THE BRINK’S COMPANY | ||
(Exact name of registrant as specified in its charter) |
Virginia | 54-1317776 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) |
(In millions) | June 30, 2016 | December 31, 2015 | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 169.6 | 181.9 | |||
Restricted cash | 50.7 | 16.4 | ||||
Accounts receivable, net | 490.0 | 478.1 | ||||
Prepaid expenses and other | 119.3 | 101.3 | ||||
Total current assets | 829.6 | 777.7 | ||||
Property and equipment, net | 539.0 | 549.0 | ||||
Goodwill | 192.8 | 185.3 | ||||
Other intangibles | 28.7 | 28.5 | ||||
Deferred income taxes | 324.7 | 329.8 | ||||
Other | 74.3 | 76.4 | ||||
Total assets | $ | 1,989.1 | 1,946.7 | |||
LIABILITIES AND EQUITY | ||||||
Current liabilities: | ||||||
Short-term borrowings | $ | 77.2 | 32.6 | |||
Current maturities of long-term debt | 32.3 | 39.8 | ||||
Accounts payable | 126.6 | 155.3 | ||||
Accrued liabilities | 377.9 | 401.2 | ||||
Restricted cash held for customers | 41.5 | 12.9 | ||||
Total current liabilities | 655.5 | 641.8 | ||||
Long-term debt | 373.0 | 358.1 | ||||
Accrued pension costs | 208.2 | 219.4 | ||||
Retirement benefits other than pensions | 258.5 | 259.2 | ||||
Deferred income taxes | 8.0 | 8.1 | ||||
Other | 127.8 | 129.5 | ||||
Total liabilities | 1,631.0 | 1,616.1 | ||||
Contingent liabilities (notes 3, 4, 11 and 12) | ||||||
Equity: | ||||||
The Brink's Company ("Brink's") shareholders: | ||||||
Common stock | 49.5 | 48.9 | ||||
Capital in excess of par value | 606.4 | 599.6 | ||||
Retained earnings | 548.6 | 561.3 | ||||
Accumulated other comprehensive loss | (863.7 | ) | (891.9 | ) | ||
Brink’s shareholders | 340.8 | 317.9 | ||||
Noncontrolling interests | 17.3 | 12.7 | ||||
Total equity | 358.1 | 330.6 | ||||
Total liabilities and equity | $ | 1,989.1 | 1,946.7 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
(In millions, except for per share amounts) | 2016 | 2015 | 2016 | 2015 | |||||||||
Revenues | $ | 739.5 | 760.3 | $ | 1,461.3 | 1,536.4 | |||||||
Costs and expenses: | |||||||||||||
Cost of revenues | 604.5 | 620.9 | 1,201.5 | 1,250.0 | |||||||||
Selling, general and administrative expenses | 106.7 | 120.0 | 217.0 | 232.3 | |||||||||
Total costs and expenses | 711.2 | 740.9 | 1,418.5 | 1,482.3 | |||||||||
Other operating expense | 6.2 | 34.0 | 6.9 | 55.8 | |||||||||
Operating profit (loss) | 22.1 | (14.6 | ) | 35.9 | (1.7 | ) | |||||||
Interest expense | (4.9 | ) | (4.7 | ) | (9.8 | ) | (9.6 | ) | |||||
Interest and other income | 0.7 | 0.4 | 0.7 | 0.8 | |||||||||
Income (loss) from continuing operations before tax | 17.9 | (18.9 | ) | 26.8 | (10.5 | ) | |||||||
Provision for income taxes | 14.5 | 7.6 | 23.9 | 23.1 | |||||||||
Income (loss) from continuing operations | 3.4 | (26.5 | ) | 2.9 | (33.6 | ) | |||||||
Income (loss) from discontinued operations, net of tax | — | 0.1 | — | (2.3 | ) | ||||||||
Net income (loss) | 3.4 | (26.4 | ) | 2.9 | (35.9 | ) | |||||||
Less net income (loss) attributable to noncontrolling interests | 3.1 | (13.5 | ) | 5.7 | (20.0 | ) | |||||||
Net income (loss) attributable to Brink’s | 0.3 | (12.9 | ) | (2.8 | ) | (15.9 | ) | ||||||
Amounts attributable to Brink’s | |||||||||||||
Continuing operations | 0.3 | (13.0 | ) | (2.8 | ) | (13.6 | ) | ||||||
Discontinued operations | — | 0.1 | — | (2.3 | ) | ||||||||
Net income (loss) attributable to Brink’s | $ | 0.3 | (12.9 | ) | $ | (2.8 | ) | (15.9 | ) | ||||
Income (loss) per share attributable to Brink’s common shareholders(a): | |||||||||||||
Basic: | |||||||||||||
Continuing operations | $ | 0.01 | (0.26 | ) | $ | (0.06 | ) | (0.28 | ) | ||||
Discontinued operations | — | — | — | (0.05 | ) | ||||||||
Net income (loss) | $ | 0.01 | (0.26 | ) | $ | (0.06 | ) | (0.32 | ) | ||||
Diluted: | |||||||||||||
Continuing operations | $ | 0.01 | (0.26 | ) | $ | (0.06 | ) | (0.28 | ) | ||||
Discontinued operations | — | — | — | (0.05 | ) | ||||||||
Net income (loss) | $ | 0.01 | (0.26 | ) | $ | (0.06 | ) | (0.32 | ) | ||||
Weighted-average shares | |||||||||||||
Basic | 49.9 | 49.3 | 49.7 | 49.2 | |||||||||
Diluted | 50.3 | 49.3 | 49.7 | 49.2 | |||||||||
Cash dividends paid per common share | $ | 0.10 | 0.10 | $ | 0.20 | 0.20 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||
Net income (loss) | $ | 3.4 | (26.4 | ) | $ | 2.9 | (35.9 | ) | |||||
Benefit plan adjustments: | |||||||||||||
Benefit plan experience gains | 12.6 | 13.4 | 24.3 | 27.6 | |||||||||
Benefit plan prior service cost | (0.6 | ) | (0.5 | ) | (1.0 | ) | (3.5 | ) | |||||
Deferred profit sharing | — | 0.2 | — | 0.2 | |||||||||
Total benefit plan adjustments | 12.0 | 13.1 | 23.3 | 24.3 | |||||||||
Foreign currency translation adjustments | (3.5 | ) | 6.9 | 14.3 | (43.5 | ) | |||||||
Unrealized net losses on available-for-sale securities | (0.2 | ) | (0.1 | ) | — | (0.1 | ) | ||||||
Gains (losses) on cash flow hedges | (0.1 | ) | 0.4 | (0.4 | ) | 0.4 | |||||||
Other comprehensive income (loss) before tax | 8.2 | 20.3 | 37.2 | (18.9 | ) | ||||||||
Provision for income taxes | 4.2 | 4.5 | 8.0 | 8.5 | |||||||||
Other comprehensive income (loss) | 4.0 | 15.8 | 29.2 | (27.4 | ) | ||||||||
Comprehensive income (loss) | 7.4 | (10.6 | ) | 32.1 | (63.3 | ) | |||||||
Less comprehensive income (loss) attributable to noncontrolling interests | 3.3 | (13.0 | ) | 6.7 | (20.9 | ) | |||||||
Comprehensive income (loss) attributable to Brink's | $ | 4.1 | 2.4 | $ | 25.4 | (42.4 | ) |
Attributable to Brink’s | |||||||||||||||||||||
(In millions) | Shares | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Attributable to Noncontrolling Interests | Total | ||||||||||||||
Balance as of December 31, 2015 | 48.9 | $ | 48.9 | 599.6 | 561.3 | (891.9 | ) | 12.7 | 330.6 | ||||||||||||
Net income (loss) | — | — | — | (2.8 | ) | — | 5.7 | 2.9 | |||||||||||||
Other comprehensive income | — | — | — | — | 28.2 | 1.0 | 29.2 | ||||||||||||||
Common stock issued | 0.1 | 0.1 | 2.4 | — | — | — | 2.5 | ||||||||||||||
Dividends to: | |||||||||||||||||||||
Brink’s common shareholders ($0.20 per share) | — | — | — | (9.8 | ) | — | — | (9.8 | ) | ||||||||||||
Noncontrolling interests | — | — | — | — | — | (2.1 | ) | (2.1 | ) | ||||||||||||
Share-based compensation: | |||||||||||||||||||||
Stock awards and options: | |||||||||||||||||||||
Compensation expense | — | — | 4.9 | — | — | — | 4.9 | ||||||||||||||
Consideration from exercise of stock options | 0.1 | 0.1 | 3.4 | — | — | — | 3.5 | ||||||||||||||
Other share-based benefit programs | 0.4 | 0.4 | (3.9 | ) | (0.1 | ) | — | — | (3.6 | ) | |||||||||||
Balance as of June 30, 2016 | 49.5 | $ | 49.5 | 606.4 | 548.6 | (863.7 | ) | 17.3 | 358.1 |
Six Months Ended June 30, | ||||||
(In millions) | 2016 | 2015 | ||||
Cash flows from operating activities: | ||||||
Net income (loss) | $ | 2.9 | (35.9 | ) | ||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||
Loss from discontinued operations, net of tax | — | 2.3 | ||||
Depreciation and amortization | 65.1 | 73.2 | ||||
Share-based compensation expense | 4.9 | 8.5 | ||||
Deferred income taxes | (2.5 | ) | (4.1 | ) | ||
Gains and losses: | ||||||
Marketable securities | (0.5 | ) | (0.1 | ) | ||
Property and other assets | 1.7 | (0.5 | ) | |||
Business acquisitions and dispositions | (0.1 | ) | — | |||
Venezuela impairment | — | 34.5 | ||||
Other impairment losses | 5.4 | 1.3 | ||||
Retirement benefit funding (more) less than expense: | ||||||
Pension | 6.5 | 2.9 | ||||
Other than pension | 7.3 | 5.1 | ||||
Remeasurement losses due to Venezuela currency devaluation | 4.6 | 18.2 | ||||
Other operating | 1.9 | 3.4 | ||||
Changes in operating assets and liabilities, net of effects of acquisitions: | ||||||
Accounts receivable and income taxes receivable | (31.3 | ) | (35.4 | ) | ||
Accounts payable, income taxes payable and accrued liabilities | (33.9 | ) | (15.4 | ) | ||
Customer obligations | (14.7 | ) | 6.7 | |||
Prepaid and other current assets | (6.2 | ) | (19.3 | ) | ||
Other | 2.3 | (0.8 | ) | |||
Discontinued operations | — | (2.0 | ) | |||
Net cash provided by operating activities | 13.4 | 42.6 | ||||
Cash flows from investing activities: | ||||||
Capital expenditures | (45.0 | ) | (35.2 | ) | ||
Marketable securities: | ||||||
Purchases | (8.7 | ) | — | |||
Sales | 8.6 | 0.4 | ||||
Cash proceeds from sale of property, equipment and investments | 2.9 | 0.6 | ||||
Other | (0.7 | ) | (0.5 | ) | ||
Discontinued operations | — | 1.9 | ||||
Net cash used by investing activities | (42.9 | ) | (32.8 | ) | ||
Cash flows from financing activities: | ||||||
Borrowings (repayments) of debt: | ||||||
Short-term debt | 39.1 | (12.4 | ) | |||
Long-term revolving credit facilities: | ||||||
Borrowings | 294.9 | 295.7 | ||||
Repayments | (278.1 | ) | (315.7 | ) | ||
Other long-term debt: | ||||||
Borrowings | 1.3 | 82.1 | ||||
Repayments | (25.1 | ) | (25.8 | ) | ||
Debt financing costs | — | (2.0 | ) | |||
Common stock issued | 2.5 | — | ||||
Dividends to: | ||||||
Shareholders of Brink’s | (9.8 | ) | (9.7 | ) | ||
Noncontrolling interests in subsidiaries | (2.1 | ) | (4.1 | ) | ||
Proceeds from exercise of stock options | 3.5 | 3.6 | ||||
Minimum tax withholdings associated with share-based compensation | (4.8 | ) | (0.8 | ) | ||
Other | 1.3 | 0.4 | ||||
Net cash provided by financing activities | 22.7 | 11.3 | ||||
Effect of exchange rate changes on cash | (5.5 | ) | (16.2 | ) | ||
Cash and cash equivalents: | ||||||
Increase (decrease) | (12.3 | ) | 4.9 | |||
Balance at beginning of period | 181.9 | 176.2 | ||||
Balance at end of period | $ | 169.6 | 181.1 |
• | 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; Europe, Middle East and Africa ("EMEA") and Asia) |
• | Payment Services |
• | Brink’s Venezuela became a much smaller component of Brink’s consolidated revenues and operating profit. |
• | Brink’s Venezuela’s profit margin percentage declined as the historical U.S. dollar non-monetary assets were not remeasured to a lower U.S. dollar basis but instead retained a historical higher basis which was used for depreciation and other expense attribution. Our non-monetary assets were $16.4 million at June 30, 2016, and $13.5 million at December 31, 2015. |
• | Our investment in our Venezuelan operations on an equity-method basis declined. Our investment was $20.4 million at June 30, 2016, which included $8.8 million in net payables to other Brink's affiliates and $26.0 million at December 31, 2015, which included $18.7 million in net payables to other Brink's affiliates. |
• | Our bolivar-denominated monetary net assets included in our consolidated balance sheets declined. Our bolivar-denominated net monetary assets were $2.8 million (including $6.8 million of cash and cash equivalents) at June 30, 2016 versus $9.5 million (including $6.2 million of cash and cash equivalents) at December 31, 2015. |
• | Accumulated other comprehensive losses attributable to Brink’s shareholders related to Brink’s Venezuela were $112.7 million at June 30, 2016 and $113.0 million at December 31, 2015. |
• | Cash-in-Transit (“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 and Brazil with or without electronic surveillance, access control, fire prevention and highly trained patrolling personnel |
• | 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 |
Revenues | Operating Profit | ||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||
Reportable Segments: | |||||||||||||
U.S. | $ | 182.5 | 184.1 | $ | (1.5 | ) | 6.4 | ||||||
France | 107.9 | 107.4 | 10.1 | 6.7 | |||||||||
Mexico | 77.3 | 85.1 | 3.1 | 4.5 | |||||||||
Brazil | 66.9 | 67.7 | 2.5 | 2.1 | |||||||||
Canada | 38.2 | 39.6 | 1.4 | 2.4 | |||||||||
Largest 5 Markets | 472.8 | 483.9 | 15.6 | 22.1 | |||||||||
Latin America | 85.0 | 91.2 | 20.8 | 19.2 | |||||||||
EMEA | 96.2 | 112.3 | 9.9 | 9.1 | |||||||||
Asia | 41.5 | 38.6 | 7.0 | 5.9 | |||||||||
Global Markets | 222.7 | 242.1 | 37.7 | 34.2 | |||||||||
Payment Services | 21.0 | 22.1 | (2.0 | ) | (3.7 | ) | |||||||
Total reportable segments | 716.5 | 748.1 | 51.3 | 52.6 | |||||||||
Reconciling Items: | |||||||||||||
Corporate expenses: | |||||||||||||
General, administrative and other expenses | — | — | (16.1 | ) | (25.3 | ) | |||||||
Foreign currency transaction gains (losses) | — | — | 1.4 | 1.1 | |||||||||
Reconciliation of segment policies to GAAP | — | — | 1.3 | 2.2 | |||||||||
Other items not allocated to segments: | |||||||||||||
Venezuela operations | 21.5 | 12.2 | 0.9 | (39.1 | ) | ||||||||
Reorganization and Restructuring | — | — | (2.1 | ) | 1.2 | ||||||||
U.S. and Mexican retirement plans | — | — | (8.1 | ) | (7.6 | ) | |||||||
Acquisitions and dispositions | 1.5 | — | (6.5 | ) | 0.3 | ||||||||
Total | $ | 739.5 | 760.3 | $ | 22.1 | (14.6 | ) |
Revenues | Operating Profit | ||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||
Reportable Segments: | |||||||||||||
U.S. | $ | 361.3 | 367.7 | $ | (3.7 | ) | 14.7 | ||||||
France | 212.7 | 213.1 | 14.6 | 10.8 | |||||||||
Mexico | 152.2 | 170.8 | 6.3 | 12.4 | |||||||||
Brazil | 126.9 | 141.5 | 8.6 | 8.2 | |||||||||
Canada | 74.1 | 78.4 | 3.2 | 4.1 | |||||||||
Largest 5 Markets | 927.2 | 971.5 | 29.0 | 50.2 | |||||||||
Latin America | 164.2 | 182.0 | 38.3 | 35.7 | |||||||||
EMEA | 191.6 | 228.0 | 16.8 | 17.3 | |||||||||
Asia | 80.5 | 77.3 | 13.4 | 12.4 | |||||||||
Global Markets | 436.3 | 487.3 | 68.5 | 65.4 | |||||||||
Payment Services | 41.9 | 44.9 | (2.0 | ) | (3.2 | ) | |||||||
Total reportable segments | 1,405.4 | 1,503.7 | 95.5 | 112.4 | |||||||||
Reconciling Items: | |||||||||||||
Corporate expenses: | |||||||||||||
General, administrative and other expenses | — | — | (33.7 | ) | (42.9 | ) | |||||||
Foreign currency transaction gains (losses) | — | — | 2.7 | (3.7 | ) | ||||||||
Reconciliation of segment policies to GAAP | — | — | 4.5 | 5.4 | |||||||||
Other items not allocated to segments: | |||||||||||||
Venezuela operations | 53.6 | 32.7 | 2.7 | (57.0 | ) | ||||||||
Reorganization and Restructuring | — | — | (8.1 | ) | (0.3 | ) | |||||||
U.S. and Mexican retirement plans | — | — | (15.4 | ) | (15.9 | ) | |||||||
Acquisitions and dispositions | 2.3 | — | (12.3 | ) | 0.3 | ||||||||
Total | $ | 1,461.3 | 1,536.4 | $ | 35.9 | (1.7 | ) |
U.S. Plans | Non-U.S. Plans | Total | ||||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Three months ended June 30, | ||||||||||||||||||
Service cost | $ | — | — | 2.7 | 2.6 | 2.7 | 2.6 | |||||||||||
Interest cost on projected benefit obligation | 9.3 | 9.0 | 3.1 | 3.0 | 12.4 | 12.0 | ||||||||||||
Return on assets – expected | (13.6 | ) | (13.6 | ) | (2.5 | ) | (2.4 | ) | (16.1 | ) | (16.0 | ) | ||||||
Amortization of losses | 6.2 | 7.7 | 1.2 | 1.2 | 7.4 | 8.9 | ||||||||||||
Amortization of prior service cost | — | — | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||
Settlement loss | — | — | 0.6 | 1.1 | 0.6 | 1.1 | ||||||||||||
Net periodic pension cost | $ | 1.9 | 3.1 | 5.3 | 5.7 | 7.2 | 8.8 | |||||||||||
Included in: | ||||||||||||||||||
Continuing operations | $ | 1.9 | 3.1 | 5.3 | 5.7 | 7.2 | 8.8 | |||||||||||
Discontinued operations | — | — | — | — | — | — | ||||||||||||
Net periodic pension cost | $ | 1.9 | 3.1 | 5.3 | 5.7 | 7.2 | 8.8 | |||||||||||
Six months ended June 30, | ||||||||||||||||||
Service cost | $ | — | — | 5.5 | 5.5 | 5.5 | 5.5 | |||||||||||
Interest cost on projected benefit obligation | 18.5 | 18.0 | 6.5 | 6.2 | 25.0 | 24.2 | ||||||||||||
Return on assets – expected | (27.3 | ) | (27.3 | ) | (4.8 | ) | (4.8 | ) | (32.1 | ) | (32.1 | ) | ||||||
Amortization of losses | 12.3 | 15.5 | 2.4 | 2.5 | 14.7 | 18.0 | ||||||||||||
Amortization of prior service cost | — | — | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||||
Settlement loss | — | — | 1.4 | 3.4 | 1.4 | 3.4 | ||||||||||||
Net periodic pension cost | $ | 3.5 | 6.2 | 11.2 | 13.0 | 14.7 | 19.2 | |||||||||||
Included in: | ||||||||||||||||||
Continuing operations | $ | 3.5 | 6.2 | 11.2 | 11.9 | 14.7 | 18.1 | |||||||||||
Discontinued operations | — | — | — | 1.1 | — | 1.1 | ||||||||||||
Net periodic pension cost | $ | 3.5 | 6.2 | 11.2 | 13.0 | 14.7 | 19.2 |
UMWA Plans | Black Lung and Other Plans | Total | ||||||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Three months ended June 30, | ||||||||||||||||||
Service cost | $ | — | — | — | 0.1 | — | 0.1 | |||||||||||
Interest cost on accumulated postretirement benefit obligations | 4.8 | 4.2 | 0.7 | 0.7 | 5.5 | 4.9 | ||||||||||||
Return on assets – expected | (4.3 | ) | (5.1 | ) | — | — | (4.3 | ) | (5.1 | ) | ||||||||
Amortization of losses | 4.5 | 3.7 | 0.7 | 0.8 | 5.2 | 4.5 | ||||||||||||
Amortization of prior service (credit) cost | (1.2 | ) | (1.1 | ) | 0.4 | 0.4 | (0.8 | ) | (0.7 | ) | ||||||||
Net periodic postretirement cost | $ | 3.8 | 1.7 | 1.8 | 2.0 | 5.6 | 3.7 | |||||||||||
Six months ended June 30, | ||||||||||||||||||
Service cost | $ | — | — | — | 0.1 | — | 0.1 | |||||||||||
Interest cost on accumulated postretirement benefit obligations | 9.4 | 8.7 | 1.3 | 1.4 | 10.7 | 10.1 | ||||||||||||
Return on assets – expected | (8.7 | ) | (10.3 | ) | — | — | (8.7 | ) | (10.3 | ) | ||||||||
Amortization of losses | 8.8 | 8.0 | 1.2 | 1.5 | 10.0 | 9.5 | ||||||||||||
Amortization of prior service (credit) cost | (2.3 | ) | (2.3 | ) | 0.9 | 0.9 | (1.4 | ) | (1.4 | ) | ||||||||
Net periodic postretirement cost | $ | 7.2 | 4.1 | 3.4 | 3.9 | 10.6 | 8.0 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Continuing operations | |||||||||||||
Provision for income taxes (in millions) | $ | 14.5 | 7.6 | $ | 23.9 | 23.1 | |||||||
Effective tax rate | 81.0 | % | (40.2 | )% | 89.2 | % | (220.0 | %) |
Amounts Arising During the Current Period | Amounts Reclassified to Net Income (Loss) | ||||||||||||||
(In millions) | Pretax | Income Tax | Pretax | Income Tax | Total Other Comprehensive Income (Loss) | ||||||||||
Three months ended June 30, 2016 | |||||||||||||||
Amounts attributable to Brink's: | |||||||||||||||
Benefit plan adjustments | $ | (0.8 | ) | 0.2 | 12.6 | (4.5 | ) | 7.5 | |||||||
Foreign currency translation adjustments | (3.5 | ) | — | — | — | (3.5 | ) | ||||||||
Unrealized gains (losses) on available-for-sale securities | 0.3 | (0.2 | ) | (0.5 | ) | 0.2 | (0.2 | ) | |||||||
Gains (losses) on cash flow hedges | (1.2 | ) | 0.4 | 1.1 | (0.3 | ) | — | ||||||||
(5.2 | ) | 0.4 | 13.2 | (4.6 | ) | 3.8 | |||||||||
Amounts attributable to noncontrolling interests: | |||||||||||||||
Benefit plan adjustments | — | — | 0.2 | — | 0.2 | ||||||||||
Foreign currency translation adjustments | — | — | — | — | — | ||||||||||
— | — | 0.2 | — | 0.2 | |||||||||||
Total | |||||||||||||||
Benefit plan adjustments(a) | (0.8 | ) | 0.2 | 12.8 | (4.5 | ) | 7.7 | ||||||||
Foreign currency translation adjustments | (3.5 | ) | — | — | — | (3.5 | ) | ||||||||
Unrealized gains (losses) on available-for-sale securities(b) | 0.3 | (0.2 | ) | (0.5 | ) | 0.2 | (0.2 | ) | |||||||
Gains (losses) on cash flow hedges(c) | (1.2 | ) | 0.4 | 1.1 | (0.3 | ) | — | ||||||||
$ | (5.2 | ) | 0.4 | 13.4 | (4.6 | ) | 4.0 | ||||||||
Three months ended June 30, 2015 | |||||||||||||||
Amounts attributable to Brink's: | |||||||||||||||
Benefit plan adjustments | $ | (1.1 | ) | 0.3 | 14.1 | (4.8 | ) | 8.5 | |||||||
Foreign currency translation adjustments | 6.5 | — | — | — | 6.5 | ||||||||||
Unrealized losses on available-for-sale securities | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||
Gains (losses) on cash flow hedges | (0.2 | ) | — | 0.6 | — | 0.4 | |||||||||
5.2 | 0.3 | 14.6 | (4.8 | ) | 15.3 | ||||||||||
Amounts attributable to noncontrolling interests: | |||||||||||||||
Benefit plan adjustments | — | — | 0.1 | — | 0.1 | ||||||||||
Foreign currency translation adjustments | 0.4 | — | — | — | 0.4 | ||||||||||
0.4 | — | 0.1 | — | 0.5 | |||||||||||
Total | |||||||||||||||
Benefit plan adjustments(a) | (1.1 | ) | 0.3 | 14.2 | (4.8 | ) | 8.6 | ||||||||
Foreign currency translation adjustments | 6.9 | — | — | — | 6.9 | ||||||||||
Unrealized losses on available-for-sale securities(b) | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||
Gains (losses) on cash flow hedges(c) | (0.2 | ) | — | 0.6 | — | 0.4 | |||||||||
$ | 5.6 | 0.3 | 14.7 | (4.8 | ) | 15.8 |
Amounts Arising During the Current Period | Amounts Reclassified to Net Income (Loss) | ||||||||||||||
(In millions) | Pretax | Income Tax | Pretax | Income Tax | Total Other Comprehensive Income (Loss) | ||||||||||
Six months ended June 30, 2016 | |||||||||||||||
Amounts attributable to Brink's: | |||||||||||||||
Benefit plan adjustments | $ | (1.9 | ) | 0.5 | 24.9 | (8.7 | ) | 14.8 | |||||||
Foreign currency translation adjustments | 13.6 | — | — | — | 13.6 | ||||||||||
Unrealized gains (losses) on available-for-sale securities | 0.5 | (0.2 | ) | (0.5 | ) | 0.2 | — | ||||||||
Gains (losses) on cash flow hedges | (2.2 | ) | 0.5 | 1.8 | (0.3 | ) | (0.2 | ) | |||||||
10.0 | 0.8 | 26.2 | (8.8 | ) | 28.2 | ||||||||||
Amounts attributable to noncontrolling interests: | |||||||||||||||
Benefit plan adjustments | — | — | 0.3 | — | 0.3 | ||||||||||
Foreign currency translation adjustments | 0.7 | — | — | — | 0.7 | ||||||||||
0.7 | — | 0.3 | — | 1.0 | |||||||||||
Total | |||||||||||||||
Benefit plan adjustments(a) | (1.9 | ) | 0.5 | 25.2 | (8.7 | ) | 15.1 | ||||||||
Foreign currency translation adjustments | 14.3 | — | — | — | 14.3 | ||||||||||
Unrealized gains (losses) on available-for-sale securities(b) | 0.5 | (0.2 | ) | (0.5 | ) | 0.2 | — | ||||||||
Gains (losses) on cash flow hedges(c) | (2.2 | ) | 0.5 | 1.8 | (0.3 | ) | (0.2 | ) | |||||||
$ | 10.7 | 0.8 | 26.5 | (8.8 | ) | 29.2 | |||||||||
Six months ended June 30, 2015 | |||||||||||||||
Amounts attributable to Brink's: | |||||||||||||||
Benefit plan adjustments | $ | (5.7 | ) | 1.5 | 29.8 | (10.0 | ) | 15.6 | |||||||
Foreign currency translation adjustments | (42.4 | ) | — | — | — | (42.4 | ) | ||||||||
Unrealized losses on available-for-sale securities | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||
Gains (losses) on cash flow hedges | 1.9 | — | (1.5 | ) | — | 0.4 | |||||||||
(46.2 | ) | 1.5 | 28.2 | (10.0 | ) | (26.5 | ) | ||||||||
Amounts attributable to noncontrolling interests: | |||||||||||||||
Benefit plan adjustments | — | — | 0.2 | — | 0.2 | ||||||||||
Foreign currency translation adjustments | (1.1 | ) | — | — | — | (1.1 | ) | ||||||||
(1.1 | ) | — | 0.2 | — | (0.9 | ) | |||||||||
Total | |||||||||||||||
Benefit plan adjustments(a) | (5.7 | ) | 1.5 | 30.0 | (10.0 | ) | 15.8 | ||||||||
Foreign currency translation adjustments | (43.5 | ) | — | — | — | (43.5 | ) | ||||||||
Unrealized losses on available-for-sale securities(b) | — | — | (0.1 | ) | — | (0.1 | ) | ||||||||
Gains (losses) on cash flow hedges(c) | 1.9 | — | (1.5 | ) | — | 0.4 | |||||||||
$ | (47.3 | ) | 1.5 | 28.4 | (10.0 | ) | (27.4 | ) |
(a) | The amortization of prior experience losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income. Net periodic retirement benefit cost also includes service costs, interest costs, expected returns on assets, and settlement costs. The total pretax expense is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis: |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | ||||||||
Total net periodic retirement benefit cost included in: | ||||||||||||
Cost of revenues | $ | 10.5 | 8.8 | 20.9 | 18.7 | |||||||
Selling, general and administrative expenses | 2.3 | 3.7 | 4.4 | 7.4 |
(b) | Gains and losses on sales of available-for-sale securities are reclassified from accumulated other comprehensive loss to the income statement when the gains or losses are realized. Pretax amounts are classified in the income statement as interest and other income (expense). |
(c) | Pretax gains and losses on cash flow hedges are classified in the income statement as: |
• | other operating income (expense) ($0.8 million of losses in the three months ended June 30, 2016 and $0.4 million of losses in the three months ended June 30, 2015; as well as $1.4 million of losses in the six months ended June 30, 2016 and $1.9 million of gains in the six months ended June 30, 2015) |
• | interest and other income (expense) ($0.1 million of losses in the three months ended June 30, 2016 and $0.1 million of losses in the three months ended June 30, 2015; as well as $0.2 million of losses in the six months ended June 30, 2016 and $0.3 million of losses in the six months ended June 30, 2015). |
(In millions) | Benefit Plan Adjustments | Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Available-for-Sale Securities | Gains (Losses) on Cash Flow Hedges | Total | ||||||||||
Balance as of December 31, 2015 | $ | (570.5 | ) | (322.6 | ) | 1.1 | 0.1 | (891.9 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (1.4 | ) | 13.6 | 0.3 | (1.7 | ) | 10.8 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 16.2 | — | (0.3 | ) | 1.5 | 17.4 | |||||||||
Other comprehensive income (loss) attributable to Brink's | 14.8 | 13.6 | — | (0.2 | ) | 28.2 | |||||||||
Balance as of June 30, 2016 | $ | (555.7 | ) | (309.0 | ) | 1.1 | (0.1 | ) | (863.7 | ) |
(In millions) | June 30, 2016 | December 31, 2015 | ||||
Unsecured notes issued in a private placement | ||||||
Carrying value | $ | 85.7 | 92.9 | |||
Fair value | 90.1 | 95.7 |
Compensation Expense | Compensation Expense | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(in millions) | 2016 | 2015 | 2016 | 2015 | ||||||||
Performance Share Units | $ | 1.0 | 2.0 | 2.3 | 4.5 | |||||||
Market Share Units | — | 0.3 | 0.2 | 1.9 | ||||||||
Restricted Stock Units | 0.9 | 0.9 | 2.0 | 1.9 | ||||||||
Deferred Stock Units | 0.1 | 0.1 | 0.3 | 0.2 | ||||||||
Stock Options | 0.1 | — | 0.1 | — | ||||||||
Share-based payment expense | 2.1 | 3.3 | 4.9 | 8.5 | ||||||||
Income tax benefit | (0.7 | ) | (1.1 | ) | (1.7 | ) | (2.9 | ) | ||||
Share-based payment expense, net of tax | $ | 1.4 | 2.2 | 3.2 | 5.6 |
Shares (in thousands) | Weighted-Average Grant-Date Fair Value | |||||
Outstanding balance as of December 31, 2015 | — | $ | — | |||
Granted | 400.0 | 5.92 | ||||
Forfeited | — | — | ||||
Exercised | — | — | ||||
Outstanding balance as of June 30, 2016 | 400.0 | $ | 5.92 |
Shares (in thousands) | Weighted-Average Grant-Date Fair Value | |||||
Nonvested balance as of December 31, 2015 | 273.0 | $ | 26.16 | |||
Granted | 169.7 | 28.59 | ||||
Forfeited | (15.6 | ) | 26.15 | |||
Vested | (90.5 | ) | 26.53 | |||
Nonvested balance as of June 30, 2016 | 336.6 | $ | 27.29 |
Shares (in thousands) | Weighted-Average Grant-Date Fair Value | |||||
Nonvested balance as of December 31, 2015 | 503.4 | $ | 25.93 | |||
Granted | 315.9 | 29.06 | ||||
Forfeited | (18.8 | ) | 26.95 | |||
Vested(a) | (162.9 | ) | 23.73 | |||
Nonvested balance as of June 30, 2016 | 637.6 | $ | 28.01 |
(a) | The vested PSUs presented are based on the target amount of the award. Pursuant to the actual performance for the period ended December 31, 2015, the actual shares earned and distributed were 277.1, representing 171% of target or, for a smaller award, 125% of target. |
Shares (in thousands) | Weighted-Average Grant-Date Fair Value | |||||
Nonvested balance as of December 31, 2015 | 258.8 | $ | 27.40 | |||
Granted | — | — | ||||
Forfeited | (1.2 | ) | 23.34 | |||
Vested(a) | (84.3 | ) | 27.30 | |||
Nonvested balance as of June 30, 2016 | 173.3 | $ | 27.48 |
(a) | The vested MSUs presented are based on the target amount of the award. Pursuant to the actual performance for the period ended December 31, 2015, the actual shares earned and distributed were 91.1, or 108% of target. No additional compensation expense was required, as the market condition was included in the $27.30 grant date fair value. |
Shares (in thousands) | Weighted-Average Grant-Date Fair Value | |||||
Nonvested balance as of December 31, 2015 | 21.4 | $ | 32.79 | |||
Granted | 26.0 | 29.35 | ||||
Forfeited | — | — | ||||
Vested | (21.4 | ) | 31.72 | |||
Nonvested balance as of June 30, 2016 | 26.0 | $ | 29.35 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||
Weighted-average shares: | |||||||||||
Basic(a) | 49.9 | 49.3 | 49.7 | 49.2 | |||||||
Effect of dilutive stock awards and options | 0.4 | — | — | — | |||||||
Diluted | 50.3 | 49.3 | 49.7 | 49.2 | |||||||
Antidilutive stock awards and options excluded from denominator | 0.2 | 1.5 | 1.3 | 1.5 |
(a) | We have deferred compensation plans for directors and certain of our employees. For participants electing to defer compensation into common stock units, amounts owed to participants will be paid out in shares of Brink's common stock. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average units credited to employees and directors under the deferred compensation plans. Accordingly, included in basic shares are 0.5 million in the three months and 0.5 million in the six months ended June 30, 2016, and 0.6 million in the three months and 0.5 million in the six months ended June 30, 2015. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||
Loss from operations(a)(b) | $ | — | — | $ | — | (2.4 | ) | ||||||
Loss on sale(a) | — | (0.1 | ) | — | (0.8 | ) | |||||||
Adjustments to contingencies of former operations(c): | |||||||||||||
Other | 0.1 | — | 0.1 | (0.1 | ) | ||||||||
(Income) loss from discontinued operations before income taxes | 0.1 | (0.1 | ) | 0.1 | (3.3 | ) | |||||||
Provision (benefit) for income taxes | 0.1 | (0.2 | ) | 0.1 | (1.0 | ) | |||||||
(Income) loss from discontinued operations, net of tax | $ | — | 0.1 | $ | — | (2.3 | ) |
(a) | Discontinued operations include gains and losses related to businesses that we recently sold. No interest expense was included in discontinued operations in the first six months of 2015. |
(b) | The loss from operations in the first six months of 2015 included $1.0 million in pension settlement charges related to the Mexican parcel delivery service sold in February 2015. |
(c) | Primarily related to former businesses previously exited. |
• | In February 2015, we sold a small Mexican parcel delivery business which met the criteria for classification as a discontinued operation as of December 31, 2014. |
• | We sold an Irish guarding operation in November 2015. |
• | We sold our 70% ownership interest in a Russian cash management business in November 2015 and recognized a $5.9 million loss on the disposition in the fourth quarter of 2015. A significant part of the loss ($5.0 million) represented the reclassification of foreign currency adjustments from accumulated other comprehensive loss into earnings. |
Six Months Ended June 30, | |||||
(In millions) | 2016 | 2015 | |||
Cash paid for: | |||||
Interest | 9.6 | 9.5 | |||
Income taxes, net | 37.8 | 26.5 |
(In millions) | Severance Costs | Contract Terminations | Lease Terminations | Total | ||||||||
Balance as of January 1, 2016 | $ | 6.3 | — | — | 6.3 | |||||||
Expense | 2.7 | 0.2 | 1.5 | 4.4 | ||||||||
Payments and utilization | (6.2 | ) | (0.2 | ) | (0.7 | ) | (7.1 | ) | ||||
Foreign currency exchange effects | 0.1 | — | (0.1 | ) | — | |||||||
Balance as of June 30, 2016 | $ | 2.9 | — | 0.7 | 3.6 |
• | Cash-in-Transit (“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 and Brazil with or without electronic surveillance, access control, fire prevention and highly trained patrolling personnel |
• | 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 |
• | track record of refining our business portfolio to deliver shareholder value |
• | medium-term growth drivers from high-value services |
• | global footprint in a world with increasing security needs |
• | brand name recognition |
• | reputation for a high level of service and security |
• | risk management and logistics expertise |
• | proven operational excellence |
• | high-quality insurance coverage and general financial strength. |
Three Months Ended June 30, | % | Six Months Ended June 30, | % | ||||||||||||||
(In millions, except for per share amounts) | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||
GAAP | |||||||||||||||||
Revenues | 739.5 | 760.3 | (3 | ) | 1,461.3 | 1,536.4 | (5 | ) | |||||||||
Cost of revenues | 604.5 | 620.9 | (3 | ) | 1,201.5 | 1,250.0 | (4 | ) | |||||||||
Selling, general and administrative expenses | 106.7 | 120.0 | (11 | ) | 217.0 | 232.3 | (7 | ) | |||||||||
Operating profit (loss) | 22.1 | (14.6 | ) | fav | 35.9 | (1.7 | ) | fav | |||||||||
Income (loss) from continuing operations(a) | 0.3 | (13.0 | ) | fav | (2.8 | ) | (13.6 | ) | (79 | ) | |||||||
Diluted EPS from continuing operations(a) | 0.01 | (0.26 | ) | fav | (0.06 | ) | (0.28 | ) | (79 | ) | |||||||
Non-GAAP(b) | |||||||||||||||||
Non-GAAP revenues | 716.5 | 748.1 | (4 | ) | 1,405.4 | 1,503.7 | (7 | ) | |||||||||
Non-GAAP operating profit | 37.9 | 30.6 | 24 | 69.0 | 71.2 | (3 | ) | ||||||||||
Non-GAAP income from continuing operations(a) | 19.0 | 14.8 | 28 | 33.9 | 36.7 | (8 | ) | ||||||||||
Non-GAAP diluted EPS from continuing operations(a) | 0.38 | 0.30 | 27 | 0.68 | 0.74 | (8 | ) |
(a) | Amounts reported in this table are attributable to the shareholders of Brink’s and exclude earnings related to noncontrolling interests. |
(b) | Non-GAAP results are reconciled to the applicable GAAP results on pages 39–41. |
• | a $34.5 million charge in 2015 related to impairment of fixed assets in Venezuela which did not reoccur in 2016, |
• | organic increases in Venezuela ($12.1 million), Latin America ($10.0 million), and France ($3.2 million), and |
• | lower corporate expenses ($8.2 million on an organic basis), |
• | unfavorable changes in currency exchange rates ($13.7 million) |
• | an organic decrease in the U.S. ($7.9 million) and |
• | operating losses recorded in association with the exit of operations in Ireland ($4.5 million). |
• | a $34.5 million charge in 2015 related to impairment of fixed assets in Venezuela, which did not reoccur in 2016, |
• | an organic increase in Venezuela ($34.4 million), Latin America ($18.6 million), France ($3.6 million), and Brazil ($2.8 million), |
• | a lower remeasurement loss of net monetary assets ($13.6 million) as a result of the devaluation of the Venezuelan currency (an $18.2 million charge in 2015 compared to a $4.6 million charge in 2016) and |
• | lower corporate expenses ($8.2 million on an organic basis), |
• | unfavorable changes in currency exchange rates ($34.2 million), excluding the effects of Venezuela devaluations, |
• | organic decreases in the U.S. ($18.4 million) and Mexico ($4.9 million) and |
• | costs recorded in association with the exit of operations in Ireland ($10.4 million). |
• | organic increases in Latin America ($10.0 million), and France ($3.2 million), and |
• | lower corporate expenses ($8.2 million on an organic basis), |
• | unfavorable changes in currency exchange rates ($8.6 million) and |
• | an organic decrease in the U.S. ($7.9 million) |
• | unfavorable changes in currency exchange rates ($13.6 million) and |
• | organic decreases in the U.S. ($18.4 million) and Mexico ($4.9 million), |
• | an organic increase in Latin America ($18.6 million), France ($3.6 million), and Brazil ($2.8 million) and |
• | lower corporate expenses ($8.2 million on an organic basis). |
(In millions except as noted) | 2015 GAAP | 2015 Non-GAAP(a) | 2016 GAAP Outlook(b) | 2016 Non-GAAP Outlook(a) | ||||||||
Revenues | $ | 3,061 | 2,977 | ~2,950 | ~2,900 | |||||||
Operating profit (loss) | 57 | 157 | 135 – 150 | 185 – 200 | ||||||||
Nonoperating expense | (16 | ) | (15 | ) | (17) | (17) | ||||||
Provision for income taxes | (67 | ) | (52 | ) | — | (66) – (71) | ||||||
Noncontrolling interests | 16 | (5 | ) | (8) – (10) | (5) – (7) | |||||||
Income (loss) from continuing operations attributable to Brink's | (9 | ) | 84 | — | 97 – 107 | |||||||
EPS from continuing operations attributable to Brink's | $ | (0.19 | ) | 1.69 | — | 1.95 – 2.10 | ||||||
Operating profit margin | 1.8 | % | 5.3 | % | 4.6% – 5.1% | 6.4% – 6.9% | ||||||
Effective income tax rate | 161.8 | % | 37.0 | % | — | 39.0 | % | |||||
Fixed assets acquired(c) | ||||||||||||
Capital expenditures | $ | 101 | 97 | 100 – 110 | 95 – 105 | |||||||
Capital leases(d) | 19 | 19 | 35 | 35 | ||||||||
Total | $ | 120 | 116 | 135 – 145 | 130 – 140 | |||||||
Depreciation and amortization of fixed assets(c) | $ | 136 | 132 | 125 – 135 | 125 – 135 | |||||||
Adjusted EBITDA(e) | 291 | 305 – 330 |
Key Metrics | Revenues Change | Operating Profit Change | EPS Change | ||||||||||||||||
2016 GAAP Outlook(b) | % Change vs. 2015 | 2016 Non-GAAP Outlook(a) | % Change vs. 2015 | 2016 GAAP Outlook(b) | 2016 Non-GAAP Outlook(a) | 2016 Non-GAAP Outlook(a) | |||||||||||||
Organic | 175 | 6 | 140 | 5 | 97 – 112 | 43 – 58 | 0.40 – 0.55 | ||||||||||||
Dispositions | (32 | ) | (1 | ) | (35 | ) | (1 | ) | — | 5 | 0.10 | ||||||||
Currency | (254 | ) | (8 | ) | (182 | ) | (6 | ) | (19 | ) | (20 | ) | (0.24) | ||||||
Total | (111 | ) | (4 | ) | (77 | ) | (3 | ) | 78 – 93 | 28 – 43 | 0.26 – 0.41 |
(a) | See pages 39-41 for information about reconciliations to GAAP. The 2016 Non-GAAP outlook amounts for provision for income taxes, income (loss) from continuing operations, EPS from continuing operations, effective income tax rate and Adjusted EBITDA cannot be reconciled to GAAP without unreasonable effort. We cannot reconcile these amounts to GAAP because we are unable to accurately forecast the tax impact of Venezuela operations and the related exchange rates used to measure those operations. The impact of Venezuela operations and related exchange rates during the remainder of 2016 could be significant to our full-year GAAP provision for income taxes, and, therefore, to income (loss) from continuing operations, EPS from continuing operations, effective income tax rate and Adjusted EBITDA. |
(b) | 2016 GAAP outlook includes the actual impact of Venezuela operations through June, 30, 2016, but does not include any forecasted amounts from Venezuela operations for the second half of 2016. |
(c) | 2015 non-GAAP amounts exclude Venezuela capital expenditures of $4.3 million and Venezuela depreciation and amortization of fixed assets of $3.9 million. Depreciation and amortization of fixed assets does not include intangible asset amortization. |
(d) | Includes capital leases for newly acquired assets only. |
(e) | Adjusted EBITDA is defined as non-GAAP income from continuing operations excluding the impact of non-GAAP interest expense, non-GAAP income tax provision and non-GAAP depreciation and amortization. |
Organic | Acquisitions / | % Change | |||||||||||||||||||
(In millions) | 2Q'15 | Change | Dispositions(a) | Currency(b) | 2Q'16 | Total | Organic | ||||||||||||||
Revenues: | |||||||||||||||||||||
U.S. | $ | 184.1 | (1.6 | ) | — | — | 182.5 | (1 | ) | (1 | ) | ||||||||||
France | 107.4 | (1.6 | ) | — | 2.1 | 107.9 | — | (1 | ) | ||||||||||||
Mexico | 85.1 | 6.2 | — | (14.0 | ) | 77.3 | (9 | ) | 7 | ||||||||||||
Brazil | 67.7 | 8.8 | — | (9.6 | ) | 66.9 | (1 | ) | 13 | ||||||||||||
Canada | 39.6 | 0.4 | — | (1.8 | ) | 38.2 | (4 | ) | 1 | ||||||||||||
Largest 5 Markets | 483.9 | 12.2 | — | (23.3 | ) | 472.8 | (2 | ) | 3 | ||||||||||||
Latin America | 91.2 | 21.2 | — | (27.4 | ) | 85.0 | (7 | ) | 23 | ||||||||||||
EMEA | 112.3 | (3.7 | ) | (10.9 | ) | (1.5 | ) | 96.2 | (14 | ) | (3 | ) | |||||||||
Asia | 38.6 | 3.6 | — | (0.7 | ) | 41.5 | 8 | 9 | |||||||||||||
Global Markets | 242.1 | 21.1 | (10.9 | ) | (29.6 | ) | 222.7 | (8 | ) | 9 | |||||||||||
Payment Services | 22.1 | 1.5 | — | (2.6 | ) | 21.0 | (5 | ) | 7 | ||||||||||||
Revenues - non-GAAP | 748.1 | 34.8 | (10.9 | ) | (55.5 | ) | 716.5 | (4 | ) | 5 | |||||||||||
Other items not allocated to segments(d) | 12.2 | 34.5 | 1.5 | (25.2 | ) | 23.0 | 89 | fav | |||||||||||||
Revenues - GAAP | $ | 760.3 | 69.3 | (9.4 | ) | (80.7 | ) | 739.5 | (3 | ) | 9 | ||||||||||
Operating profit: | |||||||||||||||||||||
U.S. | $ | 6.4 | (7.9 | ) | — | — | (1.5 | ) | unfav | unfav | |||||||||||
France | 6.7 | 3.2 | — | 0.2 | 10.1 | 51 | 48 | ||||||||||||||
Mexico | 4.5 | (0.9 | ) | — | (0.5 | ) | 3.1 | (31 | ) | (20 | ) | ||||||||||
Brazil | 2.1 | 0.7 | — | (0.3 | ) | 2.5 | 19 | 33 | |||||||||||||
Canada | 2.4 | (0.9 | ) | — | (0.1 | ) | 1.4 | (42 | ) | (38 | ) | ||||||||||
Largest 5 Markets | 22.1 | (5.8 | ) | — | (0.7 | ) | 15.6 | (29 | ) | (26 | ) | ||||||||||
Latin America | 19.2 | 10.0 | — | (8.4 | ) | 20.8 | 8 | 52 | |||||||||||||
EMEA | 9.1 | (0.1 | ) | 1.0 | (0.1 | ) | 9.9 | 9 | (1 | ) | |||||||||||
Asia | 5.9 | 1.1 | — | — | 7.0 | 19 | 19 | ||||||||||||||
Global Markets | 34.2 | 11.0 | 1.0 | (8.5 | ) | 37.7 | 10 | 32 | |||||||||||||
Payment Services | (3.7 | ) | 1.5 | — | 0.2 | (2.0 | ) | (46 | ) | (41 | ) | ||||||||||
Corporate expenses(c) | (22.0 | ) | 8.2 | — | 0.4 | (13.4 | ) | (39 | ) | (37 | ) | ||||||||||
Operating profit - non-GAAP | 30.6 | 14.9 | 1.0 | (8.6 | ) | 37.9 | 24 | 49 | |||||||||||||
Other items not allocated to segments(d) | (45.2 | ) | 39.3 | (4.8 | ) | (5.1 | ) | (15.8 | ) | (65 | ) | (87 | ) | ||||||||
Operating profit (loss) - GAAP | $ | (14.6 | ) | 54.2 | (3.8 | ) | (13.7 | ) | 22.1 | fav | fav |
(a) | Includes operating results and gains/losses on acquisitions and dispositions of assets and of businesses. |
(b) | The amounts in the “Currency” column consist of the amortization of Venezuela non-monetary assets not devalued under highly inflationary accounting rules and the sum of monthly currency changes. Monthly currency changes represent the accumulation throughout the year of the impact on current period results of changes in foreign currency rates from the prior year period. |
(c) | Corporate expenses are not allocated to segment results. Corporate expenses include salaries and other costs to manage the global business and to perform activities required by public companies. |
(d) | See pages 33–34 for more information. |
Organic | Acquisitions / | % Change | |||||||||||||||||||
(In millions) | YTD '15 | Change | Dispositions(a) | Currency(b) | YTD '16 | Total | Organic | ||||||||||||||
Revenues: | |||||||||||||||||||||
U.S. | $ | 367.7 | (6.4 | ) | — | — | 361.3 | (2 | ) | (2 | ) | ||||||||||
France | 213.1 | (0.3 | ) | — | (0.1 | ) | 212.7 | — | — | ||||||||||||
Mexico | 170.8 | 10.8 | — | (29.4 | ) | 152.2 | (11 | ) | 6 | ||||||||||||
Brazil | 141.5 | 17.3 | — | (31.9 | ) | 126.9 | (10 | ) | 12 | ||||||||||||
Canada | 78.4 | 1.4 | — | (5.7 | ) | 74.1 | (5 | ) | 2 | ||||||||||||
Largest 5 Markets | 971.5 | 22.8 | — | (67.1 | ) | 927.2 | (5 | ) | 2 | ||||||||||||
Latin America | 182.0 | 38.8 | — | (56.6 | ) | 164.2 | (10 | ) | 21 | ||||||||||||
EMEA | 228.0 | (13.0 | ) | (18.0 | ) | (5.4 | ) | 191.6 | (16 | ) | (6 | ) | |||||||||
Asia | 77.3 | 5.4 | — | (2.2 | ) | 80.5 | 4 | 7 | |||||||||||||
Global Markets | 487.3 | 31.2 | (18.0 | ) | (64.2 | ) | 436.3 | (10 | ) | 6 | |||||||||||
Payment Services | 44.9 | 5.5 | — | (8.5 | ) | 41.9 | (7 | ) | 12 | ||||||||||||
Revenues - non-GAAP | 1,503.7 | 59.5 | (18.0 | ) | (139.8 | ) | 1,405.4 | (7 | ) | 4 | |||||||||||
Other items not allocated to segments(d) | 32.7 | 93.6 | 2.3 | (72.7 | ) | 55.9 | 71 | fav | |||||||||||||
Revenues - GAAP | $ | 1,536.4 | 153.1 | (15.7 | ) | (212.5 | ) | 1,461.3 | (5 | ) | 10 | ||||||||||
Operating profit: | |||||||||||||||||||||
U.S. | $ | 14.7 | (18.4 | ) | — | — | (3.7 | ) | unfav | unfav | |||||||||||
France | 10.8 | 3.6 | — | 0.2 | 14.6 | 35 | 33 | ||||||||||||||
Mexico | 12.4 | (4.9 | ) | — | (1.2 | ) | 6.3 | (49 | ) | (40 | ) | ||||||||||
Brazil | 8.2 | 2.8 | — | (2.4 | ) | 8.6 | 5 | 34 | |||||||||||||
Canada | 4.1 | (0.6 | ) | — | (0.3 | ) | 3.2 | (22 | ) | (15 | ) | ||||||||||
Largest 5 Markets | 50.2 | (17.5 | ) | — | (3.7 | ) | 29.0 | (42 | ) | (35 | ) | ||||||||||
Latin America | 35.7 | 18.6 | — | (16.0 | ) | 38.3 | 7 | 52 | |||||||||||||
EMEA | 17.3 | (1.7 | ) | 1.5 | (0.3 | ) | 16.8 | (3 | ) | (10 | ) | ||||||||||
Asia | 12.4 | 1.2 | — | (0.2 | ) | 13.4 | 8 | 10 | |||||||||||||
Global Markets | 65.4 | 18.1 | 1.5 | (16.5 | ) | 68.5 | 5 | 28 | |||||||||||||
Payment Services | (3.2 | ) | 1.1 | — | 0.1 | (2.0 | ) | (38 | ) | (34 | ) | ||||||||||
Corporate expenses(c) | (41.2 | ) | 8.2 | — | 6.5 | (26.5 | ) | (36 | ) | (20 | ) | ||||||||||
Operating profit - non-GAAP | 71.2 | 9.9 | 1.5 | (13.6 | ) | 69.0 | (3 | ) | 14 | ||||||||||||
Other items not allocated to segments(d) | (72.9 | ) | 57.4 | (10.6 | ) | (7.0 | ) | (33.1 | ) | (55 | ) | (79 | ) | ||||||||
Operating profit (loss) - GAAP | $ | (1.7 | ) | 67.3 | (9.1 | ) | (20.6 | ) | 35.9 | fav | fav |
Three Months Ended June 30, | % | Six Months Ended June 30, | % | |||||||||||||||
(In millions) | 2016 | 2015 | change | 2016 | 2015 | change | ||||||||||||
General, administrative and other expenses | $ | (16.1 | ) | (25.3 | ) | (36 | ) | (33.7 | ) | (42.9 | ) | (21 | ) | |||||
Foreign currency transaction gains (losses) | 1.4 | 1.1 | 27 | 2.7 | (3.7 | ) | fav | |||||||||||
Reconciliation of segment policies to GAAP | 1.3 | 2.2 | (41 | ) | 4.5 | 5.4 | (17 | ) | ||||||||||
Corporate expenses | $ | (13.4 | ) | (22.0 | ) | (39 | ) | (26.5 | ) | (41.2 | ) | (36 | ) |
Three Months Ended June 30, | % | Six Months Ended June 30, | % | |||||||||||||||
(In millions) | 2016 | 2015 | change | 2016 | 2015 | change | ||||||||||||
Revenues: | ||||||||||||||||||
Venezuela operations | $ | 21.5 | 12.2 | 76 | 53.6 | 32.7 | 64 | |||||||||||
Acquisitions and dispositions | 1.5 | — | fav | 2.3 | — | fav | ||||||||||||
Revenues | $ | 23.0 | 12.2 | 89 | 55.9 | 32.7 | 71 | |||||||||||
Operating profit: | ||||||||||||||||||
Venezuela operations | $ | 0.9 | (39.1 | ) | fav | 2.7 | (57.0 | ) | fav | |||||||||
Reorganization and Restructuring | (2.1 | ) | 1.2 | unfav | (8.1 | ) | (0.3 | ) | unfav | |||||||||
U.S. and Mexican retirement plans | (8.1 | ) | (7.6 | ) | 7 | (15.4 | ) | (15.9 | ) | (3 | ) | |||||||
Acquisitions and dispositions | (6.5 | ) | 0.3 | unfav | (12.3 | ) | 0.3 | unfav | ||||||||||
Operating profit | $ | (15.8 | ) | (45.2 | ) | (65 | ) | (33.1 | ) | (72.9 | ) | (55 | ) |
• | Continued inability to repatriate cash to redeploy to other operations or dividend to shareholders |
• | Highly inflationary environment |
• | Fixed exchange rate policy |
• | Continued currency devaluations and |
• | Difficulty raising prices and controlling costs |
Three Months Ended June 30, | % | Six Months Ended June 30, | % | |||||||||||||||
(In millions) | 2016 | 2015 | change | 2016 | 2015 | change | ||||||||||||
Foreign currency items: | ||||||||||||||||||
Transaction gains (losses) | $ | 1.4 | (2.6 | ) | fav | 1.2 | (25.4 | ) | fav | |||||||||
Hedge gains (losses) | (1.7 | ) | 2.3 | unfav | (3.1 | ) | 3.5 | unfav | ||||||||||
Gains (loss) on sale of property and other assets | (1.7 | ) | 0.3 | unfav | (1.7 | ) | 0.5 | unfav | ||||||||||
Argentina conversion losses | — | — | — | (0.1 | ) | — | unfav | |||||||||||
Impairment losses | (4.9 | ) | (34.7 | ) | (86 | ) | (5.4 | ) | (35.8 | ) | (85 | ) | ||||||
Share in earnings of equity affiliates | — | 0.1 | (100 | ) | 0.1 | 0.2 | (50 | ) | ||||||||||
Royalty income | 0.5 | 0.4 | 25 | 1.2 | 0.8 | 50 | ||||||||||||
Gains on business acquisitions and dispositions | — | 0.3 | (100 | ) | 0.1 | 0.3 | (67 | ) | ||||||||||
Other gains (losses) | 0.2 | (0.1 | ) | fav | 0.8 | 0.1 | fav | |||||||||||
Other operating income (expense) | $ | (6.2 | ) | (34.0 | ) | (82 | ) | (6.9 | ) | (55.8 | ) | (88 | ) |
Three Months Ended June 30, | % | Six Months Ended June 30, | % | |||||||||||||
(In millions) | 2016 | 2015 | change | 2016 | 2015 | change | ||||||||||
Interest expense | $ | 4.9 | 4.7 | 4 | 9.8 | 9.6 | 2 |
Three Months Ended June 30, | % | Six Months Ended June 30, | % | |||||||||||||||
(In millions) | 2016 | 2015 | change | 2016 | 2015 | change | ||||||||||||
Interest income | $ | 0.6 | 0.9 | (33 | ) | 1.2 | 1.6 | (25 | ) | |||||||||
Gain on sale of available-for-sale securities | 0.5 | 0.1 | fav | 0.5 | 0.1 | fav | ||||||||||||
Foreign currency hedge losses | (0.4 | ) | (0.1 | ) | unfav | (0.5 | ) | (0.3 | ) | 67 | ||||||||
Other | — | (0.5 | ) | (100 | ) | (0.5 | ) | (0.6 | ) | (17 | ) | |||||||
Interest and other income | $ | 0.7 | 0.4 | 75 | 0.7 | 0.8 | (13 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
Continuing operations | |||||||||||||
Provision for income taxes (in millions) | $ | 14.5 | 7.6 | $ | 23.9 | 23.1 | |||||||
Effective tax rate | 81.0 | % | (40.2 | )% | 89.2 | % | (220.0 | %) |
Three Months Ended June 30, | % | Six Months Ended June 30, | % | ||||||||||||||
(In millions) | 2016 | 2015 | change | 2016 | 2015 | change | |||||||||||
Net income (loss) attributable to noncontrolling interests | $ | 3.1 | (13.5 | ) | unfav | $ | 5.7 | (20.0 | ) | unfav |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
(In millions) | 2016 | 2015 | 2016 | 2015 | |||||||||
Loss from operations(a)(b) | $ | — | — | $ | — | (2.4 | ) | ||||||
Loss on sale(a) | — | (0.1 | ) | — | (0.8 | ) | |||||||
Adjustments to contingencies of former operations(c): | |||||||||||||
Other | 0.1 | — | 0.1 | (0.1 | ) | ||||||||
(Income) loss from discontinued operations before income taxes | 0.1 | (0.1 | ) | 0.1 | (3.3 | ) | |||||||
Provision (benefit) for income taxes | 0.1 | (0.2 | ) | 0.1 | (1.0 | ) | |||||||
(Income) loss from discontinued operations, net of tax | $ | — | 0.1 | $ | — | (2.3 | ) |
(a) | Discontinued operations include gains and losses related to businesses that we recently sold. No interest expense was included in discontinued operations in the first six months of 2015. |
(b) | The loss from operations in the first six months of 2015 included $1.0 million in pension settlement charges related to the Mexican parcel delivery service sold in February 2015. |
(c) | Primarily related to former businesses previously exited. |
• | In February 2015, we sold a small Mexican parcel delivery business which met the criteria for classification as a discontinued operation as of December 31, 2014. |
• | We sold an Irish guarding operation in November 2015. |
• | We sold our 70% ownership interest in a Russian cash management business in November 2015 and recognized a $5.9 million loss on the disposition in the fourth quarter of 2015. A significant part of the loss ($5.0 million) represented the reclassification of foreign currency adjustments from accumulated other comprehensive loss into earnings. |
YTD '15 | YTD '16 | ||||||||||||||||||
(In millions, except for percentages) | Pre-tax | Tax | Effective tax rate | Pre-tax | Tax | Effective tax rate | |||||||||||||
Effective Income Tax Rate(a) | |||||||||||||||||||
Non-GAAP | $ | 62.4 | 23.1 | 37.0 | % | $ | 59.9 | 23.3 | 38.9 | % | |||||||||
Other items not allocated to segments(b) | (72.9 | ) | (3.9 | ) | (33.1 | ) | (1.4 | ) | |||||||||||
Income tax rate adjustment(d) | — | 3.9 | — | 2.0 | |||||||||||||||
GAAP | $ | (10.5 | ) | 23.1 | (220.0 | )% | $ | 26.8 | 23.9 | 89.2 | % |
2016 | |||
2Q | |||
EPS: | |||
Constant currency basis - Non-GAAP | $ | 0.48 | |
Effect of changes in currency exchange rates(c) | (0.10 | ) | |
Non-GAAP | 0.38 | ||
Other items not allocated to segments(b) | (0.34 | ) | |
Income tax rate adjustment(d) | (0.02 | ) | |
GAAP | $ | 0.01 |
(a) | From continuing operations. |
(b) | See “Other Items Not Allocated To Segments” on pages 33–34 for pre-tax amounts and details. Other Items Not Allocated To Segments for noncontrolling interests, income from continuing operations attributable to Brink's and EPS are the effects of the same items at their respective line items of the consolidated statements of operations. |
(c) | See footnote (b) on page 29 for currency definition and calculation between periods. For non-GAAP EPS on a constant currency basis, EPS is calculated for the most recent period at the prior period's foreign currency rates to eliminate the currency impact on EPS. |
(d) | Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at 39.0% for 2016 and was 37.0% for 2015. |
(e) | Non-GAAP amounts exclude the impact of "Other Items Not Allocated to Segments" on the respective line items on the consolidated statements of operations. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
(In millions, except for percentages and per share amounts) | 2016 | 2015 | 2016 | 2015 | ||||||||
Revenues: | ||||||||||||
Non-GAAP | $ | 716.5 | 748.1 | 1,405.4 | 1,503.7 | |||||||
Other items not allocated to segments(b) | 23.0 | 12.2 | 55.9 | 32.7 | ||||||||
GAAP | $ | 739.5 | 760.3 | 1,461.3 | 1,536.4 | |||||||
Operating profit (loss): | ||||||||||||
Non-GAAP | $ | 37.9 | 30.6 | 69.0 | 71.2 | |||||||
Other items not allocated to segments(b) | (15.8 | ) | (45.2 | ) | (33.1 | ) | (72.9 | ) | ||||
GAAP | $ | 22.1 | (14.6 | ) | 35.9 | (1.7 | ) | |||||
Provision for income taxes: | ||||||||||||
Non-GAAP | $ | 13.1 | 9.7 | 23.3 | 23.1 | |||||||
Other items not allocated to segments(b) | 0.6 | — | (1.4 | ) | (3.9 | ) | ||||||
Income tax rate adjustment(d) | 0.8 | (2.1 | ) | 2.0 | 3.9 | |||||||
GAAP | $ | 14.5 | 7.6 | 23.9 | 23.1 | |||||||
Net income (loss) attributable to noncontrolling interests: | ||||||||||||
Non-GAAP | $ | 1.6 | 1.8 | 2.7 | 2.6 | |||||||
Other items not allocated to segments(b) | 1.2 | (16.5 | ) | 2.3 | (22.7 | ) | ||||||
Income tax rate adjustment(d) | 0.3 | 1.2 | 0.7 | 0.1 | ||||||||
GAAP | $ | 3.1 | (13.5 | ) | 5.7 | (20.0 | ) | |||||
Income (loss) from continuing operations attributable to Brink's: | ||||||||||||
Non-GAAP | $ | 19.0 | 14.8 | 33.9 | 36.7 | |||||||
Other items not allocated to segments(b) | (17.6 | ) | (28.7 | ) | (34.0 | ) | (46.3 | ) | ||||
Income tax rate adjustment(d) | (1.1 | ) | 0.9 | (2.7 | ) | (4.0 | ) | |||||
GAAP | $ | 0.3 | (13.0 | ) | (2.8 | ) | (13.6 | ) | ||||
Diluted EPS: | ||||||||||||
Non-GAAP | $ | 0.38 | 0.30 | 0.68 | 0.74 | |||||||
Other items not allocated to segments(b) | (0.34 | ) | (0.58 | ) | (0.68 | ) | (0.92 | ) | ||||
Income tax rate adjustment(d) | (0.02 | ) | 0.02 | (0.05 | ) | (0.09 | ) | |||||
GAAP | $ | 0.01 | (0.26 | ) | (0.06 | ) | (0.28 | ) | ||||
Non-GAAP margin | 5.3 | % | 4.1 | % | 4.9 | % | 4.7 | % |
2015 | |||
(In millions) | Full Year | ||
Net income (loss) attributable to Brink's | $ | (11.9 | ) |
Discontinued operations | 2.8 | ||
Income (loss) from continuing operations attributable to Brink's - GAAP | (9.1 | ) | |
Other items not allocated to segments(b) | 93.3 | ||
Income (loss) from continuing operations attributable to Brink's - Non-GAAP | 84.2 | ||
Interest expense - Non-GAAP(e) | 18.9 | ||
Income tax provision - Non-GAAP(e) | 52.3 | ||
Depreciation and amortization - Non-GAAP(e) | 136.0 | ||
Adjusted EBITDA | $ | 291.4 |
(In millions, except for percentages and per share amounts) | 2016 Non-GAAP Outlook | Other Items Not Allocated to Segments | 2016 GAAP Outlook | ||||
Revenues(a) | ~2,900 | 50 | ~2,950 | ||||
Operating profit (loss)(b) | 185 – 200 | (50) | 135 – 150 | ||||
Nonoperating expense(a) | (17) | — | (17) | ||||
Provision for income taxes(b)(d) | (66) – (71) | — | — | ||||
Noncontrolling interests(c) | (5) – (7) | (3) | (8) – (10) | ||||
Income (loss) from continuing operations(b)(d) | 97 – 107 | — | — | ||||
EPS from continuing operations(b)(d) | 1.95 – 2.10 | — | — | ||||
Operating profit margin(b) | 6.4% – 6.9% | (1.8)% | 4.6% – 5.1% | ||||
Effective income tax rate(b)(d) | 39.0 | % | — | — | % | ||
Fixed asset acquired | |||||||
Capital expenditures(a) | 95 – 105 | 5 | 100 – 110 | ||||
Capital leases | 35 | — | 35 | ||||
Total | 130 – 140 | 5 | 135 – 145 | ||||
Depreciation and amortization of fixed assets | 125 – 135 | — | 125 – 135 |
(a) | Non-GAAP outlook excludes the impacts of Venezuela operations and acquisitions and dispositions. |
(b) | Non-GAAP outlook excludes the impacts of Venezuela operations, reorganization and restructuring, U.S. and Mexican retirement plans, and acquisitions and dispositions. |
(c) | Non-GAAP outlook excludes the impacts of Venezuela operations. |
(d) | The 2016 Non-GAAP outlook amounts for provision for income taxes, income (loss) from continuing operations, EPS from continuing operations, and the effective income tax rate cannot be reconciled to GAAP without unreasonable effort. We cannot reconcile these amounts to GAAP because we are unable to accurately forecast the tax impact of Venezuela operations and the related exchange rates used to measure those operations. The impact of Venezuela operations and related exchange rates during the remainder of 2016 could be significant to our full-year GAAP provision for income taxes, and, therefore, to income (loss) from continuing operations, EPS from continuing operations, and the effective income tax rate. |
Six Months Ended June 30, | $ | ||||||||
(In millions) | 2016 | 2015 | change | ||||||
Cash flows from operating activities | |||||||||
Operating activities - non-GAAP | $ | 14.1 | 37.2 | (23.1 | ) | ||||
Venezuela operations | 14.0 | 0.7 | 13.3 | ||||||
Increase (decrease) in certain customer obligations(a) | (14.7 | ) | 6.7 | (21.4 | ) | ||||
Discontinued operations | — | (2.0 | ) | 2.0 | |||||
Operating activities - GAAP | $ | 13.4 | 42.6 | (29.2 | ) |
(a) | To adjust for the change in the balance of customer obligations related to cash received and processed in certain of our secure Cash Management Services operations. The title to this cash 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. |
Six Months Ended June 30, | $ | ||||||||
(In millions) | 2016 | 2015 | change | ||||||
Cash flows from investing activities | |||||||||
Capital expenditures | $ | (45.0 | ) | (35.2 | ) | (9.8 | ) | ||
Marketable securities: | |||||||||
Purchases | (8.7 | ) | — | (8.7 | ) | ||||
Sales | 8.6 | 0.4 | 8.2 | ||||||
Proceeds from sale of property, equipment and investments | 2.9 | 0.6 | 2.3 | ||||||
Other | (0.7 | ) | (0.5 | ) | (0.2 | ) | |||
Discontinued operations | — | 1.9 | (1.9 | ) | |||||
Investing activities | $ | (42.9 | ) | (32.8 | ) | (10.1 | ) |
Six Months Ended June 30, | $ | Full Year | Outlook | |||||||||||
(In millions) | 2016 | 2015 | change | 2015 | 2016 | |||||||||
Property and equipment acquired during the period | ||||||||||||||
Capital expenditures:(b) | ||||||||||||||
Largest 5 Markets | $ | 29.6 | 22.0 | 7.6 | 59.3 | (a) | ||||||||
Global Markets | 9.6 | 7.3 | 2.3 | 28.8 | (a) | |||||||||
Payment Services | 0.6 | 0.7 | (0.1 | ) | 1.7 | (a) | ||||||||
Corporate | 2.7 | 4.3 | (1.6 | ) | 7.0 | (a) | ||||||||
Capital expenditures - non-GAAP | 42.5 | 34.3 | 8.2 | 96.8 | 95 – 105 | |||||||||
Venezuela | 2.5 | 0.9 | 1.6 | 4.3 | (a) | |||||||||
Capital expenditures - GAAP | $ | 45.0 | 35.2 | 9.8 | 101.1 | (a) | ||||||||
Capital leases:(c) | ||||||||||||||
Largest 5 Markets | $ | 12.7 | 6.2 | 6.5 | 18.8 | (a) | ||||||||
Payment Services | — | — | — | 0.1 | (a) | |||||||||
Capital leases - GAAP and non-GAAP | $ | 12.7 | 6.2 | 6.5 | 18.9 | 35 | ||||||||
Total: | ||||||||||||||
Largest 5 Markets | $ | 42.3 | 28.2 | 14.1 | 78.1 | (a) | ||||||||
Global Markets | 9.6 | 7.3 | 2.3 | 28.8 | (a) | |||||||||
Payment Services | 0.6 | 0.7 | (0.1 | ) | 1.8 | (a) | ||||||||
Corporate | 2.7 | 4.3 | (1.6 | ) | 7.0 | (a) | ||||||||
Total - non-GAAP | 55.2 | 40.5 | 14.7 | 115.7 | 130 – 140 | |||||||||
Venezuela | 2.5 | 0.9 | 1.6 | 4.3 | (a) | |||||||||
Total - GAAP | $ | 57.7 | 41.4 | 16.3 | 120.0 | (a) | ||||||||
Depreciation and amortization(b) | ||||||||||||||
Largest 5 Markets | $ | 45.5 | 48.5 | (3.0 | ) | 94.6 | (a) | |||||||
Global Markets | 12.6 | 14.0 | (1.4 | ) | 27.2 | (a) | ||||||||
Payment Services | 1.3 | 1.6 | (0.3 | ) | 2.9 | (a) | ||||||||
Corporate | 5.4 | 5.3 | 0.1 | 11.3 | (a) | |||||||||
Depreciation and amortization - non-GAAP | 64.8 | 69.4 | (4.6 | ) | 136.0 | 125 – 135 | ||||||||
Venezuela | 0.3 | 3.8 | (3.5 | ) | 3.9 | (a) | ||||||||
Depreciation and amortization - GAAP | $ | 65.1 | 73.2 | (8.1 | ) | 139.9 | (a) |
(a) | Not provided |
(b) | Capital expenditures as well as depreciation and amortization related to Venezuela have been excluded from Global Markets |
(c) | Represents the amount of property and equipment acquired using capital leases. Because the assets are acquired without using cash, the acquisitions are not reflected in the consolidated cash flow statement. Amounts are provided here to assist in the comparison of assets acquired in the current year versus prior years. Sale leaseback transactions are excluded from "Capital leases" in this table. |
Six Months Ended June 30, | $ | ||||||||
(In millions) | 2016 | 2015 | change | ||||||
Cash provided by (used in) financing activities | |||||||||
Borrowings and repayments: | |||||||||
Short-term debt | $ | 39.1 | (12.4 | ) | 51.5 | ||||
Long-term revolving credit facilities | 16.8 | (20.0 | ) | 36.8 | |||||
Other long-term debt | (23.8 | ) | 56.3 | (80.1 | ) | ||||
Borrowings (repayments) | 32.1 | 23.9 | 8.2 | ||||||
Debt financing costs | — | (2.0 | ) | 2.0 | |||||
Common stock issued | 2.5 | — | 2.5 | ||||||
Dividends attributable to: | |||||||||
Shareholders of Brink’s | (9.8 | ) | (9.7 | ) | (0.1 | ) | |||
Noncontrolling interests in subsidiaries | (2.1 | ) | (4.1 | ) | 2.0 | ||||
Other | — | 3.2 | (3.2 | ) | |||||
Cash flows from financing activities | $ | 22.7 | 11.3 | 11.4 |
June 30, | December 31, | |||||
(In millions) | 2016 | 2015 | ||||
Debt: | ||||||
Short-term debt | $ | 77.2 | 32.6 | |||
Long-term debt | 405.3 | 397.9 | ||||
Total Debt | 482.5 | 430.5 | ||||
Less: | ||||||
Cash and cash equivalents | 169.6 | 181.9 | ||||
Amounts held by Cash Management Services operations(a) | (9.6 | ) | (24.2 | ) | ||
Cash and cash equivalents available for general corporate purposes | 160.0 | 157.7 | ||||
Net Debt | $ | 322.5 | 272.8 |
(a) | Title to cash received and processed in certain of our secure Cash Management Services 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. |
Funded Status of U.S. Retirement Plans | |||||||||||||||||||||
Actual | Actual | Projected | |||||||||||||||||||
(In millions) | 2015 | 1st Half 2016 | 2nd Half 2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||
U.S. pension plans | |||||||||||||||||||||
Beginning funded status | $ | (117.8 | ) | (123.4 | ) | (114.3 | ) | (107.6 | ) | (90.5 | ) | (72.9 | ) | (53.6 | ) | ||||||
Net periodic pension credit(a) | 18.6 | 8.8 | 8.7 | 18.6 | 18.9 | 19.0 | 19.0 | ||||||||||||||
Payment from Brink’s: | |||||||||||||||||||||
Primary U.S. pension plan | — | — | — | — | — | — | 8.8 | ||||||||||||||
Other U.S. pension plan | 0.3 | 0.3 | 0.3 | 0.9 | 0.6 | 1.3 | 0.7 | ||||||||||||||
Benefit plan experience gain | (24.5 | ) | — | (2.3 | ) | (2.4 | ) | (1.9 | ) | (1.0 | ) | — | |||||||||
Ending funded status | $ | (123.4 | ) | (114.3 | ) | (107.6 | ) | (90.5 | ) | (72.9 | ) | (53.6 | ) | (25.1 | ) | ||||||
UMWA plans | |||||||||||||||||||||
Beginning funded status | $ | (197.2 | ) | (205.7 | ) | (206.7 | ) | (207.1 | ) | (208.5 | ) | (210.5 | ) | (213.2 | ) | ||||||
Net periodic postretirement credit (cost)(a) | 3.5 | (0.7 | ) | (0.7 | ) | (1.4 | ) | (2.0 | ) | (2.7 | ) | (3.6 | ) | ||||||||
Benefit plan experience gain | (11.7 | ) | — | — | — | — | — | — | |||||||||||||
Other | (0.3 | ) | (0.3 | ) | 0.3 | — | — | — | — | ||||||||||||
Ending funded status | $ | (205.7 | ) | (206.7 | ) | (207.1 | ) | (208.5 | ) | (210.5 | ) | (213.2 | ) | (216.8 | ) | ||||||
Black lung and other plans | |||||||||||||||||||||
Beginning funded status | $ | (58.3 | ) | (56.6 | ) | (54.2 | ) | (52.7 | ) | (48.8 | ) | (45.1 | ) | (41.8 | ) | ||||||
Net periodic postretirement cost(a) | (2.2 | ) | (1.2 | ) | (1.2 | ) | (2.0 | ) | (1.9 | ) | (1.8 | ) | (1.6 | ) | |||||||
Payment from Brink’s | 6.2 | 3.6 | 2.7 | 5.9 | 5.6 | 5.1 | 4.8 | ||||||||||||||
Other | (2.3 | ) | — | — | — | — | — | — | |||||||||||||
Ending funded status | $ | (56.6 | ) | (54.2 | ) | (52.7 | ) | (48.8 | ) | (45.1 | ) | (41.8 | ) | (38.6 | ) |
(a) | Excludes amounts reclassified from accumulated other comprehensive income (loss). |
• | Discount rates and other assumptions in effect at measurement dates (normally December 31) |
• | Investment returns of plan assets |
• | Addition of new participants (historically immaterial due to freezing of pension benefits and exit from coal business) |
• | Mortality rates |
• | Change in laws |
Actual | Actual | Projected | ||||||||||||||||||||||
(In millions) | 2015 | 1st Half 2016 | 2nd Half 2016 | FY2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
U.S. pension plans | $ | 12.6 | 3.5 | 3.9 | 7.4 | 3.3 | 1.9 | 1.5 | 1.2 | |||||||||||||||
UMWA plans | 7.4 | 7.2 | 7.6 | 14.8 | 13.3 | 13.2 | 13.2 | 13.3 | ||||||||||||||||
Black lung and other plans | 6.7 | 3.3 | 3.5 | 6.8 | 6.1 | 5.3 | 3.3 | 3.0 | ||||||||||||||||
Total | $ | 26.7 | 14.0 | 15.0 | 29.0 | 22.7 | 20.4 | 18.0 | 17.5 |
• | from Brink’s to U.S. retirement plans, and |
• | from the plans to participants. |
Actual | Actual | Projected | ||||||||||||||||||||||
(In millions) | 2015 | 1st Half 2016 | 2nd Half 2016 | FY2016 | 2017 | 2018 | 2019 | 2020 | ||||||||||||||||
Payments from Brink’s to U.S. Plans | ||||||||||||||||||||||||
Primary U.S. pension plan | $ | — | — | — | — | — | — | — | 8.8 | |||||||||||||||
Other U.S. pension plan | 0.3 | 0.3 | 0.3 | 0.6 | 0.9 | 0.6 | 1.3 | 0.7 | ||||||||||||||||
Black lung and other plans | 6.2 | 3.6 | 2.7 | 6.3 | 5.9 | 5.6 | 5.1 | 4.8 | ||||||||||||||||
Total | $ | 6.5 | 3.9 | 3.0 | 6.9 | 6.8 | 6.2 | 6.4 | 14.3 | |||||||||||||||
Payments from U.S. Plans to participants | ||||||||||||||||||||||||
U.S. pension plans | $ | 51.0 | 23.9 | 25.8 | 49.7 | 50.5 | 50.7 | 51.7 | 51.5 | |||||||||||||||
UMWA plans | 36.0 | 15.1 | 15.8 | 30.9 | 31.2 | 31.1 | 30.8 | 31.7 | ||||||||||||||||
Black lung and other plans | 6.2 | 3.6 | 2.7 | 6.3 | 5.9 | 5.6 | 5.1 | 4.8 | ||||||||||||||||
Total | $ | 93.2 | 42.6 | 44.3 | 86.9 | 87.6 | 87.4 | 87.6 | 88.0 |
• | our ability to improve profitability in our largest five markets; |
• | our ability to identify and execute further cost and operational improvements and efficiencies in our core businesses; |
• | our ability to improve service levels and quality in our core business; |
• | continuing market volatility and commodity price fluctuations and their impact on the demand for our services; |
• | our ability to maintain or improve volumes at favorable pricing levels and increase cost and productivity efficiencies, particularly in the United States and Mexico; |
• | investments in information technology and adjacent businesses and their impact on revenues and profit growth; |
• | our ability to develop and implement solutions for our customers and gain market acceptance of those solutions; |
• | our ability to maintain an effective IT infrastructure and safeguard confidential information; |
• | risks customarily associated with operating in foreign countries including changing labor and economic conditions, currency restrictions and devaluations, safety and security issues, political instability, restrictions on and cost of repatriation of earnings and capital, nationalization, expropriation and other forms of restrictive government actions; |
• | the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates; |
• | regulatory and labor issues in many of our global operations, including negotiations with organized labor and the possibility of work stoppages; |
• | our ability to integrate successfully recently acquired companies and improve their operating profit margins; |
• | costs related to dispositions and market exits; |
• | our ability to identify evaluate and pursue acquisitions and other strategic opportunities, including those in the home security industry and emerging markets; |
• | the willingness of our customers to absorb fuel surcharges and other future price increases; |
• | our ability to obtain necessary information technology and other services at favorable pricing levels from third party service providers; |
• | variations in costs or expenses and performance delays of any public or private sector supplier, service provider or customer; |
• | our ability to obtain appropriate insurance coverage, positions taken by insurers with respect to claims made and the financial condition of insurers, safety and security performance, our loss experience, and changes in insurance costs; |
• | costs associated with the purchase and implementation of cash processing and security equipment; |
• | employee and environmental liabilities in connection with our former coal operations, including black lung claims incidence; |
• | the impact of the Patient Protection and Affordable Care Act on UMWA and black lung liability and the Company's ongoing operations; |
• | changes to estimated liabilities and assets in actuarial assumptions due to payments made, investment returns, interest rates and annual actuarial revaluations, the funding requirements, accounting treatment, investment performance and costs and expenses of our pension plans, the VEBA and other employee benefits, mandatory or voluntary pension plan contributions; |
• | the nature of our hedging relationships; |
• | counterparty risk; |
• | changes in estimates and assumptions underlying our critical accounting policies; |
• | our ability to realize deferred tax assets; |
• | the outcome of pending and future claims, litigation, and administrative proceedings; |
• | public perception of the Company's business and reputation; |
• | access to the capital and credit markets; |
• | seasonality, pricing and other competitive industry factors; and |
• | the promulgation and adoption of new accounting standards and interpretations, new government regulations and interpretation of existing regulations. |
10.1 | Inducement Restricted Stock Unit Award Agreement with Douglas A. Pertz, effective June 9, 2016. |
10.2 | Inducement Stock Option Award Agreement with Douglas A. Pertz, effective June 9, 2016. |
31.1 | Certification of Douglas A. Pertz, President and Chief Executive Officer (Principal Executive Officer) of The Brink’s Company, pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 | Certification of Ronald J. Domanico, Executive Vice President and Chief Financial Officer (Principal Financial Officer) of The Brink’s Company, pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 | Certification of Douglas A. Pertz, President and Chief Executive Officer (Principal Executive Officer) of The Brink’s Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
32.2 | Certification of Ronald J. Domanico, Executive Vice President and Chief Financial Officer (Principal Financial Officer) of The Brink’s Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
101 | Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended June 30, 2016, furnished in XBRL (eXtensible Business Reporting Language)). Attached as Exhibit 101 to this report are the following documents formatted in XBRL: (i) the Consolidated Balance Sheets at June 30, 2016, and December 31, 2015, (ii) the Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015, (iii) the Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2016 and 2015, (iv) the Consolidated Statement of Equity for the six months ended June 30, 2016, (v) the Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015 and (vi) the Notes to Consolidated Financial Statements. Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities and Exchange Act of 1934, and otherwise is not subject to liability under these sections. |
THE BRINK’S COMPANY | |
July 28, 2016 | By: /s/ Ronald J. Domanico |
Ronald J. Domanico | |
(Executive Vice President and | |
Chief Financial Officer) | |
(principal financial officer) |
• | The Terms and Conditions, which together with the Plan (receipt of a copy of which is hereby acknowledged by you) and the Offer Letter, govern this Award. |
• | A copy of The Brink’s Company Compensation Recoupment Policy (as amended from time to time, the “Recoupment Policy”, the current version of which is attached hereto as Exhibit A), which provides that incentive compensation that meets the definition of Excessive Compensation under the Recoupment Policy will be recouped from executive officers and other responsible parties in the event the Company is required to provide an accounting restatement for any of the prior three fiscal years, due to material noncompliance with any financial reporting requirement under the Federal securities laws. You must agree to the terms of the Recoupment Policy in order to receive this Award, as outlined in Section 8(a) of this Award Agreement. |
• | The Restrictive Covenant Agreement (which is attached hereto as Exhibit B), which will require that you refrain from certain activities in the event that you terminate employment with the Company and its Subsidiaries. You must agree to these restrictions in order to receive this Award, as outlined in Section 9 of the Terms and Conditions. |
/s/McAlister C. Marshall, II | As of June 9, 2016 | |
The Brink’s Company | Date | |
/s/Douglas A. Pertz | As of June 9, 2016 | |
Employee | Date |
/s/McAlister C. Marshall, II | As of June 9, 2016 | |
The Brink’s Company | Date | |
/s/Douglas A. Pertz | As of June 9, 2016 | |
Employee | Date | |
Street address, City, State & ZIP |
• | U.S.A. |
• | Argentina |
• | Australia |
• | Belgium |
• | Bolivia |
• | Brazil |
• | Canada |
• | Chile |
• | China |
• | Colombia |
• | France |
• | Germany |
• | Greece |
• | Hong Kong SAR |
• | Hungary |
• | India |
• | Ireland |
• | Israel |
• | Italy |
• | Japan |
• | Jordan |
• | Korea |
• | Luxembourg |
• | Macau |
• | Madagascar |
• | Mauritius |
• | Mexico |
• | Morocco |
• | Panama |
• | Reunion |
• | Russia |
• | Singapore |
• | South Africa |
• | Switzerland |
• | Taiwan |
• | Turkey |
• | United Arab Emirates |
• | United Kingdom |
• | Venezuela |
• | Vietnam |
• | Options in respect of 133,334 Shares shall become vested if the average closing price of Shares over any 15 consecutive trading day period between the Grant Date and the Vesting Date is at least $37.34 (the “First Price Target”); |
• | Options in respect of an additional 133,333 Shares shall become vested if the average closing price of Shares over any 15 consecutive trading day period between the Grant Date and the Vesting Date is at least $44.81; |
• | Options in respect of an additional 133,333 Shares shall become vested if the average closing price of Shares over any 15 consecutive trading day period between the Grant Date and the Vesting Date is at least $47.79 (each of the foregoing price targets, a “Price Target”). |
• | The Terms and Conditions, which together with the Plan (receipt of a copy of which is hereby acknowledged by you) and the Offer Letter, govern this Award. |
• | A copy of The Brink’s Company Compensation Recoupment Policy (as amended from time to time, the “Recoupment Policy”, the current version of which is attached hereto as Exhibit A), which provides that incentive compensation that meets the definition of Excessive Compensation under the Recoupment Policy will be recouped from executive officers and other responsible parties in the event the Company is required to provide an accounting restatement for any of the prior three fiscal years, due to material noncompliance with any financial reporting requirement under the Federal securities laws. You must agree to the terms of the Recoupment Policy in order to receive this Award, as outlined in Section 8(a) of this Award Agreement. |
• | The Restrictive Covenant Agreement (which is attached hereto as Exhibit B), which will require that you refrain from certain activities in the event that you terminate employment with the Company and its Subsidiaries. You must agree to these restrictions in order to receive this Award, as outlined in Section 9 of the Terms and Conditions. |
/s/McAlister C. Marshall, II | As of June 9, 2016 | |
The Brink’s Company | Date | |
/s/Douglas A. Pertz | As of June 9, 2016 | |
Employee | Date |
/s/McAlister C. Marshall, II | As of June 9, 2016 | |
The Brink’s Company | Date | |
/s/Douglas A. Pertz | As of June 9, 2016 | |
Employee | Date | |
Street address, City, State & ZIP |
• | U.S.A. |
• | Argentina |
• | Australia |
• | Belgium |
• | Bolivia |
• | Brazil |
• | Canada |
• | Chile |
• | China |
• | Colombia |
• | France |
• | Germany |
• | Greece |
• | Hong Kong SAR |
• | Hungary |
• | India |
• | Ireland |
• | Israel |
• | Italy |
• | Japan |
• | Jordan |
• | Korea |
• | Luxembourg |
• | Macau |
• | Madagascar |
• | Mauritius |
• | Mexico |
• | Morocco |
• | Panama |
• | Reunion |
• | Russia |
• | Singapore |
• | South Africa |
• | Switzerland |
• | Taiwan |
• | Turkey |
• | United Arab Emirates |
• | United Kingdom |
• | Venezuela |
• | Vietnam |
/s/ Douglas A. Pertz | ||
Douglas A. Pertz | ||
President and Chief Executive Officer | ||
(Principal Executive Officer) |
/s/ Ronald J. Domanico | ||
Ronald J. Domanico | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial Officer) |
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Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jul. 26, 2016 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Fiscal Year Focus | 2016 | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | BRINKS CO | |
Entity Central Index Key | 0000078890 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 49,535,599 | |
Trading Symbol | bco |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 3.4 | $ (26.4) | $ 2.9 | $ (35.9) |
Benefit plan adjustments: | ||||
Benefit plan experience gains | 12.6 | 13.4 | 24.3 | 27.6 |
Benefit plan prior service cost | (0.6) | (0.5) | (1.0) | (3.5) |
Deferred profit sharing | 0.0 | 0.2 | 0.0 | 0.2 |
Total benefit plan adjustments | 12.0 | 13.1 | 23.3 | 24.3 |
Foreign currency translation adjustments | (3.5) | 6.9 | 14.3 | (43.5) |
Unrealized net losses on available-for-sale securities | (0.2) | (0.1) | 0.0 | (0.1) |
Gains (losses) on cash flow hedges | (0.1) | 0.4 | (0.4) | 0.4 |
Other comprehensive income (loss) before tax | 8.2 | 20.3 | 37.2 | (18.9) |
Provision for income taxes | 4.2 | 4.5 | 8.0 | 8.5 |
Other comprehensive income (loss) | 4.0 | 15.8 | 29.2 | (27.4) |
Comprehensive income (loss) | 7.4 | (10.6) | 32.1 | (63.3) |
Less comprehensive income (loss) attributable to noncontrolling interests | 3.3 | (13.0) | 6.7 | (20.9) |
Comprehensive income (loss) attributable to Brink's | $ 4.1 | $ 2.4 | $ 25.4 | $ (42.4) |
Consolidated Statement of Equity - 6 months ended Jun. 30, 2016 - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock |
Capital in Excess of Par Value |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Attributable to Noncontrolling Interests |
---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2015 | $ 330.6 | $ 48.9 | $ 599.6 | $ 561.3 | $ (891.9) | $ 12.7 |
Beginning balance, Shares at Dec. 31, 2015 | 48.9 | |||||
Net income (loss) | 2.9 | (2.8) | 5.7 | |||
Other comprehensive income | 29.2 | 28.2 | 1.0 | |||
Common stock issued | 2.5 | $ 0.1 | 2.4 | |||
Common stock issued, Shares | 0.1 | |||||
Dividends to: | ||||||
Brink’s common shareholders ($0.20 per share) | (9.8) | (9.8) | ||||
Noncontrolling interests | (2.1) | (2.1) | ||||
Share-based compensation: | ||||||
Compensation expense | 4.9 | 4.9 | ||||
Consideration from exercise of stock options | 3.5 | $ 0.1 | 3.4 | |||
Consideration from exercise of stock options, Shares | 0.1 | |||||
Other share-based benefit programs | (3.6) | $ 0.4 | (3.9) | (0.1) | ||
Other share-based benefit programs, shares | 0.4 | |||||
Ending balance at Jun. 30, 2016 | $ 358.1 | $ 49.5 | $ 606.4 | $ 548.6 | $ (863.7) | $ 17.3 |
Ending balance, Shares at Jun. 30, 2016 | 49.5 |
Consolidated Statement of Equity (Parenthetical) |
6 Months Ended |
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Jun. 30, 2016
$ / shares
| |
Dividends to: | |
Dividends (dollars per share) | $ 0.2 |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Cash flows from operating activities: | ||
Net income (loss) | $ 2.9 | $ (35.9) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Loss from discontinued operations, net of tax | 0.0 | 2.3 |
Depreciation and amortization | 65.1 | 73.2 |
Share-based compensation expense | 4.9 | 8.5 |
Deferred income taxes | (2.5) | (4.1) |
Marketable securities | (0.5) | (0.1) |
Property and other assets | 1.7 | (0.5) |
Business acquisitions and dispositions | (0.1) | 0.0 |
Venezuela impairment | 0.0 | 34.5 |
Other impairment losses | 5.4 | 1.3 |
Retirement benefit funding (more) less than expense: | ||
Pension | 6.5 | 2.9 |
Other than pension | 7.3 | 5.1 |
Remeasurement losses due to Venezuela currency devaluation | 4.6 | 18.2 |
Other operating | 1.9 | 3.4 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable and income taxes receivable | (31.3) | (35.4) |
Accounts payable, income taxes payable and accrued liabilities | (33.9) | (15.4) |
Customer obligations | (14.7) | 6.7 |
Prepaid and other current assets | (6.2) | (19.3) |
Other | 2.3 | (0.8) |
Discontinued operations | 0.0 | (2.0) |
Net cash provided by operating activities | 13.4 | 42.6 |
Cash flows from investing activities: | ||
Capital expenditures | (45.0) | (35.2) |
Purchases | (8.7) | 0.0 |
Sales | 8.6 | 0.4 |
Cash proceeds from sale of property, equipment and investments | 2.9 | 0.6 |
Other | (0.7) | (0.5) |
Discontinued operations | 0.0 | 1.9 |
Net cash used by investing activities | (42.9) | (32.8) |
Cash flows from financing activities: | ||
Short-term debt | 39.1 | (12.4) |
Borrowings | 294.9 | 295.7 |
Repayments | (278.1) | (315.7) |
Borrowings | 1.3 | 82.1 |
Repayments | (25.1) | (25.8) |
Debt financing costs | 0.0 | (2.0) |
Common stock issued | 2.5 | 0.0 |
Dividends to: | ||
Shareholders of Brink’s | (9.8) | (9.7) |
Noncontrolling interests in subsidiaries | (2.1) | (4.1) |
Proceeds from exercise of stock options | 3.5 | 3.6 |
Minimum tax withholdings associated with share-based compensation | (4.8) | (0.8) |
Other | 1.3 | 0.4 |
Net cash provided by financing activities | 22.7 | 11.3 |
Effect of exchange rate changes on cash | (5.5) | (16.2) |
Cash and cash equivalents: | ||
Increase (decrease) | (12.3) | 4.9 |
Balance at beginning of period | 181.9 | 176.2 |
Balance at end of period | $ 169.6 | $ 181.1 |
Basis of presentation |
6 Months Ended | ||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||
Basis of presentation | Basis of presentation The Brink’s Company (along with its subsidiaries, “Brink’s” or “we”) has nine operating segments:
Our unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and applicable quarterly reporting regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2015. We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill and other long-lived assets, pension and other retirement benefit obligations, legal contingencies, business divestitures and deferred tax assets. The consolidated financial statements include the accounts of Brink’s and the subsidiaries it controls. Control is determined based on ownership rights or, when applicable, based on whether we are considered to be the primary beneficiary of a variable interest entity. Our interest in 20% to 50% owned companies that are not controlled are accounted for using the equity method, provided we sufficiently influence the management of the investee. Other investments are accounted for as cost-method investments or as available-for-sale. All significant intercompany accounts and transactions have been eliminated in consolidation. Foreign Currency Translation Our consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with an officially reported three-year cumulative inflation rate of more than 100% are considered highly inflationary. Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expenses are translated at rates of exchange in effect during the year. Transaction gains and losses are recorded in earnings. Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local-currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Non-monetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. Venezuela The economy in Venezuela has had significant inflation in the last several years. We consolidate our Venezuelan results using our accounting policy for subsidiaries operating in highly inflationary economies. Since 2003, the Venezuelan government has controlled the exchange of local currency into other currencies, including the U.S. dollar, and has required that currency exchanges be made at official rates established by the government instead of allowing open markets to determine currency rates. Different official rates existed for different industries and purposes and the government does not approve all requests to convert bolivars to other currencies. As a result of the restrictions on currency exchange, we have in the past been unable to obtain sufficient U.S. dollars to purchase certain imported supplies and fixed assets to fully operate our business in Venezuela. Consequently, we have occasionally purchased more expensive, bolivar-denominated supplies and fixed assets. Furthermore, there is a risk that official currency exchange mechanisms will be discontinued or will not be accessible when needed in the future, which may prevent us from repatriating dividends or obtaining dollars to operate our Venezuelan operations. Remeasurement rates during 2015. In March 2014, the government initiated an exchange mechanism known as SICAD II with conversions subject to specific eligibility requirements. Transactions were reported in a range of 49 to 52 bolivars to the U.S. dollar. From March 2014 through December 31, 2014, we received approval to obtain a total of $1.2 million (at a weighted average exchange rate of 51 bolivars to the dollar) through the SICAD II mechanism. Through February 11, 2015, we used the SICAD II rates to remeasure our bolivar-denominated monetary assets and liabilities into U.S. dollars and to translate our revenue and expenses. Effective February 12, 2015, the government replaced the SICAD II process with a new process, known locally as SIMADI and we began to use the SIMADI rate to remeasure bolivar-denominated monetary assets and liabilities and to translate our revenue and expenses. As a result, we recognized an $18.2 million net remeasurement loss in the first half of 2015. The after-tax effect of this loss attributable to noncontrolling interests was $5.6 million for the first half of 2015. The SIMADI rates published from mid-February 2015 through the end of 2015 ranged from 170 to 200 bolivars to the U.S. dollar. We received only minimal U.S. dollars through this exchange mechanism. Remeasurement rates during 2016. In the first quarter of 2016, the Venezuelan government announced that they would replace the SIMADI exchange mechanism with the DICOM exchange mechanism and would allow the DICOM exchange mechanism rate to float freely. At March 31, 2016, the DICOM rate was approximately 273 bolivars to the dollar. During the second quarter of 2016, the rate declined 57% to close at approximately 628 bolivars to the dollar at June 30, 2016. We have received only minimal U.S. dollars through this exchange mechanism. We recognized a $4.6 million net remeasurement loss in the first six months of 2016. However, the after-tax effect in the current period attributable to noncontrolling interest was income of $2.6 million. Remeasuring our Venezuelan results using the respective DICOM or SIMADI rates has had the following effects on our reported results:
Impairment of Long-lived Assets in Venezuela During the second quarter of 2015, Brink's elected to evaluate and pursue strategic options for the Venezuelan business. Our consideration of these strategic options is ongoing and, during the second quarter of 2015, required us to perform an impairment review of the carrying values of our Venezuelan long-lived assets in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 360, Property, Plant and Equipment. Our asset impairment analysis included management's best estimate of associated cash flows relating to the long-lived assets and included fair value assumptions that reflect conditions that exist in a volatile economic environment. Future events or actions relative to our Venezuelan business may result in further adjustments. As a result of our impairment analysis, we recognized a $34.5 million impairment charge in the second quarter of 2015. We recognized an additional $0.8 million in impairment charges in the third quarter of 2015. The current carrying value of the long-lived assets of our Venezuelan operations is $8.6 million at June 30, 2016. We have not reclassified any of the $112.7 million of accumulated other comprehensive losses attributable to Brink’s shareholders related to Brink’s Venezuela into earnings. Ireland Due to management's decision in the first quarter of 2016 to exit the Republic of Ireland, the prospective impacts of shutting down this operation are included in items not allocated to segments and are excluded from the operating segments effective March 1, 2016. This activity is also excluded from the consolidated non-GAAP results. Beginning May 1, 2016, due to management's decision to also exit Northern Ireland, the results of shutting down these operations are treated similarly to the Republic of Ireland. Revenues from both Ireland operations to be shut down in 2016 were approximately $20 million in 2015. In the first half of 2016, charges excluded from non-GAAP results include $4.6 million in severance costs, $1.8 million in property impairment charges and an additional $4.0 million in operating and other exit costs. Brink's expects it could recognize additional operating and disposition-related costs of up to approximately $5 million later this year. International shipments to and from Ireland will continue to be provided through Brink’s Global Services. Restricted Cash In France, we offer services to certain of our customers where we manage some or all of their cash supply chains. In connection with this offering, we take temporary title to certain customers' cash, which is included as restricted cash in our financial statements due to customer agreement or regulation (see Note 10). During the second quarter of 2016, we identified a misclassification in our December 31, 2015 consolidated balance sheet included in our 2015 Annual Report on Form 10-K. This misclassification, which was corrected on our December 31, 2015 condensed consolidated balance sheet included on our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016, decreased our December 31, 2015 cash and cash equivalents balance and increased restricted cash by $16.4 million, increased restricted cash held for customers and decreased accrued liabilities by $12.9 million, increased short term borrowings and decreased current maturities of long-term debt by $3.5 million. This misclassification had no impact on our December 31, 2015 current assets and current liabilities and it did not impact our consolidated statement of operations, but will impact the December 31, 2015 consolidated statement of cash flows by reducing net cash provided by operating activities from $208.8 million to $195.9 million and increasing net cash used by financing activities from $49.0 million to $52.5 million. Neither of these changes affect comparability to the previous period. Accordingly, we do not consider this correction to be material to our consolidated balance sheet or statement of cash flows. Argentina We use the official exchange rate to translate the Brink's Argentina balance sheet and income statement. At June 30, 2016, the official exchange rate was approximately 15.0 local pesos to the U.S. dollar. The government in Argentina had previously imposed limits on the exchange of Argentine pesos into U.S. dollars. As a result, we elected in the past and may continue in the future to repatriate cash from Argentina using markets to convert Argentine pesos into U.S. dollars if U.S. dollars are not readily available. Prior to the December 2015 devaluation of the Argentine peso, we converted Argentine pesos into U.S. dollars at rates approximately 30% to 40% less favorable than the rates at which we translated the financial statements of our subsidiary in Argentina. However, after the December 2015 devaluation of the Argentine peso, the market rates used to convert Argentine pesos into U.S. dollars have been similar to the rates at which we translate the financial statements of our subsidiary in Argentina. See Note 10 Supplemental cash flow information for more information. In the first six months of 2016, we recognized $0.1 million in losses from converting Argentine pesos into U.S. dollars. We did not convert any Argentine pesos to dollars in the first six months of 2015. These conversion losses are classified in the income statement as other operating income (expense). At June 30, 2016, we had cash denominated in Argentine pesos of $7.0 million. New Accounting Standards In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue From Contracts with Customers, a new standard related to revenue recognition which requires an entity to recognize an amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this new standard to January 1, 2018. Subsequently, the FASB has continued to refine the standard and has issued several amendments. The new standard can be applied retrospectively to each reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application in retained earnings. We are assessing the potential impact of this new standard on financial reporting and have not yet selected a transition method. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which will require the recognition of assets and liabilities by lessees for certain leases classified as operating leases under current accounting guidance. The new standard also requires expanded disclosures regarding leasing activities. ASU 2016-02 will be effective January 1, 2019 and we are assessing the potential impact of the standard on financial reporting. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which will simplify how certain features related to share-based payments are accounted for and presented in the financial statements. The new standard is effective January 1, 2017 with early adoption permitted in any interim or annual period. We are assessing the potential impact of this new standard on financial reporting. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which significantly changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. ASU 2016-13 is effective January 1, 2020, with early adoption permitted January 1, 2019. We are assessing the potential impact of this new standard on financial reporting. |
Segment information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment information | Segment information The Brink’s Company offers transportation and logistics management services for cash and valuables throughout the world. These services include:
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. We have nine operating segments:
The following table summarizes our revenues and operating profit for each of our reportable segments:
See "Other Items Not Allocated to Segment" on pages 33–34 to the consolidated financial statements for explanations of each of the other items not allocated to segments. |
Retirement benefits |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement benefits | Retirement benefits Pension plans 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. The components of net periodic pension cost for our pension plans were as follows:
We did not make cash contributions to the primary U.S. pension plan in 2015 or the first half of 2016. Based on current assumptions, as described in our Annual Report on Form 10-K for the year ended December 31, 2015, we do not expect to make any additional contributions to the primary U.S. pension plan until 2020. Retirement benefits other than pensions 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 United Mine Workers of America Represented Employees (the “UMWA plans”) as well as costs related to Black Lung obligations. The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows:
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Income taxes |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes
2016 Compared to U.S. Statutory Rate The effective income tax rate on continuing operations in the first six months of 2016 was greater than the 35% U.S. statutory tax rate primarily due to the significant losses related to operations in the Republic of Ireland, for which no tax benefit can be recorded, and the nondeductible expenses resulting from the currency devaluation in Venezuela in the first six months. Excluding those items, our effective tax rate on continuing operations in the first six months of 2016 is 56%. The rate is higher than 35% primarily due to the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on undistributed earnings and the characterization of a French business tax as an income tax, partially offset by the geographical mix of earnings and a French income tax credit. 2015 Compared to U.S. Statutory Rate The effective income tax rate on continuing operations in the first six months of 2015 was negative when compared to the 35% U.S. statutory tax rate primarily due to the significant nondeductible expenses resulting from the currency devaluation in Venezuela in the first quarter and from the Venezuela impairment recorded in the second quarter. These nondeductible expenses caused our earnings before tax in the period to be negative. Excluding these nondeductible expenses, our effective tax rate on continuing operations in the first six months is 46%. The rate was higher than 35% primarily due to cross border payments, nondeductible expenses in Mexico and the characterization of a French business tax as an income tax, partially offset by the geographical mix of earnings and a French income tax credit. |
Accumulated other comprehensive income (loss) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive loss into earnings, was as follows:
The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:
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Fair value of financial instruments |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of financial instruments | Fair value of financial instruments Fixed-Rate Debt The fair value and carrying value of our fixed-rate debt are as follows:
The fair value estimate of our unsecured private-placement notes is based on the present value of future cash flows, discounted at rates for similar instruments at the respective measurement dates, which we have categorized as a Level 3 valuation. There were no transfers in or out of any of the levels of the valuation hierarchy in the first six months of 2016. Other Financial Instruments Other financial instruments include cash and cash equivalents, accounts receivable, floating rate debt, accounts payable and accrued liabilities. The financial statement carrying amounts of these items approximate the fair value. We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies. At June 30, 2016, the notional value of our shorter term outstanding foreign currency forward and swap contracts was $57.0 million, with average maturities of approximately one month. These shorter term foreign currency forward and swap contracts primarily offset exposures in the British pound, the euro and the Mexican peso and are not designated as hedges for accounting purposes. The fair values of these currency contracts are determined using Level 2 valuation techniques and are based on the present value of net future cash payments and receipts. At June 30, 2016, the fair value of these shorter term foreign currency contracts was not significant. In 2013, we entered into a longer term cross-currency swap to hedge against the change in value of a long-term intercompany loan denominated in Brazilian real. This longer term contract is designated as a cash flow hedge for accounting purposes. At June 30, 2016, the notional value of this contract was $11.1 million with a weighted average maturity of 0.8 years. The fair value of the cross-currency swap is determined using Level 2 valuation techniques and is based on the present value of net future cash payments and receipts. At June 30, 2016, the fair value of this longer term contract was a net asset of $4.3 million, of which $2.3 million is included in prepaid expenses and other and $2.0 million is included in other assets on the consolidated balances sheet. In the first quarter of 2016, we entered into two interest rate swaps with a total notional value of $40 million. These swaps were entered into to hedge cash flow risk associated with changes in variable interest rates and are designated as cash flow hedges for accounting purposes. At June 30, 2016, the fair value of these swaps was a net liability of $0.8 million. There were no transfers in or out of any of the levels of the valuation hierarchy in the first six months of 2016. |
Share-based compensation plans |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation plans | Share-based compensation plans We have share-based compensation plans to attract and retain employees and nonemployee directors and to more closely align their interests with those of our shareholders. We have granted share-based awards to employees under the 2005 Equity Incentive Plan ("2005 Plan") and the 2013 Equity Incentive Plan ("2013 Plan"). These plans permit grants of restricted stock, restricted stock units, performance stock, performance units, stock appreciation rights, stock options, as well as other share-based awards to eligible employees. The 2013 Plan also permits cash awards to eligible employees. The 2005 Plan was replaced by the 2013 Plan effective February 2013. No further grants of awards will be made under the 2005 Plan. We have granted deferred stock units to directors through the Non-Employee Directors’ Equity Plan. Share-based awards were granted to directors and remain outstanding under the Non-Employee Directors’ Stock Option Plan and the Directors’ Stock Accumulation Plan, both of which have expired. Outstanding awards at June 30, 2016 include performance share units, market share units, restricted stock units, deferred stock units and stock options. Compensation Expense Compensation expense is measured using the fair-value-based method. For employee and director awards considered equity grants, compensation expense is recognized from the grant date to the earlier of the retirement-eligible date or the vesting date. In February 2016, the Compensation and Benefits Committee of the Board of Directors modified the terms of performance share units originally awarded or granted in 2013, 2014 and 2015 to reflect the impact of removing Venezuela operations from the Company’s segment results beginning in 2015. For each of the affected performance share units, consolidated results for 2015 and each subsequent year within the respective performance period was or will be adjusted to reflect Venezuela results at the amount originally projected in the applicable performance target. No incremental compensation cost associated with the modification is expected to be recognized as the modified goal is expected to be more difficult to achieve and, in accordance with FASB ASC Topic 718, Compensation - Stock Compensation, we continue to recognize expense as calculated using the original performance goal. Compensation expense is classified as selling, general and administrative expenses in the consolidated statements of operations. Compensation expenses for the share-based awards were as follows:
Stock Options In 2016, we granted performance-based stock options. In addition to a service condition, these awards also contain a performance condition as well as a market condition. We measure the fair value of these options at the grant date using a Monte Carlo simulation model. The following table summarizes performance-based stock option activity during the first six months of 2016:
Restricted Stock Units (“RSUs”) We granted RSUs that contain only a service condition. We measure the fair value of RSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period. The following table summarizes RSU activity during the first six months of 2016:
Performance Share Units ("PSUs”) Prior to 2016, we granted PSUs which contained a performance condition, a market condition and a service condition. In 2016, we granted Internal Metric PSUs ("IM PSUs") and Total Shareholder Return PSUs ("TSR PSUs"). IM PSUs contain a performance condition as well as a service condition. We measure the fair value of these PSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period. For the majority of the IM PSUs granted in 2016, the performance period is from January 1, 2016 to December 31, 2017, with an additional year of service required. Other IM PSUs granted in 2016 have a performance period from July 1, 2016 to June 30, 2017, with an additional two years of service required. TSR PSUs contain a market condition as well as a service condition. We measure the fair value of PSUs containing a market condition at the grant date using a Monte Carlo simulation model. For the TSR PSUs granted in 2016, the performance period is from January 1, 2016 to December 1, 2018. The following table summarizes all PSU activity during the first six months of 2016:
Market Share Units ("MSUs”) Prior to 2016, we granted MSUs which contain a market condition as well as a service condition. We measure the fair value of MSUs using a Monte Carlo simulation model. The following table summarizes all MSU activity during the first six months of 2016:
Deferred Stock Units ("DSUs") We granted DSUs to our independent directors. We measure the fair value of DSUs at the grant date, based on the price of Brink's stock. In 2015 and 2016, our independent directors received grants of DSUs that vest and will be paid out in shares of Brink's stock on the first anniversary of the grant date, provided that the director has not elected to defer the distribution of shares until a later date. DSUs are forfeited if a director leaves before the vesting date. However, in connection with the retirement of two directors in January 2016, our board of directors waived the one-year vesting provision for those DSUs granted in 2015. The impact of this modification was recorded in the first quarter of 2016 and was not significant. DSUs granted prior to 2015, in general, will be paid out in shares of stock following separation from service. The following table summarizes all DSU activity during the first six months of 2016:
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Shares used to calculate earnings per share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares used to calculate earnings per share | Shares used to calculate earnings per share
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Loss from discontinued operations |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss from discontinued operations | Loss from discontinued operations
Operations sold classified as discontinued operations:
Other divestitures not classified as discontinued operations:
Revenues and income (loss) from operations before tax were not significant for the Irish guarding business or the Russian cash management business. |
Supplemental cash flow information |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Supplemental cash flow information | Supplemental cash flow information
Argentina Debt Security Transactions We have elected in the past and could continue in the future to repatriate cash from Brink’s Argentina using different means to convert Argentine pesos into U.S. dollars. In the first six months of 2016, cash outflows from the purchase of debt securities totaled $2.1 million and cash inflows from the sale of these securities totaled $2.0 million. In the first six months of 2015, we did not convert any Argentine pesos to U.S. dollars using these debt security transactions. The net cash flows from these transactions are treated as operating cash flows as the debt securities are purchased specifically for resale and are generally sold within a short period of time from the date of purchase. Non-cash Investing and Financing Activities We acquired $12.7 million in armored vehicles and other equipment under capital lease arrangements in the first six months of 2016 compared to $6.2 million in armored vehicles and point of sale equipment acquired under capital lease arrangements in the first six months of 2015. Cash Supply Chain Services In France, we offer services to certain of our customers where we manage some or all of their cash supply chains. Providing this service requires our French subsidiary to take temporary title to the cash received from the management of our customers' cash supply chains until the cash is returned to the customers. As part of this service offering, we have entered into lending arrangements with some of our customers. Cash borrowed under these lending arrangements is used in the process of managing these customers' cash supply chains. The cash for which we have temporary title and the cash borrowed under these customer lending arrangements is restricted and cannot be used for any other purpose other than to service our customers who participate in this service offering. At June 30, 2016, we held $50.7 million of restricted cash ($9.2 million represented short-term borrowings and $41.5 million represented restricted cash held for customers). At December 31, 2015, we held $16.4 million of restricted cash ($3.5 million represented short-term borrowings and $12.9 million represented restricted cash held for customers). |
Contingent matters |
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Commitments and Contingencies Disclosure [Abstract] | |
Contingent matters | Contingent matters On June 19, 2008, a lawsuit captioned Del Valle Gurria S.C. v. Servicio Pan Americano de Protección, S.A. de C.V. was filed with the Twenty-third Civil Judge in the Federal District in Mexico (the “Court”) against Servicio Pan American de Proteccion, S.A. de C.V. (SERPAPROSA), the Mexico subsidiary that we acquired in November 2010. The plaintiff claims it is owed legal fees and corresponding value-added tax (VAT), interest and expenses related to its legal representation of SERPAPROSA in connection with tax audits covering the 1991, 1992 and 1994 fiscal years. On October 28, 2010, the Court issued a decision in favor of SERPAPROSA in part and the plaintiff in part, ordering SERPAPROSA to pay the plaintiff less than $1 million for its previous representation of SERPAPROSA. Between November 2010 and October 2013, the judgment was subject to multiple appeals by both parties to the Fifth Civil Court of Appeal of the Federal District in Mexico (the “Fifth Civil Court of Appeal”) and to the First Civil Collegiate Tribunal of the First Circuit in Mexico (the “First Civil Collegiate Tribunal”), and was remanded twice to the Court for determination of the fees to be paid to the plaintiff. On December 6, 2013, the Fifth Civil Court of Appeal issued a decision in favor of the plaintiff, modifying the lower court’s ruling and ordering SERPAPROSA to pay the plaintiff approximately $7 million plus VAT and interest for its previous representation of SERPAPROSA. SERPAPROSA filed a constitutional injunction on January 20, 2014 with the First Civil Collegiate Tribunal. The appeal was granted in favor of SERPAPROSA on September 17, 2014, ordering SERPAPROSA to pay approximately $2 million plus VAT and interest. The plaintiff filed an appeal on October 7, 2014, with the Mexico Supreme Court, which was rejected by the court on October 22, 2014. The plaintiff filed two subsequent actions appealing the Supreme Court’s October 22, 2014 decision, one before the First Appellate Court in Civil Matters of the First Circuit (the “Appellate Court”) and one with the Mexico Supreme Court. The action filed before the Appellate Court was rejected on February 16, 2015; the action filed with the Mexico Supreme Court is pending. The Company has accrued $2 million, reflecting the Company’s best estimate of exposure, although additional reasonably possible losses could be up to $10 million, based on currency exchange rates at June 30, 2016. The ultimate resolution of this matter is unknown and the estimated liability may change in the future. The Company denies the allegations asserted by the plaintiff and is vigorously defending itself in this matter. During the fourth quarter of 2015, we became aware of an investigation initiated by COFECE (the Mexican antitrust agency) related to potential anti-competitive practices among competitors in the cash logistics industry in Mexico (the industry in which Brink’s Mexican subsidiary, SERPAPROSA, is active). Because no legal proceedings have been initiated against SERPAPROSA, we cannot estimate the probability of loss or any range of estimate of possible loss at this time. It is possible that SERPAPROSA could become the subject of legal or administrative claims or proceedings, however, that could result in a loss that could be material to the Company’s results in a future period. In addition, we are involved in various other lawsuits and claims in the ordinary course of business. We are not able to estimate the loss or range of losses for some of these matters. We have recorded accruals for losses that are considered probable and reasonably estimable. Except as otherwise noted, we do not believe that the ultimate disposition of any of the lawsuits currently pending against the Company should have a material adverse effect on our liquidity, financial position or results of operations. |
Reorganization and Restructuring |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reorganization and Restructuring | Reorganization and Restructuring 2015 Reorganization and Restructuring Brink's initiated a global restructuring of its business in the third quarter of 2015 and recognized $11.6 million in related 2015 costs. We recognized an additional $4.4 million in costs in the first half of 2016 related to employee severance, contract terminations, and lease terminations associated with the restructuring. The 2015 Reorganization and Restructuring is expected to reduce the global workforce by approximately 1,000 positions and is projected to result in $20 to $25 million in 2016 cost savings. At June 30, 2016, the actions under this program were substantially completed, with cumulative pretax charges of approximately $16 million. The following table summarizes the costs incurred, payments and utilization, and foreign currency exchange effects of the 2015 Reorganization and Restructuring:
Executive Leadership and Board of Directors Restructuring In the fourth quarter of 2015, we recognized $1.8 million in costs related to the restructuring of executive leadership and Board of Directors, which was announced in January 2016. We also recognized an additional $3.8 million in charges, primarily severance costs, in the first half of 2016. At June 30, 2016, all expenses related to these restructuring actions had been paid out in cash, including the departure of our former CEO in May 2016 and the retirement of two Board members in January 2016. 2014 Reorganization and Restructuring In the fourth quarter of 2014, we announced a reorganization and restructuring of Brink’s global organization to accelerate the execution of our strategy by reducing costs and providing for a more streamlined and centralized organization. As part of this program, we reduced our total workforce by approximately 1,700 positions. The restructuring saved annual direct costs of approximately $50 million in 2015 compared to 2014, excluding charges for severance, lease termination and accelerated depreciation. We recorded total pretax charges of $21.8 million in 2014 and an additional $0.3 million of pretax charges in the first six months of 2015 related to the 2014 Reorganization and Restructuring. The actions under this program were substantially completed by the end of 2015 with cumulative pretax charges of approximately $24 million, primarily severance costs. |
Basis of presentation (Policies) |
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Accounting Policies [Abstract] | |
Use of Estimates | We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill and other long-lived assets, pension and other retirement benefit obligations, legal contingencies, business divestitures and deferred tax assets. |
Consolidation | The consolidated financial statements include the accounts of Brink’s and the subsidiaries it controls. Control is determined based on ownership rights or, when applicable, based on whether we are considered to be the primary beneficiary of a variable interest entity. Our interest in 20% to 50% owned companies that are not controlled are accounted for using the equity method, provided we sufficiently influence the management of the investee. Other investments are accounted for as cost-method investments or as available-for-sale. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Foreign Currency Translation | Foreign Currency Translation Our consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with an officially reported three-year cumulative inflation rate of more than 100% are considered highly inflationary. Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expenses are translated at rates of exchange in effect during the year. Transaction gains and losses are recorded in earnings. Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local-currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Non-monetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. Venezuela The economy in Venezuela has had significant inflation in the last several years. We consolidate our Venezuelan results using our accounting policy for subsidiaries operating in highly inflationary economies. |
Impairment of Long-Lived Assets in Venezuela | Impairment of Long-lived Assets in Venezuela During the second quarter of 2015, Brink's elected to evaluate and pursue strategic options for the Venezuelan business. Our consideration of these strategic options is ongoing and, during the second quarter of 2015, required us to perform an impairment review of the carrying values of our Venezuelan long-lived assets in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 360, Property, Plant and Equipment. Our asset impairment analysis included management's best estimate of associated cash flows relating to the long-lived assets and included fair value assumptions that reflect conditions that exist in a volatile economic environment. Future events or actions relative to our Venezuelan business may result in further adjustments. |
Restricted Cash | Restricted Cash In France, we offer services to certain of our customers where we manage some or all of their cash supply chains. In connection with this offering, we take temporary title to certain customers' cash, which is included as restricted cash in our financial statements due to customer agreement or regulation |
New Accounting Standards | New Accounting Standards In May 2014, the FASB issued Accounting Standards Update ("ASU") 2014-09, Revenue From Contracts with Customers, a new standard related to revenue recognition which requires an entity to recognize an amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this new standard to January 1, 2018. Subsequently, the FASB has continued to refine the standard and has issued several amendments. The new standard can be applied retrospectively to each reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application in retained earnings. We are assessing the potential impact of this new standard on financial reporting and have not yet selected a transition method. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which will require the recognition of assets and liabilities by lessees for certain leases classified as operating leases under current accounting guidance. The new standard also requires expanded disclosures regarding leasing activities. ASU 2016-02 will be effective January 1, 2019 and we are assessing the potential impact of the standard on financial reporting. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which will simplify how certain features related to share-based payments are accounted for and presented in the financial statements. The new standard is effective January 1, 2017 with early adoption permitted in any interim or annual period. We are assessing the potential impact of this new standard on financial reporting. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which significantly changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. ASU 2016-13 is effective January 1, 2020, with early adoption permitted January 1, 2019. We are assessing the potential impact of this new standard on financial reporting. |
Segment information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Revenue and Operating Profit from Segments to Consolidated | The following table summarizes our revenues and operating profit for each of our reportable segments:
|
Retirement benefits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | The components of net periodic pension cost for our pension plans were as follows:
|
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Schedule of Costs of Retirement Plans | The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows:
|
Income taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) |
|
Accumulated other comprehensive income (loss) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) | Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive loss into earnings, was as follows:
|
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Reclassification out of Accumulated Other Comprehensive Income | The total pretax expense is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis:
|
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Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:
|
Fair value of financial instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value and carrying value of our fixed-rate debt are as follows:
|
Share-based compensation plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes all MSU activity during the first six months of 2016:
The following table summarizes RSU activity during the first six months of 2016:
The following table summarizes all DSU activity during the first six months of 2016:
The following table summarizes all PSU activity during the first six months of 2016:
Compensation expense is classified as selling, general and administrative expenses in the consolidated statements of operations. Compensation expenses for the share-based awards were as follows:
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Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes performance-based stock option activity during the first six months of 2016:
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Shares used to calculate earnings per share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares |
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Loss from discontinued operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income from Discontinued Operations |
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Supplemental cash flow information (Tables) |
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures |
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Reorganization and Restructuring (Tables) |
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the costs incurred, payments and utilization, and foreign currency exchange effects of the 2015 Reorganization and Restructuring:
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Basis of presentation (Details) |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Nov. 30, 2015 |
Jun. 30, 2016
USD ($)
Country
Region
ARS / $
VEF / $
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
VEF / $
|
Jun. 30, 2016
USD ($)
Segment
Country
Region
ARS / $
VEF / $
|
Jun. 30, 2015
USD ($)
VEF / $
|
Dec. 31, 2015
USD ($)
|
Mar. 31, 2016
VEF / $
|
Dec. 31, 2014
USD ($)
VEF / $
|
Mar. 31, 2014
VEF / $
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Number of operating segments | Segment | 9 | |||||||||
Number of countries in which the entity operates, within the five largest markets | Country | 5 | 5 | ||||||||
Number of regions in which the entity operates, within global markets | Region | 3 | 3 | ||||||||
Cash and cash equivalents | $ 169,600,000 | $ 181,100,000 | $ 169,600,000 | $ 181,100,000 | $ 181,900,000 | $ 176,200,000 | ||||
Accumulated other comprehensive losses related to Venezuela | 863,700,000 | 863,700,000 | 891,900,000 | |||||||
Venezuela impairment charge | $ 800,000 | 34,500,000 | 0 | 34,500,000 | ||||||
Revenues | 739,500,000 | $ 760,300,000 | 1,461,300,000 | 1,536,400,000 | ||||||
Restricted cash | 50,700,000 | 50,700,000 | 16,400,000 | |||||||
Accrued liabilities | 377,900,000 | 377,900,000 | 401,200,000 | |||||||
Restricted cash held for customers | 41,500,000 | 41,500,000 | 12,900,000 | |||||||
Short-term borrowings | 77,200,000 | 77,200,000 | 32,600,000 | |||||||
Current maturities of long-term debt | $ 32,300,000 | 32,300,000 | 39,800,000 | |||||||
Net cash provided (used) by operating activities | 13,400,000 | 42,600,000 | ||||||||
Net cash provided by financing activities | 22,700,000 | 11,300,000 | ||||||||
Venezuela | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Official exchange rate | VEF / $ | 51 | |||||||||
Foreign currency transaction losses | (18,200,000) | |||||||||
Income (loss) attributable to noncontrolling interest | $ 2,600,000 | $ (5,600,000) | ||||||||
Remeasurement rate | VEF / $ | 628 | 628 | 273 | |||||||
Rate decrease percent | 57.00% | 57.00% | ||||||||
Accumulated other comprehensive losses related to Venezuela | $ 112,700,000 | $ 112,700,000 | ||||||||
Carrying value of long-lived assets | 8,600,000 | 8,600,000 | ||||||||
Ireland | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Revenues | 20,000,000 | |||||||||
Severance costs | 4,600,000 | |||||||||
Property impairment charge | 1,800,000 | |||||||||
Losses associated with exiting operations | 4,000,000 | |||||||||
Additional restructuring costs | $ 5,000,000 | $ 5,000,000 | ||||||||
Argentina | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Official exchange rate | ARS / $ | 15.0 | 15.0 | ||||||||
Minimum | Venezuela | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Official exchange rate | VEF / $ | 170 | 170 | 49 | |||||||
Maximum | Venezuela | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Official exchange rate | VEF / $ | 200 | 200 | 52 | |||||||
Venezuelan bolívar fuerte | Venezuela | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Amount approved to be obtained | $ 1,200,000 | |||||||||
Net remeasurement loss | $ (4,600,000) | |||||||||
Nonmonetary assets | $ 16,400,000 | 16,400,000 | 13,500,000 | |||||||
Investment in Venezuela operations | 20,400,000 | 20,400,000 | 26,000,000 | |||||||
Net monetary assets | 2,800,000 | 2,800,000 | 9,500,000 | |||||||
Cash and cash equivalents | 6,800,000 | 6,800,000 | 6,200,000 | |||||||
Accumulated other comprehensive losses related to Venezuela | 112,700,000 | 112,700,000 | 113,000,000 | |||||||
Argentine pesos | Argentina | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Cash and cash equivalents | 7,000,000 | 7,000,000 | ||||||||
Losses from converting local pesos into U.S. dollars | 100,000 | $ 0 | ||||||||
Argentine pesos | Minimum | Argentina | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Percent less favorable | 30.00% | |||||||||
Argentine pesos | Maximum | Argentina | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Percent less favorable | 40.00% | |||||||||
Venezuela Investment | Venezuela | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Net payables to other Brink's affiliates | $ 8,800,000 | 8,800,000 | 18,700,000 | |||||||
Adjustment for Error Correction | ||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||||
Cash and cash equivalents | (16,400,000) | |||||||||
Restricted cash | 16,400,000 | |||||||||
Accrued liabilities | (12,900,000) | |||||||||
Restricted cash held for customers | 12,900,000 | |||||||||
Short-term borrowings | (3,500,000) | |||||||||
Current maturities of long-term debt | (3,500,000) | |||||||||
Net cash provided (used) by operating activities | 195,900,000 | 208,800,000 | ||||||||
Net cash provided by financing activities | $ 52,500,000 | $ 49,000,000 |
Segment information - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2016
Segment
Country
Region
| |
Segment Reporting [Abstract] | |
Number of operating segments | Segment | 9 |
Number of countries in which the entity operates, within the five largest markets | Country | 5 |
Number of regions in which the entity operates, within global markets | Region | 3 |
Segment information - Revenue And Operating Profits (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Segment Reporting Information [Line Items] | ||||
Revenues | $ 739.5 | $ 760.3 | $ 1,461.3 | $ 1,536.4 |
Operating Profit (Loss) | 22.1 | (14.6) | 35.9 | (1.7) |
Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 716.5 | 748.1 | 1,405.4 | 1,503.7 |
Operating Profit (Loss) | 51.3 | 52.6 | 95.5 | 112.4 |
Corporate expenses | ||||
Segment Reporting Information [Line Items] | ||||
General, administrative and other expenses | (16.1) | (25.3) | (33.7) | (42.9) |
Foreign currency transaction gains (losses) | 1.4 | 1.1 | 2.7 | (3.7) |
Reconciliation of segment policies to GAAP | 1.3 | 2.2 | 4.5 | 5.4 |
Other items not allocated to segments | ||||
Segment Reporting Information [Line Items] | ||||
Acquisitions and dispositions, Revenues | 1.5 | 0.0 | 2.3 | 0.0 |
Reorganization and Restructuring | (2.1) | 1.2 | (8.1) | (0.3) |
U.S. and Mexican retirement plans | (8.1) | (7.6) | (15.4) | (15.9) |
Acquisitions and dispositions, Operating profit | (6.5) | 0.3 | (12.3) | 0.3 |
Largest 5 Markets | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 472.8 | 483.9 | 927.2 | 971.5 |
Operating Profit (Loss) | 15.6 | 22.1 | 29.0 | 50.2 |
Global Markets | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 222.7 | 242.1 | 436.3 | 487.3 |
Operating Profit (Loss) | 37.7 | 34.2 | 68.5 | 65.4 |
Venezuela | ||||
Segment Reporting Information [Line Items] | ||||
Foreign currency transaction gains (losses) | (18.2) | |||
Venezuela | Other items not allocated to segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 21.5 | 12.2 | 53.6 | 32.7 |
Operating Profit (Loss) | 0.9 | (39.1) | 2.7 | (57.0) |
U.S. | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 182.5 | 184.1 | 361.3 | 367.7 |
Operating Profit (Loss) | (1.5) | 6.4 | (3.7) | 14.7 |
France | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 107.9 | 107.4 | 212.7 | 213.1 |
Operating Profit (Loss) | 10.1 | 6.7 | 14.6 | 10.8 |
Mexico | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 77.3 | 85.1 | 152.2 | 170.8 |
Operating Profit (Loss) | 3.1 | 4.5 | 6.3 | 12.4 |
Brazil | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 66.9 | 67.7 | 126.9 | 141.5 |
Operating Profit (Loss) | 2.5 | 2.1 | 8.6 | 8.2 |
Canada | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 38.2 | 39.6 | 74.1 | 78.4 |
Operating Profit (Loss) | 1.4 | 2.4 | 3.2 | 4.1 |
Latin America | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 85.0 | 91.2 | 164.2 | 182.0 |
Operating Profit (Loss) | 20.8 | 19.2 | 38.3 | 35.7 |
EMEA | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 96.2 | 112.3 | 191.6 | 228.0 |
Operating Profit (Loss) | 9.9 | 9.1 | 16.8 | 17.3 |
Asia | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 41.5 | 38.6 | 80.5 | 77.3 |
Operating Profit (Loss) | 7.0 | 5.9 | 13.4 | 12.4 |
Payment Services | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 21.0 | 22.1 | 41.9 | 44.9 |
Operating Profit (Loss) | $ (2.0) | $ (3.7) | $ (2.0) | $ (3.2) |
Retirement benefits - Retirement Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 |
Interest cost on projected benefit obligation | 9.3 | 9.0 | 18.5 | 18.0 |
Return on assets – expected | (13.6) | (13.6) | (27.3) | (27.3) |
Amortization of losses | 6.2 | 7.7 | 12.3 | 15.5 |
Amortization of prior service cost | 0.0 | 0.0 | 0.0 | 0.0 |
Settlement loss | 0.0 | 0.0 | 0.0 | 0.0 |
Net periodic pension cost | 1.9 | 3.1 | 3.5 | 6.2 |
U.S. Plans | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension cost | 1.9 | 3.1 | 3.5 | 6.2 |
U.S. Plans | Discontinued operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amortization of prior service cost | 0.0 | 0.0 | 0.0 | 0.0 |
Non-U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2.7 | 2.6 | 5.5 | 5.5 |
Interest cost on projected benefit obligation | 3.1 | 3.0 | 6.5 | 6.2 |
Return on assets – expected | (2.5) | (2.4) | (4.8) | (4.8) |
Amortization of losses | 1.2 | 1.2 | 2.4 | 2.5 |
Amortization of prior service cost | 0.2 | 0.2 | 0.2 | 0.2 |
Settlement loss | 0.6 | 1.1 | 1.4 | 3.4 |
Net periodic pension cost | 5.3 | 5.7 | 11.2 | 13.0 |
Non-U.S. Plans | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension cost | 5.3 | 5.7 | 11.2 | 11.9 |
Non-U.S. Plans | Discontinued operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension cost | 0.0 | 0.0 | 0.0 | 1.1 |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 2.7 | 2.6 | 5.5 | 5.5 |
Interest cost on projected benefit obligation | 12.4 | 12.0 | 25.0 | 24.2 |
Return on assets – expected | (16.1) | (16.0) | (32.1) | (32.1) |
Amortization of losses | 7.4 | 8.9 | 14.7 | 18.0 |
Amortization of prior service cost | 0.2 | 0.2 | 0.2 | 0.2 |
Settlement loss | 0.6 | 1.1 | 1.4 | 3.4 |
Net periodic pension cost | 7.2 | 8.8 | 14.7 | 19.2 |
Pension Plan | Continuing operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension cost | 7.2 | 8.8 | 14.7 | 18.1 |
Pension Plan | Discontinued operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension cost | 0.0 | 0.0 | 0.0 | 1.1 |
UMWA Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.0 | 0.0 | 0.0 | 0.0 |
Interest cost on projected benefit obligation | 4.8 | 4.2 | 9.4 | 8.7 |
Return on assets – expected | (4.3) | (5.1) | (8.7) | (10.3) |
Amortization of losses | 4.5 | 3.7 | 8.8 | 8.0 |
Amortization of prior service cost | (1.2) | (1.1) | (2.3) | (2.3) |
Net periodic pension cost | 3.8 | 1.7 | 7.2 | 4.1 |
Black Lung and Other Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.0 | 0.1 | 0.0 | 0.1 |
Interest cost on projected benefit obligation | 0.7 | 0.7 | 1.3 | 1.4 |
Return on assets – expected | 0.0 | 0.0 | 0.0 | 0.0 |
Amortization of losses | 0.7 | 0.8 | 1.2 | 1.5 |
Amortization of prior service cost | 0.4 | 0.4 | 0.9 | 0.9 |
Net periodic pension cost | 1.8 | 2.0 | 3.4 | 3.9 |
Other Postretirement Benefit Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.0 | 0.1 | 0.0 | 0.1 |
Interest cost on projected benefit obligation | 5.5 | 4.9 | 10.7 | 10.1 |
Return on assets – expected | (4.3) | (5.1) | (8.7) | (10.3) |
Amortization of losses | 5.2 | 4.5 | 10.0 | 9.5 |
Amortization of prior service cost | (0.8) | (0.7) | (1.4) | (1.4) |
Net periodic pension cost | $ 5.6 | $ 3.7 | $ 10.6 | $ 8.0 |
Income taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes (in millions) | $ 14.5 | $ 7.6 | $ 23.9 | $ 23.1 |
Effective tax rate | 81.00% | (40.20%) | 89.20% | (220.00%) |
Income Taxes - Narrative (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Income Tax Disclosure [Abstract] | ||
U.S. statutory tax rate | 35.00% | 35.00% |
Effective tax rate on continuing operations excluding significant nondeductible expenses | 56.00% | 46.00% |
Accumulated other comprehensive income (loss) - Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | $ (5.2) | $ 5.6 | $ 10.7 | $ (47.3) |
Amounts Arising During the Current Period, Income Tax | 0.4 | 0.3 | 0.8 | 1.5 |
Amounts Reclassified to Net Income (Loss), Pretax | 13.4 | 14.7 | 26.5 | 28.4 |
Amounts Reclassified to Net Income (Loss), Income Tax | (4.6) | (4.8) | (8.8) | (10.0) |
Other comprehensive income (loss) | 4.0 | 15.8 | 29.2 | (27.4) |
Benefit plan adjustments, Attributable to parent | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | (0.8) | (1.1) | (1.9) | (5.7) |
Amounts Arising During the Current Period, Income Tax | 0.2 | 0.3 | 0.5 | 1.5 |
Amounts Reclassified to Net Income (Loss), Pretax | 12.6 | 14.1 | 24.9 | 29.8 |
Amounts Reclassified to Net Income (Loss), Income Tax | (4.5) | (4.8) | (8.7) | (10.0) |
Other comprehensive income (loss) | 7.5 | 8.5 | 14.8 | 15.6 |
Foreign currency translation adjustments, Attributable to parent | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | (3.5) | 6.5 | 13.6 | (42.4) |
Amounts Arising During the Current Period, Income Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts Reclassified to Net Income (Loss), Pretax | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts Reclassified to Net Income (Loss), Income Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Other comprehensive income (loss) | (3.5) | 6.5 | 13.6 | (42.4) |
Unrealized gains (losses) on available-for-sale securities, Attributable to parent | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | 0.3 | 0.0 | 0.5 | 0.0 |
Amounts Arising During the Current Period, Income Tax | (0.2) | 0.0 | (0.2) | 0.0 |
Amounts Reclassified to Net Income (Loss), Pretax | (0.5) | (0.1) | (0.5) | (0.1) |
Amounts Reclassified to Net Income (Loss), Income Tax | 0.2 | 0.0 | 0.2 | 0.0 |
Other comprehensive income (loss) | (0.2) | (0.1) | 0.0 | (0.1) |
Gains (losses) on cash flow hedges, Attributable to parent | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | (1.2) | (0.2) | (2.2) | 1.9 |
Amounts Arising During the Current Period, Income Tax | 0.4 | 0.0 | 0.5 | 0.0 |
Amounts Reclassified to Net Income (Loss), Pretax | 1.1 | 0.6 | 1.8 | (1.5) |
Amounts Reclassified to Net Income (Loss), Income Tax | (0.3) | 0.0 | (0.3) | 0.0 |
Other comprehensive income (loss) | 0.0 | 0.4 | (0.2) | 0.4 |
Accumulated Other Comprehensive Loss | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | (5.2) | 5.2 | 10.0 | (46.2) |
Amounts Arising During the Current Period, Income Tax | 0.4 | 0.3 | 0.8 | 1.5 |
Amounts Reclassified to Net Income (Loss), Pretax | 13.2 | 14.6 | 26.2 | 28.2 |
Amounts Reclassified to Net Income (Loss), Income Tax | (4.6) | (4.8) | (8.8) | (10.0) |
Other comprehensive income (loss) | 3.8 | 15.3 | 28.2 | (26.5) |
Benefit plan adjustments, Attributable to noncontrolling interest | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts Arising During the Current Period, Income Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts Reclassified to Net Income (Loss), Pretax | 0.2 | 0.1 | 0.3 | 0.2 |
Amounts Reclassified to Net Income (Loss), Income Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Other comprehensive income (loss) | 0.2 | 0.1 | 0.3 | 0.2 |
Foreign currency translation adjustments, Attributable to noncontrolling interest | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | 0.0 | 0.4 | 0.7 | (1.1) |
Amounts Arising During the Current Period, Income Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts Reclassified to Net Income (Loss), Pretax | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts Reclassified to Net Income (Loss), Income Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Other comprehensive income (loss) | 0.0 | 0.4 | 0.7 | (1.1) |
AOCI Attributable to Noncontrolling Interest [Member] | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | 0.0 | 0.4 | 0.7 | (1.1) |
Amounts Arising During the Current Period, Income Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts Reclassified to Net Income (Loss), Pretax | 0.2 | 0.1 | 0.3 | 0.2 |
Amounts Reclassified to Net Income (Loss), Income Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Other comprehensive income (loss) | 0.2 | 0.5 | 1.0 | (0.9) |
Benefit plan adjustments | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | (0.8) | (1.1) | (1.9) | (5.7) |
Amounts Arising During the Current Period, Income Tax | 0.2 | 0.3 | 0.5 | 1.5 |
Amounts Reclassified to Net Income (Loss), Pretax | 12.8 | 14.2 | 25.2 | 30.0 |
Amounts Reclassified to Net Income (Loss), Income Tax | (4.5) | (4.8) | (8.7) | (10.0) |
Other comprehensive income (loss) | 7.7 | 8.6 | 15.1 | 15.8 |
Foreign currency translation adjustments | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | (3.5) | 6.9 | 14.3 | (43.5) |
Amounts Arising During the Current Period, Income Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts Reclassified to Net Income (Loss), Pretax | 0.0 | 0.0 | 0.0 | 0.0 |
Amounts Reclassified to Net Income (Loss), Income Tax | 0.0 | 0.0 | 0.0 | 0.0 |
Other comprehensive income (loss) | (3.5) | 6.9 | 14.3 | (43.5) |
Unrealized gains (losses) on available-for-sale securities | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | 0.3 | 0.0 | 0.5 | 0.0 |
Amounts Arising During the Current Period, Income Tax | (0.2) | 0.0 | (0.2) | 0.0 |
Amounts Reclassified to Net Income (Loss), Pretax | (0.5) | (0.1) | (0.5) | (0.1) |
Amounts Reclassified to Net Income (Loss), Income Tax | 0.2 | 0.0 | 0.2 | 0.0 |
Other comprehensive income (loss) | (0.2) | (0.1) | 0.0 | (0.1) |
Gains (losses) on cash flow hedges | ||||
Other Comprehensive Income Loss [Line Items] | ||||
Amounts Arising During the Current Period, Pretax | (1.2) | (0.2) | (2.2) | 1.9 |
Amounts Arising During the Current Period, Income Tax | 0.4 | 0.0 | 0.5 | 0.0 |
Amounts Reclassified to Net Income (Loss), Pretax | 1.1 | 0.6 | 1.8 | (1.5) |
Amounts Reclassified to Net Income (Loss), Income Tax | (0.3) | 0.0 | (0.3) | 0.0 |
Other comprehensive income (loss) | $ 0.0 | $ 0.4 | $ (0.2) | $ 0.4 |
Accumulated other comprehensive income (loss) - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of revenues | $ 604.5 | $ 620.9 | $ 1,201.5 | $ 1,250.0 |
Selling, general and administrative expenses | 106.7 | 120.0 | 217.0 | 232.3 |
Other operating expense | 6.2 | 34.0 | 6.9 | 55.8 |
Interest and other income (expense) | 0.7 | 0.4 | 0.7 | 0.8 |
Reclassification out of accumulated other comprehensive income | Benefit Plan Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of revenues | 10.5 | 8.8 | 20.9 | 18.7 |
Selling, general and administrative expenses | 2.3 | 3.7 | 4.4 | 7.4 |
Reclassification out of accumulated other comprehensive income | Gains (Losses) on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other operating expense | 0.8 | 0.4 | 1.4 | (1.9) |
Interest and other income (expense) | $ (0.1) | $ (0.1) | $ (0.2) | $ (0.3) |
Accumulated other comprehensive income (loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance | $ 330.6 | |||
Other comprehensive income (loss) | $ 4.0 | $ 15.8 | 29.2 | $ (27.4) |
Ending balance | 358.1 | 358.1 | ||
Benefit Plan Adjustments | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance | (570.5) | |||
Other comprehensive income (loss) before reclassifications | (1.4) | |||
Amounts reclassified from accumulated other comprehensive loss | 16.2 | |||
Other comprehensive income (loss) | 14.8 | |||
Ending balance | (555.7) | (555.7) | ||
Foreign Currency Translation Adjustments | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance | (322.6) | |||
Other comprehensive income (loss) before reclassifications | 13.6 | |||
Amounts reclassified from accumulated other comprehensive loss | 0.0 | |||
Other comprehensive income (loss) | (3.5) | 6.5 | 13.6 | (42.4) |
Ending balance | (309.0) | (309.0) | ||
Unrealized Gains (Losses) on Available-for-Sale Securities | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance | 1.1 | |||
Other comprehensive income (loss) before reclassifications | 0.3 | |||
Amounts reclassified from accumulated other comprehensive loss | (0.3) | |||
Other comprehensive income (loss) | (0.2) | (0.1) | 0.0 | (0.1) |
Ending balance | 1.1 | 1.1 | ||
Gains (Losses) on Cash Flow Hedges | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance | 0.1 | |||
Other comprehensive income (loss) before reclassifications | (1.7) | |||
Amounts reclassified from accumulated other comprehensive loss | 1.5 | |||
Other comprehensive income (loss) | 0.0 | 0.4 | (0.2) | 0.4 |
Ending balance | (0.1) | (0.1) | ||
Accumulated Other Comprehensive Loss | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance | (891.9) | |||
Other comprehensive income (loss) before reclassifications | 10.8 | |||
Amounts reclassified from accumulated other comprehensive loss | 17.4 | |||
Other comprehensive income (loss) | 3.8 | $ 15.3 | 28.2 | $ (26.5) |
Ending balance | $ (863.7) | $ (863.7) |
Fair value of financial instruments (Details) |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2016
USD ($)
|
Mar. 31, 2016
USD ($)
derivative_instrument
|
Dec. 31, 2015
USD ($)
|
|
Fixed-Rate Debt | Unsecured notes issued in a private placement | |||
Debt Instrument [Line Items] | |||
Carrying value | $ 85,700,000 | $ 92,900,000 | |
Fair Value, Inputs, Level 3 | Fixed-Rate Debt | Unsecured notes issued in a private placement | |||
Debt Instrument [Line Items] | |||
Fair value | 90,100,000 | $ 95,700,000 | |
Not Designated as Hedging Instrument | Foreign Exchange Contract | |||
Debt Instrument [Line Items] | |||
Notional value | $ 57,000,000 | ||
Weighted average maturity (in months) | 1 month | ||
Designated as Hedging Instrument | Cross currency swap | |||
Debt Instrument [Line Items] | |||
Notional value | $ 11,100,000.0 | ||
Weighted average maturity (in months) | 9 months | ||
Designated as Hedging Instrument | Cross currency swap | Fair Value, Inputs, Level 2 | |||
Debt Instrument [Line Items] | |||
Derivative asset | $ 4,300,000 | ||
Designated as Hedging Instrument | Interest Rate Swap | |||
Debt Instrument [Line Items] | |||
Notional value | $ 40,000,000 | ||
Number of interest rate swaps | derivative_instrument | 2 | ||
Fair value liability interest rate swap | 800,000 | ||
Prepaid Expenses and Other Current Assets | Designated as Hedging Instrument | Cross currency swap | Fair Value, Inputs, Level 2 | |||
Debt Instrument [Line Items] | |||
Derivative asset | 2,300,000 | ||
Other Assets | Designated as Hedging Instrument | Cross currency swap | Fair Value, Inputs, Level 2 | |||
Debt Instrument [Line Items] | |||
Derivative asset | $ 2,000,000 |
Share-based compensation plans - Compensation Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | $ 2.1 | $ 3.3 | $ 4.9 | $ 8.5 |
Income tax benefit | (0.7) | (1.1) | (1.7) | (2.9) |
Share-based payment expense, net of tax | 1.4 | 2.2 | 3.2 | 5.6 |
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 1.0 | 2.0 | 2.3 | 4.5 |
Market Share Units MSU | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 0.0 | 0.3 | 0.2 | 1.9 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 0.9 | 0.9 | 2.0 | 1.9 |
Deferred Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 0.1 | 0.1 | 0.3 | 0.2 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | $ 0.1 | $ 0.0 | $ 0.1 | $ 0.0 |
Share-based compensation plans- Performance stock options (Details) - Performance Shares |
6 Months Ended |
---|---|
Jun. 30, 2016
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance, shares | shares | 0 |
Granted, shares | shares | 400,000 |
Forfeited, shares | shares | 0 |
Exercised, shares | shares | 0 |
Ending balance, shares | shares | 400,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Beginning balance (dollars per share) | $ / shares | $ 0.00 |
Granted (dollars per share) | $ / shares | 5.92 |
Forfeited (dollars per share) | $ / shares | 0.00 |
Exercised (dollars per share) | $ / shares | 0.00 |
Ending balance (dollars per share) | $ / shares | $ 5.92 |
Share-based compensation plans - Stock activity - RSUs, PSUs, MSUs(Details) - $ / shares |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2016 |
Dec. 31, 2015 |
|
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested, beginning balance, shares | 273,000 | |
Granted, shares | 169,700 | |
Forfeited, shares | (15,600) | |
Vested, shares | (90,500) | |
Nonvested, ending balance, shares | 336,600 | 273,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Nonvested, beginning balance (dollars per share) | $ 26.16 | |
Granted (dollars per share) | 28.59 | |
Forfeited (dollars per share) | 26.15 | |
Vested (dollars per share) | 26.53 | |
Nonvested, ending balance (dollars per share) | $ 27.29 | $ 26.16 |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Required service period (in years) | 2 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested, beginning balance, shares | 503,400 | |
Granted, shares | 315,900 | |
Forfeited, shares | (18,800) | |
Vested, shares | (162,900) | |
Nonvested, ending balance, shares | 637,600 | 503,400 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Nonvested, beginning balance (dollars per share) | $ 25.93 | |
Granted (dollars per share) | 29.06 | |
Forfeited (dollars per share) | 26.95 | |
Vested (dollars per share) | 23.73 | |
Nonvested, ending balance (dollars per share) | $ 28.01 | $ 25.93 |
Number of shares earned and distributed | 277,100,000 | |
Percent of target | 171.00% | |
Percent of target, small award | 125.00% | |
Market Share Units MSU | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested, beginning balance, shares | 258,800 | |
Granted, shares | 0 | |
Forfeited, shares | (1,200) | |
Vested, shares | (84,300) | |
Nonvested, ending balance, shares | 173,300 | 258,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Nonvested, beginning balance (dollars per share) | $ 27.40 | |
Granted (dollars per share) | 0.00 | |
Forfeited (dollars per share) | 23.34 | |
Vested (dollars per share) | 27.30 | |
Nonvested, ending balance (dollars per share) | $ 27.48 | $ 27.40 |
Number of shares earned and distributed | 91,100,000 | |
Percent of target | 108.00% |
Share-based compensation plans - Stock activity - DSUs (Details) |
1 Months Ended | 6 Months Ended | 12 Months Ended |
---|---|---|---|
Jan. 31, 2016
director
$ / shares
shares
|
Jun. 30, 2016
$ / shares
shares
|
Dec. 31, 2015
$ / shares
shares
|
|
Deferred Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 1 year | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested, beginning balance, shares | shares | 21,400 | 21,400 | |
Granted, shares | shares | 26,000 | ||
Forfeited, shares | shares | 0 | ||
Vested, shares | shares | (21,400) | ||
Nonvested, ending balance, shares | shares | 26,000 | 21,400 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Nonvested, beginning balance (dollars per share) | $ / shares | $ 32.79 | $ 32.79 | |
Granted (dollars per share) | $ / shares | 29.35 | ||
Forfeited (dollars per share) | $ / shares | 0.00 | ||
Vested (dollars per share) | $ / shares | 31.72 | ||
Nonvested, ending balance (dollars per share) | $ / shares | $ 29.35 | $ 32.79 | |
Director | Severance Costs | Executive Leadership and Board of Directors Restructuring | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of directors retired | director | 2 |
Shares used to calculate earnings per share (Details) - shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Earnings Per Share [Abstract] | ||||
Basic (shares) | 49.9 | 49.3 | 49.7 | 49.2 |
Effect of dilutive stock options and awards (shares) | 0.4 | 0.0 | 0.0 | 0.0 |
Diluted (shares) | 50.3 | 49.3 | 49.7 | 49.2 |
Antidilutive stock options and awards excluded from denominator (shares) | 0.2 | 1.5 | 1.3 | 1.5 |
Share-based goods and nonemployee services transaction, quantity of securities issued (shares) | 0.5 | 0.6 | 0.5 | 0.5 |
Loss from discontinued operations (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|
Nov. 30, 2015 |
Feb. 28, 2015 |
Jun. 30, 2016 |
Dec. 31, 2015 |
Jun. 30, 2015 |
Jun. 30, 2016 |
Jun. 30, 2015 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain (loss) from operations | $ 0.0 | $ 0.0 | $ 0.0 | $ (2.4) | |||
Loss on sale | 0.0 | (0.1) | 0.0 | (0.8) | |||
Adjustments to contingencies of former operations | 0.1 | 0.0 | 0.1 | (0.1) | |||
(Income) loss from discontinued operations before income taxes | 0.1 | (0.1) | 0.1 | (3.3) | |||
Provision (benefit) for income taxes | 0.1 | (0.2) | 0.1 | (1.0) | |||
(Income) loss from discontinued operations, net of tax | $ 0.0 | $ 0.1 | $ 0.0 | $ (2.3) | |||
Mexican Parcel Services | Pension settlement charges | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain (loss) from operations | $ (1.0) | ||||||
Russia | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Ownership percent | 70.00% | ||||||
Gain (loss) on disposition | $ (5.9) | ||||||
Reclassification of foreign currency | $ 5.0 |
Supplemental cash flow information (Details) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
Dec. 31, 2015 |
|
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Interest | $ 9.6 | $ 9.5 | |
Income taxes, net | 37.8 | 26.5 | |
Capital lease arrangements | 12.7 | $ 6.2 | |
Restricted cash | 50.7 | $ 16.4 | |
Argentine pesos | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Cash outflows from purchase of securities | 2.1 | ||
Cash inflows from sale of securities | 2.0 | ||
Short-term Debt | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Restricted cash | 9.2 | 3.5 | |
Restricted Cash Held for Customers | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Restricted cash | $ 41.5 | $ 12.9 |
Contingent matters - Narrative (Details) $ in Millions |
Oct. 22, 2014
appeal
|
Sep. 17, 2014
USD ($)
|
Dec. 06, 2013
USD ($)
|
Oct. 28, 2010
USD ($)
|
Jun. 30, 2016
USD ($)
|
---|---|---|---|---|---|
Loss Contingencies [Line Items] | |||||
Damages awarded (less than) | $ 1 | ||||
Litigation settlement amount | $ 2 | $ 7 | |||
Amount accrued | $ 2 | ||||
Del Valle Gurria S.C. v. Servicio Pan Americano de Protección, S.A. de C.V | |||||
Loss Contingencies [Line Items] | |||||
Number of appeals | appeal | 2 | ||||
U.S. | Del Valle Gurria S.C. v. Servicio Pan Americano de Protección, S.A. de C.V | |||||
Loss Contingencies [Line Items] | |||||
Number of appeals | appeal | 1 | ||||
Mexico | Del Valle Gurria S.C. v. Servicio Pan Americano de Protección, S.A. de C.V | |||||
Loss Contingencies [Line Items] | |||||
Number of appeals | appeal | 1 | ||||
Maximum | |||||
Loss Contingencies [Line Items] | |||||
Company best estimate of exposure | $ 10 |
Reorganization and Restructuring (Details) $ in Millions |
1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|---|
Jan. 31, 2016
USD ($)
director
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
employee
|
Jun. 30, 2016
USD ($)
employee
|
Jun. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
|
2015 Reorganization and Restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Reorganization and restructuring costs | $ 4.4 | $ 11.6 | |||||
Positions eliminated across the global workforce | employee | 1,000 | ||||||
Cumulative pretax charges | $ 16.0 | ||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve, beginining balance | $ 6.3 | 6.3 | |||||
Expense (benefit) | 4.4 | ||||||
Payments and utilization | (7.1) | ||||||
Foreign currency exchange effects | 0.0 | ||||||
Restructuring Reserve, ending balance | $ 6.3 | 3.6 | 6.3 | ||||
2014 Reorganization and Restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Positions eliminated across the global workforce | employee | 1,700 | ||||||
Expected cost savings | 50.0 | ||||||
Restructuring Reserve [Roll Forward] | |||||||
Expense (benefit) | $ 0.3 | $ 21.8 | |||||
Severance Costs | 2015 Reorganization and Restructuring | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve, beginining balance | $ 6.3 | 6.3 | |||||
Expense (benefit) | 2.7 | ||||||
Payments and utilization | (6.2) | ||||||
Foreign currency exchange effects | 0.1 | ||||||
Restructuring Reserve, ending balance | 6.3 | 2.9 | 6.3 | ||||
Severance Costs | 2014 Reorganization and Restructuring | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Cumulative pretax charges | 24.0 | 24.0 | |||||
Severance Costs | Director | Executive Leadership and Board of Directors Restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Reorganization and restructuring costs | 1.8 | 3.8 | |||||
Positions eliminated across the global workforce | director | 2 | ||||||
Contract Terminations | 2015 Reorganization and Restructuring | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve, beginining balance | $ 0.0 | 0.0 | |||||
Expense (benefit) | 0.2 | ||||||
Payments and utilization | (0.2) | ||||||
Foreign currency exchange effects | 0.0 | ||||||
Restructuring Reserve, ending balance | 0.0 | 0.0 | 0.0 | ||||
Lease Terminations | 2015 Reorganization and Restructuring | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring Reserve, beginining balance | $ 0.0 | 0.0 | |||||
Expense (benefit) | 1.5 | ||||||
Payments and utilization | (0.7) | ||||||
Foreign currency exchange effects | (0.1) | ||||||
Restructuring Reserve, ending balance | $ 0.0 | 0.7 | $ 0.0 | ||||
Minimum | 2015 Reorganization and Restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected cost savings | 20.0 | ||||||
Maximum | 2015 Reorganization and Restructuring | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected cost savings | $ 25.0 |
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