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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 31, 2022
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 |
Cash paid through December 31, 2022 | $ | 178.9 |
Contingent consideration | 14.8 |
Fair value of purchase consideration | $ | 193.7 |
Fair value of net assets acquired |
Cash | $ | 6.8 |
Restricted cash | 15.3 |
Accounts receivable | 38.1 |
Other current assets | 14.5 |
Property and equipment, net | 39.9 |
Intangible assets(a) | 84.2 |
Goodwill(b) | 62.7 |
Other noncurrent assets | 5.1 |
Current liabilities | (50.2) |
Other noncurrent liabilities | (22.7) |
Fair value of net assets acquired | $ | 193.7 |
(a)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). (b)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 $61 million has been assigned to the Europe reporting unit and goodwill of $2 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 through December 31, 2022 | $ | 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, 2022 | $ | 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 | The pro forma consolidated results of Brink’s presented below are unaudited and reflect a hypothetical ownership on January 1, 2020 of the businesses we acquired during 2021 and a hypothetical ownership on January 1, 2021 for the businesses we acquired in 2022.
(In millions) | Revenue |  | Net income attributable to Brink's
Actual results included in Brink's consolidated 2022 and 2021 results for businesses acquired in the same year from the date of acquisition |  |  |
Twelve months ended December 31, 2022 |  |  |
NoteMachine | $ | 35.2 |  |  | 2.1 |
Total | $ | 35.2 |  |  | 2.1 |
Twelve months ended December 31, 2021 |  |  |
PAI | 98.8 |  |  | 6.9 |
Total | $ | 98.8 |  |  | 6.9 |
(In millions) | Revenue |  | Net income attributable to Brink's
Pro forma results of Brink's for the twelve months ended December 31, |  |  |
2022 |  |  |
Brink's as reported | $ | 4,535.5 |  |  | 170.6 |
NoteMachine(a) | 109.2 |  |  | 9.9 |
Total | $ | 4,644.7 |  |  | 180.5 |
2021 |  |  |
Brink's as reported | $ | 4,200.2 |  |  | 105.2 |
NoteMachine(a) | 150.8 |  |  | 7.2 |
PAI(a) | 31.4 |  |  | 2.5 |
Total | $ | 4,382.4 |  |  | 114.9 |
(a)Represents amounts prior to acquisition by Brink's.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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