Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment information

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 -  includes 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 78.

We currently serve customers in more than 100 countries, including 52 countries where we operate subsidiaries.

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.

	Revenues				Operating Profit
	Years Ended December 31,				Years Ended December 31,
(In millions)	2023		2022	2021	2023		2022	2021
Reportable Segments:
North America	$	1,601.1	1,584.1	1,407.1	$	185.2	159.1	148.4
Latin America	1,332.3		1,210.6	1,126.0	280.3		277.7	257.3
Europe	1,136.8		931.4	917.3	125.0		98.4	89.8
Rest of World	804.4		809.4	749.8	164.1		163.9	131.5
Total reportable segments	4,874.6		4,535.5	4,200.2	754.6		699.1	627.0
Reconciling Items:
Corporate expenses:
General, administrative and other expenses	—		—	—	(152.8)		(161.5)	(141.7)
Foreign currency transaction gains (losses)	—		—	—	15.3		10.9	2.7
Reconciliation of segment policies to GAAP(a)	—		—	—	(2.1)		1.8	(17.5)
Other items not allocated to segments:
Reorganization and Restructuring(b)	—		—	—	(17.6)		(38.8)	(43.6)
Acquisitions and dispositions(c)	—		—	—	(70.6)		(86.6)	(71.9)
Argentina highly inflationary impact(d)	—		—	—	(86.8)		(41.7)	(11.9)
Transformation initiatives(e)	—		—	—	(5.5)		—	—
Non-routine auto loss matter(f)	—		—	—	(8.0)		—	—
Change in allowance estimate(g)	—		—	—	—		(15.6)	—
Ship loss matter(h)	—		—	—	—		(4.9)	—
Chile antitrust matter(i)	—		—	—	(0.5)		(1.4)	(9.5)
Internal loss(j)	—		—	—	—		—	21.1
Reporting compliance(k)	—		—	—	(0.8)		—	—
Total	$	4,874.6	4,535.5	4,200.2	$	425.2	361.3	354.7

(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. In 2022, management began a restructuring plan across our global business operations to enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions. Due to the unique circumstances around the charges related to these actions, they have not been allocated to segment results.

(c)Certain acquisition-related and disposition-related 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 to accelerate growth and drive margin expansion through transformation of our business model.

(f)We have estimated a probable loss related to a motor vehicle accident with unique circumstances that resulted in the death of a third party in 2023.

(g)Represents impact of a change in our methodology to estimate our allowance for doubtful accounts in the first quarter of 2022. See Note 1 and Note 16 for further details.

(h)We have excluded an estimate of our share of costs for damages and losses suffered by a ship owner that was carrying cargo for Brink's.

(i)See details regarding the Chile antitrust matter at Note 23.

(j)See details regarding the impact of the Internal loss at Note 1.

(k)Costs (primarily third party expenses) related to material weakness remediation. Additional information provided at page 30.

	Years Ended December 31,
(In millions)	2023		2022	2021
Capital Expenditures by Reportable Segment
North America	$	43.8	41.4	40.4
Latin America	48.8		50.1	45.0
Europe	72.1		50.5	50.6
Rest of World	30.6		34.4	26.0
Total reportable segments	195.3		176.4	162.0
Corporate items	7.4		6.2	5.9
Total	$	202.7	182.6	167.9
Depreciation and Amortization by Reportable Segment
Depreciation and amortization of property and equipment:
North America	$	73.9	69.1	68.7
Latin America	53.6		49.1	46.2
Europe	54.2		39.6	41.4
Rest of World	24.4		23.6	23.2
Total reportable segments	206.1		181.4	179.5
Corporate items	5.3		8.4	9.7
Argentina highly inflationary impact	5.4		2.9	2.2
Acquisitions and dispositions	—		0.1	0.1
Reorganization and Restructuring	1.2		1.0	0.3
Depreciation and amortization of property and equipment	218.0		193.8	191.8
Amortization of intangible assets(a)	57.8		52.0	47.7
Total	$	275.8	245.8	239.5

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

	December 31,
(In millions)	2023		2022
Assets held by Reportable Segment
North America	$	1,975.7	1,949.9
Latin America	1,273.1		1,180.6
Europe	1,992.7		1,789.9
Rest of World	1,031.9		1,064.8
Total reportable segments	6,273.4		5,985.2
Corporate items	328.4		380.8
Total	$	6,601.8	6,366.0

	December 31,
(In millions)	2023		2022
Long-Lived Assets by Significant Country(a)
Non-U.S.:
Mexico	$	135.9	123.1
France	104.2		89.4
Brazil	78.3		72.5
United Kingdom	41.0		46.0
Canada	30.6		32.9
Other	304.4		270.1
Subtotal	694.4		634.0
U.S.	318.9		301.3
Total	$	1,013.3	935.3

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

	Years Ended December 31,
(In millions)	2023		2022	2021
Revenues by Significant Country(a)
Outside the U.S.:
Mexico	$	563.8	452.6	416.1
France	413.2		370.1	373.8
Brazil	309.8		329.9	303.9
Argentina	207.1		203.9	177.5
United Kingdom	188.7		107.0	50.3
Netherlands	149.7		124.3	129.3
Canada	118.0		124.5	138.3
Other	1,441.2		1,363.6	1,342.3
Subtotal	3,391.5		3,075.9	2,931.5
U.S.	1,483.1		1,459.6	1,268.7
Total	$	4,874.6	4,535.5	4,200.2

(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)	2023		2022
Net assets outside the U.S. by Geographic Area
Canada	$	52.6	45.4
Latin America(a)	782.8		793.6
Europe(a)(b)	809.3		834.6
Middle East, Africa and Asia ("MEAA") (a)(b)	562.4		555.0
Total	$	2,207.1	2,228.6

(a)Amounts include net assets of Corporate entities domiciled outside the U.S.

(b)European countries that primarily provide BGS services from our Rest of World segment are included in the Europe geographic area. The remainder of our Rest of World segment primarily represents operations in the MEAA geographic area.