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What changed in BRINKS CO's 10-K — 2023 vs 2024

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Paragraph-level year-over-year comparison of BRINKS CO's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+370 added−359 removedSource: 10-K (2025-02-26) vs 10-K (2024-02-29)

Top changes in BRINKS CO's 2024 10-K

370 paragraphs added · 359 removed · 254 edited across 8 sections

Item 1. Business

Business — how the company describes what it does

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Biggest changeWorkforce Demographics We have a culturally and geographically diverse workforce that serves customers in more than 100 countries. Based upon business demand, we have a need for a flexible workforce. In certain geographic regions, statutory employee protections may limit our ability to increase or decrease our workforce without significant expense.
Biggest changeOur new purpose and values unite our team members around behaviors that guide our work across the organization and with our partners. 4 Workforce Demographics We have a culturally and geographically varied workforce that serves customers in more than 100 countries. Based upon business demand, we have a need for a flexible workforce.
Basic ATM services – We provide customers who own and operate ATMs a variety of service options. Basic ATM management services include cash replenishment, treasury management and first line maintenance.
Basic ATM services – We provide customers who own and operate ATMs a variety of service options. Basic ATM services include cash replenishment, treasury management and first line maintenance.
See Note 7 to the consolidated financial statements for more detailed information on the acquired assets and liabilities from these acquisitions. Reorganization and Restructuring 2022 Global Restructuring Plan In the first quarter of 2023, management completed the review and approval of remaining actions included in the previously disclosed restructuring plan across our global business operations.
See Note 7 to the consolidated financial statements for more detailed information on the acquired assets and liabilities from these acquisitions. Reorganization and restructuring 2022 Global Restructuring Plan In the first quarter of 2023, management completed the review and approval of remaining actions included in the previously disclosed restructuring program across our global business operations.
See Note 24 to the consolidated financial statements for more detailed information on reorganization and restructuring activities. 7 Available Information and Corporate Governance Documents The following items are available free of charge on our website ( www.brinks.com ) as soon as reasonably possible after filing or furnishing them with the Securities and Exchange Commission (the “SEC”): • Annual reports on Form 10-K • Quarterly reports on Form 10-Q • Current reports on Form 8-K, and amendments to those reports The following documents are also available free of charge on our website: • Corporate Governance Guidelines • Code of Ethics • The charters of the following committees of our Board of Directors (the “Board”): Audit and Ethics, Compensation and Human Capital, Corporate Governance and Nominating, and Finance and Business Development Printed versions of these items will be mailed free of charge to shareholders upon request.
See Note 24 to the consolidated financial statements for more detailed information on reorganization and restructuring activities. 6 Available Information and Corporate Governance Documents The following items are available free of charge on our website ( www.brinks.com ) as soon as reasonably possible after filing or furnishing them with the Securities and Exchange Commission (the “SEC”): • Annual reports on Form 10-K • Quarterly reports on Form 10-Q • Current reports on Form 8-K, and amendments to those reports The following documents are also available free of charge on our website: • Corporate Governance Guidelines • Code of Ethics • The charters of the following committees of our Board of Directors (the “Board”): Audit and Ethics, Compensation and Human Capital, Corporate Governance and Nominating, and Finance and Business Development Printed versions of these items will be mailed free of charge to shareholders upon request.
Brink's Global Services ("BGS") – Serving customers in more than 100 countries, BGS is the leading global provider of secure transport of high-value commodities including diamonds, jewelry, luxury goods, precious metals, securities, banknotes, currency, high-tech devices, electronics, pharmaceuticals and fine art. Additional BGS services include pick-up, packaging, customs clearance, secure storage and inventory management.
Brink's Global Services ("BGS") – Serving customers in more than 100 countries, BGS is a leading global provider of secure transport of high-value commodities and goods, including diamonds, jewelry, luxury goods, precious metals, securities, banknotes, currency, high-tech devices, electronics, pharmaceuticals and fine art. Additional BGS services include pick-up, packaging, customs clearance, secure storage and inventory management.
Specifically, we maintained focus on enhancing workforce planning, talent planning for critical roles, identifying high potential employees and enhancing our brand attractiveness by further establishing Brink’s as a company that is relevant, digital, inclusive and growing. We also continued to evaluate, and sought to maintain, the competitiveness of our compensation and benefits programs to assist with talent attraction and retention.
Specifically, we maintained focus on enhancing talent planning for critical roles, identifying high potential employees and enhancing our brand attractiveness by further establishing Brink’s as a company that is relevant, digital and growing. We also continued to evaluate, and sought to maintain, the competitiveness of our compensation and benefits programs to assist with talent attraction and retention.
Vaulting services – Vaulting services combine cash-in-transit services, cash management services, vaulting and electronic reporting technologies to help banks expand into new markets while minimizing investment in vaults and branch facilities. In addition to providing secure storage, we process deposits, provide check imaging and reconciliation services, perform currency inventory management, process ATM replenishment orders and electronically transmit banking transactions.
Vaulting services – Vaulting services combine CIT services, cash management services, vaulting and electronic reporting technologies to help banks expand into new markets while minimizing investment in vaults and branch facilities. In addition to providing secure storage, we process deposits, provide check imaging and reconciliation services, perform currency inventory management, process ATM replenishment orders and electronically transmit banking transactions.
Our permits and licensing requirements vary by jurisdictions based on the scope of business conducted and applicable laws and regulations. In addition, in the U.S., Brink’s Capital LLC has federally registered as a Money Services Business in anticipation of offering money transmission and payment services to customers.
Our permits and licensing requirements vary by jurisdiction based on the scope of business conducted and applicable laws and regulations. In addition, in the U.S., Brink’s Capital LLC has federally registered as a Money Services Business in anticipation of offering money transmission and payment services to customers.
The security loss experience of Brink’s and, to a limited extent, other armored carriers affects our premium rates. Service Mark and Patents BRINKS is a registered service mark in the U.S. and certain foreign countries. Brink's name and marks are of material significance to our business.
The security loss experience of Brink’s and, to a limited extent, other armored carriers affect our premium rates. Service Mark and Patents BRINKS is a registered service mark in the U.S. and certain foreign countries. Brink's name and marks are of material significance to our business.
We remain focused on how we will accelerate revenue growth, margin improvement and cash flows and position Brink’s to win across the evolving payments ecosystem. 2 Services We design customized services to meet the cash and valuables supply chain needs of our customers. We enter into contracts with our customers to establish pricing and other terms.
We remain focused on how we will accelerate revenue growth, margin improvement and cash flows and position Brink’s to win across the evolving payments ecosystem. 2 Services We design customized services to meet the needs of our customers. We enter into contracts with our customers to establish pricing and other terms.
Cash-in-transit services include the secure transportation of cash between retail businesses and financial institutions, such as banks and credit unions; cash, securities and other valuables between commercial banks, central banks and investment banking and brokerage firms; and new currency, coins, bullion and precious metals for central banks and other customers.
CIT services include the secure transportation of cash between retail businesses and financial institutions, such as banks and credit unions; cash, securities and other valuables between commercial banks, central banks and investment banking and brokerage firms; and new currency, coins, bullion and precious metals for central banks and other customers.
Other Services – Guarding services, commercial security systems services, and payment services. Digital Retail Solutions ("DRS"), and ATM Managed Services ("AMS") (21% of total revenues in 2023) DRS and AMS are technology enabled services provided to customers throughout the world. Revenues are typically contractually recurring with multi-year terms.
Other Services – Guarding services, commercial security systems services, and payment services. Digital Retail Solutions ("DRS"), and ATM Managed Services ("AMS") (24% of total revenues in 2024) DRS and AMS are technology-enabled services provided to customers throughout the world. Revenues are typically contractually recurring with multi-year terms.
In 2023, we continued our focus on onboarding and other training programs for employees which are designed to represent our culture and values, focus on retention, increase employee engagement, reduce employee turnover and ensure that employees act in accordance with applicable law and industry best practices.
In 2024, we continued our focus on onboarding and other training programs for employees, which are designed to represent our culture and values, focus on retention, increase employee engagement and ensure that employees act in accordance with applicable law and industry best practices.
The Brink’s Company, along with its subsidiaries, is referred to as “we,” “our,”, “us,” “Brink’s,” or “the Company” throughout this Annual Report on Form 10-K for the period ended December 31, 2023 ("this Form 10-K"). 1 Strategy Our strategy is to grow Brink’s by providing a superior customer experience and driving continuous improvement.
The Brink’s Company, along with its subsidiaries, is referred to as “we,” “our,”, “us,” “Brink’s,” or “the Company” throughout this Annual Report on Form 10-K for the period ended December 31, 2024 ("this Form 10-K"). 1 Strategy Our strategy continues to focus on growing Brink’s by providing a superior customer experience and driving continuous improvement.
We are committed to accelerating the development of our leaders through various programs such as our “Future Leaders” program, which is designed to build capable and confident leaders that can lead and inspire a diverse workforce in an ever-changing environment. Future Leaders is an intense and immersive 10-month leadership development program for our emerging leaders.
We are committed to accelerating the development of our leaders through various programs such as our “Future Leaders” program, which is designed to build capable and confident leaders who can lead and inspire our workforce in an ever-changing environment. Future Leaders is an intense and immersive 12-month leadership development program for our emerging leaders.
Following are descriptions of our service offerings: Cash and Valuables Management (79% of total revenues in 2023) Cash and valuables management services are provided to customers throughout the world. Revenues are affected by the level of economic activity in various markets as well as the volume of business for specific customers.
Following are descriptions of our service offerings: Cash and Valuables Management ("CVS") (76% of total revenues in 2024) CVS services are provided to customers throughout the world. Revenues are affected by the level of economic activity in various markets as well as the volume of business for specific customers.
Cash and valuables management services generated approximately $3.9 billion of revenues in 2023 ($3.8 billion in 2022 and $3.7 billion in 2021). Cash-in-transit services – Serving customers since 1859, our success in cash-in-transit ("CIT") is driven by a combination of rigorous security practices, high-quality customer service, risk management and logistics expertise.
CVS services generated approximately $3.8 billion of revenues in 2024 ($3.9 billion in 2023 and $3.8 billion in 2022). These services include: Cash-in-transit services – Serving customers since 1859, our success in cash-in-transit ("CIT") is driven by a combination of rigorous security practices, high-quality customer service, risk management and logistics expertise.
Movement of valuable shipments are generally subject to import/export regulations. We are also subject to certain firearm regulations in connection with our armored logistics operations. We must comply with licensing, permits and registration requirements imposed by various federal, state and local governmental agencies in the U.S. and other countries in which we operate.
We are also subject to certain firearm regulations in connection with our armored logistics operations. We must comply with licensing, permits and registration requirements imposed by various federal, state and local governmental agencies in the U.S. and other countries in which we operate.
We have controlling ownership interests in companies in 52 countries and agency relationships with companies in additional countries. We employ approximately 68,200 people and our operations include approximately 1,300 facilities and 16,400 vehicles.
We have controlling ownership interests in companies in 51 countries and agency relationships with companies in additional countries. We employ approximately 68,100 people and our operations include approximately 1,300 facilities and 16,100 vehicles.
Business Acquisitions On October 3, 2022, we acquired 100% of the capital stock of NoteMachine for approximately $194 million. NoteMachine is based in the United Kingdom and manages a portfolio of ATMs. NoteMachine generated approximately $150 million in revenues in the twelve month period prior to the acquisition.
The aggregate purchase consideration for these three acquisitions was approximately $27 million. On October 3, 2022, we acquired 100% of the capital stock of NoteMachine for approximately $194 million. NoteMachine is based in the United Kingdom and manages a portfolio of ATMs. NoteMachine generated approximately $150 million in revenues in the twelve month period prior to the acquisition.
We will prioritize Growth and Customer Loyalty by creating a consistent and exceptional experience across all service lines and deploying sales fundamentals & standardized processes. We will pursue Innovation by using tech-enabled solutions to introduce new value propositions and optimize operations, challenging convention to differentiate our services and reshape our business.
We will prioritize Partnering for Customer Success by creating a consistent and exceptional experience across all service lines and deploying sales fundamentals and standardized processes. We will Innovate to Grow by using tech-enabled solutions to introduce new value propositions and optimize operations, challenging convention to differentiate our services and reshape our business.
This framework considers our global footprint and values-driven culture: • Placing customers at the center of everything we do and understanding their current and future needs to better define our value proposition; • Leveraging technology to drive product and business innovation to maintain our competitive advantage and increase revenue; • Sharing infrastructure and best practices across our operations to increase scale and profitability; and • Establishing a workplace and employer brand that attracts, develops, and empowers diverse talent to ensure we have the best people and perspectives to achieve our goals.
Our new purpose is “Together, we build partnerships to secure commerce.” This purpose and strategic framework considers our global footprint and values-driven culture and aligns our organizational focus on: • Placing customers at the center of everything we do and understanding their current and future needs to better define our value proposition; • Leveraging technology to drive product and business innovation to maintain our competitive advantage and increase revenue; • Sharing infrastructure and best practices across our operations to increase scale and profitability; and • Establishing a workplace and employer brand that attracts, develops, and empowers the talent needed to ensure we have the best people and perspectives to achieve our goals.
Valuables management includes the transportation and storage of banknotes, precious metals and other valuables across the world. These services may be impacted by global economic conditions, interest rates as well as regional demand for precious metals and luxury goods.
Cash management includes the secure transportation, handling and storage of currency for retail and financial institution customers. Valuables management includes the transportation and storage of banknotes, precious metals and other valuables across the world. These services may be impacted by global economic conditions, interest rates as well as regional demand for precious metals and luxury goods.
ATM Managed Services – We provide comprehensive services for ATM management beyond basic ATM services including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, and installation services. AMS provides an economical solution for financial institutions, retailers and independent ATM owners to outsource day-to-day operation of ATMs.
ATM Managed Services – We provide comprehensive services for ATM management, including cash forecasting, cash optimization, remote monitoring, service call dispatching, transaction processing, first and second line maintenance, parts provisioning, funds settlements and installation services. AMS provides an economical solution for financial institutions, retailers and independent ATM owners to outsource day-to-day operation of ATMs.
Certain employees in the United States provide corporate services for the various regions in which we operate. 4 During 2023, we continued to take steps to develop a deep talent pool to meet the ever-changing needs of our business.
Of our approximately 8,100 employees in the United States, approximately 100 were classified as part-time employees. Certain employees in the United States provide corporate services for the various regions in which we operate. During 2024, we continued to take steps to develop a deep talent pool to meet the ever-changing needs of our business.
Our values ensure that we work safely to protect ourselves and others, consider the customer first in all we do, display the highest standards of ethics, engage and empower employees, continually find new ways to improve the way we work, and foster a diverse and inclusive workplace.
Our new purpose and values are more action-oriented and relevant to our current business, emphasize our collective effort, and continue to ensure that we work safely to protect ourselves and others, consider the customer first in all we do, display the highest standards of ethics, engage and empower employees, and continually find new ways to improve the way we work.
Employee Safety and Wellness Employee safety is of paramount importance as we strive to bring every employee home safely every night. In this respect, we maintain our commitment to providing a safe workplace that protects against and limits personal injury and other types of harm for our employees and the communities in which we operate.
We maintain our commitment to providing a safe workplace that protects against and limits personal injury and other types of harm for our employees and the communities in which we operate.
Government Regulation Aspects of our business are, and anticipated products and services may be, subject to regulation by various federal, state and foreign governmental agencies. Various federal, state and local agencies in the U.S. and other countries in which we operate regulate certain current aspects of our business, including commercial lending, safety of operations, equipment and financial responsibility.
Various federal, state and local agencies in the U.S. and other countries in which we operate regulate certain current aspects of our business, in areas such as commercial lending, safety of operations, equipment and financial responsibility. Movement of valuable shipments are generally subject to import/export regulations.
We will achieve Operational Excellence by leveraging the Brink's Business System to drive a continuous improvement culture focused on customer experience and by building scale by sharing activities, infrastructure and knowledge. We will develop our Talent by attracting, developing, and empowering the best people, by strengthening core competencies across the company and by fostering an inclusive culture that inspires excellence.
We will achieve operational excellence as we Run the Business Better by leveraging the Brink's Business System to drive a continuous improvement culture focused on customer experience and by building scale by sharing activities, infrastructure and knowledge.
At December 31, 2023, our company had approximately 66,000 full-time and 2,200 part-time employees. Approximately 88% or 60,100 of our employees are outside the United States. Of our approximately 8,100 employees in the United States, approximately 200 were classified as part-time employees.
In certain geographic regions, statutory employee protections may limit our ability to increase or decrease our workforce without significant expense. At December 31, 2024, our company had approximately 66,100 full-time and 2,000 part-time employees. Approximately 88% or 60,000 of our employees are outside the United States.
For more information on our Sustainability Program, including our environmental, social and governance priorities, please refer to the 2022 Sustainability Report, which can be found on our Sustainability page on our website. 6 Business Divestitures We exited our Russia-based operations in 2023 and recognized a $2.0 million loss on disposal.
Sustainability Program For more information on our Sustainability Program, including our environmental, social and governance priorities, please refer to our most recent Sustainability Report, which can be found on our Sustainability page on our website. 5 Business acquisitions In 2024, we acquired three business operations in the North America, Latin America and Europe segments.
Labor Relations As of December 31, 2023, approximately 29,000 of our employees in various countries in which we operate, or approximately 43% of our total workforce, were represented by trade union organizations and/or covered by collective bargaining agreements, which have various expiration dates from 2024 to 2028. 5 We are an equal opportunity employer and prohibit discrimination in employment decisions based upon any category protected by applicable federal, state, or local law.
In 2024, this program was expanded to include the Americas. Labor Relations As of December 31, 2024, approximately 30,400 of our employees in various countries in which we operate, or approximately 45% of our total workforce, were represented by trade union organizations and/or covered by collective bargaining agreements, which have various expiration dates from 2025 to 2028.
Other Restructurings Management periodically implements restructuring actions in targeted sections of our business. As a result of these actions, we recognized $43.6 million net costs in 2021, primarily severance costs. We recognized $16.6 million net costs in 2022, primarily severance costs. We recognized $6.6 million net costs in 2023.
In total, we have recognized $34.0 million in charges under this program, including $0.8 million in 2024. The actions under this program were substantially completed in 2024. Other Restructurings As a result of other restructuring actions, we recognized $16.6 million of net costs in 2022, primarily severance costs. We recognized $6.6 million of net costs in 2023.
Globally, we are sharing our vision of a winning culture with our leadership through country communication plans and using global leadership training and performance assessments to reinforce our values and critical success factors throughout the organization.
The survey covered workplace culture, management style, employee satisfaction and other topics and provided valuable feedback that we are currently leveraging to implement Company-wide action plans. Globally, we are sharing our vision of a winning culture with our leadership and using global leadership capability building training (#PowerYourTalent) and streamlined performance reviews to reinforce our new Brink’s values throughout the organization.
We also offer our employees a wide array of market-competitive benefits specific to the markets in which we operate, including life and health (medical, dental and vision) insurance, mental and emotional health resources, paid time off, retirement benefits, family leave and family care resources. Diversity and Inclusion We are committed to providing a diverse and inclusive workplace and culture.
We offer our employees a wide array of market-competitive benefits specific to the markets in which we operate, including life and health coverage, as well as mental health resources. Effective in 2025, we introduced fertility benefits for our U.S. employees to support their paths to parenthood.
To execute our objectives, we manage the business with multi-year plans. In our current strategic plan, we are focusing on the implementation of the strategic pillars across our service lines: Cash and Valuables Management, Digital Retail Solutions and ATM Managed Services.
We will Win as Team Brink's by unleashing the power of our people through attracting, developing, and empowering the best people, strengthening core competencies across the company and fostering a culture that inspires excellence. We are focusing on the implementation of the strategic pillars across our service lines: Cash and Valuables Management, Digital Retail Solutions and ATM Managed Services.
DRS and AMS services generated approximately $1.0 billion of revenues in 2023 ($0.7 billion in 2022 and $0.5 billion in 2021). Digital Retail Solutions – DRS includes services that facilitate faster access to cash deposits leveraging Brink’s tech-enabled sales and software platforms and enable enhanced customer analytics and visibility.
DRS and AMS services generated approximately $1.2 billion of revenues in 2024 ($1.0 billion in 2023 and $0.7 billion in 2022). Digital Retail Solutions – Our DRS offerings are a combination of smart devices, software, analytics, and services to offer customers of all sizes an integrated and flawless solution to their cash management needs.
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We will achieve this by delivering on four strategic pillars : Growth and Customer Loyalty, Innovation, Operational Excellence, and Talent.
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Our strategic focus areas remain the same, but in 2024, we renamed them to provide clarity for our team on what is most important. Our four strategic pillars are now: (1) Partner for Customer Success, (2) Innovate to Grow, (3) Run the Business Better and (4) Win as Team Brink’s.
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DRS offers businesses of all sizes a cost-effective solution that simplifies cash acceptance and enables merchants to access their cash without visiting a bank. In addition, DRS allows more small and mid-size retailers to safely and affordably accept and receive cash quickly. DRS includes our patented Brink’s Complete TM and CompuSafe® services.
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In 2024, we also refreshed our organizational purpose to inspire, energize and align our Brink’s team members around the world.
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Human Capital Management Culture and Values At Brink’s, the following values underpin our company culture: Safety, Integrity, Engagement, Continuous Improvement, Customer Focus and Diversity and Inclusion. Our values guide the way we work and are the cornerstone of our culture.
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They typically provide customers with a convenient solution offering more transparency, faster access to working capital, and integration into their unique operating systems. DRS includes our patented Brink’s Complete TM and CompuSafe® services.
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We continue to use employee opinion surveys to take the pulse of our employees on a global basis. In 2023, we conducted a global engagement survey and achieved our goal for employee participation.
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Government Regulation Aspects of our business are, and anticipated products and services may be, subject to regulation by various federal, state and foreign governmental agencies.
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The results of this survey have helped us to better understand the thoughts and perspectives of our employees around the world, validate our existing strengths, and gain valuable insights for continuous improvement. We believe meaningful actions based on employee feedback gleaned in the survey will result in ongoing high engagement with our employees.
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Human Capital Management Purpose and Values As described above, in 2024, we renewed our purpose and updated the values underpinning our company culture to be more impactful, modern and reflective of our future. Our new purpose is: Together, we build partnerships to secure commerce.
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We continue to maintain a flexible work program that allows certain employees to work remotely as approved by their managers.
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Our new values are: We Drive Customer Success, We Strive for Excellence, We Protect, We Work Together, and We Do What’s Right.
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For instance, in the U.S., we recently implemented a hybrid return to work policy referred to as “Flex and Connect,” which is intended to help our corporate employees maintain a reasonable professional/personal life balance as we continue to invest in and protect our strong Company culture and foster in-person creativity, collaboration, connection, and celebration.
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With our new purpose and values in mind, we also launched "Team Brink’s – Better Together," a Company-wide roadmap for our future that embraces an enterprise-first mindset and better reflects our aspirations to be a global team working together to inspire trust, create value and achieve excellence.
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Accordingly, we continue to identify opportunities to execute on our commitment to diversity and inclusion (“D&I”). For instance, we continue to improve upon our aspiration to increase the representation of women in leadership, regularly reporting our progress to senior leadership and the Board.
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Our commitment to actively engage with our employees is a key component of our culture. In 2023, we launched a global employee engagement survey with the goal of better understanding the thoughts and perspectives of our employees and what they need to be more successful.
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We have a Diversity and Inclusion Council in each of the U.S., Europe, Asia and Latin America, made up of the Company’s senior leaders in various functions, and the executive sponsors and chairs of our employee resource groups (“ERGs”) (generally known as "affinity groups" outside of the U.S.) to promote a diverse and inclusive workplace and culture.
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We offer a range of programs to develop our managers’ capabilities and enhance our leadership across the Company.
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In the United States, we have dedicated ERGs for women, Black, Asian Pacific Islander and Latinx employees, as well as military veterans. In Brazil, Argentina, and Europe, we have affinity groups focusing on women, LGBTQ+ employees, and individuals with disabilities. Brazil specifically has a dedicated affinity group for Black employees.
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Our efforts are aimed at increasing organizational talent and capabilities and identifying and developing potential successors for key leadership positions. Employee Safety and Wellness Employee safety is of paramount importance as we strive to bring every employee home safely every night.
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In Canada, Mexico, and Chile, affinity groups are in place to support women. In 2023, we expanded our affinity groups further by introducing two new affinity groups in Asia—one dedicated to India's women and another for Asia Diversity. In Latin America, a new ERG was formed in Chile focusing on cultural transformation.
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We recognized $0.7 million of net costs in 2024. The actions were substantially completed in 2024.
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We firmly believe that ERGs and affinity groups play a pivotal role in cultivating an inclusive culture within Brink's and providing crucial support. We remain steadfast in our commitment to supporting the formation and success of ERGs and affinity groups and continuing to champion D&I across our global enterprise.
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In 2024, we will have a cohort of leaders in our Europe, Middle East, Africa and Asia regions as well as in the Americas.
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It is also our policy to provide employment opportunities without regard to race, color, age, sex, sexual orientation, religious creed, national origin or any other status protected by law. We believe our employee relations are satisfactory.
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On April 1, 2021, we acquired 100% of the capital stock of PAI Midco, Inc., which directly or indirectly owns 100% of the ownership interests in four additional entities (collectively, "PAI"), for approximately $216 million. PAI was the largest privately-held provider of ATM services in the U.S. and generated approximately $94 million in revenues in 2020.
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The actions were taken to enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions. In total, we have recognized $33.2 million in charges under the program, including $11.0 million in 2023. We expect total expenses from the program to be between $38 million and $42 million, primarily severance costs.
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The majority of the costs in both the 2023 and 2022 periods result from the exit of a line of business in a specific geography with most of the remaining costs due to management initiatives to address the COVID-19 pandemic.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeThese risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to: • our ability to improve profitability and execute further cost and operational improvements and efficiencies in our core businesses; • our ability to improve service levels and quality in our core businesses; • market volatility and commodity price fluctuations; • general economic issues, including supply chain disruptions, fuel price increases, inflation and changes in interests rates • seasonality, pricing and other competitive industry factors; • investment in information technology and its impact on revenue and profit growth; • our ability to maintain an effective IT infrastructure and safeguard confidential information, including from a cybersecurity incident; • our ability to effectively develop and implement solutions for our customers; • risks associated with operating in foreign countries, including changing political, labor and economic conditions (including political conflict or unrest), regulatory issues (including the imposition of international sanctions, including by the U.S. government), military conflicts (including but not limited to the conflict in Israel and surrounding areas, as well as the possible expansion of such conflicts and potential geopolitical consequences), currency restrictions and devaluations, restrictions on and cost of repatriating earnings and capital, impact on the Company's financial results as a result of jurisdictions' higher-than-expected inflation and those determined to be highly inflationary, and restrictive government actions, including nationalization; • labor issues, including labor shortages, negotiations with organized labor and work stoppages; • pandemics, acts of terrorism, strikes or other extraordinary events that negatively affect global or regional cash commerce; • the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates; • our ability to identify, evaluate and complete acquisitions and other strategic transactions and to successfully integrate acquired companies; • costs related to dispositions and product or market exits; • our ability to obtain appropriate insurance coverage, positions taken by insurers relative to claims and the financial condition of insurers; • safety and security performance and loss experience; • employee, environmental and other liabilities in connection with former coal operations, including black lung claims; • the impact of the American Rescue Plan Act and Patient Protection and Affordable Care Act on legacy liabilities and ongoing operations; • funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; • changes to estimated liabilities and assets in actuarial assumptions; • the nature of hedging relationships and counterparty risk; • access to the capital and credit markets; • our ability to realize deferred tax assets; • the impact of foreign tax credit regulations; • the impact of foreign tax credit regulations; • the outcome of pending and future claims, litigation, and administrative proceedings; • public perception of our business, reputation and brand; • changes in estimates and assumptions underlying our critical accounting policies; and • the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations.
Biggest changeThese risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to: • our ability to improve profitability and execute further cost and operational improvements and efficiencies in our core businesses; • our ability to improve service levels and quality in our core businesses; • market volatility and commodity price fluctuations; • general economic issues, including supply chain disruptions, fuel price increases, new or increased international tariffs, inflation and changes in interests rates • seasonality, pricing and other competitive industry factors; • investment in information technology ("IT") and its impact on revenue and profit growth; • risks associated with the usage of artificial intelligence ("AI") technologies; • our ability to maintain an effective IT infrastructure and safeguard confidential information and risks related to a failure of our information technology systems and networks, including cloud-based applications, and risks associated with current and emerging technology threats, and damage from computer viruses, unauthorized access, cyber attacks, including increasingly sophisticated cyber attacks incorporating the use of AI and other similar disruptions; • our ability to effectively develop and implement solutions for our customers; • risks associated with operating in foreign countries, including changing political, labor and economic conditions (including political conflict or unrest), regulatory issues (including the imposition of international sanctions, including by the U.S. government), military conflicts (including but not limited to the conflict in Israel and surrounding areas, as well as the possible expansion of such conflicts and potential geopolitical consequences), currency restrictions and devaluations, restrictions on and cost of repatriating earnings and capital, impact on the Company's financial results as a result of jurisdictions' higher-than-expected inflation and those determined to be highly inflationary, and restrictive government actions, including nationalization; • labor issues, including labor shortages, negotiations with organized labor and work stoppages; • pandemics, acts of terrorism, strikes or other extraordinary events that negatively affect global or regional cash commerce; • the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates; • our ability to identify, evaluate and complete acquisitions and other strategic transactions and to successfully integrate acquired companies; • costs related to dispositions and product or market exits; • our ability to obtain appropriate insurance coverage, positions taken by insurers relative to claims and the financial condition of insurers; • safety and security performance and loss experience; • employee, environmental and other liabilities in connection with former coal operations, including black lung claims; • the impact of the American Rescue Plan Act and Patient Protection and Affordable Care Act on legacy liabilities and ongoing operations; • funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits; • changes to estimated liabilities and assets in actuarial assumptions; • the nature of hedging relationships and counterparty risk; • access to the capital and credit markets; • our ability to realize deferred tax assets; • the impact of foreign tax credit regulations; • the outcome of pending and future claims, litigation, and administrative proceedings; • public perception of our business, reputation and brand; • changes in estimates and assumptions underlying our critical accounting policies; and • the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations.
Our reputation or brand, particularly the trust placed in us by our customers, could be negatively impacted in the event of perceived or actual breaches in our ability to conduct our business ethically, securely and responsibly. In addition, we have licensing arrangements that permit certain entities to use Brink’s name and/or other intellectual property in connection with their businesses.
Our brand reputation, particularly the trust placed in us by our customers, could be negatively impacted in the event of perceived or actual breaches in our ability to conduct our business ethically, securely and responsibly. In addition, we have licensing arrangements that permit certain entities to use Brink’s name and/or other intellectual property in connection with their businesses.
We have programs in place that are intended to identify, protect, detect, respond, and recover from cybersecurity incidents and breaches and that provides employee awareness training regarding cyber risks; however, due to evolving and advanced sophisticated attackers, cyber attacks remain increasingly difficult to detect and we may need to allocate additional resources to continue to enhance our information security measures and/or to investigate and remediate any security vulnerabilities.
We have programs in place that are intended to identify, protect against, detect, respond to, and recover from cybersecurity incidents and breaches and that provides employee awareness training regarding cyber risks; however, due to evolving and advanced sophisticated attackers, cyber attacks remain increasingly difficult to detect and we may need to allocate additional resources to continue to enhance our information security measures and/or to investigate and remediate any security vulnerabilities.
We may be unable to anticipate these emerging techniques, react in a timely manner, or implement adequate preventative measures. We have experienced cybersecurity incidents and unplanned system disruptions in the past, but none of these incidents or disruptions, individually or in the aggregate, have had a material adverse effect on our business, financial condition or results of operations.
We may be unable to anticipate these emerging techniques, react in a timely manner, or implement adequate preventative measures. We have experienced 11 cybersecurity incidents and unplanned system disruptions in the past, but none of these incidents or disruptions, individually or in the aggregate, have had a material adverse effect on our business, financial condition or results of operations.
Remote work by our personnel and remote access to our systems have also increased significantly, which could increase our cybersecurity risk profile. We believe our cybersecurity risks will further increase as we expand services, complete mergers & acquisitions, and employ emerging technologies, mobile applications, third-party service providers and 11 cloud-based services.
Remote work by our personnel and remote access to our systems have also increased significantly, which could increase our cybersecurity risk profile. We believe our cybersecurity risks will further increase as we expand services, complete mergers and acquisitions, and employ emerging technologies, mobile applications, third-party service providers and cloud-based services.
In addition, our effective income tax rate is significantly affected by the ability to realize deferred tax assets, including those 10 associated with net operating losses. Changes in income tax laws, income apportionment, or estimates of the ability to realize deferred tax assets, could significantly affect our effective income tax rate, financial position and results of operations.
In addition, our effective income tax rate is significantly affected by the ability to realize deferred tax assets, including those associated with net operating losses. Changes in income tax laws, income apportionment, or estimates of the ability to realize deferred tax assets, could significantly affect our effective income tax rate, financial position and results of operations.
Shareholder activism , including potential proxy contests, requires significant time and attention by management and the Board of Directors, potentially hindering the Company’s ability to execute its strategic plan and negatively affecting the trading value of our common stock.
Shareholder activism , including potential proxy contests, requires significant time and attention by management and the Board, potentially hindering the Company’s ability to execute its strategic plan and negatively affecting the trading value of our common stock.
The risks to a successful integration and improvement of operating performance and profitability include, among others, failure to implement our business plan, unanticipated issues in integrating operations with ours, unanticipated changes in laws and regulations, labor unrest resulting from union operations, regulatory, environmental and permitting issues, unfavorable customer reactions, the effect on our 8 internal controls and compliance with the regulatory requirements under the Sarbanes-Oxley Act of 2002, and difficulties in fully identifying and evaluating potential liabilities, risks and operating issues.
The risks to a successful integration and improvement of operating performance and profitability include, among others, failure to implement our business plan, unanticipated issues in integrating operations with ours, unanticipated changes in laws and regulations, labor unrest resulting from union operations, regulatory, environmental and permitting issues, unfavorable customer reactions, the effect on our 7 internal controls and compliance with the regulatory requirements under the Sarbanes-Oxley Act of 2002, and difficulties in fully identifying and evaluating potential liabilities, risks and operating issues.
Based on our actuarial assumptions at the end of 2023, we do not expect to make contributions until 2027. A change in assumptions could result in funding obligations that could adversely affect our liquidity and our ability to use our resources to make acquisitions and to otherwise grow our business.
Based on our actuarial assumptions at the end of 2024, we do not expect to make contributions until 2027. A change in assumptions could result in funding obligations that could adversely affect our liquidity and our ability to use our resources to make acquisitions and to otherwise grow our business.
Business operations outside the U.S. are subject to political, economic and other risks inherent in operating in foreign countries, such as: • the difficulty of enforcing agreements, collecting receivables and protecting assets through foreign legal systems; • trade protection measures and import or export licensing requirements; • difficulty in staffing and managing widespread operations; • required compliance with a variety of foreign laws and regulations; • enforcement of our global compliance program in foreign countries with a variety of laws, cultures and customs; • varying permitting and licensing requirements in different jurisdictions; • foreign ownership laws; • changes in the general political and economic conditions in the countries where we operate, particularly in emerging markets; • threat of nationalization and expropriation; • higher costs and risks of doing business in a number of foreign jurisdictions; • laws or other requirements and restrictions associated with organized labor; • limitations on the repatriation of earnings; • fluctuations in equity, revenues and profits due to changes in foreign currency exchange rates, including measures taken by governments to devalue official currency exchange rates; • inflation levels exceeding that of the U.S; and • the inability to collect for services provided to government entities.
Business operations outside the U.S. are subject to political, economic and other risks inherent in operating in foreign countries, such as: • the difficulty of enforcing agreements, collecting receivables and protecting assets through foreign legal systems; • trade protection measures and import or export licensing requirements; • difficulty in staffing and managing widespread operations; • required compliance with a variety of foreign laws and regulations; • enforcement of our global compliance program in foreign countries with a variety of laws, cultures and customs; • varying permitting and licensing requirements in different jurisdictions; • foreign ownership laws; • changes in the general political and economic conditions in the countries where we operate, particularly in emerging markets; • threat of nationalization and expropriation; • higher costs and risks of doing business in a number of foreign jurisdictions; • laws or other requirements and restrictions associated with organized labor; • limitations on the repatriation of earnings; • the imposition of new or increased international tariffs and the impact on currency exchange rates; • fluctuations in equity, revenues and profits due to changes in foreign currency exchange rates, including measures taken by governments to devalue official currency exchange rates; • inflation levels exceeding that of the U.S.; and • the inability to collect for services provided to government entities.
We operate subsidiaries in 52 countries, all of which have different income tax laws and associated income tax rates. Our effective income tax rate can be significantly affected by changes in the mix of pretax earnings by country and the related income tax rates in those countries.
We operate subsidiaries in 51 countries, all of which have different income tax laws and associated income tax rates. Our effective income tax rate can be significantly affected by changes in the mix of pretax earnings by country and the related income tax rates in those countries.
On November 2, 2023, the Board of Directors authorized a new share repurchase program that will expire on December 31, 2025. Under the new program, we are authorized to repurchase shares of common stock for an aggregate purchase price not to exceed $500 million, excluding fees, commissions and other ancillary expenses.
On November 2, 2023, the Board authorized a share repurchase program that will expire on December 31, 2025. Under this program, we are authorized to repurchase shares of common stock for an aggregate purchase price not to exceed $500 million, excluding fees, commissions and other ancillary expenses.
The amount of these obligations is significantly affected by factors that are not in our control, including interest rates used to determine the present value of future payment streams, investment returns, medical inflation rates, participation rates and changes in laws and regulations. The funded status of the primary U.S. pension plan was approximately 98% as of December 31, 2023.
The amount of these obligations is significantly affected by factors that are not in our control, including interest rates used to determine the present value of future payment streams, investment returns, medical inflation rates, participation rates and changes in laws and regulations. The funded status of the primary U.S. pension plan was approximately 101% as of December 31, 2024.
Additionally, the California Privacy Rights Act, which became effective on January 1, 2023, significantly modified the CCPA and has resulted in further uncertainty. The GDPR and these other privacy and data protection laws impose requirements related to the handling of personal data, mandates public disclosure of certain data breaches, and provides for substantial penalties for non-compliance.
Additionally, the California Privacy Rights Act, which became effective on January 1, 2023, significantly modified the CCPA and has resulted in further uncertainty. The GDPR and these other privacy and data protection laws impose requirements related to the handling of personal data, mandate public disclosure of certain data breaches, and provide for substantial penalties for non-compliance.
Deferred tax assets are future tax deductions that result primarily from the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statement and income tax purposes. At December 31, 2023, we had $170 million of U.S. deferred tax assets, net of valuation allowances, primarily related to our retirement plan obligations.
Deferred tax assets are future tax deductions that result primarily from the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statement and income tax purposes. At December 31, 2024, we had $183 million of U.S. deferred tax assets, net of valuation allowances, primarily related to our retirement plan obligations.
Department of Treasury’s Financial Crimes Enforcement Network and is currently registered and/or licensed in some, and may in the future be registered and/or licensed as a “money transmitter” or similar designation with various state or local jurisdictions in the U.S. related to delivering future products and services.
Department of Treasury’s Financial Crimes Enforcement Network ("FinCEN"). It is also currently registered and/or licensed—and may in the future be registered and/or licensed—as a “money transmitter” or similar designation with various state or local jurisdictions in the U.S. related to delivering future products and services.
We have $348 million of actuarial losses recorded in accumulated other comprehensive income (loss) at the end of 2023. These losses relate to changes in actuarial assumptions that have increased the net liability for benefit plans. These losses have not been recognized in earnings.
We have $274 million of actuarial losses recorded in accumulated other comprehensive income (loss) at the end of 2024. These losses relate to changes in actuarial assumptions that have increased the net liability for benefit plans. These losses have not been recognized in earnings.
Forward-looking information in this document includes, but is not limited to, statements regarding future performance of The Brink’s Company and its global operations, including: the impact of the Company's ongoing transformation initiatives; costs associated with labor rate increases related to future payments to the Maco unions; difficulty in repatriating cash; continued strengthening of the U.S. dollar; anticipated costs of our reorganization and restructuring activities, including the global restructuring activities implemented in the third quarter of 2022; our ability to consummate acquisitions and integrate their operations successfully, collection of receivables related to the internal loss in the U.S. global services operations; support for our Venezuela business; changes in allowance calculation methods; the impact of foreign currency forward and swap contracts; our effective tax rate, including the impact of Pillar Two rules; realization of deferred tax assets; the ability to meet liquidity needs; expenses and payouts for the U.S. retirement plans and the funded status of the primary pension plan; expected liability for and future contributions to the UMWA plans; liability for black lung obligations; the effect of pending legal matters, including the Chile antitrust matter; the impacts of the operating environment in Argentina; and expected future payments under contractual obligations.
Forward-looking information in this document includes, but is not limited to, statements regarding future performance of The Brink’s Company and its global operations, including: the impact of the Company's ongoing transformation and other strategic initiatives; difficulty in repatriating cash; continued strengthening of the U.S. dollar; anticipated costs of our reorganization and restructuring activities; our ability to consummate acquisitions and integrate their operations successfully, collection of receivables related to the internal loss in the U.S. global services operations; support for our Venezuela business; changes in allowance calculation methods; future working capital performance; the impact of foreign currency forward and swap contracts; our effective tax rate, including the impact of Pillar Two rules; realization of deferred tax assets; the ability to meet liquidity needs; expenses and payouts for the U.S. retirement plans and the funded status of the primary pension plan; expected liability for and future contributions to the United Mine Workers of America ("UMWA") plans; liability for black lung obligations; the effect of pending legal matters, including the Chile antitrust matter; the impacts of the operating environment in Argentina; and expected future payments under contractual obligations.
Since its inception, more geographies in which we operate have enacted laws similar to GDPR, including several countries in Asia and states in the U.S.
Since its inception, more geographies in which we operate have enacted laws similar to GDPR, including several countries in Asia and Latin America, as well as several states in the U.S.
We are exposed to certain risks when we operate in countries that have high levels of inflation, including the risk that: • the rate of price increases for services will not keep pace with the cost of inflation; • adverse economic conditions may discourage business growth which could affect demand for our services; • the devaluation of the currency may exceed the rate of inflation and reported U.S. dollar revenues and profits may decline; and • these countries may be deemed “highly inflationary” for U.S. generally accepted accounting principles (“GAAP”) purposes.
We are exposed to certain risks when we operate in countries that have high levels of inflation, including the risk that: • the rate of price increases for services will not keep pace with the cost of inflation; • adverse economic conditions may discourage business growth which could affect demand for our services; • the devaluation of the currency may exceed the rate of inflation and reported U.S. dollar revenues and profits may decline; and • these countries may be deemed “highly inflationary” for U.S. generally accepted accounting principles (“GAAP”) purposes. 8 We manage these risks by monitoring current and anticipated political and economic developments, monitoring adherence to our global compliance program and adjusting operations as appropriate.
It is possible that our restructuring plans may not achieve their intended results and that we will incur restructuring charges in the future. It is possible that our restructuring plans may not achieve their intended results and may have other consequences, such as attrition beyond our planned reduction in workforce or our ability to attract highly skilled employees.
It is possible that our restructuring plans may not achieve their intended results and may have other consequences, such as attrition beyond our planned reduction in workforce or our ability to attract highly skilled employees. As a result, our restructuring plans may affect our revenue and other operating results in the future.
We have launched a number of initiatives to improve efficiencies and reduce operating costs. Although we have achieved annual cost savings associated with these initiatives, we may be unable to sustain the cost savings that we have achieved.
We have launched a number of initiatives to improve efficiencies and reduce operating costs, as well as to improve working capital management and overall cash flows. Although we have achieved annual cost savings associated with these initiatives, we may be unable to sustain the cost savings that we have achieved.
These Registrations subject us to, among other things, having an effective anti-money laundering (AML) compliance program, record-keeping requirements and reporting requirements, and examination by state and federal regulatory agencies, and these and our other regulatory obligations may significantly increase our costs or impact our operations.
These registrations subject us to, among other things, having an effective anti-money laundering ("AML") compliance program, record-keeping requirements and reporting requirements, and examination by state and federal regulatory agencies.
Growing concerns about climate change may result in the imposition of additional environmental regulations to which we are subject. The U.S. federal government, certain U.S. states and certain other countries and regions have adopted or are considering legislation or regulation imposing overall caps or taxes on greenhouse gas emissions (including carbon dioxide) from certain sectors or facility categories.
Growing concerns about climate change may result in the imposition of additional environmental regulations to which we are subject. The U.S. federal government, certain U.S. states and certain other countries and regions have adopted or are considering emissions-limiting legislation or regulation on vehicle and other transportation engines.
We are subject to the regular examination of our income tax returns by various tax authorities. We regularly assess the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for income taxes. There can be no assurance that the outcomes from these examinations will not have a material adverse effect on our business.
We are subject to the regular examination of our income tax returns by various tax authorities. We regularly assess the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for income taxes.
In addition, if we are unable to achieve, or have any unexpected delays in achieving additional cost savings, our results of operations and cash flows may be adversely affected. Even if we meet our goals as a result of these initiatives, we may not receive the expected financial benefits of these initiatives.
In addition, if we are unable to achieve, or have any unexpected delays in achieving additional cost savings, our results of operations and cash flows may be adversely affected.
We manage these risks by monitoring current and anticipated political and economic developments, monitoring adherence to our global compliance program and adjusting operations as appropriate. Changes in the political or economic environments of the countries in which we operate could have a material adverse effect on our business, financial condition, results of operations and cash flows.
Changes in the political or economic environments of the countries in which we operate could have a material adverse effect on our business, financial condition, results of operations and cash flows.
As a result, our restructuring plans may affect our revenue and other operating results in the future. In addition, it is possible we will take additional restructuring actions, including in connection with acquisitions, in one or more of our markets in the future to reduce expenses.
In addition, it is possible we will take additional restructuring actions, including in connection with acquisitions as well as global transformation initiatives, in one or more of our markets in the future to reduce expenses or enhance our customer facing and back-office delivery capabilities.
We operate in regulated industries. Our U.S. operations are subject to regulation by the U.S. Department of Transportation with respect to safety of operations and equipment and financial responsibility. Intrastate operations in the U.S. are subject to regulation by state regulatory authorities and interprovincial operations 9 in Canada are subject to regulation by Canadian and provincial regulatory authorities.
Intrastate operations in the U.S. are subject to regulation by state regulatory authorities and interprovincial operations in Canada are subject to regulation by Canadian and provincial regulatory authorities. Our other international operations are regulated to varying degrees by the countries in which we operate.
The new authorization replaced the prior $250 million program, which expired on December 31, 2023 with $28 million remaining available. Although the Board of Directors has authorized the share repurchase program, the share repurchase program does not obligate the Company to repurchase any specific dollar amount or to acquire any specific number of shares.
Although the Board has authorized the share repurchase program, the share repurchase program does not obligate the Company to repurchase any specific dollar amount or to acquire any specific number of shares.
If laws and regulations were to change or we failed to comply with any applicable laws or regulations, our business, financial condition, results of operations and cash flows could be materially and adversely affected. We may be unable to achieve, or may be delayed in achieving, our initiatives to drive efficiency and control costs.
If laws and regulations were to change or we fail to comply with changes to any applicable laws or regulations, our business, financial condition, results of operations and cash flows could be materially and adversely affected. We face risks related to our settlement agreements with the U.S.
Operational Risks We have significant operations outside the United States. We currently serve customers in more than 100 countries, including 52 countries where we operate subsidiaries. Seventy percent (70%) of our revenues in 2023 came from operations outside the U.S. We expect revenues outside the U.S. to continue to represent a significant portion of total revenues.
Seventy percent (70%) of our revenues in 2024 came from operations outside the U.S. We expect revenues outside the U.S. to continue to represent a significant portion of total revenues.
Changes in laws or regulations could require a change in the way we operate, which could increase costs or otherwise disrupt operations. In addition, failure to comply with any applicable laws or regulations could result in substantial fines or revocation of our operating permits and licenses.
Finally, changes in laws or regulations, or the interpretations of such laws and regulations, could require a change in the way we operate, which could increase costs or otherwise disrupt operations.
Our other international operations are regulated to varying degrees by the countries in which we operate. Many countries have permit requirements for security services and prohibit foreign companies from providing different types of security services. Additionally, Brink’s Capital LLC, a subsidiary of the Company, is federally registered as a “Money Services Business” with the U.S.
We operate in regulated industries, and our failure to comply with the laws regulating our operations, and the costs we may incur to comply, could have a material adverse effect on our business, financial condition, results of operations and cash flows. Brink’s Capital LLC, a subsidiary of the Company, is federally registered as a “Money Services Business” with the U.S.
Added
We may also incur additional expenses related to U.S. and international regulators requiring varied calculation, disclosure, and assurance methodologies regarding greenhouse gas ("GHG") emissions including, but not limited to, the European Sustainability Reporting Standards and Corporate Sustainability Reporting Directive and California SB219.
Added
Furthermore, many countries and U.S. states in which we operate or are subject to regulation may adopt, additional requirements related to the disclosure of GHG emission and related matters. Operational Risks We have significant operations outside the United States. We currently serve customers in more than 100 countries, including 51 countries where we operate subsidiaries.
Added
In Canada, as of July 1, 2024, Brink’s armoured transporation operations are subject to Proceeds of Crime (Money Laundering) and Terrorist Financing Act as a federally registered “Money Services Business” with the Financial Transactions and Reports Analysis Centre of Canada ("FINTRAC").
Added
This registration subjects us to, among other things, having an effective AML compliance program, record-keeping requirements and reporting requirements, and periodic examination by FINTRAC. These and our other regulatory obligations may significantly increase our costs or impact our operations.
Added
Our failure to comply with or any determination that we have violated any applicable laws or regulations could result in, among other things, substantial fines or revocation of our Money Services Business status, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.
Added
Likewise, our foreign operating subsidiaries are subject to similar regulations, examinations and supervision by governmental entities.
Added
For instance, under the EU Payment Services Directives, as amended, and the EU Anti-Money Laundering Directives, as amended, our foreign operating subsidiaries that are operating in the EU may be subject to reporting, recordkeeping and anti-money laundering regulations, and agent oversight and monitoring requirements, as well as broader supervision by EU member states.
Added
Our Canadian business is subject to the Retail Payment Activities Act, which requires registration of our operations and our ongoing compliance with risk management, funds safeguarding, recordkeeping and reporting regulations. Legislation that has been enacted or proposed in other jurisdictions could have similar effects. These and our other regulatory obligations may significantly increase our costs or impact our operations.
Added
Any determination that we have violated these laws could have a material adverse effect on our business, financial condition, results of operations and cash flows.
Added
We are also subject to the Foreign Corrupt Practices Act ("FCPA") in the U.S. and similar laws in other countries, such as the Bribery Act in the UK, which generally prohibit companies and those acting on their behalf from making improper payments to foreign government officials for the purpose of obtaining or retaining business.
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Some of these laws, such as the Bribery Act, also prohibit improper payments between commercial enterprises. Because our services are offered in more than 100 countries, we face significant risks associated with our obligations under the FCPA, the Bribery Act and other national anti-corruption laws.
Added
Any determination that we have violated these laws could have a material adverse effect on our business, financial condition, results of operations and cash flows. Our U.S. operations are subject to regulation by the U.S. Department of Transportation with respect to safety of operations and equipment and financial responsibility.
Added
Many countries have permit requirements for security services and prohibit foreign companies from providing different types of security services.
Added
Our failure to comply with any applicable laws or regulations could result in, among other things, substantial fines or revocation of our operating permits and licenses, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.
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Department of Justice (“DOJ”) and FinCEN, including additional monetary penalties if we fail to comply with the terms of the settlement agreements and costs and burdens associated with our compliance undertakings.
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In August 2020, we received a subpoena issued in connection with an investigation being conducted by the DOJ, primarily related to cross-border shipments of cash and things of value and anti-money laundering (“AML”) compliance.
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Subsequently, in March 2024, we received a Notice of Investigation from FinCEN related to Bank Secrecy Act (“BSA”)/AML compliance that involved substantially the same conduct that was the subject to the DOJ’s investigation. On January 31, 2025, the Company resolved these matters with FinCEN and the DOJ.
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As part of these resolutions, the Company agreed to pay $42 million to these agencies over three years, beginning in January 2025.
Added
If we fail to comply with the terms of these settlement agreements, the DOJ or FinCEN could impose monetary penalties and the DOJ could determine that approximately $20 million of the total amount to be forfeited under the agreement with the DOJ would not be forgiven (as is contemplated under the agreement), but instead would be payable to the DOJ.
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These potential monetary penalties could have a material adverse effect on our business, financial condition and results of operations. 9 In addition, compliance with the terms of these settlement agreements could impose significant additional burdens on us, including increased compliance costs and potential burdens on our business that could adversely affect our competitive advantage.
Added
These compliance costs and other burdens could have a material adverse effect on our business, financial condition and results of operations. We may be unable to achieve, or may be delayed in achieving, our initiatives to drive efficiency in controlling costs and managing cash flows.
Added
Also, while certain cash flow actions have benefit, and may further benefit, cash flow in the near term, cash flow may be negatively impacted in future periods if our programs do not meet expectations. Even if we meet our goals as a result of these initiatives, we may not receive the expected financial benefits of these initiatives.
Added
There can be no assurance that the outcomes from these examinations will not have a material adverse effect on our business. 10 It is possible that our restructuring plans may not achieve their intended results and that we will incur restructuring charges in the future.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeThe Company’s Global Chief Information Security Officer (“Global CISO”), who reports to the Global CIO, is responsible for leading our enterprise-wide cybersecurity strategy, policy, standards, architecture and processes, including the Brink’s Global Information Security (“GIS”) Program.
Biggest changeITEM 1C. CYBERSECURITY Overview The Company’s Global Chief Information Officer (“Global CIO”) leads all aspects of the Company’s IT strategy, including digital capabilities and information systems. The Company’s Global Chief Information Security Officer (“Global CISO”), who reports to the Global CIO, is responsible for leading our enterprise-wide cybersecurity strategy, policy, standards, architecture and processes, including the Brink’s GIS Program.
Sethi regularly reports to the Board regarding cybersecurity risks. James Holley, the Global CISO, oversees our information, cyber, and technology security and reports to Neelu Sethi, the Company’s Global CIO. Mr. Holley has over 30 years of leadership, operational and technical experience in information security.
Sethi regularly reports to the Board regarding cybersecurity risks. James Holley, the Global CISO, oversees our information, cyber, and technology security and reports to the Company’s Global CIO. Mr. Holley has over 30 years of leadership, operational and technical experience in information security.
As of December 31, 2023, management has determined that none of the cyberattacks we have experienced, individually or in the aggregate, have had a material adverse effect on our business, financial condition, or results of operations, but we cannot provide assurance that we will not be materially affected in the future by such risks or any future material incidents.
As of December 31, 2024, management has determined that none of the cyberattacks we have experienced, individually or in the aggregate, have had a material adverse effect on our business, financial condition, or results of operations, but we cannot provide assurance that we will not be materially affected in the future by such risks or any future material incidents.
These reports also include updates on the status of projects to strengthen our information security systems, recent assessments of the information security program and the emerging threat landscape. Management’s Role in Assessing and Managing our Material Risks from Cybersecurity Threats Ms. Sethi serves as the Company’s Global CIO and reports to Kurt McMaken, the Company’s CFO. Ms.
These reports also include updates on the status of projects to strengthen our information security systems, recent assessments of the information security program and the emerging threat landscape. Management’s Role in Assessing and Managing our Material Risks from Cybersecurity Threats Neelu Sethi serves as the Global CIO and reports to Kurt McMaken, the CFO. Ms.
The Global CIO, with support from the Global CISO, provides periodic reports to the Board of Directors (the “Board”), the Chief Executive Officer, the Chief Financial Officer (“CFO”) (to whom the Global CIO reports) and other members of our senior management.
The Global CIO, with support from the Global CISO, provides periodic reports to the Board, the Chief Executive Officer, the Chief Financial Officer (“CFO”) (to whom the Global CIO reports) and other members of our senior management.
The Disclosure Committee meets on a quarterly basis and more often as necessary. 15 We maintain cybersecurity insurance and regularly consult with third-party cybersecurity experts during our review of cybersecurity controls in place. We also perform periodic assessments of our key vendors, which allows the Company to identify vendor cybersecurity risks and to develop reasonable mitigation plans.
The Disclosure Committee meets on a quarterly basis and more often as necessary. 15 We maintain cybersecurity insurance and regularly consult with third-party cybersecurity experts during our review of existing cybersecurity controls. We also perform periodic assessments of our key vendors, which allow the Company to identify vendor cybersecurity risks and develop reasonable mitigation plans.
Removed
ITEM 1C. CYBERSECURITY Overview The Company’s Global Chief Information Officer (“Global CIO”) leads all aspects of the Company’s information technology (“IT”) strategy, including digital capabilities and information systems.

Item 2. Properties

Properties — owned and leased real estate

1 edited+1 added−1 removed1 unchanged
Biggest changeWe own or lease armored vehicles, panel trucks and other vehicles that are primarily service vehicles. Our armored vehicles are of bullet-resistant construction and are specially designed and equipped to provide security for the crew and cargo. The following table discloses leased and owned facilities and vehicles for Brink’s most significant operations as of December 31, 2023.
Biggest changeWe own or lease armored vehicles, panel trucks and other vehicles that are primarily service vehicles. Our armored vehicles are of bullet-resistant construction and are specially designed and equipped to provide security for the crew and cargo. The following table discloses leased and owned facilities and vehicles for Brink’s most significant operations as of December 31, 2024.
Removed
Facilities Vehicles Segments Leased Owned Total Leased Owned Total North America 234 35 269 3,309 944 4,253 Latin America 333 83 416 834 4,216 5,050 Europe 155 36 191 2,656 1,758 4,414 Rest of World 414 9 423 867 1,801 2,668 Corporate Items 5 — 5 — — — Total 1,141 163 1,304 7,666 8,719 16,385
Added
Facilities Vehicles Segments Leased Owned Total Leased Owned Total North America 231 36 267 3,310 818 4,128 Latin America 329 81 410 1,010 4,058 5,068 Europe 157 36 193 2,890 1,571 4,461 Rest of World 387 7 394 908 1,512 2,420 Corporate Items 5 — 5 — — — Total 1,109 160 1,269 8,118 7,959 16,077

Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

11 edited+2 added−0 removed4 unchanged
Biggest changePrior to that, he served as Senior Vice President from July 2019 until September 2021. From 2014 to 2019, he led the Brink’s Global Services business in the Americas and the Company’s cash-in-transit business in South America (with the exception of Mexico and Brazil). Ms.
Biggest changePrior to that, he served as the General Manager and Senior Vice President at Walmart Mexico and Central America's Financial Services business from 2014-2015 and served as the Chairman of the Board of Banco Walmart Mexico in 2015. Ms. Galloway was appointed as the Company’s Executive Vice President and Chief Human Resources Officer in May 2023.
From January to December 2020 Mr. Parks was Senior Vice President, Strategy Deployment & Execution. From 2018 to January 2020, he was Senior Vice President, Integration. From 2015 to 2018 he served as the President and General Manager of Brink’s Canada. Mr. Castillo was appointed as Executive Vice President and President, North America in June 2022. Prior to that, Mr.
Parks was Senior Vice President, Strategy Deployment & Execution. From 2018 to January 2020, he was Senior Vice President, Integration. From 2015 to 2018 he served as the President and General Manager of Brink’s Canada. Mr. Castillo was appointed as Executive Vice President and President, North America in June 2022. Prior to that, Mr.
ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 17 Information about Our Executive Officers The following is a list as of February 29, 2024, of the names and ages of the executive officers of the Company indicating the principal positions and offices held by each. There are no family relationships among any of the officers named.
ITEM 4. MINE SAFETY DISCLOSURES Not applicable. 17 Information about Our Executive Officers The following is a list as of February 26, 2025, of the names and ages of the executive officers of the Company indicating the principal positions and offices held by each. There are no family relationships among any of the officers named.
Blackwood 47 Executive Vice President, General Counsel and Corporate Secretary 2021 James K. Parks 55 Executive Vice President and President, Europe, Middle East, Africa and Asia 2023 Daniel J. Castillo 55 Executive Vice President and President, North America 2022 Executive and other officers of the Company are elected annually and serve at the pleasure of the Board of Directors. Mr.
Blackwood 48 Executive Vice President, General Counsel and Corporate Secretary 2021 James K. Parks 56 Executive Vice President and President, Europe, Middle East, Africa and Asia 2023 Daniel J. Castillo 56 Executive Vice President and President, North America 2022 Executive and other officers of the Company are elected annually and serve at the pleasure of the Board. Mr.
Parks was appointed as Executive Vice President and President, Europe, Middle East, Africa and Asia in May 2023. Prior to that, he served as Executive Vice President and President of Europe from September 2021 to May 2023 and, before that, as Senior Vice President from December 2020 to September 2021. He has oversight responsibility for the Company's operations in Europe.
Prior to that, he served as Executive Vice President and President of Europe from September 2021 to May 2023 and, before that, as Senior Vice President from December 2020 to September 2021. He has oversight responsibility for the Company's operations in Europe, Middle East, Africa and Asia. From January to December 2020 Mr.
Previously, he served as president of Cree Lighting from 2016 until 2017, and, between 2001 and 2015, he held positions at Cooper Industries and Cooper Lighting in various roles of increasing responsibility. 18 PART II
Previously, he served as president of Cree Lighting, an LED lighting company, from 2016 until 2017, and, between 2001 and 2015, he held positions at Cooper Industries, an electrical product manufacturer, and Cooper Lighting, an LED lighting company, in various roles of increasing responsibility. 18 PART II
Galloway was appointed as the Company’s Executive Vice President and Chief Human Resources Officer in May 2023. Prior to that, she served as Executive Vice President and Chief Human Resources Officer at Invitation Homes, Inc. from 2019 to May 2023. Prior to that, she served as Chief Human Resources Officer at At Home Group Inc.
Prior to that, she served as Executive Vice President and Chief Human Resources Officer at Invitation Homes, Inc., the leading single-family home leasing and management company in the United states, from 2019 to May 2023. Prior to that, she served as Chief Human Resources Officer at At Home Group Inc.
Blackwood joined the Company in 2012 as assistant general counsel and served in that role until 2020, when she was named Vice President, Associate General Counsel. She has served as the Company’s Corporate Secretary since 2013. Prior to joining Brink’s, she served as Associate Chief Counsel and Corporate Secretary for Cigna Corporation. Mr.
Blackwood was appointed as the Company's Executive Vice President and General Counsel and Corporate Secretary in November 2021. Ms. Blackwood joined the Company in 2012 as assistant general counsel and served in that role until 2020, when she was named Vice President, Associate General Counsel. She has served as the Company’s Corporate Secretary since 2013.
Name Age Positions and Offices Held Held Since Mark Eubanks 51 President and Chief Executive Officer 2022 Kurt B. McMaken 54 Executive Vice President and Chief Financial Officer 2022 Dominik Bossart 49 Executive Vice President and President, Latin America and Brink's Global Services 2023 Elizabeth A. Galloway 46 Executive Vice President and Chief Human Resources Officer 2023 Lindsay K.
Name Age Positions and Offices Held Held Since Mark Eubanks 52 President and Chief Executive Officer 2022 Kurt B. McMaken 55 Executive Vice President and Chief Financial Officer 2022 Guillermo Peschard Mijares 52 Executive Vice President and President, Latin America 2024 Elizabeth A. Galloway 47 Executive Vice President and Chief Human Resources Officer 2023 Lindsay K.
McMaken served in Audit & Business Advisory Services at PricewaterhouseCoopers LLP from 1992 to 1999. Mr. Bossart was appointed as Executive Vice President and President, Latin America and Brink's Global Services in May 2023. Prior to that, he served as Executive Vice President and President MEA, Asia and Brink’s Global Services from September 2021 to May 2023.
McMaken served in Audit & Business Advisory Services at PricewaterhouseCoopers LLP from 1992 to 1999. Mr. Peschard was appointed as Executive Vice President and President, Latin America in December 2024. Prior to that, he served as Senior Vice President of Global Strategic Cost Transformation at PepsiCo, Inc.
("At Home") from 2018 to 2019. Before At Home, Ms. Galloway also served in human resources leadership roles at PepsiCo, Inc., Owens Corning, and Marathon Petroleum Corporation. Ms. Blackwood was appointed as the Company's Executive Vice President and General Counsel and Corporate Secretary in November 2021. Ms.
("At Home"), an operator of home decor superstores, from 2018 to 2019. Before At Home, Ms. Galloway also served in human resources leadership roles at PepsiCo, Owens Corning, a leading building and construction materials manufacturer, and Marathon Petroleum Corporation, a petroleum refining, marketing and transportation company. Ms.
Added
("PepsiCo"), a multinational food, snack and beverage corporation, from 2020 to 2024 and previously as Chief Strategy and Transformation Officer for PepsiCo's Latin American business from 2015-2020.
Added
Prior to joining Brink’s, she served as Associate Chief Counsel and Corporate Secretary for Cigna Corporation, a multinational healthcare and insurance company. Mr. Parks was appointed as Executive Vice President and President, Europe, Middle East, Africa and Asia in May 2023.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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Biggest changeFor purposes of calculating earnings per share, we reported each ASR as a repurchase of our common stock and as a forward contract indexed to our common stock. Each ASR met the applicable criteria for equity classification, and, as a result, none were accounted for as a derivative instrument.
Biggest changeIn 2022, we received 546,993 additional shares upon the early termination of an ASR. For purposes of calculating earnings per share, we reported each ASR as a repurchase of our common stock and as a forward contract indexed to our common stock.
The number of record holders does not include beneficial owners of our securities whose shares are held in the names of various security brokers, dealers and registered clearing agencies. Share Repurchase Program On November 2, 2023, our Board of Directors authorized a $500 million share repurchase program that expires on December 31, 2025 (the “2023 Repurchase Program”).
The number of record holders does not include beneficial owners of our securities whose shares are held in the names of various security brokers, dealers and registered clearing agencies. Share Repurchase Program On November 2, 2023, our Board authorized a $500 million share repurchase program that expires on December 31, 2025 (the “2023 Repurchase Program”).
We chose the S&P Midcap 400 Index and our custom peer group as we are included in the S&P Midcap 400 Index, and we believe the custom peer group has more similar characteristics to our company for the factors noted above. 21
We chose the S&P Midcap 400 Index and our custom peer group as we are included in the S&P Midcap 400 Index, and we believe the custom peer group has more similar characteristics to our company for the factors noted above.
These shares were retired upon repurchase. The 2021 Repurchase Program expired on December 31, 2023 with approximately $28 million remaining available. Our Board of Directors previously authorized a $250 million repurchase program (the “2020 Repurchase Program”) in February 2020. Under the 2020 Repurchase Program, we entered into three accelerated share repurchase arrangements (each, an "ASR") with a financial institution.
These shares were retired upon repurchase. The 2021 Repurchase Program expired on December 31, 2023 with approximately $28 million remaining available. Our Board previously authorized a $250 million repurchase program in February 2020 (the “2020 Repurchase Program”). Under the 2020 Repurchase Program, we entered into three accelerated share repurchase arrangements (each, an "ASR") with a financial institution.
The performance of The Brink’s Company’s common stock assumes that the shareholder reinvested all dividends received during the period. *$100 invested on 12/31/18 in stock or index, including reinvestment of dividends Fiscal Year ending December 31. Source: Zacks Investment Research, Inc.
The performance of The Brink’s Company’s common stock assumes that the shareholder reinvested all dividends received during the period. *$100 invested on 12/31/19 in stock or index, including reinvestment of dividends Fiscal Year ending December 31. Source: Zacks Investment Research, Inc.
The companies included in the peer group are Cintas Corporation, Iron Mountain, Inc., Euronet Worldwide, Inc., Stericycle, Inc., UniFirst Corporation and Waste Management, Inc. The graph tracks the performance of a $100 investment in our common stock and in each index from December 31, 2018, through December 31, 2023.
The companies included in the peer group are Cintas Corporation, Iron Mountain, Inc., Euronet Worldwide, Inc., UniFirst Corporation and Waste Management, Inc. The graph tracks the performance of a $100 investment in our common stock and in each index from December 31, 2019, through December 31, 2024.
The cumulative return for each index is measured on an annual basis for the periods from December 31, 2018, through December 31, 2023, with the value of each index set to $100 on December 31, 2018. Total return assumes reinvestment of dividends.
The cumulative return for each index is measured on an annual basis for the periods from December 31, 2019, through December 31, 2024, with the value of each index set to $100 on December 31, 2019. Total return assumes reinvestment of dividends.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock trades on the New York Stock Exchange under the symbol “BCO.” As of February 26, 2024, there were 1,004 shareholders of record of common stock.
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock trades on the New York Stock Exchange under the symbol “BCO.” As of February 21, 2025, there were 955 shareholders of record of common stock.
Comparison of Five-Year Cumulative Total Return (a) Years Ended December 31, 2018 2019 2020 2021 2022 2023 The Brink's Company $ 100.00 141.27 113.61 104.52 86.75 143.83 S&P MidCap 400 Index 100.00 126.20 143.44 178.95 155.58 181.15 Peer Group 100.00 138.62 154.49 204.70 198.74 246.80 (a) For the line designated as “The Brink’s Company” the graph depicts the cumulative return on $100 invested in The Brink’s Company’s common stock at December 31, 2018.
Comparison of Five-Year Cumulative Total Return (a) Years Ended December 31, 2019 2020 2021 2022 2023 2024 The Brink's Company $ 100.00 80.42 73.98 61.40 101.81 108.43 S&P MidCap 400 Index 100.00 113.66 141.80 123.28 143.54 163.54 Peer Group 100.00 112.78 153.57 151.53 190.06 231.65 (a) For the line designated as “The Brink’s Company” the graph depicts the cumulative return on $100 invested in The Brink’s Company’s common stock at December 31, 2019.
Share repurchases under the 2023 Repurchase Program may be made in the open market, in privately negotiated transactions, or otherwise. In October 2021, we announced that our Board of Directors authorized a $250 million share repurchase program (the "2021 Repurchase Program").
At December 31, 2024, $296 million remained available under the 2023 Repurchase Program. In October 2021, we announced that our Board authorized a $250 million share repurchase program (the "2021 Repurchase Program").
In April 2022, the financial institution early terminated this ASR and we received additional 546,993 shares. 19 The following table provides information about common stock repurchases by the Company during the quarter then ended December 31, 2023.
Each ASR met the applicable criteria for equity classification, and, as a result, none were accounted for as a derivative instrument. The following table provides information about common stock repurchases by the Company during the quarter then ended December 31, 2024.
Removed
Below is a summary of each ASR entered into under the 2020 Repurchase Program: Upfront Payment Shares Received Average Repurchase Price August 2020 $ 50,000,000 849,978 $ 58.83 September 2020 — 246,676 — $ 50,000,000 1,096,654 $ 45.59 August 2021 $ 50,000,000 524,315 $ 95.36 September 2021 — 131,384 — $ 50,000,000 655,699 $ 76.25 November 2021 (a) $ 150,000,000 1,742,160 $ 86.10 April 2022 (a) — 546,993 — $ 150,000,000 2,289,153 $ 65.53 $ 250,000,000 4,041,506 $ 61.86 (a) We received 1,742,160 shares in November 2021.
Added
Share repurchases under the 2023 Repurchase Program may be made in the open market, in privately negotiated transactions, or otherwise. During the twelve months ended December 31, 2024, we repurchased a total of 2,108,544 shares of our common stock for an aggregate of $203.6 million and an average price of $96.54 per share. These shares were retired upon repurchase.
Removed
Under this ASR, the purchase period had a scheduled termination date of June 1, 2022, although the financial institution was eligible to early terminate the ASR after January 31, 2022.
Added
Period (a) Total Number of Shares Purchased (b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs (1) October 1 through October 31, 2024 51,403 $105.31 51,403 $ 369,292,101 November 1 through November 30, 2024 338,700 $96.57 390,103 336,584,974 December 1 through December 31, 2024 427,217 $93.96 817,320 296,443,422 (1) In the fourth quarter of 2023, we entered into a $500 million share repurchase program that expires on December 31, 2025.
Removed
Period (a) Total Number of Shares Purchased (b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs (1) October 1 through October 31, 2023 306,508 $70.71 306,508 $ 70,449,787 November 1 through November 30, 2023 298,380 $74.09 604,888 48,343,349 December 1 through December 31, 2023 239,494 $85.08 844,382 27,967,551 (1) On October 27, 2021, the Company's Board of Directors approved a $250 million share repurchase program that expired on December 31, 2023, with approximately $28 million remaining under the program. 20 The following graph compares the cumulative 5-year total return provided to shareholders of The Brink’s Company’s common stock compared to the cumulative total returns of the S&P Midcap 400 index and the common stocks of a selected peer group of companies.
Added
Shares repurchases under this program may be made in the open market, in privately negotiated transactions, or otherwise. 19 The following graph compares the cumulative 5-year total return provided to shareholders of The Brink’s Company’s common stock compared to the cumulative total returns of the S&P Midcap 400 index and the common stocks of a selected peer group of companies.
Added
In 2024, we removed Stericycle, Inc. from our custom peer group because it was acquired by Waste Management, Inc. during the year.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

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Biggest changeSee page 35 for footnote explanations. 36 Non-GAAP reconciled to GAAP Years Ended December 31, (In millions, except for per share amounts) 2023 2022 2021 Net income (loss) attributable to noncontrolling interests: GAAP $ 10.6 11.3 12.1 Retirement plans (c) — 0.1 — Reorganization and Restructuring (b) — 0.1 0.5 Acquisitions and dispositions (b) 1.0 1.0 0.9 Non-GAAP $ 11.6 12.5 13.5 Income (loss) from continuing operations attributable to Brink's: GAAP $ 86.0 173.5 103.1 Retirement plans (c) (7.0) 8.1 22.1 Reorganization and Restructuring (b) 14.2 30.5 31.4 Acquisitions and dispositions (b) 62.7 63.5 65.4 Argentina highly inflationary impact (b) 146.5 47.6 13.4 Transformation initiatives (b) 5.4 — — Non-routine auto loss matter (b) 7.8 — — Change in allowance estimate (b) — 11.9 — Valuation allowance on tax credits (d) 27.8 (53.2) — Ship loss matter (b) — 3.6 — Chile antitrust matter (b) 0.4 0.9 9.5 Internal loss (b) — — (19.8) Reporting compliance (b) 0.8 — — Deferred tax valuation allowance (e) — — 12.8 Non-GAAP $ 344.6 286.4 237.9 Diluted EPS GAAP $ 1.83 3.63 2.06 Retirement plans (c) (0.15) 0.17 0.44 Reorganization and Restructuring (b) 0.30 0.64 0.63 Acquisitions and dispositions (b) 1.33 1.33 1.31 Argentina highly inflationary impact (b) 3.13 1.00 0.27 Transformation initiatives (b) 0.12 — — Non-routine auto loss matter (b) 0.17 — — Change in allowance estimate (b) — 0.25 — Valuation allowance on tax credits (d) 0.59 (1.11) — Ship loss matter (b) — 0.08 — Chile antitrust matter (b) 0.01 0.02 0.19 Internal loss (b) — — (0.40) Reporting compliance (b) 0.02 — — Deferred tax valuation allowance (e) — — 0.26 Non-GAAP $ 7.35 5.99 4.75 Amounts may not add due to rounding.
Biggest change(c) See “Other Items Not Allocated To Segments” on pages 26 - 29 for details. 36 Years Ended December 31, (In millions, except for per share amounts) 2024 2023 2022 Operating profit: GAAP $ 453.0 425.2 361.3 Reorganization and restructuring (a) 1.5 17.6 38.8 Acquisitions and dispositions (a) 62.5 70.6 86.6 Argentina highly inflationary impact (a) 35.0 86.8 41.7 Transformation initiatives (a) 28.4 5.5 — DOJ/FinCEN investigations (a) 45.7 — — Chile antitrust matter (a) 1.3 0.5 1.4 Non-routine auto loss matter (a) 2.0 8.0 — Ship loss matter (a) — — 4.9 Reporting compliance (a) — 0.8 — Change in allowance estimate (a) — — 15.6 Non-GAAP $ 629.4 615.0 550.3 Income from continuing operations attributable to Brink's: GAAP $ 161.8 86.0 173.5 Reorganization and restructuring (a) 1.3 14.2 30.5 Acquisitions and dispositions (a) 55.9 62.7 63.5 Argentina highly inflationary impact (a) 41.4 146.5 47.6 Transformation initiatives (a) 27.7 5.4 — DOJ/FinCEN investigations (a) 45.7 — — Chile antitrust matter (a) 1.0 0.4 0.9 Non-routine auto loss matter (a) 2.0 7.8 — Ship loss matter (a) — — 3.6 Reporting compliance (a) — 0.8 — Retirement plans (b) (8.3) (7.0) 8.1 Change in allowance estimate (a) — — 11.9 Valuation allowance on tax credits (b) (7.1) 27.8 (53.2) Non-GAAP $ 321.4 344.6 286.4 Adjusted EBITDA: Net income attributable to Brink's $ 162.9 87.7 170.6 Interest expense 235.4 203.8 138.8 Income tax provision 92.7 139.2 41.4 Depreciation and amortization 293.3 275.8 245.8 EBITDA $ 784.3 706.5 596.6 Discontinued operations (1.1) (1.7) 2.9 Reorganization and restructuring (a) 1.5 16.4 37.7 Acquisitions and dispositions (a) 2.8 13.0 30.9 Argentina highly inflationary impact (a) 24.3 136.6 42.7 Transformation initiatives (a) 28.4 5.5 — DOJ/FinCEN investigations (a) 45.7 — — Chile antitrust matter (a) 1.3 0.5 1.4 Non-routine auto loss matter (a) 2.0 8.0 — Ship loss matter (a) — — 4.9 Reporting compliance (a) — 0.8 — Retirement plans (b) (8.4) (9.0) 11.0 Change in allowance estimate (a) — — 15.6 Valuation allowance on tax credits (b) — — — Share-based compensation (c) 36.6 33.0 48.6 Marketable securities (gain) loss (d) (5.5) (42.4) (4.0) Adjusted EBITDA $ 911.9 867.2 788.3 37 Years Ended December 31, (In millions, except for per share amounts) 2024 2023 2022 Diluted EPS: GAAP $ 3.61 1.83 3.63 Reorganization and restructuring (a) 0.03 0.30 0.64 Acquisitions and dispositions (a) 1.25 1.33 1.33 Argentina highly inflationary impact (a) 0.92 3.13 1.00 Transformation initiatives (a) 0.62 0.12 — DOJ/FinCEN investigations (a) 1.02 — — Chile antitrust matter (a) 0.02 0.01 0.02 Non-routine auto loss matter (a) 0.05 0.17 — Ship loss matter (a) — — 0.08 Reporting compliance (a) — 0.02 — Retirement plans (b) (0.19) (0.15) 0.17 Change in allowance estimate (a) — — 0.25 Valuation allowance on tax credits (b) (0.16) 0.59 (1.11) Non-GAAP $ 7.17 7.35 5.99 Amounts may not add due to rounding.
At December 31, 2023, we had net monetary assets denominated in Argentine pesos of $72.1 million (including cash of $62.5 million) and nonmonetary net assets of $141.9 million (including $99.8 million of goodwill, $1.1 million in equity securities denominated in Argentine pesos and $5.6 million in debt securities denominated in pesos).
At December 31, 2023, we had net monetary assets denominated in Argentine pesos of $72.1 million (including cash of $62.5 million) and net nonmonetary assets of $141.9 million (including $99.8 million of goodwill, $1.1 million in equity securities denominated in Argentine pesos and $5.6 million in debt securities denominated in Argentine pesos).
These included • projected revenues and operating income for our U.S. entities, • projected royalties and management fees paid to U.S. entities from subsidiaries outside the U.S., • projected Global Intangible Low-Taxed Income ("GILTI") inclusion in our U.S. taxable income, • estimated required contributions to our U.S. retirement plans, 50 • the estimated impact of U.S. tax reform and other U.S. tax legislation, and • interest rates on projected U.S. borrowings.
These included 50 • projected revenues and operating income for our U.S. entities, • projected royalties and management fees paid to U.S. entities from subsidiaries outside the U.S., • projected Global Intangible Low-Taxed Income ("GILTI") inclusion in our U.S. taxable income, • estimated required contributions to our U.S. retirement plans, • the estimated impact of U.S. tax reform and other U.S. tax legislation, and • interest rates on projected U.S. borrowings.
In October 2021, we announced that our Board of Directors authorized a $250 million share repurchase program (the "2021 Repurchase Program"). Under the 2021 Repurchase Program, in 2023, we repurchased a total of 2,297,955 shares of our common stock for an aggregate of $169.9 million and an average price of $73.92 per share. These shares were retired upon repurchase.
In October 2021, we announced that our Board authorized a $250 million share repurchase program (the "2021 Repurchase Program"). Under the 2021 Repurchase Program, in 2023, we repurchased a total of 2,297,955 shares of our common stock for an aggregate of $169.9 million and an average price of $73.92 per share. These shares were retired upon repurchase.
Although the Argentine government has implemented currency controls, Brink’s management continues to provide guidance and strategic oversight, including budgeting and forecasting for Brink’s Argentina. We continue to control our Argentina business for purposes of consolidation of our financial statements and continue to monitor the situation in Argentina.
Although the Argentine government has implemented currency controls, Brink’s management continues to provide guidance and strategic oversight, including budgeting and forecasting for Brink’s Argentina. We continue to control our Argentina business for purposes of consolidation of our financial statements and continue to monitor the situation in Argentina. 57
The qualitative assessment can be performed in order to determine whether facts and circumstances support a determination that reporting unit fair values are greater than their carrying values. We performed a goodwill impairment test on these reporting units as of October 1, 2023 and elected to forego the optional qualitative assessment and performed a quantitative goodwill impairment assessment instead.
The qualitative assessment can be performed in order to determine whether facts and circumstances support a determination that reporting unit fair values are greater than their carrying values. We performed a goodwill impairment test on these reporting units as of October 1, 2024 and elected to forego the optional qualitative assessment and performed a quantitative goodwill impairment assessment instead.
Based on our current assumptions, we do not expect to make contributions until 2027. UMWA Plan Retirement benefits related to former coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for UMWA Represented Employees. There are approximately 2,400 beneficiaries in the UMWA plans.
Based on our current assumptions, we do not expect to make contributions until 2027. UMWA Plan Retirement benefits related to former coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for UMWA Represented Employees. There are approximately 2,200 beneficiaries in the UMWA plans.
Our reinvestment ratio, which we define as the annual amount of property and equipment acquired during the year divided by the annual amount of depreciation, was 1.4 in 2023, 1.3 in 2022, and 1.3 in 2021. Capital expenditures in 2023 for our operating units were primarily for cash devices, information technology, armored vehicles, and machinery and equipment.
Our reinvestment ratio, which we define as the annual amount of property and equipment acquired during the year divided by the annual amount of depreciation, was 1.3 in 2024, 1.4 in 2023, and 1.3 in 2022. Capital expenditures in 2024 for our operating units were primarily for cash devices, information technology, armored vehicles, and machinery and equipment.
The company does not expect to make contributions to these plans until 2036, based on our actuarial assumptions. Black Lung Under the Federal Black Lung Benefits Act of 1972, Brink’s is responsible for paying lifetime black lung benefits to miners and their dependents for claims filed and approved after June 30, 1973.
The company does not expect to make contributions to these plans until 2040, based on our actuarial assumptions. Black Lung Under the Federal Black Lung Benefits Act of 1972, Brink’s is responsible for paying lifetime black lung benefits to miners and their dependents for claims filed and approved after June 30, 1973.
Our overall medical inflation rate assumption, including the assumption that medical inflation rates will gradually decline over the next eight years and hold at 5%, is based on macroeconomic assumptions of gross domestic growth rates, the excess of national health expenditures over other goods and services, and population growth.
Our overall medical inflation rate assumption, including the assumption that medical inflation rates will gradually decline over the next seven years and hold at 5%, is based on macroeconomic assumptions of gross domestic growth rates, the excess of national health expenditures over other goods and services, and population growth.
The 2021 Repurchase Program expired on December 31, 2023 with approximately $28 million remaining available. Our Board of Directors previously authorized a $250 million repurchase program (the "2020 Repurchase Program") in February 2020. Under the 2020 Repurchase Program, we entered into three accelerated share repurchase arrangements ("ASR") with a financial institution.
The 2021 Repurchase Program expired on December 31, 2023 with approximately $28 million remaining available. Our Board previously authorized a $250 million repurchase program (the "2020 Repurchase Program") in February 2020. Under the 2020 Repurchase Program, we entered into three accelerated share repurchase arrangements ("ASR") with a financial institution.
The tables below compare hypothetical plan obligation valuations for our largest plans as of December 31, 2023, actual expenses for 2023 and projected expenses for 2024 assuming we had used discount rates that were one percentage point lower or higher.
The tables below compare hypothetical plan obligation valuations for our largest plans as of December 31, 2024, actual expenses for 2024 and projected expenses for 2025 assuming we had used discount rates that were one percentage point lower or higher.
Application of Accounting Policy Argentina We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together "Brink's Argentina"). Revenues from Brink's Argentina represented approximately 4% of our consolidated revenues for the years ended December 31, 2023, 2022, and 2021.
Application of Accounting Policy Argentina We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together "Brink's Argentina"). Revenues from Brink's Argentina represented approximately 4% of our consolidated revenues for the years ended December 31, 2024, 2023, and 2022.
There are approximately 700 black lung beneficiaries as of December 31, 2023. Non-U.S. defined-benefit pension plans. We have various defined-benefit pension plans covering eligible current and former employees of some of our international operations.
There are approximately 700 black lung beneficiaries as of December 31, 2024. Non-U.S. defined-benefit pension plans We have various defined-benefit pension plans covering eligible current and former employees of some of our international operations.
Our funded status at December 31, 2024, and our 2025 expense will be different from currently projected amounts if our projected 2024 returns are better or worse than the returns we have assumed for each plan.
Our funded status at December 31, 2025, and our 2026 expense will be different from currently projected amounts if our projected 2025 returns are better or worse than the returns we have assumed for each plan.
The unfavorable currency impact was driven primarily by the Argentine peso. Revenues increased 9% on an organic basis primarily due to inflation-based price increases and growth in AMS and DRS revenue.
The unfavorable currency impact was driven primarily by the Argentine peso. Revenues increased 12% on an organic basis primarily due to inflation-based price increases and growth in AMS and DRS revenue.
The number of participants by major plan in the past five years is as follows: Number of participants Plan 2023 2022 2021 2020 2019 UMWA plans 2,400 2,500 2,700 2,900 3,000 Black Lung 700 800 800 700 800 U.S. pension 10,500 10,700 10,800 11,000 11,200 Because we are no longer operating in the coal industry, we anticipate that the number of participants in the UMWA retirement medical plan will decline over time due to mortality.
The number of participants by major plan in the past five years is as follows: Number of participants Plan 2024 2023 2022 2021 2020 UMWA plans 2,200 2,400 2,500 2,700 2,900 Black Lung 700 700 800 800 700 U.S. pension 10,300 10,500 10,700 10,800 11,000 Because we are no longer operating in the coal industry, we anticipate that the number of participants in the UMWA retirement medical plan will decline over time due to mortality.
Our assumption is based on recent plan experience and industry trends. For the UMWA plans, our largest retiree medical plans, we have assumed a medical inflation rate of 6.8% for 2024, and we project this rate to decline to 5% in 2031 and hold at 5% thereafter.
Our assumption is based on recent plan experience and industry trends. For the UMWA plans, our largest retiree medical plans, we have assumed a medical inflation rate of 6.5% for 2025, and we project this rate to decline to 5% in 2031 and hold at 5% thereafter.
Actual Projected (In millions) 2023 2024 2025 2026 2027 2028 Primary U.S. pension plan $ (13.6) (9.9) (5.0) 0.6 6.2 3.1 UMWA plans (5.1) (5.6) (5.6) (0.9) (0.8) (0.7) Black Lung plans 8.5 8.0 7.5 6.9 6.4 5.9 Total $ (10.2) (7.5) (3.1) 6.6 11.8 8.3 Summary of Total Payments from U.S.
Actual Projected (In millions) 2024 2025 2026 2027 2028 2029 Primary U.S. pension plan $ (10.9) (8.1) (0.6) 6.6 4.9 3.9 UMWA plans (8.3) (9.5) (4.8) (4.6) (4.5) (4.3) Black Lung plans 8.2 7.7 7.1 6.6 6.1 5.6 Total $ (11.0) (9.9) 1.7 8.6 6.5 5.2 Summary of Total Payments from U.S.
Plans to Participants This table summarizes actual and estimated payments from the plans to participants. Actual Projected (In millions) 2023 2024 2025 2026 2027 2028 Payments from U.S.
Plans to Participants This table summarizes actual and estimated payments from the plans to participants. Actual Projected (In millions) 2024 2025 2026 2027 2028 2029 Payments from U.S.
These services include: Cash and Valuables Management • Cash-in-transit ("CIT") services – armored vehicle transportation of cash and coin • Basic ATM services – replenishing funds and providing basic maintenance services to our customers’ automated teller machines • Brink's Global Services ("BGS") – secure international transportation, pick-up, packaging, customs clearance, secure vault storage, and inventory management of high-value commodities • Cash management services – counting, sorting, wrapping, check imaging, cashier balancing, counterfeit detection, account consolidation and electronic reporting • Vaulting services – combines cash-in-transit services, cash management, vaulting and electronic reporting technologies for banks • Other Services – guarding, commercial security, and payment services Digital Retail Solutions ("DRS") and ATM Managed Services ("AMS") • Digital Retail Solutions – services that facilitate faster access to cash deposits leveraging Brink’s tech-enabled devices and software platforms that enable enhanced customer analytics and visibility • ATM managed services – comprehensive solutions for ATM management, including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, and installation services 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, • 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.
These services include: Cash and Valuables Management • Cash-in-transit ("CIT") services – armored vehicle transportation of cash and coin • Basic ATM services – cash replenishment and treasury management of automated teller machines ("ATMs") • Brink's Global Services ("BGS") – secure international transportation, pick-up, packaging, customs clearance, secure vault storage, and inventory management of high-value commodities and goods • Cash management services – counting, sorting, wrapping, check imaging, cashier balancing, counterfeit detection, account consolidation and electronic reporting • Vaulting services – combines CIT services, cash management, vaulting and electronic reporting technologies for banks • Other Services – guarding, commercial security, and payment services Digital Retail Solutions ("DRS") and ATM Managed Services ("AMS") • DRS – services that facilitate faster access to cash deposits leveraging Brink’s tech-enabled devices and software platforms that enable enhanced customer analytics and visibility • AMS – comprehensive solutions for ATM management, including cash forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, first and second line maintenance, parts provisioning, funds settlements and installation services We manage our business in the following four segments: • North America – operations in the U.S. and Canada, including the BGS line of business, • Latin America – operations in Latin American countries where we have an ownership interest, including the BGS line of business, • 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.
Management's Discussion and Analysis of Financial Conditions and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2022 ("2022 10-K"), starting on page 20. 22 OPERATIONS The Brink’s Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services throughout the world.
Management's Discussion and Analysis of Financial Conditions and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 10-K"), starting on page 22. 21 OPERATIONS The Brink’s Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services throughout the world.
The estimated amounts will change in the future to reflect payments made, investment returns, actuarial revaluations, and other changes in estimates. Actual amounts could differ materially from the estimated amounts. 48 Contingent Matters In August 2020, the Company received a subpoena issued in connection with an investigation being conducted by the U.S. Department of Justice (the “DOJ”).
The estimated amounts will change in the future to reflect payments made, investment returns, actuarial revaluations, and other changes in estimates. Actual amounts could differ materially from the estimated amounts. 48 Contingent Matters In August 2020, the Company received a subpoena issued in connection with an investigation being conducted by the U.S.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THE BRINK’S COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS AS OF DECEMBER 31, 2023 AND 2022 AND FOR EACH OF THE YEARS IN THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2023 TABLE OF CONTENTS Page OPERATIONS 23 RESULTS OF OPERATIONS Analysis of Results 24 Income and Expense Not Allocated to Segments 28 Other Operating Income and Expense 31 Nonoperating Income and Expense 32 Income Taxes 33 Noncontrolling Interests 34 Non-GAAP Results Reconciled to GAAP 35 Foreign Operations 38 LIQUIDITY AND CAPITAL RESOURCES Overview 40 Operating Activities 40 Investing Activities 41 Financing Activities 43 Effect of Exchange Rate Changes on Cash and Cash Equivalents 43 Capitalization 44 Off Balance Sheet Arrangements 46 U.S Retirement Liabilities 47 Contingent Matters 49 APPLICATION OF CRITICAL ACCOUNTING POLICIES Deferred Tax Asset Valuation Allowance 50 Business Acquisitions 51 Goodwill, Other Intangible Assets and Property and Equipment Valuations 52 Retirement and Postemployment Benefit Obligations 53 Foreign Currency Translation 57 The discussion of operating results and financial condition comparing 2022 versus 2021 can be found in Item 7.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS THE BRINK’S COMPANY MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS AS OF DECEMBER 31, 2024 AND 2023 AND FOR EACH OF THE YEARS IN THE THREE-YEAR PERIOD ENDED DECEMBER 31, 2024 TABLE OF CONTENTS Page OPERATIONS 22 RESULTS OF OPERATIONS Analysis of Results 23 Analysis of Income and Expense Not Allocated to Segments 26 Other Operating Income and Expense 30 Nonoperating Income and Expense 31 Income Taxes 32 Noncontrolling Interests 33 Non-GAAP Results Reconciled to GAAP 34 Foreign Operations 39 LIQUIDITY AND CAPITAL RESOURCES Overview 40 Operating Activities 40 Investing Activities 41 Financing Activities 42 Effect of Exchange Rate Changes on Cash and Cash Equivalents 43 Capitalization 44 Off Balance Sheet Arrangements 46 U.S Retirement Liabilities 47 Contingent Matters 49 APPLICATION OF CRITICAL ACCOUNTING POLICIES Deferred Tax Asset Valuation Allowance 50 Business Acquisitions 51 Goodwill, Other Intangible Assets and Property and Equipment Valuations 52 Retirement and Postemployment Benefit Obligations 53 Foreign Currency Translation 57 The discussion of operating results and financial condition comparing 2023 versus 2022 can be found in Item 7.
In 2022, we recognized a tax expense of $1 million through income from continuing operations from a change in judgment about the need for valuation allowances for deferred tax assets in certain non-U.S. jurisdictions. Business Acquisitions Accounting Policy In the three years ended December 31, 2023, we have completed multiple business acquisitions.
In 2023, we recognized a tax expense of $2 million through income from continuing operations from a change in judgment about the need for valuation allowances for deferred tax assets in certain non-U.S. jurisdictions. Business Acquisitions Accounting Policy In the three years ended December 31, 2024, we have completed multiple business acquisitions.
Primary U.S. Pension Plan Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005, and benefits are not provided to employees hired after 2005 or to those covered by a collective bargaining agreement. We did not make cash contributions to the primary U.S. pension plan in 2023. There are approximately 10,500 beneficiaries in the plan.
Primary U.S. Pension Plan Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005, and benefits are not provided to employees hired after 2005 or to those covered by a collective bargaining agreement. We did not make cash contributions to the primary U.S. pension plan in 2024. There are approximately 10,300 beneficiaries in the plan.
Plan UMWA Plans Black Lung 2023 2022 2021 2023 2022 2021 2023 2022 2021 Discount rate: Retirement cost 5.4 % 2.8 % 2.4 % 5.4 % 2.8 % 2.3 % 5.4 % 2.7 % 2.2 % Benefit obligation at year end 5.1 % 5.4 % 2.8 % 5.1 % 5.4 % 2.8 % 5.1 % 5.4 % 2.7 % Sensitivity Analysis The discount rate we select at year end materially affects the valuations of plan obligations at year end and the calculations of net periodic expenses for the following year.
Plan UMWA Plans Black Lung 2024 2023 2022 2024 2023 2022 2024 2023 2022 Discount rate: Retirement cost 5.1 % 5.4 % 2.8 % 5.1 % 5.4 % 2.8 % 5.1 % 5.4 % 2.7 % Benefit obligation at year end 5.6 % 5.1 % 5.4 % 5.6 % 5.1 % 5.4 % 5.5 % 5.1 % 5.4 % Sensitivity Analysis The discount rate we select at year end materially affects the valuations of plan obligations at year end and the calculations of net periodic expenses for the following year.
We elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges.
As net investment hedges for accounting purposes, we elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges.
Because our financial results are reported in U.S. dollars, they are affected by changes in the value of various local currencies in relation to the U.S. dollar. Recent strengthening of the U.S. dollar relative to certain currencies has reduced our reported dollar revenues and operating profit, which may continue in 2024.
Because our financial results are reported in U.S. dollars, they are affected by changes in the value of various local currencies in relation to the U.S. dollar. Recent strengthening of the U.S. dollar relative to certain currencies has reduced our reported dollar revenues and operating profit.
For every hypothetical change of one percentage point in the assumed long-term rate of return on plan assets (and holding other assumptions constant), our actual 2023 and projected 2024 expense would be as follows: (In millions, except for percentages) Hypothetical sensitivity analysis for expected-return-on asset assumption Hypothetical sensitivity analysis for expected-return-on asset assumption Actual 1% lower 1% higher Projected 1% lower 1% higher Years Ending December 31, 2023 2023 2023 2024 2024 2024 Expected-return-on-asset assumption Primary U.S. pension plan 7.00 % 6.00 % 8.00 % 7.00 % 6.00 % 8.00 % UMWA plans 8.00 % 7.00 % 9.00 % 8.00 % 7.00 % 9.00 % Primary U.S. pension plan $ (13.6) (6.9) (20.3) $ (9.9) (3.3) (16.5) UMWA plans (5.1) (3.8) (6.4) (5.6) (4.3) (6.9) 54 Effect of improving or deteriorating actual future market returns.
For every hypothetical change of one percentage point in the assumed long-term rate of return on plan assets (and holding other assumptions constant), our actual 2024 and projected 2025 expense would be as follows: (In millions, except for percentages) Hypothetical sensitivity analysis for expected-return-on asset assumption Hypothetical sensitivity analysis for expected-return-on asset assumption Actual 1% lower 1% higher Projected 1% lower 1% higher Years Ending December 31, 2024 2024 2024 2025 2025 2025 Expected-return-on-asset assumption Primary U.S. pension plan 7.00 % 6.00 % 8.00 % 7.00 % 6.00 % 8.00 % UMWA plans 8.00 % 7.00 % 9.00 % 8.00 % 7.00 % 9.00 % Primary U.S. pension plan $ (10.9) (4.3) (17.5) $ (8.1) (1.7) (14.5) UMWA plans (8.3) (7.0) (9.6) (9.5) (8.3) (10.7) 54 Effect of improving or deteriorating actual future market returns.
The purpose of the Non-GAAP results is to report financial information from the primary operations of our business by excluding the effects of certain income and expenses that do not reflect the ordinary earnings of our operations.
The purpose of the disclosure of these non-GAAP measures is to report financial information from the primary operations of our business by excluding the effects of certain income and expenses that do not reflect the ordinary earnings of our operations.
Deferred Tax Assets In 2023, we recognized a tax expense of $2 million through income from continuing operations from a change in judgment about the need for valuation allowances for deferred tax assets in certain non-U.S. jurisdictions.
Deferred Tax Assets In 2024, we recognized a tax expense of $1 million through income from continuing operations from a change in judgment about the need for valuation allowances for deferred tax assets in certain non-U.S. jurisdictions.
(b) Included within Net Debt is net cash from our Argentina operations of $63 million at December 31, 2023 and $58 million at December 31, 2022 (see Note 1 to the consolidated financial statements for a discussion of currency controls in Argentina).
Included within Net Debt is net cash from our Argentina operations of $104 million at December 31, 2024 and $63 million at December 31, 2023 (see Note 1 to the consolidated financial statements for a discussion of currency controls in Argentina).
(In millions) Based on market-related value of assets Hypothetical (a) Actual Projected Projected Years Ending December 31, 2023 2024 2025 2023 2024 2025 Primary U.S. pension plan expense $ (13.6) (9.9) (5.0) $ 7.7 3.0 3.8 (a) Assumes that our accounting policy was to use the fair market value of assets instead of the market-related value of assets to determine our expense related to our primary U.S. pension plan.
(In millions) Based on market-related value of assets Hypothetical (a) Actual Projected Projected Years Ending December 31, 2024 2025 2026 2024 2025 2026 Primary U.S. pension plan expense $ (10.9) (8.1) (0.6) $ 5.3 5.3 4.0 (a) Assumes that our accounting policy was to use the fair market value of assets instead of the market-related value of assets to determine our expense related to our primary U.S. pension plan.
Over the last three years, we used cash generated from our operations and borrowings to • acquire new business operations ($500 million), • invest in the infrastructure of our business (new facilities, cash sorting and other equipment for our cash management services operations, armored trucks, DRS devices, and information technology) ($553 million), • repurchase shares of Brink's common stock ($422 million), and • pay dividends to Brink’s shareholders ($114 million).
Over the last three years, we used cash generated from our operations and borrowings to • invest in the infrastructure of our business (new facilities, cash sorting and other equipment for our cash management services operations, armored trucks, DRS devices, and information technology) ($608 million), • repurchase shares of Brink's common stock ($426 million), • acquire new business operations ($209 million), and • pay dividends to Brink’s shareholders ($119 million).
Cash and Cash Equivalents At December 31, 2023, we had $1,176.6 million in cash and cash equivalents, compared to $972.0 million at December 31, 2022. We plan to use the current cash and cash equivalents for working capital needs, capital expenditures, acquisitions, share repurchases, and other general corporate purposes.
Cash and Cash Equivalents At December 31, 2024, we had $1,395.3 million in cash and cash equivalents, compared to $1,176.6 million at December 31, 2023. We plan to use the current cash and cash equivalents for working capital needs, capital expenditures, acquisitions, share repurchases, and other general corporate purposes.
Our assumption of a medical inflation rate of 6.8% for 2024 is based on the above-described factors, combined with our recent actual experience.
Our assumption of a medical inflation rate of 6.5% for 2025 is based on the above-described factors, combined with our recent actual experience.
For the year ended December 31, 2022, the Argentine peso declined by approximately 42% (from 103.1 to 178.6 pesos to the U.S. dollar). For the year ended December 31, 2023, the Argentine peso declined approximately 79% (from 178.6 to 833.3 pesos to the U.S. dollar). Beginning July 1, 2018, we designated Argentina's economy as highly inflationary for accounting purposes.
For the year ended December 31, 2023, the Argentine peso declined by approximately 79% (from 178.6 to 833.3 pesos to the U.S. dollar). For the year ended December 31, 2024, the Argentine peso declined by approximately 19% (from 833.3 to 1,031.0 pesos to the U.S. dollar). Beginning July 1, 2018, we designated Argentina's economy as highly inflationary for accounting purposes.
Statutory Rate The effective income tax rate on continuing operations in 2023 was greater than the 21% U.S. statutory tax rate primarily due to the geographical mix of earnings, nondeductible expenses in Mexico, taxes on cross border payments and U.S. taxable income and credit 33 limitations, the increase of valuation allowances on U.S. foreign tax credits, and Argentina nondeductible inflation net of deductible Argentina inflation adjustments. 2022 Compared to U.S.
Statutory Rate The effective income tax rate on continuing operations in 2024 was greater than the 21% U.S. statutory tax rate primarily due to the geographical mix of earnings, nondeductible expenses in Mexico, taxes on cross border payments and U.S. taxable income and credit limitations, U.S. taxable income and credit limitations, and Argentina nondeductible inflation, net of deductible Argentina inflation adjustments. 2023 Effective Income Tax Rate Compared to U.S.
The decrease in 2023 was due to the strengthening of the U.S. dollar in 2023, primarily against the Argentine peso, partially offset with the weakening of the U.S. dollar against the Mexican peso and euro. 43 Capitalization We use a combination of debt, leases and equity to capitalize our operations.
The decrease in 2024 was due to the strengthening of the U.S. dollar in 2024, primarily against the euro, Mexican peso, and Argentine peso. 43 Capitalization We use a combination of debt, leases and equity to capitalize our operations.
As of December 31, 2023, debt as a percentage of capitalization (defined as total debt and equity) was 87%, which increased from 86% at December 31, 2022.
As of December 31, 2024, debt as a percentage of capitalization (defined as total debt and equity) was 93%, which increased from 87% at December 31, 2023.
Effect of Exchange Rate Changes on Cash and Cash Equivalents Changes in currency exchange rates decreased the amount of cash and cash equivalents by $42.4 million during 2023, compared to a decrease of $70.1 million in 2022 and a decrease of $50.8 million in 2021.
Effect of Exchange Rate Changes on Cash and Cash Equivalents Changes in currency exchange rates decreased the amount of cash and cash equivalents by $95.2 million during 2024, compared to a decrease of $42.4 million in 2023 and a decrease of $70.1 million in 2022.
Equity Common Stock At December 31, 2023, we had 100 million shares of common stock authorized and 44.5 million shares issued and outstanding. Preferred Stock At December 31, 2023, we had the authority to issue up to 2 million shares of preferred stock, par value $10 per share.
Equity Common Stock At December 31, 2024, we had 100 million shares of common stock authorized and 42.9 million shares issued and outstanding. Preferred Stock At December 31, 2024, we had the authority to issue up to 2 million shares of preferred stock, par value $10 per share.
Our marketing and sales efforts are enhanced by the “Brink’s” brand, so we seek to protect and build its value. Because our services focus on handling, transporting, protecting, and managing valuables, we strive to understand and manage risk.
We focus our time and resources on service quality, protecting and strengthening our brand, and addressing our risks. Our marketing and sales efforts are enhanced by the “Brink’s” brand, so we seek to protect and build its value. Because our services focus on handling, transporting, protecting, and managing valuables, we strive to understand and manage risk.
The adjustments resulted from changes in currency rates. In addition, we are involved in various other lawsuits and claims in the ordinary course of business. We are not able to estimate the loss or range of losses for some of these matters. We have recorded accruals for losses that are considered probable and reasonably estimable.
In addition to the matters discussed above, we are involved in various other lawsuits and claims in the ordinary course of business. We are not able to estimate the loss or range of losses for some of these matters. We have recorded accruals for losses that are considered probable and reasonably estimable.
The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. For the year ended December 31, 2021, the Argentine peso declined by approximately 19% (from 84.0 to 103.1 pesos to the U.S. dollar).
The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. For the year ended December 31, 2022, the Argentine peso declined by approximately 42% (from 103.1 to 178.6 pesos to the U.S. dollar).
In 2023, we recognized $79.1 million in pretax remeasurement losses. In 2022 and in 2021, we recognized $37.6 million and $9.0 million in pretax remeasurement losses, respectively. At December 31, 2023, Argentina's economy remained highly inflationary for accounting purposes. At December 31, 2023, we had net monetary assets denominated in Argentine pesos of $72.1 million, including cash of $62.5 million.
In 2024, we recognized $18.4 million in pretax remeasurement losses. In 2023 and in 2022, we recognized $79.1 million and $37.6 million in pretax remeasurement losses, respectively. At December 31, 2024, Argentina's economy remained highly inflationary for accounting purposes. At December 31, 2024, we had net monetary assets denominated in Argentine pesos of $115.9 million, including cash of $104.0 million.
Plan Obligations at December 31, 2023 (In millions) Hypothetical 1% lower Actual Hypothetical 1% higher Primary U.S. pension plan $ 686.7 622.5 568.2 UMWA plans 233.3 214.0 197.4 53 Actual 2023 and Projected 2024 Expense (Income) (In millions, except for percentages) Hypothetical sensitivity analysis for discount rate assumption Hypothetical sensitivity analysis for discount rate assumption Actual 1% lower 1% higher Projected 1% lower 1% higher Years Ending December 31, 2023 2023 2023 2024 2024 2024 Primary U.S. pension plan Discount rate assumption 5.4 % 4.4 % 6.4 % 5.1 % 4.1 % 6.1 % Retirement cost $ (13.6) (8.3) (12.6) $ (9.9) (4.9) (13.0) UMWA plans Discount rate assumption 5.4 % 4.4 % 6.4 % 5.1 % 4.1 % 6.1 % Retirement cost $ (5.1) (4.7) (5.6) $ (5.6) (5.1) (6.0) Expected-Return-on-Assets Assumption Our expected-return-on-assets assumption, which materially affects our net periodic benefit cost, reflects the long-term average rate of return we expect the plan assets to earn.
Plan Obligations at December 31, 2024 (In millions) Hypothetical 1% lower Actual Hypothetical 1% higher Primary U.S. pension plan $ 635.7 579.5 531.7 UMWA plans 186.8 172.2 159.7 53 Actual 2024 and Projected 2025 Expense (Income) (In millions, except for percentages) Hypothetical sensitivity analysis for discount rate assumption Hypothetical sensitivity analysis for discount rate assumption Actual 1% lower 1% higher Projected 1% lower 1% higher Years Ending December 31, 2024 2024 2024 2025 2025 2025 Primary U.S. pension plan Discount rate assumption 5.1 % 4.1 % 6.1 % 5.6 % 4.6 % 6.6 % Retirement cost $ (10.9) (5.6) (13.3) $ (8.1) (3.6) (11.0) UMWA plans Discount rate assumption 5.1 % 4.1 % 6.1 % 5.6 % 4.6 % 6.6 % Retirement cost $ (8.3) (7.9) (8.7) $ (9.5) (9.2) (9.9) Expected-Return-on-Assets Assumption Our expected-return-on-assets assumption, which materially affects our net periodic benefit cost, reflects the long-term average rate of return we expect the plan assets to earn.
In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed. In 2021, we recognized $11.9 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $9.0 million.
In addition, nonmonetary assets retain a higher historical basis when the currency is devalued. The higher historical basis results in incremental expense being recognized when the nonmonetary assets are consumed. In 2022, we recognized $41.7 million in pretax charges related to highly inflationary accounting, including currency remeasurement losses of $37.6 million.
Pension Plan UMWA Plans Black Lung Plans Total Projected payments 2024 $ — — 9.3 9.3 2025 — — 8.6 8.6 2026 — — 7.9 7.9 2027 0.1 — 7.2 7.3 2028 4.6 — 6.7 11.3 2029 3.3 — 6.1 9.4 2030 1.0 — 5.7 6.7 2031 — — 5.3 5.3 2032 — — 4.9 4.9 2033 — — 4.6 4.6 2034 — — 4.3 4.3 2035 — — 4.0 4.0 2036 — 11.7 3.7 15.4 2037 — 12.9 3.4 16.3 2038 and thereafter — 127.0 34.0 161.0 Total projected payments $ 9.0 151.6 115.7 276.3 The amounts in the tables above are based on a variety of estimates, including actuarial assumptions as of December 31, 2023.
Pension Plan UMWA Plans Black Lung Plans Total Projected payments 2025 $ — — 9.0 9.0 2026 — — 8.3 8.3 2027 1.3 — 7.6 8.9 2028 5.5 — 7.0 12.5 2029 1.5 — 6.4 7.9 2030 — — 5.9 5.9 2031 — — 5.5 5.5 2032 — — 5.2 5.2 2033 — — 4.8 4.8 2034 — — 4.5 4.5 2035 — — 4.2 4.2 2036 — — 3.9 3.9 2037 — — 3.6 3.6 2038 — — 3.3 3.3 2039 and thereafter — 82.0 31.8 113.8 Total projected payments $ 8.3 82.0 111.0 201.3 The amounts in the tables above are based on a variety of estimates, including actuarial assumptions as of December 31, 2024.
(In millions, except for percentages) Hypothetical sensitivity analysis of 2024 asset return better or worse than expected Years Ending December 31, Projected Better return Worse return Return on investments in 2024 Primary U.S. pension plan 7.00 % 14.00 % — % UMWA plans 8.00 % 16.00 % — % Projected Funded Status at December 31, 2024 Primary U.S. pension plan $ (5) 36 (46) UMWA plans (78) (67) (88) 2025 Expense (a) Primary U.S. pension plan $ (5) (7) (3) UMWA plans (6) (8) (4) (a) Actual future returns on investments will not affect our earnings until 2025 since the earnings in 2024 will be based on the "expected return on assets" assumption.
(In millions, except for percentages) Hypothetical sensitivity analysis of 2025 asset return better or worse than expected Years Ending December 31, Projected Better return Worse return Return on investments in 2025 Primary U.S. pension plan 7.00 % 14.00 % — % UMWA plans 8.00 % 16.00 % — % Projected Funded Status at December 31, 2025 Primary U.S. pension plan $ 14 53 (25) UMWA plans (42) (32) (52) 2026 Expense (a) Primary U.S. pension plan $ (1) (2) 1 UMWA plans (5) (7) (3) (a) Actual future returns on investments will not affect our earnings until 2026 since the earnings in 2025 will be based on the "expected return on assets" assumption.
Accordingly, no accruals have been made with respect to this matter. At the end of the fourth quarter of 2018, we became aware of an investigation initiated by the Chilean Fiscalía Nacional Económica (the Chilean antitrust agency) (“FNE”) related to potential anti-competitive practices among competitors in the cash logistics industry in Chile.
At the end of the fourth quarter of 2018, we became aware of an investigation initiated by the Chilean Fiscalía Nacional Económica (the Chilean antitrust agency) (“FNE”) related to potential anti-competitive practices among competitors in the cash logistics industry in Chile.
The foreign currency items above do not include business acquisition-related currency items which are reported in interest and other nonoperating income (expense). 31 Nonoperating Income and Expense Interest Expense Years Ended December 31, % change (In millions) 2023 2022 2021 2023 2022 Interest expense $ 203.8 138.8 112.2 47 24 Interest expense was higher in 2023 primarily due to higher interest rates on corporate debt.
The foreign currency items above do not include business acquisition-related currency items which are reported in interest and other nonoperating income (expense). 30 Nonoperating Income and Expense Interest Expense Years Ended December 31, % change (In millions, except for percentages) 2024 2023 2022 2024 2023 Interest expense $ 235.4 203.8 138.8 16 47 Interest expense was higher in 2024 primarily due to higher interest rates on corporate debt.
For example, a higher fair value assigned to intangible assets results in higher amortization expense, which results in lower net income. 51 Goodwill, Other Intangible Assets and Property and Equipment Valuations Accounting Policy At December 31, 2023, we had property and equipment of $1,013.3 million, goodwill of $1,473.8 million and other intangible assets of $488.3 million, net of accumulated depreciation and amortization.
For example, a higher fair value assigned to intangible assets results in higher amortization expense, which results in lower net income. 51 Goodwill, Other Intangible Assets and Property and Equipment Valuations Accounting Policy At December 31, 2024, we had property and equipment of $982.7 million, goodwill of $1,434.9 million and other intangible assets of $422.3 million, net of accumulated depreciation and amortization.
We believe that Brink’s has significant competitive advantages including: • brand recognition • reputation for a high level of service and security • risk management and logistics expertise • global network and customer base • proven operational excellence • high-quality insurance coverage and financial strength, and • innovative technology-enabled offerings Our strategy is to grow Brink’s by providing a superior customer experience and driving continuous improvement.
We believe that Brink’s has significant competitive advantages including: • brand recognition; • reputation for a high level of service and security; • risk management and logistics expertise; • global network and customer base; • proven operational excellence • high-quality insurance coverage and financial strength; and • innovative technology-enabled offerings.
Non-GAAP Consolidated Operating Profit Non-GAAP operating profit increased $64.7 million due mainly to: • organic increases in Latin America ($77.4 million), North America ($25.2 million), Europe ($9.1 million), and Rest of World ($3.3 million), • the favorable operating impact of business acquisitions ($16.1 million), excluding intangible amortization and acquisition-related charges, and • lower corporate expenses on an organic basis ($4.8 million), partially offset by: • unfavorable changes in currency exchange rates ($71.2 million), driven primarily by the Argentine peso.
Non-GAAP operating profit increased $14.4 million due mainly to: • organic increases in Latin America ($149.0 million), Europe ($12.2 million), North America ($7.6 million), and Rest of World ($5.6 million) and • the favorable operating impact of business acquisitions ($1.7 million), excluding intangible amortization and acquisition-related charges, partially offset by: • unfavorable changes in currency exchange rates ($149.3 million), driven primarily by the Argentine peso, and • higher corporate expenses on an organic basis ($12.4 million).
Years Ended December 31, % change (In millions) 2023 2022 2021 2023 2022 Foreign currency items: Transaction losses $ (85.1) (68.7) (30.5) 24 unfav Derivative instrument gains (losses) 21.3 42.0 24.2 (49) 74 Royalty income 7.5 9.1 5.6 (18) 63 Impairment losses (10.3) (9.0) (9.5) 14 (5) Indemnification asset adjustments (3.4) (7.8) — (56) unfav Contingent consideration liability adjustments 6.2 — — fav — Gains on sale of property and other assets 1.9 2.7 — (30) fav Share in earnings of equity method affiliates 2.8 2.1 1.1 33 91 Insurance recoveries - Internal Loss — — 18.8 — (100) Gains related to litigation — — 4.4 — (100) Indemnity for forced relocation — — 1.7 — (100) Other 4.9 4.3 4.2 14 2 Other operating income (expense) $ (54.2) (25.3) 20.0 unfav unfav 2023 versus 2022 We reported other operating expense of $54.2 million in 2023 versus other operating expense of $25.3 million in the prior year.
Years Ended December 31, % change (In millions, except for percentages) 2024 2023 2022 2024 2023 Foreign currency items: Transaction gains (losses) $ 16.5 (85.1) (68.7) fav 24 Derivative instrument gains (losses) (11.0) 21.3 42.0 unfav (49) Royalty income 8.0 7.5 9.1 7 (18) Impairment losses (4.8) (10.3) (9.0) (53) 14 Indemnification asset adjustments (2.4) (3.4) (7.8) (29) (56) Contingent consideration liability adjustments — 6.2 — (100) fav Gains on sale of property and other assets 3.9 1.9 2.7 fav (30) Share in earnings of equity method affiliates 3.0 2.8 2.1 7 33 Other 5.5 4.9 4.3 12 14 Other operating income (expense) $ 18.7 (54.2) (25.3) fav unfav 2024 versus 2023 We reported other operating income of $18.7 million in 2024 versus other operating expense of $54.2 million in the prior year.
We have previously elected to use other market mechanisms to convert Argentine pesos into U.S. dollars. Conversions under these other market mechanisms generally settle at rates that are less favorable than the rates at which we remeasure the financial statements of Brink’s Argentina. We did not have any such conversion losses in the last three years.
Conversions under these other market mechanisms generally settle at rates that are less favorable than the rates at which we remeasure the financial statements of Brink’s Argentina. We did not have any such conversion losses in the last three years.
It also considered current and expected economic conditions in determining an appropriate allowance. As many of our regions begin to recover from the pandemic, we have re-assessed those earlier assumptions and estimates. Our updated method now also includes an estimated allowance for accounts receivable significantly past due in order to adjust for at-risk receivables not captured in our previous method.
As many of our regions began to recover from the COVID-19 pandemic, we re-assessed those earlier assumptions and estimates. Our updated method now also includes an estimated allowance for accounts receivable significantly past due in order to adjust for at-risk receivables not captured in our previous method.
Analysis of Segment Results: 2023 versus 2022 North America Revenues increased 1% ($17.0 million) primarily due to a 1% organic increase ($18.3 million) and the favorable impact of acquisitions ($3.2 million), partially offset by the unfavorable impact of currency exchange rates ($4.5 million) from the Canadian dollar.
Analysis of Segment Results: 2024 versus 2023 North America Revenues increased 3% ($48.6 million) primarily due to a 2% organic increase ($36.6 million) and the favorable impact of acquisitions ($13.9 million), partially offset by the unfavorable impact of currency exchange rates ($1.9 million) from the Canadian dollar.
Corporate capital expenditures in the last three years were primarily for investing in information technology. 42 Financing Activities Years Ended December 31, $ change (In millions) 2023 2022 2021 2023 2022 Cash flows from financing activities Borrowings and repayments: Short-term borrowings $ 98.6 37.7 (4.3) $ 60.9 42.0 Long-term revolving credit facilities, net (8.1) 226.0 548.7 (234.1) (322.7) Other long-term debt, net (71.7) 102.9 (133.0) (174.6) 235.9 Borrowings (repayments) 18.8 366.6 411.4 (347.8) (44.8) Acquisition of noncontrolling interest (0.6) (7.8) — 7.2 (7.8) Debt financing costs — (5.6) (0.8) 5.6 (4.8) Repurchase shares of Brink's common stock (169.9) (52.2) (200.0) (117.7) 147.8 Dividends to: Shareholders of Brink’s (39.6) (37.6) (37.2) (2.0) (0.4) Noncontrolling interests in subsidiaries (7.7) (7.1) (5.1) (0.6) (2.0) Acquisition-related financing activities: Settlement of acquisition-related contingencies — — 6.2 — (6.2) Payment of acquisition-related obligation (11.1) (2.8) (4.0) (8.3) 1.2 Proceeds from exercise of stock options — — 2.3 — (2.3) Tax withholdings associated with share-based compensation (8.0) (12.2) (5.5) 4.2 (6.7) Other 11.0 3.9 4.0 7.1 (0.1) Financing activities $ (207.1) 245.2 171.3 $ (452.3) 73.9 2023 versus 2022 Cash flows from financing activities decreased by $452.3 million in 2023 compared to 2022 as we had net cash used in financing activities of $207.1 million in 2023 compared to net cash provided by financing activities of $245.2 million in 2022.
Corporate capital expenditures in the last three years were primarily for IT investments. 42 Financing Activities Years Ended December 31, $ change (In millions) 2024 2023 2022 2024 2023 Cash flows from financing activities Borrowings and repayments: Short-term borrowings $ 12.9 98.6 37.7 $ (85.7) 60.9 Long-term revolving credit facilities, net (7.7) (8.1) 226.0 0.4 (234.1) Other long-term debt, net 320.0 (71.7) 102.9 391.7 (174.6) Borrowings (repayments) 325.2 18.8 366.6 306.4 (347.8) Acquisition of noncontrolling interest (0.2) (0.6) (7.8) 0.4 7.2 Debt financing costs (10.6) — (5.6) (10.6) 5.6 Repurchase shares of Brink's common stock (203.6) (169.9) (52.2) (33.7) (117.7) Dividends to: Shareholders of Brink’s (41.8) (39.6) (37.6) (2.2) (2.0) Noncontrolling interests in subsidiaries (6.1) (7.7) (7.1) 1.6 (0.6) Payment of acquisition-related obligation (0.8) (11.1) (2.8) 10.3 (8.3) Tax withholdings associated with share-based compensation (18.6) (8.0) (12.2) (10.6) 4.2 Other (1.3) 11.0 3.9 (12.3) 7.1 Financing activities $ 42.2 (207.1) 245.2 $ 249.3 (452.3) Debt borrowings and repayments Cash flows from financing activities increased by $249.3 million in 2024 compared to 2023 as we had net cash provided by financing activities of $42.3 million in 2024 compared to net cash used in financing activities of $207.1 million in 2023.
We selected 7.00% as the expected-return-on-assets assumption for our primary U.S. pension plan and 8.00% for our UMWA retiree medical plans for actual 2023 expense. We selected 7.00% as the expected-return-on-assets assumption for our primary U.S. pension plan and 8.00% for our UMWA retiree medical plans for projected 2024 expense.
We selected 7.00% as the expected-return-on-assets assumption for our primary U.S. pension plan and 8.00% for our UMWA retiree medical plans for actual 2024 expense. We selected 7.00% as the expected-return-on-assets assumption for our primary U.S. pension plan and 8.00% for our UMWA retiree medical plans for projected 2025 expense. Sensitivity Analysis Effect of using different expected-rate-of-return assumptions.
Cash flows from operating activities increased by $222.5 million in 2023 as compared to the prior year primarily due to higher operating profit, working capital changes, lower amounts paid for income taxes, changes in customer obligations related to certain of our secure cash management services operations and an increase in restricted cash held for customers, partially offset by higher amounts paid for interest.
Cash flows from operating activities decreased by $(276.4) million in 2024 as compared to the prior year primarily due to changes in customer obligations related to certain of our secure cash management services operations, a decrease in restricted cash held for customers and higher amounts paid for income taxes and interest, partially offset by improvements in working capital excluding taxes and interest.
Capital expenditures in 2023 were $20.1 million higher compared to 2022. Total property and equipment acquired in 2023 was $46.4 million higher than the prior year. This increase was primarily due to an increase in investments in information technology, armored vehicles and DRS devices.
Capital expenditures in 2024 were $19.8 million higher compared to 2023. Total property and equipment acquired in 2024 was $2.9 million higher than the prior year. This increase was primarily due to an increase in investments in armored vehicles and DRS devices.
Valuation Allowances December 31, (In millions) 2023 2022 U.S. $ 54.9 24.4 Non-U.S. 73.1 52.9 Total $ 128.0 77.3 Application of Accounting Policy U.S. Deferred Tax Assets We had $175 million of net deferred tax assets at December 31, 2023, of which $170 million in deferred tax assets are related to U.S. jurisdictions.
Valuation Allowances December 31, (In millions) 2024 2023 U.S. $ 44.0 54.9 Non-U.S. 74.1 73.1 Total $ 118.1 128.0 Application of Accounting Policy U.S. Deferred Tax Assets We had $176 million of net deferred tax assets at December 31, 2024, of which $183 million in gross deferred tax assets are related to U.S. jurisdictions.
Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders increased $58.2 million to $344.6 million due to the operating profit increase mentioned above, higher interest and other nonoperating income ($45.7 million), lower income tax expense ($12.3 million), and lower noncontrolling interest ($0.9 million), partially offset by higher interest expense ($65.4 million).
Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Non-GAAP income from continuing operations attributable to Brink’s shareholders decreased $23.2 million to $321.4 million due to higher interest expense ($32.4 million), lower interest and other nonoperating income ($20.6 million), and higher noncontrolling interest ($1.2 million), partially offset by lower income tax expense ($16.6 million) and the operating profit increase mentioned above.
Although the Maco operations were acquired in 2017, formal antitrust approval was obtained in 2021, which triggered negotiation and approval of the expected payments in 2022. • Net charges of $3.4 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions. • We incurred $2.2 million in integration costs, primarily related to PAI, in 2023. • Transaction costs related to business acquisitions were $4.2 million in 2023. • We recognized a $2.0 million loss on the disposition of Russia-based operations in 2023. • Compensation expense related to the retention of key PAI employees was $1.6 million in 2023. 2022 Acquisitions and Dispositions Items • Amortization expense for acquisition-related intangible assets was $52.0 million in 2022. • We recognized $12.5 million in charges in Argentina in 2022 for expected payments to union workers of the Maco businesses. • Net charges of $7.8 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions. • We incurred $4.8 million in integration costs, primarily related to PAI and G4S, in 2022. • Transaction costs related to business acquisitions were $5.6 million in 2022. • Restructuring costs related to acquisitions were $0.2 million in 2022. • Compensation expense related to the retention of key PAI employees was $3.5 million in 2022 2021 Acquisitions and Dispositions Items • Amortization expense for acquisition-related intangible assets was $47.7 million in 2021. • We incurred $10.5 million in integration costs related primarily to G4S in 2021. • Transaction costs related to business acquisitions were $6.5 million in 2021. • Restructuring costs related to acquisitions were $5.3 million in 2021. • Compensation expense related to the retention of key PAI employees was $1.8 million in 2021.
We also derecognized a contingent consideration liability related to the Touchpoint 21 acquisition and recognized a gain of $1.4 million. • We recognized $4.9 million in charges in Argentina in 2023 for an inflation-adjusted labor increase to expected payments to union workers of the Maco Transportadora and Maco Litoral businesses (together, "Maco"). • Net charges of $3.4 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions. • We incurred $2.2 million in integration costs, primarily related to PAI, in 2023. • Transaction costs related to business acquisitions were $4.2 million in 2023. • We recognized a $2.0 million loss on the disposition of Russia-based operations in 2023. • Compensation expense related to the retention of key PAI employees was $1.6 million in 2023. 2022 Acquisitions and Dispositions Items • Amortization expense for acquisition-related intangible assets was $52.0 million in 2022. • We recognized $12.5 million in charges in Argentina in 2022 for expected payments to union workers of the Maco businesses. • Net charges of $7.8 million were incurred for post-acquisition adjustments to indemnification assets related to previous business acquisitions. • We incurred $4.8 million in integration costs, primarily related to PAI and G4S, in 2022. • Transaction costs related to business acquisitions were $5.6 million in 2022. • Restructuring costs related to acquisitions were $0.2 million in 2022. • Compensation expense related to the retention of key PAI employees was $3.5 million in 2022.
Plans to participants Primary U.S. pension plan $ 44.5 48.1 48.0 47.9 47.6 47.1 UMWA plans 19.8 18.5 18.3 18.1 18.0 17.9 Black Lung plans 7.7 9.3 8.6 7.9 7.2 6.7 Total $ 72.0 75.9 74.9 73.9 72.8 71.7 Summary of Projected Payments from Brink’s to U.S. Plans This table summarizes estimated payments from Brink’s to U.S. retirement plans.
Plans to participants Primary U.S. pension plan $ 44.4 47.8 47.7 47.3 46.9 46.3 UMWA plans 20.7 16.2 16.0 15.8 15.7 15.4 Black Lung plans 8.0 9.0 8.3 7.6 7.0 6.4 Total $ 73.1 73.0 72.0 70.7 69.6 68.1 Summary of Projected Payments from Brink’s to U.S. Plans This table summarizes estimated payments from Brink’s to U.S. retirement plans.
Net debt at the end of 2023 increased by $5 million when compared to Net debt at the end of 2022 to fund corporate purposes and other working capital needs. 44 Liquidity Needs Our operating liquidity needs are typically financed by cash from operations, short-term borrowings and the available borrowing capacity under our $1 billion revolving credit facility ("Revolving Credit Facility") (our debt facilities are described in more detail in Note 15 to the consolidated financial statements, including certain limitations and considerations related to the cash and borrowing capacity).
Our operating liquidity needs are typically financed by cash from operations, short-term borrowings and the available borrowing capacity under our Revolving Credit Facility (our debt facilities are described in more detail in Note 15 to the consolidated financial statements, 44 including certain limitations and considerations related to the cash and borrowing capacity).
Retirement Plans Actual Projected (In millions) 2023 2024 2025 2026 2027 2028 Primary U.S. pension plan Beginning funded status $ (24.0) (10.9) (5.4) 3.1 11.7 20.3 Net periodic pension credit (a) 15.1 15.8 14.5 12.8 10.8 11.6 Payment from Brink’s — — — — 0.1 4.6 Benefit plan actuarial loss (2.0) (10.3) (6.0) (4.2) (2.3) (2.3) Ending funded status $ (10.9) (5.4) 3.1 11.7 20.3 34.2 UMWA plans Beginning funded status $ (94.9) (77.9) (78.2) (78.7) (79.5) (80.7) Net periodic postretirement cost (a) (0.8) (0.3) (0.5) (0.8) (1.2) (1.4) Benefit plan actuarial gain 15.1 — — — — — Other 2.7 — — — — — Ending funded status $ (77.9) (78.2) (78.7) (79.5) (80.7) (82.1) Black Lung plans Beginning funded status $ (75.8) (74.4) (68.7) (63.4) (58.5) (54.1) Net periodic postretirement cost (a) (3.9) (3.6) (3.3) (3.0) (2.8) (2.6) Payment from Brink’s 7.7 9.3 8.6 7.9 7.2 6.7 Benefit plan actuarial loss (2.4) — — — — — Ending funded status $ (74.4) (68.7) (63.4) (58.5) (54.1) (50.0) (a) Excludes amounts reclassified from accumulated other comprehensive income (loss).
Retirement Plans Actual Projected (In millions) 2024 2025 2026 2027 2028 2029 Primary U.S. pension plan Beginning funded status $ (10.9) 8.2 14.0 19.9 26.9 39.5 Net periodic pension credit (a) 16.0 13.4 11.3 9.0 9.4 9.6 Payment from Brink’s — — — 1.3 5.5 1.5 Benefit plan actuarial gain (loss) 3.1 (7.6) (5.4) (3.3) (2.3) (1.6) Ending funded status $ 8.2 14.0 19.9 26.9 39.5 49.0 UMWA plans Beginning funded status $ (77.9) (42.7) (42.2) (41.8) (41.5) (41.4) Net periodic postretirement cost (a) 0.6 0.5 0.4 0.3 0.1 (0.1) Benefit plan actuarial gain 42.9 — — — — — Other (8.3) — — — — — Ending funded status $ (42.7) (42.2) (41.8) (41.5) (41.4) (41.5) Black Lung plans Beginning funded status $ (74.4) (69.8) (64.4) (59.4) (54.9) (50.7) Net periodic postretirement cost (a) (3.6) (3.6) (3.3) (3.1) (2.8) (2.6) Payment from Brink’s 8.0 9.0 8.3 7.6 7.0 6.4 Benefit plan actuarial loss 0.2 — — — — — Ending funded status $ (69.8) (64.4) (59.4) (54.9) (50.7) (46.9) (a) Excludes amounts reclassified from accumulated other comprehensive income (loss).
Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders decreased $87.5 million to $86.0 million due to higher income tax expense ($97.8 million) and higher interest expense ($65.0 million), partially offset by the increase in operating profit mentioned above, higher interest and other nonoperating income ($10.7 million), and lower noncontrolling interest ($0.7 million).
Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share Amounts Income from continuing operations attributable to Brink’s shareholders increased $75.8 million to $161.8 million due to lower income tax expense ($46.5 million), higher interest and other nonoperating income ($34.3 million), and the increase in operating profit mentioned above, partially offset by higher interest expense ($31.6 million).
The increase was attributed to higher operating profit (operating profit was $425.2 million in 2023 compared to $361.3 million in 2022), lower amounts paid for income taxes (we had $96.3 million in cash payments for taxes in 2023 as compared to $127.8 million in 2022), working capital changes (we had cash received of $164.5 million in 2023 compared to cash payments of $12.1 million in 2022), changes in customer obligations related to certain of our secure cash management services operations (certain customer obligations increased by $66.0 million in 2023 compared to an increase of $50.0 million in 2022) and restricted cash held for customers (restricted cash held for customers increased by $59.5 million in 2023 compared to an increase of $50.0 million in 2022), partially offset by higher amounts paid for interest (we had $195.8 million in cash payments for interest in 2023 as compared to $117.5 million in 2022).
The decrease was attributed to changes in customer obligations related to certain of our secure cash management services operations (certain customer obligations decreased by $77.7 million in 2024 compared to an increase of $66.0 million in 2023), restricted cash held for customers (restricted cash held for customers decreased by $42.9 million in 2024 compared to an increase of $59.5 million in 2023), higher amounts paid for income taxes (we had $122.1 million in cash payments for taxes in 2024 as compared to $96.3 million in 2023), and higher amounts paid for interest (we had $235.3 million in cash payments for interest in 2024 as compared to $195.8 million in 2023), partially offset by improvements in working capital excluding taxes and interest.
We do not consider these items to be reflective of our operating performance as they result from events and circumstances that are not a part of our core business. Additionally, non-GAAP results are utilized as performance measures in certain management incentive compensation plans.
The reconciliations in the tables below include adjustments that we do not consider reflective of our operating performance as they result from events and circumstances that are not a part of our core business. Additionally, certain non-GAAP results, including non-GAAP operating profit and free cash flow before dividends, are utilized as performance measures in certain management incentive compensation plans.
For purposes of calculating earnings per share, we reported each ASR as a repurchase of our common stock and as a forward contract indexed to our common stock.
In 2022, we received 546,993 additional shares upon the termination of an ASR. For purposes of calculating earnings per share, we reported each ASR as a repurchase of our common stock and as a forward contract indexed to our common stock.
The increase was attributed to higher operating profit, lower amounts paid for income taxes, and working capital changes, partially offset by higher amounts paid for interest. 40 Investing Activities Years Ended December 31, $ change (In millions) 2023 2022 2021 2023 2022 Cash flows from investing activities Capital expenditures $ (202.7) (182.6) (167.9) $ (20.1) (14.7) Acquisitions, net of cash acquired (1.5) (173.9) (313.2) 172.4 139.3 Dispositions, net of cash disposed 1.1 — — 1.1 — Marketable securities: Purchases (134.7) (30.3) (15.6) (104.4) (14.7) Sales 150.4 11.7 35.1 138.7 (23.4) Proceeds from sale of property, equipment and investments 18.4 5.7 7.7 12.7 (2.0) Proceeds from settlement of cross currency swap — 64.3 — (64.3) 64.3 Net change in loans held for investment (11.1) (25.9) — 14.8 (25.9) Other (0.6) (0.2) (0.8) (0.4) 0.6 Discontinued operations 0.9 — — 0.9 — Investing activities $ (179.8) (331.2) (454.7) $ 151.4 123.5 Cash used by investing activities decreased by $151.4 million in 2023 as compared to 2022.
Investing Activities Years Ended December 31, $ change (In millions) 2024 2023 2022 2024 2023 Cash flows from investing activities Capital expenditures $ (222.5) (202.7) (182.6) $ (19.8) (20.1) Acquisitions, net of cash acquired (19.1) (1.5) (173.9) (17.6) 172.4 Dispositions, net of cash disposed — 1.1 — (1.1) 1.1 Marketable securities: Purchases (71.8) (134.7) (30.3) 62.9 (104.4) Sales 57.2 150.4 11.7 (93.2) 138.7 Proceeds from sale of property and equipment 29.2 18.4 5.7 10.8 12.7 Proceeds from settlement of cross currency swap — — 64.3 — (64.3) Net change in loans held for investment 7.1 (11.1) (25.9) 18.2 14.8 Other 3.7 (0.6) (0.2) 4.3 (0.4) Discontinued operations — 0.9 — (0.9) 0.9 Investing activities $ (216.2) (179.8) (331.2) $ (36.4) 151.4 Cash used by investing activities increased by $36.4 million in 2024 as compared to 2023.
See above for our definition of “organic.” Consolidated Costs and Expenses Cost of revenues increased 7% to $3,707.1 million primarily due to higher revenue, including the impact of acquisitions, partially offset by the impact of currency exchange rates and lower costs related to restructuring actions and cost productivity.
See below for our definition of “organic change” and "organic growth." Consolidated Costs and Expenses Cost of revenues increased 1% to $3,743.1 million primarily due to higher revenue partially offset by the impact of currency exchange rates.
Consolidated Operating Profit Operating profit increased $63.9 million due mainly to: • organic increases in Latin America ($77.4 million), North America ($25.2 million), Europe ($9.1 million), and Rest of World ($3.3 million), • lower costs incurred related to reorganization and restructuring ($21.2 million), • favorable operating impact of business acquisitions ($16.1 million), excluding intangible amortization and acquisition-related charges, • lower costs related to the impact of a change in allowance estimate ($15.6 million) recorded in 2022 due to a modification in our methodology to estimate the allowance for doubtful accounts, • lower costs related to business acquisitions and dispositions ($15.7 million), including the impact of acquisition-related charges and intangible asset amortization, included in "Other items not allocated to segments", and • lower corporate expenses on an organic basis ($4.8 million), 24 partially offset by: • unfavorable changes in currency exchange rates ($118.5 million) primarily driven by the Argentine peso.
Operating profit increased $27.8 million due mainly to: • organic increases in Latin America ($149.0 million), Europe ($12.2 million), North America ($7.6 million), and Rest of World ($5.6 million), • lower costs incurred related to reorganization and restructuring ($16.1 million), • lower costs related to business acquisitions and dispositions ($8.6 million), including the impact of acquisition-related charges, included in "Other items not allocated to segments", and • favorable operating impact of business acquisitions ($1.7 million), excluding intangible amortization and acquisition-related charges, partially offset by: • unfavorable changes in currency exchange rates ($96.5 million) primarily driven by the Argentine peso, • higher costs in connection with the resolutions of DOJ/FinCEN investigations ($45.7 million), • higher transformation initiative costs ($22.9 million), and • higher corporate expenses on an organic basis ($12.4 million).
GAAP Basis Analysis of Consolidated Results: 2023 versus 2022 Consolidated Revenues Revenues increased $339.1 million due to organic increases in Latin America ($282.0 million), Europe ($71.4 million), Rest of World ($22.7 million), and North America ($18.3 million) and the favorable impact of acquisitions ($105.5 million), partially offset by the unfavorable impact of currency exchange rates ($160.8 million).
GAAP Basis Analysis of Consolidated Results: 2024 versus 2023 Consolidated Revenues Revenues increased $137.3 million due to organic increases in Latin America ($461.8 million), Europe ($82.3 million), North America ($36.6 million), and Rest of World ($20.7 million) and the favorable impact of acquisitions ($23.7 million), partially offset by the unfavorable impact of currency exchange rates ($487.8 million).
This was partially offset by the proceeds from the settlement of the euro cross currency swaps in 2022, as discussed in Note 12. 41 Capital expenditures and depreciation and amortization were as follows: Years Ended December 31, $ change (In millions) 2023 2022 2021 2023 2022 Property and Equipment Acquired during the year Capital expenditures (a) : North America $ 43.8 41.4 40.4 $ 2.4 1.0 Latin America 48.8 50.1 45.0 (1.3) 5.1 Europe 72.1 50.5 50.6 21.6 (0.1) Rest of World 30.6 34.4 26.0 (3.8) 8.4 Corporate 7.4 6.2 5.9 1.2 0.3 Capital expenditures - GAAP and non-GAAP $ 202.7 182.6 167.9 $ 20.1 14.7 Financing leases (b): North America $ 59.4 46.3 50.6 $ 13.1 (4.3) Latin America 11.0 10.9 14.2 0.1 (3.3) Europe 21.4 8.1 20.6 13.3 (12.5) Rest of World 0.2 0.4 0.5 (0.2) (0.1) Financing leases - GAAP and non-GAAP $ 92.0 65.7 85.9 $ 26.3 (20.2) Total: North America $ 103.2 87.7 91.0 $ 15.5 (3.3) Latin America 59.8 61.0 59.2 (1.2) 1.8 Europe 93.5 58.6 71.2 34.9 (12.6) Rest of World 30.8 34.8 26.5 (4.0) 8.3 Corporate 7.4 6.2 5.9 1.2 0.3 Total property and equipment acquired $ 294.7 248.3 253.8 $ 46.4 (5.5) Depreciation and amortization (a) North America $ 73.9 69.1 68.7 $ 4.8 0.4 Latin America 53.6 49.1 46.2 4.5 2.9 Europe 54.2 39.6 41.4 14.6 (1.8) Rest of World 24.4 23.6 23.2 0.8 0.4 Corporate 5.3 8.4 9.7 (3.1) (1.3) Depreciation and amortization - non-GAAP 211.4 189.8 189.2 21.6 0.6 Argentina highly inflationary impact 5.4 2.9 2.2 2.5 0.7 Reorganization and Restructuring 1.2 1.0 0.3 0.2 0.7 Acquisitions and dispositions — 0.1 0.1 (0.1) — Amortization of intangible assets 57.8 52.0 47.7 5.8 4.3 Depreciation and amortization - GAAP $ 275.8 245.8 239.5 $ 30.0 6.3 (a) Incremental depreciation related to highly inflationary accounting in Argentina, accelerated depreciation related to restructuring activities and acquisition-related integration activities, and amortization of acquisition-related intangible assets have also been excluded from non-GAAP amounts.
This was partially offset by a decrease in cash received for loans held for investment (we received $7.1 million for loans held for investment in 2024 compared to payments of $11.1 million in 2023), as discussed in Note 20. 41 Capital expenditures and depreciation and amortization were as follows: Years Ended December 31, $ change (In millions) 2024 2023 2022 2024 2023 Property and Equipment Acquired during the year Capital expenditures (a) : North America $ 62.6 43.8 41.4 $ 18.8 2.4 Latin America 33.0 48.8 50.1 (15.8) (1.3) Europe 76.9 72.1 50.5 4.8 21.6 Rest of World 45.6 30.6 34.4 15.0 (3.8) Corporate 4.4 7.4 6.2 (3.0) 1.2 Capital expenditures $ 222.5 202.7 182.6 $ 19.8 20.1 Financing leases : North America $ 38.4 59.4 46.3 $ (21.0) 13.1 Latin America 21.4 11.0 10.9 10.4 0.1 Europe 13.4 21.4 8.1 (8.0) 13.3 Rest of World 1.9 0.2 0.4 1.7 (0.2) Financing leases $ 75.1 92.0 65.7 $ (16.9) 26.3 Total: North America $ 101.0 103.2 87.7 $ (2.2) 15.5 Latin America 54.4 59.8 61.0 (5.4) (1.2) Europe 90.3 93.5 58.6 (3.2) 34.9 Rest of World 47.5 30.8 34.8 16.7 (4.0) Corporate 4.4 7.4 6.2 (3.0) 1.2 Total property and equipment acquired $ 297.6 294.7 248.3 $ 2.9 46.4 Depreciation and amortization (a) North America $ 82.4 73.9 69.1 $ 8.5 4.8 Latin America 53.9 53.6 49.1 0.3 4.5 Europe 57.0 54.2 39.6 2.8 14.6 Rest of World 26.2 24.4 23.6 1.8 0.8 Total reportable segments 219.5 206.1 181.4 13.4 24.7 Corporate 3.5 5.3 8.4 (1.8) (3.1) Argentina highly inflationary impact 12.0 5.4 2.9 6.6 2.5 Reorganization and restructuring — 1.2 1.0 (1.2) 0.2 Acquisitions and dispositions — — 0.1 — (0.1) Depreciation and amortization of property and equipment $ 235.0 218.0 193.8 $ 17.0 24.2 Amortization of intangible assets (a) 58.3 57.8 52.0 0.5 5.8 Total depreciation and amortization $ 293.3 275.8 245.8 $ 17.5 30.0 (a) Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.
As of December 31, 2023, $458 million was available under the Revolving Credit Facility. Based on our current cash on hand, amounts available under our credit facilities and current projections of cash flows from operations, we believe that we will be able to meet our liquidity needs for more than the next twelve months.
As of December 31, 2024, $600 million was available under the Revolving Credit Facility. Based on our current cash generated from operations, and amounts available under our credit facilities and our ability to access capital from financial markets, we believe that we will be able to meet our liquidity needs for the next 12 months and thereafter the foreseeable future.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeIn July 2022, we terminated these cross currency swap contracts and received $67 million in cash for the fair value of the derivative assets at the settlement date.
Biggest changeIn July 2022, we terminated the cross currency swap contracts hedging a portion of our net investment in certain euro functional currency subsidiaries and received $67 million in cash for the fair value of the derivative assets at the settlement date.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK We currently serve customers in more than 100 countries, including 52 countries where we operate subsidiaries. These operations expose us to a variety of market risks, including the effects of changes in interest rates and foreign currency exchange rates.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK We currently serve customers in more than 100 countries, including 51 countries where we operate subsidiaries. These operations expose us to a variety of market risks, including the effects of changes in interest rates and foreign currency exchange rates.
The hypothetical foreign currency effects above detail the consolidated effect attributable to Brink’s of a simultaneous change in the value of a large number of foreign currencies relative to the U. S. dollar. The foreign currency exposure effect related to a change in an individual currency could be significantly different. 60
The hypothetical foreign currency effects above detail the consolidated effect attributable to Brink’s of a simultaneous change in the value of a large number of foreign currencies relative to the U. S. dollar. The foreign currency exposure effect related to a change in an individual currency could be significantly different. 59
We do not use derivative financial instruments for purposes other than hedging underlying financial exposures. The sensitivity analyses discussed below for the market risk exposures were based on the facts and circumstances in effect at December 31, 2023.
We do not use derivative financial instruments for purposes other than hedging underlying financial exposures. The sensitivity analyses discussed below for the market risk exposures were based on the facts and circumstances in effect at December 31, 2024.
Our floating rate debt typically is based on an underlying floating rate component as well as a fixed rate margin component. Based on the contractual interest rates on our floating rate debt at December 31, 2023, a hypothetical 10% increase in rates would increase cash outflows by approximately $7.6 million over a twelve-month period.
Our floating rate debt typically is based on an underlying floating rate component as well as a fixed rate margin component. Based on the contractual interest rates on our floating rate debt at December 31, 2024, a hypothetical 10% increase in rates would increase cash outflows by approximately $6.4 million over a twelve-month period.
We subsequently entered into a total of nine cross currency swap contracts with a total notional value of $400 million to hedge a portion of our net investments in certain of our subsidiaries with euro functional currency.
We subsequently entered into new cross currency swaps with a total notional value of $400 million to hedge a portion of our net investments in certain of our subsidiaries with euro functional currency.
At December 31, 2023, the notional value of these cross currency swaps contracts was $400 million with a weighted-average remaining maturity of 2.0 years for the cross currency swaps maturing in May 2026 and a remaining weighted average maturity of 6.3 years for the cross currency swaps maturing in April 2031.
At December 31, 2024, the notional value of these cross currency swaps contracts was $400 million with a weighted-average remaining maturity of 1.1 years for the cross currency swaps maturing in May 2026 and a remaining weighted average maturity of 5.3 years for the cross currency swaps maturing in April 2031.
Additionally, these contracts are not designated as hedges for accounting purposes, and accordingly, changes in their fair value are recorded immediately in earnings. In the second quarter of 2021, we entered into ten cross currency swap contracts to hedge a portion of our net investments in certain of our subsidiaries with euro functional currencies.
Additionally, these contracts are not designated as hedges for accounting purposes, and accordingly, changes in their fair value are recorded immediately in earnings. We have entered into cross currency swaps to hedge a portion of our net investments in certain of our subsidiaries with euro functional currency.
At December 31, 2023, the notional value of our shorter outstanding foreign currency forward and swap contracts was $678.0 million with average contract maturities of approximately one month. These contracts primarily offset exposures in the euro and the Mexican peso.
At December 31, 2024, the notional value of our shorter outstanding foreign currency forward and swap contracts was $1,158 million with average contract maturities of approximately one month. These contracts primarily offset exposures in the euro, the Mexican peso, and the British pound.
The effect on the fair value of these cross currency swaps of a hypothetical 10% appreciation in the forward May 2026 euro exchange rate and a hypothetical 10% appreciation in the forward April 2031 euro exchange rate from year-end 2023 levels would result in a $39.8 million change in fair values, changing the December 31, 2023 net liability of $34.6 million to a net liability of $74.4 million. 59 The effects of a hypothetical simultaneous 10% appreciation in the U.S. dollar from the 2023 levels against all other currencies of countries in which we have continuing operations are as follows: (In millions) Hypothetical Effects Increase/ (decrease) Effect on Earnings: Translation of 2023 earnings into U.S. dollars $ (52.1) Transaction gains (losses) (a) (8.5) Effect on Other Comprehensive Income (Loss): Translation of net assets of foreign subsidiaries (a) (174.1) (a) Net of outstanding foreign currency swap and forward contracts.
The effect on the fair value of these cross currency swaps of a hypothetical 10% appreciation in the forward May 2026 euro exchange rate and a hypothetical 10% appreciation in the forward April 2031 euro exchange rate from year-end 2024 levels would result in a $38.2 million change in fair values, changing the December 31, 2024 net liability of $16.1 million to a net liability of $54.3 million. 58 The effects of a hypothetical simultaneous 10% appreciation in the U.S. dollar from the 2024 levels against all other currencies of countries in which we have continuing operations are as follows: (In millions) Hypothetical Effects Increase/ (decrease) Effect on Earnings: Translation of 2024 earnings into U.S. dollars $ (49.6) Transaction gains (losses) (a) (13.2) Effect on Other Comprehensive Income (Loss): Translation of net assets of foreign subsidiaries (a) (164.0) (a) Net of outstanding foreign currency swap and forward contracts.
In other words, the weighted-average interest rate on our floating rate instruments (including any fixed rate margin component) was 7.46% per annum at December 31, 2023. If the underlying floating rate component were to increase by 10%, our average rate on this debt would increase by 0.51 percentage points to 7.97%.
In other words, the weighted-average interest rate on our floating rate instruments (including any fixed rate margin component) was 6.14% per annum at December 31, 2024. If the underlying floating rate component were to increase by 10%, our average rate on this debt would increase by 0.50 percentage points to 6.64%.
The effect on the fair values of our $600 million and $400 million unsecured senior notes of a hypothetical 10% decrease in the yield curve from year-end 2023 levels would result in a $19.4 million increase in the fair value of our unsecured senior notes.
The effect on the fair values of our cumulative $1.4 billion of unsecured senior notes of a hypothetical 10% decrease in the yield curve from year-end 2024 levels would result in a $37.7 million increase in the fair value of our unsecured senior notes.

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