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

Note 19 – Loss from Discontinued Operations

Years Ended December 31,
(In millions)201420132012
Loss from operations(a)(b)$ (13.3) (17.4) (9.5)
Gain (loss) on sales (18.9) 16.3 (0.3)
Adjustments to contingencies of former operations(c):
Workers' compensation (4.4) (1.7) (0.2)
Insurance recoveries related to BAX Global indemnification(d) 9.5 - -
Other (1.6) 1.0 (0.3)
Loss from discontinued operations before income taxes (28.7) (1.8) (10.3)
Provision for income taxes 0.4 7.4 3.1
Loss from discontinued operations, net of tax$ (29.1) (9.2) (13.4)

  • Discontinued operations include gains and losses related to businesses that we recently sold or shut down or that we expect to sell in 2015. No interest expense was included in discontinued operations in 2014. Interest expense included in discontinued operations was $0.4 million in 2013 and $0.8 million in 2012.
  • The loss from operations in 2014 included $15.6 million in non-cash severance and impairment charges related to the Netherlands cash-in-transit operations. The loss from operations in 2013 included $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 German severance payments to the business prior to the execution of the December 2013 sale transaction.
  • Primarily related to former coal businesses and BAX Global, a former freight forwarding and logistics business.
  • BAX Global had been defending a claim related to the apparent diversion by a third party of goods being transported for a customer. In 2010, the Dutch Supreme Court denied the final appeal of BAX Global, letting stand the lower court ruling that BAX Global was liable for this claim. We had contractually indemnified the purchaser of BAX Global for this contingency. Through 2010, we had recognized $11.5 million of expense related to the payment made in satisfaction of the judgment. In 2014, we recovered $9.5 million from insurance companies related to this matter.

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)
  • Australia (sold in October 2014)
  • Puerto Rico (shut down in November 2014)
  • Netherlands (sold in December 2014)

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 had operations in China and other locations in Asia. ICD designed and installed security systems for commercial customers.
  • We sold a small Mexican parcel delivery business in 2015.

The results of the above 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 operating segment which have been reclassified to discontinued operations:

December 31,
(In millions)201420132012
France$ - - 16.4
Mexico 21.2 26.5 29.1
Canada - 41.2 52.1
Largest 5 Markets 21.2 67.7 97.6
Latin America 4.9 6.6 6.3
EMEA 126.0 197.1 231.5
Asia 7.6 34.6 33.5
Global Markets 138.5 238.3 271.3
Total$ 159.7 306.0 368.9

The table below shows revenues and income (loss) from operations before tax for the Netherlands cash-in-transit operations sold in 2014 and for the German cash-in-transit operations sold in 2013:

Years Ended December 31,
(In millions)201420132012
Netherlands CIT operations:
Revenues$ 126.0 119.5 111.0
Income (loss) from operations before tax (2.0) 13.0 15.2
German CIT operations:
Revenues$ - 56.4 57.7
Loss from operations before tax - (24.3) (10.0)