Retirement Benefits

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Retirement benefits

Note 3 – Retirement Benefits

Defined-benefit Pension Plans

Summary

We have various defined-benefit pension plans covering eligible current and former employees. Benefits under most plans are based on salary and years of service. Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005. There are limits to the amount of benefits which can be paid to participants from a U.S. qualified pension plan. We maintain a nonqualified U.S. plan to pay benefits for those eligible current and former employees in the U.S. whose benefits exceed the regulatory limits.

Components of Net Periodic Pension Cost

(In millions)			U.S. Plans				Non-U.S. Plans				Total
Years Ended December 31,			2014	2013	2012		2014	2013	2012		2014	2013	2012
Service cost		$	-	-	-	$	12.5	15.0	11.1	$	12.5	15.0	11.1
Interest cost on projected benefit obligation			45.3	42.2	43.8		18.4	19.1	19.1		63.7	61.3	62.9
Return on assets – expected			(63.9)	(56.9)	(60.0)		(14.4)	(12.9)	(12.2)		(78.3)	(69.8)	(72.2)
Amortization of losses			28.2	45.1	39.5		2.3	6.1	4.0		30.5	51.2	43.5
Amortization of prior service cost			-	-	-		1.0	0.8	2.0		1.0	0.8	2.0
Settlement loss (a)			56.1	0.1	5.0		6.3	2.6	3.3		62.4	2.7	8.3
Net periodic pension cost		$	65.7	30.5	28.3	$	26.1	30.7	27.3	$	91.8	61.2	55.6
Included in:
	Continuing operations	$	65.7	30.5	28.3	$	24.4	28.7	25.2	$	90.1	59.2	53.5
	Discontinued operations		-	-	-		1.7	2.0	2.1		1.7	2.0	2.1
Net periodic pension cost		$	65.7	30.5	28.3	$	26.1	30.7	27.3	$	91.8	61.2	55.6

Settlement losses recognized in the U.S. in 2014 relate to a lump-sum buy-out of 4,300 participants. See “2014 Lump-sum Buy-out” below. Settlement losses outside the U.S. relate primarily to terminated employees that participate in a Mexican severance indemnity program that is accounted for as a defined benefit plan.

Obligations and Funded Status

Changes in the projected benefit obligation (“PBO”) and plan assets for our pension plans are as follows:

(In millions)			U.S. Plans		Non-U.S. Plans		Total
Years Ended December 31,			2014	2013	2014	2013	2014	2013
Benefit obligation at beginning of year		$	934.9	1,031.3	390.4	392.3	1,325.3	1,423.6
Service cost			-	-	12.5	15.0	12.5	15.0
Interest cost			45.3	42.2	18.4	19.1	63.7	61.3
Participant contributions			-	-	4.2	3.8	4.2	3.8
Plan amendments			-	-	(0.1)	(4.9)	(0.1)	(4.9)
Curtailments			-	-	(0.1)	(0.2)	(0.1)	(0.2)
Settlements(a)			(149.0)	(0.5)	-	(2.0)	(149.0)	(2.5)
Benefits paid			(44.9)	(43.6)	(24.2)	(18.8)	(69.1)	(62.4)
Sale of Brink’s Netherlands			-	-	(132.7)	-	(132.7)	-
Actuarial (gains) losses			117.8	(94.5)	59.7	(8.0)	177.5	(102.5)
Foreign currency exchange effects			-	-	(45.0)	(5.9)	(45.0)	(5.9)
Benefit obligation at end of year		$	904.1	934.9	283.1	390.4	1,187.2	1,325.3
Fair value of plan assets at beginning of year		$	811.8	756.3	322.0	283.0	1,133.8	1,039.3
Return on assets – actual			80.6	85.5	23.8	16.6	104.4	102.1
Participant contributions			-	-	4.2	3.8	4.2	3.8
Employer contributions			87.8	14.1	31.0	40.1	118.8	54.2
Settlements(a)			(149.0)	(0.5)	-	(2.0)	(149.0)	(2.5)
Benefits paid			(44.9)	(43.6)	(24.2)	(18.8)	(69.1)	(62.4)
Sale of Brink’s Netherlands			-	-	(157.2)	-	(157.2)	-
Foreign currency exchange effects			-	-	(20.3)	(0.7)	(20.3)	(0.7)
Fair value of plan assets at end of year		$	786.3	811.8	179.3	322.0	965.6	1,133.8
Funded status		$	(117.8)	(123.1)	(103.8)	(68.4)	(221.6)	(191.5)
Included in:
	Noncurrent asset	$	-	-	-	(28.6)	-	(28.6)
	Current liability, included in accrued liabilities		0.6	0.8	2.0	4.5	2.6	5.3
	Noncurrent liability		117.2	122.3	101.8	92.5	219.0	214.8
Net pension liability		$	117.8	123.1	103.8	68.4	221.6	191.5

The 2014 U.S. settlement reflects the lump-sum elections accepted by approximately 4,300 terminated participants.

Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss)

(In millions)					U.S. Plans		Non-U.S. Plans		Total
Years Ended December 31,					2014	2013	2014	2013	2014	2013
Benefit plan net experience losses recognized in
	accumulated other comprehensive income (loss):
		Beginning of year		$	(323.6)	(491.9)	(39.2)	(59.7)	(362.8)	(551.6)
		Net experience gains (losses) arising during the year			(101.1)	123.1	(50.3)	11.7	(151.4)	134.8
		Reclassification adjustment for amortization of
			prior experience losses included in net income (loss)(a)		84.3	45.2	3.8	8.8	88.1	54.0
		End of year		$	(340.4)	(323.6)	(85.7)	(39.2)	(426.1)	(362.8)
Benefit plan prior service cost recognized in
	accumulated other comprehensive income (loss):
		Beginning of year		$	-	-	(10.2)	(15.8)	(10.2)	(15.8)
		Prior service credit (cost) from plan amendments
			during the year		-	-	0.1	4.9	0.1	4.9
		Reclassification adjustment for amortization of
			prior service cost included in net income (loss)(a)		-	-	0.8	0.7	0.8	0.7
		End of year		$	-	-	(9.3)	(10.2)	(9.3)	(10.2)

Includes $5.0 million of reclassification adjustments in net income (loss) in 2014 related to the sale of CIT operations in the Netherlands. These amounts are included in loss from discontinued operations in the income statement and as such are not included in amortization of losses in net periodic postretirement cost.

Approximately $36.5million of experience loss and $0.1million of prior service cost are expected to be amortized from accumulated other comprehensive income (loss) into net periodic pension cost during 2015.

The net experience losses in 2014 (the majority attributed to the U.S. plans) were primarily due to the lower discount rates at the end of the year compared to the prior year and the adoption of new mortality tables for U.S. plans, partially offset by a gain from a lump-sum buy-out (see “2014 Lump-sum Buy-out” below) and the actual return on assets being higher than expected. The net experience gains in 2013 (the majority attributed to the U.S. plans) were primarily due to the higher discount rates at the end of the year compared to the prior year and the actual return on assets being higher than expected.

Information Comparing Plan Assets to Plan Obligations

Information comparing plan assets to plan obligations as of December 31, 2014 and 2013 are aggregated below. The accumulated benefit obligation (“ABO”) differs from the PBO in that the ABO is based on the benefit earned through the date noted. The PBO includes assumptions about future compensation levels for plans that have not been frozen. The total ABO for our U.S. pension plans was $904.1 million in 2014 and $934.9 million in 2013. The total ABO for our Non-U.S. pension plans was $242.9million in 2014and $345.3million in 2013.

Includes $5.0 million of reclassification adjustments in net income (loss) in 2014 related to the sale of CIT operations in the Netherlands. These amounts are included in loss from discontinued operations in the income statement and as such are not included in amortization of losses in net periodic postretirement cost.

Approximately $36.5million of experience loss and $0.1million of prior service cost are expected to be amortized from accumulated other comprehensive income (loss) into net periodic pension cost during 2015.

The net experience losses in 2014 (the majority attributed to the U.S. plans) were primarily due to the lower discount rates at the end of the year compared to the prior year and the adoption of new mortality tables for U.S. plans, partially offset by a gain from a lump-sum buy-out (see “2014 Lump-sum Buy-out” below) and the actual return on assets being higher than expected. The net experience gains in 2013 (the majority attributed to the U.S. plans) were primarily due to the higher discount rates at the end of the year compared to the prior year and the actual return on assets being higher than expected.

Information Comparing Plan Assets to Plan Obligations

Information comparing plan assets to plan obligations as of December 31, 2014 and 2013 are aggregated below. The accumulated benefit obligation (“ABO”) differs from the PBO in that the ABO is based on the benefit earned through the date noted. The PBO includes assumptions about future compensation levels for plans that have not been frozen. The total ABO for our U.S. pension plans was $904.1 million in 2014 and $934.9 million in 2013. The total ABO for our Non-U.S. pension plans was $242.9million in 2014and $345.3million in 2013.

(In millions)			U.S. Plans		Non-U.S. Plans		Total
December 31,			2014	2013	2014	2013	2014	2013
Information for pension plans with an ABO in excess of plan assets:
	Fair value of plan assets	$	786.3	811.8	45.6	38.1	831.9	849.9
	Accumulated benefit obligation		904.1	934.9	111.9	103.6	1,016.0	1,038.5
	Projected benefit obligation		904.1	934.9	137.0	135.1	1,041.1	1,070.0

2014 Lump-sum Buy-out

The primary U.S. pension plan made an offer to buy out certain plan participants’ pension benefits in 2014 and approximately 4,300 accepted. The pension plan settled the buy-out in the fourth quarter of 2014. After the settlement, there are approximately 15,200 beneficiaries in the plans. We recognized a $56.1 million settlement loss as a result of the buy-out. We also recognized a $40 million benefit plan experience gain arising during the year in accumulated other comprehensive income (loss) as the obligation released was more than the cash benefit payments from the plan assets.

Assumptions

Discount rates

The weighted-average assumptions used in determining the net pension cost and benefit obligations for our pension plans were as follows:

		U.S. Plans			Non-U.S. Plans
		2014	2013	2012	2014	2013	2012
Discount rate:
	Pension cost	5.0 %	4.2 %	4.6 %	6.3 %	5.3 %	5.4 %
	Benefit obligation at year end	4.1 %	5.0 %	4.2 %	5.1 %	6.3 %	5.3 %
Expected return on assets – pension cost		8.00 %	8.00 %	8.25 %	5.83 %	4.64 %	4.92 %
Average rate of increase in salaries(a):
	Pension cost	N/A	N/A	N/A	3.9 %	3.8 %	3.2 %
	Benefit obligation at year end	N/A	N/A	N/A	3.9 %	3.9 %	3.8 %

Salary scale assumptions are determined through historical experience and vary by age and industry. The U.S. plan benefits are frozen. Pension benefits will not increase due to future salary increases.

Adoption of New Mortality Tables for our U.S. Retirement Benefits

The Society of Actuaries issued new mortality base tables (“RP-2014”) and a longevity improvement scale (“MP-2014”) in October of 2014, superseding the ones developed in 2000. The new tables reflect that people in the U.S. are living significantly longer than predicted in the 2000 tables.

We adopted the Mercer modified RP-2014 base table and Mercer modified MP-2014 projection scale, with Blue Collar adjustments for the majority of our U.S. retirement plans, and with White Collar adjustments for our nonqualified U.S. pension plan as of December 31, 2014. The adoption of these tables significantly increased the estimated U.S. plans’ retirement obligations. The increases to our major U.S. plans were $45 million for the primary U.S. pension plan, $39 million for the UMWA retiree medical plans and $3 million for the black lung obligations. These increases were recognized as benefit plan experience losses arising during the year in accumulated other comprehensive income (loss).

As of December 31, 2013, we used the tables developed by the Society of Actuaries in 2000 – the RP-2000 base table and the AA improvement scale, with similar Blue and White Collar adjustments.

Estimated Future Cash Flows

Estimated Future Contributions from the Company into Plan Assets

Our policy is to fund at least the minimum actuarially determined amounts required by applicable regulations. We do not expect to make contributions to our primary U.S. pension plan in 2015. We expect to contribute $13.5million to our non-U.S. pension plans and $0.6million to our nonqualified U.S. pension plan in 2015.

Estimated Future Benefit Payments from Plan Assets to Beneficiaries

Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2014, are as follows:

(In millions)		U.S. Plans	Non-U.S. Plans	Total
2015	$	47.0	12.1	59.1
2016		47.3	11.7	59.0
2017		48.0	12.6	60.6
2018		48.6	14.7	63.3
2019		49.6	15.9	65.5
2020 through 2024	$	250.4	114.3	364.7

Retirement Benefits Other than Pensions

Summary

We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees. Retirement benefits related to our former U.S. coal operation include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for UMWA Represented Employees (the “UMWA plans”) as well as costs related to black lung obligations.

Components of Net Periodic Postretirement Cost

The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows:

(In millions)		UMWA Plans				Black Lung and Other Plans(a)				Total
Years Ended December 31,		2014	2013	2012		2014	2013	2012		2014	2013	2012
Service cost	$	-	-	-	$	0.1	0.3	0.6	$	0.1	0.3	0.6
Interest cost on APBO		17.9	19.7	22.3		2.3	1.9	2.8		20.2	21.6	25.1
Return on assets – expected		(22.2)	(20.8)	(21.3)		-	-	-		(22.2)	(20.8)	(21.3)
Amortization of losses		12.3	19.6	21.0		0.6	0.7	1.5		12.9	20.3	22.5
Amortization of prior service cost (credit)		(4.6)	-	-		1.7	1.7	2.0		(2.9)	1.7	2.0
Net periodic postretirement cost	$	3.4	18.5	22.0	$	4.7	4.6	6.9	$	8.1	23.1	28.9

Includes net periodic postretirement cost related to non-U.S. plans of $0.7 million in 2014, $0.7 million in 2013, and $1.0 million in 2012.

Obligations and Funded Status

Changes in the accumulated postretirement benefit obligation (“APBO’) and plan assets related to retirement healthcare benefits are as follows:

(In millions)			UMWA Plans		Black Lung and Other Plans		Total
Years Ended December 31,			2014	2013	2014	2013	2014	2013
APBO at beginning of year		$	426.5	525.3	48.9	53.0	475.4	578.3
Service cost			-	-	0.1	0.3	0.1	0.3
Interest cost			17.9	19.7	2.3	1.9	20.2	21.6
Plan amendments			-	(55.7)	-	-	-	(55.7)
Benefits paid			(34.5)	(34.2)	(7.4)	(7.1)	(41.9)	(41.3)
Medicare subsidy received			0.6	3.1	-	-	0.6	3.1
Actuarial (gains) losses, net			51.3	(31.7)	23.2	0.8	74.5	(30.9)
Foreign currency exchange effects			-	-	(0.9)	-	(0.9)	-
APBO at end of year		$	461.8	426.5	66.2	48.9	528.0	475.4
Fair value of plan assets at beginning of year		$	284.4	268.7	-	-	284.4	268.7
Employer contributions			(0.8)	1.0	7.4	7.1	6.6	8.1
Return on assets – actual			14.9	45.8	-	-	14.9	45.8
Benefits paid			(34.5)	(34.2)	(7.4)	(7.1)	(41.9)	(41.3)
Medicare subsidy received			0.6	3.1	-	-	0.6	3.1
Fair value of plan assets at end of year		$	264.6	284.4	-	-	264.6	284.4
Funded status		$	(197.2)	(142.1)	(66.2)	(48.9)	(263.4)	(191.0)
Included in:
	Current, included in accrued liabilities	$	-	-	6.3	5.0	6.3	5.0
	Noncurrent		197.2	142.1	59.9	43.9	257.1	186.0
Retirement benefits other than pension liability		$	197.2	142.1	66.2	48.9	263.4	191.0

Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) of our retirement benefit plans other than pensions are as follows:

							Black Lung and Other
(In millions)					UMWA Plans		Plans		Total
Years Ended December 31,					2014	2013	2014	2013	2014	2013
Benefit plan net experience gain (loss) recognized in
	accumulated other comprehensive income (loss):
		Beginning of year		$	(219.4)	(295.7)	(6.3)	(6.2)	(225.7)	(301.9)
		Net experience gains (losses) arising during the year			(58.6)	56.7	(23.2)	(0.8)	(81.8)	55.9
		Reclassification adjustment for amortization of
			prior experience losses included in net income (loss)		12.4	19.6	0.5	0.7	12.9	20.3
		End of year		$	(265.6)	(219.4)	(29.0)	(6.3)	(294.6)	(225.7)
Benefit plan prior service (cost) credit recognized in
	accumulated other comprehensive income (loss):
		Beginning of year		$	55.7	-	(7.7)	(9.4)	48.0	(9.4)
		Prior service credit from plan amendments during the year			-	55.7	-	-	-	55.7
		Reclassification adjustment for amortization or curtailment
			of prior service cost included in net income (loss)		(4.6)	-	1.7	1.7	(2.9)	1.7
		End of year		$	51.1	55.7	(6.0)	(7.7)	45.1	48.0

We estimate that $19.8million of experience loss and $2.9million of prior service credit will be amortized from accumulated other comprehensive income (loss) into net periodic postretirement cost during 2014.

We recognized net experience losses in 2014 associated with the UMWA obligations primarily related tothe adoption of new mortality tables, a lower discount rate, and return on assets being lower than expected. We recognized net experience losses in 2014 associated with the black lung and other plans primarily related to an increase in the estimated administrative costs to be incurred by the plans in the future, a lower discount rate and the adoption of new mortality tables.

We recognized a prior service credit in 2013 associated with UMWA obligations due to a plan amendment that changed the plan from a self-insured welfare benefit plan to an employer group waiver plan (“EGWP”), which reduced future expected net per capita claims costs.We recognized net experience gains in 2013 associated with the UMWA obligations primarily related to the higher discount rate, a return on assets being higher than expected and a decrease in the expected obligation related to the excise tax on high-cost health plans. The gain related to the excise tax on high-cost health plans reflects the benefit of lower per capita claims costs from the change to EGWP.

Assumptions

See Adoption of New Mortality Tables for our U.S. Retirement Benefits on page 81for a description of the mortality assumptions.

Discount rates

The APBO for each of the plans was determined using the unit credit method and an assumed discount rate as follows:

			2014		2013		2012
Weighted-average discount rate:
	Postretirement cost:
		UMWA plans	4.7	%	3.9	%	4.4	%
		Black lung	4.4	%	3.5	%	4.2	%
		Weighted-average	4.7	%	3.9	%	4.4	%
	Benefit obligation at year end:
		UMWA plans	4.0	%	4.7	%	3.9	%
		Black lung	3.7	%	4.4	%	3.5	%
		Weighted-average	4.1	%	4.7	%	3.9	%
Expected return on assets			8.25	%	8.25	%	8.50	%

Healthcare Cost Trend Rates

For UMWA plans, the assumed healthcare cost trend rate used to compute the 2014 APBO is 7.0% for 2015, declining to 5.0% in 2021 and thereafter (in 2013: 7.0% for 2014 declining to 5.0% in 2020 and thereafter). For the black lung obligation, the assumed healthcare cost trend rate used to compute the 2014 APBO was 5.0%. Other plans in the U.S. provide for fixed-dollar value coverage for eligible participants and, accordingly, are not adjusted for inflation.

For the Canadian plan, the assumed healthcare cost trend rate used to compute the 2014 APBO is 7.0% for 2015, declining to 5.0% in 2021. For the Brazilian plan, the assumed healthcare cost trend rate used to compute the 2014 APBO is 3.0%.

The table below shows the estimated effects of a one percentage-point change in the assumed healthcare cost trend rates for each future year.

		Effect of Change in Assumed Healthcare Trend Rates
(In millions)			Increase 1%	Decrease 1%
Higher (lower):
	Service and interest cost in 2014	$	2.1	(1.8)
	APBO at December 31, 2014		59.3	(49.6)

The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Medicare Act”) provides for a prescription drug benefit under Medicare as well as a federal subsidy to sponsors of retiree healthcare benefit plans that provide a benefit that is at least actuarially equivalent to Medicare prescription drug benefits. Because of the broadness of coverage provided under our UMWA plans, we believe that the plans benefits are at least actuarially equivalent to the Medicare benefits.

For the year ended December 31, 2013, we changed the way we provide healthcare benefits to our UMWA retirees who are eligible for the Medicare Act subsidy reimbursement. We changed from a self-insured welfare benefit plan to an employer group waiver plan (“EGWP”). Under this new arrangement, a government approved health insurance provider will receive the Medicare Act subsidy reimbursement on our behalf and pass these savings to us. Additionally, by moving to an EGWP, we will be able to benefit from the mandatory 50% discount that pharmaceutical companies must provide for Medicare Act-eligible prescription drugs. The combined savings of the subsidy and the 50% discount were recognized in other comprehensive income (loss) in 2013 as prior service credit, reducing the UMWA APBO.

Excise Tax on Administrators by Patient Protection and Affordable Care Act of 2010

A 40% excise tax on third-party benefit plan administrators by the Patient Protection and Affordable Care Act will be imposed on high-cost health plans (“Cadillac plans”) beginning in 2018. We are currently unable to reduce the benefit levels of our UMWA medical plans to avoid this excise tax because these benefit levels are required by the Coal Industry Retiree Health Benefit Act of 1992. We have assumed that the cost of the excise tax paid by administrators will be passed through to us in the form of higher premiums or higher claims administration fees, increasing our obligations. We project that we will have to pay the benefits plan administrator this excise tax beginning in 2018, and our plan obligations at December 31, 2014, include $24.8 million related to this tax ($22.9 million at December 31, 2013).

Cash Flows

Estimated Contributions from the Company to Plan Assets

Based on the funded status and assumptions at December 31, 2014, we expect the Company to contribute $6.3 million in cash to the plans to pay 2015 beneficiary payments for black lung and other plans. We do not expect to contribute cash to our UMWA plans in 2015 since we believe these plans have sufficient amounts held in trust to pay for beneficiary payments until 2032 based on actuarial assumptions. Our UMWA plans are not covered by ERISA or other funding laws or regulations that require these plans to meet funding ratios.

Estimated Future Benefit Payments from Plan Assets to Beneficiaries

Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2014, are as follows:

(In millions)		UMWA Plans	Black Lung and Other Plans	Total
2015	$	30.4	6.3	36.7
2016		30.2	5.9	36.1
2017		30.3	5.6	35.9
2018		32.2	5.2	37.4
2019		31.7	4.9	36.6
2020 through 2024		143.6	20.0	163.6

Retirement Plan Assets

U.S. Plans

				December 31, 2014			December 31, 2013
		Fair			%	%		%	%
		Value		Total Fair	Actual	Target	Total Fair	Actual	Target
(In millions, except for percentages)		Level		Value	Allocation	Allocation	Value	Allocation	Allocation
U.S. Pension Plans
Cash, cash equivalents and receivables			$	4.1	1	-	3.8	-	-
Equity securities:
	U.S. large-cap(a)	1		93.1	12	12	132.1	16	16
	U.S. small/mid-cap(a)	1		40.2	5	5	58.6	7	7
	International(a)	1		72.6	9	10	114.4	14	14
	Emerging markets(b)	1		13.8	2	2	31.7	4	4
	Dynamic asset allocation(c)	1		33.7	4	4	50.2	6	6
Fixed-income securities:
	Long duration(d)	1		277.6	47	48	190.8	32	32
	Long duration(d)	2		95.7			65.0
	High yield(e)	1		15.3	2	2	24.5	3	3
	Emerging markets(f)	1		14.5	2	2	23.2	3	3
Other types of investments:
	Hedge fund of funds(g)	2		37.9	5	5	37.3	5	5
	Core property(h)	2		45.0	6	5	40.2	5	5
	Structured credit(i)	3		42.8	5	5	40.0	5	5
Total			$	786.3	100	100	811.8	100	100
UMWA Plans
Equity securities:
	U.S. large-cap(a)	1	$	58.5	21	21	107.0	38	37
	U.S. small/mid-cap(a)	1		25.5	10	9	27.9	10	9
	International(a)	1		49.3	19	18	41.8	15	14
	Emerging markets(b)	1		10.7	4	4	-	-	-
	Dynamic asset allocation(c)	1		20.0	8	7	-	-	-
Fixed-income securities:
	High yield(e)	1		10.9	4	4	24.1	8	8
	Emerging markets(f)	1		10.4	4	4	10.9	4	4
	Multi asset real return(j)	1		21.6	8	8	29.3	10	13
Other types of investments:
	Hedge fund of funds(g)	2		14.6	6	3	29.2	10	10
	Core property(h)	2		28.8	11	10	14.2	5	5
	Structured credit(i)	3		14.3	5	5	-	-	-
	U.S. Private Equity(k)			-	-	7	-	-	-
Total			$	264.6	100	100	284.4	100	100

• These categories include passively managed U.S. large-cap mutual funds and actively managed U.S. small/mid-cap and international mutual funds that track various indices such as the S&P 500 Index, the Russell 2500 Index and the MSCI All Country World Ex-U.S. Index.
• This category represents an actively managed mutual fund that invests primarily inequity securities of emerging market issuers. Emerging market countries are those countries that are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development or included in an emerging markets index by a recognized index provider.
• This category represents an actively managed mutual fund that seeks to generate total return over time by selecting investments from among a broad range of asset classes. The fund’s allocations among asset classes may be adjusted over short periods and can vary from multiple to a single asset class.
• This category represents actively managed mutual funds that seeks to duplicate the risk and return characteristics of a long-term fixed-income securities portfolio with an approximate duration of 10 years and longer by using a long duration bond portfolio, including interest-rate swap agreements and Treasury futures contracts, and zero-coupon securities created by the U.S. Treasury, for the purpose of managing the overall duration of this fund.
• This category represents an actively managed mutual fund that invests primarily in fixed-income securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities and zero-coupon obligations. The fund’s average weighted maturity may vary and will generally not exceed ten years.
• This category represents an actively managed mutual fund that invests primarily in U.S.-dollar-denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers.
• This category represents an actively managed mutual fund that invests in different hedge-fund investments. The fund holds approximately 40 separate hedge-fund investments. Strategies included (1) long-short equity, (2) event-driven and distressed-debt, (3) global macro, (4) credit hedging, (5) multi-strategy, and (6) fixed-income arbitrage. Its investment objective is to seek to achieve an attractive risk-adjusted return with moderate volatility and moderate directional market exposure over a full market cycle.
• This category represents an actively managed mutual fund that seeks both current income and long-term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties. These properties are high-quality, low-leveraged, income-generating office, industrial, retail, and multi-family properties, generally fully-leased to creditworthy companies and governmental entities.
• This category represents an actively managed mutual fund that invests primarily in a diversified portfolio comprised primarily of collateralized loan obligations and other structured credit investments backed primarily by bank loans.
• This category represents an actively managed mutual fund that invests primarily in fixed income and equity securities and commodity linked instruments. The category seeks total returns that exceed the rate of inflation over a full market cycle regardless of market conditions
• This category will offer exposure to a diversified pool of global private assets fund investments. Further, the category will seek to shorten the duration of the typical private assets fund of funds through a dedicated focus on secondaries strategies (i.e. funds whose investment strategy is to purchase interests in other private market investments/funds as a way to provide the original investors liquidity prior to the end of those investments’/funds’ contracted end date), income-producing investment strategies (e.g. debt, real estate, and to a lesser extent, real assets), and underlying funds whose stated life is five to seven years, as opposed to the more typical 10-year life of private assets funds.

Assets of our U.S. plans are invested with an objective of maximizing the total return, taking into consideration the liabilities of the plan, and minimizing the risks that could create the need for excessive contributions. Plan assets are invested primarily using actively managed accounts with asset allocation targets listed in the tables above. Our policy does not permit the purchase of Brink’s common stock if immediately after any such purchase the aggregate fair market value of the plan assets invested in Brink’s common stock exceeds 10% of the aggregate fair market value of the assets of the plan, except as permitted by an exemption under ERISA. The plans rebalance their assets on a quarterly basis if actual allocations of assets are outside predetermined ranges. Among other factors, the performance of asset groups and investment managers will affect the long-term rate of return.

Most of our investments of our U.S. retirement plans can be redeemed daily. The hedge-fund-of-funds, core-property and structured-credit investments can be redeemed quarterly with 65 days’ notice. The hedge-fund-of-funds investment had a two-year lockup provision that has expired and we transferred this investment from Level 3 to Level 2 in 2013. The pension plan acquired the structured-credit investment in 2013. The investment is subject to a two-year lockup provision which will expire in November 2015. The UMWA plans acquired the structured-credit investment in 2014. The investment is subject to a two-year lockup provision which will expire in May 2016. We categorized these investments as Level 3. Beginning in 2013, a portion of the long-duration securities in our U.S. pension plan no longer have an active trading market in order to obtain quoted prices. As such, we transferred these investments from Level 1 to Level 2 in 2013. The fair value of the Level 3 investments has been estimated using the net asset value per share of the investment.

Non-U.S. Plans

				December 31, 2014			December 31, 2013
					%	%		%	%
				Total Fair	Actual	Target	Total Fair	Actual	Target
(In millions, except for percentages)				Value	Allocation	Allocation	Value	Allocation	Allocation
Non-U.S. Pension Plans
Cash and cash equivalents			$	1.1	-	-	5.2	2	-
Equity securities:
	U.S. equity funds(a)			31.6			30.0
	Canadian equity funds(a)			39.6			38.3
	European equity funds(a)			8.8			8.9
	Asia Pacific equity funds(a)			1.7			1.7
	Emerging markets(a)			3.5			9.3
	Other non-U.S. equity funds(a)			20.4			38.8
		Total equity securities		105.6	59	65	127.0	39	39
Fixed-income securities:
	Global credit(b)			0.3			37.5
	Canadian fixed-income funds(c)			25.7			24.8
	European fixed-income funds(d)			14.9			11.0
	High-yield(e)			1.0			12.3
	Emerging markets(f)			1.2			6.9
	Long-duration(g)			27.9			79.4
		Total fixed-income securities		71.0	40	35	171.9	53	55
Other types of investments:
	Convertible securities(h)			-			12.0
	Commodity derivatives(i)			-			4.7
	Other			1.6			1.2
		Total other types of investments		1.6	1	-	17.9	6	6
Total			$	179.3	100	100	322.0	100	100

• These categories are comprised of equity index actively and passively managed funds that track various indices such as S&P 500 Composite Total Return Index, Russell 1000 and 2000 Indices, MSCI Europe Ex-UK Index, S&P/TSX Total Return Index, MSCI EAFE Index and others. Some of these funds use a dynamic asset allocation investment strategy seeking to generate total return over time by selecting investments from among a broad range of asset classes, investing primarily through the use of derivatives.
• This category represents investment-grade fixed income debt securities of European issuers from diverse industries.
• This category seeks to achieve a return that exceeds the Scotia Capital Markets Universe Bond Index.
• This category is designed to generate income and exhibit volatility similar to that of the Sterling denominated bond market. This category primarily invests in investment grade or better securities.
• This category consists of global high-yield bonds. This category invests in lower rated and unrated fixed income, floating rate and other debt securities issued by European and American companies.
• This category consists of a diversified portfolio of listed and unlisted debt securities issued by governments, financial institutions, companies or other entities domiciled in emerging market countries.
• This category is designed to achieve a return consistent with holding longer term debt instruments. This category invests in interest rate and inflation derivatives, government-issued bonds, real-return bonds, and futures contracts.
• This category invests in convertible securities of global issuers from diverse industries.
• This category invests in commodities through financial derivatives of global issuers and short-dated government paper and cash components.

Asset allocation strategies for our non-U.S. plans are designed to accumulate a diversified portfolio among markets and asset classes in order to reduce market risk and increase the likelihood that pension assets are available to pay benefits as they are due. Assets of non-U.S. pension plans are invested primarily using actively managed accounts. The weighted-average asset allocation targets are listed in the table above, and reflect limitations on types of investments held and allocations among assets classes, as required by local regulation or market practice of the country where the assets are invested. Most of the investments of our non-U.S. retirement plans can be redeemed at least monthly, except for a portion of “Other” in the above table, which can be redeemed quarterly.

Level 1 Investments. Fair values of investments totaling $177.9million at December 31, 2014, and $167.9million at December 31, 2013, of our non-U.S. pension plans have been estimated using quoted prices in active markets and are categorized as Level 1 valuation inputs.

Level 2 Investments. Fair values for investments of our non-U.S. pension plans totaling $1.4million at December 31, 2014, and $154.1million at December 31, 2013, have been estimated using the net asset value per share of the investments and are categorized as Level 2 valuation inputs.

The UK pension plan investment that was previously classified as Level 3 had a lockup provision that has expired and has therefore been transferred to Level 2 in 2013.

Changes in Plan Assets Classified as Level 3

Changes in plan assets measured at fair value using significant unobservable inputs (Level 3) for our retirement plans are as follows:

(In millions)			U.S. Pension Plans	UMWA Plans	Non-U.S. Pension Plans
Balance at December 31, 2012		$	99.3	40.9	0.6
	Actual return on plan assets relating to assets still held at the reporting date		0.4	-	-
	Purchases, sales and settlements		39.6	-	-
	Transfers out of Level 3(a)		(99.3)	(40.9)	(0.6)
Balance at December 31, 2013			40.0	-	-
	Actual return on plan assets relating to assets still held at the reporting date		2.8	0.5	-
	Purchases, sales and settlements		-	13.8	-
Balance at December 31, 2014		$	42.8	14.3	-

Transfers out of Level 3 are deemed to have occurred at the beginning of the year.

Multi-employer Pension Plans

We contribute to multi-employer pension plans in a few of our non-U.S. subsidiaries. We recognized $0.1million of multi-employer pension expense for continuing operations in 2014, $0.2million in 2013and $0.3 million in 2012.

Savings Plans

We sponsor various defined contribution plans to help eligible employees provide for retirement. We record expense for amounts that we contribute on behalf of employees, usually in the form of matching contributions. We matched the first 4% of employees’ eligible contributions to our U.S. 401(k) plan made in the first quarter of 2012. In April 2012, we reduced the matching contribution to 1% of employee contributions. Our matching contribution expense is as follows:

(In millions)
Years Ended December 31,		2014	2013	2012
U.S. 401(K)	$	2.2	2.6	4.6
Other plans		2.3	2.9	2.5
Total	$	4.5	5.5	7.1