`
The Brink’s Company
Investor Overview
Investor Overview
NYSE:BCO
August 2012
Exhibit 99.1
Forward-Looking Statements
This presentation, including questions and answers, contains forward-looking
information within the meaning of the Private Securities Litigation Reform Act
of 1995. Actual results could differ materially from projected results.
Additional information regarding factors that could affect financial
performance is in our press release dated July 26, 2012, and in our filings with
the Securities and Exchange Commission, including our most recent forms 10-K
and 10-Q. Information included in this presentation is representative as of
today only and the company assumes no obligation to update any forward-
looking statements.
information within the meaning of the Private Securities Litigation Reform Act
of 1995. Actual results could differ materially from projected results.
Additional information regarding factors that could affect financial
performance is in our press release dated July 26, 2012, and in our filings with
the Securities and Exchange Commission, including our most recent forms 10-K
and 10-Q. Information included in this presentation is representative as of
today only and the company assumes no obligation to update any forward-
looking statements.
2
Today’s Presentation
¢ Business Overview
¢ Growth Opportunities
4
¢ Premier Brand
¢ Safety, security, service, trust
¢ Global Footprint
¢ Unique operational advantage
¢ Supports high-value Global Services business
¢ Market Fundamentals
¢ Cash growing worldwide
¢ Increased outsourcing
¢ Dangerous world
¢ Economic recovery, interest rates
¢ Growth Opportunities
¢ Maximize profits in developed markets
¢ Expand in emerging markets
¢ Invest in solutions and adjacent markets
Investment Highlights
4
5
¢ World’s Largest Secure Logistics Company
¢ 2011 Revenue $3.9 billion
¢ Premier global brand
¢ Customers in more than 100 countries
¢ ~71,000 employees; 1,100 facilities and 13,000
vehicles
vehicles
¢ Global Cash-In-Transit (CIT) network supports
growth in High-Value Services
growth in High-Value Services
Company Snapshot
2011 Revenue
($3.9 billion)
5
Diverse Business Lines: CIT Drives High-Value Services
– Cash, coins, checks and
other valuables; ATM
services
other valuables; ATM
services
¢ Global Infrastructure
– Supports Global Services
and Cash Logistics
and Cash Logistics
High-Value Services
¢ Global Services
– Secure long-distance
transport of valuables
transport of valuables
¢ Cash Logistics
– Money processing
– Vaulting
– CompuSafe® Service
¢ Adjacencies
– Payment Services
– Commercial Security
Security Services
6
¢ Guarding in select countries
– Airports, embassies
High-Value Services…High-Margin Solutions
CIT Footprint Supports High-Value Services
¢ Global Services
¢ Secure Logistics of valuables over long distances
¢ Diamonds, jewelry, banknotes, precious metals
¢ 12,000 Customers… 5,000 Cities… 1,400 daily shipments
¢ Cash Logistics
¢ Money Processing
¢ Vaulting
¢ CompuSafe® Service
¢ Adjacent Services
¢ Extending our brand into new markets
¢ Commercial Security, Payment Processing
7
8
¢ Maximize profits in developed markets
¢ EMEA, North America
¢ Invest in growth opportunities
¢ Emerging markets:
BRIC, LATAM, Asia-Pacific
BRIC, LATAM, Asia-Pacific
¢ High-Value Services:
Global Services, Cash Logistics
Global Services, Cash Logistics
¢ Adjacencies:
Commercial Security, Payment Processing
Commercial Security, Payment Processing
Global Secure Logistics
Market
Market
Source: Internal Company Estimates based on most recently available data
Global Leader…Global Growth Strategy
8
Leading Share in Fragmented Market
Long-Term Goal: Deliver Shareholder Value
Organic
Revenue
Revenue
8 - 10%
Growth
Segment
Margin
Target
9
Note: Segment margin is calculated on Non-GAAP segment profit.
See Appendix for reconciliation to GAAP.
2011
2011 Revenue: $1.3B
Region Overview:
¢ 2011: 5% organic growth…low single-digit margin
¢ Diverse competitive, regulatory and threat environments
¢ Customers want outsourced solutions
Strategy:
¢ Europe: Maximize CIT profits; increase efficiency; fix
underperformers
underperformers
¢ Invest in High-Value Services and Developing Markets
EMEA: Improve Operating Performance
10
2011 Revenue: $974M
Region Overview:
¢ Market leader
¢ 2011: Organic revenue flat…3.6% margin
¢ Price and volume pressure
Strategy:
¢ Maximize CIT profits ─ reduce costs, improve processes
¢ Remain disciplined on price, service and security
¢ Shift mix to High-Value Services
North America: Maximize CIT…Grow High-Value Services
11
Note: Segment margin is calculated on Non-GAAP segment profit.
See Appendix for reconciliation to GAAP.
Region Overview:
¢ Growing economies
¢ High-risk threat environment…customers value security
¢ Growing need to protect product supply chains
¢ 2011: 21% organic growth, double-digit margin
Strategy:
¢ Strengthen and expand footprint
¢ Leverage footprint to grow High-Value Services
¢ Mexico: Increase CIT margins, add High-Value Services
2011 Revenue: $1.5B
Latin America: Continued Strong Growth
12
2011 Revenue: $154M
Region Overview:
¢ High-growth, service-driven economies
¢ Varying degrees of banking sophistication, gov’t restrictions
¢ Strong in Hong Kong; growing in China, India, Japan
¢ 2011: 17% organic revenue growth, profits up 11%
Strategy:
¢ Leverage Global Services network
¢ Accelerate China and India growth
¢ Expand commercial security capabilities
Asia Pacific: Invest and Grow
13
Financial Strength and Flexibility
n Solid Revenue Growth
n 10% CAGR 2007-2011
n Late 2010 acquisitions added over $400
million in 2011
million in 2011
n Cash Flow Supports Continued Growth
n ~45% of Capex focused on Emerging
Markets and High-Value Services (’09 - ’11)
n Strong Balance Sheet
n Investment grade credit rating
n $285 million net debt; $427 million available
debt capacity (6/30/12)
debt capacity (6/30/12)
n Manageable cash outflow for legacy
liabilities (see appendix page 28)
liabilities (see appendix page 28)
14
Note: CAGR calculated on Non-GAAP revenues. Net debt is a Non-GAAP measure.
See appendix for reconciliation to GAAP.
See appendix for reconciliation to GAAP.
Achieve Targets…Create Shareholder Value
2012 Outlook:
n 5% to 8% organic revenue growth
n Increased margin guidance to ~7.0%
Long-Term Targets:
n 8% to 10% annual organic revenue growth
n 10% segment margin
15
Note: Segment margin is calculated on Non-GAAP segment profit.
See Appendix for reconciliation to GAAP.
See Appendix for Summary of 2012 Revenue and Segment Margin Outlook (GAAP and Non-GAAP)
16
¢ Premier Brand
¢ Safety, security, service, trust
¢ Global Footprint
¢ Unique operational advantage
¢ Supports high-value Global Services business
¢ Market Fundamentals
¢ Cash growing worldwide
¢ Increased outsourcing
¢ Dangerous world
¢ Economic recovery, interest rates
¢ Growth Opportunities
¢ Maximize profits in developed markets
¢ Expand in emerging markets
¢ Invest in solutions and adjacent markets
Investment Highlights
16
Appendix
Appendix
Page
5-Year Non-GAAP Revenue Growth..........................................................................19
5-Year Non-GAAP Operating Profit...........................................................................20
Summary of 2012 Revenue and Segment Margin Outlook......................................21
Reconciliation to Amounts Reported under GAAP..................................................22
2011 Segment Results, GAAP and non-GAAP..........................................................26
Legacy Liabilities........................................................................................................28
18
Non-GAAP Revenue (1)
($MM)
(1) Non-GAAP financial information is reconciled to amounts reported under U.S. GAAP on pages 21, 22 & 23.
Non-GAAP Revenue Growth
19
Total Non-GAAP Operating Profit (1)
($MM)
|
Segment
|
197
|
218
|
173
|
225
|
247
|
|
Non-Segment
|
(53)
|
(63)
|
(35)
|
(36)
|
(41)
|
|
Total
|
145
|
155
|
138
|
188
|
206
|
(1) Non-GAAP financial information is reconciled to amounts reported under U.S. GAAP on pages 21, 22 & 23.
Non-GAAP Profit Growth
Amounts may not add due to rounding
20
Summary of 2012 Revenue and Segment Margin Outlook
21
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2011
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Estimate
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2011
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Estimate
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International
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12 %
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7% - 10%
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12 %
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7% - 10%
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Total
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8 %
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5% - 8%
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8 %
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5% - 8%
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International
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5 %
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(4)% - (6)%
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5 %
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(4)% - (6)%
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North America
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1 %
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-
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1 %
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-
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Segment margin
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International
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6.9 %
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7.0% - 8.0%
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7.3 %
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7.0% - 8.0%
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Non-GAAP Results - Reconciled to Amounts Reported under GAAP
Non-GAAP results described in this presentation are financial measures that are not required by, or presented in accordance with generally
accepted accounting principles (“GAAP”).
accepted accounting principles (“GAAP”).
Purpose of Non-GAAP Information
The purpose of the non-GAAP information is to report our financial information
• without income and expense items described below in 2007, 2008, 2009, 2010 and 2011,
• as if our results from Venezuela had been translated at the less-favorable parallel exchange rate in 2007, 2008 and 2009, and
• after adjusting tax expense for items described below.
The non-GAAP information provides information to assist comparability and estimates of future performance. Brink’s believes these
measures are helpful in assessing operations and estimating future results and enable period-to-period comparability of financial
performance. Non-GAAP results should not be considered as an alternative to revenue or income amounts determined in accordance with
GAAP and should be read in conjunction with their GAAP counterparts.
measures are helpful in assessing operations and estimating future results and enable period-to-period comparability of financial
performance. Non-GAAP results should not be considered as an alternative to revenue or income amounts determined in accordance with
GAAP and should be read in conjunction with their GAAP counterparts.
a) To reduce revenues and segment operating income to reflect the 2009, 2008 and 2007 results of Venezuelan subsidiaries had they
been translated using the parallel currency exchange rate in effect at the time. The average parallel exchange rate used for the
2009 non-GAAP full-year earnings was 6.0 bolivar fuertes to the U.S. dollar, compared to an average rate of 2.2 bolivar fuertes to
the U.S. dollar that was used for the GAAP financial statements. The official rate of 2.15 bolivar fuertes to the U.S. dollar was used
for translation of Venezuela for most of 2009 until the parallel rate was adopted during December. The use of the weaker rate to
translate 2009 non-GAAP revenues and earnings of the Venezuelan subsidiaries decreased each measure by 63%.
been translated using the parallel currency exchange rate in effect at the time. The average parallel exchange rate used for the
2009 non-GAAP full-year earnings was 6.0 bolivar fuertes to the U.S. dollar, compared to an average rate of 2.2 bolivar fuertes to
the U.S. dollar that was used for the GAAP financial statements. The official rate of 2.15 bolivar fuertes to the U.S. dollar was used
for translation of Venezuela for most of 2009 until the parallel rate was adopted during December. The use of the weaker rate to
translate 2009 non-GAAP revenues and earnings of the Venezuelan subsidiaries decreased each measure by 63%.
b) To reverse remeasurement gains and losses in Venezuela. For accounting purposes, Venezuela is considered a highly inflationary
economy. Under GAAP, subsidiaries that operate in Venezuela record gains and losses in earnings for the remeasurement of
bolivar fuerte-denominated net monetary assets.
economy. Under GAAP, subsidiaries that operate in Venezuela record gains and losses in earnings for the remeasurement of
bolivar fuerte-denominated net monetary assets.
c) To eliminate charges related to exit of Belgium cash-in-transit (CIT) business.
d) To eliminate currency losses incurred in Venezuela related to increases in cash held in U.S. dollars by Venezuelan subsidiaries.
These losses would not have been incurred had the operations been translated at the parallel rate.
These losses would not have been incurred had the operations been translated at the parallel rate.
e) To eliminate gain recognized on the sale of the U.S. document destruction business, gains on available-for-sale equity and debt
securities, gains/losses related to acquisition of controlling interest in subsidiaries that were previously accounted for as equity or
cost method investments, and gains on sales of former operating assets.
securities, gains/losses related to acquisition of controlling interest in subsidiaries that were previously accounted for as equity or
cost method investments, and gains on sales of former operating assets.
f) To eliminate royalty income from Brink’s Home Security.
g) To eliminate the cost related to the retirement of the former CEO.
h) To eliminate employee benefit settlement loss related to Mexico. Portions of Brink’s Mexican subsidiaries’ accrued employee
termination benefit were paid in the second and third quarters of 2011. The employee termination benefit is accounted for under
FASB ASC Topic 715, Compensation - Retirement Benefits. Accordingly, the severance payments resulted in settlement losses.
termination benefit were paid in the second and third quarters of 2011. The employee termination benefit is accounted for under
FASB ASC Topic 715, Compensation - Retirement Benefits. Accordingly, the severance payments resulted in settlement losses.
i) To eliminate expenses related to U.S. retirement liabilities.
22
See page 22 for explanation of footnotes
Reconciliation
Amounts may not add due to rounding
Non-GAAP Results - Reconciled to Amounts Reported under GAAP (Cont.)
23
|
(In millions)
|
|
2011
|
2010
|
2009
|
2008
|
2007
|
||||
|
Non-Segment
|
|
|
|
|
|
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Reported GAAP Basis
|
$
|
(60)
|
|
(63)
|
|
(47)
|
|
(43)
|
|
(62)
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
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Venezuela Currency Loss (d)
|
|
-
|
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-
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|
23
|
|
-
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|
-
|
|
Gains/Losses on Acquisitions and Asset Dispositions (e)
|
|
(10)
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|
9
|
|
(25)
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|
(13)
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-
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|
Royalty from BHS (f)
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-
|
|
(5)
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|
(7)
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(1)
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-
|
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CEO Retirement cost (g)
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4
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-
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-
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-
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-
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U.S. Retirement Plans (i)
|
|
25
|
|
23
|
|
21
|
|
(5)
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10
|
|
Non-GAAP Basis
|
$
|
(41)
|
|
(36)
|
|
(35)
|
|
(63)
|
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(53)
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Total Operating Profit
|
|
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|
|
|
|
|
|
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Reported GAAP Basis
|
$
|
171
|
|
146
|
|
167
|
|
229
|
|
161
|
|
Adjustments:
|
|
|
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|
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|
|
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|
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Change to Parallel Rate (a)
|
|
-
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|
-
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(43)
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|
(49)
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|
(27)
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Remeasure Vz Net Monetary Assets (b)
|
|
-
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3
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-
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-
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-
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Exit Belgium CIT Business (c)
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10
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13
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-
|
|
-
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|
-
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Venezuela Currency Loss (d)
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-
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-
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27
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|
-
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|
-
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Gains/Losses on Acquisitions and Asset Dispositions (e)
|
|
(10)
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9
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(25)
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(13)
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-
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Royalty from BHS (f)
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-
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(5)
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(7)
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(1)
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-
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CEO Retirement Cost (g)
|
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4
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-
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-
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-
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-
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Mexico Employee Benefit Settlement Losses (h)
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2
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-
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-
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-
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-
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U.S. Retirement Plans (i)
|
|
28
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|
22
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19
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(10)
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11
|
|
Non-GAAP Basis
|
$
|
206
|
|
188
|
|
138
|
|
155
|
|
145
|
See page 22 for explanation of footnotes
Reconciliation
Amounts may not add due to rounding
Non-GAAP Results - Reconciled to Amounts Reported under GAAP (Cont.)
24
Net Debt
|
|
|
June 30,
|
|
December 31,
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|
|
|
2012
|
|
2011
|
|
Debt:
|
|
|
|
|
|
Short-term debt
|
$
|
37.5
|
|
25.4
|
|
Long-term debt
|
|
368.3
|
|
364.0
|
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Total Debt
|
|
405.8
|
|
389.4
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
126.9
|
|
182.9
|
|
Less amounts held by cash logistics operations (a)
|
|
(5.7)
|
|
(25.1)
|
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Cash and Cash equivalents available for general corporate purposes
|
|
121.2
|
|
157.8
|
|
|
|
|
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Net Debt
|
$
|
284.6
|
|
231.6
|
(a) Title to cash received and processed in certain of our secure cash logistics operations transfers to us for a short period of time.
The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general
corporate purposes in the management of our liquidity and capital resources and in our computation of Net Debt.
The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general
corporate purposes in the management of our liquidity and capital resources and in our computation of Net Debt.
Net Debt is a supplemental financial measure that is not required by, or presented in accordance with GAAP. We use Net Debt as a
measure of our financial leverage. We believe that investors also may find Net Debt to be helpful in evaluating our financial leverage.
measure of our financial leverage. We believe that investors also may find Net Debt to be helpful in evaluating our financial leverage.
Net Debt should not be considered as an alternative to Debt determined in accordance with GAAP and should be reviewed in
conjunction with our consolidated balance sheets. Set forth above is a reconciliation of Net Debt, a non-GAAP financial measure, to
Debt, which is the most directly comparable financial measure calculated and reported in accordance with GAAP. Net Debt excluding
cash and debt in Venezuelan operations was $308 million at June 30, 2012, and $242 million at December 31, 2011.
NET DEBT RECONCILED TO AMOUNTS REPORTED UNDER GAAP
(in millions)
25
2011 Segment Results, GAAP
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Organic
|
|
Acquisitions/
|
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Currency
|
|
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2010
|
|
Change
|
|
Dispositions (b)
|
|
(c)
|
|
2011
|
|
Total
|
|
Organic
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
$
|
1,200
|
|
59
|
|
(25)
|
|
63
|
|
1,297
|
|
8%
|
|
5%
|
|
Latin America
|
|
877
|
|
182
|
|
364
|
|
38
|
|
1,461
|
|
66%
|
|
21%
|
|
Asia Pacific
|
|
127
|
|
22
|
|
-
|
|
6
|
|
154
|
|
22%
|
|
17%
|
|
International
|
|
2,204
|
|
262
|
|
339
|
|
106
|
|
2,911
|
|
32%
|
|
12%
|
|
North America
|
|
918
|
|
-
|
|
49
|
|
8
|
|
974
|
|
6%
|
|
-
|
|
Total
|
$
|
3,122
|
|
263
|
|
388
|
|
114
|
|
3,886
|
|
24%
|
|
8%
|
|
Operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
$
|
165
|
|
10
|
|
12
|
|
13
|
|
200
|
|
21%
|
|
6%
|
|
North America
|
|
44
|
|
(15)
|
|
1
|
|
1
|
|
31
|
|
(29%)
|
|
(33%)
|
|
Segment operating profit
|
|
209
|
|
(4)
|
|
13
|
|
14
|
|
231
|
|
11%
|
|
(2%)
|
|
Non-segment (a)
|
|
(63)
|
|
(15)
|
|
18
|
|
-
|
|
(60)
|
|
( 4%)
|
|
24%
|
|
Total
|
$
|
146
|
|
(19)
|
|
31
|
|
14
|
|
171
|
|
17%
|
|
(13%)
|
|
|
|
|
|
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|
|
|
|
|
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|
|
Segment operating margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
7.5%
|
|
|
|
|
|
|
|
6.9%
|
|
|
|
|
|
North America
|
|
4.8%
|
|
|
|
|
|
|
|
3.2%
|
|
|
|
|
|
Segment operating margin
|
|
6.7%
|
|
|
|
|
|
|
|
5.9%
|
|
|
|
|
Full Year 2011 vs. 2010
(In millions)
Segment Results - GAAP
See footnotes on page 27.
26
Amounts may not add due to rounding
2011 Segment Results, non-GAAP
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|
||||||||||
|
(In millions)
|
|
|
|
Organic
|
|
Acquisitions/
|
|
Currency
|
|
|
|
|
|
|
|
|
|
2010
|
|
Change
|
|
Dispositions (b)
|
|
(c)
|
|
2011
|
|
Total
|
|
Organic
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EMEA
|
$
|
1,200
|
|
59
|
|
(25)
|
|
63
|
|
1,297
|
|
8%
|
|
5%
|
|
Latin America
|
|
877
|
|
182
|
|
364
|
|
38
|
|
1,461
|
|
66%
|
|
21%
|
|
Asia Pacific
|
|
127
|
|
22
|
|
-
|
|
6
|
|
154
|
|
22%
|
|
17%
|
|
International
|
|
2,204
|
|
262
|
|
339
|
|
106
|
|
2,911
|
|
32%
|
|
12%
|
|
North America
|
|
918
|
|
-
|
|
49
|
|
8
|
|
974
|
|
6%
|
|
-
|
|
Total
|
$
|
3,122
|
|
263
|
|
388
|
|
114
|
|
3,886
|
|
24%
|
|
8%
|
|
Operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
$
|
181
|
|
11
|
|
10
|
|
10
|
|
212
|
|
17%
|
|
6%
|
|
North America
|
|
43
|
|
(10)
|
|
1
|
|
1
|
|
35
|
|
(20%)
|
|
(24%)
|
|
Segment operating profit
|
|
225
|
|
-
|
|
12
|
|
10
|
|
247
|
|
10%
|
|
-
|
|
Non-segment (a)
|
|
(36)
|
|
(4)
|
|
-
|
|
-
|
|
(41)
|
|
12%
|
|
12%
|
|
Total
|
$
|
188
|
|
(4)
|
|
13
|
|
10
|
|
206
|
|
9%
|
|
(2%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
8.2%
|
|
|
|
|
|
|
|
7.3%
|
|
|
|
|
|
North America
|
|
4.7%
|
|
|
|
|
|
|
|
3.6%
|
|
|
|
|
|
Segment operating margin
|
|
7.2%
|
|
|
|
|
|
|
|
6.3%
|
|
|
|
|
(a) Includes income and expense not allocated to segments.
(b) Includes operating results and gains/losses on acquisitions, sales and exit of businesses.
(c) Revenue and Segment Operating Profit: The “Currency” amount in the table is the summation of the monthly currency changes, plus (minus) the U.S.
dollar amount of remeasurement currency gains (losses) of bolivar fuerte-denominated net monetary assets recorded under highly inflationary accounting
rules related to the Venezuelan operations. The monthly currency change is equal to the Revenue or Operating Profit for the month in local currency, on a
country-by-country basis, multiplied by the difference in rates used to translate the current period amounts to U.S. dollars versus the translation rates used in
the year-ago month. The functional currency in Venezuela is the U.S. dollar under highly inflationary accounting rules. Remeasurement gains and losses
under these rules are recorded in U.S. dollars but these gains and losses are not recorded in local currency. Local currency Revenue and Operating Profit
used in the calculation of monthly currency change for Venezuela have been derived from the U.S. dollar results of the Venezuelan operations under U.S.
GAAP (excluding remeasurement gains and losses) using current period currency exchange rates.
dollar amount of remeasurement currency gains (losses) of bolivar fuerte-denominated net monetary assets recorded under highly inflationary accounting
rules related to the Venezuelan operations. The monthly currency change is equal to the Revenue or Operating Profit for the month in local currency, on a
country-by-country basis, multiplied by the difference in rates used to translate the current period amounts to U.S. dollars versus the translation rates used in
the year-ago month. The functional currency in Venezuela is the U.S. dollar under highly inflationary accounting rules. Remeasurement gains and losses
under these rules are recorded in U.S. dollars but these gains and losses are not recorded in local currency. Local currency Revenue and Operating Profit
used in the calculation of monthly currency change for Venezuela have been derived from the U.S. dollar results of the Venezuelan operations under U.S.
GAAP (excluding remeasurement gains and losses) using current period currency exchange rates.
Amounts may not add due to rounding
27
Legacy Liabilities
|
Estimated Contributions to U.S. Plans
|
|||||||||||||
|
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
||||||
|
US Pension
|
$ 0
|
|
45
|
|
44 |
|
51 |
|
48 |
|
43
|
|
15
|
|
UMWA
|
0 |
|
0
|
|
0 |
|
0 |
|
0 |
|
0
|
|
0
|
|
Black Lung/Other
|
7 |
|
7
|
|
6 |
|
6 |
|
5 |
|
5
|
|
5
|
|
Total
|
$ 7
|
|
52
|
|
50 |
|
57 |
|
53
|
|
48
|
|
20
|
($ millions)
Under-
funding
funding
$306
Note: Amounts based on actuarial assumptions at December 31, 2011.
28