BRINKS CO
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Nonoperating Income and Expense
Interest Expense
| Years Ended December 31, · % change | |||||
|---|---|---|---|---|---|
| (In millions) | 2023 | 2022 | 2021 | 2023 | 2022 |
| Interest expense | $203.8 | 138.8 | 112.2 | 47 | 24 |
Interest expense was higher in 2023 primarily due to higher interest rates on corporate debt. Borrowings were used to fund general corporate initiatives and other working capital needs. See Note 15 for further information.
Interest and Other Nonoperating Income (Expense)
| Years Ended December 31, · % change | |||||
|---|---|---|---|---|---|
| (In millions) | 2023 | 2022 | 2021 | 2023 | 2022 |
| Interest income | $36.3 | 23.6 | 12.1 | 54 | 95 |
| Retirement benefit cost other than service cost | (0.5) | (16.7) | (38.7) | (97) | (57) |
| Foreign currency transaction gains (losses)(a) | (1.1) | 2.4 | 0.4 | unfav | fav |
| Non-income taxes on intercompany billings(b) | (2.6) | (2.3) | (3.9) | 13 | (41) |
| Argentina turnover tax(c) | (6.8) | (1.8) | — | unfav | unfav |
| Gain (loss) on equity and debt securities(d) | (12.8) | — | 16.0 | — | (100) |
| G4S indemnification asset adjustment(e) | — | — | 2.7 | — | (100) |
| Other | 1.9 | (1.5) | 4.4 | fav | unfav |
| Interest and other nonoperating income (expense) | $14.4 | 3.7 | (7.0) | fav | fav |
(a)Amounts primarily represent currency transaction gains and losses on contingent consideration payable related to G4S business acquisitions.
(b)Certain of our Latin American subsidiaries incur non-income taxes related to the billing of intercompany charges. These intercompany charges do not impact Latin America segment results and are eliminated in our consolidation.
(c)State government tax incurred by our subsidiaries in Argentina on financial income generated by investments in mutual funds and other financial instruments.
(d)In 2023, the loss is primarily related to the impact of highly inflationary accounting on investments in marketable securities held by Argentina. In 2021, the gain was related to the market value increase of an investment in MoneyGram International, Inc. The investment was sold in 2021 and the gain was fully realized.
(e)Adjustments to indemnification asset related to business operations acquired from G4S. This adjustment was recognized outside of the measurement period for the related business operations acquired from G4S.
Interest and other nonoperating income (expense) was higher in 2023 compared to 2022 primarily due to interest income on surplus cash in money market investments. Further, the company experienced a reduction in retirement benefit costs attributed to lower amortization of actuarial losses from the prior year. Refer to Note 4 for further explanation.
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