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Acquisitions and Dispositions (Tables) | 9 Months Ended
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Sep. 30, 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 two 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 September 30, 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 September 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 condensed 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.
Business Acquisition, Pro Forma Information | Below are the actual results included in Brink's consolidated results for the businesses we acquired in 2022 and the first nine months of 2023.
(In millions) | Revenue |  | Net income attributable to Brink's
Three months ended September 30, 2023 |  |  |
NoteMachine | $ | 38.0 |  |  | (0.1) |
Total | $ | 38.0 |  |  | (0.1) |
Three months ended September 30, 2022 |  |  |
NoteMachine | $ | — |  |  | — |
Total | $ | — |  |  | — |
Nine months ended September 30, 2023 |  |  |
NoteMachine | $ | 106.2 |  |  | — |
Total | $ | 106.2 |  |  | — |
Nine months ended September 30, 2022 |  |  |
NoteMachine | $ | — |  |  | — |
Total | $ | — |  |  | — |
The pro forma consolidated results of Brink's presented below reflect a hypothetical ownership as of January 1, 2021 for the businesses we acquired during 2022.
(In millions) | Revenue |  | Net income attributable to Brink's
Pro forma results of Brink's for the three months ended September 30, |  |  |
2023 |  |  |
Brink's as reported | $ | 1,227.4 |  |  | 45.6 |
NoteMachine(a) | — |  |  | — |
Total | $ | 1,227.4 |  |  | 45.6 |
2022 |  |  |
Brink's as reported | $ | 1,136.7 |  |  | 19.2 |
NoteMachine(a) | 36.0 |  |  | 3.4 |
Total | $ | 1,172.7 |  |  | 22.6 |
Pro forma results of Brink's for the nine months ended September 30, |  |  |
2023 |  |  |
Brink's as reported | $ | 3,629.0 |  |  | 92.7 |
NoteMachine(a) | — |  |  | — |
Total | $ | 3,629.0 |  |  | 92.7 |
2022 |  |  |
Brink's as reported | $ | 3,344.6 |  |  | 125.6 |
NoteMachine(a) | 109.2 |  |  | 9.9 |
Total | $ | 3,453.8 |  |  | 135.5 |
(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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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