Cover page
Cover page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 26, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-09148 | ||
Entity Registrant Name | BRINK’S CO | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-1317776 | ||
Entity Address, Address Line One | 1801 Bayberry Court | ||
Entity Address, City or Town | Richmond | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 23226-8100 | ||
City Area Code | 804 | ||
Local Phone Number | 289-9600 | ||
Title of 12(b) Security | Common Stock, par value $1.00 per share | ||
Trading Symbol | BCO | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Smaller Reporting Company | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 44,412,599 | ||
Entity Public Float | $ 3,140,790,959 | ||
Document Fiscal Year Focus | 2023 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000078890 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Richmond, Virginia |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,176.6 | $ 972 |
Restricted cash | 507 | 438.5 |
Accounts receivable (net of allowance: 2023 - $30.4; 2022 - $38.3) | 779 | 862.2 |
Prepaid expenses and other | 325.7 | 324.7 |
Total current assets | 2,788.3 | 2,597.4 |
Right-of-use assets, net | 337.7 | 314.5 |
Property and equipment, net | 1,013.3 | 935.3 |
Goodwill | 1,473.8 | 1,450.9 |
Other intangibles | 488.3 | 535.5 |
Deferred income taxes | 231.8 | 246.2 |
Other | 268.6 | 286.2 |
Total assets | 6,601.8 | 6,366 |
Current liabilities: | ||
Short-term borrowings | 151.7 | 47.2 |
Current maturities of long-term debt | 117.1 | 82.4 |
Accounts payable | 249.7 | 296.5 |
Accrued liabilities | 1,126.9 | 1,019.4 |
Restricted cash held for customers | 298.7 | 229.3 |
Total current liabilities | 1,944.1 | 1,674.8 |
Long-term debt | 3,262.5 | 3,273.2 |
Accrued pension costs | 148.5 | 131 |
Retirement benefits other than pensions | 159.6 | 174.5 |
Lease liabilities | 265.8 | 249.9 |
Deferred income taxes | 56.5 | 67.8 |
Other | 244.6 | 224.6 |
Total liabilities | 6,081.6 | 5,795.8 |
Commitments and contingent liabilities (notes 4, 5, 15, 17, 23 and 24) | ||
The Brink’s Company (“Brink’s”) shareholders: | ||
Common stock | 44.5 | 46.3 |
Capital in excess of par value | 675.9 | 684.1 |
Retained earnings | 333 | 417.2 |
Benefit plan adjustments | (302.2) | (290.7) |
Foreign currency translation | (368.2) | (433.8) |
Unrealized losses on available-for-sale securities | (1.8) | (0.6) |
Unrealized gains on cash flow hedges | 16.2 | 24.6 |
Accumulated other comprehensive loss | (656) | (700.5) |
Brink’s shareholders | 397.4 | 447.1 |
Noncontrolling interests | 122.8 | 123.1 |
Total equity | 520.2 | 570.2 |
Total liabilities and equity | $ 6,601.8 | $ 6,366 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance | $ 30.4 | $ 38.3 |
Par value (in dollars per share) | $ 1 | $ 1 |
Shares authorized (in shares) | 100,000,000 | 100,000,000 |
Shares issued (in shares) | 44,500,000 | 46,300,000 |
Shares outstanding (in shares) | 44,500,000 | 46,300,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Statement [Abstract] | ||||
Revenues | $ 4,874.6 | $ 4,535.5 | $ 4,200.2 | |
Costs and expenses: | ||||
Cost of revenues | 3,707.1 | 3,461.9 | 3,235.8 | |
Selling, general and administrative expenses | 688.1 | 687 | 629.7 | |
Total costs and expenses | 4,395.2 | 4,148.9 | 3,865.5 | |
Other operating income (expense) | (54.2) | (25.3) | 20 | |
Operating profit | 425.2 | 361.3 | 354.7 | |
Interest expense | (203.8) | (138.8) | (112.2) | |
Interest and other nonoperating income (expense) | 14.4 | 3.7 | (7) | |
Income from continuing operations before tax | 235.8 | 226.2 | 235.5 | |
Provision for income taxes | 139.2 | 41.4 | 120.3 | |
Income from continuing operations | 96.6 | 184.8 | 115.2 | |
Income (loss) from discontinued operations, net of tax | 1.7 | (2.9) | 2.1 | |
Net income | 98.3 | 181.9 | 117.3 | |
Less net income attributable to noncontrolling interests | 10.6 | 11.3 | 12.1 | |
Net income attributable to Brink’s | 87.7 | 170.6 | 105.2 | |
Amounts attributable to Brink’s: | ||||
Continuing operations | 86 | 173.5 | 103.1 | |
Discontinued operations | 1.7 | (2.9) | 2.1 | |
Net income attributable to Brink’s | $ 87.7 | $ 170.6 | $ 105.2 | |
Basic: | ||||
Continuing operations (in dollars per share) | [1] | $ 1.86 | $ 3.67 | $ 2.08 |
Discontinued operations (in dollars per share) | [1] | 0.04 | (0.06) | 0.04 |
Net income (in dollars per share) | [1] | 1.90 | 3.61 | 2.12 |
Diluted: | ||||
Continuing operations (in dollars per share) | [1] | 1.83 | 3.63 | 2.06 |
Discontinued operations (in dollars per share) | [1] | 0.04 | (0.06) | 0.04 |
Net income (in dollars per share) | [1] | $ 1.87 | $ 3.57 | $ 2.10 |
Weighted-average shares | ||||
Basic (shares) | 46.2 | 47.3 | 49.5 | |
Diluted (shares) | 46.9 | 47.8 | 50.1 | |
[1]Amounts may not add due to rounding. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 98.3 | $ 181.9 | $ 117.3 |
Benefit plan adjustments: | |||
Benefit plan actuarial gains (losses) | (3.9) | 177.6 | 189.4 |
Benefit plan prior service credit (costs) | (11.8) | 61.7 | (4.3) |
Deferred profit sharing | 0.4 | (0.1) | (0.4) |
Total benefit plan adjustments | (15.3) | 239.2 | 184.7 |
Foreign currency translation adjustments | 58.2 | (19) | (58.9) |
Gains (losses) on available-for-sale securities | 4.2 | (0.9) | (0.1) |
Gains (losses) on cash flow hedges | (9.4) | 37.6 | 19.1 |
Other comprehensive income before tax | 37.7 | 256.9 | 144.8 |
Provision (benefit) for income taxes | (4.5) | 55.9 | 55.3 |
Other comprehensive income | 42.2 | 201 | 89.5 |
Comprehensive income | 140.5 | 382.9 | 206.8 |
Less comprehensive income attributable to noncontrolling interests | 8.3 | 5 | 9.5 |
Comprehensive income attributable to Brink’s | $ 132.2 | $ 377.9 | $ 197.3 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) shares in Millions, $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | [1] | Common Stock | Capital in Excess of Par Value | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | [1] | AOCI* | Noncontrolling Interests | |
Beginning Balance at Dec. 31, 2020 | $ 202.5 | $ 0.5 | $ 49.5 | $ 671.8 | $ 407.5 | $ 0.5 | $ (1,000) | $ 73.7 | |||
Beginning Balance (shares) at Dec. 31, 2020 | 49.5 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 117.3 | 105.2 | 12.1 | ||||||||
Other comprehensive income (loss) | 89.5 | 92.1 | (2.6) | ||||||||
Stock Repurchased During Period, Value | (200) | $ (2.4) | (34.6) | (163) | |||||||
Stock Repurchased During Period, Shares | (2.4) | ||||||||||
Dividends to: | |||||||||||
Brink's common shareholders | (37.2) | (37.2) | |||||||||
Noncontrolling interests | (5.1) | (5.1) | |||||||||
Stock options and awards: | |||||||||||
Compensation expense | 33.1 | 33.1 | |||||||||
Consideration from exercise of stock options | 2.3 | 2.3 | |||||||||
Other share-based benefit transactions | (1.8) | $ 0.3 | (2) | (0.1) | |||||||
Other share-based benefit transactions (shares) | 0.3 | ||||||||||
Acquisitions with noncontrolling interests | 51.4 | 51.4 | |||||||||
Capital contributions from noncontrolling interest | 0.1 | 0.1 | |||||||||
Ending Balance at Dec. 31, 2021 | 252.6 | $ 47.4 | 670.6 | 312.9 | (907.9) | 129.6 | |||||
Ending Balance (shares) at Dec. 31, 2021 | 47.4 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 181.9 | 170.6 | 11.3 | ||||||||
Other comprehensive income (loss) | 201 | 207.3 | (6.3) | ||||||||
Stock Repurchased During Period, Value | (52.2) | $ (1.5) | (22.1) | (28.6) | |||||||
Stock Repurchased During Period, Shares | (1.5) | ||||||||||
Dividends to: | |||||||||||
Brink's common shareholders | (37.6) | (37.6) | |||||||||
Noncontrolling interests | (7.1) | (7.1) | |||||||||
Stock options and awards: | |||||||||||
Compensation expense | 48.6 | 48.6 | |||||||||
Other share-based benefit transactions | (9.4) | $ 0.4 | (9.7) | (0.1) | |||||||
Other share-based benefit transactions (shares) | 0.4 | ||||||||||
Acquisitions of noncontrolling interests | [2] | 7.8 | 3.3 | 0.1 | 4.6 | ||||||
Acquisitions with noncontrolling interests | 0.1 | 0.1 | |||||||||
Capital contributions from noncontrolling interest | 0.1 | 0.1 | |||||||||
Ending Balance at Dec. 31, 2022 | 570.2 | $ 46.3 | 684.1 | 417.2 | (700.5) | 123.1 | |||||
Ending Balance (shares) at Dec. 31, 2022 | 46.3 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 98.3 | 87.7 | 10.6 | ||||||||
Other comprehensive income (loss) | 42.2 | 44.5 | (2.3) | ||||||||
Stock Repurchased During Period, Value | [3] | (173.3) | $ (2.3) | (38.9) | (132.1) | ||||||
Stock Repurchased During Period, Shares | [3] | (2.3) | |||||||||
Dividends to: | |||||||||||
Brink's common shareholders | (39.6) | (39.6) | |||||||||
Noncontrolling interests | (7.7) | (7.7) | |||||||||
Stock options and awards: | |||||||||||
Compensation expense | 32.1 | 32.1 | |||||||||
Other share-based benefit transactions | (1.4) | $ 0.5 | (1.7) | (0.2) | |||||||
Other share-based benefit transactions (shares) | 0.5 | ||||||||||
Acquisitions of noncontrolling interests | (0.6) | 0.3 | 0 | (0.9) | |||||||
Ending Balance at Dec. 31, 2023 | $ 520.2 | $ 44.5 | $ 675.9 | $ 333 | $ (656) | $ 122.8 | |||||
Ending Balance (shares) at Dec. 31, 2023 | 44.5 | ||||||||||
[1] Effective January 1, 2021, we adopted the provisions of ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . We recognized a cumulative effect adjustment to January 1, 2021 retained earnings as a result of adopting this standard. See Note 1 for further details. This amount represents the impact of transactions in which we acquired or disposed of noncontrolling ownership interests in certain companies where we had an existing controlling interest prior to and after the related acquisition or disposal transactions. During 2023, we repurchased a total of 2,297,955 shares of our common stock for an aggregate of $169.9 million in cash. On the last two days of December 2023, our agent broker purchased additional shares of our common stock pursuant to a trading plan in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. We are obligated to pay $2.0 million to repurchase those shares and, as of December 31, 2023, this obligation has been reported as a current liability and a corresponding reduction to equity in our condensed consolidated financial statements. For year ended December 31, 2023, shares repurchased include the 1% excise tax imposed under the Inflation Reduction Act of 2022 of approximately $1.4 million. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 98.3 | $ 181.9 | $ 117.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Income) loss from discontinued operations, net of tax | (1.7) | 2.9 | (2.1) |
Depreciation and amortization | 275.8 | 245.8 | 239.5 |
Share-based compensation expense | 32.1 | 48.6 | 33.1 |
Deferred income taxes | 22.7 | (62.3) | 14.6 |
(Gain) loss on marketable securities and sale of property and equipment | 10.9 | 0.7 | (17.7) |
Impairment losses | 10.3 | 9 | 9.5 |
Retirement benefit funding (more) less than expense: | |||
Pension | (10.2) | (3.7) | 12.4 |
Other than pension | (5.5) | 7.9 | 14.2 |
Remeasurement losses due to Argentina currency devaluation | 79.1 | 37.6 | 9 |
Other operating | 26.1 | 23.6 | (5.8) |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
(Increase) decrease in accounts receivable and income taxes receivable | 69 | (180.9) | (21.2) |
Increase (decrease) in accounts payable, income taxes payable and accrued liabilities | (36.3) | 139.2 | 45.1 |
Increase in restricted cash held for customers | 59.5 | 50 | 60.2 |
Increase in customer obligations | 66 | 50 | 15.7 |
(Increase) decrease in prepaid and other current assets | 24.6 | (56.7) | (16.8) |
Other | (18.3) | (13.7) | (29) |
Net cash provided by operating activities | 702.4 | 479.9 | 478 |
Cash flows from investing activities: | |||
Capital expenditures | (202.7) | (182.6) | (167.9) |
Acquisitions, net of cash acquired | (1.5) | (173.9) | (313.2) |
Dispositions, net of cash disposed | 1.1 | 0 | 0 |
Marketable securities: | |||
Purchases | (134.7) | (30.3) | (15.6) |
Sales | 150.4 | 11.7 | 35.1 |
Cash proceeds from sale of property, equipment and investments | 18.4 | 5.7 | 7.7 |
Cash proceeds from settlement of cross currency swap | 0 | 64.3 | 0 |
Net change in loans held for investment | (11.1) | (25.9) | 0 |
Other | (0.6) | (0.2) | (0.8) |
Discontinued operations | 0.9 | 0 | 0 |
Net cash used by investing activities | (179.8) | (331.2) | (454.7) |
Cash flows from financing activities: | |||
Short-term borrowings | 98.6 | 37.7 | (4.3) |
Long-term revolving credit facilities: Borrowings | 9,265.7 | 7,058.7 | 3,385.5 |
Long-term revolving credit facilities: Repayments | (9,273.8) | (6,832.7) | (2,836.8) |
Other long-term debt: Borrowings | 25.4 | 189.9 | 7.7 |
Other long-term debt: Repayments | (97.1) | (87) | (140.7) |
Acquisition of noncontrolling interests | (0.6) | (7.8) | 0 |
Cash received from acquisition related settlements | 0 | 0 | 6.2 |
Cash paid for acquisition related settlements and obligations | (11.1) | (2.8) | (4) |
Debt financing costs | 0 | (5.6) | (0.8) |
Repurchase shares of Brink's common stock | (169.9) | (52.2) | (200) |
Dividends to: | |||
Shareholders of Brink’s | (39.6) | (37.6) | (37.2) |
Noncontrolling interests in subsidiaries | (7.7) | (7.1) | (5.1) |
Proceeds from exercise of stock options | 0 | 0 | 2.3 |
Tax withholdings associated with share-based compensation | (8) | (12.2) | (5.5) |
Other | 11 | 3.9 | 4 |
Net cash (used) provided by financing activities | (207.1) | 245.2 | 171.3 |
Effect of exchange rate changes on cash and cash equivalents | (42.4) | (70.1) | (50.8) |
Cash, cash equivalents and restricted cash: | |||
Increase | 273.1 | 323.8 | 143.8 |
Balance at beginning of period | 1,410.5 | 1,086.7 | 942.9 |
Balance at end of period | $ 1,683.6 | $ 1,410.5 | $ 1,086.7 |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Brink's common shareholders per share declared (dollars per share) | $ 0.86 | $ 0.80 | $ 0.75 |
Repurchase shares of Brink's common stock | $ 169.9 | $ 52.2 | $ 200 |
Accrued liabilities | 1,126.9 | $ 1,019.4 | |
Share Repurchase Program, Excise Tax | $ 1.4 | ||
250 Million Share Repurchase Program II | |||
Stock repurchased and retired during period (in shares) | 2,297,955 | 948,395 | |
Repurchase shares of Brink's common stock | $ 169.9 | $ 52.2 | |
Accrued liabilities | $ 2 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The Brink’s Company (along with its subsidiaries, “we,” “our,” “Brink’s” or the “Company”), based in Richmond, Virginia, is a leading provider of cash and valuables management, digital retail solutions ("DRS"), and ATM managed services ("AMS") to financial institutions, retailers, government agencies, mints, jewelers and other commercial operations around the world. Brink’s is the oldest and largest secure transportation and cash management services company in the U.S., and a market leader in many other countries. Consolidation The 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. Revenue Recognition Revenue is recognized when services related to cash and valuables management, digital retail solutions, and ATM managed services are performed. We assess our customers' ability to meet contractual terms, including payment terms, before entering into contracts. Taxes collected from customers and remitted to governmental authorities are not included in revenues in the consolidated statements of operations. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and investments with original maturities of three months or less. Cash and cash equivalents include amounts held by certain of our secure cash management services operations for customers for which, under local regulations, the title transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources. We record a liability for the amounts owed to customers (see Note 13). Restricted Cash Cash that is held for a specific purpose and is not available for immediate or general business use due to external restrictions is classified in our consolidated balance sheets as restricted cash. 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 France, we offer services to certain of our customers where we manage some or all of their cash supply chains. In connection with this offering, 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, we are required to maintain a restricted cash reserve and, due to this contractual restriction, we have classified these amounts as restricted cash (see Note 20). Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. We assess the collectability of our receivables on a pool basis, which we aggregate by geographical location. We determine historical loss rates for each pool and these historical loss rates represent the primary assumption used in estimating the allowance for doubtful accounts. We monitor the aging of accounts receivables by country along with any significant economic events to identify any current or expected trends and risks within a pool that could impact the collectability of receivables that were not contemplated or relevant during a previous period. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. See "Internal Loss" section below as well as Note 16 for further information. Right-of-Use Assets For operating leases, right-of-use assets (and related lease liabilities) are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. See Note 17 for further information. Property and Equipment Property and equipment are recorded at cost. Depreciation is calculated principally on the straight-line method based on the estimated useful lives of individual assets or classes of assets. Leased property and equipment meeting financing lease criteria are capitalized at the lower of the present value of the related lease payments or the fair value of the leased asset at the inception of the lease. Amortization is calculated on the straight-line method based on the lease term. See Note 17 for further information. Leasehold improvements are recorded at cost. Amortization is calculated principally on the straight-line method over the lesser of the estimated useful life of the leasehold improvement or the lease term. Renewal periods are included in the lease term when the renewal is determined to be reasonably assured. Part of the costs related to the development or purchase of internal-use software is capitalized and amortized over the estimated useful life of the software. Costs that are capitalized include external direct costs of materials and services to develop or obtain the software, and internal costs, including compensation and employee benefits for employees directly associated with a software development project. Estimated Useful Lives Years Buildings 16 to 25 Building leasehold improvements 3 to 10 Vehicles 3 to 10 Capitalized software 3 to 5 Other machinery and equipment 3 to 10 Expenditures for routine maintenance and repairs on property and equipment are charged to expense. Major renewals, betterments and modifications are capitalized and depreciated over the lesser of the remaining life of the asset or, if applicable, the lease term. Goodwill and Other Intangible Assets Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Intangible assets arising from business acquisitions include customer lists, customer relationships, developed technology, covenants not to compete, trademarks and other identifiable intangibles. At December 31, 2023, finite-lived intangible assets have remaining useful lives ranging from 1 to 13 years and are amortized based on the pattern in which the economic benefits are used or on a straight-line basis. Impairment of Goodwill and Long-Lived Assets Goodwill is not amortized but is tested for impairment at least 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. We perform the test of goodwill impairment at the reporting unit level, which is one level below an operating segment. Goodwill is assigned to one or more reporting units at the date of acquisition. Based on our management structure, we have four reporting units, which are equal to our operating segments: • North America • Latin America • Europe • Rest of World We performed a goodwill impairment test on these reporting units as of October 1, 2023 and elected to forego the optional qualitative assessment and performed a quantitative goodwill impairment assessment instead. We estimated the fair value of each reporting unit using a weighting of two valuation methodologies: the Income Approach and the Public Company Market Multiple Method, with greatest weight placed on the Income Approach. The resulting reporting unit fair values were compared to each reporting unit's carrying value. As a result of the evaluation, we concluded that goodwill was not impaired, and the fair value of each reporting unit exceeded its carrying value for all reporting units. We completed these goodwill impairment tests, as well as the tests in the previous two years, with no impairment charges required. Indefinite-lived intangibles are also tested for impairment at least annually by comparing their carrying values to their estimated fair values. We have had no significant impairments of indefinite-lived intangibles in the last three years. Long-lived assets other than goodwill and other indefinite-lived intangibles are reviewed for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. For long-lived assets other than goodwill that are to be held and used in operations, an impairment is indicated when the estimated total undiscounted cash flow associated with the asset or group of assets is less than carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. See Note 8 for further information. Retirement Benefit Plans We account for retirement benefit obligations under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 715, Compensation – Retirement Benefits . For U.S. and certain non-U.S. retirement plans, we derive the discount rates used to measure the present value of benefit obligations using the cash flow matching method. Under this method, we compare the plan’s projected payment obligations by year with the corresponding yields on a Mercer yield curve. Each year’s projected cash flows are then discounted back to their present value at the measurement date and an overall discount rate is determined. The overall discount rate is then rounded to the nearest tenth of a percentage point. We used Mercer’s Above-Mean Curve to determine the discount rates for the year-end benefit obligations and retirement cost of our U.S. retirement plans. We use a local or regional version of the Mercer yield curve in the majority of our non-U.S. locations. In non-U.S. locations where the cash flow matching method is not possible, rates of local high-quality long-term government bonds are used to select the discount rate. We select the expected long-term rate of return assumption for our U.S. pension plan and retiree medical plans using advice from our investment advisor. The selected rate considers plan asset allocation targets, expected overall investment manager performance and long-term historical average compounded rates of return. Benefit plan actuarial gains and losses are recognized in other comprehensive income (loss). Accumulated net benefit plan actuarial gains and losses that exceed 10% of the greater of a plan’s benefit obligation or plan assets at the beginning of the year are amortized into earnings from other comprehensive income (loss) on a straight-line basis. The amortization period for pension plans is the average remaining service period of employees expected to receive benefits under the plans. The amortization period for other retirement plans is primarily the average remaining life expectancy of inactive participants. Income Taxes Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which these items are expected to reverse. We recognize tax benefits related to uncertain tax positions if we believe it is more-likely-than-not the benefit will be realized. We review our deferred tax assets to determine if it is more-likely-than-not that they will be realized. If we determine it is not more-likely-than-not that a deferred tax asset will be realized, we record a valuation allowance to reverse the previously recognized tax benefit. See Note 5 for further information. Foreign Currency Translation Our 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 and available for sale debt 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. For nonmonetary available for sale debt securities traded in highly inflationary economies, the fair market value of these debt securities are remeasured at the current exchange rates, with changes recorded in the gains (losses) on available-for-sale securities component of accumulated other comprehensive income (loss). We reclassify amounts from accumulated other comprehensive income (loss) into earnings when these debt securities are sold. Revenues and expenses are translated at rates of exchange in effect during the year. See "Venezuela" and "Argentina" sections below for further information. 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 years ended December 31, 2023, 2022, and 2021. The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. For the year ended December 31, 2021, the Argentine peso declined by approximately 19% (from 84.0 to 103.1 pesos to the U.S. dollar). For the year ended December 31, 2022, the Argentine peso declined by approximately 42% (from 103.1 to 178.6 pesos to the U.S. dollar). In December 2023, a newly inaugurated President took office in Argentina. As part of various measures to address the country’s economic crisis, the new administration allowed the peso to devalue by more than 50% during the month of December 2023. For the year ended December 31, 2023, the Argentine peso declined approximately 79% (from 178.6 to 833.3 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 now remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In 2023, we recognized $79.1 million in pretax remeasurement losses. In 2022 and in 2021, we recognized $37.6 million and $9.0 million in pretax remeasurement losses, respectively. At December 31, 2023, Argentina's economy remains highly inflationary for accounting purposes. At December 31, 2023, we had net monetary assets denominated in Argentine pesos of $72.1 million (including cash of $62.5 million). At December 31, 2023, we had net nonmonetary assets of $141.9 million (including $99.8 million of goodwill, $1.1 million in equity securities denominated in Argentine pesos and $5.6 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 conversion losses in the last three years. 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 the conditions, we do not meet the accounting criteria for control over our Venezuelan operations and, as a result, we began reporting 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, 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. Internal loss A former non-management employee in our U.S. global services operations embezzled funds from Brink's in prior years. Except for a small deductible amount, the amount of the internal loss related to the embezzlement was covered by our insurance. In an effort to cover up the embezzlement, the former employee intentionally misstated the underlying accounts receivable subledger data. In 2021, we recognized a decrease in bad debt expense of $3.7 million, primarily related to collection of receivables previously recognized as bad debt expense. We also recognized $1.3 million of legal charges in 2021 as we attempted to collect additional insurance recoveries related to these receivable losses. In the fourth quarter of 2021, we successfully collected $18.8 million of insurance recoveries related to these internal losses. In 2022 and 2023, we did not incur any charges related to the internal loss. We defined accounts receivable impacted by the embezzlement as accounts receivable recorded as of and prior to the third quarter of 2019. Due to the unusual nature of this internal loss and the related errors in the subledger data, along with the fact that management has excluded these amounts when evaluating internal performance, we have excluded these amounts from segment results. Concentration of Credit Risks We routinely assess the financial strength of significant customers and this assessment, combined with the large number and geographic diversity of our customers, limits our concentration of risk with respect to accounts receivable. Financial instruments which potentially subject us to concentrations of credit risks are principally cash and cash equivalents and accounts receivables. Cash and cash equivalents are held by major financial institutions. Use of Estimates In accordance with U.S. generally accepted accounting principles (“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 consolidated financial statements. Actual results could differ materially from those 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 previous method to estimate currently expected credit losses in receivables (the allowance) was weighted significantly to a review of historical loss rates and specific identification of higher risk customer accounts. It also considered current and expected economic conditions, particularly the effects of the COVID-19 pandemic, in determining an appropriate allowance. As many of our regions began to recover from the pandemic, we re-assessed those earlier assumptions and estimates. Our updated method 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 noted an increase in accounts receivable significantly past due, particularly in the U.S., and we recorded an additional allowance of $16.7 million in the first quarter of 2022. In the subsequent three quarters of 2022, the additional allowance was reduced by $1.1 million as a result of collections. Due to the fact that management has excluded this amount when evaluating internal performance, we have excluded it from segment results. Fair-value estimates. We have various financial instruments included in our financial statements. Financial instruments are carried in our financial statements at either cost or fair value. We estimate fair value of assets using the following hierarchy using the highest level possible: Level 1: Quoted prices for identical assets or liabilities in active markets. Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are directly or indirectly observable, or inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. Level 3: Unobservable inputs that reflect estimates and assumptions. New Accounting Standards In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod tax allocations and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 was effective for us on January 1, 2021. We recognized a cumulative-effect adjustment increasing retained earnings by $0.5 million on January 1, 2021. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires expanded disclosures about significant segment expenses and information used to assess segment performance. ASU 2023-07 will be effective for us on January 1, 2024 for annual reporting periods. For interim reporting periods, it will be effective for us on January 1, 2025. We are currently evaluating the impact that the adoption of this standard will have on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands annual disclosures in an entity’s income tax rate reconciliation table and requires annual disclosures regarding cash taxes paid both in the U.S. (federal and state) and foreign jurisdictions. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, although early adoption is permitted. We are currently evaluating the impact that the adoption of this standard will have on our consolidated financial statements. |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
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 and ATM managed services. 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 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 Complete TM 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 consolidated statements of operations. Revenue Disaggregated by Reportable Segment and Type of Service (In millions) Cash and Valuables Management DRS and AMS Total Twelve months ended December 31, 2023 Reportable Segments: North America $ 1,216.8 384.3 1,601.1 Latin America 1,149.1 183.2 1,332.3 Europe 745.2 391.6 1,136.8 Rest of World 751.6 52.8 804.4 Total reportable segments $ 3,862.7 1,011.9 4,874.6 Twelve months ended December 31, 2022 Reportable Segments: North America $ 1,207.2 376.9 1,584.1 Latin America 1,090.3 120.3 1,210.6 Europe 728.1 203.3 931.4 Rest of World 766.5 42.9 809.4 Total reportable segments $ 3,792.1 743.4 4,535.5 Twelve months ended December 31, 2021 Reportable Segments: North America $ 1,122.3 284.8 1,407.1 Latin America 1,030.9 95.1 1,126.0 Europe 802.6 114.7 917.3 Rest of World 714.0 35.8 749.8 Total reportable segments 3,669.8 530.4 4,200.2 Certain of our 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 ($6.4 million at December 31, 2023) are included in prepaid expenses and other on the consolidated balance sheet. Amounts not expected to be billed and collected within one year ($9.0 million at December 31, 2023) are reported in other noncurrent assets on the 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 consolidated balance sheet. The opening and closing balances of receivables, contract assets and contract liabilities related to contracts with customers are as follows: (In millions) Receivables Contract Assets Contract Liabilities Opening (January 1, 2023) $ 862.2 12.6 17.0 Closing (December 31, 2023) 779.0 15.4 21.4 Increase (decrease) $ (83.2) 2.8 4.4 The amount of revenue recognized in 2023 that was included in the January 1, 2023 contract liability balance was $16.6 million. This revenue consists of services provided to customers who had prepaid for those services prior to the current year. Revenue recognized in the twelve months ended December 31, 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 December 31, 2023, the net capitalized costs to obtain contracts was included in other assets on the consolidated balance sheet. The capitalized amounts at December 31, 2023 and December 31, 2022 were $3.7 million and $3.7 million, respectively. The amortization expense in 2023 and 2022 was $2.0 million and $1.3 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. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
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 - includes corporate headquarters costs, regional management costs, currency transaction gains and losses, adjustments to reconcile segment accounting policies to U.S. GAAP, and costs related to global initiatives. • Other items not allocated to segments - certain 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 78 We currently serve customers in more than 100 countries, including 52 countries where we operate subsidiaries. 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. Revenues Operating Profit Years Ended December 31, Years Ended December 31, (In millions) 2023 2022 2021 2023 2022 2021 Reportable Segments: North America $ 1,601.1 1,584.1 1,407.1 $ 185.2 159.1 148.4 Latin America 1,332.3 1,210.6 1,126.0 280.3 277.7 257.3 Europe 1,136.8 931.4 917.3 125.0 98.4 89.8 Rest of World 804.4 809.4 749.8 164.1 163.9 131.5 Total reportable segments 4,874.6 4,535.5 4,200.2 754.6 699.1 627.0 Reconciling Items: Corporate expenses: General, administrative and other expenses — — — (152.8) (161.5) (141.7) Foreign currency transaction gains (losses) — — — 15.3 10.9 2.7 Reconciliation of segment policies to GAAP (a) — — — (2.1) 1.8 (17.5) Other items not allocated to segments: Reorganization and Restructuring (b) — — — (17.6) (38.8) (43.6) Acquisitions and dispositions (c) — — — (70.6) (86.6) (71.9) Argentina highly inflationary impact (d) — — — (86.8) (41.7) (11.9) Transformation initiatives (e) — — — (5.5) — — Non-routine auto loss matter (f) — — — (8.0) — — Change in allowance estimate (g) — — — — (15.6) — Ship loss matter (h) — — — — (4.9) — Chile antitrust matter (i) — — — (0.5) (1.4) (9.5) Internal loss (j) — — — — — 21.1 Reporting compliance (k) — — — (0.8) — — Total $ 4,874.6 4,535.5 4,200.2 $ 425.2 361.3 354.7 (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. In 2022, management began a restructuring plan across our global business operations to enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions. Due to the unique circumstances around the charges related to these actions, they have not been allocated to segment results. (c) Certain acquisition-related and disposition-related 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) Costs (primarily third party professional services and project management charges) related to a management-directed program to accelerate growth and drive margin expansion through transformation of our business model. (f) We have estimated a probable loss related to a motor vehicle accident with unique circumstances that resulted in the death of a third party in 2023. (g) Represents impact of a change in our methodology to estimate our allowance for doubtful accounts in the first quarter of 2022. See Note 1 and Note 16 for further details. (h) We have excluded an estimate of our share of costs for damages and losses suffered by a ship owner that was carrying cargo for Brink's. (i) See details regarding the Chile antitrust matter at Note 23. (j) See details regarding the impact of the Internal loss at Note 1. (k) Costs (primarily third party expenses) related to material weakness remediation. Additional information provided at page 30 Years Ended December 31, (In millions) 2023 2022 2021 Capital Expenditures by Reportable Segment North America $ 43.8 41.4 40.4 Latin America 48.8 50.1 45.0 Europe 72.1 50.5 50.6 Rest of World 30.6 34.4 26.0 Total reportable segments 195.3 176.4 162.0 Corporate items 7.4 6.2 5.9 Total $ 202.7 182.6 167.9 Depreciation and Amortization by Reportable Segment Depreciation and amortization of property and equipment: North America $ 73.9 69.1 68.7 Latin America 53.6 49.1 46.2 Europe 54.2 39.6 41.4 Rest of World 24.4 23.6 23.2 Total reportable segments 206.1 181.4 179.5 Corporate items 5.3 8.4 9.7 Argentina highly inflationary impact 5.4 2.9 2.2 Acquisitions and dispositions — 0.1 0.1 Reorganization and Restructuring 1.2 1.0 0.3 Depreciation and amortization of property and equipment 218.0 193.8 191.8 Amortization of intangible assets (a) 57.8 52.0 47.7 Total $ 275.8 245.8 239.5 (a) Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts. December 31, (In millions) 2023 2022 Assets held by Reportable Segment North America $ 1,975.7 1,949.9 Latin America 1,273.1 1,180.6 Europe 1,992.7 1,789.9 Rest of World 1,031.9 1,064.8 Total reportable segments 6,273.4 5,985.2 Corporate items 328.4 380.8 Total $ 6,601.8 6,366.0 December 31, (In millions) 2023 2022 Long-Lived Assets by Significant Country (a) Non-U.S.: Mexico $ 135.9 123.1 France 104.2 89.4 Brazil 78.3 72.5 United Kingdom 41.0 46.0 Canada 30.6 32.9 Other 304.4 270.1 Subtotal 694.4 634.0 U.S. 318.9 301.3 Total $ 1,013.3 935.3 (a) Long-lived assets include only property and equipment, net. Years Ended December 31, (In millions) 2023 2022 2021 Revenues by Significant Country (a) Outside the U.S.: Mexico $ 563.8 452.6 416.1 France 413.2 370.1 373.8 Brazil 309.8 329.9 303.9 Argentina 207.1 203.9 177.5 United Kingdom 188.7 107.0 50.3 Netherlands 149.7 124.3 129.3 Canada 118.0 124.5 138.3 Other 1,441.2 1,363.6 1,342.3 Subtotal 3,391.5 3,075.9 2,931.5 U.S. 1,483.1 1,459.6 1,268.7 Total $ 4,874.6 4,535.5 4,200.2 (a) Revenues are recorded in the country where service is initiated or performed. No single customer represents more than 10% of total revenue. December 31, (In millions) 2023 2022 Net assets outside the U.S. by Geographic Area Canada $ 52.6 45.4 Latin America (a) 782.8 793.6 Europe (a)(b) 809.3 834.6 Middle East, Africa and Asia ("MEAA") (a)(b) 562.4 555.0 Total $ 2,207.1 2,228.6 (a) Amounts include net assets of Corporate entities domiciled outside the U.S. (b) |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits Defined-benefit Pension Plans Summary 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. There are limits to the amount of benefits which can be paid to participants from a U.S. qualified pension plan. We maintain a nonqualified U.S. plan to pay benefits for those eligible current and former employees in the U.S. whose benefits exceed the regulatory limits Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005. Components of Net Periodic Pension Cost (Credit) (In millions) U.S. Plans Non-U.S. Plans Total Years Ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost $ — — — $ 7.6 8.1 9.1 $ 7.6 8.1 9.1 Interest cost on projected benefit obligation 32.4 22.9 21.1 18.1 13.1 12.1 50.5 36.0 33.2 Return on assets – expected (47.2) (48.7) (47.4) (11.1) (12.7) (12.4) (58.3) (61.4) (59.8) Amortization of losses 1.6 24.2 34.0 1.8 2.0 6.6 3.4 26.2 40.6 Curtailment gain — — — — (0.5) (0.8) — (0.5) (0.8) Settlement loss (a) — — — — 3.2 3.3 — 3.2 3.3 Net periodic pension cost (credit) $ (13.2) (1.6) 7.7 $ 16.4 13.2 17.9 $ 3.2 11.6 25.6 (a) Non-U.S. Plans settlement losses to terminated employees that participate in a Mexican severance indemnity program ("Mexico Plan") that is accounted for as a defined benefit plan were offset by a settlement gain related to our defined benefit plan in Ireland, which was terminated during 2023. Non-U.S. Plans settlement losses in 2022 and 2021 relate primarily to lump-sum payouts in Canada as well as terminated employees that participate in the Mexico Plan that is accounted for as a defined benefit plan. The components of net periodic pension cost and net periodic post-retirement cost other than the service cost component are included in interest and other nonoperating income (expense) in the consolidated statements of operations. Obligations and Funded Status Changes in the projected benefit obligation (“PBO”) and plan assets for our pension plans are as follows: (In millions) U.S. Plans Non-U.S. Plans Total Years Ended December 31, 2023 2022 2023 2022 2023 2022 Benefit obligation at beginning of year $ 627.2 839.5 334.7 492.2 961.9 1,331.7 Service cost — — 7.6 8.1 7.6 8.1 Interest cost 32.4 22.9 18.1 13.1 50.5 36.0 Participant contributions — — 0.5 0.3 0.5 0.3 Plan amendments — — 0.5 0.1 0.5 0.1 Plan combinations — — 0.4 0.9 0.4 0.9 Curtailments — — (0.1) (0.4) (0.1) (0.4) Settlements — — (3.8) (10.8) (3.8) (10.8) Benefits paid (45.2) (45.0) (21.4) (16.1) (66.6) (61.1) Divestitures (a) — — (3.7) — (3.7) — Actuarial (gains) losses 14.8 (190.2) 33.9 (127.3) 48.7 (317.5) Foreign currency exchange effects — — 16.4 (25.4) 16.4 (25.4) Benefit obligation at end of year $ 629.2 627.2 383.1 334.7 1,012.3 961.9 Fair value of plan assets at beginning of year $ 596.3 764.8 245.5 360.3 841.8 1,125.1 Return on assets – actual 59.9 (124.1) 20.9 (81.1) 80.8 (205.2) Participant contributions — — 0.5 0.3 0.5 0.3 Plan combinations — — 0.4 0.9 0.4 0.9 Employer contributions 0.6 0.6 12.8 14.7 13.4 15.3 Settlements — — (3.8) (10.8) (3.8) (10.8) Benefits paid (45.2) (45.0) (21.4) (16.1) (66.6) (61.1) Divestitures (a) — — (3.7) — (3.7) — Foreign currency exchange effects — — 8.1 (22.7) 8.1 (22.7) Fair value of plan assets at end of year $ 611.6 596.3 259.3 245.5 870.9 841.8 Funded status $ (17.6) (30.9) (123.8) (89.2) (141.4) (120.1) Included in: Noncurrent asset $ — — 15.1 17.7 15.1 17.7 Current liability, included in accrued liabilities 0.7 0.7 7.3 6.1 8.0 6.8 Noncurrent liability 16.9 30.2 131.6 100.8 148.5 131.0 Net pension liability $ 17.6 30.9 123.8 89.2 141.4 120.1 (a) During 2023, we terminated our defined-benefit pension plan in Ireland. Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) (In millions) U.S. Plans Non-U.S. Plans Total Years Ended December 31, 2023 2022 2023 2022 2023 2022 Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): Beginning of year $ (186.7) (228.3) (18.9) (61.3) (205.6) (289.6) Net actuarial gains (losses) arising during the year (2.1) 17.4 (24.0) 33.5 (26.1) 50.9 Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) 1.6 24.2 1.8 5.2 3.4 29.4 Foreign currency exchange effects — — (2.0) 3.7 (2.0) 3.7 End of year $ (187.2) (186.7) (43.1) (18.9) (230.3) (205.6) Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): Beginning of year $ — — (0.1) 0.1 (0.1) 0.1 Prior service credit (cost) from plan amendments during the year — — (0.5) (0.1) (0.5) (0.1) Foreign currency exchange effects — — (0.1) (0.1) (0.1) (0.1) End of year $ — — (0.7) (0.1) (0.7) (0.1) U.S. Plans The net actuarial losses of $2.1 million in 2023 and gains of $17.4 million in 2022 were mainly driven by changes in the primary U.S. pension plan. The 2023 net actuarial losses arose primarily from a lower discount rate at the end of the year ($18 million), which was largely offset by higher actual return on assets than expected ($13 million). The 2022 net actuarial gains arose primarily from a higher discount rate at the end of the year ($193 million), which was largely offset by lower actual return on assets than expected ($173 million). Non-U.S. Plans The net actuarial losses of $24.0 million in 2023 were primarily due to lower discount rates at the end of the year ($30 million), which were offset by actual return on assets being higher than expected ($10 million). The net actuarial gains of $33.5 million in 2022 were primarily due to higher discount rates at the end of the year ($133 million), largely offset by actual return on assets being lower than expected ($94 million). Information Comparing Plan Assets to Plan Obligations Information comparing plan assets to plan obligations as of December 31, 2023 and 2022 are aggregated below. The accumulated benefit obligation (“ABO”) differs from the PBO in that the ABO is based on the benefit earned through the date noted. The PBO includes assumptions about future compensation levels for plans that have not been frozen. The total ABO for our U.S. pension plans was $629.2 million in 2023 and $627.2 million in 2022. The total ABO for our Non-U.S. pension plans was $346.6 million in 2023 and $304.2 million in 2022. (In millions) U.S. Plans Non-U.S. Plans Total December 31, 2023 2022 2023 2022 2023 2022 Information for pension plans with an ABO in excess of plan assets: Fair value of plan assets $ 611.6 596.3 86.1 84.9 697.7 681.2 Accumulated benefit obligation 629.2 627.2 196.7 171.0 825.9 798.2 Projected benefit obligation 629.2 627.2 223.6 191.1 852.8 818.3 Assumptions The weighted-average assumptions used to determine the net pension cost and benefit obligations for our pension plans were as follows: U.S. Plans Non-U.S. Plans 2023 2022 2021 2023 2022 2021 Discount rate: Pension cost 5.4 % 2.8 % 2.4 % 5.4 % 2.8 % 2.3 % Benefit obligation at year end 5.1 % 5.4 % 2.8 % 4.9 % 5.4 % 2.8 % Expected return on assets – pension cost 7.00 % 7.00 % 7.00 % 4.59 % 3.76 % 3.55 % Average rate of increase in salaries (a): Pension cost N/A N/A N/A 1.9 % 1.6 % 1.9 % Benefit obligation at year end N/A N/A N/A 2.0 % 1.9 % 1.6 % (a) Salary scale assumptions are determined through historical experience and vary by age and industry. The U.S. plan benefits are frozen and will not increase due to future salary increases. Mortality Tables for our U.S. Retirement Benefits We use the Society of Actuaries base mortality tables for private sector plans, Pri-2012, and the Mercer modified MP-2021 projection scale, with a Blue Collar adjustment factor for the majority of our U.S. retirement plans and a White Collar adjustment factor for our nonqualified U.S. pension plan. Estimated Future Cash Flows Estimated Future Contributions from the Company into Plan Assets Our policy is to fund at least the minimum actuarially determined amounts required by applicable regulations. We do not expect to make contributions to our primary U.S. pension plan in 2024. We expect to contribute $9.7 million to our non-U.S. pension plans and $0.6 million to our nonqualified U.S. pension plan in 2024. Estimated Future Benefit Payments from Plan Assets to Beneficiaries Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2023, are as follows: (In millions) U.S. Plans Non-U.S. Plans Total 2024 $ 48.8 19.9 68.7 2025 48.6 19.6 68.2 2026 48.5 21.1 69.6 2027 48.2 22.4 70.6 2028 47.7 25.6 73.3 2029 through 2033 228.4 149.7 378.1 Retirement Benefits Other than Pensions Summary 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 operation 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. Components of Net Periodic Postretirement Cost The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows: (In millions) UMWA Plans Black Lung and Other Plans Total Years Ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost $ — — — $ 0.3 0.1 0.1 $ 0.3 0.1 0.1 Interest cost on APBO 11.1 10.3 9.8 5.3 3.7 3.2 16.4 14.0 13.0 Return on assets – expected (10.3) (13.2) (12.3) — — — (10.3) (13.2) (12.3) Amortization of losses 5.1 10.0 17.5 4.8 7.3 9.0 9.9 17.3 26.5 Amortization of prior service credit (11.0) (4.6) (4.7) (0.1) (0.3) (0.3) (11.1) (4.9) (5.0) Net periodic postretirement cost (credit) $ (5.1) 2.5 10.3 $ 10.3 10.8 12.0 $ 5.2 13.3 22.3 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 consolidated statements of operations. Obligations and Funded Status Changes in the accumulated postretirement benefit obligation (“APBO’) and plan assets related to retirement healthcare benefits are as follows: (In millions) UMWA Plans Black Lung and Other Plans Total Years Ended December 31, 2023 2022 2023 2022 2023 2022 APBO at beginning of year $ 233.9 397.4 89.2 113.0 323.1 510.4 Service cost — — 0.3 0.1 0.3 0.1 Interest cost 11.1 10.3 5.3 3.7 16.4 14.0 Plan amendments — (66.7) — — — (66.7) Benefits paid (19.8) (20.3) (8.0) (9.0) (27.8) (29.3) Actuarial (gains) losses, net (11.2) (86.8) 3.3 (18.9) (7.9) (105.7) Foreign currency exchange effects — — 1.2 0.3 1.2 0.3 APBO at end of year $ 214.0 233.9 91.3 89.2 305.3 323.1 Fair value of plan assets at beginning of year $ 139.0 178.0 — — 139.0 178.0 Return on assets – actual 14.2 (15.1) — — 14.2 (15.1) Employer contributions — — 8.0 9.0 8.0 9.0 Net transfers to (from) plan assets 2.7 (3.6) — — 2.7 (3.6) Benefits paid (19.8) (20.3) (8.0) (9.0) (27.8) (29.3) Fair value of plan assets at end of year $ 136.1 139.0 — — 136.1 139.0 Funded status $ (77.9) (94.9) (91.3) (89.2) (169.2) (184.1) Included in: Current, included in accrued liabilities $ — — 9.6 9.6 9.6 9.6 Noncurrent 77.9 94.9 81.7 79.6 159.6 174.5 Retirement benefits other than pension liability $ 77.9 94.9 91.3 89.2 169.2 184.1 Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) of our retirement benefit plans other than pensions are as follows: (In millions) UMWA Plans Black Lung and Other Plans Total Years Ended December 31, 2023 2022 2023 2022 2023 2022 Benefit plan net actuarial gain (loss) recognized in accumulated other comprehensive income (loss): Beginning of year $ (93.9) (162.4) (45.5) (71.6) (139.4) (234.0) Net actuarial gains (losses) arising during the year 15.1 58.5 (3.3) 18.9 11.8 77.4 Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) 5.1 10.0 4.8 7.3 9.9 17.3 Foreign currency exchange effects — — (0.4) (0.1) (0.4) (0.1) End of year $ (73.7) (93.9) (44.4) (45.5) (118.1) (139.4) Benefit plan prior service (cost) credit recognized in accumulated other comprehensive income (loss): Beginning of year $ 80.7 18.6 0.3 0.6 81.0 19.2 Prior service credit from plan amendments during the year — 66.7 — — — 66.7 Reclassification adjustment for amortization or curtailment of prior service cost included in net income (loss) (11.0) (4.6) (0.1) (0.3) (11.1) (4.9) Foreign currency exchange effects — — — — — — End of year $ 69.7 80.7 0.2 0.3 69.9 81.0 UMWA Plans The net actuarial gains of $15.1 million in 2023 arose primarily due to claim assumptions updates ($17 million) and higher actual return on assets than expected ($4 million), which were partially offset by lower discount rate at the end of the year ($5 million). The net actuarial gains of $58.5 million in 2022 arose primarily due to a higher discount rate at the end of the year ($78 million) and favorable medical claims experience ($12 million). This was partially offset by lower actual return on assets than expected ($28 million) and updates to the UMWA census data ($12 million). We recognized a prior service credit in 2022 associated with UMWA obligations due to a plan amendment that changed the medical plan to a group Medicare Advantage plan ($67 million), which reduced future expected net per capita claims costs. Black Lung and Other Plans We recognized net actuarial losses of $3.3 million in 2023. This was primarily due to a lower discount rate compared to the prior period ($2 million). We recognized net actuarial gains of $18.9 million in 2022. This was primarily due to a higher discount rate compared to the prior period ($18 million). Assumptions See Mortality Tables for our U.S. Retirement Benefits on page 84 The APBO for each of the plans was determined using the unit credit method and assumed rates as follows: 2023 2022 2021 Weighted-average discount rate: Postretirement cost: UMWA plans 5.4 % 2.8 % 2.3 % Black lung 5.4 % 2.7 % 2.2 % Weighted-average 5.6 % 2.9 % 2.4 % Benefit obligation at year end: UMWA plans 5.1 % 5.4 % 2.8 % Black lung 5.1 % 5.4 % 2.7 % Weighted-average 5.3 % 5.6 % 2.9 % Expected return on assets 8.00 % 8.00 % 8.00 % Healthcare Cost Trend Rates For UMWA plans, the assumed healthcare cost trend rate used to compute the 2023 APBO is 6.8% for 2024, declining to 5.0% in 2031 and thereafter (in 2022: 7.0% for 2023 declining to 5.0% in 2031 and thereafter). For the black lung obligation, the assumed healthcare cost trend rate used to compute the 2023 APBO was 5.0% (in 2022: 5.0%). Other plans in the U.S. provide for fixed-dollar value coverage for eligible participants and, accordingly, are not adjusted for inflation. For the Canadian plan, the assumed healthcare cost trend rate used to compute the 2023 APBO is 6.8% for 2024, declining to 5.0% in 2031 (in 2022: 7.0% for 2023, declining to 5.0% in 2031). For the Brazilian plan, the assumed healthcare cost trend rate used to compute the 2023 APBO is 4.8% (in 2022: 4.8%). We provide healthcare benefits to our UMWA retirees who are eligible for the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Medicare Act”) subsidy reimbursement under an employer group waiver plan (“EGWP”). Under this arrangement, a government approved health insurance provider receives the Medicare Act subsidy reimbursement on our behalf and passes these savings to us. Additionally, by providing healthcare benefits under an EGWP, we are able to benefit from the mandatory 50% discount that pharmaceutical companies must provide for Medicare Act-eligible prescription drugs. In 2022, we amended our UWMA plans by transferring the majority of our retirees from a self-insured medical plan to a fully insured group Medicare Advantage plan starting in 2023. As a result, we updated our claims assumption for the plan amendment as of December 31, 2022, which reduced our obligation by $66.7 million and was recognized as a prior service credit as of December 31, 2022. Cash Flows Estimated Contributions from the Company to Plan Assets Based on the funded status and assumptions at December 31, 2023, we expect the Company to contribute $9.6 million in cash to the plans to pay 2024 beneficiary payments for black lung and other plans. We do not expect to contribute cash to our UMWA plans in 2024 since we believe these plans have sufficient amounts held in trust to pay for beneficiary payments until 2036 based on actuarial assumptions. Our UMWA plans are not covered by ERISA or other funding laws or regulations that require these plans to meet funding ratios. Estimated Future Benefit Payments from Plan Assets to Beneficiaries Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2023, are as follows: (In millions) UMWA Plans Black Lung and Other Plans Total 2024 $ 18.5 9.6 28.1 2025 18.3 8.9 27.2 2026 18.1 8.3 26.4 2027 18.0 7.7 25.7 2028 17.9 7.2 25.1 2029 through 2033 83.2 30.5 113.7 Retirement Plan Assets U.S. Plans December 31, 2023 December 31, 2022 (In millions, except for percentages) Fair Value Level Total Fair Value % Actual Allocation % Target Allocation Total Fair Value % Actual Allocation % Target Allocation U.S. Pension Plans Cash, cash equivalents and receivables $ 3.8 — — 3.8 — — Equity securities: U.S. large-cap (a) 1 57.6 9 13 90.2 15 16 U.S. small/mid-cap (a) 1 15.4 3 4 27.9 5 5 International (a) 1 63.7 10 14 99.2 17 17 Emerging markets (b) 1 4.5 1 1 11.5 2 2 Dynamic asset allocation (c) 1 15.6 3 3 28.1 5 5 Fixed-income securities: Long duration - mutual fund (d) 1 317.4 62 60 189.4 44 45 Long duration - Treasury strips (d) 2 58.9 74.9 Other types of investments: Core property (g) (l) 33.0 5 2 36.2 6 5 Structured credit (h) (l) 41.7 7 3 35.1 6 5 Total $ 611.6 100 100 596.3 100 100 UMWA Plans Cash, cash equivalents and receivables $ — — — 0.2 — — Equity securities: U.S. large-cap (a) 1 29.3 22 24 25.6 18 22 U.S. small/mid-cap (a) 1 13.2 10 11 10.0 7 10 International (a) 1 32.1 24 26 28.2 20 24 Emerging markets (b) 1 5.1 3 4 4.9 4 4 Dynamic asset allocation (c) 1 8.9 7 7 8.5 6 7 Fixed-income securities: High yield (e) 1 2.6 2 2 2.4 2 2 Emerging markets (f) 1 5.1 4 4 5.0 4 4 Multi asset real return (i) 1 6.1 4 5 6.1 4 5 Other types of investments: Core property (g) (l) 14.7 10 5 20.6 15 10 Structured credit (h) (l) 8.3 6 5 12.8 9 5 Global private equity (j) (l) 9.6 7 7 11.9 9 7 Energy debt (k) (l) 1.1 1 — 2.8 2 — Total $ 136.1 100 100 139.0 100 100 (a) These categories include a passively managed U.S. large-cap equity mutual fund, an actively managed U.S. small/mid-cap equity and a Non-U.S. equity mutual fund that track various indices such as the S&P 500 Index, the Russell 2500 Index and the MSCI All Country World Ex-U.S. Index. (b) This category represents an actively managed mutual fund that invests primarily in equity securities of emerging market issuers. Emerging market countries are those countries that are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development or included in an emerging markets index by a recognized index provider. (c) This category represents an actively managed mutual fund that seeks to generate, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes based upon the manager's expectations of risk and return. The fund’s allocations among asset classes may be adjusted over short periods and can vary from multiple to a single asset class. (d) This category represents actively managed mutual funds that seek to duplicate the risk and return characteristics of an intermediate to a long-term fixed-income security portfolio with an approximate duration of 10 to15 years and longer. This is achieved by using an intermediate duration credit bond fund and a long duration credit bond mutual fund. This category also includes Treasury future contracts and zero-coupon securities created by the U.S. Treasury. (e) This category represents an actively managed mutual fund that invests primarily in fixed-income securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities and zero-coupon obligations. The fund’s average weighted maturity may vary and will generally not exceed ten years. (f) This category represents an actively managed mutual fund that invests primarily in U.S. dollar-denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. (g) This category represents an actively managed real estate fund of funds that seeks both current income and long-term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties. These properties are high-quality, low-leveraged, income-generating office, industrial, retail, and multi-family properties, generally fully-leased to creditworthy companies and governmental entities. (h) This category invests primarily in a diversified portfolio comprised primarily of collateralized loan obligations and other structured credit investments backed primarily by bank loans. (i) This category represents an actively managed mutual fund that invests primarily in fixed income and equity securities and commodity linked instruments. The category seeks total returns that exceed the rate of inflation over a full market cycle regardless of market conditions. (j) This category will offer exposure to a diversified pool of global private assets fund investments. Further, the category will seek to shorten the duration of the typical private assets fund of funds through a dedicated focus on secondary strategies (i.e. funds whose investment strategy is to purchase interests in other private market investments/funds as a way to provide the original investors liquidity prior to the end of those investments’/funds’ contracted end date), income-producing investment strategies (e.g. debt, real estate, and to a lesser extent, real assets), and underlying funds whose stated life is five (k) This category invests in credit securities of commodity oriented companies affected by the dislocation in the commodity markets with the investment objective of producing an equity like return with less downside risk than equity or commodity investments. (l) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. Assets of our U.S. plans are invested with an objective of maximizing the total return, taking into consideration the liabilities of the plan, and minimizing the risks that could create the need for excessive contributions. Plan assets are invested primarily using actively managed accounts with asset allocation targets listed in the tables above. Our policy does not permit the purchase of Brink’s common stock if immediately after any such purchase the aggregate fair market value of the plan assets invested in Brink’s common stock exceeds 10% of the aggregate fair market value of the assets of the plan, except as permitted by an exemption under ERISA. The plans rebalance their assets on a quarterly basis if actual allocations of assets are outside predetermined ranges. Among other factors, the performance of asset groups and investment managers will affect the long-term rate of return. In 2018, the UMWA plans re-locked their energy debt investment for another three years, which expired in 2022. We did not re-lock the energy debt investment as the fund intends to be fully liquidated in 2024. The global private equity investment cannot be redeemed due to the nature of the underlying investments. As the global private equity investment matures and becomes fully invested, liquidating distributions will be provided back to investors. We expect to receive liquidating distributions over the stated life of the underlying investments. We have $4 million in unfunded commitments related to the global private equity investment. Most of the investments of our U.S. retirement plans can be redeemed daily. The structured credit investments can be redeemed quarterly with 65 days’ notice. The core property fund investment can be redeemed quarterly with 105 days’ notice. We believe all plans have sufficient liquidity to meet the needs of the plans' beneficiaries in all market scenarios. Non-U.S. Plans December 31, 2023 December 31, 2022 (In millions, except for percentages) Total Fair Value % Actual Allocation % Target Allocation Total Fair Value % Actual Allocation % Target Allocation Non-U.S. Pension Plans Cash and cash equivalents $ 0.9 — — 0.7 — — Equity securities: U.S. equity funds (a) 7.4 9.6 Canadian equity funds (a) 1.6 3.6 European equity funds (a) 1.4 1.4 Other global equity funds (a) 9.6 15.4 Total equity securities 20.0 8 10 30.0 12 13 Fixed-income securities: Canadian fixed-income securities (b) 55.4 42.0 European fixed-income funds (c) 11.7 11.0 High-yield (d) 0.7 0.7 Emerging markets (e) 0.8 0.7 Long-duration (f) 61.4 59.5 Total fixed-income securities 130.0 50 49 113.9 47 47 Other types of investments: Guaranteed contract value (g) 82.6 32 34 75.8 31 33 Property funds (h) 11.1 10 7 9.6 10 7 Global infrastructure fund (i) 7.5 6.8 Other 7.2 8.7 Total other types of investments 108.4 100.9 Total $ 259.3 100 100 245.5 100 100 (a) These categories are comprised of equity index actively and passively managed funds that track various indices such as S&P 500 Composite Total Return Index, Russell 2500 Index, MSCI World Index, S&P/TSX Composite Index and others. Some of these funds use a dynamic asset allocation investment strategy seeking to generate total return over time by selecting investments from among a broad range of asset classes, investing primarily through the use of derivatives. (b) This category seeks to duplicate the risk and return characteristics of an intermediate to a long-term fixed-income security portfolio with an approximate duration of 10 to15 years and longer. This is achieved by using a mix of actively managed fixed income mutual funds, which invest in bonds issued by Canadian issuers, as well as Canadian-dollar denominated zero-coupon securities issued by the Canadian Federal and Provincial governments, and agencies thereof. (c) This category is primarily designed to generate income and exhibit volatility similar to that of the Sterling denominated bond market. This category primarily invests in investment grade or better securities. (d) This category consists of global high-yield bonds. This category invests in lower rated and unrated fixed income, floating rate and other debt securities issued by European and American companies. (e) This category consists of a diversified portfolio of debt securities issued by governments, financial institutions, companies or other entities domiciled in emerging market countries. (f) This category is designed to achieve a return consistent with holding longer term debt instruments. This category invests in interest rate and inflation derivatives, government-issued bonds, real-return bonds, and futures contracts. (g) This represents the guaranteed contract value of insurance contracts in the Netherlands pension plan. (h) This category offers exposure to limited partnerships invested in diversified real estate, participating mortgages, and property for development and resale. (i) This category is a limited partnership invested in fund of funds designed to acquire and maintain a diversified portfolio of global infrastructure investments (within targeted sub-sectors with varied maturities) that realizes a minimum of 10% annual return over a three-year rolling period. Asset allocation strategies for our non-U.S. plans are designed to accumulate a diversified portfolio among markets and asset classes in order to reduce market risk and increase the likelihood that pension assets are available to pay benefits as they are due. Assets of non-U.S. pension plans are invested primarily using actively managed accounts. The weighted-average asset allocation targets are listed in the table above, and reflect limitations on types of investments held and allocations among assets classes, as required by local regulation or market practice of the country where the assets are invested. Most of the investments of our non-U.S. retirement plans can be redeemed at least monthly, except for a portion of “Other” in the above table, which can be redeemed quarterly. Non-U.S. Plans - Fair Value Measurements (In millions) December 31, 2023 December 31, 2022 Quoted prices in active markets for identical assets (Level 1) $ 95.2 88.2 Significant other observable inputs (Level 2) 49.3 45.3 Guaranteed contract value (Level 3) (a) 82.6 75.8 Other insurance contract value (Level 3) (b) 3.0 2.7 Net asset value per share practical expedient (c) 29.2 33.5 Total fair value $ 259.3 245.5 (a) In 2020, we acquired operations in the Netherlands as part of the U.K.-based G4S plc ("G4S") acquisition. As a result, we acquired insurance contract assets related to the Netherlands pension plan. These investments are valued at the highest value available at year end, either the reported cash surrender value of the contract or the vested benefit obligation ("VBO"). The VBO for a defined benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee's expected date of separation or retirement. Both the cash surrender value and the VBO are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations. The contract is classified as a Level 3 investment. (b) In 2021, our Belgium plans invested in a traditional group insurance policy, where assets are invested in the insurers' main fund with a minimum guaranteed rate. The contracts are valued based on the weighted average return of each individual insured contract. The contract value is determined based on unobservable inputs.. The contract is classified as a Level 3 investment. (c) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. Savings Plans We sponsor various defined contribution plans to help eligible employees provide for retirement. We record expense for amounts that we contribute on behalf of employees, usually in the form of matching contributions. We matched the first 2% of employees' eligible contributions to our U.S. 401(k) plan. Our matching contribution expense is as follows: (In millions) Years Ended December 31, 2023 2022 2021 U.S. 401(K) $ 9.9 7.6 6.5 Other plans 10.7 11.5 12.6 Total $ 20.6 19.1 19.1 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Years Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations before income taxes U.S. $ 1.8 (44.3) (1.8) Foreign 234.0 270.5 237.3 Income from continuing operations before income taxes $ 235.8 226.2 235.5 Provision (benefit) for income taxes from continuing operations Current tax expense (benefit) U.S. federal $ 2.7 2.8 0.5 State 4.0 1.6 0.9 Foreign 109.8 99.3 104.3 Current tax expense 116.5 103.7 105.7 Deferred tax expense (benefit) U.S. federal 30.4 (59.3) 6.0 State (4.0) (0.1) 2.9 Foreign (3.7) (2.9) 5.7 Deferred tax expense (benefit) 22.7 (62.3) 14.6 Provision for income taxes of continuing operations $ 139.2 41.4 120.3 Years Ended December 31, (In millions) 2023 2022 2021 Comprehensive provision (benefit) for income taxes allocable to Continuing operations $ 139.2 41.4 120.3 Discontinued operations 0.5 (0.9) 0.6 Other comprehensive income (loss) (4.5) 55.9 55.3 Equity — — — Comprehensive provision for income taxes $ 135.2 96.4 176.2 Rate Reconciliation The following table reconciles the difference between the actual tax rate on continuing operations and the statutory U.S. federal income tax rate of 21% for 2023, 2022 and 2021. Years Ended December 31, (In percentages) 2023 2022 2021 U.S. federal tax rate 21.0 % 21.0 % 21.0 % Increases (reductions) in taxes due to: Foreign rate differential 4.7 7.5 7.6 Taxes on cross border income, net of credits 7.9 6.9 4.6 Adjustments to valuation allowances 18.5 (21.1) 6.7 Foreign income taxes 6.0 (0.7) 6.1 French business tax 0.4 0.8 0.7 State income taxes, net 0.6 0.7 0.9 Share-based compensation 1.8 1.3 0.2 Acquisition costs 0.2 — 0.5 Other (a) (2.1) 1.9 2.8 Actual income tax rate on continuing operations 59.0 % 18.3 % 51.1 % (a) No individual item is above a 5% threshold. Components of Deferred Tax Assets and Liabilities December 31, (In millions) 2023 2022 Deferred tax assets Pension liabilities $ 41.0 33.5 Retirement benefits other than pensions 19.7 23.8 Lease liabilities 88.2 80.9 Workers’ compensation and other claims 27.1 27.5 Property and equipment, net 44.3 54.1 Other assets and liabilities 136.4 113.3 Net operating loss carryforwards 57.2 53.4 Interest limitations and other tax carryforwards (a) 48.8 20.6 Foreign tax and other tax credits (b) 61.8 57.4 Subtotal 524.5 464.5 Valuation allowances (128.0) (77.3) Total deferred tax assets 396.5 387.2 Deferred tax liabilities Right-of-use assets, net 78.8 76.8 Goodwill and other intangibles 110.8 100.3 Other assets and miscellaneous 31.6 31.7 Deferred tax liabilities 221.2 208.8 Net deferred tax asset $ 175.3 178.4 Included in: Noncurrent assets $ 231.8 246.2 Noncurrent liabilities (56.5) (67.8) Net deferred tax asset $ 175.3 178.4 (a) U.S. interest limitation carryforward of $31.8 million has an unlimited carryforward and is not subject to a valuation allowance. In addition, foreign interest limitation and other tax carryforwards of $17.0 million have an unlimited carryforward and are subject to a full valuation allowance. (b) U.S. foreign tax credits of $55.8 million expire in various years between 2024 and 2032 and other remaining credits of $6.0 million have various expiration periods. The U.S. foreign tax credits and other credits have a valuation allowance of $45.3 million. Valuation Allowances Valuation allowances relate to deferred tax assets for certain federal credit carryforwards, certain state and non-U.S. jurisdictions. Based on our analysis of positive and negative evidence including historical and expected future taxable earnings, and a consideration of available tax-planning strategies, we believe it is more-likely-than-not that we will realize the benefit of the existing deferred tax assets, net of valuation allowances, at December 31, 2023. Years Ended December 31, (In millions) 2023 2022 2021 Valuation allowances: Beginning of year $ 77.3 141.5 128.1 Expiring tax credits (0.1) (0.2) (0.7) Acquisitions and dispositions (0.9) — (0.8) Changes in judgment about deferred tax assets (a) 32.5 (46.1) 8.8 Other changes in deferred tax assets, charged to: Income from continuing operations 11.3 (1.4) 7.4 Other comprehensive income (loss) 6.9 (13.9) (0.2) Foreign currency exchange effects 1.0 (2.6) (1.1) End of year $ 128.0 77.3 141.5 (a) Changes in judgment about valuation allowances are based on a recognition threshold of “more-likely-than-not” of realizing beginning-of-year balances of deferred tax assets. Amounts are recognized in income from continuing operations. The 2022 change in judgment includes the impact of the U.S. final foreign tax credit regulations. 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 our U.S. operations will no longer annually be generating new foreign tax credits in excess of its annual foreign tax credit utilization limit. As a result, we expected 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. The 2023 change in judgment includes the impact of Internal Revenue Notices which provide relief for foreign taxes paid in any taxable year beginning on or after December 28, 2021, and ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance). We determined a significant amount of the post-2021 foreign withholding taxes will now be eligible for U.S. foreign income tax credit treatment and therefore our U.S. operations will annually be generating new foreign tax credits which should be creditable in the year generated. As a result, we no longer expect to be able to utilize a substantial amount of our foreign tax credit carryforwards to offset the future tax prior to their expiration. Net Operating Losses The gross amount of the net operating loss carryforwards as of December 31, 2023, was $430.9 million. The tax benefit of net operating loss carryforwards, before valuation allowances, as of December 31, 2023, was $57.2 million, and expires as follows: (In millions) Federal State Foreign Total Years of expiration 2024-2028 $ — — 1.0 1.0 2029-2033 — 0.7 1.8 2.5 2034 and thereafter — 11.6 5.2 16.8 Unlimited 1.2 2.2 33.5 36.9 $ 1.2 14.5 41.5 57.2 Uncertain Tax Positions A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Years Ended December 31, (In millions) 2023 2022 2021 Uncertain tax positions: Beginning of year $ 23.5 28.9 14.0 Increases related to prior-year tax positions 2.1 1.2 3.0 Decreases related to prior-year tax positions (2.7) (2.9) (0.4) Increases related to current-year tax positions 2.4 2.3 5.2 Increases related to acquisitions — 0.3 11.8 Settlements — (2.4) (2.5) Effect of the expiration of statutes of limitation (2.5) (1.9) (1.6) Foreign currency exchange effects 0.7 (2.0) (0.6) End of year $ 23.5 23.5 28.9 Included in the balance of unrecognized tax benefits at December 31, 2023, are potential benefits of approximately $20.1 million that, if recognized, will reduce the effective tax rate on income from continuing operations. We recognize accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. We reverse interest and penalty accruals when a statute of limitation lapses or when we otherwise conclude the amounts should not be accrued. The impact of interest and penalties on the 2023, 2022 and 2021 tax provisions was not significant. We had accrued interest and penalties of $6.5 million at December 31, 2023, and $5.8 million at December 31, 2022. We file income tax returns in the U.S. federal and various state and foreign jurisdictions. As of December 31, 2023, we are subject to U.S. Federal income tax examination by tax authorities for the taxable year ending December 31, 2019, but with few exceptions, we are no longer subject to any state and local, or non-U.S. income tax examinations by tax authorities for years before 2019. Additionally, due to statute of limitations expirations and audit settlements, it is reasonably possible that approximately $4.1 million of currently remaining unrecognized tax positions may be recognized by the end of 2024. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following table presents our property and equipment that is classified as held and used: December 31, (In millions) 2023 2022 Land $ 54.3 49.9 Buildings 241.0 226.2 Leasehold improvements 291.2 271.7 Vehicles 805.0 755.2 Capitalized software (a) 269.1 237.0 DRS devices leased to customers 278.6 190.3 Other machinery and equipment 694.2 666.4 2,633.4 2,396.7 Accumulated depreciation and amortization (1,620.1) (1,461.4) Property and equipment, net $ 1,013.3 935.3 (a) Amortization of capitalized software costs included in continuing operations was $15.5 million in 2023, $16.1 million in 2022 and $14.5 million in 2021. |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions In 2022, we acquired United Kingdom-based business operations that manage ATMs. We also acquired net assets from an ATM and cash management solutions company in the U.S., which we have accounted for as a business combination. See details of the 2022 acquisitions below. We accounted for these acquisitions as 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 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. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Purchase consideration, excluding contingent consideration $ 179.4 Contingent consideration at acquisition-date fair value (a) 14.8 Fair value of purchase consideration $ 194.2 Fair value of net assets acquired Cash $ 6.8 Restricted cash 12.1 Accounts receivable 27.3 Other current assets 14.5 Property and equipment, net 38.2 Intangible assets (b) 84.2 Goodwill (c) 64.2 Other noncurrent assets 11.1 Current liabilities (37.0) Other noncurrent liabilities (27.2) Fair value of net assets acquired $ 194.2 (a) The contingent consideration has three 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 December 31, 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 June 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 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. PAI, Midco Inc. Acquisition On April 1, 2021, we acquired 100% of the capital stock of PAI Midco, Inc., which directly or indirectly owns 100% of the ownership interests in four additional entities (collectively, "PAI"), for approximately $216 million. PAI was the largest privately-held provider of ATM services in the U.S. and generated approximately $94 million in revenues in 2020. 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 PAI in the first quarter of 2022. There were no material changes in 2022 to the amounts previously disclosed. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid $ 215.5 Fair value of purchase consideration $ 215.5 Fair value of net assets acquired Cash $ 12.3 Accounts receivable 7.3 Other current assets 5.5 Property and equipment, net 14.6 Intangible assets (a) 95.0 Goodwill (b) 126.1 Other noncurrent assets 4.5 Current liabilities (41.2) Other noncurrent liabilities (8.6) Fair value of net assets acquired $ 215.5 (a) Intangible assets are composed of customer relationships ($60 million fair value and 10 year amortization period), developed technology ($26 million fair value and 12 year amortization period) and a trade name ($9 million fair value and 5 year amortization period). (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating PAI's operations with our existing Brink's U.S. operations. All goodwill has been assigned to the North America reporting unit. We expect less than $2 million of goodwill to be deductible for tax purposes. G4S Acquisitions On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of U.K.-based G4S, with closings planned in multiple phases in 2020. In March 2020, we acquired 100% of the capital stock of G4S International Logistics Group Limited, a company which directly or indirectly owns controlling interests in multiple businesses providing secure international transportation of valuables. In the second quarter of 2020, we acquired cash management operations from G4S located in the Netherlands, Belgium, Ireland, Hong Kong, Cyprus, Romania, the Czech Republic, Malaysia, the Dominican Republic and the Philippines. In the third quarter of 2020, we acquired operations in Indonesia, Estonia, Latvia and Lithuania. In the first quarter of 2021, we acquired operations in Macau, Luxembourg and Kuwait, which completed the remaining planned G4S transactions. For the majority of the acquisitions in 2020 and the first quarter of 2021, we acquired 100% of the ownership interests. In Malaysia, the Dominican Republic, the Philippines, Indonesia and Kuwait, we acquired ownership interests of less than 100%. We believe that we meet the accounting criteria for consolidating these subsidiaries. In the aggregate, the purchase consideration for the G4S acquisitions is $826 million. We also paid G4S approximately $114 million for net intercompany receivables from the acquired subsidiaries. The indemnification assets are primarily related to pre-acquisition income tax contingencies for which the seller has indemnified Brink's against loss. The G4S businesses acquired generated approximately $800 million in revenues in 2019. The contingent consideration noted in the following table below is related to the acquisition of the Malaysia operations. The 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 reflected in the table below is the full $22 million that remains potentially payable as of December 31, 2023 as we believe it is unlikely that the contingent consideration payments will be reduced. 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 in 2021 for the businesses we acquired in 2020. For the remaining businesses acquired from G4S in 2021, we finalized our purchase accounting in the first quarter of 2022. There were no material changes in 2022 to the amounts previously disclosed. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid through December 31, 2023 $ 816.9 Contingent consideration 22.0 Liabilities assumed from seller 2.9 Indemnification assets (15.9) Fair value of purchase consideration $ 825.9 Fair value of net assets acquired Cash $ 244.4 Restricted cash 30.1 Accounts receivable 145.8 Other current assets 30.8 Property and equipment, net 123.8 Right-of-use assets, net 77.5 Intangible assets (a) 207.0 Goodwill (b) 534.1 Other noncurrent assets 16.2 Current liabilities (296.3) Lease liabilities (68.1) Other noncurrent liabilities (103.9) Fair value of net assets acquired $ 941.4 Less: Fair value of noncontrolling interest (115.5) Fair value of purchase consideration $ 825.9 (a) Intangible assets are composed of customer relationships ($207 million fair value and 15 year amortization period). (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating G4S operations with our existing operations. Goodwill has been provisionally assigned to the Europe reporting unit ($191 million), the Rest of World reporting unit ($340 million) and the Latin America reporting unit ($3 million). We do not currently expect goodwill in these reporting units to be deductible for tax purposes. Actual and Pro Forma (unaudited) disclosures Below are the actual results included in Brink's consolidated results for the 2022 NoteMachine acquisition. (In millions) Revenue Net income attributable to Brink's Actual results included in Brink's consolidated 2023 and 2022 results for businesses acquired in the same year from the date of acquisition Twelve months ended December 31, 2023 NoteMachine $ 142.3 (1.0) Total $ 142.3 (1.0) Twelve months ended December 31, 2022 NoteMachine $ 35.2 2.1 Total $ 35.2 2.1 The pro forma consolidated results of Brink’s presented below are unaudited and reflect a hypothetical ownership on January 1, 2021 of the businesses we acquired during 2022. (In millions) Revenue Net income attributable to Brink's Pro forma results of Brink's for the twelve months ended December 31, 2023 Brink's as reported $ 4,874.6 87.7 NoteMachine (a) — — Total $ 4,874.6 87.7 2022 Brink's as reported $ 4,535.5 170.6 NoteMachine (a) 109.2 9.9 Total $ 4,644.7 180.5 (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 Cash-in-transit ("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 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 2023, we recognized a $4.9 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 this amount when evaluating internal performance, we have excluded the amounts from segment results. Acquisition costs We have incurred $4.2 million in transaction costs related to business acquisitions in 2023 ($5.6 million in 2022 and $6.5 million in 2021). These costs are classified in the consolidated statements of operations as selling, general and administrative expenses. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2023 and 2022 are as follows: December 31, 2023 (In millions) Beginning Balance Acquisitions/ Dispositions (a) Currency Ending Balance Goodwill: North America $ 477.5 — 0.2 477.7 Latin America 220.3 — 10.5 230.8 Europe 351.1 1.9 11.9 364.9 Rest of World 402.0 (0.5) (1.1) 400.4 Total Goodwill $ 1,450.9 1.4 21.5 1,473.8 (a) Includes adjustments related to the finalization of valuations in prior year acquisitions ($1.9 million increase in Europe). December 31, 2022 (In millions) Beginning Balance Acquisitions/ Dispositions (a) Currency Ending Balance Goodwill: North America $ 474.9 3.1 (0.5) 477.5 Latin America 214.1 2.7 3.5 220.3 Europe 302.5 61.3 (12.7) 351.1 Rest of World 420.2 (0.1) (18.1) 402.0 Total Goodwill $ 1,411.7 67.0 (27.8) 1,450.9 (a) Includes adjustments related to the finalization of valuations in prior year acquisitions ($0.8 million decrease in North America and $0.1 million decrease in Rest of World ). Intangible Assets The following table summarizes our other intangible assets by category: December 31, 2023 December 31, 2022 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-average amortization period Customer relationships $ 648.0 (238.9) 409.1 $ 639.2 (187.6) 451.6 9.2 Indefinite-lived trade names 9.1 — 9.1 7.9 — 7.9 — Finite-lived trade names 40.3 (22.5) 17.8 38.9 (16.3) 22.6 3.1 Developed technology 65.3 (13.0) 52.3 60.7 (7.4) 53.3 8.7 Other 4.3 (4.3) — 4.2 (4.1) 0.1 — Total $ 767.0 (278.7) 488.3 $ 750.9 (215.4) 535.5 Total amortization expense for our finite-lived intangible assets was $57.8 million in 2023 and $52 million in 2022. Our estimated aggregate amortization expense for finite-lived intangibles recorded at December 31, 2023, for the next five years is as follows: (In millions) 2024 2025 2026 2027 2028 Amortization expense $ 54.8 54.2 51.9 49.1 46.1 |
Prepaid Expenses and Other
Prepaid Expenses and Other | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expense, Current [Abstract] | |
Prepaid Expenses and Other | Prepaid Expenses and Other December 31, (In millions) 2023 2022 Prepaid expenses $ 177.0 169.5 Derivative instruments 28.5 41.0 Income tax receivable 17.3 26.3 Other 102.9 87.9 Prepaid expenses and other $ 325.7 324.7 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Assets | Other Assets December 31, (In millions) 2023 2022 Sale-type lease receivables $ 82.3 66.3 Deposits 30.4 27.4 Loans held for investment (see Note 20) 25.2 38.6 Marketable securities 16.9 39.3 Prepaid pension assets 15.1 17.7 Indemnification assets 11.2 16.3 Derivative instruments 6.9 11.1 Other 80.6 69.5 Other assets $ 268.6 286.2 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables provide the components of other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings: 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) 2023 Amounts attributable to Brink's: Benefit plan adjustments $ (17.4) 4.3 2.2 (0.6) (11.5) Foreign currency translation adjustments 65.6 4.0 (5.2) 1.2 65.6 Gains (losses) on available-for-sale securities (0.8) (3.7) 5.0 (1.7) (1.2) Gains (losses) on cash flow hedges 1.9 (0.8) (11.3) 1.8 (8.4) 49.3 3.8 (9.3) 0.7 44.5 Amounts attributable to noncontrolling interests: Benefit plan adjustments — — (0.1) — (0.1) Foreign currency translation adjustments (2.2) — — — (2.2) (2.2) — (0.1) — (2.3) Total Benefit plan adjustments (a) (17.4) 4.3 2.1 (0.6) (11.6) Foreign currency translation adjustments (b) 63.4 4.0 (5.2) 1.2 63.4 Gains (losses) on available-for-sale securities (c) (0.8) (3.7) 5.0 (1.7) (1.2) Gains (losses) on cash flow hedges (d) 1.9 (0.8) (11.3) 1.8 (8.4) $ 47.1 3.8 (9.4) 0.7 42.2 2022 Amounts attributable to Brink's: Benefit plan adjustments $ 197.3 (45.4) 41.5 (10.1) 183.3 Foreign currency translation adjustments (6.5) 2.7 (5.8) 1.4 (8.2) Gains (losses) on available-for-sale securities (1.2) 0.5 0.3 (0.1) (0.5) Gains (losses) on cash flow hedges 25.2 (0.8) 12.4 (4.1) 32.7 214.8 (43.0) 48.4 (12.9) 207.3 Amounts attributable to noncontrolling interests: Benefit plan adjustments 0.4 — — — 0.4 Foreign currency translation adjustments (6.7) — — — (6.7) (6.3) — — — (6.3) Total Benefit plan adjustments (a) 197.7 (45.4) 41.5 (10.1) 183.7 Foreign currency translation adjustments (b) (13.2) 2.7 (5.8) 1.4 (14.9) Gains (losses) on available-for-sale securities (c) (1.2) 0.5 0.3 (0.1) (0.5) Gains (losses) on cash flow hedges (d) 25.2 (0.8) 12.4 (4.1) 32.7 $ 208.5 (43.0) 48.4 (12.9) 201.0 See page 102 Amounts Arising During the Current Period Amounts Reclassified to Net Income (Loss) Pretax Income Tax Pretax Income Tax Total Other Comprehensive Income (Loss) 2021 Amounts attributable to Brink's: Benefit plan adjustments $ 120.5 (28.0) 64.6 (16.3) 140.8 Foreign currency translation adjustments (52.6) (6.8) (4.1) 1.0 (62.5) Gains (losses) on available-for-sale securities (0.1) — — — (0.1) Gains (losses) on cash flow hedges 8.1 (2.5) 11.0 (2.7) 13.9 75.9 (37.3) 71.5 (18.0) 92.1 Amounts attributable to noncontrolling interests: Benefit plan adjustments (0.4) — — — (0.4) Foreign currency translation adjustments (2.2) — — — (2.2) (2.6) — — — (2.6) Total Benefit plan adjustments (a) 120.1 (28.0) 64.6 (16.3) 140.4 Foreign currency translation adjustments (b) (54.8) (6.8) (4.1) 1.0 (64.7) Gains (losses) on available-for-sale securities (c) (0.1) — — — (0.1) Gains (losses) on cash flow hedges (d) 8.1 (2.5) 11.0 (2.7) 13.9 $ 73.3 (37.3) 71.5 (18.0) 89.5 (a) The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income (loss). Net periodic retirement benefit cost also includes service cost, interest cost, expected returns on assets, and settlement costs. 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 income (expense): December 31, (In millions) 2023 2022 2021 Total net periodic retirement benefit cost included in: Cost of revenues $ 5.9 6.3 7.2 Selling, general and administrative expenses 2.0 1.9 2.0 Interest and other nonoperating income (expense) 0.5 16.7 38.7 (b) 2023 foreign currency translation adjustment amounts reflect primarily the appreciation of the Mexican peso, the Brazilian real, the British pound, and the euro. 2022 foreign currency translation adjustment amounts reflect primarily the devaluation of the British pound and the Chilean peso, partially offset by appreciation of the Mexican peso and the Brazilian real. 2021 foreign currency translation adjustment amounts reflect primarily the devaluation of the euro, the Chilean peso, the Brazilian real and the Mexican peso. (c) Unrealized gains and losses on available-for-sale debt securities are initially recognized in accumulated other comprehensive income (loss). When sold, gains and losses are then realized and reclassified to the consolidated statement of operations in the same period. Pretax amounts are classified in the consolidated statements of operations as interest and other income (expense). We realized a $5.0 million loss in 2023, a $0.3 million loss in 2022 and no gain or loss in 2021 on sales of available-for-sale debt securities. (d) Pretax gains and losses on cash flow hedges are classified in the consolidated statements of operations as • other operating income (expense) ($7.8 million loss in 2023, $8.9 million loss in 2022 and $0.1 million gain in 2021.) • interest expense ($19.1 million reduction to expense in 2023, $3.5 million of expense in 2022 and $11.1 million in 2021.) The changes in accumulated other comprehensive loss attributable to Brink’s are as follows: (In millions) Benefit Plan Adjustments Foreign Currency Translation Adjustments Gains (Losses) on Available-for-Sale Securities Gains (Losses) on Cash Flow Hedges Total Balance as of December 31, 2020 $ (614.8) (363.2) — (22.0) (1,000.0) Other comprehensive income (loss) before reclassifications 92.5 (59.4) (0.1) 5.6 38.6 Amounts reclassified from accumulated other comprehensive loss to net income (loss) 48.3 (3.1) — 8.3 53.5 Other comprehensive income (loss) attributable to Brink's 140.8 (62.5) (0.1) 13.9 92.1 Balance as of December 31, 2021 (474.0) (425.7) (0.1) (8.1) (907.9) Other comprehensive income (loss) before reclassifications 151.9 (3.8) (0.7) 24.4 171.8 Amounts reclassified from accumulated other comprehensive loss to net income (loss) 31.4 (4.4) 0.2 8.3 35.5 Other comprehensive income (loss) attributable to Brink's 183.3 (8.2) (0.5) 32.7 207.3 Acquisitions of noncontrolling interests — 0.1 — — 0.1 Balance as of December 31, 2022 (290.7) (433.8) (0.6) 24.6 (700.5) Other comprehensive income (loss) before reclassifications (13.1) 69.6 (4.5) 1.1 53.1 Amounts reclassified from accumulated other comprehensive loss to net income (loss) 1.6 (4.0) 3.3 (9.5) (8.6) Other comprehensive income (loss) attributable to Brink's (11.5) 65.6 (1.2) (8.4) 44.5 Balance as of December 31, 2023 $ (302.2) (368.2) (1.8) 16.2 (656.0) |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
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 financial statements and are included in other assets on the consolidated balance sheet. 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: December 31, (In millions) 2023 2022 $600 million Senior unsecured notes Carrying value $ 600.0 600.0 Fair value 554.6 528.7 $400 million Senior unsecured notes Carrying value $ 400.0 400.0 Fair value 382.0 369.0 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 December 31, 2023, the notional value of our outstanding foreign currency forward and swap contracts was $678 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. Amounts under these contracts were recognized in other operating income (expense) as follows: Twelve Months Ended December 31, (In millions) 2023 2022 2021 Derivative instrument gains included in other operating income (expense) $ 21.3 42.0 24.2 In the first quarter of 2019, we entered into a long term cross currency swap contract to hedge exposure in Brazilian real. This cross currency swap contract matured and was fully settled in the fourth quarter of 2023. The swap contract was designated as a cash flow hedge for accounting purposes and changes in the fair value of the cash flow hedge were initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss). We immediately reclassified 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 reclassified amounts from accumulated other comprehensive income (loss) to interest expense that were associated with the interest rate differential between a U.S. dollar denominated intercompany loan and a Brazilian real denominated intercompany loan. At December 31, 2022, the fair value of this cross currency swap contract was an asset of $14.6 million and was included in prepaid expenses and other on the consolidated balance sheet. Before final settlement occurred in the fourth quarter of 2023, amounts under this contract were recognized in other operating income (expense) to offset transaction gains or losses and in interest expense as follows: Twelve Months Ended December 31, (In millions) 2023 2022 2021 Derivative instrument gains (losses) included in other operating income (expense) $ (7.9) (8.9) 0.2 Offsetting transaction gains (losses) 7.9 8.9 (0.2) Derivative instrument losses included in interest expense (0.8) (1.3) (1.3) Net derivative instrument losses (8.7) (10.2) (1.1) In the first quarter of 2019, we entered into ten interest rate swaps with a maturity date of January 2024. These interest rate swaps 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 December 31, 2023, the notional value of these contracts was $400 million with a remaining weighted-average maturity of 0.1 years. At December 31, 2023, the fair value of these interest rate swaps was a net asset of $1.1 million which was included in prepaid expenses and other on the 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 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 will be amortized to earnings on a ratable and systematic basis through the maturity date of the new interest rate swaps in June 2027. At December 31, 2023, the notional value of these contracts was $200 million with a remaining weighted-average maturity of 1.8 years. At December 31, 2023, the fair value of these interest rate swaps was a net asset of $12.2 million, of which $5.8 million was included in prepaid expenses and other and $6.4 million was included in other assets on the 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 of 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 December 31, 2023, the notional value of these contracts was $175 million with a remaining weighted-average maturity of 1.8 years. At December 31, 2023, the fair value of these interest rate swaps was a net asset of $0.1 million, of which $1.9 million was included in prepaid expenses and other and $1.8 million was included in other liabilities on the 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 consolidated balance sheet. In the second quarter of 2023, we entered into eight forward-starting interest rate swaps which became 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 matured on the same date in January 2024 that the forward-starting swaps became 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 December 31, 2023, the notional value of these contracts was $400 million with a remaining weighted-average maturity of 1.8 years. At December 31, 2023, the fair value of these interest rate swaps was an asset of $5.7 million, of which $5.4 million was included in prepaid expenses and other and $0.3 million was included in other assets on the 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 the third quarter of 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 value 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 value of $215 million will terminate in May 2026 and swaps with a total notional value of $185 million will terminate in April 2031. We have designated these swaps as net investment hedges for accounting purposes. In the third quarter of 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 December 31, 2023, the notional value of these cross currency swap contracts was $400 million with a remaining weighted average maturity of 2.0 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 December 31, 2023, the fair value of these cross currency swaps was a net liability of $34.6 million, of which $5.6 million was included in prepaid expenses and other and $40.2 million was included in other liabilities on the 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 consolidated balance sheet. At December 31, 2023, the fair value of the zero cost collar was an asset of $0.1 million included in other assets on the consolidated balance sheet. In the fourth quarter of 2023, we entered into a foreign exchange forward swap contract to hedge a portion of our net investments in certain of our subsidiaries with Hong Kong dollar functional currencies. As the contract is designated as a net investment hedge for accounting purposes, we will use the spot method to assess effectiveness of this derivative contract. We will record changes in fair value attributable to changes in the Hong Kong dollar undiscounted spot rates in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) with amounts remaining in accumulated comprehensive income (loss) 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 the foreign exchange forward swap contract. At December 31, 2023, the notional value of this foreign exchange forward swap contract was $55 million with a remaining weighted average maturity of 0.9 years. At December 31, 2023, the fair value of this derivative contract was an asset of $0.1 million which was included in prepaid expenses and other on the 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 and foreign exchange forward swap contract is included in interest expense as follows: Twelve Months Ended December 31, (In millions) 2023 2022 2021 Interest rate swaps designated as cash flow hedges $ (19.9) 2.2 9.8 Cross currency swaps designated as net investment hedges (5.2) (5.8) (4.1) Net derivative instrument (gains) losses included in interest expense $ (25.1) (3.6) 5.7 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. The majority of cash flows associated with our forward and swap contracts are included as changes in other operating activities in the consolidated statements of cash flows. If a contract has a significant financing element, cash flows are included within the financing activities section of the consolidated statements of cash flows. 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 December 31, 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 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 $10 million of the contingent consideration has been paid through December 31, 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 2023. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Accrued Liabilities December 31, (In millions) 2023 2022 Cash supply chain deposit liability (a) $ 167.8 156.3 Cash held by cash management services operations (b) 166.2 85.2 Payroll and other employee liabilities 151.9 175.8 Taxes, except income taxes 134.9 127.0 Operating lease liabilities 79.5 74.7 Income taxes payable 37.8 25.7 Accrued interest 34.5 31.7 Workers’ compensation and other claims 31.7 30.1 ATM surcharge/interchange payables 27.7 26.6 Contract liability 21.4 17.0 Retirement benefits 17.6 16.4 Chile antitrust matter (c) 10.3 10.2 Derivative instruments 9.8 10.5 Acquisition and disposition related obligations 2.0 21.4 Other 233.8 210.8 Accrued liabilities $ 1,126.9 1,019.4 (a) In France, we offer services to certain customers requiring us to take temporary title to the cash received from the management of our customers' cash supply chains. 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. (b) Title to cash received and processed in certain of our secure cash management services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we record a liability while the cash is in our possession. (c) |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities December 31, (In millions) 2023 2022 Workers’ compensation and other claims $ 72.6 72.6 Derivative instruments 42.0 18.3 Asset retirement and remediation obligations 33.3 31.9 Acquisition-related obligations 22.8 21.5 Noncurrent tax liabilities 21.8 19.3 Deferred compensation 12.0 20.0 Post-employment benefits 6.4 5.9 Other 33.7 35.1 Other liabilities $ 244.6 224.6 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt December 31, (In millions) 2023 2022 Debt: Short-term borrowings Other (year end weighted average interest rate of 6.5% in 2023 and 4.3% in 2022) $ 151.7 47.2 Total short-term borrowings $ 151.7 47.2 Long-term debt Bank credit facilities: Term loan A (year-end weighted average interest rate of 7.0% in 2023 and 5.7% in 2022) less unamortized issuance cost of $4.0 million in 2023 and $5.1 million in 2022 $ 1,343.5 1,377.4 Senior unsecured notes (year-end effective interest rate of 4.6% and 5.5% respectively for "2017 Senior Notes" and "2020 Senior Notes" in 2023 and 2022) less unamortized issuance cost of $5.6 million in 2023 and $7.9 million in 2022 994.4 992.1 Revolving Credit Facility (year-end weighted average interest rate of 6.3% in 2023 and 5.5% in 2022) 542.1 646.9 Other facilities (year-end weighted-average interest rate of 5.9% in 2023 and 4.8% in 2022) (a) 265.8 147.0 Financing leases (year-end weighted-average interest rate of 6.2% in 2023 and 5.5% in 2022) 233.8 192.2 Total long-term debt $ 3,379.6 3,355.6 Total Debt $ 3,531.3 3,402.8 Included in: Current liabilities $ 268.8 129.6 Noncurrent liabilities 3,262.5 3,273.2 Total debt $ 3,531.3 3,402.8 (a) Other facilities includes $209.3 million related to the Brink’s Capital credit facility at December 31, 2023, compared to $106.8 million at December 31, 2022. The facility had $7,110.5 million in borrowings and $7,008.1 million in repayments in 2023, which is reflected in the long-term revolving credit facilities movement in the 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 December 31, 2023, $458 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 December 31, 2023. The margin on alternate base rate borrowings, which can range from 0.25% to 0.75%, was 0.50% as of December 31, 2023. We also pay an annual 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 December 31, 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, bearing 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 and Bank Guarantee Facilities We have two committed letters of credit facilities totaling $38 million, of which approximately $8 million was available at December 31, 2023. At December 31, 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 $23 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 December 31, 2023. At December 31, 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. Minimum repayments of long-term debt are as follows: (In millions) Financing leases Other long-term debt Total 2024 $ 57.5 59.6 117.1 2025 51.1 703.0 754.1 2026 41.7 76.6 118.3 2027 30.1 2,302.7 2,332.8 2028 19.8 3.6 23.4 Later years 33.6 9.8 43.4 Total $ 233.8 3,155.3 3,389.1 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 December 31, 2023. Financing Leases Property and equipment acquired under financing leases are included in property and equipment as follows: December 31, (In millions) 2023 2022 Asset class: Buildings $ 9.4 6.3 Vehicles 395.9 332.9 Machinery and equipment 82.9 49.5 488.2 388.7 Less: accumulated amortization (204.5) (170.8) Total $ 283.7 217.9 |
Accounts Receivable and Credit
Accounts Receivable and Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Accounts Receivable and Credit Losses | Accounts Receivable and Credit Losses Accounts receivable December 31, (In millions) 2023 2022 Trade $ 684.6 759.5 Other 124.8 141.0 Total accounts receivable 809.4 900.5 Allowance for doubtful accounts (30.4) (38.3) Accounts receivable, net $ 779.0 862.2 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 receivable 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 receivable balances that were not contemplated or relevant during a previous period. In the first quarter of 2022, as many of our regions began to recover from the COVID-19 pandemic, we re-assessed earlier assumptions and estimates, and we further refined our methodology of estimating the allowance for doubtful accounts. Our updated method 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 noted an increase in accounts receivable significantly past due, particularly in the U.S., and we recorded an additional allowance of $16.7 million. In the subsequent quarters of 2022, the additional allowance was reduced by $1.1 million as a result of collections. The following table is a rollforward of the allowance for doubtful accounts: Years Ended December 31, (In millions) 2023 2022 2021 Allowance for doubtful accounts: Beginning of year $ 38.3 16.9 30.7 Provision for uncollectible accounts receivable 12.8 22.3 3.4 Write offs and recoveries (21.1) (3.4) (16.2) Other — 3.2 — Foreign currency exchange effects 0.4 (0.7) (1.0) End of year $ 30.4 38.3 16.9 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases We lease facilities, vehicles, certain DRS devices, ATMs, computers and other equipment under long-term operating and financing leases with varying terms. Most of the leases contain renewal and/or purchase options, exercisable at our sole discretion. The renewal periods differ by asset class and by country and are included in our determination of lease term if we determine we are reasonably certain to exercise the option. We have taken the component election for all material asset categories, except certain DRS devices. This election allows us to account for lease components (e.g., fixed payments or variable payments that depend on a rate that can be determined at commencement, including rent for the right to use the asset) together with non-lease components (e.g., other fixed payments that deliver a good or service including common-area maintenance costs) in the calculation of the right-of-use asset and corresponding liability. Variable costs, such as inflation adjusted payments for facilities, or non-lease components that vary periodically (included as part of the component election), are expensed as incurred. Our leases do not contain any material residual value guarantees or material restrictive covenants. The components of lease assets and liabilities were as follows: December 31, (In millions) Balance sheet classification 2023 2022 Assets: Operating lease assets Right-of-use assets, net $ 337.7 $ 314.5 Finance lease assets Property and equipment, net 283.7 217.9 Total leased assets $ 621.4 $ 532.4 Liabilities: Current: Operating Accrued liabilities $ 79.5 $ 74.7 Financing Current maturities of long-term debt 57.5 43.0 Noncurrent: Operating Lease liabilities 265.8 249.9 Financing Long-term debt 176.3 149.2 Total lease liabilities $ 579.1 $ 516.8 The components of lease expense were as follows: Years Ended December 31, (In millions) 2023 2022 2021 Operating lease cost (a) $ 153.4 $ 133.6 $ 149.4 Short-term lease cost 25.5 28.9 21.2 Finance lease cost: Amortization of related assets 44.5 37.9 38.3 Interest on related liabilities 14.0 10.1 9.5 Total lease cost $ 237.4 $ 210.5 $ 218.4 (a) Includes variable lease costs, which are immaterial. Other information related to leases was as follows: Years Ended December 31, (In millions, except for lease term and discount rate) 2023 2022 2021 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 107.9 $ 106.1 $ 96.5 Operating cash flows from finance leases 14.0 10.1 9.5 Financing cash flows from finance leases 55.5 48.2 43.0 Right-of-use assets obtained in exchange for lease obligations: Operating leases 104.3 101.0 54.0 Finance leases 92.0 65.7 85.9 Weighted Average Remaining Lease Term Operating leases 6.5 years 6.3 years 6.7 years Finance leases 4.7 years 4.7 years 4.8 years Weighted Average Discount Rate Operating leases 6.8 % 6.5 % 6.4 % Finance leases 6.2 % 5.5 % 4.4 % As of December 31, 2023, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows: (In millions) Facilities DRS Devices Other Total 2024 $ 73.3 15.2 11.9 100.4 2025 59.0 11.2 8.0 78.2 2026 48.2 8.9 5.9 63.0 2027 38.8 5.8 3.5 48.1 2028 29.3 1.9 1.6 32.8 Later years 107.6 — 0.3 107.9 Total Lease Payments $ 356.2 43.0 31.2 430.4 Less: Interest 77.3 4.5 3.3 85.1 Present value of lease liabilities $ 278.9 $ 38.5 27.9 345.3 As of December 31, 2023, minimum repayments of long-term debt under financing leases were as follows: (In millions) 2024 $ 69.7 2025 59.9 2026 47.5 2027 33.5 2028 21.7 Later years 38.7 Total Finance Lease Payments $ 271.0 Less: Interest 37.2 Present value of finance lease liabilities $ 233.8 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
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 permit 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. There are 2.3 million shares underlying the 2017 Plan that are authorized, but not yet granted. Outstanding awards at December 31, 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 consolidated statements of operations. Compensation expenses for the last three years and the amount of unrecognized expense for awards outstanding at December 31, 2023, were as follows: Compensation Expense Unrecognized Expense for Nonvested Awards at Weighted-average No. of Years Unrecognized Expense to be Recognized Years Ended December 31, Dec 31, 2023 (in millions except years) 2023 2022 2021 Performance share units $ 20.3 34.9 22.3 $ 19.5 1.6 Restricted stock units 10.4 12.0 8.5 8.0 1.4 Deferred stock units and fees paid in stock 1.4 1.3 1.3 0.4 0.3 Performance-based options — — 0.3 — — Time-based options — 0.4 0.7 — — Cash based awards 2.8 1.3 1.0 1.9 1.5 Share-based payment expense 34.9 49.9 34.1 Income tax benefit (7.9) (11.5) (8.1) Share-based payment expense, net of tax $ 27.0 38.4 26.0 Value of Distributed or Exercised Awards The value of shares distributed or options exercised in the last three years is as follows: Value of Shares Distributed or Exercised (a) Years Ended December 31, (in millions) 2023 2022 2021 Performance share units $ 16.3 10.0 17.7 Restricted stock units 8.5 9.2 5.8 Deferred stock units and fees paid in stock 1.0 0.6 2.8 Performance-based options (a) 3.0 15.2 0.4 Time-based vesting options (a) 0.1 — — Total $ 28.9 35.0 26.7 Income tax benefit realized $ 7.0 8.1 6.1 (a) Intrinsic value for options. Restricted Stock Units (“RSUs”) We granted RSUs to select senior executives and employees in the last three years that contain only a service condition. RSUs are paid out in shares of Brink’s stock when the awards vest. For RSUs granted during the last three years, the units generally vest ratably in three The following table summarizes RSU activity during 2023: Shares (in thousands) Weighted-Average Grant Date Fair Value Per Share Nonvested balance as of December 31, 2022 309.3 $ 67.25 Activity from January 1 to December 31, 2023: Granted 195.2 65.77 Forfeited (43.4) 65.32 Vested (140.9) 68.88 Nonvested balance as of December 31, 2023 320.2 $ 65.89 Performance Share Units (“PSUs”) We granted Internal Metric PSUs ("IM PSUs") and Total Shareholder Return PSUs ("TSR PSUs") to certain senior executives and employees in the last three years. 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. IM PSUs granted in 2023, 2022. and 2020 have a three year performance period. IM PSUs granted in 2021 have a two year performance period with an additional one year of service. 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. IM PSUs will be paid out in shares of Brink’s stock when the awards vest. For the IM PSUs granted in 2023, 2022 and 2021, the number of shares paid out ranges from 0% to 200% of an employee’s award, depending on the achievement of pre-established financial goals over the performance period. Shares are not paid out if the financial results do not meet a pre-established threshold level of performance. 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. TSR PSUs granted have a three year performance period and typically vest at the end of three years. TSR PSUs are paid out in shares of Brink’s stock when the awards vest. The number of shares paid out ranges from 0% to 200% of an employee's award depending on Brink's relative TSR rank among a selected peer group. The following table summarizes all PSU activity during 2023: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested balance as of December 31, 2022 726.0 $ 76.66 Activity from January 1 to December 31, 2023: Granted 235.4 69.10 Forfeited or expired (a) (91.4) 80.20 Vested (b) (171.5) 82.75 Nonvested balance as of December 31, 2023 698.5 $ 72.15 (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 provides the terms and weighted-average assumptions used in the Monte Carlo simulation model for the TSR PSUs granted in 2022 and 2021 and IM PSUs with a market condition granted in 2023: Terms and Assumptions Used to Estimate Grant Date Fair Value 2023 IM PSUs (a) 2022 TSR PSUs 2021 TSR PSUs Terms of awards: Performance period Jan. 1, 2023 to Jan. 1, 2022 to Jan. 1, 2021 to Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2023 Weighted-average assumptions used to estimate fair value: Expected dividend yield (b) 1.2 % 1.2 % 0.8 % Expected stock price volatility (c) 41.9 % 48.5 % 48.9 % Risk-free interest rate (d) 4.5 % 1.8 % 0.2 % Contractual term in years 2.8 2.8 2.9 Weighted-average fair value estimates at grant date: In millions $ 8.5 $ 3.4 $ 2.7 Fair value per share $ 72.51 $ 87.31 103.83 (a) In 2023, we granted IM PSUs to certain employees which contain a market condition. (b) The stock price projection in the Monte Carlo simulation model assumed a 0% dividend yield, which is mathematically equivalent to reinvesting dividends over the performance period. For the valuation of these PSUs with market conditions, because the holders of the awards have no rights to any dividend paid during the vesting period, we applied a dividend yield in the Monte Carlo simulation model to reduce the projected stock price as of the grant date. (c) The expected stock price volatility was calculated on the grant date for the most recent term equivalent to the contractual term in years. (d) The risk-free interest rate on each date of grant is the rate for a zero-coupon U.S. Treasury bill that was commensurate with the grant date contractual term. Options Prior to 2019, we granted primarily performance-based stock options to select senior executives. These performance-based awards have a service condition as well as a market condition. We measure the fair value of these awards at the grant date using a Monte Carlo simulation model. No performance-based options were granted after 2018. In 2020, 2019 and 2017, we granted time-based vesting stock options to certain senior executives. We measure the fair value of these awards at the grant date using the Black-Scholes-Merton option pricing model. When vested, options entitle the holder to purchase a specified number of shares of Brink’s stock at a price set at the date the options were granted. The option price for Brink’s options was equal to the market price of Brink’s stock on the award date. Options granted to employees have a maximum term of six years. Performance-Based Option Activity The table below summarizes the activity associated with grants of performance-based options: Shares Weighted- Average Weighted-Average Grant Date Fair Value Per Share Weighted- Average Aggregate Intrinsic Value (a) (in millions) Outstanding at December 31, 2022 (b) 446.2 $ 61.23 $ 14.70 Forfeited or expired — — — Exercised (b) (271.8) 53.39 12.64 Outstanding at December 31, 2023 (b) 174.4 $ 73.45 $ 17.92 0.1 $ 2.5 Of the above, as of December 31, 2023: Exercisable 174.4 $ 73.45 0.1 $ 2.5 Expected to vest in future periods (c) — $ — — $ — (a) The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2023 was $87.95. (b) There were 446.2 thousand exercisable options with a weighted average exercise price of $61.23 at December 31, 2022 an d 946.5 thousand exercisable options with a weighted average exercise price of $45.36 a t December 31, 2021. (c) At December 31, 2023, all outstanding performance options were vested. Time-based Vesting Option Activity The table below summarizes the activity associated with grants of time-based vesting options: Shares Weighted- Average Weighted-Average Grant Date Fair Value Per Share Weighted- Average Aggregate Intrinsic Value (a) (in millions) Outstanding at December 31, 2022 (b) 161.6 $ 81.13 $ 21.41 Forfeited or expired (12.9) 82.16 21.35 Exercised (33.0) 82.08 21.36 Outstanding at December 31, 2023 115.7 $ 80.74 $ 21.43 1.4 $ 0.8 Of the above, as of December 31, 2023: Exercisable 115.7 $ 80.74 1.4 $ 0.8 Expected to vest in future periods (c) — $ — — $ — (a) The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2023 was $87.95. (b) There were 102.7 thousand exercisable options with a weighted average exercise price of $79.26 at December 31, 2022 and 2.7 thousand exercisable options with a weighted average exercise price of $84.65 at December 31, 2021. (c) The number of options expected to vest takes into account an estimate of expected forfeitures. We currently have applied a 5% expected forfeiture rate to the time-based vesting options. The following table provides the weighted-average assumptions used in the Black-Scholes-Merton option pricing model for the time-based vesting options granted in 2020: Assumptions Used to Estimate Grant Date Fair Value of Time-Based Options 2020 Assumptions used to estimate fair value: Expected dividend yield (a) 0.7 % Expected stock price volatility (b) 29.7 % Risk-free interest rate (c) 1.3 % Expected term in years (d) 4.5 Weighted-average fair value estimates at grant date: In millions $ 1.7 Fair value per share $ 21.10 (a) The expected dividend yield is the calculated annual yield on Brink's stock at the time of the grant. (b) The expected stock price volatility was calculated at time of the grant after reviewing the historic volatility of our stock using daily close prices. (c) The risk-free interest rate at each grant date was the rate for a zero-coupon U.S. Treasury bill that was commensurate with the expected life of 4.5 years. (d) The expected term of the options was based on historical exercise, expiration and post-cancellation behavior. Deferred Stock Units (“DSUs”) We granted DSUs to our non-employee directors in 2023 and in prior years. 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 on the first anniversary of 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 2023: Shares (in thousands) Weighted-Average Grant-Date Fair Value Nonvested balance as of December 31, 2022 19.7 $ 54.74 Activity from January 1 to December 31, 2023: Granted 19.2 62.43 Forfeited — — Vested (19.7) 54.74 Nonvested balance as of December 31, 2023 19.2 $ 62.43 The weighted-average grant-date fair value estimate per share for DSUs granted was $62.43 in 2023, $54.74 in 2022 and $79.04 in 2021. Other Share-Based Compensation We have a deferred compensation plan that allows participants to defer a portion of their compensation into stock units. Units will be redeemed by employees for an equal number of shares of Brink’s stock. Employee deferred compensation accounts held 106,836 units at December 31, 2023, and 150,970 units at December 31, 2022. We have a stock accumulation plan for our non-employee directors that, prior to 2014, provided for awards of stock units. Additionally, some fees paid to our directors are in the form of stock and may be deferred for distribution to a later date. Directors’ deferred compensation accounts held 21,075 units at December 31, 2023, and 19,583 units at December 31, 2022. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Common Stock At December 31, 2023, we had 100 million shares of common stock authorized and 44.5 million shares issued and outstanding. Dividends We paid regular quarterly dividends on our common stock during the last three years. On September 21, 2023, the Board of Directors 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 December 31, 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 In November 2023, our Board of Directors authorized a $500 million share repurchase program that expires on December 31, 2025 (the “2023 Repurchase Program”). Under the 2023 Share 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. In October 2021, we announced that our Board of Directors authorized a $250 million share repurchase program (the "2021 Repurchase Program"). Under the 2021 Repurchase Program, in 2023, we repurchased a total of 2,297,955 shares of our common stock for an aggregate of $169.9 million and an average price of $73.92 per share. In 2022, we repurchased a total of 948,395 shares of our common stock for an aggregate of $52.2 million and an average price of $55.01 per share. These shares were retired upon repurchase. The 2021 Repurchase Program expired on December 31, 2023 with approximately $28 million remaining available. Our Board of Directors previously authorized a $250 million repurchase program (the “2020 Repurchase Program”) in February 2020. Under the 2020 Repurchase Program, we entered into three accelerated share repurchase arrangements ("ASR") with a financial institution. In each case, in exchange for an upfront payment at the beginning of each purchase period, the financial institution delivered to us shares of our common stock. The shares received were retired in the period they were delivered to us, and the upfront payment was accounted for as a reduction to shareholders' equity in the consolidated balance sheet. For purposes of calculating earnings per share, we reported each ASR as a repurchase of our common stock and as a forward contract indexed to our common stock. Each ASR met the applicable criteria for equity classification, and, as a result, none were accounted for as a derivative instrument. Below is a summary of each ASR entered into under the 2020 Repurchase Program: Upfront Payment Shares Received Average Repurchase Price August 2020 $ 50,000,000 849,978 $ 58.83 September 2020 — 246,676 — $ 50,000,000 1,096,654 $ 45.59 August 2021 $ 50,000,000 524,315 $ 95.36 September 2021 — 131,384 — $ 50,000,000 655,699 $ 76.25 November 2021 (a) $ 150,000,000 1,742,160 $ 86.10 April 2022 (a) — 546,993 — $ 150,000,000 2,289,153 $ 65.53 $ 250,000,000 4,041,506 $ 61.86 (a) We received 1,742,160 shares in November 2021. Under this ASR, the purchase period had a scheduled termination date of June 1, 2022, although the financial institution was eligible to early terminate the ASR after January 31, 2022. In April 2022, the financial institution early terminated this ASR and we received additional 546,993 shares. Shares Used to Calculate Earnings per Share Years Ended December 31, (In millions) 2023 2022 2021 Weighted-average shares Basic (a) 46.2 47.3 49.5 Effect of dilutive stock awards 0.7 0.5 0.6 Diluted (a) 46.9 47.8 50.1 Antidilutive stock excluded from denominator (b) 0.3 0.6 0.4 (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, basic and diluted shares include weighted-average units of 0.3 million in 2023, 0.3 million in 2022 and 0.3 million in 2021. (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 be antidilutive, no amounts were included 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. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Years Ended December 31, 2023 2022 2021 Cash paid for: Interest $ 195.8 117.5 107.7 Income taxes, net 96.3 127.8 83.8 Argentina Marketable Securities In the last three years, we have used available Argentine pesos to purchase equity and available for sale debt securities. Cash outflows for the purchase of these financial instruments totaled $131.1 million in 2023, $27.6 million in 2022, and $12.9 million in 2021. Cash inflows for the sale of these financial instruments totaled $145.6 million in 2023 and $9.9 million in 2022. We did not have any cash inflows from the sale of these financial instruments in 2021. At the time of any future sale of these financial instruments, proceeds received will be solely in Argentine pesos. These cash flows are reported in investing activities. Non-cash Investing and Financing Activities We acquired armored vehicles, DRS devices and other equipment under financing lease arrangements in the last three years including $92.0 million in 2023, $65.7 million in 2022 and $85.9 million in 2021. 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. Cash Paid for Acquisitions Included in Financing Activities In 2023 we paid $10.3 million in settlements related to the Note Machine acquisition and $0.8 million related to the Touchpoint 21 acquisition. In 2022, we paid $2.8 million in settlements related to the PAI acquisition. In 2021, we received $3.2 million related to settlements in the G4S acquisition and paid $1.1 million related to PAI settlements. These payments are reported as cash flows from financing activities as the payments were made more than three months after the acquisition date. 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 our revolving credit facilities, we are required to maintain restricted cash reserves totaling $40.9 million ($40.7 million at December 31, 2022) and, due to this contractual restriction, we have classified these amounts as restricted cash. At December 31, 2023, we held $507.0 million of restricted cash ($298.7 million represented restricted cash held for customers and $167.8 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 consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. December 31, (In millions) 2023 2022 Cash and cash equivalents $ 1,176.6 972.0 Restricted cash 507.0 438.5 Total, cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 1,683.6 1,410.5 |
Other Operating Income (Expense
Other Operating Income (Expense) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Operating Income (Expense) | Other Operating Income (Expense) Years Ended December 31, (In millions) 2023 2022 2021 Foreign currency items: Transaction losses (a) $ (85.1) (68.7) (30.5) Derivative instrument gains (losses) 21.3 42.0 24.2 Royalty income 7.5 9.1 5.6 Impairment losses (10.3) (9.0) (9.5) Indemnification asset adjustments (b) (3.4) (7.8) — Contingent consideration liability adjustments (c) 6.2 — — Gains on sale of property and other assets 1.9 2.7 — Share in earnings of equity method affiliates 2.8 2.1 1.1 Insurance recoveries - Internal Loss (d) — — 18.8 Gains related to litigation (e) — — 4.4 Indemnity for forced relocation (f) — — 1.7 Other 4.9 4.3 4.2 Other operating income (expense) $ (54.2) (25.3) 20.0 (a) Includes remeasurement losses in Argentina of $79.1 million in 2023, $37.6 million in 2022 and $9.0 million in 2021 related to highly inflationary accounting. (b) Post-acquisition adjustments to indemnification assets recognized in previous business acquisitions. (c) In 2023, we derecognized contingent consideration liabilities related to the NoteMachine and Touchpoint 21 business acquisitions. (d) See details of the Internal Loss at Note 1. (e) Gains recognized in the fourth quarter of 2021 in our Romanian operations related to favorable outcome of customer-related litigation. (f) Indemnity received from the city of Paris to compensate for the forced relocation from a branch facility. |
Interest and Other Nonoperating
Interest and Other Nonoperating Income (Expense) | 12 Months Ended |
Dec. 31, 2023 | |
Interest and Other Income [Abstract] | |
Interest and Other Nonoperating Income (Expense) | Interest and Other Nonoperating Income (Expense) Years Ended December 31, (In millions) 2023 2022 2021 Interest income $ 36.3 23.6 12.1 Retirement benefit cost other than service cost (0.5) (16.7) (38.7) Foreign currency transaction gains (losses) (a) (1.1) 2.4 0.4 Non-income taxes on intercompany billings (b) (2.6) (2.3) (3.9) Argentina turnover tax (c) (6.8) (1.8) — Gain (loss) on equity and debt securities (d) (12.8) — 16.0 G4S indemnification asset adjustment (e) — — 2.7 Other 1.9 (1.5) 4.4 Interest and other nonoperating income (expense) $ 14.4 3.7 (7.0) (a) Amounts primarily represent currency transaction gains and losses on contingent consideration payable related to G4S business acquisitions. (b) Certain of our Latin American subsidiaries incur non-income taxes related to the billing of intercompany charges. These intercompany charges do not impact the Latin America segment results and are eliminated in our consolidation. (c) State government tax incurred by our subsidiaries in Argentina on financial income generated by investments in mutual funds and other financial instruments. (d) In 2023, the loss is primarily related to the impact of highly inflationary accounting on investments in marketable securities held by Argentina. In 2021, the gain was related to the market value increase of an investment in MoneyGram International, Inc. The investment was sold in 2021 and the gain was fully realized. (e) Adjustment to indemnification asset related to business operations acquired from G4S. This adjustment was recognized outside of the measurement period for the related business operations acquired from G4S. |
Other Commitments and Contingen
Other Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments and Contingencies | Other Commitments and Contingencies 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 2023, we recognized an additional $0.5 million adjustment to our estimated loss. The adjustments resulted from changes 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 legal matters currently pending against the Company could have a material adverse effect on our liquidity, financial position or results of operations. At December 31, 2023, we had noncancellable commitments for $50.4 million in equipment purchases, and information technology and other services. |
Reorganization and Restructurin
Reorganization and Restructuring | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
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 $33.2 million in charges under the program, including $11.0 million in 2023. We expect total expenses from the program to be between $38 million and $42 million, primarily severance costs. 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: (In millions) Severance Costs Other Total Balance as of January 1, 2022 $ — — — Expense 18.8 3.4 22.2 Payments and utilization (8.1) (3.4) (11.5) Foreign currency exchange effects 0.8 — 0.8 Balance as of December 31, 2022 $ 11.5 — 11.5 Expense 8.0 3.0 11.0 Payments and utilization (16.9) (3.0) (19.9) Foreign currency exchange effects 0.2 — 0.2 Balance as of December 31, 2023 $ 2.8 — 2.8 Other Restructurings Management periodically implements restructuring actions in targeted sections of our business. As a result of these actions, we recognized $43.6 million net costs in 2021, primarily severance costs. We recognized $16.6 million net costs in 2022, primarily severance costs. We recognized $6.6 million net costs in 2023. The majority of the costs in both 2023 and 2022 periods result from the exit of a line of business in a specific geography with most of the remaining costs due to management initiatives to address the COVID-19 pandemic. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Reported net income (loss) attributable to Brink's | $ 87.7 | $ 170.6 | $ 105.2 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Brink’s Company (along with its subsidiaries, “we,” “our,” “Brink’s” or the “Company”), based in Richmond, Virginia, is a leading provider of cash and valuables management, digital retail solutions ("DRS"), and ATM managed services ("AMS") to financial institutions, retailers, government agencies, mints, jewelers and other commercial operations around the world. Brink’s is the oldest and largest secure transportation and cash management services company in the U.S., and a market leader in many other countries. |
Consolidation | Consolidation The 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. |
Revenue Recognition | 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 consolidated statements of operations. Certain of our 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 ($6.4 million at December 31, 2023) are included in prepaid expenses and other on the consolidated balance sheet. Amounts not expected to be billed and collected within one year ($9.0 million at December 31, 2023) are reported in other noncurrent assets on the 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 consolidated balance sheet. The amount of revenue recognized in 2023 that was included in the January 1, 2023 contract liability balance was $16.6 million. This revenue consists of services provided to customers who had prepaid for those services prior to the current year. Revenue recognized in the twelve months ended December 31, 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 December 31, 2023, the net capitalized costs to obtain contracts was included in other assets on the consolidated balance sheet. The capitalized amounts at December 31, 2023 and December 31, 2022 were $3.7 million and $3.7 million, respectively. The amortization expense in 2023 and 2022 was $2.0 million and $1.3 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and investments with original maturities of three months or less. Cash and cash equivalents include amounts held by certain of our secure cash management services operations for customers for which, under local regulations, the title transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources. We record a liability for the amounts owed to customers (see Note 13). |
Restricted Cash | Restricted Cash |
Trade Accounts Receivable | Trade Accounts Receivable |
Right-of-use assets | Right-of-Use Assets |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Depreciation is calculated principally on the straight-line method based on the estimated useful lives of individual assets or classes of assets. Leased property and equipment meeting financing lease criteria are capitalized at the lower of the present value of the related lease payments or the fair value of the leased asset at the inception of the lease. Amortization is calculated on the straight-line method based on the lease term. See Note 17 for further information. Leasehold improvements are recorded at cost. Amortization is calculated principally on the straight-line method over the lesser of the estimated useful life of the leasehold improvement or the lease term. Renewal periods are included in the lease term when the renewal is determined to be reasonably assured. Part of the costs related to the development or purchase of internal-use software is capitalized and amortized over the estimated useful life of the software. Costs that are capitalized include external direct costs of materials and services to develop or obtain the software, and internal costs, including compensation and employee benefits for employees directly associated with a software development project. Estimated Useful Lives Years Buildings 16 to 25 Building leasehold improvements 3 to 10 Vehicles 3 to 10 Capitalized software 3 to 5 Other machinery and equipment 3 to 10 Expenditures for routine maintenance and repairs on property and equipment are charged to expense. Major renewals, betterments and modifications are capitalized and depreciated over the lesser of the remaining life of the asset or, if applicable, the lease term. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets |
Impairment of Goodwill and Long-Lived Assets | Impairment of Goodwill and Long-Lived Assets Goodwill is not amortized but is tested for impairment at least 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. We perform the test of goodwill impairment at the reporting unit level, which is one level below an operating segment. Goodwill is assigned to one or more reporting units at the date of acquisition. Based on our management structure, we have four reporting units, which are equal to our operating segments: • North America • Latin America • Europe • Rest of World We performed a goodwill impairment test on these reporting units as of October 1, 2023 and elected to forego the optional qualitative assessment and performed a quantitative goodwill impairment assessment instead. We estimated the fair value of each reporting unit using a weighting of two valuation methodologies: the Income Approach and the Public Company Market Multiple Method, with greatest weight placed on the Income Approach. The resulting reporting unit fair values were compared to each reporting unit's carrying value. As a result of the evaluation, we concluded that goodwill was not impaired, and the fair value of each reporting unit exceeded its carrying value for all reporting units. We completed these goodwill impairment tests, as well as the tests in the previous two years, with no impairment charges required. Indefinite-lived intangibles are also tested for impairment at least annually by comparing their carrying values to their estimated fair values. We have had no significant impairments of indefinite-lived intangibles in the last three years. |
Retirement Benefit Plans | Retirement Benefit Plans We account for retirement benefit obligations under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 715, Compensation – Retirement Benefits . For U.S. and certain non-U.S. retirement plans, we derive the discount rates used to measure the present value of benefit obligations using the cash flow matching method. Under this method, we compare the plan’s projected payment obligations by year with the corresponding yields on a Mercer yield curve. Each year’s projected cash flows are then discounted back to their present value at the measurement date and an overall discount rate is determined. The overall discount rate is then rounded to the nearest tenth of a percentage point. We used Mercer’s Above-Mean Curve to determine the discount rates for the year-end benefit obligations and retirement cost of our U.S. retirement plans. We use a local or regional version of the Mercer yield curve in the majority of our non-U.S. locations. In non-U.S. locations where the cash flow matching method is not possible, rates of local high-quality long-term government bonds are used to select the discount rate. We select the expected long-term rate of return assumption for our U.S. pension plan and retiree medical plans using advice from our investment advisor. The selected rate considers plan asset allocation targets, expected overall investment manager performance and long-term historical average compounded rates of return. Benefit plan actuarial gains and losses are recognized in other comprehensive income (loss). Accumulated net benefit plan actuarial gains and losses that exceed 10% of the greater of a plan’s benefit obligation or plan assets at the beginning of the year are amortized into earnings from other comprehensive income (loss) on a straight-line basis. The amortization period for pension plans is the average remaining service period of employees expected to receive benefits under the plans. The amortization period for other retirement plans is primarily the average remaining life expectancy of inactive participants. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which these items are expected to reverse. We recognize tax benefits related to uncertain tax positions if we believe it is more-likely-than-not the benefit will be realized. We review our deferred tax assets to determine if it is more-likely-than-not that they will be realized. If we determine it is not more-likely-than-not that a deferred tax asset will be realized, we record a valuation allowance to reverse the previously recognized tax benefit. See Note 5 for further information. |
Foreign Currency Translation | Foreign Currency Translation Our 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 and available for sale debt 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. For nonmonetary available for sale debt securities traded in highly inflationary economies, the fair market value of these debt securities are remeasured at the current exchange rates, with changes recorded in the gains (losses) on available-for-sale securities component of accumulated other comprehensive income (loss). We reclassify amounts from accumulated other comprehensive income (loss) into earnings when these debt securities are sold. Revenues and expenses are translated at rates of exchange in effect during the year. See "Venezuela" and "Argentina" sections below for further information. 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 years ended December 31, 2023, 2022, and 2021. The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. For the year ended December 31, 2021, the Argentine peso declined by approximately 19% (from 84.0 to 103.1 pesos to the U.S. dollar). For the year ended December 31, 2022, the Argentine peso declined by approximately 42% (from 103.1 to 178.6 pesos to the U.S. dollar). In December 2023, a newly inaugurated President took office in Argentina. As part of various measures to address the country’s economic crisis, the new administration allowed the peso to devalue by more than 50% during the month of December 2023. For the year ended December 31, 2023, the Argentine peso declined approximately 79% (from 178.6 to 833.3 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 now remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In 2023, we recognized $79.1 million in pretax remeasurement losses. In 2022 and in 2021, we recognized $37.6 million and $9.0 million in pretax remeasurement losses, respectively. At December 31, 2023, Argentina's economy remains highly inflationary for accounting purposes. At December 31, 2023, we had net monetary assets denominated in Argentine pesos of $72.1 million (including cash of $62.5 million). At December 31, 2023, we had net nonmonetary assets of $141.9 million (including $99.8 million of goodwill, $1.1 million in equity securities denominated in Argentine pesos and $5.6 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 conversion losses in the last three years. 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 the conditions, we do not meet the accounting criteria for control over our Venezuelan operations and, as a result, we began reporting 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, 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. |
Concentration of Credit Risks | Concentration of Credit Risks We routinely assess the financial strength of significant customers and this assessment, combined with the large number and geographic diversity of our customers, limits our concentration of risk with respect to accounts receivable. Financial instruments which potentially subject us to concentrations of credit risks are principally cash and cash equivalents and accounts receivables. Cash and cash equivalents are held by major financial institutions. |
Use of Estimates | Use of Estimates In accordance with U.S. generally accepted accounting principles (“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 consolidated financial statements. Actual results could differ materially from those 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 previous method to estimate currently expected credit losses in receivables (the allowance) was weighted significantly to a review of historical loss rates and specific identification of higher risk customer accounts. It also considered current and expected economic conditions, particularly the effects of the COVID-19 pandemic, in determining an appropriate allowance. As many of our regions began to recover from the pandemic, we re-assessed those earlier assumptions and estimates. Our updated method 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 noted an increase in accounts receivable significantly past due, particularly in the U.S., and we recorded an additional allowance of $16.7 million in the first quarter of 2022. In the subsequent three quarters of 2022, the additional allowance was reduced by $1.1 million as a result of collections. Due to the fact that management has excluded this amount when evaluating internal performance, we have excluded it from segment results. |
Fair-value estimates | Fair-value estimates. We have various financial instruments included in our financial statements. Financial instruments are carried in our financial statements at either cost or fair value. We estimate fair value of assets using the following hierarchy using the highest level possible: Level 1: Quoted prices for identical assets or liabilities in active markets. Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are directly or indirectly observable, or inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. Level 3: Unobservable inputs that reflect estimates and assumptions. |
New Accounting Standards | New Accounting Standards In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod tax allocations and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 was effective for us on January 1, 2021. We recognized a cumulative-effect adjustment increasing retained earnings by $0.5 million on January 1, 2021. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires expanded disclosures about significant segment expenses and information used to assess segment performance. ASU 2023-07 will be effective for us on January 1, 2024 for annual reporting periods. For interim reporting periods, it will be effective for us on January 1, 2025. We are currently evaluating the impact that the adoption of this standard will have on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands annual disclosures in an entity’s income tax rate reconciliation table and requires annual disclosures regarding cash taxes paid both in the U.S. (federal and state) and foreign jurisdictions. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, although early adoption is permitted. We are currently evaluating the impact that the adoption of this standard will have on our consolidated financial statements. |
Revenue from contracts with c_2
Revenue from contracts with customers (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 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 consolidated statements of operations. Certain of our 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 ($6.4 million at December 31, 2023) are included in prepaid expenses and other on the consolidated balance sheet. Amounts not expected to be billed and collected within one year ($9.0 million at December 31, 2023) are reported in other noncurrent assets on the 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 consolidated balance sheet. The amount of revenue recognized in 2023 that was included in the January 1, 2023 contract liability balance was $16.6 million. This revenue consists of services provided to customers who had prepaid for those services prior to the current year. Revenue recognized in the twelve months ended December 31, 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 December 31, 2023, the net capitalized costs to obtain contracts was included in other assets on the consolidated balance sheet. The capitalized amounts at December 31, 2023 and December 31, 2022 were $3.7 million and $3.7 million, respectively. The amortization expense in 2023 and 2022 was $2.0 million and $1.3 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment | Estimated Useful Lives Years Buildings 16 to 25 Building leasehold improvements 3 to 10 Vehicles 3 to 10 Capitalized software 3 to 5 Other machinery and equipment 3 to 10 The following table presents our property and equipment that is classified as held and used: December 31, (In millions) 2023 2022 Land $ 54.3 49.9 Buildings 241.0 226.2 Leasehold improvements 291.2 271.7 Vehicles 805.0 755.2 Capitalized software (a) 269.1 237.0 DRS devices leased to customers 278.6 190.3 Other machinery and equipment 694.2 666.4 2,633.4 2,396.7 Accumulated depreciation and amortization (1,620.1) (1,461.4) Property and equipment, net $ 1,013.3 935.3 (a) Amortization of capitalized software costs included in continuing operations was $15.5 million in 2023, $16.1 million in 2022 and $14.5 million in 2021. |
Revenue from contracts with c_3
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue Disaggregated by Reportable Segment and Type of Service (In millions) Cash and Valuables Management DRS and AMS Total Twelve months ended December 31, 2023 Reportable Segments: North America $ 1,216.8 384.3 1,601.1 Latin America 1,149.1 183.2 1,332.3 Europe 745.2 391.6 1,136.8 Rest of World 751.6 52.8 804.4 Total reportable segments $ 3,862.7 1,011.9 4,874.6 Twelve months ended December 31, 2022 Reportable Segments: North America $ 1,207.2 376.9 1,584.1 Latin America 1,090.3 120.3 1,210.6 Europe 728.1 203.3 931.4 Rest of World 766.5 42.9 809.4 Total reportable segments $ 3,792.1 743.4 4,535.5 Twelve months ended December 31, 2021 Reportable Segments: North America $ 1,122.3 284.8 1,407.1 Latin America 1,030.9 95.1 1,126.0 Europe 802.6 114.7 917.3 Rest of World 714.0 35.8 749.8 Total reportable segments 3,669.8 530.4 4,200.2 |
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: (In millions) Receivables Contract Assets Contract Liabilities Opening (January 1, 2023) $ 862.2 12.6 17.0 Closing (December 31, 2023) 779.0 15.4 21.4 Increase (decrease) $ (83.2) 2.8 4.4 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue and Operating Profit from Segments to Consolidated | Revenues Operating Profit Years Ended December 31, Years Ended December 31, (In millions) 2023 2022 2021 2023 2022 2021 Reportable Segments: North America $ 1,601.1 1,584.1 1,407.1 $ 185.2 159.1 148.4 Latin America 1,332.3 1,210.6 1,126.0 280.3 277.7 257.3 Europe 1,136.8 931.4 917.3 125.0 98.4 89.8 Rest of World 804.4 809.4 749.8 164.1 163.9 131.5 Total reportable segments 4,874.6 4,535.5 4,200.2 754.6 699.1 627.0 Reconciling Items: Corporate expenses: General, administrative and other expenses — — — (152.8) (161.5) (141.7) Foreign currency transaction gains (losses) — — — 15.3 10.9 2.7 Reconciliation of segment policies to GAAP (a) — — — (2.1) 1.8 (17.5) Other items not allocated to segments: Reorganization and Restructuring (b) — — — (17.6) (38.8) (43.6) Acquisitions and dispositions (c) — — — (70.6) (86.6) (71.9) Argentina highly inflationary impact (d) — — — (86.8) (41.7) (11.9) Transformation initiatives (e) — — — (5.5) — — Non-routine auto loss matter (f) — — — (8.0) — — Change in allowance estimate (g) — — — — (15.6) — Ship loss matter (h) — — — — (4.9) — Chile antitrust matter (i) — — — (0.5) (1.4) (9.5) Internal loss (j) — — — — — 21.1 Reporting compliance (k) — — — (0.8) — — Total $ 4,874.6 4,535.5 4,200.2 $ 425.2 361.3 354.7 (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. In 2022, management began a restructuring plan across our global business operations to enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions. Due to the unique circumstances around the charges related to these actions, they have not been allocated to segment results. (c) Certain acquisition-related and disposition-related 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) Costs (primarily third party professional services and project management charges) related to a management-directed program to accelerate growth and drive margin expansion through transformation of our business model. (f) We have estimated a probable loss related to a motor vehicle accident with unique circumstances that resulted in the death of a third party in 2023. (g) Represents impact of a change in our methodology to estimate our allowance for doubtful accounts in the first quarter of 2022. See Note 1 and Note 16 for further details. (h) We have excluded an estimate of our share of costs for damages and losses suffered by a ship owner that was carrying cargo for Brink's. (i) See details regarding the Chile antitrust matter at Note 23. (j) See details regarding the impact of the Internal loss at Note 1. (k) Costs (primarily third party expenses) related to material weakness remediation. Additional information provided at page 30 |
Schedule of Capital Expenditures, Depreciation and Amortization by Segment | Years Ended December 31, (In millions) 2023 2022 2021 Capital Expenditures by Reportable Segment North America $ 43.8 41.4 40.4 Latin America 48.8 50.1 45.0 Europe 72.1 50.5 50.6 Rest of World 30.6 34.4 26.0 Total reportable segments 195.3 176.4 162.0 Corporate items 7.4 6.2 5.9 Total $ 202.7 182.6 167.9 Depreciation and Amortization by Reportable Segment Depreciation and amortization of property and equipment: North America $ 73.9 69.1 68.7 Latin America 53.6 49.1 46.2 Europe 54.2 39.6 41.4 Rest of World 24.4 23.6 23.2 Total reportable segments 206.1 181.4 179.5 Corporate items 5.3 8.4 9.7 Argentina highly inflationary impact 5.4 2.9 2.2 Acquisitions and dispositions — 0.1 0.1 Reorganization and Restructuring 1.2 1.0 0.3 Depreciation and amortization of property and equipment 218.0 193.8 191.8 Amortization of intangible assets (a) 57.8 52.0 47.7 Total $ 275.8 245.8 239.5 (a) Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts. |
Reconciliation of Assets from Segment to Consolidated | December 31, (In millions) 2023 2022 Assets held by Reportable Segment North America $ 1,975.7 1,949.9 Latin America 1,273.1 1,180.6 Europe 1,992.7 1,789.9 Rest of World 1,031.9 1,064.8 Total reportable segments 6,273.4 5,985.2 Corporate items 328.4 380.8 Total $ 6,601.8 6,366.0 |
Schedule of Long Lived Assets By Significant Country | December 31, (In millions) 2023 2022 Long-Lived Assets by Significant Country (a) Non-U.S.: Mexico $ 135.9 123.1 France 104.2 89.4 Brazil 78.3 72.5 United Kingdom 41.0 46.0 Canada 30.6 32.9 Other 304.4 270.1 Subtotal 694.4 634.0 U.S. 318.9 301.3 Total $ 1,013.3 935.3 (a) Long-lived assets include only property and equipment, net. |
Schedule of Revenue By Significant Country | Years Ended December 31, (In millions) 2023 2022 2021 Revenues by Significant Country (a) Outside the U.S.: Mexico $ 563.8 452.6 416.1 France 413.2 370.1 373.8 Brazil 309.8 329.9 303.9 Argentina 207.1 203.9 177.5 United Kingdom 188.7 107.0 50.3 Netherlands 149.7 124.3 129.3 Canada 118.0 124.5 138.3 Other 1,441.2 1,363.6 1,342.3 Subtotal 3,391.5 3,075.9 2,931.5 U.S. 1,483.1 1,459.6 1,268.7 Total $ 4,874.6 4,535.5 4,200.2 (a) |
Schedule Of Net Assets Outside Us by Geographic Area | December 31, (In millions) 2023 2022 Net assets outside the U.S. by Geographic Area Canada $ 52.6 45.4 Latin America (a) 782.8 793.6 Europe (a)(b) 809.3 834.6 Middle East, Africa and Asia ("MEAA") (a)(b) 562.4 555.0 Total $ 2,207.1 2,228.6 (a) Amounts include net assets of Corporate entities domiciled outside the U.S. (b) |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Components of Net Periodic Pension Cost (Credit) (In millions) U.S. Plans Non-U.S. Plans Total Years Ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost $ — — — $ 7.6 8.1 9.1 $ 7.6 8.1 9.1 Interest cost on projected benefit obligation 32.4 22.9 21.1 18.1 13.1 12.1 50.5 36.0 33.2 Return on assets – expected (47.2) (48.7) (47.4) (11.1) (12.7) (12.4) (58.3) (61.4) (59.8) Amortization of losses 1.6 24.2 34.0 1.8 2.0 6.6 3.4 26.2 40.6 Curtailment gain — — — — (0.5) (0.8) — (0.5) (0.8) Settlement loss (a) — — — — 3.2 3.3 — 3.2 3.3 Net periodic pension cost (credit) $ (13.2) (1.6) 7.7 $ 16.4 13.2 17.9 $ 3.2 11.6 25.6 (a) Non-U.S. Plans settlement losses to terminated employees that participate in a Mexican severance indemnity program ("Mexico Plan") that is accounted for as a defined benefit plan were offset by a settlement gain related to our defined benefit plan in Ireland, which was terminated during 2023. Non-U.S. Plans settlement losses in 2022 and 2021 relate primarily to lump-sum payouts in Canada as well as terminated employees that participate in the Mexico Plan that is accounted for as a defined benefit plan. The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows: (In millions) UMWA Plans Black Lung and Other Plans Total Years Ended December 31, 2023 2022 2021 2023 2022 2021 2023 2022 2021 Service cost $ — — — $ 0.3 0.1 0.1 $ 0.3 0.1 0.1 Interest cost on APBO 11.1 10.3 9.8 5.3 3.7 3.2 16.4 14.0 13.0 Return on assets – expected (10.3) (13.2) (12.3) — — — (10.3) (13.2) (12.3) Amortization of losses 5.1 10.0 17.5 4.8 7.3 9.0 9.9 17.3 26.5 Amortization of prior service credit (11.0) (4.6) (4.7) (0.1) (0.3) (0.3) (11.1) (4.9) (5.0) Net periodic postretirement cost (credit) $ (5.1) 2.5 10.3 $ 10.3 10.8 12.0 $ 5.2 13.3 22.3 |
Schedule of Obligations and Funded Status | Changes in the projected benefit obligation (“PBO”) and plan assets for our pension plans are as follows: (In millions) U.S. Plans Non-U.S. Plans Total Years Ended December 31, 2023 2022 2023 2022 2023 2022 Benefit obligation at beginning of year $ 627.2 839.5 334.7 492.2 961.9 1,331.7 Service cost — — 7.6 8.1 7.6 8.1 Interest cost 32.4 22.9 18.1 13.1 50.5 36.0 Participant contributions — — 0.5 0.3 0.5 0.3 Plan amendments — — 0.5 0.1 0.5 0.1 Plan combinations — — 0.4 0.9 0.4 0.9 Curtailments — — (0.1) (0.4) (0.1) (0.4) Settlements — — (3.8) (10.8) (3.8) (10.8) Benefits paid (45.2) (45.0) (21.4) (16.1) (66.6) (61.1) Divestitures (a) — — (3.7) — (3.7) — Actuarial (gains) losses 14.8 (190.2) 33.9 (127.3) 48.7 (317.5) Foreign currency exchange effects — — 16.4 (25.4) 16.4 (25.4) Benefit obligation at end of year $ 629.2 627.2 383.1 334.7 1,012.3 961.9 Fair value of plan assets at beginning of year $ 596.3 764.8 245.5 360.3 841.8 1,125.1 Return on assets – actual 59.9 (124.1) 20.9 (81.1) 80.8 (205.2) Participant contributions — — 0.5 0.3 0.5 0.3 Plan combinations — — 0.4 0.9 0.4 0.9 Employer contributions 0.6 0.6 12.8 14.7 13.4 15.3 Settlements — — (3.8) (10.8) (3.8) (10.8) Benefits paid (45.2) (45.0) (21.4) (16.1) (66.6) (61.1) Divestitures (a) — — (3.7) — (3.7) — Foreign currency exchange effects — — 8.1 (22.7) 8.1 (22.7) Fair value of plan assets at end of year $ 611.6 596.3 259.3 245.5 870.9 841.8 Funded status $ (17.6) (30.9) (123.8) (89.2) (141.4) (120.1) Included in: Noncurrent asset $ — — 15.1 17.7 15.1 17.7 Current liability, included in accrued liabilities 0.7 0.7 7.3 6.1 8.0 6.8 Noncurrent liability 16.9 30.2 131.6 100.8 148.5 131.0 Net pension liability $ 17.6 30.9 123.8 89.2 141.4 120.1 (a) During 2023, we terminated our defined-benefit pension plan in Ireland. Changes in the accumulated postretirement benefit obligation (“APBO’) and plan assets related to retirement healthcare benefits are as follows: (In millions) UMWA Plans Black Lung and Other Plans Total Years Ended December 31, 2023 2022 2023 2022 2023 2022 APBO at beginning of year $ 233.9 397.4 89.2 113.0 323.1 510.4 Service cost — — 0.3 0.1 0.3 0.1 Interest cost 11.1 10.3 5.3 3.7 16.4 14.0 Plan amendments — (66.7) — — — (66.7) Benefits paid (19.8) (20.3) (8.0) (9.0) (27.8) (29.3) Actuarial (gains) losses, net (11.2) (86.8) 3.3 (18.9) (7.9) (105.7) Foreign currency exchange effects — — 1.2 0.3 1.2 0.3 APBO at end of year $ 214.0 233.9 91.3 89.2 305.3 323.1 Fair value of plan assets at beginning of year $ 139.0 178.0 — — 139.0 178.0 Return on assets – actual 14.2 (15.1) — — 14.2 (15.1) Employer contributions — — 8.0 9.0 8.0 9.0 Net transfers to (from) plan assets 2.7 (3.6) — — 2.7 (3.6) Benefits paid (19.8) (20.3) (8.0) (9.0) (27.8) (29.3) Fair value of plan assets at end of year $ 136.1 139.0 — — 136.1 139.0 Funded status $ (77.9) (94.9) (91.3) (89.2) (169.2) (184.1) Included in: Current, included in accrued liabilities $ — — 9.6 9.6 9.6 9.6 Noncurrent 77.9 94.9 81.7 79.6 159.6 174.5 Retirement benefits other than pension liability $ 77.9 94.9 91.3 89.2 169.2 184.1 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) (In millions) U.S. Plans Non-U.S. Plans Total Years Ended December 31, 2023 2022 2023 2022 2023 2022 Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): Beginning of year $ (186.7) (228.3) (18.9) (61.3) (205.6) (289.6) Net actuarial gains (losses) arising during the year (2.1) 17.4 (24.0) 33.5 (26.1) 50.9 Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) 1.6 24.2 1.8 5.2 3.4 29.4 Foreign currency exchange effects — — (2.0) 3.7 (2.0) 3.7 End of year $ (187.2) (186.7) (43.1) (18.9) (230.3) (205.6) Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): Beginning of year $ — — (0.1) 0.1 (0.1) 0.1 Prior service credit (cost) from plan amendments during the year — — (0.5) (0.1) (0.5) (0.1) Foreign currency exchange effects — — (0.1) (0.1) (0.1) (0.1) End of year $ — — (0.7) (0.1) (0.7) (0.1) Changes in accumulated other comprehensive income (loss) of our retirement benefit plans other than pensions are as follows: (In millions) UMWA Plans Black Lung and Other Plans Total Years Ended December 31, 2023 2022 2023 2022 2023 2022 Benefit plan net actuarial gain (loss) recognized in accumulated other comprehensive income (loss): Beginning of year $ (93.9) (162.4) (45.5) (71.6) (139.4) (234.0) Net actuarial gains (losses) arising during the year 15.1 58.5 (3.3) 18.9 11.8 77.4 Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) 5.1 10.0 4.8 7.3 9.9 17.3 Foreign currency exchange effects — — (0.4) (0.1) (0.4) (0.1) End of year $ (73.7) (93.9) (44.4) (45.5) (118.1) (139.4) Benefit plan prior service (cost) credit recognized in accumulated other comprehensive income (loss): Beginning of year $ 80.7 18.6 0.3 0.6 81.0 19.2 Prior service credit from plan amendments during the year — 66.7 — — — 66.7 Reclassification adjustment for amortization or curtailment of prior service cost included in net income (loss) (11.0) (4.6) (0.1) (0.3) (11.1) (4.9) Foreign currency exchange effects — — — — — — End of year $ 69.7 80.7 0.2 0.3 69.9 81.0 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | (In millions) U.S. Plans Non-U.S. Plans Total December 31, 2023 2022 2023 2022 2023 2022 Information for pension plans with an ABO in excess of plan assets: Fair value of plan assets $ 611.6 596.3 86.1 84.9 697.7 681.2 Accumulated benefit obligation 629.2 627.2 196.7 171.0 825.9 798.2 Projected benefit obligation 629.2 627.2 223.6 191.1 852.8 818.3 |
Schedule of Assumptions Used | The weighted-average assumptions used to determine the net pension cost and benefit obligations for our pension plans were as follows: U.S. Plans Non-U.S. Plans 2023 2022 2021 2023 2022 2021 Discount rate: Pension cost 5.4 % 2.8 % 2.4 % 5.4 % 2.8 % 2.3 % Benefit obligation at year end 5.1 % 5.4 % 2.8 % 4.9 % 5.4 % 2.8 % Expected return on assets – pension cost 7.00 % 7.00 % 7.00 % 4.59 % 3.76 % 3.55 % Average rate of increase in salaries (a): Pension cost N/A N/A N/A 1.9 % 1.6 % 1.9 % Benefit obligation at year end N/A N/A N/A 2.0 % 1.9 % 1.6 % (a) Salary scale assumptions are determined through historical experience and vary by age and industry. The U.S. plan benefits are frozen and will not increase due to future salary increases. The APBO for each of the plans was determined using the unit credit method and assumed rates as follows: 2023 2022 2021 Weighted-average discount rate: Postretirement cost: UMWA plans 5.4 % 2.8 % 2.3 % Black lung 5.4 % 2.7 % 2.2 % Weighted-average 5.6 % 2.9 % 2.4 % Benefit obligation at year end: UMWA plans 5.1 % 5.4 % 2.8 % Black lung 5.1 % 5.4 % 2.7 % Weighted-average 5.3 % 5.6 % 2.9 % Expected return on assets 8.00 % 8.00 % 8.00 % |
Schedule of Expected Benefit Payments | Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2023, are as follows: (In millions) U.S. Plans Non-U.S. Plans Total 2024 $ 48.8 19.9 68.7 2025 48.6 19.6 68.2 2026 48.5 21.1 69.6 2027 48.2 22.4 70.6 2028 47.7 25.6 73.3 2029 through 2033 228.4 149.7 378.1 Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2023, are as follows: (In millions) UMWA Plans Black Lung and Other Plans Total 2024 $ 18.5 9.6 28.1 2025 18.3 8.9 27.2 2026 18.1 8.3 26.4 2027 18.0 7.7 25.7 2028 17.9 7.2 25.1 2029 through 2033 83.2 30.5 113.7 |
Schedule of Allocation of Plan Assets | December 31, 2023 December 31, 2022 (In millions, except for percentages) Fair Value Level Total Fair Value % Actual Allocation % Target Allocation Total Fair Value % Actual Allocation % Target Allocation U.S. Pension Plans Cash, cash equivalents and receivables $ 3.8 — — 3.8 — — Equity securities: U.S. large-cap (a) 1 57.6 9 13 90.2 15 16 U.S. small/mid-cap (a) 1 15.4 3 4 27.9 5 5 International (a) 1 63.7 10 14 99.2 17 17 Emerging markets (b) 1 4.5 1 1 11.5 2 2 Dynamic asset allocation (c) 1 15.6 3 3 28.1 5 5 Fixed-income securities: Long duration - mutual fund (d) 1 317.4 62 60 189.4 44 45 Long duration - Treasury strips (d) 2 58.9 74.9 Other types of investments: Core property (g) (l) 33.0 5 2 36.2 6 5 Structured credit (h) (l) 41.7 7 3 35.1 6 5 Total $ 611.6 100 100 596.3 100 100 UMWA Plans Cash, cash equivalents and receivables $ — — — 0.2 — — Equity securities: U.S. large-cap (a) 1 29.3 22 24 25.6 18 22 U.S. small/mid-cap (a) 1 13.2 10 11 10.0 7 10 International (a) 1 32.1 24 26 28.2 20 24 Emerging markets (b) 1 5.1 3 4 4.9 4 4 Dynamic asset allocation (c) 1 8.9 7 7 8.5 6 7 Fixed-income securities: High yield (e) 1 2.6 2 2 2.4 2 2 Emerging markets (f) 1 5.1 4 4 5.0 4 4 Multi asset real return (i) 1 6.1 4 5 6.1 4 5 Other types of investments: Core property (g) (l) 14.7 10 5 20.6 15 10 Structured credit (h) (l) 8.3 6 5 12.8 9 5 Global private equity (j) (l) 9.6 7 7 11.9 9 7 Energy debt (k) (l) 1.1 1 — 2.8 2 — Total $ 136.1 100 100 139.0 100 100 (a) These categories include a passively managed U.S. large-cap equity mutual fund, an actively managed U.S. small/mid-cap equity and a Non-U.S. equity mutual fund that track various indices such as the S&P 500 Index, the Russell 2500 Index and the MSCI All Country World Ex-U.S. Index. (b) This category represents an actively managed mutual fund that invests primarily in equity securities of emerging market issuers. Emerging market countries are those countries that are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development or included in an emerging markets index by a recognized index provider. (c) This category represents an actively managed mutual fund that seeks to generate, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes based upon the manager's expectations of risk and return. The fund’s allocations among asset classes may be adjusted over short periods and can vary from multiple to a single asset class. (d) This category represents actively managed mutual funds that seek to duplicate the risk and return characteristics of an intermediate to a long-term fixed-income security portfolio with an approximate duration of 10 to15 years and longer. This is achieved by using an intermediate duration credit bond fund and a long duration credit bond mutual fund. This category also includes Treasury future contracts and zero-coupon securities created by the U.S. Treasury. (e) This category represents an actively managed mutual fund that invests primarily in fixed-income securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities and zero-coupon obligations. The fund’s average weighted maturity may vary and will generally not exceed ten years. (f) This category represents an actively managed mutual fund that invests primarily in U.S. dollar-denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. (g) This category represents an actively managed real estate fund of funds that seeks both current income and long-term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties. These properties are high-quality, low-leveraged, income-generating office, industrial, retail, and multi-family properties, generally fully-leased to creditworthy companies and governmental entities. (h) This category invests primarily in a diversified portfolio comprised primarily of collateralized loan obligations and other structured credit investments backed primarily by bank loans. (i) This category represents an actively managed mutual fund that invests primarily in fixed income and equity securities and commodity linked instruments. The category seeks total returns that exceed the rate of inflation over a full market cycle regardless of market conditions. (j) This category will offer exposure to a diversified pool of global private assets fund investments. Further, the category will seek to shorten the duration of the typical private assets fund of funds through a dedicated focus on secondary strategies (i.e. funds whose investment strategy is to purchase interests in other private market investments/funds as a way to provide the original investors liquidity prior to the end of those investments’/funds’ contracted end date), income-producing investment strategies (e.g. debt, real estate, and to a lesser extent, real assets), and underlying funds whose stated life is five (k) This category invests in credit securities of commodity oriented companies affected by the dislocation in the commodity markets with the investment objective of producing an equity like return with less downside risk than equity or commodity investments. (l) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. December 31, 2023 December 31, 2022 (In millions, except for percentages) Total Fair Value % Actual Allocation % Target Allocation Total Fair Value % Actual Allocation % Target Allocation Non-U.S. Pension Plans Cash and cash equivalents $ 0.9 — — 0.7 — — Equity securities: U.S. equity funds (a) 7.4 9.6 Canadian equity funds (a) 1.6 3.6 European equity funds (a) 1.4 1.4 Other global equity funds (a) 9.6 15.4 Total equity securities 20.0 8 10 30.0 12 13 Fixed-income securities: Canadian fixed-income securities (b) 55.4 42.0 European fixed-income funds (c) 11.7 11.0 High-yield (d) 0.7 0.7 Emerging markets (e) 0.8 0.7 Long-duration (f) 61.4 59.5 Total fixed-income securities 130.0 50 49 113.9 47 47 Other types of investments: Guaranteed contract value (g) 82.6 32 34 75.8 31 33 Property funds (h) 11.1 10 7 9.6 10 7 Global infrastructure fund (i) 7.5 6.8 Other 7.2 8.7 Total other types of investments 108.4 100.9 Total $ 259.3 100 100 245.5 100 100 (a) These categories are comprised of equity index actively and passively managed funds that track various indices such as S&P 500 Composite Total Return Index, Russell 2500 Index, MSCI World Index, S&P/TSX Composite Index and others. Some of these funds use a dynamic asset allocation investment strategy seeking to generate total return over time by selecting investments from among a broad range of asset classes, investing primarily through the use of derivatives. (b) This category seeks to duplicate the risk and return characteristics of an intermediate to a long-term fixed-income security portfolio with an approximate duration of 10 to15 years and longer. This is achieved by using a mix of actively managed fixed income mutual funds, which invest in bonds issued by Canadian issuers, as well as Canadian-dollar denominated zero-coupon securities issued by the Canadian Federal and Provincial governments, and agencies thereof. (c) This category is primarily designed to generate income and exhibit volatility similar to that of the Sterling denominated bond market. This category primarily invests in investment grade or better securities. (d) This category consists of global high-yield bonds. This category invests in lower rated and unrated fixed income, floating rate and other debt securities issued by European and American companies. (e) This category consists of a diversified portfolio of debt securities issued by governments, financial institutions, companies or other entities domiciled in emerging market countries. (f) This category is designed to achieve a return consistent with holding longer term debt instruments. This category invests in interest rate and inflation derivatives, government-issued bonds, real-return bonds, and futures contracts. (g) This represents the guaranteed contract value of insurance contracts in the Netherlands pension plan. (h) This category offers exposure to limited partnerships invested in diversified real estate, participating mortgages, and property for development and resale. (i) This category is a limited partnership invested in fund of funds designed to acquire and maintain a diversified portfolio of global infrastructure investments (within targeted sub-sectors with varied maturities) that realizes a minimum of 10% annual return over a three-year rolling period. |
Schedule of Changes of Level 3 Plan Assets | Non-U.S. Plans - Fair Value Measurements (In millions) December 31, 2023 December 31, 2022 Quoted prices in active markets for identical assets (Level 1) $ 95.2 88.2 Significant other observable inputs (Level 2) 49.3 45.3 Guaranteed contract value (Level 3) (a) 82.6 75.8 Other insurance contract value (Level 3) (b) 3.0 2.7 Net asset value per share practical expedient (c) 29.2 33.5 Total fair value $ 259.3 245.5 (a) In 2020, we acquired operations in the Netherlands as part of the U.K.-based G4S plc ("G4S") acquisition. As a result, we acquired insurance contract assets related to the Netherlands pension plan. These investments are valued at the highest value available at year end, either the reported cash surrender value of the contract or the vested benefit obligation ("VBO"). The VBO for a defined benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled but based on the employee's expected date of separation or retirement. Both the cash surrender value and the VBO are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations. The contract is classified as a Level 3 investment. (b) In 2021, our Belgium plans invested in a traditional group insurance policy, where assets are invested in the insurers' main fund with a minimum guaranteed rate. The contracts are valued based on the weighted average return of each individual insured contract. The contract value is determined based on unobservable inputs.. The contract is classified as a Level 3 investment. (c) In accordance with ASC Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. |
Schedule of Costs of Retirement Plans | Our matching contribution expense is as follows: (In millions) Years Ended December 31, 2023 2022 2021 U.S. 401(K) $ 9.9 7.6 6.5 Other plans 10.7 11.5 12.6 Total $ 20.6 19.1 19.1 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of income (loss) from continuing operations before income taxes | Years Ended December 31, (In millions) 2023 2022 2021 Income (loss) from continuing operations before income taxes U.S. $ 1.8 (44.3) (1.8) Foreign 234.0 270.5 237.3 Income from continuing operations before income taxes $ 235.8 226.2 235.5 |
Schedule of Components of Income Tax Expense Benefit | Provision (benefit) for income taxes from continuing operations Current tax expense (benefit) U.S. federal $ 2.7 2.8 0.5 State 4.0 1.6 0.9 Foreign 109.8 99.3 104.3 Current tax expense 116.5 103.7 105.7 Deferred tax expense (benefit) U.S. federal 30.4 (59.3) 6.0 State (4.0) (0.1) 2.9 Foreign (3.7) (2.9) 5.7 Deferred tax expense (benefit) 22.7 (62.3) 14.6 Provision for income taxes of continuing operations $ 139.2 41.4 120.3 |
Comprehensive provision (benefit) for income taxes allocation | Years Ended December 31, (In millions) 2023 2022 2021 Comprehensive provision (benefit) for income taxes allocable to Continuing operations $ 139.2 41.4 120.3 Discontinued operations 0.5 (0.9) 0.6 Other comprehensive income (loss) (4.5) 55.9 55.3 Equity — — — Comprehensive provision for income taxes $ 135.2 96.4 176.2 |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the difference between the actual tax rate on continuing operations and the statutory U.S. federal income tax rate of 21% for 2023, 2022 and 2021. Years Ended December 31, (In percentages) 2023 2022 2021 U.S. federal tax rate 21.0 % 21.0 % 21.0 % Increases (reductions) in taxes due to: Foreign rate differential 4.7 7.5 7.6 Taxes on cross border income, net of credits 7.9 6.9 4.6 Adjustments to valuation allowances 18.5 (21.1) 6.7 Foreign income taxes 6.0 (0.7) 6.1 French business tax 0.4 0.8 0.7 State income taxes, net 0.6 0.7 0.9 Share-based compensation 1.8 1.3 0.2 Acquisition costs 0.2 — 0.5 Other (a) (2.1) 1.9 2.8 Actual income tax rate on continuing operations 59.0 % 18.3 % 51.1 % (a) No individual item is above a 5% threshold. |
Schedule of Deferred Tax Assets and Liabilities | Components of Deferred Tax Assets and Liabilities December 31, (In millions) 2023 2022 Deferred tax assets Pension liabilities $ 41.0 33.5 Retirement benefits other than pensions 19.7 23.8 Lease liabilities 88.2 80.9 Workers’ compensation and other claims 27.1 27.5 Property and equipment, net 44.3 54.1 Other assets and liabilities 136.4 113.3 Net operating loss carryforwards 57.2 53.4 Interest limitations and other tax carryforwards (a) 48.8 20.6 Foreign tax and other tax credits (b) 61.8 57.4 Subtotal 524.5 464.5 Valuation allowances (128.0) (77.3) Total deferred tax assets 396.5 387.2 Deferred tax liabilities Right-of-use assets, net 78.8 76.8 Goodwill and other intangibles 110.8 100.3 Other assets and miscellaneous 31.6 31.7 Deferred tax liabilities 221.2 208.8 Net deferred tax asset $ 175.3 178.4 Included in: Noncurrent assets $ 231.8 246.2 Noncurrent liabilities (56.5) (67.8) Net deferred tax asset $ 175.3 178.4 (a) U.S. interest limitation carryforward of $31.8 million has an unlimited carryforward and is not subject to a valuation allowance. In addition, foreign interest limitation and other tax carryforwards of $17.0 million have an unlimited carryforward and are subject to a full valuation allowance. (b) U.S. foreign tax credits of $55.8 million expire in various years between 2024 and 2032 and other remaining credits of $6.0 million have various expiration periods. The U.S. foreign tax credits and other credits have a valuation allowance of $45.3 million. |
Summary of Valuation Allowance | Based on our analysis of positive and negative evidence including historical and expected future taxable earnings, and a consideration of available tax-planning strategies, we believe it is more-likely-than-not that we will realize the benefit of the existing deferred tax assets, net of valuation allowances, at December 31, 2023. Years Ended December 31, (In millions) 2023 2022 2021 Valuation allowances: Beginning of year $ 77.3 141.5 128.1 Expiring tax credits (0.1) (0.2) (0.7) Acquisitions and dispositions (0.9) — (0.8) Changes in judgment about deferred tax assets (a) 32.5 (46.1) 8.8 Other changes in deferred tax assets, charged to: Income from continuing operations 11.3 (1.4) 7.4 Other comprehensive income (loss) 6.9 (13.9) (0.2) Foreign currency exchange effects 1.0 (2.6) (1.1) End of year $ 128.0 77.3 141.5 (a) |
Net Operating Losses | The tax benefit of net operating loss carryforwards, before valuation allowances, as of December 31, 2023, was $57.2 million, and expires as follows: (In millions) Federal State Foreign Total Years of expiration 2024-2028 $ — — 1.0 1.0 2029-2033 — 0.7 1.8 2.5 2034 and thereafter — 11.6 5.2 16.8 Unlimited 1.2 2.2 33.5 36.9 $ 1.2 14.5 41.5 57.2 |
Uncertain Tax Positions | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Years Ended December 31, (In millions) 2023 2022 2021 Uncertain tax positions: Beginning of year $ 23.5 28.9 14.0 Increases related to prior-year tax positions 2.1 1.2 3.0 Decreases related to prior-year tax positions (2.7) (2.9) (0.4) Increases related to current-year tax positions 2.4 2.3 5.2 Increases related to acquisitions — 0.3 11.8 Settlements — (2.4) (2.5) Effect of the expiration of statutes of limitation (2.5) (1.9) (1.6) Foreign currency exchange effects 0.7 (2.0) (0.6) End of year $ 23.5 23.5 28.9 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Estimated Useful Lives Years Buildings 16 to 25 Building leasehold improvements 3 to 10 Vehicles 3 to 10 Capitalized software 3 to 5 Other machinery and equipment 3 to 10 The following table presents our property and equipment that is classified as held and used: December 31, (In millions) 2023 2022 Land $ 54.3 49.9 Buildings 241.0 226.2 Leasehold improvements 291.2 271.7 Vehicles 805.0 755.2 Capitalized software (a) 269.1 237.0 DRS devices leased to customers 278.6 190.3 Other machinery and equipment 694.2 666.4 2,633.4 2,396.7 Accumulated depreciation and amortization (1,620.1) (1,461.4) Property and equipment, net $ 1,013.3 935.3 (a) Amortization of capitalized software costs included in continuing operations was $15.5 million in 2023, $16.1 million in 2022 and $14.5 million in 2021. |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Purchase consideration, excluding contingent consideration $ 179.4 Contingent consideration at acquisition-date fair value (a) 14.8 Fair value of purchase consideration $ 194.2 Fair value of net assets acquired Cash $ 6.8 Restricted cash 12.1 Accounts receivable 27.3 Other current assets 14.5 Property and equipment, net 38.2 Intangible assets (b) 84.2 Goodwill (c) 64.2 Other noncurrent assets 11.1 Current liabilities (37.0) Other noncurrent liabilities (27.2) Fair value of net assets acquired $ 194.2 (a) The contingent consideration has three 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 December 31, 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 June 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 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. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid $ 215.5 Fair value of purchase consideration $ 215.5 Fair value of net assets acquired Cash $ 12.3 Accounts receivable 7.3 Other current assets 5.5 Property and equipment, net 14.6 Intangible assets (a) 95.0 Goodwill (b) 126.1 Other noncurrent assets 4.5 Current liabilities (41.2) Other noncurrent liabilities (8.6) Fair value of net assets acquired $ 215.5 (a) Intangible assets are composed of customer relationships ($60 million fair value and 10 year amortization period), developed technology ($26 million fair value and 12 year amortization period) and a trade name ($9 million fair value and 5 year amortization period). (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating PAI's operations with our existing Brink's U.S. operations. All goodwill has been assigned to the North America reporting unit. We expect less than $2 million of goodwill to be deductible for tax purposes. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid through December 31, 2023 $ 816.9 Contingent consideration 22.0 Liabilities assumed from seller 2.9 Indemnification assets (15.9) Fair value of purchase consideration $ 825.9 Fair value of net assets acquired Cash $ 244.4 Restricted cash 30.1 Accounts receivable 145.8 Other current assets 30.8 Property and equipment, net 123.8 Right-of-use assets, net 77.5 Intangible assets (a) 207.0 Goodwill (b) 534.1 Other noncurrent assets 16.2 Current liabilities (296.3) Lease liabilities (68.1) Other noncurrent liabilities (103.9) Fair value of net assets acquired $ 941.4 Less: Fair value of noncontrolling interest (115.5) Fair value of purchase consideration $ 825.9 (a) Intangible assets are composed of customer relationships ($207 million fair value and 15 year amortization period). (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating G4S operations with our existing operations. Goodwill has been provisionally assigned to the Europe reporting unit ($191 million), the Rest of World reporting unit ($340 million) and the Latin America reporting unit ($3 million). We do not currently expect goodwill in these reporting units to be deductible for tax purposes. |
Business Acquisition, Pro Forma Information | Below are the actual results included in Brink's consolidated results for the 2022 NoteMachine acquisition. (In millions) Revenue Net income attributable to Brink's Actual results included in Brink's consolidated 2023 and 2022 results for businesses acquired in the same year from the date of acquisition Twelve months ended December 31, 2023 NoteMachine $ 142.3 (1.0) Total $ 142.3 (1.0) Twelve months ended December 31, 2022 NoteMachine $ 35.2 2.1 Total $ 35.2 2.1 The pro forma consolidated results of Brink’s presented below are unaudited and reflect a hypothetical ownership on January 1, 2021 of the businesses we acquired during 2022. (In millions) Revenue Net income attributable to Brink's Pro forma results of Brink's for the twelve months ended December 31, 2023 Brink's as reported $ 4,874.6 87.7 NoteMachine (a) — — Total $ 4,874.6 87.7 2022 Brink's as reported $ 4,535.5 170.6 NoteMachine (a) 109.2 9.9 Total $ 4,644.7 180.5 (a) Represents amounts prior to acquisition by Brink's. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Goodwill and Other Intangible Assets | The changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2023 and 2022 are as follows: December 31, 2023 (In millions) Beginning Balance Acquisitions/ Dispositions (a) Currency Ending Balance Goodwill: North America $ 477.5 — 0.2 477.7 Latin America 220.3 — 10.5 230.8 Europe 351.1 1.9 11.9 364.9 Rest of World 402.0 (0.5) (1.1) 400.4 Total Goodwill $ 1,450.9 1.4 21.5 1,473.8 (a) Includes adjustments related to the finalization of valuations in prior year acquisitions ($1.9 million increase in Europe). December 31, 2022 (In millions) Beginning Balance Acquisitions/ Dispositions (a) Currency Ending Balance Goodwill: North America $ 474.9 3.1 (0.5) 477.5 Latin America 214.1 2.7 3.5 220.3 Europe 302.5 61.3 (12.7) 351.1 Rest of World 420.2 (0.1) (18.1) 402.0 Total Goodwill $ 1,411.7 67.0 (27.8) 1,450.9 (a) |
Schedule of Intangible Assets and Goodwill | The following table summarizes our other intangible assets by category: December 31, 2023 December 31, 2022 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-average amortization period Customer relationships $ 648.0 (238.9) 409.1 $ 639.2 (187.6) 451.6 9.2 Indefinite-lived trade names 9.1 — 9.1 7.9 — 7.9 — Finite-lived trade names 40.3 (22.5) 17.8 38.9 (16.3) 22.6 3.1 Developed technology 65.3 (13.0) 52.3 60.7 (7.4) 53.3 8.7 Other 4.3 (4.3) — 4.2 (4.1) 0.1 — Total $ 767.0 (278.7) 488.3 $ 750.9 (215.4) 535.5 |
Schedule of Expected Amortization Expense | Our estimated aggregate amortization expense for finite-lived intangibles recorded at December 31, 2023, for the next five years is as follows: (In millions) 2024 2025 2026 2027 2028 Amortization expense $ 54.8 54.2 51.9 49.1 46.1 |
Prepaid Expenses and Other (Tab
Prepaid Expenses and Other (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expense, Current [Abstract] | |
Schedule of Prepaid Expenses and Other | Prepaid Expenses and Other December 31, (In millions) 2023 2022 Prepaid expenses $ 177.0 169.5 Derivative instruments 28.5 41.0 Income tax receivable 17.3 26.3 Other 102.9 87.9 Prepaid expenses and other $ 325.7 324.7 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent | Other Assets December 31, (In millions) 2023 2022 Sale-type lease receivables $ 82.3 66.3 Deposits 30.4 27.4 Loans held for investment (see Note 20) 25.2 38.6 Marketable securities 16.9 39.3 Prepaid pension assets 15.1 17.7 Indemnification assets 11.2 16.3 Derivative instruments 6.9 11.1 Other 80.6 69.5 Other assets $ 268.6 286.2 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) | The following tables provide the components of other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings: 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) 2023 Amounts attributable to Brink's: Benefit plan adjustments $ (17.4) 4.3 2.2 (0.6) (11.5) Foreign currency translation adjustments 65.6 4.0 (5.2) 1.2 65.6 Gains (losses) on available-for-sale securities (0.8) (3.7) 5.0 (1.7) (1.2) Gains (losses) on cash flow hedges 1.9 (0.8) (11.3) 1.8 (8.4) 49.3 3.8 (9.3) 0.7 44.5 Amounts attributable to noncontrolling interests: Benefit plan adjustments — — (0.1) — (0.1) Foreign currency translation adjustments (2.2) — — — (2.2) (2.2) — (0.1) — (2.3) Total Benefit plan adjustments (a) (17.4) 4.3 2.1 (0.6) (11.6) Foreign currency translation adjustments (b) 63.4 4.0 (5.2) 1.2 63.4 Gains (losses) on available-for-sale securities (c) (0.8) (3.7) 5.0 (1.7) (1.2) Gains (losses) on cash flow hedges (d) 1.9 (0.8) (11.3) 1.8 (8.4) $ 47.1 3.8 (9.4) 0.7 42.2 2022 Amounts attributable to Brink's: Benefit plan adjustments $ 197.3 (45.4) 41.5 (10.1) 183.3 Foreign currency translation adjustments (6.5) 2.7 (5.8) 1.4 (8.2) Gains (losses) on available-for-sale securities (1.2) 0.5 0.3 (0.1) (0.5) Gains (losses) on cash flow hedges 25.2 (0.8) 12.4 (4.1) 32.7 214.8 (43.0) 48.4 (12.9) 207.3 Amounts attributable to noncontrolling interests: Benefit plan adjustments 0.4 — — — 0.4 Foreign currency translation adjustments (6.7) — — — (6.7) (6.3) — — — (6.3) Total Benefit plan adjustments (a) 197.7 (45.4) 41.5 (10.1) 183.7 Foreign currency translation adjustments (b) (13.2) 2.7 (5.8) 1.4 (14.9) Gains (losses) on available-for-sale securities (c) (1.2) 0.5 0.3 (0.1) (0.5) Gains (losses) on cash flow hedges (d) 25.2 (0.8) 12.4 (4.1) 32.7 $ 208.5 (43.0) 48.4 (12.9) 201.0 See page 102 Amounts Arising During the Current Period Amounts Reclassified to Net Income (Loss) Pretax Income Tax Pretax Income Tax Total Other Comprehensive Income (Loss) 2021 Amounts attributable to Brink's: Benefit plan adjustments $ 120.5 (28.0) 64.6 (16.3) 140.8 Foreign currency translation adjustments (52.6) (6.8) (4.1) 1.0 (62.5) Gains (losses) on available-for-sale securities (0.1) — — — (0.1) Gains (losses) on cash flow hedges 8.1 (2.5) 11.0 (2.7) 13.9 75.9 (37.3) 71.5 (18.0) 92.1 Amounts attributable to noncontrolling interests: Benefit plan adjustments (0.4) — — — (0.4) Foreign currency translation adjustments (2.2) — — — (2.2) (2.6) — — — (2.6) Total Benefit plan adjustments (a) 120.1 (28.0) 64.6 (16.3) 140.4 Foreign currency translation adjustments (b) (54.8) (6.8) (4.1) 1.0 (64.7) Gains (losses) on available-for-sale securities (c) (0.1) — — — (0.1) Gains (losses) on cash flow hedges (d) 8.1 (2.5) 11.0 (2.7) 13.9 $ 73.3 (37.3) 71.5 (18.0) 89.5 (a) The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income (loss). Net periodic retirement benefit cost also includes service cost, interest cost, expected returns on assets, and settlement costs. 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 income (expense): December 31, (In millions) 2023 2022 2021 Total net periodic retirement benefit cost included in: Cost of revenues $ 5.9 6.3 7.2 Selling, general and administrative expenses 2.0 1.9 2.0 Interest and other nonoperating income (expense) 0.5 16.7 38.7 (b) 2023 foreign currency translation adjustment amounts reflect primarily the appreciation of the Mexican peso, the Brazilian real, the British pound, and the euro. 2022 foreign currency translation adjustment amounts reflect primarily the devaluation of the British pound and the Chilean peso, partially offset by appreciation of the Mexican peso and the Brazilian real. 2021 foreign currency translation adjustment amounts reflect primarily the devaluation of the euro, the Chilean peso, the Brazilian real and the Mexican peso. (c) Unrealized gains and losses on available-for-sale debt securities are initially recognized in accumulated other comprehensive income (loss). When sold, gains and losses are then realized and reclassified to the consolidated statement of operations in the same period. Pretax amounts are classified in the consolidated statements of operations as interest and other income (expense). We realized a $5.0 million loss in 2023, a $0.3 million loss in 2022 and no gain or loss in 2021 on sales of available-for-sale debt securities. (d) Pretax gains and losses on cash flow hedges are classified in the consolidated statements of operations as • other operating income (expense) ($7.8 million loss in 2023, $8.9 million loss in 2022 and $0.1 million gain in 2021.) • interest expense ($19.1 million reduction to expense in 2023, $3.5 million of expense in 2022 and $11.1 million in 2021.) |
Reclassification Out Of Accumulated Other Comprehensive Income | The changes in accumulated other comprehensive loss attributable to Brink’s are as follows: (In millions) Benefit Plan Adjustments Foreign Currency Translation Adjustments Gains (Losses) on Available-for-Sale Securities Gains (Losses) on Cash Flow Hedges Total Balance as of December 31, 2020 $ (614.8) (363.2) — (22.0) (1,000.0) Other comprehensive income (loss) before reclassifications 92.5 (59.4) (0.1) 5.6 38.6 Amounts reclassified from accumulated other comprehensive loss to net income (loss) 48.3 (3.1) — 8.3 53.5 Other comprehensive income (loss) attributable to Brink's 140.8 (62.5) (0.1) 13.9 92.1 Balance as of December 31, 2021 (474.0) (425.7) (0.1) (8.1) (907.9) Other comprehensive income (loss) before reclassifications 151.9 (3.8) (0.7) 24.4 171.8 Amounts reclassified from accumulated other comprehensive loss to net income (loss) 31.4 (4.4) 0.2 8.3 35.5 Other comprehensive income (loss) attributable to Brink's 183.3 (8.2) (0.5) 32.7 207.3 Acquisitions of noncontrolling interests — 0.1 — — 0.1 Balance as of December 31, 2022 (290.7) (433.8) (0.6) 24.6 (700.5) Other comprehensive income (loss) before reclassifications (13.1) 69.6 (4.5) 1.1 53.1 Amounts reclassified from accumulated other comprehensive loss to net income (loss) 1.6 (4.0) 3.3 (9.5) (8.6) Other comprehensive income (loss) attributable to Brink's (11.5) 65.6 (1.2) (8.4) 44.5 Balance as of December 31, 2023 $ (302.2) (368.2) (1.8) 16.2 (656.0) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: December 31, (In millions) 2023 2022 $600 million Senior unsecured notes Carrying value $ 600.0 600.0 Fair value 554.6 528.7 $400 million Senior unsecured notes Carrying value $ 400.0 400.0 Fair value 382.0 369.0 |
Derivatives Not Designated as Hedging Instruments | Amounts under these contracts were recognized in other operating income (expense) as follows: Twelve Months Ended December 31, (In millions) 2023 2022 2021 Derivative instrument gains included in other operating income (expense) $ 21.3 42.0 24.2 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | Before final settlement occurred in the fourth quarter of 2023, amounts under this contract were recognized in other operating income (expense) to offset transaction gains or losses and in interest expense as follows: Twelve Months Ended December 31, (In millions) 2023 2022 2021 Derivative instrument gains (losses) included in other operating income (expense) $ (7.9) (8.9) 0.2 Offsetting transaction gains (losses) 7.9 8.9 (0.2) Derivative instrument losses included in interest expense (0.8) (1.3) (1.3) Net derivative instrument losses (8.7) (10.2) (1.1) |
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 and foreign exchange forward swap contract is included in interest expense as follows: Twelve Months Ended December 31, (In millions) 2023 2022 2021 Interest rate swaps designated as cash flow hedges $ (19.9) 2.2 9.8 Cross currency swaps designated as net investment hedges (5.2) (5.8) (4.1) Net derivative instrument (gains) losses included in interest expense $ (25.1) (3.6) 5.7 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued Liabilities December 31, (In millions) 2023 2022 Cash supply chain deposit liability (a) $ 167.8 156.3 Cash held by cash management services operations (b) 166.2 85.2 Payroll and other employee liabilities 151.9 175.8 Taxes, except income taxes 134.9 127.0 Operating lease liabilities 79.5 74.7 Income taxes payable 37.8 25.7 Accrued interest 34.5 31.7 Workers’ compensation and other claims 31.7 30.1 ATM surcharge/interchange payables 27.7 26.6 Contract liability 21.4 17.0 Retirement benefits 17.6 16.4 Chile antitrust matter (c) 10.3 10.2 Derivative instruments 9.8 10.5 Acquisition and disposition related obligations 2.0 21.4 Other 233.8 210.8 Accrued liabilities $ 1,126.9 1,019.4 (a) In France, we offer services to certain customers requiring us to take temporary title to the cash received from the management of our customers' cash supply chains. 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. (b) Title to cash received and processed in certain of our secure cash management services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we record a liability while the cash is in our possession. (c) |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Assets and Other Liabilities | Other Liabilities December 31, (In millions) 2023 2022 Workers’ compensation and other claims $ 72.6 72.6 Derivative instruments 42.0 18.3 Asset retirement and remediation obligations 33.3 31.9 Acquisition-related obligations 22.8 21.5 Noncurrent tax liabilities 21.8 19.3 Deferred compensation 12.0 20.0 Post-employment benefits 6.4 5.9 Other 33.7 35.1 Other liabilities $ 244.6 224.6 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | December 31, (In millions) 2023 2022 Debt: Short-term borrowings Other (year end weighted average interest rate of 6.5% in 2023 and 4.3% in 2022) $ 151.7 47.2 Total short-term borrowings $ 151.7 47.2 Long-term debt Bank credit facilities: Term loan A (year-end weighted average interest rate of 7.0% in 2023 and 5.7% in 2022) less unamortized issuance cost of $4.0 million in 2023 and $5.1 million in 2022 $ 1,343.5 1,377.4 Senior unsecured notes (year-end effective interest rate of 4.6% and 5.5% respectively for "2017 Senior Notes" and "2020 Senior Notes" in 2023 and 2022) less unamortized issuance cost of $5.6 million in 2023 and $7.9 million in 2022 994.4 992.1 Revolving Credit Facility (year-end weighted average interest rate of 6.3% in 2023 and 5.5% in 2022) 542.1 646.9 Other facilities (year-end weighted-average interest rate of 5.9% in 2023 and 4.8% in 2022) (a) 265.8 147.0 Financing leases (year-end weighted-average interest rate of 6.2% in 2023 and 5.5% in 2022) 233.8 192.2 Total long-term debt $ 3,379.6 3,355.6 Total Debt $ 3,531.3 3,402.8 Included in: Current liabilities $ 268.8 129.6 Noncurrent liabilities 3,262.5 3,273.2 Total debt $ 3,531.3 3,402.8 (a) Other facilities includes $209.3 million related to the Brink’s Capital credit facility at December 31, 2023, compared to $106.8 million at December 31, 2022. The facility had $7,110.5 million in borrowings and $7,008.1 million in repayments in 2023, which is reflected in the long-term revolving credit facilities movement in the consolidated statements of cash flows. |
Schedule of Minimum Repayments of Long-term Debt | Minimum repayments of long-term debt are as follows: (In millions) Financing leases Other long-term debt Total 2024 $ 57.5 59.6 117.1 2025 51.1 703.0 754.1 2026 41.7 76.6 118.3 2027 30.1 2,302.7 2,332.8 2028 19.8 3.6 23.4 Later years 33.6 9.8 43.4 Total $ 233.8 3,155.3 3,389.1 |
Schedule of Financing Lease Asset Classes | Property and equipment acquired under financing leases are included in property and equipment as follows: December 31, (In millions) 2023 2022 Asset class: Buildings $ 9.4 6.3 Vehicles 395.9 332.9 Machinery and equipment 82.9 49.5 488.2 388.7 Less: accumulated amortization (204.5) (170.8) Total $ 283.7 217.9 |
Accounts Receivable and Credi_2
Accounts Receivable and Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | December 31, (In millions) 2023 2022 Trade $ 684.6 759.5 Other 124.8 141.0 Total accounts receivable 809.4 900.5 Allowance for doubtful accounts (30.4) (38.3) Accounts receivable, net $ 779.0 862.2 |
Schedule of Allowance for Doubtful Accounts | The following table is a rollforward of the allowance for doubtful accounts: Years Ended December 31, (In millions) 2023 2022 2021 Allowance for doubtful accounts: Beginning of year $ 38.3 16.9 30.7 Provision for uncollectible accounts receivable 12.8 22.3 3.4 Write offs and recoveries (21.1) (3.4) (16.2) Other — 3.2 — Foreign currency exchange effects 0.4 (0.7) (1.0) End of year $ 30.4 38.3 16.9 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Supplemental balance sheet disclosure leases | The components of lease assets and liabilities were as follows: December 31, (In millions) Balance sheet classification 2023 2022 Assets: Operating lease assets Right-of-use assets, net $ 337.7 $ 314.5 Finance lease assets Property and equipment, net 283.7 217.9 Total leased assets $ 621.4 $ 532.4 Liabilities: Current: Operating Accrued liabilities $ 79.5 $ 74.7 Financing Current maturities of long-term debt 57.5 43.0 Noncurrent: Operating Lease liabilities 265.8 249.9 Financing Long-term debt 176.3 149.2 Total lease liabilities $ 579.1 $ 516.8 |
Lease expenses | The components of lease expense were as follows: Years Ended December 31, (In millions) 2023 2022 2021 Operating lease cost (a) $ 153.4 $ 133.6 $ 149.4 Short-term lease cost 25.5 28.9 21.2 Finance lease cost: Amortization of related assets 44.5 37.9 38.3 Interest on related liabilities 14.0 10.1 9.5 Total lease cost $ 237.4 $ 210.5 $ 218.4 (a) Includes variable lease costs, which are immaterial. |
Other information leases | Other information related to leases was as follows: Years Ended December 31, (In millions, except for lease term and discount rate) 2023 2022 2021 Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 107.9 $ 106.1 $ 96.5 Operating cash flows from finance leases 14.0 10.1 9.5 Financing cash flows from finance leases 55.5 48.2 43.0 Right-of-use assets obtained in exchange for lease obligations: Operating leases 104.3 101.0 54.0 Finance leases 92.0 65.7 85.9 Weighted Average Remaining Lease Term Operating leases 6.5 years 6.3 years 6.7 years Finance leases 4.7 years 4.7 years 4.8 years Weighted Average Discount Rate Operating leases 6.8 % 6.5 % 6.4 % Finance leases 6.2 % 5.5 % 4.4 % |
Operating lease future minimum lease payments | As of December 31, 2023, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows: (In millions) Facilities DRS Devices Other Total 2024 $ 73.3 15.2 11.9 100.4 2025 59.0 11.2 8.0 78.2 2026 48.2 8.9 5.9 63.0 2027 38.8 5.8 3.5 48.1 2028 29.3 1.9 1.6 32.8 Later years 107.6 — 0.3 107.9 Total Lease Payments $ 356.2 43.0 31.2 430.4 Less: Interest 77.3 4.5 3.3 85.1 Present value of lease liabilities $ 278.9 $ 38.5 27.9 345.3 |
Financing lease minimum repayments | As of December 31, 2023, minimum repayments of long-term debt under financing leases were as follows: (In millions) 2024 $ 69.7 2025 59.9 2026 47.5 2027 33.5 2028 21.7 Later years 38.7 Total Finance Lease Payments $ 271.0 Less: Interest 37.2 Present value of finance lease liabilities $ 233.8 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Nonvested share activity | Compensation expenses for the last three years and the amount of unrecognized expense for awards outstanding at December 31, 2023, were as follows: Compensation Expense Unrecognized Expense for Nonvested Awards at Weighted-average No. of Years Unrecognized Expense to be Recognized Years Ended December 31, Dec 31, 2023 (in millions except years) 2023 2022 2021 Performance share units $ 20.3 34.9 22.3 $ 19.5 1.6 Restricted stock units 10.4 12.0 8.5 8.0 1.4 Deferred stock units and fees paid in stock 1.4 1.3 1.3 0.4 0.3 Performance-based options — — 0.3 — — Time-based options — 0.4 0.7 — — Cash based awards 2.8 1.3 1.0 1.9 1.5 Share-based payment expense 34.9 49.9 34.1 Income tax benefit (7.9) (11.5) (8.1) Share-based payment expense, net of tax $ 27.0 38.4 26.0 The following table summarizes RSU activity during 2023: Shares (in thousands) Weighted-Average Grant Date Fair Value Per Share Nonvested balance as of December 31, 2022 309.3 $ 67.25 Activity from January 1 to December 31, 2023: Granted 195.2 65.77 Forfeited (43.4) 65.32 Vested (140.9) 68.88 Nonvested balance as of December 31, 2023 320.2 $ 65.89 The following table summarizes all PSU activity during 2023: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested balance as of December 31, 2022 726.0 $ 76.66 Activity from January 1 to December 31, 2023: Granted 235.4 69.10 Forfeited or expired (a) (91.4) 80.20 Vested (b) (171.5) 82.75 Nonvested balance as of December 31, 2023 698.5 $ 72.15 (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 2023: Shares (in thousands) Weighted-Average Grant-Date Fair Value Nonvested balance as of December 31, 2022 19.7 $ 54.74 Activity from January 1 to December 31, 2023: Granted 19.2 62.43 Forfeited — — Vested (19.7) 54.74 Nonvested balance as of December 31, 2023 19.2 $ 62.43 |
Share-based Compensation, Fair Value of Shares Vested | The value of shares distributed or options exercised in the last three years is as follows: Value of Shares Distributed or Exercised (a) Years Ended December 31, (in millions) 2023 2022 2021 Performance share units $ 16.3 10.0 17.7 Restricted stock units 8.5 9.2 5.8 Deferred stock units and fees paid in stock 1.0 0.6 2.8 Performance-based options (a) 3.0 15.2 0.4 Time-based vesting options (a) 0.1 — — Total $ 28.9 35.0 26.7 Income tax benefit realized $ 7.0 8.1 6.1 (a) |
Fair value of options calculation assumptions | The following table provides the terms and weighted-average assumptions used in the Monte Carlo simulation model for the TSR PSUs granted in 2022 and 2021 and IM PSUs with a market condition granted in 2023: Terms and Assumptions Used to Estimate Grant Date Fair Value 2023 IM PSUs (a) 2022 TSR PSUs 2021 TSR PSUs Terms of awards: Performance period Jan. 1, 2023 to Jan. 1, 2022 to Jan. 1, 2021 to Dec. 31, 2025 Dec. 31, 2024 Dec. 31, 2023 Weighted-average assumptions used to estimate fair value: Expected dividend yield (b) 1.2 % 1.2 % 0.8 % Expected stock price volatility (c) 41.9 % 48.5 % 48.9 % Risk-free interest rate (d) 4.5 % 1.8 % 0.2 % Contractual term in years 2.8 2.8 2.9 Weighted-average fair value estimates at grant date: In millions $ 8.5 $ 3.4 $ 2.7 Fair value per share $ 72.51 $ 87.31 103.83 (a) In 2023, we granted IM PSUs to certain employees which contain a market condition. (b) The stock price projection in the Monte Carlo simulation model assumed a 0% dividend yield, which is mathematically equivalent to reinvesting dividends over the performance period. For the valuation of these PSUs with market conditions, because the holders of the awards have no rights to any dividend paid during the vesting period, we applied a dividend yield in the Monte Carlo simulation model to reduce the projected stock price as of the grant date. (c) The expected stock price volatility was calculated on the grant date for the most recent term equivalent to the contractual term in years. (d) The risk-free interest rate on each date of grant is the rate for a zero-coupon U.S. Treasury bill that was commensurate with the grant date contractual term. The following table provides the weighted-average assumptions used in the Black-Scholes-Merton option pricing model for the time-based vesting options granted in 2020: Assumptions Used to Estimate Grant Date Fair Value of Time-Based Options 2020 Assumptions used to estimate fair value: Expected dividend yield (a) 0.7 % Expected stock price volatility (b) 29.7 % Risk-free interest rate (c) 1.3 % Expected term in years (d) 4.5 Weighted-average fair value estimates at grant date: In millions $ 1.7 Fair value per share $ 21.10 (a) The expected dividend yield is the calculated annual yield on Brink's stock at the time of the grant. (b) The expected stock price volatility was calculated at time of the grant after reviewing the historic volatility of our stock using daily close prices. (c) The risk-free interest rate at each grant date was the rate for a zero-coupon U.S. Treasury bill that was commensurate with the expected life of 4.5 years. (d) |
Option Activity | The table below summarizes the activity associated with grants of performance-based options: Shares Weighted- Average Weighted-Average Grant Date Fair Value Per Share Weighted- Average Aggregate Intrinsic Value (a) (in millions) Outstanding at December 31, 2022 (b) 446.2 $ 61.23 $ 14.70 Forfeited or expired — — — Exercised (b) (271.8) 53.39 12.64 Outstanding at December 31, 2023 (b) 174.4 $ 73.45 $ 17.92 0.1 $ 2.5 Of the above, as of December 31, 2023: Exercisable 174.4 $ 73.45 0.1 $ 2.5 Expected to vest in future periods (c) — $ — — $ — (a) The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2023 was $87.95. (b) There were 446.2 thousand exercisable options with a weighted average exercise price of $61.23 at December 31, 2022 an d 946.5 thousand exercisable options with a weighted average exercise price of $45.36 a t December 31, 2021. (c) At December 31, 2023, all outstanding performance options were vested. The table below summarizes the activity associated with grants of time-based vesting options: Shares Weighted- Average Weighted-Average Grant Date Fair Value Per Share Weighted- Average Aggregate Intrinsic Value (a) (in millions) Outstanding at December 31, 2022 (b) 161.6 $ 81.13 $ 21.41 Forfeited or expired (12.9) 82.16 21.35 Exercised (33.0) 82.08 21.36 Outstanding at December 31, 2023 115.7 $ 80.74 $ 21.43 1.4 $ 0.8 Of the above, as of December 31, 2023: Exercisable 115.7 $ 80.74 1.4 $ 0.8 Expected to vest in future periods (c) — $ — — $ — (a) The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2023 was $87.95. (b) There were 102.7 thousand exercisable options with a weighted average exercise price of $79.26 at December 31, 2022 and 2.7 thousand exercisable options with a weighted average exercise price of $84.65 at December 31, 2021. (c) The number of options expected to vest takes into account an estimate of expected forfeitures. We currently have applied a 5% expected forfeiture rate to the time-based vesting options. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Accelerated Share Repurchases | Below is a summary of each ASR entered into under the 2020 Repurchase Program: Upfront Payment Shares Received Average Repurchase Price August 2020 $ 50,000,000 849,978 $ 58.83 September 2020 — 246,676 — $ 50,000,000 1,096,654 $ 45.59 August 2021 $ 50,000,000 524,315 $ 95.36 September 2021 — 131,384 — $ 50,000,000 655,699 $ 76.25 November 2021 (a) $ 150,000,000 1,742,160 $ 86.10 April 2022 (a) — 546,993 — $ 150,000,000 2,289,153 $ 65.53 $ 250,000,000 4,041,506 $ 61.86 (a) We received 1,742,160 shares in November 2021. Under this ASR, the purchase period had a scheduled termination date of June 1, 2022, although the financial institution was eligible to early terminate the ASR after January 31, 2022. In April 2022, the financial institution early terminated this ASR and we received additional 546,993 shares. |
Schedule of Weighted Average Number of Shares | Shares Used to Calculate Earnings per Share Years Ended December 31, (In millions) 2023 2022 2021 Weighted-average shares Basic (a) 46.2 47.3 49.5 Effect of dilutive stock awards 0.7 0.5 0.6 Diluted (a) 46.9 47.8 50.1 Antidilutive stock excluded from denominator (b) 0.3 0.6 0.4 (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, basic and diluted shares include weighted-average units of 0.3 million in 2023, 0.3 million in 2022 and 0.3 million in 2021. (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 be antidilutive, no amounts were included 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. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Years Ended December 31, 2023 2022 2021 Cash paid for: Interest $ 195.8 117.5 107.7 Income taxes, net 96.3 127.8 83.8 |
Reconciliation of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. December 31, (In millions) 2023 2022 Cash and cash equivalents $ 1,176.6 972.0 Restricted cash 507.0 438.5 Total, cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 1,683.6 1,410.5 |
Other Operating Income (Expen_2
Other Operating Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income | Other Operating Income (Expense) Years Ended December 31, (In millions) 2023 2022 2021 Foreign currency items: Transaction losses (a) $ (85.1) (68.7) (30.5) Derivative instrument gains (losses) 21.3 42.0 24.2 Royalty income 7.5 9.1 5.6 Impairment losses (10.3) (9.0) (9.5) Indemnification asset adjustments (b) (3.4) (7.8) — Contingent consideration liability adjustments (c) 6.2 — — Gains on sale of property and other assets 1.9 2.7 — Share in earnings of equity method affiliates 2.8 2.1 1.1 Insurance recoveries - Internal Loss (d) — — 18.8 Gains related to litigation (e) — — 4.4 Indemnity for forced relocation (f) — — 1.7 Other 4.9 4.3 4.2 Other operating income (expense) $ (54.2) (25.3) 20.0 (a) Includes remeasurement losses in Argentina of $79.1 million in 2023, $37.6 million in 2022 and $9.0 million in 2021 related to highly inflationary accounting. (b) Post-acquisition adjustments to indemnification assets recognized in previous business acquisitions. (c) In 2023, we derecognized contingent consideration liabilities related to the NoteMachine and Touchpoint 21 business acquisitions. (d) See details of the Internal Loss at Note 1. (e) Gains recognized in the fourth quarter of 2021 in our Romanian operations related to favorable outcome of customer-related litigation. (f) Indemnity received from the city of Paris to compensate for the forced relocation from a branch facility. |
Interest and Other Nonoperati_2
Interest and Other Nonoperating Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interest and Other Income [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Interest and Other Nonoperating Income (Expense) Years Ended December 31, (In millions) 2023 2022 2021 Interest income $ 36.3 23.6 12.1 Retirement benefit cost other than service cost (0.5) (16.7) (38.7) Foreign currency transaction gains (losses) (a) (1.1) 2.4 0.4 Non-income taxes on intercompany billings (b) (2.6) (2.3) (3.9) Argentina turnover tax (c) (6.8) (1.8) — Gain (loss) on equity and debt securities (d) (12.8) — 16.0 G4S indemnification asset adjustment (e) — — 2.7 Other 1.9 (1.5) 4.4 Interest and other nonoperating income (expense) $ 14.4 3.7 (7.0) (a) Amounts primarily represent currency transaction gains and losses on contingent consideration payable related to G4S business acquisitions. (b) Certain of our Latin American subsidiaries incur non-income taxes related to the billing of intercompany charges. These intercompany charges do not impact the Latin America segment results and are eliminated in our consolidation. (c) State government tax incurred by our subsidiaries in Argentina on financial income generated by investments in mutual funds and other financial instruments. (d) In 2023, the loss is primarily related to the impact of highly inflationary accounting on investments in marketable securities held by Argentina. In 2021, the gain was related to the market value increase of an investment in MoneyGram International, Inc. The investment was sold in 2021 and the gain was fully realized. (e) Adjustment to indemnification asset related to business operations acquired from G4S. This adjustment was recognized outside of the measurement period for the related business operations acquired from G4S. |
Reorganization and Restructur_2
Reorganization and Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: (In millions) Severance Costs Other Total Balance as of January 1, 2022 $ — — — Expense 18.8 3.4 22.2 Payments and utilization (8.1) (3.4) (11.5) Foreign currency exchange effects 0.8 — 0.8 Balance as of December 31, 2022 $ 11.5 — 11.5 Expense 8.0 3.0 11.0 Payments and utilization (16.9) (3.0) (19.9) Foreign currency exchange effects 0.2 — 0.2 Balance as of December 31, 2023 $ 2.8 — 2.8 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Estimated Useful Lives (Details) | Dec. 31, 2023 |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 16 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Building leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Building leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Capitalized software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Capitalized software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Other machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Other machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) $ / $ | Dec. 31, 2022 USD ($) $ / $ | Dec. 31, 2023 USD ($) reporting_unit $ / $ | Dec. 31, 2022 USD ($) $ / $ | Dec. 31, 2021 USD ($) $ / $ | Dec. 31, 2020 $ / $ | |
Summary of Investment Holdings [Line Items] | |||||||
Number of reporting units | reporting_unit | 4 | ||||||
Net monetary assets | $ 2,597.4 | $ 2,788.3 | $ 2,597.4 | ||||
Cash and cash equivalents | 972 | 1,176.6 | 972 | ||||
Goodwill | $ 1,411.7 | 1,450.9 | 1,473.8 | 1,450.9 | $ 1,411.7 | ||
Insurance Recoveries | 0 | 0 | 18.8 | ||||
Change in allowance estimate | $ 12.8 | $ 22.3 | $ 3.4 | ||||
Uncollectible Receivables | |||||||
Summary of Investment Holdings [Line Items] | |||||||
Change in allowance estimate | $ 16.7 | $ 1.1 | |||||
Minimum | |||||||
Summary of Investment Holdings [Line Items] | |||||||
Remaining useful lives (in years) | 1 year | ||||||
Maximum | |||||||
Summary of Investment Holdings [Line Items] | |||||||
Remaining useful lives (in years) | 13 years | ||||||
Argentina | Argentina, Pesos | |||||||
Summary of Investment Holdings [Line Items] | |||||||
Percent of Consolidated Revenue | 4% | 4% | 4% | ||||
Rate decrease percent | 19% | 42% | 79% | 42% | 19% | ||
Official exchange rate | $ / $ | 103.1 | 178.6 | 833.3 | 178.6 | 103.1 | 84 | |
Currency remeasurement gain (loss) | $ (79.1) | $ (37.6) | $ (9) | ||||
Net monetary assets | $ 66.2 | 72.1 | 66.2 | ||||
Cash and cash equivalents | 57.7 | 62.5 | 57.7 | ||||
Net nonmonetary assets | 168.2 | 141.9 | 168.2 | ||||
Goodwill | 99.8 | 99.8 | 99.8 | ||||
Equity securities | 1.9 | 1.1 | 1.9 | ||||
Debt securities | $ 27.4 | $ 5.6 | $ 27.4 | ||||
Internal Loss AR Rebuild | |||||||
Summary of Investment Holdings [Line Items] | |||||||
Increase (Decrease) to bad debt expense | 3.7 | ||||||
Legal Fees | $ 1.3 | ||||||
Insurance Recoveries | $ 18.8 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies New Accounting Standards (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect of change in accounting principle | $ 520.2 | $ 570.2 | $ 252.6 | $ 202.5 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect of change in accounting principle | [1] | 0.5 | ||||
Retained Earnings | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect of change in accounting principle | $ 333 | $ 417.2 | $ 312.9 | 407.5 | ||
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect of change in accounting principle | [1] | $ 0.5 | ||||
Accounting Standards Update 2019-12 | Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Cumulative effect of change in accounting principle | $ 0.5 | |||||
[1] Effective January 1, 2021, we adopted the provisions of ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . We recognized a cumulative effect adjustment to January 1, 2021 retained earnings as a result of adopting this standard. See Note 1 for further details. |
Revenue from contracts with c_4
Revenue from contracts with customers - Disaggregation of revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | $ 4,874.6 | $ 4,535.5 | $ 4,200.2 |
Reportable Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 4,874.6 | 4,535.5 | 4,200.2 |
Reportable Segments | Cash and valuables management | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 3,862.7 | 3,792.1 | 3,669.8 |
Reportable Segments | DRS and AMS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 1,011.9 | 743.4 | 530.4 |
North America | Reportable Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 1,601.1 | 1,584.1 | 1,407.1 |
North America | Reportable Segments | Cash and valuables management | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 1,216.8 | 1,207.2 | 1,122.3 |
North America | Reportable Segments | DRS and AMS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 384.3 | 376.9 | 284.8 |
Latin America | Reportable Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 1,332.3 | 1,210.6 | 1,126 |
Latin America | Reportable Segments | Cash and valuables management | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 1,149.1 | 1,090.3 | 1,030.9 |
Latin America | Reportable Segments | DRS and AMS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 183.2 | 120.3 | 95.1 |
Europe | Reportable Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 1,136.8 | 931.4 | 917.3 |
Europe | Reportable Segments | Cash and valuables management | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 745.2 | 728.1 | 802.6 |
Europe | Reportable Segments | DRS and AMS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 391.6 | 203.3 | 114.7 |
Rest of World | Reportable Segments | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 804.4 | 809.4 | 749.8 |
Rest of World | Reportable Segments | Cash and valuables management | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | 751.6 | 766.5 | 714 |
Rest of World | Reportable Segments | DRS and AMS | |||
Disaggregation of Revenue [Line Items] | |||
Revenue disaggregated by reportable segment and type of service | $ 52.8 | $ 42.9 | $ 35.8 |
Revenue from contracts with c_5
Revenue from contracts with customers - Contract balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Contract asset current | $ 6.4 | |
Contract asset noncurrent | 9 | |
Receivables | 779 | $ 862.2 |
Receivables - increase (decrease) | (83.2) | |
Customer Asset | 15.4 | 12.6 |
Contract Asset - increase (decrease) | 2.8 | |
Contract liability | 21.4 | 17 |
Contract Liability - increase (decrease) | 4.4 | |
Revenue recognized included in beginning balance | 16.6 | |
Capitalized costs to obtain contracts | 3.7 | 3.7 |
Capitalized costs amortization expense | $ 2 | $ 1.3 |
Segment information - Narrative
Segment information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 country segment | |
Segment Reporting Information [Line Items] | |
Number of countries in which the entity operates | 100 |
Number of operating segments | segment | 4 |
Subsidiaries | |
Segment Reporting Information [Line Items] | |
Number of countries in which the entity operates | 52 |
Segment information - Revenue A
Segment information - Revenue And Operating Profits (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 4,874.6 | $ 4,535.5 | $ 4,200.2 | ||
Operating profit | 425.2 | 361.3 | 354.7 | ||
Foreign currency transaction gains (losses) | (85.1) | (68.7) | (30.5) | ||
Change in allowance estimate | (12.8) | (22.3) | (3.4) | ||
Chile Antitrust Matter | |||||
Segment Reporting Information [Line Items] | |||||
Loss contingencies | (0.5) | (1.4) | |||
Uncollectible Receivables | |||||
Segment Reporting Information [Line Items] | |||||
Change in allowance estimate | $ (16.7) | $ (1.1) | |||
Reportable Segments: | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 4,874.6 | 4,535.5 | 4,200.2 | ||
Operating profit | 754.6 | 699.1 | 627 | ||
Corporate expenses: | |||||
Segment Reporting Information [Line Items] | |||||
General, administrative and other expenses | (152.8) | (161.5) | (141.7) | ||
Foreign currency transaction gains (losses) | 15.3 | 10.9 | 2.7 | ||
Reconciliation of segment policies to GAAP | (2.1) | 1.8 | (17.5) | ||
Other items not allocated to segments: | |||||
Segment Reporting Information [Line Items] | |||||
Reorganization and Restructuring | (17.6) | (38.8) | (43.6) | ||
Acquisitions and dispositions | (70.6) | (86.6) | (71.9) | ||
Transformation initiatives | (5.5) | 0 | 0 | ||
Reporting compliance | (0.8) | 0 | 0 | ||
Other items not allocated to segments: | Non-routine Auto Loss Matter | |||||
Segment Reporting Information [Line Items] | |||||
Loss contingencies | (8) | 0 | 0 | ||
Other items not allocated to segments: | Chile Antitrust Matter | |||||
Segment Reporting Information [Line Items] | |||||
Loss contingencies | (0.5) | (1.4) | (9.5) | ||
Other items not allocated to segments: | Ship Loss Matter | |||||
Segment Reporting Information [Line Items] | |||||
Loss contingencies | 0 | (4.9) | 0 | ||
Other items not allocated to segments: | Uncollectible Receivables | |||||
Segment Reporting Information [Line Items] | |||||
Change in allowance estimate | 0 | (15.6) | 0 | ||
Argentina | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 207.1 | 203.9 | 177.5 | ||
Argentina | Other items not allocated to segments: | |||||
Segment Reporting Information [Line Items] | |||||
Argentina highly inflationary impact | (86.8) | (41.7) | (11.9) | ||
North America | Reportable Segments: | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,601.1 | 1,584.1 | 1,407.1 | ||
Operating profit | 185.2 | 159.1 | 148.4 | ||
Latin America | Reportable Segments: | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,332.3 | 1,210.6 | 1,126 | ||
Operating profit | 280.3 | 277.7 | 257.3 | ||
Europe | Reportable Segments: | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,136.8 | 931.4 | 917.3 | ||
Operating profit | 125 | 98.4 | 89.8 | ||
Rest of World | Reportable Segments: | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 804.4 | 809.4 | 749.8 | ||
Operating profit | 164.1 | 163.9 | 131.5 | ||
Internal Loss AR Rebuild | |||||
Segment Reporting Information [Line Items] | |||||
Internal loss | (3.7) | ||||
Internal Loss AR Rebuild | Other items not allocated to segments: | |||||
Segment Reporting Information [Line Items] | |||||
Internal loss | $ 0 | $ 0 | $ 21.1 |
Segment information - Capital E
Segment information - Capital Expenditures, Depreciation, Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Capital Expenditures by Reportable Segment | $ 202.7 | $ 182.6 | $ 167.9 |
Depreciation and Amortization by Reportable Segment | 218 | 193.8 | 191.8 |
Amortization of intangible assets: | 57.8 | 52 | 47.7 |
Total | 275.8 | 245.8 | 239.5 |
Reportable Segments: | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures by Reportable Segment | 195.3 | 176.4 | 162 |
Depreciation and Amortization by Reportable Segment | 206.1 | 181.4 | 179.5 |
Reportable Segments: | North America | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures by Reportable Segment | 43.8 | 41.4 | 40.4 |
Depreciation and Amortization by Reportable Segment | 73.9 | 69.1 | 68.7 |
Reportable Segments: | Latin America | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures by Reportable Segment | 48.8 | 50.1 | 45 |
Depreciation and Amortization by Reportable Segment | 53.6 | 49.1 | 46.2 |
Reportable Segments: | Europe | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures by Reportable Segment | 72.1 | 50.5 | 50.6 |
Depreciation and Amortization by Reportable Segment | 54.2 | 39.6 | 41.4 |
Reportable Segments: | Rest of World | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures by Reportable Segment | 30.6 | 34.4 | 26 |
Depreciation and Amortization by Reportable Segment | 24.4 | 23.6 | 23.2 |
Corporate items | |||
Segment Reporting Information [Line Items] | |||
Capital Expenditures by Reportable Segment | 7.4 | 6.2 | 5.9 |
Depreciation and Amortization by Reportable Segment | 5.3 | 8.4 | 9.7 |
Other items not allocated to segments: | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization by Reportable Segment | 0 | 0.1 | 0.1 |
Other items not allocated to segments: | Reorganization and Restructuring | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization by Reportable Segment | 1.2 | 1 | 0.3 |
Other items not allocated to segments: | Argentina | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization by Reportable Segment | $ 5.4 | $ 2.9 | $ 2.2 |
Segment information - Assets, L
Segment information - Assets, Long Lived Assets, Revenues, Net Assets by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Assets held by Reportable Segment | $ 6,601.8 | $ 6,366 | |
Long-Lived Assets by Significant Country | 1,013.3 | 935.3 | |
Revenues | 4,874.6 | 4,535.5 | $ 4,200.2 |
Net assets outside the U.S. by Geographic Area | 2,207.1 | 2,228.6 | |
Reportable Segments: | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Assets held by Reportable Segment | 6,273.4 | 5,985.2 | |
Revenues | 4,874.6 | 4,535.5 | 4,200.2 |
Corporate items | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Assets held by Reportable Segment | 328.4 | 380.8 | |
Mexico | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets by Significant Country | 135.9 | 123.1 | |
Revenues | 563.8 | 452.6 | 416.1 |
France | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets by Significant Country | 104.2 | 89.4 | |
Revenues | 413.2 | 370.1 | 373.8 |
Brazil | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets by Significant Country | 78.3 | 72.5 | |
Revenues | 309.8 | 329.9 | 303.9 |
Argentina | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 207.1 | 203.9 | 177.5 |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets by Significant Country | 41 | 46 | |
Revenues | 188.7 | 107 | 50.3 |
Netherlands | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenues | 149.7 | 124.3 | 129.3 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets by Significant Country | 30.6 | 32.9 | |
Revenues | 118 | 124.5 | 138.3 |
Net assets outside the U.S. by Geographic Area | 52.6 | 45.4 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets by Significant Country | 304.4 | 270.1 | |
Revenues | 1,441.2 | 1,363.6 | 1,342.3 |
Subtotal | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets by Significant Country | 694.4 | 634 | |
Revenues | 3,391.5 | 3,075.9 | 2,931.5 |
U.S. | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-Lived Assets by Significant Country | 318.9 | 301.3 | |
Revenues | 1,483.1 | 1,459.6 | 1,268.7 |
Latin America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net assets outside the U.S. by Geographic Area | 782.8 | 793.6 | |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net assets outside the U.S. by Geographic Area | 809.3 | 834.6 | |
Middle East, Africa and Asia ("MEAA") | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net assets outside the U.S. by Geographic Area | 562.4 | 555 | |
North America | Reportable Segments: | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Assets held by Reportable Segment | 1,975.7 | 1,949.9 | |
Revenues | 1,601.1 | 1,584.1 | 1,407.1 |
Latin America | Reportable Segments: | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Assets held by Reportable Segment | 1,273.1 | 1,180.6 | |
Revenues | 1,332.3 | 1,210.6 | 1,126 |
Europe | Reportable Segments: | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Assets held by Reportable Segment | 1,992.7 | 1,789.9 | |
Revenues | 1,136.8 | 931.4 | 917.3 |
Rest of World | Reportable Segments: | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Assets held by Reportable Segment | 1,031.9 | 1,064.8 | |
Revenues | $ 804.4 | $ 809.4 | $ 749.8 |
Retirement Benefits - Retiremen
Retirement Benefits - Retirement Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 7.6 | $ 8.1 | $ 9.1 |
Interest cost on projected benefit obligation | 50.5 | 36 | 33.2 |
Return on assets – expected | (58.3) | (61.4) | (59.8) |
Amortization of losses | 3.4 | 26.2 | 40.6 |
Curtailment gain | 0 | (0.5) | (0.8) |
Settlement loss | 0 | 3.2 | 3.3 |
Net periodic pension cost (credit) | 3.2 | 11.6 | 25.6 |
Retirement benefits other than pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.3 | 0.1 | 0.1 |
Interest cost on projected benefit obligation | 16.4 | 14 | 13 |
Return on assets – expected | (10.3) | (13.2) | (12.3) |
Amortization of losses | 9.9 | 17.3 | 26.5 |
Amortization of prior service cost | (11.1) | (4.9) | (5) |
Net periodic pension cost (credit) | 5.2 | 13.3 | 22.3 |
UMWA Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost on projected benefit obligation | 11.1 | 10.3 | 9.8 |
Return on assets – expected | (10.3) | (13.2) | (12.3) |
Amortization of losses | 5.1 | 10 | 17.5 |
Amortization of prior service cost | (11) | (4.6) | (4.7) |
Net periodic pension cost (credit) | (5.1) | 2.5 | 10.3 |
Black Lung and Other Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0.3 | 0.1 | 0.1 |
Interest cost on projected benefit obligation | 5.3 | 3.7 | 3.2 |
Return on assets – expected | 0 | 0 | 0 |
Amortization of losses | 4.8 | 7.3 | 9 |
Amortization of prior service cost | (0.1) | (0.3) | (0.3) |
Net periodic pension cost (credit) | 10.3 | 10.8 | 12 |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost on projected benefit obligation | 32.4 | 22.9 | 21.1 |
Return on assets – expected | (47.2) | (48.7) | (47.4) |
Amortization of losses | 1.6 | 24.2 | 34 |
Curtailment gain | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 |
Net periodic pension cost (credit) | (13.2) | (1.6) | 7.7 |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 7.6 | 8.1 | 9.1 |
Interest cost on projected benefit obligation | 18.1 | 13.1 | 12.1 |
Return on assets – expected | (11.1) | (12.7) | (12.4) |
Amortization of losses | 1.8 | 2 | 6.6 |
Curtailment gain | 0 | (0.5) | (0.8) |
Settlement loss | 0 | 3.2 | 3.3 |
Net periodic pension cost (credit) | $ 16.4 | $ 13.2 | $ 17.9 |
Retirement Benefits - Obligatio
Retirement Benefits - Obligations and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Noncurrent asset | $ 15.1 | $ 17.7 | |
Total | |||
Changes in the benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 961.9 | 1,331.7 | |
Service cost | 7.6 | 8.1 | $ 9.1 |
Interest cost | 50.5 | 36 | 33.2 |
Participant contributions | 0.5 | 0.3 | |
Plan amendments | 0.5 | 0.1 | |
Plan combinations | 0.4 | 0.9 | |
Curtailment | (0.1) | (0.4) | |
Settlements | (3.8) | (10.8) | |
Benefits paid | (66.6) | (61.1) | |
Divestitures(a) | (3.7) | 0 | |
Actuarial (gains) losses | 48.7 | (317.5) | |
Foreign currency exchange effects | 16.4 | (25.4) | |
Benefit obligation at end of year | 1,012.3 | 961.9 | 1,331.7 |
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 841.8 | 1,125.1 | |
Return on assets – actual | 80.8 | (205.2) | |
Participant contributions | 0.5 | 0.3 | |
Plan combinations | 0.4 | 0.9 | |
Employer contributions | 13.4 | 15.3 | |
Settlements | (3.8) | (10.8) | |
Benefits paid | (66.6) | (61.1) | |
Divestitures | (3.7) | 0 | |
Foreign currency exchange effects | 8.1 | (22.7) | |
Fair value of plan assets at end of year | 870.9 | 841.8 | 1,125.1 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status | (141.4) | (120.1) | |
Noncurrent asset | 15.1 | 17.7 | |
Current liability, included in accrued liabilities | 8 | 6.8 | |
Noncurrent liability | 148.5 | 131 | |
Net pension liability | 141.4 | 120.1 | |
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Beginning of year - net gains and losses | (205.6) | (289.6) | |
Net actuarial gains (losses) arising during the year | (26.1) | 50.9 | |
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) | 3.4 | 29.4 | |
Foreign currency exchange effects | (2) | 3.7 | |
End of year - net gains and losses | (230.3) | (205.6) | (289.6) |
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | |||
Beginning of year - net prior service (cost) credit | (0.1) | 0.1 | |
Prior service credit (cost) from plan amendments during the year | (0.5) | (0.1) | |
Foreign currency exchange effects | (0.1) | (0.1) | |
End of year - net prior service (cost) credit | (0.7) | (0.1) | 0.1 |
Retirement benefits other than pension | |||
Changes in the benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 323.1 | 510.4 | |
Service cost | 0.3 | 0.1 | 0.1 |
Interest cost | 16.4 | 14 | 13 |
Plan amendments | 0 | (66.7) | |
Benefits paid | (27.8) | (29.3) | |
Actuarial (gains) losses | (7.9) | (105.7) | |
Foreign currency exchange effects | 1.2 | 0.3 | |
Benefit obligation at end of year | 305.3 | 323.1 | 510.4 |
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 139 | 178 | |
Return on assets – actual | 14.2 | (15.1) | |
Plan combinations | 2.7 | (3.6) | |
Employer contributions | 8 | 9 | |
Benefits paid | (27.8) | (29.3) | |
Fair value of plan assets at end of year | 136.1 | 139 | 178 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status | (169.2) | (184.1) | |
Current liability, included in accrued liabilities | 9.6 | 9.6 | |
Noncurrent liability | 159.6 | 174.5 | |
Net pension liability | 169.2 | 184.1 | |
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Beginning of year - net gains and losses | (139.4) | (234) | |
Net actuarial gains (losses) arising during the year | 11.8 | 77.4 | |
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) | 9.9 | 17.3 | |
Foreign currency exchange effects | (0.4) | (0.1) | |
End of year - net gains and losses | (118.1) | (139.4) | (234) |
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | |||
Beginning of year - net prior service (cost) credit | 81 | 19.2 | |
Prior service credit (cost) from plan amendments during the year | 0 | 66.7 | |
Reclassification adjustment for amortization of prior service cost included in net income (loss) | (11.1) | (4.9) | |
Foreign currency exchange effects | 0 | 0 | |
End of year - net prior service (cost) credit | 69.9 | 81 | 19.2 |
U.S. Plans | |||
Changes in the benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 627.2 | 839.5 | |
Service cost | 0 | 0 | 0 |
Interest cost | 32.4 | 22.9 | 21.1 |
Participant contributions | 0 | 0 | |
Plan amendments | 0 | 0 | |
Plan combinations | 0 | 0 | |
Curtailment | 0 | 0 | |
Settlements | 0 | 0 | |
Benefits paid | (45.2) | (45) | |
Divestitures(a) | 0 | 0 | |
Actuarial (gains) losses | 14.8 | (190.2) | |
Foreign currency exchange effects | 0 | 0 | |
Benefit obligation at end of year | 629.2 | 627.2 | 839.5 |
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 596.3 | 764.8 | |
Return on assets – actual | 59.9 | (124.1) | |
Participant contributions | 0 | 0 | |
Plan combinations | 0 | 0 | |
Employer contributions | 0.6 | 0.6 | |
Settlements | 0 | 0 | |
Benefits paid | (45.2) | (45) | |
Divestitures | 0 | 0 | |
Foreign currency exchange effects | 0 | 0 | |
Fair value of plan assets at end of year | 611.6 | 596.3 | 764.8 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status | (17.6) | (30.9) | |
Noncurrent asset | 0 | 0 | |
Current liability, included in accrued liabilities | 0.7 | 0.7 | |
Noncurrent liability | 16.9 | 30.2 | |
Net pension liability | 17.6 | 30.9 | |
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Beginning of year - net gains and losses | (186.7) | (228.3) | |
Net actuarial gains (losses) arising during the year | (2.1) | 17.4 | |
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) | 1.6 | 24.2 | |
Foreign currency exchange effects | 0 | 0 | |
End of year - net gains and losses | (187.2) | (186.7) | (228.3) |
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | |||
Beginning of year - net prior service (cost) credit | 0 | 0 | |
Prior service credit (cost) from plan amendments during the year | 0 | 0 | |
Foreign currency exchange effects | 0 | 0 | |
End of year - net prior service (cost) credit | 0 | 0 | 0 |
U.S. Plans | Actuarial Gains (Losses) - Change in Discount Rate | |||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Net actuarial gains (losses) arising during the year | 18 | 193 | |
U.S. Plans | Actuarial Gains (Losses) - Asset Return Different from Expected | |||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Net actuarial gains (losses) arising during the year | 13 | 173 | |
Non-U.S. Plans | |||
Changes in the benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 334.7 | 492.2 | |
Service cost | 7.6 | 8.1 | 9.1 |
Interest cost | 18.1 | 13.1 | 12.1 |
Participant contributions | 0.5 | 0.3 | |
Plan amendments | 0.5 | 0.1 | |
Plan combinations | 0.4 | 0.9 | |
Curtailment | (0.1) | (0.4) | |
Settlements | (3.8) | (10.8) | |
Benefits paid | (21.4) | (16.1) | |
Divestitures(a) | (3.7) | 0 | |
Actuarial (gains) losses | 33.9 | (127.3) | |
Foreign currency exchange effects | 16.4 | (25.4) | |
Benefit obligation at end of year | 383.1 | 334.7 | 492.2 |
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 245.5 | 360.3 | |
Return on assets – actual | 20.9 | (81.1) | |
Participant contributions | 0.5 | 0.3 | |
Plan combinations | 0.4 | 0.9 | |
Employer contributions | 12.8 | 14.7 | |
Settlements | (3.8) | (10.8) | |
Benefits paid | (21.4) | (16.1) | |
Divestitures | (3.7) | 0 | |
Foreign currency exchange effects | 8.1 | (22.7) | |
Fair value of plan assets at end of year | 259.3 | 245.5 | 360.3 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status | (123.8) | (89.2) | |
Noncurrent asset | 15.1 | 17.7 | |
Current liability, included in accrued liabilities | 7.3 | 6.1 | |
Noncurrent liability | 131.6 | 100.8 | |
Net pension liability | 123.8 | 89.2 | |
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Beginning of year - net gains and losses | (18.9) | (61.3) | |
Net actuarial gains (losses) arising during the year | (24) | 33.5 | |
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) | 1.8 | 5.2 | |
Foreign currency exchange effects | (2) | 3.7 | |
End of year - net gains and losses | (43.1) | (18.9) | (61.3) |
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | |||
Beginning of year - net prior service (cost) credit | (0.1) | 0.1 | |
Prior service credit (cost) from plan amendments during the year | (0.5) | (0.1) | |
Foreign currency exchange effects | (0.1) | (0.1) | |
End of year - net prior service (cost) credit | (0.7) | (0.1) | 0.1 |
Non-U.S. Plans | Actuarial Gains (Losses) - Change in Discount Rate | |||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Net actuarial gains (losses) arising during the year | 30 | 133 | |
Non-U.S. Plans | Actuarial Gains (Losses) - Asset Return Different from Expected | |||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Net actuarial gains (losses) arising during the year | 10 | 94 | |
UMWA Plans | |||
Changes in the benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 233.9 | 397.4 | |
Service cost | 0 | 0 | 0 |
Interest cost | 11.1 | 10.3 | 9.8 |
Plan amendments | 0 | (66.7) | |
Benefits paid | (19.8) | (20.3) | |
Actuarial (gains) losses | (11.2) | (86.8) | |
Foreign currency exchange effects | 0 | 0 | |
Benefit obligation at end of year | 214 | 233.9 | 397.4 |
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 139 | 178 | |
Return on assets – actual | 14.2 | (15.1) | |
Plan combinations | 2.7 | (3.6) | |
Employer contributions | 0 | 0 | |
Benefits paid | (19.8) | (20.3) | |
Fair value of plan assets at end of year | 136.1 | 139 | 178 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status | (77.9) | (94.9) | |
Current liability, included in accrued liabilities | 0 | 0 | |
Noncurrent liability | 77.9 | 94.9 | |
Net pension liability | 77.9 | 94.9 | |
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Beginning of year - net gains and losses | (93.9) | (162.4) | |
Net actuarial gains (losses) arising during the year | 15.1 | 58.5 | |
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) | 5.1 | 10 | |
Foreign currency exchange effects | 0 | 0 | |
End of year - net gains and losses | (73.7) | (93.9) | (162.4) |
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | |||
Beginning of year - net prior service (cost) credit | 80.7 | 18.6 | |
Prior service credit (cost) from plan amendments during the year | 0 | 66.7 | |
Reclassification adjustment for amortization of prior service cost included in net income (loss) | (11) | (4.6) | |
Foreign currency exchange effects | 0 | 0 | |
End of year - net prior service (cost) credit | 69.7 | 80.7 | 18.6 |
UMWA Plans | Actuarial Gains (Losses) - Change in Discount Rate | |||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Net actuarial gains (losses) arising during the year | 5 | 78 | |
UMWA Plans | Actuarial Gains (Losses) - Asset Return Different from Expected | |||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Net actuarial gains (losses) arising during the year | 4 | 28 | |
UMWA Plans | Actuarial Gains (Losses) - Change in Census Data | |||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Net actuarial gains (losses) arising during the year | 12 | ||
UMWA Plans | Actuarial Gains (Losses) - Change in Claims Experience | |||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Net actuarial gains (losses) arising during the year | 12 | ||
UMWA Plans | Actuarial Gains (Losses) - Claims Assumptions Updates | |||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Net actuarial gains (losses) arising during the year | 17 | ||
Black Lung and Other Plans | |||
Changes in the benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 89.2 | 113 | |
Service cost | 0.3 | 0.1 | 0.1 |
Interest cost | 5.3 | 3.7 | 3.2 |
Plan amendments | 0 | 0 | |
Benefits paid | (8) | (9) | |
Actuarial (gains) losses | 3.3 | (18.9) | |
Foreign currency exchange effects | 1.2 | 0.3 | |
Benefit obligation at end of year | 91.3 | 89.2 | 113 |
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Return on assets – actual | 0 | 0 | |
Plan combinations | 0 | 0 | |
Employer contributions | 8 | 9 | |
Benefits paid | (8) | (9) | |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | |||
Funded status | (91.3) | (89.2) | |
Current liability, included in accrued liabilities | 9.6 | 9.6 | |
Noncurrent liability | 81.7 | 79.6 | |
Net pension liability | 91.3 | 89.2 | |
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Beginning of year - net gains and losses | (45.5) | (71.6) | |
Net actuarial gains (losses) arising during the year | (3.3) | 18.9 | |
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) | 4.8 | 7.3 | |
Foreign currency exchange effects | (0.4) | (0.1) | |
End of year - net gains and losses | (44.4) | (45.5) | (71.6) |
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | |||
Beginning of year - net prior service (cost) credit | 0.3 | 0.6 | |
Prior service credit (cost) from plan amendments during the year | 0 | 0 | |
Reclassification adjustment for amortization of prior service cost included in net income (loss) | (0.1) | (0.3) | |
Foreign currency exchange effects | 0 | 0 | |
End of year - net prior service (cost) credit | 0.2 | 0.3 | $ 0.6 |
Black Lung and Other Plans | Actuarial Gains (Losses) - Change in Discount Rate | |||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | |||
Net actuarial gains (losses) arising during the year | $ 2 | $ 18 |
Retirement Benefits - Informati
Retirement Benefits - Information Comparing Plan Assets to Plan Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Total | ||
Information for pension plans with an ABO in excess of plan assets: | ||
Fair value of plan assets | $ 697.7 | $ 681.2 |
Accumulated benefit obligation | 825.9 | 798.2 |
Projected benefit obligation | 852.8 | 818.3 |
U.S. Plans | ||
Information for pension plans with an ABO in excess of plan assets: | ||
Fair value of plan assets | 611.6 | 596.3 |
Accumulated benefit obligation | 629.2 | 627.2 |
Projected benefit obligation | 629.2 | 627.2 |
Non-U.S. Plans | ||
Information for pension plans with an ABO in excess of plan assets: | ||
Fair value of plan assets | 86.1 | 84.9 |
Accumulated benefit obligation | 196.7 | 171 |
Projected benefit obligation | $ 223.6 | $ 191.1 |
Retirement Benefits - Assumptio
Retirement Benefits - Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement benefits other than pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension cost | 5.60% | 2.90% | 2.40% |
Benefit obligation at year end | 5.30% | 5.60% | 2.90% |
Expected return on assets | 8% | 8% | 8% |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension cost | 5.40% | 2.80% | 2.40% |
Benefit obligation at year end | 5.10% | 5.40% | 2.80% |
Expected return on assets | 7% | 7% | 7% |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension cost | 5.40% | 2.80% | 2.30% |
Benefit obligation at year end | 4.90% | 5.40% | 2.80% |
Expected return on assets | 4.59% | 3.76% | 3.55% |
Average rate of increase in salaries - pension cost | 1.90% | 1.60% | 1.90% |
Average rate of increase in salaries - benefit obligation at year end | 2% | 1.90% | 1.60% |
UMWA Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension cost | 5.40% | 2.80% | 2.30% |
Benefit obligation at year end | 5.10% | 5.40% | 2.80% |
Black Lung and Other Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension cost | 5.40% | 2.70% | 2.20% |
Benefit obligation at year end | 5.10% | 5.40% | 2.70% |
Retirement Benefits - Estimated
Retirement Benefits - Estimated Future Pension Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Total | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 68.7 |
2025 | 68.2 |
2026 | 69.6 |
2027 | 70.6 |
2028 | 73.3 |
2029 through 2033 | 378.1 |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 48.8 |
2025 | 48.6 |
2026 | 48.5 |
2027 | 48.2 |
2028 | 47.7 |
2029 through 2033 | 228.4 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 19.9 |
2025 | 19.6 |
2026 | 21.1 |
2027 | 22.4 |
2028 | 25.6 |
2029 through 2033 | $ 149.7 |
Retirement Benefits - Estimat_2
Retirement Benefits - Estimated OPEB Future Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Retirement benefits other than pension | |
Estimated Future Benefits Payments [Line Items] | |
2024 | $ 28.1 |
2025 | 27.2 |
2026 | 26.4 |
2027 | 25.7 |
2028 | 25.1 |
2029 through 2033 | 113.7 |
UMWA Plans | |
Estimated Future Benefits Payments [Line Items] | |
2024 | 18.5 |
2025 | 18.3 |
2026 | 18.1 |
2027 | 18 |
2028 | 17.9 |
2029 through 2033 | 83.2 |
Black Lung and Other Plans | |
Estimated Future Benefits Payments [Line Items] | |
2024 | 9.6 |
2025 | 8.9 |
2026 | 8.3 |
2027 | 7.7 |
2028 | 7.2 |
2029 through 2033 | $ 30.5 |
Retirement Benefits - Plan Asse
Retirement Benefits - Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum average weighted maturity (in years) | 10 years | ||
UMWA Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 136.1 | $ 139 | $ 178 |
% Actual Allocation | 100% | 100% | |
% Target Allocation | 100% | 100% | |
UMWA Plans | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 0 | $ 0.2 | |
% Actual Allocation | 0% | 0% | |
% Target Allocation | 0% | 0% | |
UMWA Plans | U.S. large-cap(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 22% | 18% | |
% Target Allocation | 24% | 22% | |
UMWA Plans | U.S. large-cap(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 29.3 | $ 25.6 | |
UMWA Plans | U.S. small/mid-cap(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 10% | 7% | |
% Target Allocation | 11% | 10% | |
UMWA Plans | U.S. small/mid-cap(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 13.2 | $ 10 | |
UMWA Plans | International(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 24% | 20% | |
% Target Allocation | 26% | 24% | |
UMWA Plans | International(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 32.1 | $ 28.2 | |
UMWA Plans | Emerging markets(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 3% | 4% | |
% Target Allocation | 4% | 4% | |
UMWA Plans | Emerging markets(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 5.1 | $ 4.9 | |
UMWA Plans | Dynamic asset allocation(c) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 7% | 6% | |
% Target Allocation | 7% | 7% | |
UMWA Plans | Dynamic asset allocation(c) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 8.9 | $ 8.5 | |
UMWA Plans | High yield(e) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 2% | 2% | |
% Target Allocation | 2% | 2% | |
UMWA Plans | High yield(e) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 2.6 | $ 2.4 | |
UMWA Plans | Emerging markets(f) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 4% | 4% | |
% Target Allocation | 4% | 4% | |
UMWA Plans | Emerging markets(f) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 5.1 | $ 5 | |
UMWA Plans | Multi asset real return(i) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 4% | 4% | |
% Target Allocation | 5% | 5% | |
UMWA Plans | Multi asset real return(i) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 6.1 | $ 6.1 | |
UMWA Plans | Core property(g) (l) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 10% | 15% | |
% Target Allocation | 5% | 10% | |
UMWA Plans | Core property(g) (l) | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 14.7 | $ 20.6 | |
UMWA Plans | Structured credit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 6% | 9% | |
% Target Allocation | 5% | 5% | |
UMWA Plans | Structured credit | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 8.3 | $ 12.8 | |
UMWA Plans | Global private equity(j) (l) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 9.6 | $ 11.9 | |
% Actual Allocation | 7% | 9% | |
% Target Allocation | 7% | 7% | |
UMWA Plans | Energy debt | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 1.1 | $ 2.8 | |
% Actual Allocation | 1% | 2% | |
% Target Allocation | 0% | 0% | |
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum average weighted maturity (in years) | 5 years | ||
Minimum | Long duration - mutual fund(d) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio duration (in years) | 10 years | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum average weighted maturity (in years) | 7 years | ||
Maximum | Long duration - mutual fund(d) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio duration (in years) | 15 years | ||
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 611.6 | $ 596.3 | 764.8 |
% Actual Allocation | 100% | 100% | |
% Target Allocation | 100% | 100% | |
U.S. Plans | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 3.8 | $ 3.8 | |
% Actual Allocation | 0% | 0% | |
% Target Allocation | 0% | 0% | |
U.S. Plans | U.S. large-cap(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 9% | 15% | |
% Target Allocation | 13% | 16% | |
U.S. Plans | U.S. large-cap(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 57.6 | $ 90.2 | |
U.S. Plans | U.S. small/mid-cap(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 3% | 5% | |
% Target Allocation | 4% | 5% | |
U.S. Plans | U.S. small/mid-cap(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 15.4 | $ 27.9 | |
U.S. Plans | International(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 10% | 17% | |
% Target Allocation | 14% | 17% | |
U.S. Plans | International(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 63.7 | $ 99.2 | |
U.S. Plans | Emerging markets(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 1% | 2% | |
% Target Allocation | 1% | 2% | |
U.S. Plans | Emerging markets(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 4.5 | $ 11.5 | |
U.S. Plans | Dynamic asset allocation(c) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 3% | 5% | |
% Target Allocation | 3% | 5% | |
U.S. Plans | Dynamic asset allocation(c) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 15.6 | $ 28.1 | |
U.S. Plans | Long duration - mutual fund(d) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 62% | 44% | |
% Target Allocation | 60% | 45% | |
U.S. Plans | Long duration - mutual fund(d) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 317.4 | $ 189.4 | |
U.S. Plans | Long duration - Treasury strips(d) | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 58.9 | $ 74.9 | |
U.S. Plans | Core property(g) (l) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 5% | 6% | |
% Target Allocation | 2% | 5% | |
U.S. Plans | Core property(g) (l) | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 33 | $ 36.2 | |
U.S. Plans | Structured credit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 7% | 6% | |
% Target Allocation | 3% | 5% | |
U.S. Plans | Structured credit | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 41.7 | $ 35.1 | |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 259.3 | $ 245.5 | $ 360.3 |
% Actual Allocation | 100% | 100% | |
% Target Allocation | 100% | 100% | |
Non-U.S. Plans | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 0.9 | $ 0.7 | |
% Actual Allocation | 0% | 0% | |
% Target Allocation | 0% | 0% | |
Non-U.S. Plans | Equity securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 20 | $ 30 | |
% Actual Allocation | 8% | 12% | |
% Target Allocation | 10% | 13% | |
Non-U.S. Plans | U.S. equity funds(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 7.4 | $ 9.6 | |
Non-U.S. Plans | Canadian equity funds(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 1.6 | 3.6 | |
Non-U.S. Plans | European equity funds(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 1.4 | 1.4 | |
Non-U.S. Plans | Other global equity funds(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 9.6 | 15.4 | |
Non-U.S. Plans | Fixed-income securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 130 | $ 113.9 | |
% Actual Allocation | 50% | 47% | |
% Target Allocation | 49% | 47% | |
Non-U.S. Plans | Long duration - mutual fund(d) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 61.4 | $ 59.5 | |
Non-U.S. Plans | High yield(e) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 0.7 | 0.7 | |
Non-U.S. Plans | Emerging markets(f) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 0.8 | 0.7 | |
Non-U.S. Plans | Canadian fixed-income securities(b) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 55.4 | 42 | |
Non-U.S. Plans | European fixed-income funds(c) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 11.7 | 11 | |
Non-U.S. Plans | Other types of investments: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 108.4 | $ 100.9 | |
% Actual Allocation | 10% | 10% | |
% Target Allocation | 7% | 7% | |
Non-U.S. Plans | Guaranteed contract value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 82.6 | $ 75.8 | |
% Actual Allocation | 32% | 31% | |
% Target Allocation | 34% | 33% | |
Non-U.S. Plans | Property funds(h) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 11.1 | $ 9.6 | |
Non-U.S. Plans | Global infrastructure fund(i) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 7.5 | 6.8 | |
Non-U.S. Plans | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 7.2 | $ 8.7 |
Retirement Benefits - Fair Valu
Retirement Benefits - Fair Value Measurements (Details) - Non-U.S. Plans - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 259.3 | $ 245.5 | $ 360.3 |
Level 1 | Other plan assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 95.2 | 88.2 | |
Level 2 | Other plan assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 49.3 | 45.3 | |
Level 3 | Other insurance contract value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 3 | 2.7 | |
Level 3 | Insurance contract - guarantee value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 82.6 | 75.8 | |
Fair Value Measured at Net Asset Value Per Share | Other plan assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 29.2 | $ 33.5 |
Retirement Benefits - Savings P
Retirement Benefits - Savings Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Matching defined contribution expense | $ 20.6 | $ 19.1 | $ 19.1 |
Defined contribution plan maximum annual contribution per employee percent | 2% | ||
U.S. 401(K) | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Matching defined contribution expense | $ 9.9 | 7.6 | 6.5 |
Other plans | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Matching defined contribution expense | $ 10.7 | $ 11.5 | $ 12.6 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated contributions | $ 9.6 | |
Discount percent | 50% | |
Defined contribution plan maximum annual contribution per employee percent | 2% | |
Private Equity Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Unfunded commitments | $ 4 | |
Structured credit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Required notice | 65 days | |
Hedge funds of plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Required notice | 105 days | |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 629.2 | $ 627.2 |
Non-U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 346.6 | $ 304.2 |
Estimated contributions | 9.7 | |
Nonqualified U.S. pension plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Estimated contributions | $ 0.6 | |
UMWA Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Black lung health care cost trend rate | 6.80% | 7% |
Black lung health care cost ultimate rate | 5% | 5% |
UMWA Plans | Energy debt | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Lockup provision | 3 years | |
Black Lung and Other Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Black lung health care cost ultimate rate | 5% | 5% |
Canada Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Black lung health care cost trend rate | 6.80% | 7% |
Black lung health care cost ultimate rate | 5% | 5% |
Brazil Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Black lung health care cost trend rate | 4.80% | 4.80% |
Income Taxes - Income and Taxes
Income Taxes - Income and Taxes from Continuing Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income (loss) from continuing operations before income taxes | |||
U.S. | $ 1.8 | $ (44.3) | $ (1.8) |
Foreign | 234 | 270.5 | 237.3 |
Income from continuing operations before tax | 235.8 | 226.2 | 235.5 |
Current tax expense (benefit) | |||
U.S. federal | 2.7 | 2.8 | 0.5 |
State | 4 | 1.6 | 0.9 |
Foreign | 109.8 | 99.3 | 104.3 |
Current tax expense | 116.5 | 103.7 | 105.7 |
Deferred tax expense (benefit) | |||
U.S. federal | 30.4 | (59.3) | 6 |
State | (4) | (0.1) | 2.9 |
Foreign | (3.7) | (2.9) | 5.7 |
Deferred tax expense (benefit) | 22.7 | (62.3) | 14.6 |
Provision for income taxes of continuing operations | 139.2 | 41.4 | 120.3 |
Comprehensive provision (benefit) for income taxes allocable to | |||
Continuing operations | 139.2 | 41.4 | 120.3 |
Discontinued operations | 0.5 | (0.9) | 0.6 |
Other comprehensive income (loss) | (4.5) | 55.9 | 55.3 |
Equity | 0 | 0 | 0 |
Comprehensive provision for income taxes | $ 135.2 | $ 96.4 | $ 176.2 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Rate Reconciliation [Abstract] | |||
U.S. federal tax rate | 21% | 21% | 21% |
Foreign rate differential | 4.70% | 7.50% | 7.60% |
Taxes on cross border income, net of credits | 7.90% | 6.90% | 4.60% |
Adjustments to valuation allowances | 18.50% | (21.10%) | 6.70% |
Foreign income taxes | 6% | (0.70%) | 6.10% |
French business tax | 0.40% | 0.80% | 0.70% |
State income taxes, net | 0.60% | 0.70% | 0.90% |
Share-based compensation | 1.80% | 1.30% | 0.20% |
Acquisition costs | 0.20% | 0% | 0.50% |
Other(a) | (2.10%) | 1.90% | 2.80% |
Actual income tax rate on continuing operations | 59% | 18.30% | 51.10% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets | ||||
Pension liabilities | $ 41 | $ 33.5 | ||
Retirement benefits other than pensions | 19.7 | 23.8 | ||
Lease liabilities | 88.2 | 80.9 | ||
Workers’ compensation and other claims | 27.1 | 27.5 | ||
Property and equipment, net | 44.3 | 54.1 | ||
Other assets and liabilities | 136.4 | 113.3 | ||
Net operating loss carryforwards | 57.2 | 53.4 | ||
Interest limitations and other tax carryforwards(a) | 48.8 | 20.6 | ||
Foreign tax and other tax credits(b) | 61.8 | 57.4 | ||
Subtotal | 524.5 | 464.5 | ||
Valuation allowances | (128) | (77.3) | $ (141.5) | $ (128.1) |
Total deferred tax assets | 396.5 | 387.2 | ||
Deferred tax liabilities | ||||
Right-of-use assets, net | 78.8 | 76.8 | ||
Goodwill and other intangibles | 110.8 | 100.3 | ||
Other assets and miscellaneous | 31.6 | 31.7 | ||
Deferred tax liabilities | 221.2 | 208.8 | ||
Net deferred tax asset | 175.3 | 178.4 | ||
Included in: | ||||
Noncurrent assets | 231.8 | 246.2 | ||
Noncurrent liabilities | (56.5) | (67.8) | ||
Operating Loss Carryforwards [Line Items] | ||||
Interest limitations and other tax carryforwards | 48.8 | $ 20.6 | ||
Foreign tax credit amount | 55.8 | |||
Other tax credit amount | 6 | |||
Tax credit carryforward valuation allowance | 45.3 | |||
United States | ||||
Deferred tax assets | ||||
Net operating loss carryforwards | 1.2 | |||
Interest limitations and other tax carryforwards(a) | 31.8 | |||
Operating Loss Carryforwards [Line Items] | ||||
Interest limitations and other tax carryforwards | 31.8 | |||
Foreign | ||||
Deferred tax assets | ||||
Net operating loss carryforwards | 41.5 | |||
Interest limitations and other tax carryforwards(a) | 17 | |||
Operating Loss Carryforwards [Line Items] | ||||
Interest limitations and other tax carryforwards | $ 17 |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning of year | $ 77.3 | $ 141.5 | $ 128.1 |
Expiring tax credits | (0.1) | (0.2) | (0.7) |
Acquisitions and dispositions | (0.9) | 0 | (0.8) |
Changes in judgment about deferred tax assets(a) | 32.5 | (46.1) | 8.8 |
Income from continuing operations | 86 | 173.5 | 103.1 |
Other comprehensive income (loss) | 42.2 | 201 | 89.5 |
Foreign currency exchange effects | 1 | (2.6) | (1.1) |
End of year | 128 | 77.3 | 141.5 |
Valuation Allowance of Deferred Tax Assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Income from continuing operations | 11.3 | (1.4) | 7.4 |
Other comprehensive income (loss) | $ 6.9 | $ (13.9) | $ (0.2) |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Losses (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Loss Carryforwards [Line Items] | ||
2024-2028 | $ 1 | |
2029-2033 | 2.5 | |
2034 and thereafter | 16.8 | |
Unlimited | 36.9 | |
Tax benefit of net operating loss carryforwards before valuation allowances | 57.2 | $ 53.4 |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
2024-2028 | 0 | |
2029-2033 | 0 | |
2034 and thereafter | 0 | |
Unlimited | 1.2 | |
Tax benefit of net operating loss carryforwards before valuation allowances | 1.2 | |
State | ||
Operating Loss Carryforwards [Line Items] | ||
2024-2028 | 0 | |
2029-2033 | 0.7 | |
2034 and thereafter | 11.6 | |
Unlimited | 2.2 | |
Tax benefit of net operating loss carryforwards before valuation allowances | 14.5 | |
Foreign | ||
Operating Loss Carryforwards [Line Items] | ||
2024-2028 | 1 | |
2029-2033 | 1.8 | |
2034 and thereafter | 5.2 | |
Unlimited | 33.5 | |
Tax benefit of net operating loss carryforwards before valuation allowances | $ 41.5 |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Uncertain tax positions: | |||
Beginning of year | $ 23.5 | $ 28.9 | $ 14 |
Increases related to prior-year tax positions | 2.1 | 1.2 | 3 |
Decreases related to prior-year tax positions | (2.7) | (2.9) | (0.4) |
Increases related to current-year tax positions | 2.4 | 2.3 | 5.2 |
Increases related to acquisitions | 0 | 0.3 | 11.8 |
Settlements | 0 | (2.4) | (2.5) |
Effect of the expiration of statutes of limitation | (2.5) | (1.9) | (1.6) |
Foreign currency exchange effects | 0.7 | (2) | (0.6) |
End of year | $ 23.5 | $ 23.5 | $ 28.9 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Gross amount of the net operating loss carryforwards | $ 430.9 | |
Potential benefits | 20.1 | |
Accrued penalties and interest | 6.5 | $ 5.8 |
Currently remaining unrecognized tax positions that may be recognized by the end of following year | $ 4.1 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 2,633.4 | $ 2,396.7 | |
Accumulated depreciation and amortization | (1,620.1) | (1,461.4) | |
Property and equipment, net | 1,013.3 | 935.3 | |
Amortization | 15.5 | 16.1 | $ 14.5 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 54.3 | 49.9 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 241 | 226.2 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 291.2 | 271.7 | |
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 805 | 755.2 | |
Capitalized software(a) | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 269.1 | 237 | |
DRS devices leased to customers | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 278.6 | 190.3 | |
Other machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 694.2 | $ 666.4 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Acquired Entities (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||||||
Oct. 03, 2022 | Jan. 31, 2022 | Apr. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | Mar. 09, 2020 | Jul. 18, 2017 | |
Business Acquisition [Line Items] | ||||||||||||
G4S intercompany payments | $ (36.3) | $ 139.2 | $ 45.1 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Restricted cash | 507 | 438.5 | ||||||||||
Right-of-use assets, net | 337.7 | 314.5 | ||||||||||
Goodwill | 1,473.8 | 1,450.9 | 1,411.7 | |||||||||
Contingent consideration payment | 11.1 | 2.8 | 4 | |||||||||
Contingent consideration derecognition gain | (6.2) | 0 | 0 | |||||||||
Transaction Costs | 4.2 | 5.6 | 6.5 | |||||||||
NoteMachine | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Acquisition date | Oct. 03, 2022 | |||||||||||
Percentage of shares acquired | 100% | |||||||||||
Annual revenues | $ 150 | |||||||||||
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 receivables | 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) | |||||||||||
Noncurrent liabilities | (27.2) | |||||||||||
Fair value of net assets acquired | 194.2 | |||||||||||
Contingent consideration payment | 10.3 | |||||||||||
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 | 10 | |||||||||||
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 | |||||||||||
NoteMachine | North America | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Goodwill | 1 | |||||||||||
Touchpoint 21 LLC | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Fair value of purchase consideration | $ 15 | |||||||||||
Contingent consideration payment | 0.8 | |||||||||||
PAI | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of shares acquired | 100% | |||||||||||
Annual revenues | $ 94 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Purchase consideration - cash paid | $ 215.5 | |||||||||||
Fair value of purchase consideration | 215.5 | |||||||||||
Cash | 12.3 | |||||||||||
Accounts receivables | 7.3 | |||||||||||
Other current assets | 5.5 | |||||||||||
Property and Equipment, net | 14.6 | |||||||||||
Intangible assets | 95 | |||||||||||
Goodwill | 126.1 | |||||||||||
Other noncurrent assets | 4.5 | |||||||||||
Current liabilities | (41.2) | |||||||||||
Noncurrent liabilities | (8.6) | |||||||||||
Fair value of net assets acquired | 215.5 | |||||||||||
Contingent consideration payment | 2.8 | 1.1 | ||||||||||
PAI | North America | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Goodwill | 2 | |||||||||||
G4Si | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of shares acquired | 100% | |||||||||||
G4S | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of shares acquired | 100% | |||||||||||
Annual revenues | $ 800 | |||||||||||
G4S intercompany payments | 114 | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Purchase consideration - cash paid | 816.9 | |||||||||||
Contingent consideration | 22 | |||||||||||
Liabilities assumed from seller | 2.9 | |||||||||||
Indemnification assets | (15.9) | |||||||||||
Fair value of purchase consideration | 825.9 | |||||||||||
Cash | 244.4 | |||||||||||
Restricted cash | 30.1 | |||||||||||
Accounts receivables | 145.8 | |||||||||||
Other current assets | 30.8 | |||||||||||
Property and Equipment, net | 123.8 | |||||||||||
Right-of-use assets, net | 77.5 | |||||||||||
Intangible assets | 207 | |||||||||||
Goodwill | 534.1 | |||||||||||
Other noncurrent assets | 16.2 | |||||||||||
Current liabilities | (296.3) | |||||||||||
Lease liability | (68.1) | |||||||||||
Noncurrent liabilities | (103.9) | |||||||||||
Fair value of net assets acquired | 941.4 | |||||||||||
Fair value of noncontrolling interest | (115.5) | |||||||||||
Contingent consideration payment | $ 3.2 | |||||||||||
G4S | Europe | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Goodwill | 191 | |||||||||||
G4S | Rest of World | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Goodwill | 340 | |||||||||||
G4S | Latin America | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Goodwill | 3 | |||||||||||
G4S Tranche III | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of shares acquired | 100% | |||||||||||
Maco | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Percentage of shares acquired | 100% | |||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Severance Costs | $ 4.9 | $ 12.5 | ||||||||||
Customer relationships | NoteMachine | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Intangible assets | 47 | |||||||||||
Remaining Amortization Period | 13 years | |||||||||||
Customer relationships | PAI | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Intangible assets | $ 60 | |||||||||||
Remaining Amortization Period | 10 years | |||||||||||
Customer relationships | G4S | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Intangible assets | $ 207 | |||||||||||
Remaining Amortization Period | 15 years | |||||||||||
Developed technology | NoteMachine | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Intangible assets | 27 | |||||||||||
Remaining Amortization Period | 12 years | |||||||||||
Developed technology | PAI | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Intangible assets | $ 26 | |||||||||||
Remaining Amortization Period | 12 years | |||||||||||
Finite-lived trade names | NoteMachine | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Intangible assets | $ 10 | |||||||||||
Remaining Amortization Period | 5 years | |||||||||||
Finite-lived trade names | PAI | ||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||
Intangible assets | $ 9 | |||||||||||
Remaining Amortization Period | 5 years |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Pro Forma (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Actual revenue results included in consolidation | $ 142.3 | $ 35.2 | |
Actual net income results included in consolidation | (1) | 2.1 | |
Revenues | 4,874.6 | 4,535.5 | $ 4,200.2 |
Reported net income (loss) attributable to Brink's | 87.7 | 170.6 | $ 105.2 |
Pro forma revenue results | 4,874.6 | 4,644.7 | |
Pro forma net income results | 87.7 | 180.5 | |
NoteMachine | |||
Business Acquisition [Line Items] | |||
Actual revenue results included in consolidation | 142.3 | 35.2 | |
Actual net income results included in consolidation | (1) | 2.1 | |
Pro forma revenue results | 0 | 109.2 | |
Pro forma net income results | $ 0 | $ 9.9 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - From Acquisitions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 1,450.9 | $ 1,411.7 |
Acquisitions/Dispositions | 1.4 | 67 |
Currency | 21.5 | (27.8) |
Goodwill, Ending Balance | 1,473.8 | 1,450.9 |
North America | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 477.5 | 474.9 |
Acquisitions/Dispositions | 0 | 3.1 |
Currency | 0.2 | (0.5) |
Goodwill, Ending Balance | 477.7 | 477.5 |
Prior year acquisitions adjustments | (0.8) | |
Latin America | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 220.3 | 214.1 |
Acquisitions/Dispositions | 0 | 2.7 |
Currency | 10.5 | 3.5 |
Goodwill, Ending Balance | 230.8 | 220.3 |
Europe | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 351.1 | 302.5 |
Acquisitions/Dispositions | 1.9 | 61.3 |
Currency | 11.9 | (12.7) |
Goodwill, Ending Balance | 364.9 | 351.1 |
Prior year acquisitions adjustments | 1.9 | |
Rest of World | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 402 | 420.2 |
Acquisitions/Dispositions | (0.5) | (0.1) |
Currency | (1.1) | (18.1) |
Goodwill, Ending Balance | $ 400.4 | 402 |
Prior year acquisitions adjustments | $ (0.1) |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 767 | $ 750.9 | |
Accumulated Amortization | (278.7) | (215.4) | |
Net Carrying Amount | 488.3 | 535.5 | |
Amortization of intangible assets | 57.8 | 52 | $ 47.7 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2024 | 54.8 | ||
2025 | 54.2 | ||
2026 | 51.9 | ||
2027 | 49.1 | ||
2028 | 46.1 | ||
Indefinite-lived trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 9.1 | 7.9 | |
Accumulated Amortization | 0 | 0 | |
Net Carrying Amount | 9.1 | 7.9 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 648 | 639.2 | |
Accumulated Amortization | (238.9) | (187.6) | |
Net Carrying Amount | $ 409.1 | 451.6 | |
Weighted-average amortization period | 9 years 2 months 12 days | ||
Finite-lived trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 40.3 | 38.9 | |
Accumulated Amortization | (22.5) | (16.3) | |
Net Carrying Amount | $ 17.8 | 22.6 | |
Weighted-average amortization period | 3 years 1 month 6 days | ||
Amortization of intangible assets | $ 57.8 | 52 | |
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 65.3 | 60.7 | |
Accumulated Amortization | (13) | (7.4) | |
Net Carrying Amount | $ 52.3 | 53.3 | |
Weighted-average amortization period | 8 years 8 months 12 days | ||
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 4.3 | 4.2 | |
Accumulated Amortization | (4.3) | (4.1) | |
Net Carrying Amount | $ 0 | $ 0.1 |
Prepaid Expenses and Other (Det
Prepaid Expenses and Other (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets [Abstract] | ||
Prepaid expenses | $ 177 | $ 169.5 |
Derivative instruments | 28.5 | 41 |
Income tax receivable | 17.3 | 26.3 |
Other | 102.9 | 87.9 |
Prepaid expenses and other | $ 325.7 | $ 324.7 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Assets, Noncurrent Disclosure [Abstract] | ||
Sale-type lease receivables | $ 82.3 | $ 66.3 |
Deposits | 30.4 | 27.4 |
Loans held for investment (see Note 20) | 25.2 | 38.6 |
Marketable securities | 16.9 | 39.3 |
Prepaid pension assets | 15.1 | 17.7 |
Indemnification assets | 11.2 | 16.3 |
Derivative instruments | 6.9 | 11.1 |
Other | 80.6 | 69.5 |
Other assets | $ 268.6 | $ 286.2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Amounts in OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | $ 47.1 | $ 208.5 | $ 73.3 |
Amounts Arising During the Current Period, Income Tax | 3.8 | (43) | (37.3) |
Amounts Reclassified to Net Income (Loss), Pretax | (9.4) | 48.4 | 71.5 |
Amounts Reclassified to Net Income (Loss), income Tax | 0.7 | (12.9) | (18) |
Other comprehensive income | 42.2 | 201 | 89.5 |
Cost of revenues | 3,707.1 | 3,461.9 | 3,235.8 |
Selling, general and administrative expenses | 688.1 | 687 | 629.7 |
Interest and other income (expense) | 14.4 | 3.7 | (7) |
Other operating income (expense) | 54.2 | 25.3 | (20) |
Interest expense | 203.8 | 138.8 | 112.2 |
Benefit plan adjustments | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (17.4) | 197.3 | 120.5 |
Amounts Arising During the Current Period, Income Tax | 4.3 | (45.4) | (28) |
Amounts Reclassified to Net Income (Loss), Pretax | 2.2 | 41.5 | 64.6 |
Amounts Reclassified to Net Income (Loss), income Tax | (0.6) | (10.1) | (16.3) |
Other comprehensive income | (11.5) | 183.3 | 140.8 |
Foreign currency translation adjustments | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | 65.6 | (6.5) | (52.6) |
Amounts Arising During the Current Period, Income Tax | 4 | 2.7 | (6.8) |
Amounts Reclassified to Net Income (Loss), Pretax | (5.2) | (5.8) | (4.1) |
Amounts Reclassified to Net Income (Loss), income Tax | 1.2 | 1.4 | 1 |
Other comprehensive income | 65.6 | (8.2) | (62.5) |
Gains (losses) on available-for-sale securities | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (0.8) | (1.2) | (0.1) |
Amounts Arising During the Current Period, Income Tax | (3.7) | 0.5 | 0 |
Amounts Reclassified to Net Income (Loss), Pretax | 5 | 0.3 | 0 |
Amounts Reclassified to Net Income (Loss), income Tax | (1.7) | (0.1) | 0 |
Other comprehensive income | (1.2) | (0.5) | (0.1) |
Gains (losses) on cash flow hedges | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | 1.9 | 25.2 | 8.1 |
Amounts Arising During the Current Period, Income Tax | (0.8) | (0.8) | (2.5) |
Amounts Reclassified to Net Income (Loss), Pretax | (11.3) | 12.4 | 11 |
Amounts Reclassified to Net Income (Loss), income Tax | 1.8 | (4.1) | (2.7) |
Other comprehensive income | (8.4) | 32.7 | 13.9 |
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | |||
Other Comprehensive Income Loss [Line Items] | |||
Other operating income (expense) | 7.8 | 8.9 | (0.1) |
Interest expense | (19.1) | 3.5 | 11.1 |
AOCI Attributable to Parent | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | 49.3 | 214.8 | 75.9 |
Amounts Arising During the Current Period, Income Tax | 3.8 | (43) | (37.3) |
Amounts Reclassified to Net Income (Loss), Pretax | (9.3) | 48.4 | 71.5 |
Amounts Reclassified to Net Income (Loss), income Tax | 0.7 | (12.9) | (18) |
Other comprehensive income | 44.5 | 207.3 | 92.1 |
Benefit plan adjustments | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | 0 | 0.4 | (0.4) |
Amounts Arising During the Current Period, Income Tax | 0 | 0 | 0 |
Amounts Reclassified to Net Income (Loss), Pretax | (0.1) | 0 | 0 |
Amounts Reclassified to Net Income (Loss), income Tax | 0 | 0 | 0 |
Other comprehensive income | (0.1) | 0.4 | (0.4) |
Foreign currency translation adjustments | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (2.2) | (6.7) | (2.2) |
Amounts Arising During the Current Period, Income Tax | 0 | 0 | 0 |
Amounts Reclassified to Net Income (Loss), Pretax | 0 | 0 | 0 |
Amounts Reclassified to Net Income (Loss), income Tax | 0 | 0 | 0 |
Other comprehensive income | (2.2) | (6.7) | (2.2) |
AOCI Attributable to Noncontrolling Interest | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (2.2) | (6.3) | (2.6) |
Amounts Arising During the Current Period, Income Tax | 0 | 0 | 0 |
Amounts Reclassified to Net Income (Loss), Pretax | (0.1) | 0 | 0 |
Amounts Reclassified to Net Income (Loss), income Tax | 0 | 0 | 0 |
Other comprehensive income | (2.3) | (6.3) | (2.6) |
Benefit plan adjustments | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (17.4) | 197.7 | 120.1 |
Amounts Arising During the Current Period, Income Tax | 4.3 | (45.4) | (28) |
Amounts Reclassified to Net Income (Loss), Pretax | 2.1 | 41.5 | 64.6 |
Amounts Reclassified to Net Income (Loss), income Tax | (0.6) | (10.1) | (16.3) |
Other comprehensive income | (11.6) | 183.7 | 140.4 |
Benefit plan adjustments | Reclassification out of Accumulated Other Comprehensive Income | |||
Other Comprehensive Income Loss [Line Items] | |||
Cost of revenues | 5.9 | 6.3 | 7.2 |
Selling, general and administrative expenses | 2 | 1.9 | 2 |
Interest and other income (expense) | 0.5 | 16.7 | 38.7 |
Foreign currency translation adjustments | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | 63.4 | (13.2) | (54.8) |
Amounts Arising During the Current Period, Income Tax | 4 | 2.7 | (6.8) |
Amounts Reclassified to Net Income (Loss), Pretax | (5.2) | (5.8) | (4.1) |
Amounts Reclassified to Net Income (Loss), income Tax | 1.2 | 1.4 | 1 |
Other comprehensive income | 63.4 | (14.9) | (64.7) |
Gains (losses) on available-for-sale securities | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (0.8) | (1.2) | (0.1) |
Amounts Arising During the Current Period, Income Tax | (3.7) | 0.5 | 0 |
Amounts Reclassified to Net Income (Loss), Pretax | 5 | 0.3 | 0 |
Amounts Reclassified to Net Income (Loss), income Tax | (1.7) | (0.1) | 0 |
Other comprehensive income | (1.2) | (0.5) | (0.1) |
Gains (losses) on available-for-sale securities | Reclassification out of Accumulated Other Comprehensive Income | |||
Other Comprehensive Income Loss [Line Items] | |||
Interest and other income (expense) | (5) | (0.3) | 0 |
Gains (losses) on cash flow hedges | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | 1.9 | 25.2 | 8.1 |
Amounts Arising During the Current Period, Income Tax | (0.8) | (0.8) | (2.5) |
Amounts Reclassified to Net Income (Loss), Pretax | (11.3) | 12.4 | 11 |
Amounts Reclassified to Net Income (Loss), income Tax | 1.8 | (4.1) | (2.7) |
Other comprehensive income | $ (8.4) | $ 32.7 | $ 13.9 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclasses Out Of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning Balance | $ 570.2 | $ 252.6 | $ 202.5 | |
Other comprehensive income | 42.2 | 201 | 89.5 | |
Acquisitions of noncontrolling interests | (0.6) | 7.8 | [1] | |
Ending Balance | 520.2 | 570.2 | 252.6 | |
Benefit plan adjustments | ||||
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning Balance | (290.7) | (474) | (614.8) | |
Other comprehensive income (loss) before reclassifications | (13.1) | 151.9 | 92.5 | |
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | 1.6 | 31.4 | 48.3 | |
Other comprehensive income | (11.5) | 183.3 | 140.8 | |
Ending Balance | (302.2) | (290.7) | (474) | |
Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning Balance | (433.8) | (425.7) | (363.2) | |
Other comprehensive income (loss) before reclassifications | 69.6 | (3.8) | (59.4) | |
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | (4) | (4.4) | (3.1) | |
Other comprehensive income | 65.6 | (8.2) | (62.5) | |
Acquisitions of noncontrolling interests | 0.1 | |||
Ending Balance | (368.2) | (433.8) | (425.7) | |
Gains (Losses) on Available-for-Sale Securities | ||||
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning Balance | (0.6) | (0.1) | 0 | |
Other comprehensive income (loss) before reclassifications | (4.5) | (0.7) | (0.1) | |
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | 3.3 | 0.2 | 0 | |
Other comprehensive income | (1.2) | (0.5) | (0.1) | |
Ending Balance | (1.8) | (0.6) | (0.1) | |
Gains (Losses) on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning Balance | 24.6 | (8.1) | (22) | |
Other comprehensive income (loss) before reclassifications | 1.1 | 24.4 | 5.6 | |
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | (9.5) | 8.3 | 8.3 | |
Other comprehensive income | (8.4) | 32.7 | 13.9 | |
Ending Balance | 16.2 | 24.6 | (8.1) | |
AOCI Attributable to Parent | ||||
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning Balance | (700.5) | (907.9) | (1,000) | |
Other comprehensive income (loss) before reclassifications | 53.1 | 171.8 | 38.6 | |
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | (8.6) | 35.5 | 53.5 | |
Other comprehensive income | 44.5 | 207.3 | 92.1 | |
Acquisitions of noncontrolling interests | 0 | 0.1 | [1] | |
Ending Balance | $ (656) | $ (700.5) | $ (907.9) | |
[1] This amount represents the impact of transactions in which we acquired or disposed of noncontrolling ownership interests in certain companies where we had an existing controlling interest prior to and after the related acquisition or disposal transactions. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Jul. 15, 2022 USD ($) | Sep. 30, 2022 USD ($) Instruments | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) Instruments | Dec. 31, 2021 USD ($) | Jul. 26, 2023 USD ($) | Jun. 30, 2023 derivative_instrument | Oct. 03, 2022 USD ($) | Jul. 21, 2022 USD ($) | Jul. 12, 2022 USD ($) Instruments | Mar. 31, 2022 Instruments | Jun. 30, 2021 derivative_instrument | Mar. 31, 2019 derivative_instrument | |
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Other operating income (expense) | $ (54.2) | $ (25.3) | $ 20 | ||||||||||
Foreign currency transaction gains (losses) | (85.1) | (68.7) | (30.5) | ||||||||||
Interest expense | (203.8) | (138.8) | (112.2) | ||||||||||
Foreign currency derivative instrument gains (losses) | 21.3 | 42 | 24.2 | ||||||||||
Cash proceeds from settlement of cross currency swap | 0 | 64.3 | 0 | ||||||||||
Contingent consideration derecognition gain | (6.2) | 0 | 0 | ||||||||||
Contingent consideration payment | 11.1 | 2.8 | 4 | ||||||||||
G4S | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Contingent consideration | 22 | ||||||||||||
Contingent consideration payment | 3.2 | ||||||||||||
NoteMachine | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Contingent consideration | $ 14.8 | ||||||||||||
Contingent consideration payment | 10.3 | ||||||||||||
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 | 10 | ||||||||||||
Not Designated as Hedging Instrument | Foreign exchange contract | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Notional value of nonderivative instrument | $ 678 | ||||||||||||
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 | $ 21.3 | 42 | 24.2 | ||||||||||
Designated as Hedging Instrument | Currency Swap | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Other operating income (expense) | (7.9) | (8.9) | 0.2 | ||||||||||
Foreign currency transaction gains (losses) | 7.9 | 8.9 | (0.2) | ||||||||||
Interest expense | (0.8) | (1.3) | (1.3) | ||||||||||
Foreign currency derivative instrument gains (losses) | $ (8.7) | $ (10.2) | (1.1) | ||||||||||
Designated as Hedging Instrument | $400 million interest rate swap | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Weighted average maturity | 1 month 6 days | ||||||||||||
Number of instruments held | derivative_instrument | 10 | ||||||||||||
Notional value of derivative instrument | $ 400 | ||||||||||||
Designated as Hedging Instrument | $200 million interest rate swap | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Number of instruments held | Instruments | 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 9 months 18 days | ||||||||||||
Number of instruments held | Instruments | 3 | ||||||||||||
Notional value of derivative instrument | $ 200 | ||||||||||||
Designated as Hedging Instrument | $175 million interest rate swap | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Weighted average maturity | 1 year 9 months 18 days | ||||||||||||
Number of instruments held | Instruments | 2 | ||||||||||||
Notional value of derivative instrument | $ 175 | ||||||||||||
Designated as Hedging Instrument | $400 million interest rate swap 2023 | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Weighted average maturity | 1 year 9 months 18 days | ||||||||||||
Number of instruments held | derivative_instrument | 8 | ||||||||||||
Notional value of derivative instrument | $ 400 | ||||||||||||
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 | ||||||||||||
Designated as Hedging Instrument | $400 million cross currency swap 2022 | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Number of instruments held | Instruments | 9 | ||||||||||||
Notional value of derivative instrument | $ 400 | $ 400 | |||||||||||
Designated as Hedging Instrument | $215 million cross currency swap | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Weighted average maturity | 2 years | ||||||||||||
Notional value of derivative instrument | 215 | ||||||||||||
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 | ||||||||||||
Designated as Hedging Instrument | $215 million cross currency swap II | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Notional value of derivative instrument | $ 215 | ||||||||||||
Designated as Hedging Instrument | $55 million foreign exchange forward swap | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Weighted average maturity | 10 months 24 days | ||||||||||||
Notional value of derivative instrument | $ 55 | ||||||||||||
Level 2 | Not Designated as Hedging Instrument | Foreign exchange contract | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of derivative instruments, net | 1.1 | $ 7 | |||||||||||
Level 2 | Not Designated as Hedging Instrument | Foreign exchange contract | Prepaid expenses and other | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of derivative instruments, asset | 8.7 | 3.5 | |||||||||||
Level 2 | Not Designated as Hedging Instrument | Foreign exchange contract | Accrued Liabilities | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of derivative instruments, liability | 9.8 | 10.5 | |||||||||||
Level 2 | Designated as Hedging Instrument | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Net derivative instrument (gains) losses included in interest expense | (25.1) | (3.6) | 5.7 | ||||||||||
Level 2 | Designated as Hedging Instrument | Currency Swap | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of contract, asset position | 14.6 | ||||||||||||
Level 2 | Designated as Hedging Instrument | $400 million interest rate swap | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of swap, asset position | 1.1 | 10 | |||||||||||
Net derivative instrument (gains) losses included in interest expense | (19.9) | 2.2 | 9.8 | ||||||||||
Level 2 | Designated as Hedging Instrument | $400 million interest rate swap | Prepaid expenses and other | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of swap, asset position | 9.3 | ||||||||||||
Level 2 | Designated as Hedging Instrument | $400 million interest rate swap | Other Assets | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of swap, asset position | 0.7 | ||||||||||||
Level 2 | Designated as Hedging Instrument | $200 million interest rate swap amended | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of swap, asset position | 12.2 | 16.4 | $ 9.2 | ||||||||||
Level 2 | Designated as Hedging Instrument | $200 million interest rate swap amended | Prepaid expenses and other | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of swap, asset position | 5.8 | 6 | |||||||||||
Level 2 | Designated as Hedging Instrument | $200 million interest rate swap amended | Other Assets | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of swap, asset position | 6.4 | 10.4 | |||||||||||
Level 2 | Designated as Hedging Instrument | $175 million interest rate swap | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of swap, net | 0.1 | 1 | |||||||||||
Level 2 | Designated as Hedging Instrument | $175 million interest rate swap | Prepaid expenses and other | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of swap, asset position | 1.9 | 2 | |||||||||||
Level 2 | Designated as Hedging Instrument | $175 million interest rate swap | Other Liabilities | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of swap, liability position | 1.8 | 1 | |||||||||||
Level 2 | Designated as Hedging Instrument | $400 million interest rate swap 2023 | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of swap, asset position | 5.7 | ||||||||||||
Level 2 | Designated as Hedging Instrument | $400 million interest rate swap 2023 | Prepaid expenses and other | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of swap, asset position | 5.4 | ||||||||||||
Level 2 | Designated as Hedging Instrument | $400 million interest rate swap 2023 | Other Assets | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of swap, asset position | 0.3 | ||||||||||||
Level 2 | Designated as Hedging Instrument | $400 million cross currency swap | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Net derivative instrument (gains) losses included in interest expense | (5.8) | $ (4.1) | |||||||||||
Level 2 | Designated as Hedging Instrument | $400 million cross currency swap 2022 | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of contract, liability position | 34.6 | 11.7 | |||||||||||
Net derivative instrument (gains) losses included in interest expense | (5.2) | ||||||||||||
Level 2 | Designated as Hedging Instrument | $400 million cross currency swap 2022 | Prepaid expenses and other | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of contract, liability position | 5.6 | ||||||||||||
Level 2 | Designated as Hedging Instrument | $400 million cross currency swap 2022 | Other Liabilities | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of contract, liability position | 40.2 | 17.3 | |||||||||||
Level 2 | Designated as Hedging Instrument | $215 million cross currency swap II | Other Assets | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of contract, asset position | 0.1 | ||||||||||||
Level 2 | Designated as Hedging Instrument | $55 million foreign exchange forward swap | Prepaid expenses and other | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value of contract, asset position | 0.1 | ||||||||||||
Six hundred million senior unsecured notes | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Carrying value | 600 | 600 | |||||||||||
Six hundred million senior unsecured notes | Level 3 | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value | 554.6 | 528.7 | |||||||||||
Four hundred million senior unsecured notes | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Carrying value | 400 | 400 | |||||||||||
Four hundred million senior unsecured notes | Level 3 | |||||||||||||
Debt Securities, Available-for-sale [Line Items] | |||||||||||||
Fair value | $ 382 | $ 369 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities, Current [Abstract] | ||
Cash supply chain deposit liability(a) | $ 167.8 | $ 156.3 |
Cash held by cash management services operations | 166.2 | 85.2 |
Payroll and other employee liabilities | 151.9 | 175.8 |
Taxes, except income taxes | 134.9 | 127 |
Operating lease liabilities | 79.5 | 74.7 |
Income taxes payable | 37.8 | 25.7 |
Accrued interest | 34.5 | 31.7 |
Workers’ compensation and other claims | 31.7 | 30.1 |
ATM surcharge/interchange payables | 27.7 | 26.6 |
Contract liability | 21.4 | 17 |
Retirement benefits | 17.6 | 16.4 |
Chile antitrust matter | 10.3 | 10.2 |
Derivative instruments | 9.8 | 10.5 |
Acquisition and disposition related obligations | 2 | 21.4 |
Other | 233.8 | 210.8 |
Accrued liabilities | $ 1,126.9 | $ 1,019.4 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Workers’ compensation and other claims | $ 72.6 | $ 72.6 |
Derivative instruments | 42 | 18.3 |
Asset retirement and remediation obligations | 33.3 | 31.9 |
Acquisition-related obligations | 22.8 | 21.5 |
Noncurrent tax liabilities | 21.8 | 19.3 |
Deferred compensation | 12 | 20 |
Post-employment benefits | 6.4 | 5.9 |
Other | 33.7 | 35.1 |
Other liabilities | $ 244.6 | $ 224.6 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Short-term borrowings | $ 151.7 | $ 47.2 | |
Long-term Debt Types [Abstract] | |||
Financing leases | 233.8 | ||
Total long-term debt | 3,379.6 | 3,355.6 | |
Total Debt | 3,531.3 | 3,402.8 | |
Long Term Debt By Current And Noncurrent [Abstract] | |||
Current liabilities | 268.8 | 129.6 | |
Noncurrent liabilities | 3,262.5 | 3,273.2 | |
Interest Rate And Other Disclosures [Abstract] | |||
Long-term revolving credit facilities: Borrowings | 9,265.7 | 7,058.7 | $ 3,385.5 |
Long-term revolving credit facilities: Repayments | (9,273.8) | (6,832.7) | $ (2,836.8) |
Brink's Capital credit facility | |||
Interest Rate And Other Disclosures [Abstract] | |||
Long-term revolving credit facilities: Borrowings | 7,110.5 | ||
Long-term revolving credit facilities: Repayments | (7,008.1) | ||
Term Loan A | Senior Secured Credit Facility - Amended III | |||
Long-term Debt Types [Abstract] | |||
Long-term Debt | $ 1,343.5 | $ 1,377.4 | |
Interest Rate And Other Disclosures [Abstract] | |||
Effective interest rate | 7% | 5.70% | |
Debt issue cost | $ 4 | $ 5.1 | |
Senior unsecured notes | Six hundred million senior unsecured notes | |||
Long-term Debt Types [Abstract] | |||
Long-term Debt | $ 994.4 | $ 992.1 | |
Interest Rate And Other Disclosures [Abstract] | |||
Effective interest rate | 4.60% | 4.60% | |
Debt issue cost | $ 5.6 | $ 7.9 | |
Senior unsecured notes | Four hundred million senior unsecured notes | |||
Interest Rate And Other Disclosures [Abstract] | |||
Effective interest rate | 5.50% | 5.50% | |
Revolving Credit Facility | |||
Long-term Debt Types [Abstract] | |||
Debt | $ 542.1 | $ 646.9 | |
Interest Rate And Other Disclosures [Abstract] | |||
Average interest rate | 6.30% | 5.50% | |
Other Non-US Dollar-denominated Facilities | |||
Long-term Debt Types [Abstract] | |||
Debt | $ 265.8 | $ 147 | |
Interest Rate And Other Disclosures [Abstract] | |||
Average interest rate | 5.90% | 4.80% | |
Other Non-US Dollar-denominated Facilities | Brink's Capital credit facility | |||
Long-term Debt Types [Abstract] | |||
Debt | $ 209.3 | $ 106.8 | |
Financing leases | |||
Long-term Debt Types [Abstract] | |||
Financing leases | $ 233.8 | $ 192.2 | |
Interest Rate And Other Disclosures [Abstract] | |||
Average interest rate | 6.20% | 5.50% | |
Other | |||
Debt Instrument [Line Items] | |||
Short-term borrowings | $ 151.7 | $ 47.2 | |
Interest Rate And Other Disclosures [Abstract] | |||
Short-term borrowings interest rate | 6.50% | 4.30% |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Jun. 22, 2020 USD ($) | Oct. 31, 2017 USD ($) | Dec. 31, 2023 USD ($) country facility | Jun. 30, 2022 USD ($) quarterly_payment | |
Long-term Debt Types [Abstract] | ||||
Number of quarterly installment payments at 0.625% | quarterly_payment | 8 | |||
Senior Secured Credit Facility - Amended III | ||||
Long-term Debt Types [Abstract] | ||||
Commitment Fee | 0.23% | |||
Senior Secured Credit Facility - Amended III | Minimum | ||||
Long-term Debt Types [Abstract] | ||||
Commitment Fee | 0.15% | |||
Senior Secured Credit Facility - Amended III | Maximum | ||||
Long-term Debt Types [Abstract] | ||||
Commitment Fee | 0.28% | |||
Two Committed Letter of Credit Facilities | Letter of Credit | ||||
Long-term Debt Types [Abstract] | ||||
Available capacity amount | $ 8 | |||
Number of term loan facilities | facility | 2 | |||
Amount available | $ 38 | |||
Undrawn letters of credit | 30 | |||
Fifteen Million Committed Facility | Letter of Credit | ||||
Long-term Debt Types [Abstract] | ||||
Maximum borrowing capacity | 15 | |||
Twenty-three Million Committed Facility | Letter of Credit | ||||
Long-term Debt Types [Abstract] | ||||
Maximum borrowing capacity | 23 | |||
Two Unsecured Letter of Credit Facilities | Letter of Credit | ||||
Long-term Debt Types [Abstract] | ||||
Available capacity amount | $ 32 | |||
Number of term loan facilities | country | 2 | |||
Amount available | $ 55 | |||
Undrawn letters of credit | 23 | |||
Forty Million Unsecured Letter of Credit Facility | Letter of Credit | ||||
Long-term Debt Types [Abstract] | ||||
Amount available | 40 | |||
Fifteen Million Unsecured Letter of Credit Facility | Letter of Credit | ||||
Long-term Debt Types [Abstract] | ||||
Amount available | $ 15 | |||
Senior Secured Credit Facility - Amended III | SOFR | ||||
Long-term Debt Types [Abstract] | ||||
Interest rate margin | 1.50% | |||
Senior Secured Credit Facility - Amended III | SOFR | Minimum | ||||
Long-term Debt Types [Abstract] | ||||
Interest rate margin | 1.25% | |||
Senior Secured Credit Facility - Amended III | SOFR | Maximum | ||||
Long-term Debt Types [Abstract] | ||||
Interest rate margin | 1.75% | |||
Senior Secured Credit Facility - Amended III | Base Rate | ||||
Long-term Debt Types [Abstract] | ||||
Interest rate margin | 0.50% | |||
Senior Secured Credit Facility - Amended III | Base Rate | Minimum | ||||
Long-term Debt Types [Abstract] | ||||
Interest rate margin | 0.25% | |||
Senior Secured Credit Facility - Amended III | Base Rate | Maximum | ||||
Long-term Debt Types [Abstract] | ||||
Interest rate margin | 0.75% | |||
Term Loan A | Senior Secured Credit Facility - Amended III | ||||
Long-term Debt Types [Abstract] | ||||
Debt, aggregate principal amount | $ 1,400 | |||
First two years quarterly principal payment, percentage | 0.625% | |||
Post two years quarterly principal payment, percentage | 1.25% | |||
Revolving Credit Facility | Senior Secured Credit Facility - Amended III | ||||
Long-term Debt Types [Abstract] | ||||
Maximum borrowing capacity | $ 1,000 | |||
Available capacity amount | $ 458 | |||
Senior unsecured notes | Four hundred million senior unsecured notes | ||||
Long-term Debt Types [Abstract] | ||||
Debt, aggregate principal amount | $ 400 | |||
Debt maturity period | 5 years | |||
Interest Rate Percentage | 5.50% | |||
Senior unsecured notes | Six hundred million senior unsecured notes | ||||
Long-term Debt Types [Abstract] | ||||
Debt, aggregate principal amount | $ 600 | |||
Debt maturity period | 10 years | |||
Interest Rate Percentage | 4.625% |
Debt - Minimum Repayments Long
Debt - Minimum Repayments Long Term Debt (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 117.1 |
2025 | 754.1 |
2026 | 118.3 |
2027 | 2,332.8 |
2028 | 23.4 |
Later years | 43.4 |
Total | 3,389.1 |
Financing leases | |
Debt Instrument [Line Items] | |
2024 | 57.5 |
2025 | 51.1 |
2026 | 41.7 |
2027 | 30.1 |
2028 | 19.8 |
Later years | 33.6 |
Total | 233.8 |
Other long-term debt | |
Debt Instrument [Line Items] | |
2024 | 59.6 |
2025 | 703 |
2026 | 76.6 |
2027 | 2,302.7 |
2028 | 3.6 |
Later years | 9.8 |
Total | $ 3,155.3 |
Debt - Financing Leases (Detail
Debt - Financing Leases (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Financing Leases | $ 488.2 | $ 388.7 |
Less: accumulated amortization | (204.5) | (170.8) |
Total | 283.7 | 217.9 |
Buildings | ||
Debt Instrument [Line Items] | ||
Financing Leases | 9.4 | 6.3 |
Vehicles | ||
Debt Instrument [Line Items] | ||
Financing Leases | 395.9 | 332.9 |
Machinery and equipment | ||
Debt Instrument [Line Items] | ||
Financing Leases | $ 82.9 | $ 49.5 |
Accounts Receivable and Credi_3
Accounts Receivable and Credit Losses (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) country | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Valuation Allowance [Line Items] | |||||
Number of countries in which the entity operates | country | 100 | ||||
Accounts Receivable, Net, Current [Abstract] | |||||
Trade | $ 759.5 | $ 684.6 | $ 759.5 | ||
Other | 141 | 124.8 | 141 | ||
Total accounts receivable | 900.5 | 809.4 | 900.5 | ||
Allowance for doubtful accounts | (38.3) | (30.4) | (38.3) | $ (16.9) | |
Accounts receivable, net | 862.2 | 779 | 862.2 | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Beginning of year | $ 16.9 | 38.3 | 16.9 | 30.7 | |
Provision for uncollectible accounts receivable | 12.8 | 22.3 | 3.4 | ||
Write offs and recoveries | (21.1) | (3.4) | (16.2) | ||
Other | 0 | 3.2 | 0 | ||
Foreign currency exchange effects | 0.4 | (0.7) | (1) | ||
End of year | 38.3 | $ 30.4 | $ 38.3 | $ 16.9 | |
Uncollectible Receivables | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Provision for uncollectible accounts receivable | $ 16.7 | $ 1.1 |
Leases - Supplemental balance s
Leases - Supplemental balance sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease assets | $ 337.7 | $ 314.5 |
Finance lease assets | $ 283.7 | $ 217.9 |
Finance lease, right-of-use asset, statement of financial position [extensible enumeration] | Property and equipment, net | Property and equipment, net |
Total lease assets | $ 621.4 | $ 532.4 |
Current liabilities operating leases | $ 79.5 | $ 74.7 |
Operating lease, liability, current, statement of financial position [extensible enumeration] | Accrued liabilities | Accrued liabilities |
Current liabilities financing leases | $ 57.5 | $ 43 |
Finance lease, liability, current, statement of financial position [extensible enumeration] | Current maturities of long-term debt | Current maturities of long-term debt |
Lease liabilities | $ 265.8 | $ 249.9 |
Finance lease, liability, noncurrent, statement of financial position [extensible enumeration] | Long-term debt | Long-term debt |
Noncurrent liabilities financing leases | $ 176.3 | $ 149.2 |
Total lease liabilities | $ 579.1 | $ 516.8 |
Leases - Lease cost (Details)
Leases - Lease cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease, Cost [Abstract] | |||
Operating lease cost(a) | $ 153.4 | $ 133.6 | $ 149.4 |
Short-term lease cost | 25.5 | 28.9 | 21.2 |
Amortization of related assets | 44.5 | 37.9 | 38.3 |
Interest on related liabilities | 14 | 10.1 | 9.5 |
Total lease cost | $ 237.4 | $ 210.5 | $ 218.4 |
Leases - Other information (Det
Leases - Other information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating cash flows from operating leases | $ 107.9 | $ 106.1 | $ 96.5 |
Operating cash flows from finance leases | 14 | 10.1 | 9.5 |
Financing cash flows from finance leases | 55.5 | 48.2 | 43 |
Leased assets obtained in exchange for new operating lease obligations | 104.3 | 101 | 54 |
Leased assets obtained in exchange for new finance lease obligations | $ 92 | $ 65.7 | $ 85.9 |
Weighted average remaining lease term operating leases (years) | 6 years 6 months | 6 years 3 months 18 days | 6 years 8 months 12 days |
Weighted average remaining lease term finance leases (years) | 4 years 8 months 12 days | 4 years 8 months 12 days | 4 years 9 months 18 days |
Weighted average discount rate operating leases (percent) | 6.80% | 6.50% | 6.40% |
Weighted average discount rate finance leases (percent) | 6.20% | 5.50% | 4.40% |
Leases - Operating future minim
Leases - Operating future minimum lease payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Operating Leased Assets [Line Items] | |
2024 | $ 100.4 |
2025 | 78.2 |
2026 | 63 |
2027 | 48.1 |
2028 | 32.8 |
Later years | 107.9 |
Total Lease Payments | 430.4 |
Less: Interest | 85.1 |
Present value of lease liabilities | 345.3 |
Facilities | |
Operating Leased Assets [Line Items] | |
2024 | 73.3 |
2025 | 59 |
2026 | 48.2 |
2027 | 38.8 |
2028 | 29.3 |
Later years | 107.6 |
Total Lease Payments | 356.2 |
Less: Interest | 77.3 |
Present value of lease liabilities | 278.9 |
DRS devices | |
Operating Leased Assets [Line Items] | |
2024 | 15.2 |
2025 | 11.2 |
2026 | 8.9 |
2027 | 5.8 |
2028 | 1.9 |
Later years | 0 |
Total Lease Payments | 43 |
Less: Interest | 4.5 |
Present value of lease liabilities | 38.5 |
Other | |
Operating Leased Assets [Line Items] | |
2024 | 11.9 |
2025 | 8 |
2026 | 5.9 |
2027 | 3.5 |
2028 | 1.6 |
Later years | 0.3 |
Total Lease Payments | 31.2 |
Less: Interest | 3.3 |
Present value of lease liabilities | $ 27.9 |
Leases - Financing leases minim
Leases - Financing leases minimum repayments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 69.7 |
2025 | 59.9 |
2026 | 47.5 |
2027 | 33.5 |
2028 | 21.7 |
Later years | 38.7 |
Total | 271 |
Less: Interest | 37.2 |
Present value of finance lease liabilities | $ 233.8 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Narrative (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized, not yet granted (in shares) | 2,300,000 | ||
Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation plan, stock units held (shares) | 106,836 | 150,970 | |
Director | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation plan, stock units held (shares) | 21,075 | 19,583 | |
Performance Shares Units PSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized, not yet granted (in shares) | 171,500 | ||
The weighted-average fair value per share at grant date | $ 69.10 | ||
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
The weighted-average fair value per share at grant date | $ 65.77 | $ 64.30 | $ 78.35 |
Weighted-average discount percent | 2% | 2% | 2% |
TSR PSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Performance period | 3 years | ||
Time-based options | Employees | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 6 years | ||
Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
The weighted-average fair value per share at grant date | $ 62.43 | ||
The weighted-average grant-date fair value (in dollars per share) | $ 62.43 | $ 54.74 | $ 79.04 |
Share-based Compensation Award, Three-year Vesting | Internal Metric Performance Share Units (IM PSU) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | 2 years | 3 years |
Share-based Compensation Award, Additional Two-year Vesting | Internal Metric Performance Share Units (IM PSU) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of an employees award | 0% | ||
Share-based Compensation Award, Additional Two-year Vesting | Internal Metric Performance Share Units (IM PSU) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of an employees award | 200% | ||
Share-based Compensation Award, Current-year | TSR PSU | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of an employees award | 0% | ||
Share-based Compensation Award, Current-year | TSR PSU | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of an employees award | 200% |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment expense | $ 34.9 | $ 49.9 | $ 34.1 |
Cash based awards | 2.8 | 1.3 | 1 |
Income tax benefit | (7.9) | (11.5) | (8.1) |
Share-based payment expense, net of tax | 27 | 38.4 | 26 |
Fair value of shares vested | 28.9 | 35 | 26.7 |
Income tax benefit realized | 7 | 8.1 | 6.1 |
Performance Shares Units PSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment expense | 20.3 | 34.9 | 22.3 |
Unrecognized Expense for Nonvested Awards at | $ 19.5 | ||
Weighted-average No. of Years Unrecognized Expense to be Recognized | 1 year 7 months 6 days | ||
Fair value of shares vested | $ 16.3 | 10 | 17.7 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment expense | 10.4 | 12 | 8.5 |
Unrecognized Expense for Nonvested Awards at | $ 8 | ||
Weighted-average No. of Years Unrecognized Expense to be Recognized | 1 year 4 months 24 days | ||
Fair value of shares vested | $ 8.5 | 9.2 | 5.8 |
Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment expense | 1.4 | 1.3 | 1.3 |
Unrecognized Expense for Nonvested Awards at | $ 0.4 | ||
Weighted-average No. of Years Unrecognized Expense to be Recognized | 3 months 18 days | ||
Fair value of shares vested | $ 1 | 0.6 | 2.8 |
Performance-based options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment expense | 0 | 0 | 0.3 |
Unrecognized Expense for Nonvested Awards at | 0 | ||
Fair value of shares vested | 3 | 15.2 | 0.4 |
Time-based options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment expense | 0 | 0.4 | 0.7 |
Unrecognized Expense for Nonvested Awards at | 0 | ||
Fair value of shares vested | 0.1 | $ 0 | $ 0 |
Cash based awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized Expense for Nonvested Awards at | $ 1.9 | ||
Weighted-average No. of Years Unrecognized Expense to be Recognized | 1 year 6 months |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Activity - RSU, PSU, DSU (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted-Average Grant Date Fair Value Per Share | |||
Target shares (shares) | 2,300,000 | ||
Restricted Stock Units | |||
Shares (in thousands) | |||
Nonvested, beginning balance (shares) | 309,300 | ||
Granted (shares) | 195,200 | ||
Forfeited or expired (shares) | (43,400) | ||
Vested (shares) | (140,900) | ||
Nonvested, ending balance (shares) | 320,200 | 309,300 | |
Weighted-Average Grant Date Fair Value Per Share | |||
Nonvested, beginning balance (in dollars per share) | $ 67.25 | ||
Granted (in dollars per share) | 65.77 | $ 64.30 | $ 78.35 |
Forfeited or expired (in dollars per share) | 65.32 | ||
Vested (in dollars per share) | 68.88 | ||
Nonvested, ending balance (in dollars per share) | $ 65.89 | $ 67.25 | |
Performance Shares Units PSU | |||
Shares (in thousands) | |||
Nonvested, beginning balance (shares) | 726,000 | ||
Granted (shares) | 235,400 | ||
Forfeited or expired (shares) | (91,400) | ||
Vested (shares) | (171,500) | ||
Nonvested, ending balance (shares) | 698,500 | 726,000 | |
Weighted-Average Grant Date Fair Value Per Share | |||
Nonvested, beginning balance (in dollars per share) | $ 76.66 | ||
Granted (in dollars per share) | 69.10 | ||
Forfeited or expired (in dollars per share) | 80.20 | ||
Vested (in dollars per share) | 82.75 | ||
Nonvested, ending balance (in dollars per share) | $ 72.15 | $ 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 | ||
Forfeited or expired (shares) | 0 | ||
Vested (shares) | (19,700) | ||
Nonvested, ending balance (shares) | 19,200 | 19,700 | |
Weighted-Average Grant Date Fair Value Per Share | |||
Nonvested, beginning balance (in dollars per share) | $ 54.74 | ||
Granted (in dollars per share) | 62.43 | ||
Forfeited or expired (in dollars per share) | 0 | ||
Vested (in dollars per share) | 54.74 | ||
Nonvested, ending balance (in dollars per share) | $ 62.43 | $ 54.74 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans - Terms and Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
TSR PSU | ||||
Weighted-average assumptions used to estimate fair value: | ||||
Expected dividend yield | 1.20% | 1.20% | 0.80% | |
Expected stock price volatility | 41.90% | 48.50% | 48.90% | |
Risk-free interest rate | 4.50% | 1.80% | 0.20% | |
Contractual term in years | 2 years 9 months 18 days | 2 years 9 months 18 days | 2 years 10 months 24 days | |
Weighted-average fair value estimate at grant date | $ 8.5 | $ 3.4 | $ 2.7 | |
Weighted-average fair value estimate per share (in dollars per share) | $ 72.51 | $ 87.31 | $ 103.83 | |
Dividend yield | 0% | |||
Time Based Vesting Option | ||||
Weighted-average assumptions used to estimate fair value: | ||||
Expected dividend yield | 0.70% | |||
Expected stock price volatility | 29.70% | |||
Risk-free interest rate | 1.30% | |||
Contractual term in years | 4 years 6 months | 4 years 6 months | ||
Weighted-average fair value estimate at grant date | $ 1.7 | |||
Weighted-average fair value estimate per share (in dollars per share) | $ 21.10 |
Share-Based Compensation Plan_6
Share-Based Compensation Plans - Options Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Performance-based options | |||
Shares (in thousands) | |||
Outstanding beginning balance (in shares) | 446,200 | ||
Forfeited or expired (in shares) | 0 | ||
Exercised (in shares) | (271,800) | ||
Outstanding ending balance (in shares) | 174,400 | ||
Expected to vest in future periods (in shares) | 0 | ||
Weighted-Average Grant Date Fair Value Per Share | |||
Beginning balance (in dollars per share) | $ 14.70 | ||
Forfeited or expired (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 12.64 | ||
Ending balance (in dollars per share) | 17.92 | ||
Outstanding beginning balance (in dollars per share) | 61.23 | ||
Forfeited or expired (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 53.39 | ||
Outstanding ending balance (in dollars per share) | $ 73.45 | ||
Exercisable (in shares) | 174,400 | 446,200 | 946,500 |
Exercisable (in dollars per share) | $ 73.45 | $ 61.23 | $ 45.36 |
Expected to vest in future periods (in dollars per share) | $ 0 | ||
Outstanding, Weighted-Average Remaining Contractual Term (in years) | 1 month 6 days | ||
Exercisable, Weighted-Average Remaining Contractual Term (in years) | 1 month 6 days | ||
Outstanding, Aggregate Intrinsic Value (in millions) | $ 2.5 | ||
Exercisable, Aggregate Intrinsic Value (in millions) | 2.5 | ||
Expected to vest in future periods, Aggregate Intrinsic Value (in millions) | $ 0 | ||
Market price (in dollars per share) | $ 87.95 | ||
Time Based Vesting Option | |||
Shares (in thousands) | |||
Outstanding beginning balance (in shares) | 161,600 | ||
Forfeited or expired (in shares) | (12,900) | ||
Exercised (in shares) | (33,000) | ||
Outstanding ending balance (in shares) | 115,700 | ||
Expected to vest in future periods (in shares) | 0 | ||
Weighted-Average Grant Date Fair Value Per Share | |||
Beginning balance (in dollars per share) | $ 21.41 | ||
Forfeited or expired (in dollars per share) | 21.35 | ||
Exercised (in dollars per share) | 21.36 | ||
Ending balance (in dollars per share) | 21.43 | ||
Outstanding beginning balance (in dollars per share) | 81.13 | ||
Forfeited or expired (in dollars per share) | 82.16 | ||
Exercised (in dollars per share) | 82.08 | ||
Outstanding ending balance (in dollars per share) | $ 80.74 | ||
Exercisable (in shares) | 115,700 | 102,700 | 2,700 |
Exercisable (in dollars per share) | $ 80.74 | $ 79.26 | $ 84.65 |
Expected to vest in future periods (in dollars per share) | $ 0 | ||
Outstanding, Weighted-Average Remaining Contractual Term (in years) | 1 year 4 months 24 days | ||
Exercisable, Weighted-Average Remaining Contractual Term (in years) | 1 year 4 months 24 days | ||
Outstanding, Aggregate Intrinsic Value (in millions) | $ 0.8 | ||
Exercisable, Aggregate Intrinsic Value (in millions) | 0.8 | ||
Expected to vest in future periods, Aggregate Intrinsic Value (in millions) | $ 0 | ||
Market price (in dollars per share) | $ 87.95 | ||
Expected forfeiture rate | 5% |
Capital Stock (Details)
Capital Stock (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Apr. 14, 2022 | Aug. 06, 2021 | Aug. 26, 2020 | Nov. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Apr. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 02, 2023 | Sep. 21, 2023 | Oct. 27, 2021 | Feb. 06, 2020 | |
Subsequent Event [Line Items] | ||||||||||||||||
Shares of common stock authorized (in shares) | 100,000,000 | 100,000,000 | ||||||||||||||
Shares issued and outstanding (in shares) | 44,500,000 | 46,300,000 | ||||||||||||||
Dividend declared (in dollars per share) | $ 0.22 | |||||||||||||||
Maximum shares allowed for issuance (in shares) | 2,000,000 | |||||||||||||||
Par value (in dollars per share) | $ 10 | |||||||||||||||
Repurchase shares of Brink's common stock | $ 169,900,000 | $ 52,200,000 | $ 200,000,000 | |||||||||||||
500 Million Share Repurchase Program | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Stock repurchase program amount | $ 500,000,000 | |||||||||||||||
250 Million Share Repurchase Program II | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Stock repurchase program amount | $ 250,000,000 | |||||||||||||||
Stock repurchased and retired during period (in shares) | 2,297,955 | 948,395 | ||||||||||||||
Repurchase shares of Brink's common stock | $ 169,900,000 | $ 52,200,000 | ||||||||||||||
Average price per share (in dollars per share) | $ 73.92 | $ 55.01 | ||||||||||||||
Stock repurchase program remaining amount | $ 28,000,000 | |||||||||||||||
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 | 655,699 | 4,041,506 | 1,096,654 | ||||||||||||
Repurchase shares of Brink's common stock | $ 150,000,000 | $ 50,000,000 | $ 250,000,000 | $ 50,000,000 | ||||||||||||
Average price per share (in dollars per share) | $ 65.53 | $ 76.25 | $ 45.59 | |||||||||||||
ASR, final price per share (in dollars per share) | $ 61.86 | |||||||||||||||
ASR August 2020 | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Stock repurchased and retired during period (in shares) | 849,978 | |||||||||||||||
Accelerated share repurchases payment | $ 50,000,000 | |||||||||||||||
ASR, initial price per share (in dollars per share) | $ 58.83 | |||||||||||||||
ASR September 2020 | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Stock repurchased and retired during period (in shares) | 246,676 | |||||||||||||||
ASR August 2021 | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Stock repurchased and retired during period (in shares) | 524,315 | |||||||||||||||
Accelerated share repurchases payment | $ 50,000,000 | |||||||||||||||
ASR, initial price per share (in dollars per share) | $ 95.36 | |||||||||||||||
ASR September 2021 | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Stock repurchased and retired during period (in shares) | 131,384 | |||||||||||||||
ASR November 2021 | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Stock repurchased and retired during period (in shares) | 1,742,160 | |||||||||||||||
Accelerated share repurchases payment | $ 150,000,000 | |||||||||||||||
ASR, initial price per share (in dollars per share) | $ 86.10 | |||||||||||||||
ASR April 2022 | ||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Stock repurchased and retired during period (in shares) | 546,993 |
Capital Stock - Shares Used To
Capital Stock - Shares Used To Calculate Earnings (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Basic (shares) | 46.2 | 47.3 | 49.5 |
Effect of dilutive stock awards (shares) | 0.7 | 0.5 | 0.6 |
Diluted (shares) | 46.9 | 47.8 | 50.1 |
Antidilutive stock options and awards excluded from denominator (shares) | 0.3 | 0.6 | 0.4 |
Deferred compensation common stock unit (shares) | 0.3 | 0.3 | 0.3 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 03, 2022 | Dec. 31, 2020 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Interest | $ 195.8 | $ 117.5 | $ 107.7 | ||
Income taxes, net | 96.3 | 127.8 | 83.8 | ||
Financing Leases | 92 | 65.7 | 85.9 | ||
Cash paid for acquisition related settlements and obligations | (11.1) | (2.8) | (4) | ||
Restricted cash | 507 | 438.5 | |||
Cash and cash equivalents | 1,176.6 | 972 | |||
Cash, Cash Equivalents, and Restricted Cash | 1,683.6 | 1,410.5 | 1,086.7 | $ 942.9 | |
Cash Held From Customers | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Restricted cash | 298.7 | 229.3 | |||
Deposits Liability | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Restricted cash | 167.8 | 156.3 | |||
Revolving Credit Facility | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Restricted cash | 40.9 | 40.7 | |||
NoteMachine | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Cash paid for acquisition related settlements and obligations | (10.3) | ||||
Restricted cash | $ 12.1 | ||||
Touchpoint 21 LLC | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Cash paid for acquisition related settlements and obligations | (0.8) | ||||
PAI | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Cash paid for acquisition related settlements and obligations | (2.8) | (1.1) | |||
G4S | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Cash paid for acquisition related settlements and obligations | (3.2) | ||||
Restricted cash | 30.1 | ||||
Argentina | Argentina, Pesos | |||||
Condensed Cash Flow Statements, Captions [Line Items] | |||||
Payments to acquire marketable securities | 131.1 | 27.6 | $ 12.9 | ||
Proceeds from sale of marketable securities | 145.6 | 9.9 | |||
Cash and cash equivalents | $ 62.5 | $ 57.7 |
Other Operating Income (Expen_3
Other Operating Income (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effect of Fourth Quarter Events [Line Items] | |||
Foreign currency transaction gains (losses) | $ (85.1) | $ (68.7) | $ (30.5) |
Derivative instrument gains (losses) | 21.3 | 42 | 24.2 |
Royalty Income | 7.5 | 9.1 | 5.6 |
Impairment losses | (10.3) | (9) | (9.5) |
Indemnification asset adjustments | (3.4) | (7.8) | 0 |
Contingent consideration liability adjustments | 6.2 | 0 | 0 |
Gains on sale of property and other assets | 1.9 | 2.7 | 0 |
Share in earnings of equity method affiliates | 2.8 | 2.1 | 1.1 |
Insurance Recoveries | 0 | 0 | 18.8 |
Gains related to litigation | 0 | 0 | 4.4 |
Indemnity for forced relocation | 0 | 0 | 1.7 |
Other | 4.9 | 4.3 | 4.2 |
Other operating income (expense) | (54.2) | (25.3) | 20 |
Argentina | Argentina, Pesos | |||
Effect of Fourth Quarter Events [Line Items] | |||
Currency remeasurement gain (loss) | $ (79.1) | $ (37.6) | $ (9) |
Interest and Other Nonoperati_3
Interest and Other Nonoperating Income (Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest and Other Income [Abstract] | |||
Interest income | $ 36.3 | $ 23.6 | $ 12.1 |
Retirement benefit cost other than service cost | (0.5) | (16.7) | (38.7) |
Foreign currency transaction gains (losses) | (1.1) | 2.4 | 0.4 |
Non-income taxes on intercompany billings | (2.6) | (2.3) | (3.9) |
Argentina turnover tax | (6.8) | (1.8) | 0 |
Gain (loss) on equity and debt securities | (12.8) | 0 | 16 |
G4S indemnification asset adjustment | 0 | 0 | 2.7 |
Other | 1.9 | (1.5) | 4.4 |
Interest and other nonoperating income (expense) | $ 14.4 | $ 3.7 | $ (7) |
Other Commitments and Conting_2
Other Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Loss Contingencies [Line Items] | ||||
Noncancellable commitments in equipment purchases | $ 50.4 | |||
Chile Antitrust Matter | ||||
Loss Contingencies [Line Items] | ||||
Chile antitrust matter fine | $ 30.5 | |||
Chile antitrust matter charge | $ 9.5 | |||
Chile antitrust matter adjustment | $ 0.5 | $ 1.4 |
Reorganization and Restructur_3
Reorganization and Restructuring (Details) - USD ($) $ in Millions | 12 Months Ended | 18 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
2022 Global Restructurings | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning balance | $ 11.5 | $ 0 | ||
Expense | 11 | 22.2 | ||
Payments and utilization | (19.9) | (11.5) | ||
Foreign currency exchange effects | 0.2 | 0.8 | ||
Restructuring Reserve, ending balance | 2.8 | 11.5 | $ 0 | $ 2.8 |
2022 Global Restructurings | Minimum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected costs | 38 | 38 | ||
2022 Global Restructurings | Maximum | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected costs | 42 | 42 | ||
Other Restructurings | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 6.6 | |||
Severance Costs | 2022 Global Restructurings | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 11 | 33.2 | ||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning balance | 11.5 | 0 | ||
Expense | 8 | 18.8 | ||
Payments and utilization | (16.9) | (8.1) | ||
Foreign currency exchange effects | 0.2 | 0.8 | ||
Restructuring Reserve, ending balance | 2.8 | 11.5 | 0 | 2.8 |
Severance Costs | Other Restructurings | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 16.6 | 43.6 | ||
Other Restructuring | 2022 Global Restructurings | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning balance | 0 | 0 | ||
Expense | 3 | 3.4 | ||
Payments and utilization | (3) | (3.4) | ||
Foreign currency exchange effects | 0 | 0 | ||
Restructuring Reserve, ending balance | $ 0 | $ 0 | $ 0 | $ 0 |
Uncategorized Items - bco-20231
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2019-12 [Member] |