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 - former non-segment and 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 significant items such as reorganization and restructuring actions that are evaluated on an individual basis by management and are not considered part of the ongoing activities of the business are excluded from segment results. Prior to deconsolidation (see Note 1), results from Venezuela operations were also excluded from our segment results due to the Venezuelan government's restrictions that have prevented us from repatriating funds. We also exclude certain costs, gains and losses related to acquisitions and dispositions of assets and of businesses. Beginning in the third quarter of 2018, we began to consolidate Brink's Argentina using our accounting policy for subsidiaries operating in highly inflationary economies. We have excluded from our segment results the impact of highly inflationary accounting in Argentina, including currency remeasurement losses. Incremental third party costs incurred related to the mitigation of material weaknesses and the implementation and adoption of ASU 2016-02, the new lease accounting standard effective for us January 1, 2019, are also excluded from segment results.

We currently serve customers in more than 100 countries, including 41 countries where we operate subsidiaries.

We have the following three reportable segments:


•	North America


•	South America


•	Rest of World.



	Revenues				Operating Profit
	Years Ended December 31,				Years Ended December 31,
(In millions)	2018		2017	2016	2018			2017		2016
Reportable Segments:
North America	$	1,466.3	1,254.2	1,210.3	$	129.8		74.0		40.1
South America	926.9		924.6	718.7	198.7			182.8		122.6
Rest of World	1,044.3		1,014.1	979.4	114.4			115.2		111.3
Total reportable segments	3,437.5		3,192.9	2,908.4	442.9			372.0		274.0
Reconciling Items:
Corporate items:
General, administrative and other expenses	—		—	—	(99.4		)	(84.3	)	(59.8	)
Foreign currency transaction losses	—		—	—	(2.2		)	(1.1	)	3.8
Reconciliation of segment policies to GAAP	—		—	—	5.6			(5.2	)	(2.2	)
Other items not allocated to segments:
Venezuela operations^(a)	51.4		154.1	109.4	2.3			20.4		18.5
Reorganization and Restructuring	—		—	—	(20.6		)	(22.6	)	(30.3	)
Acquisitions and dispositions	—		—	2.8	(41.4		)	(5.3	)	(19.5	)
Argentina highly inflationary impact	—		—	—	(8.0		)	—		—
Reporting compliance^(b)	—		—	—	(4.5		)	—		—
Total	$	3,488.9	3,347.0	3,020.6	$	274.7		273.9		184.5


(a)	Amounts in 2018 represent revenues and operating profit from our Venezuela operations prior to the June 30, 2018 deconsolidation. See Note 1 for details.


(b)	Accounting standard implementation and material weakness remediation. Additional information provided at page 29.



	Years Ended December 31,
(In millions)	2018		2017	2016

Capital Expenditures by Reportable Segment
North America	$	59.1	86.3	42.0
South America	43.3		39.2	24.0
Rest of World	37.9		35.9	32.2
Total reportable segments	140.3		161.4	98.2
Corporate items	14.8		8.9	9.0
Venezuela	—		4.2	5.0
Total	$	155.1	174.5	112.2

Depreciation and Amortization by Reportable Segment
Depreciation and amortization of property and equipment:
North America	$	72.1	68.4	66.8
South America	26.3		23.5	19.0
Rest of World	31.3		30.4	29.8
Total reportable segments	129.7		122.3	115.6
Corporate items	11.9		12.0	10.9
Venezuela	1.1		1.7	0.7
Reorganization and Restructuring	1.9		2.2	0.8
Depreciation and amortization of property and equipment	144.6		138.2	128.0

Amortization of intangible assets^(a)	17.7		8.4	3.6
Total	$	162.3	146.6	131.6


(a)	Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.



	December 31,
(In millions)	2018		2017	2016

Assets held by Reportable Segment
North America	$	1,404.5	733.5	629.4
South America	602.5		740.5	371.4
Rest of World	940.7		883.3	621.8
Total reportable segments	2,947.7		2,357.3	1,622.6
Corporate items	288.3		643.6	321.3
Venezuela	—		58.7	50.9
Total	$	3,236.0	3,059.6	1,994.8



	December 31,
(In millions)	2018		2017	2016

Long-Lived Assets by Geographic Area^(a)
Non-U.S.:
Mexico	$	107.0	99.6	78.1
France	79.0		84.1	67.5
Brazil	62.5		57.2	45.3
Canada	47.6		46.7	42.4
Other	135.4		146.5	127.2
Subtotal	431.5		434.1	360.5
U.S.	267.9		206.8	170.5
Total	$	699.4	640.9	531.0


(a)	Long-lived assets include only property and equipment.



	Years Ended December 31,
(In millions)	2018		2017	2016

Revenues by Geographic Area^(a)
Outside the U.S.:
Brazil	$	405.4	434.6	344.9
France	428.5		429.4	424.5
Mexico	365.3		327.2	296.3
Argentina	247.2		250.3	156.4
Venezuela	51.4		154.1	109.4
Canada	151.7		151.2	150.2
Other	890.1		824.4	775.1
Subtotal	2,539.6		2,571.2	2,256.8
U.S.	949.3		775.8	763.8
Total	$	3,488.9	3,347.0	3,020.6


(a)	Revenues are recorded in the country where service is initiated or performed. No single customer represents more than 10% of total revenue.



	December 31,
(In millions)	2018		2017	2016

Net assets outside the U.S.
France	$	213.4	219.4	102.1
Other Rest of World countries	309.2		273.1	205.0
Mexico	154.8		133.7	86.1
Argentina	154.6		234.0	28.6
Brazil	147.9		151.3	106.3
Other South American countries	109.6		116.2	98.4
Canada	52.0		63.3	57.6
Total	$	1,141.5	1,191.0	684.1



(In millions)	2018		2017	2016

Information about Unconsolidated Equity Affiliates:
Carrying value of investments and advances at December 31	$	4.9	4.0	3.5
Undistributed earnings at December 31	3.5		2.6	2.5
Share of equity earnings (loss)	1.9		0.4	(1.5	)

In 2018, the Rest of World segment reported equity earnings of $0.9 million related to an equity method investment with a carrying value of $4.2 million and undistributed earnings of $2.8 million as of December 31, 2018. In 2018, the South America segment reported equity earnings of $1.0 million related to an equity method investment with a carrying value of $0.7 million and undistributed earnings of $0.7 million as of December 31, 2018. Prior to 2018, the investment in South America was not accounted for as an equity method investment. In 2016, Brink's recorded an impairment charge of $1.8 million related to an equity investment in a BGS business in Belgium.