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Item 1. Business

2023-03-01 compared with 2022-02-28 · 103 added, 168 removed, 116 unchanged (70% of the section changed)

The Brink’s Company is the global leader in total cash management, route-based logistics and payment solutions including cash-in-transit, ATM services, cash management services, including vault outsourcing, money processing, and intelligent safe services, and international transportation of valuables.

Our customers include financial institutions, retailers, government agencies (including central banks), mints, jewelers and other commercial operations around the world.

The Brink’s Company is a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services.

Our customers include financial institutions, retailers, government agencies, mints, jewelers and other commercial operations around the world.

Our global network serves customers in more than 100 countries.

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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, 2022 ("this Form 10-K").

We have three long-term strategic objectives:

Accelerate Profitable Growth, Deliver Operational Excellence, and Introduce Digital Solutions.

We recently modified these long-term strategic objectives to reflect the evolution of our business.

We will Accelerate Profitable Growth by continuing to drive organic revenue growth, expanding high-value services, growing account share with existing and new customers, pursuing accretive acquisitions, and enhancing customer experience.

We will Deliver Operational Excellence by exceeding customer expectations, leading our industry in safety and security, and continuing to improve productivity in fleet, money processing and sales with the Lean Management Methodology and new approach to managing strategy deployment.

Operational Excellence applies to every part of our business.

We will Introduce Digital Solutions by strengthening and leveraging our IT capabilities and operating systems to offer new digital solutions that are attractive and valuable to a much larger number of retailers.

These solutions are more flexible and cost effective compared to traditional CIT services.

Over the past several years, our business has evolved significantly.

We have a much larger footprint and new digital capabilities.

This means we have the opportunity to simplify cash and valuables management for our customers with tech-enabled services and to optimize our operations and leverage the benefits of scale across our expanded footprint.

Our strategy is to grow Brink’s by providing a superior customer experience and driving continuous improvement.

We will achieve this by delivering on four strategic pillars :

Growth and Customer Loyalty, Innovation, Operational Excellence, and Talent.

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;

• 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.

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 achieve Operational Excellence by driving 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.

To execute our objectives, we manage the business with multi-year plans.

Our current strategic plan covers 2022 – 2024 and is designed to build on our strong performance through 2019, which focused on the fundamentals to drive success.

Our plan outlines how we will accelerate revenue growth and margin improvement, and position Brink’s to win across the evolving payments ecosystem, by continuing to deploy two strategies that we refer to as “Strategy 1.0” and “Strategy 2.0.”

Strategy 1.0 is about a focus on organic growth and operational excellence across our business, including our core cash logistics business.

Important aspects continue to include cost discipline and driving key initiatives wider and deeper into the organization.

This provides a strong foundation for future growth and an excellent platform for introducing our digital solutions.

Strategy 2.0 has two primary components:

digital solutions and ATM managed services.

They both capitalize on technology.

• Our digital solution for cash payments, also known as Brink’s Complete, enables large and small retail customers to process cash payments in a way that is as easy as card and mobile payments.

It positions Brink’s as a provider of payment solutions – an important evolution of our strategy.

• Our ATM managed services include cash logistics, device management, transaction processing, and cash forecasting and analytics.

We operate ATMs for retailers and independent ATM deployers and help financial institutions manage their ATM networks so they can focus on their core customer offerings.

Our strategy is supported by:

• Our proven ability to drive growth and profitability,

• Cash usage and demand for our high-value logistics services remains strong throughout the world,

• We are well-positioned to capitalize on the changing payments landscape, and

• We have a winning culture and great people, our most valuable assets.

In our current strategic plan, we are focusing on the implementation of the strategic pillars across our traditional (cash and valuables management) and emerging (Digital Retail Solutions and ATM Managed Services) service lines.

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.

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.

Cash-in-transit and ATM contracts usually cover an initial term of at least one year and in many cases one to three years, and generally remain in effect thereafter until canceled by either party.

Contracts for cash management services are typically longer.

Cash logistics services contracts usually cover an initial term of at least one year and in many cases one to three years, and generally remain in effect thereafter until canceled by either party.

Contracts for cash management services, digital retail solutions, and ATM managed services are typically longer.

Following are descriptions of our service offerings:

Core Services (50% of total revenues in 2021)

Cash-in-transit ("CIT") and basic ATM services are core services we provide to customers throughout the world.

We charge customers per service performed or based on the value of goods transported.

Cash and Valuables Management (84% of total revenues in 2022)

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.

Core services generated approximately $2.1 billion of revenues in 2021 ($1.9 billion in 2020 and $2.0 billion in 2019).

Cash-in-transit services – Serving customers since 1859, our success in CIT is driven by a combination of rigorous security practices, high-quality customer service, risk management and logistics expertise.

Cash-in-transit services generally include the secure transportation of:

• cash between businesses and financial institutions, such as banks and credit unions

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 and valuables management services generated approximately $3.8 billion of revenues in 2022 ($3.7 billion in 2021 and $3.3 billion in 2020).

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.

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;

• new currency, coins, bullion and precious metals for central banks and other customers

Basic ATM services – We manage approximately 131,500 ATMs worldwide.

We provide customers who own and operate ATMs a variety of service options.

and new currency, coins, bullion and precious metals for central banks and other customers.

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 and second line maintenance.

High-Value Services (45% of total revenues in 2021)

Our Core Services, combined with our brand and global infrastructure, provide a broad platform from which we offer additional high-value services, which generated approximately $1.9 billion of revenues in 2021 ($1.6 billion in 2020 and $1.6 billion in 2019).

Global services - Brink’s Global Services ("BGS") is the leading global provider of secure transport of highly-valued commodities including diamonds, jewelry, precious metals, securities, banknotes, currency, high-tech devices, electronics and pharmaceuticals.

Our specialized diamond and jewelry operations have offices in the world’s major diamond and jewelry centers.

Serving customers in more than 100 countries, BGS provides secure transportation services including pick-up, packaging, customs clearance, secure vault storage and inventory management.

BGS uses a combination of armored vehicles and secure air and sea transportation.

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.

BGS also has specialized diamond and jewelry operations in the world’s major diamond and jewelry centers.

Cash management services – We offer a variety of cash management services, depending on customers’ unique needs.

These include:

• money processing (e.g., counting, sorting, wrapping, checking condition of bills, etc.) and other cash management services

• digital cash payment services that provide advance credit for cash deposited in Brink's-provided tech-enabled safe and other services related to deploying and servicing “intelligent” safes and safe control devices, including our patented CompuSafe ® service

• check imaging services

Other cash management services include cashier balancing, counterfeit detection, account consolidation and electronic reporting.

Retail and bank customers use Brink’s to count and reconcile coins and currency, prepare bank deposit information and replenish coins and currency in specific denominations.

Brink's offers a fully integrated approach to managing customers' supply chain of cash.

These services include logistical support from point-of-sale through transport, vaulting, bank deposit and related credit reporting.

We also offer a variety of technology applications including online cash tracking, cash inventory management, check imaging for real-time deposit processing, and a variety of other web-based tools that enable banks and other customers to reduce costs while improving service to their customers.

We believe the quality and scope of our money processing and information systems differentiate our cash management services from competitive offerings.

Brink’s now offers a digital cash management solution in a number of countries, which enables business customers to access their cash without visiting a bank.

Brink’s provides this solution through its Brink’s Complete service offering and its BLUbeem TM by Brink’s brand.

In the U.S., these solutions are offered through Brink’s Capital LLC.

Customers register their cash using a mobile application, and deposit that cash into a discreet and secure in-store Brink’s device.

Brink’s digitally confirms the deposit and provides the customer with advance credit to the customer’s bank account for deposit by the next day, picking up the cash at a later time that is convenient for both parties.

Through partnerships with digital payment providers, the BLUbeem digital cash management solution will be offered alongside these payment providers’ offerings, providing an integrated solution for cash, card and digital payment methods.

Brink’s CompuSafe ® service –We manage approximately 47,400 installed Compusafe devices worldwide.

Brink’s CompuSafe service provides an integrated, closed-loop system for minimizing theft and managing cash.

We market CompuSafe services to a variety of cash-intensive customers including convenience stores, gas stations, restaurants, retail chains and entertainment

In a majority of instances, once the specialized safe is installed, the customer’s employees deposit currency into the safe’s cassettes, which can only be removed by Brink’s personnel or in some instances, securely by customer employees.

Upon removal, the cassettes are securely transported to a vault for processing where contents are verified and transferred for deposit.

Our CompuSafe service features currency-recognition and counterfeit-detection technology, multi-language touch screens and in some instances, an electronic interface between the point-of-sale, back-office systems and external banks.

Our electronic reporting interface with external banks enables customers to receive same-day credit on their cash balances, even if the cash remains on the customer’s premises.

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.

These include money processing (e.g., counting, sorting, wrapping, checking condition of bills, etc.), check imaging services and other cash management services (e.g., cashier balancing, counterfeit detection, account consolidation and electronic reporting).

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.

ATM managed services – We provide comprehensive services for ATM management including cash replenishment, replenishment forecasting, cash optimization, ATM remote monitoring, service call dispatching, transaction processing, installation services, and first and second line maintenance.

These services are primarily offered in the U.S.

Other Services – Guarding services, commercial security systems services, and payment services.

Digital Retail Solutions ("DRS"), and ATM Managed Services ("AMS") (16% of total revenues in 2022)

DRS and AMS are technology enabled services provided to customers throughout the world.

Revenues are typically contractually recurring with multi-year terms.

DRS and AMS services generated approximately $0.7 billion of revenues in 2022 ($0.5 billion in 2021 and $0.4 billion in 2020).

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 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.

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.

For certain customers, we take ownership of ATM devices as part of our managed services offering.

Payment services – We provide convenient payment services, including bill payment and collection services, and Brink’s Money™ prepaid cards and corporate debit cards.

We offer Brink’s Money™ general purpose reloadable prepaid cards and corporate debit cards to consumers, employers and small and medium size businesses in the U.S.

Our general purpose reloadable cards are sold to consumers through our direct-to-consumer marketing efforts, and our payroll cards are sold to employers who use them to pay employees electronically, while our business expense cards are sold to small businesses that set controls on employee spending.

Brink’s Money™ cards can be used at stores, restaurants, online retailers, and at ATMs worldwide.

These products are targeted toward the millions of unbanked and under-banked Americans and small businesses looking for alternative financial products.

Other Security Services (5% of total revenues in 2021)

Guarding – We protect airports, offices, warehouses, stores, and public venues with or without electronic surveillance, access control, fire prevention and trained patrolling personnel.

Other security services generated approximately $0.2 billion of revenues in 2021 ($0.2 billion in 2020 and $0.1 billion in 2019).

We offer security and guarding services in Europe, Rest of World and Latin America.

A portion of this business involves long-term contracts related primarily to security services at airports and embassies.

Generally, guarding contracts are for a one-year period, and the majority of contracts are extended.

Commercial security systems – We provide commercial security system services in designated markets in Europe.

Our security system design and installation services include alarms, motion detectors, closed-circuit televisions, digital video recorders, and access control systems, including card and biometric readers, electronic locks, and turnstiles.

We may also provide monitoring services after systems have been installed.

Industry and Competition

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and Garda World Security Corporation (Canada).

We believe the primary factors in attracting and retaining customers are security expertise, service quality, and price.

We believe the primary factors in attracting and retaining customers are security expertise, service quality, value-added solutions and price.

Our competitive advantages include:

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Brink's name and marks are of material significance to our business.

We own patents for safes and related devices and services, iDeposit and Daily Credit processes, including our integrated CompuSafe ® service, which expire between 2022 and 2039.

We own patents for safes, cash devices and related processes, including Brink’s Complete TM , CompuSafe ® , iDeposit, and Daily Credit.

Brink's patents will expire between 2023 and 2040.

These patents provide us with important advantages.

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Our permits and licensing requirements vary by jurisdictions based on the scope of business conducted and applicable laws and regulations.

In addition, Brink’s Capital LLC has federally registered as a Money Services Business in anticipation of offering money transmission and payment services to customers.

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.

Human Capital Management

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Safety, Integrity, Engagement, Continuous Improvement, Customer Focus and Diversity and Inclusion.

Our values guide the way we work and are the cornerstone of our winning culture.

They 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 values guide the way we work and are the cornerstone of our culture.

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.

Workforce Demographics

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Certain employees in the United States provide corporate services for the various regions in which we operate.

The persistence of the COVID-19 pandemic has impacted the stability of our workforce.

In the U.S., we have experienced labor shortages and inflationary wage pressures affecting near-term performance.

Our inability to offer competitive compensation and benefits may impact our ability to attract and retain employees in certain markets.

Since 2020, the negative impact from the COVID-19 pandemic has affected the stability of our workforce.

During 2022, we continued to take steps to develop a talent pool deep enough to absorb employee departures.

Specifically, we enhanced workforce planning, updated job descriptions, identified critical role high potential employees and enhanced our brand attractiveness by establishing Brink’s as a company which is relevant, digital, inclusive and growing.

We use employee opinion surveys to take the pulse of employees in the U.S., Brazil, Canada and Mexico.

Globally, we are sharing our vision of a winning culture with our leadership through country communication plans, and using global leadership training to reinforce Brink’s Values and critical success factors throughout the organization.

In 2022, we expect to launch a project that will focus on the employee experience and is designed to reduce employee turnover.

Specifically, we enhanced workforce planning, updated job

descriptions, identified critical role high potential employees and enhanced our brand attractiveness by establishing Brink’s as a company that is relevant, digital, inclusive and growing.

We took actions in a number of markets to maintain the competitiveness of our compensation and benefits programs to assist with talent attraction and retention.

We continue to use employee opinion surveys to take the pulse of employees in the U.S., Brazil, Canada and Mexico.

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.

In 2022, we launched the Employee Experience Project, an onboarding training program for employees designed to represent our culture and values, focus on retention, increase employee engagement and reduce employee turnover.

Strategic acquisitions continue to be a part of our broader strategic plan.

We previously announced the acquisition of the majority of the international cash operations of U.K.-based G4S plc ("G4S") which was substantially completed as of December 31, 2020.

During 2021, we closed on additional G4S acquisitions in Kuwait, Macau and Luxembourg and worked to integrate approximately 2,600 full-time employees into our operations.

We either continued existing contractual and statutory obligations covering these employees, or added these employees to our local compensation and benefit programs.

We continue to assimilate employees in all G4S locations into our business operations.

As of April 1, 2021 we had completed the acquisition of PAI Midco, Inc.

and its subsidiaries (“PAI”), including approximately 200 employees across three primary U.S.

locations and another twelve field locations.

Until December 31, 2021, PAI employees remained under existing benefit plan programs.

On January 1, 2022, PAI employees were added to our U.S.

compensation and benefit programs.

All management employees who came to us from these acquisitions have successfully completed an orientation program to ensure that they are aligned with the Company’s compensation, performance management, talent management and compliance policies.

On October 3, 2022, the Company completed its acquisition of NoteMachine Limited and Testlink Services Limited and the three subsidiaries they directly owned as of the acquisition date (collectively, "NoteMachine"), one of the leading ATM networks in the United Kingdom, including 599 employees.

It is expected that these employees will be added to our compensation and benefit programs in 2023.

All management employees who came to us from acquisitions are expected to complete an orientation program to ensure that they are aligned with the Company’s compensation, performance management, talent management and compliance policies.

Employee Safety and Wellness

Employee safety is of paramount importance as we strive to bring every employee home safe every night.

In 2021, Company priorities continued to focus on mitigating the impacts of the COVID-19 pandemic by, among other things, prioritizing the health and safety of our employees, their families and our customers, while maintaining our essential services to our customers.

This included investing in additional personal protective equipment, enhanced cleaning protocols, and work protocols aimed at minimizing unnecessary social contact both in our workplaces and while serving our customers.

We have aligned our vaccine approach with government guidance and provided incentives in various countries to encourage employee immunization.

In response to the COVID-19 pandemic, we implemented significant changes that we determined were in the best interests of our employees, as well as the communities in which we operate.

The changes comply with government regulations and include implementing additional safety measures, such as additional personal protective equipment and enhanced cleaning protocols for employees continuing critical on-site work.

We believe in supporting our employees’ health and well being.

We have implemented a flexible work program that allows certain employees to work remotely as approved by their managers and is intended to help our employees maintain a reasonable professional/personal life balance as we continue to invest in and protect our strong Company culture.

We also offer our employees a wide array of benefits such as 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

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Accordingly, we continue to identify opportunities to execute on our commitment to Diversity and Inclusion (“D&I”) to our stakeholders.

Sustainability, including environmental, social and governance matters, are overseen by our Board.

In February 2021, we welcomed our first D&I leader who began by building programs in the U.S.

and will be expanding his work globally in 2022.

He developed a global D&I training program retaining PDT Global, a worldwide inclusion and diversity training consultant.

The training, which will be rolled out in 2022 to management-level employees, is intended to be continuous and include both digital and live training.

Additionally, D&I initiatives are being infused into talent management through unconscious bias training, diverse interviewers and the use of diverse candidate pipelines.

Our Sustainability Program, including environmental, social and governance ("ESG") matters, is overseen by our Board of Directors.

In July 2022, we published our inaugural Sustainability Update, which outlined our ESG priorities and our commitment to five of the United Nations (“UN”) Sustainable Development Goals.

In the Sustainability Update, we announced a target to increase the number of women in leadership roles (defined as salary grade 18 and above) by at least 50% by the end of 2026.

In 2022, the Company also launched its Diverse Recruiting Guidelines, designed to ensure that we cultivate a pool of candidates with a wide range of qualities and perspectives and help prevent recruitment bias.

Additionally, through the collaborative efforts of our Vice President of Diversity and our Head of Talent Management, the Company has integrated D&I strategies into our talent management review meetings, which we believe has allowed us to identify and increase the representation of diverse candidates in our succession planning and leadership development initiatives.

As part of our Sustainability Program, we signed the UN Global Compact, affirming our commitment to meet fundamental responsibilities in the areas of human rights, labor and the environment.

We also joined the CEO Action for Diversity & Inclusion.

More information on our ESG priorities can be found on our Sustainability page on our website.

In 2022, we implemented global D&I training, including unconscious bias training, both in-person and virtually, for management-level employees, with the goal of educating and empowering the Company's leaders to foster an inclusive culture within their teams.

In 2021, we established a U.S.

Diversity and Inclusion Council (“D&I Council”) made up of the Company’s senior leaders in various functions, and the executive sponsors and chairs of our employee resource groups (“ERGs”).

The D&I Council is being piloted in the U.S.

to support the development of our D&I initiatives.

We expect to expand the D&I Council globally in 2022.

In 2021, the organization undertook an effort to assemble demographic data on workforce diversity, including gender, race and ethnicity.

That demographic data is currently being analyzed to identify opportunities and goals, and how best to measure progress against those goals.

In 2022, we expect to develop global gender diversity goals for leadership and enhance our succession planning efforts to emphasize diversity.

Diversity and Inclusion Council (“D&I Council”) made up of the Company’s senior leaders in various functions, and the executive sponsors and chairs of our employee resource groups (“ERGs”) to support the development of our D&I initiatives.

The D&I Council was expanded to Europe in 2022, and we expect to expand the D&I Council to Asia in 2023.

Our ERGs promote acceptance and inclusion and provide resources to raise awareness.

In 2021, we expanded the scope and programs of our ERGs.

In the U.S., we now have groups for women, Black, Asian and Pacific Islander, Latin X and military veteran employees.

In Brazil we have groups for women, Black and LGBTQ+ employees and for people with disabilities.

In Canada and Mexico we have groups for women.

In the first half of 2022, we expect to add two new groups for women and LGBTQ+ employees in Europe.

In the U.S., we have groups for women, Black, Asian and Pacific Islander, Latinx and military veteran employees.

In Brazil and Argentina, we have groups for women, LGBTQ+ employees and for people with disabilities.

Brazil also has a group for Black employees.

In Canada, Mexico and Chile, we have groups for women.

In 2022, we expanded our ERGs and added two new groups in Europe – one for women and one for LGBTQ+ employees.

Our ERGs are supported with an executive sponsor and chair who also sit on the D&I Council to liaise with leadership and employees.

In early 2021, we signed the UN Global Compact, affirming our commitment to meet fundamental responsibilities in the areas of human rights, labor and the environment.

More information on our environmental, social and governance priorities can be found on our Sustainability page on our website.

We believe that the ERGs play an essential role in fostering an inclusive culture within Brink’s and providing support.

Brink’s is committed to supporting the formation and success of our ERGs and to continuing to promote diversity and inclusion within our global enterprise.

Labor Relations

North America – At December 31, 2021 we employed approximately 12,100 employees.

We have no union employees in the U.S.

At December 31, 2021, Brink’s was a party to nine collective bargaining agreements in Canada with various local unions covering approximately 1,200 employees.

The agreements have various expiration dates from 2022 to 2025.

Outside of North America, approximately 51% of our employees are represented by trade union organizations and/or covered by collective bargaining agreements.

Latin America – At December 31, 2021, we employed approximately 30,200 employees, 71% of whom are covered by various collective bargaining agreements with expiration dates from 2022 to 2025.

Europe – At December 31, 2021, we employed approximately 15,400 employees, 51% of whom are covered by various collective bargaining agreements with expiration dates from 2022 to 2023.

Rest of World – At December 31, 2021, we employed approximately 16,800 employees, 17% of whom are covered by various collective bargaining agreements with expiration dates from 2022 to 2023.

As of December 31, 2022, approximately 30,600 of our employees in various countries in which we operate, or approximately 42% of our total workforce, were represented by trade union organizations and/or covered by collective bargaining agreements, which have various expiration dates from 2023 to 2026.

We believe our employee relations are satisfactory.

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• In the first quarter of 2020, we sold 100% of our ownership interest in a French security services company.

• In the second quarter of 2019, we exited a top-up prepaid mobile phone business in Brazil.

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.

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.

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and generated approximately $94 million in revenues in 2020.

On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of G4S, with closings planned in multiple phases in 2020.

In March 2020, we acquired 100% of the capital stock of G4S International Logistics Group Limited, a company that directly or indirectly owns controlling interests in multiple businesses providing secure international transportation of valuables.

In the second quarter of 2020, we acquired cash management operations from G4S located in the Netherlands, Belgium, Ireland, Hong Kong, Cyprus, Romania, the Czech Republic, Malaysia, the Dominican Republic and the Philippines.

In the third quarter of 2020, we acquired operations in Indonesia, Estonia, Latvia and Lithuania.

On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of G4S, with closings planned in multiple phases.

In 2020, we acquired multiple businesses providing secure international transportation of valuables as well as cash management operations located in the Netherlands, Belgium, Ireland, Hong Kong, Cyprus, Romania, the Czech Republic, Malaysia, the Dominican Republic, the Philippines, Indonesia, Estonia, Latvia and Lithuania.

In the first quarter of 2021, we acquired operations in Macau, Luxembourg and Kuwait, which completed the remaining planned G4S transactions.

For the majority of the acquisitions in 2020 and the first quarter of 2021, we acquired 100% of the ownership interests.

In Malaysia, the Dominican Republic, the Philippines, Indonesia and Kuwait, we acquired ownership interests of less than 100%.

We believe that we meet the accounting criteria for consolidating these subsidiaries.

In the aggregate, the purchase consideration for the G4S acquisitions as of December 31, 2021 is $826 million.

In the aggregate, the purchase consideration for the G4S acquisitions was $826 million.

The G4S businesses acquired generated approximately $800 million in revenues in 2019.

In January 2019, we acquired 100% of the capital stock of Rodoban Transportes Aereos e Terrestres Ltda., Rodoban Servicos e Sistemas de Seguranca Ltda., and Rodoban Seguranca e Transporte de Valores Ltda.

(together "Rodoban") for $134 million.

Rodoban provides CIT, money processing and ATM services primarily in southeastern Brazil.

Also in 2019, we acquired three business operations in three countries for an aggregate purchase price of approximately $49 million.

Below is a brief description of each of these additional three business acquisitions completed in 2019:

• In June 2019, we acquired 100% of the capital stock of Balance Innovations, LLC and its wholly owned subsidiary, Balance Innovations Services, Inc.

(together "BI").

BI develops and licenses software that provides real-time data to optimize operations for general retail and convenience store industries throughout the United States and Canada.

• In June 2019, we acquired 100% of the capital stock of Comercio Eletronico Facil Ltda.

("COMEF"), a Brazil-based company.

COMEF offers bank correspondent services and bill payment processing to consumers.

• In September 2019, we acquired 100% of the capital stock of Transportadora de Valores del Sur Limitada and its wholly owned subsidiary, TVS Pagos, Recaudos y Procesos S.A.S.

(together "TVS").

TVS provides CIT and money processing services in Colombia.

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 third quarter of 2022, management began a restructuring program across our global business operations.

The actions were taken to enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions.

As a result of actions taken, we recognized $22.2 million in charges in 2022 under this restructuring, primarily severance costs.

For the restructuring actions that were approved as of December 31, 2022, we expect to incur additional costs between $10 million and $14 million in future periods, primarily severance costs.

Other Restructurings

Management periodically implements restructuring actions in targeted sections of our business.

As a result of these actions, we recognized net costs of $28.8 million in 2019, primarily severance costs and charges related to the modification of share-based compensation awards.

We recognized $66.6 million net costs in operating profit and $0.6 million costs in interest and other nonoperating income (expense) in 2020, primarily severance costs.

We recognized $43.6 million net costs in 2021, primarily severance costs.

Substantially all of the costs from 2021 restructuring plans result from management initiatives to address the COVID-19 pandemic.

For the current restructuring actions, we expect to incur additional costs between $1 million and $3 million in future periods.

As a result of these actions, we recognized $66.6 million net costs in operating profit and $0.6 million costs in interest and other nonoperating income (expense) in 2020, primarily severance costs.

We recognized $43.6 million net costs in 2021 and $16.6 million net costs in 2022, primarily severance costs.

The majority of the costs from 2022 restructuring plans resulted 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.

For the current restructuring actions that have not yet been completed, we expect to incur additional costs between $1 million and $3 million in future periods.

These estimates are expected to be updated as management targets additional sections of our business.

See Note 24 to the consolidated financial statements for more detailed information on reorganization and restructuring activities.

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Item 1. Business