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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 June 30, 2022

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 July 29, 2022, 47,243,130 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) June 30, 2022December 31, 2021
ASSETS  
Current assets:  
Cash and cash equivalents$743.3 710.3 
Restricted cash358.6 376.4 
Accounts receivable, net824.6 701.8 
Prepaid expenses and other295.8 211.0 
Total current assets2,222.3 1,999.5 
Right-of-use assets, net312.5 299.1 
Property and equipment, net850.0 865.6 
Goodwill1,379.8 1,411.7 
Other intangibles469.9 491.2 
Deferred tax assets, net288.4 239.4 
Other300.2 260.2 
Total assets$5,823.1 5,566.7 
LIABILITIES AND EQUITY  
Current liabilities:  
Short-term borrowings$14.0 9.8 
Current maturities of long-term debt84.2 115.2 
Accounts payable222.0 211.2 
Accrued liabilities867.4 877.3 
Restricted cash held for customers184.2 215.5 
Total current liabilities1,371.8 1,429.0 
Long-term debt3,060.9 2,841.7 
Accrued pension costs198.8 219.3 
Retirement benefits other than pensions317.1 322.2 
Lease liabilities259.2 241.8 
Deferred tax liabilities47.8 49.2 
Other200.8 210.9 
Total liabilities5,456.4 5,314.1 
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: 2022 - 47.2; 2021 - 47.4
47.2 47.4 
Capital in excess of par value676.1 670.6 
Retained earnings408.8 312.9 
Accumulated other comprehensive loss(891.6)(907.9)
Brink’s shareholders240.5 123.0 
Noncontrolling interests126.2 129.6 
Total equity366.7 252.6 
Total liabilities and equity$5,823.1 5,566.7 
See accompanying notes to condensed consolidated financial statements.
2


THE BRINK’S COMPANY
and subsidiaries
 
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months
Ended June 30,
Six Months
Ended June 30,
(In millions, except for per share amounts)2022202120222021
Revenues$1,133.9 1,048.8 $2,207.9 2,026.5 
Costs and expenses:  
Cost of revenues867.5 819.2 1,707.2 1,578.0 
Selling, general and administrative expenses167.5 155.8 339.1 310.1 
Total costs and expenses1,035.0 975.0 2,046.3 1,888.1 
Other operating income (expense)(2.4)(0.5)(2.7)(3.4)
Operating profit96.5 73.3 158.9 135.0 
Interest expense(32.4)(28.2)(60.3)(55.4)
Interest and other nonoperating income (expense)3.4 4.6 2.1 (0.9)
Income from continuing operations before tax67.5 49.7 100.7 78.7 
Provision (benefit) for income taxes29.3 22.7 (11.8)36.3 
Income from continuing operations38.2 27.0 112.5 42.4 
Loss from discontinued operations, net of tax(0.1)(0.1)(0.2)(0.1)
Net income38.1 26.9 112.3 42.3 
Less net income attributable to noncontrolling interests3.0 3.0 5.9 5.7 
Net income attributable to Brink’s35.1 23.9 106.4 36.6 
Amounts attributable to Brink’s  
Continuing operations35.2 24.0 106.6 36.7 
Discontinued operations(0.1)(0.1)(0.2)(0.1)
Net income attributable to Brink’s$35.1 23.9 $106.4 36.6 
Income per share attributable to Brink’s common shareholders(a):
  
Basic:  
Continuing operations$0.74 0.48 $2.24 0.73 
Net income$0.74 0.48 $2.23 0.73 
Diluted:  
Continuing operations$0.73 0.47 $2.22 0.73 
Net income$0.73 0.47 $2.21 0.72 
Weighted-average shares  
Basic47.4 50.0 47.6 49.9 
Diluted47.8 50.5 48.0 50.5 
Cash dividends paid per common share$0.20 0.20 $0.40 0.35 
(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 June 30,
Six Months
Ended June 30,
(In millions)2022202120222021
Net income$38.1 26.9 $112.3 42.3 
Benefit plan adjustments:  
Benefit plan actuarial gains12.7 14.6 23.2 14.4 
Benefit plan prior service costs(1.2)(0.5)(2.5)(1.8)
Total benefit plan adjustments11.5 14.1 20.7 12.6 
Foreign currency translation adjustments(62.6)37.9 (30.5)(8.1)
Unrealized net losses on available-for-sale securities(0.3) (0.7) 
Gains on cash flow hedges11.8 2.7 25.2 9.9 
Other comprehensive income (loss) before tax(39.6)54.7 14.7 14.4 
Provision for income taxes 5.2 4.9 7.7 
Other comprehensive income (loss)(39.6)49.5 9.8 6.7 
Comprehensive income (loss)(1.5)76.4 122.1 49.0 
Less comprehensive income (loss) attributable to noncontrolling interests(2.0)3.3 (0.6)3.9 
Comprehensive income (loss) attributable to Brink's$0.5 73.1 $122.7 45.1 
See accompanying notes to condensed consolidated financial statements.

4


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

Six Months ended June 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 

* Accumulated other comprehensive income (loss)
5


Six Months ended June 30, 2021
(In millions)Shares
Common
Stock
Capital in Excess of Par Value
Retained
Earnings
AOCI*
Noncontrolling
Interests
Total
Balance as of December 31, 202049.5 $49.5 671.8 407.5 (1,000.0)73.7 202.5 
Cumulative effect of change in accounting principle(a)
— — — 0.5 — — 0.5 
Net income— — — 12.7 — 2.7 15.4 
Other comprehensive loss— — — — (40.7)(2.1)(42.8)
Dividends to:       
Brink’s common shareholders ($0.15 per share)
— — — (7.4)— — (7.4)
Noncontrolling interests— — — — — (0.4)(0.4)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 7.6 — — — 7.6 
Consideration from exercise of stock options— — 2.3 — — — 2.3 
Other share-based benefit transactions0.2 0.2 (4.2)— — — (4.0)
Acquisitions with noncontrolling interests— — — — — 51.4 51.4 
Balance as of March 31, 202149.7 $49.7 677.5 413.3 (1,040.7)125.3 225.1 
Net income— — — 23.9 — 3.0 26.9 
Other comprehensive income— — — — 49.2 0.3 49.5 
Dividends to:       
Brink’s common shareholders ($0.20 per share)
— — — (10.0)— — (10.0)
Noncontrolling interests— — — — — (1.1)(1.1)
Share-based compensation:       
Stock awards and options:       
Compensation expense— — 11.1 — — — 11.1 
Other share-based benefit transactions0.1 0.1 (0.1)— — —  
Acquisitions with noncontrolling interests— — — — — 1.1 1.1 
Balance as of June 30, 202149.8 $49.8 688.5 427.2 (991.5)128.6 302.6 

(a)Effective January 1, 2021, we adopted the provisions of ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. We recognized a cumulative effect adjustment to January 1, 2021 retained earnings as a result of adopting this standard. See Note 1 for further details.

* 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)
Six Months
Ended June 30,
(In millions)
20222021
Cash flows from operating activities:
 
 
Net income
$112.3 42.3 
Adjustments to reconcile net income to net cash used by operating activities:
Loss from discontinued operations, net of tax
0.2 0.1 
Depreciation and amortization
121.3 116.5 
Share-based compensation expense
22.0 18.7 
Deferred income taxes
(55.9)(5.1)
(Gain) loss on sale of property, equipment and marketable securities0.6 (13.2)
Impairment losses
3.0 2.5 
Retirement benefit funding (more) less than expense:
Pension
(4.0)4.3 
Other than pension
1.0 7.8 
Remeasurement losses due to Argentina currency devaluations
13.4 5.0 
Other operating
26.7 (5.8)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable and income taxes receivable
(178.8)(36.5)
Accounts payable, income taxes payable and accrued liabilities
50.0 3.9 
Restricted cash held for customers3.5 (36.3)
Customer obligations
5.3 8.3 
Prepaid and other current assets
(61.9)(28.3)
Other
(17.6)(3.2)
Net cash provided by operating activities
41.1 81.0 
Cash flows from investing activities:
 
 
Capital expenditures
(83.4)(73.2)
Acquisitions, net of cash acquired(14.0)(310.2)
Marketable securities:
Purchases(0.5) 
Sales1.1 0.9 
Cash proceeds from sale of property and equipment2.0 3.4 
Net change in loans held for investment(7.7) 
Acquisition of customer contracts (0.8)
Net cash used by investing activities(102.5)(379.9)
Cash flows from financing activities:  
Borrowings (repayments) of debt:  
Short-term borrowings4.5 0.3 
Long-term revolving credit facilities:
Borrowings3,039.0 1,240.3 
Repayments(3,039.3)(852.5)
Other long-term debt:  
Borrowings212.7 2.8 
Repayments(42.0)(59.4)
Settlement of acquisition related contingencies(2.5)6.2 
Payment of acquisition-related obligation (2.9)
Debt financing costs(5.5)(0.3)
Dividends to:  
Shareholders of Brink’s(18.9)(17.4)
Noncontrolling interests in subsidiaries(2.8)(1.5)
Proceeds from exercise of stock options 2.3 
Tax withholdings associated with share-based compensation(10.2)(5.2)
Other1.5 1.7 
Net cash provided by financing activities136.5 314.4 
Effect of exchange rate changes on cash(59.9)(17.0)
Cash, cash equivalents and restricted cash:  
Increase (Decrease)15.2 (1.5)
Balance at beginning of period1,086.7 942.9 
Balance at end of period$1,101.9 941.4 

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, 2021.

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 previous method to estimate currently expected credit losses in receivables (the allowance) was weighted significantly to a review of historical loss rates and specific identification of higher risk customer accounts. It also considered current and expected economic conditions, particularly the effects of the coronavirus (COVID-19) pandemic, in determining an appropriate allowance. As many of our regions begin to recover from the pandemic, we have re-assessed those earlier assumptions and estimates. Our updated method now also includes an estimated allowance for accounts receivable significantly past due in order to adjust for at-risk receivables not captured in our previous method. As part of the analysis under the updated estimation methodology, we noted an increase in accounts receivable significantly past due, particularly in the U.S., and we recorded an additional allowance of $16.7 million in the first quarter of 2022. In the second quarter of 2022, the additional allowance was reduced by $0.4 million as a result of collections. Due to the fact that management has excluded this amount when evaluating internal performance, we have excluded it from segment results.

While most of our locations noted improved economics in 2021 and into the first six months of 2022, our current estimates could be materially adversely affected in future periods by the COVID-19 pandemic, including as a result of new variants of the COVID-19 virus, such as the Delta and, more recently, Omicron variants. The COVID-19 pandemic began to have an adverse impact on our results of operations in the quarter ended March 31, 2020 as a result of reduced customer volumes, changes to our operating procedures and increases in our costs to provide services. We have taken and continue to take actions to adjust the way we operate and reduce our costs through restructuring activities and operational changes to address these impacts and align to future anticipated revenue levels.

We are continually assessing the impact that the COVID-19 pandemic, and the actions taken in response to it, will have on our employees, businesses and segments, customers and vendors and the industries that we serve. The full impact depends on many factors that are uncertain or not yet identifiable. We expect these factors will continue to impact our financial condition and our results of operations for a duration that is currently unknown. We will continue to monitor developments affecting our condensed consolidated financial statements, including indicators that goodwill or other long-lived assets may be impaired, increases in valuation allowances for doubtful accounts or deferred tax assets may be necessary or other accruals that may increase or be necessary resulting from actions taken to reduce our cost structure or conserve our liquidity. As noted above, we increased our allowance for doubtful accounts based on a re-assessment of our estimate and the aging of receivables in the wake of the pandemic.

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
8


financial policies are accounted for at fair value, if readily determinable, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, we measure these investments at cost minus impairment, if any, plus or minus changes from observable price changes. All intercompany accounts and transactions have been eliminated in consolidation.

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

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

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

Argentina
We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together "Brink's Argentina"). Revenues from Brink's Argentina represented approximately 5% of our consolidated revenues for the first six months of 2022 and 4% of our consolidated revenues for the first six months of 2021.

The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. In the first six months of 2022 and 2021, the Argentine peso declined approximately 18% (from 103.1 to 125.0 pesos to the U.S. dollar) and approximately 13% (from 84.0 to 96.2 pesos to the U.S. dollar), respectively. For the year ended December 31, 2021, the Argentine peso declined approximately 19% (from 84.0 to 103.1 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 six months of 2022, we recognized a $13.4 million pretax remeasurement loss. In the first six months of 2021, we recognized a $5.0 million pretax remeasurement loss.

At June 30, 2022, Argentina's economy remains highly inflationary for accounting purposes. At June 30, 2022, we had net monetary assets denominated in Argentine pesos of $75.8 million (including cash of $68.0 million). At June 30, 2022, we had net nonmonetary assets of $152.6 million (including $99.8 million of goodwill, $7.7 million in equity securities denominated in Argentine pesos and $3.7 million in debt securities denominated in Argentine pesos).

At December 31, 2021, we had net monetary assets denominated in Argentine pesos of $60.1 million (including cash of $52.9 million) and net nonmonetary assets of $155.3 million (including $99.8 million of goodwill, $8.2 million in equity securities denominated in Argentine pesos and $4.3 million in debt securities denominated in Argentine pesos).

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

We have previously elected to use other market mechanisms to convert Argentine pesos into U.S. dollars. Conversions under these other market mechanisms generally settle at rates that are less favorable than the rates at which we remeasure the financial statements of Brink’s Argentina. We did not have any such conversion losses in the six months ended June 30, 2022 or June 30, 2021.
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.
9


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 June 30, 2022 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 June 30, 2022, we are required to maintain a restricted cash reserve of $22.5 million ($15.0 million at December 31, 2021) and, due to this contractual restriction, we have classified these amounts as restricted cash in our condensed consolidated balance sheet.

New Accounting Standards
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod tax allocations and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. ASU 2019-12 was effective for us on January 1, 2021. We recognized a cumulative-effect adjustment increasing retained earnings by $0.5 million on January 1, 2021.


10


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 three broad categories: Core Services, High-Value Services and Other Security Services.

Core Services
Cash-in-transit ("CIT") and basic ATM services are core services we provide to customers throughout the world. We charge customers per service performed or based on the value of goods transported. CIT services generally involve the secure transportation of cash, securities and other valuables between businesses, financial institutions and central banks. Basic ATM services are generally composed of management services, including cash replenishment and forecasting, remote monitoring, transaction processing, installation and maintenance.

High-Value Services
Our high-value services leverage our brand, global infrastructure and core services and include cash management services, global services, ATM managed services and payment services. We offer a variety of cash management services such as currency and coin counting and sorting, deposit preparation and reconciliation, and safe device installation and servicing (including our CompuSafe® service). Our global services business provides secure ground, sea and air transportation and storage of highly-valued commodities including diamonds, jewelry, precious metals and other valuables. We provide ATM managed services in North America and Europe for customers using Brink's-owned machines as well as machines owned by third parties. We also provide payment services which include bill payment and processing services on behalf of utility companies and other service providers plus general purpose reloadable prepaid cards and payroll cards.

Other Security Services
Our other security services feature the protection of airports, offices, warehouses, stores, and public venues in Europe, Rest of World and Latin America.

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.

11


Revenue Disaggregated by Reportable Segment and Type of Service
(In millions)
Core ServicesHigh-Value ServicesOther Security ServicesTotal
Three months ended June 30, 2022
Reportable Segments:
North America$195.6 206.0  401.6 
Latin America180.1 119.9 6.3 306.3 
Europe100.0 92.5 34.2 226.7 
Rest of World53.4 133.3 12.6 199.3 
Total reportable segments$529.1 551.7 53.1 1,133.9 
Three months ended June 30, 2021
Reportable Segments:
North America$176.5 180.3  356.8 
Latin America164.0 104.5 4.3 272.8 
Europe116.1 78.0 36.7 230.8 
Rest of World55.5 118.8 14.1 188.4 
Total reportable segments$512.1 481.6 55.1 1,048.8 
Six months ended June 30, 2022
Reportable Segments: