What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2025-02-26 compared with 2024-02-29 · 429 added, 515 removed, 1928 unchanged (33% of the section changed)

60 unchanged sentences

The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Valuation of goodwill for the Europe reporting unit

As discussed in Note 8 to the consolidated financial statements, the goodwill balance as of December 31, 2023 was $ 1,473.8 million, a portion of which related to the Europe reporting unit.

The Company performs goodwill impairment testing on an annual basis and whenever events or changes in circumstances indicate that it is more likely than not that an impairment may have occurred.

The impairment test is performed by comparing the estimated fair value of a reporting unit to the carrying value of the reporting unit.

The Company estimates the fair value using a weighting of two valuation methodologies, with greater weight placed on the income approach.

We identified the evaluation of the Company’s assessment of goodwill for impairment for the Europe reporting unit as a critical audit matter.

The revenue growth rates, forecasted operating margin and the discount rate used to estimate the fair value of the Europe reporting unit in the income approach are inherently uncertain and required management to make significant estimates and judgments related to the future results of operations.

In addition, individuals with specialized skills and knowledge were required to assess the discount rate used to estimate the fair value of the Europe reporting unit in the income approach.

The following are the primary procedures we performed to address the critical audit matter.

We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company’s assessment of goodwill for impairment, including controls related to the:

• determination of the revenue growth rates and forecasted operating margin

• selection of the discount rate.

We performed sensitivity analyses over the revenue growth rate and forecasted operating margin to assess their impact on the Company’s determination that the fair value of the Europe reporting unit exceeded its carrying value.

We evaluated the forecasted revenue growth rates and operating margin used to value the Europe reporting unit by comparing them to budgets, supporting documentation, and to historical growth rates.

We compared the Company’s historical revenue and operating margin forecasts for the Europe reporting unit to actual results to assess the Company’s ability to accurately forecast.

In addition, we involved valuation professionals with specialized skills and knowledge, who assisted in:

• evaluating the discount rate used in the fair value model in the income approach by comparing it against a discount rate that was independently developed using publicly available market data for comparable entities

• developing an estimate of the Europe reporting unit’s fair value using the Company’s cash flow forecast and an independently developed discount rate, and comparing the results of our estimate to the Company’s estimate.

Sufficiency of Audit Evidence over Revenue

As discussed in Note 2 to the Company’s consolidated financial statements, the Company recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer.

The Company’s operations are disbursed among many countries.

The Company recorded $ 5,011.9 million of revenue for the year ended December 31, 2024.

We identified the evaluation of the sufficiency of audit evidence over revenue as a critical audit matter.

Subjective auditor judgment was required to evaluate the sufficiency of audit evidence over revenue, including determining the locations for which procedures were performed, because of the geographical dispersion of the Company’s revenue generating activities.

The following are the primary procedures we performed to address this critical audit matter.

We applied auditor judgment to determine the nature and extent of procedures to be performed over revenue, including the determination of the locations for which those procedures were to be performed.

At each Company location for which procedures were performed, we evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s revenue process.

For a sample of revenue transactions, we compared the amounts recognized by the Company to relevant underlying documentation such as contracts with customers and cash receipts, or other third-party evidence.

At one location, we also performed a software-assisted data analysis to test relationships among certain revenue transactions.

We evaluated the sufficiency of audit evidence obtained by assessing the results of procedures performed, including the appropriateness of the nature and extent of audit effort.

We have served as the Company’s auditor since 2020.

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Right-of-use assets, net 354.9 337.7

Property and equipment, net 1,013.3 935.3

Property and equipment (net of accumulated depreciation and amortization:

2024 - $ 1,633.2 ;

2023 - $ 1,620.1 )

982.7 1,013.3

Goodwill 1,434.9 1,473.8

Other intangibles 488.3 535.5

Other intangibles (net of accumulated amortization:

2024 - $ 321.3 ;

2023 - $ 278.7 )

Deferred income taxes 239.2 231.8

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Net income $ 174.7 98.3 181.9

Benefit plan adjustments:

Benefit plan actuarial gains (losses) ( 3.9 ) 177.6 189.4

Benefit plan prior service credit (costs)

Net benefit plan adjustments:

Net benefit plan actuarial adjustment

74.5 ( 3.9 ) 177.6

Deferred profit sharing 0.4 ( 0.1 ) ( 0.4 )

Net benefit plan prior service adjustment

( 18.0 ) ( 11.8 ) 61.7

Net deferred profit sharing adjustment

( 0.6 ) 0.4 ( 0.1 )

Total benefit plan adjustments 55.9 ( 15.3 ) 239.2

Foreign currency translation adjustments 58.2 ( 19.0 ) ( 58.9 )

Gains (losses) on available-for-sale securities

Net foreign currency translation adjustment

( 183.7 ) 58.2 ( 19.0 )

Gains (losses) on cash flow hedges ( 9.4 ) 37.6 19.1

Other comprehensive income before tax

Net change on available-for-sale securities

( 6.7 ) 4.2 ( 0.9 )

Net change on cash flow hedges

( 2.1 ) ( 9.4 ) 37.6

Other comprehensive income (loss) before tax

( 136.6 ) 37.7 256.9

Provision (benefit) for income taxes 12.0 ( 4.5 ) 55.9

Other comprehensive income

Other comprehensive income (loss)

( 148.6 ) 42.2 201.0

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Balance as of December 31, 2021 47.4 $ 47.4 670.6 312.9 ( 907.9 ) 129.6 252.6

Cumulative effect of change in accounting principle (a)

— — — 0.5 — — 0.5

Net income — — — 170.6 — 11.3 181.9

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Compensation expense — — 48.6 — — — 48.6

Consideration from exercise of stock options — — 2.3 — — — 2.3

Other share-based benefit transactions 0.4 0.4 ( 9.7 ) ( 0.1 ) — — ( 9.4 )

Acquisitions of noncontrolling interests (a)

— — ( 3.3 ) — 0.1 ( 4.6 ) ( 7.8 )

Acquisitions with noncontrolling interests — — — — — 0.1 0.1

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Other comprehensive income (loss) — — — — 44.5 ( 2.3 ) 42.2

Shares repurchased ( 1.5 ) ( 1.5 ) ( 22.1 ) ( 28.6 ) — — ( 52.2 )

Shares repurchased (b)

( 2.3 ) ( 2.3 ) ( 38.9 ) ( 132.1 ) — — ( 173.3 )

Dividends to:

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Other share-based benefit transactions 0.5 0.5 ( 1.7 ) ( 0.2 ) — — ( 1.4 )

Acquisitions of noncontrolling interests (b)

Acquisitions of noncontrolling interests

— — 0.3 — — ( 0.9 ) ( 0.6 )

Acquisitions with noncontrolling interests — — — — — 0.1 0.1

Capital contributions from noncontrolling interest — — — — — 0.1 0.1

Balance as of December 31, 2023 44.5 44.5 675.9 333.0 ( 656.0 ) 122.8 520.2

Net income — — — 162.9 — 11.8 174.7

Other comprehensive income (loss) — — — — 44.5 ( 2.3 ) 42.2

Shares repurchased (c)

Other comprehensive loss

— — — — ( 148.1 ) ( 0.5 ) ( 148.6 )

Shares repurchased (b)

( 2.1 ) ( 2.1 ) ( 34.6 ) ( 168.5 ) — — ( 205.2 )

Dividends to:

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Balance as of December 31, 2024 42.9 $ 42.9 660.7 285.4 ( 804.1 ) 127.6 312.5

(a) Effective January 1, 2021, we adopted the provisions of ASU 2019-12, Income Taxes (Topic 740):

Simplifying the Accounting for Income Taxes .

We recognized a cumulative effect adjustment to January 1, 2021 retained earnings as a result of adopting this standard.

See Note 1 for further details.

(b) This amount represents the impact of transactions in which we acquired or disposed of noncontrolling ownership interests in certain companies where we had an existing controlling interest prior to and after the related acquisition or disposal transactions.

(c) During 2023, we repurchased a total of 2,297,955 shares of our common stock for an aggregate of $ 169.9 million in cash.

On the last two days of December 2023, our agent broker purchased additional shares of our common stock pursuant to a trading plan in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.

We are obligated to pay $ 2.0 million to repurchase those shares and, as of December 31, 2023, this obligation has been reported as a current liability and a corresponding reduction to equity in our condensed consolidated financial statements.

For year ended December 31, 2023, shares repurchased include the 1% excise tax imposed under the Inflation Reduction Act of 2022 of approximately $ 1.4 million.

(a) This amount represents the impact of transactions in which we acquired or disposed of noncontrolling ownership interests in certain companies where we had an existing controlling interest prior to and after the related acquisition or disposal transactions.

(b) Amounts do not agree to cash paid to repurchase shares in the consolidated statements of cash flows or Note 19.

The difference is due to the timing of the cash settlements for shares repurchased near the end of the year plus the accrual of liabilities to pay excise taxes resulting from share repurchases.

* Accumulated other comprehensive income (loss)

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Deferred income taxes ( 18.0 ) 22.7 ( 62.3 )

(Gain) loss on marketable securities and sale of property and equipment

10.9 0.7 ( 17.7 )

(Gain) loss on marketable securities, sale of property and equipment and derivatives ( 15.5 ) 10.9 0.7

Impairment losses 4.8 10.3 9.0

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Other than pension ( 8.1 ) ( 5.5 ) 7.9

Remeasurement losses due to Argentina currency devaluation 79.1 37.6 9.0

Unrealized foreign currency (gains) losses ( 41.8 ) 79.1 37.6

Other operating 16.0 26.1 23.6

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Increase (decrease) in accounts payable, income taxes payable and accrued liabilities

Increase in restricted cash held for customers

122.4 ( 36.3 ) 139.2

Increase in customer obligations

Increase (decrease) in restricted cash held for customers

( 42.9 ) 59.5 50.0

Increase (decrease) in customer obligations

( 77.7 ) 66.0 50.0

(Increase) decrease in prepaid and other current assets

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Sales 57.2 150.4 11.7

Cash proceeds from sale of property, equipment and investments 18.4 5.7 7.7

Cash proceeds from sale of property and equipment 29.2 18.4 5.7

Cash proceeds from settlement of cross currency swap — — 64.3

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Discontinued operations — 0.9 —

Net cash used by investing activities ( 179.8 ) ( 331.2 ) ( 454.7 )

Net cash used in investing activities ( 216.2 ) ( 179.8 ) ( 331.2 )

Cash flows from financing activities:

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Acquisition of noncontrolling interests ( 0.2 ) ( 0.6 ) ( 7.8 )

Cash received from acquisition related settlements — — 6.2

Cash paid for acquisition related settlements and obligations ( 0.8 ) ( 11.1 ) ( 2.8 )

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Noncontrolling interests in subsidiaries ( 6.1 ) ( 7.7 ) ( 7.1 )

Proceeds from exercise of stock options — — 2.3

Tax withholdings associated with share-based compensation ( 18.6 ) ( 8.0 ) ( 12.2 )

Other ( 1.3 ) 11.0 3.9

Net cash (used) provided by financing activities

( 207.1 ) 245.2 171.3

Effect of exchange rate changes on cash and cash equivalents ( 42.4 ) ( 70.1 ) ( 50.8 )

Net cash provided by (used in) financing activities 42.2 ( 207.1 ) 245.2

Effect of exchange rate changes on cash ( 95.2 ) ( 42.4 ) ( 70.1 )

Cash, cash equivalents and restricted cash:

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Revenue Recognition

Revenue is recognized when services related to cash and valuables management, digital retail solutions, and ATM managed services are performed.

Revenue is recognized when services related to cash and valuables management, DRS, and AMS are performed.

We assess our customers' ability to meet contractual terms, including payment terms, before entering into contracts.

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Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

See "Internal Loss" section below as well as Note 16 for further information.

Right-of-Use Assets

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Estimated Useful Lives

Buildings 16 to 25

Building leasehold improvements 3 to 10

Building leasehold improvements Lesser of Lease Term or 10

Vehicles 3 to 8

Capitalized software 3 to 5

Capitalized software 5

Other machinery and equipment 3 to 10

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Goodwill is assigned to one or more reporting units at the date of acquisition.

Based on our management structure, we have four reporting units, which are equal to our operating segments:

• North America

• Latin America

• Rest of World

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.

We estimated the fair value of each reporting unit using a weighting of two valuation methodologies:

When testing goodwill for impairment, we may assess qualitative factors to determine whether reporting unit fair values are greater than their carrying values.

Alternatively, when performing a quantitative assessment, we estimate the fair value of each reporting unit using a weighting of two valuation methodologies:

the Income Approach and the Public Company Market Multiple Method, with greatest weight placed on the Income Approach.

The resulting reporting unit fair values were compared to each reporting unit's carrying value.

As a result of the evaluation, we concluded that goodwill was not impaired, and the fair value of each reporting unit exceeded its carrying value for all reporting units.

We completed these goodwill impairment tests, as well as the tests in the previous two years, with no impairment charges required.

The resulting reporting unit fair values are compared to each reporting unit's carrying value.

Indefinite-lived intangibles are also tested for impairment at least annually by comparing their carrying values to their estimated fair values.

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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.

In December 2023, a newly inaugurated President took office in Argentina.

As part of various measures to address the country’s economic crisis, the new administration allowed the peso to devalue by more than 50% during the month of December 2023.

For the year ended December 31, 2024, the Argentine peso declined approximately 19 % (from 833.3 to 1,031.0 pesos to the U.S.

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Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings.

In 2023, we recognized $ 79.1 million in

pretax remeasurement losses.

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, 2023, Argentina's economy remains highly inflationary for accounting purposes.

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).

At December 31, 2023, we had 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).

At December 31, 2024, we had net nonmonetary assets of $ 147.5 million (including $ 103.1 million of goodwill and $ 21.2 million in debt securities denominated in Argentine 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).

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government targeting Venezuela.

Internal loss

A former non-management employee in our U.S.

global services operations embezzled funds from Brink's in prior years.

Except for a small deductible amount, the amount of the internal loss related to the embezzlement was covered by our insurance.

In an effort to cover up the embezzlement, the former employee intentionally misstated the underlying accounts receivable subledger data.

In 2021, we recognized a decrease in bad debt expense of $ 3.7 million, primarily related to collection of receivables previously recognized as bad debt expense.

We also recognized $ 1.3 million of legal charges in 2021 as we attempted to collect additional insurance recoveries related to these receivable losses.

In the fourth quarter of 2021, we successfully collected $ 18.8 million of insurance recoveries related to these internal losses.

In 2022 and 2023, we did not incur any charges related to the internal loss.

We defined accounts receivable impacted by the embezzlement as accounts receivable recorded as of and prior to the third quarter of 2019.

Due to the unusual nature of this internal loss and the related errors in the subledger data, along with the fact that management has excluded these amounts when evaluating internal performance, we have excluded these amounts from segment results.

Concentration of Credit Risks

We routinely assess the financial strength of significant customers and this assessment, combined with the large number and geographic diversity of our customers, limits our concentration of risk with respect to accounts receivable.

We routinely assess the financial strength of significant customers and this assessment, combined with the large number and geographic breadth of our customers, limits our concentration of risk with respect to accounts receivable.

Financial instruments which potentially subject us to concentrations of credit risks are principally cash and cash equivalents and accounts receivables.

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New Accounting Standards

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740):

Simplifying the Accounting for Income Taxes , which removes certain exceptions for recognizing deferred taxes for investments, performing intraperiod tax allocations and calculating income taxes in interim periods.

The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group.

ASU 2019-12 was effective for us on January 1, 2021.

We recognized a cumulative-effect adjustment increasing retained earnings by $ 0.5 million on January 1, 2021.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures , which requires expanded disclosures about significant segment expenses and information used to assess segment performance.

ASU 2023-07 will be effective for us on January 1, 2024 for annual reporting periods.

For interim reporting periods, it will be effective for us on January 1, 2025.

We are currently evaluating the impact that the adoption of this standard will have on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

For annual reporting periods, we adopted ASU 2023-07 on January 1, 2024.

For interim reporting periods, this ASU was effective for us on January 1, 2025.

In accordance with the new guidance, we have added disclosures about significant segment expenses in Note 3.

Beginning with our first interim reporting period in 2025, we will also include interim disclosures regarding assets held by segments as well as capital expenditures and depreciation and amortization by segment.

In December 2023, the FASB issued ASU 2023-09, I ncome Taxes (Topic 740):

Improvements to Income Tax Disclosures, which expands annual disclosures in an entity’s income tax rate reconciliation table and requires annual disclosures regarding cash taxes paid both in the U.S.

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The amendments in this ASU are effective for annual periods beginning after December 15, 2024, although early adoption is permitted.

This new guidance will result in increased disclosures in the notes to our financial statements.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (DISE) , which requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses.

This ASU will be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.

We are currently evaluating the impact that the adoption of this standard will have on our consolidated financial statements.

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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.

We provide other services to some of our customers, such as guarding, commercial security and payment services.

Digital Retail Solutions and ATM Managed Services

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The retention amounts are reported as contract assets until we have the right to bill the customer for these amounts.

Certain Brink's affiliates make upfront consideration payments in order to gain customer contracts.

The upfront payment amounts are reported as contract assets and are amortized as a reduction to revenues over the duration of the contracts.

Contract assets expected to be collected within one year ($ 4.6 million at December 31, 2024) are included in prepaid expenses and other on the consolidated balance sheet.

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At December 31, 2024, the net capitalized costs to obtain contracts was included in other assets on the consolidated balance sheet.

The capitalized amounts at December 31, 2023 and December 31, 2022 were $ 3.7 million and $ 3.7 million, respectively.

The amortization expense in 2023 and 2022 was $ 2.0 million and $ 1.3 million, respectively.

The capitalized amounts at December 31, 2024 were $ 12.8 million.

Practical Expedients

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Our CODM evaluates performance and allocates resources to each operating segment based on a profit or loss measure which, at the reportable segment level, excludes the following:

• Corporate expenses - includes corporate headquarters costs, regional management costs, currency transaction gains and losses, adjustments to reconcile segment accounting policies to U.S.

GAAP, and costs related to global initiatives.

• Other items not allocated to segments - certain items that are not considered part of the ongoing activities of the business are excluded from segment results.

See further explanation for each item not allocated to segments on page 78 .

• Corporate expenses - include costs to manage the global business and perform activities required by public companies as well as other items that are considered part of the Company's operations and revenue generating activities but are not considered when the CODM evaluates segment results.

Examples include corporate staff compensation, corporate headquarters costs, regional management costs, share-based compensation, and currency transaction gains and losses.

• Other items not allocated to segments - include income and expenses that are not necessary to operate our business in the ordinary course and are not considered when the CODM evaluates segment results.

These include non-recurring as well as certain recurring costs and gains which are not considered to be part of the Company's operations and revenue generating activities.

As such, they have not been allocated to segment or Corporate results.

Our CODM uses segment operating profit to evaluate the performance of each of our reportable segments, comparing profitability to expected results as well as to the other segments, ultimately guiding resource allocation decisions including investment, capital allocation and staffing to optimize overall company profitability.

We currently serve customers in more than 100 countries, including 51 countries where we operate subsidiaries.

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This segment also includes total operations in European countries that primarily provide BGS services and BGS activity in Latin American countries where we do not have an ownership interest.

Revenues Operating Profit

Years Ended December 31, Years Ended December 31,

Year Ended December 31, 2024

(In millions)

Reportable Segments:

North America $ 1,601.1 1,584.1 1,407.1 $ 185.2 159.1 148.4

Latin America 1,332.3 1,210.6 1,126.0 280.3 277.7 257.3

Europe 1,136.8 931.4 917.3 125.0 98.4 89.8

Rest of World 804.4 809.4 749.8 164.1 163.9 131.5

Total reportable segments 4,874.6 4,535.5 4,200.2 754.6 699.1 627.0

Reconciling Items:

Corporate expenses:

General, administrative and other expenses — — — ( 152.8 ) ( 161.5 ) ( 141.7 )

Foreign currency transaction gains (losses) — — — 15.3 10.9 2.7

Reconciliation of segment policies to GAAP (a)

North America Latin America Europe Rest of World Total

Revenues $ 1,649.7 1,311.0 1,227.4 823.8 5,011.9

Cost of revenues:

Labor and fringe benefit costs (a)

624.0 572.1 544.2 236.8

Other items not allocated to segments:

Reorganization and Restructuring (b)

Other cost of revenues segment items (b)

608.2 349.3 404.4 351.2

Acquisitions and dispositions (c)

Total cost of revenues (a)

1,232.2 921.4 948.6 588.0

Argentina highly inflationary impact (d)

Selling, general, and administrative (a)

223.5 117.3 140.9 67.2

Transformation initiatives (e)

Segment operating profit $ 194.0 272.3 137.9 168.6 772.8

Year Ended December 31, 2023

(In millions)

North America Latin America Europe Rest of World Total

Revenues $ 1,601.1 1,332.3 1,136.8 804.4 4,874.6

Cost of revenues:

Labor and fringe benefit costs (a)

633.2 574.6 511.4 238.4

Non-routine auto loss matter (f)

Other cost of revenues segment items (b)

583.4 354.1 384.9 342.7

Change in allowance estimate (g)

Total cost of revenues (a)

1,216.6 928.7 896.3 581.1

Ship loss matter (h)

Selling, general, and administrative (a)

199.3 123.3 115.5 59.2

Chile antitrust matter (i)

Segment operating profit $ 185.2 280.3 125.0 164.1 754.6

Year Ended December 31, 2022

(In millions)

North America Latin America Europe Rest of World Total

Revenues $ 1,584.1 1,210.6 931.4 809.4 4,535.5

Cost of revenues:

Labor and fringe benefit costs (a)

647.8 508.9 458.2 238.3

Internal loss (j)

Other cost of revenues segment items (b)

590.0 308.5 281.9 346.8

Reporting compliance (k)

Total cost of revenues (a)

1,237.8 817.4 740.1 585.1

Total $ 4,874.6 4,535.5 4,200.2 $ 425.2 361.3 354.7

Selling, general, and administrative (a)

187.2 115.5 92.9 60.4

Segment operating profit $ 159.1 277.7 98.4 163.9 699.1

(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

Selling, general and administrative expenses include insignificant amounts reported within other operating income (expense) in the consolidated statements of operations.

(b) Other cost of revenues segment items for each reportable segment include primarily vehicle expenses, freight, equipment costs, building expense, and office and administrative expenses.

Years Ended December 31,

(In millions) 2024 2023 2022

Segment operating profit

$ 772.8 754.6 699.1

Reconciling Items:

Corporate expenses:

General, administrative and other expenses ( 167.2 ) ( 152.8 ) ( 161.5 )

Foreign currency transaction gains

23.9 15.3 10.9

Reconciliation of segment policies to GAAP (a)

( 0.1 ) ( 2.1 ) 1.8

Other items not allocated to segments (b) :

Reorganization and restructuring

( 1.5 ) ( 17.6 ) ( 38.8 )

Acquisitions and dispositions

( 62.5 ) ( 70.6 ) ( 86.6 )

Argentina highly inflationary impact

( 35.0 ) ( 86.8 ) ( 41.7 )

Transformation initiatives

( 28.4 ) ( 5.5 ) —

DOJ/FinCEN investigations

Chile antitrust matter ( 1.3 ) ( 0.5 ) ( 1.4 )

Change in allowance estimate

Ship loss matter

Non-routine auto loss matter ( 2.0 ) ( 8.0 ) —

Reporting compliance

Operating profit

$ 453.0 425.2 361.3

(a) This line item includes adjustments to bad debt expense and a Mexico profit sharing plan accrual reported by the segments to the estimated consolidated amounts required by U.S.

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

In 2022, management began a restructuring plan across our global business operations to enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions.

Due to the unique circumstances around the charges related to these actions, they have not been allocated to segment results.

(c) Certain acquisition-related and disposition-related items that are not considered part of the ongoing activities of the business and are special in nature are consistently excluded from segment results.

These items include amortization expense for acquisition-related intangible assets and integration, transaction and restructuring costs related to business acquisitions.

(d) We have designated Argentina's economy as highly inflationary for accounting purposes.

Currency remeasurement gains and losses related to peso-denominated monetary assets and liabilities as well as incremental expense related to nonmonetary assets are excluded from segment results.

(e) Costs (primarily third party professional services and project management charges) related to a management-directed program to accelerate growth and drive margin expansion through transformation of our business model.

(f) We have estimated a probable loss related to a motor vehicle accident with unique circumstances that resulted in the death of a third party in 2023.

(g) Represents impact of a change in our methodology to estimate our allowance for doubtful accounts in the first quarter of 2022.

(b) See "Other Items not Allocated to Segments" for a description of these items.

Other Items not Allocated to Segments

Reorganization and restructuring Net charges incurred in relation to certain restructuring actions include primarily severance charges and asset impairment losses.

The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic.

Other restructuring actions were primarily in response to the COVID-19 pandemic and a decision to exit a line of business in our Canada operating unit.

Acquisitions and dispositions These items include non-cash amortization expense for acquisition-related intangible assets, as well as integration, transaction, restructuring and certain compensation costs.

Argentina highly inflationary impact Beginning in the third quarter of 2018, we designated Argentina's economy as highly inflationary for accounting purposes.

As a result, Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date to the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings.

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.

Transformation Initiatives During 2023, we initiated a multi-year program intended to accelerate growth and drive margin expansion through transformation of our business model.

The program is designed to help us standardize our commercial and operational systems and processes, drive continuous improvement and achieve operational excellence.

The transformation costs primarily include third party professional services and project management charges.

These costs relate to a discrete program.

DOJ/FinCEN Investigations In 2024, we recorded a charge for a probable loss in connection with U.S.

Department of Justice ("DOJ") and U.S.

Department of the Treasury’s (the "U.S.

Treasury") Financial Crimes Enforcement Network ("FinCEN") investigations.

Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter.

See Note 23 for details.

Chile antitrust matter We have recorded charges for a contingent loss associated with an investigation initiated by the Chilean Fiscalía Nacional Económica or "FNE" (the Chilean antitrust agency).

The investigation is related to potential anti-competitive practices among competitors in the cash logistics industry in Chile.

Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter.

See Note 23 for details.

Change in allowance estimate Represents impact of a change in our methodology to estimate our allowance for doubtful accounts in the first quarter of 2022.

See Note 1 and Note 16 for further details.

(h) We have excluded an estimate of our share of costs for damages and losses suffered by a ship owner that was carrying cargo for Brink's.

(i) See details regarding the Chile antitrust matter at Note 23.

(j) See details regarding the impact of the Internal loss at Note 1.

(k) Costs (primarily third party expenses) related to material weakness remediation.

Additional information provided at page 30 .

Ship loss matter We have excluded our share of costs for damages and losses suffered by a ship owner that was carrying cargo for Brink's.

Non-routine auto loss matter In 2023, a Brink’s employee was involved in a motor vehicle accident with unique circumstances that resulted in the death of a third party.

In connection with the ensuing litigation, Brink’s recognized a charge.

Additionally, we have incurred third-party costs, primarily legal costs, associated with this matter.

Reporting compliance We incurred certain third-party compliance costs in 2023 to remediate a material weakness in internal controls over financial reporting.

Years Ended December 31,

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Brazil 54.9 78.3

United Kingdom 41.0 46.0

Canada 30.6 32.9

Other 377.1 376.0

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Europe (a)(b)

1,061.7 809.3

Middle East, Africa and Asia ("MEAA") (a)(b)

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plan to pay benefits for those eligible current and former employees in the U.S.

whose benefits exceed the regulatory limits Pension benefits provided to eligible U.S.

whose benefits exceed the regulatory limits.

Pension benefits provided to eligible U.S.

employees were frozen on December 31, 2005.

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Amortization of losses 5.2 1.6 24.2 2.6 1.8 2.0 7.8 3.4 26.2

Amortization of prior service cost — — — 0.1 — — 0.1 — —

Curtailment gain — — — — — ( 0.5 ) — — ( 0.5 )

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Net periodic pension cost (credit) $ ( 10.5 ) ( 13.2 ) ( 1.6 ) $ 18.8 16.4 13.2 $ 8.3 3.2 11.6

Plans settlement losses to terminated employees that participate in a Mexican severance indemnity program ("Mexico Plan") that is accounted for as a defined benefit plan were offset by a settlement gain related to our defined benefit plan in Ireland, which was terminated during 2023.

Plans settlement losses in 2022 and 2021 relate primarily to lump-sum payouts in Canada as well as terminated employees that participate in the Mexico Plan that is accounted for as a defined benefit plan.

Plans settlement losses relate primarily to terminated employees that participate in a Mexican severance indemnity program ("Mexico Plan") that is accounted for as a defined benefit plan.

Plans settlement losses in 2023 related to terminated employees that participate in the Mexico Plan were offset by a settlement gain related to our defined benefit plan in Ireland, which was terminated during 2023.

Plan settlement losses in 2022 relate primarily to lump-sum payouts in Canada as well as terminated employees that participate in the Mexico Plan that is accounted for as a defined benefit plan.

The components of net periodic pension cost and net periodic post-retirement cost other than the service cost component are included in interest and other nonoperating income (expense) in the consolidated statements of operations.

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Noncurrent liability 5.6 16.9 116.9 131.6 122.5 148.5

Net pension liability $ 17.6 30.9 123.8 89.2 141.4 120.1

Net pension (asset) liability

$ ( 2.0 ) 17.6 109.3 123.8 107.3 141.4

(a) During 2023, we terminated our defined-benefit pension plan in Ireland.

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Prior service credit (cost) from plan amendments during the year — — — ( 0.5 ) — ( 0.5 )

Reclassification adjustment for amortization of prior service cost included in net income (loss) — — 0.1 — 0.1 —

Foreign currency exchange effects — — 0.1 ( 0.1 ) 0.1 ( 0.1 )

End of year $ — — ( 0.5 ) ( 0.7 ) ( 0.5 ) ( 0.7 )

The net actuarial losses of $ 2.1 million in 2023 and gains of $ 17.4 million in 2022 were mainly driven by changes in the primary U.S.

The net actuarial gains of $ 3.2 million in 2024 and losses of $ 2.1 million in 2023 were mainly driven by changes in the primary U.S.

pension plan.

The 2024 net actuarial gains arose primarily from a higher discount rate at the end of the year ($ 27 million) and census data updates ($ 2 million), which was largely offset by lower actual return on assets than expected ($ 26 million).

The 2023 net actuarial losses arose primarily from a lower discount rate at the end of the year ($ 18 million), which was largely offset by higher actual return on assets than expected ($ 13 million).

The 2022 net actuarial gains arose primarily from a higher discount rate at the end of the year ($ 193 million), which was largely offset by lower actual return on assets than expected ($ 173 million).

The net actuarial losses of $ 24.0 million in 2023 were primarily due to lower discount rates at the end of the year ($ 30 million), which were offset by actual return on assets being higher than expected ($ 10 million).

The net actuarial gains of $ 33.5 million in 2022 were primarily due to higher discount rates at the end of the year ($ 133 million), largely offset by actual return on assets being lower than expected ($ 94 million).

The net actuarial gains of $ 2.0 million in 2024 were primarily due to a better liability experience ($ 11 million) driven by higher discount rates at the end of the year, which was mostly offset by actual return on assets being lower than expected ($ 9 million).

The net actuarial losses of $ 24.0 million in 2023 were primarily due to lower discount rates at the end of the year ($ 30 million), largely offset by actual return on assets being higher than expected ($ 10 million).

Information Comparing Plan Assets to Plan Obligations

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pension plans was $ 317.6 million in 2024 and $ 346.6 million in 2023.

Information for Pension Plans with an ABO in Excess of Plan Assets

(In millions)

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December 31, 2024 2023 2024 2023 2024 2023

Information for pension plans with an ABO in excess of plan assets:

Fair value of plan assets $ — 611.6 92.0 86.1 92.0 697.7

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End of year $ 51.5 69.7 0.2 0.2 51.7 69.9

The net actuarial gains of $ 42.9 million in 2024 arose primarily due to claims assumptions updates ($ 35 million), higher actual return on assets than expected ($ 3 million), and higher discount rate at the end of the year ($ 7 million), partially offset by payments higher than expected ($ 4 million).

The net actuarial gains of $ 15.1 million in 2023 arose primarily due to claim assumptions updates ($ 17 million) and higher actual return on assets than expected ($ 4 million), which were partially offset by lower discount rate at the end of the year ($ 5 million).

The net actuarial gains of $ 58.5 million in 2022 arose primarily due to a higher discount rate at the end of the year ($ 78 million) and favorable medical claims experience ($ 12 million).

This was partially offset by lower actual return on assets than expected ($ 28 million) and updates to the UMWA census data ($ 12 million).

We recognized a prior service credit in 2022 associated with UMWA obligations due to a plan amendment that changed the medical plan to a group Medicare Advantage plan ($ 67 million), which reduced future expected net per capita claims costs.

Black Lung and Other Plans

We recognized net actuarial gains of $ 7.3 million in 2024.

This was primarily due to a higher discount rate compared to the prior period ($ 4 million), and claims assumptions updates ($ 7 million), partially offset by census data updates ($ 4 million).

We recognized net actuarial losses of $ 3.3 million in 2023.

This was primarily due to a lower discount rate compared to the prior period ($ 2 million).

We recognized net actuarial gains of $ 18.9 million in 2022.

This was primarily due to a higher discount rate compared to the prior period ($ 18 million).

See Mortality Tables for our U.S.

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In 2018, the UMWA plans re-locked their energy debt investment for another three years , which expired in 2022.

We did not re-lock the energy debt investment as the fund intends to be fully liquidated in 2024.

We did not re-lock the energy debt investment as the fund intends to be fully liquidated by 2026.

The global private equity investment cannot be redeemed due to the nature of the underlying investments.

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Acquisition costs — 0.2 —

Nondeductible fines and penalties

( 0.2 ) ( 2.1 ) 1.9

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final foreign tax credit regulations.

We determined a significant amount of the post-2021 foreign withholding taxes will now be ineligible for U.S.

We determined a significant amount of the post-2021 foreign withholding taxes would have been ineligible for U.S.

foreign income tax credit treatment and therefore our U.S.

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Note 7 - Acquisitions and Dispositions

In 2022, we acquired United Kingdom-based business operations that manage ATMs.

We also acquired net assets from an ATM and cash management solutions company in the U.S., which we have accounted for as a business combination.

See details of the 2022 acquisitions below.

We accounted for these acquisitions as business combinations using the acquisition method.

We account for business combinations using the acquisition method.

Under the acquisition method of accounting, assets acquired and liabilities assumed from these operations are recorded at fair value on the date of acquisition.

The consolidated statements of operations include the results of operations for each acquired entity from the date of acquisition.

In 2024, we acquired three business operations in the North America, Latin America and Europe segments.

The aggregate purchase consideration for these three acquisitions was approximately $ 27 million.

In 2022, we acquired United Kingdom-based business operations that manage ATMs (see "NoteMachine Limited Acquisition" section below) and a smaller business acquisition in the North America segment.

The aggregate purchase consideration for these two acquisitions was approximately $ 209 million.

NoteMachine Limited Acquisition

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The consideration was estimated at $ 10.5 million at the acquisition date.

Through December 31, 2023, approximately $ 10 million has been paid to the seller for this component.

Through December 31, 2023, substantially all amounts were paid to the seller for this component.

A smaller component was based on post-acquisition increases in the ATM cash withdrawal interchange fees through June 30, 2023.

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We do not expect goodwill in these reporting units to be deductible for tax purposes.

Touchpoint 21 Acquisition

In January 2022, we acquired net assets from Touchpoint 21 LLC, an ATM and cash management solutions company operating in Texas and Oklahoma.

We have determined that this acquisition represents a business combination and we have recorded acquired assets and liabilities at estimated fair value.

The purchase consideration was approximately $ 15 million.

PAI, Midco Inc.

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.

We estimated fair values for the assets purchased, liabilities assumed and purchase consideration as of the date of the acquisition.

The determination of estimated fair value required management to make significant estimates and assumptions.

We finalized our purchase price accounting for PAI in the first quarter of 2022.

There were no material changes in 2022 to the amounts previously disclosed.

(In millions)

Estimated Fair Value at Acquisition Date

Fair value of purchase consideration

Fair value of purchase consideration $ 215.5

Fair value of net assets acquired

Accounts receivable 7.3

Other current assets 5.5

Property and equipment, net 14.6

Intangible assets (a)

Other noncurrent assets 4.5

Current liabilities ( 41.2 )

Other noncurrent liabilities ( 8.6 )

Fair value of net assets acquired $ 215.5

(a) Intangible assets are composed of customer relationships ($ 60 million fair value and 10 year amortization period), developed technology ($ 26 million fair value and 12 year amortization period) and a trade name ($ 9 million fair value and 5 year amortization period).

(b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating PAI's operations with our existing Brink's U.S.

All goodwill has been assigned to the North America reporting unit.

We expect less than $ 2 million of goodwill to be deductible for tax purposes.

G4S Acquisitions

On February 26, 2020, we announced that we agreed to acquire the majority of the cash management operations of U.K.-based 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 which 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.

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 is $ 826 million.

We also paid G4S approximately $ 114 million for net intercompany receivables from the acquired subsidiaries.

The indemnification assets are primarily related to pre-acquisition income tax contingencies for which the seller has indemnified Brink's against loss.

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

The contingent consideration noted in the following table below is related to the acquisition of the Malaysia operations.

The consideration will be paid when minimum dividend distributions are received by Brink's relating to cash on the balance sheets of the Malaysia subsidiaries as of the acquisition date.

We used a probability-weighted approach to estimate the fair value of the contingent consideration.

The fair value of the contingent consideration reflected in the table below is the full $ 22 million that remains potentially payable as of December 31, 2023 as we believe it is unlikely that the contingent consideration payments will be reduced.

We estimated fair values for the assets purchased, liabilities assumed and purchase consideration as of the date of the acquisition.

The determination of estimated fair value required management to make significant estimates and assumptions.

We finalized our purchase price accounting in 2021 for the businesses we acquired in 2020.

For the remaining businesses acquired from G4S in 2021, we finalized our purchase accounting in the first quarter of 2022.

There were no material changes in 2022 to the amounts previously disclosed.

(In millions)

Estimated Fair Value at Acquisition Date

Fair value of purchase consideration

Cash paid through December 31, 2023

Contingent consideration 22.0

Liabilities assumed from seller 2.9

Indemnification assets ( 15.9 )

Fair value of purchase consideration $ 825.9

Fair value of net assets acquired

Restricted cash 30.1

Accounts receivable 145.8

Other current assets 30.8

Property and equipment, net 123.8

Right-of-use assets, net 77.5

Intangible assets (a)

Other noncurrent assets 16.2

Current liabilities ( 296.3 )

Lease liabilities ( 68.1 )

Other noncurrent liabilities ( 103.9 )

Fair value of net assets acquired $ 941.4

Fair value of noncontrolling interest ( 115.5 )

Fair value of purchase consideration $ 825.9

(a) Intangible assets are composed of customer relationships ($ 207 million fair value and 15 year amortization period).

(b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating G4S operations with our existing operations.

Goodwill has been provisionally assigned to the Europe reporting unit ($ 191 million), the Rest of World reporting unit ($ 340 million) and the Latin America reporting unit ($ 3 million).

We do not currently expect goodwill in these reporting units to be deductible for tax purposes.

Actual and Pro Forma (unaudited) disclosures

Below are the actual results included in Brink's consolidated results for the 2022 NoteMachine acquisition.

(In millions)

Revenue Net income attributable to Brink's

Actual results included in Brink's consolidated 2023 and 2022 results for businesses acquired in the same year from the date of acquisition

Twelve months ended December 31, 2023

NoteMachine $ 142.3 ( 1.0 )

Total $ 142.3 ( 1.0 )

Twelve months ended December 31, 2022

NoteMachine $ 35.2 2.1

Total $ 35.2 2.1

The pro forma consolidated results of Brink’s presented below are unaudited and reflect a hypothetical ownership on January 1, 2021 of the businesses we acquired during 2022.

(In millions)

Revenue Net income attributable to Brink's

Pro forma results of Brink's for the twelve months ended December 31,

Brink's as reported $ 4,874.6 87.7

NoteMachine (a)

Total $ 4,874.6 87.7

Brink's as reported $ 4,535.5 170.6

NoteMachine (a)

Total $ 4,644.7 180.5

(a) Represents amounts prior to acquisition by Brink's.

Argentina Union Payments

In the third quarter of 2017, we acquired 100 % of the shares of Maco Transportadora de Caudales S.A.

("Maco Transportadora") and Maco Litoral, S.A.

("Maco Litoral" and, together with Maco Transportadora, "Maco").

Maco Transportadora is a Cash-in-transit ("CIT") and money processing business and Maco Litoral provides CIT and ATM services.

Both businesses operate in Argentina.

Although the Maco operations were acquired by Brink's Argentina in 2017, the National Antitrust Authority did not formally approve the business acquisitions until 2021.

The approval was issued conditioned on the divestiture of certain armored vehicles and relocation of other armored vehicles.

These actions were completed in 2022.

Upon the acquisition approval by the National Antitrust Authority, the national teamster unions demanded that Maco employees be paid severance benefits as if the employees had been terminated in 2022 and then immediately rehired by Brink's Argentina without their seniority.

Brink's Argentina management finalized negotiations with the Maco unions and has agreed to pay amounts to the union members in monthly installments through June 2024.

We recognized $ 12.5 million in related costs in 2022.

In 2023, we recognized a $ 4.9 million charge for an inflation-adjusted labor increase to the expected payments.

Changes in the liability as a result of currency-related remeasurement are reflected in our operating results as described in Note 1.

Changes in the liability as a result of labor rate increases are reflected as acquisition-related costs.

Due to the fact that management has excluded this amount when evaluating internal performance, we have excluded the amounts from segment results.

Acquisition costs

We have incurred $ 4.2 million in transaction costs related to business acquisitions in 2023 ($ 5.6 million in 2022 and $ 6.5 million in 2021).

These costs are classified in the consolidated statements of operations as selling, general and administrative expenses.

Note 8 - Goodwill and Other Intangible Assets

Based on our management structure, we have four reporting units, which are equal to our operating segments:

• North America

• Latin America

• Rest of World

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.

As a result of the evaluation, we concluded that goodwill was not impaired, and the fair value of each reporting unit exceeded its carrying value for all reporting units.

We completed these goodwill impairment tests, as well as the tests in the previous two years, with no impairment charges required.

The changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2024 and 2023 are as follows:

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(In millions) Beginning Balance Acquisitions/

Dispositions (a)

Currency Ending Balance

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Total Goodwill $ 1,473.8 14.7 ( 53.6 ) 1,434.9

(a) Includes adjustments related to the finalization of valuations in prior year acquisitions ($ 1.9 million increase in Europe).

December 31, 2023

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Total Goodwill $ 1,450.9 1.4 21.5 1,473.8

(a) Includes adjustments related to the finalization of valuations in prior year acquisitions ($ 0.8 million decrease in North America and $ 0.1 million decrease in Rest of World ).

(a) Includes adjustments related to the finalization of valuations in prior year acquisitions ($ 1.9 million increase in Europe).

Intangible Assets

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Prepaid expenses $ 164.4 177.0

Assets held for sale

Derivative instruments 24.7 28.5

Sales-type lease inventory

Income tax receivable 16.9 17.3

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Prepaid pension assets 20.9 15.1

Indemnification assets 11.2 16.3

Derivative instruments 6.9 11.1

Contract assets

Other 89.7 89.7

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Interest and other nonoperating income (expense) 0.1 0.5 16.7

(b) 2023 foreign currency translation adjustment amounts reflect primarily the appreciation of the Mexican peso, the Brazilian real, the British pound, and the euro.

(b) 2024 foreign currency translation adjustment amounts reflect primarily the devaluation of the Mexican peso, the Brazilian real, the Canadian dollar, the Colombian peso, the Chilean peso, and the euro.

2023 foreign currency translation adjustment amounts reflect primarily the appreciation of the Mexican peso, the Brazilian real, the British pound, and the euro.

2022 foreign currency translation adjustment amounts reflect primarily the devaluation of the British pound and the Chilean peso, partially offset by appreciation of the Mexican peso and the Brazilian real.

2021 foreign currency translation adjustment amounts reflect primarily the devaluation of the euro, the Chilean peso, the Brazilian real and the Mexican peso.

(c) Unrealized gains and losses on available-for-sale debt securities are initially recognized in accumulated other comprehensive income (loss).

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Pretax amounts are classified in the consolidated statements of operations as interest and other income (expense).

We realized a $ 5.0 million loss in 2023, a $ 0.3 million loss in 2022 and no gain or loss in 2021 on sales of available-for-sale debt securities.

We realized a $ 4.6 million gain in 2024, a $ 5.0 million loss in 2023, and a $ 0.3 million loss in 2022 on sales of available-for-sale debt securities.

(d) Pretax gains and losses on cash flow hedges are classified in the consolidated statements of operations as

• other operating income (expense) ($ 7.8 million loss in 2023, $ 8.9 million loss in 2022 and $ 0.1 million gain in 2021.)

• interest expense ($ 19.1 million reduction to expense in 2023, $ 3.5 million of expense in 2022 and $ 11.1 million in 2021.)

• other operating income (expense) ( no gain or loss in 2024, $ 7.8 million loss in 2023 and $ 8.9 million loss in 2022.)

• interest expense ($ 17.7 million reduction to expense in 2024 and $ 19.1 million in 2023 and $ 3.5 million of expense in 2022.)

The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:

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Other comprehensive income (loss) attributable to Brink's 183.3 ( 8.2 ) ( 0.5 ) 32.7 207.3

Acquisitions of noncontrolling interests — 0.1 — — 0.1

Balance as of December 31, 2022 ( 290.7 ) ( 433.8 ) ( 0.6 ) 24.6 ( 700.5 )

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Other comprehensive income (loss) attributable to Brink's ( 11.5 ) 65.6 ( 1.2 ) ( 8.4 ) 44.5

Acquisitions of noncontrolling interests — 0.1 — — 0.1

Balance as of December 31, 2023 ( 302.2 ) ( 368.2 ) ( 1.8 ) 16.2 ( 656.0 )

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(In millions) 2024 2023

$600 million Senior unsecured notes

2025 Senior Unsecured Notes

Carrying value (a)

Fair value — 382.0

2027 Senior Unsecured Notes

Carrying value $ 600.0 600.0

Fair value 558.7 554.6

$400 million Senior unsecured notes

2029 Senior Unsecured Notes

Carrying value $ 400.0 —

Fair value 399.0 —

2032 Senior Unsecured Notes

Carrying value $ 400.0 —

Fair value 397.2 —

(a) The 2025 Senior Unsecured Notes were redeemed in the third quarter of 2024 (see Note 15).

Pricing inputs for nonpublic debt are often not observable.

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Forward and Swap Contracts

The fair values of our forward and swap contracts are based on the present value of net future cash payments and receipts, as well as inputs

related to forward interest rates and forward currency rates that are derived principally from, or corroborated by, observable market data,

which we have categorized as a Level 2 valuation.

Economic Hedges

We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies.

At December 31, 2024, the notional value of our outstanding foreign currency forward and swap contracts was $ 1,158 million, with average maturities of approximately one month .

These foreign currency forward and swap contracts primarily offset exposures in the euro and the Mexican peso and are not designated as hedges for accounting purposes.

These foreign currency forward and swap contracts primarily offset exposures in the euro, the Mexican peso, and the British pound and are not designated as hedges for accounting purposes.

Accordingly, changes in their fair value are recorded immediately in earnings.

At December 31, 2023, the fair value of our short term foreign currency contracts was a net liability of $ 1.1 million, of which $ 8.7 million was included in prepaid expenses and other and $ 9.8 million was included in accrued liabilities on the consolidated balance sheet.

At December 31, 2022, the fair value of these foreign currency contracts was a net liability of $ 7.0 million, of which $ 3.5 million was included in prepaid expenses and other and $ 10.5 million was included in accrued liabilities on the consolidated balance sheet.

Cash flows related to economic hedges are reported in the consolidated statements of cash flows based on the nature of the underlying items being hedged.

For the periods presented, such cash flows are reported in operating activities or investing activities.

The fair value of these contracts were recognized in the consolidated balance sheet as follows:

Twelve Months Ended December 31,

(In millions) 2024 2023

Prepaid expenses and other

Accrued liabilities

( 10.1 ) ( 9.8 )

Net asset (liability)

$ 8.9 ( 1.1 )

Amounts under these contracts were recognized in other operating income (expense) as follows:

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(In millions) 2024 2023 2022

Derivative instrument gains included in other operating income (expense)

Derivative instrument gains (losses) included in other operating income (expense) (a)

$ ( 11.0 ) 21.3 42.0

(a) Derivative instrument losses in 2024 and derivative instrument gains in 2023 were driven primarily by the impacts of forward currency contracts to hedge exposure to the Mexican peso.

Derivative instrument gains in 2022 were primarily attributable to the impacts of forward currency contracts to hedge exposure to the euro.

Net Investment Hedges

We have entered into cross currency swaps and foreign exchange forward swap contracts to hedge a portion of our net investments in certain of our subsidiaries with euro and Hong Kong dollar functional currencies.

We elected to use the spot method to assess effectiveness for these derivatives that are designated as net investment hedges for accounting purposes.

Accordingly, changes in fair value attributable to changes in the undiscounted spot rates are recorded in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) and will remain there until the hedged net investments are sold or substantially liquidated.

We have elected to exclude the spot-forward difference from the assessment of hedge effectiveness and are amortizing this amount separately on a straight-line basis over the term of the cross currency swaps.

In 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.

We subsequently entered into new cross currency swaps which also hedge a portion of our net investment in certain euro functional currency subsidiaries.

In 2023, we entered into a zero cost foreign exchange collar contract with a $ 215 million notional amount and a May 2026 expiration date.

We sold a put option with a lower strike price and bought a call option with a higher strike price to manage the foreign exchange risk related to the final settlement of the $ 215 million notional cross currency swaps.

Upon the execution of the zero cost foreign exchange collar contract, we de-designated the existing $ 215 million notional cross currency swaps and re-designated the combined $ 215 million notional cross currency swaps and zero cost collar into a new hedging instrument.

At re-designation, the existing $ 215 million notional cross currency swaps had a non-zero fair value representing an off-market component of the participating cross currency swaps.

The off-market value is being ratably amortized into earnings through May 2026.

The combined cross currency swaps and zero cost collar has been designated as a net investment hedge for accounting purposes.

The fair value of these contracts were recognized in the consolidated balance sheet as follows:

Twelve Months Ended December 31,

(In millions) 2024 2023

Euro net investment hedge (a)

Prepaid expenses and other

Other noncurrent liabilities

( 21.7 ) ( 40.2 )

Zero cost collar

Other noncurrent asset

Hong Kong dollar net investment hedge (b)

Prepaid expenses and other

Net asset (liability)

$ ( 12.8 ) ( 34.4 )

(a) At December 31, 2024, swaps with a total notional value of $ 215 million will terminate in May 2026 and have a weighted average maturity of 1.1 years.

Swaps with a total notional value of $ 185 million will terminate in April 2031 and have a weighted average maturity of 5.3 years.

(b) At December 31, 2024, the total notional value was $ 55 million with a weighted average maturity of 0.9 years.

The effect of the amortization of the spot-forward difference on the net investment hedges cross currency swaps and foreign exchange forward swap contract is included as a benefit in interest expense as follows:

Twelve Months Ended December 31,

(In millions) 2024 2023 2022

Cross currency swaps designated as net investment hedges

$ ( 4.6 ) ( 5.2 ) ( 5.8 )

Cash flows related to the amortization of the off-market component of net investment hedges are reported in investing activities.

Cash flows from the termination and final settlement of net investment hedges are reported in investing activities.

All other cash flows from net investment hedges are reported in operating activities.

Interest Rate Swaps - Cash Flow Hedges

We have periodically entered into interest rate swaps to hedge cash flow risk associated with changes in variable interest rates and we have designated the interest rate swaps as cash flow hedges for accounting purposes.

Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

The fair values of our interest rate swaps were recognized in the consolidated balance sheet as follows:

(In millions) 2024 2023

$400 million notional - June 2027 maturity (a)

Prepaid expenses and other

Other noncurrent assets

$200 million notional - June 2027 maturity (a)

Prepaid expenses and other

Other noncurrent assets

$175 million notional - June 2027 maturity (a)

Prepaid expenses and other

Other noncurrent liabilities

$400 million notional - January 2024 maturity

Prepaid expenses and other $ — 1.1

(a) These interest rate swaps were terminated in the fourth quarter of 2024 and we received approximately $ 19 million in cash proceeds upon termination.

The cash proceeds for terminating the swaps were reported as cash flows from operating activities.

Amounts under these contracts were recognized in interest expense as follows:

Twelve Months Ended December 31,

(In millions) 2024 2023 2022

Impact to interest expense - (benefit) cost

$ ( 17.7 ) ( 19.9 ) 2.2

Cash flows related to interest rate swaps are reported as operating activities.

Cross Currency Swap - Cash Flow Hedge

In the first quarter of 2019, we entered into a long term cross currency swap contract to hedge exposure in Brazilian real.

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dollar denominated intercompany loan and a Brazilian real denominated intercompany loan.

At December 31, 2022, the fair value of this cross currency swap contract was an asset of $ 14.6 million and was included in prepaid expenses and other on the consolidated balance sheet.

Before final settlement occurred in the fourth quarter of 2023, amounts under this contract were recognized in other operating income (expense) to offset transaction gains or losses and in interest expense as follows:

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(In millions) 2024 2023 2022

Derivative instrument gains (losses) included in other operating income (expense) $ ( 7.9 ) ( 8.9 ) 0.2

Offsetting transaction gains (losses) 7.9 8.9 ( 0.2 )

Derivative instrument losses included in other operating income (expense)

$ — ( 7.9 ) ( 8.9 )

Offsetting transaction gains

Derivative instrument losses included in interest expense — ( 0.8 ) ( 1.3 )

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$ — ( 8.7 ) ( 10.2 )

In the first quarter of 2019, we entered into ten interest rate swaps with a maturity date of January 2024.

These interest rate swaps hedge cash flow risk associated with changes in variable interest rates and that are designated as cash flow hedges for accounting purposes.

Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

At December 31, 2023, the notional value of these contracts was $ 400 million with a remaining weighted-average maturity of 0.1 years.

At December 31, 2023, the fair value of these interest rate swaps was a net asset of $ 1.1 million which was included in prepaid expenses and other on the consolidated balance sheet.

At December 31, 2022, the fair value of these interest rate swaps was a net asset of $ 10.0 million, of which $ 9.3 million was included in prepaid expenses and other and $ 0.7 million was included in other assets on the consolidated balance sheet.

In the first quarter of 2022, we entered into four forward-starting interest rate swaps that hedge cash flow risk associated with changes in variable interest rates and that were designated as cash flow hedges for accounting purposes.

The forward-starting interest rate swaps had a maturity date in July 2030 and had a mandatory settlement scheduled to occur in July 2022.

In July 2022, an amendment was executed to terminate the four forward-starting interest rates swaps and concurrently enter into three forward-starting interest rate swaps with an amended maturity in June 2027.

We designated these interest rates swaps as cash flow hedges for accounting purposes.

Accordingly, the changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

As of the July 2022 termination date of the four previous interest rate swaps, a cumulative net gain of $ 9.2 million was recorded in accumulated other comprehensive income (loss).

This amount is reclassified to earnings as forecasted interest payments occur through the original maturity date in July 2030.

The three new interest rate swaps had an inception date fair value equal to a $ 9.2 million asset, approximating the settlement value of the four previous interest rate swaps.

Instead of receiving cash upon termination of the previous swaps, we elected to negotiate a lower off-market fixed rate for the three new interest rate swaps.

This inception date fair value will be amortized to earnings on a ratable and systematic basis through the maturity date of the new interest rate swaps in June 2027.

At December 31, 2023, the notional value of these contracts was $ 200 million with a remaining weighted-average maturity of 1.8 years.

At December 31, 2023, the fair value of these interest rate swaps was a net asset of $ 12.2 million, of which $ 5.8 million was included in prepaid expenses and other and $ 6.4 million was included in other assets on the consolidated balance sheet.

At December 31, 2022, the fair value of these interest rate swaps was a net asset of $ 16.4 million, of which $ 6.0 million was included in prepaid expenses and other and $ 10.4 million was included in other assets on the consolidated balance sheet.

In the fourth quarter of 2022, we entered into two interest rate swaps with a maturity date of June 2027.

These swaps are intended to hedge cash flow risk associated with changes in variable interest rates and were designated as cash flow hedges for accounting purposes.

Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

At December 31, 2023, the notional value of these contracts was $ 175 million with a remaining weighted-average maturity of 1.8 years.

December 31, 2023, the fair value of these interest rate swaps was a net asset of $ 0.1 million, of which $ 1.9 million was included in prepaid expenses and other and $ 1.8 million was included in other liabilities on the consolidated balance sheet.

At December 31, 2022, the fair value of these interest rate swaps was a net asset of $ 1.0 million of which $ 2.0 million was included in prepaid expenses and other and $ 1.0 million was included in other liabilities on the consolidated balance sheet.

In the second quarter of 2023, we entered into eight forward-starting interest rate swaps which became effective in January 2024.

The forward-starting interest rate swaps have a maturity date in June 2027.

These swaps are intended to replace the existing $ 400 million interest rate swaps that matured on the same date in January 2024 that the forward-starting swaps became effective.

These swaps are intended to hedge cash flow risk associated with changes in variable interest rates and were designated as cash flow hedges for accounting purposes.

Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

At December 31, 2023, the notional value of these contracts was $ 400 million with a remaining weighted-average maturity of 1.8 years.

At December 31, 2023, the fair value of these interest rate swaps was an asset of $ 5.7 million, of which $ 5.4 million was included in prepaid expenses and other and $ 0.3 million was included in other assets on the consolidated balance sheet.

In the second quarter of 2021, we entered into ten cross currency swaps to hedge a portion of our net investments in certain of our subsidiaries with euro functional currencies.

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.

In the third quarter of 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.

We subsequently entered into a total of nine cross currency swaps with a total notional value of $ 400 million to hedge a portion of our net investment in certain of our subsidiaries with euro functional currencies.

Swaps with a total notional value of $ 215 million will terminate in May 2026 and swaps with a total notional value of $ 185 million will terminate in April 2031.

We have designated these swaps as net investment hedges for accounting purposes.

In the third quarter of 2023, we entered into a zero cost foreign exchange collar contract with a $ 215 million notional amount and a May 2026 expiration date.

At re-designation, the existing $ 215 million notional cross currency swaps had a non-zero fair value representing an off-market component of the participating cross currency swaps.

The off-market value is being ratably amortized into earnings through May 2026.

The combined cross currency swaps and zero cost collar has been designated as a net investment hedge for accounting purposes.

At December 31, 2023, the notional value of these cross currency swap contracts was $ 400 million with a remaining weighted average 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, 2023, the fair value of these cross currency swaps was a net liability of $ 34.6 million, of which $ 5.6 million was included in prepaid expenses and other and $ 40.2 million was included in other liabilities on the consolidated balance sheet.

At December 31, 2022, the fair value of these cross currency swaps was a net liability of $ 11.7 million, of which $ 5.6 million was included in prepaid expenses and other and $ 17.3 million was included in other liabilities on the consolidated balance sheet.

At December 31, 2023, the fair value of the zero cost collar was an asset of $ 0.1 million included in other assets on the consolidated balance sheet.

In the fourth quarter of 2023, we entered into a foreign exchange forward swap contract to hedge a portion of our net investments in certain of our subsidiaries with Hong Kong dollar functional currencies.

As the contract is designated as a net investment hedge for accounting purposes, we will use the spot method to assess effectiveness of this derivative contract.

We will record changes in fair value attributable to changes in the Hong Kong dollar undiscounted spot rates in the foreign currency translation adjustments component of accumulated other comprehensive income (loss) with amounts remaining in accumulated comprehensive income (loss) until the hedged net investments are sold or substantially liquidated.

At December 31, 2023, the notional value of this foreign exchange forward swap contract was $ 55 million with a remaining weighted average maturity of 0.9 years.

At December 31, 2023, the fair value of this derivative contract was an asset of $ 0.1 million which was included in prepaid expenses and other on the consolidated balance sheet.

The effect of the interest rate swaps and the amortization of the spot-forward difference on the net investment hedges cross currency swaps and foreign exchange forward swap contract is included in interest expense as follows:

Twelve Months Ended December 31,

(In millions) 2023 2022 2021

Interest rate swaps designated as cash flow hedges $ ( 19.9 ) 2.2 9.8

Cross currency swaps designated as net investment hedges ( 5.2 ) ( 5.8 ) ( 4.1 )

Net derivative instrument (gains) losses included in interest expense $ ( 25.1 ) ( 3.6 ) 5.7

The fair values of these forward and swap contracts are based on the present value of net future cash payments and receipts, as well as inputs

related to forward interest rates and forward currency rates that are derived principally from, or corroborated by, observable market data,

which we have categorized as a Level 2 valuation.

The majority of cash flows associated with our forward and swap contracts are included as changes in other operating activities in the consolidated statements of cash flows.

If a contract has a significant financing element, cash flows are included within the financing activities section of the consolidated statements of cash flows.

Contingent Consideration

In the second quarter of 2020, we acquired cash management operations in Malaysia from U.K.-based G4S and have recorded a payable for contingent consideration.

In the second quarter of 2020, we acquired cash management operations in Malaysia from U.K.-based G4S Plc ("G4S") and have recorded a payable for contingent consideration.

The contingent consideration will be paid when minimum dividend distributions are received by Brink's relating to cash on the balance sheets of the Malaysia subsidiaries as of the acquisition date.

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The fair value of the contingent consideration is the full $ 22 million that remains potentially payable as of December 31, 2024 as we believe it is unlikely that the contingent consideration payments will be reduced.

In the fourth quarter of 2022, we acquired NoteMachine and recognized a payable for contingent consideration, consisting of two components.

The first component was a payable based on post-acquisition increases in ATM cash withdrawal interchange fees through June 30, 2023.

This payable was written off in the second quarter of 2023 as no increases in the fee occurred through June 30, 2023.

The $ 4.8 million gain is classified as other operating income (expense) in the consolidated statements of operations.

The second component is a payable contingent on our post-acquisition collection of ATM tax rate rebates from municipal governments in the U.K.

The fair value of this payable was estimated at $ 10.5 million as of the October 3, 2022 acquisition date.

Approximately $ 10 million of the contingent consideration has been paid through December 31, 2023, and we do not expect any material change to the payable estimated as of the acquisition date.

Other Financial Instruments

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$ 166.5 167.8

Cash held by cash management services operations (b)

Payroll and other employee liabilities 151.2 151.9

Taxes, except income taxes 134.0 134.9

Cash held by cash management services operations (b)

Operating lease liabilities 78.2 79.5

Income taxes payable 37.8 25.7

Accrued interest 34.5 31.7

Workers’ compensation and other claims 60.6 31.7

DOJ/FinCEN investigations (c)

Accrued interest 28.2 34.5

Income taxes payable 28.0 37.8

ATM surcharge/interchange payables 28.0 27.7

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Retirement benefits

Chile antitrust matter (c)

Derivative instruments 10.1 9.8

Acquisition and disposition related obligations 2.0 21.4

Chile antitrust matter (d)

Other 210.4 235.8

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The cash is generally credited to customers’ accounts the following day and we record a liability while the cash is in our possession.

Note 14 - Other Liabilities

(d) See Note 23 for more information on the Chile antitrust matter.

Note 14 - Other Long-term Liabilities

(In millions) 2024 2023

Workers’ compensation and other claims $ 75.7 72.6

Derivative instruments 42.0 18.3

Asset retirement and remediation obligations 33.8 33.3

Acquisition-related obligations 23.3 22.8

Derivative instruments 21.7 42.0

Noncurrent tax liabilities 18.0 21.8

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Other 40.0 33.7

Other liabilities $ 244.6 224.6

Other long-term liabilities

$ 231.6 244.6

Note 15 - Debt

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Other (year end weighted average interest rate of 6.5 % in 2024 and 6.5 % in 2023)

$ 149.3 151.7

Total short-term borrowings $ 149.3 151.7

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Bank credit facilities:

Term loan A (year-end weighted average interest rate of 7.0 % in 2023 and 5.7 % in 2022)

Term loans (year-end weighted average interest rate of 6.2 % in 2024 and 7.0 % in 2023)

less unamortized issuance cost of $ 2.8 million in 2024 and $ 4.0 million in 2023

$ 1,292.2 1,343.5

Senior unsecured notes (year-end effective interest rate of 4.6 % and 5.5 % respectively for "2017 Senior Notes" and "2020 Senior Notes" in 2023 and 2022)

Senior unsecured notes (year-end effective interest rate of 4.6 % for "2027 Senior Unsecured Notes", 6.5 % for "2029 Senior Unsecured Notes" and 6.8 % for "2032 Senior Unsecured Notes" in 2024 and 5.5 % for "2025 Senior Unsecured Notes" and 4.6 % for "2027 Senior Unsecured Notes" in 2023)

less unamortized issuance cost of $ 12.2 million in 2024 and $ 5.6 million in 2023

1,387.8 994.4

Revolving Credit Facility (year-end weighted average interest rate of 6.2 % in 2024 and 6.3 % in 2023)

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Total debt $ 3,896.2 3,531.3

(a) Other facilities includes $ 209.3 million related to the Brink’s Capital credit facility at December 31, 2023, compared to $ 106.8 million at December 31, 2022.

The facility had $ 7,110.5 million in borrowings and $ 7,008.1 million in repayments in 2023, which is reflected in the long-term revolving credit facilities movement in the consolidated statements of cash flows.

(a) Includes Other Revolving Credit Facilities of $ 359 million at December 31, 2024 and $ 226 million at December 31, 2023.

Long-Term Debt

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Senior Unsecured Notes

In June 2020, we issued at par five-year senior unsecured notes (the "2020 Senior Notes") in the aggregate principal amount of $ 400 million.

The 2020 Senior Notes will mature on July 15, 2025 and bear an annual interest rate of 5.5 %.

The 2020 Senior Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S.

In June 2024, we issued at par five-year senior unsecured notes (the "2029 Senior Unsecured Notes") in the aggregate principal amount of $ 400 million.

The 2029 Senior Unsecured Notes will mature on June 15, 2029, and bear an annual interest rate of 6.5 %.

The 2029 Senior Unsecured Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S.

subsidiaries, which are also guarantors under the Senior Secured Credit Facility.

In October 2017, we issued at par ten-year senior unsecured notes (the "2017 Senior Notes" and together with the 2020 Senior Notes, the "Senior Notes") in the aggregate principal amount of $ 600 million.

The 2017 Senior Notes will mature on October 15, 2027, bearing an

annual interest rate of 4.625 %.

The 2017 Senior Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S.

In June 2024, we issued at par eight-year senior unsecured notes (the "2032 Senior Unsecured Notes") in the aggregate principal amount of $ 400 million.

The 2032 Senior Unsecured Notes will mature on June 15, 2032, and bear an annual interest rate of 6.75 %.

The 2032 Senior Unsecured Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S.

subsidiaries, which are also guarantors under the Senior Secured Credit Facility.

The Senior Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

In June 2020, we issued at par five-year senior unsecured notes (the "2025 Senior Unsecured Notes") in the aggregate principal amount of $ 400 million.

The 2025 Senior Unsecured Notes were set to mature on July 15, 2025 and had an annual interest rate of 5.5 %.

The 2025 Senior Unsecured Notes were general unsecured obligations guaranteed by certain of the Company’s existing and future U.S.

subsidiaries, which are also guarantors under the Senior Secured Credit Facility.

On August 7, 2024, we issued a notice of redemption to holders to redeem all of the outstanding aggregate principal amount of the 2025 Senior Unsecured Notes in accordance with the terms of the notes and the indenture.

The notes were redeemed on September 13, 2024.

In October 2017, we issued at par ten-year senior unsecured notes (the "2027 Senior Unsecured Notes" and together with the 2025 Senior Unsecured Notes, 2029 Senior Unsecured Notes and 2032 Senior Unsecured Notes, the "Senior Unsecured Notes") in the aggregate principal amount of $ 600 million.

The 2027 Senior Unsecured Notes will mature on October 15, 2027, bearing an annual interest rate of 4.625 %.

The 2027 Senior Unsecured Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S.

subsidiaries, which are also guarantors under the Senior Secured Credit Facility.

The Senior Unsecured Notes have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The notes were offered in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on the exception from registration set forth in Rule 144A under the Securities Act and outside the United States to non-U.S.

persons pursuant to Regulation S under the Securities Act.

The aggregate proceeds from the Senior Secured Credit Facility and the 2017 Senior Notes were used in part to repay certain prior indebtedness and certain fees and expenses related to the closing of certain transactions.

The aggregate proceeds from the Senior Secured Credit Facility and the 2027 Senior Unsecured Notes were used in part to repay certain prior indebtedness and certain fees and expenses related to the closing of certain transactions.

Borrowings were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes.

The aggregate proceeds from the 2020 Senior Notes were used in part to repay certain existing indebtedness incurred in connection with the G4S acquisition, finance the remaining G4S acquisition transactions and pay certain fees and expenses related to the transactions.

Remaining net proceeds from the 2020 Senior Notes were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes.

Letter of Credit and Bank Guarantee Facilities

We have two committed letters of credit facilities totaling $ 38 million, of which approximately $ 8 million was available at December 31, 2023.

At December 31, 2023, we had undrawn letters of credit and guarantees of $ 30 million issued under these facilities.

The $ 15 million facility expires in April 2025 and the $ 23 million facility expires in May 2027.

We have two uncommitted letter of credit facilities totaling $ 55 million, of which approximately $ 32 million was available at December 31, 2023.

At December 31, 2023, we had undrawn letters of credit and guarantees of $ 23 million issued under these facilities.

The $ 40 million and the $ 15 million facilities have no expiration date.

The Senior Secured Credit Facility is also available for issuance of letters of credit and bank guarantees.

The aggregate proceeds from the 2029 Senior Unsecured Notes and 2032 Senior Unsecured Notes were used to redeem the $ 400 million outstanding principal amount of the 2025 Senior Unsecured Notes prior to maturity and to repay a portion of the outstanding indebtedness under our Revolving Credit Facility.

Before applying a portion of the net proceeds from this offering to redeem or repurchase the 2025 Senior Unsecured Notes as described above, we used such portion of the net proceeds for general corporate purposes and to temporarily repay additional amounts outstanding under our Revolving Credit Facility.

Other Facilities

Other Facilities consists primarily of revolving credit facilities in our North America, Latin America and Europe segments ("Other Revolving Credit Facilities").

On an aggregate basis, borrowings under these facilities total $ 477 million with an additional $ 248 million available as of December 31, 2024, including $ 118 million in Short-term borrowings and $ 359 million in Other long-term debt.

Maturity dates of the long-term facilities range from February 2027 to July 2027 and interest rates range from 5.90 % to 6.20 %.

Borrowings under these facilities are secured by cash held by Brink's.

In July 2024, we increased the capacity of the largest of these credit facilities from $ 250 million to $ 500 million.

Minimum repayments of long-term debt are as follows:

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Total $ 235.1 3,526.8 3,761.9

The Senior Secured Credit Facility, Senior Unsecured Notes, the letter of credit facilities and bank guarantee facilities contain various financial and other covenants.

The financial covenants, among other things, limit our ability to provide liens, restrict fundamental changes, limit transactions with affiliates and unrestricted subsidiaries, restrict changes to our fiscal year and to organizational documents, limit asset dispositions, limit the use of proceeds from asset sales, limit sale and leaseback transactions, limit investments, limit the ability to incur debt, restrict certain payments to shareholders, limit negative pledges, limit the ability to change the nature of our business, provide for a maximum consolidated net leverage ratio and provide for minimum coverage of interest costs.

The Senior Secured Credit Facility, Senior Unsecured Notes, Other Revolving Credit Facilities, and other debt facilities contain various financial and other covenants.

The covenants, among other things, limit our ability to provide liens, restrict fundamental changes, limit transactions with affiliates and unrestricted subsidiaries, restrict changes to our fiscal year and to organizational documents, limit asset dispositions, limit the use of proceeds from asset sales, limit sale and leaseback transactions, limit investments, limit the ability to incur debt, restrict certain payments to shareholders, limit negative pledges, limit the ability to change the nature of our business, provide for a maximum

consolidated net leverage ratio and provide for minimum coverage of interest costs.

If we were not to comply with the terms of our various financing agreements, the repayment terms could be accelerated and the commitments could be withdrawn.

An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements.

We were in compliance with all covenants at December 31, 2023.

We were in compliance with all of these covenants at December 31, 2024.

Financing Leases

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Total lease payments

$ 342.5 63.8 38.9 445.2

Interest 76.5 7.7 4.2 88.4

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We have share-based compensation plans to attract and retain employees and non-employee directors and to more closely align their interests with those of our shareholders.

We have outstanding share-based awards granted to employees under the 2017 Equity Incentive Plan (the "2017 Plan").

The 2017 Plan permits grants of restricted stock, restricted stock units, performance stock, performance units, stock appreciation rights, stock options, as well as other share-based awards to eligible employees.

The 2017 Plan also permit cash awards to eligible employees.

We have outstanding share-based awards granted to employees under the 2017 Equity Incentive Plan (the "2017 Plan") and under the 2024 Equity Incentive Plan (the "2024 Plan").

The 2017 Plan and the 2024 Plan permit grants of restricted stock, restricted stock units, performance stock, performance stock units, stock appreciation rights, stock options, as well as other share-based awards to eligible employees.

The 2017 Plan and the 2024 Plan also permit cash awards to eligible employees.

The 2017 Plan became effective May 2017.

The 2024 Plan became effective May 2024.

During the first quarter ended March 31, 2023, the remaining outstanding awards granted under the 2013 Equity Incentive Plan (the "2013 Plan") were fully exercised.

No further grants of awards will be made under the 2013 Plan.

We also have outstanding deferred stock units granted to directors under the 2017 Plan.

Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Director's Equity Plan and the Directors’ Stock Accumulation Plan, which has expired.

There are 2.3 million shares underlying the 2017 Plan that are authorized, but not yet granted.

Outstanding awards at December 31, 2023, include performance share units, restricted stock units, deferred stock units, performance-based stock options, time-based stock options and certain awards that will be settled in cash.

No further grants of awards will be made under the 2013 Plan or the 2017 Plan.

We also have outstanding deferred stock units granted to directors under the 2017 Plan and the 2024 Plan.

Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Directors’ Equity Plan and the Directors’ Stock Accumulation Plan, each of which has expired.

There are 3.8 million shares underlying share-based plans that are authorized, but not yet granted.

Outstanding awards at December 31, 2024, include performance stock units, restricted stock units, deferred stock units, time-based stock options, and certain awards that will be settled in cash.

Compensation Expense

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In 2021, the retirement eligibility provisions were changed to require a minimum of a one year service period in order to meet the retirement eligible conditions.

For the 2021, 2022 and 2023 awards, we recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date.

For awards granted after 2020, we recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date.

For awards considered liability awards, compensation cost is based on the change in the fair value of the instrument for each reporting period and the percentage of the requisite service that has been rendered.

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(in millions except years) 2024 2023 2022

Performance share units $ 20.3 34.9 22.3 $ 19.5 1.6

Performance stock units

$ 25.2 20.3 34.9 $ 22.3 1.6

Restricted stock units 9.9 10.4 12.0 8.4 1.4

Deferred stock units and fees paid in stock 1.4 1.4 1.3 0.4 0.3

Performance-based options — — 0.3 — —

Time-based options — — 0.4 — —

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(in millions) 2024 2023 2022

Performance share units $ 16.3 10.0 17.7

Performance stock units

$ 35.3 16.3 10.0

Restricted stock units 13.4 8.5 9.2

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Restricted Stock Units (“RSUs”)

We granted RSUs to select senior executives and employees in the last three years that contain only a service condition.

We grant RSUs that contain only a service condition as part of our compensation program.

RSUs are paid out in shares of Brink’s stock when the awards vest.

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Nonvested balance as of December 31, 2023

320.2 $ 65.89

Activity from January 1 to December 31, 2024:

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Nonvested balance as of December 31, 2024

Performance Share Units (“PSUs”)

We granted Internal Metric PSUs ("IM PSUs") and Total Shareholder Return PSUs ("TSR PSUs") to certain senior executives and employees in the last three years.

IM PSUs contain a performance condition as well as a service condition.

290.4 $ 74.24

Performance Stock Units (“PSUs”)

Historically, we have granted Internal Metric PSUs ("IM PSUs") and Relative Total Shareholder Return PSUs ("TSR PSUs") as part of our compensation program.

The majority of outstanding IM PSUs contain a performance condition as well as a service condition.

We measure the fair value of these PSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period.

IM PSUs granted in 2023, 2022.

and 2020 have a three year performance period.

IM PSUs granted in 2021 have a two year performance period with an additional one year of service.

In 2023, we also granted IM PSUs to certain employees which contain a market condition, a performance condition, and a service condition.

For IM PSUs granted in 2021, the performance period was from January 1, 2021 to December 31, 2022 with an additional one year of service after 2022.

For IM PSUs granted in 2022, the performance period was from January 1, 2022 to December 31, 2024.

For IM PSUs granted in 2023, the performance period is from January 1, 2023 to December 31, 2025.

For IM PSUs granted in 2024, the performance period is from January 1, 2024 to December 31, 2026.

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

We measure the fair value of IM PSUs containing a market condition at the grant date using a Monte Carlo simulation model.

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Nonvested balance as of December 31, 2023

698.5 $ 72.15

Activity from January 1 to December 31, 2024:

Granted 214.0 82.19

Forfeited or expired (a)

Forfeited or expired

( 44.3 ) 70.53

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Nonvested balance as of December 31, 2024

(a) Although the service condition had been met, 31.4 thousand TSR PSUs granted in 2020 expired in accordance with the market condition terms of the underlying award agreement.

These units had a weighted average grant-date fair value of $ 94.52 per share.

(b) The vested PSUs presented are based on the target amount of the award.

639.1 $ 72.64

(a) The vested PSUs presented are based on the target amount of the award.

In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended December 31, 2023 were 438.7 thousand, compared to target shares of 229.1 thousand.

The following table provides the terms and weighted-average assumptions used in the Monte Carlo simulation model for the TSR PSUs granted in 2022 and 2021 and IM PSUs with a market condition granted in 2023:

The following table provides the terms and weighted-average assumptions used in the Monte Carlo simulation model for the IM PSUs with a market condition granted in 2024 and 2023 and the TSR PSUs granted in 2022:

Terms and Assumptions Used to Estimate Grant Date Fair Value 2024 IM PSUs (a)

2022 TSR PSUs

2023 IM PSUs (a)

2022 TSR PSUs

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Fair value per share $ 83.81 $ 72.51 $ 87.31

(a) In 2023, we granted IM PSUs to certain employees which contain a market condition.

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

(b) The stock price projection in the Monte Carlo simulation model assumed a 0 % dividend yield, which is mathematically equivalent to reinvesting dividends over the performance period.

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

Time-based Vesting Option Activity

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115.7 $ 80.74 $ 21.43

Forfeited or expired ( 12.9 ) 82.16 21.35

Exercised ( 93.2 ) 79.92 21.54

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

We currently have applied a 5 % expected forfeiture rate to the time-based vesting options.

The following table provides the weighted-average assumptions used in the Black-Scholes-Merton option pricing model for the time-based vesting options granted in 2020:

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Deferred Stock Units (“DSUs”)

We granted DSUs to our non-employee directors in 2023 and in prior years.

We granted DSUs to our non-employee directors as part of our compensation program.

We measure the fair value of DSUs at the grant date, based on the price of Brink's stock, and, if applicable, adjusted for a discount for dividends not received or accrued during the vesting period.

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Granted 13.6 87.93

Forfeited — —

Vested ( 19.2 ) 62.43

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We paid regular quarterly dividends on our common stock during the last three years.

On September 21, 2023, the Board of Directors declared a regular quarterly dividend of 22 cents per share payable on December 1, 2023 to shareholders of record on November 6, 2023.

The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.

On September 19, 2024, the Board declared a regular quarterly dividend of 24.25 cents per share payable on December 2, 2024 to shareholders of record on November 4, 2024.

The payment of future dividends is at the discretion of the Board and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.

Preferred Stock

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Share Repurchase Program

In November 2023, our Board of Directors authorized a $ 500 million share repurchase program that expires on December 31, 2025 (the “2023 Repurchase Program”).

In November 2023, our Board authorized a $ 500 million share repurchase program that expires on December 31, 2025 (the “2023 Repurchase Program”).

Under the 2023 Share Repurchase Program, we are not obligated to repurchase any specific dollar amount or number of shares.

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Share repurchases under this 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").

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.

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").

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.

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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.

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 ("ASR") with a financial institution.

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The shares received were retired in the period they were delivered to us, and the upfront payment was accounted for as a reduction to shareholders' equity in the consolidated balance sheet.

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.

Each ASR met the applicable criteria for equity classification, and, as a result, none were accounted for as a derivative instrument.

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)

$ 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.

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.

In April 2022, the financial institution early terminated this ASR and we received additional 546,993 shares.

Shares Used to Calculate Earnings per Share

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(b) Under the November 2021 ASR, based on our stock prices from November 1, 2021 to March 31, 2022, we would have received additional shares under the ASR if the settlement date had been March 31, 2022.

Because the ASR settlement date did not occur until April 2022 and because any anticipated receipt of additional shares of our common stock would have be antidilutive, no amounts were included the computation of diluted EPS.

Because the ASR settlement date did not occur until April 2022 and because any anticipated receipt of additional shares of our common stock would have been antidilutive, no amounts were included the computation of diluted EPS.

The antidilutive impact from the first quarter of 2022 continued to have year-to-date antidilutive impact for the remainder of 2022.

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Cash outflows for the purchase of these financial instruments totaled $ 29.7 million in 2024, $ 131.1 million in 2023, and $ 27.6 million in 2022.

Cash inflows for the sale of these financial instruments totaled $ 145.6 million in 2023 and $ 9.9 million in 2022.

We did not have any cash inflows from the sale of these financial instruments in 2021.

Cash inflows for the sale of these financial instruments totaled $ 14.6 million in 2024, $ 145.6 million in 2023, and $ 9.9 million in 2022.

At the time of any future sale of these financial instruments, proceeds received will be solely in Argentine pesos.

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Cash Paid for Acquisitions Included in Financing Activities

In 2024 we paid $ 0.8 million in settlements related to acquired business operations in the Europe segment.

In 2023 we paid $ 10.3 million in settlements related to the Note Machine acquisition and $ 0.8 million related to the Touchpoint 21 acquisition.

In 2022, we paid $ 2.8 million in settlements related to the PAI acquisition.

In 2021, we received $ 3.2 million related to settlements in the G4S acquisition and paid $ 1.1 million related to PAI settlements.

These payments are reported as cash flows from financing activities as the payments were made more than three months after the acquisition date.

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At December 31, 2023, we held $ 507.0 million of restricted cash ($ 298.7 million represented restricted cash held for customers and $ 167.8 million represented accrued liabilities).

Lessor Debt Financing

In certain leasing transactions, we acquire assets through capital expenditures that are then sold to lessors in which the cash received is classified as borrowings from financing activities rather than proceeds from investing activities.

Cash inflows related to these transactions totaled $ 46.6 million in 2024 compared to $ 7.5 million in 2023 and $ 19.4 million in 2022 and are included in Other long-term debt borrowings within financing activities in the consolidated statements of cash flows.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.

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Share in earnings of equity method affiliates 3.0 2.8 2.1

Insurance recoveries - Internal Loss (d)

Gains related to litigation (e)

Indemnity for forced relocation (f)

Other 5.5 4.9 4.3

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(b) Post-acquisition adjustments to indemnification assets recognized in previous business acquisitions.

(c) In 2023, we derecognized contingent consideration liabilities related to the NoteMachine and Touchpoint 21 business acquisitions.

(d) See details of the Internal Loss at Note 1.

(e) Gains recognized in the fourth quarter of 2021 in our Romanian operations related to favorable outcome of customer-related litigation.

(f) Indemnity received from the city of Paris to compensate for the forced relocation from a branch facility.

(c) In 2023, we derecognized contingent consideration liabilities, primarily related to the NoteMachine business acquisition.

Note 22 - Interest and Other Nonoperating Income (Expense)

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Retirement benefit cost other than service cost ( 0.2 ) ( 0.5 ) ( 16.7 )

Foreign currency transaction gains (losses) (a)

Foreign currency transaction gains (losses)

0.3 ( 1.1 ) 2.4

Non-income taxes on intercompany billings (b)

Non-income taxes on intercompany billings

( 2.1 ) ( 2.6 ) ( 2.3 )

Argentina turnover tax (c)

Argentina turnover tax

( 3.4 ) ( 6.8 ) ( 1.8 )

Gain (loss) on equity and debt securities (d)

Gain (loss) on equity and debt securities (a)

5.0 ( 12.8 ) —

G4S indemnification asset adjustment (e)

Other 0.2 1.9 ( 1.5 )

Interest and other nonoperating income (expense) $ 48.7 14.4 3.7

(a) Amounts primarily represent currency transaction gains and losses on contingent consideration payable related to G4S business acquisitions.

(b) Certain of our Latin American subsidiaries incur non-income taxes related to the billing of intercompany charges.

These intercompany charges do not impact the Latin America segment results and are eliminated in our consolidation.

(c) State government tax incurred by our subsidiaries in Argentina on financial income generated by investments in mutual funds and other financial instruments.

(d) In 2023, the loss is primarily related to the impact of highly inflationary accounting on investments in marketable securities held by Argentina.

In 2021, the gain was related to the market value increase of an investment in MoneyGram International, Inc.

The investment was sold in 2021 and the gain was fully realized.

(e) Adjustment to indemnification asset related to business operations acquired from G4S.

This adjustment was recognized outside of the measurement period for the related business operations acquired from G4S.

(a) In 2023, the loss was primarily related to the impact of highly inflationary accounting on investments in marketable securities held by Argentina.

Note 23 - Other Commitments and Contingencies

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 Company is fully cooperating with the investigation and has responded to requests from the DOJ for documents and other information, primarily related to cross-border shipments of cash and things of value and anti-money laundering compliance.

Given that the investigation is still ongoing and that no civil or criminal claims have been brought to date, the Company cannot predict the outcome of the investigation, the timing of the ultimate resolution of the matter, or reasonably estimate the possible range of loss, if any, that may result from this matter.

Accordingly, no accruals have been made with respect to this matter.

Department of Justice (the “DOJ”), primarily related to cross-border shipments of cash and things of value and anti-money laundering (“AML”) compliance.

Subsequently, in March 2024, as is commonly the case with this type of matter, the Company received a Notice of Investigation from the U.S.

Treasury’s Financial Crimes Enforcement Network (“FinCEN”) related to Bank Secrecy Act/AML compliance that involves substantially the same conduct that was the subject to the DOJ’s investigation.

On January 31, 2025, Brink’s Global Services USA, a subsidiary of the Company, entered into a Consent Order Imposing Civil Money Penalty with FinCEN and a Non-Prosecution Agreement (the “NPA”) with the DOJ, to fully resolve these matters.

As part of these resolutions, the Company agreed to pay $ 42 million to these agencies over three years, beginning in January 2025 and, as of December 31, 2024, accrued $ 42 million for the settlement amounts.

The Company agreed to pay FinCEN $ 17 million (which represents the amount due after crediting $ 20 million to the Company’s payment to the DOJ from the total $ 37 million penalty assessed by FinCEN).

The Company agreed to pay $ 25 million to the DOJ (which represents the amount due after crediting $ 5 million for the Company’s swift resolution and acceptance of responsibility as well as $ 20 million that will be forgiven at the end of the two-year term of the NPA so long as the Company has not breached the NPA).

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.

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Based on available information to date, the Company recorded a charge of $ 9.5 million in the third quarter of 2021 in connection with this matter.

In 2022, we recognized an additional $ 1.4 million adjustment and, in 2023, we recognized an additional $ 0.5 million adjustment to our estimated loss.

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.

After the third quarter of 2021, all adjustments to the contingent liability have resulted primarily from changes in currency rates.

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.

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2022 Global Restructuring Plan

In the first quarter of 2023, management completed the review and approval of remaining actions included in the previously announced restructuring plan 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.

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.

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.

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.

The following table summarizes the changes in the accrued liability for costs incurred, payments and utilization, and foreign currency exchange effects of the 2022 Global Restructuring Plan:

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Severance Costs Other Total

Balance as of January 1, 2022 $ — — —

Balance as of December 31, 2022 $ 11.5 — 11.5

Expense 8.0 3.0 11.0

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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.

The majority of the costs in both 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.

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.

We recognized $ 0.7 million of net costs in 2024.

The actions were substantially completed in 2024.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data