Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

(In millions)	Estimated Fair Value at Acquisition Date
Fair value of purchase consideration
Purchase consideration, excluding contingent consideration	$	179.4
Contingent consideration at acquisition-date fair value(a)	14.8
Fair value of purchase consideration	$	194.2
Fair value of net assets acquired
Cash	$	6.8
Restricted cash	12.1
Accounts receivable	27.3
Other current assets	14.5
Property and equipment, net	38.2
Intangible assets(b)	84.2
Goodwill(c)	64.2
Other noncurrent assets	11.1
Current liabilities	(37.0)
Other noncurrent liabilities	(27.2)
Fair value of net assets acquired	$	194.2

(a)The contingent consideration has two components. The largest component was based on post-acquisition collections of ATM tax rate rebates from municipal governments in the U.K. The consideration was estimated at $10.5 million at the acquisition date. Through September 30, 2023, approximately $10 million has been paid to the seller for this component. A smaller component was based on post-acquisition increases in the ATM cash withdrawal interchange fees through September 30, 2023. The consideration was estimated at $4.3 million at the acquisition date. The post-acquisition fee increases did not occur and the liability was derecognized in the second quarter of 2023 resulting in a $4.8 million gain classified as other operating income (expense) in the condensed consolidated statements of operations.

(b)Intangible assets are composed of customer relationships ($47 million fair value and 13 year amortization period), developed technology ($27 million fair value and 12 year amortization period) and a trade name ($10 million fair value and 5 year amortization period).

(c)Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating NoteMachine's operations with our existing Brink's operations. Goodwill of $63 million has been assigned to the Europe reporting unit and goodwill of $1 million has been assigned to the North America reporting unit. We do not expect goodwill in these reporting units 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 2022 and the first nine months of 2023.

(In millions)	Revenue		Net income attributable to Brink's
Three months ended September 30, 2023
NoteMachine	$	38.0	(0.1)
Total	$	38.0	(0.1)
Three months ended September 30, 2022
NoteMachine	$	—	—
Total	$	—	—
Nine months ended September 30, 2023
NoteMachine	$	106.2	—
Total	$	106.2	—
Nine months ended September 30, 2022
NoteMachine	$	—	—
Total	$	—	—

The pro forma consolidated results of Brink's presented below reflect a hypothetical ownership as of January 1, 2021 for the businesses we acquired during 2022.

(In millions)	Revenue		Net income attributable to Brink's
Pro forma results of Brink's for the three months ended September 30,
2023
Brink's as reported	$	1,227.4	45.6
NoteMachine(a)	—		—
Total	$	1,227.4	45.6
2022
Brink's as reported	$	1,136.7	19.2
NoteMachine(a)	36.0		3.4
Total	$	1,172.7	22.6
Pro forma results of Brink's for the nine months ended September 30,
2023
Brink's as reported	$	3,629.0	92.7
NoteMachine(a)	—		—
Total	$	3,629.0	92.7
2022
Brink's as reported	$	3,344.6	125.6
NoteMachine(a)	109.2		9.9
Total	$	3,453.8	135.5

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