Company: BCO
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000078890-25-000059
Chunk: 125

Company: BRINKS CO
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 125
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 of $5.5 million from foreign currency items in 2024 as compared to net losses of $63.8 million from foreign currency items in 2023. This change was driven primarily by lower currency remeasurement losses in 2024 related to highly inflationary accounting in Argentina. The foreign currency items above do not include business acquisition-related currency items which are reported in interest and other nonoperating income (expense).

30

Nonoperating Income and Expense

Interest Expense

Years Ended December 31,% change(In millions, except for percentages)20242023202220242023Interest 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)20242023202220242023Interest income$48.9 36.3 23.6 35 54 Gain (loss) on equity and debt securities5.0 (12.8)— favunfavForeign currency transaction gains (losses)0.3 (1.1)2.4 favunfavRetirement benefit cost other than service cost (0.2)(0.5)(16.7)(60)(97)Argentina turnover tax(3.4)(6.8)(1.8)(50)unfavNon-income taxes on intercompany billings(2.1)(2.6)(2.3)(19)13 Other0.2 1.9 (1.5)(89)favInterest and other nonoperating income (expense)$48.7 14.4 3.7 favfav

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