Segment Information

We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. Our CODM is our President and Chief Executive Officer. Our CODM evaluates performance and allocates resources to each operating segment based on operating profit or loss, excluding income and expenses not allocated to segments.

Effective December 2014, we reorganized the majority of Brink’s country operations under two business units: Largest 5 Markets (including U.S., France, Mexico, Brazil and Canada), and Global Markets (for the country operations outside the Largest 5 Markets). Country operations typically provide Cash-in-Transit (“CIT”) Services, ATM Services, Cash Management Services and Global Services. Reporting lines within these two business units are supplemented by a matrixed, centralized management of the Global Services operations. The Payment Services business has a centralized organizational structure.

As a result of this reorganization, beginning in 2014, we report financial results in the following nine operating segments:


•	Each of the five countries within Largest 5 Markets (U.S., France, Mexico, Brazil and Canada)


•	Each of the three regions within Global Markets (Latin America, EMEA and Asia)


•	Payment Services

When reviewing segment operating results for the first quarter of 2015, the CODM determined that it was no longer useful to include the

operations of Venezuela in the evaluation of the results for the Global Markets - Latin America segment. Accordingly, the Company changed

the composition of its reportable segments effective January 1, 2015 to exclude the Venezuela business. The Venezuela operations are now

reported as part of other items not allocated to segments for all periods presented. This change in the Company’s segment composition and

segment performance measure provides the CODM with information to effectively assess segment performance and to make resource and

allocation decisions. In addition, the removal of Venezuela from the Latin America segment provides our investors with an understanding of

segment results that aligns with management’s view of the business, which is consistent with FASB ASC Topic 280, Segment Reporting.

We currently serve customers in more than 100 countries, including 41 countries where we operate subsidiaries.

The primary services of the reportable segments include:


•	CIT Services – armored vehicle transportation of valuables


•	ATM Services – replenishing and maintaining customers’ automated teller machines; providing network infrastructure services


•	Global Services – secure international transportation of valuables


•	Cash Management Services


◦	Currency and coin counting and sorting; deposit preparation and reconciliations; other cash management services


◦	Safe and safe control device installation and servicing (including our patented CompuSafe^® service)


◦	Check and cash processing services for banking customers (“Virtual Vault Services”)


◦	Check imaging services for banking customers


•	Payment Services – bill payment and processing services on behalf of utility companies and other billers at any of our Brink’s or Brink’s operated payment locations in Latin America and Brink’s Money™ general purpose reloadable prepaid cards and payroll cards in the U.S.


•	Guarding Services – protection of airports, offices, and certain other locations in Europe with or without electronic surveillance, access control, fire prevention and highly trained patrolling personnel



	Revenues				Operating Profit (Loss)
	Years Ended December 31,				Years Ended December 31,
(In millions)	2015		2014	2013	2015			2014		2013
Reportable Segments:
U.S.	$	730.4	727.8	707.5	$	15.1		22.8		12.8
France	431.5		517.4	517.6	34.7			39.4		44.5
Mexico	333.0		388.2	423.9	24.2			9.6		26.9
Brazil	270.4		364.1	354.4	23.8			34.2		41.1
Canada	153.7		179.7	191.4	10.7			12.8		10.5
Largest 5 Markets	1,919.0		2,177.2	2,194.8	108.5			118.8		135.8
Latin America	369.9		380.6	407.1	76.3			50.4		59.6
EMEA	444.7		556.3	540.6	35.7			52.5		47.0
Asia	157.4		139.8	134.2	28.7			23.1		21.0
Global Markets	972.0		1,076.7	1,081.9	140.7			126.0		127.6
Payment Services	85.9		96.6	54.8	(7.2		)	(4.9	)	1.0
Total reportable segments	2,976.9		3,350.5	3,331.5	242.0			239.9		264.4
Reconciling Items:
Corporate items:
General, administrative and other expenses	—		—	—	(81.0		)	(110.8	)	(117.7	)
Foreign currency transaction losses	—		—	—	(8.8		)	(2.6	)	(2.4	)
Reconciliation of segment policies to GAAP	—		—	—	4.6			(2.3	)	2.7
Other items not allocated to segments:
Venezuela operations	84.5		211.8	447.1	(47.7		)	(97.9	)	65.7
Reorganization and Restructuring	—		—	—	(15.3		)	(21.8	)	—
U.S. and Mexican retirement plans	—		—	—	(31.2		)	(79.0	)	(55.3	)
Acquisitions and dispositions	—		—	—	(6.0		)	49.4		5.8
Share-based compensation adj.	—		—	—	—			(2.4	)	—
Total	$	3,061.4	3,562.3	3,778.6	$	56.6		(27.5	)	163.2

See "Other Items Not Allocated to Segment" on pages 30–31 to the consolidated financial statements for explanations of each of the other items not allocated to segments.



	Years Ended December 31,
(In millions)	2015		2014	2013

Capital Expenditures by Business Segment
U.S.	$	21.7	31.1	42.4
France	16.0		17.9	13.8
Mexico	9.3		13.3	24.5
Brazil	6.2		14.7	13.2
Canada	6.1		6.4	9.6
Largest 5 Markets	59.3		83.4	103.5
Latin America	13.5		17.0	17.8
EMEA	11.1		9.4	8.9
Asia	4.2		3.6	2.4
Global Markets	28.8		30.0	29.1
Payment Services	1.7		0.8	1.5
Segments	89.8		114.2	134.1
Corporate items	7.0		16.5	29.8
Venezuela	4.3		5.4	9.0
Total	$	101.1	136.1	172.9

Depreciation and Amortization by Business Segment
Depreciation and amortization of property and equipment:
U.S.	$	47.6	49.8	49.1
France	15.5		19.3	22.1
Mexico	14.4		19.6	19.2
Brazil	7.6		8.8	9.0
Canada	8.1		8.5	8.3
Largest 5 Markets	93.2		106.0	107.7
Latin America	10.0		12.2	13.5
EMEA	11.5		13.6	16.9
Asia	3.9		3.2	3.7
Global Markets	25.4		29.0	34.1
Payment Services	1.9		2.2	2.2
Segments	120.5		137.2	144.0
Corporate items	11.3		9.7	6.4
Venezuela	3.9		9.5	9.0
Depreciation and amortization of property and equipment	135.7		156.4	159.4

Amortization of intangible assets:
U.S.	—		—	0.2
France	0.2		0.3	0.4
Brazil	1.2		1.4	1.7
Largest 5 Markets	1.4		1.7	2.3
Latin America	0.3		0.3	0.4
EMEA	0.6		1.1	1.2
Asia	0.9		0.9	1.0
Global Markets	1.8		2.3	2.6
Payment Services	1.0		1.5	1.5
Amortization of intangible assets	4.2		5.5	6.4
Total	$	139.9	161.9	165.8



	December 31,
(In millions)	2015		2014	2013

Assets held by Segment
U.S.	$	325.0	327.4	330.0
France	239.6		244.7	246.6
Mexico	229.0		258.9	285.1
Brazil	109.7		165.0	165.8
Canada	81.3		92.3	96.5
Largest 5 Markets	984.6		1,088.3	1,124.0
Latin America	155.3		189.8	240.6
EMEA	274.6		308.0	382.8
Asia	99.8		109.2	115.1
Global Markets	529.7		607.0	738.5
Payment Services	53.1		63.7	72.0
Segments	1,567.4		1,759.0	1,934.5
Corporate items	332.4		326.8	282.4
Venezuela	46.9		106.2	280.5
Total	$	1,946.7	2,192.0	2,497.4



Long-Lived Assets by Geographic Area^(a)
Non-U.S.:
France	$	68.1	75.7	88.5
Mexico	93.2		114.4	136.8
Brazil	34.0		47.9	47.6
Canada	38.9		47.9	50.7
Other	122.7		175.5	216.3
Subtotal	356.9		461.4	539.9
U.S.	192.1		208.1	218.8
Total	$	549.0	669.5	758.7


(a)	Long-lived assets include only property and equipment.



	Years Ended December 31,
(In millions)	2015		2014	2013

Revenues by Geographic Area^(a)
Outside the U.S.:
France	$	431.5	517.4	542.5
Mexico	333.7		388.5	424.1
Brazil	336.4		442.3	392.0
Canada	153.7		179.7	191.4
Other	1,069.6		1,305.8	1,521.1
Subtotal	2,324.9		2,833.7	3,071.1
U.S.	736.5		728.6	707.5
Total	$	3,061.4	3,562.3	3,778.6


(a)	Revenues are recorded in the country where service is initiated or performed. No single customer represents more than 10% of total revenue. Geographic disclosures of country revenues include the Payments Services segment in Mexico, Brazil, Colombia and the U.S.



	December 31,
(In millions)	2015		2014	2013

Net assets outside the U.S.
France	$	87.1	96.3	110.8
Other EMEA countries	147.5		146.1	180.6
Mexico	86.1		88.4	101.2
Brazil	87.9		111.1	105.2
Other Latin American countries	115.2		182.4	273.0
Asian countries	73.7		69.2	72.7
Canada	50.3		53.4	69.3
Total	$	647.8	746.9	912.8



(In millions)	2015		2014	2013

Information about Unconsolidated Equity Affiliates held by Global Markets:
Carrying value of investments and advances at December 31	$	4.9	2.7	2.3
Undistributed earnings at December 31	2.2		1.1	0.8
Share of equity earnings	0.5		0.5	0.7

Brink’s sold an equity investment in a CIT business in Peru in 2014. This investment is not allocated to segments. The carrying value was $13.5 million at December 31, 2013. The equity earnings from this investment were $3.8 million in 2014 and $6.1 million in 2013.