0000078890-24-000172 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance	$ 31.2	$ 30.4
Accumulated depreciation and amortization	(1,651.2)	(1,620.1)
Accumulated amortization	$ (289.6)	$ (278.7)
Par value (in dollars per share)	$ 1	$ 1
Shares authorized (in shares)	100,000,000.0	100,000,000.0
Shares issued (in shares)	44,600,000	44,500,000
Shares outstanding (in shares)	44,600,000	44,500,000

Accumulated other comprehensive income (loss)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

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)	Pretax		Income Tax	Pretax	Income 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 hedges	15.7		(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 adjustments	0.2		—	—	—	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)		2024		2023
Total net periodic retirement benefit cost included in:
Cost of revenues		$	1.7	1.4
Selling, general and administrative expenses		0.6		0.5
Interest and other nonoperating expense		1.1		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).

(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 Adjustments		Foreign Currency Translation Adjustments	Gains (Losses) on Available-for-Sale Securities	Gains (Losses) on Cash Flow Hedges	Total

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 income	1.6		(0.8)	—	(3.8)	(3.0)
Other comprehensive income (loss) attributable to Brink's	1.0		(21.6)	(0.8)	8.4	(13.0)


Balance as of March 31, 2024	$	(301.2)	(389.8)	(2.6)	24.6	(669.0)

Capital Stock

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Capital Stock

Common Stock

At March 31, 2024, we had 100 million shares of common stock authorized and 44.6 million shares issued and outstanding.

Dividends

We paid regular quarterly dividends on our common stock during the last two years. On January 18, 2024, the Board declared a regular quarterly dividend of 22 cents per share payable on March 1, 2024 to shareholders of record on February 5, 2024. On May 1, 2024, the Board declared a regular quarterly dividend of 24.25 cents per share payable on June 3, 2024 to shareholders of record on May 13, 2024. The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.

Preferred Stock

At March 31, 2024, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $10 per share.

Share Repurchase Program

In November 2023, our Board of Directors authorized a $500 million share repurchase program that expires on December 31, 2025 (the "2023 Repurchase Program").

Under the 2023 Share Repurchase Program, we are not obligated to repurchase any specific dollar amount or number of shares. The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Share repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise.

During the first three months ended March 31, 2024, we repurchased a total of 274,680 shares of our common stock for an aggregate of $23.0 million and an average price of $83.77 per share. These shares were retired upon repurchase. At March 31, 2024, $477 million remained available under the 2023 Repurchase Program.

In October 2021, we announced that our Board of Directors authorized a $250 million share repurchase program (the "2021 Repurchase Program"). Under the 2021 Repurchase Program, in 2023, we repurchased a total of 2,297,955 shares of our common stock for an aggregate of $169.9 million and an average price of $73.92 per share. These shares were retired upon repurchase. The 2021 Repurchase Program expired on December 31, 2023 with approximately $28 million remaining available.

Shares Used to Calculate Earnings per Share


	Three Months Ended March 31,
(In millions)		2024	2023

Weighted-average shares:
Basic(a)		44.8	46.7
Effect of dilutive stock awards and options		0.5	0.7
Diluted		45.3	47.4

Antidilutive stock awards and options excluded from denominator		0.1	0.5

(a)We have deferred compensation plans for directors and certain of our employees. Some amounts owed to participants are denominated in common stock units. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average common stock units credited to employees and directors under the deferred compensation plans. Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed. Accordingly, included in basic shares are 0.2 million in the three months ended March 31, 2024, and 0.3 million in the three months ended March 31, 2023.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Supplemental cash flow information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Condensed Cash Flow Statements, Captions [Line Items]
Interest	$ 68.0	$ 59.1
Income taxes, net	28.2	23.3
Financing Leases	19.5	20.7
Restricted cash	557.9		$ 507.0
Cash and cash equivalents	1,122.7		1,176.6
Total, cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows	1,680.6	$ 1,218.4	1,683.6	$ 1,410.5
Cash Held From Customers
Condensed Cash Flow Statements, Captions [Line Items]
Restricted cash	340.6		298.7
Deposits liability
Condensed Cash Flow Statements, Captions [Line Items]
Restricted cash	172.6		167.8
Revolving Credit Facility
Condensed Cash Flow Statements, Captions [Line Items]
Restricted cash	$ 43.1		$ 40.9

Retirement benefits (Tables)

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The components of net periodic pension cost (credit) for our pension plans were as follows:


	U.S. Plans			Non-U.S. Plans		Total
(In millions)	2024		2023	2024	2023	2024	2023

















Three months ended March 31,

Service cost	$	—	—	2.2	1.8	2.2	1.8
Interest cost on projected benefit obligation	7.7		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 losses	1.5		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

Schedule of Costs of Retirement Plans

The components of net periodic postretirement cost (credit) related to retirement benefits other than pensions were as follows:


	UMWA Plans			Black Lung and Other Plans		Total
(In millions)	2024		2023	2024	2023	2024	2023










Three months ended March 31,

Service cost	$	—	—	0.1	0.1	0.1	0.1
Interest cost on accumulated postretirement benefit obligations	2.6		3.0	1.3	1.3	3.9	4.3
Return on assets – expected	(2.5)		(2.6)	—	—	(2.5)	(2.6)
Amortization of losses	1.3		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

Share-based compensation plans (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Compensation expense by plan

Compensation expenses are classified as selling, general and administrative expenses in the condensed consolidated statements of operations. Compensation expenses for the share-based awards were as follows:


	Compensation Expense
	Three Months Ended March 31,
(in millions)		2024		2023

Performance stock units		$	6.4	7.9

Restricted stock units		2.5		2.7
Deferred stock units and fees paid in stock		0.4		0.3


Cash based awards		0.7		1.1
Share-based payment expense		10.0		12.0
Income tax benefit		(2.3)		(2.8)
Share-based payment expense, net of tax		$	7.7	9.2

Option activity

The following table summarizes performance-based stock option activity during the first three months of 2024:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2023	174.4	$	17.92


Exercised	(174.4)	17.92
Outstanding balance as of March 31, 2024	—	$	—

The following table summarizes time-based stock option activity during the first three months of 2024:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2023	115.7	$	21.43

Expired	—	—

Outstanding balance as of March 31, 2024	115.7	$	21.43

Nonvested share activity

The following table summarizes RSU activity during the first three months of 2024:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2023	320.2	$	65.89
Granted	119.1	80.77
Forfeited	(5.9)	67.99

Vested	(108.0)	68.86
Nonvested balance as of March 31, 2024	325.4	$	70.31

The following table summarizes all PSU activity during the first three months of 2024:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2023	698.5	$	72.15
Granted	207.0	81.34
Forfeited or expired	(8.6)	67.43

Vested(a)	(228.8)	80.47
Nonvested balance as of March 31, 2024	668.1	$	72.21

(a)The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended December 31, 2023 were 437.9 thousand, compared to target shares of 228.8 thousand.

The following table summarizes all DSU activity during the first three months of 2024:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2023	19.2	$	62.43
Granted	—	—

Vested	—	—
Nonvested balance as of March 31, 2024	19.2	$	62.43

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt


	March 31,		December 31,
(In millions)	2024		2023
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 Facility	693.8		542.1
Other (c)	175.1		265.8
Financing leases	235.9		233.8
Total long-term debt	$	3,434.9	3,379.6

Total debt	$	3,589.9	3,531.3

Included in:
Current liabilities	$	280.6	268.8
Noncurrent liabilities	3,309.3		3,262.5
Total debt	$	3,589.9	3,531.3

(a)Amounts outstanding are net of unamortized debt costs of $3.7 million as of March 31, 2024 and $4.0 million as of December 31, 2023.

(b)Amounts outstanding are net of unamortized debt costs of $5.0 million as of March 31, 2024 and $5.6 million as of December 31, 2023.

(c)Other facilities include $124.4 million related to the Brink's Capital credit facility at March 31, 2024, compared to $209.3 million at December 31, 2023. The facility had $1,877.5 million in borrowings and $1,962.4 million in repayments in the first three months of 2024, which is reflected in the long-term revolving credit facilities movement in the condensed consolidated statements of cash flows.

Segment information (Details) $ in Millions	3 Months Ended
Segment information (Details) $ in Millions	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of operating segments \| segment	4
Revenues	$ 1,236.1	$ 1,185.4
Operating Profit	120.9	79.8
Foreign currency transaction gains	0.0	(9.8)
Chile Antitrust Matter
Segment Reporting Information [Line Items]
Chile antitrust matter	(0.4)	(0.2)
Reportable segments
Segment Reporting Information [Line Items]
Revenues	1,236.1	1,185.4
Operating Profit	178.4	164.5
Corporate expenses
Segment Reporting Information [Line Items]
General, administrative and other expenses	(41.2)	(42.6)
Foreign currency transaction gains	6.3	5.1
Reconciliation of segment policies to GAAP	1.5	0.4
Other items not allocated to segments
Segment Reporting Information [Line Items]
Reorganization and Restructuring	(1.4)	(14.2)
Acquisitions and dispositions	(15.9)	(22.0)
Transformation initiatives costs	(4.8)	0.0
Other items not allocated to segments \| Chile Antitrust Matter
Segment Reporting Information [Line Items]
Chile antitrust matter	(0.4)	(0.2)
Other items not allocated to segments \| Argentina
Segment Reporting Information [Line Items]
Argentina highly inflationary impact	(1.6)	(11.2)
North America \| Reportable segments
Segment Reporting Information [Line Items]
Revenues	405.5	401.9
Operating Profit	48.4	38.6
Latin America \| Reportable segments
Segment Reporting Information [Line Items]
Revenues	334.7	315.5
Operating Profit	63.0	66.6
Europe \| Reportable segments
Segment Reporting Information [Line Items]
Revenues	291.4	268.7
Operating Profit	25.9	22.0
Rest of World \| Reportable segments
Segment Reporting Information [Line Items]
Revenues	204.5	199.3
Operating Profit	$ 41.1	$ 37.3

Share-based compensation plans

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-based compensation plans

We have share-based compensation plans to attract and retain employees and non-employee directors and to more closely align their interests with those of our shareholders.

We have outstanding share-based awards granted to employees under the 2017 Equity Incentive Plan (the "2017 Plan"). The 2017 Plan permits grants of restricted stock, restricted stock units, performance stock, performance stock units, stock appreciation rights, stock options, as well as other share-based awards to eligible employees. The 2017 Plan also permits cash awards to eligible employees. The 2017 Plan became effective May 2017. During the first quarter ended March 31, 2023, the remaining outstanding awards granted under the 2013 Equity Incentive Plan (the "2013 Plan") were fully exercised. No further grants of awards will be made under the 2013 Plan.

We also have outstanding deferred stock units granted to directors under the 2017 Plan. Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Directors' Equity Plan and the Directors’ Stock Accumulation Plan, which has expired.

Outstanding awards at March 31, 2024 include performance stock units, restricted stock units, deferred stock units, performance-based stock options, time-based stock options and certain awards that will be settled in cash.

Compensation Expense

Compensation expense is measured using the fair-value-based method. Prior to 2020, for employee and director awards considered equity grants, compensation expense is recognized from the award or grant date to the earlier of the retirement-eligible date or the vesting date. In 2020, the retirement eligibility provisions for many employee awards were changed on a go-forward basis to require a six month notification period prior to actual retirement. For the 2020 awards, we recognized expense from the grant date to six months after the participant's retirement eligible date. In 2021, the retirement eligibility provisions were changed to require a minimum of a one year service period in order to meet the retirement eligible conditions. For the 2022, 2023 and 2024 awards, we recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date.

For awards considered liability awards, compensation cost is based on the change in the fair value of the instrument for each reporting period and the percentage of the requisite service that has been rendered.


	Compensation Expense
	Three Months Ended March 31,
(in millions)		2024		2023

Performance stock units		$	6.4	7.9

Restricted stock units		2.5		2.7
Deferred stock units and fees paid in stock		0.4		0.3


Cash based awards		0.7		1.1
Share-based payment expense		10.0		12.0
Income tax benefit		(2.3)		(2.8)
Share-based payment expense, net of tax		$	7.7	9.2

Performance-Based Stock Options

Prior to 2019, we granted primarily performance-based stock options to select senior executives. These performance-based awards have a service condition as well as a market condition. We measured the fair value of these performance-based options at the grant date using a Monte Carlo simulation model. No performance-based options were granted after 2018.

The following table summarizes performance-based stock option activity during the first three months of 2024:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2023	174.4	$	17.92


Exercised	(174.4)	17.92
Outstanding balance as of March 31, 2024	—	$	—

Time-Based Stock Options

In 2020 and 2019, we granted time-based stock options to certain senior executives. We measure the fair value of these time-based options at the grant date using a Black-Scholes-Merton option pricing model.

The following table summarizes time-based stock option activity during the first three months of 2024:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2023	115.7	$	21.43

Expired	—	—

Outstanding balance as of March 31, 2024	115.7	$	21.43

Restricted Stock Units (“RSUs”)

We granted RSUs that contain only a service condition. We measure the fair value of RSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period.

The following table summarizes RSU activity during the first three months of 2024:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2023	320.2	$	65.89
Granted	119.1	80.77
Forfeited	(5.9)	67.99

Vested	(108.0)	68.86
Nonvested balance as of March 31, 2024	325.4	$	70.31

Performance Stock Units ("PSUs”)

Historically, we have granted Internal Metric PSUs ("IM PSUs") and Relative Total Shareholder Return PSUs ("TSR PSUs").

The majority of outstanding IM PSUs contain a performance condition as well as a service condition. We measure the fair value of these PSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period. For the IM PSUs granted in 2021, the performance period was from January 1, 2021 to December 31, 2022 with an additional one year of service requirement after 2022. For IM PSUs granted in 2022, the performance period is from January 1, 2022 to December 31, 2024. For IM PSUs granted in 2023, the performance period is from January 1, 2023 to December 31, 2025. For IM PSUs granted in 2024, the performance period is from January 1, 2024 to December 31, 2026. In 2023 and in 2024, we also granted IM PSUs to certain employees which contain a market condition, a performance condition, and a service condition. We measure the fair value of IM PSUs containing a market condition at the grant date using a Monte Carlo simulation model.

Before 2023, we granted TSR PSUs containing a market condition as well as a service condition. We measure the fair value of TSR PSUs at the grant date using a Monte Carlo simulation model. For the TSR PSUs granted in 2021, the service period was from January 1, 2021 to December 31, 2023. For the TSR PSUs granted in 2022, the service period is from January 1, 2022 to December 31, 2024.

The following table summarizes all PSU activity during the first three months of 2024:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2023	698.5	$	72.15
Granted	207.0	81.34
Forfeited or expired	(8.6)	67.43

Vested(a)	(228.8)	80.47
Nonvested balance as of March 31, 2024	668.1	$	72.21

Deferred Stock Units ("DSUs")

We granted DSUs to our non-employee directors. We measure the fair value of DSUs at the grant date, based on the price of Brink's stock, and, if applicable, adjusted for a discount for dividends not received or accrued during the vesting period.

DSUs granted after 2014 will be paid out in shares of Brink's stock approximately one year after the grant date, provided that the director has not elected to defer the distribution of shares until a later date. DSUs granted prior to 2015, in general, will be paid out in shares of stock following separation from service.

The following table summarizes all DSU activity during the first three months of 2024:


	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2023	19.2	$	62.43
Granted	—	—

Vested	—	—
Nonvested balance as of March 31, 2024	19.2	$	62.43

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Millions, $ in Millions

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Income Statement [Abstract]

Revenues

$ 1,236.1

$ 1,185.4

Costs and expenses:

Cost of revenues

927.2

920.3

Selling, general and administrative expenses

200.6

177.0

Total costs and expenses

1,127.8

1,097.3

Other operating income (expense)

12.6

(8.3)

Operating profit

120.9

79.8

Interest expense

(55.8)

(46.6)

Interest and other nonoperating income (expense)

13.3

4.7

Income from continuing operations before tax

78.4

37.9

Provision for income taxes

26.2

20.3

Income from continuing operations

52.2

17.6

Income from discontinued operations, net of tax

0.0

0.7

Net income

52.2

18.3

Less net income attributable to noncontrolling interests

2.9

3.3

Net income attributable to Brink’s

49.3

15.0

Amounts attributable to Brink’s

Continuing operations

49.3

14.3

Discontinued operations

0.0

0.7

Net income attributable to Brink’s

$ 49.3

$ 15.0

Basic:

Continuing operations (dollars per share)

^[1]

$ 1.10

$ 0.31

Discontinued operations (dollar per share)

^[1]

0.01

Net income (dollars per share)

^[1]

1.10

0.32

Diluted:

Continuing operations (dollars per share)

^[1]

1.09

0.30

Discontinued operations (dollar per share)

^[1]

0.01

Net income (dollars per share)

^[1]

$ 1.09

$ 0.32

Weighted-average shares

Basic (shares)

44.8

46.7

Diluted (shares)

45.3

47.4

Cash dividends paid per common share (dollars per share)

$ 0.22

$ 0.20

[1]	Amounts may not add due to rounding.

Retirement benefits - Retirement Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.2	$ 1.8
Interest cost on projected benefit obligation	12.2	12.5
Return on assets – expected	(14.5)	(14.6)
Amortization of losses	2.1	0.9
Settlement loss	0.3	0.1
Net periodic pension cost (credit)	2.3	0.7
Retirement benefits other than pensions
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.1
Interest cost on projected benefit obligation	3.9	4.3
Return on assets – expected	(2.5)	(2.6)
Amortization of losses	2.4	2.8
Amortization of prior service credit	(2.8)	(2.7)
Net periodic pension cost (credit)	1.1	1.9
Retirement benefits other than pensions \| UMWA Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.0	0.0
Interest cost on projected benefit obligation	2.6	3.0
Return on assets – expected	(2.5)	(2.6)
Amortization of losses	1.3	1.7
Amortization of prior service credit	(2.8)	(2.7)
Net periodic pension cost (credit)	(1.4)	(0.6)
Retirement benefits other than pensions \| Black Lung and Other Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.1
Interest cost on projected benefit obligation	1.3	1.3
Return on assets – expected	0.0	0.0
Amortization of losses	1.1	1.1
Amortization of prior service credit	0.0	0.0
Net periodic pension cost (credit)	2.5	2.5
U.S. Plans \| Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.0	0.0
Interest cost on projected benefit obligation	7.7	8.1
Return on assets – expected	(11.6)	(11.8)
Amortization of losses	1.5	0.5
Settlement loss	0.0	0.0
Net periodic pension cost (credit)	(2.4)	(3.2)
Non-U.S. Plans \| Pension plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	2.2	1.8
Interest cost on projected benefit obligation	4.5	4.4
Return on assets – expected	(2.9)	(2.8)
Amortization of losses	0.6	0.4
Settlement loss	0.3	0.1
Net periodic pension cost (credit)	$ 4.7	$ 3.9

Capital Stock (Details) - USD ($)	3 Months Ended		12 Months Ended
Capital Stock (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	May 01, 2024	Jan. 18, 2024	Nov. 02, 2023	Oct. 27, 2021
Subsequent Event [Line Items]
Shares of common stock authorized (in shares)	100,000,000.0		100,000,000.0
Shares issued and outstanding (in shares)	44,600,000		44,500,000
Dividends declared (in dollars per share)					$ 0.22
Maximum shares allowed for issuance (in shares)	2,000,000
Par value (in dollars per share)	$ 10
Repurchase shares of Brink's common stock	$ 23,000,000.0	$ 16,000,000.0
Subsequent Event
Subsequent Event [Line Items]
Dividends declared (in dollars per share)				$ 0.2425
500 Million Share Repurchase Program
Subsequent Event [Line Items]
Stock repurchase program amount						$ 500,000,000
Stock repurchased and retired during period (in shares)	274,680
Repurchase shares of Brink's common stock	$ 23,000,000
Average price per share (in dollars per share)	$ 83.77
Stock repurchase program remaining amount	$ 477,000,000
250 Million Share Repurchase Program II
Subsequent Event [Line Items]
Stock repurchase program amount							$ 250,000,000
Stock repurchased and retired during period (in shares)			2,297,955
Repurchase shares of Brink's common stock			$ 169,900,000
Average price per share (in dollars per share)			$ 73.92
Stock repurchase program remaining amount			$ 28,000,000

Fair value of financial instruments

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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, 2024		December 31, 2023

$600 million senior unsecured notes
Carrying value	$	600.0	600.0
Fair value	552.6		554.6

$400 million senior unsecured notes
Carrying value	400.0		400.0
Fair value	386.2		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.

Amounts under these contracts were recognized in other operating income (expense) as follows:


	Three Months Ended March 31,
(in millions)		2024		2023

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)		2024		2023

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

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

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)		2024	2023

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.

Basis of presentation (Details) $ in Millions	3 Months Ended		12 Months Ended
Basis of presentation (Details) $ in Millions	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Jul. 18, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating segments \| segment	4
Net monetary assets	$ 2,905.1			$ 2,788.3
Cash and cash equivalents	1,122.7			1,176.6
Goodwill	1,457.7			1,473.8
Maco
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of shares acquired					100.00%
Severance costs	$ 0.7	$ 3.3	$ 12.5
Argentina, Pesos \| Argentina
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percent of consolidated revenue	3.00%	4.00%
Net monetary assets	$ 85.9			72.1
Cash and cash equivalents	74.5			62.5
Nonmonetary assets	141.4			141.9
Goodwill	99.8			99.8
Equity securities	2.7			1.1
Debt securities	$ 6.7			$ 5.6

Condensed Consolidated Statement of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends (dollars per share)	$ 0.22	$ 0.20

Debt - Narrative (Details) $ in Millions		1 Months Ended	3 Months Ended
Debt - Narrative (Details) $ in Millions	Jun. 22, 2020 USD ($)	Oct. 31, 2017 USD ($)	Mar. 31, 2024 USD ($) facility	Jun. 30, 2022 USD ($) quarterly_payment
Senior Secured Credit Facility - Amended III
Debt Instrument [Line Items]
Commitment Fee			0.23%
Senior Secured Credit Facility - Amended III \| Minimum
Debt Instrument [Line Items]
Commitment Fee			0.15%
Senior Secured Credit Facility - Amended III \| Maximum
Debt Instrument [Line Items]
Commitment Fee			0.28%
Two Committed Letter of Credit Facilities \| Letter of Credit
Debt Instrument [Line Items]
Available capacity amount			$ 11
Number of term loan facilities \| facility			2
Amount available			$ 38
Undrawn letters of credit			27
Fifteen Million Committed Facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			15
Twenty-three Million Committed Facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			23
Two Unsecured Letter of Credit Facilities \| Letter of Credit
Debt Instrument [Line Items]
Available capacity amount			$ 32
Number of term loan facilities \| facility			2
Amount available			$ 55
Undrawn letters of credit			23
Forty Million Unsecured Letter Of Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Amount available			40
Fifteen Million Unsecured Letter Of Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Amount available			$ 15
Senior Secured Credit Facility - Amended III \| SOFR
Debt Instrument [Line Items]
Interest rate margin			1.50%
Senior Secured Credit Facility - Amended III \| SOFR \| Minimum
Debt Instrument [Line Items]
Interest rate margin			1.25%
Senior Secured Credit Facility - Amended III \| SOFR \| Maximum
Debt Instrument [Line Items]
Interest rate margin			1.75%
Senior Secured Credit Facility - Amended III \| Base Rate
Debt Instrument [Line Items]
Interest rate margin			0.50%
Senior Secured Credit Facility - Amended III \| Base Rate \| Minimum
Debt Instrument [Line Items]
Interest rate margin			0.25%
Senior Secured Credit Facility - Amended III \| Base Rate \| Maximum
Debt Instrument [Line Items]
Interest rate margin			0.75%
Term Loan A \| Senior Secured Credit Facility - Amended III
Debt Instrument [Line Items]
Debt, aggregate principal amount				$ 1,400
First two years quarterly principal payment, percentage				0.625%
Number of quarterly installment payments at 0.625% \| quarterly_payment				8
Post two years quarterly principal payment, percentage				1.25%
Revolving Credit Facility \| Senior Secured Credit Facility - Amended III
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 1,000
Available capacity amount			$ 306
Senior unsecured notes \| Four hundred million senior unsecured notes
Debt Instrument [Line Items]
Debt, aggregate principal amount	$ 400
Debt maturity period	5 years
Interest rate percentage	5.50%
Senior unsecured notes \| Six hundred million senior unsecured notes
Debt Instrument [Line Items]
Debt, aggregate principal amount		$ 600
Debt maturity period		10 years
Interest rate percentage		4.625%

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss) attributable to Brink’s	$ 49.3	$ 15.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated other comprehensive income (loss) (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

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)	Pretax		Income Tax	Pretax	Income 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 hedges	15.7		(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 adjustments	0.2		—	—	—	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


	Three Months Ended March 31,
(In millions)		2024		2023
Total net periodic retirement benefit cost included in:
Cost of revenues		$	1.7	1.4
Selling, general and administrative expenses		0.6		0.5
Interest and other nonoperating expense		1.1		0.7

(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).

Reclassification Out of Accumulated Other Comprehensive Income

The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:


(In millions)	Benefit Plan Adjustments		Foreign Currency Translation Adjustments	Gains (Losses) on Available-for-Sale Securities	Gains (Losses) on Cash Flow Hedges	Total

Balance as of December 31, 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 income	1.6		(0.8)	—	(3.8)	(3.0)
Other comprehensive income (loss) attributable to Brink's	1.0		(21.6)	(0.8)	8.4	(13.0)


Balance as of March 31, 2024	$	(301.2)	(389.8)	(2.6)	24.6	(669.0)

Supplemental cash flow information

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Information [Abstract]

Supplemental cash flow information


	Three Months Ended March 31,
(In millions)	2024		2023
Cash paid for:
Interest	$	68.0	59.1
Income taxes, net	28.2		23.3

Non-cash Investing and Financing Activities

We acquired $19.5 million in armored vehicles and other equipment under financing lease arrangements in the first three months of 2024 compared to $20.7 million in armored vehicles and other equipment acquired under financing lease arrangements in the first three months of 2023.

Loans Held for Investment

In France, as part of an ATM managed services contract for a large customer, we purchase the ATMs at the beginning of the contract. However, since these ATMs are specifically for the benefit of the customer and transfer back to the customer at the end of the contract, this is recorded as a financing transaction. As a result, the loan to the customer, net of payments received, is treated as investing cash flows.

Restricted Cash (Cash Supply Chain Services)

In France, we offer services to certain of our customers where we manage some or all of their cash supply chains. Providing this service requires our French subsidiary to take temporary title to the cash received from the management of our customers' cash supply chains until the cash is returned to the customers. The cash for which we have temporary title is restricted and cannot be used for any other purpose other than to service our customers who participate in this service offering.

In Malaysia, we offer ATM replenishment services to certain of our financial institution customers. Providing this service requires our Malaysia subsidiary to take temporary title to the cash received in advance of ATM replenishment. The cash for which we have temporary title is restricted and cannot be used for any other purpose other than to service our customers who participate in this service offering.

In accordance with a revolving credit facility, we are required to maintain a restricted cash reserve of $43.1 million ($40.9 million at December 31, 2023) and, due to this contractual restriction, we have classified these amounts as restricted cash.

At March 31, 2024, we held $557.9 million of restricted cash ($340.6 million represented restricted cash held for customers and $172.6 million represented accrued liabilities). At December 31, 2023, we held $507.0 million of restricted cash ($298.7 million represented restricted cash held for customers and $167.8 million represented accrued liabilities).

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.


	March 31,		December 31,
(In millions)	2024		2023
Cash and cash equivalents	$	1,122.7	1,176.6
Restricted cash	557.9		507.0
Total, cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows	$	1,680.6	1,683.6

Basis of presentation	3 Months Ended
Basis of presentation	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	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. 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. 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.

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt


	March 31,		December 31,
(In millions)	2024		2023
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 Facility	693.8		542.1
Other (c)	175.1		265.8
Financing leases	235.9		233.8
Total long-term debt	$	3,434.9	3,379.6

Total debt	$	3,589.9	3,531.3

Included in:
Current liabilities	$	280.6	268.8
Noncurrent liabilities	3,309.3		3,262.5
Total debt	$	3,589.9	3,531.3

(a)Amounts outstanding are net of unamortized debt costs of $3.7 million as of March 31, 2024 and $4.0 million as of December 31, 2023.

(b)Amounts outstanding are net of unamortized debt costs of $5.0 million as of March 31, 2024 and $5.6 million as of December 31, 2023.

Long-Term Debt

Senior Secured Credit Facility

In June 2022, we amended our senior secured credit facility (the “Senior Secured Credit Facility”) with Bank of America, N.A. as administrative agent. After the amendment, the Senior Secured Credit Facility consisted of a $1 billion revolving credit facility (the "Revolving Credit Facility") and $1.4 billion of term loans (the "Term Loans").

All loans under the Revolving Credit Facility and the Term Loans mature on June 23, 2027. Principal payments for the Term Loans are due quarterly in an amount equal to 0.625% of the initial loan amount for the first eight quarterly installment payments and 1.25% for subsequent payments with a final lump sum payment due on June 23, 2027. Interest rates for the Senior Secured Credit Facility are based on the Secured Overnight Financing Rate ("SOFR") plus a margin or an alternate base rate plus a margin. The Revolving Credit Facility allows us to borrow money or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of March 31, 2024, $306 million was available under the Revolving Credit Facility. The obligations under the Senior Secured Credit Facility are secured by a first-priority lien on all or substantially all of the assets of the Company and certain of its domestic subsidiaries, including a first-priority lien on equity interests of certain of the Company’s direct and indirect subsidiaries. The Company and certain of its domestic subsidiaries also guarantee the obligations under the Senior Secured Credit Facility.

The margin on both SOFR and alternate base rate borrowings under the Senior Secured Credit Facility is based on the Company’s total net debt leverage ratio. The margin on SOFR borrowings, which can range from 1.25% to 1.75%, was 1.50% at March 31, 2024. The margin on alternate base rate borrowings, which can range from 0.25% to 0.75%, was 0.50% as of March 31, 2024. We also pay an annual commitment fee on the unused portion of the Revolving Credit Facility based on the Company’s total net leverage ratio. The commitment fee, which can range from 0.15% to 0.28%, was 0.23% as of March 31, 2024.

Senior Unsecured Notes

In June 2020, we issued at par five-year senior unsecured notes (the "2020 Senior Notes") in the aggregate principal amount of $400 million. The 2020 Senior Notes will mature on July 15, 2025 and bear an annual interest rate of 5.5%. The 2020 Senior Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility.

In October 2017, we issued at par ten-year senior unsecured notes (the "2017 Senior Notes" and together with the 2020 Senior Notes, the "Senior Notes") in the aggregate principal amount of $600 million. The 2017 Senior Notes will mature on October 15, 2027, bearing an annual interest rate of 4.625%. The 2017 Senior Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility.

The Senior Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The notes were offered in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on the exception from registration set forth in Rule 144A under the Securities Act and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act.

The aggregate proceeds from the Senior Secured Credit Facility and the 2017 Senior Notes were used in part to repay certain prior indebtedness and certain fees and expenses related to the closing of certain transactions. Borrowings were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes. The aggregate proceeds from the 2020 Senior Notes were used in part to repay certain existing indebtedness incurred in connection with the G4S acquisition, finance the remaining G4S acquisition transactions and pay certain fees and expenses related to the transactions. Remaining net proceeds from the 2020 Senior Notes were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes.

Letter of Credit Facilities and Bank Guarantee Facilities

We have two committed letter of credit facilities totaling $38 million, of which approximately $11 million was available at March 31, 2024. At March 31, 2024, we had undrawn letters of credit and guarantees of $27 million issued under these facilities. The $15 million facility expires in April 2025 and the $23 million facility expires in May 2027.

We have two uncommitted letter of credit facilities totaling $55 million, of which approximately $32 million was available at March 31, 2024. At March 31, 2024, we had undrawn letters of credit and guarantees of $23 million issued under these facilities. The $40 million and the $15 million facilities have no expiration date.

The Senior Secured Credit Facility is also available for issuance of letters of credit and bank guarantees.

The Senior Secured Credit Facility, Senior Unsecured Notes, letter of credit facilities and bank guarantee facilities contain various financial and other covenants. The financial covenants, among other things, limit our ability to provide liens, restrict fundamental changes, limit transactions with affiliates and unrestricted subsidiaries, restrict changes to our fiscal year and to organizational documents, limit asset dispositions, limit the use of proceeds from asset sales, limit sale and leaseback transactions, limit investments, limit the ability to incur debt, restrict certain payments to shareholders, limit negative pledges, limit the ability to change the nature of our business, provide for a maximum consolidated net leverage ratio and provide for minimum coverage of interest costs. If we were not to comply with the terms of our various financing agreements, the repayment terms could be accelerated and the commitments could be withdrawn. An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements. We were in compliance with all covenants at March 31, 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Contingent matters (Details) - Chile Antitrust Matter - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2021	Sep. 30, 2021
Loss Contingencies [Line Items]
Chile antitrust matter fine			$ 30.5
Chile antitrust matter charge				$ 9.5
Chile antitrust matter adjustment	$ (0.4)	$ (0.2)

Retirement benefits

3 Months Ended

Mar. 31, 2024

Retirement Benefits [Abstract]

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. Plans			Non-U.S. Plans		Total
(In millions)	2024		2023	2024	2023	2024	2023

















Three months ended March 31,

Service cost	$	—	—	2.2	1.8	2.2	1.8
Interest cost on projected benefit obligation	7.7		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 losses	1.5		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 Plans			Black Lung and Other Plans		Total
(In millions)	2024		2023	2024	2023	2024	2023










Three months ended March 31,

Service cost	$	—	—	0.1	0.1	0.1	0.1
Interest cost on accumulated postretirement benefit obligations	2.6		3.0	1.3	1.3	3.9	4.3
Return on assets – expected	(2.5)		(2.6)	—	—	(2.5)	(2.6)
Amortization of losses	1.3		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.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Accumulated other comprehensive income (loss) - Reclasses Out Of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	$ 520.2	$ 570.2
Other comprehensive income (loss)	(14.8)	36.0
Ending balance	519.9	605.0
AOCI Attributable to Parent
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(656.0)	(700.5)
Other comprehensive income (loss) before reclassifications	(10.0)
Amounts reclassified from accumulated other comprehensive loss to net income	(3.0)
Other comprehensive income (loss)	(13.0)	35.8
Ending balance	(669.0)	(664.7)
Benefit Plan Adjustments
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(302.2)
Other comprehensive income (loss) before reclassifications	(0.6)
Amounts reclassified from accumulated other comprehensive loss to net income	1.6
Other comprehensive income (loss)	1.0	(0.1)
Ending balance	(301.2)
Foreign Currency Translation Adjustments
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(368.2)
Other comprehensive income (loss) before reclassifications	(20.8)
Amounts reclassified from accumulated other comprehensive loss to net income	(0.8)
Other comprehensive income (loss)	(21.6)	43.6
Ending balance	(389.8)
Gains (losses) on available-for-sale securities
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	(1.8)
Other comprehensive income (loss) before reclassifications	(0.8)
Amounts reclassified from accumulated other comprehensive loss to net income	0.0
Other comprehensive income (loss)	(0.8)	(1.2)
Ending balance	(2.6)
Gains (Losses) on Cash Flow Hedges
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance	16.2
Other comprehensive income (loss) before reclassifications	12.2
Amounts reclassified from accumulated other comprehensive loss to net income	(3.8)
Other comprehensive income (loss)	8.4	$ (6.5)
Ending balance	$ 24.6

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 1,236.1	$ 1,185.4
Reportable segments
Disaggregation of Revenue [Line Items]
Revenues	1,236.1	1,185.4
Reportable segments \| Cash and valuables management
Disaggregation of Revenue [Line Items]
Revenues	961.3	948.9
Reportable segments \| DRS and AMS
Disaggregation of Revenue [Line Items]
Revenues	274.8	236.5
Reportable segments \| North America
Disaggregation of Revenue [Line Items]
Revenues	405.5	401.9
Reportable segments \| North America \| Cash and valuables management
Disaggregation of Revenue [Line Items]
Revenues	304.6	308.0
Reportable segments \| North America \| DRS and AMS
Disaggregation of Revenue [Line Items]
Revenues	100.9	93.9
Reportable segments \| Latin America
Disaggregation of Revenue [Line Items]
Revenues	334.7	315.5
Reportable segments \| Latin America \| Cash and valuables management
Disaggregation of Revenue [Line Items]
Revenues	282.6	274.3
Reportable segments \| Latin America \| DRS and AMS
Disaggregation of Revenue [Line Items]
Revenues	52.1	41.2
Reportable segments \| Europe
Disaggregation of Revenue [Line Items]
Revenues	291.4	268.7
Reportable segments \| Europe \| Cash and valuables management
Disaggregation of Revenue [Line Items]
Revenues	186.2	180.1
Reportable segments \| Europe \| DRS and AMS
Disaggregation of Revenue [Line Items]
Revenues	105.2	88.6
Reportable segments \| Rest of World
Disaggregation of Revenue [Line Items]
Revenues	204.5	199.3
Reportable segments \| Rest of World \| Cash and valuables management
Disaggregation of Revenue [Line Items]
Revenues	187.9	186.5
Reportable segments \| Rest of World \| DRS and AMS
Disaggregation of Revenue [Line Items]
Revenues	$ 16.6	$ 12.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Debt (Details) - USD ($) $ in Millions	3 Months Ended
Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Short-term borrowings	$ 155.0		$ 151.7
Long-term Debt Types [Abstract]
Total long-term debt	3,434.9		3,379.6
Total Debt	3,589.9		3,531.3
Long-term Debt by Current and Noncurrent [Abstract]
Current liabilities	280.6		268.8
Noncurrent liabilities	3,309.3		3,262.5
Other Disclosures [Abstract]
Long-term revolving credit facilities: Borrowings	2,536.9	$ 1,961.1
Long-term revolving credit facilities: Repayments	2,470.8	$ 2,044.1
Brink's Capital credit facility
Other Disclosures [Abstract]
Long-term revolving credit facilities: Borrowings	1,877.5
Long-term revolving credit facilities: Repayments	1,962.4
Term Loan A \| Senior Secured Credit Facility - Amended III
Long-term Debt Types [Abstract]
Long-term Debt	1,335.1		1,343.5
Other Disclosures [Abstract]
Debt issue costs	3.7		4.0
Senior unsecured notes \| Six hundred million senior unsecured notes
Long-term Debt Types [Abstract]
Long-term Debt	995.0		994.4
Other Disclosures [Abstract]
Debt issue costs	5.0		5.6
Revolving Credit Facility
Long-term Debt Types [Abstract]
Debt	693.8		542.1
Other Non-US Dollar-denominated Facilities
Long-term Debt Types [Abstract]
Debt	175.1		265.8
Other Non-US Dollar-denominated Facilities \| Brink's Capital credit facility
Long-term Debt Types [Abstract]
Debt	124.4		209.3
Financing leases
Long-term Debt Types [Abstract]
Financing leases	235.9		233.8
Short-term borrowings
Debt Instrument [Line Items]
Short-term borrowings	$ 155.0		$ 151.7

Income taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)


	Three Months Ended March 31,
		2024			2023
Continuing operations
Provision (benefit) for income taxes (in millions)		$	26.2		20.3
Effective tax rate		33.4		%	53.6	%

Basis of presentation (Policies)	3 Months Ended
Basis of presentation (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Use of Estimates	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	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	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. 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 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. 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	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.
New Accounting Standards	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.

Contingent matters	3 Months Ended
Contingent matters	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingent matters	Contingent matters In August 2020, the Company received a subpoena issued in connection with an investigation being conducted by the U.S. Department of Justice (the “DOJ”). The Company is fully cooperating with the investigation and has responded to requests from the DOJ for documents and other information, primarily related to cross-border shipments of cash and things of value and anti-money laundering compliance. Given that the investigation is still ongoing and that no civil or criminal claims have been brought to date, the Company cannot predict the outcome of the investigation, the timing of the ultimate resolution of the matter, or reasonably estimate the possible range of loss, if any, that may result from this matter. Accordingly, no accruals have been made with respect to this matter. At the end of the fourth quarter of 2018, we became aware of an investigation initiated by the Chilean Fiscalía Nacional Económica (the Chilean antitrust agency) (“FNE”) related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. In October 2021, the FNE filed a complaint before the Chilean antitrust court alleging that Brink’s Chile (as well as competitor companies) engaged in collusion in 2017 and 2018 and requested that the court approve a fine of $30.5 million. The Company filed its response to the complaint in November 2022, which signaled the beginning of the evidentiary phase. The Company intends to vigorously defend itself against the FNE's complaint. Based on available information to date, the Company recorded a charge of $9.5 million in the third quarter of 2021 in connection with this matter. In the first three months of 2024, we recognized an additional $0.4 million adjustment and, in the first three months of 2023, an additional $0.2 million adjustment to our estimated loss. The adjustments resulted primarily from changes in currency rates. In addition, we are involved in various other lawsuits and claims in the ordinary course of business. We are not able to estimate the loss or range of losses for some of these matters. We have recorded accruals for losses that are considered probable and reasonably estimable. Except as otherwise noted, we do not believe that it is reasonably possible the ultimate disposition of any of the legal matters currently pending against the Company could have a material adverse effect on our liquidity, financial position or results of operations.

Income taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income taxes


	Three Months Ended March 31,
		2024			2023
Continuing operations
Provision (benefit) for income taxes (in millions)		$	26.2		20.3
Effective tax rate		33.4		%	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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Income taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes (in millions)	$ 26.2	$ 20.3
Effective tax rate	33.40%	53.60%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Credit losses (Tables)

3 Months Ended

Mar. 31, 2024

Allowance for Credit Loss [Abstract]

Accounts Receivable, Allowance for Credit Loss

The following table is a rollforward of the allowance for doubtful accounts for the three month period ended March 31, 2024.

Allowance for doubtful accounts:


(In millions)

December 31, 2023	$	30.4

Provision for uncollectible accounts receivable	2.6

Write-offs and recoveries	(1.6)
Foreign currency exchange effects	(0.2)
March 31, 2024	$	31.2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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	0.0	(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	0.0	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	0.0	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 customers	57.3	(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 acquired	0.7	0.0
Dispositions, net of cash disposed	0.0	1.1
Purchases	(0.3)	(3.2)
Sales	0.8	0.3
Cash proceeds from sale of property, equipment and investments	3.5	0.3
Net change in loans held for investment	1.8	(10.5)
Other	(0.1)	(0.4)
Net cash used in investing activities	(45.8)	(57.6)
Cash flows from financing activities:
Short-term borrowings	5.0	44.7
Long-term revolving credit facilities: Borrowings	2,536.9	1,961.1
Long-term revolving credit facilities: Repayments	(2,470.8)	(2,044.1)
Other long-term debt: Borrowings	4.3	0.3
Other long-term debt: Repayments	(26.9)	(22.8)
Acquisition of noncontrolling interest	(0.2)	0.0
Cash paid for acquisition related settlements and obligations	0.0	(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	0.0	(0.4)
Tax withholdings associated with share-based compensation	(16.8)	(6.6)
Other	0.0	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 period	1,683.6	1,410.5
Balance at end of period	$ 1,680.6	$ 1,218.4

Segment information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

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.

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)	2024		2023	2024		2023
Reportable Segments:
North America	$	405.5	401.9	48.4		38.6
Latin America	334.7		315.5	63.0		66.6
Europe	291.4		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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Condensed Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2022	$ 570.2	$ 46.3	$ 684.1	$ 417.2	$ (700.5)	$ 123.1
Beginning balance, Shares at Dec. 31, 2022		46.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18.3			15.0		3.3
Other comprehensive income (loss)	36.0				35.8	0.2
Shares repurchased	(16.0)	$ (0.2)	(3.8)	(12.0)
Stock Repurchased During Period, Shares		(0.2)
Dividends to:
Brink’s common shareholders	(9.3)			(9.3)
Noncontrolling interests	(0.4)					(0.4)
Stock options and awards
Compensation expense	10.9		10.9
Other share-based benefit transactions	(4.7)	$ 0.3	(4.8)	(0.2)
Other share-based benefit transactions, shares		0.3
Ending balance at Mar. 31, 2023	605.0	$ 46.4	686.4	410.7	(664.7)	126.2
Ending balance, Shares at Mar. 31, 2023		46.4
Beginning balance at Dec. 31, 2023	520.2	$ 44.5	675.9	333.0	(656.0)	122.8
Beginning balance, Shares at Dec. 31, 2023		44.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	52.2			49.3		2.9
Other comprehensive income (loss)	(14.8)				(13.0)	(1.8)
Shares repurchased	(21.0)	$ (0.3)	(2.2)	(18.5)
Stock Repurchased During Period, Shares		(0.3)
Dividends to:
Brink’s common shareholders	(9.8)			(9.8)
Stock options and awards
Compensation expense	9.3		9.3
Other share-based benefit transactions	(16.0)	$ 0.4	(16.4)
Other share-based benefit transactions, shares		0.4
Acquisitions of noncontrolling interests	(0.2)		0.2			(0.4)
Ending balance at Mar. 31, 2024	$ 519.9	$ 44.6	$ 666.8	$ 354.0	$ (669.0)	$ 123.5
Ending balance, Shares at Mar. 31, 2024		44.6

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Revenue Disaggregated by Reportable Segment and Type of Service


(In millions)	Cash and Valuables Management		DRS and AMS	Total




























Three months ended March 31, 2024

Reportable Segments:
North America	$	304.6	100.9	405.5
Latin America	282.6		52.1	334.7
Europe	186.2		105.2	291.4
Rest of World	187.9		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 America	274.3		41.2	315.5
Europe	180.1		88.6	268.7
Rest of World	186.5		12.8	199.3
Total reportable segments	$	948.9	236.5	1,185.4

Contract with Customer, Asset and Liability

The opening and closing balances of receivables, contract assets and contract liabilities related to contracts with customers are as follows:


(In millions)	Receivables		Contract Assets	Contract Liabilities

Opening (January 1, 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

Segment information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Reconciliation of Revenue and Operating Profit from Segments to Consolidated

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)	2024		2023	2024		2023
Reportable Segments:
North America	$	405.5	401.9	48.4		38.6
Latin America	334.7		315.5	63.0		66.6
Europe	291.4		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.

(f)See details regarding the Chile antitrust matter at Note 13.

Supplemental cash flow information (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures


	Three Months Ended March 31,
(In millions)	2024		2023
Cash paid for:
Interest	$	68.0	59.1
Income taxes, net	28.2		23.3

Reconciliation of cash, cash equivalents, and restricted cash


	March 31,		December 31,
(In millions)	2024		2023
Cash and cash equivalents	$	1,122.7	1,176.6
Restricted cash	557.9		507.0
Total, cash, cash equivalents, and restricted cash in the condensed consolidated statements of cash flows	$	1,680.6	1,683.6

Revenue from Contracts with Customers - Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract asset current	$ 7.5
Contract asset noncurrent	9.0
Receivables	857.0		$ 779.0
Receivable - increase (decrease)	78.0
Contract Assets	16.5		15.4
Contract asset increase (decrease)	1.1
Contract Liabilities	21.8		21.4
Contract liability - increase (decrease)	0.4
Revenue recognized included in beginning balance	6.4
Capitalized costs to obtain contracts	3.8		$ 3.7
Capitalized cost amortization expense	$ 0.5	$ 0.5

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 52.2	$ 18.3
Benefit plan adjustments:
Benefit plan actuarial gains	4.1	3.1
Benefit plan prior service costs	(2.8)	(3.0)
Deferred profit sharing	0.1	0.0
Total benefit plan adjustments	1.4	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 hedges	10.7	(8.7)
Other comprehensive income (loss) before tax	(8.3)	32.9
Provision (benefit) for income taxes	6.5	(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

Fair value of financial instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The fair value and carrying value of our material fixed-rate debt, excluding any unamortized debt issuance costs, are as follows:


(In millions)	March 31, 2024		December 31, 2023

$600 million senior unsecured notes
Carrying value	$	600.0	600.0
Fair value	552.6		554.6

$400 million senior unsecured notes
Carrying value	400.0		400.0
Fair value	386.2		382.0

Derivatives Not Designated as Hedging Instruments

Amounts under these contracts were recognized in other operating income (expense) as follows:


	Three Months Ended March 31,
(in millions)		2024		2023

Derivative instrument gains included in other operating income (expense)		$	13.4	8.2

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location

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)		2024		2023

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)

Schedule of Interest Rate Derivatives

The effect of the interest rate swaps and the amortization of the spot-forward difference on the net investment hedges cross currency swaps is included in interest expense as follows:


	Three Months Ended March 31,
(In millions)		2024	2023

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)

Credit losses

3 Months Ended

Mar. 31, 2024

Allowance for Credit Loss [Abstract]

Credit losses

We are exposed to credit losses primarily through sales of our cash and valuable management services and DRS and AMS services to customers with operations in the U.S. as well as customers in more than 100 countries outside the U.S. We typically invoice our customers on a monthly basis and payment terms are generally between 30 and 60 days.

We assess currently expected credit losses in our financial assets on a pool basis by aggregating financial assets with similar risk characteristics. We have pooled financial assets by geographic location because of the similarities within each location such as customers, payment terms, and services offered. Loss experience is monitored for each pool and we determine historical loss rates for each pool. These historical loss rates are the main assumption used in estimating expected credit losses over the life of the financial assets. We also considered current and expected economic conditions in determining an appropriate allowance.

We monitor the aging of accounts receivables by country and write off any accounts that are deemed uncollectible. We also monitor any significant economic events to identify any current or expected trends and risks within a pool that could impact the collectability of outstanding accounts receivables balances that were not contemplated or relevant during a previous period.

The following table is a rollforward of the allowance for doubtful accounts for the three month period ended March 31, 2024.

Allowance for doubtful accounts:


(In millions)

December 31, 2023	$	30.4

Provision for uncollectible accounts receivable	2.6

Write-offs and recoveries	(1.6)
Foreign currency exchange effects	(0.2)
March 31, 2024	$	31.2

Accumulated other comprehensive income (loss) - Amounts in OCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	$ (4.3)	$ 34.0
Amounts Arising During the Current Period, Income Tax	(7.5)	3.1
Amounts Reclassified to Net Income (Loss), Pretax	(4.0)	(1.1)
Amounts Reclassified to Net Income (Loss), Income Tax	1.0	0.0
Other comprehensive income (loss)	(14.8)	36.0
Cost of revenues	927.2	920.3
Selling, general and administrative expenses	200.6	177.0
Interest and other income (expense)	(13.3)	(4.7)
Other operating income (expense)	12.6	(8.3)
Interest expense	55.8	46.6
AOCI Attributable to Parent
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(2.5)	33.8
Amounts Arising During the Current Period, Income Tax	(7.5)	3.1
Amounts Reclassified to Net Income (Loss), Pretax	(4.0)	(1.1)
Amounts Reclassified to Net Income (Loss), Income Tax	1.0	0.0
Other comprehensive income (loss)	(13.0)	35.8
Benefit plan adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(0.7)	(0.5)
Amounts Arising During the Current Period, Income Tax	0.1	(0.1)
Amounts Reclassified to Net Income (Loss), Pretax	2.1	0.6
Amounts Reclassified to Net Income (Loss), Income Tax	(0.5)	(0.1)
Other comprehensive income (loss)	1.0	(0.1)
Foreign currency translation adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(18.6)	44.6
Amounts Arising During the Current Period, Income Tax	(2.2)	0.1
Amounts Reclassified to Net Income (Loss), Pretax	(1.1)	(1.4)
Amounts Reclassified to Net Income (Loss), Income Tax	0.3	0.3
Other comprehensive income (loss)	(21.6)	43.6
Gains (losses) on available-for-sale securities
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	1.1	(1.9)
Amounts Arising During the Current Period, Income Tax	(1.9)	0.7
Amounts Reclassified to Net Income (Loss), Pretax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0
Other comprehensive income (loss)	(0.8)	(1.2)
Gains (losses) on cash flow hedges
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	15.7	(8.4)
Amounts Arising During the Current Period, Income Tax	(3.5)	2.4
Amounts Reclassified to Net Income (Loss), Pretax	(5.0)	(0.3)
Amounts Reclassified to Net Income (Loss), Income Tax	1.2	(0.2)
Other comprehensive income (loss)	8.4	(6.5)
Gains (losses) on cash flow hedges \| Reclassification out of accumulated other comprehensive income
Other Comprehensive Income Loss [Line Items]
Other operating income (expense)	0.0	(3.4)
Interest expense	(5.0)	(3.7)
AOCI Attributable to Noncontrolling Interest
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(1.8)	0.2
Amounts Arising During the Current Period, Income Tax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0
Other comprehensive income (loss)	(1.8)	0.2
Foreign currency translation adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(1.8)	0.2
Amounts Arising During the Current Period, Income Tax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0
Other comprehensive income (loss)	(1.8)	0.2
Benefit plan adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(0.7)	(0.5)
Amounts Arising During the Current Period, Income Tax	0.1	(0.1)
Amounts Reclassified to Net Income (Loss), Pretax	2.1	0.6
Amounts Reclassified to Net Income (Loss), Income Tax	(0.5)	(0.1)
Other comprehensive income (loss)	1.0	(0.1)
Benefit plan adjustments \| Reclassification out of accumulated other comprehensive income
Other Comprehensive Income Loss [Line Items]
Cost of revenues	1.7	1.4
Selling, general and administrative expenses	0.6	0.5
Interest and other income (expense)	(1.1)	(0.7)
Foreign currency translation adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(20.4)	44.8
Amounts Arising During the Current Period, Income Tax	(2.2)	0.1
Amounts Reclassified to Net Income (Loss), Pretax	(1.1)	(1.4)
Amounts Reclassified to Net Income (Loss), Income Tax	0.3	0.3
Other comprehensive income (loss)	(23.4)	43.8
Gains (losses) on available-for-sale securities(c)
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	1.1	(1.9)
Amounts Arising During the Current Period, Income Tax	(1.9)	0.7
Amounts Reclassified to Net Income (Loss), Pretax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0
Other comprehensive income (loss)	(0.8)	(1.2)
Gains (losses) on cash flow hedges(d)
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	15.7	(8.4)
Amounts Arising During the Current Period, Income Tax	(3.5)	2.4
Amounts Reclassified to Net Income (Loss), Pretax	(5.0)	(0.3)
Amounts Reclassified to Net Income (Loss), Income Tax	1.2	(0.2)
Other comprehensive income (loss)	$ 8.4	$ (6.5)

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

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.

Revenue Disaggregated by Reportable Segment and Type of Service


(In millions)	Cash and Valuables Management		DRS and AMS	Total




























Three months ended March 31, 2024

Reportable Segments:
North America	$	304.6	100.9	405.5
Latin America	282.6		52.1	334.7
Europe	186.2		105.2	291.4
Rest of World	187.9		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 America	274.3		41.2	315.5
Europe	180.1		88.6	268.7
Rest of World	186.5		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)	Receivables		Contract Assets	Contract 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.

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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Revenue from Contracts with Customers (Policies)	3 Months Ended
Revenue from Contracts with Customers (Policies)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	For performance obligations related to the services described above, we generally satisfy our obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied over time. We use an output method, units of service provided, to recognize revenue because that is the best method to represent the transfer of our services to the customer at the agreed upon rate for each action. Although not as significant as our service offerings, we also sell goods to customers from time to time, such as safe devices. In those transactions, we satisfy our performance obligation at a point in time. We recognize revenue when the goods are delivered to the customer as that is the point in time that best represents when control has transferred to the customer. Our contracts with customers describe the services we can provide along with the fees for each action to provide the service. We typically send invoices to customers for all of the services we have provided within a monthly period and payments are generally due within 30 to 60 days of the invoice date. Although our customer contracts specify the fees for each action to provide service, the majority of the services stated in our contracts do not have a defined quantity over the contract term. Accordingly, the transaction price is considered variable as there is an unknown volume of services that will be rendered over the course of the contract. We recognize revenue for these services in the period in which they are provided to the customer based on the contractual rate at which we have the right to invoice the customer for each action. Some of our contracts with customers contain clauses that define the level of service that the customer will receive. The service level agreements (“SLA”) within those contracts contain specific calculations to determine whether the appropriate level of service has been met within a specific period, which is typically a month. We estimate SLA penalties and recognize the amounts as a reduction to revenue. Taxes collected from customers and remitted to governmental authorities are not included in revenues in the condensed consolidated statements of operations. Certain of our services involve the leasing of assets, such as safes, to our customers along with the regular servicing of those safe devices. Revenues related to the leasing of these assets are recognized in accordance with applicable lease guidance, but are included in the above table as the amounts are a small percentage of overall revenues. Contract Balances Contract Assets Although payment terms and conditions can vary, for the majority of our customer contracts, we invoice for all of the services provided to the customer within a monthly period. For certain customer contracts, the timing of our performance may precede our right to invoice the customer for the total transaction price. For example, Brink's affiliates in certain countries, primarily in Latin America, negotiate annual price adjustments with certain customers and, once the price increases are finalized, the pricing changes are made retroactive to services provided in earlier periods. These retroactive pricing adjustments are estimated and recognized as revenue with a corresponding contract asset in the same period in which the related services are performed. As the estimate of the ultimate transaction price changes, we recognize a cumulative catch-up adjustment for the change in estimate. In our Rest of World segment, certain Brink's affiliates provide services to specific customers and, per contract, a portion of the consideration is retained by the customers until the contract is completed. The retention amounts are reported as contract assets until we have the right to bill the customer for these amounts. Contract assets expected to be collected within one year ($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 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. 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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-09148
Entity Registrant Name	BRINK’S CO
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1317776
Entity Address, Address Line One	1801 Bayberry Court
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23226
City Area Code	804
Local Phone Number	289-9600
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	BCO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,461,996
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000078890
Current Fiscal Year End Date	--12-31

Share-based compensation plans - Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	$ 10.0	$ 12.0
Cash based awards	0.7	1.1
Income tax benefit	(2.3)	(2.8)
Share-based payment expense, net of tax	7.7	9.2
Performance Shares Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	6.4	7.9
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	2.5	2.7
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	$ 0.4	$ 0.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Share-based compensation plans - Option Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Performance-Based Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, shares \| shares	174,400
Exercised, shares \| shares	(174,400)
Ending balance, shares \| shares	0
Weighted Average Grant Date Fair Value Per Share
Beginning balance (dollars per share) \| $ / shares	$ 17.92
Exercised (dollars per share) \| $ / shares	17.92
Ending balance (dollars per share) \| $ / shares	$ 0
Time Based Vesting Option
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, shares \| shares	115,700
Expired, shares \| shares	0
Ending balance, shares \| shares	115,700
Weighted Average Grant Date Fair Value Per Share
Beginning balance (dollars per share) \| $ / shares	$ 21.43
Expired (dollars per share) \| $ / shares	0
Ending balance (dollars per share) \| $ / shares	$ 21.43

Capital Stock - Shares Used To Calculate Earnings (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity [Abstract]
Basic (shares)	44.8	46.7
Effect of dilutive stock options and awards (shares)	0.5	0.7
Diluted (shares)	45.3	47.4
Antidilutive stock options and awards excluded from denominator (shares)	0.1	0.5
Deferred compensation common stock unit (shares)	0.2	0.3

Credit losses (Details) $ in Millions	3 Months Ended
Credit losses (Details) $ in Millions	Mar. 31, 2024 USD ($) country
Allowance for Credit Loss [Abstract]
Number of countries in which entity operates \| country	100
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for doubtful accounts, beginning balance	$ 30.4
Provision for uncollectible accounts receivable	2.6
Write-offs and recoveries	(1.6)
Foreign currency exchange effects	(0.2)
Allowance for doubtful accounts, ending balance	$ 31.2

Fair value of financial instruments (Details) $ in Millions		3 Months Ended
Fair value of financial instruments (Details) $ in Millions	Jul. 15, 2022 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jul. 26, 2023 USD ($)	Jun. 30, 2023 derivative_instrument	Dec. 31, 2022 Instruments	Sep. 30, 2022 derivative_instrument	Jul. 21, 2022 USD ($)	Jul. 12, 2022 USD ($) derivative_instrument	Mar. 31, 2022 derivative_instrument	Jun. 30, 2021 derivative_instrument	Mar. 31, 2019 derivative_instrument
Debt Securities, Available-for-sale [Line Items]
Other operating income (expense)		$ (12.6)	$ 8.3
Foreign currency transaction gains		0.0	(9.8)
Interest expense		55.8	46.6
G4S
Debt Securities, Available-for-sale [Line Items]
Contingent consideration		22.0
Not Designated as Hedging Instrument \| Foreign Exchange Contract
Debt Securities, Available-for-sale [Line Items]
Notional value of nonderivative instruments		$ 757.0
Weighted average maturity		1 month
Not Designated as Hedging Instrument \| Foreign Exchange Contract \| Other operating income (expense)
Debt Securities, Available-for-sale [Line Items]
Gain (loss) on foreign currency contract		$ 13.4	8.2
Designated as Hedging Instrument \| Currency Swap
Debt Securities, Available-for-sale [Line Items]
Other operating income (expense)		0.0	3.4
Foreign currency transaction gains		0.0	3.4
Interest expense		0.0	0.3
Foreign currency derivative instrument losses		$ 0.0	(3.7)
Designated as Hedging Instrument \| $400 million interest rate swap
Debt Securities, Available-for-sale [Line Items]
Number of instruments held \| derivative_instrument													10
Notional value of derivative instrument				$ 400.0
Designated as Hedging Instrument \| $200 million interest rate swap
Debt Securities, Available-for-sale [Line Items]
Number of instruments held \| derivative_instrument											4
Designated as Hedging Instrument \| $200 million interest rate swap \| Gains (losses) on cash flow hedges
Debt Securities, Available-for-sale [Line Items]
Cumulative net gain in AOCI			9.2
Designated as Hedging Instrument \| $200 million interest rate swap amended
Debt Securities, Available-for-sale [Line Items]
Weighted average maturity		1 year 8 months 12 days
Number of instruments held \| derivative_instrument								3
Notional value of derivative instrument		$ 200.0
Designated as Hedging Instrument \| $175 million interest rate swap
Debt Securities, Available-for-sale [Line Items]
Weighted average maturity		1 year 8 months 12 days
Number of instruments held \| Instruments							2
Notional value of derivative instrument		$ 175.0
Designated as Hedging Instrument \| $400 million interest rate swap 2023
Debt Securities, Available-for-sale [Line Items]
Weighted average maturity		1 year 8 months 12 days
Number of instruments held \| derivative_instrument						8
Notional value of derivative instrument		$ 400.0
Designated as Hedging Instrument \| $400 million cross currency swap
Debt Securities, Available-for-sale [Line Items]
Number of instruments held \| derivative_instrument												10
Cash proceeds from settlement of cross currency swap	$ 67.0
Designated as Hedging Instrument \| $400 million cross currency swap 2022
Debt Securities, Available-for-sale [Line Items]
Number of instruments held \| derivative_instrument										9
Notional value of derivative instrument		$ 400.0								$ 400.0
Designated as Hedging Instrument \| $215 million cross currency swap
Debt Securities, Available-for-sale [Line Items]
Notional value of derivative instrument										215.0
Designated as Hedging Instrument \| $185 million cross currency swap
Debt Securities, Available-for-sale [Line Items]
Weighted average maturity		6 years 1 month 6 days
Notional value of derivative instrument										$ 185.0
Designated as Hedging Instrument \| $215 million cross currency swap II
Debt Securities, Available-for-sale [Line Items]
Weighted average maturity		1 year 9 months 18 days
Notional value of derivative instrument					$ 215.0
Designated as Hedging Instrument \| $55 million foreign exchange forward swap
Debt Securities, Available-for-sale [Line Items]
Weighted average maturity		7 months 6 days
Notional value of derivative instrument		$ 55.0
Level 2 \| Not Designated as Hedging Instrument \| Foreign Exchange Contract
Debt Securities, Available-for-sale [Line Items]
Fair value of derivative instruments, net		6.0		(1.1)
Level 2 \| Designated as Hedging Instrument
Debt Securities, Available-for-sale [Line Items]
Net derivative instrument gains included in interest expense		(6.1)	(5.4)
Level 2 \| Designated as Hedging Instrument \| $400 million interest rate swap
Debt Securities, Available-for-sale [Line Items]
Fair value of swap, asset position				1.1
Net derivative instrument gains included in interest expense		(5.0)	(4.0)
Level 2 \| Designated as Hedging Instrument \| $200 million interest rate swap amended
Debt Securities, Available-for-sale [Line Items]
Fair value of swap, asset position		14.5		12.2					$ 9.2
Level 2 \| Designated as Hedging Instrument \| $175 million interest rate swap
Debt Securities, Available-for-sale [Line Items]
Fair value of swap, asset position		2.9
Fair value of swap, net				0.1
Level 2 \| Designated as Hedging Instrument \| $400 million interest rate swap 2023
Debt Securities, Available-for-sale [Line Items]
Fair value of swap, asset position		12.4		5.7
Level 2 \| Designated as Hedging Instrument \| $400 million cross currency swap
Debt Securities, Available-for-sale [Line Items]
Net derivative instrument gains included in interest expense			$ (1.4)
Level 2 \| Designated as Hedging Instrument \| $400 million cross currency swap 2022
Debt Securities, Available-for-sale [Line Items]
Fair value of contract, liability position		29.1		34.6
Net derivative instrument gains included in interest expense		(1.1)
Level 2 \| Prepaid expenses and other \| Not Designated as Hedging Instrument \| Foreign Exchange Contract
Debt Securities, Available-for-sale [Line Items]
Fair value of derivative instruments, asset		7.1		8.7
Level 2 \| Prepaid expenses and other \| Designated as Hedging Instrument \| $200 million interest rate swap amended
Debt Securities, Available-for-sale [Line Items]
Fair value of swap, asset position		6.3		5.8
Level 2 \| Prepaid expenses and other \| Designated as Hedging Instrument \| $175 million interest rate swap
Debt Securities, Available-for-sale [Line Items]
Fair value of swap, asset position		2.3		1.9
Level 2 \| Prepaid expenses and other \| Designated as Hedging Instrument \| $400 million interest rate swap 2023
Debt Securities, Available-for-sale [Line Items]
Fair value of swap, asset position		7.2		5.4
Level 2 \| Prepaid expenses and other \| Designated as Hedging Instrument \| $400 million cross currency swap 2022
Debt Securities, Available-for-sale [Line Items]
Fair value of contract, liability position		5.6		5.6
Level 2 \| Prepaid expenses and other \| Designated as Hedging Instrument \| $55 million foreign exchange forward swap
Debt Securities, Available-for-sale [Line Items]
Fair value of contract, asset position		0.2		0.1
Level 2 \| Accrued liabilities \| Not Designated as Hedging Instrument \| Foreign Exchange Contract
Debt Securities, Available-for-sale [Line Items]
Fair value of derivative instruments, liability		1.1		9.8
Level 2 \| Other assets \| Designated as Hedging Instrument \| $200 million interest rate swap amended
Debt Securities, Available-for-sale [Line Items]
Fair value of swap, asset position		8.2		6.4
Level 2 \| Other assets \| Designated as Hedging Instrument \| $175 million interest rate swap
Debt Securities, Available-for-sale [Line Items]
Fair value of swap, asset position		0.6
Level 2 \| Other assets \| Designated as Hedging Instrument \| $400 million interest rate swap 2023
Debt Securities, Available-for-sale [Line Items]
Fair value of swap, asset position		5.2		0.3
Level 2 \| Other assets \| Designated as Hedging Instrument \| $215 million cross currency swap II
Debt Securities, Available-for-sale [Line Items]
Fair value of contract, asset position		1.0		0.1
Level 2 \| Other liabilities \| Designated as Hedging Instrument \| $175 million interest rate swap
Debt Securities, Available-for-sale [Line Items]
Fair value of swap, liability position				1.8
Level 2 \| Other liabilities \| Designated as Hedging Instrument \| $400 million cross currency swap 2022
Debt Securities, Available-for-sale [Line Items]
Fair value of contract, liability position		34.7		40.2
Six hundred million senior unsecured notes
Debt Securities, Available-for-sale [Line Items]
Carrying value		600.0		600.0
Six hundred million senior unsecured notes \| Level 3
Debt Securities, Available-for-sale [Line Items]
Fair value		552.6		554.6
Four hundred million senior unsecured notes
Debt Securities, Available-for-sale [Line Items]
Carrying value		400.0		400.0
Four hundred million senior unsecured notes \| Level 3
Debt Securities, Available-for-sale [Line Items]
Fair value		$ 386.2		$ 382.0

Capital Stock (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Weighted Average Number of Shares

Shares Used to Calculate Earnings per Share


	Three Months Ended March 31,
(In millions)		2024	2023

Weighted-average shares:
Basic(a)		44.8	46.7
Effect of dilutive stock awards and options		0.5	0.7
Diluted		45.3	47.4

Antidilutive stock awards and options excluded from denominator		0.1	0.5

Share-based compensation plans - Stock Activity - RSU, PSU, DSU (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Restricted Stock Units
Shares (in thousands)
Nonvested, beginning balance, shares	320,200
Granted, shares	119,100
Forfeited or expired, shares	(5,900)
Vested, shares	(108,000.0)
Nonvested, ending balance, shares	325,400	320,200
Weighted-Average Grant Date Fair Value Per Share
Nonvested, beginning balance (dollars per share)	$ 65.89
Granted (dollars per share)	80.77
Forfeited or expired (dollars per share)	67.99
Vested (dollars per share)	68.86
Nonvested, ending balance (dollars per share)	$ 70.31	$ 65.89
Performance Shares Units
Shares (in thousands)
Nonvested, beginning balance, shares	698,500
Granted, shares	207,000.0
Forfeited or expired, shares	(8,600)
Vested, shares	(228,800)
Nonvested, ending balance, shares	668,100	698,500
Weighted-Average Grant Date Fair Value Per Share
Nonvested, beginning balance (dollars per share)	$ 72.15
Granted (dollars per share)	81.34
Forfeited or expired (dollars per share)	67.43
Vested (dollars per share)	80.47
Nonvested, ending balance (dollars per share)	$ 72.21	$ 72.15
Actual shares earned and distributed (shares)		437,900
Target shares (shares)		228,800
Deferred Stock Units
Shares (in thousands)
Nonvested, beginning balance, shares	19,200
Granted, shares	0
Vested, shares	0
Nonvested, ending balance, shares	19,200	19,200
Weighted-Average Grant Date Fair Value Per Share
Nonvested, beginning balance (dollars per share)	$ 62.43
Granted (dollars per share)	0
Vested (dollars per share)	0
Nonvested, ending balance (dollars per share)	$ 62.43	$ 62.43

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,122.7	$ 1,176.6
Restricted cash	557.9	507.0
Accounts receivable (net of allowance: 2024 - $31.2; 2023 - $30.4)	857.0	779.0
Prepaid expenses and other	367.5	325.7
Total current assets	2,905.1	2,788.3
Right-of-use assets, net	334.5	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
Goodwill	1,457.7	1,473.8
Other intangibles (net of accumulated amortization: 2024 - $289.6; 2023 - $278.7)	469.4	488.3
Deferred tax assets, net	226.3	231.8
Other	283.0	268.6
Total assets	6,679.3	6,601.8
Current liabilities:
Short-term borrowings	155.0	151.7
Current maturities of long-term debt	125.6	117.1
Accounts payable	265.1	249.7
Accrued liabilities	1,105.2	1,126.9
Restricted cash held for customers	340.6	298.7
Total current liabilities	1,991.5	1,944.1
Long-term debt	3,309.3	3,262.5
Accrued pension costs	145.3	148.5
Retirement benefits other than pensions	155.8	159.6
Lease liabilities	262.8	265.8
Deferred tax liabilities	57.9	56.5
Other	236.8	244.6
Total liabilities	6,159.4	6,081.6
Commitments and contingent liabilities (notes 4, 7 and 13)
The Brink's Company ("Brink's") shareholders:
Shares issued and outstanding: 2024 - 44.6; 2023 - 44.5	44.6	44.5
Capital in excess of par value	666.8	675.9
Retained earnings	354.0	333.0
Accumulated other comprehensive income (loss)	(669.0)	(656.0)
Brink’s shareholders	396.4	397.4
Noncontrolling interests	123.5	122.8
Total equity	519.9	520.2
Total liabilities and equity	$ 6,679.3	$ 6,601.8