loss), Income Tax | 0.3 | 0.3 | 1.0 | 1.0 | ||||
Other comprehensive income (loss) | (41.9) | (45.2) | 22.7 | (64.1) | ||||
Unrealized gains (losses) on available-for-sale securities | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Amounts Arising During the Current Period, Pretax | (0.7) | 0.7 | (0.3) | 0.0 | ||||
Amounts Arising During the Current Period, Income Tax | 0.2 | (0.9) | 0.1 | (1.0) | ||||
Amounts Reclassified to Net Income (Loss), Pretax | 8.6 | 0.0 | 8.6 | 0.0 | ||||
Amounts Reclassified to Net Income (Loss), Income Tax | (3.0) | 0.0 | (3.0) | 0.0 | ||||
Other comprehensive income (loss) | 5.1 | (0.2) | 5.4 | (1.0) | ||||
Gains (losses) on cash flow hedges | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Amounts Arising During the Current Period, Pretax | 11.5 | 12.0 | 19.8 | 25.8 | ||||
Amounts Arising During the Current Period, Income Tax | (1.6) | (2.7) | (1.7) | (4.5) | ||||
Amounts Reclassified to Net Income (Loss), Pretax | (4.6) | 0.2 | (5.9) | 11.6 | ||||
Amounts Reclassified to Net Income (Loss), Income Tax | 1.0 | 0.0 | 0.5 | (3.5) | ||||
Other comprehensive income (loss) | 6.3 | 9.5 | 12.7 | 29.4 | ||||
Gains (losses) on cash flow hedges | Reclassification out of accumulated other comprehensive income | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Other operating income (expense) | (0.5) | 0.3 | (7.7) | (6.2) | ||||
Interest expense | (5.2) | 0.5 | (13.7) | 5.4 | ||||
AOCI Attributable to Parent | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Amounts Arising During the Current Period, Pretax | (26.8) | (24.7) | 43.0 | (31.6) | ||||
Amounts Arising During the Current Period, Income Tax | (3.9) | (10.7) | (1.6) | (8.1) | ||||
Amounts Reclassified to Net Income (Loss), Pretax | 3.3 | 8.2 | 0.5 | 36.3 | ||||
Amounts Reclassified to Net Income (Loss), Income Tax | (1.8) | (1.9) | (2.0) | (9.4) | ||||
Other comprehensive income (loss) | (29.2) | $ 33.3 | $ 35.8 | (29.1) | $ (34.6) | $ 50.9 | 39.9 | (12.8) |
Foreign currency translation adjustments | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Amounts Arising During the Current Period, Pretax | (1.5) | (4.0) | (4.3) | (10.5) | ||||
Amounts Arising During the Current Period, Income Tax | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Amounts Reclassified to Net Income (Loss), Pretax | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Amounts Reclassified to Net Income (Loss), Income Tax | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Other comprehensive income (loss) | (1.5) | (4.0) | (4.3) | (10.5) | ||||
AOCI Attributable to Noncontrolling Interest | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Amounts Arising During the Current Period, Pretax | (1.5) | (4.0) | (4.3) | (10.5) | ||||
Amounts Arising During the Current Period, Income Tax | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Amounts Reclassified to Net Income (Loss), Pretax | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Amounts Reclassified to Net Income (Loss), Income Tax | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Other comprehensive income (loss) | (1.5) | (4.0) | (4.3) | (10.5) | ||||
Benefit plan adjustments(a) | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Amounts Arising During the Current Period, Pretax | 0.7 | (0.6) | (3.0) | 0.4 | ||||
Amounts Arising During the Current Period, Income Tax | 0.2 | 0.2 | 0.7 | 0.3 | ||||
Amounts Reclassified to Net Income (Loss), Pretax | 0.5 | 9.4 | 1.9 | 29.1 | ||||
Amounts Reclassified to Net Income (Loss), Income Tax | (0.1) | (2.2) | (0.5) | (6.9) | ||||
Other comprehensive income (loss) | 1.3 | 6.8 | (0.9) | 22.9 | ||||
Benefit plan adjustments(a) | Reclassification out of accumulated other comprehensive income | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Cost of revenues | 1.4 | 1.5 | 4.3 | 4.8 | ||||
Selling, general and administrative expenses | 0.5 | 0.5 | 1.5 | 1.4 | ||||
Interest and other income (expense) | (0.2) | (3.1) | (1.0) | (11.1) | ||||
Foreign currency translation adjustments | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Amounts Arising During the Current Period, Pretax | (39.8) | (40.8) | 22.2 | (68.3) | ||||
Amounts Arising During the Current Period, Income Tax | (2.7) | (7.3) | (0.7) | (2.9) | ||||
Amounts Reclassified to Net Income (Loss), Pretax | (1.2) | (1.4) | (4.1) | (4.4) | ||||
Amounts Reclassified to Net Income (Loss), Income Tax | 0.3 | 0.3 | 1.0 | 1.0 | ||||
Other comprehensive income (loss) | (43.4) | (49.2) | 18.4 | (74.6) | ||||
Unrealized gains (losses) on available-for-sale securities(c) | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Amounts Arising During the Current Period, Pretax | (0.7) | 0.7 | (0.3) | 0.0 | ||||
Amounts Arising During the Current Period, Income Tax | 0.2 | (0.9) | 0.1 | (1.0) | ||||
Amounts Reclassified to Net Income (Loss), Pretax | 8.6 | 0.0 | 8.6 | 0.0 | ||||
Amounts Reclassified to Net Income (Loss), Income Tax | (3.0) | 0.0 | (3.0) | 0.0 | ||||
Other comprehensive income (loss) | 5.1 | (0.2) | 5.4 | (1.0) | ||||
Unrealized gains (losses) on available-for-sale securities(c) | Reclassification out of accumulated other comprehensive income | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Interest and other income (expense) | 8.6 | |||||||
Gains (losses) on cash flow hedges(d) | ||||||||
Other Comprehensive Income Loss [Line Items] | ||||||||
Amounts Arising During the Current Period, Pretax | 11.5 | 12.0 | 19.8 | 25.8 | ||||
Amounts Arising During the Current Period, Income Tax | (1.6) | (2.7) | (1.7) | (4.5) | ||||
Amounts Reclassified to Net Income (Loss), Pretax | (4.6) | 0.2 | (5.9) | 11.6 | ||||
Amounts Reclassified to Net Income (Loss), Income Tax | 1.0 | 0.0 | 0.5 | (3.5) | ||||
Other comprehensive income (loss) | $ 6.3 | $ 9.5 | $ 12.7 | $ 29.4 |
Accumulated other comprehensive income (loss) - Reclasses Out Of AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Beginning balance | $ 664.2 | $ 605.0 | $ 570.2 | $ 366.7 | $ 369.8 | $ 252.6 | $ 570.2 | $ 252.6 |
Other comprehensive income (loss) | (30.7) | 30.3 | 36.0 | (33.1) | (39.6) | 49.4 | 35.6 | (23.3) |
Ending balance | 584.3 | 664.2 | 605.0 | 319.2 | 366.7 | 369.8 | 584.3 | 319.2 |
Benefit Plan Adjustments | ||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Beginning balance | (290.7) | (290.7) | ||||||
Other comprehensive income (loss) before reclassifications | (2.3) | |||||||
Amounts reclassified from accumulated other comprehensive loss to net income | 1.4 | |||||||
Other comprehensive income (loss) | 1.3 | 6.8 | (0.9) | 22.9 | ||||
Ending balance | (291.6) | (291.6) | ||||||
Foreign Currency Translation Adjustments | ||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Beginning balance | (433.8) | (433.8) | ||||||
Other comprehensive income (loss) before reclassifications | 25.8 | |||||||
Amounts reclassified from accumulated other comprehensive loss to net income | (3.1) | |||||||
Other comprehensive income (loss) | (41.9) | (45.2) | 22.7 | (64.1) | ||||
Ending balance | (411.1) | (411.1) | ||||||
Unrealized gains (losses) on available-for-sale securities | ||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Beginning balance | (0.6) | (0.6) | ||||||
Other comprehensive income (loss) before reclassifications | (0.2) | |||||||
Amounts reclassified from accumulated other comprehensive loss to net income | 5.6 | |||||||
Other comprehensive income (loss) | 5.1 | (0.2) | 5.4 | (1.0) | ||||
Ending balance | 4.8 | 4.8 | ||||||
Gains (Losses) on Cash Flow Hedges | ||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Beginning balance | 24.6 | 24.6 | ||||||
Other comprehensive income (loss) before reclassifications | 18.1 | |||||||
Amounts reclassified from accumulated other comprehensive loss to net income | (5.4) | |||||||
Other comprehensive income (loss) | 6.3 | 9.5 | 12.7 | 29.4 | ||||
Ending balance | 37.3 | 37.3 | ||||||
AOCI Attributable to Parent | ||||||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Beginning balance | (631.4) | (664.7) | (700.5) | (891.6) | (857.0) | (907.9) | (700.5) | (907.9) |
Other comprehensive income (loss) before reclassifications | 41.4 | |||||||
Amounts reclassified from accumulated other comprehensive loss to net income | (1.5) | |||||||
Other comprehensive income (loss) | (29.2) | 33.3 | 35.8 | (29.1) | (34.6) | 50.9 | 39.9 | (12.8) |
Ending balance | $ (660.6) | $ (631.4) | $ (664.7) | $ (920.6) | $ (891.6) | $ (857.0) | $ (660.6) | $ (920.6) |
Fair value of financial instruments (Details) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 15, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
derivative_instrument
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
derivative_instrument
|
Jul. 26, 2023
USD ($)
|
Jun. 30, 2023
derivative_instrument
|
Dec. 31, 2022
USD ($)
Instruments
|
Oct. 03, 2022
USD ($)
|
Jul. 21, 2022
USD ($)
|
Jul. 12, 2022
USD ($)
derivative_instrument
|
Mar. 31, 2022
derivative_instrument
|
Jun. 30, 2021
derivative_instrument
|
Mar. 31, 2019
derivative_instrument
|
|
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Other operating income (expense) | $ (1.3) | $ 15.7 | $ 3.2 | $ 18.4 | ||||||||||
Foreign currency transaction gains | (23.9) | (24.4) | ||||||||||||
Interest expense | 53.8 | 34.7 | 151.5 | 95.0 | ||||||||||
Cash proceeds from settlement of cross currency swap | 0.0 | 64.3 | ||||||||||||
Contingent consideration payment | 10.5 | 2.8 | ||||||||||||
G4S | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Contingent consideration | 22.0 | 22.0 | ||||||||||||
NoteMachine | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Contingent consideration | $ 14.8 | |||||||||||||
NoteMachine | ATM Cash Withdrawal Interchange Fees | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Contingent consideration | 4.3 | |||||||||||||
Contingent consideration derecognition gain | 4.8 | |||||||||||||
NoteMachine | Post-Acquisition Collection of ATM Tax Rate Rebates | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Contingent consideration | $ 10.5 | |||||||||||||
Contingent consideration payment | 9.7 | |||||||||||||
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Notional value of nonderivative instruments | $ 574.0 | |||||||||||||
Weighted average maturity | 1 month | |||||||||||||
Not Designated as Hedging Instrument | Foreign Exchange Contract | Other operating income (expense) | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Gain (loss) on foreign currency contract | 4.3 | 25.4 | $ 22.9 | 58.4 | ||||||||||
Not Designated as Hedging Instrument | Foreign Exchange Contract | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of derivative instruments, net | 6.3 | 6.3 | $ (7.0) | |||||||||||
Designated as Hedging Instrument | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Net derivative instrument (gains) losses included in interest expense | (6.6) | (1.1) | $ (18.5) | 0.0 | ||||||||||
Designated as Hedging Instrument | Currency Swap | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Weighted average maturity | 1 month 6 days | |||||||||||||
Notional value of derivative instrument | 30.0 | $ 30.0 | ||||||||||||
Other operating income (expense) | 0.5 | (0.3) | 7.7 | 6.2 | ||||||||||
Foreign currency transaction gains | 0.5 | (0.3) | 7.7 | 6.2 | ||||||||||
Interest expense | 0.2 | 0.3 | 0.7 | 1.0 | ||||||||||
Foreign currency derivative instrument gains (losses) | (0.7) | 0.0 | (8.4) | (7.2) | ||||||||||
Designated as Hedging Instrument | Currency Swap | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of contract, asset position | 7.2 | $ 7.2 | 14.6 | |||||||||||
Designated as Hedging Instrument | $400 million interest rate swap | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Weighted average maturity | 2 months 12 days | |||||||||||||
Notional value of derivative instrument | 400.0 | $ 400.0 | ||||||||||||
Number of instruments held | derivative_instrument | 10 | |||||||||||||
Designated as Hedging Instrument | $400 million interest rate swap | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, asset position | 4.1 | 4.1 | 10.0 | |||||||||||
Net derivative instrument (gains) losses included in interest expense | (5.4) | 0.2 | $ (14.4) | $ 4.4 | ||||||||||
Designated as Hedging Instrument | $200 million interest rate swap | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Number of instruments held | derivative_instrument | 4 | |||||||||||||
Designated as Hedging Instrument | $200 million interest rate swap | Gains (losses) on cash flow hedges | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Cumulative net gain in AOCI | $ 9.2 | |||||||||||||
Designated as Hedging Instrument | $200 million interest rate swap amended | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Weighted average maturity | 1 year 10 months 24 days | |||||||||||||
Notional value of derivative instrument | 200.0 | $ 200.0 | ||||||||||||
Number of instruments held | derivative_instrument | 3 | 3 | ||||||||||||
Designated as Hedging Instrument | $200 million interest rate swap amended | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, asset position | 18.4 | $ 18.4 | $ 16.4 | $ 9.2 | ||||||||||
Designated as Hedging Instrument | $175 million interest rate swap | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Weighted average maturity | 1 year 10 months 24 days | |||||||||||||
Notional value of derivative instrument | 175.0 | $ 175.0 | ||||||||||||
Number of instruments held | Instruments | 2 | |||||||||||||
Designated as Hedging Instrument | $175 million interest rate swap | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, asset position | 5.0 | $ 5.0 | ||||||||||||
Fair value of swap, net | $ 1.0 | |||||||||||||
Designated as Hedging Instrument | $400 million interest rate swap 2023 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Weighted average maturity | 2 years 1 month 6 days | |||||||||||||
Notional value of derivative instrument | 400.0 | $ 400.0 | ||||||||||||
Number of instruments held | derivative_instrument | 8 | |||||||||||||
Designated as Hedging Instrument | $400 million interest rate swap 2023 | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, asset position | 14.8 | 14.8 | ||||||||||||
Designated as Hedging Instrument | $400 million cross currency swap | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Number of instruments held | derivative_instrument | 10 | |||||||||||||
Cash proceeds from settlement of cross currency swap | $ 67.0 | |||||||||||||
Designated as Hedging Instrument | $400 million cross currency swap | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Net derivative instrument (gains) losses included in interest expense | $ (1.3) | $ (4.4) | ||||||||||||
Designated as Hedging Instrument | $400 million cross currency swap 2022 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Notional value of derivative instrument | 400.0 | 400.0 | $ 400.0 | |||||||||||
Number of instruments held | derivative_instrument | 9 | |||||||||||||
Designated as Hedging Instrument | $400 million cross currency swap 2022 | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of contract, liability position | 17.3 | 17.3 | 11.7 | |||||||||||
Net derivative instrument (gains) losses included in interest expense | (1.2) | $ (4.1) | ||||||||||||
Designated as Hedging Instrument | $215 million cross currency swap | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Weighted average maturity | 2 years 1 month 6 days | |||||||||||||
Notional value of derivative instrument | $ 215.0 | |||||||||||||
Designated as Hedging Instrument | $185 million cross currency swap | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Weighted average maturity | 6 years 3 months 18 days | |||||||||||||
Notional value of derivative instrument | $ 185.0 | |||||||||||||
Designated as Hedging Instrument | $215 million cross currency swap II | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Notional value of derivative instrument | $ 215.0 | |||||||||||||
Prepaid expenses and other | Not Designated as Hedging Instrument | Foreign Exchange Contract | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of derivative instruments, asset | 9.2 | $ 9.2 | 3.5 | |||||||||||
Prepaid expenses and other | Designated as Hedging Instrument | $400 million interest rate swap | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, asset position | 9.3 | |||||||||||||
Prepaid expenses and other | Designated as Hedging Instrument | $200 million interest rate swap amended | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, asset position | 7.0 | 7.0 | 6.0 | |||||||||||
Prepaid expenses and other | Designated as Hedging Instrument | $175 million interest rate swap | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, asset position | 3.0 | 3.0 | 2.0 | |||||||||||
Prepaid expenses and other | Designated as Hedging Instrument | $400 million interest rate swap 2023 | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, asset position | 5.6 | 5.6 | ||||||||||||
Prepaid expenses and other | Designated as Hedging Instrument | $400 million cross currency swap 2022 | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of contract, liability position | 5.6 | 5.6 | 5.6 | |||||||||||
Accrued liabilities | Not Designated as Hedging Instrument | Foreign Exchange Contract | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of derivative instruments, liability | 2.9 | 2.9 | 10.5 | |||||||||||
Other assets | Designated as Hedging Instrument | $400 million interest rate swap | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, asset position | 0.7 | |||||||||||||
Other assets | Designated as Hedging Instrument | $200 million interest rate swap amended | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, asset position | 11.4 | 11.4 | 10.4 | |||||||||||
Other assets | Designated as Hedging Instrument | $175 million interest rate swap | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, asset position | 2.0 | 2.0 | ||||||||||||
Other assets | Designated as Hedging Instrument | $400 million interest rate swap 2023 | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, asset position | 9.2 | 9.2 | ||||||||||||
Other assets | Designated as Hedging Instrument | $215 million cross currency swap II | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of contract, asset position | 2.6 | 2.6 | ||||||||||||
Other liabilities | Designated as Hedging Instrument | $175 million interest rate swap | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of swap, liability position | 1.0 | |||||||||||||
Other liabilities | Designated as Hedging Instrument | $400 million cross currency swap 2022 | Level 2 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value of contract, liability position | 22.9 | 22.9 | 17.3 | |||||||||||
Six hundred million senior unsecured notes | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Carrying value | 600.0 | 600.0 | 600.0 | |||||||||||
Six hundred million senior unsecured notes | Level 3 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value | 520.2 | 520.2 | 528.7 | |||||||||||
Four hundred million senior unsecured notes | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Carrying value | 400.0 | 400.0 | 400.0 | |||||||||||
Four hundred million senior unsecured notes | Level 3 | ||||||||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||||||||
Fair value | $ 372.3 | $ 372.3 | $ 369.0 |
Debt (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Debt Instrument [Line Items] | |||
Short-term borrowings | $ 124.9 | $ 47.2 | |
Long-term Debt Types [Abstract] | |||
Total long-term debt | 3,294.2 | 3,355.6 | |
Total Debt | 3,419.1 | 3,402.8 | |
Long-term Debt by Current and Noncurrent [Abstract] | |||
Current liabilities | 216.9 | 129.6 | |
Noncurrent liabilities | 3,202.2 | 3,273.2 | |
Other Disclosures [Abstract] | |||
Long-term revolving credit facilities: Borrowings | 6,640.5 | $ 5,036.1 | |
Long-term revolving credit facilities: Repayments | 6,713.1 | $ 4,819.1 | |
Brink's Capital credit facility | |||
Other Disclosures [Abstract] | |||
Long-term revolving credit facilities: Borrowings | 5,076.3 | ||
Long-term revolving credit facilities: Repayments | 5,069.3 | ||
Term Loan A | Senior Secured Credit Facility - Amended III | |||
Long-term Debt Types [Abstract] | |||
Long-term Debt | 1,352.0 | 1,377.4 | |
Other Disclosures [Abstract] | |||
Debt issue costs | 4.2 | 5.1 | |
Senior unsecured notes | Six hundred million senior unsecured notes | |||
Long-term Debt Types [Abstract] | |||
Long-term Debt | 993.8 | 992.1 | |
Other Disclosures [Abstract] | |||
Debt issue costs | 6.2 | 7.9 | |
Revolving Credit Facility | |||
Long-term Debt Types [Abstract] | |||
Debt | 562.6 | 646.9 | |
Other Non-US Dollar-denominated Facilities | |||
Long-term Debt Types [Abstract] | |||
Debt | 168.8 | 147.0 | |
Other Non-US Dollar-denominated Facilities | Brink's Capital credit facility | |||
Long-term Debt Types [Abstract] | |||
Debt | 113.8 | 106.8 | |
Financing leases | |||
Long-term Debt Types [Abstract] | |||
Financing leases | 217.0 | 192.2 | |
Short-term borrowings | |||
Debt Instrument [Line Items] | |||
Short-term borrowings | $ 124.9 | $ 47.2 |
Debt - Narrative (Details) $ in Millions |
1 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 22, 2020
USD ($)
|
Oct. 31, 2017
USD ($)
|
Sep. 30, 2023
USD ($)
facility
quarterly_payment
|
Jun. 30, 2022
USD ($)
|
|
Senior Secured Credit Facility - Amended III | ||||
Debt Instrument [Line Items] | ||||
Commitment Fee | 0.23% | |||
Senior Secured Credit Facility - Amended III | Minimum | ||||
Debt Instrument [Line Items] | ||||
Commitment Fee | 0.15% | |||
Senior Secured Credit Facility - Amended III | Maximum | ||||
Debt Instrument [Line Items] | ||||
Commitment Fee | 0.28% | |||
Two Committed Letter of Credit Facilities | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Available capacity amount | $ 9 | |||
Number of term loan facilities | facility | 2 | |||
Amount available | $ 39 | |||
Undrawn letters of credit | 30 | |||
Fifteen Million Committed Facility | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 15 | |||
Twenty-four Million Committed Facility | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 24 | |||
Two Unsecured Letter of Credit Facilities | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Available capacity amount | $ 32 | |||
Number of term loan facilities | facility | 2 | |||
Amount available | $ 55 | |||
Undrawn letters of credit | 23 | |||
Forty Million Unsecured Letter Of Credit Facility | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Amount available | 40 | |||
Fifteen Million Unsecured Letter Of Credit Facility | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Amount available | $ 15 | |||
Senior Secured Credit Facility - Amended III | SOFR | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin | 1.50% | |||
Senior Secured Credit Facility - Amended III | SOFR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin | 1.25% | |||
Senior Secured Credit Facility - Amended III | SOFR | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin | 1.75% | |||
Senior Secured Credit Facility - Amended III | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin | 0.50% | |||
Senior Secured Credit Facility - Amended III | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin | 0.25% | |||
Senior Secured Credit Facility - Amended III | Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate margin | 0.75% | |||
Term Loan A | Senior Secured Credit Facility - Amended III | ||||
Debt Instrument [Line Items] | ||||
Debt, aggregate principal amount | $ 1,400 | |||
First two years quarterly principal payment, percentage | 0.625% | |||
Number of quarterly installment payments at 0.625% | quarterly_payment | 8 | |||
Post two years quarterly principal payment, percentage | 1.25% | |||
Revolving Credit Facility | Senior Secured Credit Facility - Amended III | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 1,000 | |||
Available capacity amount | $ 437 | |||
Senior unsecured notes | Four hundred million senior unsecured notes | ||||
Debt Instrument [Line Items] | ||||
Debt, aggregate principal amount | $ 400 | |||
Debt maturity period | 5 years | |||
Interest rate percentage | 5.50% | |||
Senior unsecured notes | Six hundred million senior unsecured notes | ||||
Debt Instrument [Line Items] | ||||
Debt, aggregate principal amount | $ 600 | |||
Debt maturity period | 10 years | |||
Interest rate percentage | 4.625% |
Credit losses (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2023
USD ($)
country
| |
Allowance for Credit Loss [Abstract] | |
Number of Countries in which Entity Operates | country | 100 |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Allowance for doubtful accounts, beginning balance | $ 38.3 |
Provision for uncollectible accounts receivable | 12.1 |
Write-offs and recoveries | (16.7) |
Foreign currency exchange effects | (0.1) |
Allowance for doubtful accounts, ending balance | $ 33.6 |
Share-based compensation plans - Compensation Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | $ 6.5 | $ 14.3 | $ 27.2 | $ 37.5 |
Cash based awards | 0.1 | 0.1 | 1.6 | 1.2 |
Income tax benefit | (1.5) | (3.4) | (6.3) | (8.7) |
Share-based payment expense, net of tax | 5.0 | 10.9 | 20.9 | 28.8 |
Performance Shares Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 3.7 | 10.5 | 16.6 | 26.3 |
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 2.4 | 3.3 | 8.0 | 8.7 |
Deferred Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 0.3 | 0.3 | 1.0 | 1.0 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | $ 0.0 | $ 0.1 | $ 0.0 | $ 0.3 |
Share-based compensation plans - Stock activity - RSU, PSU, DSU (Details) - $ / shares |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Restricted Stock Units | ||
Shares (in thousands) | ||
Nonvested, beginning balance, shares | 309,300 | |
Granted, shares | 194,800 | |
Forfeited or expired, shares | (34,200) | |
Vested, shares | (138,700) | |
Nonvested, ending balance, shares | 331,200 | 309,300 |
Weighted-Average Grant Date Fair Value Per Share | ||
Nonvested, beginning balance (dollars per share) | $ 67.25 | |
Granted (dollars per share) | 65.76 | |
Forfeited or expired (dollars per share) | 64.86 | |
Vested (dollars per share) | 68.93 | |
Nonvested, ending balance (dollars per share) | $ 65.92 | $ 67.25 |
Performance Shares Units | ||
Shares (in thousands) | ||
Nonvested, beginning balance, shares | 726,000.0 | |
Granted, shares | 235,400 | |
Forfeited or expired, shares | (80,900) | |
Vested, shares | (171,500) | |
Nonvested, ending balance, shares | 709,000.0 | 726,000.0 |
Weighted-Average Grant Date Fair Value Per Share | ||
Nonvested, beginning balance (dollars per share) | $ 76.66 | |
Granted (dollars per share) | 69.09 | |
Forfeited or expired (dollars per share) | 81.55 | |
Vested (dollars per share) | 82.75 | |
Nonvested, ending balance (dollars per share) | $ 72.12 | $ 76.66 |
Expired, shares | 31,400 | |
Expired (dollars per share) | $ 94.52 | |
Actual shares earned and distributed (shares) | 208,100 | |
Target shares (shares) | 171,500 | |
Deferred Stock Units | ||
Shares (in thousands) | ||
Nonvested, beginning balance, shares | 19,700 | |
Granted, shares | 19,200 | |
Vested, shares | (18,600) | |
Nonvested, ending balance, shares | 20,300 | 19,700 |
Weighted-Average Grant Date Fair Value Per Share | ||
Nonvested, beginning balance (dollars per share) | $ 54.74 | |
Granted (dollars per share) | 62.43 | |
Vested (dollars per share) | 54.67 | |
Nonvested, ending balance (dollars per share) | $ 62.09 | $ 54.74 |
Share-based compensation plans - Option Activity (Details) |
9 Months Ended |
---|---|
Sep. 30, 2023
$ / shares
shares
| |
Performance-Based Options | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance, shares | shares | 446,200 |
Exercised, shares | shares | (263,400) |
Ending balance, shares | shares | 182,800 |
Weighted Average Grant Date Fair Value Per Share | |
Beginning balance (dollars per share) | $ / shares | $ 14.70 |
Exercised (dollars per share) | $ / shares | 12.47 |
Ending balance (dollars per share) | $ / shares | $ 17.92 |
Time Based Vesting Option | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance, shares | shares | 161,600 |
Expired, shares | shares | 0 |
Ending balance, shares | shares | 161,600 |
Weighted Average Grant Date Fair Value Per Share | |
Beginning balance (dollars per share) | $ / shares | $ 21.41 |
Expired (dollars per share) | $ / shares | 0 |
Ending balance (dollars per share) | $ / shares | $ 21.41 |
Capital Stock (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Nov. 02, 2023 |
Apr. 14, 2022 |
Nov. 30, 2021 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 21, 2023 |
Jul. 13, 2023 |
Dec. 31, 2022 |
Oct. 27, 2021 |
Feb. 06, 2020 |
|
Subsequent Event [Line Items] | ||||||||||||
Shares of common stock authorized (in shares) | 100,000,000.0 | 100,000,000.0 | 100,000,000.0 | |||||||||
Shares issued and outstanding (in shares) | 45,300,000 | 45,300,000 | 46,300,000 | |||||||||
Dividends declared (in dollars per share) | $ 0.22 | $ 0.22 | ||||||||||
Maximum shares allowed for issuance (in shares) | 2,000,000 | 2,000,000 | ||||||||||
Par value (in dollars per share) | $ 10 | $ 10 | ||||||||||
Repurchase shares of Brink's common stock | $ 105,700,000 | $ 27,300,000 | ||||||||||
ASR November 2021 | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock repurchased and retired during period (in shares) | 1,742,160 | |||||||||||
Accelerated share repurchased payment | $ 150,000,000 | |||||||||||
ASR April 2022 | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock repurchased and retired during period (in shares) | 546,993 | |||||||||||
ASR, final price per share (in dollars per share) | $ 65.53 | |||||||||||
250 Million Share Repurchase Program II | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock repurchase program amount | $ (92,000,000) | $ (92,000,000) | $ (250,000,000) | |||||||||
Stock repurchased and retired during period (in shares) | 1,181,106 | 501,560 | 1,453,573 | |||||||||
Repurchase shares of Brink's common stock | $ 88,200,000 | $ 27,300,000 | $ 105,700,000 | |||||||||
Average price per share (in dollars per share) | $ 72.72 | |||||||||||
250 Million Share Repurchase Program | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock repurchase program amount | $ (250,000,000) | |||||||||||
Stock repurchased and retired during period (in shares) | 2,289,153 | |||||||||||
500 Million Share Repurchase Program | Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Stock repurchase program amount | $ (500,000,000) | |||||||||||
Subsequent Event, Date | Nov. 02, 2023 |
Capital Stock - Shares Used To Calculate Earnings (Details) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Equity [Abstract] | ||||
Basic (shares) | 46.5 | 47.4 | 46.6 | 47.5 |
Effect of dilutive stock options and awards (shares) | 0.6 | 0.1 | 0.7 | 0.4 |
Diluted (shares) | 47.1 | 47.5 | 47.3 | 47.9 |
Antidilutive stock options and awards excluded from denominator (shares) | 0.4 | 0.5 | 0.4 | 0.7 |
Deferred compensation common stock unit (shares) | 0.3 | 0.2 | 0.3 | 0.3 |
Supplemental cash flow information (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Interest | $ 161.2 | $ 88.7 | ||
Income taxes, net | 74.5 | 101.6 | ||
Financing Leases | 61.5 | 43.7 | ||
Restricted cash | 387.0 | $ 438.5 | ||
Cash and cash equivalents | 933.5 | 972.0 | ||
Total, cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows | 1,320.5 | $ 1,348.9 | 1,410.5 | $ 1,086.7 |
Cash Held From Customers | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Restricted cash | 184.3 | 229.3 | ||
Deposits liability | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Restricted cash | 160.7 | 156.3 | ||
Revolving Credit Facility | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Restricted cash | $ 40.6 | $ 40.7 |
Contingent matters (Details) - Chile Antitrust Matter - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
|
Loss Contingencies [Line Items] | ||||
Chile antitrust matter fine | $ 30.5 | |||
Chile antitrust matter charge | $ 9.5 | |||
Chile antitrust matter adjustment | $ 0.4 | $ 1.4 |
Reorganization and Restructuring (Details) $ in Millions |
9 Months Ended | 15 Months Ended | |
---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
|
2022 Global Restructuring | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning balance | $ 11.5 | ||
Expense | 10.0 | ||
Payments and utilization | (15.9) | ||
Foreign currency exchange effects | 0.1 | ||
Restructuring Reserve, ending balance | 5.7 | $ 5.7 | |
2022 Global Restructuring | Minimum | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected costs | 42.0 | 42.0 | |
2022 Global Restructuring | Maximum | |||
Restructuring Cost and Reserve [Line Items] | |||
Expected costs | 48.0 | 48.0 | |
2022 Global Restructuring | Severance Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | 10.0 | 32.2 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning balance | 11.5 | ||
Expense | 8.1 | ||
Payments and utilization | (14.0) | ||
Foreign currency exchange effects | 0.1 | ||
Restructuring Reserve, ending balance | 5.7 | 5.7 | |
2022 Global Restructuring | Other Restructuring | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, beginning balance | 0.0 | ||
Expense | 1.9 | ||
Payments and utilization | (1.9) | ||
Foreign currency exchange effects | 0.0 | ||
Restructuring Reserve, ending balance | 0.0 | $ 0.0 | |
Other Restructurings | Severance Costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring costs | $ 4.6 | $ 16.5 |
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