Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 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 three 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 December 31, 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 June 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 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.

(In millions)	Estimated Fair Value at Acquisition Date
Fair value of purchase consideration
Cash paid	$	215.5
Fair value of purchase consideration	$	215.5
Fair value of net assets acquired
Cash	$	12.3
Accounts receivable	7.3
Other current assets	5.5
Property and equipment, net	14.6
Intangible assets(a)	95.0
Goodwill(b)	126.1
Other noncurrent assets	4.5
Current liabilities	(41.2)
Other noncurrent liabilities	(8.6)
Fair value of net assets acquired	$	215.5

(a)Intangible assets are composed of customer relationships ($60 million fair value and 10 year amortization period), developed technology ($26 million fair value and 12 year amortization period) and a trade name ($9 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 PAI's operations with our existing Brink's U.S. operations. All goodwill has been assigned to the North America reporting unit. We expect less than $2 million of goodwill to be deductible for tax purposes.

(In millions)	Estimated Fair Value at Acquisition Date
Fair value of purchase consideration
Cash paid through December 31, 2023	$	816.9
Contingent consideration	22.0
Liabilities assumed from seller	2.9
Indemnification assets	(15.9)
Fair value of purchase consideration	$	825.9
Fair value of net assets acquired
Cash	$	244.4
Restricted cash	30.1
Accounts receivable	145.8
Other current assets	30.8
Property and equipment, net	123.8
Right-of-use assets, net	77.5
Intangible assets(a)	207.0
Goodwill(b)	534.1
Other noncurrent assets	16.2
Current liabilities	(296.3)
Lease liabilities	(68.1)
Other noncurrent liabilities	(103.9)
Fair value of net assets acquired	$	941.4
Less: Fair value of noncontrolling interest	(115.5)
Fair value of purchase consideration	$	825.9

(a)Intangible assets are composed of customer relationships ($207 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 Europe reporting unit ($191 million), the Rest of World reporting unit ($340 million) and the Latin America reporting unit ($3 million). We do not currently 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 2022 NoteMachine acquisition.

(In millions)	Revenue		Net income attributable to Brink's
Actual results included in Brink's consolidated 2023 and 2022 results for businesses acquired in the same year from the date of acquisition
Twelve months ended December 31, 2023
NoteMachine	$	142.3	(1.0)
Total	$	142.3	(1.0)
Twelve months ended December 31, 2022
NoteMachine	$	35.2	2.1
Total	$	35.2	2.1

The pro forma consolidated results of Brink’s presented below are unaudited and reflect a hypothetical ownership on January 1, 2021 of the businesses we acquired during 2022.

(In millions)	Revenue		Net income attributable to Brink's
Pro forma results of Brink's for the twelve months ended December 31,
2023
Brink's as reported	$	4,874.6	87.7
NoteMachine(a)	—		—
Total	$	4,874.6	87.7
2022
Brink's as reported	$	4,535.5	170.6
NoteMachine(a)	109.2		9.9
Total	$	4,644.7	180.5

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