ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended December 31, 2016 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | |
SECURITIES EXCHANGE ACT OF 1934 | ||
For the transition period from ____________ to ____________ |
Virginia | 54-1317776 | |||
(State or other jurisdiction of | (I.R.S. Employer | |||
incorporation or organization) | Identification No.) | |||
P.O. Box 18100, | ||||
1801 Bayberry Court | ||||
Richmond, Virginia | 23226-8100 | |||
(Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code | (804) 289-9600 | |||
Securities registered pursuant to Section 12(b) of the Act: | ||||
Name of each exchange on | ||||
Title of each class | which registered | |||
The Brink’s Company Common Stock, Par Value $1 | New York Stock Exchange | |||
Securities registered pursuant to Section 12(g) of the Act: None |
Page | ||
Item 16. | Form 10-K Summary |
PART I |
(In millions) | 2016 | % total | % change | 2015 | % total | % change | 2014 | % total | ||||||||
Revenues by segment: | ||||||||||||||||
Largest 5 Markets: | ||||||||||||||||
U.S. | $ | 752.6 | 25 | 3 | $ | 730.4 | 24 | — | $ | 727.8 | 20 | |||||
France | 424.5 | 14 | (2 | ) | 431.5 | 14 | (17 | ) | 517.4 | 15 | ||||||
Mexico | 295.3 | 10 | (11 | ) | 333.0 | 11 | (14 | ) | 388.2 | 11 | ||||||
Brazil | 285.7 | 9 | 6 | 270.4 | 9 | (26 | ) | 364.1 | 10 | |||||||
Canada | 150.2 | 5 | (2 | ) | 153.7 | 5 | (14 | ) | 179.7 | 5 | ||||||
Largest 5 Markets | 1,908.3 | 63 | (1 | ) | 1,919.0 | 63 | (12 | ) | 2,177.2 | 61 | ||||||
Latin America | 355.1 | 12 | (4 | ) | 369.9 | 12 | (3 | ) | 380.6 | 11 | ||||||
EMEA | 387.4 | 13 | (13 | ) | 444.7 | 15 | (20 | ) | 556.3 | 16 | ||||||
Asia | 167.5 | 6 | 6 | 157.4 | 5 | 13 | 139.8 | 4 | ||||||||
Global Markets | 910.0 | 30 | (6 | ) | 972.0 | 32 | (10 | ) | 1,076.7 | 30 | ||||||
Payment Services | 90.1 | 3 | 5 | 85.9 | 3 | (11 | ) | 96.6 | 3 | |||||||
Total reportable segments | 2,908.4 | 96 | (2 | ) | 2,976.9 | 97 | (11 | ) | 3,350.5 | 94 | ||||||
Other items not allocated to segments | 112.2 | 4 | 33 | 84.5 | 3 | (60 | ) | 211.8 | 6 | |||||||
Total Revenues | $ | 3,020.6 | 100 | (1 | ) | $ | 3,061.4 | 100 | (14 | ) | $ | 3,562.3 | 100 |
• | Accelerate profitable growth ("APG") |
• | Close the gap with operational excellence ("CTG") |
• | Introduce differentiated services ("IDS") |
• | growing High-Value Services |
• | growing account share with existing customers |
• | increasing focus on smaller financial institutions |
• | penetrating large, unvended retail market |
• | exploring core and adjacent acquisitions |
• | leading our industry in safety and security |
• | exceeding customer expectations |
• | increasing operational productivity |
• | leveraging uniform, best-in-class global technology base for logistics and operating systems |
• | offering end-to-end cash supply chain managed services |
• | launching a customer portal and value-added, fee-based services |
• | cash between businesses and financial institutions, such as banks and credit unions |
• | cash, securities and other valuables between commercial banks, central banks and investment banking and brokerage firms |
• | new currency, coins, bullion and precious metals for central banks and other customers |
• | money processing (e.g., counting, sorting, wrapping, checking condition of bills, etc.) and other cash management services |
• | services related to deploying and servicing “intelligent” safes and safe control devices, including our patented CompuSafe® service |
• | integrated check and cash processing services (“Virtual Vault”) |
• | check imaging services |
• | brand name recognition |
• | reputation for a high level of service and security |
• | risk management and logistics expertise |
• | global infrastructure and customer base |
• | proven operational excellence, and |
• | high-quality insurance coverage and financial strength |
• | Australia (sold in October 2014) |
• | Puerto Rico (shut down in November 2014) |
• | Netherlands (sold in December 2014) |
• | 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 a noncontrolling interest in a CIT business based in Peru in 2014 for $60 million. |
• | 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. A significant part of the loss ($5.0 million) represented the reclassification of foreign currency translation adjustments from accumulated other comprehensive income (loss) into earnings. |
• | We sold an Irish guarding operation in November 2015. |
• | In September 2016, we shut down the remaining operations in the Republic of Ireland and Northern Ireland. At December 31, 2016, we were in the process of finalizing the settlement of all remaining obligations of these businesses. During 2016, we incurred approximately $16 million in losses as we exited these operations. These losses included $5 million in severance costs and $2 million in property impairment charges. |
• | We sold a German guarding operation in October 2016. |
• | Annual reports on Form 10-K |
• | Quarterly reports on Form 10-Q |
• | Current reports on Form 8-K, and amendments to those reports |
• | Corporate Governance Policies |
• | Code of Ethics |
• | The charters of the following committees of our Board of Directors (the “Board”): Audit and Ethics, Compensation and Benefits, Corporate Governance and Nominating, and Finance and Strategy |
• | the difficulty of enforcing agreements, collecting receivables and protecting assets through foreign legal systems; |
• | trade protection measures and import or export licensing requirements; |
• | difficulty in staffing and managing widespread operations; |
• | required compliance with a variety of foreign laws and regulations; |
• | enforcement of our global compliance program in foreign countries with a variety of laws, cultures and customs; |
• | varying permitting and licensing requirements in different jurisdictions; |
• | foreign ownership laws; |
• | changes in the general political and economic conditions in the countries where we operate, particularly in emerging markets; |
• | threat of nationalization and expropriation; |
• | higher costs and risks of doing business in a number of foreign jurisdictions; |
• | laws or other requirements and restrictions associated with organized labor; |
• | limitations on the repatriation of earnings; |
• | fluctuations in equity, revenues and profits due to changes in foreign currency exchange rates, including measures taken by governments to devalue official currency exchange rates; |
• | inflation levels exceeding that of the U.S; and |
• | inability to collect for services provided to government entities. |
• | the rate of price increases for services will not keep pace with the cost of inflation; |
• | adverse economic conditions may discourage business growth which could affect demand for our services; |
• | the devaluation of the currency may exceed the rate of inflation and reported U.S. dollar revenues and profits may decline; and |
• | these countries may be deemed “highly inflationary” for U.S. generally accepted accounting principles (“GAAP”) purposes. |
• | 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; |
• | 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 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; |
• | the stability of the Venezuelan economy, changes in Venezuelan policy regarding foreign-owned businesses; |
• | 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; |
• | 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; |
• | security threats worldwide and losses of customer valuables; |
• | costs associated with the purchase and implementation of cash processing and security equipment; |
• | employee, environmental and other liabilities in connection with our former coal operations, including black lung claims incidence; |
• | the impact of the Patient Protection and Affordable Care Act on 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; |
• | 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. |
Facilities | Vehicles | ||||||||||||||||
Leased | Owned | Total | Leased | Owned | Total | ||||||||||||
Largest 5 Markets | |||||||||||||||||
U.S. | 121 | 25 | 146 | 2,076 | 138 | 2,214 | |||||||||||
France | 83 | 33 | 116 | 835 | 535 | 1,370 | |||||||||||
Mexico | 72 | 57 | 129 | 91 | 2,160 | 2,251 | |||||||||||
Brazil | 66 | 3 | 69 | 422 | 836 | 1,258 | |||||||||||
Canada | 38 | 15 | 53 | 493 | 8 | 501 | |||||||||||
Global Markets | |||||||||||||||||
Latin America | 108 | 27 | 135 | — | 1,213 | 1,213 | |||||||||||
EMEA | 118 | 3 | 121 | 589 | 739 | 1,328 | |||||||||||
Asia | 166 | — | 166 | 4 | 652 | 656 | |||||||||||
Payment Services | 38 | — | 38 | 100 | 8 | 108 | |||||||||||
Corporate Items | 6 | — | 6 | — | — | — | |||||||||||
Venezuela | 40 | 29 | 69 | — | 1,032 | 1,032 | |||||||||||
Total | 856 | 192 | 1,048 | 4,610 | 7,321 | 11,931 |
Name | Age | Positions and Offices Held | Held Since | |||
Douglas A. Pertz | 62 | Director, President and Chief Executive Officer | 2016 | |||
Ronald J. Domanico | 58 | Executive Vice President, Chief Financial Officer and Treasurer | 2016 | |||
Michael F. Beech | 55 | Executive Vice President | 2014 | |||
McAlister C. Marshall, II | 47 | Senior Vice President, General Counsel and Chief Administrative Officer | 2008 | |||
Rohan Pal | 51 | Senior Vice President, Chief Information Officer and Chief Digital Officer | 2016 | |||
Amit Zukerman | 45 | Executive Vice President | 2014 |
PART II |
2015 Quarters | 2016 Quarters | ||||||||||||||||||||||||
1st | 2nd | 3rd | 4th | 1st | 2nd | 3rd | 4th | ||||||||||||||||||
Dividends declared per common share | $ | 0.1000 | 0.1000 | 0.1000 | 0.1000 | $ | 0.1000 | 0.1000 | 0.1000 | 0.1000 | |||||||||||||||
Stock prices: | |||||||||||||||||||||||||
High | $ | 28.98 | 33.62 | 31.76 | 33.37 | $ | 34.13 | 35.35 | 37.92 | 45.10 | |||||||||||||||
Low | 22.24 | 25.99 | 25.80 | 26.87 | 25.87 | 26.86 | 26.96 | 36.24 |
Years Ended December 31, | ||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | |||||||||||||
The Brink's Company | $ | 100.00 | 107.83 | 130.82 | 94.97 | 113.86 | 164.77 | |||||||||||
S&P SmallCap 600 Index | 100.00 | 116.33 | 164.38 | 173.84 | 170.41 | 215.67 | ||||||||||||
S&P 600 Commercial & Professional Services Index | 100.00 | 126.37 | 186.71 | 184.98 | 187.37 | 232.24 |
(a) | For the line designated as “The Brink’s Company” the graph depicts the cumulative return on $100 invested in The Brink’s Company’s common stock at December 31, 2011. The cumulative return for each index is measured on an annual basis for the periods from December 31, 2011, through December 31, 2016, with the value of each index set to $100 on December 31, 2011. Total return assumes reinvestment of dividends. We chose the S&P SmallCap 600 Index and the S&P 600 Commercial & Professional Services Index as appropriate comparisons. We believe that these indices broadly measure the performance of small-cap companies in the United States market and for a smaller subset of small-cap companies in the commercial services industry, respectively. |
GAAP Basis | |||||||||||||||
(In millions, except for per share amounts) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 3,020.6 | 3,061.4 | 3,562.3 | 3,778.6 | 3,577.6 | |||||||||
Operating profit (loss) | 144.2 | 56.6 | (27.5 | ) | 163.2 | 162.2 | |||||||||
Income (loss) attributable to Brink’s | |||||||||||||||
Continuing operations | $ | 36.2 | (9.1 | ) | (54.8 | ) | 66.0 | 102.3 | |||||||
Discontinued operations | (1.7 | ) | (2.8 | ) | (29.1 | ) | (9.2 | ) | (13.4 | ) | |||||
Net income (loss) attributable to Brink’s | $ | 34.5 | (11.9 | ) | (83.9 | ) | 56.8 | 88.9 | |||||||
Financial Position | |||||||||||||||
Property and equipment, net | $ | 531.0 | 549.0 | 669.5 | 758.7 | 793.8 | |||||||||
Total assets | 1,994.8 | 1,946.7 | 2,192.0 | 2,497.4 | 2,553.1 | ||||||||||
Long-term debt, less current maturities | 247.6 | 358.1 | 373.1 | 329.9 | 334.8 | ||||||||||
Brink’s shareholders’ equity | 337.1 | 317.9 | 434.0 | 693.9 | 501.8 | ||||||||||
Supplemental Information | |||||||||||||||
Depreciation and amortization | $ | 131.6 | 139.9 | 161.9 | 165.8 | 148.4 | |||||||||
Capital expenditures | 112.2 | 101.1 | 136.1 | 172.9 | 170.9 | ||||||||||
Earnings (loss) per share attributable to Brink’s common shareholders | |||||||||||||||
Basic: | |||||||||||||||
Continuing operations | $ | 0.72 | (0.19 | ) | (1.12 | ) | 1.36 | 2.12 | |||||||
Discontinued operations | (0.03 | ) | (0.06 | ) | (0.59 | ) | (0.19 | ) | (0.28 | ) | |||||
Net income (loss) | 0.69 | (0.24 | ) | (1.71 | ) | 1.17 | 1.84 | ||||||||
Diluted: | |||||||||||||||
Continuing operations | $ | 0.72 | (0.19 | ) | (1.12 | ) | 1.35 | 2.11 | |||||||
Discontinued operations | (0.03 | ) | (0.06 | ) | (0.59 | ) | (0.19 | ) | (0.28 | ) | |||||
Net income (loss) | 0.68 | (0.24 | ) | (1.71 | ) | 1.16 | 1.83 | ||||||||
Cash dividends | $ | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | |||||||||
Weighted-average Shares | |||||||||||||||
Basic | 50.0 | 49.3 | 49.0 | 48.7 | 48.4 | ||||||||||
Diluted | 50.6 | 49.3 | 49.0 | 49.0 | 48.6 |
Non-GAAP Basis* | |||||||||||||||
(In millions, except for per share amounts) | 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||
Non-GAAP revenues | $ | 2,908.4 | 2,976.9 | 3,350.5 | 3,331.5 | 3,235.0 | |||||||||
Non-GAAP operating profit | 206.5 | 156.8 | 124.2 | 147.0 | 166.7 | ||||||||||
Amounts attributable to Brink’s | |||||||||||||||
Non-GAAP income from continuing operations | $ | 113.1 | 84.2 | 49.4 | 61.1 | 78.1 | |||||||||
Non-GAAP diluted EPS – continuing operations | $ | 2.24 | 1.69 | 1.01 | 1.25 | 1.61 |
Page | ||
Analysis of Results: 2016 versus 2015 | ||
Analysis of Results: 2015 versus 2014 | ||
• | 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. |
• | Commercial Security Systems Services – design and installation of security systems in designated markets in Europe |
• | 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 |
• | value-based solutions expertise |
• | proven operational excellence |
• | high-quality insurance coverage and general financial strength |
Years Ended December 31, | 2016 | 2015 | % Change | ||||||
(In millions, except for per share amounts) | |||||||||
GAAP | |||||||||
Revenues | $ | 3,020.6 | 3,061.4 | (1 | ) | ||||
Cost of revenues | 2,424.8 | 2,471.6 | (2 | ) | |||||
Selling, general and administrative expenses | 431.5 | 463.8 | (7 | ) | |||||
Operating profit | 144.2 | 56.6 | fav | ||||||
Income (loss) from continuing operations(a) | 36.2 | (9.1 | ) | fav | |||||
Diluted EPS from continuing operations(a) | $ | 0.72 | (0.19 | ) | fav | ||||
Non-GAAP(b) | |||||||||
Non-GAAP revenues | $ | 2,908.4 | 2,976.9 | (2 | ) | ||||
Non-GAAP operating profit | 206.5 | 156.8 | 32 | ||||||
Non-GAAP income from continuing operations(a) | 113.1 | 84.2 | 34 | ||||||
Non-GAAP diluted EPS from continuing operations(a) | $ | 2.24 | 1.69 | 33 |
(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 36–37. |
• | a $35.3 million charge in 2015 related to impairment of fixed assets in Venezuela, which did not reoccur in 2016, |
• | an organic increase in Venezuela ($82.5 million), Latin America ($45.1 million), Payment Services ($9.1 million), and Brazil ($6.4 million), and |
• | lower corporate expenses ($13.4 million on an organic basis), |
• | unfavorable changes in currency exchange rates ($73.3 million), including the effects of Venezuela devaluations, |
• | higher reorganization and restructuring costs in 2016 ($15.0 million), |
• | negative impact of exiting operations in Ireland ($10.5 million), and |
• | organic decreases in the U.S. ($8.8 million). |
• | an organic increase in Latin America ($45.1 million), Payment Services ($9.1 million), and Brazil ($6.4 million), and |
• | lower corporate expenses ($13.4 million on an organic basis), |
• | unfavorable changes in currency exchange rates ($22.4 million), and |
• | organic decreases in the U.S. ($8.8 million). |
Organic | Acquisitions / | % Change | ||||||||||||||||||||
(In millions) | 2015 | Change | Dispositions(a) | Currency(b) | 2016 | Total | Organic | |||||||||||||||
Revenues: | ||||||||||||||||||||||
U.S. | $ | 730.4 | 22.2 | — | — | 752.6 | 3 | 3 | ||||||||||||||
France | 431.5 | (5.6 | ) | — | (1.4 | ) | 424.5 | (2 | ) | (1 | ) | |||||||||||
Mexico | 333.0 | 15.6 | — | (53.3 | ) | 295.3 | (11 | ) | 5 | |||||||||||||
Brazil | 270.4 | 28.9 | — | (13.6 | ) | 285.7 | 6 | 11 | ||||||||||||||
Canada | 153.7 | 2.1 | — | (5.6 | ) | 150.2 | (2 | ) | 1 | |||||||||||||
Largest 5 Markets | 1,919.0 | 63.2 | — | (73.9 | ) | 1,908.3 | (1 | ) | 3 | |||||||||||||
Latin America | 369.9 | 92.1 | — | (106.9 | ) | 355.1 | (4 | ) | 25 | |||||||||||||
EMEA | 444.7 | (9.4 | ) | (37.1 | ) | (10.8 | ) | 387.4 | (13 | ) | (2 | ) | ||||||||||
Asia | 157.4 | 11.6 | — | (1.5 | ) | 167.5 | 6 | 7 | ||||||||||||||
Global Markets | 972.0 | 94.3 | (37.1 | ) | (119.2 | ) | 910.0 | (6 | ) | 10 | ||||||||||||
Payment Services | 85.9 | 9.2 | — | (5.0 | ) | 90.1 | 5 | 11 | ||||||||||||||
Revenues - non-GAAP | 2,976.9 | 166.7 | (37.1 | ) | (198.1 | ) | 2,908.4 | (2 | ) | 6 | ||||||||||||
Other items not allocated to segments(d) | 84.5 | 226.4 | 2.8 | (201.5 | ) | 112.2 | 33 | fav | ||||||||||||||
Revenues - GAAP | $ | 3,061.4 | $ | 393.1 | (34.3 | ) | (399.6 | ) | 3,020.6 | (1 | ) | 13 | ||||||||||
Operating profit: | ||||||||||||||||||||||
U.S. | $ | 15.1 | (8.8 | ) | — | — | 6.3 | (58 | ) | (58 | ) | |||||||||||
France | 34.7 | 2.1 | — | — | 36.8 | 6 | 6 | |||||||||||||||
Mexico | 24.2 | (0.1 | ) | — | (3.7 | ) | 20.4 | (16 | ) | — | ||||||||||||
Brazil | 23.8 | 6.4 | — | (0.1 | ) | 30.1 | 26 | 27 | ||||||||||||||
Canada | 10.7 | (2.2 | ) | — | (0.2 | ) | 8.3 | (22 | ) | (21 | ) | |||||||||||
Largest 5 Markets | 108.5 | (2.6 | ) | — | (4.0 | ) | 101.9 | (6 | ) | (2 | ) | |||||||||||
Latin America | 76.3 | 45.1 | — | (31.5 | ) | 89.9 | 18 | 59 | ||||||||||||||
EMEA | 35.7 | 1.1 | 4.2 | (0.9 | ) | 40.1 | 12 | 3 | ||||||||||||||
Asia | 28.7 | 1.8 | — | — | 30.5 | 6 | 6 | |||||||||||||||
Global Markets | 140.7 | 48.0 | 4.2 | (32.4 | ) | 160.5 | 14 | 34 | ||||||||||||||
Payment Services | (7.2 | ) | 9.1 | — | 0.4 | 2.3 | fav | fav | ||||||||||||||
Corporate expenses(c) | (85.2 | ) | 13.4 | — | 13.6 | (58.2 | ) | (32 | ) | (16 | ) | |||||||||||
Operating profit - non-GAAP | 156.8 | 67.9 | 4.2 | (22.4 | ) | 206.5 | 32 | 43 | ||||||||||||||
Other items not allocated to segments(d) | (100.2 | ) | 96.6 | (7.8 | ) | (50.9 | ) | (62.3 | ) | (38 | ) | (96 | ) | |||||||||
Operating profit (loss) - GAAP | $ | 56.6 | 164.5 | (3.6 | ) | (73.3 | ) | 144.2 | fav | fav |
(a) | Includes operating results and gains/losses on acquisitions and dispositions of assets and of businesses. The 2014 divestiture of an equity interest in a business in Peru is included in “Other items not allocated to segments”. |
(b) | The amounts in the “Currency” column consist of the effects of Venezuela devaluations 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 28–30 for more information. |
Years Ended December 31, | 2015 | 2014 | % Change | ||||||
(In millions, except for per share amounts) | |||||||||
GAAP | |||||||||
Revenues | $ | 3,061.4 | 3,562.3 | (14 | ) | ||||
Cost of revenues | 2,471.6 | 2,948.2 | (16 | ) | |||||
Selling, general and administrative expenses | 463.8 | 560.6 | (17 | ) | |||||
Operating profit (loss) | 56.6 | (27.5 | ) | fav | |||||
Income (loss) from continuing operations(a) | (9.1 | ) | (54.8 | ) | (83 | ) | |||
Diluted EPS from continuing operations(a) | $ | (0.19 | ) | (1.12 | ) | (83 | ) | ||
Non-GAAP(b) | |||||||||
Non-GAAP revenues | $ | 2,976.9 | 3,350.5 | (11 | ) | ||||
Non-GAAP operating profit | 156.8 | 124.2 | 26 | ||||||
Non-GAAP income from continuing operations(a) | 84.2 | 49.4 | 70 | ||||||
Non-GAAP diluted EPS from continuing operations(a) | $ | 1.69 | 1.01 | 67 |
(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 36–37. |
• | lower remeasurement loss of net monetary assets ($103.5 million) as a result of the devaluation of the Venezuelan currency (a $121.6 million charge in 2014 compared to an $18.1 million charge in 2015), |
• | lower retirement benefit cost ($46.5 million), |
• | organic profit improvement in Latin America ($38.5 million), Venezuela ($36.0 million), Mexico ($19.1 million), and Asia ($6.0 million), and |
• | lower corporate expenses ($39.4 million) on an organic basis due to lower security costs and other cost reductions. |
• | unfavorable currency impact due to changes in exchange rates ($100.4 million), including devaluation in Venezuela, |
• | a $44.3 million gain on sale of our minority interest in a CIT business in Peru in 2014, |
• | impairment charges in Venezuela ($35.3 million), and |
• | organic profit decreases in EMEA ($13.6 million) and the U.S. ($7.7 million). |
• | organic profit improvement in Latin America ($38.5 million), Mexico ($19.1 million) and Asia ($6.0 million), and |
• | lower corporate expenses ($39.4 million) on an organic basis due to lower security costs and other cost reductions. |
• | the negative impact of changes in currency exchange rates ($50.4 million) and |
• | organic profit decreases in EMEA ($13.6 million) and the U.S. ($7.7 million). |
Organic | Acquisitions / | % Change | ||||||||||||||||||||
(In millions) | 2014 | Change | Dispositions(a) | Currency(b) | 2015 | Total | Organic | |||||||||||||||
Revenues: | ||||||||||||||||||||||
U.S. | $ | 727.8 | 2.6 | — | — | 730.4 | — | — | ||||||||||||||
France | 517.4 | (0.3 | ) | — | (85.6 | ) | 431.5 | (17 | ) | — | ||||||||||||
Mexico | 388.2 | 8.5 | — | (63.7 | ) | 333.0 | (14 | ) | 2 | |||||||||||||
Brazil | 364.1 | 17.7 | — | (111.4 | ) | 270.4 | (26 | ) | 5 | |||||||||||||
Canada | 179.7 | (1.6 | ) | — | (24.4 | ) | 153.7 | (14 | ) | (1 | ) | |||||||||||
Largest 5 Markets | 2,177.2 | 26.9 | — | (285.1 | ) | 1,919.0 | (12 | ) | 1 | |||||||||||||
Latin America | 380.6 | 58.4 | — | (69.1 | ) | 369.9 | (3 | ) | 15 | |||||||||||||
EMEA | 556.3 | (38.0 | ) | — | (73.6 | ) | 444.7 | (20 | ) | (7 | ) | |||||||||||
Asia | 139.8 | 18.3 | 9.1 | (9.8 | ) | 157.4 | 13 | 13 | ||||||||||||||
Global Markets | 1,076.7 | 38.7 | 9.1 | (152.5 | ) | 972.0 | (10 | ) | 4 | |||||||||||||
Payment Services | 96.6 | 18.9 | — | (29.6 | ) | 85.9 | (11 | ) | 20 | |||||||||||||
Revenues - non-GAAP | 3,350.5 | 84.5 | 9.1 | (467.2 | ) | 2,976.9 | (11 | ) | 3 | |||||||||||||
Other items not allocated to segments(d) | 211.8 | 296.8 | — | (424.1 | ) | 84.5 | (60 | ) | fav | |||||||||||||
Revenues - GAAP | $ | 3,562.3 | $ | 381.3 | 9.1 | (891.3 | ) | 3,061.4 | (14 | ) | 11 | |||||||||||
Operating profit: | ||||||||||||||||||||||
U.S. | $ | 22.8 | (7.7 | ) | — | — | 15.1 | (34 | ) | (34 | ) | |||||||||||
France | 39.4 | 1.9 | — | (6.6 | ) | 34.7 | (12 | ) | 5 | |||||||||||||
Mexico | 9.6 | 19.1 | — | (4.5 | ) | 24.2 | fav | fav | ||||||||||||||
Brazil | 34.2 | 0.1 | — | (10.5 | ) | 23.8 | (30 | ) | — | |||||||||||||
Canada | 12.8 | (0.3 | ) | — | (1.8 | ) | 10.7 | (16 | ) | (2 | ) | |||||||||||
Largest 5 Markets | 118.8 | 13.1 | — | (23.4 | ) | 108.5 | (9 | ) | 11 | |||||||||||||
Latin America | 50.4 | 38.5 | — | (12.6 | ) | 76.3 | 51 | 76 | ||||||||||||||
EMEA | 52.5 | (13.6 | ) | — | (3.2 | ) | 35.7 | (32 | ) | (26 | ) | |||||||||||
Asia | 23.1 | 6.0 | 1.0 | (1.4 | ) | 28.7 | 24 | 26 | ||||||||||||||
Global Markets | 126.0 | 30.9 | 1.0 | (17.2 | ) | 140.7 | 12 | 25 | ||||||||||||||
Payment Services | (4.9 | ) | (1.4 | ) | — | (0.9 | ) | (7.2 | ) | 47 | 29 | |||||||||||
Corporate expenses(c) | (115.7 | ) | 39.4 | — | (8.9 | ) | (85.2 | ) | (26 | ) | (34 | ) | ||||||||||
Operating profit - non-GAAP | 124.2 | 82.0 | 1.0 | (50.4 | ) | 156.8 | 26 | 66 | ||||||||||||||
Other items not allocated to segments(d) | (151.7 | ) | 53.4 | (55.4 | ) | 53.5 | (100.2 | ) | (34 | ) | (35 | ) | ||||||||||
Operating profit (loss) - GAAP | $ | (27.5 | ) | 135.4 | (54.4 | ) | 3.1 | 56.6 | fav | fav |
Years Ended December 31, | % change | ||||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | ||||||||||
General, administrative and other expenses | $ | (59.8 | ) | (81.0 | ) | (110.8 | ) | (26 | ) | (27 | ) | ||||
Foreign currency transaction gains (losses) | 3.8 | (8.8 | ) | (2.6 | ) | fav | unfav | ||||||||
Reconciliation of segment policies to GAAP | (2.2 | ) | 4.6 | (2.3 | ) | unfav | fav | ||||||||
Corporate items | $ | (58.2 | ) | (85.2 | ) | (115.7 | ) | (32 | ) | (26 | ) |
Years Ended December 31, | % change | ||||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | ||||||||||
Revenues: | |||||||||||||||
Venezuela operations | $ | 109.4 | 84.5 | 211.8 | 29 | (60 | ) | ||||||||
Acquisitions and dispositions | 2.8 | — | — | fav | — | ||||||||||
Revenues | $ | 112.2 | 84.5 | 211.8 | 33 | (60 | ) | ||||||||
Operating profit: | |||||||||||||||
Venezuela operations | $ | 15.8 | (47.7 | ) | (97.9 | ) | fav | (51 | ) | ||||||
Reorganization and Restructuring | (30.3 | ) | (15.3 | ) | (21.8 | ) | 98 | (30 | ) | ||||||
Retirement plans | (31.5 | ) | (31.2 | ) | (79.0 | ) | 1 | (61 | ) | ||||||
Acquisitions and dispositions | (16.3 | ) | (6.0 | ) | 49.4 | unfav | unfav | ||||||||
Share-based compensation adj. | — | — | (2.4 | ) | — | fav | |||||||||
Operating profit | $ | (62.3 | ) | (100.2 | ) | (151.7 | ) | (38 | ) | (34 | ) |
• | 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 |
Years Ended December 31, | % change | ||||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | ||||||||||
Reportable Segments: | |||||||||||||||
U.S. | $ | (4.6 | ) | (0.9 | ) | (2.2 | ) | unfav | (59 | ) | |||||
France | (3.8 | ) | (1.4 | ) | (1.5 | ) | unfav | (7 | ) | ||||||
Brazil | (1.1 | ) | (0.8 | ) | (1.7 | ) | 38 | (53 | ) | ||||||
Canada | (1.4 | ) | (0.8 | ) | (1.7 | ) | 75 | (53 | ) | ||||||
Largest 5 Markets | (10.9 | ) | (3.9 | ) | (7.1 | ) | unfav | (45 | ) | ||||||
Latin America | (2.9 | ) | (0.4 | ) | (10.5 | ) | unfav | (96 | ) | ||||||
EMEA | (2.3 | ) | (3.1 | ) | (1.7 | ) | (26 | ) | 82 | ||||||
Asia | (7.1 | ) | (2.2 | ) | — | unfav | unfav | ||||||||
Global Markets | (12.3 | ) | (5.7 | ) | (12.2 | ) | unfav | (53 | ) | ||||||
Payment Services | (0.6 | ) | — | — | unfav | — | |||||||||
Total reportable segments | (23.8 | ) | (9.6 | ) | (19.3 | ) | unfav | (50 | ) | ||||||
Corporate items | (6.5 | ) | (5.7 | ) | (2.5 | ) | 14 | unfav | |||||||
Total | $ | (30.3 | ) | (15.3 | ) | (21.8 | ) | 98 | (30 | ) |
• | 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. 2015 revenues from both Ireland operations were approximately $20 million. Charges included in our GAAP results include $4.9 million in severance costs, $1.8 million in property impairment charges, lease restructuring charges of $0.5 million and an additional $7.0 million in operating and other exit costs. These costs have been excluded from our segment and our consolidated non-GAAP results. International shipments to and from Ireland will continue to be provided through BGS. |
• | Brink's recognized a $2.0 million loss related to the sale of corporate assets in the second quarter of 2016. |
• | These items related primarily to Brink's sale of its 70% interest in a cash management business in Russia in the fourth quarter of 2015 from which we recognized a $5.9 million loss on the sale. |
• | Brink’s sold an equity investment in a CIT business in Peru and recognized a $44.3 million gain. Other divestiture gains were $0.6 million. |
• | A favorable adjustment of $0.7 million to the 2010 business acquisition gain for Mexico. |
Years Ended December 31, | % change | ||||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | ||||||||||
Foreign currency items: | |||||||||||||||
Transaction gains (losses) | $ | 1.4 | (26.8 | ) | (127.2 | ) | fav | (79 | ) | ||||||
Foreign currency derivative instrument gains (losses) | (2.4 | ) | 2.9 | 1.4 | unfav | fav | |||||||||
Gains (losses) on sale of property and equity investment | (1.3 | ) | 0.9 | 44.9 | unfav | (98 | ) | ||||||||
Argentina conversion losses | (0.1 | ) | (7.1 | ) | (3.6 | ) | (99 | ) | 97 | ||||||
Impairment losses | (20.6 | ) | (37.2 | ) | (3.3 | ) | (45 | ) | unfav | ||||||
Share in earnings (losses) of equity affiliates | (1.5 | ) | 0.5 | 4.3 | unfav | (88 | ) | ||||||||
Royalty income | 2.6 | 2.1 | 1.5 | 24 | 40 | ||||||||||
Gains (losses) on business acquisitions and dispositions | 0.1 | (6.3 | ) | — | fav | unfav | |||||||||
Other | 1.7 | 1.6 | 1.0 | 6 | 60 | ||||||||||
Other operating income (expense) | $ | (20.1 | ) | (69.4 | ) | (81.0 | ) | (71 | ) | (14 | ) |
Years Ended December 31, | % change | |||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | |||||||||
Interest expense | $ | 20.4 | 18.9 | 23.4 | 8 | (19 | ) |
Years Ended December 31, | % change | ||||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | ||||||||||
Interest income | $ | 2.6 | 3.3 | 3.0 | (21 | ) | 10 | ||||||||
Gain on available-for-sale securities | 0.5 | 1.1 | 0.4 | (55 | ) | fav | |||||||||
Derivative instruments | (0.6 | ) | (0.5 | ) | (1.0 | ) | 20 | (50 | ) | ||||||
Other | (1.3 | ) | (0.5 | ) | (0.5 | ) | unfav | — | |||||||
Interest and other income | $ | 1.2 | 3.4 | 1.9 | (65 | ) | 79 |
(In percentages) | 2016 | 2015 | 2014 | |||||
U.S. federal tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Increases (reductions) in taxes due to: | ||||||||
Venezuela devaluation | 2.9 | 61.3 | (86.3 | ) | ||||
Tax on accelerated U.S. income(a) | — | 57.3 | — | |||||
Adjustments to valuation allowances | 18.2 | 18.9 | (16.9 | ) | ||||
Foreign income taxes | 4.2 | (18.2 | ) | (0.7 | ) | |||
French business tax | 3.0 | 8.9 | (9.0 | ) | ||||
Taxes on undistributed earnings of foreign affiliates | 0.7 | (1.2 | ) | (3.7 | ) | |||
State income taxes, net | (1.0 | ) | (4.1 | ) | 5.2 | |||
Other | (0.2 | ) | 3.9 | 1.5 | ||||
Income tax rate on continuing operations | 62.8 | % | 161.8 | % | (74.9 | )% |
(a) | In the fourth quarter of 2015, we recognized a $23.5 million increase to current tax expense related to a transaction that accelerated U.S. taxable income. |
(In percentages) | 2016 | 2015 | 2014 | |||||
U.S. federal tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Increases (reductions) in taxes due to: | ||||||||
Adjustments to valuation allowances | 1.3 | 2.0 | 6.7 | |||||
French business tax | 2.0 | 2.6 | 4.3 | |||||
Other | (1.4 | ) | (2.6 | ) | (0.3 | ) | ||
Income tax rate on Non-GAAP continuing operations | 36.9 | % | 37.0 | % | 45.7 | % |
(a) | See pages 36–37 for a reconciliation of non-GAAP results to GAAP. |
• | changes in judgment about the need for valuation allowances |
• | changes in the geographical mix of earnings |
• | nontaxable acquisition gains and losses |
• | changes in laws in the U.S., France and Mexico |
• | U.S. tax on accelerated taxable income |
• | changes in the foreign currency rate used to measure Venezuela’s tax results |
• | timing of benefit recognition for uncertain tax positions |
• | state income taxes |
Years Ended December 31, | % change | |||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | |||||||||
Net income (loss) attributable to noncontrolling interests | $ | 10.3 | (16.3 | ) | (30.9 | ) | fav | (47 | ) |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Loss from operations(a)(b) | $ | — | (2.4 | ) | (13.3 | ) | |||
Loss on sales | — | (0.8 | ) | (18.9 | ) | ||||
Adjustments to contingencies of former operations(c): | |||||||||
Workers' compensation | (2.8 | ) | (0.7 | ) | (4.4 | ) | |||
Insurance recoveries related to BAX Global indemnification(d) | — | — | 9.5 | ||||||
Other | — | 0.1 | (1.6 | ) | |||||
Loss from discontinued operations before income taxes | (2.8 | ) | (3.8 | ) | (28.7 | ) | |||
Provision (benefit) for income taxes | (1.1 | ) | (1.0 | ) | 0.4 | ||||
Loss from discontinued operations, net of tax | $ | (1.7 | ) | (2.8 | ) | (29.1 | ) |
(a) | Discontinued operations include gains and losses related to businesses that we recently sold or shut down. No interest expense was included in discontinued operations in 2015 and 2014. |
(b) | The loss from operations in 2015 included $1.0 million in pension settlement charges related to the Mexican parcel delivery business sold in February 2015. The loss from operations in 2014 included $15.6 million in non-cash severance and impairment charges related to the Netherlands cash-in-transit operations. |
(c) | Primarily related to former coal businesses and BAX Global, a former freight forwarding and logistics business. |
(d) | BAX Global had been defending a claim related to the apparent diversion by a third party of goods being transported for a customer. In 2010, the Dutch Supreme Court denied the final appeal of BAX Global, letting stand the lower court ruling that BAX Global was liable for this claim. We had contractually indemnified the purchaser of BAX Global for this contingency. Through 2010, we had recognized $11.5 million of expense related to the payment made in satisfaction of the judgment. In 2014, we recovered $9.5 million from insurance companies related to this matter. |
• | Australia (sold in October 2014) |
• | Puerto Rico (shut down in November 2014) |
• | Netherlands (sold in December 2014) |
• | 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 our 70% ownership interest in a Russian cash management business in November 2015 and recognized a $5.9 million loss on the disposition. A significant part of the loss ($5.0 million) represented the reclassification of foreign currency translation adjustments from accumulated other comprehensive income (loss) into earnings. |
• | We sold our Irish guarding operation in November 2015. |
• | We shut down our remaining Irish domestic operations in September 2016. |
• | We sold our German guarding operation in October 2016. |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Other divestitures | |||||||||
Revenues | $ | 12.3 | 46.6 | 94.4 | |||||
Income (loss) from operations before tax | (16.0 | ) | (8.2 | ) | 3.4 |
2016 | 2015 | ||||||||||||||||||
Pre-tax | Tax | Effective tax rate | Pre-tax | Tax | Effective tax rate | ||||||||||||||
Effective Income Tax Rate(a) | |||||||||||||||||||
GAAP | $ | 125.0 | 78.5 | 62.8 | % | $ | 41.1 | 66.5 | 161.8 | % | |||||||||
Other items not allocated to segments(b) | 62.3 | 5.3 | 100.2 | 9.3 | |||||||||||||||
Deferred tax valuation allowance(c) | — | (14.7 | ) | — | — | ||||||||||||||
U.S. tax on accelerated U.S. income(d) | — | — | — | (23.5 | ) | ||||||||||||||
Non-GAAP | $ | 187.3 | 69.1 | 36.9 | % | $ | 141.3 | 52.3 | 37.0 | % | |||||||||
2014 | |||||||||||||||||||
Pre-tax | Tax | Effective tax rate | |||||||||||||||||
Effective Income Tax Rate(a) | |||||||||||||||||||
GAAP | $ | (49.0 | ) | 36.7 | (74.9 | )% | |||||||||||||
Other items not allocated to segments(b) | 151.7 | 10.2 | |||||||||||||||||
Non-GAAP | $ | 102.7 | 46.9 | 45.7 | % |
(a) | From continuing operations. |
(b) | See “Other Items Not Allocated To Segments” on pages 28–30 for pre-tax amounts and details. Other Items Not Allocated To Segments for nonoperating expense, 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) | There was a change in judgment resulting in a valuation allowance against certain tax attributes with a limited statutory carryforward period that are no longer more-likely-than-not to be realized due to lower than expected U.S. operating results, certain non-GAAP pre-tax items, and the timing of tax deductions related to executive leadership transition. |
(d) | The non-GAAP tax rate excludes the U.S. tax on a transaction that accelerated U.S. taxable income because it will be offset by foreign tax benefits in future years. |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Revenues: | |||||||||
GAAP | $ | 3,020.6 | 3,061.4 | 3,562.3 | |||||
Other items not allocated to segments(b) | (112.2 | ) | (84.5 | ) | (211.8 | ) | |||
Non-GAAP | $ | 2,908.4 | 2,976.9 | 3,350.5 | |||||
Operating profit (loss): | |||||||||
GAAP | $ | 144.2 | 56.6 | (27.5 | ) | ||||
Other items not allocated to segments(b) | 62.3 | 100.2 | 151.7 | ||||||
Non-GAAP | $ | 206.5 | 156.8 | 124.2 | |||||
Nonoperating expense: | |||||||||
GAAP | $ | (19.2 | ) | (15.5 | ) | (21.5 | ) | ||
Other items not allocated to segments(b) | — | 0.1 | — | ||||||
Non-GAAP | $ | (19.2 | ) | (15.4 | ) | (21.5 | ) | ||
Provision for income taxes: | |||||||||
GAAP | $ | 78.5 | 66.5 | 36.7 | |||||
Other items not allocated to segments(b) | 5.3 | 9.3 | 10.2 | ||||||
Deferred tax valuation allowance(c) | (14.7 | ) | — | — | |||||
U.S. tax on accelerated U.S. income(d) | — | (23.5 | ) | — | |||||
Non-GAAP | $ | 69.1 | 52.3 | 46.9 | |||||
Net income (loss) attributable to noncontrolling interests: | |||||||||
GAAP | $ | 10.3 | (16.3 | ) | (30.9 | ) | |||
Other items not allocated to segments(b) | (5.2 | ) | 21.2 | 37.3 | |||||
Non-GAAP | $ | 5.1 | 4.9 | 6.4 | |||||
Income (loss) from continuing operations attributable to Brink's: | |||||||||
GAAP | $ | 36.2 | (9.1 | ) | (54.8 | ) | |||
Other items not allocated to segments(b) | 62.2 | 69.8 | 104.2 | ||||||
Deferred tax valuation allowance(c) | 14.7 | — | — | ||||||
U.S. tax on accelerated U.S. income(d) | — | 23.5 | — | ||||||
Non-GAAP | $ | 113.1 | 84.2 | 49.4 | |||||
Diluted EPS | |||||||||
GAAP | $ | 0.72 | (0.19 | ) | (1.12 | ) | |||
Other items not allocated to segments(b) | 1.23 | 1.40 | 2.12 | ||||||
Deferred tax valuation allowance(c) | 0.29 | — | — | ||||||
U.S. tax on accelerated U.S. income(d) | — | 0.47 | — | ||||||
Non-GAAP | $ | 2.24 | 1.69 | 1.01 | |||||
Non-GAAP margin | 7.1 | % | 5.3 | % | 3.7 | % |
• | invest in the infrastructure of our business (new facilities, cash sorting and other equipment for our Cash Management Services operations, armored trucks, CompuSafe® units, and information technology) ($349 million), |
• | contribute funds to a U.S. pension plan ($87 million), and |
• | pay dividends to Brink’s shareholders ($59 million). |
Years Ended December 31, | $ change | |||||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | |||||||||||
Cash flows from operating activities | ||||||||||||||||
Operating activities - GAAP | $ | 167.5 | 195.9 | 141.3 | $ | (28.4 | ) | 54.6 | ||||||||
Venezuela operations | (16.4 | ) | (2.3 | ) | (20.7 | ) | (14.1 | ) | 18.4 | |||||||
Contributions to primary U.S. pension plan | — | — | 87.2 | — | (87.2 | ) | ||||||||||
(Increase) decrease in certain customer obligations(a) | 13.2 | (12.5 | ) | (15.4 | ) | 25.7 | 2.9 | |||||||||
Discontinued operations | — | 2.0 | (5.5 | ) | (2.0 | ) | 7.5 | |||||||||
Operating activities - non-GAAP | $ | 164.3 | 183.1 | 186.9 | $ | (18.8 | ) | (3.8 | ) |
(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. |
Years Ended December 31, | $ change | |||||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | |||||||||||
Cash flows from investing activities | ||||||||||||||||
Capital expenditures | $ | (112.2 | ) | (101.1 | ) | (136.1 | ) | $ | (11.1 | ) | 35.0 | |||||
Acquisitions | (0.7 | ) | — | (4.6 | ) | (0.7 | ) | 4.6 | ||||||||
Dispositions, net of cash disposed | (0.6 | ) | (14.6 | ) | — | 14.0 | (14.6 | ) | ||||||||
Marketable securities: | ||||||||||||||||
Purchases | (9.2 | ) | (27.3 | ) | — | 18.1 | (27.3 | ) | ||||||||
Sales | 9.1 | 33.9 | 0.9 | (24.8 | ) | 33.0 | ||||||||||
Proceeds from sale of property, equipment and investments | 4.7 | 1.9 | 62.7 | 2.8 | (60.8 | ) | ||||||||||
Other | — | 1.6 | (3.6 | ) | (1.6 | ) | 5.2 | |||||||||
Discontinued operations | — | 1.9 | (13.3 | ) | (1.9 | ) | 15.2 | |||||||||
Investing activities | $ | (108.9 | ) | (103.7 | ) | (94.0 | ) | $ | (5.2 | ) | (9.7 | ) |
Years Ended December 31, | $ change | |||||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | |||||||||||
Property and Equipment Acquired during the year | ||||||||||||||||
Capital expenditures(a): | ||||||||||||||||
Largest 5 Markets | $ | 68.2 | 59.3 | 83.4 | $ | 8.9 | (24.1 | ) | ||||||||
Global Markets | 28.6 | 28.8 | 30.0 | (0.2 | ) | (1.2 | ) | |||||||||
Payment Services | 1.4 | 1.7 | 0.8 | (0.3 | ) | 0.9 | ||||||||||
Corporate items | 9.0 | 7.0 | 16.5 | 2.0 | (9.5 | ) | ||||||||||
Capital expenditures - non-GAAP | 107.2 | 96.8 | 130.7 | 10.4 | (33.9 | ) | ||||||||||
Venezuela | 5.0 | 4.3 | 5.4 | 0.7 | (1.1 | ) | ||||||||||
Capital expenditures - GAAP | $ | 112.2 | 101.1 | 136.1 | $ | 11.1 | (35.0 | ) | ||||||||
Capital leases(b): | ||||||||||||||||
Largest 5 Markets | $ | 28.0 | 18.8 | 10.6 | $ | 9.2 | 8.2 | |||||||||
Global Markets | 1.4 | — | 0.3 | 1.4 | (0.3 | ) | ||||||||||
Payment Services | — | 0.1 | 1.2 | (0.1 | ) | (1.1 | ) | |||||||||
Capital leases - GAAP and non-GAAP | $ | 29.4 | 18.9 | 12.1 | $ | 10.5 | 6.8 | |||||||||
Total: | ||||||||||||||||
Largest 5 Markets | $ | 96.2 | 78.1 | 94.0 | $ | 18.1 | (15.9 | ) | ||||||||
Global Markets | 30.0 | 28.8 | 30.3 | 1.2 | (1.5 | ) | ||||||||||
Payment Services | 1.4 | 1.8 | 2.0 | (0.4 | ) | (0.2 | ) | |||||||||
Corporate items | 9.0 | 7.0 | 16.5 | 2.0 | (9.5 | ) | ||||||||||
Total - non-GAAP | 136.6 | 115.7 | 142.8 | 20.9 | (27.1 | ) | ||||||||||
Venezuela | 5.0 | 4.3 | 5.4 | 0.7 | (1.1 | ) | ||||||||||
Total - GAAP | $ | 141.6 | 120.0 | 148.2 | $ | 21.6 | (28.2 | ) | ||||||||
Depreciation and amortization(a) | ||||||||||||||||
Largest 5 Markets | $ | 91.3 | 94.6 | 107.7 | $ | (3.3 | ) | (13.1 | ) | |||||||
Global Markets | 25.5 | 27.2 | 31.3 | (1.7 | ) | (4.1 | ) | |||||||||
Payment Services | 2.4 | 2.9 | 3.7 | (0.5 | ) | (0.8 | ) | |||||||||
Corporate items | 10.9 | 11.3 | 9.7 | (0.4 | ) | 1.6 | ||||||||||
Depreciation and amortization - non-GAAP | 130.1 | 136.0 | 152.4 | (5.9 | ) | (16.4 | ) | |||||||||
Venezuela | 0.7 | 3.9 | 9.5 | (3.2 | ) | (5.6 | ) | |||||||||
2016 Restructuring | 0.8 | — | — | 0.8 | — | |||||||||||
Depreciation and amortization - GAAP | $ | 131.6 | 139.9 | 161.9 | $ | (8.3 | ) | (22.0 | ) |
(a) | Capital expenditures as well as depreciation and amortization related to Venezuela have been excluded from Global Markets. In addition, accelerated depreciation related to 2016 Restructuring activities has been excluded from non-GAAP amounts. |
(b) | 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. |
Years Ended December 31, | $ change | |||||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | |||||||||||
Cash flows from financing activities | ||||||||||||||||
Borrowings and repayments: | ||||||||||||||||
Short-term borrowings | $ | 115.0 | (22.7 | ) | (7.8 | ) | $ | 137.7 | (14.9 | ) | ||||||
Long-term revolving credit facilities, net | (112.2 | ) | (64.4 | ) | 115.0 | (47.8 | ) | (179.4 | ) | |||||||
Other long-term debt, net | (34.2 | ) | 44.1 | (73.5 | ) | (78.3 | ) | 117.6 | ||||||||
Borrowings (repayments) | (31.4 | ) | (43.0 | ) | 33.7 | 11.6 | (76.7 | ) | ||||||||
Nonrecourse financing of real estate transaction | — | 14.5 | — | (14.5 | ) | 14.5 | ||||||||||
Common stock issued | 3.0 | — | — | 3.0 | — | |||||||||||
Dividends to: | ||||||||||||||||
Shareholders of Brink’s | (19.8 | ) | (19.5 | ) | (19.4 | ) | (0.3 | ) | (0.1 | ) | ||||||
Noncontrolling interests in subsidiaries | (4.6 | ) | (5.3 | ) | (8.6 | ) | 0.7 | 3.3 | ||||||||
Acquisitions of noncontrolling interests | — | (1.5 | ) | — | 1.5 | (1.5 | ) | |||||||||
Proceeds from exercise of stock options | 12.2 | 3.8 | 0.4 | 8.4 | 3.4 | |||||||||||
Other | (4.3 | ) | (1.7 | ) | (2.8 | ) | (2.6 | ) | 1.1 | |||||||
Discontinued operations | — | 0.2 | — | (0.2 | ) | 0.2 | ||||||||||
Financing activities | $ | (44.9 | ) | (52.5 | ) | 3.3 | $ | 7.6 | (55.8 | ) |
Amount available under credit facilities | Outstanding balance | |||||||||||||
December 31, | December 31, | |||||||||||||
(In millions) | 2016 | 2016 | 2015 | $ change(a) | ||||||||||
Debt: | ||||||||||||||
Short-term borrowings | ||||||||||||||
Uncommitted credit facilities | $ | 15.7 | $ | 108.3 | — | 108.3 | ||||||||
Restricted cash borrowings(b) | — | 22.3 | 3.5 | 18.8 | ||||||||||
Other | — | 32.2 | 29.1 | 3.1 | ||||||||||
Total Short-term borrowings | $ | 15.7 | $ | 162.8 | 32.6 | 130.2 | ||||||||
Long-term debt | ||||||||||||||
Revolving Facility | $ | 469.2 | $ | 55.8 | 163.3 | $ | (107.5 | ) | ||||||
Private Placement Notes | — | 85.6 | 92.8 | (7.2 | ) | |||||||||
Term Loan | — | 65.6 | 70.9 | (5.3 | ) | |||||||||
Multi-currency revolving facilities | 11.9 | 3.6 | 1.1 | 2.5 | ||||||||||
Unsecured committed credit facility | — | — | 4.1 | (4.1 | ) | |||||||||
Letter of Credit Facilities | 27.8 | — | — | — | ||||||||||
Other | — | 2.8 | 6.2 | (3.4 | ) | |||||||||
Capital leases | — | 67.0 | 59.5 | 7.5 | ||||||||||
Total Long-term debt | $ | 508.9 | $ | 280.4 | 397.9 | $ | (117.5 | ) | ||||||
Total Debt | $ | 524.6 | $ | 443.2 | 430.5 | $ | 12.7 | |||||||
Total equity | $ | 354.8 | 330.6 | $ | 24.2 |
(a) | In addition to cash borrowings and repayments, the change in the debt balance also includes changes in currency exchange rates. |
(b) | These 2016 and 2015 amounts are for short-term borrowings related to cash borrowed under lending arrangements used in the process of managing customer cash supply chains, which is currently classified as restricted cash and not available for general corporate purposes. See Note 19 for more details. |
December 31, | ||||||||||
(In millions) | 2016 | 2015 | $ change | |||||||
Debt: | ||||||||||
Short-term borrowings(a) | $ | 140.5 | 29.1 | $ | 111.4 | |||||
Long-term debt | 280.4 | 397.9 | (117.5 | ) | ||||||
Total Debt | 420.9 | 427.0 | (6.1 | ) | ||||||
Less: | ||||||||||
Cash and cash equivalents | 183.5 | 181.9 | 1.6 | |||||||
Amounts held by Cash Management Services operations(b) | (9.8 | ) | (24.2 | ) | 14.4 | |||||
Cash and cash equivalents available for general corporate purposes | 173.7 | 157.7 | 16.0 | |||||||
Net Debt | $ | 247.2 | 269.3 | $ | (22.1 | ) |
(a) | Amount excludes $22.3 million at December 31, 2016 and $3.5 million at December 31, 2015 for short-term borrowings related to cash borrowed under lending arrangements used in the process of managing customer cash supply chains, which is currently classified as restricted cash and not available for general corporate purposes. See Note 19 for more details. |
(b) | 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. |
Estimated Payments Due by Period | |||||||||||||||||||||
(In millions) | 2017 | 2018 | 2019 | 2020 | 2021 | Later Years | Total | ||||||||||||||
Contractual obligations: | |||||||||||||||||||||
Long-term debt obligations | $ | 14.3 | 13.1 | 16.0 | 69.8 | 65.2 | 35.0 | 213.4 | |||||||||||||
Capital lease obligations | 18.5 | 14.8 | 11.1 | 9.1 | 7.6 | 5.9 | 67.0 | ||||||||||||||
Operating lease obligations | 59.9 | 74.3 | 40.6 | 30.1 | 19.8 | 41.9 | 266.6 | ||||||||||||||
Purchase obligations | 19.6 | 2.6 | 1.9 | 1.8 | 1.7 | 1.1 | 28.7 | ||||||||||||||
Other long-term liabilities reflected on the | |||||||||||||||||||||
Company’s balance sheet under GAAP: | |||||||||||||||||||||
Primary U.S. pension plan | — | — | — | — | 13.1 | 43.4 | 56.5 | ||||||||||||||
Other retirement obligations: | |||||||||||||||||||||
UMWA plans | — | — | — | — | — | 425.6 | 425.6 | ||||||||||||||
Black lung and other plans | 7.5 | 6.8 | 7.1 | 6.2 | 5.6 | 67.0 | 100.2 | ||||||||||||||
Workers compensation and other claims | 19.2 | 12.8 | 8.2 | 5.4 | 4.6 | 25.5 | 75.7 | ||||||||||||||
Uncertain tax positions | 0.8 | — | — | — | — | — | 0.8 | ||||||||||||||
Other | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 7.8 | 11.8 | ||||||||||||||
Total | $ | 140.6 | 125.2 | 85.7 | 123.2 | 118.4 | 653.2 | 1,246.3 |
• | Changing 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 | Projected | ||||||||||||
(In millions) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||
Primary U.S. pension plan | |||||||||||||
Beginning funded status | $ | (113.7 | ) | (107.8 | ) | (91.6 | ) | (74.8 | ) | (57.2 | ) | (38.9 | ) |
Net periodic pension credit(a) | 17.9 | 18.3 | 18.7 | 18.6 | 18.3 | 19.6 | |||||||
Payment from Brink’s | — | — | — | — | — | 13.1 | |||||||
Benefit plan experience gain (loss) | (12.0 | ) | (2.1 | ) | (1.9 | ) | (1.0 | ) | — | — | |||
Ending funded status | $ | (107.8 | ) | (91.6 | ) | (74.8 | ) | (57.2 | ) | (38.9 | ) | (6.2 | ) |
UMWA plans | |||||||||||||
Beginning funded status | $ | (205.7 | ) | (226.6 | ) | (227.6 | ) | (229.2 | ) | (231.6 | ) | (234.8 | ) |
Net periodic postretirement cost(a) | (1.4 | ) | (1.0 | ) | (1.6 | ) | (2.4 | ) | (3.2 | ) | (4.1 | ) | |
Benefit plan experience gain (loss) | (19.2 | ) | — | — | — | — | — | ||||||
Other | (0.3 | ) | — | — | — | — | — | ||||||
Ending funded status | $ | (226.6 | ) | (227.6 | ) | (229.2 | ) | (231.6 | ) | (234.8 | ) | (238.9 | ) |
Black lung plans | |||||||||||||
Beginning funded status | $ | (55.4 | ) | (57.2 | ) | (53.0 | ) | (49.1 | ) | (45.4 | ) | (42.0 | ) |
Net periodic postretirement cost(a) | (2.3 | ) | (2.1 | ) | (2.0 | ) | (1.8 | ) | (1.7 | ) | (1.5 | ) | |
Payment from Brink’s | 8.1 | 6.3 | 5.9 | 5.5 | 5.1 | 4.7 | |||||||
Benefit plan experience gain (loss) | (7.6 | ) | — | — | — | — | — | ||||||
Ending funded status | $ | (57.2 | ) | (53.0 | ) | (49.1 | ) | (45.4 | ) | (42.0 | ) | (38.8 | ) |
(a) | Excludes amounts reclassified from accumulated other comprehensive income (loss). |
Actual | Projected | ||||||||||||
(In millions) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||
Primary U.S. pension plan | $ | 6.8 | 6.7 | 4.8 | 4.0 | 3.8 | 0.1 | ||||||
UMWA plans | 14.8 | 13.9 | 13.8 | 13.8 | 13.9 | 14.2 | |||||||
Black lung plans | 7.3 | 7.5 | 6.6 | 4.6 | 4.2 | 3.9 | |||||||
Total | $ | 28.9 | 28.1 | 25.2 | 22.4 | 21.9 | 18.2 |
Actual | Projected | ||||||||||||
(In millions) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||
Payments from U.S. Plans to participants | |||||||||||||
Primary U.S. pension plan | $ | 47.1 | 49.9 | 50.2 | 50.5 | 50.7 | 50.8 | ||||||
UMWA plans | 31.7 | 31.9 | 31.9 | 31.7 | 32.7 | 31.9 | |||||||
Black lung plans | 8.1 | 6.3 | 5.9 | 5.5 | 5.1 | 4.7 | |||||||
Total | $ | 86.9 | 88.1 | 88.0 | 87.7 | 88.5 | 87.4 |
Projected Payments to Plans from Brink's | ||||||||||||
(In millions) | Primary U.S. Pension Plan | UMWA Plans | Black Lung Plans | Total | ||||||||
Projected payments | ||||||||||||
2017 | $ | — | — | 6.3 | 6.3 | |||||||
2018 | — | — | 5.9 | 5.9 | ||||||||
2019 | — | — | 5.5 | 5.5 | ||||||||
2020 | — | — | 5.1 | 5.1 | ||||||||
2021 | 13.1 | — | 4.7 | 17.8 | ||||||||
2022 | 21.1 | — | 4.4 | 25.5 | ||||||||
2023 | 17.1 | — | 4.0 | 21.1 | ||||||||
2024 | 5.2 | — | 3.7 | 8.9 | ||||||||
2025 | — | — | 3.3 | 3.3 | ||||||||
2026 | — | — | 3.1 | 3.1 | ||||||||
2027 | — | 11.4 | 2.9 | 14.3 | ||||||||
2028 | — | 24.8 | 2.8 | 27.6 | ||||||||
2029 | — | 23.9 | 2.6 | 26.5 | ||||||||
2030 | — | 23.2 | 2.4 | 25.6 | ||||||||
2031 and thereafter | — | 342.3 | 25.7 | 368.0 | ||||||||
Total projected payments | $ | 56.5 | 425.6 | 82.4 | 564.5 |
December 31, | ||||||
(In millions) | 2016 | 2015 | ||||
U.S. | $ | 38.1 | 20.4 | |||
Non-U.S. | 24.7 | 25.3 | ||||
Total | $ | 62.8 | 45.7 |
• | projected revenues and operating income for our U.S. entities, |
• | projected royalties and management fees paid to U.S. entities from subsidiaries outside the U.S., |
• | estimated required contributions to our U.S. retirement plans, and |
• | interest rates on projected U.S. borrowings. |
Primary U.S. Plan | UMWA Plans | Black Lung | ||||||||||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||
Discount rate: | ||||||||||||||||||||||||||
Retirement cost | 4.5 | % | 4.1 | % | 5.0 | % | 4.4 | % | 4.0 | % | 4.7 | % | 4.2 | % | 3.7 | % | 4.4 | % | ||||||||
Benefit obligation at year end | 4.3 | % | 4.5 | % | 4.1 | % | 4.1 | % | 4.4 | % | 4.0 | % | 3.9 | % | 4.2 | % | 3.7 | % |
(In millions) | Hypothetical 1% lower | Actual | Hypothetical 1% higher | ||
Primary U.S. pension plan | $ | 944.5 | 836.3 | 747.8 | |
UMWA plans | 498.2 | 444.2 | 399.4 |
(In millions, except for percentages) | Hypothetical sensitivity analysis for discount rate assumption | Hypothetical sensitivity analysis for discount rate assumption | ||||||||||||
Actual | 1% lower | 1% higher | Projected | 1% lower | 1% higher | |||||||||
Years Ending December 31, | 2016 | 2016 | 2016 | 2017 | 2017 | 2017 | ||||||||
Primary U.S. pension plan | ||||||||||||||
Discount rate assumption | 4.5 | % | 3.5 | % | 5.5 | % | 4.3 | % | 3.3 | % | 5.3 | % | ||
Retirement cost | $ | 6.8 | 13.8 | 0.8 | $ | 6.7 | 14.0 | 0.2 | ||||||
UMWA plans | ||||||||||||||
Discount rate assumption | 4.4 | % | 3.4 | % | 5.4 | % | 4.1 | % | 3.1 | % | 5.1 | % | ||
Retirement cost | $ | 14.8 | 15.9 | 13.8 | $ | 13.9 | 15.3 | 12.8 |
(In millions, except for percentages) | Hypothetical sensitivity analysis for expected-return-on asset assumption | Hypothetical sensitivity analysis for expected-return-on asset assumption | ||||||||||||
Actual | 1% lower | 1% higher | Projected | 1% lower | 1% higher | |||||||||
Years Ending December 31, | 2016 | 2016 | 2016 | 2017 | 2017 | 2017 | ||||||||
Expected-return-on-asset assumption | ||||||||||||||
Primary U.S. pension plan | 7.50 | % | 6.50 | % | 8.50 | % | 7.25 | % | 6.25 | % | 8.25 | % | ||
UMWA plans | 8.25 | % | 7.25 | % | 9.25 | % | 8.25 | % | 7.25 | % | 9.25 | % | ||
Primary U.S. pension plan | $ | 6.8 | 14.1 | (0.5 | ) | $ | 6.7 | 14.0 | (0.6 | ) | ||||
UMWA plans | 14.8 | 16.9 | 12.7 | 13.9 | 15.9 | 11.9 |
(In millions, except for percentages) | Hypothetical sensitivity analysis of 2017 asset return better or worse than expected | ||||||
Years Ending December 31, | Projected | Better return | Worse return | ||||
Return on investments in 2017 | |||||||
Primary U.S. pension plan | 7.25 | % | 14.50 | % | — | % | |
UMWA plans | 8.25 | % | 16.50 | % | — | % | |
Projected Funded Status at December 31, 2017 | |||||||
Primary U.S. pension plan | $ | (92 | ) | (41 | ) | (143 | ) |
UMWA plans | (228 | ) | (211 | ) | (244 | ) | |
2018 Expense(a) | |||||||
Primary U.S. pension plan | $ | 5 | 3 | 7 | |||
UMWA plans | 14 | 11 | 17 |
(a) | Actual future returns on investments will not affect our earnings until 2018 since the earnings in 2017 will be based on the "expected return on assets" assumption. |
(In millions) | Based on market-related value of assets | Hypothetical(a) | |||||||||||||||||
Actual | Projected | Projected | |||||||||||||||||
Years Ending December 31, | 2016 | 2017 | 2018 | 2016 | 2017 | 2018 | |||||||||||||
Primary U.S. pension plan expense | $ | 6.8 | 6.7 | 4.8 | $ | 12.7 | 11.9 | 8.3 |
(a) | Assumes that our accounting policy was to use the fair market value of assets instead of the market-related value of assets to determine our expense related to our primary U.S. pension plan. |
Number of participants | |||||||||
Plan | 2016 | 2015 | 2014 | 2013 | 2012 | ||||
UMWA plans | 3,600 | 3,700 | 3,900 | 4,100 | 4,300 | ||||
Black Lung | 750 | 700 | 700 | 710 | 780 | ||||
U.S. pension | 14,800 | 15,000 | 15,200 | 19,800 | 20,100 |
• | Our investment in our Venezuelan operations on an equity-method basis was $19.2 million at December 31, 2016, and $26.0 million at December 31, 2015. |
• | Our Venezuelan operations had net payables to other Brink's affiliates of $6.1 million at December 31, 2016 and $18.7 million at December 31, 2015. |
• | Our Venezuelan operations had net nonmonetary assets of $17.6 million at December 31, 2016, and $13.5 million at December 31, 2015. |
• | Our bolivar-denominated net monetary net assets were $1.4 million (including $6.8 million of cash and cash equivalents) at December 31, 2016, and $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 our operations in Venezuela were approximately $114.7 million at December 31, 2016 and $113.0 million at December 31, 2015. |
(In millions) | Hypothetical Effects Increase/ (decrease) | ||
Effect on Earnings: | |||
Translation of 2016 earnings into U.S. dollars | $ | (13.6 | ) |
Transaction gains (losses) | 0.4 | ||
Effect on Other Comprehensive Income (Loss): | |||
Translation of net assets of foreign subsidiaries | (70.0 | ) |
Page | ||
December 31, | ||||||
(In millions, except for per share amounts) | 2016 | 2015 | ||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 183.5 | 181.9 | |||
Restricted cash | 55.5 | 16.4 | ||||
Accounts receivable (net of allowance: 2016 - $8.3; 2015 - $9.1) | 501.1 | 478.1 | ||||
Prepaid expenses and other | 103.6 | 101.3 | ||||
Total current assets | 843.7 | 777.7 | ||||
Property and equipment, net | 531.0 | 549.0 | ||||
Goodwill | 186.2 | 185.3 | ||||
Other intangibles | 19.1 | 28.5 | ||||
Deferred income taxes | 327.9 | 329.8 | ||||
Other | 86.9 | 76.4 | ||||
Total assets | $ | 1,994.8 | 1,946.7 | |||
LIABILITIES AND EQUITY | ||||||
Current liabilities: | ||||||
Short-term borrowings | $ | 162.8 | 32.6 | |||
Current maturities of long-term debt | 32.8 | 39.8 | ||||
Accounts payable | 139.3 | 155.3 | ||||
Accrued liabilities | 385.7 | 401.2 | ||||
Restricted cash held for customers | 33.2 | 12.9 | ||||
Total current liabilities | 753.8 | 641.8 | ||||
Long-term debt | 247.6 | 358.1 | ||||
Accrued pension costs | 208.8 | 219.4 | ||||
Retirement benefits other than pensions | 286.1 | 259.2 | ||||
Deferred income taxes | 7.6 | 8.1 | ||||
Other | 136.1 | 129.5 | ||||
Total liabilities | 1,640.0 | 1,616.1 | ||||
Commitments and contingent liabilities (notes 3, 4, 13, 15, 18, 22 and 23) | ||||||
Equity: | ||||||
The Brink’s Company (“Brink’s”) shareholders: | ||||||
Common stock, par value $1 per share: | ||||||
Shares authorized: 100.0 | ||||||
Shares issued and outstanding: 2016 - 50.0; 2015 - 48.9 | 50.0 | 48.9 | ||||
Capital in excess of par value | 618.1 | 599.6 | ||||
Retained earnings | 576.0 | 561.3 | ||||
Accumulated other comprehensive income (loss): | ||||||
Benefit plan adjustments | (559.6 | ) | (570.5 | ) | ||
Foreign currency translation | (349.1 | ) | (322.6 | ) | ||
Unrealized gains on available-for-sale securities | 1.0 | 1.1 | ||||
Gains on cash flow hedges | 0.7 | 0.1 | ||||
Accumulated other comprehensive loss | (907.0 | ) | (891.9 | ) | ||
Brink’s shareholders | 337.1 | 317.9 | ||||
Noncontrolling interests | 17.7 | 12.7 | ||||
Total equity | 354.8 | 330.6 | ||||
Total liabilities and equity | $ | 1,994.8 | 1,946.7 |
Years Ended December 31, | |||||||||
(In millions, except for per share amounts) | 2016 | 2015 | 2014 | ||||||
Revenues | $ | 3,020.6 | 3,061.4 | 3,562.3 | |||||
Costs and expenses: | |||||||||
Cost of revenues | 2,424.8 | 2,471.6 | 2,948.2 | ||||||
Selling, general and administrative expenses | 431.5 | 463.8 | 560.6 | ||||||
Total costs and expenses | 2,856.3 | 2,935.4 | 3,508.8 | ||||||
Other operating expense | (20.1 | ) | (69.4 | ) | (81.0 | ) | |||
Operating profit (loss) | 144.2 | 56.6 | (27.5 | ) | |||||
Interest expense | (20.4 | ) | (18.9 | ) | (23.4 | ) | |||
Interest and other income | 1.2 | 3.4 | 1.9 | ||||||
Income (loss) from continuing operations before tax | 125.0 | 41.1 | (49.0 | ) | |||||
Provision for income taxes | 78.5 | 66.5 | 36.7 | ||||||
Income (loss) from continuing operations | 46.5 | (25.4 | ) | (85.7 | ) | ||||
Loss from discontinued operations, net of tax | (1.7 | ) | (2.8 | ) | (29.1 | ) | |||
Net income (loss) | 44.8 | (28.2 | ) | (114.8 | ) | ||||
Less net income (loss) attributable to noncontrolling interests | 10.3 | (16.3 | ) | (30.9 | ) | ||||
Net income (loss) attributable to Brink’s | $ | 34.5 | (11.9 | ) | (83.9 | ) | |||
Amounts attributable to Brink’s: | |||||||||
Continuing operations | $ | 36.2 | (9.1 | ) | (54.8 | ) | |||
Discontinued operations | (1.7 | ) | (2.8 | ) | (29.1 | ) | |||
Net income (loss) attributable to Brink’s | $ | 34.5 | (11.9 | ) | (83.9 | ) | |||
Earnings (loss) per share attributable to Brink’s common shareholders(a): | |||||||||
Basic: | |||||||||
Continuing operations | $ | 0.72 | (0.19 | ) | (1.12 | ) | |||
Discontinued operations | (0.03 | ) | (0.06 | ) | (0.59 | ) | |||
Net income (loss) | 0.69 | (0.24 | ) | (1.71 | ) | ||||
Diluted: | |||||||||
Continuing operations | $ | 0.72 | (0.19 | ) | (1.12 | ) | |||
Discontinued operations | (0.03 | ) | (0.06 | ) | (0.59 | ) | |||
Net income (loss) | 0.68 | (0.24 | ) | (1.71 | ) | ||||
Weighted-average shares | |||||||||
Basic | 50.0 | 49.3 | 49.0 | ||||||
Diluted | 50.6 | 49.3 | 49.0 |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Net income (loss) | $ | 44.8 | (28.2 | ) | (114.8 | ) | |||
Benefit plan adjustments: | |||||||||
Benefit plan experience gains (losses) | 12.6 | 4.4 | (134.3 | ) | |||||
Benefit plan prior service costs | (1.6 | ) | (3.6 | ) | (2.9 | ) | |||
Deferred profit sharing | (0.3 | ) | — | 0.3 | |||||
Total benefit plan adjustments | 10.7 | 0.8 | (136.9 | ) | |||||
Foreign currency translation adjustments | (26.3 | ) | (104.1 | ) | (87.0 | ) | |||
Unrealized net losses on available-for-sale securities | (0.1 | ) | (0.5 | ) | (0.4 | ) | |||
Gains (loss) on cash flow hedges | 0.8 | (0.3 | ) | (0.2 | ) | ||||
Other comprehensive loss before tax | (14.9 | ) | (104.1 | ) | (224.5 | ) | |||
Provision (benefit) for income taxes | 0.9 | (0.7 | ) | (43.0 | ) | ||||
Other comprehensive loss | (15.8 | ) | (103.4 | ) | (181.5 | ) | |||
Comprehensive income (loss) | 29.0 | (131.6 | ) | (296.3 | ) | ||||
Less comprehensive income (loss) attributable to noncontrolling interests | 9.6 | (20.1 | ) | (37.7 | ) | ||||
Comprehensive income (loss) attributable to Brink’s | $ | 19.4 | (111.5 | ) | (258.6 | ) |
(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, 2013 | 48.4 | $ | 48.4 | 566.4 | 696.4 | (617.3 | ) | 85.6 | 779.5 | ||||||
Net loss | — | — | — | (83.9 | ) | — | (30.9 | ) | (114.8 | ) | |||||
Other comprehensive loss | — | — | — | — | (174.7 | ) | (6.8 | ) | (181.5 | ) | |||||
Dividends to: | |||||||||||||||
Brink’s common shareholders ($0.40 per share) | — | — | — | (19.4 | ) | — | — | (19.4 | ) | ||||||
Noncontrolling interests | — | — | — | — | — | (8.6 | ) | (8.6 | ) | ||||||
Share-based compensation: | |||||||||||||||
Stock options and awards: | |||||||||||||||
Compensation expense | — | — | 17.3 | — | — | — | 17.3 | ||||||||
Consideration from exercise of stock options | — | — | 0.4 | — | — | — | 0.4 | ||||||||
Reduction in excess tax benefit of stock compensation | — | — | (0.6 | ) | — | — | — | (0.6 | ) | ||||||
Other share-based benefit transactions | 0.2 | 0.2 | 1.0 | (0.2 | ) | — | — | 1.0 | |||||||
Capital contributions from noncontrolling interest | — | — | — | — | — | 0.5 | 0.5 | ||||||||
Balance as of December 31, 2014 | 48.6 | 48.6 | 584.5 | 592.9 | (792.0 | ) | 39.8 | 473.8 | |||||||
Net loss | — | — | — | (11.9 | ) | — | (16.3 | ) | (28.2 | ) | |||||
Other comprehensive loss | — | — | — | — | (99.6 | ) | (3.8 | ) | (103.4 | ) | |||||
Dividends to: | |||||||||||||||
Brink’s common shareholders ($0.40 per share) | — | — | — | (19.5 | ) | — | — | (19.5 | ) | ||||||
Noncontrolling interests | — | — | — | — | — | (5.3 | ) | (5.3 | ) | ||||||
Share-based compensation: | |||||||||||||||
Stock options and awards: | |||||||||||||||
Compensation expense | — | — | 14.1 | — | — | — | 14.1 | ||||||||
Consideration from exercise of stock options | 0.2 | 0.2 | 3.6 | — | — | — | 3.8 | ||||||||
Reduction in excess tax benefit of stock compensation | — | — | (1.8 | ) | — | — | — | (1.8 | ) | ||||||
Other share-based benefit transactions | 0.1 | 0.1 | 0.6 | (0.2 | ) | — | — | 0.5 | |||||||
Business dispositions | — | — | — | — | — | (1.9 | ) | (1.9 | ) | ||||||
Acquisitions of noncontrolling interests | — | — | (1.4 | ) | — | (0.3 | ) | 0.2 | (1.5 | ) | |||||
Balance as of December 31, 2015 | 48.9 | 48.9 | 599.6 | 561.3 | (891.9 | ) | 12.7 | 330.6 | |||||||
Cumulative effect of change in accounting principle(a) | — | — | — | 0.2 | — | — | 0.2 | ||||||||
Net income | — | — | — | 34.5 | — | 10.3 | 44.8 | ||||||||
Other comprehensive loss | — | — | — | — | (15.1 | ) | (0.7 | ) | (15.8 | ) | |||||
Common stock issued | 0.1 | 0.1 | 2.9 | — | — | — | 3.0 | ||||||||
Dividends to: | |||||||||||||||
Brink’s common shareholders ($0.40 per share) | — | — | — | (19.8 | ) | — | — | (19.8 | ) | ||||||
Noncontrolling interests | — | — | — | — | — | (4.6 | ) | (4.6 | ) | ||||||
Share-based compensation: | |||||||||||||||
Stock options and awards: | |||||||||||||||
Compensation expense | — | — | 9.5 | — | — | — | 9.5 | ||||||||
Consideration from exercise of stock options | 0.5 | 0.5 | 11.7 | — | — | — | 12.2 | ||||||||
Other share-based benefit transactions | 0.5 | 0.5 | (5.6 | ) | (0.2 | ) | — | — | (5.3 | ) | |||||
Balance as of December 31, 2016 | 50.0 | $ | 50.0 | 618.1 | 576.0 | (907.0 | ) | 17.7 | 354.8 |
(a) | We elected to early adopt the provisions of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, in the fourth quarter of 2016 resulting in a cumulative effect adjustment to Retained Earnings for previously unrecognized excess tax benefits. See Note 1 for further discussion of the impacts of this standard. |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Cash flows from operating activities: | |||||||||
Net income (loss) | $ | 44.8 | (28.2 | ) | (114.8 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||
Loss from discontinued operations, net of tax | 1.7 | 2.8 | 29.1 | ||||||
Depreciation and amortization | 131.6 | 139.9 | 161.9 | ||||||
Share-based compensation expense | 9.5 | 14.1 | 17.3 | ||||||
Deferred income taxes | (2.9 | ) | 7.1 | (28.4 | ) | ||||
Gains and losses: | |||||||||
Marketable securities | (0.5 | ) | (1.1 | ) | (0.4 | ) | |||
Property and other assets | 1.3 | (0.9 | ) | (44.9 | ) | ||||
Business acquisitions and dispositions | (0.1 | ) | 6.3 | — | |||||
Venezuela impairment | — | 35.3 | — | ||||||
Other impairment losses | 20.6 | 1.9 | 3.3 | ||||||
Retirement benefit funding (more) less than expense: | |||||||||
Pension | 13.6 | 10.8 | (23.6 | ) | |||||
Other than pension | 13.7 | 9.2 | 1.5 | ||||||
Remeasurement losses due to Venezuela currency devaluations | 4.8 | 18.1 | 121.6 | ||||||
Other operating | 3.7 | 2.6 | 7.6 | ||||||
Changes in operating assets and liabilities, net of effects of acquisitions: | |||||||||
Accounts receivable and income taxes receivable | (53.2 | ) | (44.8 | ) | (90.7 | ) | |||
Accounts payable, income taxes payable and accrued liabilities | 13.9 | 20.1 | 105.5 | ||||||
Customer obligations | (13.2 | ) | 12.5 | 15.4 | |||||
Prepaid and other current assets | (10.0 | ) | (3.4 | ) | (9.9 | ) | |||
Other | (11.8 | ) | (4.4 | ) | (14.7 | ) | |||
Discontinued operations | — | (2.0 | ) | 5.5 | |||||
Net cash provided by operating activities | 167.5 | 195.9 | 141.3 | ||||||
Cash flows from investing activities: | |||||||||
Capital expenditures | (112.2 | ) | (101.1 | ) | (136.1 | ) | |||
Acquisitions | (0.7 | ) | — | (4.6 | ) | ||||
Dispositions, net of cash disposed | (0.6 | ) | (14.6 | ) | — | ||||
Marketable securities: | |||||||||
Purchases | (9.2 | ) | (27.3 | ) | — | ||||
Sales | 9.1 | 33.9 | 0.9 | ||||||
Cash proceeds from sale of property, equipment and investments | 4.7 | 1.9 | 62.7 | ||||||
Other | — | 1.6 | (3.6 | ) | |||||
Discontinued operations | — | 1.9 | (13.3 | ) | |||||
Net cash used by investing activities | (108.9 | ) | (103.7 | ) | (94.0 | ) | |||
Cash flows from financing activities: | |||||||||
Borrowings (repayments) of debt: | |||||||||
Short-term borrowings | 115.0 | (22.7 | ) | (7.8 | ) | ||||
Long-term revolving credit facilities: | |||||||||
Borrowings | 494.0 | 569.5 | 703.8 | ||||||
Repayments | (606.2 | ) | (633.9 | ) | (588.8 | ) | |||
Other long-term debt: | |||||||||
Borrowings | 4.8 | 86.1 | 7.5 | ||||||
Repayments | (39.0 | ) | (42.0 | ) | (81.0 | ) | |||
Acquisitions of noncontrolling interests | — | (1.5 | ) | — | |||||
Nonrecourse financing of real estate transaction | — | 14.5 | — | ||||||
Common stock issued | 3.0 | — | — | ||||||
Dividends to: | |||||||||
Shareholders of Brink’s | (19.8 | ) | (19.5 | ) | (19.4 | ) | |||
Noncontrolling interests in subsidiaries | (4.6 | ) | (5.3 | ) | (8.6 | ) | |||
Proceeds from exercise of stock options | 12.2 | 3.8 | 0.4 | ||||||
Minimum tax withholdings associated with share-based compensation | (6.6 | ) | (2.0 | ) | (1.2 | ) | |||
Other | 2.3 | 0.3 | (1.6 | ) | |||||
Discontinued operations | — | 0.2 | — | ||||||
Net cash (used) provided by financing activities | (44.9 | ) | (52.5 | ) | 3.3 | ||||
Effect of exchange rate changes on cash and cash equivalents | (12.1 | ) | (34.0 | ) | (129.9 | ) | |||
Cash and cash equivalents: | |||||||||
Increase (decrease) | 1.6 | 5.7 | (79.3 | ) | |||||
Balance at beginning of period | 181.9 | 176.2 | 255.5 | ||||||
Balance at end of period | $ | 183.5 | 181.9 | 176.2 |
Estimated Useful Lives | Years |
Buildings | 16 to 25 |
Building leasehold improvements | 3 to 10 |
Vehicles | 3 to 10 |
Capitalized software | 3 to 5 |
Other machinery and equipment | 3 to 10 |
• | 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), |
• | the Latin American Payment Services businesses, and |
• | the U.S. Payment Services business |
• | Our investment in our Venezuelan operations on an equity-method basis was $19.2 million at December 31, 2016, and $26.0 million at December 31, 2015. |
• | Our Venezuelan operations had net payables to other Brink's affiliates of $6.1 million at December 31, 2016 and $18.7 million at December 31, 2015. |
• | Our Venezuelan operations had net nonmonetary assets of $17.6 million at December 31, 2016, and $13.5 million at December 31, 2015. |
• | Our bolivar-denominated net monetary net assets were $1.4 million (including $6.8 million of cash and cash equivalents) at December 31, 2016, and $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 our operations in Venezuela were approximately $114.7 million at December 31, 2016 and $113.0 million at December 31, 2015. |
• | 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. |
• | Commercial Security Systems – design and installation of security systems in designated markets in Europe. |
• | 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 (Loss) | ||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||
(In millions) | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | |||||||||||||
Reportable Segments: | |||||||||||||||||||
U.S. | $ | 752.6 | 730.4 | 727.8 | $ | 6.3 | 15.1 | 22.8 | |||||||||||
France | 424.5 | 431.5 | 517.4 | 36.8 | 34.7 | 39.4 | |||||||||||||
Mexico | 295.3 | 333.0 | 388.2 | 20.4 | 24.2 | 9.6 | |||||||||||||
Brazil | 285.7 | 270.4 | 364.1 | 30.1 | 23.8 | 34.2 | |||||||||||||
Canada | 150.2 | 153.7 | 179.7 | 8.3 | 10.7 | 12.8 | |||||||||||||
Largest 5 Markets | 1,908.3 | 1,919.0 | 2,177.2 | 101.9 | 108.5 | 118.8 | |||||||||||||
Latin America | 355.1 | 369.9 | 380.6 | 89.9 | 76.3 | 50.4 | |||||||||||||
EMEA | 387.4 | 444.7 | 556.3 | 40.1 | 35.7 | 52.5 | |||||||||||||
Asia | 167.5 | 157.4 | 139.8 | 30.5 | 28.7 | 23.1 | |||||||||||||
Global Markets | 910.0 | 972.0 | 1,076.7 | 160.5 | 140.7 | 126.0 | |||||||||||||
Payment Services | 90.1 | 85.9 | 96.6 | 2.3 | (7.2 | ) | (4.9 | ) | |||||||||||
Total reportable segments | 2,908.4 | 2,976.9 | 3,350.5 | 264.7 | 242.0 | 239.9 | |||||||||||||
Reconciling Items: | |||||||||||||||||||
Corporate items: | |||||||||||||||||||
General, administrative and other expenses | — | — | — | (59.8 | ) | (81.0 | ) | (110.8 | ) | ||||||||||
Foreign currency transaction losses | — | — | — | 3.8 | (8.8 | ) | (2.6 | ) | |||||||||||
Reconciliation of segment policies to GAAP | — | — | — | (2.2 | ) | 4.6 | (2.3 | ) | |||||||||||
Other items not allocated to segments: | |||||||||||||||||||
Venezuela operations | 109.4 | 84.5 | 211.8 | 15.8 | (47.7 | ) | (97.9 | ) | |||||||||||
Reorganization and Restructuring | — | — | — | (30.3 | ) | (15.3 | ) | (21.8 | ) | ||||||||||
U.S. and Mexican retirement plans | — | — | — | (31.5 | ) | (31.2 | ) | (79.0 | ) | ||||||||||
Acquisitions and dispositions | 2.8 | — | — | (16.3 | ) | (6.0 | ) | 49.4 | |||||||||||
Share-based compensation adj. | — | — | — | — | — | (2.4 | ) | ||||||||||||
Total | $ | 3,020.6 | 3,061.4 | 3,562.3 | $ | 144.2 | 56.6 | (27.5 | ) |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Capital Expenditures by Business Segment | |||||||||
U.S. | $ | 19.9 | 21.7 | 31.1 | |||||
France | 17.3 | 16.0 | 17.9 | ||||||
Mexico | 12.6 | 9.3 | 13.3 | ||||||
Brazil | 8.9 | 6.2 | 14.7 | ||||||
Canada | 9.5 | 6.1 | 6.4 | ||||||
Largest 5 Markets | 68.2 | 59.3 | 83.4 | ||||||
Latin America | 13.7 | 13.5 | 17.0 | ||||||
EMEA | 9.9 | 11.1 | 9.4 | ||||||
Asia | 5.0 | 4.2 | 3.6 | ||||||
Global Markets | 28.6 | 28.8 | 30.0 | ||||||
Payment Services | 1.4 | 1.7 | 0.8 | ||||||
Segments | 98.2 | 89.8 | 114.2 | ||||||
Corporate items | 9.0 | 7.0 | 16.5 | ||||||
Venezuela | 5.0 | 4.3 | 5.4 | ||||||
Total | $ | 112.2 | 101.1 | 136.1 | |||||
Depreciation and Amortization by Business Segment | |||||||||
Depreciation and amortization of property and equipment: | |||||||||
U.S. | $ | 45.6 | 47.6 | 49.8 | |||||
France | 15.4 | 15.5 | 19.3 | ||||||
Mexico | 11.6 | 14.4 | 19.6 | ||||||
Brazil | 7.8 | 7.6 | 8.8 | ||||||
Canada | 9.6 | 8.1 | 8.5 | ||||||
Largest 5 Markets | 90.0 | 93.2 | 106.0 | ||||||
Latin America | 9.7 | 10.0 | 12.2 | ||||||
EMEA | 10.8 | 11.5 | 13.6 | ||||||
Asia | 3.6 | 3.9 | 3.2 | ||||||
Global Markets | 24.1 | 25.4 | 29.0 | ||||||
Payment Services | 1.5 | 1.9 | 2.2 | ||||||
Segments | 115.6 | 120.5 | 137.2 | ||||||
Corporate items | 10.9 | 11.3 | 9.7 | ||||||
Venezuela | 0.7 | 3.9 | 9.5 | ||||||
2016 Restructuring | 0.8 | — | — | ||||||
Depreciation and amortization of property and equipment | 128.0 | 135.7 | 156.4 | ||||||
Amortization of intangible assets: | |||||||||
France | 0.2 | 0.2 | 0.3 | ||||||
Brazil | 1.1 | 1.2 | 1.4 | ||||||
Largest 5 Markets | 1.3 | 1.4 | 1.7 | ||||||
Latin America | 0.2 | 0.3 | 0.3 | ||||||
EMEA | 0.4 | 0.6 | 1.1 | ||||||
Asia | 0.8 | 0.9 | 0.9 | ||||||
Global Markets | 1.4 | 1.8 | 2.3 | ||||||
Payment Services | 0.9 | 1.0 | 1.5 | ||||||
Amortization of intangible assets | 3.6 | 4.2 | 5.5 | ||||||
Total | $ | 131.6 | 139.9 | 161.9 |
December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Assets held by Segment | |||||||||
U.S. | $ | 338.0 | 325.0 | 327.4 | |||||
France | 286.7 | 239.6 | 244.7 | ||||||
Mexico | 201.4 | 229.0 | 258.9 | ||||||
Brazil | 145.6 | 109.7 | 165.0 | ||||||
Canada | 87.0 | 81.3 | 92.3 | ||||||
Largest 5 Markets | 1,058.7 | 984.6 | 1,088.3 | ||||||
Latin America | 172.8 | 155.3 | 189.8 | ||||||
EMEA | 238.9 | 274.6 | 308.0 | ||||||
Asia | 96.2 | 99.8 | 109.2 | ||||||
Global Markets | 507.9 | 529.7 | 607.0 | ||||||
Payment Services | 56.0 | 53.1 | 63.7 | ||||||
Segments | 1,622.6 | 1,567.4 | 1,759.0 | ||||||
Corporate items | 321.3 | 332.4 | 326.8 | ||||||
Venezuela | 50.9 | 46.9 | 106.2 | ||||||
Total | $ | 1,994.8 | 1,946.7 | 2,192.0 |
Long-Lived Assets by Geographic Area(a) | |||||||||
Non-U.S.: | |||||||||
France | $ | 67.5 | 68.1 | 75.7 | |||||
Mexico | 78.1 | 93.2 | 114.4 | ||||||
Brazil | 45.3 | 34.0 | 47.9 | ||||||
Canada | 42.4 | 38.9 | 47.9 | ||||||
Other | 127.2 | 122.7 | 175.5 | ||||||
Subtotal | 360.5 | 356.9 | 461.4 | ||||||
U.S. | 170.5 | 192.1 | 208.1 | ||||||
Total | $ | 531.0 | 549.0 | 669.5 |
(a) | Long-lived assets include only property and equipment. |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Revenues by Geographic Area(a) | |||||||||
Outside the U.S.: | |||||||||
France | $ | 424.5 | 431.5 | 517.4 | |||||
Mexico | 296.3 | 333.7 | 388.5 | ||||||
Brazil | 344.9 | 336.4 | 442.3 | ||||||
Canada | 150.2 | 153.7 | 179.7 | ||||||
Other | 1,040.9 | 1,069.6 | 1,305.8 | ||||||
Subtotal | 2,256.8 | 2,324.9 | 2,833.7 | ||||||
U.S. | 763.8 | 736.5 | 728.6 | ||||||
Total | $ | 3,020.6 | 3,061.4 | 3,562.3 |
(a) | Revenues are recorded in the country where service is initiated or performed. No single customer represents more than 10% of total revenue. Geographic disclosures of country revenues include the Payments Services segment in Mexico, Brazil, Colombia and the U.S. |
December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Net assets outside the U.S. | |||||||||
France | $ | 102.1 | 87.1 | 96.3 | |||||
Other EMEA countries | 133.8 | 147.5 | 146.1 | ||||||
Mexico | 86.1 | 86.1 | 88.4 | ||||||
Brazil | 106.3 | 87.9 | 111.1 | ||||||
Other Latin American countries | 127.0 | 115.2 | 182.4 | ||||||
Asian countries | 71.2 | 73.7 | 69.2 | ||||||
Canada | 57.6 | 50.3 | 53.4 | ||||||
Total | $ | 684.1 | 647.8 | 746.9 |
(In millions) | 2016 | 2015 | 2014 | ||||||
Information about Unconsolidated Equity Affiliates held by Global Markets: | |||||||||
Carrying value of investments and advances at December 31 | $ | 3.5 | 4.9 | 2.7 | |||||
Undistributed earnings at December 31 | 2.5 | 2.2 | 1.1 | ||||||
Share of equity earnings (loss) | (1.5 | ) | 0.5 | 0.5 |
(In millions) | U.S. Plans | Non-U.S. Plans | Total | ||||||||||||||||||||||||||
Years Ended December 31, | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Service cost | $ | — | — | — | $ | 10.5 | 10.4 | 12.5 | $ | 10.5 | 10.4 | 12.5 | |||||||||||||||||
Interest cost on projected benefit obligation | 37.1 | 36.0 | 45.3 | 11.5 | 11.2 | 18.4 | 48.6 | 47.2 | 63.7 | ||||||||||||||||||||
Return on assets – expected | (54.6 | ) | (54.6 | ) | (63.9 | ) | (9.5 | ) | (9.5 | ) | (14.4 | ) | (64.1 | ) | (64.1 | ) | (78.3 | ) | |||||||||||
Amortization of losses | 24.9 | 31.2 | 28.2 | 5.1 | 5.0 | 2.3 | 30.0 | 36.2 | 30.5 | ||||||||||||||||||||
Amortization of prior service cost | — | — | — | 1.0 | 0.9 | 1.0 | 1.0 | 0.9 | 1.0 | ||||||||||||||||||||
Settlement loss (a) | — | — | 56.1 | 3.1 | 5.7 | 6.3 | 3.1 | 5.7 | 62.4 | ||||||||||||||||||||
Net periodic pension cost | $ | 7.4 | 12.6 | 65.7 | $ | 21.7 | 23.7 | 26.1 | $ | 29.1 | 36.3 | 91.8 | |||||||||||||||||
Included in: | |||||||||||||||||||||||||||||
Continuing operations | $ | 7.4 | 12.6 | 65.7 | $ | 21.7 | 22.6 | 24.4 | $ | 29.1 | 35.2 | 90.1 | |||||||||||||||||
Discontinued operations | — | — | — | — | 1.1 | 1.7 | — | 1.1 | 1.7 | ||||||||||||||||||||
Net periodic pension cost | $ | 7.4 | 12.6 | 65.7 | $ | 21.7 | 23.7 | 26.1 | $ | 29.1 | 36.3 | 91.8 |
(a) | Settlement losses recognized in the U.S. in 2014 relate to a lump-sum buy-out of 4,300 participants. Settlement losses outside the U.S. relate primarily to terminated employees that participate in a Mexican severance indemnity program that is accounted for as a defined benefit plan. |
(In millions) | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||
Years Ended December 31, | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Benefit obligation at beginning of year | $ | 844.8 | 904.1 | 262.8 | 283.1 | 1,107.6 | 1,187.2 | |||||||||||
Service cost | — | — | 10.5 | 10.4 | 10.5 | 10.4 | ||||||||||||
Interest cost | 37.1 | 36.0 | 11.5 | 11.2 | 48.6 | 47.2 | ||||||||||||
Participant contributions | — | — | 0.2 | 0.4 | 0.2 | 0.4 | ||||||||||||
Plan amendments | — | — | (0.2 | ) | 2.4 | (0.2 | ) | 2.4 | ||||||||||
Plan combinations | — | — | 0.4 | 1.2 | 0.4 | 1.2 | ||||||||||||
Settlements | — | — | (9.3 | ) | — | (9.3 | ) | — | ||||||||||
Benefits paid | (47.8 | ) | (51.0 | ) | (12.7 | ) | (19.5 | ) | (60.5 | ) | (70.5 | ) | ||||||
Actuarial (gains) losses | 11.8 | (44.3 | ) | 17.7 | 14.8 | 29.5 | (29.5 | ) | ||||||||||
Foreign currency exchange effects | — | — | (13.6 | ) | (41.2 | ) | (13.6 | ) | (41.2 | ) | ||||||||
Benefit obligation at end of year | $ | 845.9 | 844.8 | 267.3 | 262.8 | 1,113.2 | 1,107.6 | |||||||||||
Fair value of plan assets at beginning of year | $ | 721.4 | 786.3 | 164.8 | 179.3 | 886.2 | 965.6 | |||||||||||
Return on assets – actual | 54.3 | (14.2 | ) | 18.2 | 4.3 | 72.5 | (9.9 | ) | ||||||||||
Participant contributions | — | — | 0.2 | 0.4 | 0.2 | 0.4 | ||||||||||||
Plan combinations | — | — | 0.4 | 1.2 | 0.4 | 1.2 | ||||||||||||
Employer contributions | 0.6 | 0.3 | 14.9 | 24.1 | 15.5 | 24.4 | ||||||||||||
Settlements | — | — | (9.3 | ) | — | (9.3 | ) | — | ||||||||||
Benefits paid | (47.8 | ) | (51.0 | ) | (12.7 | ) | (19.5 | ) | (60.5 | ) | (70.5 | ) | ||||||
Foreign currency exchange effects | — | — | (3.1 | ) | (25.0 | ) | (3.1 | ) | (25.0 | ) | ||||||||
Fair value of plan assets at end of year | $ | 728.5 | 721.4 | 173.4 | 164.8 | 901.9 | 886.2 | |||||||||||
Funded status | $ | (117.4 | ) | (123.4 | ) | (93.9 | ) | (98.0 | ) | (211.3 | ) | (221.4 | ) | |||||
Included in: | ||||||||||||||||||
Current liability, included in accrued liabilities | $ | 0.9 | 0.6 | 1.6 | 1.4 | 2.5 | 2.0 | |||||||||||
Noncurrent liability | 116.5 | 122.8 | 92.3 | 96.6 | 208.8 | 219.4 | ||||||||||||
Net pension liability | $ | 117.4 | 123.4 | 93.9 | 98.0 | 211.3 | 221.4 |
(In millions) | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||
Years Ended December 31, | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Benefit plan net experience losses recognized in accumulated other comprehensive income (loss): | ||||||||||||||||||
Beginning of year | $ | (333.7 | ) | (340.4 | ) | (95.0 | ) | (85.7 | ) | (428.7 | ) | (426.1 | ) | |||||
Net experience gains (losses) arising during the year | (12.1 | ) | (24.5 | ) | (9.0 | ) | (20.0 | ) | (21.1 | ) | (44.5 | ) | ||||||
Reclassification adjustment for amortization of prior experience losses included in net income (loss) | 24.9 | 31.2 | 8.2 | 10.7 | 33.1 | 41.9 | ||||||||||||
Foreign currency exchange effects | — | — | 12.9 | — | 12.9 | — | ||||||||||||
End of year | $ | (320.9 | ) | (333.7 | ) | (82.9 | ) | (95.0 | ) | (403.8 | ) | (428.7 | ) | |||||
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | ||||||||||||||||||
Beginning of year | $ | — | — | (10.8 | ) | (9.3 | ) | (10.8 | ) | (9.3 | ) | |||||||
Prior service credit (cost) from plan amendments during the year | — | — | 0.2 | (2.4 | ) | 0.2 | (2.4 | ) | ||||||||||
Reclassification adjustment for amortization of prior service cost included in net income (loss) | — | — | 1.0 | 0.9 | 1.0 | 0.9 | ||||||||||||
Foreign currency exchange effects | — | — | 0.4 | — | 0.4 | — | ||||||||||||
End of year | $ | — | — | (9.2 | ) | (10.8 | ) | (9.2 | ) | (10.8 | ) |
(In millions) | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||
December 31, | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Information for pension plans with an ABO in excess of plan assets: | ||||||||||||||||||
Fair value of plan assets | $ | 728.5 | 721.4 | 41.3 | 47.7 | 769.8 | 769.1 | |||||||||||
Accumulated benefit obligation | 845.9 | 844.8 | 107.3 | 111.9 | 953.2 | 956.7 | ||||||||||||
Projected benefit obligation | 845.9 | 844.8 | 127.9 | 135.2 | 973.8 | 980.0 |
U.S. Plans | Non-U.S. Plans(b) | ||||||||||||||||
2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||
Discount rate: | |||||||||||||||||
Pension cost | 4.5 | % | 4.1 | % | 5.0 | % | 5.1 | % | 5.1 | % | 6.3 | % | |||||
Benefit obligation at year end | 4.3 | % | 4.5 | % | 4.1 | % | 3.7 | % | 5.1 | % | 5.1 | % | |||||
Expected return on assets – pension cost | 7.50 | % | 7.50 | % | 8.00 | % | 5.65 | % | 5.58 | % | 5.83 | % | |||||
Average rate of increase in salaries(a): | |||||||||||||||||
Pension cost | N/A | N/A | N/A | 3.8 | % | 3.9 | % | 3.9 | % | ||||||||
Benefit obligation at year end | N/A | N/A | N/A | 2.7 | % | 3.8 | % | 3.9 | % |
(a) | Salary scale assumptions are determined through historical experience and vary by age and industry. The U.S. plan benefits are frozen. Pension benefits will not increase due to future salary increases. |
(b) | The discount and salary increase rates of our Venezuela benefit plan are not adjusted for inflation. See the separate section below for more details. |
(In millions) | U.S. Plans | Non-U.S. Plans(a) | Total | ||||||
2017 | $ | 50.8 | 9.8 | 60.6 | |||||
2018 | 50.9 | 9.9 | 60.8 | ||||||
2019 | 51.8 | 10.5 | 62.3 | ||||||
2020 | 51.5 | 12.3 | 63.8 | ||||||
2021 | 51.4 | 12.4 | 63.8 | ||||||
2022 through 2026 | 257.6 | 75.9 | 333.5 |
(a) | Excludes projected benefit payments related to our Venezuela benefit plan, which are presented in the separate section below. |
(In millions) | Venezuela | |
2017 | 0.9 | |
2018 | 2.4 | |
2019 | 6.9 | |
2020 | 17.4 | |
2021 | 43.5 | |
2022 through 2026 | 4,327.8 |
(In millions) | UMWA Plans | Black Lung and Other Plans | Total | ||||||||||||||||||||||||||
Years Ended December 31, | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Service cost | $ | — | — | — | $ | — | 0.2 | 0.1 | $ | — | 0.2 | 0.1 | |||||||||||||||||
Interest cost on APBO | 18.9 | 17.1 | 17.9 | 2.7 | 2.8 | 2.3 | 21.6 | 19.9 | 20.2 | ||||||||||||||||||||
Return on assets – expected | (17.5 | ) | (20.6 | ) | (22.2 | ) | — | — | — | (17.5 | ) | (20.6 | ) | (22.2 | ) | ||||||||||||||
Amortization of losses | 18.0 | 15.5 | 12.3 | 2.5 | 3.1 | 0.6 | 20.5 | 18.6 | 12.9 | ||||||||||||||||||||
Amortization of prior service cost (credit) | (4.6 | ) | (4.6 | ) | (4.6 | ) | 1.7 | 1.8 | 1.7 | (2.9 | ) | (2.8 | ) | (2.9 | ) | ||||||||||||||
Curtailment (gain) | — | — | — | — | (0.1 | ) | — | — | (0.1 | ) | — | ||||||||||||||||||
Net periodic postretirement cost | $ | 14.8 | 7.4 | 3.4 | $ | 6.9 | 7.8 | 4.7 | $ | 21.7 | 15.2 | 8.1 |
(In millions) | UMWA Plans | Black Lung and Other Plans | Total | |||||||||||||||
Years Ended December 31, | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
APBO at beginning of year | $ | 433.1 | 461.8 | 59.8 | 66.2 | 492.9 | 528.0 | |||||||||||
Service cost | — | — | — | 0.2 | — | 0.2 | ||||||||||||
Interest cost | 18.9 | 17.1 | 2.7 | 2.8 | 21.6 | 19.9 | ||||||||||||
Plan amendments | — | — | — | (0.7 | ) | — | (0.7 | ) | ||||||||||
Curtailment | — | — | — | (0.5 | ) | — | (0.5 | ) | ||||||||||
Benefits paid | (31.7 | ) | (36.0 | ) | (8.3 | ) | (6.3 | ) | (40.0 | ) | (42.3 | ) | ||||||
Actuarial (gains) losses, net | 23.9 | (9.8 | ) | 11.2 | 0.4 | 35.1 | (9.4 | ) | ||||||||||
Foreign currency exchange effects | — | — | 0.7 | (2.3 | ) | 0.7 | (2.3 | ) | ||||||||||
APBO at end of year | $ | 444.2 | 433.1 | 66.1 | 59.8 | 510.3 | 492.9 | |||||||||||
Fair value of plan assets at beginning of year | $ | 227.4 | 264.6 | — | — | 227.4 | 264.6 | |||||||||||
Return on assets – actual | 22.2 | (0.9 | ) | — | — | 22.2 | (0.9 | ) | ||||||||||
Employer contributions | (0.3 | ) | (0.3 | ) | 8.3 | 6.3 | 8.0 | 6.0 | ||||||||||
Benefits paid | (31.7 | ) | (36.0 | ) | (8.3 | ) | (6.3 | ) | (40.0 | ) | (42.3 | ) | ||||||
Fair value of plan assets at end of year | $ | 217.6 | 227.4 | — | — | 217.6 | 227.4 | |||||||||||
Funded status | $ | (226.6 | ) | (205.7 | ) | (66.1 | ) | (59.8 | ) | (292.7 | ) | (265.5 | ) | |||||
Included in: | ||||||||||||||||||
Current, included in accrued liabilities | $ | — | — | 6.6 | 6.3 | 6.6 | 6.3 | |||||||||||
Noncurrent | 226.6 | 205.7 | 59.5 | 53.5 | 286.1 | 259.2 | ||||||||||||
Retirement benefits other than pension liability | $ | 226.6 | 205.7 | 66.1 | 59.8 | 292.7 | 265.5 |
(In millions) | UMWA Plans | Black Lung and Other Plans | Total | |||||||||||||||
Years Ended December 31, | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||
Benefit plan net experience gain (loss) recognized in accumulated other comprehensive income (loss): | ||||||||||||||||||
Beginning of year | $ | (261.8 | ) | (265.6 | ) | (25.8 | ) | (29.0 | ) | (287.6 | ) | (294.6 | ) | |||||
Net experience gains (losses) arising during the year | (19.2 | ) | (11.7 | ) | (11.2 | ) | 0.1 | (30.4 | ) | (11.6 | ) | |||||||
Reclassification adjustment for amortization of prior experience losses included in net income (loss) | 18.0 | 15.5 | 2.5 | 3.1 | 20.5 | 18.6 | ||||||||||||
Foreign currency exchange effects | — | 2.3 | — | 2.3 | — | |||||||||||||
End of year | $ | (263.0 | ) | (261.8 | ) | (32.2 | ) | (25.8 | ) | (295.2 | ) | (287.6 | ) | |||||
Benefit plan prior service (cost) credit recognized in accumulated other comprehensive income (loss): | ||||||||||||||||||
Beginning of year | $ | 46.5 | 51.1 | (3.5 | ) | (6.0 | ) | 43.0 | 45.1 | |||||||||
Prior service credit from plan amendments during the year | — | — | — | 0.7 | — | 0.7 | ||||||||||||
Reclassification adjustment for amortization or curtailment of prior service cost included in net income (loss) | (4.6 | ) | (4.6 | ) | 1.7 | 1.8 | (2.9 | ) | (2.8 | ) | ||||||||
Foreign currency exchange effects | — | — | (0.3 | ) | — | (0.3 | ) | — | ||||||||||
End of year | $ | 41.9 | 46.5 | (2.1 | ) | (3.5 | ) | 39.8 | 43.0 |
2016 | 2015 | 2014 | ||||||
Weighted-average discount rate: | ||||||||
Postretirement cost: | ||||||||
UMWA plans | 4.4 | % | 4.0 | % | 4.7 | % | ||
Black lung | 4.2 | % | 3.7 | % | 4.4 | % | ||
Weighted-average | 4.4 | % | 4.1 | % | 4.7 | % | ||
Benefit obligation at year end: | ||||||||
UMWA plans | 4.1 | % | 4.4 | % | 4.0 | % | ||
Black lung | 3.9 | % | 4.2 | % | 3.7 | % | ||
Weighted-average | 4.2 | % | 4.4 | % | 4.1 | % | ||
Expected return on assets | 8.25 | % | 8.25 | % | 8.25 | % |
Effect of Change in Assumed Healthcare Trend Rates | ||||||
(In millions) | Increase 1% | Decrease 1% | ||||
Higher (lower): | ||||||
Service and interest cost in 2017 | $ | 2.2 | (1.9 | ) | ||
APBO at December 31, 2017 | 53.5 | (45.6 | ) |
(In millions) | UMWA Plans | Black Lung and Other Plans | Total | ||||||
2017 | $ | 31.9 | 6.6 | 38.5 | |||||
2018 | 31.9 | 6.2 | 38.1 | ||||||
2019 | 31.7 | 5.8 | 37.5 | ||||||
2020 | 32.7 | 5.4 | 38.1 | ||||||
2021 | 31.9 | 5.0 | 36.9 | ||||||
2022 through 2026 | 141.9 | 20.4 | 162.3 |
December 31, 2016 | December 31, 2015 | |||||||||||||||
(In millions, except for percentages) | Fair Value Level | Total Fair Value | % Actual Allocation | % Target Allocation | Total Fair Value | % Actual Allocation | % Target Allocation | |||||||||
U.S. Pension Plans | ||||||||||||||||
Cash, cash equivalents and receivables | $ | 4.0 | — | — | 4.2 | 1 | — | |||||||||
Equity securities: | ||||||||||||||||
U.S. large-cap(a) | 1 | 94.1 | 13 | 14 | 80.1 | 11 | 12 | |||||||||
U.S. small/mid-cap(a) | 1 | 40.6 | 6 | 6 | 30.0 | 4 | 5 | |||||||||
International(a) | 1 | 80.1 | 11 | 12 | 66.1 | 9 | 10 | |||||||||
Emerging markets(b) | 1 | 9.9 | 1 | 2 | 8.6 | 1 | 2 | |||||||||
Dynamic asset allocation(c) | 1 | 26.6 | 4 | 4 | 23.9 | 4 | 4 | |||||||||
U.S. managed volatility equities(n) | 1 | — | — | — | — | — | 5 | |||||||||
Fixed-income securities: | ||||||||||||||||
Long duration - mutual fund(d) | 1 | 282.6 | 48 | 48 | 290.0 | 50 | 48 | |||||||||
Long duration - Treasury strips(d) | 2 | 65.3 | 71.7 | |||||||||||||
High yield(e) | 1 | 10.5 | 1 | 2 | 9.0 | 1 | 2 | |||||||||
Emerging markets(f) | 1 | 9.7 | 1 | 2 | 9.0 | 1 | 2 | |||||||||
Other types of investments: | ||||||||||||||||
Hedge fund of funds(g) (m) | — | — | — | 36.6 | 5 | — | ||||||||||
Core property(h) (m) | 56.9 | 8 | 5 | 51.5 | 7 | 5 | ||||||||||
Structured credit(i) (m) | 48.2 | 7 | 5 | 40.7 | 6 | 5 | ||||||||||
Total | $ | 728.5 | 100 | 100 | 721.4 | 100 | 100 | |||||||||
UMWA Plans | ||||||||||||||||
Cash, cash equivalents and receivables | $ | — | — | — | 1.6 | 1 | — | |||||||||
Equity securities: | ||||||||||||||||
U.S. large-cap(a) | 1 | 45.5 | 21 | 22 | 47.5 | 21 | 22 | |||||||||
U.S. small/mid-cap(a) | 1 | 19.9 | 9 | 10 | 20.2 | 9 | 10 | |||||||||
International(a) | 1 | 40.1 | 19 | 19 | 40.5 | 18 | 19 | |||||||||
Emerging markets(b) | 1 | 8.2 | 4 | 4 | 9.0 | 4 | 4 | |||||||||
Dynamic asset allocation(c) | 1 | 14.9 | 7 | 7 | 15.9 | 7 | 7 | |||||||||
Fixed-income securities: | ||||||||||||||||
High yield(e) | 1 | 4.4 | 2 | 2 | 6.9 | 3 | 2 | |||||||||
Emerging markets(f) | 1 | 8.1 | 4 | 4 | 9.0 | 4 | 4 | |||||||||
Multi asset real return(j) | 1 | 10.6 | 5 | 5 | 14.7 | 6 | 5 | |||||||||
Other types of investments: | ||||||||||||||||
Hedge fund of funds(g) (m) | — | — | — | 6.4 | 3 | — | ||||||||||
Core property(h) (m) | 24.9 | 11 | 10 | 32.9 | 14 | 10 | ||||||||||
Structured credit(i) (m) | 16.1 | 7 | 5 | 13.6 | 6 | 5 | ||||||||||
Global private equity(k) (m) | 8.6 | 4 | 7 | 3.2 | 1 | 7 | ||||||||||
Energy debt(l) (m) | 16.3 | 7 | 5 | 6.0 | 3 | 5 | ||||||||||
Total | $ | 217.6 | 100 | 100 | 227.4 | 100 | 100 |
(a) | These categories include passively managed U.S. large-cap mutual funds and actively managed U.S. small/mid-cap and international mutual funds that track various indices such as the S&P 500 Index, the Russell 2500 Index and the MSCI All Country World Ex-U.S. Index. |
(b) | This category represents an actively managed mutual fund that invests primarily in equity securities of emerging market issuers. Emerging market countries are those countries that are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development or included in an emerging markets index by a recognized index provider. |
(c) | This category represents an actively managed mutual fund that seeks to generate total return over time by selecting investments from among a broad range of asset classes. The fund’s allocations among asset classes may be adjusted over short periods and can vary from multiple to a single asset class. |
(d) | This category represents actively managed mutual funds that seek to duplicate the risk and return characteristics of a long-term fixed-income security portfolio with approximate duration of 10 years and longer by using a long duration bond portfolio. This category also includes Treasury future contracts and zero-coupon securities created by the U.S. Treasury. |
(e) | This category represents an actively managed mutual fund that invests primarily in fixed-income securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities and zero-coupon obligations. The fund’s average weighted maturity may vary and will generally not exceed ten years. |
(f) | This category represents an actively managed mutual fund that invests primarily in U.S. dollar-denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. |
(g) | This category represents an actively managed hedge fund of funds. The fund holds approximately 30 separate hedge-fund investments. Strategies included (1) long-short equity, (2) event-driven and distressed-debt, (3) global macro, (4) credit hedging, (5) multi-strategy, and (6) fixed-income arbitrage. Its investment objective is to seek to achieve an attractive risk-adjusted return with moderate volatility and moderate directional market exposure over a full market cycle. |
(h) | This category represents an actively managed real estate fund of funds that seeks both current income and long-term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties. These properties are high-quality, low-leveraged, income-generating office, industrial, retail, and multi-family properties, generally fully-leased to creditworthy companies and governmental entities. |
(i) | This category invests primarily in a diversified portfolio comprised primarily of collateralized loan obligations and other structured credit investments backed primarily by bank loans. |
(j) | This category represents an actively managed mutual fund that invests primarily in fixed income and equity securities and commodity linked instruments. The category seeks total returns that exceed the rate of inflation over a full market cycle regardless of market conditions. |
(k) | This category will offer exposure to a diversified pool of global private assets fund investments. Further, the category will seek to shorten the duration of the typical private assets fund of funds through a dedicated focus on secondary strategies (i.e. funds whose investment strategy is to purchase interests in other private market investments/funds as a way |
(l) | This category invests in credit securities of commodity oriented companies affected by the dislocation in the commodity markets with the investment objective of producing an equity like return with less downside risk than equity or commodity investments. |
(m) | In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. |
(n) | The U.S. managed volatility fund seeks capital appreciation with lower volatility than the broad U.S. equity market. The Fund will typically invest in equity securities of U.S. companies of all capitalization ranges that exhibit low relative volatility. Over the long term, the Fund is expected to achieve a return similar to that of the Russell 3000 Index with a lower level of volatility. |
December 31, 2016 | December 31, 2015 | |||||||||||||
(In millions, except for percentages) | Total Fair Value | % Actual Allocation | % Target Allocation | Total Fair Value | % Actual Allocation | % Target Allocation | ||||||||
Non-U.S. Pension Plans | ||||||||||||||
Cash and cash equivalents | $ | 0.9 | — | — | 0.8 | — | — | |||||||
Equity securities: | ||||||||||||||
U.S. equity funds(a) | 25.5 | 24.5 | ||||||||||||
Canadian equity funds(a) | 33.9 | 28.6 | ||||||||||||
European equity funds(a) | 4.5 | 9.5 | ||||||||||||
Asia Pacific equity funds(a) | — | 1.8 | ||||||||||||
Emerging markets(a) | 4.6 | 4.5 | ||||||||||||
Other non-U.S. equity funds(a) | 22.7 | 17.2 | ||||||||||||
Total equity securities | 91.2 | 53 | 53 | 86.1 | 52 | 60 | ||||||||
Fixed-income securities: | ||||||||||||||
Global credit(b) | — | 0.4 | ||||||||||||
European fixed-income funds(c) | 14.1 | 13.0 | ||||||||||||
High-yield(d) | 1.2 | 1.2 | ||||||||||||
Emerging markets(e) | 1.4 | 1.2 | ||||||||||||
Long-duration(f) | 63.1 | 60.8 | ||||||||||||
Total fixed-income securities | 79.8 | 46 | 46 | 76.6 | 47 | 38 | ||||||||
Other types of investments: | ||||||||||||||
Other | 1.5 | 1.3 | ||||||||||||
Total other types of investments | 1.5 | 1 | 1 | 1.3 | 1 | 2 | ||||||||
Total | $ | 173.4 | 100 | 100 | 164.8 | 100 | 100 |
(a) | These categories are comprised of equity index actively and passively managed funds that track various indices such as S&P 500 Composite Total Return Index, Russell 1000 and 2000 Indices, MSCI Europe Ex-UK Index, S&P/TSX Total Return Index, MSCI EAFE Index and others. Some of these funds use a dynamic asset allocation investment strategy seeking to generate total return over time by selecting investments from among a broad range of asset classes, investing primarily through the use of derivatives. |
(b) | This category represents investment-grade fixed income debt securities of European issuers from diverse industries. |
(c) | This category is primarily designed to generate income and exhibit volatility similar to that of the Sterling denominated bond market. This category primarily invests in investment grade or better securities. |
(d) | This category consists of global high-yield bonds. This category invests in lower rated and unrated fixed income, floating rate and other debt securities issued by European and American companies. |
(e) | This category consists of a diversified portfolio of debt securities issued by governments, financial institutions, companies or other entities domiciled in emerging market countries. |
(f) | This category is designed to achieve a return consistent with holding longer term debt instruments. This category invests in interest rate and inflation derivatives, government-issued bonds, real-return bonds, and futures contracts. |
(In millions) | December 31, 2016 | December 31, 2015 | ||||
Quoted prices in active markets for identical assets (Level 1) | $ | 156.0 | 149.1 | |||
Net asset value per share practical expedient(a) | 17.4 | 15.7 | ||||
Total fair value | $ | 173.4 | 164.8 |
(a) | In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. |
(In millions) | |||||||||
Years Ended December 31, | 2016 | 2015 | 2014 | ||||||
U.S. 401(K) | $ | 3.4 | 3.6 | 2.2 | |||||
Other plans | 4.5 | 0.3 | 2.3 | ||||||
Total | $ | 7.9 | 3.9 | 4.5 |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Income (loss) from continuing operations before income taxes | |||||||||
U.S. | $ | (28.3 | ) | (23.2 | ) | (79.4 | ) | ||
Foreign | 153.3 | 64.3 | 30.4 | ||||||
Income (loss) from continuing operations before income taxes | $ | 125.0 | 41.1 | (49.0 | ) |
Provision (benefit) for income taxes from continuing operations | |||||||||
Current tax expense (benefit) | |||||||||
U.S. federal | $ | (3.3 | ) | (1.0 | ) | (3.8 | ) | ||
State | 0.5 | (0.2 | ) | (0.8 | ) | ||||
Foreign | 84.2 | 60.6 | 69.7 | ||||||
Current tax expense | 81.4 | 59.4 | 65.1 | ||||||
Deferred tax expense (benefit) | |||||||||
U.S. federal | 0.6 | 7.7 | (7.6 | ) | |||||
State | (0.1 | ) | — | (1.9 | ) | ||||
Foreign | (3.4 | ) | (0.6 | ) | (18.9 | ) | |||
Deferred tax benefit | (2.9 | ) | 7.1 | (28.4 | ) | ||||
Provision (benefit) for income taxes of continuing operations | $ | 78.5 | 66.5 | 36.7 |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Comprehensive provision (benefit) for income taxes allocable to | |||||||||
Continuing operations | $ | 78.5 | 66.5 | 36.7 | |||||
Discontinued operations | (1.1 | ) | (1.0 | ) | 0.4 | ||||
Other comprehensive income (loss) | 0.9 | (0.7 | ) | (43.0 | ) | ||||
Equity | (0.2 | ) | 1.8 | 0.6 | |||||
Comprehensive provision (benefit) for income taxes | $ | 78.1 | 66.6 | (5.3 | ) |
Years Ended December 31, | ||||||||
(In percentages) | 2016 | 2015 | 2014 | |||||
U.S. federal tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
Increases (reductions) in taxes due to: | ||||||||
Venezuela devaluation | 2.9 | 61.3 | (86.3 | ) | ||||
Tax on accelerated U.S. income(a) | — | 57.3 | — | |||||
Adjustments to valuation allowances | 18.2 | 18.9 | (16.9 | ) | ||||
Foreign income taxes | 4.2 | (18.2 | ) | (0.7 | ) | |||
French business tax | 3.0 | 8.9 | (9.0 | ) | ||||
Taxes on undistributed earnings of foreign affiliates | 0.7 | (1.2 | ) | (3.7 | ) | |||
State income taxes, net | (1.0 | ) | (4.1 | ) | 5.2 | |||
Other | (0.2 | ) | 3.9 | 1.5 | ||||
Actual income tax rate on continuing operations | 62.8 | % | 161.8 | % | (74.9 | )% |
(a) | In the fourth quarter of 2015, we recognized a $23.5 million increase to current tax expense related to a transaction that accelerated U.S. taxable income. |
December 31, | ||||||
(In millions) | 2016 | 2015 | ||||
Deferred tax assets | ||||||
Pension liabilities | $ | 74.5 | 76.4 | |||
Retirement benefits other than pensions | 87.2 | 79.4 | ||||
Workers’ compensation and other claims | 41.7 | 41.2 | ||||
Property and equipment, net | 6.6 | 2.5 | ||||
Other assets and liabilities | 107.3 | 120.6 | ||||
Net operating loss carryforwards | 42.4 | 37.1 | ||||
Alternative minimum and other tax credits(a) | 62.0 | 47.5 | ||||
Subtotal | 421.7 | 404.7 | ||||
Valuation allowances | (62.8 | ) | (45.7 | ) | ||
Total deferred tax assets | 358.9 | 359.0 | ||||
Deferred tax liabilities | ||||||
Retirement benefits other than pensions | 2.1 | 1.0 | ||||
Other assets and miscellaneous | 36.5 | 36.3 | ||||
Deferred tax liabilities | 38.6 | 37.3 | ||||
Net deferred tax asset | $ | 320.3 | 321.7 | |||
Included in: | ||||||
Noncurrent assets | 327.9 | 329.8 | ||||
Noncurrent liabilities | (7.6 | ) | (8.1 | ) | ||
Net deferred tax asset | $ | 320.3 | 321.7 |
(a) | U.S. alternative minimum tax credits of $32.6 million have an unlimited carryforward period, U.S. foreign tax credits of $26.2 million have a 10 year carryforward period and the remaining credits of $3.2 million have various carryforward periods. The U.S. foreign tax credits have a $26.2 million valuation allowance. |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Valuation allowances: | |||||||||
Beginning of year | $ | 45.7 | 40.1 | 32.4 | |||||
Expiring tax credits | (0.4 | ) | (0.3 | ) | (0.5 | ) | |||
Acquisitions and dispositions | (0.3 | ) | — | (1.0 | ) | ||||
Changes in judgment about deferred tax assets(a) | 2.6 | 1.5 | 1.9 | ||||||
Other changes in deferred tax assets, charged to: | |||||||||
Income from continuing operations | 20.5 | 8.4 | 6.3 | ||||||
Income from discontinued operations | — | — | 3.3 | ||||||
Other comprehensive income (loss) | 0.7 | 0.3 | 0.6 | ||||||
Retained earnings(b) | 2.5 | — | — | ||||||
Foreign currency exchange effects | (8.5 | ) | (4.3 | ) | (2.9 | ) | |||
End of year | $ | 62.8 | 45.7 | 40.1 |
(a) | Changes in judgment about valuation allowances are based on a recognition threshold of “more-likely-than-not” of realizing beginning-of-year balances of deferred tax assets. Amounts are recognized in income from continuing operations. |
(b) | We recognized $2.5 million in retained earnings as a result of the early adoption of ASU 2016-09. |
(In millions) | Federal | State | Foreign | Total | ||||||||
Years of expiration | ||||||||||||
2016-2020 | $ | — | 0.2 | 3.7 | 3.9 | |||||||
2021-2025 | — | 0.1 | 11.1 | 11.2 | ||||||||
2026 and thereafter | — | 15.0 | 0.4 | 15.4 | ||||||||
No expiration | — | — | 11.9 | 11.9 | ||||||||
$ | — | 15.3 | 27.1 | 42.4 |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Uncertain tax positions: | |||||||||
Beginning of year | $ | 6.9 | 7.2 | 10.8 | |||||
Increases related to prior-year tax positions | 0.6 | — | 0.4 | ||||||
Decreases related to prior-year tax positions | (0.4 | ) | (0.3 | ) | — | ||||
Increases related to current-year tax positions | 1.2 | 1.1 | 1.1 | ||||||
Settlements | (0.8 | ) | — | — | |||||
Effect of the expiration of statutes of limitation | (0.8 | ) | (0.7 | ) | (1.3 | ) | |||
Decrease related to dispositions | — | — | (1.0 | ) | |||||
Foreign currency exchange effects | (0.3 | ) | (0.4 | ) | (2.8 | ) | |||
End of year | $ | 6.4 | 6.9 | 7.2 |
December 31, | ||||||
(In millions) | 2016 | 2015 | ||||
Land | $ | 51.4 | 56.3 | |||
Buildings | 196.4 | 192.8 | ||||
Leasehold improvements | 187.5 | 181.3 | ||||
Vehicles | 394.5 | 369.4 | ||||
Capitalized software(a) | 179.1 | 183.6 | ||||
Other machinery and equipment | 549.6 | 572.1 | ||||
1,558.5 | 1,555.5 | |||||
Accumulated depreciation and amortization | (1,027.5 | ) | (1,006.5 | ) | ||
Property and equipment, net | $ | 531.0 | 549.0 |
(a) | Amortization of capitalized software costs included in continuing operations was $19.6 million in 2016, $20.7 million in 2015 and $20.3 million in 2014. |
December 31, 2016 | ||||||||||||
(In millions) | Beginning Balance | Acquisitions/ Dispositions | Currency | Ending Balance | ||||||||
Goodwill: | ||||||||||||
Largest 5 Markets: | ||||||||||||
U.S. | $ | 11.6 | — | 0.1 | 11.7 | |||||||
France | 41.6 | — | (1.3 | ) | 40.3 | |||||||
Mexico | 7.5 | — | 1.4 | 8.9 | ||||||||
Brazil | 10.4 | — | 2.2 | 12.6 | ||||||||
Canada | 3.2 | — | 0.1 | 3.3 | ||||||||
Global Markets: | ||||||||||||
Latin America | 11.7 | — | 1.7 | 13.4 | ||||||||
EMEA | 75.0 | (0.2 | ) | (2.7 | ) | 72.1 | ||||||
Asia | 23.4 | — | (0.6 | ) | 22.8 | |||||||
Payment Services | 0.9 | — | 0.2 | 1.1 | ||||||||
Total Goodwill | $ | 185.3 | (0.2 | ) | 1.1 | 186.2 |
December 31, 2015 | ||||||||||||
(In millions) | Beginning Balance | Acquisitions/ Dispositions | Currency | Ending Balance | ||||||||
Goodwill: | ||||||||||||
Largest 5 Markets: | ||||||||||||
U.S. | $ | 12.5 | — | (0.9 | ) | 11.6 | ||||||
France | 46.3 | — | (4.7 | ) | 41.6 | |||||||
Mexico | 11.3 | (0.1 | ) | (3.7 | ) | 7.5 | ||||||
Brazil | 15.5 | — | (5.1 | ) | 10.4 | |||||||
Canada | 3.8 | — | (0.6 | ) | 3.2 | |||||||
Global Markets: | ||||||||||||
Latin America | 16.0 | — | (4.3 | ) | 11.7 | |||||||
EMEA | 84.4 | (1.8 | ) | (7.6 | ) | 75.0 | ||||||
Asia | 24.5 | — | (1.1 | ) | 23.4 | |||||||
Payment Services | 1.4 | — | (0.5 | ) | 0.9 | |||||||
Total Goodwill | $ | 215.7 | (1.9 | ) | (28.5 | ) | 185.3 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||
(In millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||
Customer relationships | 50.2 | (43.5 | ) | 6.7 | 54.4 | (40.0 | ) | 14.4 | |||||||||||
Indefinite-lived trade names | 7.5 | — | 7.5 | 9.0 | — | 9.0 | |||||||||||||
Finite-lived trade names | 1.3 | (1.2 | ) | 0.1 | 1.1 | (0.9 | ) | 0.2 | |||||||||||
Other contract-related assets | 6.7 | (2.4 | ) | 4.3 | 5.6 | (1.5 | ) | 4.1 | |||||||||||
Other | 3.7 | (3.2 | ) | 0.5 | 3.7 | (2.9 | ) | 0.8 | |||||||||||
Total | $ | 69.4 | (50.3 | ) | 19.1 | $ | 73.8 | (45.3 | ) | 28.5 |
(In millions) | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||
Amortization expense | $ | 2.4 | 2.1 | 1.8 | 1.7 | 1.4 |
December 31, | ||||||
(In millions) | 2016 | 2015 | ||||
Prepaid expenses | $ | 60.3 | 53.4 | |||
Mobile airtime inventory | 10.9 | 13.3 | ||||
Income tax receivable | 16.5 | 19.7 | ||||
Other | 15.9 | 14.9 | ||||
Prepaid expenses and other | $ | 103.6 | 101.3 |
December 31, | ||||||
(In millions) | 2016 | 2015 | ||||
Deposits | $ | 12.4 | 12.1 | |||
Deferred profit sharing asset | 11.3 | 12.4 | ||||
Income tax receivable | 31.9 | 22.9 | ||||
Derivative instruments | 1.6 | 4.2 | ||||
Equity method investment in unconsolidated entities | 3.5 | 4.9 | ||||
Marketable securities | 4.1 | 3.5 | ||||
Other | 22.1 | 16.4 | ||||
Other assets | $ | 86.9 | 76.4 |
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) | ||||||||||
2016 | |||||||||||||||
Amounts attributable to Brink's: | |||||||||||||||
Benefit plan adjustments | $ | (39.5 | ) | 16.7 | 51.3 | (17.6 | ) | 10.9 | |||||||
Foreign currency translation adjustments | (26.6 | ) | 0.2 | (0.1 | ) | — | (26.5 | ) | |||||||
Unrealized gains (losses) on available-for-sale securities | 0.4 | (0.2 | ) | (0.5 | ) | 0.2 | (0.1 | ) | |||||||
Gains (losses) on cash flow hedges | (1.2 | ) | — | 2.0 | (0.2 | ) | 0.6 | ||||||||
(66.9 | ) | 16.7 | 52.7 | (17.6 | ) | (15.1 | ) | ||||||||
Amounts attributable to noncontrolling interests: | |||||||||||||||
Benefit plan adjustments | (1.5 | ) | — | 0.4 | — | (1.1 | ) | ||||||||
Foreign currency translation adjustments | 0.4 | — | — | — | 0.4 | ||||||||||
(1.1 | ) | — | 0.4 | — | (0.7 | ) | |||||||||
Total | |||||||||||||||
Benefit plan adjustments(a) | (41.0 | ) | 16.7 | 51.7 | (17.6 | ) | 9.8 | ||||||||
Foreign currency translation adjustments(b) | (26.2 | ) | 0.2 | (0.1 | ) | — | (26.1 | ) | |||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.4 | (0.2 | ) | (0.5 | ) | 0.2 | (0.1 | ) | |||||||
Gains (losses) on cash flow hedges(d) | (1.2 | ) | — | 2.0 | (0.2 | ) | 0.6 | ||||||||
$ | (68.0 | ) | 16.7 | 53.1 | (17.6 | ) | (15.8 | ) | |||||||
2015 | |||||||||||||||
Amounts attributable to Brink's: | |||||||||||||||
Benefit plan adjustments | $ | (57.1 | ) | 20.4 | 58.1 | (20.2 | ) | 1.2 | |||||||
Foreign currency translation adjustments | (106.2 | ) | 0.3 | 5.7 | — | (100.2 | ) | ||||||||
Unrealized gains (losses) on available-for-sale securities | 0.6 | (0.2 | ) | (1.1 | ) | 0.4 | (0.3 | ) | |||||||
Gains (losses) on cash flow hedges | 3.3 | — | (3.6 | ) | — | (0.3 | ) | ||||||||
(159.4 | ) | 20.5 | 59.1 | (19.8 | ) | (99.6 | ) | ||||||||
Amounts attributable to noncontrolling interests: | |||||||||||||||
Benefit plan adjustments | (0.7 | ) | — | 0.5 | — | (0.2 | ) | ||||||||
Foreign currency translation adjustments | (3.6 | ) | — | — | — | (3.6 | ) | ||||||||
(4.3 | ) | — | 0.5 | — | (3.8 | ) | |||||||||
Total | |||||||||||||||
Benefit plan adjustments(a)(b) | (57.8 | ) | 20.4 | 58.6 | (20.2 | ) | 1.0 | ||||||||
Foreign currency translation adjustments(b) | (109.8 | ) | 0.3 | 5.7 | — | (103.8 | ) | ||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.6 | (0.2 | ) | (1.1 | ) | 0.4 | (0.3 | ) | |||||||
Gains (losses) on cash flow hedges(d) | 3.3 | — | (3.6 | ) | — | (0.3 | ) | ||||||||
$ | (163.7 | ) | 20.5 | 59.6 | (19.8 | ) | (103.4 | ) |
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) | ||||||||||
2014 | |||||||||||||||
Amounts attributable to Brink's: | |||||||||||||||
Benefit plan adjustments | $ | (231.2 | ) | 78.1 | 95.3 | (35.9 | ) | (93.7 | ) | ||||||
Foreign currency translation adjustments | (82.2 | ) | — | 1.3 | 0.3 | (80.6 | ) | ||||||||
Unrealized gains (losses) on available-for-sale securities | 0.1 | — | (0.5 | ) | 0.2 | (0.2 | ) | ||||||||
Gains (losses) on cash flow hedges | 0.7 | — | (0.9 | ) | — | (0.2 | ) | ||||||||
(312.6 | ) | 78.1 | 95.2 | (35.4 | ) | (174.7 | ) | ||||||||
Amounts attributable to noncontrolling interests: | |||||||||||||||
Benefit plan adjustments | (1.4 | ) | 0.4 | 0.4 | (0.1 | ) | (0.7 | ) | |||||||
Foreign currency translation adjustments | (6.1 | ) | — | — | — | (6.1 | ) | ||||||||
(7.5 | ) | 0.4 | 0.4 | (0.1 | ) | (6.8 | ) | ||||||||
Total | |||||||||||||||
Benefit plan adjustments(a) | (232.6 | ) | 78.5 | 95.7 | (36.0 | ) | (94.4 | ) | |||||||
Foreign currency translation adjustments(b) | (88.3 | ) | — | 1.3 | 0.3 | (86.7 | ) | ||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.1 | — | (0.5 | ) | 0.2 | (0.2 | ) | ||||||||
Gains (losses) on cash flow hedges(d) | 0.7 | — | (0.9 | ) | — | (0.2 | ) | ||||||||
$ | (320.1 | ) | 78.5 | 95.6 | (35.5 | ) | (181.5 | ) |
(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 (loss). Net periodic retirement benefit cost also includes service cost, interest cost, 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: |
December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Total net periodic retirement benefit cost included in: | |||||||||
Cost of revenues | $ | 42.0 | 36.1 | 68.0 | |||||
Selling, general and administrative expenses | 8.8 | 14.3 | 29.5 |
(b) | Reclassification of foreign currency translation amounts in 2015 relate primarily to the sale of our Russian cash management operations. These amounts are included in other operating income (expense). Pretax benefit plan adjustments of $8 million (including related deferred tax component) and foreign currency translation adjustments reclassified to the consolidated statements of operations in 2014 relate to the sale of CIT operations in the Netherlands. The 2014 amounts are included in loss from discontinued operations in the consolidated statements of operations. |
(c) | Gains and losses on sales of available-for-sale securities are reclassified from accumulated other comprehensive loss to the consolidated statements of operations when the gains or losses are realized. Pretax amounts are classified in the consolidated statements of operations as interest and other income (expense). |
(d) | Pretax gains and losses on cash flow hedges are classified in the consolidated statements of operations as |
• | other operating income (expense) ($1.3 million losses in 2016, $4.1 million gains in 2015 and $1.9 million gains in 2014) |
• | interest and other income (expense) ($0.3 million losses in 2016, $0.5 million losses in 2015 and $1.0 million in 2014.) |
(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, 2013 | $ | (478.0 | ) | (141.5 | ) | 1.6 | 0.6 | (617.3 | ) | ||||||
Other comprehensive income (loss) before reclassifications | (153.1 | ) | (82.2 | ) | 0.1 | 0.7 | (234.5 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 59.4 | 1.6 | (0.3 | ) | (0.9 | ) | 59.8 | ||||||||
Other comprehensive income (loss) attributable to Brink's | (93.7 | ) | (80.6 | ) | (0.2 | ) | (0.2 | ) | (174.7 | ) | |||||
Balance as of December 31, 2014 | (571.7 | ) | (222.1 | ) | 1.4 | 0.4 | (792.0 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (36.7 | ) | (105.9 | ) | 0.4 | 3.3 | (138.9 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 37.9 | 5.7 | (0.7 | ) | (3.6 | ) | 39.3 | ||||||||
Other comprehensive income (loss) attributable to Brink's | 1.2 | (100.2 | ) | (0.3 | ) | (0.3 | ) | (99.6 | ) | ||||||
Acquisitions of noncontrolling interests | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||
Balance as of December 31, 2015 | (570.5 | ) | (322.6 | ) | 1.1 | 0.1 | (891.9 | ) | |||||||
Other comprehensive income (loss) before reclassifications | (22.8 | ) | (26.4 | ) | 0.2 | (1.2 | ) | (50.2 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 33.7 | (0.1 | ) | (0.3 | ) | 1.8 | 35.1 | ||||||||
Other comprehensive income (loss) attributable to Brink's | 10.9 | (26.5 | ) | (0.1 | ) | 0.6 | (15.1 | ) | |||||||
Balance as of December 31, 2016 | $ | (559.6 | ) | (349.1 | ) | 1.0 | 0.7 | (907.0 | ) |
December 31, | ||||||
(In millions) | 2016 | 2015 | ||||
Unsecured notes issued in a private placement | ||||||
Carrying value | $ | 85.7 | 92.9 | |||
Fair value | 88.2 | 95.7 |
December 31, | ||||||
(In millions) | 2016 | 2015 | ||||
Payroll and other employee liabilities | $ | 123.2 | 120.3 | |||
Taxes, except income taxes | 80.8 | 89.4 | ||||
Cash held by Cash Management Services operations(a) | 9.8 | 24.2 | ||||
Workers’ compensation and other claims | 19.2 | 24.2 | ||||
Retirement benefits (see Note 3) | 9.1 | 8.3 | ||||
Income taxes payable | 23.2 | 16.8 | ||||
Other | 120.4 | 118.0 | ||||
Accrued liabilities | $ | 385.7 | 401.2 |
(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 record a liability while the cash is in our possession. |
December 31, | ||||||
(In millions) | 2016 | 2015 | ||||
Workers’ compensation and other claims | $ | 56.5 | 46.3 | |||
Non-recourse financing liability(a) | 12.6 | 14.4 | ||||
Post-employment benefits | 11.5 | 12.0 | ||||
Asset retirement and remediation obligations | 14.3 | 12.9 | ||||
Employee-related liabilities | 1.2 | 4.2 | ||||
Noncurrent tax liabilities | 5.3 | 5.7 | ||||
Other | 34.7 | 34.0 | ||||
Other liabilities | $ | 136.1 | 129.5 |
December 31, | ||||||
(In millions) | 2016 | 2015 | ||||
Debt: | ||||||
Short-term borrowings | ||||||
Uncommitted credit facilities (year-end weighted-average interest rate of 1.7% in 2016) | $ | 108.3 | — | |||
Restricted cash borrowings (year-end weighted-average interest rate of 0.5% in 2016 and 0.1% in 2015)(a) | 22.3 | 3.5 | ||||
Other (year-end weighted-average interest rate of 8.1% in 2016 and 8.7% in 2015) | 32.2 | 29.1 | ||||
Total short-term borrowings | $ | 162.8 | 32.6 | |||
Long-term debt | ||||||
Bank credit facilities: | ||||||
Revolving Facility (year-end weighted-average interest | ||||||
rate of 1.8% in 2016 and 1.8% in 2015) | $ | 55.8 | 163.3 | |||
Private Placement Notes (Series A effective interest rate of 4.6%, Series B effective interest | ||||||
rate of 5.2%), due 2021, less unamortized debt costs of $0.1 million in 2016 and $0.1 million in 2015 | 85.6 | 92.8 | ||||
Term loan (year-end effective interest rate of 2.5% in 2016 and 2.2% in 2015) | ||||||
less unamortized debt costs of $0.2 million in 2016 and $0.2 million in 2015 | 65.6 | 70.9 | ||||
Other primarily non-U.S. dollar-denominated facilities (year-end weighted- | ||||||
average interest rate of 6.9% in 2016 and 5.1% in 2015) | 6.4 | 11.4 | ||||
Capital leases (year-end weighted-average interest rate of 4.2% in 2016 and 3.6% in 2015) | 67.0 | 59.5 | ||||
Total long-term debt | $ | 280.4 | 397.9 | |||
Total Debt | $ | 443.2 | 430.5 | |||
Included in: | ||||||
Current liabilities | $ | 195.6 | 72.4 | |||
Noncurrent liabilities | 247.6 | 358.1 | ||||
Total debt | $ | 443.2 | 430.5 |
(a) | These 2016 and 2015 amounts are for short-term borrowings related to cash borrowed under lending arrangements used in the process of managing customer cash supply chains, which is currently classified as restricted cash and not available for general corporate purposes. See Note 19 for more details. |
(In millions) | Capital leases | Other long-term debt | Total | ||||||
2017 | $ | 18.5 | 14.3 | 32.8 | |||||
2018 | 14.8 | 13.1 | 27.9 | ||||||
2019 | 11.1 | 16.0 | 27.1 | ||||||
2020 | 9.1 | 69.8 | 78.9 | ||||||
2021 | 7.6 | 65.2 | 72.8 | ||||||
Later years | 5.9 | 35.0 | 40.9 | ||||||
Total | $ | 67.0 | 213.4 | 280.4 |
December 31, | ||||||
(In millions) | 2016 | 2015 | ||||
Asset class: | ||||||
Buildings | $ | 2.0 | 2.0 | |||
Vehicles | 131.8 | 114.1 | ||||
Machinery and equipment | 1.4 | 13.6 | ||||
135.2 | 129.7 | |||||
Less: accumulated amortization | (63.5 | ) | (66.0 | ) | ||
Total | $ | 71.7 | 63.7 |
December 31, | ||||||
(In millions) | 2016 | 2015 | ||||
Trade | $ | 485.9 | 468.2 | |||
Other | 23.5 | 19.0 | ||||
Total accounts receivable | 509.4 | 487.2 | ||||
Allowance for doubtful accounts | (8.3 | ) | (9.1 | ) | ||
Accounts receivable, net | $ | 501.1 | 478.1 |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Allowance for doubtful accounts: | |||||||||
Beginning of year | $ | 9.1 | 10.0 | 8.2 | |||||
Provision for uncollectible accounts receivable: | |||||||||
Continuing operations | 2.8 | 2.9 | 7.5 | ||||||
Discontinued operations | — | (0.2 | ) | (0.5 | ) | ||||
Write offs less recoveries | (3.0 | ) | (0.9 | ) | (2.6 | ) | |||
Foreign currency exchange effects | (0.6 | ) | (2.7 | ) | (2.6 | ) | |||
End of year | $ | 8.3 | 9.1 | 10.0 |
(In millions) | Facilities | Vehicles | Other | Total | ||||||||
2017 | $ | 39.0 | 5.8 | 15.1 | 59.9 | |||||||
2018 | 37.0 | 4.5 | 32.8 | 74.3 | ||||||||
2019 | 24.6 | 3.1 | 12.9 | 40.6 | ||||||||
2020 | 19.9 | 1.4 | 8.8 | 30.1 | ||||||||
2021 | 15.5 | 0.9 | 3.4 | 19.8 | ||||||||
Later years | 40.2 | 1.7 | — | 41.9 | ||||||||
$ | 176.2 | 17.4 | 73.0 | 266.6 |
Compensation Expense | Unrecognized Expense for Nonvested Awards at | Weighted-average No. of Years Unrecognized Expense to be Recognized | |||||||||||||
Years Ended December 31, | Dec 31, 2016 | ||||||||||||||
(in millions except years) | 2016 | 2015 | 2014 | ||||||||||||
Performance Share Units | $ | 4.1 | 8.1 | 6.8 | $ | 9.2 | 2.0 | ||||||||
Market Share Units | 0.1 | 2.3 | 1.6 | 0.3 | 1.1 | ||||||||||
Restricted Stock Units | 3.8 | 3.2 | 6.0 | 3.7 | 1.8 | ||||||||||
Deferred Stock Units | 0.9 | 0.5 | 0.6 | 0.3 | 0.3 | ||||||||||
Performance-based Options | 0.6 | — | — | 2.9 | 2.5 | ||||||||||
Options | — | — | 2.3 | — | 0.0 | ||||||||||
Share-based payment expense | 9.5 | 14.1 | 17.3 | ||||||||||||
Income tax benefit | (3.0 | ) | (4.6 | ) | (5.6 | ) | |||||||||
Share-based payment expense, net of tax | $ | 6.5 | 9.5 | 11.7 |
Fair Value of Shares Distributed or Exercised(a) | |||||||||
Years Ended December 31, | |||||||||
(in millions) | 2016 | 2015 | 2014 | ||||||
Performance Share Units(b) | $ | 8.2 | — | — | |||||
Market Share Units(b) | 2.7 | — | — | ||||||
Restricted Stock Units | 4.1 | 5.3 | 4.1 | ||||||
Deferred Stock Units | 1.9 | 0.2 | 0.3 | ||||||
Options | 5.3 | 1.1 | 0.1 | ||||||
Total | $ | 22.2 | 6.6 | 4.5 |
(a) | Intrinsic value for Options. |
(b) | No Performance Share Units or Market Share Units had vested as of December 31, 2015. |
Shares (in thousands) | Weighted-Average Grant Date Fair Value | |||||
Nonvested balance as of December 31, 2015 | 273.0 | $ | 26.16 | |||
Activity from January 1 to December 31, 2016: | ||||||
Granted | 211.3 | 29.06 | ||||
Forfeited | (56.4 | ) | 27.62 | |||
Vested | (131.4 | ) | 26.39 | |||
Nonvested balance as of December 31, 2016 | 296.5 | $ | 27.84 |
Shares (in thousands) | Weighted-Average Grant Date Fair Value | |||||
Nonvested balance as of December 31, 2015 | 503.4 | $ | 25.93 | |||
Activity from January 1 to December 31, 2016: | ||||||
Granted | 375.2 | 29.19 | ||||
Forfeited | (112.5 | ) | 28.78 | |||
Vested(a) | (162.9 | ) | 23.73 | |||
Nonvested balance as of December 31, 2016 | 603.2 | $ | 28.02 |
(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. |
Terms and Assumptions Used to Estimate Fair Value of TSR PSUs | |||
Terms of awards: | |||
Performance period | Jan. 1, 2016 to | ||
Dec. 31, 2018 | |||
Weighted-average assumptions used to estimate fair value: | |||
Expected dividend yield(a) | 1.4 | % | |
Expected stock price volatility(b) | 29.1 | % | |
Risk-free interest rate(c) | 0.8 | % | |
Contractual term in years | 2.7 | ||
Weighted-average fair value estimates at grant date: | |||
In millions | $ | 2.3 | |
Fair value per share | $ | 31.64 |
(a) | TSR is determined assuming that dividends are reinvested. The stock price projection in the Monte Carlo simulation model assumed a 0% dividend yield, which is mathematically equivalent to reinvesting dividends over the performance period. For the valuation of the TSR PSU awards, because the holders of the TSR PSU awards have no rights to any dividend paid during the vesting period, we applied a dividend yield in the Monte Carlo simulation model to reduce the projected stock price as of the grant date. |
(b) | The expected stock price volatility was calculated on the grant date for the most recent term equivalent to the contractual term in years. |
(c) | The risk-free interest rate on each date of grant is the rate for a zero-coupon U.S. Treasury bill that was commensurate with the grant date contractual term. |
Shares (in thousands) | Weighted-Average Grant Date Fair Value | |||||
Nonvested balance as of December 31, 2015 | 258.8 | $ | 27.40 | |||
Activity from January 1 to December 31, 2016: | ||||||
Granted | — | — | ||||
Forfeited | (32.8 | ) | 29.30 | |||
Vested(a) | (84.3 | ) | 27.30 | |||
Nonvested balance as of December 31, 2016 | 141.7 | $ | 27.02 |
(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 | |||||
Outstanding balance as of December 31, 2015 | — | $ | — | |||
Activity from January 1 to December 31, 2016: | ||||||
Granted | 580.9 | 6.01 | ||||
Forfeited or expired | — | — | ||||
Exercised | — | — | ||||
Outstanding balance as of December 31, 2016 | 580.9 | $ | 6.01 |
Shares (in thousands) | Weighted- Average Exercise Price Per Share | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value(a) (in millions) | |||||||||
Outstanding at December 31, 2015 | — | $ | — | |||||||||
Granted | 580.9 | 30.33 | ||||||||||
Forfeited or expired | — | — | ||||||||||
Exercised | — | — | ||||||||||
Outstanding at December 31, 2016 | 580.9 | 30.33 | 5.5 | $ | 6.3 | |||||||
Of the above, as of December 31, 2016: | ||||||||||||
Exercisable | — | $ | — | 0 | $ | — | ||||||
Expected to vest in future periods(b) | 580.9 | $ | 30.33 | 5.5 | $ | 6.3 |
(a) | The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 30, 2016 was $41.25. |
(b) | The number of options expected to vest takes into account an estimate of expected forfeitures. We currently have applied a 0% expected forfeiture rate to these options. |
Terms and Assumptions Used to Estimate Fair Value of Performance-Based Options | |||
Terms of awards: | |||
Performance period for achieving stock price hurdles | Three years from date | ||
of grant | |||
Assumptions used to estimate fair value: | |||
Expected dividend yield(a) | 1.3 | % | |
Expected stock price volatility(b) | 30.9 | % | |
Risk-free interest rate(c) | 1.1 | % | |
Expected term in years(d) | 4.5 | ||
Weighted-average fair value estimates at grant date: | |||
In millions | $ | 3.5 | |
Fair value per share | $ | 6.01 |
(a) | Since the holders of the awards have no rights to any dividend paid during the vesting period, we applied a dividend yield in the Monte Carlo simulation model. At each grant date, the dividend yield was calculated based on the most recent annualized dividend payment of $0.40 and Brink's stock price at the date of grant. |
(b) | The expected stock price volatility was calculated on each grant date for the most recent 4.5 year term. |
(c) | The risk-free interest rate on each grant date is the rate for a zero-coupon U.S. Treasury bill that was commensurate with the expected life of 4.5 years. |
(d) | Because we did not have historical exercise behavior for instruments with premiums, we assumed that the exercise of vested options occurred at the mid-point between the three-year vesting date and the six-year contractual term. In the Monte Carlo simulation, at each iteration of forecasted Brink's stock prices, the option was assumed to be exercised at the mid-point of 4.5 years if the stock price hurdle had been achieved. When the hurdle is achieved, the exercise price was then subtracted from the projected stock price, and discounted back to the grant date. In situations where the projected price had not met the hurdle, no value was attributed. |
Shares (in thousands) | Weighted-Average Grant Date Fair Value | |||||
Outstanding balance as of December 31, 2015 | 688.3 | $ | 6.28 | |||
Activity from January 1 to December 31, 2016: | ||||||
Granted | — | — | ||||
Forfeited or expired | (31.1 | ) | 13.39 | |||
Exercised | (535.7 | ) | 5.95 | |||
Outstanding balance as of December 31, 2016 | 121.5 | $ | 5.90 |
Shares (in thousands) | Weighted- Average Exercise Price Per Share | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value(a) (in millions) | |||||||||
Outstanding at December 31, 2015 | 688.3 | $ | 26.01 | |||||||||
Granted | — | — | ||||||||||
Forfeited or expired | (31.1 | ) | 30.81 | |||||||||
Exercised | (535.7 | ) | 25.10 | |||||||||
Outstanding at December 31, 2016(b) | 121.5 | $ | 28.80 | 0.9 | $ | 1.5 | ||||||
Of the above, as of December 31, 2016: | ||||||||||||
Exercisable | 121.5 | $ | 28.80 | 0.9 | $ | 1.5 |
(a) | The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 30, 2016 was $41.25. |
(b) | There were 0.7 million shares of exercisable options with a weighted-average exercise price of $26.01 per share at December 31, 2015 and 0.7 million shares of exercisable options with a weighted-average exercise price of $26.44 per share at December 31, 2014. |
Shares (in thousands) | Weighted-Average Grant-Date Fair Value | |||||
Nonvested balance as of December 31, 2015 | 21.4 | $ | 32.79 | |||
Granted | 29.7 | 29.41 | ||||
Vested | (21.4 | ) | 31.72 | |||
Nonvested balance as of December 31, 2016 | 29.7 | $ | 29.41 |
Years Ended December 31, | ||||||||
(In millions) | 2016 | 2015 | 2014 | |||||
Weighted-average shares | ||||||||
Basic(a) | 50.0 | 49.3 | 49.0 | |||||
Effect of dilutive stock awards | 0.6 | — | — | |||||
Diluted(a) | 50.6 | 49.3 | 49.0 | |||||
Antidilutive stock awards excluded from denominator | 0.1 | 1.7 | 1.7 |
(a) | We have deferred compensation plans for directors and certain of our employees. Some amounts owed to participants are denominated in common stock units. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average common stock units credited to employees and directors under the deferred compensation plans. Additionally, nonvested units are also included in the computation of basic weighted-average shares when the requisite service period has been completed. Accordingly, basic and diluted shares include weighted-average units of 0.5 million in 2016, 0.5 million in 2015 and 0.5 million in 2014. |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Loss from operations(a)(b) | $ | — | (2.4 | ) | (13.3 | ) | |||
Loss on sales | — | (0.8 | ) | (18.9 | ) | ||||
Adjustments to contingencies of former operations(c): | |||||||||
Workers' compensation | (2.8 | ) | (0.7 | ) | (4.4 | ) | |||
Insurance recoveries related to BAX Global indemnification(d) | — | — | 9.5 | ||||||
Other | — | 0.1 | (1.6 | ) | |||||
Loss from discontinued operations before income taxes | (2.8 | ) | (3.8 | ) | (28.7 | ) | |||
Provision (benefit) for income taxes | (1.1 | ) | (1.0 | ) | 0.4 | ||||
Loss from discontinued operations, net of tax | $ | (1.7 | ) | (2.8 | ) | (29.1 | ) |
(a) | Discontinued operations include gains and losses related to businesses that we recently sold or shut down. No interest expense was included in discontinued operations in 2015 and 2014. |
(b) | The loss from operations in 2015 included $1.0 million in pension settlement charges related to the Mexican parcel delivery business sold in February 2015. The loss from operations in 2014 included $15.6 million in non-cash severance and impairment charges related to the Netherlands cash-in-transit operations. |
(c) | Primarily related to former coal businesses and BAX Global, a former freight forwarding and logistics business. |
(d) | BAX Global had been defending a claim related to the apparent diversion by a third party of goods being transported for a customer. In 2010, the Dutch Supreme Court denied the final appeal of BAX Global, letting stand the lower court ruling that BAX Global was liable for this claim. We had contractually indemnified the purchaser of BAX Global for this contingency. Through 2010, we had recognized $11.5 million of expense related to the payment made in satisfaction of the judgment. In 2014, we recovered $9.5 million from insurance companies related to this matter. |
• | Australia (sold in October 2014) |
• | Puerto Rico (shut down in November 2014) |
• | Netherlands (sold in December 2014) |
• | 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. |
December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Mexico | $ | — | 4.6 | 21.2 | |||||
Largest 5 Markets | — | 4.6 | 21.2 | ||||||
Latin America | — | — | 4.9 | ||||||
EMEA | — | — | 126.0 | ||||||
Asia | — | — | 7.6 | ||||||
Global Markets | — | — | 138.5 | ||||||
Total | $ | — | 4.6 | 159.7 |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Netherlands CIT operations: | |||||||||
Revenues | $ | — | — | 126.0 | |||||
Loss from operations before tax | — | — | (2.0 | ) |
• | 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. A significant part of the loss ($5.0 million) represented the reclassification of foreign currency translation adjustments from accumulated other comprehensive income (loss) into earnings. |
• | We sold our Irish guarding operation in November 2015. |
• | We shut down our remaining Irish domestic operations in September 2016. |
• | We sold our German guarding operation in October 2016. |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Other divestitures | |||||||||
Revenues | $ | 12.3 | 46.6 | 94.4 | |||||
Income (loss) from operations before tax | (16.0 | ) | (8.2 | ) | 3.4 |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Cash paid for: | |||||||||
Interest | $ | 20.1 | 18.6 | 22.9 | |||||
Income taxes, net | 64.3 | 45.4 | 68.6 |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Foreign currency items: | |||||||||
Transaction gains (losses)(a) | $ | 1.4 | (26.8 | ) | (127.2 | ) | |||
Foreign currency derivative instrument gains (losses) | (2.4 | ) | 2.9 | 1.4 | |||||
Gains (losses) on sale of property and equity investment(b) | (1.3 | ) | 0.9 | 44.9 | |||||
Argentina conversion losses | (0.1 | ) | (7.1 | ) | (3.6 | ) | |||
Impairment losses(c) | (20.6 | ) | (37.2 | ) | (3.3 | ) | |||
Share in earnings (losses) of equity affiliates | (1.5 | ) | 0.5 | 4.3 | |||||
Royalty income | 2.6 | 2.1 | 1.5 | ||||||
Gains (losses) on business acquisitions and dispositions | 0.1 | (6.3 | ) | — | |||||
Other | 1.7 | 1.6 | 1.0 | ||||||
Other operating income (expense) | $ | (20.1 | ) | (69.4 | ) | (81.0 | ) |
(a) | Includes losses from devaluations in Venezuela of $4.8 million in 2016, $18.1 million in 2015, and $121.6 million in 2014. |
(b) | Includes a $44.3 million gain on the sale of a noncontrolling interest in a Peruvian cash-in-transit business in 2014. |
(c) | Includes $13.6 million of impairment losses related to the 2016 Reorganization and Restructuring and $35.3 million of impairment losses in 2015 related to property and equipment in Venezuela. |
Years Ended December 31, | |||||||||
(In millions) | 2016 | 2015 | 2014 | ||||||
Interest income | $ | 2.6 | 3.3 | 3.0 | |||||
Gain on marketable securities | 0.5 | 1.1 | 0.4 | ||||||
Derivative instruments | (0.6 | ) | (0.5 | ) | (1.0 | ) | |||
Other | (1.3 | ) | (0.5 | ) | (0.5 | ) | |||
Total | $ | 1.2 | 3.4 | 1.9 |
(In millions) | Asset Related Adjustments | Severance Costs | Lease Terminations | Benefit Program Termination | Total | ||||||||||
Balance as of January 1, 2016 | $ | — | — | — | — | — | |||||||||
Expense (benefit) | 16.3 | 7.2 | 0.7 | (6.1 | ) | 18.1 | |||||||||
Payments and utilization | (16.3 | ) | (0.2 | ) | (0.1 | ) | 6.1 | (10.5 | ) | ||||||
Balance as of December 31, 2016 | $ | — | 7.0 | 0.6 | — | 7.6 |
(In millions) | Severance Costs | Contract Terminations | Lease Terminations | Total | ||||||||
Balance as of January 1, 2016 | $ | 6.3 | — | — | 6.3 | |||||||
Expense | 3.6 | 0.8 | 2.1 | 6.5 | ||||||||
Payments and utilization | (8.1 | ) | (0.8 | ) | (1.5 | ) | (10.4 | ) | ||||
Balance as of December 31, 2016 | $ | 1.8 | — | 0.6 | 2.4 |
2016 Quarters | 2015 Quarters | ||||||||||||||||||||||||
(In millions, except for per share amounts) | 1st | 2nd | 3rd | 4th | 1st | 2nd | 3rd | 4th | |||||||||||||||||
Revenues | $ | 721.8 | 739.5 | 755.8 | 803.5 | $ | 776.1 | 760.3 | 759.2 | 765.8 | |||||||||||||||
Operating profit | 13.8 | 22.1 | 50.0 | 58.3 | 12.9 | (14.6 | ) | 25.3 | 33.0 | ||||||||||||||||
Amounts attributable to Brink’s: | |||||||||||||||||||||||||
Income (loss) from: | |||||||||||||||||||||||||
Continuing operations | $ | (3.1 | ) | 0.3 | 24.5 | 14.5 | $ | (0.6 | ) | (13.0 | ) | 7.7 | (3.2 | ) | |||||||||||
Discontinued operations | — | — | — | (1.7 | ) | (2.4 | ) | 0.1 | (0.1 | ) | (0.4 | ) | |||||||||||||
Net income (loss) attributable to Brink’s | $ | (3.1 | ) | 0.3 | 24.5 | 12.8 | $ | (3.0 | ) | (12.9 | ) | 7.6 | (3.6 | ) | |||||||||||
Depreciation and amortization | $ | 32.2 | 32.9 | 32.4 | 34.1 | $ | 36.7 | 36.5 | 33.1 | 33.6 | |||||||||||||||
Capital expenditures | 20.8 | 24.2 | 27.4 | 39.8 | 14.3 | 20.9 | 26.0 | 39.9 | |||||||||||||||||
Earnings (loss) per share attributable to Brink’s common shareholders: | |||||||||||||||||||||||||
Basic | |||||||||||||||||||||||||
Continuing operations | $ | (0.06 | ) | 0.01 | 0.49 | 0.29 | $ | (0.01 | ) | (0.26 | ) | 0.16 | (0.07 | ) | |||||||||||
Discontinued operations | — | — | — | (0.03 | ) | (0.05 | ) | — | — | (0.01 | ) | ||||||||||||||
Net income (loss) | $ | (0.06 | ) | 0.01 | 0.49 | 0.25 | $ | (0.06 | ) | (0.26 | ) | 0.16 | (0.07 | ) | |||||||||||
Diluted | |||||||||||||||||||||||||
Continuing operations | $ | (0.06 | ) | 0.01 | 0.48 | 0.28 | $ | (0.01 | ) | (0.26 | ) | 0.16 | (0.07 | ) | |||||||||||
Discontinued operations | — | — | — | (0.03 | ) | (0.05 | ) | — | — | (0.01 | ) | ||||||||||||||
Net income (loss) | $ | (0.06 | ) | 0.01 | 0.48 | 0.25 | $ | (0.06 | ) | (0.26 | ) | 0.15 | (0.07 | ) |
PART III |
PART IV |
(a) | 1. | All financial statements – see pages 60–117. |
2. | Financial statement schedules – not applicable. | |
3. | Exhibits – see exhibit index. |
The Brink’s Company | ||
(Registrant) | ||
By | /s/ Douglas A. Pertz | |
Douglas A. Pertz | ||
(President and | ||
Chief Executive Officer) |
Signature | Title |
/s/ Douglas A. Pertz | Director, President and Chief Executive Officer (Principal Executive Officer) |
Douglas A. Pertz | |
/s/ Ronald J. Domanico | Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
Ronald J. Domanico | |
/s/ Thomas R. Colan | Controller (Principal Accounting Officer) |
Thomas R. Colan | |
* | Director |
Paul G. Boynton | |
* | Director |
Ian D. Clough | |
* | Director |
Susan E. Docherty | |
* | Director |
Peter A. Feld | |
* | Director |
Reginald D. Hedgebeth | |
* | Director |
Michael J. Herling | |
* | Director |
George I. Stoeckert | |
* By: | /s/ Douglas A. Pertz | |
Douglas A. Pertz, Attorney-in-Fact |
Exhibit Number | Description | |
3(i) | Second Amended and Restated Articles of Incorporation of the Registrant. Exhibit 3(i) to the Registrant's Quarterly Report on Form 10-Q filed July 31, 2015. | |
3(ii) | Bylaws of the Registrant. Exhibit 3(ii) to the Registrant’s Current Report on Form 8-K filed January 25, 2017. | |
10(a)* | Amended and Restated Key Employees Incentive Plan, amended and restated as of May 6, 2011. Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed May 10, 2011. | |
10(b)* | Key Employees’ Deferred Compensation Program, as amended and restated as of July 10, 2014. Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2014. | |
10(c)* | Pension Equalization Plan, as amended and restated as of July 23, 2012. Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (the “Second Quarter 2012 Form 10-Q”). | |
10(d)* | Executive Salary Continuation Plan. Exhibit 10(e) to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 1991 (the “1991 Form 10-K”). | |
10(e)* | 2005 Equity Incentive Plan, as amended and restated as of February 19, 2010. Exhibit 10(f) to the Registrant’s Form 10-K for the year ended December 31, 2009 (the “2009 Form 10-K”). | |
10(f)* | 2013 Equity Incentive Plan, effective as of February 22, 2013. Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed May 9, 2013. | |
10(g)* | (i) | Form of Option Agreement for options granted before July 8, 2010 under 2005 Equity Incentive Plan. Exhibit 99 to the Registrant’s Current Report on Form 8-K filed July 13, 2005. |
(ii) | Form of Option Agreement for options granted under 2005 Equity Incentive Plan, effective July 8, 2010. Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed July 12, 2010. | |
(iii) | Terms and Conditions for options granted under 2005 Equity Incentive Plan, effective July 7, 2011. Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2011 (the “Second Quarter 2011 Form 10-Q”). | |
(iv) | Terms and Conditions for options granted under 2005 Equity Incentive Plan, effective July 11, 2012. Exhibit 10.3 to the Registrant’s Second Quarter 2012 Form 10-Q. | |
(v) | Form of Inducement Stock Option Award Agreement, effective July 14, 2016. Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. | |
(vi) | Form of Promotion Stock Option Award Agreement, effective July 28, 2016. Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. | |
10(h)* | (i) | Form of Restricted Stock Units Award Agreement, effective November 13, 2014. Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed February 25, 2015. |
(ii) | Form of Inducement Restricted Stock Unit Award Agreement, effective July 14, 2016. Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. | |
(iii) | Form of Promotion Restricted Stock Unit Award Agreement, effective July 28, 2016. Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. | |
10(i)* | Form of Market Share Units Award Agreement, effective November 13, 2014. Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed February 25, 2015. | |
10(j)* | (i) | Form of Performance Share Units Award Agreement, effective November 13, 2014. Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed February 25, 2015. |
(ii) | Form of Internal Metric Performance Share Units Award Agreement, effective February 24, 2016. Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016. | |
(iii) | Form of Relative Total Shareholder Return Performance Share Units Award Agreement, effective February 24, 2016. Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016. | |
10(k)* | Form of Change in Control Agreement. Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed November 16, 2015. | |
10(l)* | Form of Indemnification Agreement entered into by the Registrant with its directors and officers. Exhibit 10(l) to the 1991 Form 10-K. | |
10(m)* | Offer Letter, dated June 9, 2016, between The Brink’s Company and Douglas A. Pertz. Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed June 10, 2016. | |
10(n)* | Change in Control Agreement, dated June 9, 2016, between The Brink’s Company and Douglas A. Pertz. Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed June 10, 2016. | |
10(o)* | Inducement Restricted Stock Unit Award Agreement with Douglas A. Pertz, effective June 9, 2016. Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016. | |
10(p)* | Inducement Stock Option Award Agreement with Douglas A. Pertz, effective June 9, 2016. Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2016. | |
10(q)* | Offer Letter, dated July 14, 2016, between The Brink’s Company and Ronald J. Domanico. Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed July 15, 2016. | |
10(r)* | Offer Letter, dated July 28, 2016, between The Brink’s Company and Amit Zukerman. Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed July 29, 2016. | |
10(s)* | Non-Employee Directors’ Stock Option Plan, as amended and restated as of July 8, 2005. Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2005. | |
10(t)* | Non-Employee Directors’ Equity Plan, as amended and restated as of July 12, 2012. Exhibit 10.9 to the Registrant’s Second Quarter 2012 Form 10-Q. | |
10(u)* | (i) | Form of Award Agreement for deferred stock units granted in 2008 under the Non-Employee Directors’ Equity Plan. Exhibit 10.3 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008. |
(ii) | Form of Award Agreement for deferred stock units granted in 2009, 2010, 2011, 2012, 2013 and 2014 under the Non-Employee Directors’ Equity Plan. Exhibit 10.5 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2009. | |
(iii) | Form of Award Agreement for deferred stock units granted in 2014 and 2015 to be distributed upon vesting under the Non-Employee Directors’ Equity Plan. Exhibit 10.2 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 (the “Second Quarter 2014 Form 10-Q”). | |
10(v)* | Plan for Deferral of Directors’ Fees, as amended and restated as of November 11, 2016. | |
10(w) | Amendment and Restatement of The Brink’s Company Employee Welfare Benefit Trust. Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013. |
10(x) | $525,000,000 Credit Agreement, dated as of March 10, 2015, among The Brink’s Company, as Parent Borrower and as a Guarantor, the subsidiary borrowers referred to therein, as Subsidiary Borrowers, certain of Parent Borrower’s subsidiaries, as Guarantors, Wells Fargo Bank, National Association, as Administrative Agent, an Issuing Lender and Swingline Lender, and various other Lenders named therein. Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed March 13, 2015. | |
10(y) | $75,000,000 Credit Agreement, dated as of March 12, 2015, among The Brink’s Company, as Parent Borrower, certain of Parent Borrower’s subsidiaries, as Guarantors, and PNC Bank, National Association, as Lender. Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed March 13, 2015. | |
10(z) | $100,000,000 Uncommitted Facility Agreement, dated as of October 31, 2016, by and among The Brink’s Company, certain of its subsidiaries, and Banco Santander, S.A. Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed November 4, 2016. | |
10(aa) | Note Purchase Agreement, dated as of January 24, 2011, among the Registrant, Pittston Services Group Inc., Brink’s Holding Company, Brink’s, Incorporated, and the purchasers party thereto. Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed January 26, 2011. | |
10(bb) | Stock Purchase Agreement, dated as of November 15, 2005, by and among BAX Holding Company, BAX Global Inc., The Brink’s Company and Deutsche Bahn AG. Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed November 16, 2005. | |
10(cc) | Separation and Distribution Agreement between the Registrant and Brink’s Home Security Holdings, Inc. dated as of October 31, 2008. Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed November 5, 2008. | |
10(dd) | Tax Matters Agreement between the Registrant and Brink’s Home Security Holdings, Inc. dated as of October 31, 2008. Exhibit 10.3 to the Registrant’s Current Report on Form 8-K filed November 5, 2008. | |
10(ee) | Employee Matters Agreement between the Registrant and Brink’s Home Security Holdings, Inc. dated as of October 31, 2008. Exhibit 10.5 to the Registrant’s Current Report on Form 8-K filed November 5, 2008. | |
10(ff)* | Severance Pay Plan of The Brink's Company effective November 13, 2015. Exhibit 10.2 to the Registrant's Current Report on Form 8-K filed November 16, 2015. | |
10(gg)* | Succession Agreement by and between the Registrant and Thomas C. Schievelbein dated January 3, 2016. Exhibit 10.2 to the Registrant's Current Report on form 8-K filed January 5, 2016. | |
21 | Subsidiaries of the Registrant. | |
23 | Consent of Independent Registered Public Accounting Firm. | |
24 | Powers of Attorney. | |
31.1 | Certification of Chief Executive Officer of the Brink's Company pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. | |
31.2 | Certification of Chief Financial Officer of the Brink's Company pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934. | |
32.1 | Certification of Chief Executive Officer of the Brink's Company pursuant to Rule 13a-14(a) or Rule 15d-14(b) and 18 U.S.C. 1350. | |
32.2 | Certification of Chief Financial Officer of the Brink's Company pursuant to Rule 13a-14(a) or Rule 15d-14(b) and 18 U.S.C. 1350. | |
99(a)* | Excerpt from Pension-Retirement Plan relating to preservation of assets of the Pension-Retirement Plan upon a change in control. Exhibit 99(a) to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2008. | |
99(b)* | Subscription Agreement, dated June 9, 2016, between The Brink’s Company and Douglas A. Pertz. Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed June 10, 2016. | |
99(c)* | Subscription Agreement, dated July 14, 2016, between The Brink’s Company and Ronald J. Domanico. Exhibit 99.2 to the Registrant’s Current Report on Form 8-K filed July 15, 2016. | |
101 | Interactive Data File (Annual Report on Form 10-K, for the year ended December 31, 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 December 31, 2016, and December 31, 2015, (ii) the Consolidated Statements of Operations for the years ended December 31, 2016, 2015 and 2014, (iii) the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2016, 2015 and 2014, (iv) the Consolidated Statements of Equity for the years ended December 31, 2016, 2015 and 2014, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2016, 2015 and 2014, and (vi) the Notes to Consolidated Financial Statements, tagged as blocks of text. 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 Exchange Act of 1934, and otherwise is not subject to liability under these sections. |
Jurisdiction | |
Company | of Incorporation |
The Pittston Company | Delaware |
Glen Allen Development, Inc. | Delaware |
Liberty National Development Company, LLC (32.5%) | Delaware |
New Liberty Residential Urban Renewal Company, LLC (17.5%) | New Jersey |
Pittston Services Group Inc. | Virginia |
Brink’s Holding Company | Delaware |
Brink’s, Incorporated (“BI”) | Delaware |
Brink’s Delaware, LLC | Delaware |
Brink’s Express Company | Illinois |
Brink’s Global Payments, LLC | Delaware |
Brink’s St. Lucia Ltd. (26%) | St. Lucia |
Security Services (Brink’s Jordan) Company Ltd (95%) | Jordan |
Servicio Pan Americano de Protección S.A. de C.V. (“Serpaprosa”) (by Trust, | |
BI is Settlor of Trust) (99.75%) | Mexico |
Inmobiliaria, A.J., S.A. de C.V. (99.75%) | Mexico |
Operadora Especializada de Transportes, S.A. de C.V. (99.75%) | Mexico |
Procesos Integrales en Distribución y Logística, S.A. de C.V. (99.75%) | Mexico |
Brink’s Security International, Inc. (“BSI”) | Delaware |
Brink’s Brokerage Company, Incorporated | Delaware |
Brink’s C.l.S., Inc. | Delaware |
Brink’s Cambodia, Inc. | Delaware |
Brink’s Global Services International, Inc. | Delaware |
Brink’s Global Services KL, Inc. | Delaware |
Brink’s Global Services USA, Inc. | Delaware |
Brink’s International Management Group, Inc. | Delaware |
Brink’s Network, Incorporated | Delaware |
Brink’s Ukraine, Inc. | Delaware |
Brink’s Vietnam, Incorporated | Delaware |
Brink’s Asia Pacific Limited | Hong Kong |
Brink’s Australia Pty Ltd | Australia |
Brink’s Belgium S.A. | Belgium |
Cavalier Insurance Company Ltd. | Bermuda |
Brink’s Global Services FZE | Dubai (UAE) |
Brink’s Diamond Title DMCC | Dubai (UAE) |
Brink’s Gulf LLC (49%) | Dubai (UAE) |
Brink’s Beteiligungsgesellschaft mbH | Germany |
Brink’s Global Services Deutschland GmbH | Germany |
Brink’s Far East Limited | Hong Kong |
Brink’s Ireland Limited | Ireland |
Brink’s Holdings Limited | Israel |
Brink’s (Israel) Limited (70%) | Israel |
Brink’s Global Services S.r.L. | Italy |
Brink’s Japan Limited | Japan |
Brink’s Luxembourg S.A. | Luxembourg |
Brink’s Security Luxembourg S.A. | Luxembourg |
BK Services S.a.r.l. | Luxembourg |
Brink’s Alarm & Security Technologies | Luxembourg |
Brink’s Global Services | Mexico |
Brink’s International, C.V. (“BICV”, BSI is General Partner) | Netherlands |
Inversiones Brink’s Chile Limitada (BICV is beneficial owner) | Chile |
Brink’s Chile, S.A. (BICV is beneficial owner) | Chile |
Organismo Tecnico de Capacitacion Brink’s SpA | Chile |
Brink’s de Colombia S.A. (58%, BICV is beneficial owner) | Colombia |
Domesa de Colombia S.A. (70%) | Colombia |
Procesos & Canje S.A. (58%) | Colombia |
Sistema Integrado Multiple de Pago Electronicos S.A. | |
(“SIMPLE S.A.”)(14.5%) | Colombia |
Brink’s Canada Holdings, B.V. (BICV is beneficial owner) | Netherlands |
Brink’s Canada Limited | Canada |
Brink’s Security Services B.V. | Netherlands |
Brink’s Dutch Holdings, B.V. (BICV is beneficial owner) | Netherlands |
Brink’s Hellenic Holdings, B.V. (“BHH”) | Netherlands |
Athena Marathon Holdings, B.V. (“AMH”) | Netherlands |
Apollo Acropolis Holdings, B.V. (“AAH”) | Netherlands |
Brink’s Bolivia S.A. | Bolivia |
Hermes Delphi Holdings, B.V, (“HDH”) | Netherlands |
Zeus Oedipus Holdings, B.V. (“ZOH”) | Netherlands |
Brink’s Hellas Commercial S.A. - Information Technology Services | |
(“Brink’s Hellas SA”) (14.3% each BHH, AMH, AAH, HDH, ZOH, | |
Brink’s Dutch Holdings, B.V., Brink’s Canada Holdings, B.V.) | Greece |
Brink’s Hermes Cash & Valuable Services S.A. | |
(“Brink’s Cash & Valuable Services SA”) | Greece |
Brink’s Hermes Security Services SA (“Brink’s Security | |
Services SA”) | Greece |
Brink’s Hermes Aviation Security Services S.A. | |
(“Brink’s Aviation Security Services S.A.”) (70%) | Greece |
Hellenic Central Station SA - Reception & Processing | |
Centre of Electronic Signals (“Hellenic Central Station”) | |
(10%) | Greece |
BHM Human Resources Mexico Holding, S.A. de C.V. | Mexico |
Servicios Administrativos Consolidados BM de Mexico, S.A. de C.V. | Mexico |
BM Control y Administracion de Personal, S.A. de C.V. | Mexico |
Brink’s Argentina S.A. | Argentina |
Brink’s Seguridad Corporativa S.A. (99.6%) | Argentina |
Brink’s India Private Limited | India |
Brinks Mongolia LLC (51%) | Mongolia |
Brink’s RUS Holding B.V. | Netherlands |
Limited Liability Company Brink’s Management | Russian Federation |
Limited Liability Company Brink’s | Russian Federation |
San Rafael Representaciones S.A.C. | Peru |
Servicio Pan Americano de Proteccion C.A. (61%, BICV is beneficial owner) | Venezuela |
Aeropanamericano, C.A. (61%) | Venezuela |
Aero Sky Panama, S.A. (61%) | Panama |
Artes Graficas Avanzadas 98, C.A. (61%) | Venezuela |
Blindados de Zulia Occidente, C.A. (61%) | Venezuela |
Blindados de Oriente, S.A. (61%) | Venezuela |
Blindados Panamericanos, S.A. (61%) | Venezuela |
Blindados Centro Occidente, S.A. (61%) | Venezuela |
Documentos Mercantiles, S.A. (61%) | Venezuela |
Instituto Panamericano, C.A. (61%) | Venezuela |
Intergraficas Panama, S.A. (61%) | Panama |
Panamericana de Vigilancia, S.A. (61%) | Venezuela |
Transportes Expresos, C.A. (61%) | Venezuela |
Tepuy Inmobiliaria VII, C.A. | Venezuela |
Brink’s Panama S.A. | Panama |
Business Process Intelligence Inc. | Panama |
Brink’s Global Services Poland Sp.zo.o. | Poland |
Brink’s Puerto Rico, Inc. | Puerto Rico |
Brink’s International Holdings AG | Switzerland |
Bolivar Business S.A. | Panama |
Domesa Courier Corporation | Florida |
Panamerican Protective Service Sint Maarten, N.V. | Sint Maarten |
Radio Llamadas Panamá, S.A. | Panama |
Servicio Panamericano de Protección (Curacao), N.V. | Curacao |
Domesa Curacao, N.V. | Curacao |
Domesa Servicio Pan Americano de Proteccion | |
Brink’s Aruba, N.V. | Aruba |
Servicio Panamericano de Vigilancia (Curacao), N.V. | Curacao |
Brink’s France SAS | France |
Brink’s (Mauritius) Ltd | Mauritius |
Brink’s Antilles S.A.R.L. | Guadeloupe |
Brink’s Contrôle Sécurité Réunion S.A.R.L. | St. Denis |
Brink’s Évolution S.A.R.L. | France |
Est Valeurs SAS | France |
Brink’s Formation S.A.R.L. | France |
Brink’s France Finance SAS | France |
Brink’s Madagascar S.A. (60%) | Madagascar |
Brink’s Maroc S.A.S. | Morocco |
Brink’s Réunion S.A.R.L. | St. Denis |
Brink’s Security Services SAS | France |
Brink’s Teleservices SAS | France |
Brink’s Software Services et Solutions SAS | France |
Cyrasa Servicios de Control SA | Spain |
Maartenval NV | Sint Maarten |
Protecval S.A.R.L. | France |
Security & Risk Management Training Centre Ltd | Mauritius |
VDH Gold SARL | France |
Brink’s Global Holdings B.V. | Netherlands |
A.G.S. Groep B.V. | Netherlands |
AGS Freight Watch B.V. | Netherlands |
AGS-SecuTrans B.V. | Netherlands |
Brink’s Regional Services B.V. | Netherlands |
Brink’s Trading Ltd. | Israel |
DDX Trading NV (25.25%) | Belgium |
Brink’s Global Services Antwerp | Belgium |
Brink’s Global Services Pte. Ltd. | Singapore |
Brink’s Kenya Limited | Kenya |
Brink’s Switzerland Ltd. | Switzerland |
Brink’s Diamond & Jewelry Services BVBA | Belgium |
Transpar - Brink’s ATM Ltda. | Brazil |
BGS - Agenciamento de Carga e Despacho Aduaneiro Ltda. | Brazil |
BSL - Brink’s Solucoes Logisticas Ltda. | Brazil |
Brink’s-Seguranca e Transporte de Valores Ltda. | Brazil |
BVA-Brink’s Valores Agregados Ltda. | Brazil |
Brink’s Hong Kong Limited | Hong Kong |
Brink’s (Shanghai) Finance Equipment Technology Services Co. Ltd. | China |
Brink’s Diamond (Shanghai) Company Limited | China |
Brink’s Jewellery Trading (Shanghai) Company Limited | China |
Brink’s Security Transportation (Shanghai) Company Limited | China |
Brink’s Global Services Korea Limited - Yunan Hoesa Brink’s Global (80%) | Korea |
Brink’s Singapore Pte Ltd | Singapore |
BVC Brink’s Diamond & Jewellery Services LLP (51%) | India |
Brinks (Southern Africa) (Proprietary) Limited | South Africa |
Brinks Armoured Security Services (Proprietary) Limited | South Africa |
Brink’s e-Pago Tecnologia Ltda. | Brazil |
Redetrel - Rede Transacoes Eletronicas Ltda. | Brazil |
ePago International Inc. | Panama |
e-Pago de Colombia S.A. (75%) | Colombia |
Brink’s ePago S.A. de C.V. | Mexico |
Brink’s Global Services (BGS) Botswana (Proprietary) Limited | Botswana |
Brink’s Macau Limited | Macao |
Brink’s Trading (Taiwan) Co., Ltd. | Taiwan |
Brink’s Taiwan Security Limited | Taiwan |
Brink’s (Thailand) Limited (40%) | Thailand |
Brink’s Global Technology Limited | Thailand |
Brink’s Guvenlik Hizmetleri Anonim Sirketi | Turkey |
Brink’s (UK) Limited | U.K. |
Brink’s Limited | U.K. |
Brink’s (Scotland) Limited | U.K. |
Brink’s Limited (Bahrain) EC | Bahrain |
Brink’s Security Limited | U.K. |
Quarrycast Commercial Limited | U.K. |
Brink’s Global Services, Ltd. | U.K. |
BAX Holding Company | Virginia |
Brink’s Administrative Services Inc. | Delaware |
Pittston Minerals Group Inc. | Virginia |
Pittston Coal Company | Delaware |
Heartland Coal Company | Delaware |
Maxxim Rebuild Company, Inc. | Delaware |
Pittston Forest Products, Inc. | Virginia |
Addington, Inc. | Kentucky |
Appalachian Mining, Inc. | West Virginia |
Molloy Mining, Inc. | West Virginia |
Vandalia Resources, Inc. | West Virginia |
Pittston Coal Management Company | Virginia |
Pittston Coal Terminal Corporation | Virginia |
Pyxis Resources Company | Virginia |
HICA Corporation | Kentucky |
Holston Mining, Inc. | West Virginia |
Motivation Coal Company | Virginia |
Paramont Coal Corporation | Delaware |
Sheridan-Wyoming Coal Company, Incorporated | Delaware |
Thames Development Ltd. | Virginia |
Buffalo Mining Company | West Virginia |
Clinchfield Coal Company | Virginia |
Dante Coal Company | Virginia |
Eastern Coal Corporation | West Virginia |
Elkay Mining Company | West Virginia |
Jewell Ridge Coal Corporation | Virginia |
Kentland-Elkhorn Coal Corporation | Kentucky |
Meadow River Coal Company | Kentucky |
Pittston Coal Group, Inc. | Virginia |
Ranger Fuel Corporation | West Virginia |
Sea “B” Mining Company | Virginia |
Pittston Mineral Ventures Company | Delaware |
PMV Gold Company | Delaware |
Pittston Mineral Ventures International Ltd. | Delaware |
Mineral Ventures of Australia Pty Ltd. | Australia |
/s/ Paul G. Boynton | |
Paul G. Boynton |
/s/ Ian D. Clough | |
Ian D. Clough |
/s/ Susan E. Docherty | |
Susan E. Docherty |
/s/ Peter A. Feld | |
Peter A. Feld |
/s/ Reginald D. Hedgebeth | |
Reginald D. Hedgebeth |
/s/ Michael J. Herling | |
Michael J. Herling |
/s/ George I. Stoeckert | |
George I. Stoeckert |
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12 Months Ended
Document And Entity Information [Abstract]
Document Type
10-K
Document Fiscal Year Focus
2016
Amendment Flag
false
Document Period End Date
Dec. 31, 2016
Document Fiscal Period Focus
FY
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 Public Float
$ 1,400,285,095
Entity Common Stock, Shares Outstanding
50,040,196
Trading Symbol
bco
$ in Millions
Statement of Financial Position [Abstract]
Allowance
$ 8.3
$ 9.1
Par value (in dollars per share)
$ 1
$ 1
Shares authorized (in shares)
100,000,000
100,000,000
Shares issued (in shares)
50,000,000
48,900,000
Shares outstanding (in shares)
50,000,000
48,900,000
12 Months Ended
Statement of Stockholders' Equity [Abstract]
Brink's common shareholders per share declared (dollars per share)
$ 0.40
$ 0.40
$ 0.40
$ in Millions12 Months Ended
Cash flows from operating activities:
Net income (loss)
$ 44.8
$ (28.2)
$ (114.8)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Loss from discontinued operations, net of tax
1.7
2.8
29.1
Depreciation and amortization
131.6
139.9
161.9
Share-based compensation expense
9.5
14.1
17.3
Deferred income taxes
(2.9)
7.1
(28.4)
Marketable securities
(0.5)
(1.1)
(0.4)
Property and other assets
1.3
(0.9)
(44.9)
Business acquisitions and dispositions
(0.1)
6.3
0.0
Venezuela impairment
0.0
35.3
0.0
Other impairment losses
20.6
1.9
3.3
Retirement benefit funding (more) less than expense:
Pension
13.6
10.8
(23.6)
Other than pension
13.7
9.2
1.5
Remeasurement losses due to Venezuela currency devaluations
4.8
18.1
121.6
Other operating
3.7
2.6
7.6
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable and income taxes receivable
(53.2)
(44.8)
(90.7)
Accounts payable, income taxes payable and accrued liabilities
13.9
20.1
105.5
Customer obligations
(13.2)
12.5
15.4
Prepaid and other current assets
(10.0)
(3.4)
(9.9)
Other
(11.8)
(4.4)
(14.7)
Discontinued operations
0.0
(2.0)
5.5
Net cash provided by operating activities
167.5
195.9
141.3
Cash flows from investing activities:
Capital expenditures
(112.2)
(101.1)
(136.1)
Acquisitions
(0.7)
0.0
(4.6)
Dispositions, net of cash disposed
(0.6)
(14.6)
0.0
Marketable securities:
Purchases
(9.2)
(27.3)
0.0
Sales
9.1
33.9
0.9
Cash proceeds from sale of property, equipment and investments
4.7
1.9
62.7
Other
0.0
1.6
(3.6)
Discontinued operations
0.0
1.9
(13.3)
Net cash used by investing activities
(108.9)
(103.7)
(94.0)
Cash flows from financing activities:
Short-term borrowings
115.0
(22.7)
(7.8)
Long-term revolving credit facilities: Borrowings
494.0
569.5
703.8
Long-term revolving credit facilities: Repayments
(606.2)
(633.9)
(588.8)
Other long-term debt: Borrowings
4.8
86.1
7.5
Other long-term debt: Repayments
(39.0)
(42.0)
(81.0)
Acquisitions of noncontrolling interests
0.0
(1.5)
0.0
Nonrecourse financing of real estate transaction
0.0
14.5
0.0
Common stock issued
3.0
0.0
0.0
Dividends to:
Shareholders of Brink’s
(19.8)
(19.5)
(19.4)
Noncontrolling interests in subsidiaries
(4.6)
(5.3)
(8.6)
Proceeds from exercise of stock options
12.2
3.8
0.4
Minimum tax withholdings associated with share-based compensation
(6.6)
(2.0)
(1.2)
Other
2.3
0.3
(1.6)
Discontinued operations
0.0
0.2
0.0
Net cash (used) provided by financing activities
(44.9)
(52.5)
3.3
Effect of exchange rate changes on cash and cash equivalents
(12.1)
(34.0)
(129.9)
Cash and cash equivalents:
Increase (decrease)
1.6
5.7
(79.3)
Balance at beginning of period
181.9
176.2
255.5
Balance at end of period
$ 183.5
$ 181.9
$ 176.2
12 Months Ended
Accounting Policies [Abstract]
Summary of Significant Accounting Policies
12 Months Ended
Segment Reporting [Abstract]
Segment information
12 Months Ended
Compensation and Retirement Disclosure [Abstract]
Retirement Benefits
12 Months Ended
Income Tax Disclosure [Abstract]
Income Taxes
12 Months Ended
Property, Plant and Equipment [Abstract]
Property and Equipment
12 Months Ended
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets
12 Months Ended
Prepaid Expense, Current [Abstract]
Prepaid Expenses and Other
12 Months Ended
Other Assets, Noncurrent Disclosure [Abstract]
Other Assets
12 Months Ended
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)
12 Months Ended
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments
12 Months Ended
Accrued Liabilities, Current [Abstract]
Accrued Liabilities
12 Months Ended
Other Liabilities Disclosure [Abstract]
Other Liabilities
12 Months Ended
Debt Disclosure [Abstract]
Debt
12 Months Ended
Receivables [Abstract]
Accounts Receivable
12 Months Ended
Leases, Operating [Abstract]
Operating Leases
12 Months Ended
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation Plans
(in thousands)
(in thousands)
(in thousands)
(in thousands)
12 Months Ended
Equity [Abstract]
Capital Stock
12 Months Ended
Discontinued Operations and Disposal Groups [Abstract]
Loss from Discontinued Operations
12 Months Ended
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information
12 Months Ended
Other Income and Expenses [Abstract]
Other Operating Income (Expense)
12 Months Ended
Interest and Other Income [Abstract]
Interest and Other Nonoperating Income (Expense)
12 Months Ended
Commitments and Contingencies Disclosure [Abstract]
Other Commitments and Contingencies
12 Months Ended
Restructuring and Related Activities [Abstract]
Reorganization and Restructuring
12 Months Ended
Quarterly Financial Data [Abstract]
Selected Quarterly Financial Data (unaudited)
12 Months Ended
Accounting Policies [Abstract]
Basis of Presentation
Principles of Consolidation
Revenue Recognition
Cash and Cash Equivalents
Trade Accounts Receivable
Property and Equipment
Goodwill and Other Intangible Assets
Impairment of Goodwill and Long-Lived Assets
Retirement Benefit Plans
Income Taxes
Foreign Currency Translation
Restricted Cash
Concentration of Credit Risks
Use of Estimates
Fair-value estimates
New Accounting Standards
12 Months Ended
Accounting Policies [Abstract]
Schedule of Property, Plant and Equipment
12 Months Ended
Segment Reporting [Abstract]
Reconciliation of Revenue and Operating Profit from Segments to Consolidated
Schedule of Capital Expenditures, Depreciation and Amortization by Segment
Reconciliation of Assets from Segment to Consolidated
Schedule of Long Lived Assets By Geographic Areas
Schedule of Revenue By Geographical Areas
Schedule of Net Assets Outside the U.S.
Schedule Of Financial Information About Equity Affiliates Held By Segments
12 Months Ended
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs
Schedule of Obligations and Funded Status
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Schedule of Assumptions Used
Schedule of Expected Benefit Payments
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates
Schedule of Allocation of Plan Assets
Schedule of Changes of Level 3 Plan Assets
Schedule of Costs of Retirement Plans
12 Months Ended
Income Tax Disclosure [Abstract]
Schedule of income (loss) from continuing operations before income taxes
Schedule of Components of Income Tax Expense Benefit
Comprehensive provision (benefit) for income taxes allocation
Schedule of Effective Income Tax Rate Reconciliation
Schedule of Deferred Tax Assets and Liabilities
Summary of Valuation Allowance
Net Operating Losses
Uncertain Tax Positions
12 Months Ended
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment
12 Months Ended
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Change in Goodwill and Other Intangible Assets
Schedule of Intangible Assets and Goodwill
Schedule of Expected Amortization Expense
12 Months Ended
Prepaid Expense, Current [Abstract]
Schedule of Prepaid Expenses and Other
12 Months Ended
Other Assets, Noncurrent Disclosure [Abstract]
Schedule of Other Assets, Noncurrent
12 Months Ended
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Comprehensive Income (Loss)
Reclassification Out Of Accumulated Other Comprehensive Income
12 Months Ended
Fair Value Disclosures [Abstract]
Fixed Rate Debt
12 Months Ended
Accrued Liabilities, Current [Abstract]
Schedule of Accrued Liabilities
12 Months Ended
Other Liabilities Disclosure [Abstract]
Schedule of Other Assets and Other Liabilities
12 Months Ended
Debt Disclosure [Abstract]
Schedule of Long-term Debt
Schedule of Minimum Repayments of Long-term Debt
Schedule of Capital Lease Aset Classes
12 Months Ended
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable
Schedule of Allowance for Doubtful Accounts
12 Months Ended
Leases, Operating [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases
12 Months Ended
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Nonvested share activity
(in thousands)
(in thousands)
(in thousands)
Share-based Compensation, Fair Value of Shares Vested
Fair value of options calculation assumptions
Option Activity
Schedule of Share-based Compensation, Stock Options, Activity
(in thousands)
12 Months Ended
Equity [Abstract]
Schedule of Weighted Average Number of Shares
12 Months Ended
Discontinued Operations and Disposal Groups [Abstract]
Income from Discontinued Operations
Schedule Of Revenues And Losses From Operations
12 Months Ended
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flow, Supplemental Disclosures
12 Months Ended
Other Income and Expenses [Abstract]
Interest and Other Income
12 Months Ended
Interest and Other Income [Abstract]
Schedule of Other Nonoperating Income (Expense)
12 Months Ended
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost
12 Months Ended
Quarterly Financial Data [Abstract]
Schedule of Quarterly Financial Information
12 Months Ended
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives
16 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives
25 years
Building leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives
3 years
Building leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives
10 years
Vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives
3 years
Vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives
10 years
Capitalized software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives
3 years
Capitalized software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives
5 years
Other machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives
3 years
Other machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives
10 years
$ in Millions
3 Months Ended
12 Months Ended
Investment [Line Items]
Number of reporting units | reporting_unit
10
Number of countries within Largest 5 Markets | country
5
5
Number of regions with Global Markets | region
3
3
Foreign currency exchange rate | VEF / $
199
199
Net remeasurement gain (loss)
$ (18.0)
$ 1.4
$ (26.8)
$ (127.2)
Brinks investments in Venezuelan Operations on an equity-method basis
$ 3.5
$ 4.9
3.5
4.9
Bolivar-denominated nonmonetary assets
684.1
647.8
684.1
647.8
746.9
Cash and cash equivalents
183.5
181.9
183.5
181.9
176.2
$ 255.5
Accumulated other comprehensive income
907.0
891.9
907.0
891.9
Venezuela impairment
0.0
35.3
0.0
Long lived assets of Venezuela
531.0
549.0
531.0
549.0
669.5
Revenues
803.5
$ 755.8
$ 739.5
$ 721.8
765.8
$ 759.2
$ 760.3
$ 776.1
3,020.6
3,061.4
3,562.3
Restricted cash
55.5
16.4
55.5
16.4
Accrued liabilities
385.7
401.2
385.7
401.2
Current maturities of long-term debt
$ 32.8
$ 39.8
32.8
39.8
Net cash provided by operating activities
167.5
195.9
141.3
Net cash (used) provided by financing activities
44.9
52.5
(3.3)
Argentina conversion losses
$ 0.1
$ 7.1
$ 3.6
Maximum
Investment [Line Items]
Remaining useful lives (in years)
11 years
Foreign currency exchange rate | VEF / $
200
200
Minimum
Investment [Line Items]
Remaining useful lives (in years)
1 year
Foreign currency exchange rate | VEF / $
170
170
Venezuela
Investment [Line Items]
Foreign currency exchange rate | VEF / $
51
Net remeasurement gain (loss)
$ (4.8)
Exchange rate remeasurement | VEF / $
674
273
674
6.3
After-tax income (loss) attributable to NCI
$ 2.7
$ (5.6)
$ (39.7)
Approved amount for exchange mechanism
$ 1.2
Decline in rate
59.00%
59.00%
Venezuela impairment
$ 0.8
$ 34.5
$ 13.6
35.3
Long lived assets of Venezuela
$ 10.1
$ 10.1
Venezuela | Maximum
Investment [Line Items]
Foreign currency exchange rate | VEF / $
6.3
Venezuela | Venezuelan bolívar fuerte
Investment [Line Items]
Foreign currency exchange rate | VEF / $
50
Net remeasurement gain (loss)
(18.1)
$ (121.6)
Exchange rate remeasurement | VEF / $
674
674
Brinks investments in Venezuelan Operations on an equity-method basis
$ 19.2
$ 26.0
$ 19.2
26.0
Venezuelan operations nonmonetary assets
17.6
13.5
17.6
13.5
Bolivar-denominated nonmonetary assets
1.4
9.5
1.4
9.5
Cash and cash equivalents
6.8
6.2
6.8
6.2
Accumulated other comprehensive income
$ 114.7
$ 113.0
$ 114.7
113.0
Ireland
Investment [Line Items]
Revenues
$ 20.0
Argentina
Investment [Line Items]
Foreign currency exchange rate | ARS / $
15.9
15.9
Argentina | Maximum
Investment [Line Items]
Foreign currency exchange rate | ARS / $
9.8
9.8
Argentina | Minimum
Investment [Line Items]
Foreign currency exchange rate | ARS / $
8.5
8.5
Argentina | Argentina, Pesos
Investment [Line Items]
Cash and cash equivalents
$ 11.6
$ 11.6
Argentina conversion losses
0.1
$ 7.1
$ 3.6
Argentina | Argentina, Pesos | Maximum
Investment [Line Items]
Devaluation settled rates
40.00%
Argentina | Argentina, Pesos | Minimum
Investment [Line Items]
Devaluation settled rates
30.00%
Venezuela Investment | Venezuela
Investment [Line Items]
Net payables to affiliates
$ 6.1
$ 18.7
$ 6.1
18.7
Adjustment for Misclassification Error Correction
Investment [Line Items]
Net cash provided by operating activities
208.8
Net cash (used) provided by financing activities
49.0
Restatement Adjustment | Adjustment for Misclassification Error Correction
Investment [Line Items]
Restricted cash
16.4
16.4
Accrued liabilities
(12.9)
(12.9)
Current maturities of long-term debt
$ 3.5
$ 3.5
$ in Millions
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principle
$ 0.2
[1]
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principle
0.2
[1]
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-09, Excess Tax Benefit Component | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of change in accounting principle
$ 0.2
[1]
We elected to early adopt the provisions of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, in the fourth quarter of 2016 resulting in a cumulative effect adjustment to Retained Earnings for previously unrecognized excess tax benefits. See Note 1 for further discussion of the impacts of this standard.
$ in Millions12 Months Ended
Segment Reporting Information [Line Items]
Number of countries in which the entity operates | country
100
Number of operating segments | segment
9
Number of countries within Largest 5 Markets | country
5
Number of regions with Global Markets | region
3
Share in earnings of equity affiliates | $
$ (1.5)
$ 0.5
$ 4.3
CIT Business Peru
Segment Reporting Information [Line Items]
Share in earnings of equity affiliates | $
$ 3.8
Subsidiaries
Segment Reporting Information [Line Items]
Number of countries in which the entity operates | country
40
BGS Business, Belgium
Segment Reporting Information [Line Items]
Impairment charge | $
$ 1.8
$ in Millions3 Months Ended
12 Months Ended
Segment Reporting Information [Line Items]
Revenues
$ 803.5
$ 755.8
$ 739.5
$ 721.8
$ 765.8
$ 759.2
$ 760.3
$ 776.1
$ 3,020.6
$ 3,061.4
$ 3,562.3
Operating Profit (Loss)
$ 58.3
$ 50.0
$ 22.1
$ 13.8
$ 33.0
$ 25.3
$ (14.6)
12.9
144.2
56.6
(27.5)
Foreign currency transaction losses
$ (18.0)
1.4
(26.8)
(127.2)
Share-based compensation adj.
10.7
0.8
(136.9)
Reportable Segments:
Segment Reporting Information [Line Items]
Revenues
2,908.4
2,976.9
3,350.5
Operating Profit (Loss)
264.7
242.0
239.9
Corporate items:
Segment Reporting Information [Line Items]
General, administrative and other expenses
(59.8)
(81.0)
(110.8)
Foreign currency transaction losses
3.8
(8.8)
(2.6)
Reconciliation of segment policies to GAAP
(2.2)
4.6
(2.3)
Other items not allocated to segments:
Segment Reporting Information [Line Items]
Acquisitions and dispositions, Revenues
2.8
Reorganization and Restructuring
(30.3)
(15.3)
(21.8)
U.S. and Mexican retirement plans
(31.5)
(31.2)
(79.0)
Acquisitions and dispositions, Operating Profit (Loss)
(16.3)
(6.0)
49.4
Share-based compensation adj.
(2.4)
Largest 5 Markets | Reportable Segments:
Segment Reporting Information [Line Items]
Revenues
1,908.3
1,919.0
2,177.2
Operating Profit (Loss)
101.9
108.5
118.8
Global Markets | Reportable Segments:
Segment Reporting Information [Line Items]
Revenues
910.0
972.0
1,076.7
Operating Profit (Loss)
160.5
140.7
126.0
Venezuela
Segment Reporting Information [Line Items]
Foreign currency transaction losses
(4.8)
Venezuela | Other items not allocated to segments:
Segment Reporting Information [Line Items]
Revenues
109.4
84.5
211.8
Operating Profit (Loss)
15.8
(47.7)
(97.9)
U.S. | Reportable Segments:
Segment Reporting Information [Line Items]
Revenues
752.6
730.4
727.8
Operating Profit (Loss)
6.3
15.1
22.8
France | Reportable Segments:
Segment Reporting Information [Line Items]
Revenues
424.5
431.5
517.4
Operating Profit (Loss)
36.8
34.7
39.4
Mexico | Reportable Segments:
Segment Reporting Information [Line Items]
Revenues
295.3
333.0
388.2
Operating Profit (Loss)
20.4
24.2
9.6
Brazil | Reportable Segments:
Segment Reporting Information [Line Items]
Revenues
285.7
270.4
364.1
Operating Profit (Loss)
30.1
23.8
34.2
Canada | Reportable Segments:
Segment Reporting Information [Line Items]
Revenues
150.2
153.7
179.7
Operating Profit (Loss)
8.3
10.7
12.8
Latin America | Reportable Segments:
Segment Reporting Information [Line Items]
Revenues
355.1
369.9
380.6
Operating Profit (Loss)
89.9
76.3
50.4
EMEA | Reportable Segments:
Segment Reporting Information [Line Items]
Revenues
387.4
444.7
556.3
Operating Profit (Loss)
40.1
35.7
52.5
Asia | Reportable Segments:
Segment Reporting Information [Line Items]
Revenues
167.5
157.4
139.8
Operating Profit (Loss)
30.5
28.7
23.1
Payment Services | Reportable Segments:
Segment Reporting Information [Line Items]
Revenues
90.1
85.9
96.6
Operating Profit (Loss)
$ 2.3
$ (7.2)
$ (4.9)
$ in Millions3 Months Ended
12 Months Ended
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
$ 39.8
$ 27.4
$ 24.2
$ 20.8
$ 39.9
$ 26.0
$ 20.9
$ 14.3
$ 112.2
$ 101.1
$ 136.1
Depreciation and Amortization by Business Segment
128.0
135.7
156.4
Amortization of intangible assets:
3.6
4.2
5.5
Total
$ 34.1
$ 32.4
$ 32.9
$ 32.2
$ 33.6
$ 33.1
$ 36.5
$ 36.7
131.6
139.9
161.9
Business segments
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
98.2
89.8
114.2
Depreciation and Amortization by Business Segment
115.6
120.5
137.2
Business segments | U.S.
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
19.9
21.7
31.1
Depreciation and Amortization by Business Segment
45.6
47.6
49.8
Business segments | France
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
17.3
16.0
17.9
Depreciation and Amortization by Business Segment
15.4
15.5
19.3
Amortization of intangible assets:
0.2
0.2
0.3
Business segments | Mexico
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
12.6
9.3
13.3
Depreciation and Amortization by Business Segment
11.6
14.4
19.6
Business segments | Brazil
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
8.9
6.2
14.7
Depreciation and Amortization by Business Segment
7.8
7.6
8.8
Amortization of intangible assets:
1.1
1.2
1.4
Business segments | Canada
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
9.5
6.1
6.4
Depreciation and Amortization by Business Segment
9.6
8.1
8.5
Business segments | Latin America
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
13.7
13.5
17.0
Depreciation and Amortization by Business Segment
9.7
10.0
12.2
Amortization of intangible assets:
0.2
0.3
0.3
Business segments | EMEA
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
9.9
11.1
9.4
Depreciation and Amortization by Business Segment
10.8
11.5
13.6
Amortization of intangible assets:
0.4
0.6
1.1
Business segments | Asia
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
5.0
4.2
3.6
Depreciation and Amortization by Business Segment
3.6
3.9
3.2
Amortization of intangible assets:
0.8
0.9
0.9
Business segments | Payment Services
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
1.4
1.7
0.8
Depreciation and Amortization by Business Segment
1.5
1.9
2.2
Amortization of intangible assets:
0.9
1.0
1.5
Corporate items
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
9.0
7.0
16.5
Depreciation and Amortization by Business Segment
10.9
11.3
9.7
Largest 5 Markets | Business segments
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
68.2
59.3
83.4
Depreciation and Amortization by Business Segment
90.0
93.2
106.0
Amortization of intangible assets:
1.3
1.4
1.7
Global Markets | Business segments
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
28.6
28.8
30.0
Depreciation and Amortization by Business Segment
24.1
25.4
29.0
Amortization of intangible assets:
1.4
1.8
2.3
Venezuela | Reconciling items
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment
5.0
4.3
5.4
Depreciation and Amortization by Business Segment
0.7
3.9
9.5
Reorganization and Restructuring 2016 | Reconciling items
Segment Reporting Information [Line Items]
Depreciation and Amortization by Business Segment
$ 0.8
$ 0.0
$ 0.0
$ in Millions3 Months Ended
12 Months Ended
Segment Reporting Information [Line Items]
Assets held by Segment
$ 1,994.8
$ 1,946.7
$ 1,994.8
$ 1,946.7
$ 2,192.0
Long-Lived Assets by Geographic Area
531.0
549.0
531.0
549.0
669.5
Revenues by Geographic Area
803.5
$ 755.8
$ 739.5
$ 721.8
765.8
$ 759.2
$ 760.3
$ 776.1
3,020.6
3,061.4
3,562.3
Net assets outside the U.S.
684.1
647.8
684.1
647.8
746.9
Business segments
Segment Reporting Information [Line Items]
Assets held by Segment
1,622.6
1,567.4
1,622.6
1,567.4
1,759.0
Revenues by Geographic Area
2,908.4
2,976.9
3,350.5
Corporate items
Segment Reporting Information [Line Items]
Assets held by Segment
321.3
332.4
321.3
332.4
326.8
U.S. | Business segments
Segment Reporting Information [Line Items]
Assets held by Segment
338.0
325.0
338.0
325.0
327.4
Revenues by Geographic Area
752.6
730.4
727.8
France | Business segments
Segment Reporting Information [Line Items]
Assets held by Segment
286.7
239.6
286.7
239.6
244.7
Revenues by Geographic Area
424.5
431.5
517.4
Mexico | Business segments
Segment Reporting Information [Line Items]
Assets held by Segment
201.4
229.0
201.4
229.0
258.9
Revenues by Geographic Area
295.3
333.0
388.2
Brazil | Business segments
Segment Reporting Information [Line Items]
Assets held by Segment
145.6
109.7
145.6
109.7
165.0
Revenues by Geographic Area
285.7
270.4
364.1
Canada | Business segments
Segment Reporting Information [Line Items]
Assets held by Segment
87.0
81.3
87.0
81.3
92.3
Revenues by Geographic Area
150.2
153.7
179.7
Latin America | Business segments
Segment Reporting Information [Line Items]
Assets held by Segment
172.8
155.3
172.8
155.3
189.8
Revenues by Geographic Area
355.1
369.9
380.6
EMEA | Business segments
Segment Reporting Information [Line Items]
Assets held by Segment
238.9
274.6
238.9
274.6
308.0
Revenues by Geographic Area
387.4
444.7
556.3
Asia | Business segments
Segment Reporting Information [Line Items]
Assets held by Segment
96.2
99.8
96.2
99.8
109.2
Revenues by Geographic Area
167.5
157.4
139.8
Payment Services | Business segments
Segment Reporting Information [Line Items]
Assets held by Segment
56.0
53.1
56.0
53.1
63.7
Revenues by Geographic Area
90.1
85.9
96.6
Largest 5 Markets | Business segments
Segment Reporting Information [Line Items]
Assets held by Segment
1,058.7
984.6
1,058.7
984.6
1,088.3
Revenues by Geographic Area
1,908.3
1,919.0
2,177.2
France
Segment Reporting Information [Line Items]
Long-Lived Assets by Geographic Area
67.5
68.1
67.5
68.1
75.7
Revenues by Geographic Area
424.5
431.5
517.4
Net assets outside the U.S.
102.1
87.1
102.1
87.1
96.3
Mexico
Segment Reporting Information [Line Items]
Long-Lived Assets by Geographic Area
78.1
93.2
78.1
93.2
114.4
Revenues by Geographic Area
296.3
333.7
388.5
Net assets outside the U.S.
86.1
86.1
86.1
86.1
88.4
Brazil
Segment Reporting Information [Line Items]
Long-Lived Assets by Geographic Area
45.3
34.0
45.3
34.0
47.9
Revenues by Geographic Area
344.9
336.4
442.3
Net assets outside the U.S.
106.3
87.9
106.3
87.9
111.1
Canada
Segment Reporting Information [Line Items]
Long-Lived Assets by Geographic Area
42.4
38.9
42.4
38.9
47.9
Revenues by Geographic Area
150.2
153.7
179.7
Net assets outside the U.S.
57.6
50.3
57.6
50.3
53.4
Other
Segment Reporting Information [Line Items]
Long-Lived Assets by Geographic Area
127.2
122.7
127.2
122.7
175.5
Revenues by Geographic Area
1,040.9
1,069.6
1,305.8
Global Markets | Business segments
Segment Reporting Information [Line Items]
Assets held by Segment
507.9
529.7
507.9
529.7
607.0
Revenues by Geographic Area
910.0
972.0
1,076.7
Venezuela
Segment Reporting Information [Line Items]
Long-Lived Assets by Geographic Area
10.1
10.1
Venezuela | Reconciling items
Segment Reporting Information [Line Items]
Assets held by Segment
50.9
46.9
50.9
46.9
106.2
Revenues by Geographic Area
109.4
84.5
211.8
Subtotal
Segment Reporting Information [Line Items]
Long-Lived Assets by Geographic Area
360.5
356.9
360.5
356.9
461.4
Revenues by Geographic Area
2,256.8
2,324.9
2,833.7
U.S.
Segment Reporting Information [Line Items]
Long-Lived Assets by Geographic Area
170.5
192.1
170.5
192.1
208.1
Revenues by Geographic Area
763.8
736.5
728.6
Other EMEA countries
Segment Reporting Information [Line Items]
Net assets outside the U.S.
133.8
147.5
133.8
147.5
146.1
Other Latin American countries
Segment Reporting Information [Line Items]
Net assets outside the U.S.
127.0
115.2
127.0
115.2
182.4
Asian countries
Segment Reporting Information [Line Items]
Net assets outside the U.S.
$ 71.2
$ 73.7
$ 71.2
$ 73.7
$ 69.2
$ in Millions12 Months Ended
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Carrying value of investments at year end
$ 3.5
$ 4.9
Share in earnings (losses) of equity affiliates
(1.5)
0.5
$ 4.3
Asian countries | Global Markets
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Carrying value of investments at year end
3.5
4.9
2.7
Undistributed earnings
2.5
2.2
1.1
Share in earnings (losses) of equity affiliates
$ (1.5)
$ 0.5
$ 0.5
$ in Millions12 Months Ended
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost
$ 0.0
$ 0.0
$ 0.0
Interest cost on projected benefit obligation
37.1
36.0
45.3
Return on assets – expected
(54.6)
(54.6)
(63.9)
Amortization of losses
24.9
31.2
28.2
Amortization of prior service cost
0.0
0.0
0.0
Settlement loss
0.0
0.0
56.1
Net periodic pension cost
7.4
12.6
$ 65.7
Number of participants | participant
4,300
U.S. Plans | Continuing operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension cost
7.4
12.6
$ 65.7
U.S. Plans | Discontinued operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension cost
0.0
0.0
0.0
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost
10.5
10.4
12.5
Interest cost on projected benefit obligation
11.5
11.2
18.4
Return on assets – expected
(9.5)
(9.5)
(14.4)
Amortization of losses
5.1
5.0
2.3
Amortization of prior service cost
1.0
0.9
1.0
Settlement loss
3.1
5.7
6.3
Net periodic pension cost
21.7
23.7
26.1
Non-U.S. Plans | Continuing operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension cost
21.7
22.6
24.4
Non-U.S. Plans | Discontinued operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension cost
0.0
1.1
1.7
Total
Defined Benefit Plan Disclosure [Line Items]
Service cost
10.5
10.4
12.5
Interest cost on projected benefit obligation
48.6
47.2
63.7
Return on assets – expected
(64.1)
(64.1)
(78.3)
Amortization of losses
30.0
36.2
30.5
Amortization of prior service cost
1.0
0.9
1.0
Settlement loss
3.1
5.7
62.4
Net periodic pension cost
29.1
36.3
91.8
Total | Continuing operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension cost
29.1
35.2
90.1
Total | Discontinued operations
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension cost
0.0
1.1
1.7
UMWA Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost
0.0
0.0
0.0
Interest cost on projected benefit obligation
18.9
17.1
17.9
Return on assets – expected
(17.5)
(20.6)
(22.2)
Amortization of losses
18.0
15.5
12.3
Amortization of prior service cost
(4.6)
(4.6)
(4.6)
Curtailment (gain)
0.0
0.0
0.0
Net periodic pension cost
14.8
7.4
3.4
Black Lung and Other Plans, Medical
Defined Benefit Plan Disclosure [Line Items]
Service cost
0.0
0.2
0.1
Interest cost on projected benefit obligation
2.7
2.8
2.3
Return on assets – expected
0.0
0.0
0.0
Amortization of losses
2.5
3.1
0.6
Amortization of prior service cost
1.7
1.8
1.7
Curtailment (gain)
0.0
(0.1)
0.0
Net periodic pension cost
6.9
7.8
4.7
Retirement benefits other than pension
Defined Benefit Plan Disclosure [Line Items]
Service cost
0.0
0.2
0.1
Interest cost on projected benefit obligation
21.6
19.9
20.2
Return on assets – expected
(17.5)
(20.6)
(22.2)
Amortization of losses
20.5
18.6
12.9
Amortization of prior service cost
(2.9)
(2.8)
(2.9)
Curtailment (gain)
0.0
(0.1)
0.0
Net periodic pension cost
$ 21.7
$ 15.2
$ 8.1
$ in Millions12 Months Ended
U.S. Plans
Changes in the benefit obligation [Roll Forward]
Benefit obligation at beginning of year
$ 844.8
$ 904.1
Service cost
0.0
0.0
$ 0.0
Interest cost
37.1
36.0
45.3
Participant contributions
0.0
0.0
Plan amendments
0.0
0.0
Plan combinations
0.0
0.0
Settlements
0.0
0.0
Benefits paid
(47.8)
(51.0)
Actuarial (gains) losses
11.8
(44.3)
Foreign currency exchange effects
0.0
0.0
Benefit obligation at end of year
845.9
844.8
904.1
Changes in plan assets [Roll Forward]
Fair value of plan assets at beginning of year
721.4
786.3
Return on assets – actual
54.3
(14.2)
Participant contributions
0.0
0.0
Plan combinations
0.0
0.0
Employer contributions
0.6
0.3
Settlements
0.0
0.0
Benefits paid
(47.8)
(51.0)
Foreign currency exchange effects
0.0
0.0
Fair value of plan assets at end of year
728.5
721.4
$ 786.3
Defined Benefit Plan, Funded Status of Plan [Abstract]
Funded status
(117.4)
(123.4)
Current liability, included in accrued liabilities
0.9
0.6
Noncurrent liability
116.5
122.8
Net pension liability
117.4
123.4
Number of participants | participant
4,300
Benefit plan net experience losses recognized in accumulated other comprehensive income (loss):
Beginning of year - net gains and losses
(333.7)
(340.4)
Net experience gains (losses) arising during the year
(12.1)
(24.5)
Reclassification adjustment for amortization of prior experience losses included in net income (loss)
24.9
31.2
Foreign currency exchange effects
0.0
0.0
End of year - net gains and losses
(320.9)
(333.7)
$ (340.4)
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss):
Beginning of year - net prior service (cost) credit
0.0
0.0
Prior service credit (cost) from plan amendments during the year
0.0
0.0
Reclassification adjustment for amortization of prior service cost included in net income (loss)
0.0
0.0
Foreign currency exchange effects
0.0
0.0
End of year - net prior service (cost) credit
0.0
0.0
0.0
Non-U.S. Plans
Changes in the benefit obligation [Roll Forward]
Benefit obligation at beginning of year
262.8
283.1
Service cost
10.5
10.4
12.5
Interest cost
11.5
11.2
18.4
Participant contributions
0.2
0.4
Plan amendments
(0.2)
2.4
Plan combinations
0.4
1.2
Settlements
(9.3)
0.0
Benefits paid
(12.7)
(19.5)
Actuarial (gains) losses
17.7
14.8
Foreign currency exchange effects
(13.6)
(41.2)
Benefit obligation at end of year
267.3
262.8
283.1
Changes in plan assets [Roll Forward]
Fair value of plan assets at beginning of year
164.8
179.3
Return on assets – actual
18.2
4.3
Participant contributions
0.2
0.4
Plan combinations
0.4
1.2
Employer contributions
14.9
24.1
Settlements
(9.3)
0.0
Benefits paid
(12.7)
(19.5)
Foreign currency exchange effects
(3.1)
(25.0)
Fair value of plan assets at end of year
173.4
164.8
179.3
Defined Benefit Plan, Funded Status of Plan [Abstract]
Funded status
(93.9)
(98.0)
Current liability, included in accrued liabilities
1.6
1.4
Noncurrent liability
92.3
96.6
Net pension liability
93.9
98.0
Benefit plan net experience losses recognized in accumulated other comprehensive income (loss):
Beginning of year - net gains and losses
(95.0)
(85.7)
Net experience gains (losses) arising during the year
(9.0)
(20.0)
Reclassification adjustment for amortization of prior experience losses included in net income (loss)
8.2
10.7
Foreign currency exchange effects
12.9
0.0
End of year - net gains and losses
(82.9)
(95.0)
(85.7)
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss):
Beginning of year - net prior service (cost) credit
(10.8)
(9.3)
Prior service credit (cost) from plan amendments during the year
0.2
(2.4)
Reclassification adjustment for amortization of prior service cost included in net income (loss)
1.0
0.9
Foreign currency exchange effects
0.4
0.0
End of year - net prior service (cost) credit
(9.2)
(10.8)
(9.3)
Total
Changes in the benefit obligation [Roll Forward]
Benefit obligation at beginning of year
1,107.6
1,187.2
Service cost
10.5
10.4
12.5
Interest cost
48.6
47.2
63.7
Participant contributions
0.2
0.4
Plan amendments
(0.2)
2.4
Plan combinations
0.4
1.2
Settlements
(9.3)
0.0
Benefits paid
(60.5)
(70.5)
Actuarial (gains) losses
29.5
(29.5)
Foreign currency exchange effects
(13.6)
(41.2)
Benefit obligation at end of year
1,113.2
1,107.6
1,187.2
Changes in plan assets [Roll Forward]
Fair value of plan assets at beginning of year
886.2
965.6
Return on assets – actual
72.5
(9.9)
Participant contributions
0.2
0.4
Plan combinations
0.4
1.2
Employer contributions
15.5
24.4
Settlements
(9.3)
0.0
Benefits paid
(60.5)
(70.5)
Foreign currency exchange effects
(3.1)
(25.0)
Fair value of plan assets at end of year
901.9
886.2
965.6
Defined Benefit Plan, Funded Status of Plan [Abstract]
Funded status
(211.3)
(221.4)
Current liability, included in accrued liabilities
2.5
2.0
Noncurrent liability
208.8
219.4
Net pension liability
211.3
221.4
Benefit plan net experience losses recognized in accumulated other comprehensive income (loss):
Beginning of year - net gains and losses
(428.7)
(426.1)
Net experience gains (losses) arising during the year
(21.1)
(44.5)
Reclassification adjustment for amortization of prior experience losses included in net income (loss)
33.1
41.9
Foreign currency exchange effects
12.9
0.0
End of year - net gains and losses
(403.8)
(428.7)
(426.1)
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss):
Beginning of year - net prior service (cost) credit
(10.8)
(9.3)
Prior service credit (cost) from plan amendments during the year
0.2
(2.4)
Reclassification adjustment for amortization of prior service cost included in net income (loss)
1.0
0.9
Foreign currency exchange effects
0.4
0.0
End of year - net prior service (cost) credit
(9.2)
(10.8)
(9.3)
UMWA Plans
Changes in the benefit obligation [Roll Forward]
Benefit obligation at beginning of year
433.1
461.8
Service cost
0.0
0.0
0.0
Interest cost
18.9
17.1
17.9
Plan amendments
0.0
0.0
Curtailment
0.0
0.0
Benefits paid
(31.7)
(36.0)
Actuarial (gains) losses
23.9
(9.8)
Foreign currency exchange effects
0.0
0.0
Benefit obligation at end of year
444.2
433.1
461.8
Changes in plan assets [Roll Forward]
Fair value of plan assets at beginning of year
227.4
264.6
Return on assets – actual
22.2
(0.9)
Employer contributions
(0.3)
(0.3)
Benefits paid
(31.7)
(36.0)
Fair value of plan assets at end of year
217.6
227.4
264.6
Defined Benefit Plan, Funded Status of Plan [Abstract]
Funded status
(226.6)
(205.7)
Current liability, included in accrued liabilities
0.0
0.0
Noncurrent liability
226.6
205.7
Net pension liability
226.6
205.7
Benefit plan net experience losses recognized in accumulated other comprehensive income (loss):
Beginning of year - net gains and losses
(261.8)
(265.6)
Net experience gains (losses) arising during the year
(19.2)
(11.7)
Reclassification adjustment for amortization of prior experience losses included in net income (loss)
18.0
15.5
Foreign currency exchange effects
0.0
End of year - net gains and losses
(263.0)
(261.8)
(265.6)
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss):
Beginning of year - net prior service (cost) credit
46.5
51.1
Prior service credit (cost) from plan amendments during the year
0.0
0.0
Reclassification adjustment for amortization of prior service cost included in net income (loss)
(4.6)
(4.6)
Foreign currency exchange effects
0.0
0.0
End of year - net prior service (cost) credit
41.9
46.5
51.1
Black Lung and Other Plans
Changes in the benefit obligation [Roll Forward]
Benefit obligation at beginning of year
59.8
66.2
Service cost
0.0
0.2
Interest cost
2.7
2.8
Plan amendments
0.0
(0.7)
Curtailment
0.0
(0.5)
Benefits paid
(8.3)
(6.3)
Actuarial (gains) losses
11.2
0.4
Foreign currency exchange effects
0.7
(2.3)
Benefit obligation at end of year
66.1
59.8
66.2
Changes in plan assets [Roll Forward]
Fair value of plan assets at beginning of year
0.0
0.0
Return on assets – actual
0.0
0.0
Employer contributions
8.3
6.3
Benefits paid
(8.3)
(6.3)
Fair value of plan assets at end of year
0.0
0.0
0.0
Defined Benefit Plan, Funded Status of Plan [Abstract]
Funded status
(66.1)
(59.8)
Current liability, included in accrued liabilities
6.6
6.3
Noncurrent liability
59.5
53.5
Net pension liability
66.1
59.8
Benefit plan net experience losses recognized in accumulated other comprehensive income (loss):
Beginning of year - net gains and losses
(25.8)
(29.0)
Net experience gains (losses) arising during the year
(11.2)
0.1
Reclassification adjustment for amortization of prior experience losses included in net income (loss)
2.5
3.1
Foreign currency exchange effects
2.3
0.0
End of year - net gains and losses
(32.2)
(25.8)
(29.0)
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss):
Beginning of year - net prior service (cost) credit
(3.5)
(6.0)
Prior service credit (cost) from plan amendments during the year
0.0
0.7
Reclassification adjustment for amortization of prior service cost included in net income (loss)
1.7
1.8
Foreign currency exchange effects
(0.3)
0.0
End of year - net prior service (cost) credit
(2.1)
(3.5)
(6.0)
Black Lung and Other Plans, Medical
Changes in the benefit obligation [Roll Forward]
Service cost
0.0
0.2
0.1
Interest cost
2.7
2.8
2.3
Retirement benefits other than pension
Changes in the benefit obligation [Roll Forward]
Benefit obligation at beginning of year
492.9
528.0
Service cost
0.0
0.2
0.1
Interest cost
21.6
19.9
20.2
Plan amendments
0.0
(0.7)
Curtailment
0.0
(0.5)
Benefits paid
(40.0)
(42.3)
Actuarial (gains) losses
35.1
(9.4)
Foreign currency exchange effects
0.7
(2.3)
Benefit obligation at end of year
510.3
492.9
528.0
Changes in plan assets [Roll Forward]
Fair value of plan assets at beginning of year
227.4
264.6
Return on assets – actual
22.2
(0.9)
Employer contributions
8.0
6.0
Benefits paid
(40.0)
(42.3)
Fair value of plan assets at end of year
217.6
227.4
264.6
Defined Benefit Plan, Funded Status of Plan [Abstract]
Funded status
(292.7)
(265.5)
Current liability, included in accrued liabilities
6.6
6.3
Noncurrent liability
286.1
259.2
Net pension liability
292.7
265.5
Benefit plan net experience losses recognized in accumulated other comprehensive income (loss):
Beginning of year - net gains and losses
(287.6)
(294.6)
Net experience gains (losses) arising during the year
(30.4)
(11.6)
Reclassification adjustment for amortization of prior experience losses included in net income (loss)
20.5
18.6
Foreign currency exchange effects
2.3
0.0
End of year - net gains and losses
(295.2)
(287.6)
(294.6)
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss):
Beginning of year - net prior service (cost) credit
43.0
45.1
Prior service credit (cost) from plan amendments during the year
0.0
0.7
Reclassification adjustment for amortization of prior service cost included in net income (loss)
(2.9)
(2.8)
Foreign currency exchange effects
(0.3)
0.0
End of year - net prior service (cost) credit
$ 39.8
$ 43.0
$ 45.1
$ in Millions
U.S. Plans
Information for pension plans with an ABO in excess of plan assets:
Fair value of plan assets
$ 728.5
$ 721.4
Accumulated benefit obligation
845.9
844.8
Projected benefit obligation
845.9
844.8
Non-U.S. Plans
Information for pension plans with an ABO in excess of plan assets:
Fair value of plan assets
41.3
47.7
Accumulated benefit obligation
107.3
111.9
Projected benefit obligation
127.9
135.2
Total
Information for pension plans with an ABO in excess of plan assets:
Fair value of plan assets
769.8
769.1
Accumulated benefit obligation
953.2
956.7
Projected benefit obligation
$ 973.8
$ 980.0
12 Months Ended
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Pension cost
4.50%
4.10%
5.00%
Benefit obligation at year end
4.30%
4.50%
4.10%
Expected return on assets
7.50%
7.50%
8.00%
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Pension cost
5.10%
5.10%
6.30%
Benefit obligation at year end
3.70%
5.10%
5.10%
Expected return on assets
5.65%
5.58%
5.83%
Average rate of increase in salaries - pension cost
3.80%
3.90%
3.90%
Average rate of increase in salaries - benefit obligation at year end
2.70%
3.80%
3.90%
UMWA Plans
Defined Benefit Plan Disclosure [Line Items]
Pension cost
4.40%
4.00%
4.70%
Benefit obligation at year end
4.10%
4.40%
4.00%
Black Lung and Other Plans
Defined Benefit Plan Disclosure [Line Items]
Pension cost
4.20%
3.70%
4.40%
Benefit obligation at year end
3.90%
4.20%
3.70%
Retirement benefits other than pension
Defined Benefit Plan Disclosure [Line Items]
Pension cost
4.40%
4.10%
4.70%
Benefit obligation at year end
4.20%
4.40%
4.10%
Expected return on assets
8.25%
8.25%
8.25%
$ in Millions
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
2017
$ 50.8
2018
50.9
2019
51.8
2020
51.5
2021
51.4
2022 through 2026
257.6
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
2017
9.8
2018
9.9
2019
10.5
2020
12.3
2021
12.4
2022 through 2026
75.9
Total
Defined Benefit Plan Disclosure [Line Items]
2017
60.6
2018
60.8
2019
62.3
2020
63.8
2021
63.8
2022 through 2026
$ 333.5
$ in Millions12 Months Ended
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations
$ 267.3
$ 262.8
$ 283.1
Net periodic pension cost
$ 21.7
$ 23.7
$ 26.1
Discount rate
3.70%
5.10%
5.10%
Projected benefit payments
$ 232.3
$ 226.5
Venezuela
Defined Benefit Plan Disclosure [Line Items]
Decline in rate
59.00%
Exchange rate remeasurement | VEF / $
674
6.3
273
Venezuela | Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligations
$ 5.6
4.1
$ 6.6
Net periodic pension cost
$ 2.9
$ 2.5
$ 3.7
Discount rate
4.00%
Projected benefit payments
$ 4,400.0
Venezuelan bolívar fuerte | Venezuela
Defined Benefit Plan Disclosure [Line Items]
Exchange rate remeasurement | VEF / $
674
Venezuelan bolívar fuerte | Forecast | Venezuela
Defined Benefit Plan Disclosure [Line Items]
Inflation rate
500.00%
Decline in rate
4.00%
$ in Millions
Defined Benefit Plan Disclosure [Line Items]
2017
$ 9.8
2018
9.9
2019
10.5
2020
12.3
2021
12.4
2022 through 2026
75.9
Venezuela
Defined Benefit Plan Disclosure [Line Items]
2017
0.9
2018
2.4
2019
6.9
2020
17.4
2021
43.5
2022 through 2026
$ 4,327.8
$ in Millions12 Months Ended
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract]
Effects of 1% increase on service and interest cost
$ 2.2
Effects of 1% increase on APBO
53.5
Effects of 1% decrease on service and interest cost
(1.9)
Effects of 1% decrease on APBO
(45.6)
UMWA Plans
Estimated Future Benefits Payments [Line Items]
2017
31.9
2018
31.9
2019
31.7
2020
32.7
2021
31.9
2022 through 2026
141.9
Black Lung and Other Plans
Estimated Future Benefits Payments [Line Items]
2017
6.6
2018
6.2
2019
5.8
2020
5.4
2021
5.0
2022 through 2026
20.4
Retirement benefits other than pension
Estimated Future Benefits Payments [Line Items]
2017
38.5
2018
38.1
2019
37.5
2020
38.1
2021
36.9
2022 through 2026
$ 162.3
$ in Millions12 Months Ended
Defined Benefit Plan Disclosure [Line Items]
Maximum average weighted maturity (in years)
10 years
Number of separate hedge-fund investments | hedge_fund
30
Long duration - mutual fund(d)
Defined Benefit Plan Disclosure [Line Items]
Portfolio duration (in years)
10 years
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 728.5
$ 721.4
$ 786.3
% Actual Allocation
100.00%
100.00%
% Target Allocation
100.00%
100.00%
Postretirement cost:
4.50%
4.10%
5.00%
Benefit obligation at year end:
4.30%
4.50%
4.10%
Expected return on assets
7.50%
7.50%
8.00%
U.S. Plans | Cash, cash equivalents and receivables
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 4.0
$ 4.2
% Actual Allocation
0.00%
1.00%
% Target Allocation
0.00%
0.00%
U.S. Plans | U.S. large-cap(a)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
13.00%
11.00%
% Target Allocation
14.00%
12.00%
U.S. Plans | U.S. large-cap(a) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 94.1
$ 80.1
U.S. Plans | U.S. small/mid-cap(a)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
6.00%
4.00%
% Target Allocation
6.00%
5.00%
U.S. Plans | U.S. small/mid-cap(a) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 40.6
$ 30.0
U.S. Plans | International(a)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
11.00%
9.00%
% Target Allocation
12.00%
10.00%
U.S. Plans | International(a) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 80.1
$ 66.1
U.S. Plans | Emerging markets(a)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
1.00%
1.00%
% Target Allocation
2.00%
2.00%
U.S. Plans | Emerging markets(a) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 9.9
$ 8.6
U.S. Plans | Dynamic asset allocation(c)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
4.00%
4.00%
% Target Allocation
4.00%
4.00%
U.S. Plans | Dynamic asset allocation(c) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 26.6
$ 23.9
U.S. Plans | U.S. managed volatility equities(n)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
0.00%
0.00%
% Target Allocation
0.00%
5.00%
U.S. Plans | U.S. managed volatility equities(n) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 0.0
$ 0.0
U.S. Plans | Long duration - mutual fund(d)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
48.00%
50.00%
% Target Allocation
48.00%
48.00%
U.S. Plans | Long duration - mutual fund(d) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 282.6
$ 290.0
U.S. Plans | Long duration - Treasury strips(d) | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 65.3
$ 71.7
U.S. Plans | High yield(e)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
1.00%
1.00%
% Target Allocation
2.00%
2.00%
U.S. Plans | High yield(e) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 10.5
$ 9.0
U.S. Plans | Emerging markets(f)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
1.00%
1.00%
% Target Allocation
2.00%
2.00%
U.S. Plans | Emerging markets(f) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 9.7
$ 9.0
U.S. Plans | Hedge fund of funds(g) (m)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
0.00%
5.00%
% Target Allocation
0.00%
0.00%
U.S. Plans | Hedge fund of funds(g) (m) | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 0.0
$ 36.6
U.S. Plans | Core property(h) (m)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
8.00%
7.00%
% Target Allocation
5.00%
5.00%
U.S. Plans | Core property(h) (m) | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 56.9
$ 51.5
U.S. Plans | Structured credit(i) (m)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
7.00%
6.00%
% Target Allocation
5.00%
5.00%
U.S. Plans | Structured credit(i) (m) | Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 48.2
$ 40.7
UMWA Plans
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 217.6
$ 227.4
$ 264.6
% Actual Allocation
100.00%
100.00%
% Target Allocation
100.00%
100.00%
Postretirement cost:
4.40%
4.00%
4.70%
Benefit obligation at year end:
4.10%
4.40%
4.00%
UMWA Plans | Cash, cash equivalents and receivables
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 0.0
$ 1.6
% Actual Allocation
0.00%
1.00%
% Target Allocation
0.00%
0.00%
UMWA Plans | U.S. large-cap(a)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
21.00%
21.00%
% Target Allocation
22.00%
22.00%
UMWA Plans | U.S. large-cap(a) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 45.5
$ 47.5
UMWA Plans | U.S. small/mid-cap(a)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
9.00%
9.00%
% Target Allocation
10.00%
10.00%
UMWA Plans | U.S. small/mid-cap(a) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 19.9
$ 20.2
UMWA Plans | International(a)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
19.00%
18.00%
% Target Allocation
19.00%
19.00%
UMWA Plans | International(a) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 40.1
$ 40.5
UMWA Plans | Emerging markets(a)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
4.00%
4.00%
% Target Allocation
4.00%
4.00%
UMWA Plans | Emerging markets(a) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 8.2
$ 9.0
UMWA Plans | Dynamic asset allocation(c)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
7.00%
7.00%
% Target Allocation
7.00%
7.00%
UMWA Plans | Dynamic asset allocation(c) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 14.9
$ 15.9
UMWA Plans | High yield(e)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
2.00%
3.00%
% Target Allocation
2.00%
2.00%
UMWA Plans | High yield(e) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 4.4
$ 6.9
UMWA Plans | Emerging markets(f)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
4.00%
4.00%
% Target Allocation
4.00%
4.00%
UMWA Plans | Emerging markets(f) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 8.1
$ 9.0
UMWA Plans | Multi asset real return(j)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
5.00%
6.00%
% Target Allocation
5.00%
5.00%
UMWA Plans | Multi asset real return(j) | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 10.6
$ 14.7
UMWA Plans | Hedge fund of funds(g) (m)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
0.00%
3.00%
% Target Allocation
0.00%
0.00%
UMWA Plans | Hedge fund of funds(g) (m) | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 0.0
$ 6.4
UMWA Plans | Core property(h) (m)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
11.00%
14.00%
% Target Allocation
10.00%
10.00%
UMWA Plans | Core property(h) (m) | Level 2
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 24.9
$ 32.9
UMWA Plans | Structured credit(i) (m)
Defined Benefit Plan Disclosure [Line Items]
% Actual Allocation
7.00%
6.00%
% Target Allocation
5.00%
5.00%
UMWA Plans | Structured credit(i) (m) | Level 3
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 16.1
$ 13.6
UMWA Plans | Global private equity(k) (m)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 8.6
$ 3.2
% Actual Allocation
4.00%
1.00%
% Target Allocation
7.00%
7.00%
UMWA Plans | Energy debt(l) (m)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 16.3
$ 6.0
% Actual Allocation
7.00%
3.00%
% Target Allocation
5.00%
5.00%
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 173.4
$ 164.8
$ 179.3
% Actual Allocation
100.00%
100.00%
% Target Allocation
100.00%
100.00%
Postretirement cost:
5.10%
5.10%
6.30%
Benefit obligation at year end:
3.70%
5.10%
5.10%
Expected return on assets
5.65%
5.58%
5.83%
Non-U.S. Plans | Level 1
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 156.0
$ 149.1
Non-U.S. Plans | Cash, cash equivalents and receivables
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 0.9
$ 0.8
% Actual Allocation
0.00%
0.00%
% Target Allocation
0.00%
0.00%
Non-U.S. Plans | Equity securities:
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 91.2
$ 86.1
% Actual Allocation
53.00%
52.00%
% Target Allocation
53.00%
60.00%
Non-U.S. Plans | U.S. equity funds(a)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 25.5
$ 24.5
Non-U.S. Plans | Canadian equity funds(a)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
33.9
28.6
Non-U.S. Plans | European equity funds(a)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
4.5
9.5
Non-U.S. Plans | Asia Pacific equity funds(a)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
0.0
1.8
Non-U.S. Plans | Emerging markets(a)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
4.6
4.5
Non-U.S. Plans | Other non-U.S. equity funds(a)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
22.7
17.2
Non-U.S. Plans | Fixed-income securities:
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 79.8
$ 76.6
% Actual Allocation
46.00%
47.00%
% Target Allocation
46.00%
38.00%
Non-U.S. Plans | Long duration - mutual fund(d)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 63.1
$ 60.8
Non-U.S. Plans | High yield(e)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
1.2
1.2
Non-U.S. Plans | Emerging markets(f)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
1.4
1.2
Non-U.S. Plans | Global credit(b)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
0.0
0.4
Non-U.S. Plans | European fixed-income funds(c)
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
14.1
13.0
Non-U.S. Plans | Other types of investments:
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 1.5
$ 1.3
% Actual Allocation
1.00%
1.00%
% Target Allocation
1.00%
2.00%
Non-U.S. Plans | Other
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 1.5
$ 1.3
Black Lung and Other Plans
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 0.0
$ 0.0
$ 0.0
Postretirement cost:
4.20%
3.70%
4.40%
Benefit obligation at year end:
3.90%
4.20%
3.70%
Retirement benefits other than pension
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 217.6
$ 227.4
$ 264.6
Postretirement cost:
4.40%
4.10%
4.70%
Benefit obligation at year end:
4.20%
4.40%
4.10%
Expected return on assets
8.25%
8.25%
8.25%
Total
Defined Benefit Plan Disclosure [Line Items]
Total Fair Value
$ 901.9
$ 886.2
$ 965.6
Minimum
Defined Benefit Plan Disclosure [Line Items]
Maximum average weighted maturity (in years)
5 years
Maximum
Defined Benefit Plan Disclosure [Line Items]
Maximum average weighted maturity (in years)
7 years
$ in Millions12 Months Ended
Defined Benefit Plan Disclosure [Line Items]
Net asset value per share practical expedient(a)
$ 17.4
$ 15.7
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
173.4
164.8
$ 179.3
Non-U.S. Plans | Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets
$ 156.0
$ 149.1
$ in Millions12 Months Ended
Defined Contribution Plan Disclosure [Line Items]
Matching defined contribution expense
$ 7.9
$ 3.9
$ 4.5
U.S. 401(K)
Defined Contribution Plan Disclosure [Line Items]
Matching defined contribution expense
3.4
3.6
2.2
Other plans
Defined Contribution Plan Disclosure [Line Items]
Matching defined contribution expense
$ 4.5
$ 0.3
$ 2.3
$ in Millions
1 Months Ended
12 Months Ended
Defined Benefit Plan Disclosure [Line Items]
Benefit plan experience gains (losses)
$ 12.6
$ 4.4
$ (134.3)
Estimated contributions
$ 6.6
Discount percent
50.00%
Defined contribution plan maximum annual contribution per employee percent
1.00%
1.50%
Pension plan
Defined Benefit Plan Disclosure [Line Items]
Experience loss
$ 29.9
Prior service cost (credit)
0.1
Settlement loss
3.1
5.7
$ 62.4
Projected benefit payments
333.5
UMWA obligation increase due to Cadillac plan excise tax
(21.1)
(44.5)
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation
845.9
844.8
Number of participants | participant
4,300
Settlement loss
0.0
0.0
$ 56.1
Projected benefit payments
257.6
UMWA obligation increase due to Cadillac plan excise tax
(12.1)
(24.5)
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation
232.3
226.5
Settlement loss
3.1
5.7
$ 6.3
Estimated contributions
10.9
Projected benefit payments
75.9
UMWA obligation increase due to Cadillac plan excise tax
(9.0)
(20.0)
Nonqualified U.S. pension plan
Defined Benefit Plan Disclosure [Line Items]
Estimated contributions
0.9
Retirement benefits other than pension
Defined Benefit Plan Disclosure [Line Items]
Projected benefit payments
162.3
UMWA obligation increase due to Cadillac plan excise tax
(30.4)
$ (11.6)
UMWA Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit payments
$ 141.9
Black lung health care cost trend rate
7.00%
7.00%
Black lung health care cost ultimate rate
5.00%
UMWA obligation increase due to Cadillac plan excise tax
$ (19.2)
$ (11.7)
Black Lung and Other Plans
Defined Benefit Plan Disclosure [Line Items]
Projected benefit payments
20.4
Black lung health care cost trend rate
5.00%
UMWA obligation increase due to Cadillac plan excise tax
$ (11.2)
$ 0.1
Canada Plan
Defined Benefit Plan Disclosure [Line Items]
Black lung health care cost trend rate
7.00%
Black lung health care cost ultimate rate
5.00%
Brazil Plan
Defined Benefit Plan Disclosure [Line Items]
Black lung health care cost trend rate
3.00%
UMWA Excise Tax
Defined Benefit Plan Disclosure [Line Items]
Excise tax percent
40.00%
UMWA obligation increase due to Cadillac plan excise tax
$ 19.4
$ 15.1
Forecast | Retirement benefits other than pension
Defined Benefit Plan Disclosure [Line Items]
Experience loss
$ 21.2
Prior service cost (credit)
$ (2.9)
Structured credit(i) (m)
Defined Benefit Plan Disclosure [Line Items]
Required notice
65 days
Structured credit(i) (m) | Pension plan
Defined Benefit Plan Disclosure [Line Items]
Lockup provision
2 years
Structured credit(i) (m) | UMWA Plans
Defined Benefit Plan Disclosure [Line Items]
Lockup provision
2 years
Energy debt(l) (m)
Defined Benefit Plan Disclosure [Line Items]
Required notice
95 days
Energy debt(l) (m) | UMWA Plans
Defined Benefit Plan Disclosure [Line Items]
Lockup provision
3 years
Hedge fund of funds
Defined Benefit Plan Disclosure [Line Items]
Required notice
95 days
Private Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Unfunded commitments
$ 14.0
Venezuela
Defined Benefit Plan Disclosure [Line Items]
Exchange rate remeasurement | VEF / $
674
6.3
273
Venezuela | Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation
$ 4,400.0
Projected benefit payments
$ 4,327.8
$ in Millions12 Months Ended
Income (loss) from continuing operations before income taxes
U.S.
$ (28.3)
$ (23.2)
$ (79.4)
Foreign
153.3
64.3
30.4
Income (loss) from continuing operations before tax
125.0
41.1
(49.0)
Current tax expense (benefit)
U.S. federal
(3.3)
(1.0)
(3.8)
State
0.5
(0.2)
(0.8)
Foreign
84.2
60.6
69.7
Current tax expense
81.4
59.4
65.1
Deferred tax expense (benefit)
U.S. federal
0.6
7.7
(7.6)
State
(0.1)
0.0
(1.9)
Foreign
(3.4)
(0.6)
(18.9)
Deferred tax benefit
(2.9)
7.1
(28.4)
Provision (benefit) for income taxes of continuing operations
78.5
66.5
36.7
Comprehensive provision (benefit) for income taxes allocable to
Continuing operations
78.5
66.5
36.7
Discontinued operations
(1.1)
(1.0)
0.4
Other comprehensive income (loss)
0.9
(0.7)
(43.0)
Equity
(0.2)
1.8
0.6
Comprehensive provision (benefit) for income taxes
$ 78.1
$ 66.6
$ (5.3)
$ in Millions3 Months Ended
12 Months Ended
Rate Reconciliation [Abstract]
U.S. federal tax rate
35.00%
35.00%
35.00%
Venezuela devaluation
2.90%
61.30%
(86.30%)
Tax on accelerated U.S. income(a)
0.00%
57.30%
0.00%
Adjustments to valuation allowances
18.20%
18.90%
(16.90%)
Foreign income taxes
4.20%
(18.20%)
(0.70%)
French business tax
3.00%
8.90%
(9.00%)
Taxes on undistributed earnings of foreign affiliates
0.70%
(1.20%)
(3.70%)
State income taxes, net
(1.00%)
(4.10%)
5.20%
Other
(0.20%)
3.90%
1.50%
Actual income tax rate on continuing operations
62.80%
161.80%
(74.90%)
Accelerated U.S. income tax expense
$ 23.5
$ in Millions12 Months Ended
Deferred tax assets
Pension liabilities
$ 74.5
$ 76.4
Retirement benefits other than pensions
87.2
79.4
Workers’ compensation and other claims
41.7
41.2
Property and equipment, net
6.6
2.5
Other assets and liabilities
107.3
120.6
Net operating loss carryforwards
42.4
37.1
Alternative minimum and other tax credits(a)
62.0
47.5
Subtotal
421.7
404.7
Valuation allowances
(62.8)
(45.7)
$ (40.1)
$ (32.4)
Total deferred tax assets
358.9
359.0
Deferred tax liabilities
Retirement benefits other than pensions
2.1
1.0
Other assets and miscellaneous
36.5
36.3
Deferred tax liabilities
38.6
37.3
Net deferred tax asset
320.3
321.7
Included in:
Noncurrent assets
327.9
329.8
Noncurrent liabilities
(7.6)
(8.1)
Net deferred tax asset
320.3
$ 321.7
Operating Loss Carryforwards [Line Items]
Alternative minimum and other tax credits - unlimited carryforward period
32.6
U.S. foreign tax credits
26.2
Remaining credits
3.2
Foreign
Deferred tax assets
Net operating loss carryforwards
$ 27.1
Operating Loss Carryforwards [Line Items]
Carryforward period (in years)
10 years
Valuation allowance
$ 26.2
$ in Millions3 Months Ended
12 Months Ended
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning of year
$ 45.7
$ 40.1
$ 45.7
$ 40.1
$ 32.4
Expiring tax credits
(0.4)
(0.3)
(0.5)
Acquisitions and dispositions
(0.3)
0.0
(1.0)
Changes in judgment about deferred tax assets(a)
2.6
1.5
1.9
Income from continuing operations(a)
$ 14.5
$ 24.5
$ 0.3
(3.1)
$ (3.2)
$ 7.7
$ (13.0)
(0.6)
36.2
(9.1)
(54.8)
Income from discontinued operations
(1.7)
$ 0.0
$ 0.0
$ 0.0
(0.4)
$ (0.1)
$ 0.1
$ (2.4)
(1.7)
(2.8)
(29.1)
Other comprehensive loss
(15.8)
(103.4)
(181.5)
Foreign currency exchange effects
(8.5)
(4.3)
(2.9)
End of year
62.8
45.7
62.8
45.7
40.1
Retained earnings
576.0
$ 561.3
576.0
561.3
Valuation Allowance of Deferred Tax Assets
Movement in Valuation Allowances and Reserves [Roll Forward]
Income from continuing operations(a)
20.5
8.4
6.3
Income from discontinued operations
0.0
0.0
3.3
Other comprehensive loss
0.7
0.3
0.6
Retained earnings
2.5
$ 0.0
$ 0.0
Retained earnings
$ 2.5
2.5
Continuing operations
Movement in Valuation Allowances and Reserves [Roll Forward]
Changes in judgment about deferred tax assets(a)
$ 14.7
$ in Millions
Operating Loss Carryforwards [Line Items]
2016-2020
$ 3.9
2021-2025
11.2
2026 and thereafter
15.4
No expiration
11.9
Tax benefit of net operating loss carryforwards before valuation allowances
42.4
$ 37.1
Federal
Operating Loss Carryforwards [Line Items]
2016-2020
0.0
2021-2025
0.0
2026 and thereafter
0.0
No expiration
0.0
Tax benefit of net operating loss carryforwards before valuation allowances
0.0
State
Operating Loss Carryforwards [Line Items]
2016-2020
0.2
2021-2025
0.1
2026 and thereafter
15.0
No expiration
0.0
Tax benefit of net operating loss carryforwards before valuation allowances
15.3
Foreign
Operating Loss Carryforwards [Line Items]
2016-2020
3.7
2021-2025
11.1
2026 and thereafter
0.4
No expiration
11.9
Tax benefit of net operating loss carryforwards before valuation allowances
$ 27.1
$ in Millions12 Months Ended
Uncertain tax positions:
Beginning of year
$ 6.9
$ 7.2
$ 10.8
Increases related to prior-year tax positions
0.6
0.0
0.4
Decreases related to prior-year tax positions
(0.4)
(0.3)
0.0
Increases related to current-year tax positions
1.2
1.1
1.1
Settlements
(0.8)
0.0
0.0
Effect of the expiration of statutes of limitation
(0.8)
(0.7)
(1.3)
Decrease related to dispositions
0.0
0.0
(1.0)
Foreign currency exchange effects
(0.3)
(0.4)
(2.8)
End of year
$ 6.4
$ 6.9
$ 7.2
$ in Millions12 Months Ended
Income Tax Disclosure [Abstract]
Undistributed foreign earnings
$ 229.0
Gross amount of the net operating loss carryforwards
373.8
Net operating loss carryforwards
42.4
$ 37.1
Potential benefits
5.7
Interest and penalties included in income tax expense
0.1
(0.1)
$ (0.6)
Accrued penalties and interest
0.9
$ 1.0
Currently remaining unrecognized tax positions that may be recognized by the end of following year
$ 0.8
$ in Millions12 Months Ended
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross
$ 1,558.5
$ 1,555.5
Accumulated depreciation and amortization
(1,027.5)
(1,006.5)
Property and equipment, net
531.0
549.0
Amortization
19.6
20.7
$ 20.3
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross
51.4
56.3
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross
196.4
192.8
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross
187.5
181.3
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross
394.5
369.4
Capitalized software(a)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross
179.1
183.6
Other machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross
$ 549.6
$ 572.1
$ in Millions12 Months Ended
Goodwill [Roll Forward]
Goodwill, Beginning Balance
$ 185.3
$ 215.7
Acquisitions/ Dispositions
(0.2)
(1.9)
Currency
1.1
(28.5)
Goodwill, Ending Balance
186.2
185.3
Latin America
Goodwill [Roll Forward]
Goodwill, Beginning Balance
11.7
16.0
Acquisitions/ Dispositions
0.0
0.0
Currency
1.7
(4.3)
Goodwill, Ending Balance
13.4
11.7
EMEA
Goodwill [Roll Forward]
Goodwill, Beginning Balance
75.0
84.4
Acquisitions/ Dispositions
(0.2)
(1.8)
Currency
(2.7)
(7.6)
Goodwill, Ending Balance
72.1
75.0
Asian countries
Goodwill [Roll Forward]
Goodwill, Beginning Balance
23.4
24.5
Acquisitions/ Dispositions
0.0
0.0
Currency
(0.6)
(1.1)
Goodwill, Ending Balance
22.8
23.4
U.S.
Goodwill [Roll Forward]
Goodwill, Beginning Balance
11.6
12.5
Acquisitions/ Dispositions
0.0
0.0
Currency
0.1
(0.9)
Goodwill, Ending Balance
11.7
11.6
France
Goodwill [Roll Forward]
Goodwill, Beginning Balance
41.6
46.3
Acquisitions/ Dispositions
0.0
0.0
Currency
(1.3)
(4.7)
Goodwill, Ending Balance
40.3
41.6
Mexico
Goodwill [Roll Forward]
Goodwill, Beginning Balance
7.5
11.3
Acquisitions/ Dispositions
0.0
(0.1)
Currency
1.4
(3.7)
Goodwill, Ending Balance
8.9
7.5
Brazil
Goodwill [Roll Forward]
Goodwill, Beginning Balance
10.4
15.5
Acquisitions/ Dispositions
0.0
0.0
Currency
2.2
(5.1)
Goodwill, Ending Balance
12.6
10.4
Canada
Goodwill [Roll Forward]
Goodwill, Beginning Balance
3.2
3.8
Acquisitions/ Dispositions
0.0
0.0
Currency
0.1
(0.6)
Goodwill, Ending Balance
3.3
3.2
Payment Services
Goodwill [Roll Forward]
Goodwill, Beginning Balance
0.9
1.4
Acquisitions/ Dispositions
0.0
0.0
Currency
0.2
(0.5)
Goodwill, Ending Balance
$ 1.1
$ 0.9
$ in Millions12 Months Ended
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount
$ 69.4
$ 73.8
Accumulated Amortization
(50.3)
(45.3)
Net Carrying Amount
19.1
28.5
Amortization of intangible assets
3.6
4.2
$ 5.5
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract]
2017
2.4
2018
2.1
2019
1.8
2020
1.7
2021
1.4
Indefinite-lived trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount
7.5
9.0
Accumulated Amortization
0.0
0.0
Net Carrying Amount
7.5
9.0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount
50.2
54.4
Accumulated Amortization
(43.5)
(40.0)
Net Carrying Amount
6.7
14.4
Finite-lived trade names
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount
1.3
1.1
Accumulated Amortization
(1.2)
(0.9)
Net Carrying Amount
0.1
0.2
Amortization of intangible assets
3.6
Other contract-related assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount
6.7
5.6
Accumulated Amortization
(2.4)
(1.5)
Net Carrying Amount
4.3
4.1
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount
3.7
3.7
Accumulated Amortization
(3.2)
(2.9)
Net Carrying Amount
0.5
$ 0.8
India | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Impairment charge
$ 6.5
$ in Millions
Prepaid Expense and Other Assets [Abstract]
Prepaid expenses
$ 60.3
$ 53.4
Mobile airtime inventory
10.9
13.3
Income tax receivable
16.5
19.7
Other
15.9
14.9
Prepaid expenses and other
$ 103.6
$ 101.3
$ in Millions
Other Assets, Noncurrent Disclosure [Abstract]
Deposits
$ 12.4
$ 12.1
Deferred profit sharing asset
11.3
12.4
Income tax receivable
31.9
22.9
Derivative instruments
1.6
4.2
Equity method investment in unconsolidated entities
3.5
4.9
Marketable securities
4.1
3.5
Other
22.1
16.4
Other assets
$ 86.9
$ 76.4
$ in Millions12 Months Ended
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
$ (68.0)
$ (163.7)
$ (320.1)
Amounts Arising During the Current Period, Income Tax
16.7
20.5
78.5
Amounts Reclassified to Net Income (Loss), Pretax
53.1
59.6
95.6
Amounts Reclassified to Net Income (Loss), income Tax
(17.6)
(19.8)
(35.5)
Other comprehensive loss
(15.8)
(103.4)
(181.5)
Cost of revenues
2,424.8
2,471.6
2,948.2
Selling, general and administrative expenses
431.5
463.8
560.6
Other operating expense
20.1
69.4
81.0
Interest and other income (expense)
1.2
3.4
1.9
Benefit plan adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
(39.5)
(57.1)
(231.2)
Amounts Arising During the Current Period, Income Tax
16.7
20.4
78.1
Amounts Reclassified to Net Income (Loss), Pretax
51.3
58.1
95.3
Amounts Reclassified to Net Income (Loss), income Tax
(17.6)
(20.2)
(35.9)
Other comprehensive loss
10.9
1.2
(93.7)
Foreign currency translation adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
(26.6)
(106.2)
(82.2)
Amounts Arising During the Current Period, Income Tax
0.2
0.3
0.0
Amounts Reclassified to Net Income (Loss), Pretax
(0.1)
5.7
1.3
Amounts Reclassified to Net Income (Loss), income Tax
0.0
0.0
0.3
Other comprehensive loss
(26.5)
(100.2)
(80.6)
Foreign currency translation adjustments | Netherlands CIT Operations
Other Comprehensive Income Loss [Line Items]
Pretax plan adjustments
8.0
Unrealized gains (losses) on available-for-sale securities
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
0.4
0.6
0.1
Amounts Arising During the Current Period, Income Tax
(0.2)
(0.2)
0.0
Amounts Reclassified to Net Income (Loss), Pretax
(0.5)
(1.1)
(0.5)
Amounts Reclassified to Net Income (Loss), income Tax
0.2
0.4
0.2
Other comprehensive loss
(0.1)
(0.3)
(0.2)
Gains (losses) on cash flow hedges
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
(1.2)
3.3
0.7
Amounts Arising During the Current Period, Income Tax
0.0
0.0
0.0
Amounts Reclassified to Net Income (Loss), Pretax
2.0
(3.6)
(0.9)
Amounts Reclassified to Net Income (Loss), income Tax
(0.2)
0.0
0.0
Other comprehensive loss
0.6
(0.3)
(0.2)
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income
Other Comprehensive Income Loss [Line Items]
Other operating expense
1.3
(4.1)
(1.9)
Interest and other income (expense)
(0.3)
(0.5)
(1.0)
AOCI Attributable to Parent
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
(66.9)
(159.4)
(312.6)
Amounts Arising During the Current Period, Income Tax
16.7
20.5
78.1
Amounts Reclassified to Net Income (Loss), Pretax
52.7
59.1
95.2
Amounts Reclassified to Net Income (Loss), income Tax
(17.6)
(19.8)
(35.4)
Other comprehensive loss
(15.1)
(99.6)
(174.7)
Benefit plan adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
(1.5)
(0.7)
(1.4)
Amounts Arising During the Current Period, Income Tax
0.0
0.0
0.4
Amounts Reclassified to Net Income (Loss), Pretax
0.4
0.5
0.4
Amounts Reclassified to Net Income (Loss), income Tax
0.0
0.0
(0.1)
Other comprehensive loss
(1.1)
(0.2)
(0.7)
Foreign currency translation adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
0.4
(3.6)
(6.1)
Amounts Arising During the Current Period, Income Tax
0.0
0.0
0.0
Amounts Reclassified to Net Income (Loss), Pretax
0.0
0.0
0.0
Amounts Reclassified to Net Income (Loss), income Tax
0.0
0.0
0.0
Other comprehensive loss
0.4
(3.6)
(6.1)
AOCI Attributable to Noncontrolling Interest
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
(1.1)
(4.3)
(7.5)
Amounts Arising During the Current Period, Income Tax
0.0
0.0
0.4
Amounts Reclassified to Net Income (Loss), Pretax
0.4
0.5
0.4
Amounts Reclassified to Net Income (Loss), income Tax
0.0
0.0
(0.1)
Other comprehensive loss
(0.7)
(3.8)
(6.8)
Benefit plan adjustments(a)
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
(41.0)
(57.8)
(232.6)
Amounts Arising During the Current Period, Income Tax
16.7
20.4
78.5
Amounts Reclassified to Net Income (Loss), Pretax
51.7
58.6
95.7
Amounts Reclassified to Net Income (Loss), income Tax
(17.6)
(20.2)
(36.0)
Other comprehensive loss
9.8
1.0
(94.4)
Foreign currency translation adjustments(b)
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
(26.2)
(109.8)
(88.3)
Amounts Arising During the Current Period, Income Tax
0.2
0.3
0.0
Amounts Reclassified to Net Income (Loss), Pretax
(0.1)
5.7
1.3
Amounts Reclassified to Net Income (Loss), income Tax
0.0
0.0
0.3
Other comprehensive loss
(26.1)
(103.8)
(86.7)
Unrealized gains (losses) on available-for-sale securities(c)
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
0.4
0.6
0.1
Amounts Arising During the Current Period, Income Tax
(0.2)
(0.2)
0.0
Amounts Reclassified to Net Income (Loss), Pretax
(0.5)
(1.1)
(0.5)
Amounts Reclassified to Net Income (Loss), income Tax
0.2
0.4
0.2
Other comprehensive loss
(0.1)
(0.3)
(0.2)
Gains (losses) on cash flow hedges(d)
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax
(1.2)
3.3
0.7
Amounts Arising During the Current Period, Income Tax
0.0
0.0
0.0
Amounts Reclassified to Net Income (Loss), Pretax
2.0
(3.6)
(0.9)
Amounts Reclassified to Net Income (Loss), income Tax
(0.2)
0.0
0.0
Other comprehensive loss
0.6
(0.3)
(0.2)
Benefit Plan Adjustments
Other Comprehensive Income Loss [Line Items]
Other comprehensive loss
10.9
1.2
(93.7)
Benefit Plan Adjustments | Reclassification out of Accumulated Other Comprehensive Income
Other Comprehensive Income Loss [Line Items]
Cost of revenues
42.0
36.1
68.0
Selling, general and administrative expenses
$ 8.8
$ 14.3
$ 29.5
$ in Millions12 Months Ended
Accumulated Other Comprehensive Income [Abstract]
Balance
$ 330.6
$ 473.8
$ 779.5
Other comprehensive loss
(15.8)
(103.4)
(181.5)
Balance
354.8
330.6
473.8
Benefit Plan Adjustments
Accumulated Other Comprehensive Income [Abstract]
Balance
(570.5)
(571.7)
(478.0)
Other comprehensive income (loss) before reclassifications
(22.8)
(36.7)
(153.1)
Amounts reclassified from accumulated other comprehensive loss
33.7
37.9
59.4
Other comprehensive loss
10.9
1.2
(93.7)
Acquisitions of noncontrolling interests
0.0
Balance
(559.6)
(570.5)
(571.7)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income [Abstract]
Balance
(322.6)
(222.1)
(141.5)
Other comprehensive income (loss) before reclassifications
(26.4)
(105.9)
(82.2)
Amounts reclassified from accumulated other comprehensive loss
(0.1)
5.7
1.6
Other comprehensive loss
(26.5)
(100.2)
(80.6)
Acquisitions of noncontrolling interests
(0.3)
Balance
(349.1)
(322.6)
(222.1)
Unrealized Gains (Losses) on Available-for-Sale Securities
Accumulated Other Comprehensive Income [Abstract]
Balance
1.1
1.4
1.6
Other comprehensive income (loss) before reclassifications
0.2
0.4
0.1
Amounts reclassified from accumulated other comprehensive loss
(0.3)
(0.7)
(0.3)
Other comprehensive loss
(0.1)
(0.3)
(0.2)
Acquisitions of noncontrolling interests
0.0
Balance
1.0
1.1
1.4
Gains (Losses) on Cash Flow Hedges
Accumulated Other Comprehensive Income [Abstract]
Balance
0.1
0.4
0.6
Other comprehensive income (loss) before reclassifications
(1.2)
3.3
0.7
Amounts reclassified from accumulated other comprehensive loss
1.8
(3.6)
(0.9)
Other comprehensive loss
0.6
(0.3)
(0.2)
Acquisitions of noncontrolling interests
0.0
Balance
0.7
0.1
0.4
AOCI Attributable to Parent
Accumulated Other Comprehensive Income [Abstract]
Balance
(891.9)
(792.0)
(617.3)
Other comprehensive income (loss) before reclassifications
(50.2)
(138.9)
(234.5)
Amounts reclassified from accumulated other comprehensive loss
35.1
39.3
59.8
Other comprehensive loss
(15.1)
(99.6)
(174.7)
Acquisitions of noncontrolling interests
(0.3)
Balance
$ (907.0)
$ (891.9)
$ (792.0)
3 Months Ended
12 Months Ended
Investments in Available-for-sale Securities [Line Items]
Weighted average maturity
1 month
Unsecured notes issued in a private placement
Investments in Available-for-sale Securities [Line Items]
Carrying value
$ 85,700,000
$ 92,900,000
Fair value
88,200,000
$ 95,700,000
Level 2
Investments in Available-for-sale Securities [Line Items]
Fair value of contract
3,100,000
Interest Rate Swap
Investments in Available-for-sale Securities [Line Items]
Fair value of swap, net
800,000
Fair value of swap, asset position
900,000
Fair value of swap, liability position
100,000
Not Designated as Hedging Instrument | Foreign Exchange Contract
Investments in Available-for-sale Securities [Line Items]
Notional value
41,900,000.0
Designated as Hedging Instrument | Currency Swap
Investments in Available-for-sale Securities [Line Items]
Notional value
$ 7,900,000.0
Weighted average maturity
7 months 6 days
Designated as Hedging Instrument | Interest Rate Swap
Investments in Available-for-sale Securities [Line Items]
Notional value
$ 40,000,000
Weighted average maturity
1 year 10 months 24 days
Number of swaps | derivative_instrument
2
Prepaid Expenses and Other Current Assets | Designated as Hedging Instrument | Currency Swap | Level 2
Investments in Available-for-sale Securities [Line Items]
Balance sheet portion
$ 2,400,000
Other Assets | Designated as Hedging Instrument | Currency Swap | Level 2
Investments in Available-for-sale Securities [Line Items]
Balance sheet portion
$ 700,000
$ in Millions
Accrued Liabilities, Current [Abstract]
Payroll and other employee liabilities
$ 123.2
$ 120.3
Taxes, except income taxes
80.8
89.4
Cash held by Cash Management Services operations(a)
9.8
24.2
Workers’ compensation and other claims
19.2
24.2
Retirement benefits (see Note 3)
9.1
8.3
Income taxes payable
23.2
16.8
Other
120.4
118.0
Accrued liabilities
$ 385.7
$ 401.2
$ in Millions12 Months Ended
Sale Leaseback Transaction [Line Items]
Workers’ compensation and other claims
$ 56.5
$ 46.3
Non-recourse financing liability(a)
12.6
14.4
Post-employment benefits
11.5
12.0
Asset retirement and remediation obligations
14.3
12.9
Employee-related liabilities
1.2
4.2
Noncurrent tax liabilities
5.3
5.7
Other
34.7
34.0
Other liabilities
$ 136.1
$ 129.5
Brink's Mexico | Mexico City
Sale Leaseback Transaction [Line Items]
Lease term (in years)
2 years
2 years
Debt Instrument [Line Items]
Short-term borrowings
$ 162,800,000
$ 32,600,000
Long-term Debt Types [Abstract]
Capital leases
29,400,000
18,900,000
$ 12,100,000
Total long-term debt
280,400,000
397,900,000
Total Debt
443,200,000
430,500,000
Long Term Debt By Current And Noncurrent [Abstract]
Current liabilities
195,600,000
72,400,000
Noncurrent liabilities
247,600,000
358,100,000
Revolving Facility
Long-term Debt Types [Abstract]
Debt
$ 55,800,000
$ 163,300,000
Interest Rate And Other Disclosures [Abstract]
Average interest rate
1.80%
1.80%
Private Placement
Long-term Debt Types [Abstract]
Debt
$ 85,600,000
$ 92,800,000
Interest Rate And Other Disclosures [Abstract]
Unamortized debt cost
100,000
100,000
Other Non-US Dollar-denominated Facilities
Long-term Debt Types [Abstract]
Debt
$ 6,400,000
$ 11,400,000
Interest Rate And Other Disclosures [Abstract]
Average interest rate
6.90%
5.10%
Captial Lease Interest Rate Information
Long-term Debt Types [Abstract]
Capital leases
$ 67,000,000
$ 59,500,000
Interest Rate And Other Disclosures [Abstract]
Average interest rate
4.20%
3.60%
Private Placement Notes Series A | Private Placement
Interest Rate And Other Disclosures [Abstract]
Average interest rate
4.60%
Private Placement Notes Series B | Private Placement
Interest Rate And Other Disclosures [Abstract]
Average interest rate
5.20%
Unsecured notes issued in a private placement | Term Loan
Long-term Debt Types [Abstract]
Term loan
$ 65,600,000
$ 70,900,000
$ 75,000,000
Interest Rate And Other Disclosures [Abstract]
Unamortized debt cost
$ 200,000
$ 200,000
Effective interest rate
2.50%
2.20%
Uncommitted Credit Facilities | Uncommitted Credit Facility
Debt Instrument [Line Items]
Uncommitted credit facilities
$ 108,300,000
$ 0
Interest Rate And Other Disclosures [Abstract]
Short-term borrowings interest rate
1.70%
Short-term Debt | Restricted Cash Borrowings
Debt Instrument [Line Items]
Short-term borrowings
$ 22,300,000
$ 3,500,000
Interest Rate And Other Disclosures [Abstract]
Short-term borrowings interest rate
0.50%
0.10%
Short-term Debt | Other
Debt Instrument [Line Items]
Short-term borrowings
$ 32,200,000
$ 29,100,000
Interest Rate And Other Disclosures [Abstract]
Short-term borrowings interest rate
8.10%
8.70%
1 Months Ended
12 Months Ended
Long-term Debt Types [Abstract]
Facility fee percent
0.20%
Amended Revolving Facility
Long-term Debt Types [Abstract]
Amount available
$ 469,000,000
Unsecured Multi-currency Debt Facilities
Long-term Debt Types [Abstract]
Undrawn letters of credit
5,000,000
Unsecured Bilateral Commited Credit Facilities
Long-term Debt Types [Abstract]
Amount available
$ 24,000,000
Maximum borrowing amount
8,000,000
Unsecured Letter of Credit Facilities
Long-term Debt Types [Abstract]
Amount available
94,000,000
Maximum borrowing amount
28,000,000
Undrawn letters of credit
66,000,000
Revolving Credit Facility
Long-term Debt Types [Abstract]
Maximum borrowing capacity
525,000,000
Letter of Credit
Long-term Debt Types [Abstract]
Maximum borrowing capacity
40,000,000
Unsecured notes outstanding
$ 5,000,000
Letter of Credit | Unsecured Letter of Credit Facilities
Long-term Debt Types [Abstract]
Number of term loan facilities | facility
2
February 2017 Multi-currency Facility
Long-term Debt Types [Abstract]
Maximum borrowing capacity
$ 20,000,000
Maximum borrowing amount
4,000,000
Twenty Four Million Unsecured Letter of Credit Facility | Unsecured Letter of Credit Facilities
Long-term Debt Types [Abstract]
Maximum borrowing amount
40,000,000
Eighty Five Million Unsecured Letter of Credit Facility | Unsecured Letter of Credit Facilities
Long-term Debt Types [Abstract]
Maximum borrowing amount
$ 54,000,000
Minimum | Amended Revolving Facility
Long-term Debt Types [Abstract]
Facility fee percent
0.125%
Minimum | Unsecured Multi-currency Debt Facilities
Long-term Debt Types [Abstract]
Price range
1.00%
Maximum | Amended Revolving Facility
Long-term Debt Types [Abstract]
Facility fee percent
0.30%
Maximum | Unsecured Multi-currency Debt Facilities
Long-term Debt Types [Abstract]
Price range
1.70%
Unsecured notes issued in a private placement | Private Placement Notes
Long-term Debt Types [Abstract]
Principal
$ 86,000,000
Unsecured notes issued in a private placement | Term Loan
Long-term Debt Types [Abstract]
Term loan
$ 75,000,000
65,600,000
$ 70,900,000
Remaining balance
$ 34,000,000
Amount outstanding
66,000,000
Unsecured notes issued in a private placement | Private Placement Notes Series A | Private Placement Notes
Long-term Debt Types [Abstract]
Unsecured notes outstanding
$ 36,000,000
Fixed interest rate
4.57%
Unsecured notes issued in a private placement | Private Placement Notes Series B | Private Placement Notes
Long-term Debt Types [Abstract]
Unsecured notes outstanding
$ 50,000,000
Fixed interest rate
5.20%
LIBOR | Amended Revolving Facility
Long-term Debt Types [Abstract]
Price range
1.30%
LIBOR | Unsecured Bilateral Commited Credit Facilities
Long-term Debt Types [Abstract]
Price range
1.00%
LIBOR | Minimum | Amended Revolving Facility
Long-term Debt Types [Abstract]
Price range
1.00%
LIBOR | Maximum | Amended Revolving Facility
Long-term Debt Types [Abstract]
Price range
1.70%
LIBOR | Unsecured notes issued in a private placement | Term Loan
Long-term Debt Types [Abstract]
Price range
1.75%
Base Rate | Minimum | Amended Revolving Facility
Long-term Debt Types [Abstract]
Price range
0.00%
Base Rate | Maximum | Amended Revolving Facility
Long-term Debt Types [Abstract]
Price range
0.70%
Uncommitted Credit Facilities | Uncommitted Facility Agreement
Long-term Debt Types [Abstract]
Maximum borrowing capacity
$ 100,000,000
Maximum maturity period
30 days
Short term borrowings
$ 100,000,000
Uncommitted Credit Facilities | LIBOR | Uncommitted Facility Agreement
Long-term Debt Types [Abstract]
Price range
1.00%
$ in Millions
Debt Instrument [Line Items]
2017
$ 32.8
2018
27.9
2019
27.1
2020
78.9
2021
72.8
Later years
40.9
Total
280.4
Capital leases
Debt Instrument [Line Items]
2017
18.5
2018
14.8
2019
11.1
2020
9.1
2021
7.6
Later years
5.9
Total
67.0
Other long-term debt
Debt Instrument [Line Items]
2017
14.3
2018
13.1
2019
16.0
2020
69.8
2021
65.2
Later years
35.0
Total
$ 213.4
$ in Millions
Debt Instrument [Line Items]
Capital Leases
$ 135.2
$ 129.7
Less: accumulated amortization
(63.5)
(66.0)
Total
71.7
63.7
Buildings
Debt Instrument [Line Items]
Capital Leases
2.0
2.0
Vehicles
Debt Instrument [Line Items]
Capital Leases
131.8
114.1
Machinery and equipment
Debt Instrument [Line Items]
Capital Leases
$ 1.4
$ 13.6
$ in Millions12 Months Ended
Accounts Receivable, Net, Current [Abstract]
Trade
$ 485.9
$ 468.2
Other
23.5
19.0
Total accounts receivable
509.4
487.2
Allowance for doubtful accounts
$ (9.1)
$ (10.0)
$ (8.2)
(8.3)
(9.1)
Accounts receivable, net
$ 501.1
$ 478.1
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning of year
9.1
10.0
8.2
Write offs less recoveries
(3.0)
(0.9)
(2.6)
Foreign currency exchange effects
(0.6)
(2.7)
(2.6)
End of year
8.3
9.1
10.0
Continuing operations
Movement in Valuation Allowances and Reserves [Roll Forward]
Provision for uncollectible accounts receivable:
2.8
2.9
7.5
Discontinued operations
Movement in Valuation Allowances and Reserves [Roll Forward]
Provision for uncollectible accounts receivable:
$ 0.0
$ (0.2)
$ (0.5)
$ in Millions12 Months Ended
Operating Leased Assets [Line Items]
2017
$ 59.9
2018
74.3
2019
40.6
2020
30.1
2021
19.8
Later years
41.9
Future Minimum Payments Due
266.6
Rent expense
96.0
$ 92.5
$ 101.7
Facilities
Operating Leased Assets [Line Items]
2017
39.0
2018
37.0
2019
24.6
2020
19.9
2021
15.5
Later years
40.2
Future Minimum Payments Due
176.2
Vehicles
Operating Leased Assets [Line Items]
2017
5.8
2018
4.5
2019
3.1
2020
1.4
2021
0.9
Later years
1.7
Future Minimum Payments Due
17.4
Other
Operating Leased Assets [Line Items]
2017
15.1
2018
32.8
2019
12.9
2020
8.8
2021
3.4
Later years
0.0
Future Minimum Payments Due
$ 73.0
$ / shares in Units, $ in Millions
1 Months Ended
3 Months Ended
12 Months Ended
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized, not yet granted (in shares)
2,400,000.0
Number of employees affected by change in policy | employee
130
Expense recognized | $
$ 4.2
Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation plan, stock units held (shares)
234,426
302,041
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation plan, stock units held (shares)
34,200
54,050
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period
1 year
The weighted-average grant-date fair value (in dollars per share) | $ / shares
$ 29.41
$ 32.79
$ 24.70
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value per share at issuance date (in dollars per share) | $ / shares
$ 29.06
$ 27.09
$ 27.91
Discount percent
3.00%
3.00%
3.00%
Internal Metric Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period
2 years
Performance Shares PSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employees affected by change in policy | employee
100
100
Performance period
3 years
3 years
Increase percent
25.00%
75th Percentile
75.00%
Reduction percent
25.00%
25th Percentile
25.00%
Performance Shares PSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of an employees award
0.00%
0.00%
0.00%
Performance Shares PSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of an employees award
200.00%
200.00%
200.00%
PSUs Granted in 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period
3 years
3 years
3 years
Market Share Units MSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period
3 years
3 years
Less than percent of initial price
50.00%
Market Share Units MSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of an employees award
0.00%
0.00%
Market Share Units MSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of an employees award
150.00%
150.00%
Stock Options | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period
6 years
Stock Options | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period
10 years
Executive Leadership and Board of Directors Restructuring | Severance Costs | Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of positions eliminated | director
2
Share-based Compensation Award, Tranche Three | Performance Shares PSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period
3 years
Share-based Compensation Award, Tranche Two | Performance Shares PSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period
2 years
Share-based Compensation Award, Tranche One | Performance Shares PSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period
1 year
$ in Millions12 Months Ended
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense
$ 9.5
$ 14.1
$ 17.3
Income tax benefit
(3.0)
(4.6)
(5.6)
Share-based payment expense, net of tax
6.5
9.5
11.7
Fair value of shares vested
22.2
6.6
4.5
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense
4.1
8.1
6.8
Unrecognized Expense for Nonvested Awards at
$ 9.2
Weighted-average No. of Years Unrecognized Expense to be Recognized
2 years 11 days
Fair value of shares vested
$ 8.2
0.0
0.0
Market Share Units MSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense
0.1
2.3
1.6
Unrecognized Expense for Nonvested Awards at
$ 0.3
Weighted-average No. of Years Unrecognized Expense to be Recognized
1 year 1 month 15 days
Fair value of shares vested
$ 2.7
0.0
0.0
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense
3.8
3.2
6.0
Unrecognized Expense for Nonvested Awards at
$ 3.7
Weighted-average No. of Years Unrecognized Expense to be Recognized
1 year 9 months 9 days
Fair value of shares vested
$ 4.1
5.3
4.1
Deferred Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense
0.9
0.5
0.6
Unrecognized Expense for Nonvested Awards at
$ 0.3
Weighted-average No. of Years Unrecognized Expense to be Recognized
4 months 4 days
Fair value of shares vested
$ 1.9
0.2
0.3
Performance-based Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense
0.6
0.0
0.0
Unrecognized Expense for Nonvested Awards at
$ 2.9
Weighted-average No. of Years Unrecognized Expense to be Recognized
2 years 5 months 22 days
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense
$ 0.0
0.0
2.3
Unrecognized Expense for Nonvested Awards at
$ 0.0
Weighted-average No. of Years Unrecognized Expense to be Recognized
0 days
Fair value of shares vested
$ 5.3
$ 1.1
$ 0.1
12 Months Ended
Shares (in thousands)
Nonvested balance (shares) | shares
273,000
Granted (shares) | shares
211,300
Forfeited (shares) | shares
(56,400)
Vested (shares) | shares
(131,400)
Nonvested balance (shares) | shares
296,500
Weighted-Average Grant Date Fair Value
Nonvested balance (in dollars per share) | $ / shares
$ 26.16
Granted (in dollars per share) | $ / shares
29.06
Forfeited (in dollars per share) | $ / shares
27.62
Vested (in dollars per share) | $ / shares
26.39
Nonvested balance (in dollars per share) | $ / shares
$ 27.84
12 Months Ended
Shares (in thousands)
Nonvested balance (shares)
503,400
Granted (shares)
375,200
Forfeited (shares)
(112,500)
Vested (shares)
(162,900)
Nonvested balance (shares)
603,200
503,400
Weighted-Average Grant Date Fair Value
Nonvested balance (in dollars per share)
$ 25.93
Granted (in dollars per share)
29.19
Forfeited (in dollars per share)
28.78
Vested (in dollars per share)
23.73
Nonvested balance (in dollars per share)
$ 28.02
$ 25.93
Actual shares earned and distributed (shares)
277,100,000
Target percent
171.00%
Smaller award target percent
125.00%
12 Months Ended
Weighted-average assumptions used to estimate fair value:
Dividends (in dollars per share)
$ 0.40
$ 0.40
$ 0.40
PSUs Granted in 2014
Weighted-average assumptions used to estimate fair value:
Vesting period
3 years
3 years
3 years
TSR PSU
Weighted-average assumptions used to estimate fair value:
Expected dividend yield
1.40%
Expected stock price volatility
29.10%
Risk-free interest rate
0.80%
Contractual term in years
2 years 8 months 12 days
Weighted-average fair value estimate at grant date
$ 2.3
Weighted-average fair value estimate per share (in dollars per share)
$ 31.64
Dividend yield
0.00%
Performance-based Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period for achieving stock price hurdles
3 years
Weighted-average assumptions used to estimate fair value:
Expected dividend yield
1.30%
Expected stock price volatility
30.90%
Risk-free interest rate
1.10%
Contractual term in years
4 years 6 months
Weighted-average fair value estimate at grant date
$ 3.5
Weighted-average fair value estimate per share (in dollars per share)
$ 6.01
Vesting period
3 years
Contractual term
6 years
12 Months Ended
Shares (in thousands)
Nonvested balance (shares)
258,800
Granted (shares)
0
Forfeited (shares)
(32,800)
Vested (shares)
(84,300)
Nonvested balance (shares)
141,700
258,800
Weighted-Average Grant Date Fair Value
Nonvested balance (in dollars per share)
$ 27.40
Granted (in dollars per share)
0.00
Forfeited (in dollars per share)
29.30
Vested (in dollars per share)
27.30
$ 27.30
Nonvested balance (in dollars per share)
$ 27.02
$ 27.40
Actual shares earned and distributed (shares)
91,100,000
Target percent
108.00%
$ / shares in Units, $ in Millions12 Months Ended
Shares (in thousands)
Outstanding balance (in shares) | shares
0
Granted (in shares) | shares
580,900
Forfeited or expired (in shares) | shares
0
Exercised (in shares) | shares
0
Outstanding balance (in shares) | shares
580,900
Exercisable (in shares) | shares
0
Expected to vest in future periods (in shares) | shares
580,900
Weighted-Average Grant Date Fair Value
Beginning balance (in dollars per share)
$ 0.00
Granted (in dollars per share)
6.01
Forfeited or expired (in dollars per share)
0.00
Exercised (in dollars per share)
0.00
Ending balance (in dollars per share)
6.01
Outstanding balance (in dollars per share)
0.00
Granted (in dollars per share)
30.33
Forfeited or expired (in dollars per share)
0.00
Exercised (in dollars per share)
0.00
Outstanding balance (in dollars per share)
30.33
Exercisable (in dollars per share)
0.00
Expected to vest in future periods (in dollars per share)
$ 30.33
Outstanding, Weighted- Average Remaining Contractual Term (in years)
5 years 6 months
Exercisable, Weighted- Average Remaining Contractual Term (in years)
0 days
Expected to vest in future periods, Weighted- Average Remaining Contractual Term (in years)
5 years 6 months
Outstanding, Aggregate Intrinsic Value (in millions) | $
$ 6.3
Exercisable, Aggregate Intrinsic Value (in millions) | $
0.0
Expected to vest in future periods, Aggregate Intrinsic Value (in millions) | $
$ 6.3
Market price (in dollars per share)
$ 41.25
Expected forfeiture rate
0.00%
12 Months Ended
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding balance (in shares) | shares
688,300
Granted (shares) | shares
0
Forfeited or expired (shares) | shares
(31,100)
Exercised (shares) | shares
(535,700)
Outstanding balance (in shares) | shares
121,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share) | $ / shares
$ 6.28
Granted (in dollars per share) | $ / shares
0.00
Forfeited or expired (in dollars per share) | $ / shares
13.39
Exercised (in dollars per share) | $ / shares
5.95
Ending balance (in dollars per share) | $ / shares
$ 5.90
$ / shares in Units, $ in Millions12 Months Ended
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding balance (in shares)
688,300
Granted (shares)
0
Forfeited or expired (shares)
(31,100)
Exercised (shares)
(535,700)
Outstanding balance (in shares)
121,500
688,300
Exercisable (in shares)
121,500
700,000
700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding balance (in dollars per share)
$ 26.01
Granted (in dollars per share)
0.00
Forfeited of expired (in dollars per share)
30.81
Exercised (in dollars per share)
25.10
Outstanding balance (in dollars per share)
28.80
$ 26.01
Exercisable (in dollars per share)
$ 28.80
$ 26.01
$ 26.44
Outstanding, Weighted- Average Remaining Contractual Term (in years)
10 months 24 days
Exercisable, Weighted- Average Remaining Contractual Term (in years)
10 months 24 days
Outstanding, Aggregate Intrinsic Value (in millions)
$ 1.5
Exercisable, Aggregate Intrinsic Value (in millions)
$ 1.5
Market price (in dollars per share)
$ 41.25
12 Months Ended
Shares (in thousands)
Nonvested balance (shares) | shares
21,400
Granted (shares) | shares
29,700
Vested (shares) | shares
(21,400)
Nonvested balance (shares) | shares
29,700
Weighted-Average Grant Date Fair Value
Nonvested balance (in dollars per share) | $ / shares
$ 32.79
Granted (in dollars per share) | $ / shares
29.41
Vested (in dollars per share) | $ / shares
31.72
Nonvested balance (in dollars per share) | $ / shares
$ 29.41
Subsequent Event [Line Items]
Shares of common stock authorized (in shares)
100,000,000
100,000,000
Shares issued and outstanding (in shares)
50,000,000
48,900,000
Maximum shares allowed for issuance (in shares)
2,000,000.0
Par value (in dollars per share)
$ 10
Subsequent Event
Subsequent Event [Line Items]
Dividend declared (in dollars per share)
$ 0.10
shares in Millions12 Months Ended
Equity [Abstract]
Basic (shares)
50.0
49.3
49.0
Effect of dilutive stock awards (shares)
0.6
0.0
0.0
Diluted (shares)
50.6
49.3
49.0
Antidilutive stock options and awards excluded from denominator (shares)
0.1
1.7
1.7
Deferred compensation common stock unit (shares)
0.5
0.5
0.5
1 Months Ended
3 Months Ended
12 Months Ended
Discontinued operations [Line Items]
Loss from operations before tax
$ 0
$ 2,400,000
$ 13,300,000
Loss on sales
0
(800,000)
(18,900,000)
Loss from discontinued operations before income taxes
(2,800,000)
(3,800,000)
(28,700,000)
Provision (benefit) for income taxes
(1,100,000)
(1,000,000)
400,000
Loss from discontinued operations, net of tax
(1,700,000)
(2,800,000)
(29,100,000)
Interest expense included in discontinued operations
0
0
Revenues - disposal group
0
4,600,000
159,700,000
Severance and impairment charges
Discontinued operations [Line Items]
Loss from operations before tax
15,600,000
Workers' compensation
Discontinued operations [Line Items]
Adjustments to contingencies of former operations
(2,800,000)
(700,000)
(4,400,000)
Insurance recoveries related to BAX Global indemnification
Discontinued operations [Line Items]
Adjustments to contingencies of former operations
0
0
9,500,000
$ (11,500,000)
Other
Discontinued operations [Line Items]
Adjustments to contingencies of former operations
0
100,000
(1,600,000)
Revenues - disposal group
12,300,000
46,600,000
94,400,000
Losses from operations before tax
(16,000,000)
(8,200,000)
3,400,000
Mexican Parcel Services | Pension settlement charges
Discontinued operations [Line Items]
Loss from operations before tax
1,000,000
Netherlands CIT Operations
Discontinued operations [Line Items]
Revenues - disposal group
0
0
126,000,000
Losses from operations before tax
0
0
(2,000,000)
Business segments | Mexico
Discontinued operations [Line Items]
Revenues - disposal group
0
4,600,000
21,200,000
Business segments | Latin America
Discontinued operations [Line Items]
Revenues - disposal group
0
0
4,900,000
Business segments | EMEA
Discontinued operations [Line Items]
Revenues - disposal group
0
0
126,000,000
Business segments | Asia
Discontinued operations [Line Items]
Revenues - disposal group
0
0
7,600,000
Largest 5 Markets | Business segments
Discontinued operations [Line Items]
Revenues - disposal group
0
4,600,000
21,200,000
Global Markets | Business segments
Discontinued operations [Line Items]
Revenues - disposal group
$ 0
$ 0
$ 138,500,000
Russia
Discontinued operations [Line Items]
Ownership interest
70.00%
Loss on disposition
$ 5,900,000
$ 5,900,000
Loss representing foreign currency translation adjustment
$ 5,000,000
$ in Millions12 Months Ended
Condensed Cash Flow Statements, Captions [Line Items]
Interest
$ 20.1
$ 18.6
$ 22.9
Income taxes, net
64.3
45.4
68.6
Transaction proceeds
0.0
14.5
0.0
Capital leases
29.4
18.9
12.1
Restricted cash
55.5
16.4
Argentina, Pesos
Condensed Cash Flow Statements, Captions [Line Items]
Purchase of debt securities
2.1
25.8
11.0
Proceeds from sale of securities
$ 2.0
$ 18.7
$ 7.4
Mexico City | Brink's Mexico
Condensed Cash Flow Statements, Captions [Line Items]
Lease term (in years)
2 years
2 years
Transaction proceeds
$ 14.5
Cash from Short Term Borrowings
Condensed Cash Flow Statements, Captions [Line Items]
Restricted cash
$ 22.3
3.5
Cash Held From Customers
Condensed Cash Flow Statements, Captions [Line Items]
Restricted cash
$ 33.2
$ 12.9
$ in Millions3 Months Ended
12 Months Ended
Effect of Fourth Quarter Events [Line Items]
Foreign currency transaction losses
$ 18.0
$ (1.4)
$ 26.8
$ 127.2
Foreign currency derivative instrument gains (losses)
(2.4)
2.9
1.4
Gains on sale of property and equity investment
(1.3)
0.9
44.9
Argentina conversion losses
(0.1)
(7.1)
(3.6)
Impairment losses
(20.6)
(37.2)
(3.3)
Share in earnings (losses) of equity affiliates
(1.5)
0.5
4.3
Royalty income
2.6
2.1
1.5
Gains (losses) on business acquisitions and dispositions
0.1
(6.3)
0.0
Other
1.7
1.6
1.0
Other operating income (expense)
(20.1)
(69.4)
(81.0)
Venezuela impairment
0.0
(35.3)
0.0
Peruvian CIT Business
Effect of Fourth Quarter Events [Line Items]
Gains (losses) on business acquisitions and dispositions
44.3
Venezuela
Effect of Fourth Quarter Events [Line Items]
Foreign currency transaction losses
4.8
Venezuela impairment
$ (0.8)
$ (34.5)
$ (13.6)
(35.3)
Venezuela | Venezuelan bolívar fuerte
Effect of Fourth Quarter Events [Line Items]
Foreign currency transaction losses
$ 18.1
$ 121.6
$ in Millions12 Months Ended
Interest and Other Income [Abstract]
Interest income
$ 2.6
$ 3.3
$ 3.0
Gain on marketable securities
0.5
1.1
0.4
Derivative instruments
(0.6)
(0.5)
(1.0)
Other
(1.3)
(0.5)
(0.5)
Total
$ 1.2
$ 3.4
$ 1.9
$ in Millions
Commitments and Contingencies Disclosure [Abstract]
Noncancellable commitments in equipment purchases
$ 28.7
$ in Millions1 Months Ended
3 Months Ended
12 Months Ended
Reorganization and Restructuring 2016
Restructuring Cost and Reserve [Line Items]
Expense
$ (18.1)
Reorganization and Restructuring 2015
Restructuring Cost and Reserve [Line Items]
Expense
$ (9.6)
$ (2.0)
(6.5)
Cost savings
20.0
Restructuring charges incurred
6.5
$ 11.6
Restructuring and Related Cost, Cost Incurred to Date
$ 18.0
18.0
Reorganization And Restructuring 2014
Restructuring Cost and Reserve [Line Items]
Expense
(1.9)
$ (21.8)
Number of positions eliminated | position
1,700
Cost savings
50.0
Asset Related Adjustments | Reorganization and Restructuring 2016
Restructuring Cost and Reserve [Line Items]
Expense
(16.3)
Severance Costs | Reorganization and Restructuring 2016
Restructuring Cost and Reserve [Line Items]
Expense
(7.2)
Severance Costs | Executive Leadership and Board of Directors Restructuring
Restructuring Cost and Reserve [Line Items]
Estimated restructuring charges
4.3
4.3
Severance Costs | Reorganization and Restructuring 2015
Restructuring Cost and Reserve [Line Items]
Expense
(3.6)
Severance Costs | Reorganization And Restructuring 2014
Restructuring Cost and Reserve [Line Items]
Estimated restructuring charges
24.0
$ 24.0
Other Restructuring | Reorganization and Restructuring 2016
Restructuring Cost and Reserve [Line Items]
Expense
(0.7)
Other Restructuring | Reorganization and Restructuring 2015
Restructuring Cost and Reserve [Line Items]
Expense
(2.1)
Benefit Program Termination | Reorganization and Restructuring 2016
Restructuring Cost and Reserve [Line Items]
Expense
6.1
$ 6.1
Minimum | Reorganization and Restructuring 2016
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated | position
700
Cost savings
$ 8.0
Estimated restructuring charges
15.0
$ 15.0
Minimum | Reorganization and Restructuring 2015
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated | position
1,100
Maximum | Reorganization and Restructuring 2016
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated | position
800
Cost savings
$ 12.0
Estimated restructuring charges
$ 20.0
$ 20.0
Director | Severance Costs | Executive Leadership and Board of Directors Restructuring
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated | director
2
Restructuring charges incurred
$ 1.8
$ in Millions3 Months Ended
12 Months Ended
Reorganization and Restructuring 2016
Restructuring Reserve [Roll Forward]
Beginning balance
$ 0.0
Expense
18.1
Payments and utilization
(10.5)
Ending balance
$ 7.6
$ 0.0
7.6
Reorganization and Restructuring 2015
Restructuring Reserve [Roll Forward]
Beginning balance
6.3
Expense
9.6
$ 2.0
6.5
Payments and utilization
(10.4)
Ending balance
2.4
6.3
2.4
Asset Related Adjustments | Reorganization and Restructuring 2016
Restructuring Reserve [Roll Forward]
Beginning balance
0.0
Expense
16.3
Payments and utilization
(16.3)
Ending balance
0.0
0.0
0.0
Severance Costs | Reorganization and Restructuring 2016
Restructuring Reserve [Roll Forward]
Beginning balance
0.0
Expense
7.2
Payments and utilization
(0.2)
Ending balance
7.0
0.0
7.0
Severance Costs | Reorganization and Restructuring 2015
Restructuring Reserve [Roll Forward]
Beginning balance
6.3
Expense
3.6
Payments and utilization
(8.1)
Ending balance
1.8
6.3
1.8
Contract Terminations
Restructuring Reserve [Roll Forward]
Expense
0.7
Contract Terminations | Reorganization and Restructuring 2015
Restructuring Reserve [Roll Forward]
Beginning balance
0.0
Expense
0.8
Payments and utilization
(0.8)
Ending balance
0.0
0.0
0.0
Lease Terminations | Reorganization and Restructuring 2016
Restructuring Reserve [Roll Forward]
Beginning balance
0.0
Expense
0.7
Payments and utilization
(0.1)
Ending balance
0.6
0.0
0.6
Lease Terminations | Reorganization and Restructuring 2015
Restructuring Reserve [Roll Forward]
Beginning balance
0.0
Expense
2.1
Payments and utilization
(1.5)
Ending balance
0.6
0.0
0.6
Benefit Program Termination | Reorganization and Restructuring 2016
Restructuring Reserve [Roll Forward]
Beginning balance
0.0
Expense
(6.1)
(6.1)
Payments and utilization
6.1
Ending balance
$ 0.0
$ 0.0
$ 0.0
$ / shares in Units, $ in Millions1 Months Ended
3 Months Ended
12 Months Ended
Quarterly Financial Data [Abstract]
Revenues
$ 803.5
$ 755.8
$ 739.5
$ 721.8
$ 765.8
$ 759.2
$ 760.3
$ 776.1
$ 3,020.6
$ 3,061.4
$ 3,562.3
Operating Profit (Loss)
58.3
50.0
22.1
13.8
33.0
25.3
(14.6)
12.9
144.2
56.6
(27.5)
Amounts attributable to Brink’s:
Continuing operations
14.5
24.5
0.3
(3.1)
(3.2)
7.7
(13.0)
(0.6)
36.2
(9.1)
(54.8)
Discontinued operations
(1.7)
0.0
0.0
0.0
(0.4)
(0.1)
0.1
(2.4)
(1.7)
(2.8)
(29.1)
Net income (loss) attributable to Brink’s
12.8
24.5
0.3
(3.1)
(3.6)
7.6
(12.9)
(3.0)
34.5
(11.9)
(83.9)
Depreciation and amortization
34.1
32.4
32.9
32.2
33.6
33.1
36.5
36.7
131.6
139.9
161.9
Capital expenditures
$ 39.8
$ 27.4
$ 24.2
$ 20.8
$ 39.9
$ 26.0
$ 20.9
$ 14.3
$ 112.2
$ 101.1
$ 136.1
Basic
Continuing operations (in dollars per share)
$ 0.29
$ 0.49
$ 0.01
$ (0.06)
$ (0.07)
$ 0.16
$ (0.26)
$ (0.01)
$ 0.72
$ (0.19)
$ (1.12)
Discontinued operations (in dollars per share)
(0.03)
0.00
0.00
0.00
(0.01)
0.00
0.00
(0.05)
(0.03)
(0.06)
(0.59)
Net income (loss) (in dollars per share)
0.25
0.49
0.01
(0.06)
(0.07)
0.16
(0.26)
(0.06)
0.69
(0.24)
(1.71)
Diluted
Continuing operations (in dollars per share)
0.28
0.48
0.01
(0.06)
(0.07)
0.16
(0.26)
(0.01)
0.72
(0.19)
(1.12)
Discontinued operations (in dollars per share)
(0.03)
0.00
0.00
0.00
(0.01)
0.00
0.00
(0.05)
(0.03)
(0.06)
(0.59)
Net income (loss) (in dollars per share)
$ 0.25
$ 0.48
$ 0.01
$ (0.06)
$ (0.07)
$ 0.15
$ (0.26)
$ (0.06)
$ 0.68
$ (0.24)
$ (1.71)
Effect of Fourth Quarter Events [Line Items]
Severance costs
$ 7.2
Net remeasurement gain (loss)
$ (18.0)
$ 1.4
$ (26.8)
$ (127.2)
Venezuela impairment
0.0
35.3
0.0
Accelerated U.S. income tax expense
$ 23.5
Valuation allowances
(2.6)
(1.5)
(1.9)
Reorganization and Restructuring 2016
Effect of Fourth Quarter Events [Line Items]
Restructuring charge
(18.1)
Reorganization and Restructuring 2015
Effect of Fourth Quarter Events [Line Items]
Restructuring charge
(9.6)
$ (2.0)
(6.5)
Ireland
Quarterly Financial Data [Abstract]
Revenues
20.0
Effect of Fourth Quarter Events [Line Items]
Severance costs
$ 4.2
Exit costs
$ 4.5
1.7
Venezuela
Effect of Fourth Quarter Events [Line Items]
Net remeasurement gain (loss)
(4.8)
Venezuela impairment
$ 0.8
$ 34.5
13.6
35.3
Russia
Effect of Fourth Quarter Events [Line Items]
Loss on sale of business
$ 5.9
$ 5.9
U.S.
Quarterly Financial Data [Abstract]
Revenues
763.8
736.5
728.6
Effect of Fourth Quarter Events [Line Items]
Valuation allowances
14.7
Venezuelan bolívar fuerte | Venezuela
Effect of Fourth Quarter Events [Line Items]
Currency remeasurement
2.8
Net remeasurement gain (loss)
$ (18.1)
$ (121.6)
Executive Leadership and Board of Directors Restructuring | Ireland
Effect of Fourth Quarter Events [Line Items]
Restructuring charge
$ (3.2)
Asset related adjustments
Effect of Fourth Quarter Events [Line Items]
Restructuring charge
(16.3)
Asset related adjustments | Ireland
Effect of Fourth Quarter Events [Line Items]
Restructuring charge
$ (2.0)
Contract Terminations
Effect of Fourth Quarter Events [Line Items]
Restructuring charge
(0.7)
Contract Terminations | Reorganization and Restructuring 2015
Effect of Fourth Quarter Events [Line Items]
Restructuring charge
(0.8)
Benefit Program Termination | Reorganization and Restructuring 2016
Effect of Fourth Quarter Events [Line Items]
Restructuring charge
$ 6.1
$ 6.1
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