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Share-based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Nonvested share activity | Compensation expenses for the last three years and the amount of unrecognized expense for awards outstanding at December 31, 2022, were as follows:
| Compensation Expense |  | Unrecognized Expense for Nonvested Awards at |  | Weighted-average No. of Years Unrecognized Expense to be Recognized
| Years Ended December 31, |  | Dec 31, 2022 |  |
(in millions except years) | 2022 |  | 2021 |  | 2020 |  |  |  |
Performance share units | $ | 34.9 |  |  | 22.3 |  |  | 20.2 |  |  | $ | 22.5 |  |  | 1.6
Restricted stock units | 12.0 |  |  | 8.5 |  |  | 6.0 |  |  | 8.5 |  |  | 1.6
Deferred stock units and fees paid in stock | 1.3 |  |  | 1.3 |  |  | 1.2 |  |  | 0.4 |  |  | 0.4
Performance-based options | — |  |  | 0.3 |  |  | 2.3 |  |  | — |  |  | 0.0
Time-based options | 0.4 |  |  | 0.7 |  |  | 1.6 |  |  | — |  |  | 0.1
Cash based awards | 1.3 |  |  | 1.0 |  |  | 1.4 |  |  | 1.8 |  |  | 1.7
Share-based payment expense | 49.9 |  |  | 34.1 |  |  | 32.7 |  |  |  |  |
Income tax benefit | (11.5) |  |  | (8.1) |  |  | (7.4) |  |  |  |  |
Share-based payment expense, net of tax | $ | 38.4 |  |  | 26.0 |  |  | 25.3 |  |  |  |  |
The following table summarizes RSU activity during 2022:
| Shares (in thousands) |  | Weighted-Average Grant Date Fair Value Per Share
Nonvested balance as of December 31, 2021 | 251.1 |  |  | $ | 74.37 |
Activity from January 1 to December 31, 2022: |  |  |
Granted | 247.4 |  |  | 64.30 |
Forfeited | (39.3) |  |  | 70.21 |
Vested | (149.9) |  |  | 73.53 |
Nonvested balance as of December 31, 2022 | 309.3 |  |  | $ | 67.25 |
The following table summarizes all PSU activity during 2022:
| Shares (in thousands) |  | Weighted-Average Grant Date Fair Value Per Share
Nonvested balance as of December 31, 2021 | 661.0 |  |  | $ | 81.75 |
Activity from January 1 to December 31, 2022: |  |  |
Granted | 290.4 |  |  | 67.03 |
Forfeited or expired(a) | (82.5) |  |  | 81.94 |
Vested(b) | (142.9) |  |  | 77.61 |
Nonvested balance as of December 31, 2022 | 726.0 |  |  | $ | 76.66 |
(a)Although the service condition had been met, 23.6 thousand TSR PSUs granted in 2019 expired in accordance with the market condition terms of the underlying award agreement. These units had a weighted average grant-date fair value of $105.57 per share. (b)The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended December 31, 2021 were 144.4 thousand, compared to target shares of 142.9 thousand. The following table summarizes all DSU activity during 2022:
| Shares (in thousands) |  | Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2021 | 14.3 |  |  | $ | 78.74 |
Activity from January 1 to December 31, 2022: |  |  |
Granted | 19.7 |  |  | 54.74 |
Forfeited | — |  |  | — |
Vested | (14.3) |  |  | 78.76 |
Nonvested balance as of December 31, 2022 | 19.7 |  |  | $ | 54.74 |
Share-based Compensation, Fair Value of Shares Vested | The value of shares distributed or options exercised in the last three years is as follows:
| Value of Shares Distributed or Exercised(a)
| Years Ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020
Performance share units | $ | 10.0 |  |  | 17.7 |  |  | 33.3 |
Restricted stock units | 9.2 |  |  | 5.8 |  |  | 6.9 |
Deferred stock units and fees paid in stock | 0.6 |  |  | 2.8 |  |  | 0.6 |
Performance-based options(a) | 15.2 |  |  | 0.4 |  |  | 0.5 |
Time-based vesting options(a) | — |  |  | — |  |  | — |
Total | $ | 35.0 |  |  | 26.7 |  |  | 41.3 |
Income tax benefit realized | $ | 8.1 |  |  | 6.1 |  |  | 9.0 |
(a)Intrinsic value for options.
Fair value of options calculation assumptions | The following table provides the terms and weighted-average assumptions used in the Monte Carlo simulation model for the TSR PSUs granted in 2022, 2021 and 2020:
Terms and Assumptions Used to Estimate Grant Date Fair Value | 2022 TSR PSUs |  | 2021 TSR PSUs |  | 2020 TSR PSUs
Terms of awards: |  |  |  |  |
Performance period | Jan. 1, 2022 to |  | Jan. 1, 2021 to |  | Jan. 1, 2020 to
| Dec. 31, 2024 |  | Dec. 31, 2023 |  | Dec. 31, 2022
Weighted-average assumptions used to estimate fair value: |  |  |  |  |
Expected dividend yield(a) | 1.2 | % |  | 0.8 | % |  | 0.7 | %
Expected stock price volatility(b) | 48.5 | % |  | 48.9 | % |  | 29.6 | %
Risk-free interest rate(c) | 1.8 | % |  | 0.2 | % |  | 1.4 | %
Contractual term in years | 2.8 |  | 2.9 |  | 2.9
Weighted-average fair value estimates at grant date: |  |  |  |  |
In millions | $ | 3.4 |  |  | $ | 2.7 |  |  | $ | 3.6 |
Fair value per share | $ | 87.31 |  |  | $ | 103.83 |  |  | 94.53 |
(a)TSR is determined assuming that dividends are reinvested. The stock price projection in the Monte Carlo simulation model assumed a 0% dividend yield, which is mathematically equivalent to reinvesting dividends over the performance period. For the valuation of the TSR PSU, because the holders of the awards have no rights to any dividend paid during the vesting period, we applied a dividend yield in the Monte Carlo simulation model to reduce the projected stock price as of the grant date. (b)The expected stock price volatility was calculated on the grant date for the most recent term equivalent to the contractual term in years. (c)The risk-free interest rate on each date of grant is the rate for a zero-coupon U.S. Treasury bill that was commensurate with the grant date contractual term. The following table provides the weighted-average assumptions used in the Black-Scholes-Merton option pricing model for the time-based vesting options granted in 2020:
Assumptions Used to Estimate Grant Date Fair Value of Time-Based Options |  |  | 2020
Assumptions used to estimate fair value: |  |  |
Expected dividend yield(a) |  |  | 0.7 | %
Expected stock price volatility(b) |  |  | 29.7 | %
Risk-free interest rate(c) |  |  | 1.3 | %
Expected term in years(d) |  |  | 4.5
Weighted-average fair value estimates at grant date: |  |  |
In millions |  |  | $ | 1.7 |
Fair value per share |  |  | $ | 21.10 |
(a)The expected dividend yield is the calculated annual yield on Brink's stock at the time of the grant. (b)The expected stock price volatility was calculated at time of the grant after reviewing the historic volatility of our stock using daily close prices. (c)The risk-free interest rate at each grant date was the rate for a zero-coupon U.S. Treasury bill that was commensurate with the expected life of 4.5 years. (d)The expected term of the options was based on historical exercise, expiration and post-cancellation behavior.
Option Activity | The table below summarizes the activity associated with grants of performance-based options:
| Shares (in thousands) |  | Weighted- Average Exercise Price Per Share |  | Weighted-Average Grant Date Fair Value Per Share |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value(a) (in millions)
Outstanding at December 31, 2021(b) | 946.5 |  |  | $ | 45.36 |  |  | $ | 10.25 |  |  |  |  |
Forfeited or expired | (15.3) |  |  | 73.45 |  |  | 17.92 |  |  |  |  |
Exercised(b) | (485.0) |  |  | 29.87 |  |  | 5.91 |  |  |  |  |
Outstanding at December 31, 2022(b) | 446.2 |  |  | $ | 61.23 |  |  | $ | 14.70 |  |  | 0.5 |  | $ | 0.3 |
Of the above, as of December 31, 2022: |  |  |  |  |  |  |  |  |
Exercisable | 446.2 |  |  | $ | 61.23 |  |  |  |  | 0.5 |  | $ | 0.3 |
Expected to vest in future periods(c) | — |  |  | $ | — |  |  |  |  | — |  | $ | — |
(a)The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2022 was $53.71. (b)There were 946.5 thousand exercisable options with a weighted average exercise price of $45.36 at December 31, 2021 an d 757.8 thousand exercisable options with a weighted average exercise price of $38.11 a t December 31, 2020. (c)At December 31, 2022, all outstanding performance options were vested. The table below summarizes the activity associated with grants of time-based vesting options:
| Shares (in thousands) |  | Weighted- Average Exercise Price Per Share |  | Weighted-Average Grant Date Fair Value Per Share |  | Weighted- Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value(a) (in millions)
Outstanding at December 31, 2021(b) | 177.1 |  |  | $ | 81.05 |  |  | $ | 21.42 |  |  |  |  |
Forfeited or expired | (15.5) |  |  | 80.21 |  |  | 21.51 |  |  |  |  |
Outstanding at December 31, 2022 | 161.6 |  |  | $ | 81.13 |  |  | $ | 21.41 |  |  | 2.5 |  | $ | — |
Of the above, as of December 31, 2022: |  |  |  |  |  |  |  |  |
Exercisable | 102.7 |  |  | $ | 79.26 |  |  |  |  | 2.1 |  | $ | — |
Expected to vest in future periods(c) | 58.9 |  |  | $ | 84.39 |  |  |  |  | 3.1 |  | $ | — |
(a)The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2022 was $53.71. (b)There were 2.7 thousand exercisable options with a weighted average exercise price of $84.65 at December 31, 2021 and December 31, 2020. (c)The number of options expected to vest takes into account an estimate of expected forfeitures. We currently have applied a 5% expected forfeiture rate to the time-based vesting options.

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