Company: BCO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000078890-25-000154
Chunk: 36

Company: BRINKS CO
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 36
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  Reorganization and restructuring                      $       (0.5)       (1.4)      (64)    
  Acquisitions and dispositions                    (18.5)                  (15.9)      16      
  Argentina highly inflationary impact              (6.3)                   (1.6)      unfav   
  Transformation initiatives                        (5.1)                   (4.8)      6       
  DOJ/FinCEN investigations                         (0.9)                       —      unfav   
  Chile antitrust matter                            (0.2)                   (0.4)      (50)    
  Total Other items not allocated to segments           $      (31.5)      (24.1)      31      

Reorganization and Restructuring

Costs associated with certain reorganization and restructuring actions are excluded from reported non-GAAP results. These items include primarily severance charges and asset impairment losses. The 2022 Global Restructuring Plan was designed to, among other things, enable growth, reduce costs and related infrastructure, and to mitigate the potential impact of external economic conditions in light of the COVID-19 pandemic. Other restructuring actions were primarily in response to the COVID-19 pandemic and a decision to exit a line of business in our Canada operating unit. Due to the unusual nature of the underlying events that led to these actions, the charges are not considered part of the Company's operations and revenue generating activities. Management has excluded these amounts when evaluating internal performance. As such, they have not been allocated to segment or Corporate results and are excluded from non-GAAP results.

2022 Global Restructuring Plan

In the first quarter of 2023, management completed the review and approval of remaining actions included in the previously announced restructuring program across our global business operations. In total, we have recognized $34.2 million in charges under this program, including $0.2 million in the first three months of 2025. The actions under this program were substantially completed in 2024. Severance actions from this restructuring plan reduced our global workforce by approximately 3,200 positions.

Other Restructurings

As a result of other restructuring actions, we recognized net costs of $0.4 million in the first three months of 2024, primarily severance costs. We recognized $0.3 million in net costs in the first three months of 2025. The actions were substantially completed in 2024.

Acquisitions and dispositions

Certain acquisition and disposition items