XML 153 R33.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Selected Quarterly Financial Data (unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Data [Abstract]  
Selected Quarterly Financial Data (unaudited) Selected Quarterly Financial Data (unaudited)

 
2019 Quarters
 
2018 Quarters
(In millions, except for per share amounts)
1st

 
2nd

 
3rd

 
4th

 
1st

 
2nd

 
3rd

 
4th

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
$
905.0

 
914.0

 
928.4

 
935.8

 
$
879.1

 
849.7

 
852.4

 
907.7

Operating profit
58.4

 
52.6

 
52.5

 
73.3

 
64.8

 
61.7

 
67.0

 
81.2

Amounts attributable to Brink’s:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Income (loss) from:
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Continuing operations
$
13.7

 
12.6

 
5.8

 
(3.8
)
 
$
22.1

 
(107.8
)
 
17.5

 
34.9

Discontinued operations
—

 
(0.1
)
 
(0.4
)
 
1.2

 
0.2

 
(0.1
)
 
(0.1
)
 
—

Net income (loss) attributable to Brink’s
$
13.7

 
12.5

 
5.4

 
(2.6
)
 
$
22.3

 
(107.9
)
 
17.4

 
34.9

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
$
47.9

 
48.7

 
42.9

 
45.5

 
$
38.8

 
39.1

 
41.6

 
42.8

Capital expenditures
35.2

 
37.9

 
42.9

 
48.8

 
36.7

 
36.6

 
30.7

 
51.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings (loss) per share attributable to Brink’s common shareholders:
Basic
 

 
 

 
 

 
 

 
 

 
 

 
 

 
 

Continuing operations
$
0.27

 
0.25

 
0.11

 
(0.08
)
 
$
0.43

 
(2.11
)
 
0.34

 
0.69

Discontinued operations
—

 
—

 
(0.01
)
 
0.02

 
—

 
—

 
—

 
—

Net income (loss)
$
0.27

 
0.25

 
0.11

 
(0.05
)
 
$
0.44

 
(2.11
)
 
0.34

 
0.69

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
$
0.27

 
0.25

 
0.11

 
(0.08
)
 
$
0.42

 
(2.11
)
 
0.34

 
0.68

Discontinued operations
—

 
—

 
(0.01
)
 
0.02

 
—

 
—

 
—

 
—

Net income (loss)
$
0.27

 
0.25

 
0.10

 
(0.05
)
 
$
0.43

 
(2.11
)
 
0.34

 
0.68



Earnings per share.  Earnings per share amounts for each quarter are required to be computed independently.  As a result, their sum may not equal the annual earnings per share.

Significant pretax items in a quarter. 

2019
Second quarter of 2019 We recognized a $6.9 million pretax charge related to the modification of share-based awards granted to a former senior executive. We also recognized a $5.2 million pretax gain on the termination of a mining lease obligation.

Third quarter of 2019 We completed the rebuild of an accounts receivable subledger in our U.S. global services business in the third quarter of 2019. As a result, we identified $4.0 million of revenues billed and collected in prior periods, which had never been recorded in the general ledger. We also identified and recorded $0.3 million in bank fees, which had been incurred in prior periods. Finally, based on the reconstructed subledger, we estimated an increase to bad debt expense of $13.7 million. The net impact of these adjustments was a $10.0 million cumulative pretax accounting correction.

Fourth quarter of 2019 We recognized a pretax settlement charge of $19.3 million related to the October 2019 purchase of a single premium group annuity contract from an insurance company to provide for the payment of pension benefits to certain primary U.S. pension plan participants. We also recognized a pretax $8.2 million credit related to lower social taxes in Brazil, primarily from the recovery of overpayments.

2018
Second quarter of 2018 Effective June 30, 2018, we deconsolidated our investment in Venezuela subsidiaries and recognized a pretax charge of $126.7 million. We also recognized currency transaction losses of $12.6 million related to Brink's Argentina's U.S. dollar-denominated payables to the sellers of Maco Transporatadora and Maco Litoral. In the second quarter, we sold our French airport security services subsidiary. We recognized a pretax gain on the sale of $11.2 million.

Third quarter of 2018 Effective July 1, 2018, we designated Argentina as highly inflationary and recognized an $8.1 million pretax remeasurement loss due to the significant Argentina currency devaluation that occurred in that quarter.