10-Q 1 bco-20240331.htm 10-Q bco-20240331
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission file number 001-09148
 
THE BRINK’S COMPANY
 
 (Exact name of registrant as specified in its charter) 
Virginia
 
54-1317776
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1801 Bayberry Court, Richmond, Virginia 23226-8100
(Address of principal executive offices) (Zip Code)
(804) 289-9600
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00 per shareBCONew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes   No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer    Accelerated Filer    Non-Accelerated Filer    Smaller Reporting Company   Emerging Growth Company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes   No  
As of May 3, 2024, 44,461,996 shares of $1 par value common stock were outstanding.
1


Part I - Financial Information
Item 1.  Financial Statements
THE BRINK’S COMPANY
and subsidiaries

Condensed Consolidated Balance Sheets
(Unaudited)
(In millions, except for per share amounts)
March 31, 2024December 31, 2023
ASSETS  
Current assets:  
Cash and cash equivalents$1,122.7 1,176.6 
Restricted cash557.9 507.0 
Accounts receivable (net of allowance: 2024 - $31.2; 2023 - $30.4)
857.0 779.0 
Prepaid expenses and other367.5 325.7 
Total current assets2,905.1 2,788.3 
Right-of-use assets, net334.5 337.7 
Property and equipment (net of accumulated depreciation and amortization: 2024 - $1,651.2; 2023 - $1,620.1)
1,003.3 1,013.3 
Goodwill1,457.7 1,473.8 
Other intangibles (net of accumulated amortization: 2024 - $289.6; 2023 - $278.7)
469.4 488.3 
Deferred tax assets, net226.3 231.8 
Other283.0 268.6 
Total assets$6,679.3 6,601.8 
LIABILITIES AND EQUITY  
Current liabilities:  
Short-term borrowings$155.0 151.7 
Current maturities of long-term debt125.6 117.1 
Accounts payable265.1 249.7 
Accrued liabilities1,105.2 1,126.9 
Restricted cash held for customers340.6 298.7 
Total current liabilities1,991.5 1,944.1 
Long-term debt3,309.3 3,262.5 
Accrued pension costs145.3 148.5 
Retirement benefits other than pensions155.8 159.6 
Lease liabilities262.8 265.8 
Deferred tax liabilities57.9 56.5 
Other236.8 244.6 
Total liabilities6,159.4 6,081.6 
Commitments and contingent liabilities (notes 4, 7 and 13)
Equity: 
The Brink's Company ("Brink's") shareholders:  
Common stock, par value $1 per share:
Shares authorized: 100.0
Shares issued and outstanding: 2024 - 44.6; 2023 - 44.5
44.6 44.5 
Capital in excess of par value666.8 675.9 
Retained earnings354.0 333.0 
Accumulated other comprehensive income (loss)(669.0)(656.0)
Brink’s shareholders396.4 397.4 
Noncontrolling interests123.5 122.8 
Total equity519.9 520.2 
Total liabilities and equity$6,679.3 6,601.8 
See accompanying notes to condensed consolidated financial statements.
2


THE BRINK’S COMPANY
and subsidiaries
 
Condensed Consolidated Statements of Operations
(Unaudited)

Three Months
Ended March 31,
(In millions, except for per share amounts)20242023
Revenues$1,236.1 1,185.4 
Costs and expenses:
Cost of revenues927.2 920.3 
Selling, general and administrative expenses200.6 177.0 
Total costs and expenses1,127.8 1,097.3 
Other operating income (expense)12.6 (8.3)
Operating profit120.9 79.8 
Interest expense(55.8)(46.6)
Interest and other nonoperating income (expense)13.3 4.7 
Income from continuing operations before tax78.4 37.9 
Provision for income taxes
26.2 20.3 
Income from continuing operations52.2 17.6 
Income from discontinued operations, net of tax
 0.7 
Net income52.2 18.3 
Less net income attributable to noncontrolling interests2.9 3.3 
Net income attributable to Brink’s49.3 15.0 
Amounts attributable to Brink’s
Continuing operations49.3 14.3 
Discontinued operations 0.7 
Net income attributable to Brink’s$49.3 15.0 
Income per share attributable to Brink’s common shareholders(a):
Basic:
Continuing operations$1.10 0.31 
Discontinued operations 0.01 
Net income$1.10 0.32 
Diluted:
Continuing operations$1.09 0.30 
Discontinued operations 0.01 
Net income$1.09 0.32 
Weighted-average shares
Basic44.8 46.7 
Diluted45.3 47.4 
Cash dividends paid per common share$0.22 0.20 
(a)   Amounts may not add due to rounding.
See accompanying notes to condensed consolidated financial statements.

3


THE BRINK’S COMPANY
and subsidiaries
 
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
Three Months
Ended March 31,
(In millions)20242023
Net income$52.2 18.3 
Benefit plan adjustments:
Benefit plan actuarial gains4.1 3.1 
Benefit plan prior service costs(2.8)(3.0)
Deferred profit sharing0.1  
Total benefit plan adjustments1.4 0.1 
Foreign currency translation adjustments(21.5)43.4 
Gains (losses) on available-for-sale securities
1.1 (1.9)
Gains (losses) on cash flow hedges10.7 (8.7)
Other comprehensive income (loss) before tax(8.3)32.9 
Provision (benefit) for income taxes6.5 (3.1)
Other comprehensive income (loss)(14.8)36.0 
Comprehensive income
37.4 54.3 
Less comprehensive income attributable to noncontrolling interests
1.1 3.5 
Comprehensive income attributable to Brink's
$36.3 50.8 
See accompanying notes to condensed consolidated financial statements.

4


THE BRINK’S COMPANY
and subsidiaries
 
Condensed Consolidated Statements of Equity
(Unaudited)

Three Months ended March 31, 2024
(In millions)Shares
Common
Stock
Capital in Excess of Par Value
Retained
Earnings
AOCI*
Noncontrolling
Interests
Total
Balance as of December 31, 202344.5 $44.5 675.9 333.0 (656.0)122.8 520.2 
Net income— — — 49.3 — 2.9 52.2 
Other comprehensive loss
— — — — (13.0)(1.8)(14.8)
Shares repurchased
(0.3)(0.3)(2.2)(18.5)— — (21.0)
Dividends to:       
Brink’s common shareholders ($0.22 per share)
— — — (9.8)— — (9.8)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 9.3 — — — 9.3 
Other share-based benefit transactions0.4 0.4 (16.4)— — — (16.0)
Acquisitions of noncontrolling interests— — 0.2 — — (0.4)(0.2)
Balance as of March 31, 202444.6 $44.6 666.8 354.0 (669.0)123.5 519.9 


Three Months ended March 31, 2023
(In millions)Shares
Common
Stock
Capital in Excess of Par Value
Retained
Earnings
AOCI*
Noncontrolling
Interests
Total
Balance as of December 31, 202246.3 $46.3 684.1 417.2 (700.5)123.1 570.2 
Net income— — — 15.0 — 3.3 18.3 
Other comprehensive income— — — — 35.8 0.2 36.0 
Shares repurchased(0.2)(0.2)(3.8)(12.0)— — (16.0)
Dividends to:       
Brink’s common shareholders ($0.20 per share)
— — — (9.3)— — (9.3)
Noncontrolling interests— — — — — (0.4)(0.4)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 10.9 — — — 10.9 
Other share-based benefit transactions0.3 0.3 (4.8)(0.2)— — (4.7)
Balance as of March 31, 202346.4 $46.4 686.4 410.7 (664.7)126.2 605.0 

* Accumulated other comprehensive income (loss)

See accompanying notes to condensed consolidated financial statements.
5


THE BRINK’S COMPANY
and subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months
Ended March 31,
(In millions)
20242023
Cash flows from operating activities:
 
 
Net income
$52.2 18.3 
Adjustments to reconcile net income to net cash provided by operating activities:
(Income) loss from discontinued operations, net of tax
 (0.7)
Depreciation and amortization
72.4 67.6 
Share-based compensation expense
9.3 10.9 
Deferred income taxes
2.5 (0.2)
(Gain) loss on marketable securities and sale of property and equipment(2.2)0.1 
Loss on business dispositions 2.0 
Impairment losses
0.5 3.7 
Retirement benefit funding (more) less than expense:
Pension
(2.4)(2.3)
Other than pension
(3.7)(5.6)
Remeasurement losses due to Argentina currency devaluation
 9.8 
Other operating
11.7 9.0 
Changes in operating assets and liabilities, net of effects of acquisitions:
(Increase) decrease in accounts receivable and income taxes receivable
(73.6)(4.6)
Increase (decrease) in accounts payable, income taxes payable and accrued liabilities
(44.1)(81.1)
Increase (decrease) in restricted cash held for customers57.3 (43.7)
Increase (decrease) in customer obligations
24.0 (9.6)
Increase (decrease) in prepaid and other current assets
(27.2)(21.8)
Other
(12.8)3.1 
Net cash (used in) provided by operating activities
63.9 (45.1)
Cash flows from investing activities:
 
 
Capital expenditures
(52.2)(45.2)
Acquisitions, net of cash acquired0.7  
Dispositions, net of cash disposed 1.1 
Marketable securities:
Purchases(0.3)(3.2)
Sales0.8 0.3 
Cash proceeds from sale of property, equipment and investments3.5 0.3 
Net change in loans held for investment1.8 (10.5)
Other(0.1)(0.4)
Net cash used in investing activities(45.8)(57.6)
Cash flows from financing activities:  
Borrowings (repayments) of debt:  
Short-term borrowings5.0 44.7 
Long-term revolving credit facilities:
Borrowings2,536.9 1,961.1 
Repayments(2,470.8)(2,044.1)
Other long-term debt:  
Borrowings4.3 0.3 
Repayments(26.9)(22.8)
Acquisition of noncontrolling interest(0.2) 
Cash paid for acquisition related settlements and obligations (5.1)
Repurchase shares of Brink's common stock(23.0)(16.0)
Dividends to:  
Shareholders of Brink’s(9.8)(9.3)
Noncontrolling interests in subsidiaries (0.4)
Tax withholdings associated with share-based compensation(16.8)(6.6)
Other 1.1 
Net cash used in financing activities
(1.3)(97.1)
Effect of exchange rate changes on cash(19.8)7.7 
Cash, cash equivalents and restricted cash:  
Increase (decrease)(3.0)(192.1)
Balance at beginning of period1,683.6 1,410.5 
Balance at end of period$1,680.6 1,218.4 

See accompanying notes to condensed consolidated financial statements.
6


THE BRINK’S COMPANY
and subsidiaries

Notes to Condensed Consolidated Financial Statements
(Unaudited)

Note 1 - Basis of presentation

The Brink’s Company (along with its subsidiaries, “Brink’s”, the “Company”, “we”, “us” or “our”) has four operating segments:
North America
Latin America
Europe
Rest of World

Our unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and applicable quarterly reporting regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2023.

Use of Estimates
In accordance with GAAP, we have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these condensed consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill, intangibles and other long-lived assets, pension and other retirement benefit assets and obligations, legal contingencies, allowance for doubtful accounts, deferred tax assets and purchase price allocations.

Consolidation
The condensed consolidated financial statements include our controlled subsidiaries. Control is determined based on ownership rights or, when applicable, based on whether we are considered to be the primary beneficiary of a variable interest entity. See "Venezuela" section below for further information. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in net income and in total equity.

Investments in businesses that we do not control, but for which we have the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method and our proportionate share of income or loss is recorded in other operating income (expense). Investments in businesses for which we do not have the ability to exercise significant influence over operating and financial policies are accounted for at fair value, if readily determinable, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, we measure these investments at cost minus impairment, if any, plus or minus changes from observable price changes. All intercompany accounts and transactions have been eliminated in consolidation.

Foreign Currency Translation
Our condensed consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary.

Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expenses are translated at rates of exchange in effect during the year. Transaction gains and losses are recorded in net income.

Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Other than nonmonetary equity securities 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.



7


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 3% of our consolidated revenues for the first three months of 2024 and 4% of our consolidated revenues for the first three months of 2023.

Beginning July 1, 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, we consolidated Brink's Argentina using our accounting policy for subsidiaries operating in highly inflationary economies beginning with the third quarter of 2018. Argentine peso-denominated monetary assets and liabilities are remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings.

At March 31, 2024, Argentina's economy remains highly inflationary for accounting purposes. At March 31, 2024, we had net monetary assets denominated in Argentine pesos of $85.9 million (including cash of $74.5 million). At March 31, 2024, we had net nonmonetary assets of $141.4 million (including $99.8 million of goodwill, $2.7 million in equity securities denominated in Argentine pesos and $6.7 million in debt securities denominated in Argentine pesos).

At December 31, 2023, we had net monetary assets denominated in Argentine pesos of $72.1 million (including cash of $62.5 million) and 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).

During September 2019, the Argentine government announced currency controls on both companies and individuals. The Argentine central bank issued details as to how the exchange control procedures would operate in practice. Under these procedures, central bank approval is required for many transactions, including dividend repatriation abroad.

We have previously elected to use other market mechanisms to convert Argentine pesos into U.S. dollars. Conversions under these other market mechanisms generally settle at rates that are less favorable than the rates at which we remeasure the financial statements of Brink’s Argentina. We did not have any such conversions or related conversion losses in the three months ended March 31, 2024 or March 31, 2023.
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.

Argentina Union Payments
In the third quarter of 2017, we acquired 100% of the shares of Maco Transportadora de Caudales S.A. ("Maco Transportadora") and Maco Litoral, S.A. ("Maco Litoral" and, together with Maco Transportadora, "Maco"). Maco Transportadora is a CIT and money processing business and Maco Litoral provides CIT and ATM services. Both businesses operate in Argentina.

Although the Maco operations were acquired by Brink's Argentina in 2017, the National Antitrust Authority did not formally approve the business acquisitions until 2021. The approval was issued conditioned on the divestiture of certain armored vehicles and relocation of other armored vehicles. These actions were completed in 2022. Upon the acquisition approval by the National Antitrust Authority, the national teamster unions demanded that Maco employees be paid severance benefits as if the employees had been terminated in 2022 and then immediately rehired by Brink's Argentina without their seniority.

Brink's Argentina management finalized negotiations with the Maco unions and has agreed to pay amounts to the union members in monthly installments through June 2024. We recognized $12.5 million in related costs in 2022. In the first three months of 2023, we recognized a $3.3 million charge for an inflation-adjusted labor increase to the expected payments. In the first three months of 2024, we recognized a $0.7 million charge for an inflation-adjusted labor increase to the expected payments. Changes in the liability as a result of labor rate increases are reflected as acquisition-related costs.

Due to the fact that management has excluded these amounts when evaluating internal performance, we have excluded the amounts from segment results.

Venezuela
Our Venezuelan operations offer transportation and route-based logistics management services for cash and valuables throughout Venezuela. Currency exchange regulations, combined with other government regulations, such as price controls and strict labor laws, significantly limit our ability to make and execute operational decisions at our Venezuelan subsidiaries. As a result of these conditions, we do not meet the accounting criteria for control over our Venezuelan operations and, as a result, we report the results of our investment in our Venezuelan subsidiaries using the cost method of accounting, the basis of which approximates zero. Prior to the imposition of the U.S. government sanctions in 2019, we provided immaterial amounts of financial support to our Venezuela operations. We continue to monitor the situation in Venezuela, including the imposition of sanctions by the U.S. government targeting Venezuela.

Goodwill
Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. We review goodwill for impairment annually, as of October 1, and whenever events or circumstances in interim periods indicate that it is more-likely-than-not that an impairment may have occurred. Impairment indicators were reviewed as of March 31, 2024 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount.
8


We will continue to monitor results in future periods to determine whether any indicators of impairment exist that would cause us to perform an impairment review.

Restricted Cash
In France and Malaysia, we offer services to certain of our customers where we manage some or all of their cash supply chains. In connection with these offerings, we take temporary title to certain customers' cash, which is included as restricted cash in our financial statements due to customer agreement or regulation. In addition, in accordance with a revolving credit facility, we are required to maintain a restricted cash reserve and, due to this contractual restriction, we have classified these amounts as restricted cash in our condensed consolidated balance sheet (see Note 12).

New Accounting Standards
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.
9


Note 2 - Revenue from Contracts with Customers

Performance Obligations
We provide various services to meet the needs of our customers and we group these service offerings into two broad categories: cash and valuables management; and digital retail solutions ("DRS") and ATM managed services ("AMS").

Cash and Valuables Management
Cash and valuables management services are provided to customers throughout the world. Cash-in-transit services include the secure transportation of cash, securities and other valuables between businesses, financial institutions and central banks. Basic ATM management services include cash replenishment, treasury management and first line maintenance. Our global services business provides secure transport of high-value commodities including diamonds, jewelry, precious metals, luxury goods, 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. We provide other services to some of our customers, such as guarding, commercial security and payment services.

Digital Retail Solutions and ATM Managed Services
DRS and AMS are technology enabled services provided to customers throughout the world. DRS includes services that leverage Brink’s tech-enabled sales and software platforms to simplify cash acceptance, enables merchants to access their cash without visiting a bank and provide customers with enhanced analytics and visibility. DRS includes our patented Brink’s CompleteTM and CompuSafe® services. AMS provides comprehensive services beyond basic ATM services including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, and installation services. These services allow financial institutions, retailers and independent ATM owners to outsource day-to-day operation of ATMs. For certain customers, we take ownership of ATM devices as part of our managed services offering.

For performance obligations related to the services described above, we generally satisfy our obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied over time. We use an output method, units of service provided, to recognize revenue because that is the best method to represent the transfer of our services to the customer at the agreed upon rate for each action.

Although not as significant as our service offerings, we also sell goods to customers from time to time, such as safe devices. In those transactions, we satisfy our performance obligation at a point in time. We recognize revenue when the goods are delivered to the customer as that is the point in time that best represents when control has transferred to the customer.

Our contracts with customers describe the services we can provide along with the fees for each action to provide the service. We typically send invoices to customers for all of the services we have provided within a monthly period and payments are generally due within 30 to 60 days of the invoice date.

Although our customer contracts specify the fees for each action to provide service, the majority of the services stated in our contracts do not have a defined quantity over the contract term. Accordingly, the transaction price is considered variable as there is an unknown volume of services that will be rendered over the course of the contract. We recognize revenue for these services in the period in which they are provided to the customer based on the contractual rate at which we have the right to invoice the customer for each action.

Some of our contracts with customers contain clauses that define the level of service that the customer will receive. The service level agreements (“SLA”) within those contracts contain specific calculations to determine whether the appropriate level of service has been met within a specific period, which is typically a month. We estimate SLA penalties and recognize the amounts as a reduction to revenue.

Taxes collected from customers and remitted to governmental authorities are not included in revenues in the condensed consolidated statements of operations.

10


Revenue Disaggregated by Reportable Segment and Type of Service
(In millions)
Cash and Valuables ManagementDRS and AMSTotal
Three months ended March 31, 2024
Reportable Segments:
North America$304.6 100.9 405.5 
Latin America282.6 52.1 334.7 
Europe186.2 105.2 291.4 
Rest of World187.9 16.6 204.5 
Total reportable segments$961.3 274.8 1,236.1 
Three months ended March 31, 2023
Reportable Segments:
North America$308.0 93.9 401.9 
Latin America274.3 41.2 315.5 
Europe180.1 88.6 268.7 
Rest of World186.5 12.8 199.3 
Total reportable segments$948.9 236.5 1,185.4 

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 ($7.5 million at March 31, 2024) are included in prepaid expenses and other on the condensed consolidated balance sheet. Amounts not expected to be billed and collected within one year ($9.0 million at March 31, 2024) are reported in other assets on the condensed consolidated balance sheet.

Contract Liabilities
For other customer contracts, we may obtain the right to payment or receive customer payments prior to performing the related services under the contract. When the right to customer payments or receipt of payments precedes our performance, we recognize a contract liability, which is included in accrued liabilities on the condensed consolidated balance sheet.

The opening and closing balances of receivables, contract assets and contract liabilities related to contracts with customers are as follows:
(In millions)
ReceivablesContract AssetsContract Liabilities
Opening (January 1, 2024)$779.0 15.4 21.4 
Closing (March 31, 2024)857.0 16.5 21.8 
Increase (decrease)$78.0 1.1 0.4 

The amount of revenue recognized in the three months ended March 31, 2024 that was included in the January 1, 2024 contract liabilities balance was $6.4 million. This revenue consists of services provided to customers who had prepaid for those services prior to the current year.

Revenue recognized in the three months ended March 31, 2024 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.
11


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 March 31, 2024, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet. The capitalized amounts at March 31, 2024 and December 31, 2023 were $3.8 million and $3.7 million, respectively. The amortization expense in the first three months of 2024 and 2023 was $0.5 million and $0.5 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.

12


Note 3 - Segment information

We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. Our CODM is our President and Chief Executive Officer. Our CODM evaluates performance and allocates resources to each operating segment based on a profit or loss measure which, at the reportable segment level, excludes the following:
Corporate expenses - include corporate headquarters costs, regional management costs, currency transaction gains and losses, adjustments to reconcile segment accounting policies to 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 14.

We manage our business in the following four segments:

North America – operations in the U.S. and Canada, including the Brink’s Global Services ("BGS") line of business,
Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business,
Europe – total operations in European countries that primarily provide services outside of the BGS line of business, and
Rest of World – operations in the Middle East, Africa and Asia. This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest.


13


The following table summarizes our revenues and segment profit for each of our reportable segments and reconciles these amounts to consolidated revenues and operating profit:
Revenues
Operating Profit
Three Months Ended March 31,Three Months Ended March 31,
(In millions)
2024202320242023
Reportable Segments:
 
 
 
 
North America
$405.5 401.9 48.4 38.6 
Latin America
334.7 315.5 63.0 66.6 
Europe291.4 268.7 25.9 22.0 
Rest of World
204.5 199.3 41.1 37.3 
Total reportable segments
1,236.1 1,185.4 178.4 164.5 
Reconciling Items:
Corporate expenses:
General, administrative and other expenses
— — (41.2)(42.6)
Foreign currency transaction gains
— — 6.3 5.1 
Reconciliation of segment policies to GAAP(a)
— — 1.5 0.4 
Other items not allocated to segments:
Reorganization and Restructuring(b)
— — (1.4)(14.2)
Acquisitions and dispositions(c)
— — (15.9)(22.0)
Argentina highly inflationary impact(d)
— — (1.6)(11.2)
Transformation initiatives(e)
— — (4.8) 
Chile antitrust matter(f)
— — (0.4)(0.2)
Total
$1,236.1 1,185.4 $120.9 79.8 

(a)This line item includes adjustments to bad debt expense and a Mexico profit sharing plan accrual reported by the segments to the estimated consolidated amounts required by U.S. GAAP.
(b)Management periodically implements restructuring actions in targeted sections of our business. Due to the unique circumstances around the charges related to these actions, they have not been allocated to segment results.
(c)Certain acquisition and disposition items that are not considered part of the ongoing activities of the business and are special in nature are consistently excluded from segment results. These items include amortization expense for acquisition-related intangible assets and integration, transaction and restructuring costs related to business acquisitions.
(d)We have designated Argentina's economy as highly inflationary for accounting purposes. Currency remeasurement gains and losses related to peso-denominated monetary assets and liabilities as well as incremental expense related to nonmonetary assets are excluded from segment results.
(e)Costs (primarily third party professional services and project management charges) related to a management-directed program intended to accelerate growth and drive margin expansion through transformation of our business model.
(f)See details regarding the Chile antitrust matter at Note 13.

14


Note 4 - Retirement benefits

Pension plans

We have various defined-benefit pension plans covering eligible current and former employees.  Benefits under most plans are based on salary and years of service.

The components of net periodic pension cost (credit) for our pension plans were as follows:
U.S. PlansNon-U.S. PlansTotal
(In millions)202420232024202320242023
Three months ended March 31,      
Service cost$  2.2 1.8 2.2 1.8 
Interest cost on projected benefit obligation7.7 8.1 4.5 4.4 12.2 12.5 
Return on assets – expected(11.6)(11.8)(2.9)(2.8)(14.5)(14.6)
Amortization of losses1.5 0.5 0.6 0.4 2.1 0.9 
Settlement loss  0.3 0.1 0.3 0.1 
Net periodic pension cost (credit)
$(2.4)(3.2)4.7 3.9 2.3 0.7 
The components of net periodic pension cost (credit) other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.

We did not make cash contributions to the primary U.S. pension plan in 2023 or the first three months of 2024. Based on current assumptions described in our Annual Report on Form 10-K for the year ended December 31, 2023, we do not expect to make contributions to the primary U.S. pension plan until 2027.

Retirement benefits other than pensions
We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees. Retirement benefits related to our former U.S. coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for United Mine Workers of America Represented Employees (the “UMWA plans”) as well as costs related to Black Lung obligations.

The components of net periodic postretirement cost (credit) related to retirement benefits other than pensions were as follows:
UMWA PlansBlack Lung and Other PlansTotal
(In millions)202420232024202320242023
Three months ended March 31,      
Service cost$  0.1 0.1 0.1 0.1 
Interest cost on accumulated postretirement benefit obligations2.6 3.0 1.3 1.3 3.9 4.3 
Return on assets – expected(2.5)(2.6)  (2.5)(2.6)
Amortization of losses1.3 1.7 1.1 1.1 2.4 2.8 
Amortization of prior service credit
(2.8)(2.7)  (2.8)(2.7)
Net periodic postretirement cost (credit)
$(1.4)(0.6)2.5 2.5 1.1 1.9 
The components of net periodic postretirement cost (credit) other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.

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Note 5 - Income taxes
Three Months Ended March 31,
20242023
Continuing operations  
Provision (benefit) for income taxes (in millions)$26.2 20.3 
Effective tax rate33.4 %53.6 %

2024 Compared to U.S. Statutory Rate
The effective income tax rate on continuing operations in the first three months of 2024 was greater than the 21% U.S. statutory rate due to the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and U.S. taxable income and credit limitations.

2023 Compared to U.S. Statutory Rate
The effective income tax rate on continuing operations in the first three months of 2023 was greater than the 21% U.S. statutory rate due to the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and U.S. taxable income and credit limitations, and the characterization of a French business tax as an income tax.


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Note 6 - Accumulated other comprehensive income (loss)
Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive loss into earnings, was as follows:
Amounts Arising During
the Current Period
Amounts Reclassified to
Net Income (Loss)
(In millions)PretaxIncome
Tax
PretaxIncome
Tax
Total Other
Comprehensive
Income (Loss)
Three months ended March 31, 2024     
Amounts attributable to Brink's:     
Benefit plan adjustments$(0.7)0.1 2.1 (0.5)1.0 
Foreign currency translation adjustments(b)
(18.6)(2.2)(1.1)0.3 (21.6)
Gains (losses) on available-for-sale securities
1.1 (1.9)  (0.8)
Gains (losses) on cash flow hedges15.7 (3.5)(5.0)1.2 8.4 
 (2.5)(7.5)(4.0)1.0 (13.0)
Amounts attributable to noncontrolling interests:     
Foreign currency translation adjustments(1.8)   (1.8)
 (1.8)   (1.8)
Total     
Benefit plan adjustments(a)
(0.7)0.1 2.1 (0.5)1.0 
Foreign currency translation adjustments(b)
(20.4)(2.2)(1.1)0.3 (23.4)
Gains (losses) on available-for-sale securities(c)
1.1 (1.9)  (0.8)
Gains (losses) on cash flow hedges(d)
15.7 (3.5)(5.0)1.2 8.4 
 $(4.3)(7.5)(4.0)1.0 (14.8)
Three months ended March 31, 2023     
Amounts attributable to Brink's:     
Benefit plan adjustments$(0.5)(0.1)0.6 (0.1)(0.1)
Foreign currency translation adjustments(b)
44.6 0.1 (1.4)0.3 43.6 
Gains (losses) on available-for-sale securities
(1.9)0.7   (1.2)
Gains (losses) on cash flow hedges(8.4)2.4 (0.3)(0.2)(6.5)
 33.8 3.1 (1.1) 35.8 
Amounts attributable to noncontrolling interests:     
Foreign currency translation adjustments0.2    0.2 
 0.2    0.2 
Total     
Benefit plan adjustments(a)
(0.5)(0.1)0.6 (0.1)(0.1)
Foreign currency translation adjustments(b)
44.8 0.1 (1.4)0.3 43.8 
Gains (losses) on available-for-sale securities(c)
(1.9)0.7   (1.2)
Gains (losses) on cash flow hedges(d)
(8.4)2.4 (0.3)(0.2)(6.5)
 $34.0 3.1 (1.1) 36.0 

(a)The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income. Net periodic retirement benefit cost also includes service cost, interest cost, expected return on assets, and settlement losses.  Total service cost is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis and the remaining net periodic retirement benefit cost items are allocated to interest and other nonoperating expense:
Three Months Ended March 31,
(In millions)20242023
Total net periodic retirement benefit cost included in:  
Cost of revenues$1.7 1.4 
Selling, general and administrative expenses0.6 0.5 
Interest and other nonoperating expense1.1 0.7 
(b)2024 foreign currency translation adjustment amounts arising during the three months ended March 31, 2024 reflect primarily the devaluation of the Chilean peso, the Brazilian real, and the euro, partially offset by the appreciation of the Mexican peso. 2023 foreign currency translation adjustment amounts arising during the three months ended March 31, 2023 reflect primarily the appreciation of the Mexican peso, the Brazilian real, the Chilean peso, the euro, and the British pound.
(c)Gains and losses on sales of available-for-sale debt securities are reclassified from accumulated other comprehensive income (loss) to the condensed consolidated statements of operations when the gains or losses are realized. Pretax amounts are classified in the condensed consolidated statements of operations as interest and other nonoperating income (expense).

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(d)Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as:
other operating income (expense) (no gains or losses in the three months ended March 31, 2024 and $3.4 million loss in the three months ended March 31, 2023).
interest expense ($5.0 million reduction to expense in the three months ended March 31, 2024 and $3.7 million reduction to expense in the three months ended March 31, 2023).

The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:
(In millions)
Benefit Plan AdjustmentsForeign Currency Translation Adjustments
Gains (Losses) on Available-for-Sale Securities
Gains (Losses) on Cash Flow HedgesTotal
Balance as of December 31, 2023$(302.2)(368.2)(1.8)16.2 (656.0)
Other comprehensive income (loss) before reclassifications(0.6)(20.8)(0.8)12.2 (10.0)
Amounts reclassified from accumulated other comprehensive loss to net income1.6 (0.8) (3.8)(3.0)
Other comprehensive income (loss) attributable to Brink's1.0 (21.6)(0.8)8.4 (13.0)
Balance as of March 31, 2024$(301.2)(389.8)(2.6)24.6 (669.0)


Note 7 - Fair value of financial instruments

Investments in Marketable Securities
We have investments in mutual funds, equity securities and available for sale debt securities that are carried at fair value in the condensed financial statements. For these investments, fair value was based on quoted market prices, which we have categorized as a Level 1 valuation.

Fixed-Rate Debt
The fair value and carrying value of our material fixed-rate debt, excluding any unamortized debt issuance costs, are as follows:
(In millions) March 31, 2024December 31, 2023
$600 million senior unsecured notes  
Carrying value$600.0 600.0 
Fair value552.6 554.6 
$400 million senior unsecured notes  
Carrying value400.0 400.0 
Fair value386.2 382.0 

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 March 31, 2024, the notional value of our outstanding foreign currency forward and swap contracts was $757 million, with average maturities of approximately one month. These foreign currency forward and swap contracts primarily offset exposures in the euro and the Mexican peso and are not designated as hedges for accounting purposes. Accordingly, changes in their fair value are recorded immediately in earnings.

At March 31, 2024, the fair value of our short term foreign currency contracts was a net asset of approximately $6.0 million, of which $7.1 million was included in prepaid expenses and other and $1.1 million was included in accrued liabilities on the condensed consolidated balance sheet. At December 31, 2023, the fair value of these foreign currency contracts was a net liability of approximately $1.1 million, of which $8.7 million was included in prepaid expenses and other and $9.8 million was included in accrued liabilities on the condensed consolidated balance sheet.

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Amounts under these contracts were recognized in other operating income (expense) as follows:
Three Months
Ended March 31,
(in millions)20242023
Derivative instrument gains included in other operating income (expense)$13.4 8.2 
.
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.

In the first 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:
Three Months
Ended March 31,
(In millions)20242023
Derivative instrument losses included in other operating income (expense)$ (3.4)
Offsetting transaction gains  3.4 
Derivative instrument losses included in interest expense (0.3)
  Net derivative instrument losses (3.7)

In the first quarter of 2019, we entered into ten interest rate swaps that matured in January 2024. These interest rate swaps hedged 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 were initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss). We reclassified amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affected earnings.

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 condensed consolidated balance sheet.

In the first quarter of 2022, we entered into four forward-starting interest rate swaps that hedge cash flow risk associated with changes in variable interest rates and that were designated as cash flow hedges for accounting purposes. The forward-starting interest rate swaps had a maturity date in July 2030 and had a mandatory settlement scheduled to occur in July 2022. In July 2022, an amendment was executed to terminate the four forward-starting interest rates swaps and concurrently enter into three forward-starting interest rate swaps with an amended maturity in June 2027. We designated these interest rates swaps as cash flow hedges for accounting purposes. Accordingly, the changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss). We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

As of the July 2022 termination date of the four previous interest rate swaps, a cumulative net gain of $9.2 million was recorded in accumulated other comprehensive income (loss). This amount is reclassified to earnings as forecasted interest payments occur through the original maturity date in July 2030. The three new interest rate swaps had an inception date fair value equal to a $9.2 million asset, approximating the settlement value of the four previous interest rate swaps. Instead of receiving cash upon termination of the previous swaps, we elected to negotiate a lower off-market fixed rate for the three new interest rate swaps. This inception date fair value is amortized to earnings on a ratable and systematic basis through the maturity date of the new interest rate swaps in June 2027.

At March 31, 2024, the notional value of these contracts was $200 million with a remaining weighted-average maturity of 1.7 years. At March 31, 2024, the fair value of these interest rate swaps was a net asset of $14.5 million, of which $6.3 million was included in prepaid expenses and other and $8.2 million was included in other assets on the condensed consolidated balance sheet. 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 condensed consolidated balance sheet.

In the fourth quarter of 2022, we entered into two interest rate swaps with a maturity date in June 2027. These swaps are intended to hedge cash flow risk associated with changes in variable interest rates and were designated as cash flow hedges for accounting purposes. Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of
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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 March 31, 2024, the notional value of these contracts was $175 million with a remaining weighted-average maturity of 1.7 years. At March 31, 2024, the fair value of these interest rate swaps was a net asset of $2.9 million, of which $2.3 million was included in prepaid expenses and other and $0.6 million was included in other assets on the condensed consolidated balance sheet. 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 condensed consolidated balance sheet.

In the second quarter of 2023, we entered into eight forward-starting interest rates swaps that became effective in January 2024. The forward-starting interest rate swaps have a maturity date in June 2027. These swaps replaced the $400 million interest rate swaps that matured on the same date in January 2024 that the forward-starting swaps become effective. These swaps are intended to hedge cash flow risk associated with changes in variable interest rates and were designated as cash flow hedges for accounting purposes. Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

At March 31, 2024, the notional value of these contracts was $400 million with a remaining weighted-average maturity of 1.7 years. At March 31, 2024, the fair value of these interest rate swaps was a net asset of $12.4 million, of which $7.2 million was included in prepaid expenses and other and $5.2 million was included in other assets on the condensed consolidated balance sheet. At December 31, 2023, the fair value of these interest rate swaps was a net 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 condensed consolidated balance sheet.

In the second quarter of 2021, we entered into ten cross currency swaps to hedge a portion of our net investments in certain of our subsidiaries with euro functional currencies. As net investment hedges for accounting purposes, we elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges. Accordingly, changes in fair value attributable to changes in the undiscounted spot rates are recorded in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) and will remain there until the hedged net investments are sold or substantially liquidated. We have elected to exclude the spot-forward difference from the assessment of hedge effectiveness and are amortizing this amount separately on a straight-line basis over the term of these cross currency swaps.

In 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 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 March 31, 2024, the total notional value of these cross currency swap contracts was $400 million with a remaining weighted average maturity of 1.8 years for the cross currency swaps maturing in May 2026 and a remaining weighted average maturity of 6.1 years for the cross currency swaps maturing in April 2031. At March 31, 2024, the fair value of these cross currency swaps was a net liability of $29.1 million, of which $5.6 million was included in prepaid expenses and other and $34.7 million was included in other liabilities on the condensed consolidated balance sheet. 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 condensed consolidated balance sheet. At March 31, 2024, the fair value of the zero cost collar was an asset of $1.0 million, which was included in other assets on the condensed consolidated balance sheet. At December 31, 2023, the fair value of the zero cost collar was an asset of $0.1 million, which was included in other assets on the condensed 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 March 31, 2024, the notional value of this foreign exchange forward swap contract was $55 million with a remaining weighted average maturity of 0.6 years. At March 31, 2024, the fair value of this derivative contract was an asset of $0.2 million, which was included in prepaid
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expenses and other on the condensed consolidated balance sheet. 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 condensed consolidated balance sheet.

The effect of the interest rate swaps and the amortization of the spot-forward difference on the net investment hedges cross currency swaps is included in interest expense as follows:
Three Months
Ended March 31,
(In millions) 20242023
Interest rate swaps designated as cash flow hedges(5.0)(4.0)
Cross currency swaps designated as net investment hedges(1.1)(1.4)
  Net derivative instrument gains included in interest expense(6.1)(5.4)

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 condensed consolidated statements of cash flows. If a contract has a significant financing element, cash flows are included within the financing activities section of the condensed 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 March 31, 2024 as we believe it is unlikely that the contingent consideration payments will be reduced.

Other Financial Instruments
Other financial instruments include cash and cash equivalents, accounts receivable, floating rate debt, accounts payable and accrued liabilities. The financial statement carrying amounts of these items approximate the fair value.

There were no transfers in or out of any of the levels of the valuation hierarchy in the first three months of 2024.


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Note 8 - Debt

March 31,December 31,
(In millions)20242023
Debt:
Short-term borrowings$155.0 151.7 
Total short-term borrowings$155.0 151.7 
Long-term debt
Bank credit facilities:  
Term loan A(a)
$1,335.1 1,343.5 
Senior unsecured notes(b)
995.0 994.4 
Revolving Credit Facility693.8 542.1 
Other (c)
175.1 265.8 
Financing leases235.9 233.8 
Total long-term debt$3,434.9 3,379.6 
Total debt$3,589.9 3,531.3