Management’s Discussion and Analysis
MD&A Quicklinks
- Results of Operations
- Retained Liabilities and Assets of Former Natural Resource Operations
- Executive Overview
- Legacy Liabilities and Assets
- Projected Payments and Expenses of Retained Coal Liabilities and Administrative Costs
- Company-Sponsored Retiree Medical Benefits Obligations and VEBA
- Health Benefit Act Obligations
- Black Lung Obligations
- Withdrawal Liabilities
- Discontinued Operations
- Sale of Other Natural Resources Assets
- Liquidity and Capital Resources
Results of Operations
Corporate Expense – The Brink’s Company
| Years Ended December 31, | % change | ||||||
|---|---|---|---|---|---|---|---|
| (In millions) | 2004 | 2003 | 2002 | 2004 | 2003 | ||
| Corporate expense | $ | 45.9 | 27.8 | 23.1 | 65 | 20 | |
Corporate expenses were $18.1 million higher in 2004 primarily as a result of approximately $9 million higher professional fees related to the Company’s documentation and testing of its internal controls as required by Section 404 of the Sarbanes-Oxley Act of 2002, and due to approximately $4 million higher long term incentive-based compensation expense. The Section 404 costs are expected to be lower in 2005 compared to 2004. The increase in corporate expense in 2003 primarily reflected increases in benefit-related expenses as well as additional costs related to the implementation of Section 404.