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Segment information
 9 Months Ended
Sep. 30, 2024
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 costs to manage the global business and perform activities required by public companies as well as other items that are considered part of the Company's operations and revenue generating activities but are not considered when the CODM evaluates segment results. Examples include corporate staff compensation, corporate headquarters costs, regional management costs, share-based compensation, and currency transaction gains and losses.
•Other items not allocated to segments - include income and expenses that are not necessary to operate our business in the ordinary course and are not considered when the CODM evaluates segment results. These include non-recurring as well as certain recurring costs and gains which are not considered to be part of the Company's operations and revenue generating activities. As such, they have not been allocated to segment or Corporate results.

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:

Revenues
Operating Profit
Three Months Ended September 30,Three Months Ended September 30,
(In millions)
2024202320242023
Reportable Segments:
 
 
 
 
North America
$412.6 398.1 41.5 47.5
Latin America
321.0 339.6 70.3 68.1
Europe315.5 287.8 40.1 35.8 
Rest of World
209.4 201.9 43.8 42.6 
Total reportable segments
1,258.5 1,227.4 195.7 194.0 
Reconciling Items:
Corporate expenses:
General, administrative and other expenses
— — (48.2)(32.4)
Foreign currency transaction gains
— — 2.3 5.4 
Reconciliation of segment policies to GAAP(a)
— — 1.8 (0.7)
Other items not allocated to segments(b):
Reorganization and restructuring
— — (0.4)(0.4)
Acquisitions and dispositions
— — (16.5)(19.4)
Argentina highly inflationary impact
— — (10.8)(8.1)
Transformation initiatives
— — (9.5)— 
Department of Justice investigation
— — (1.7)— 
Chile antitrust matter
— — (0.6)— 
Non-routine auto loss matter
— — (0.5)— 
Reporting compliance— — — (0.7)
Total
$1,258.5 1,227.4 $111.6 137.7 

Revenues
Operating Profit
Nine Months Ended September 30,Nine Months Ended September 30,
(In millions)
2024202320242023
Reportable Segments:
 
 
 
 
North America
$1,230.1 1,197.4 141.6 123.6 
Latin America
987.4 989.0 196.5 200.6 
Europe916.6 842.4 98.2 87.1 
Rest of World
613.6 600.2 123.9 121.2 
Total reportable segments
3,747.7 3,629.0 560.2 532.5 
Reconciling Items:
Corporate expenses:
General, administrative and other expenses
— — (122.6)(122.3)
Foreign currency transaction gains
— — 11.7 15.3 
Reconciliation of segment policies to GAAP(a)
— — 2.9 — 
Other items not allocated to segments(b):
Reorganization and restructuring
— — (1.9)(14.6)
Acquisitions and dispositions
— — (47.2)(56.4)
Argentina highly inflationary impact
— — (23.8)(30.3)
Transformation initiatives
— — (21.5)— 
Department of Justice investigation
— — (7.7)— 
Chile antitrust matter
— — (1.1)(0.4)
Non-routine auto loss matter
— — (0.5)— 
Reporting compliance
— — — (0.7)
Total
$3,747.7 3,629.0 $348.5 323.1 
(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)See "Other Items not Allocated to Segments" for a description of these items.


Other Items not Allocated to Segments

Reorganization and Restructuring  Net charges incurred in relation to certain restructuring actions include primarily severance charges and asset impairment losses. The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic. Other restructuring actions were primarily in response to the COVID-19 pandemic and a decision to exit a line of business in our Canada operating unit.

Acquisitions and dispositions These items include non-cash amortization expense for acquisition-related intangible assets, as well as integration, transaction, restructuring and certain compensation costs.

Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed.

Transformation Initiatives During 2023, we initiated a multi-year program intended to accelerate growth and drive margin expansion through transformation of our business model in the U.S., with expectations to then leverage the transformation changes and learnings globally. The program is designed to help us standardize our commercial and operational systems and processes, drive continuous improvement and achieve operational excellence. The transformation costs primarily include third party professional services and project management charges. These costs relate to a discrete program.

Department of Justice Investigation In the second quarter of 2024, we recorded a charge for a probable loss in connection with a U.S. Department of Justice investigation. Additionally, we have incurred third-party costs, primarily legal costs in the current quarter, associated with this matter. See Note 14 for details.

Chile antitrust matter We have recorded charges for a contingent loss associated with an investigation initiated by the Chilean Fiscalía Nacional Económica or "FNE" (the Chilean antitrust agency). The investigation is related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. Additionally, we have incurred third-party costs, primarily legal costs in the current quarter, associated with this matter. See Note 14 for details.
Non-routine auto loss matter In 2023, a Brink’s employee was involved in a motor vehicle accident with unique circumstances that resulted in the death of a third party and. In connection with the ensuing litigation, Brink’s recognized a charge. Additionally, we have incurred third-party costs, primarily legal costs in the current quarter, associated with this matter.
Reporting compliance We incurred certain third-party compliance costs in 2023 to remediate a material weakness in internal controls over financial reporting.