XML 55 R16.htm IDEA: XBRL DOCUMENT v3.3.0.814
Loss from discontinued operations
 9 Months Ended
Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Loss from discontinued operations
Loss from discontinued operations

 
Three Months 
 Ended September 30,
 
Nine Months 
 Ended September 30,
(In millions)
2015
 
2014
 
2015
 
2014
Loss from operations(a)(b)
$
—

 
(13.7
)
 
(2.4
)
 
(10.8
)
Loss on sale(a)
—

 
—

 
(0.8
)
 
—

Adjustments to contingencies of former operations(c):
 

 
 

 
 

 
 

Insurance recoveries related to BAX Global indemnification(d)
—

 
—

 
—

 
1.0

Other
(0.3
)
 
(0.1
)
 
(0.4
)
 
(1.1
)
Loss from discontinued operations before income taxes
(0.3
)
 
(13.8
)
 
(3.6
)
 
(10.9
)
Provision (benefit) for income taxes
(0.2
)
 
(5.2
)
 
(1.2
)
 
(3.5
)
Loss from discontinued operations, net of tax
$
(0.1
)
 
(8.6
)
 
(2.4
)
 
(7.4
)

(a)
Discontinued operations include gains and losses related to businesses that we recently sold or shut down.  No interest expense was included in discontinued operations in the first nine months of 2015 and 2014.
(b)
The loss from operations in the first nine months of 2015 included $1.0 million in pension settlement charges related to the Mexican parcel delivery service sold in February 2015.
(c)
Primarily related to former coal businesses and BAX Global, a former freight forwarding and logistics business.
(d)
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, of which $1.0 million was recovered in the nine months ended September 30, 2014.

Cash-in-transit operations sold or shut down:
•
Australia (sold in October 2014)
•
Puerto Rico (shut down in November 2014)
•
Netherlands (sold in December 2014)

Other operations sold:
•
In February 2015, we sold a small Mexican parcel delivery business which met the criteria for classification as a discontinued operation as of December 31, 2014.

In the fourth quarter of 2015, we expect to complete the sale of a small Irish guarding operation. We continuously evaluate the potential impact of disposing certain underperforming or non-strategic businesses. If certain businesses are exited or if certain operations were to meet held for sale criteria, a portion of accumulated other comprehensive losses may need to be reclassified into earnings.