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Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 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, 2024
(in millions except years)			2024						2023						2022
Performance stock units			$	25.2					20.3						34.9						$	22.3					1.6
Restricted stock units			9.9						10.4						12.0						8.4						1.4
Deferred stock units and fees paid in stock			1.4						1.4						1.3						0.4						0.3
Time-based options			—						—						0.4						—						—
Cash based awards			1.9						2.8						1.3						1.4						1.4
Share-based payment expense			38.4						34.9						49.9
Income tax benefit			(8.7)						(7.9)						(11.5)
Share-based payment expense, net of tax			$	29.7					27.0						38.4

The following table summarizes RSU activity during 2024:

			Shares (in thousands)						Weighted-Average Grant Date Fair Value Per Share
Nonvested balance as of December 31, 2023			320.2						$	65.89
Activity from January 1 to December 31, 2024:
Granted			148.4						85.14
Forfeited			(32.3)						72.33
Vested			(145.9)						67.44
Nonvested balance as of December 31, 2024			290.4						$	74.24

The following table summarizes all PSU activity during 2024:

			Shares (in thousands)						Weighted-Average Grant Date Fair Value Per Share
Nonvested balance as of December 31, 2023			698.5						$	72.15
Activity from January 1 to December 31, 2024:
Granted			214.0						82.19
Forfeited or expired			(44.3)						70.53
Vested(a)			(229.1)						80.47
Nonvested balance as of December 31, 2024			639.1						$	72.64

(a)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, 2023 were 438.7 thousand, compared to target shares of 229.1 thousand.

The following table summarizes all DSU activity during 2024:

			Shares (in thousands)						Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2023			19.2						$	62.43
Activity from January 1 to December 31, 2024:
Granted			13.6						87.93
Vested			(19.2)						62.43
Nonvested balance as of December 31, 2024			13.6						$	87.93

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)			2024						2023						2022
Performance stock units			$	35.3					16.3						10.0
Restricted stock units			13.4						8.5						9.2
Deferred stock units and fees paid in stock			1.4						1.0						0.6
Performance-based options(a)			1.3						3.0						15.2
Time-based vesting options(a)			2.2						0.1						—
Total			$	53.6					28.9						35.0
Income tax benefit realized			$	12.7					7.0						8.1

(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 IM PSUs with a market condition granted in 2024 and 2023 and the TSR PSUs granted in 2022:

Terms and Assumptions Used to Estimate Grant Date Fair Value			2024 IM PSUs(a)						2023 IM PSUs(a)						2022 TSR PSUs
Terms of awards:
Performance period			Jan. 1, 2024 to						Jan. 1, 2023 to						Jan. 1, 2022 to
			Dec. 31, 2025						Dec. 31, 2025						Dec. 31, 2024
Weighted-average assumptions used to estimate fair value:
Expected dividend yield(b)			1.1		%				1.2		%				1.2		%
Expected stock price volatility(c)			31.1		%				41.9		%				48.5		%
Risk-free interest rate(d)			4.3		%				4.5		%				1.8		%
Contractual term in years			2.8						2.8						2.8
Weighted-average fair value estimates at grant date:
In millions			$	10.5					$	8.5					$	3.4
Fair value per share			$	83.81					$	72.51					$	87.31

(a)In 2024 and 2023, we granted IM PSUs to certain employees which contain a market condition (in the form of a relative TSR modifier).

(b)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 these PSUs with market conditions, 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.

(c)The expected stock price volatility was calculated on the grant date for the most recent term equivalent to the contractual term in years.

(d)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, 2023(b)			174.4						$	73.45					$	17.92
Forfeited or expired			—						—						—
Exercised(b)			(174.4)						73.45						17.92
Outstanding at December 31, 2024(b)			—						$	—					$	—					—						$	—
Of the above, as of December 31, 2024:
Exercisable			—						$	—											—						$	—
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, 2024 was $92.77.

(b)There were 174.4 thousand exercisable options with a weighted average exercise price of $73.45 at December 31, 2023 and 446.2 thousand exercisable options with a weighted average exercise price of $61.23 at December 31, 2022.

(c)At December 31, 2024, all performance options had vested and none were outstanding.

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, 2023(b)			115.7						$	80.74					$	21.43
Exercised			(93.2)						79.92						21.54
Outstanding at December 31, 2024			22.5						$	84.17					$	20.98					1.1						$	0.2
Of the above, as of December 31, 2024:
Exercisable			22.5						$	84.17											1.1						$	0.2
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, 2024 was $92.77.

(b)There were 115.7 thousand exercisable options with a weighted average exercise price of $80.74 at December 31, 2023 and 102.7 thousand exercisable options with a weighted average exercise price of $79.26 at December 31, 2022.

(c)At December 31, 2024, all outstanding time-based options were vested.

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