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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Other Operating Income and Expense
Amounts below represent consolidated other operating income and expense.
| Years Ended December 31, · % change | |||||
|---|---|---|---|---|---|
| (In millions) | 2023 | 2022 | 2021 | 2023 | 2022 |
| Foreign currency items: | |||||
| Transaction losses | $(85.1) | (68.7) | (30.5) | 24 | unfav |
| Derivative instrument gains (losses) | 21.3 | 42.0 | 24.2 | (49) | 74 |
| Royalty income | 7.5 | 9.1 | 5.6 | (18) | 63 |
| Impairment losses | (10.3) | (9.0) | (9.5) | 14 | (5) |
| Indemnification asset adjustments | (3.4) | (7.8) | — | (56) | unfav |
| Contingent consideration liability adjustments | 6.2 | — | — | fav | — |
| Gains on sale of property and other assets | 1.9 | 2.7 | — | (30) | fav |
| Share in earnings of equity method affiliates | 2.8 | 2.1 | 1.1 | 33 | 91 |
| Insurance recoveries - Internal Loss | — | — | 18.8 | — | (100) |
| Gains related to litigation | — | — | 4.4 | — | (100) |
| Indemnity for forced relocation | — | — | 1.7 | — | (100) |
| Other | 4.9 | 4.3 | 4.2 | 14 | 2 |
| Other operating income (expense) | $(54.2) | (25.3) | 20.0 | unfav | unfav |
We reported other operating expense of $54.2 million in 2023 versus other operating expense of $25.3 million in the prior year. The change was primarily due to higher net losses of $37.1 million from foreign currency items in 2023 driven by remeasurement losses due to the highly inflationary economy in Argentina. The higher currency losses were partially offset by gains from contingent consideration liability adjustments in 2023 along with lower losses due to acquisition-related tax indemnification asset adjustments in the current year. The foreign currency items above do not include business acquisition-related currency items which are reported in interest and other nonoperating income (expense).
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