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Share-based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Nonvested share activity [Table Text Block]
Weighted-
Unrecognizedaverage
Expense for No. of Years
Compensation ExpenseNonvested Unrecognized
Years Ended December 31,Awards atExpense to be
(in millions except years)201420132012Dec 31, 2014Recognized
Performance Share Units$ 6.8 4.0 - $ 5.6 1.8
Market Share Units 1.6 1.8 - 0.7 1.7
Restricted Stock Units 6.0 3.1 5.4 3.6 1.5
Deferred Stock Units 0.6 0.5 0.5 0.1 0.3
Stock Options 2.3 0.5 2.1 0.1 0.6
Share-based payment expense 17.3 9.9 8.0
Income tax benefit (5.6) (3.4) (2.7)
Share-based payment expense, net of tax$ 11.7 6.5 5.3
Share-based Compensation, Fair Value of Shares Vested [Table Text Block]
Fair Value of Shares Vested(a)
Years Ended December 31,
(in millions)201420132012
Restricted Stock Units 4.1 4.1 4.4
Deferred Stock Units 0.3 - -
Stock Options 0.1 2.0 0.6
Total 4.5 6.1 5.0

No Performance Share Units and no Market Share Units have vested. Intrinsic value for Stock Options.

Option Activity [Table Text Block]
Weighted-AverageAggregate
SharesWeighted- AverageRemaining ContractualIntrinsic Value (a)
(in thousands)Exercise Price Per ShareTerm (in years)(in millions)
Outstanding at December 31, 2013 1,474.9 $ 29.58
Exercised (18.3) 20.34
Cancelled (611.8) 34.96
Outstanding at December 31, 2014(b)
844.8 $ 25.88 2.5 $ 1.2
Of the above, as of December 31, 2014:
Exercisable 726.7 $ 26.44 2.4 $ 1.0
Expected to vest in future periods(c) 117.6 $ 22.46 3.5 $ 0.2

  • The intrinsic value of a stock option in the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2014 was $24.41.
  • There were 1.2 million shares of exercisable options with a weighted-average exercise price of $30.92 per share at December 31, 2013 and 2.0 million shares of exercisable options with a weighted-average exercise price of $32.15 per share at December 31, 2012.
  • The number of options expected to vest takes into account an estimate of expected forfeitures.

Restricted Stock Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Nonvested share activity [Table Text Block]
Weighted-
Fair ValueAverage
Sharesat IssuanceGrant Date
(in thousands)Date(a)Fair Value(a)
Nonvested balance as of December 31, 2013 396.4 $ 24.58
Activity from January 1 to July 11, 2014:
Granted 136.7 29.97
Cancelled (5.6) 24.75
Vested (142.8) 25.44
Nonvested balance as of July 11, 2014 384.7 $ 26.18 $ 26.47
Activity from July 12 to December 31, 2014:
Granted 45.0 21.67
Cancelled (50.0) 26.37
Vested (12.6) 26.93
Nonvested balance as of December 31, 2014 367.1 $ 25.87

From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. See Recoupment Policy Change in 2014 above.

Performance Shares PSU [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Nonvested share activity [Table Text Block]
Weighted-
Fair ValueAverage
Sharesat IssuanceGrant Date
(in thousands)Date(a)Fair Value(a)
Nonvested balance as of December 31, 2013 199.3 $ 26.22
Activity from January 1 to July 11, 2014:
Granted 187.8 30.67
Cancelled (2.7) 26.46
Nonvested balance as of July 11, 2014 384.4 $ 28.39 $ 24.06
Activity from July 12 to December 31, 2014:
Granted 1.5 24.41
Cancelled (42.3) 24.02
Nonvested balance as of December 31, 2014 343.6 $ 24.06

From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. See Recoupment Policy Change in 2014 above.

Fair value of options calculation assumptions [Table Text Block]
Terms and Assumptions Used to Estimate Fair Value of PSUsPSUs Granted in 2014PSUs Granted in 2013
Date of MeasurementFebruary 20, 2014(a)July 11, 2014(b)May 3, 2013(a)July 11, 2014(b)
Terms of awards:
Performance periodJan. 1, 2014 to April 1, 2013 to
Dec. 31, 2016Dec. 31, 2015
Beginning average price of Brink’s common stock$ 33.29 33.29 27.59 27.59
Assumptions used to estimate fair value:
Expected dividend yield(c)-%-%-%-%
Expected stock price volatility 38 % 32 % 39 % 28 %
Risk-free interest rate 0.7 % 0.7 % 0.3 % 0.3 %
Contractual term in years 2.9 2.5 2.7 1.5
Weighted-average fair value estimate per share $ 30.71 24.39 26.22 23.68

  • Represents the date awards were granted to employee.
  • Represents the date the recoupment policy was amended (see Recoupment Policy Change in 2014 above) and an additional goal was added (see 2014 Additional Performance Goal for the 2013 and 2014 PSU Grants above). The employees and employer are deemed to have a mutual understanding of the terms of the award at this date.
  • PSUs are not entitled to dividends during the performance period.

Market Share Units MSU [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Nonvested share activity [Table Text Block]
Weighted-
Fair ValueAverage
Sharesat IssuanceGrant Date
(in thousands)Date(a)Fair Value(a)
Nonvested balance as of December 31, 2013 96.2 $ 26.42
Activity from January 1 to July 11, 2014:
Granted 82.9 30.87
Nonvested balance as of July 11, 2014 179.1 $ 28.48 $ 25.47
Activity from July 12 to December 31, 2014:
Cancelled (15.8) 25.47
Nonvested balance as of December 31, 2014 163.3 $ 25.47

From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. See Recoupment Policy Change in 2014 above.

Fair value of options calculation assumptions [Table Text Block]
Terms and Assumptions Used to Estimate Fair Value of MSUsMSUs Granted in 2014MSUs Granted in 2013
Date of MeasurementFebruary 20, 2014(a)July 11, 2014(b)May 3, 2013(a)July 11, 2014(b)
Terms of awards:
Performance periodJan. 1, 2014 to April 1, 2013 to
Dec. 31, 2016Dec. 31, 2015
Beginning average price of Brink’s common stock$ 33.29 33.29 27.59 27.59
Assumptions used to estimate fair value:
Expected dividend yield(c)0%0%0%0%
Expected stock price volatility 38 % 32 % 39 % 28 %
Risk-free interest rate 0.7 % 0.7 % 0.3 % 0.3 %
Contractual term in years 2.9 2.5 2.7 1.5
Weighted-average fair value estimate per share$ 30.87 23.34 26.42 27.30

  • Represents the date awards were granted to employee.
  • Represents the date the recoupment policy was amended (see Recoupment Policy Change in 2014 above). The employees and employer are deemed to have a mutual understanding of the terms of the award at this date.
  • MSUs are not entitled to dividends during the performance period.

Stock Options [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Nonvested share activity [Table Text Block]
Weighted-
Fair ValueAverage
Sharesat IssuanceGrant Date
(in thousands)(a)DateFair Value(a)
Outstanding balance as of December 31, 2013 1,474.9 $ 7.68
Activity from January 1 to July 11, 2014:
Cancelled (593.3) 8.22
Exercised (9.9) 5.69
Outstanding balance as of July 11, 2014 871.7 $ 7.33 $ 5.74
Activity from July 12 to December 31, 2014:
Cancelled (18.5) 6.18
Exercised (8.4) 7.77
Outstanding balance as of December 31, 2014 844.8 $ 5.83

From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. See Recoupment Policy Change in 2014 above.

Fair value of options calculation assumptions [Table Text Block]
Stock Options Granted inJuly 11,
Assumptions Used to Estimate Fair Value of Stock Options2012(a)2014(a)
Weighted-average exercise price per share $ 22.55 22.52
Assumptions used to estimate fair value
Weighted-average expected dividend yield(b): 1.8 % 1.5 %
Weighted-average expected volatility(c): 40 % 37 %
Weighted-average risk-free interest rate: 0.6 % 0.9 %
Expected term in years(d):
Weighted-average 4.3 2.5
Range 3.3 5.3 2.4 2.8
Weighted-average fair value estimate per share$ 6.32 7.78

  • From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. July 11, 2014, represents the date the recoupment policy was amended (see Recoupment Policy Change in 2014 above). The employees and employer are deemed to have a mutual understanding of the terms of the award at this date.
  • The expected dividend yield is the calculated yield on Brink’s stock at the accounting grant date.
  • The expected volatility was estimated after reviewing the historical volatility of our stock using daily close prices.
  • The expected term of the options was based on historical option exercise, expiration and post-vesting cancellation behaviors
Deferred Stock Units [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Nonvested share activity [Table Text Block]
Shares(in thousands)Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2013 19.2 $ 26.80
Granted 28.3 24.70
Vested (19.2) 26.80
Nonvested balance as of December 31, 2014 28.3 $ 24.70