BRINKS CO
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Consolidated Statements of Equity
Years Ended December 31, 2023, 2022 and 2021
| (In millions) | Shares | CommonStock | Capital in Excess of Par Value | RetainedEarnings | AOCI* | NoncontrollingInterests | Total |
|---|---|---|---|---|---|---|---|
| Balance as of December 31, 2020 | 49.5 | $49.5 | 671.8 | 407.5 | (1,000.0) | 73.7 | 202.5 |
| Cumulative effect of change in accounting principle(a) | — | — | — | 0.5 | — | — | 0.5 |
| Net income | — | — | — | 105.2 | — | 12.1 | 117.3 |
| Other comprehensive income (loss) | — | — | — | — | 92.1 | (2.6) | 89.5 |
| Shares repurchased | (2.4) | (2.4) | (34.6) | (163.0) | — | — | (200.0) |
| Dividends to: | |||||||
| Brink’s common shareholders ($0.75 per share) | — | — | — | (37.2) | — | — | (37.2) |
| Noncontrolling interests | — | — | — | — | — | (5.1) | (5.1) |
| Share-based compensation: | |||||||
| Stock options and awards: | |||||||
| Compensation expense | — | — | 33.1 | — | — | — | 33.1 |
| Consideration from exercise of stock options | — | — | 2.3 | — | — | — | 2.3 |
| Other share-based benefit transactions | 0.3 | 0.3 | (2.0) | (0.1) | — | — | (1.8) |
| Acquisitions with noncontrolling interests | — | — | — | — | — | 51.4 | 51.4 |
| Capital contributions from noncontrolling interest | — | — | — | — | — | 0.1 | 0.1 |
| Balance as of December 31, 2021 | 47.4 | 47.4 | 670.6 | 312.9 | (907.9) | 129.6 | 252.6 |
| Net income | — | — | — | 170.6 | — | 11.3 | 181.9 |
| Other comprehensive income (loss) | — | — | — | — | 207.3 | (6.3) | 201.0 |
| Shares repurchased | (1.5) | (1.5) | (22.1) | (28.6) | — | — | (52.2) |
| Dividends to: | |||||||
| Brink’s common shareholders ($0.80 per share) | — | — | — | (37.6) | — | — | (37.6) |
| Noncontrolling interests | — | — | — | — | — | (7.1) | (7.1) |
| Share-based compensation: | |||||||
| Stock options and awards: | |||||||
| Compensation expense | — | — | 48.6 | — | — | — | 48.6 |
| Other share-based benefit transactions | 0.4 | 0.4 | (9.7) | (0.1) | — | — | (9.4) |
| Acquisitions of noncontrolling interests(b) | — | — | (3.3) | — | 0.1 | (4.6) | (7.8) |
| Acquisitions with noncontrolling interests | — | — | — | — | — | 0.1 | 0.1 |
| Capital contributions from noncontrolling interest | — | — | — | — | — | 0.1 | 0.1 |
| Balance as of December 31, 2022 | 46.3 | 46.3 | 684.1 | 417.2 | (700.5) | 123.1 | 570.2 |
| Net income | — | — | — | 87.7 | — | 10.6 | 98.3 |
| Other comprehensive income (loss) | — | — | — | — | 44.5 | (2.3) | 42.2 |
| Shares repurchased(c) | (2.3) | (2.3) | (38.9) | (132.1) | — | — | (173.3) |
| Dividends to: | |||||||
| Brink’s common shareholders ($0.86 per share) | — | — | — | (39.6) | — | — | (39.6) |
| Noncontrolling interests | — | — | — | — | — | (7.7) | (7.7) |
| Share-based compensation: | |||||||
| Stock options and awards: | |||||||
| Compensation expense | — | — | 32.1 | — | — | — | 32.1 |
| Other share-based benefit transactions | 0.5 | 0.5 | (1.7) | (0.2) | — | — | (1.4) |
| Acquisitions of noncontrolling interests | — | — | 0.3 | — | — | (0.9) | (0.6) |
| Balance as of December 31, 2023 | 44.5 | $44.5 | 675.9 | 333.0 | (656.0) | 122.8 | 520.2 |
(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.
- Accumulated other comprehensive income (loss)
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