BRINKS CO
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 26, 2025
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Nonoperating Income and Expense
Interest Expense
| Years Ended December 31, · % change | |||||
|---|---|---|---|---|---|
| (In millions, except for percentages) | 2024 | 2023 | 2022 | 2024 | 2023 |
| Interest expense | $235.4 | 203.8 | 138.8 | 16 | 47 |
Interest expense was higher in 2024 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, except for percentages) | 2024 | 2023 | 2022 | 2024 | 2023 |
| Interest income | $48.9 | 36.3 | 23.6 | 35 | 54 |
| Gain (loss) on equity and debt securities | 5.0 | (12.8) | — | fav | unfav |
| Foreign currency transaction gains (losses) | 0.3 | (1.1) | 2.4 | fav | unfav |
| Retirement benefit cost other than service cost | (0.2) | (0.5) | (16.7) | (60) | (97) |
| Argentina turnover tax | (3.4) | (6.8) | (1.8) | (50) | unfav |
| Non-income taxes on intercompany billings | (2.1) | (2.6) | (2.3) | (19) | 13 |
| Other | 0.2 | 1.9 | (1.5) | (89) | fav |
| Interest and other nonoperating income (expense) | $48.7 | 14.4 | 3.7 | fav | fav |
Interest and other nonoperating income (expense) was higher in 2024 compared to 2023 primarily due to gains on equity and debt securities in 2024 versus losses in the prior year. The 2023 losses were primarily related to the impact of highly inflationary accounting on investments in marketable securities held by Argentina. Higher income in 2024 was also driven by an increase in interest income on surplus cash in money market investments, including in Argentina. The change from 2022 to 2023 was caused mainly by a reduction in retirement benefit costs attributed to lower amortization of actuarial losses. Refer to Note 4 for further explanation.
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