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Loss from Discontinued Operations
 3 Months Ended
Mar. 31, 2014
Discontinued Operations and Disposal Groups [Abstract]  
Income from discontinued operations [Text Block]

Note 9 – Income (loss) from discontinued operations

   Three Months
   Ended March 31,
 (In millions) 2014 2013 
       
 Loss from operations(a)(b)$ -  (19.4) 
 Gain (loss) on sale(a)  -  (0.5) 
 Adjustments to contingencies of former operations  0.9  - 
 Income (loss) from discontinued operations before income taxes  0.9  (19.9) 
 Provision (benefit) for income taxes  1.0  (0.4) 
 Income (loss) from discontinued operations, net of tax$ (0.1)  (19.5) 

  • Discontinued operations include gains and losses related to businesses that Brink's sold or shut down in 2013. Interest expense included in discontinued operations was $0.2 million in the three months ended March 31, 2013.
  • The loss from operations in 2013 included $15.5 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.

 

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)

 

Guarding operations sold:

  • 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 2013 periods presented.

 

The table below shows the 2013 revenues by business segment which have been reclassified to discontinued operations:

 

    Three Months 
    Ended March 31,  
 (In millions) 2013 
       
 EMEA$ 26.3  
 North America   12.3  
 Asia Pacific   6.4  
  Total $ 45.0