Company: BCO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000078890-25-000154
Chunk: 15

Company: BRINKS CO
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 15
---
 ( 0.2)  
  Balance as of March 31, 2025                                                      $                             ( 262.0)                                      ( 516.2)                                               ( 2.6)                                    14.3      ( 766.5)  

Note 7 - Fair value of financial instruments

Investments in Marketable Securities

We have investments in mutual funds, equity securities and available-for-sale debt securities that are carried at fair value in the condensed financial statements and are included in other assets on the condensed consolidated balance sheet. For these investments, fair value was based on quoted market prices, which we have categorized as a Level 1 valuation.

Fixed-Rate Debt

The fair value and carrying value of our material fixed-rate debt, excluding any unamortized debt issuance costs, are as follows:

  (In millions)                    March 31, 2025                 December 31, 2024  
 ─────────────────────────────────────────────────────────────────────────────────────
  2027 Senior Unsecured Notes                                                        
  Carrying value                   $                   600.0                  600.0  
  Fair value                       560.2                                      558.7  
  2029 Senior Unsecured Notes                                                        
  Carrying value                   $                   400.0                  400.0  
  Fair value                       401.7                                      399.0  
  2032 Senior Unsecured Notes                                                        
  Carrying value                   $                   400.0                  400.0  
  Fair value                       398.9                                      397.2  

Pricing inputs for nonpublic debt are often not observable. The fair value estimates of our senior notes reflect unobservable estimates and assumptions, which we have categorized as a Level 3 valuation. Our fair value estimates were based on the present value of future cash flows, discounted at rates for public debt at the measurement date. The rates for public debt were additionally adjusted for a factor which represented the change in the interest spreads between the inception rates and the public debt rates at the measurement date.

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