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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 September 30, 2023

☐ 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 November 2, 2023, 45,051,141 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)September 30, 2023December 31, 2022
ASSETS  
Current assets:  
Cash and cash equivalents$933.5 972.0 
Restricted cash387.0 438.5 
Accounts receivable, net801.3 862.2 
Prepaid expenses and other340.6 324.7 
Total current assets2,462.4 2,597.4 
Right-of-use assets, net338.7 314.5 
Property and equipment, net965.5 935.3 
Goodwill1,448.1 1,450.9 
Other intangibles492.4 535.5 
Deferred tax assets, net241.9 246.2 
Other315.8 286.2 
Total assets$6,264.8 6,366.0 
LIABILITIES AND EQUITY  
Current liabilities:  
Short-term borrowings$124.9 47.2 
Current maturities of long-term debt92.0 82.4 
Accounts payable206.7 296.5 
Accrued liabilities1,016.7 1,019.4 
Restricted cash held for customers184.3 229.3 
Total current liabilities1,624.6 1,674.8 
Long-term debt3,202.2 3,273.2 
Accrued pension costs127.6 131.0 
Retirement benefits other than pensions170.0 174.5 
Lease liabilities269.7 249.9 
Deferred tax liabilities59.6 67.8 
Other226.8 224.6 
Total liabilities5,680.5 5,795.8 
Commitments and contingent liabilities (notes 4, 8 and 14)
Equity: 
The Brink's Company ("Brink's") shareholders:  
Common stock, par value $1 per share:
Shares authorized: 100.0
Shares issued and outstanding: 2023 - 45.3; 2022 - 46.3
45.3 46.3 
Capital in excess of par value680.3 684.1 
Retained earnings397.8 417.2 
Accumulated other comprehensive income (loss)(660.6)(700.5)
Brink’s shareholders462.8 447.1 
Noncontrolling interests121.5 123.1 
Total equity584.3 570.2 
Total liabilities and equity$6,264.8 6,366.0 
See accompanying notes to condensed consolidated financial statements.
2

THE BRINK’S COMPANY
and subsidiaries
 
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months
Ended September 30,		Nine Months
Ended September 30,
(In millions, except for per share amounts)2023202220232022
Revenues$1,227.4 1,136.7 $3,629.0 3,344.6 
Costs and expenses:  
Cost of revenues921.0 880.7 2,785.1 2,587.9 
Selling, general and administrative expenses170.0 180.8 517.6 519.9 
Total costs and expenses1,091.0 1,061.5 3,302.7 3,107.8 
Other operating income (expense)1.3 (15.7)(3.2)(18.4)
Operating profit137.7 59.5 323.1 218.4 
Interest expense(53.8)(34.7)(151.5)(95.0)
Interest and other nonoperating income (expense)2.9 6.3 11.7 8.4 
Income from continuing operations before tax86.8 31.1 183.3 131.8 
Provision (benefit) for income taxes37.3 8.5 81.0 (3.3)
Income from continuing operations49.5 22.6 102.3 135.1 
Income (loss) from discontinued operations, net of tax(0.1)— 0.5 (0.2)
Net income49.4 22.6 102.8 134.9 
Less net income attributable to noncontrolling interests3.8 3.4 10.1 9.3 
Net income attributable to Brink’s45.6 19.2 92.7 125.6 
Amounts attributable to Brink’s  
Continuing operations45.7 19.2 92.2 125.8 
Discontinued operations(0.1)— 0.5 (0.2)
Net income attributable to Brink’s$45.6 19.2 $92.7 125.6 
Income per share attributable to Brink’s common shareholders(a):
  
Basic:  
Continuing operations$0.98 0.41 $1.98 2.65 
Discontinued operations— — 0.01 — 
Net income$0.98 0.41 $1.99 2.64 
Diluted:  
Continuing operations$0.97 0.41 $1.95 2.63 
Discontinued operations— — 0.01 — 
Net income$0.97 0.40 $1.96 2.62 
Weighted-average shares  
Basic46.5 47.4 46.6 47.5 
Diluted47.1 47.5 47.3 47.9 
Cash dividends paid per common share$0.22 0.20 $0.64 0.60 
(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 September 30,		Nine Months
Ended September 30,
(In millions)2023202220232022
Net income$49.4 22.6 $102.8 134.9 
Benefit plan adjustments:  
Benefit plan actuarial gains4.2 10.1 7.3 33.3 
Benefit plan prior service costs(2.8)(1.3)(8.5)(3.8)
Deferred profit sharing(0.2)— 0.1 — 
Total benefit plan adjustments1.2 8.8 (1.1)29.5 
Foreign currency translation adjustments(41.0)(42.2)18.1 (72.7)
Unrealized net gains on available-for-sale securities7.9 0.7 8.3 — 
Gains on cash flow hedges6.9 12.2 13.9 37.4 
Other comprehensive income (loss) before tax(25.0)(20.5)39.2 (5.8)
Provision for income taxes5.7 12.6 3.6 17.5 
Other comprehensive income (loss)(30.7)(33.1)35.6 (23.3)
Comprehensive income (loss)18.7 (10.5)138.4 111.6 
Less comprehensive income (loss) attributable to noncontrolling interests2.3 (0.6)5.8 (1.2)
Comprehensive income (loss) attributable to Brink's$16.4 (9.9)$132.6 112.8 
See accompanying notes to condensed consolidated financial statements.

4

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

Nine Months ended September 30, 2023
(In millions)Shares
Common
Stock
Capital in Excess of Par Value
Retained
Earnings
AOCI*
Noncontrolling
Interests
Total
Balance as of December 31, 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 
Net income— — — 32.1 — 3.0 35.1 
Other comprehensive income (loss)— — — — 33.3 (3.0)30.3 
Shares repurchased(0.1)(0.1)(0.3)(1.1)— — (1.5)
Dividends to:       
Brink’s common shareholders ($0.22 per share)
— — — (10.2)— — (10.2)
Noncontrolling interests— — — — — (2.4)(2.4)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 8.3 — — — 8.3 
Other share-based benefit transactions0.1 0.1 0.2 (0.1)— — 0.2 
Acquisitions of noncontrolling interests— — 0.3 — — (0.9)(0.6)
Balance as of June 30, 202346.4 $46.4 694.9 431.4 (631.4)122.9 664.2 
Net income— — — 45.6 — 3.8 49.4 
Other comprehensive loss— — — — (29.2)(1.5)(30.7)
Shares repurchased(a)
(1.1)(1.1)(20.9)(68.8)— — (90.8)
Dividends to:       
Brink’s common shareholders ($0.22 per share)
— — — (10.2)— — (10.2)
Noncontrolling interests— — — — — (3.7)(3.7)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 6.4 — — — 6.4 
Other share-based benefit transactions— — (0.1)(0.2)— — (0.3)
Balance as of September 30, 202345.3 $45.3 680.3 397.8 (660.6)121.5 584.3 

(a) During the third quarter ended September 30, 2023, we repurchased a total of 1,181,106 shares of our common stock for an aggregate of $88.2 million in cash. On the last two days of September 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 ("10b5-1 plan"). We are obligated to pay $1.8 million to repurchase those shares and, as of September 30, 2023, this obligation has been reported as a current liability and a corresponding reduction to equity in our condensed consolidated financial statements. In addition, for the third quarter ended September 30, 2023, shares repurchased include the 1% excise tax imposed under the Inflation Reduction Act of 2022 of approximately $0.8 million.

* Accumulated other comprehensive income (loss)

5

Nine Months ended September 30, 2022
(In millions)Shares
Common
Stock
Capital in Excess of Par Value
Retained
Earnings
AOCI*
Noncontrolling
Interests
Total
Balance as of December 31, 202147.4 $47.4 670.6 312.9 (907.9)129.6 252.6 
Net income— — — 71.3 — 2.9 74.2 
Other comprehensive income (loss)— — — — 50.9 (1.5)49.4 
Dividends to:       
Brink’s common shareholders ($0.20 per share)
— — — (9.5)— — (9.5)
Noncontrolling interests— — — — — (1.2)(1.2)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 7.1 — — — 7.1 
Other share-based benefit transactions0.2 0.2 (3.0)— — — (2.8)
Balance as of March 31, 202247.6 $47.6 674.7 374.7 (857.0)129.8 369.8 
Net income— — — 35.1 — 3.0 38.1 
Other comprehensive loss— — — — (34.6)(5.0)(39.6)
Shares repurchased(0.5)(0.5)(8.0)8.5 — — — 
Dividends to:       
Brink’s common shareholders ($0.20 per share)
— — — (9.4)— — (9.4)
Noncontrolling interests— — — — — (1.6)(1.6)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 14.9 — — — 14.9 
Other share-based benefit transactions0.1 0.1 (5.5)(0.1)— — (5.5)
Balance as of June 30, 202247.2 $47.2 676.1 408.8 (891.6)126.2 366.7 
Net income— — — 19.2 — 3.4 22.6 
Other comprehensive loss— — — — (29.1)(4.0)(33.1)
Shares repurchased(a)
(0.5)(0.5)(10.7)(19.3)— — (30.5)
Dividends to:       
Brink’s common shareholders ($0.20 per share)
— — — (9.4)— — (9.4)
Noncontrolling interests— — — — — (4.1)(4.1)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 14.3 — — — 14.3 
Other share-based benefit transactions— — 0.4 (0.1)— — 0.3 
Capital contributions from noncontrolling interest— — — — — 0.1 0.1 
Acquisitions of noncontrolling interests— — (2.7)— 0.1 (5.2)(7.8)
Acquisitions with noncontrolling interests— — — — — 0.1 0.1 
Balance as of September 30, 202246.7 $46.7 677.4 399.2 (920.6)116.5 319.2 

(a) During the third quarter ended September 30, 2022, we repurchased a total of 501,560 shares of our common stock for an aggregate of $27.3 million in cash. On the last two days of September 2022, our agent broker purchased additional shares of our common stock pursuant to a 10b5-1 plan. We are obligated to pay $3.2 million to repurchase those shares and, as of September 30, 2022, this obligation has been reported as a current liability and a corresponding reduction to equity in our condensed consolidated financial statements.

* Accumulated other comprehensive income (loss)

See accompanying notes to condensed consolidated financial statements.
6

THE BRINK’S COMPANY
and subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Nine Months
Ended September 30,
(In millions)
20232022
Cash flows from operating activities:
 
 
Net income
$102.8 134.9 
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss from discontinued operations, net of tax
(0.5)0.2 
Depreciation and amortization
206.3 179.9 
Share-based compensation expense
25.6 36.3 
Deferred income taxes
3.7 (57.3)
(Gain) loss on sale of property, equipment and marketable securities2.2 0.8 
Impairment losses
8.2 7.9 
Retirement benefit funding (more) less than expense:
Pension
(6.9)(4.7)
Other than pension
(6.0)2.8 
Remeasurement losses due to Argentina currency devaluations
23.9 24.4 
Other operating
17.1 29.7 
Changes in operating assets and liabilities, net of effects of acquisitions:
(Increase) decrease in accounts receivable and income taxes receivable
30.8 (175.7)
Increase (decrease) in accounts payable, income taxes payable and accrued liabilities
(61.0)108.7 
Increase (decrease) in restricted cash held for customers(44.9)(4.4)
Increase (decrease) in customer obligations
(5.5)4.0 
Increase in prepaid and other current assets
5.1 (79.8)
Other
(7.9)(7.2)
Net cash provided by operating activities
293.0 200.5 
Cash flows from investing activities:
 
 
Capital expenditures
(133.1)(131.5)
Acquisitions, net of cash acquired— (14.2)
Dispositions, net of cash disposed1.1 — 
Marketable securities:
Purchases(58.3)(18.3)
Sales48.7 7.7 
Cash proceeds from sale of property and equipment5.7 3.3 
Cash proceeds from settlement of cross currency swap— 64.3 
Net change in loans held for investment(12.3)(23.3)
Other(0.6)(0.1)
Discontinued operations0.9 — 
Net cash used in investing activities(147.9)(112.1)
Cash flows from financing activities:  
Borrowings (repayments) of debt:  
Short-term borrowings76.6 11.5 
Long-term revolving credit facilities:
Borrowings6,640.5 5,036.1 
Repayments(6,713.1)(4,819.1)
Other long-term debt:  
Borrowings16.4 213.2 
Repayments(71.1)(63.7)
Acquisition of noncontrolling interest(0.6)(7.8)
Cash paid for acquisition related settlements and obligations(10.5)(2.8)
Debt financing costs— (5.5)
Repurchase shares of Brink's common stock(105.7)(27.3)
Dividends to:  
Shareholders of Brink’s(29.7)(28.3)
Noncontrolling interests in subsidiaries(6.5)(6.9)
Tax withholdings associated with share-based compensation(7.6)(10.2)
Other3.9 2.7 
Net cash (used in) provided by financing activities(207.4)291.9 
Effect of exchange rate changes on cash(27.7)(118.1)
Cash, cash equivalents and restricted cash:  
Increase (decrease)(90.0)262.2 
Balance at beginning of period1,410.5 1,086.7 
Balance at end of period$1,320.5 1,348.9 

See accompanying notes to condensed consolidated financial statements.
7

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, 2022.

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

In the first quarter of 2022, we further refined our global methodology of estimating the allowance for doubtful accounts. Our updated method not only reviews historical loss rates and identifies high risk customer accounts but now also includes an estimated allowance for accounts receivable significantly past due in order to adjust for at-risk receivables not captured in our previous method. As part of the analysis under the updated estimation methodology, we recorded an additional allowance of $16.7 million in the first quarter of 2022. In the second and third quarters of 2022, the additional allowance was reduced by $0.7 million as a result of collections. Due to the fact that management had excluded this amount when evaluating internal performance, we excluded it from segment results.

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

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

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

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

Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Other than nonmonetary equity securities, nonmonetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. For nonmonetary equity securities traded in highly inflationary economies, the fair market value of the equity securities are remeasured at the current exchange rates to determine gain or loss to be recorded in net income. Revenues and expenses are translated at rates of exchange in effect during the year.
8


Argentina
We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together "Brink's Argentina"). Revenues from Brink's Argentina represented approximately 4% of our consolidated revenues for the first nine months of 2023 and 5% of our consolidated revenues for the first nine months of 2022.

The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. In the first nine months of 2023 and 2022, the Argentine peso declined approximately 48% (from 178.6 to 344.8 pesos to the U.S. dollar) and approximately 30% (from 103.1 to 147.1 pesos to the U.S. dollar), respectively. For the year ended December 31, 2022, the Argentine peso declined approximately 42% (from 103.1 to 178.6 pesos to the U.S. dollar).

Beginning July 1, 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, we consolidated Brink's Argentina using our accounting policy for subsidiaries operating in highly inflationary economies beginning with the third quarter of 2018. Argentine peso-denominated monetary assets and liabilities are remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In the first nine months of 2023, we recognized a $23.9 million pretax remeasurement loss. In the first nine months of 2022, we recognized a $24.4 million pretax remeasurement loss.

At September 30, 2023, Argentina's economy remains highly inflationary for accounting purposes. At September 30, 2023, we had net monetary assets denominated in Argentine pesos of $74.1 million (including cash of $71.4 million). At September 30, 2023, we had net nonmonetary assets of $174.9 million (including $99.8 million of goodwill, $2.2 million in equity securities denominated in Argentine pesos and $38.6 million in debt securities denominated in Argentine pesos).

At December 31, 2022, we had net monetary assets denominated in Argentine pesos of $66.2 million (including cash of $57.7 million) and net nonmonetary assets of $168.2 million (including $99.8 million of goodwill, $1.9 million in equity securities denominated in Argentine pesos and $27.4 million in debt securities denominated in Argentine pesos).

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

We have previously elected to use other market mechanisms to convert Argentine pesos into U.S. dollars. Conversions under these other market mechanisms generally settle at rates that are less favorable than the rates at which we remeasure the financial statements of Brink’s Argentina. We did not have any such conversions or related conversion losses in the nine months ended September 30, 2023 or September 30, 2022.
Although the Argentine government has implemented currency controls, Brink’s management continues to provide guidance and strategic oversight, including budgeting and forecasting for Brink’s Argentina. We continue to control our Argentina business for purposes of consolidation of our financial statements and continue to monitor the situation in Argentina.
 
Venezuela
Our Venezuelan operations offer transportation and route-based logistics management services for cash and valuables throughout Venezuela. Currency exchange regulations, combined with other government regulations, such as price controls and strict labor laws, significantly limit our ability to make and execute operational decisions at our Venezuelan subsidiaries. As a result of these conditions, we do not meet the accounting criteria for control over our Venezuelan operations and, as a result, we report the results of our investment in our Venezuelan subsidiaries using the cost method of accounting, the basis of which approximates zero. Prior to the imposition of the U.S. government sanctions in 2019, we provided immaterial amounts of financial support to our Venezuela operations. We continue to monitor the situation in Venezuela, including the imposition of sanctions by the U.S. government targeting Venezuela.

Goodwill
Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. We review goodwill for impairment annually, as of October 1, and whenever events or circumstances in interim periods indicate that it is more-likely-than-not that an impairment may have occurred. Impairment indicators were reviewed as of September 30, 2023 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. We will continue to monitor results in future periods to determine whether any indicators of impairment exist that would cause us to perform an impairment review.

Restricted Cash
In France and Malaysia, we offer services to certain of our customers where we manage some or all of their cash supply chains. In connection with these offerings, we take temporary title to certain customers' cash, which is included as restricted cash in our financial statements due to customer agreement or regulation. In addition, in accordance with a revolving credit facility, as of September 30, 2023, we are required to maintain a restricted cash reserve of $40.6 million ($40.7 million at December 31, 2022) and, due to this contractual restriction, we have classified these amounts as restricted cash in our condensed consolidated balance sheet.

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 and second line maintenance. Our global services business provides secure transport of high-value commodities including diamonds, jewelry, precious metals, securities, banknotes, currency, high-tech devices, electronics and pharmaceuticals. Additional global services include pick-up, packaging, customs clearance, secure vault storage and inventory management. We also offer a variety of cash management services including money processing (e.g., counting, sorting, wrapping, checking condition of bills, etc.), check imaging and other cash management services (e.g., cashier balancing, counterfeit detection, account consolidation and electronic reporting). Our vaulting services combine cash-in-transit services, cash management services, vaulting and electronic reporting technologies to help banks expand into new markets while minimizing investment in vaults and branch facilities. In addition to providing secure storage, we process deposits, provide check imaging and reconciliation services, perform currency inventory management, process ATM replenishment orders and electronically transmit banking transactions.

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

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

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

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

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

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

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

10

Revenue Disaggregated by Reportable Segment and Type of Service
(In millions)
Cash and Valuables ManagementDRS and AMSTotal
Three months ended September 30, 2023
Reportable Segments:
North America$301.3 96.8 398.1 
Latin America291.8 47.8 339.6 
Europe189.0 98.8 287.8 
Rest of World188.8 13.1 201.9 
Total reportable segments$970.9 256.5 1,227.4 
Three months ended September 30, 2022
Reportable Segments:
North America$305.0 95.6 400.6 
Latin America270.5 30.6 301.1 
Europe177.6 42.4 220.0 
Rest of World203.8 11.2 215.0 
Total reportable segments$956.9 179.8 1,136.7 
Nine months ended September 30, 2023
Reportable Segments:
North America$912.3 285.1 1,197.4 
Latin America855.1 133.9 989.0 
Europe555.8 286.6 842.4 
Rest of World560.2 40.0 600.2 
Total reportable segments$2,883.4 745.6 3,629.0 
Nine months ended September 30, 2022
Reportable Segments:
North America$892.0 279.0 1,171.0 
Latin America811.0 87.7 898.7 
Europe548.7 120.1 668.8 
Rest of World574.4 31.7 606.1 
Total reportable segments$2,826.1 518.5 3,344.6 

Certain of our high-value services involve the leasing of assets, such as safes, to our customers along with the regular servicing of those safe devices. Revenues related to the leasing of these assets are recognized in accordance with applicable lease guidance, but are included in the above table as the amounts are a small percentage of overall revenues.

Contract Balances
Contract Assets
Although payment terms and conditions can vary, for the majority of our customer contracts, we invoice for all of the services provided to the customer within a monthly period. For certain customer contracts, the timing of our performance may precede our right to invoice the customer for the total transaction price. For example, Brink's affiliates in certain countries, primarily in Latin America, negotiate annual price adjustments with certain customers and, once the price increases are finalized, the pricing changes are made retroactive to services provided in earlier periods. These retroactive pricing adjustments are estimated and recognized as revenue with a corresponding contract asset in the same period in which the related services are performed. As the estimate of the ultimate transaction price changes, we recognize a cumulative catch-up adjustment for the change in estimate. In our Rest of World segment, certain Brink's affiliates provide services to specific customers and, per contract, a portion of the consideration is retained by the customers until the contract is completed. The retention amounts are reported as contract assets until we have the right to bill the customer for these amounts. Contract assets expected to be collected within one year ($6.3 million at September 30, 2023) are included in prepaid expenses and other on the condensed consolidated balance sheet. Amounts not expected to be billed and collected within one year ($8.8 million at September 30, 2023) are reported in other assets on the condensed consolidated balance sheet.

11

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, 2023)$862.2 12.6 17.0 
Closing (September 30, 2023)801.3 15.1 16.0 
Increase (decrease)$(60.9)2.5 (1.0)

The amount of revenue recognized in the nine months ended September 30, 2023 that was included in the January 1, 2023 contract liabilities balance was $14.1 million. This revenue consists of services provided to customers who had prepaid for those services prior to the current year.

Revenue recognized in the nine months ended September 30, 2023 from performance obligations satisfied in the prior year was not significant. This revenue is a result of changes in the transaction price of our contracts with customers.

Contract Costs
Sales commissions directly related to obtaining new contracts with customers are capitalized when incurred and are then amortized to expense ratably over the term of the contracts. At September 30, 2023, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet. The capitalized amounts at September 30, 2023 and December 31, 2022 were $3.7 million and $3.7 million, respectively. The amortization expense in the first nine months of 2023 and 2022 was $1.5 million and $0.9 million, respectively.

Practical Expedients
For the majority of our contracts with customers, we invoice a fixed amount for each unit of service we have provided. These contracts provide us with the right to invoice for an amount or rate that corresponds to the value we have delivered to our customers. The volume of services that will be provided to customers over the term is not known at inception of these contracts. Therefore, while the rate per unit of service is known, the transaction price itself is variable. For this reason, we recognize revenue from these contracts equal to the amount for which we have the contractual right to invoice the customers. Because we are not required to estimate variable consideration related to the transaction price in order to recognize revenue, we are also not required to estimate the variable consideration to provide certain disclosures. As a result, we have elected to use the optional exemption related to the disclosure of transaction prices, amounts allocated to remaining performance obligations and the future periods in which revenue will be recognized, sometimes referred to as backlog.

We have also elected to use the practical expedient for financing components related to our contract liabilities. We do not recognize interest expense on contracts for which the period between our receipt of customer payments and our service to the customer is one year or less.

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 GAAP, and costs related to global initiatives.
•Other items not allocated to segments - certain significant items that are not considered part of the ongoing activities of the business are excluded from segment results. See further explanation for each item not allocated to segments on page 14.

We manage our business in the following four segments:

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


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 September 30,Three Months Ended September 30,
(In millions)
2023202220232022
Reportable Segments:
 
 
 
 
North America
$398.1 400.6 47.5 38.2
Latin America
339.6 301.1 68.1 66.5
Europe287.8 220.0 35.8 25.9 
Rest of World
201.9 215.0 42.6 48.3 
Total reportable segments
1,227.4 1,136.7 194.0 178.9 
Reconciling Items:
Corporate expenses:
General, administrative and other expenses
— — (32.4)(57.0)
Foreign currency transaction gains
— — 5.4 3.6 
Reconciliation of segment policies to GAAP(a)
— — (0.7)1.3 
Other items not allocated to segments:
Reorganization and Restructuring(b)
— — (0.4)(19.6)
Acquisitions and dispositions(c)
— — (19.4)(35.7)
Argentina highly inflationary impact(d)
— — (8.1)(12.0)
Change in allowance estimate(e)
— — — 0.3 
Chile antitrust matter(f)
— — — (0.3)
Reporting compliance(g)
— — (0.7)— 
Total
$1,227.4 1,136.7 $137.7 59.5 
Revenues
Operating Profit
Nine Months Ended September 30,Nine Months Ended September 30,
(In millions)
2023202220232022
Reportable Segments:
 
 
 
 
North America
$1,197.4 1,171.0 123.6 96.7 
Latin America
989.0 898.7 200.6 194.2 
Europe842.4 668.8 87.1 63.1 
Rest of World
600.2 606.1 121.2 120.9 
Total reportable segments
3,629.0 3,344.6 532.5 474.9 
Reconciling Items:
Corporate expenses:
General, administrative and other expenses
— — (122.3)(125.4)
Foreign currency transaction gains
— — 15.3 9.4 
Reconciliation of segment policies to GAAP(a)
— — — 4.0 
Other items not allocated to segments:
Reorganization and Restructuring(b)
— — (14.6)(34.0)
Acquisitions and dispositions(c)
— — (56.4)(66.3)
Argentina highly inflationary impact(d)
—