Company: BCO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0000078890-25-000154
Chunk: 17

Company: BRINKS CO
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 1
Chunk 17
---
 recognized in the condensed consolidated balance sheet as follows:

  (In millions)                                  March 31, 2025                   December 31, 2024  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────
  Euro net investment hedge (a)                                                                      
  Prepaid expenses and other                     $                       5.6                    5.7  
  Other noncurrent liabilities                   ( 34.8)                                    ( 21.7)  
  Zero cost collar                                                                                   
  Other noncurrent asset                         $                       0.7                    3.1  
  Hong Kong dollar net investment hedge (b)                                                          
  Prepaid expenses and other                     $                       0.2                    0.1  
  Net asset (liability)                          $                   ( 28.3)                      $  

(a) At March 31, 2025, swaps with a total notional value of $ 215 1.0 185 5.2

(b) At March 31, 2025, the total notional value was $ 55 0.6

The effect of the amortization of the spot-forward difference on the net investment hedges cross currency swaps and foreign exchange forward swap contract is included as a benefit in interest expense as follows:

  (In millions)                                                 2025        2024  
 ──────────────────────────────────────────────────────────────────────────────────
  Cross currency swaps designated as net investment hedges      $         ( 1.1)  

Cash flows related to the amortization of the off-market component of net investment hedges are reported in investing activities. Cash flows from the termination and final settlement of net investment hedges are reported in investing activities. All other cash flows from net investment hedges are reported in operating activities.

Interest Rate Swaps - Cash Flow Hedges

We have periodically entered into interest rate swaps to hedge cash flow risk associated with changes in variable interest rates and we have designated the interest rate swaps as cash flow hedges for accounting purposes. Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss). We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

In the fourth quarter of 2024, we elected to early terminate interest rate swaps with an aggregate notional value of $ 775$ 19