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Segment Information | 12 Months Ended
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Dec. 31, 2022
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 significant items such as reorganization and restructuring actions that are evaluated on an individual basis by management and are not considered part of the ongoing activities of the business are excluded from segment results. We also exclude certain costs, gains and losses related to acquisitions and dispositions of assets and of businesses. Brink's Argentina is consolidated using our accounting policy for subsidiaries operating in highly inflationary economies. We have excluded from our segment results the impact of highly inflationary accounting in Argentina, including currency remeasurement losses. Net charges related to a change in the methodology for estimating the allowance for doubtful accounts have been excluded from segment results. We have also excluded from our segment results net charges related to an internal loss in our U.S. global services operations. The net impact of the internal loss has included estimated bad debt expense for uncollectible receivables as well as legal costs to recover losses from insurance. The charges related to the internal loss have been offset by collections of previously reserved receivables and insurance recoveries. We have also excluded from our segment results estimated charges related to an antitrust legal matter in our Brink's Chile operations. Finally, we have also excluded an estimate of our share of costs for damages and losses suffered by a ship owner that was carrying cargo for Brink's. We currently serve customers in more than 100 countries, including 53 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. This segment includes operations in Mexico, which was previously reported in the North America segment, •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. Prior to 2021, all business units within the operating segments followed an internal Brink's accounting policy for determining an allowance for doubtful accounts and recognizing bad debt expense. The allowance amounts reported by the operating segments were then reconciled to the required U.S. GAAP estimated consolidated allowance amount, and any differences were reported as part of Corporate expenses. During the first quarter of 2021, we changed the allowance calculation method of the U.S. business within the North America operating segment, in order to more closely align it with U.S. GAAP requirements. Differences between U.S. GAAP and existing internal policy were not significant for all other business units within the operating segments, and so no other changes were made, and reconciling amounts for those units will continue to be reported as part of Corporate expense. For the North America segment, the impact of this change in reporting was to reduce the segment allowance and to increase segment operating profit by $12.3 million in the first quarter of 2021. There was no net impact to consolidated results, as a corresponding offsetting adjustment occurred on Corporate expenses.
| Revenues |  | Operating Profit
| Years Ended December 31, |  | Years Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
Reportable Segments: |  |  |  |  |  |  |  |  |  |  |
North America | $ | 1,584.1 |  |  | 1,407.1 |  |  | 1,261.4 |  |  | $ | 159.1 |  |  | 148.4 |  |  | 91.7 |
Latin America | 1,210.6 |  |  | 1,126.0 |  |  | 1,071.9 |  |  | 277.7 |  |  | 257.3 |  |  | 233.6 |
Europe | 931.4 |  |  | 917.3 |  |  | 753.8 |  |  | 98.4 |  |  | 89.8 |  |  | 51.2 |
Rest of World | 809.4 |  |  | 749.8 |  |  | 603.8 |  |  | 163.9 |  |  | 131.5 |  |  | 117.1 |
Total reportable segments | 4,535.5 |  |  | 4,200.2 |  |  | 3,690.9 |  |  | 699.1 |  |  | 627.0 |  |  | 493.6 |
Reconciling Items: |  |  |  |  |  |  |  |  |  |  |
Corporate expenses: |  |  |  |  |  |  |  |  |  |  |
General, administrative and other expenses | — |  |  | — |  |  | — |  |  | (161.5) |  |  | (141.7) |  |  | (116.3) |
Foreign currency transaction gains (losses) | — |  |  | — |  |  | — |  |  | 10.9 |  |  | 2.7 |  |  | (6.5) |
Reconciliation of segment policies to GAAP(a) | — |  |  | — |  |  | — |  |  | 1.8 |  |  | (17.5) |  |  | 10.5 |
Other items not allocated to segments: |  |  |  |  |  |  |  |  |  |  |
Reorganization and Restructuring(b) | — |  |  | — |  |  | — |  |  | (38.8) |  |  | (43.6) |  |  | (66.6) |
Acquisitions and dispositions(c) | — |  |  | — |  |  | — |  |  | (86.6) |  |  | (71.9) |  |  | (83.1) |
Argentina highly inflationary impact(d) | — |  |  | — |  |  | — |  |  | (41.7) |  |  | (11.9) |  |  | (10.7) |
Change in allowance estimate(e) | — |  |  | — |  |  | — |  |  | (15.6) |  |  | — |  |  | — |
Ship loss matter(f) | — |  |  | — |  |  | — |  |  | (4.9) |  |  | — |  |  | — |
Chile antitrust matter(g) | — |  |  | — |  |  | — |  |  | (1.4) |  |  | (9.5) |  |  | — |
Internal loss(h) | — |  |  | — |  |  | — |  |  | — |  |  | 21.1 |  |  | (6.9) |
Reporting compliance(i) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.5) |
Total | $ | 4,535.5 |  |  | 4,200.2 |  |  | 3,690.9 |  |  | $ | 361.3 |  |  | 354.7 |  |  | 213.5 |
(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)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. (f)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. (g)See details regarding the Chile antitrust matter at Note 23. (h)See details regarding the impact of the Internal loss at Note 1. (i)Costs (primarily third party expenses) related to lease accounting standard implementation. Additional information provided at page 28.
| Years Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2020
Capital Expenditures by Reportable Segment |  |  |  |  |
North America | $ | 41.4 |  |  | 40.4 |  |  | 27.4 |
Latin America | 50.1 |  |  | 45.0 |  |  | 35.1 |
Europe | 50.5 |  |  | 50.6 |  |  | 33.4 |
Rest of World | 34.4 |  |  | 26.0 |  |  | 16.6 |
Total reportable segments | 176.4 |  |  | 162.0 |  |  | 112.5 |
Corporate items | 6.2 |  |  | 5.9 |  |  | 6.0 |
Total | $ | 182.6 |  |  | 167.9 |  |  | 118.5 |
Depreciation and Amortization by Reportable Segment |  |  |  |  |
Depreciation and amortization of property and equipment: |  |  |  |  |
North America | $ | 69.1 |  |  | 68.7 |  |  | 62.3 |
Latin America | 49.1 |  |  | 46.2 |  |  | 44.0 |
Europe | 39.6 |  |  | 41.4 |  |  | 32.2 |
Rest of World | 23.6 |  |  | 23.2 |  |  | 20.0 |
Total reportable segments | 181.4 |  |  | 179.5 |  |  | 158.5 |
Corporate items | 8.4 |  |  | 9.7 |  |  | 9.1 |
Argentina highly inflationary impact | 2.9 |  |  | 2.2 |  |  | 1.8 |
Acquisitions and dispositions | 0.1 |  |  | 0.1 |  |  | 1.0 |
Reorganization and Restructuring | 1.0 |  |  | 0.3 |  |  | 1.3 |
Depreciation and amortization of property and equipment | 193.8 |  |  | 191.8 |  |  | 171.7 |
Amortization of intangible assets(a) | 52.0 |  |  | 47.7 |  |  | 35.1 |
Total | $ | 245.8 |  |  | 239.5 |  |  | 206.8 |
(a)Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.
| December 31,
(In millions) | 2022 |  | 2021
Assets held by Reportable Segment |  |  |
North America | $ | 1,949.9 |  |  | 1,674.2 |
Latin America | 1,180.6 |  |  | 1,018.9 |
Europe | 1,789.9 |  |  | 1,437.8 |
Rest of World | 1,064.8 |  |  | 1,070.6 |
Total reportable segments | 5,985.2 |  |  | 5,201.5 |
Corporate items | 380.8 |  |  | 365.2 |
Total | $ | 6,366.0 |  |  | 5,566.7 |
| December 31,
(In millions) | 2022 |  | 2021
Long-Lived Assets by Geographic Area(a) |  |  |
Non-U.S.: |  |  |
Mexico | $ | 123.1 |  |  | 116.8 |
France | 89.4 |  |  | 81.6 |
Brazil | 72.5 |  |  | 61.8 |
United Kingdom | 46.0 |  |  | 3.7 |
Canada | 32.9 |  |  | 42.0 |
Other | 270.1 |  |  | 262.1 |
Subtotal | 634.0 |  |  | 568.0 |
U.S. | 301.3 |  |  | 297.6 |
Total | $ | 935.3 |  |  | 865.6 |
(a)Long-lived assets include only property and equipment, net.
| Years Ended December 31,
(In millions) | 2022 |  | 2021 |  | 2020
Revenues by Geographic Area(a) |  |  |  |  |
Outside the U.S.: |  |  |  |  |
Mexico | $ | 452.6 |  |  | 416.1 |  |  | 366.3 |
France | 370.1 |  |  | 373.8 |  |  | 336.7 |
Brazil | 329.9 |  |  | 303.9 |  |  | 315.0 |
Argentina | 203.9 |  |  | 177.5 |  |  | 171.2 |
Canada | 124.5 |  |  | 138.3 |  |  | 129.8 |
Netherlands | 124.3 |  |  | 129.3 |  |  | 97.9 |
Other | 1,470.6 |  |  | 1,392.6 |  |  | 1,142.4 |
Subtotal | 3,075.9 |  |  | 2,931.5 |  |  | 2,559.3 |
U.S. | 1,459.6 |  |  | 1,268.7 |  |  | 1,131.6 |
Total | $ | 4,535.5 |  |  | 4,200.2 |  |  | 3,690.9 |
(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) | 2022 |  | 2021
Net assets outside the U.S. |  |  |
Argentina | $ | 234.5 |  |  | 216.4 |
Brazil | 231.7 |  |  | 218.1 |
Mexico | 206.1 |  |  | 131.6 |
France | 196.7 |  |  | 195.6 |
Netherlands | 151.8 |  |  | 136.8 |
Other non-U.S. markets | 1,207.8 |  |  | 1,184.9 |
Total | $ | 2,228.6 |  |  | 2,083.4 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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