XML 103 R26.htm IDEA: XBRL DOCUMENT v2.4.0.8
Loss from Discontinued Operations
 12 Months Ended
Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]  
Income from discontinued operations [Text Block]
   Years Ended December 31, 
 (In millions) 2013 2012 2011 
          
 Loss from operations(a)(b)$ (26.0)  (22.5)  (21.8) 
 Gain (loss) on sales(a)  16.3  (0.3)  - 
 Settlement loss related to Belgium bankruptcy   -  -  (10.1) 
 Adjustments to contingencies of former operations(c):       
  Workers’ compensation  (1.7)  (0.2)  (1.4) 
  Gain from Federal Black Lung Excise Tax refunds   -  -  4.2 
  Other  1.0  (0.3)  (0.6) 
 Loss from discontinued operations before income taxes  (10.4)  (23.3)  (29.7) 
 Provision (benefit) for income taxes  4.7  (1.0)  (3.9) 
 Loss from discontinued operations, net of tax$ (15.1)  (22.3)  (25.8) 

  • Discontinued operations include gains and losses related to businesses that Brink's recently sold or shut down. These include ICD Limited and its affiliates, Threshold Financial Technologies Inc. in Canada, cash-in-transit operations in Germany, Hungary, Turkey, Poland, and Belgium, and guarding operations in France, Morocco, and Germany. Interest expense included in discontinued operations was $0.4 million in 2013, and $0.7 million in 2012 and $0.9 million in 2011.
  • The loss from operations in 2013 includes $16.2 million of severance expenses paid to terminate certain employees of the German cash-in-transit operations. We contributed a portion of the cost to fund the severance payments to the business prior to the execution of the sale transaction.

  • Primarily relates to former coal businesses and BAX Global, a former freight forwarding and logistics business.

 

Cash-in-transit operations sold or shut down:

  • Poland (sold in March 2013)
  • Turkey (shut down in June 2013)
  • Hungary (sold in September 2013)
  • Germany (sold in December 2013)

 

Our former CIT operation in Belgium filed for bankruptcy in November 2010, after a restructuring plan was rejected by local union employees, and was placed in bankruptcy on February 2, 2011. We deconsolidated the Belgium subsidiary in 2010. In 2011, we recognized a $10.1 million settlement loss related to a claim filed by the court-appointed provisional administrators of our former Belgium subsidiary.

 

Guarding operations sold:

  • Morocco (December 2012)
  • France (January 2013)
  • Germany (July 2013)

 

Other operations sold:

  • We sold Threshold Financial Technologies, Inc. in Canada in November 2013. Threshold operated private-label ATM network and payment processing businesses. Brink's continues to own and operate Brink's Integrated Managed Services for ATM customers.
  • We sold ICD Limited and other affiliated subsidiaries in November 2013. ICD designed and installed security systems for commercial customers and had operations in China and other locations in Asia.

 

The results of the above disposed operations have been excluded from continuing operations and are reported as discontinued operations for the current and prior periods. The table below shows revenues by business segment which have been reclassified to discontinued operations:

   December 31,  
 (In millions) 2013 2012 2011 
         
 EMEA$ 77.6  136.9  153.9 
 North America  41.2  52.1  50.8 
 Asia Pacific  23.6  22.5  17.9 
 Total$ 142.4  211.5  222.6 

Federal Black Lung Excise Tax (“FBLET”) refunds

The Energy Improvement and Extension Act of 2008 enabled taxpayers to file claims for FBLET refunds for periods prior to those open under the statute of limitations previously applicable to us. In 2009, we received $23.9 million of FBLET refunds and recognized the majority of these refunds as a pretax gain of $19.7 million in 2009. The statute of limitations expired in 2011 and we recognized a pretax gain of $4.2 million for the remaining portion of the refund.

Note 18 – Loss from Discontinued Operations

   Years Ended December 31, 
 (In millions) 2013 2012 2011 
          
 Loss from operations(a)(b)$ (26.0)  (22.5)  (21.8) 
 Gain (loss) on sales(a)  16.3  (0.3)  - 
 Settlement loss related to Belgium bankruptcy   -  -  (10.1) 
 Adjustments to contingencies of former operations(c):       
  Workers’ compensation  (1.7)  (0.2)  (1.4) 
  Gain from Federal Black Lung Excise Tax refunds   -  -  4.2 
  Other  1.0  (0.3)  (0.6) 
 Loss from discontinued operations before income taxes  (10.4)  (23.3)  (29.7) 
 Provision (benefit) for income taxes  4.7  (1.0)  (3.9) 
 Loss from discontinued operations, net of tax$ (15.1)  (22.3)  (25.8) 

  • Discontinued operations include gains and losses related to businesses that Brink's recently sold or shut down. These include ICD Limited and its affiliates, Threshold Financial Technologies Inc. in Canada, cash-in-transit operations in Germany, Hungary, Turkey, Poland, and Belgium, and guarding operations in France, Morocco, and Germany. Interest expense included in discontinued operations was $0.4 million in 2013, and $0.7 million in 2012 and $0.9 million in 2011.
  • The loss from operations in 2013 includes $16.2 million of severance expenses paid to terminate certain employees of the German cash-in-transit operations. We contributed a portion of the cost to fund the severance payments to the business prior to the execution of the sale transaction.

  • Primarily relates to former coal businesses and BAX Global, a former freight forwarding and logistics business.

 

Cash-in-transit operations sold or shut down:

  • Poland (sold in March 2013)
  • Turkey (shut down in June 2013)
  • Hungary (sold in September 2013)
  • Germany (sold in December 2013)

 

Our former CIT operation in Belgium filed for bankruptcy in November 2010, after a restructuring plan was rejected by local union employees, and was placed in bankruptcy on February 2, 2011. We deconsolidated the Belgium subsidiary in 2010. In 2011, we recognized a $10.1 million settlement loss related to a claim filed by the court-appointed provisional administrators of our former Belgium subsidiary.

 

Guarding operations sold:

  • Morocco (December 2012)
  • France (January 2013)
  • Germany (July 2013)

 

Other operations sold:

  • We sold Threshold Financial Technologies, Inc. in Canada in November 2013. Threshold operated private-label ATM network and payment processing businesses. Brink's continues to own and operate Brink's Integrated Managed Services for ATM customers.
  • We sold ICD Limited and other affiliated subsidiaries in November 2013. ICD designed and installed security systems for commercial customers and had operations in China and other locations in Asia.

 

The results of the above disposed operations have been excluded from continuing operations and are reported as discontinued operations for the current and prior periods. The table below shows revenues by business segment which have been reclassified to discontinued operations:

   December 31,  
 (In millions) 2013 2012 2011 
         
 EMEA$ 77.6  136.9  153.9 
 North America  41.2  52.1  50.8 
 Asia Pacific  23.6  22.5  17.9 
 Total$ 142.4  211.5  222.6 

The table below shows revenues and losses from operations before tax for the German cash-in-transit operation which was sold in 2013:

 

 

    Years Ended December 31,
  (In millions) 20132012 2011 
          
 German CIT Operation:       
  Revenues$ 56.4  57.7  62.4 
  Losses from operations before tax  (24.3)  (10.0)  (11.1) 

Federal Black Lung Excise Tax (“FBLET”) refunds

The Energy Improvement and Extension Act of 2008 enabled taxpayers to file claims for FBLET refunds for periods prior to those open under the statute of limitations previously applicable to us. In 2009, we received $23.9 million of FBLET refunds and recognized the majority of these refunds as a pretax gain of $19.7 million in 2009. The statute of limitations expired in 2011 and we recognized a pretax gain of $4.2 million for the remaining portion of the refund.