Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


(In millions)	Estimated Fair Value at Acquisition Date

Fair value of purchase consideration

Cash paid through September 30, 2020	$	672.3
Contingent consideration	38.0
Liabilities assumed from seller	12.2
Receivable from seller	(2.8)
Fair value of purchase consideration	$	719.7

Fair value of net assets acquired

Cash	$	218.8
Restricted cash	30.1
Accounts receivable	136.8
Other current assets	25.5
Property and equipment, net	123.4
Right-of-use assets, net	73.7
Intangible assets(a)	175.0
Goodwill(b)	424.0
Other noncurrent assets	19.3
Current liabilities	(286.3)
Lease liabilities	(59.5)
Other noncurrent liabilities	(93.4)
Fair value of net assets acquired	$	787.4
Less: Fair value of noncontrolling interest	(67.7)
Fair value of purchase consideration	$	719.7

(a)Intangible assets are composed of customer relationships ($175 million fair value and 15 year amortization period).

(b)Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating G4S operations with our existing operations. Goodwill has been provisionally assigned to the Global Markets-EMEA reporting unit ($255 million), the Global Markets-Asia reporting unit ($165 million) and the Global Markets-South America reporting unit ($4 million). We do not currently expect goodwill in these reporting units to be deductible for tax purposes.


(In millions)	Fair Value at Acquisition Date

Fair value of purchase consideration

Cash paid through September 30, 2020	$	135.7

Indemnification asset	(1.9)
Fair value of purchase consideration	$	133.8

Fair value of net assets acquired

Cash	$	1.4
Accounts receivable	8.9
Other current assets	0.5
Property and equipment, net	2.4
Intangible assets(a)	49.0
Goodwill(b)	85.1
Other noncurrent assets	5.8
Current liabilities	(11.4)
Noncurrent liabilities	(7.9)
Fair value of net assets acquired	$	133.8

(a)Intangible assets are composed of customer relationships ($47 million fair value and 11 year amortization period), trade name ($1 million fair value and 1 year amortization period), and non-compete agreement ($1 million fair value and 5 year amortization period).

(b)Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating Rodoban’s operations with our existing Brink’s Brazil operations. All of the goodwill has been assigned to the Brazil reporting unit and is expected to be deductible for tax purposes.


(In millions)	Estimated Fair Value at Acquisition Date

Fair value of purchase consideration

Cash paid through September 30, 2020	$	60.6

Contingent consideration	1.6
Indemnification asset	(13.3)
Fair value of purchase consideration	$	48.9

Fair value of net assets acquired

Cash	$	6.5
Accounts receivable	4.5
Property and equipment, net	7.1
Intangible assets(a)	24.3
Goodwill(b)	34.3
Other current and noncurrent assets	2.0
Current liabilities	(15.2)
Noncurrent liabilities	(14.6)
Fair value of net assets acquired	$	48.9

(a)Intangible assets are composed of developed technology, customer relationships and trade names.

(b)Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating these acquired operations into our existing operations. The goodwill from these acquisitions have been assigned to the following reporting units: BI (U.S.), COMEF (Brazil) and TVS (Global Markets - South America). We expect goodwill related to BI to be deductible for tax purposes. We do not expect goodwill related to COMEF or TVS to be deductible for tax purposes.

Business Acquisition, Pro Forma Information

Below are the actual results included in Brink's consolidated results for the businesses we acquired in the first nine months of 2020.


(In millions)	Revenue		Net income (loss) attributable to Brink's

Three months ended September 30, 2020
G4S	$	156.1	5.2


Total	$	156.1	5.2






Nine months ended September 30, 2020
G4S	$	285.0	8.2


Total	$	285.0	8.2

The pro forma consolidated results of Brink’s presented below reflect a hypothetical ownership as of January 1, 2018 for the businesses we acquired during 2019 and a hypothetical ownership as of January 1, 2019 for the businesses we acquired in the first nine months of 2020.


(In millions)	Revenue		Net income (loss) attributable to Brink's

Pro forma results of Brink's for the three months ended September 30,
2020
Brink's as reported	$	970.5	(23.9)
G4S(a)	5.3		(0.1)


Total	$	975.8	(24.0)

2019
Brink's as reported	$	928.4	5.4
G4S(a)	185.0		2.7

Other acquisitions(a)	5.0		0.7
Total	$	1,118.4	8.8

Pro forma results of Brink's for the nine months ended September 30,
2020
Brink's as reported	$	2,669.3	(9.2)
G4S(a)	192.0		(4.2)


Total	$	2,861.3	(13.4)

2019
Brink's as reported	$	2,747.4	31.6
G4S(a)	555.0		8.0
Rodoban(a)	0.6		—
Other 2019 acquisitions(a)	26.8		1.7
Total	$	3,329.8	41.3

(a)Represents amounts prior to acquisition by Brink's.