Segment information

3 Months Ended

Mar. 31, 2024

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 - include 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 14.

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.

The following table summarizes our revenues and segment profit for each of our reportable segments and reconciles these amounts to consolidated revenues and operating profit:

	Revenues			Operating Profit
	Three Months Ended March 31,			Three Months Ended March 31,
(In millions)	2024		2023	2024		2023
Reportable Segments:
North America	$	405.5	401.9	48.4		38.6
Latin America	334.7		315.5	63.0		66.6
Europe	291.4		268.7	25.9		22.0
Rest of World	204.5		199.3	41.1		37.3
Total reportable segments	1,236.1		1,185.4	178.4		164.5
Reconciling Items:
Corporate expenses:
General, administrative and other expenses	—		—	(41.2)		(42.6)
Foreign currency transaction gains	—		—	6.3		5.1
Reconciliation of segment policies to GAAP(a)	—		—	1.5		0.4
Other items not allocated to segments:
Reorganization and Restructuring(b)	—		—	(1.4)		(14.2)
Acquisitions and dispositions(c)	—		—	(15.9)		(22.0)
Argentina highly inflationary impact(d)	—		—	(1.6)		(11.2)
Transformation initiatives(e)	—		—	(4.8)		—
Chile antitrust matter(f)	—		—	(0.4)		(0.2)
Total	$	1,236.1	1,185.4	$	120.9	79.8

(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. Due to the unique circumstances around the charges related to these actions, they have not been allocated to segment results.

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

(f)See details regarding the Chile antitrust matter at Note 13.