Company: BCO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000078890-25-000154
Chunk: 18

Company: BRINKS CO
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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In the first quarter of 2025, we entered into interest rate swaps with a notional value of $ 100

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

  (In millions)                                       March 31, 2025                  December 31, 2024  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────
  $100 million notional - June 2027 maturity (a)                                                         
  Prepaid expenses and other                          $                      0.2      $                  
  Other noncurrent liabilities                        ( 0.3)                          —                  
  Net asset (liability)                               $                   ( 0.1)      $                  

(a) At March 31, 2025, swaps with a total notional value of $ 100 1.2

Amounts under our interest rate swap contracts were recognized in interest expense as follows:

                                                   Three Months                 
                                                   Ended March 31,              
  (In millions)                                    2025                   2024  
 ────────────────────────────────────────────────────────────────────────────────
  Impact to interest expense - (benefit) cost      $                    ( 5.0)  

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

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. We used a probability-weighted approach to estimate the fair value of the contingent consideration. The fair value of the contingent consideration is the full $ 23

Other Financial Instruments

Other financial instruments include cash and cash equivalents, accounts receivable, floating rate debt, accounts payable and accrued liabilities. The financial statement carrying amounts of these items approximate the fair value.

There were no transfers in or out of any of the levels of the valuation hierarchy in the first three months of 2025.

Note 8 - Debt

                                   March 31,                   December 31,               
  (In millions)                    2025                                2024               
 ──────────────────────────────────────────────────────────────────────────────────────────
  Debt:                                                                                   
  Short-term borrowings            $                138.3             149.3