Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Oct. 21, 2013 | Jun. 30, 2012 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-Q | ||
Document Fiscal Year Focus | 2013 | ||
Amendment Flag | FALSE | ||
Document Period End Date | 30-Sep-13 | ||
Document Fiscal Period Focus | Q3 | ||
Entity Registrant Name | BRINKS CO | ||
Entity Central Index Key | 78890 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $1,101,142,720 | ||
Entity Common Stock, Shares Outstanding | 48,268,087 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $242.30 | $201.70 | |
Accounts Receivable, Net, Current | 674.1 | 612.3 | |
Prepaid expenses and other | 159.5 | 122.1 | |
Deferred income taxes | 60.4 | 59.4 | |
Total current assets | 1,136.30 | 995.5 | |
Property and equipment, net | 776.3 | 793.8 | |
Goodwill | 253 | 243.8 | |
Other Intangibles | 58.7 | 56.1 | |
Deferred income taxes | 383.2 | 385.3 | |
Other | 91.5 | 79.4 | |
Total assets | 2,699 | 2,553.90 | |
Current liabilities: | |||
Short-term borrowings | 76.5 | 26.7 | |
Current maturities of long-term debt | 25.9 | 27 | |
Accounts payable | 168.1 | 172.8 | |
Accrued liabilities | 559 | 516.5 | |
Total current liabilities | 829.5 | 743 | |
Long-term debt | 419.8 | 335.6 | |
Accrued pension costs | 372.2 | 397.8 | |
Retirement benefits other than pensions | 299.6 | 304.6 | |
Deferred income taxes | 19.5 | 18.7 | |
Other | 169 | 177.4 | |
Total liabilities | 2,109.60 | 1,977.10 | |
Commitments and contingent liabilities | |||
The Brink's Company (Brink's) shareholders' equity: | |||
Common stock | 48.3 | 47.8 | |
Capital in excess of par value | 561 | 568.3 | |
Retained earnings | 660.4 | 659.1 | |
Accumulated other comprehensive loss | -759.3 | -773.4 | |
Brink's shareholders | 510.4 | 501.8 | |
Noncontrolling interests | 79 | 75 | |
Total equity | 589.4 | 576.8 | |
Total liabilities and equity | $2,699 | $2,553.90 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ||||
Revenues | $1,003 | $944.90 | $2,960.40 | $2,811.40 |
Costs and expenses: | ||||
Cost of revenues | 799.7 | 764.6 | 2,415 | 2,281.30 |
Selling, general and administrative expenses | 143.5 | 143.5 | 425.7 | 414 |
Total costs and expenses | 943.2 | 908.1 | 2,840.70 | 2,695.30 |
Other operating income (expense) | 1.2 | 8.9 | -7.4 | 9.8 |
Operating profit | 61 | 45.7 | 112.3 | 125.9 |
Interest expense | -6.5 | -5.7 | -18.5 | -17.2 |
Interest and other income (expense) | 0.3 | 1.5 | 1.2 | 6.3 |
Income from continuing operations before tax | 54.8 | 41.5 | 95 | 115 |
Provision (benefit) for income taxes | 15.5 | 15.5 | 32 | 23.3 |
Income from continuing operations | 39.3 | 26 | 63 | 91.7 |
Loss from discontinued operations, net of tax | -7.3 | -7.8 | -31.9 | -17.6 |
Net income (loss) | 32 | 18.2 | 31.1 | 74.1 |
Less net income attributable to noncontrolling interests | -8.2 | -4.7 | -15.2 | -13.1 |
Net income (loss) attributable to Brink's | 23.8 | 13.5 | 15.9 | 61 |
Amounts attributable to Brink's: | ||||
Continuing operations | 31.1 | 21.3 | 47.8 | 78.6 |
Discontinued operations | -7.3 | -7.8 | -31.9 | -17.6 |
Net income (loss) attributable to Brink's | $23.80 | $13.50 | $15.90 | $61 |
Basic: | ||||
Continuing operations | $0.64 | $0.44 | $0.98 | $1.63 |
Discontinued operations | ($0.15) | ($0.16) | ($0.66) | ($0.37) |
Net income (loss) | $0.49 | $0.28 | $0.33 | $1.26 |
Diluted: | ||||
Continuing operations | $0.63 | $0.44 | $0.98 | $1.62 |
Discontinued operations | ($0.15) | ($0.16) | ($0.65) | ($0.36) |
Net income (loss) | $0.49 | $0.28 | $0.32 | $1.26 |
Weighted-average shares | ||||
Basic | 48.7 | 48.5 | 48.6 | 48.4 |
Diluted | 49 | 48.6 | 48.9 | 48.6 |
Cash dividends paid per common share | $0.10 | $0.10 | $0.30 | $0.30 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Income and Comprehensive Income [Abstract] | ||||
Net income (loss) | $32 | $18.20 | $31.10 | $74.10 |
Benefit plan adjustments: | ||||
Benefit plan experience gains (losses) | 13.6 | 14.8 | 49 | 45.5 |
Benefit plan prior service (costs) credits | 5.4 | 1.3 | 6.7 | -9.1 |
Deferred profit sharing | 0 | 0.2 | 0 | 0.5 |
Total benefit plan adjustments | 19 | 16.3 | 55.7 | 36.9 |
Foreign currency translation adjustments | 8.2 | 11.9 | -23.9 | 1 |
Unrealized gains (losses) on available-for-sale securities | 0.3 | -0.4 | 0.2 | -2 |
Gains (losses) on cash flow hedges | 0.3 | 0 | 1.1 | 0 |
Other comprehensive income (loss), before tax | 27.8 | 27.8 | 33.1 | 35.9 |
Provision (benefit) for income taxes | 6.9 | 5.5 | 19.8 | 12.8 |
Other comprehensive income (loss) | 20.9 | 22.3 | 13.3 | 23.1 |
Comprehensive income (loss) | 52.9 | 40.5 | 44.4 | 97.2 |
Less comprehensive income (loss) attributable to noncontrolling interests | 8.9 | 5.6 | 14.1 | 12 |
Comprehensive income (loss) attributable to Brink's | $44 | $34.90 | $30.30 | $85.20 |
Consolidated_Statement_of_Equi
Consolidated Statement of Equity (USD $) | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
In Millions, unless otherwise specified | ||||||
Balance at Dec. 31, 2012 | $576.80 | $47.80 | $568.30 | $659.10 | ($773.40) | $75 |
Balance, Shares at Dec. 31, 2012 | 47.8 | |||||
Net income (loss) | 31.1 | 15.9 | 15.2 | |||
Other comprehensive income (loss), net of tax | 13.3 | 14.4 | -1.1 | |||
Dividends: | ||||||
Brink's common shareholders, value | -14.4 | -14.4 | ||||
Noncontrolling interests | -4.2 | -4.2 | ||||
Stock options and awards: | ||||||
Compensation expense | 7.5 | 7.5 | ||||
Consideration from exercise of stock options, shares | 0.2 | |||||
Consideration from exercise of stock options, value | 3 | 0.2 | 2.8 | |||
Reduction in excess tax benefit of stock compensation | -2.6 | -2.6 | ||||
Other share-based benefit programs, value | -3.1 | 0.3 | -3.2 | -0.2 | ||
Other Share Based Programs Shares | 0.3 | |||||
Capital contributions from noncontrolling interest | 0.5 | 0.5 | ||||
Acquisitions of Noncontrolling Interests | -18.5 | -11.8 | -0.3 | -6.4 | ||
Balance at Sep. 30, 2013 | $589.40 | $48.30 | $561 | $660.40 | ($759.30) | $79 |
Balance, Shares at Sep. 30, 2013 | 48.3 |
Parenthetical_Data_To_The_Cons
Parenthetical Data To The Consolidated Statement of Equity (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Dividends: | |
Brink's common shareholders per share declared | $0.30 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ||
Net income (loss) | $31.10 | $74.10 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ||
Loss from discontinued operations, net of tax | 31.9 | 17.6 |
Depreciation and amortization | 132.6 | 121.4 |
Share-based compensation expense | 7.5 | 7.1 |
Deferred income taxes | -26.8 | -43.7 |
Sales of available-for-sale securities | -0.3 | -2.6 |
Sales of property and other assets | -0.7 | -7.7 |
Business acquisitions and dispositions | -2 | -0.8 |
Impairment losses | 0 | 2.6 |
Retirement benefit funding (more) less than expense: | ||
Pension | 15.3 | -10.3 |
Other than pension | 11.5 | 17 |
Loss on Venezuela currency devaluation | 13.4 | 0 |
Other operating | 2.8 | 10.9 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | -101.1 | -91.3 |
Accounts payable, income taxes payable and accrued liabilities | 37.8 | 60.4 |
Customer obligations | -4.4 | 0.2 |
Prepaid and other current assets | -18.1 | -10.8 |
Other | -15.2 | 2.9 |
Discontinued operations | -10.9 | -17.7 |
Net cash provided (used) by operating activities | 104.4 | 129.3 |
Cash flows from investing activities: | ||
Capital expenditures | -124.3 | -117.3 |
Acquisitions | -18.1 | -16.8 |
Available-for-sale secuirties: | ||
Sales | 9.2 | 15 |
Cash proceeds from sale of property, equipment and investments | 2.8 | 12.1 |
Redemption of cash-surrender value of life insurance policies | 0 | 6.2 |
Other | -0.5 | 4.8 |
Discontinued operations | -0.7 | -3.6 |
Net cash used by investing activities | -131.6 | -99.6 |
Cash flows from financing activities: | ||
Short-term debt | 55.3 | 6.2 |
Long-term revolving credit facilities | 97.7 | 24.2 |
Borrowings | 4.5 | 9.7 |
Repayments | -20.9 | -22.2 |
Acquisition of noncontrolling interests in subsidiaries | -18.5 | -5.9 |
Payment of acquisition-related obligation | -12.8 | 0 |
Debt financing costs | 0 | -1.5 |
Dividends to: | ||
Shareholders of Brink's | -14.4 | -14.2 |
Noncontrolling interests in subsidiaries | -4.2 | -5.9 |
Proceeds from exercise of stock options | 3 | 0.3 |
Minimum tax withholdings associated with share-based compensation | -3.3 | -5.6 |
Other | -0.6 | 0 |
Discontinued operations | -2.7 | 2.2 |
Net cash provided (used) by financing activities | 83.1 | -12.7 |
Effect of exchange rate changes on cash | -15.3 | 2.8 |
Cash and cash equivalents: | ||
Increase (decrease) | 40.6 | 19.8 |
Balance at beginning of period | 201.7 | 182.9 |
Balance at end of period | $242.30 | $202.70 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | Note 1 – Basis of presentation |
The Brink's Company (along with its subsidiaries, “Brink's” or “we”) has two reportable segments: | |
International | |
North America | |
Our unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and applicable quarterly reporting regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2012. | |
We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill and other long-lived assets, pension and other retirement benefit obligations, legal contingencies, foreign currency translation and deferred tax assets. | |
The consolidated financial statements include all of the assets, liabilities, revenues, expenses and cash flows of Brink's and all entities in which Brink's has a controlling voting interest. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. | |
Foreign Currency Translation | |
Our consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate. | |
The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary. | |
Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income. Revenues and expenses are translated at rates of exchange in effect during the year. Transaction gains and losses are recorded in net income. | |
Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local-currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Non-monetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. | |
Venezuela | |
Brink's Venezuela accounted for $306.3 million or 10% of total Brink's revenues and represented a significant component of total segment operating profit in the nine months ended September 30, 2013. At September 30, 2013, we had investments in our Venezuelan operations of $110.0 million on an equity-method basis. At September 30, 2013, we had bolivar fuerte-denominated net monetary assets of $101.7 million, including $84.9 million of cash denominated in bolivar fuertes. | |
The economy in Venezuela has had significant inflation in the last several years. We consolidate our Venezuelan results using our accounting policy for subsidiaries operating in highly inflationary economies. | |
In June 2010, the Venezuelan government established an exchange process that required that each transaction be approved by the government's central bank (the “SITME” rate). The majority of SITME transactions were approved at a rate of 5.3 bolivar fuertes to the dollar and we used this rate to remeasure our bolivar fuerte-denominated earnings into U.S. dollars each period, and monetary assets and liabilities into U.S. dollars from June 2010 to January 2013. | |
In February 2013, the Venezuelan government devalued the official exchange rate resulting in a new official rate of 6.3 bolivar fuertes to the dollar. The government also announced the elimination of the SITME rate. Beginning in February 2013, we began to use the official exchange rate to remeasure our bolivar-fuerte denominated earnings, monetary assets and liabilities. We recognized a $13.4 million net remeasurement loss as a result of the devaluation in the first quarter of 2013. | |
Brink's Venezuela has been unable to obtain sufficient U.S. dollars to purchase certain imported supplies and fixed assets to operate its business in Venezuela, and as a result, has purchased more expensive, locally denominated supplies and fixed assets, and we expect it will continue to do so in the future. | |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment information | Note 2 – Segment information | ||||||||||||
We identify our operating segments based on how resources are allocated and operating decisions are made. Management evaluates performance and allocates resources based on operating profit or loss, excluding non-segment expenses. Under the criteria set forth in FASB ASC 280, Segment Reporting, we have four geographic operating segments, which are aggregated into two reportable segments: International and North America. We currently serve customers in more than 100 countries, including approximately 50 countries where we operate subsidiaries. | |||||||||||||
The primary services of the reportable segments include: | |||||||||||||
armored vehicle transportation, which we refer to as cash-in-transit (“CIT”) | |||||||||||||
automated teller machine replenishment, and servicing, and network infrastructure services (“ATM Services”) | |||||||||||||
secure international transportation of valuables (“Global Services”) | |||||||||||||
supply chain management of cash (“Cash Management Services”) including cash logistics services, deploying and servicing safes and safe control devices (e.g., our patented CompuSafe® service), coin sorting and wrapping, integrated check and cash processing services (“Virtual Vault Services”) | |||||||||||||
bill payment acceptance and processing services to utility companies and other billers (“Payment Services”) | |||||||||||||
security and guarding services (including airport security) | |||||||||||||
Three Months | Nine Months | ||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues: | |||||||||||||
International | $ | 768.5 | 710.3 | 2,251.60 | 2,102.80 | ||||||||
North America | 234.5 | 234.6 | 708.8 | 708.6 | |||||||||
Revenues | $ | 1,003.00 | 944.9 | 2,960.40 | 2,811.40 | ||||||||
Three Months | Nine Months | ||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||
Operating profit: | |||||||||||||
International | $ | 81 | 59.4 | 166.5 | 168 | ||||||||
North America | 0.7 | 8.3 | 5.1 | 25.5 | |||||||||
Segment operating profit | 81.7 | 67.7 | 171.6 | 193.5 | |||||||||
Non-segment | -20.7 | -22 | -59.3 | -67.6 | |||||||||
Operating profit | $ | 61 | 45.7 | 112.3 | 125.9 |
Retirement_Benefits
Retirement Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||
Retirement benefits | Note 3 – Retirement benefits | |||||||||||||||
Pension plans | ||||||||||||||||
We have various defined-benefit pension plans covering eligible current and former employees. Benefits under most plans are based on salary and years of service. | ||||||||||||||||
The components of net periodic pension cost for our pension plans were as follows: | ||||||||||||||||
U.S. Plans | Non-U.S. Plans | Total | ||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||
Three months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | 3.7 | 2.8 | 3.7 | 2.8 | |||||||||
Interest cost on projected benefit obligation | 10.6 | 11 | 4.7 | 5 | 15.3 | 16 | ||||||||||
Return on assets – expected | -14.2 | -14.9 | -3.2 | -3 | -17.4 | -17.9 | ||||||||||
Amortization of losses | 11.2 | 9.7 | 1.5 | 0.9 | 12.7 | 10.6 | ||||||||||
Amortization of prior service cost | - | - | 0.2 | 0.6 | 0.2 | 0.6 | ||||||||||
Settlement loss | - | 1 | 0.8 | 1.5 | 0.8 | 2.5 | ||||||||||
Net periodic pension cost | $ | 7.6 | 6.8 | 7.7 | 7.8 | 15.3 | 14.6 | |||||||||
Nine months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | 11.1 | 8.2 | 11.1 | 8.2 | |||||||||
Interest cost on projected benefit obligation | 31.7 | 33 | 14.3 | 13.9 | 46 | 46.9 | ||||||||||
Return on assets – expected | -42.7 | -44.9 | -9.6 | -9.1 | -52.3 | -54 | ||||||||||
Amortization of losses | 33.9 | 29.4 | 4.6 | 3 | 38.5 | 32.4 | ||||||||||
Amortization of prior service cost | - | - | 0.7 | 1.4 | 0.7 | 1.4 | ||||||||||
Settlement loss | - | 5 | 1.6 | 2.6 | 1.6 | 7.6 | ||||||||||
Net periodic pension cost | $ | 22.9 | 22.5 | 22.7 | 20 | 45.6 | 42.5 | |||||||||
In the first nine months of 2013, we made cash contributions totalling $13.0 million to our primary U.S. pension plan. We are not required to make a contribution to the primary U.S. pension plan for the remainder of 2013. | ||||||||||||||||
In the first nine months of 2012, we recognized $5.0 million in settlement losses related to the payment of U.S. pension benefits. | ||||||||||||||||
Retirement benefits other than pensions | ||||||||||||||||
We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees. Retirement benefits related to our former U.S. coal operation include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for UMWA Represented Employees (the “UMWA plans”) as well as costs related to Black Lung obligations. | ||||||||||||||||
The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows: | ||||||||||||||||
UMWA Plans | Black Lung and Other Plans | Total | ||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||
Three months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | - | 0.2 | - | 0.2 | |||||||||
Interest cost on accumulated postretirement benefit obligations | 4.9 | 5.6 | 0.5 | 0.7 | 5.4 | 6.3 | ||||||||||
Return on assets – expected | -5.2 | -5.3 | - | - | -5.2 | -5.3 | ||||||||||
Amortization of losses | 4.9 | 5.1 | 0.2 | 0.4 | 5.1 | 5.5 | ||||||||||
Amortization of prior service cost | - | - | 0.5 | 0.5 | 0.5 | 0.5 | ||||||||||
Net periodic postretirement cost | $ | 4.6 | 5.4 | 1.2 | 1.8 | 5.8 | 7.2 | |||||||||
Nine months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | 0.2 | 0.3 | 0.2 | 0.3 | |||||||||
Interest cost on accumulated postretirement benefit obligations | 14.8 | 16.8 | 1.5 | 2.2 | 16.3 | 19 | ||||||||||
Return on assets – expected | -15.6 | -15.9 | - | - | -15.6 | -15.9 | ||||||||||
Amortization of losses | 14.7 | 15.6 | 0.5 | 1 | 15.2 | 16.6 | ||||||||||
Amortization of prior service cost | - | - | 1.3 | 1.5 | 1.3 | 1.5 | ||||||||||
Net periodic postretirement cost | $ | 13.9 | 16.5 | 3.5 | 5 | 17.4 | 21.5 |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||
Income taxes | Note 4 – Income taxes | ||||||||||||||
Three Months | Nine Months | ||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Continuing operations | |||||||||||||||
Provision (benefit) for income taxes | $ | 15.5 | 15.5 | 32 | 23.3 | ||||||||||
Effective tax rate | 28.3 | % | 37.3 | % | 33.7 | % | 20.3 | % | |||||||
2013 Compared to U.S. Statutory Rate | |||||||||||||||
The effective income tax rate on continuing operations in the first nine months of 2013 was lower than the 35% U.S. statutory tax rate largely due to the geographical mix of earnings, mostly offset by higher taxes due to withholding taxes, and the characterization of a French business tax as an income tax. | |||||||||||||||
2012 Compared to U.S. Statutory Rate | |||||||||||||||
The effective income tax rate on continuing operations in the first nine months of 2012 was lower than the 35% U.S. statutory tax rate largely due to a $21 million non-cash income tax benefit as a result of the Company changing its funding strategy for retiree health care obligations (as described below), partially offset by higher taxes due to withholding taxes, and the characterization of a French business tax as an income tax. | |||||||||||||||
The Company changed its funding strategy for certain retiree health care obligations and, as a result, no longer expects to be affected by an income tax deduction limitation enacted by The Patient Protection and Affordable Care Act and The Health Care and Education Reconciliation Act of 2010 (“the Act”). The Act disallows deductions for prescription drug benefit costs funded after December 31, 2012, to the extent these costs are reimbursed by a “Medicare Part D Subsidy.” | |||||||||||||||
Three Months | Nine Months | ||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Continuing operations | |||||||||||||||
Provision (benefit) for income taxes | $ | 15.5 | 15.5 | 32 | 23.3 | ||||||||||
Effective tax rate | 28.3 | % | 37.3 | % | 33.7 | % | 20.3 | % | |||||||
2013 Compared to U.S. Statutory Rate | |||||||||||||||
The effective income tax rate on continuing operations in the first nine months of 2013 was lower than the 35% U.S. statutory tax rate largely due to the geographical mix of earnings, mostly offset by higher taxes due to withholding taxes, and the characterization of a French business tax as an income tax. | |||||||||||||||
2012 Compared to U.S. Statutory Rate | |||||||||||||||
The effective income tax rate on continuing operations in the first nine months of 2012 was lower than the 35% U.S. statutory tax rate largely due to a $21 million non-cash income tax benefit as a result of the Company changing its funding strategy for retiree health care obligations (as described below), partially offset by higher taxes due to withholding taxes, and the characterization of a French business tax as an income tax. | |||||||||||||||
The Company changed its funding strategy for certain retiree health care obligations and, as a result, no longer expects to be affected by an income tax deduction limitation enacted by The Patient Protection and Affordable Care Act and The Health Care and Education Reconciliation Act of 2010 (“the Act”). The Act disallows deductions for prescription drug benefit costs funded after December 31, 2012, to the extent these costs are reimbursed by a “Medicare Part D Subsidy.” |
Acquisitions
Acquisitions | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Notes to Financial Statements [Abstract] | |||||
Acquisitions | Note 5 – Acquisitions | ||||
We acquired 100% of the capital stock of Brazil-based Rede Transacoes Eletronicas Ltda. (Rede Trel) on January 31, 2013. The purchase price of approximately $27.7 million included $25.9 million in cash and the $1.8 million acquisition-date fair value of contingent consideration. On the acquisition date, Rede Trel had $10 million of cash and cash equivalents that it uses as working capital, resulting in a net cash outflow of $16 million related to the acquisition. Rede Trel distributes electronic prepaid products, including mobile phone airtime, via a network of approximately 20,000 retail locations across Brazil. Rede Trel's strong distribution network supplements Brink's existing payments business, ePago, which has operations in Brazil, Mexico, Colombia and Panama. | |||||
We have provisionally estimated fair values for the assets purchased and liabilities assumed as of the date of the acquisition in the following table. The determination of estimated fair value required management to make significant estimates and assumptions. The amounts reported are considered provisional as we are completing the valuations that are required to allocate the purchase price. As a result, the allocation of the purchase price and the amount of goodwill and intangible assets may change in the future. | |||||
Estimated Fair | |||||
Value at | |||||
(In millions) | 31-Jan-13 | ||||
Fair value of purchase consideration | |||||
Cash paid for 100% of shares | $ | 25.9 | |||
Fair value of contingent consideration | 1.8 | ||||
Fair value of purchase consideration | $ | 27.7 | |||
Fair value of net assets acquired | |||||
Cash | $ | 10 | |||
Accounts receivable | 7.8 | ||||
Other current assets | 19.9 | ||||
Property and equipment | 4 | ||||
Intangible assets(a) | 11.8 | ||||
Goodwill(b) | 14 | ||||
Current liabilities | -38.8 | ||||
Noncurrent liabilities | -1 | ||||
Fair value of net assets acquired | $ | 27.7 | |||
Intangible assets are primarily comprised of agent relationships and contractual agreements with the major Brazilian telecommunications companies. Final allocation will be determined once the valuation is complete. | |||||
Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating Rede Trel's distribution network into our existing ePago business. All of the goodwill has been assigned to the Latin America reporting unit and is expected to be deductible for tax purposes. | |||||
We acquired the remaining 26% ownership interest in our cash logistics business in Chile for approximately $18 million in cash on January 10, 2013. We now own 100% of this business. | |||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||||||||||||
Disclosure Of Reclassification Amount [Text Block] | Note 6 – Accumulated other comprehensive income (loss) | |||||||||||||
The following tables provide the components of other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings for the three months and nine months ended September 30, 2013 and 2012: | ||||||||||||||
Income (Losses) Arising During | (Income) Losses Reclassified to | |||||||||||||
the Current Period | Net Income | |||||||||||||
Total Other | ||||||||||||||
Income | Income | Comprehensive | ||||||||||||
(In millions) | Pretax | Tax | Pretax | Tax | Income (Loss) | |||||||||
Three months ended September 30, 2013 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -0.3 | - | 19.2 | -6.8 | 12.1 | ||||||||
Foreign currency translation adjustments | 7.6 | - | - | - | 7.6 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.3 | -0.1 | - | - | 0.2 | |||||||||
Gains (losses) on cash flow hedges | -0.1 | - | 0.4 | - | 0.3 | |||||||||
7.5 | -0.1 | 19.6 | -6.8 | 20.2 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | - | - | 0.1 | - | 0.1 | |||||||||
Foreign currency translation adjustments | 0.6 | - | - | - | 0.6 | |||||||||
0.6 | - | 0.1 | - | 0.7 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -0.3 | - | 19.3 | -6.8 | 12.2 | |||||||||
Foreign currency translation adjustments(b) | 8.2 | - | - | - | 8.2 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.3 | -0.1 | - | - | 0.2 | |||||||||
Gains (losses) on cash flow hedges(d) | -0.1 | - | 0.4 | - | 0.3 | |||||||||
$ | 8.1 | -0.1 | 19.7 | -6.8 | 20.9 | |||||||||
Three months ended September 30, 2012 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -3.6 | 1.2 | 19.7 | -6.8 | 10.5 | ||||||||
Foreign currency translation adjustments | 11.2 | - | - | - | 11.2 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.3 | -0.1 | -0.7 | 0.2 | -0.3 | |||||||||
7.9 | 1.1 | 19 | -6.6 | 21.4 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | 0.2 | - | - | - | 0.2 | |||||||||
Foreign currency translation adjustments | 0.7 | - | - | - | 0.7 | |||||||||
0.9 | - | - | - | 0.9 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -3.4 | 1.2 | 19.7 | -6.8 | 10.7 | |||||||||
Foreign currency translation adjustments | 11.9 | - | - | - | 11.9 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.3 | -0.1 | -0.7 | 0.2 | -0.3 | |||||||||
$ | 8.8 | 1.1 | 19 | -6.6 | 22.3 | |||||||||
Income (Losses) Arising During | (Income) Losses Reclassified to | |||||||||||||
the Current Period | Net Income | |||||||||||||
Total Other | ||||||||||||||
Income | Income | Comprehensive | ||||||||||||
(In millions) | Pretax | Tax | Pretax | Tax | Income (Loss) | |||||||||
Nine months ended September 30, 2013 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -1.6 | 0.4 | 57.1 | -20.2 | 35.7 | ||||||||
Foreign currency translation adjustments | -22.5 | - | -0.1 | 0.1 | -22.5 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.5 | -0.2 | -0.3 | 0.1 | 0.1 | |||||||||
Gains (losses) on cash flow hedges | 2.5 | - | -1.4 | - | 1.1 | |||||||||
-21.1 | 0.2 | 55.3 | -20 | 14.4 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | - | - | 0.2 | - | 0.2 | |||||||||
Foreign currency translation adjustments | -1.3 | - | - | - | -1.3 | |||||||||
-1.3 | - | 0.2 | - | -1.1 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -1.6 | 0.4 | 57.3 | -20.2 | 35.9 | |||||||||
Foreign currency translation adjustments(b) | -23.8 | - | -0.1 | 0.1 | -23.8 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.5 | -0.2 | -0.3 | 0.1 | 0.1 | |||||||||
Gains (losses) on cash flow hedges(d) | 2.5 | - | -1.4 | - | 1.1 | |||||||||
$ | -22.4 | 0.2 | 55.5 | -20 | 13.3 | |||||||||
Nine months ended September 30, 2012 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -19.7 | 7.4 | 59.5 | -21 | 26.2 | ||||||||
Foreign currency translation adjustments | -0.8 | - | - | - | -0.8 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.8 | -0.2 | -2.8 | 1 | -1.2 | |||||||||
-19.7 | 7.2 | 56.7 | -20 | 24.2 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | -2.9 | - | - | - | -2.9 | |||||||||
Foreign currency translation adjustments | 1.8 | - | - | - | 1.8 | |||||||||
-1.1 | - | - | - | -1.1 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -22.6 | 7.4 | 59.5 | -21 | 23.3 | |||||||||
Foreign currency translation adjustments | 1 | - | - | - | 1 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.8 | -0.2 | -2.8 | 1 | -1.2 | |||||||||
$ | -20.8 | 7.2 | 56.7 | -20 | 23.1 | |||||||||
The amortization of prior experience losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income. Net periodic retirement benefit cost also includes service costs, interest costs, expected returns on assets, and settlement costs. The total pretax expense is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis: | ||||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Total net periodic retirement benefit cost included in: | ||||||||||||||
Cost of revenues | $ | 16.8 | 16.8 | 50 | 47.9 | |||||||||
Selling, general and administrative expenses | 4.3 | 5 | 13 | 16.1 | ||||||||||
Pretax foreign currency translation adjustments reclassified to the income statement in 2013 relate to the sale of operations in Poland and Hungary. The amounts are included in loss from discontinued operations in the income statement. | ||||||||||||||
Gains and losses on sales of available-for-sale securities are reclassified from accumulated other comprehensive loss to the income statement when the gains or losses are realized. Pretax amounts are classified in the income statement as interest and other income (expense). | ||||||||||||||
Pretax gains and losses on cash flow hedges are classified in the income statement as | ||||||||||||||
other operating income (expense) ($ 0.1 million losses in the three months and $2.2 million gains in the nine months ended September 30, 2013), and | ||||||||||||||
interest and other income (expense) ($0.3 million losses in the three months and $0.8 million losses in the nine months ended September 30, 2013) | ||||||||||||||
The changes in accumulated other comprehensive loss attributable to Brink's are as follows: | ||||||||||||||
Benefit Plan Adjustments | Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Available-for-Sale Securities | Gains (Losses) on Cash Flow Hedges | Total | ||||||||||
(In millions) | ||||||||||||||
Balance as of December 31, 2012 | $ | -665.1 | -109.9 | 1.6 | - | -773.4 | ||||||||
Other comprehensive income (loss) before reclassifications | -1.2 | -22.5 | 0.3 | 2.5 | -20.9 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 36.9 | - | -0.2 | -1.4 | 35.3 | |||||||||
Other comprehensive income (loss) attributable to Brink's | 35.7 | -22.5 | 0.1 | 1.1 | 14.4 | |||||||||
Acquisitions of noncontrolling interests | - | -0.3 | - | - | -0.3 | |||||||||
Balance as of September 30, 2013 | $ | -629.4 | -132.7 | 1.7 | 1.1 | -759.3 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Fair value of financial instruments [Abstract] | ||||||||||
Fair value of financial instruments | Note 7 – Fair value of financial instruments | |||||||||
Investments in Available-for-sale Securities | ||||||||||
We have investments in mutual funds designated as available-for-sale securities that are carried at fair value in the financial statements. For these investments, fair value was estimated based on quoted prices categorized as a Level 1 valuation. Valuation levels were defined in our 2012 Form 10-K. | ||||||||||
September 30, | December 31, | |||||||||
(In millions) | 2013 | 2012 | ||||||||
Mutual Funds | ||||||||||
Cost | $ | 3.3 | 4.3 | |||||||
Gross unrealized gains | 1.2 | 1 | ||||||||
Fair value | $ | 4.5 | 5.3 | |||||||
Fixed-Rate Debt | ||||||||||
The fair value and carrying value of our fixed-rate debts are as follows: | ||||||||||
September 30, | December 31, | |||||||||
(In millions) | 2013 | 2012 | ||||||||
DTA bonds | ||||||||||
Carrying value | $ | 43.2 | 43.2 | |||||||
Fair value | 43.4 | 43.4 | ||||||||
Unsecured notes issued in a private placement | ||||||||||
Carrying value | 100 | 100 | ||||||||
Fair value | 105.8 | 110.5 | ||||||||
The fair value estimate of our obligation related to the fixed-rate Dominion Terminal Associates (“DTA”) bonds is based on price information observed in a less-active market, which we have categorized as a Level 2 valuation. | ||||||||||
The fair value estimate of our unsecured private-placement notes is based on the present value of future cash flows, discounted at rates for similar instruments at the respective measurement dates, which we have categorized as a Level 3 valuation. | ||||||||||
There were no transfers in or out of any of the levels of the valuation hierarchy in the first nine months of 2013. | ||||||||||
Other Financial Instruments | ||||||||||
Other financial instruments include cash and cash equivalents, short-term fixed rate deposits, accounts receivable, floating rate debt, accounts payable and accrued liabilities. The financial statement carrying amounts of these items approximate the fair value. | ||||||||||
We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies. Our short term contracts have a weighted average maturity of approximately one month. In 2013, we entered into a cross-currency swap to hedge against the change in value of a long-term intercompany loan denominated in a currency other than the lending subsidiary's functional currency. The fair values of these currency contracts, including the cross-currency swap, are determined using Level 2 valuation techniques and are based on the present value of net future cash payments and receipts. Accordingly, the fair values will fluctuate based on changes in market interest rates and the respective foreign currency to U.S. dollar exchange rate. The fair values of our outstanding short-term foreign currency contracts at September 30, 2013, were not significant. At September 30, 2013, the fair value of the cross-currency swap was an asset of $3.1 million. There were no transfers in or out of any of the levels of the valuation hierarchy in the first nine months of 2013. | ||||||||||
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Share-based compensation plans [Abstract] | ||||||||||||
Share-based compensation plans | Note 8 – Share-based compensation plans | |||||||||||
We have share-based compensation plans to retain employees and non-employee directors and to more closely align their interests with those of our shareholders. | ||||||||||||
The 2005 Equity Incentive Plan (the “2005 Plan”) was replaced by the 2013 Equity Incentive Plan (the “2013 Plan”) effective in February 2013. | ||||||||||||
The 2013 Plan permits grants of stock options, restricted stock, restricted stock units, stock appreciation rights, performance stock, performance units, as well as other share-based and cash awards to eligible employees. | ||||||||||||
The 2005 Plan permitted grants of stock options, restricted stock, restricted stock units, stock appreciation rights, performance stock, performance units, and other share-based awards to eligible employees. No further grants of awards will be made under the 2005 Plan. | ||||||||||||
We provide share-based awards to directors through the Non-employee Directors' Equity Plan (the “Directors' Plan”). Only deferred stock units have been granted under the Directors' Plan to date. | ||||||||||||
Nonvested Share Activity | ||||||||||||
Number of Shares | Weighted-Average | |||||||||||
2013 | 2005 | Directors’ | Grant-Date | |||||||||
(In thousands of shares, except per share amounts) | Plan | Plan | Plan | Total | Fair Value(a) | |||||||
Balance as of December 31, 2012 | - | 407.9 | 23 | 430.9 | $ | 23.19 | ||||||
Granted | 492.4 | - | 19.2 | 511.6 | 26.04 | |||||||
Cancelled awards | -8.2 | -36.2 | - | -44.4 | 23.85 | |||||||
Vested | - | -144.1 | -23 | -167.1 | 23.09 | |||||||
Balance as of September 30, 2013 | 484.2 | 227.6 | 19.2 | 731 | $ | 25.17 | ||||||
For restricted stock units and deferred stock units granted under the 2005 Plan and the Directors' Plan, fair value was measured at the date of grant based on the average of the high and low per share quoted sales price of Brink's common stock, adjusted for a discount on units that do not receive or accrue dividends. For restricted stock units granted under the 2013 Plan, fair value was measured at the date of grant based on the closing per share quoted sales price of Brink's common stock, adjusted for a discount on units that do not receive or accrue dividends. For performance share units and market share units granted under the 2013 Plan, fair value was measured based on a Monte-Carlo simulation pricing model. | ||||||||||||
During 2013, we granted: 210,368 performance share units (weighted average grant date fair value of $26.22); 96,175 market share units (weighted average grant date fair value of $26.42); and 185,811 restricted stock units (weighted average grant date fair value of $25.57) under the 2013 Plan. | ||||||||||||
Performance share units reward the achievement of pre-established financial goals over the performance period (April 1, 2013, through December 31, 2015) and will be paid out in shares of Brink's common stock at a rate of 0 to 200% based on the achievement of the goals, with an additional +/- 25% multiplier that will be applied to the payout based on Brink's total shareholder return relative to companies in the S&P 500 index. | ||||||||||||
Market share units will be paid out in shares of Brink's common stock at the end of the performance period (April 1, 2013, through December 31, 2015) at a rate of 0 to 150%, calculated by multiplying the target award by the ratio of the price of Brink's stock at the end of the performance period divided by the price of Brink's stock at the beginning of the performance period. The stock prices used in the calculation of the ratio will be the average closing price for the twenty days preceding each date. | ||||||||||||
Restricted stock units are settled in shares of the Brink's common stock, subject to vesting requirements. | ||||||||||||
No options have been granted in 2013. The fair value of the options granted during the nine months ended September 30, 2012 was calculated using the following estimated weighted-average assumptions: | ||||||||||||
Nine Months | ||||||||||||
Ended September 30, | ||||||||||||
Options Granted | 2012 | |||||||||||
Number of shares underlying options, in thousands | 389 | |||||||||||
Weighted-average exercise price per share | $ | 22.47 | ||||||||||
Assumptions used to estimate fair value | ||||||||||||
Expected dividend yield | ||||||||||||
Weighted-average(a): | 1.80% | |||||||||||
Expected volatility(b): | ||||||||||||
Weighted-average | 40% | |||||||||||
Risk-free interest rate(c): | ||||||||||||
Weighted-average | 0.70% | |||||||||||
Range | 0.40% | – | 0.90% | |||||||||
Expected term in years(d): | ||||||||||||
Weighted-average | 4.3 | |||||||||||
Range | 3.3 | – | 5.3 | |||||||||
Weighted-average fair value estimates at grant date: | ||||||||||||
In millions | $ | 2.5 | ||||||||||
Fair value per share | $ | 6.3 | ||||||||||
The expected dividend yield is the calculated yield on Brink's common stock at the time of the grant. | ||||||||||||
The expected volatility was estimated after reviewing the historical volatility of our stock using daily close prices. | ||||||||||||
The risk-free interest rate was based on U.S. Treasury debt yields at the time of the grant. | ||||||||||||
The expected term of the options was based on our historical option exercise, expiration and post-vesting cancellation behaviors. | ||||||||||||
Capital_Stock
Capital Stock | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Notes to Financial Statements [Abstract] | |||||||||||
Capital stock | Note 9 – Shares used to calculate earnings per share | ||||||||||
Three Months | Nine Months | ||||||||||
Ended September 30, | Ended September 30, | ||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||
Weighted-average shares: | |||||||||||
Basic (a) | 48.7 | 48.5 | 48.6 | 48.4 | |||||||
Effect of dilutive stock options and awards | 0.3 | 0.1 | 0.3 | 0.2 | |||||||
Diluted | 49 | 48.6 | 48.9 | 48.6 | |||||||
Antidilutive stock options and awards excluded from denominator | 1.2 | 2.2 | 1.7 | 2.5 | |||||||
We have deferred compensation plans for directors and certain of our employees. 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 units credited to employees and directors under the deferred compensation plans. Additionally, non-participating nonvested units are also included in the computation of basic weighted average shares when the requisite service period has been completed. Accordingly, included in basic shares are weighted-average units of 0.6 million in the three months and 0.6 million in the nine months ended September 30, 2013, and 0.7 million in the three months and 1.0 million in the nine months ended September 30, 2012. | |||||||||||
Loss_from_Discontinued_Operati
Loss from Discontinued Operations | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Income from discontinued operations [Text Block] | Note 10 – Loss from discontinued operations | |||||||||||
Three Months | Nine Months | |||||||||||
Ended September 30, | Ended September 30, | |||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | ||||||||
Discontinued European operations(a): | ||||||||||||
Loss from operations(b) | $ | -3.9 | -8.6 | -28.3 | -20.1 | |||||||
Loss from sale | -2.9 | - | -3.6 | - | ||||||||
Adjustments to contingencies of former operations | -0.3 | - | 0.9 | 0.1 | ||||||||
Loss from discontinued operations before income taxes | -7.1 | -8.6 | -31 | -20 | ||||||||
Provision (benefit) for income taxes | 0.2 | -0.8 | 0.9 | -2.4 | ||||||||
Loss from discontinued operations, net of tax | $ | -7.3 | -7.8 | -31.9 | -17.6 | |||||||
Discontinued operations include cash-in-transit operations in Germany, Poland, Turkey, and Hungary, and guarding operations in France, Morocco, and Germany. Revenues from these European operations were $17.4 million in the three months and $67.8 million in the nine months ended September 30, 2013, and $34.0 million in the three months and $101.5 million in the nine months ended September 30, 2012. Interest expense included in discontinued operations was $0.1 million in the three months and $0.2 million in the nine months ended September 30, 2013 and $0.1 million in the three months and $0.3 million in the nine months ended September 30, 2012. | ||||||||||||
As of September 30, 2013, loss from operations includes $15.9 million of severance expenses which will be required to be paid to terminate certain employees of the German cash-in-transit operations after the sale of the business is completed. We intend to contribute a portion of the cost to fund the severance payments to the business prior to the execution of the sale transaction. | ||||||||||||
Discontinued European Operations | ||||||||||||
In 2012, we agreed to sell our cash-in-transit operations in Germany and Poland as well as event security operations in France. The divestiture in France closed in January 2013 (no loss on sale for the nine months ended September 30, 2013), the divestiture in Poland closed in March 2013 ($0.3 million loss on sale for the nine months ended September 30, 2013), and the divestiture of the cash-in-transit operations in Germany is expected to be completed in the fourth quarter of 2013. We completed the divestiture of guarding operations in Morocco in December 2012 and recognized a loss on the sale of $0.6 million ($0.3 million in the fourth quarter of 2012 and $0.3 million in the second quarter of 2013). | ||||||||||||
In September 2013, we completed the sale of our entire business in Hungary ($2.8 million loss on sale). In July 2013, we completed the sale of our aviation security services business in Germany ($0.1 million loss on sale). In addition, we completed the shutdown of our cash-in-transit operations in Turkey in June 2013. | ||||||||||||
The results of these operations in Germany, Poland, Turkey, Hungary, France, and Morocco have been excluded from continuing operations and are reported as discontinued operations for the current and prior periods. | ||||||||||||
The table below shows revenues and losses from operations before tax for the cash-in-transit operations in Germany to be sold in 2013: | ||||||||||||
Three Months | Nine Months | |||||||||||
Ended September 30, | Ended September 30, | |||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | ||||||||
German CIT Operation: | ||||||||||||
Revenues | $ | 15.8 | 14.3 | 46.6 | 42.2 | |||||||
Losses from operations before tax | 1.3 | 2.5 | 22.9 | 8.3 |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Supplemental cash flow information | Note 11 – Supplemental cash flow information | |||||||
Nine Months | ||||||||
Ended September 30, | ||||||||
(In millions) | 2013 | 2012 | ||||||
Cash paid for: | ||||||||
Interest | $ | 18.4 | 17.3 | |||||
Income taxes | 68.1 | 73.9 | ||||||
Non-cash Investing and Financing Activities | ||||||||
We acquired $1.6 million of armored vehicles under capital lease arrangements in the first nine months of 2013, as compared to $11.6 million in the first nine months of 2012. | ||||||||
We contributed $9 million of Brink's common stock to our primary U.S. pension plan in the first three months of 2012. | ||||||||
Other_Commitments_and_Continge
Other Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 12 – Commitments and contingent matters |
Operating leases | |
We have made residual value guarantees of approximately $10.3 million at September 30, 2013, related to operating leases, principally for trucks and other vehicles. | |
Other | |
We are involved in various lawsuits and claims in the ordinary course of business. We are not able to estimate the range of losses for some of these matters. We have recorded accruals for losses that are considered probable and reasonably estimable. We do not believe that the ultimate disposition of any of these matters will have a material adverse effect on our liquidity, financial position or results of operations. | |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Revenue From Segments To Consolidated [Table Text Block] | |||||||||||||
Three Months | Nine Months | ||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||
Revenues: | |||||||||||||
International | $ | 768.5 | 710.3 | 2,251.60 | 2,102.80 | ||||||||
North America | 234.5 | 234.6 | 708.8 | 708.6 | |||||||||
Revenues | $ | 1,003.00 | 944.9 | 2,960.40 | 2,811.40 | ||||||||
Operating Profit Loss From Segments To Consolidated [Table Text Block] | |||||||||||||
Three Months | Nine Months | ||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||
Operating profit: | |||||||||||||
International | $ | 81 | 59.4 | 166.5 | 168 | ||||||||
North America | 0.7 | 8.3 | 5.1 | 25.5 | |||||||||
Segment operating profit | 81.7 | 67.7 | 171.6 | 193.5 | |||||||||
Non-segment | -20.7 | -22 | -59.3 | -67.6 | |||||||||
Operating profit | $ | 61 | 45.7 | 112.3 | 125.9 |
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Retirement Benefits Pension And Postretirement [Line Items] | ||||||||||||||||
Schedule Of Net Benefit Costs [Table Text Block] | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||
Three months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | 3.7 | 2.8 | 3.7 | 2.8 | |||||||||
Interest cost on projected benefit obligation | 10.6 | 11 | 4.7 | 5 | 15.3 | 16 | ||||||||||
Return on assets – expected | -14.2 | -14.9 | -3.2 | -3 | -17.4 | -17.9 | ||||||||||
Amortization of losses | 11.2 | 9.7 | 1.5 | 0.9 | 12.7 | 10.6 | ||||||||||
Amortization of prior service cost | - | - | 0.2 | 0.6 | 0.2 | 0.6 | ||||||||||
Settlement loss | - | 1 | 0.8 | 1.5 | 0.8 | 2.5 | ||||||||||
Net periodic pension cost | $ | 7.6 | 6.8 | 7.7 | 7.8 | 15.3 | 14.6 | |||||||||
Nine months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | 11.1 | 8.2 | 11.1 | 8.2 | |||||||||
Interest cost on projected benefit obligation | 31.7 | 33 | 14.3 | 13.9 | 46 | 46.9 | ||||||||||
Return on assets – expected | -42.7 | -44.9 | -9.6 | -9.1 | -52.3 | -54 | ||||||||||
Amortization of losses | 33.9 | 29.4 | 4.6 | 3 | 38.5 | 32.4 | ||||||||||
Amortization of prior service cost | - | - | 0.7 | 1.4 | 0.7 | 1.4 | ||||||||||
Settlement loss | - | 5 | 1.6 | 2.6 | 1.6 | 7.6 | ||||||||||
Net periodic pension cost | $ | 22.9 | 22.5 | 22.7 | 20 | 45.6 | 42.5 | |||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | UMWA Plans | Black Lung and Other Plans | Total | |||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||
Three months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | - | 0.2 | - | 0.2 | |||||||||
Interest cost on accumulated postretirement benefit obligations | 4.9 | 5.6 | 0.5 | 0.7 | 5.4 | 6.3 | ||||||||||
Return on assets – expected | -5.2 | -5.3 | - | - | -5.2 | -5.3 | ||||||||||
Amortization of losses | 4.9 | 5.1 | 0.2 | 0.4 | 5.1 | 5.5 | ||||||||||
Amortization of prior service cost | - | - | 0.5 | 0.5 | 0.5 | 0.5 | ||||||||||
Net periodic postretirement cost | $ | 4.6 | 5.4 | 1.2 | 1.8 | 5.8 | 7.2 | |||||||||
Nine months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | 0.2 | 0.3 | 0.2 | 0.3 | |||||||||
Interest cost on accumulated postretirement benefit obligations | 14.8 | 16.8 | 1.5 | 2.2 | 16.3 | 19 | ||||||||||
Return on assets – expected | -15.6 | -15.9 | - | - | -15.6 | -15.9 | ||||||||||
Amortization of losses | 14.7 | 15.6 | 0.5 | 1 | 15.2 | 16.6 | ||||||||||
Amortization of prior service cost | - | - | 1.3 | 1.5 | 1.3 | 1.5 | ||||||||||
Net periodic postretirement cost | $ | 13.9 | 16.5 | 3.5 | 5 | 17.4 | 21.5 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2013 | |||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||
Schedule Of Components Of Income Tax Expense Benefit [TableText Block] | Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Continuing operations | |||||||||||||||
Provision (benefit) for income taxes | $ | 15.5 | 15.5 | 32 | 23.3 | ||||||||||
Effective tax rate | 28.3 | % | 37.3 | % | 33.7 | % | 20.3 | % | |||||||
Three Months | Nine Months | ||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||
Continuing operations | |||||||||||||||
Provision (benefit) for income taxes | $ | 15.5 | 15.5 | 32 | 23.3 | ||||||||||
Effective tax rate | 28.3 | % | 37.3 | % | 33.7 | % | 20.3 | % |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Acquisition [Line Items] | |||||
Schedule of Fair Value of Purchase Consideration [Table Text Block] | |||||
Estimated Fair | |||||
Value at | |||||
(In millions) | 31-Jan-13 | ||||
Fair value of purchase consideration | |||||
Cash paid for 100% of shares | $ | 25.9 | |||
Fair value of contingent consideration | 1.8 | ||||
Fair value of purchase consideration | $ | 27.7 | |||
Schedule of Purchase Price Allocation [Table Text Block] | |||||
Fair value of net assets acquired | |||||
Cash | $ | 10 | |||
Accounts receivable | 7.8 | ||||
Other current assets | 19.9 | ||||
Property and equipment | 4 | ||||
Intangible assets(a) | 11.8 | ||||
Goodwill(b) | 14 | ||||
Current liabilities | -38.8 | ||||
Noncurrent liabilities | -1 | ||||
Fair value of net assets acquired | $ | 27.7 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||||||||||||
Comprehensive Income (Loss) [Table Text Block] | Income (Losses) Arising During | (Income) Losses Reclassified to | ||||||||||||
the Current Period | Net Income | |||||||||||||
Total Other | ||||||||||||||
Income | Income | Comprehensive | ||||||||||||
(In millions) | Pretax | Tax | Pretax | Tax | Income (Loss) | |||||||||
Three months ended September 30, 2013 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -0.3 | - | 19.2 | -6.8 | 12.1 | ||||||||
Foreign currency translation adjustments | 7.6 | - | - | - | 7.6 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.3 | -0.1 | - | - | 0.2 | |||||||||
Gains (losses) on cash flow hedges | -0.1 | - | 0.4 | - | 0.3 | |||||||||
7.5 | -0.1 | 19.6 | -6.8 | 20.2 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | - | - | 0.1 | - | 0.1 | |||||||||
Foreign currency translation adjustments | 0.6 | - | - | - | 0.6 | |||||||||
0.6 | - | 0.1 | - | 0.7 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -0.3 | - | 19.3 | -6.8 | 12.2 | |||||||||
Foreign currency translation adjustments(b) | 8.2 | - | - | - | 8.2 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.3 | -0.1 | - | - | 0.2 | |||||||||
Gains (losses) on cash flow hedges(d) | -0.1 | - | 0.4 | - | 0.3 | |||||||||
$ | 8.1 | -0.1 | 19.7 | -6.8 | 20.9 | |||||||||
Three months ended September 30, 2012 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -3.6 | 1.2 | 19.7 | -6.8 | 10.5 | ||||||||
Foreign currency translation adjustments | 11.2 | - | - | - | 11.2 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.3 | -0.1 | -0.7 | 0.2 | -0.3 | |||||||||
7.9 | 1.1 | 19 | -6.6 | 21.4 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | 0.2 | - | - | - | 0.2 | |||||||||
Foreign currency translation adjustments | 0.7 | - | - | - | 0.7 | |||||||||
0.9 | - | - | - | 0.9 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -3.4 | 1.2 | 19.7 | -6.8 | 10.7 | |||||||||
Foreign currency translation adjustments | 11.9 | - | - | - | 11.9 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.3 | -0.1 | -0.7 | 0.2 | -0.3 | |||||||||
$ | 8.8 | 1.1 | 19 | -6.6 | 22.3 | |||||||||
Income (Losses) Arising During | (Income) Losses Reclassified to | |||||||||||||
the Current Period | Net Income | |||||||||||||
Total Other | ||||||||||||||
Income | Income | Comprehensive | ||||||||||||
(In millions) | Pretax | Tax | Pretax | Tax | Income (Loss) | |||||||||
Nine months ended September 30, 2013 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -1.6 | 0.4 | 57.1 | -20.2 | 35.7 | ||||||||
Foreign currency translation adjustments | -22.5 | - | -0.1 | 0.1 | -22.5 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.5 | -0.2 | -0.3 | 0.1 | 0.1 | |||||||||
Gains (losses) on cash flow hedges | 2.5 | - | -1.4 | - | 1.1 | |||||||||
-21.1 | 0.2 | 55.3 | -20 | 14.4 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | - | - | 0.2 | - | 0.2 | |||||||||
Foreign currency translation adjustments | -1.3 | - | - | - | -1.3 | |||||||||
-1.3 | - | 0.2 | - | -1.1 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -1.6 | 0.4 | 57.3 | -20.2 | 35.9 | |||||||||
Foreign currency translation adjustments(b) | -23.8 | - | -0.1 | 0.1 | -23.8 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.5 | -0.2 | -0.3 | 0.1 | 0.1 | |||||||||
Gains (losses) on cash flow hedges(d) | 2.5 | - | -1.4 | - | 1.1 | |||||||||
$ | -22.4 | 0.2 | 55.5 | -20 | 13.3 | |||||||||
Nine months ended September 30, 2012 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -19.7 | 7.4 | 59.5 | -21 | 26.2 | ||||||||
Foreign currency translation adjustments | -0.8 | - | - | - | -0.8 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.8 | -0.2 | -2.8 | 1 | -1.2 | |||||||||
-19.7 | 7.2 | 56.7 | -20 | 24.2 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | -2.9 | - | - | - | -2.9 | |||||||||
Foreign currency translation adjustments | 1.8 | - | - | - | 1.8 | |||||||||
-1.1 | - | - | - | -1.1 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -22.6 | 7.4 | 59.5 | -21 | 23.3 | |||||||||
Foreign currency translation adjustments | 1 | - | - | - | 1 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.8 | -0.2 | -2.8 | 1 | -1.2 | |||||||||
$ | -20.8 | 7.2 | 56.7 | -20 | 23.1 | |||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Table Text Block] | Three Months | Nine Months | ||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Total net periodic retirement benefit cost included in: | ||||||||||||||
Cost of revenues | $ | 16.8 | 16.8 | 50 | 47.9 | |||||||||
Selling, general and administrative expenses | 4.3 | 5 | 13 | 16.1 | ||||||||||
Benefit Plan Adjustments | Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Available-for-Sale Securities | Gains (Losses) on Cash Flow Hedges | Total | ||||||||||
(In millions) | ||||||||||||||
Balance as of December 31, 2012 | $ | -665.1 | -109.9 | 1.6 | - | -773.4 | ||||||||
Other comprehensive income (loss) before reclassifications | -1.2 | -22.5 | 0.3 | 2.5 | -20.9 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 36.9 | - | -0.2 | -1.4 | 35.3 | |||||||||
Other comprehensive income (loss) attributable to Brink's | 35.7 | -22.5 | 0.1 | 1.1 | 14.4 | |||||||||
Acquisitions of noncontrolling interests | - | -0.3 | - | - | -0.3 | |||||||||
Balance as of September 30, 2013 | $ | -629.4 | -132.7 | 1.7 | 1.1 | -759.3 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Fair value of financial instruments [Abstract] | ||||||||||
Available For Sale Securities [Text Block] | September 30, | December 31, | ||||||||
(In millions) | 2013 | 2012 | ||||||||
Mutual Funds | ||||||||||
Cost | $ | 3.3 | 4.3 | |||||||
Gross unrealized gains | 1.2 | 1 | ||||||||
Fair value | $ | 4.5 | 5.3 | |||||||
Fixed Rate Debt [Table Text Block] | September 30, | December 31, | ||||||||
(In millions) | 2013 | 2012 | ||||||||
DTA bonds | ||||||||||
Carrying value | $ | 43.2 | 43.2 | |||||||
Fair value | 43.4 | 43.4 | ||||||||
Unsecured notes issued in a private placement | ||||||||||
Carrying value | 100 | 100 | ||||||||
Fair value | 105.8 | 110.5 |
Sharebased_Compensation_Plans_
Share-based Compensation Plans (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Share-based compensation plans [Abstract] | ||||||||||||
Fair value of options calculation assumptions [Table Text Block] | Nine Months | |||||||||||
Ended September 30, | ||||||||||||
Options Granted | 2012 | |||||||||||
Number of shares underlying options, in thousands | 389 | |||||||||||
Weighted-average exercise price per share | $ | 22.47 | ||||||||||
Assumptions used to estimate fair value | ||||||||||||
Expected dividend yield | ||||||||||||
Weighted-average(a): | 1.80% | |||||||||||
Expected volatility(b): | ||||||||||||
Weighted-average | 40% | |||||||||||
Risk-free interest rate(c): | ||||||||||||
Weighted-average | 0.70% | |||||||||||
Range | 0.40% | – | 0.90% | |||||||||
Expected term in years(d): | ||||||||||||
Weighted-average | 4.3 | |||||||||||
Range | 3.3 | – | 5.3 | |||||||||
Weighted-average fair value estimates at grant date: | ||||||||||||
In millions | $ | 2.5 | ||||||||||
Fair value per share | $ | 6.3 | ||||||||||
Nonvested share activity [Table Text Block] | Nonvested Share Activity | |||||||||||
Number of Shares | Weighted-Average | |||||||||||
2013 | 2005 | Directors’ | Grant-Date | |||||||||
(In thousands of shares, except per share amounts) | Plan | Plan | Plan | Total | Fair Value(a) | |||||||
Balance as of December 31, 2012 | - | 407.9 | 23 | 430.9 | $ | 23.19 | ||||||
Granted | 492.4 | - | 19.2 | 511.6 | 26.04 | |||||||
Cancelled awards | -8.2 | -36.2 | - | -44.4 | 23.85 | |||||||
Vested | - | -144.1 | -23 | -167.1 | 23.09 | |||||||
Balance as of September 30, 2013 | 484.2 | 227.6 | 19.2 | 731 | $ | 25.17 |
Capital_Stock_Tables
Capital Stock (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||
Schedule Of Weighted Average Number Of Shares [Table Text Block] | Three Months | Nine Months | |||||||||
Ended September 30, | Ended September 30, | ||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | |||||||
Weighted-average shares: | |||||||||||
Basic (a) | 48.7 | 48.5 | 48.6 | 48.4 | |||||||
Effect of dilutive stock options and awards | 0.3 | 0.1 | 0.3 | 0.2 | |||||||
Diluted | 49 | 48.6 | 48.9 | 48.6 | |||||||
Antidilutive stock options and awards excluded from denominator | 1.2 | 2.2 | 1.7 | 2.5 |
Loss_from_Discontinued_Operati1
Loss from Discontinued Operations (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Income from Discontinued Operations [Table Text Block] | Three Months | Nine Months | ||||||||||
Ended September 30, | Ended September 30, | |||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | ||||||||
Discontinued European operations(a): | ||||||||||||
Loss from operations(b) | $ | -3.9 | -8.6 | -28.3 | -20.1 | |||||||
Loss from sale | -2.9 | - | -3.6 | - | ||||||||
Adjustments to contingencies of former operations | -0.3 | - | 0.9 | 0.1 | ||||||||
Loss from discontinued operations before income taxes | -7.1 | -8.6 | -31 | -20 | ||||||||
Provision (benefit) for income taxes | 0.2 | -0.8 | 0.9 | -2.4 | ||||||||
Loss from discontinued operations, net of tax | $ | -7.3 | -7.8 | -31.9 | -17.6 | |||||||
Schedule Of Revenues And Losses From Operations [Table Text Block] | Three Months | Nine Months | ||||||||||
Ended September 30, | Ended September 30, | |||||||||||
(In millions) | 2013 | 2012 | 2013 | 2012 | ||||||||
German CIT Operation: | ||||||||||||
Revenues | $ | 15.8 | 14.3 | 46.6 | 42.2 | |||||||
Losses from operations before tax | 1.3 | 2.5 | 22.9 | 8.3 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||
Schedule Of Cash Flow Supplemental Disclosures [TableTextBlock] | Nine Months | |||||||
Ended September 30, | ||||||||
(In millions) | 2013 | 2012 | ||||||
Cash paid for: | ||||||||
Interest | $ | 18.4 | 17.3 | |||||
Income taxes | 68.1 | 73.9 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Venezuelan Operations [Member] | Venezuelan Operations [Member] | Venezuelan Operations [Member] | Bolivar Fuerte Denominated [Member] | |||||||
Foreign Currency Translation [Line Items] | ||||||||||
Revenues | $306.30 | |||||||||
Venezuelan revenues as a percentage of total revenues | 10.3 | |||||||||
Foreign currency translation losses total | 8.2 | 11.9 | -23.9 | 1 | ||||||
Foreign Currency Exchange Rate Translation | 6.3 | 5.3 | ||||||||
Assets Net | 101.7 | |||||||||
Net remeasurement loss | 13.4 | |||||||||
Cash and cash equivalents | 242.3 | 202.7 | 242.3 | 202.7 | 201.7 | 182.9 | 84.9 | |||
Brinks investments in Venzuelan Operations on an equity-method basis | $110 |
Segment_information_Details
Segment information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Revenue and Operating Profit [Line Items] | |||||
Revenues | $1,003 | $944.90 | $2,960.40 | $2,811.40 | |
Operating profit | 61 | 45.7 | 112.3 | 125.9 | |
Capital expenditures | 124.3 | 117.3 | |||
Depreciation and amortization | 132.6 | 121.4 | |||
Total assets | 2,699 | 2,699 | 2,553.90 | ||
International [Member] | |||||
Segment Revenue and Operating Profit [Line Items] | |||||
Revenues | 768.5 | 710.3 | 2,251.60 | 2,102.80 | |
Operating profit | 81 | 59.4 | 166.5 | 168 | |
North America [Member] | |||||
Segment Revenue and Operating Profit [Line Items] | |||||
Revenues | 234.5 | 234.6 | 708.8 | 708.6 | |
Operating profit | 0.7 | 8.3 | 5.1 | 25.5 | |
Segment operating profit [Member] | |||||
Segment Revenue and Operating Profit [Line Items] | |||||
Operating profit | 81.7 | 67.7 | 171.6 | 193.5 | |
Non Segment [Member] | |||||
Segment Revenue and Operating Profit [Line Items] | |||||
Operating profit | ($20.70) | ($22) | ($59.30) | ($67.60) |
Retirement_Benefits_Retirement
Retirement Benefits - Retirement Cost (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
US Plans [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Service cost | $0 | $0 | $0 | $0 |
Interest cost | 10.6 | 11 | 31.7 | 33 |
Return on assets - expected | -14.2 | -14.9 | -42.7 | -44.9 |
Amortization of losses | 11.2 | 9.7 | 33.9 | 29.4 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 1 | 0 | 5 |
Net periodic pension cost | 7.6 | 6.8 | 22.9 | 22.5 |
Non-US Plans [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Service cost | 3.7 | 2.8 | 11.1 | 8.2 |
Interest cost | 4.7 | 5 | 14.3 | 13.9 |
Return on assets - expected | -3.2 | -3 | -9.6 | -9.1 |
Amortization of losses | 1.5 | 0.9 | 4.6 | 3 |
Amortization of prior service cost | 0.2 | 0.6 | 0.7 | 1.4 |
Settlement loss | 0.8 | 1.5 | 1.6 | 2.6 |
Net periodic pension cost | 7.7 | 7.8 | 22.7 | 20 |
UMWA Plans Postretirement Medical [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 4.9 | 5.6 | 14.8 | 16.8 |
Return on assets - expected | -5.2 | -5.3 | -15.6 | -15.9 |
Amortization of losses | 4.9 | 5.1 | 14.7 | 15.6 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Net periodic pension cost | 4.6 | 5.4 | 13.9 | 16.5 |
Black Lung And Other Plans Postretirement Medical [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Service cost | 0 | 0.2 | 0.2 | 0.3 |
Interest cost | 0.5 | 0.7 | 1.5 | 2.2 |
Return on assets - expected | 0 | 0 | 0 | 0 |
Amortization of losses | 0.2 | 0.4 | 0.5 | 1 |
Amortization of prior service cost | 0.5 | 0.5 | 1.3 | 1.5 |
Net periodic pension cost | 1.2 | 1.8 | 3.5 | 5 |
Pension plan [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Service cost | 3.7 | 2.8 | 11.1 | 8.2 |
Interest cost | 15.3 | 16 | 46 | 46.9 |
Return on assets - expected | -17.4 | -17.9 | -52.3 | -54 |
Amortization of losses | 12.7 | 10.6 | 38.5 | 32.4 |
Amortization of prior service cost | 0.2 | 0.6 | 0.7 | 1.4 |
Settlement loss | 0.8 | 2.5 | 1.6 | 7.6 |
Net periodic pension cost | 15.3 | 14.6 | 45.6 | 42.5 |
Retirement benefits other than pension [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Service cost | 0 | 0.2 | 0.2 | 0.3 |
Interest cost | 5.4 | 6.3 | 16.3 | 19 |
Return on assets - expected | -5.2 | -5.3 | -15.6 | -15.9 |
Amortization of losses | 5.1 | 5.5 | 15.2 | 16.6 |
Amortization of prior service cost | 0.5 | 0.5 | 1.3 | 1.5 |
Net periodic pension cost | $5.80 | $7.20 | $17.40 | $21.50 |
Retirement_Benefits_Obligation
Retirement Benefits - Obligations and Funded Status (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
US Plans [Member] | ||||
Changes in the benefit obligation [Roll Forward] | ||||
Service cost | $0 | $0 | $0 | $0 |
Interest cost | 10.6 | 11 | 31.7 | 33 |
Non-US Plans [Member] | ||||
Changes in the benefit obligation [Roll Forward] | ||||
Service cost | 3.7 | 2.8 | 11.1 | 8.2 |
Interest cost | 4.7 | 5 | 14.3 | 13.9 |
UMWA Plans Postretirement Medical [Member] | ||||
Changes in the benefit obligation [Roll Forward] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 4.9 | 5.6 | 14.8 | 16.8 |
Pension plan [Member] | ||||
Changes in the benefit obligation [Roll Forward] | ||||
Service cost | 3.7 | 2.8 | 11.1 | 8.2 |
Interest cost | 15.3 | 16 | 46 | 46.9 |
Retirement benefits other than pension [Member] | ||||
Changes in the benefit obligation [Roll Forward] | ||||
Service cost | 0 | 0.2 | 0.2 | 0.3 |
Interest cost | $5.40 | $6.30 | $16.30 | $19 |
Retirement_Benefits_Narrative_
Retirement Benefits - Narrative (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Retirement Benefit Plan Remeasurements [Abstract] | ||
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $0 | |
Cash portion of contribution | 13 | |
Aggregate value of shares contributed to pension plan | $9 |
Income_taxes_Income_and_Taxes_
Income taxes - Income and Taxes from Cont. Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income (loss) from continuing operations before income taxes [Abstract] | ||||
Income from continuing operations before tax | $54.80 | $41.50 | $95 | $115 |
Income tax expense (benefit) from continuing operations [Abstract] | ||||
Deferred income taxes | -26.8 | -43.7 | ||
Provision (benefit) for income taxes | 15.5 | 15.5 | 32 | 23.3 |
Comprehensive provision (benefit) for income taxes allocation [Abstract] | ||||
Discontinued operations | 0.2 | -0.8 | 0.9 | -2.4 |
Other comprehensive income (loss) | ($6.90) | ($5.50) | ($19.80) | ($12.80) |
Income_Taxes_Rate_Reconciliati
Income Taxes - Rate Reconciliation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Rate Reconciliation [Abstract] | ||||
Actual Income Tax Rate On Continuing Operations | 28.30% | 37.30% | 33.70% | 20.30% |
Tax benefit Related to a Change in Retiree Healthcare Funding Strategy | $21 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Tax Assets (Liabilities), Net [Abstract] | ||
Deferred Tax Liabilities, Noncurrent | ($19.50) | ($18.70) |
Income_Taxes_Valuation_Allowan
Income Taxes - Valuation Allowances (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Amounts attributable to Brink's Income (loss) from Continuing operations | $31.10 | $21.30 | $47.80 | $78.60 |
Income (loss) from discontinued operations | -7.3 | -7.8 | -31.9 | -17.6 |
Other comprehensive income (loss), net of tax | $20.90 | $22.30 | $13.30 | $23.10 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property and Equipment [Line Items] | ||
Property, Plant and Equipment, Net | $776.30 | $793.80 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 9 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2013 |
Brazilian Acquisition [Member] | Chile Acq [Member] | ||||
Fair Value of Purchase Consideration [Abstract] | |||||
Cash paid for acquired entity | $25.90 | $18 | |||
Fair value of contingent consideration | 1.8 | ||||
Fair value of purchase consideration | 27.7 | ||||
Net cash outflow | 18.1 | 16.8 | 16 | ||
Purchase Price Allocation [Abstract] | |||||
Cash | 10 | ||||
Accounts receivable | 7.8 | ||||
Other current assets | 19.9 | ||||
Property and equipment, net | 4 | ||||
Indefinite-lived intangible asset | 11.8 | ||||
Goodwill | 253 | 243.8 | 14 | ||
Current liabilities | -38.8 | ||||
Noncurrent liabilities | -1 | ||||
Fair value of net assets acquired | 27.7 | ||||
Fair value of purchase consideration | $27.70 |
Acquisitions_Narratives_Detail
Acquisitions - Narratives (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 |
Chile Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Additional Percentage Ownership Acquired | 26.00% | ||||
Sales Revenue, Net | $1,003 | $944.90 | $2,960.40 | $2,811.40 |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets - From Aqcuisitions (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $253 | $243.80 |
Goodwill, Ending Balance | $253 | $243.80 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Amounts in OCI (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease [Abstract] | ||||
Pretax benefit plan adjustment amounts arising during the current period | ($0.30) | ($3.40) | ($1.60) | ($22.60) |
Income tax related to benefit plan adjustment amounts arising during the current period | 0 | 1.2 | 0.4 | 7.4 |
Pretax benefit plan adjustment amounts reclassified to net income | 19.3 | 19.7 | 57.3 | 59.5 |
Income tax related to benefit plan adjustment amounts reclassified to net income | -6.8 | -6.8 | -20.2 | -21 |
Total benefit plan adjustments, net of tax | 12.2 | 10.7 | 35.9 | 23.3 |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease [Abstract] | ||||
Pretax foreign currency adjustment amounts arising during the current period | 8.2 | 11.9 | -23.8 | 1 |
Income tax related to foreign currency adjustment amounts arising during the current period | 0 | 0 | 0 | 0 |
Pretax foreign currency adjustment amounts reclassified to net income | 0 | 0 | -0.1 | 0 |
Income tax of foreign currency adjustment amounts reclassified to net income | 0 | 0 | 0.1 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 8.2 | 11.9 | -23.8 | 1 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | ||||
Pretax unrealized gains (losses) on available-for-sale securities amounts arising during the current period | 0.3 | 0.3 | 0.5 | 0.8 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts arising during the current period | -0.1 | -0.1 | -0.2 | -0.2 |
Pretax unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | 0 | -0.7 | -0.3 | -2.8 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | 0 | 0.2 | 0.1 | 1 |
Total unrealized gains (losses) on available-for-sale securities, net of tax | 0.2 | -0.3 | 0.1 | -1.2 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||||
Pretax gains (losses) on cash flow hedge amounts arising during the current period | -0.1 | 2.5 | ||
Income tax related tocash flow hedge amounts arising during the current period | 0 | 0 | ||
Pretax cash flow hedge amounts reclassified to net income | 0.4 | -1.4 | ||
Income tax related to cash flow hedge amounts reclassified to net income | 0 | 0 | ||
Total gains (losses) on cash flow hedge, net of tax | 0.3 | 1.1 | ||
Total pretax other comprehensive income (loss) arising during the current period | 8.1 | 8.8 | -22.4 | -20.8 |
Total income tax related to other comprehensive income (loss) arising during the current period | -0.1 | 1.1 | 0.2 | 7.2 |
Total other comprehensive income (loss) reclassified to net income | 19.7 | 19 | 55.5 | 56.7 |
Total income tax related to other comprehensive income (loss) reclassified to net income | -6.8 | -6.6 | -20 | -20 |
Total other comprehensive income (loss) | 20.9 | 22.3 | 13.3 | 23.1 |
Parent [Member] | ||||
Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease [Abstract] | ||||
Pretax benefit plan adjustment amounts arising during the current period | -0.3 | -3.6 | -1.6 | -19.7 |
Income tax related to benefit plan adjustment amounts arising during the current period | 0 | 1.2 | 0.4 | 7.4 |
Pretax benefit plan adjustment amounts reclassified to net income | 19.2 | 19.7 | 57.1 | 59.5 |
Income tax related to benefit plan adjustment amounts reclassified to net income | -6.8 | -6.8 | -20.2 | -21 |
Total benefit plan adjustments, net of tax | 12.1 | 10.5 | 35.7 | 26.2 |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease [Abstract] | ||||
Pretax foreign currency adjustment amounts arising during the current period | 7.6 | 11.2 | -22.5 | -0.8 |
Income tax related to foreign currency adjustment amounts arising during the current period | 0 | 0 | 0 | 0 |
Pretax foreign currency adjustment amounts reclassified to net income | 0 | 0 | -0.1 | 0 |
Income tax of foreign currency adjustment amounts reclassified to net income | 0 | 0 | 0.1 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 7.6 | 11.2 | -22.5 | -0.8 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | ||||
Pretax unrealized gains (losses) on available-for-sale securities amounts arising during the current period | 0.3 | 0.3 | 0.5 | 0.8 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts arising during the current period | -0.1 | -0.1 | -0.2 | -0.2 |
Pretax unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | 0 | -0.7 | -0.3 | -2.8 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | 0 | 0.2 | 0.1 | 1 |
Total unrealized gains (losses) on available-for-sale securities, net of tax | 0.2 | -0.3 | 0.1 | -1.2 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||||
Pretax gains (losses) on cash flow hedge amounts arising during the current period | -0.1 | 2.5 | ||
Income tax related tocash flow hedge amounts arising during the current period | 0 | 0 | ||
Pretax cash flow hedge amounts reclassified to net income | 0.4 | -1.4 | ||
Income tax related to cash flow hedge amounts reclassified to net income | 0 | 0 | ||
Total gains (losses) on cash flow hedge, net of tax | 0.3 | 1.1 | ||
Total pretax other comprehensive income (loss) arising during the current period | 7.5 | 7.9 | -21.1 | -19.7 |
Total income tax related to other comprehensive income (loss) arising during the current period | -0.1 | 1.1 | 0.2 | 7.2 |
Total other comprehensive income (loss) reclassified to net income | 19.6 | 19 | 55.3 | 56.7 |
Total income tax related to other comprehensive income (loss) reclassified to net income | -6.8 | -6.6 | -20 | -20 |
Total other comprehensive income (loss) | 20.2 | 21.4 | 14.4 | 24.2 |
Noncontrolling Interest [Member] | ||||
Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease [Abstract] | ||||
Pretax benefit plan adjustment amounts arising during the current period | 0 | 0.2 | 0 | -2.9 |
Income tax related to benefit plan adjustment amounts arising during the current period | 0 | 0 | 0 | 0 |
Pretax benefit plan adjustment amounts reclassified to net income | 0.1 | 0 | 0.2 | 0 |
Income tax related to benefit plan adjustment amounts reclassified to net income | 0 | 0 | 0 | 0 |
Total benefit plan adjustments, net of tax | 0.1 | 0.2 | 0.2 | -2.9 |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease [Abstract] | ||||
Pretax foreign currency adjustment amounts arising during the current period | 0.6 | 0.7 | -1.3 | 1.8 |
Income tax related to foreign currency adjustment amounts arising during the current period | 0 | 0 | 0 | 0 |
Pretax foreign currency adjustment amounts reclassified to net income | 0 | 0 | 0 | 0 |
Income tax of foreign currency adjustment amounts reclassified to net income | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0.6 | 0.7 | -1.3 | 1.8 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | ||||
Pretax unrealized gains (losses) on available-for-sale securities amounts arising during the current period | 0 | 0 | 0 | 0 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts arising during the current period | 0 | 0 | 0 | 0 |
Pretax unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | 0 | 0 | 0 | 0 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | 0 | 0 | 0 | 0 |
Total unrealized gains (losses) on available-for-sale securities, net of tax | 0 | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||||
Pretax gains (losses) on cash flow hedge amounts arising during the current period | 0 | 0 | ||
Income tax related tocash flow hedge amounts arising during the current period | 0 | 0 | ||
Pretax cash flow hedge amounts reclassified to net income | 0 | 0 | ||
Income tax related to cash flow hedge amounts reclassified to net income | 0 | 0 | ||
Total gains (losses) on cash flow hedge, net of tax | 0 | 0 | ||
Total pretax other comprehensive income (loss) arising during the current period | 0.6 | 0.9 | -1.3 | -1.1 |
Total income tax related to other comprehensive income (loss) arising during the current period | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) reclassified to net income | 0.1 | 0 | 0.2 | 0 |
Total income tax related to other comprehensive income (loss) reclassified to net income | 0 | 0 | 0 | 0 |
Total other comprehensive income (loss) | $0.70 | $0.90 | ($1.10) | ($1.10) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Reclasses Out Of AOCI (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||||
Cost of revenues | $799.70 | $764.60 | $2,415 | $2,281.30 |
Selling, general and administrative expenses | 143.5 | 143.5 | 425.7 | 414 |
Other operating income (expense) | -1.2 | -8.9 | 7.4 | -9.8 |
Nonoperating Income (Expense) | 0.3 | 1.5 | 1.2 | 6.3 |
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning balance - AOCI | -773.4 | |||
Other comprehensive income (loss) attributable to Brink's | 20.9 | 22.3 | 13.3 | 23.1 |
Acquisitions of Noncontrolling Interests | 18.5 | |||
Ending Balance - AOCI | -759.3 | -759.3 | ||
Parent [Member] | ||||
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning balance - AOCI | -773.4 | |||
Other comprehensive income (loss) before reclassifications | -20.9 | |||
Amounts reclassified from accumulated other comprehensive loss | 35.3 | |||
Other comprehensive income (loss) attributable to Brink's | 14.4 | |||
Acquisitions of Noncontrolling Interests | -0.3 | |||
Ending Balance - AOCI | -759.3 | -759.3 | ||
Benefit plan adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||||
Cost of revenues | 16.8 | 16.8 | 50 | 47.9 |
Selling, general and administrative expenses | 4.3 | 5 | 13 | 16.1 |
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning balance - AOCI | -665.1 | |||
Other comprehensive income (loss) before reclassifications | -1.2 | |||
Amounts reclassified from accumulated other comprehensive loss | 36.9 | |||
Other comprehensive income (loss) attributable to Brink's | 35.7 | |||
Acquisitions of Noncontrolling Interests | 0 | |||
Ending Balance - AOCI | -629.4 | -629.4 | ||
Foreign Currency Translation Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning balance - AOCI | -109.9 | |||
Other comprehensive income (loss) before reclassifications | -22.5 | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive income (loss) attributable to Brink's | -22.5 | |||
Acquisitions of Noncontrolling Interests | -0.3 | |||
Ending Balance - AOCI | -132.7 | -132.7 | ||
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning balance - AOCI | 1.6 | |||
Other comprehensive income (loss) before reclassifications | 0.3 | |||
Amounts reclassified from accumulated other comprehensive loss | -0.2 | |||
Other comprehensive income (loss) attributable to Brink's | 0.1 | |||
Acquisitions of Noncontrolling Interests | 0 | |||
Ending Balance - AOCI | 1.7 | 1.7 | ||
Gains (Losses) on Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ||||
Other operating income (expense) | -0.1 | 2.2 | ||
Nonoperating Income (Expense) | -0.3 | -0.8 | ||
Accumulated Other Comprehensive Income [Abstract] | ||||
Beginning balance - AOCI | 0 | |||
Other comprehensive income (loss) before reclassifications | 2.5 | |||
Amounts reclassified from accumulated other comprehensive loss | -1.4 | |||
Other comprehensive income (loss) attributable to Brink's | 1.1 | |||
Acquisitions of Noncontrolling Interests | 0 | |||
Ending Balance - AOCI | $1.10 | $1.10 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
DTA bonds [Abstract] | ||
Fair value of the outstanding cross-currency swap | $3.10 | |
DTA Bond [Member] | ||
DTA bonds [Abstract] | ||
Carrying value | 43.2 | 43.2 |
Fair value | 43.4 | 43.4 |
Unsecured Debt [Member] | ||
DTA bonds [Abstract] | ||
Carrying value | 100 | 100 |
Fair value | 105.8 | 110.5 |
Mutual funds [Member] | ||
Investments in Available-for-sale Securities [Line Items] | ||
Cost | 3.3 | 4.3 |
Gross Unrealized Gains | 1.2 | 1 |
Fair Value | $4.50 | $5.30 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Accrued liabilities | $559 | $516.50 |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Other Liabilities | $169 | $177.40 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
In Millions, unless otherwise specified | |||
Long-term Debt Types [Abstract] | |||
Captial lease arrangments | $1.60 | $11.60 | |
Long Term Debt By Current And Noncurrent [Abstract] | |||
Current maturities of long-term debt | 25.9 | 27 | |
Long-term debt | $419.80 | $335.60 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts Receivable, Net, Current [Abstract] | ||
Accounts receivable, net | $674.10 | $612.30 |
Operating_Leases_Details
Operating Leases (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Guarantees | |
Operating leases residual value guarantee | $10.30 |
Recovered_Sheet1
Share-Based Compensation Plans (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares underlying options | 389,000 | |
Weighted-average exercise price per share | $22.47 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected dividend yield - weighted average | 1.80% | |
Expected volatility - weighted average | 40.00% | |
Risk-free interest rate - weighted average | 0.70% | |
Risk-free interest rate range - minimum | 0.40% | |
Risk-free interest rate range - maximum | 0.90% | |
Expected term in years | 4 years 3 months 0 days | |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Aggregate Weighted Average Grant Date Fair Value | $2.50 | |
Weighted-average fair value estimates at grant date | $6.30 | |
Nonvested share activity [Rollforward] | ||
Beginning balance - shares | 430,900 | |
Stock units granted - shares | 511,600 | |
Cancelled awards - shares | -44,400 | |
Vested - shares | -167,100 | |
Ending balance - shares | 731,000 | |
Weighted-average grant-date fair value [Rollforward] | ||
Beginning Balance - grant-date fair value | $23.19 | |
Stock units granted - grant-date fair value | $26.04 | |
Cancelled awards - grant-date fair value | $23.85 | |
Vested - grant-date fair value | $23.09 | |
Ending Balance - grant-date fair value | $25.17 | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected term in years | 3 years 3 months 0 days | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected term in years | 5 years 3 months 0 days | |
2013 Equity Incentive Plan | ||
Nonvested share activity [Rollforward] | ||
Beginning balance - shares | 0 | |
Stock units granted - shares | 492,400 | |
Cancelled awards - shares | -8,200 | |
Vested - shares | 0 | |
Ending balance - shares | 484,200 | |
Performance Shares [Member] | ||
Nonvested share activity [Rollforward] | ||
Stock units granted - shares | 210,368 | |
Weighted-average grant-date fair value [Rollforward] | ||
Stock units granted - grant-date fair value | $26.22 | |
Market Share Units [Member] | ||
Nonvested share activity [Rollforward] | ||
Stock units granted - shares | 96,175 | |
Weighted-average grant-date fair value [Rollforward] | ||
Stock units granted - grant-date fair value | $26.42 | |
Restricted Stock Units RSU [Member] | ||
Nonvested share activity [Rollforward] | ||
Stock units granted - shares | 185,811 | |
Weighted-average grant-date fair value [Rollforward] | ||
Stock units granted - grant-date fair value | $25.57 | |
2005 Equity Incentive Plan | ||
Nonvested share activity [Rollforward] | ||
Beginning balance - shares | 407,900 | |
Stock units granted - shares | 0 | |
Cancelled awards - shares | -36,200 | |
Vested - shares | -144,100 | |
Ending balance - shares | 227,600 | |
Non-Employee Directors' Equity Plan | ||
Nonvested share activity [Rollforward] | ||
Beginning balance - shares | 23,000 | |
Stock units granted - shares | 19,200 | |
Cancelled awards - shares | 0 | |
Vested - shares | -23,000 | |
Ending balance - shares | 19,200 |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans - Options Activity (Details) (USD $) | 9 Months Ended |
Sep. 30, 2012 | |
Share-based Compensation Plans Optoins Outstanding Exercise Price [Abstract] | |
Options granted - Exercise Price | $22.47 |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Voluntary Contribution to Pension Plan | $0 | |
Value of Shares of Common Stock for Defined Benefit Plan Contribution | $9 |
Capital_Stock_Shares_Used_To_C
Capital Stock - Shares Used To Calculate Earnings (Details) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Basic | 48.7 | 48.5 | 48.6 | 48.4 |
Effect of dilutive stock awards | 0.3 | 0.1 | 0.3 | 0.2 |
Diluted | 49 | 48.6 | 48.9 | 48.6 |
Antidilutive stock options and awards excluded from denominator | 1.2 | 2.2 | 1.7 | 2.5 |
Deferred compensation common stock unit | 0.6 | 0.7 | 0.6 | 1 |
Loss_from_Discontinued_Operati2
Loss from Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Discontinued European Operations [Member] | Discontinued European Operations [Member] | Discontinued European Operations [Member] | Discontinued European Operations [Member] | German CIT Operations [Member] | German CIT Operations [Member] | German CIT Operations [Member] | German CIT Operations [Member] | Poland Divestiture [Member] | Morocco Divestiture [Member] | Morocco Divestiture [Member] | Morocco Divestiture [Member] | Hungary Business [Member] | German Aviation Security Service [Member] | |||||
Discontinued operations [Line Items] | ||||||||||||||||||
Loss from operations before tax | ($3.90) | ($8.60) | ($28.30) | ($20.10) | ||||||||||||||
Loss on sale | -2.9 | 0 | -3.6 | 0 | 0.3 | 0.3 | 0.6 | 0.3 | 2.8 | 0.1 | ||||||||
Adjustments to contingencies of former operations | -0.3 | 0 | 0.9 | 0.1 | ||||||||||||||
Income (loss) from discontinued operations before income taxes | -7.1 | -8.6 | -31 | -20 | ||||||||||||||
Provision (credit) for income taxes | 0.2 | -0.8 | 0.9 | -2.4 | ||||||||||||||
Loss from discontinued operations, net of tax | -7.3 | -7.8 | -31.9 | -17.6 | ||||||||||||||
Revenues - disposal group | 17.4 | 34 | 67.8 | 101.5 | 15.8 | 14.3 | 46.6 | 42.2 | ||||||||||
Losses from operations before tax | 1.3 | 2.5 | 22.9 | 8.3 | ||||||||||||||
Interest expense included in discontinued operations | 0.1 | 0.1 | 0.2 | 0.3 | ||||||||||||||
Termination benefits | $15.90 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Supplemental Cash Flow [Line Items] | ||
Interest | $18.40 | $17.30 |
Income taxes | 68.1 | 73.9 |
Captial lease arrangments | 1.6 | 11.6 |
Value of Shares of Common Stock for Defined Benefit Plan Contribution | $9 |
Other_Operating_Income_Expense
Other Operating Income (Expense) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Other Income and Expenses [Abstract] | ||
Impairment losses | $0 | ($2.60) |
Interest_and_Other_Nonoperatin
Interest and Other Nonoperating Income (Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Interest and other income | $0.30 | $1.50 | $1.20 | $6.30 |
Other_Commitments_and_Continge1
Other Commitments and Contingencies (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating leases residual value guarantee | $10.30 |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (unaudited) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Financial Data [Abstract] | ||||
Revenues | $1,003 | $944.90 | $2,960.40 | $2,811.40 |
Operating profit | 61 | 45.7 | 112.3 | 125.9 |
Amounts Attributable To Brink's Income (Loss) From [Abstract] | ||||
Continuing operations | 31.1 | 21.3 | 47.8 | 78.6 |
Discontinued operations | -7.3 | -7.8 | -31.9 | -17.6 |
Net income attributable to Brink's | 23.8 | 13.5 | 15.9 | 61 |
Depreciation and amortization | 132.6 | 121.4 | ||
Capital expenditures | 124.3 | 117.3 | ||
Diluted: | ||||
Continuing operations | $0.63 | $0.44 | $0.98 | $1.62 |
Discontinued operations | ($0.15) | ($0.16) | ($0.65) | ($0.36) |
Net income (loss) | $0.49 | $0.28 | $0.32 | $1.26 |
Basic: | ||||
Continuing operations | $0.64 | $0.44 | $0.98 | $1.63 |
Discontinued operations | ($0.15) | ($0.16) | ($0.66) | ($0.37) |
Net income (loss) | $0.49 | $0.28 | $0.33 | $1.26 |
Tax benefit Related to a Change in Retiree Healthcare Funding Strategy | $21 |