2005 Financial Review
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 8 –Goodwill and Other Intangible Assets
Goodwill
The changes in the carrying amount of goodwill for the years ended December 31, 2005 and 2004 are as follows:
| (In millions) | Brink’s | BAX Global | Total | |
| December 31, 2003 | $ | 77.7 | 166.4 | 244.1 |
| Acquisitions | 7.7 | - | 7.7 | |
| Foreign currency exchange | 6.7 | 1.1 | 7.8 | |
| December 31, 2004 | 92.1 | 167.5 | 259.6 | |
| Acquisitions | 22.8 | - | 22.8 | |
| Adjustments (a) | (1.1) | - | (1.1) | |
| Foreign currency exchange | (10.0) | (2.3) | (12.3) | |
| Reclassification to assets held for sale | - | (165.2) | (165.2) | |
| December 31, 2005 | $ | 103.8 | - | 103.8 |
- (a)
- Purchase accounting adjustment occurring in the year following the acquisition and adjustments to valuation allowances for deferred tax assets.
Other Intangible Assets
| December 31, | |||
| (In millions) | 2005 | 2004 | |
| Finite-lived intangible assets | $ | 21.6 | 9.6 |
| Accumulated amortization | (5.0) | (2.5) | |
| Intangible assets, net (a) | $ | 16.6 | 7.1 |
- (a)
- Includes $0.9 million in 2004 related to BAX Global.
The Company’s intangible assets are included in other assets on the balance sheet and consist primarily of covenants not to compete and customer lists.