Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 28, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Entity Registrant Name | 'BRINKS CO | ' | ' |
Entity Central Index Key | '0000078890 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $1,101,142,720 |
Entity Common Stock, Shares Outstanding | ' | 48,573,324 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | ' | $223 | $255.50 |
Accounts receivable, net | ' | 558.2 | 622.2 |
Prepaid expenses and other | ' | 137.2 | 153 |
Deferred income taxes | ' | 60.2 | 72 |
Total current assets | ' | 978.6 | 1,102.70 |
Property and equipment, net | ' | 687.7 | 758.7 |
Goodwill | ' | 229 | 240.2 |
Other Intangibles | ' | 42.9 | 46.3 |
Deferred income taxes | ' | 232.4 | 251.7 |
Other | ' | 97.1 | 98.4 |
Total assets | ' | 2,267.70 | 2,498 |
Current liabilities: | ' | ' | ' |
Short-term borrowings | ' | 59.4 | 80.9 |
Current maturities of long-term debt | ' | 33.8 | 24.6 |
Accounts payable | ' | 162.4 | 185.6 |
Accrued liabilities | ' | 509 | 507.5 |
Total current liabilities | ' | 764.6 | 798.6 |
Long-term debt | ' | 400.7 | 330.5 |
Accrued pension costs | ' | 100.4 | 214.8 |
Retirement benefits other than pensions | ' | 180 | 186 |
Deferred income taxes | ' | 14 | 18 |
Other | ' | 131.8 | 170.6 |
Total liabilities | ' | 1,591.50 | 1,718.50 |
Contingent liabilities (notes 3, 4 and 12) | ' | ' | ' |
The Brink's Company (Brink's) shareholders' equity: | ' | ' | ' |
Common stock | ' | 48.6 | 48.4 |
Capital in excess of par value | ' | 583.5 | 566.4 |
Retained earnings | ' | 645 | 696.4 |
Accumulated other comprehensive loss | ' | -645.1 | -617.3 |
Brink's shareholders | ' | 632 | 693.9 |
Noncontrolling interests | ' | 44.2 | 85.6 |
Total equity | ' | 676.2 | 779.5 |
Total liabilities and equity | ' | $2,267.70 | $2,498 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Income Statement [Abstract] | ' | ' | ' | ' | ||||
Revenues | $913.10 | $982.40 | $2,806.20 | $2,902.80 | ||||
Costs and expenses: | ' | ' | ' | ' | ||||
Cost of revenues | 770.9 | 783.2 | 2,321.10 | 2,368.10 | ||||
Selling, general and administrative expenses | 135.5 | 141.2 | 416 | 418 | ||||
Total costs and expenses | 906.4 | 924.4 | 2,737.10 | 2,786.10 | ||||
Other operating income (expense) | 40.8 | 1.2 | -83.4 | -7.4 | ||||
Operating profit | 47.5 | 59.2 | -14.3 | 109.3 | ||||
Interest expense | -6.6 | -6.5 | -18.3 | -18.3 | ||||
Interest and other income (expense) | 0.4 | 0.3 | 0.7 | 1.2 | ||||
Income from continuing operations before tax | 41.3 | 53 | -31.9 | 92.2 | ||||
Provision (benefit) for income taxes | 23.2 | 15 | 36.9 | 31.1 | ||||
Income (loss) from continuing operations | 18.1 | 38 | -68.8 | 61.1 | ||||
Income (loss) from discontinued operations, net of tax | 1.5 | -6 | 0.7 | -30 | ||||
Net income (loss) | 19.6 | 32 | -68.1 | 31.1 | ||||
Less net income attributable to noncontrolling interests | -0.6 | 8.2 | -31.4 | 15.2 | ||||
Net income (loss) attributable to Brink's | 20.2 | 23.8 | -36.7 | 15.9 | ||||
Amounts attributable to Brink's: | ' | ' | ' | ' | ||||
Continuing operations | 18.7 | 29.8 | -37.4 | 45.9 | ||||
Discontinued operations | 1.5 | -6 | 0.7 | -30 | ||||
Net income (loss) attributable to Brink's | $20.20 | $23.80 | ($36.70) | $15.90 | ||||
Basic: | ' | ' | ' | ' | ||||
Continuing operations | $0.38 | [1] | $0.61 | [1] | ($0.76) | [1] | $0.94 | [1] |
Discontinued operations | $0.03 | [1] | ($0.12) | [1] | $0.01 | [1] | ($0.62) | [1] |
Net income (loss) | $0.41 | [1] | $0.49 | [1] | ($0.75) | [1] | $0.33 | [1] |
Diluted: | ' | ' | ' | ' | ||||
Continuing operations | $0.38 | [1] | $0.61 | [1] | ($0.76) | [1] | $0.94 | [1] |
Discontinued operations | $0.03 | [1] | ($0.12) | [1] | $0.01 | [1] | ($0.61) | [1] |
Net income (loss) | $0.41 | [1] | $0.49 | [1] | ($0.75) | [1] | $0.32 | [1] |
Weighted-average shares | ' | ' | ' | ' | ||||
Basic | 49.1 | [1] | 48.7 | [1] | 49 | [1] | 48.6 | [1] |
Diluted | 49.4 | [1] | 49 | [1] | 49 | [1] | 48.9 | [1] |
Cash dividends paid per common share | $0.10 | [1] | $0.10 | [1] | $0.30 | [1] | $0.30 | [1] |
[1] | Amounts may not add due to rounding |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Income and Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | $19.60 | $32 | ($68.10) | $31.10 |
Benefit plan adjustments: | ' | ' | ' | ' |
Benefit plan experience gains (losses) | 9.4 | 13.6 | 29 | 49 |
Benefit plan prior service (costs) credits | -0.4 | 5.4 | -1.3 | 6.7 |
Deferred profit sharing | -0.1 | 0 | -0.1 | 0 |
Total benefit plan adjustments | 8.9 | 19 | 27.6 | 55.7 |
Foreign currency translation adjustments | -50.4 | 8.2 | -46.3 | -23.9 |
Unrealized gains (losses) on available-for-sale securities | -0.3 | 0.3 | -0.4 | 0.2 |
Gains (losses) on cash flow hedges | -0.1 | 0.3 | -0.1 | 1.1 |
Other comprehensive income (loss), before tax | -41.9 | 27.8 | -19.2 | 33.1 |
Provision (benefit) for income taxes | 3.3 | 6.9 | 10.3 | 19.8 |
Other comprehensive income (loss) | -45.2 | 20.9 | -29.5 | 13.3 |
Comprehensive income (loss) | -25.6 | 52.9 | -97.6 | 44.4 |
Less comprehensive income (loss) attributable to noncontrolling interests | -2.7 | 8.9 | -33.1 | 14.1 |
Comprehensive income (loss) attributable to Brink's | ($22.90) | $44 | ($64.50) | $30.30 |
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, 2013 | $779.50 | $48.40 | $566.40 | $696.40 | ($617.30) | $85.60 |
Balance, Shares at Dec. 31, 2013 | ' | 48.4 | ' | ' | ' | ' |
Net income (loss) | -68.1 | ' | ' | -36.7 | ' | -31.4 |
Other comprehensive income (loss), net of tax | -29.5 | ' | ' | ' | -27.8 | -1.7 |
Dividends: | ' | ' | ' | ' | ' | ' |
Brink's common shareholders ($0.30 per share) | -14.5 | ' | ' | -14.5 | ' | ' |
Noncontrolling interests | -8.7 | ' | ' | ' | ' | -8.7 |
Stock options and awards: | ' | ' | ' | ' | ' | ' |
Compensation expense | 16.2 | ' | 16.2 | ' | ' | ' |
Consideration from exercise of stock options, value | 0.4 | ' | 0.4 | ' | ' | ' |
Reduction in excess tax benefit of stock compensation | -0.6 | ' | -0.6 | ' | ' | ' |
Other share-based benefit programs, value | 1.1 | 0.2 | 1.1 | -0.2 | ' | ' |
Other Share Based Programs Shares | ' | 0.2 | ' | ' | ' | ' |
Capital contributions from noncontrolling interest | 0.4 | ' | ' | ' | ' | 0.4 |
Balance at Sep. 30, 2014 | $676.20 | $48.60 | $583.50 | $645 | ($645.10) | $44.20 |
Balance, Shares at Sep. 30, 2014 | ' | 48.6 | ' | ' | ' | ' |
Parenthetical_Data_To_The_Cons
Parenthetical Data To The Consolidated Statement of Equity (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
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, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income (loss) | ($68.10) | $31.10 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' |
Loss from discontinued operations, net of tax | -0.7 | 30 |
Depreciation and amortization | 127.5 | 126.6 |
Share-based compensation expense | 16.2 | 7.5 |
Deferred income taxes | -10.9 | -26.8 |
Sales of available-for-sale securities | -0.3 | -0.3 |
Sales of property and other assets | -45.5 | -0.7 |
Business acquisitions and dispositions | 0 | -2 |
Impairment losses | 6.8 | 0 |
Retirement benefit funding (more) less than expense: | ' | ' |
Pension | -83.7 | 15.3 |
Other than pension | 2 | 11.5 |
Remeasurement loss due to Venezuela currency devaluation | 121.6 | 13.4 |
Other operating | 4 | 2.7 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ' | ' |
Accounts receivable | -81.7 | -100.9 |
Accounts payable, income taxes payable and accrued liabilities | 77.4 | 38.2 |
Customer obligations | 15.5 | -4.9 |
Prepaid and other current assets | -3.4 | -17.8 |
Other | -5.1 | -14.9 |
Discontinued operations | 0.9 | -3.6 |
Net cash provided (used) by operating activities | 72.5 | 104.4 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -83.8 | -122.2 |
Acquisitions | -4.9 | -18.1 |
Available-for-sale secuirties: | ' | ' |
Sales | 0.7 | 1.2 |
Cash proceeds from sale of property, equipment and investments | 62.6 | 10.8 |
Other | -0.1 | -0.5 |
Discontinued operations | -4.7 | -2.8 |
Net cash used by investing activities | -30.2 | -131.6 |
Cash flows from financing activities: | ' | ' |
Short-term debt | -0.5 | 55.3 |
Long-term revolving credit facilities | 126 | 97.2 |
Borrowings | 6.7 | 4.5 |
Repayments | -73.2 | -20.8 |
Acquisition of noncontrolling interests in subsidiaries | 0 | -18.5 |
Payment of acquisition-related obligation | 0 | -12.8 |
Dividends to: | ' | ' |
Shareholders of Brink's | -14.5 | -14.4 |
Noncontrolling interests in subsidiaries | -8.7 | -4.2 |
Proceeds from exercise of stock options | 0.4 | 3 |
Minimum tax withholdings associated with share-based compensation | -1.2 | -3.3 |
Other | -0.9 | -0.6 |
Discontinued operations | 0 | -2.3 |
Net cash provided (used) by financing activities | 34.1 | 83.1 |
Effect of exchange rate changes on cash | -108.9 | -15.3 |
Cash and cash equivalents: | ' | ' |
Increase (decrease) | -32.5 | 40.6 |
Balance at beginning of period | 255.5 | 201.7 |
Balance at end of period | $223 | $242.30 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2014 | |
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 four geographic operating segments: | |
Latin America | |
Europe, Middle East, and Africa (“EMEA”) | |
North America (U.S. and Canada) | |
Asia Pacific | |
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, 2013. | |
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, costs associated with restructuring activities, 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 (loss). 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 | |
The economy in Venezuela has had significant inflation in the last several years. We consolidate our Venezuelan results using our accounting policy for subsidiaries operating in highly inflationary economies. | |
Since 2003, the Venezuelan government has controlled the exchange of local currency into other currencies, including the U.S. dollar. The Venezuelan government requires that currency exchanges be made at official rates or through auctions controlled by the government. Different exchange processes exist for different industries and purposes. The government does not approve all requests to convert bolivars to other currencies. | |
The government devalued the official rate for essential services in February 2013 from 5.3 to 6.3 bolivars to the dollar. Late in 2013, the government added another official exchange process, known as SICAD, for travel and certain other purposes, made available at government discretion. The published rate for this process in the first nine months of 2014 ranged from 10.0 to 12.0 bolivars to the U.S. dollar. Since the end of the first quarter of 2013, we have only been able to obtain dollars once using the SICAD process. We do not know whether we will be able to access the SICAD process again in the future. | |
On March 24, 2014, the government initiated another exchange mechanism known as SICAD II. Conversions under this mechanism are also subject to specific eligibility requirements. Transactions have been reported to be in a range of 49 to 52 bolivars to the dollar. Through September 30, 2014, we received approval to obtain $1.2 million (weighted average exchange rate of 51) through the SICAD II mechanism. We do not know whether we will be able to access dollars under this new process on a consistent basis in the future. | |
As a result of the restrictions on currency exchange, we have in the past been unable to obtain sufficient U.S. dollars to purchase certain imported supplies and fixed assets to fully operate our business in Venezuela. Consequently, we have occasionally purchased more expensive, bolivar-denominated supplies and fixed assets. Furthermore, there is a risk that the current SICAD II process will be discontinued or not accessible when needed in the future, which may prevent us from obtaining dollars to operate our Venezuelan operations. | |
Remeasurement rates during 2013. Through January 31, 2013, we used an official rate of 5.3 bolivars to the dollar to remeasure our bolivar-denominated monetary assets and liabilities into U.S. dollars and to translate our revenue and expenses. After the devaluation in February 2013, we began to use the 6.3 official exchange rate to remeasure bolivar denominated monetary assets and liabilities and to translate our revenue and expenses. We recognized a $13.4 million net remeasurement loss in the first nine months of 2013 when we changed from the 5.3 to 6.3 exchange rate. The after-tax effect of these losses attributable to noncontrolling interests was $4.7 million in the first nine months of 2013. | |
Remeasurement rates during 2014. Through March 23, 2014, we used the official rate of 6.3 bolivars to the dollar to remeasure our bolivar denominated monetary assets and liabilities into U.S. dollars and to translate our revenue and expenses. Effective March 24, 2014, we began to use the exchange rate published for the SICAD II process to remeasure bolivar denominated monetary assets and liabilities and to translate our revenue and expenses. We recognized a $121.6 million net remeasurement loss in the first nine months of 2014 when we changed from the official rate of 6.3 to SICAD II exchange rate, which has averaged approximately 50 since opening on March 24, 2014. Transaction gains and losses since March 31, 2014 have not been significant. At September 30, 2014, the rate was approximately 50. The after-tax effect of these losses attributable to noncontrolling interests was $39.7 million in the first nine months of 2014. | |
Remeasuring our Venezuelan results using the SICAD II rate has had the following effects on our reported results: | |
Brink’s Venezuela has become a less-significant component of Brink’s consolidated revenue and operating profit. | |
Our investment in our Venezuelan operations on an equity-method basis has declined. Our investment was $125.3 million at December 31, 2013, and was $60.6 million at September 30, 2014. | |
Our bolivar-denominated net monetary assets included in our consolidated balance sheets has declined. Our bolivar-denominated net monetary assets were $120.4 million (including $93.8 million of cash and cash equivalents) at December 31, 2013, and were $22.8 million (including $17.6 million of cash and cash equivalents) at September 30, 2014. | |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment information | ' | ||||||||||||
Note 2 – Segment information | |||||||||||||
We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. Our CODM is our President, and Chief Executive Officer. Our CODM evaluates performance and allocates resources based on operating profit or loss for the geographic components of Brink’s, excluding non-segment expenses. | |||||||||||||
We have four geographic operating segments: Latin America; Europe, Middle East and Africa (“EMEA”); North America and Asia Pacific. These four operating segments are also our reportable segments. | |||||||||||||
We currently serve customers in more than 100 countries, including approximately 43 countries where we operate subsidiaries. | |||||||||||||
The primary services of the reportable segments include: | |||||||||||||
Cash-in-Transit (“CIT”) Services – armored vehicle transportation of valuables | |||||||||||||
ATM Services – replenishing and maintaining customers’ automated teller machines; providing network infrastructure services | |||||||||||||
Global Services – secure international transportation of valuables | |||||||||||||
Cash Management Services | |||||||||||||
Currency and coin counting and sorting; deposit preparation and reconciliations; other cash management services | |||||||||||||
Safe and safe control device installation and servicing (including our patented CompuSafe® service) | |||||||||||||
Check and cash processing services for banking customers (“Virtual Vault Services”) | |||||||||||||
Check imaging services for banking customers | |||||||||||||
Payment Services – bill payment and processing services on behalf of utility companies and other billers at any of our Brink’s or Brink’s operated payment locations in Latin America; Brink’s Money™ prepaid payroll cards; Brink’s Checkout™ e-commerce online payment services | |||||||||||||
Security and Guarding Services – protection of airports, offices, and certain other locations in Europe with or without electronic surveillance, access control, fire prevention and highly trained patrolling personnel | |||||||||||||
Three Months | Nine Months | ||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||||
Latin America | $ | 343.2 | 423.8 | 1,118.10 | 1,250.30 | ||||||||
EMEA | 303.5 | 301.2 | 904.4 | 872.4 | |||||||||
North America | 227.9 | 222.5 | 673.7 | 672 | |||||||||
Asia Pacific | 38.5 | 34.9 | 110 | 108.1 | |||||||||
Revenues | $ | 913.1 | 982.4 | 2,806.20 | 2,902.80 | ||||||||
Three Months | Nine Months | ||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||
Operating profit (loss): | |||||||||||||
Latin America | $ | -5.1 | 42.8 | -81.4 | 90.6 | ||||||||
EMEA | 15.6 | 32.1 | 47.7 | 59.4 | |||||||||
North America | 1.5 | 0.2 | 8.3 | 4.5 | |||||||||
Asia Pacific | 5 | 4.8 | 14 | 14.1 | |||||||||
Segment operating profit (loss) | 17 | 79.9 | -11.4 | 168.6 | |||||||||
Non-segment | 30.5 | -20.7 | -2.9 | -59.3 | |||||||||
Operating profit (loss) | $ | 47.5 | 59.2 | -14.3 | 109.3 |
Retirement_Benefits
Retirement Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||
Three months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | 3.1 | 3.7 | 3.1 | 3.7 | |||||||||
Interest cost on projected benefit obligation | 11.3 | 10.6 | 4.5 | 4.7 | 15.8 | 15.3 | ||||||||||
Return on assets – expected | -16.2 | -14.2 | -3.7 | -3.2 | -19.9 | -17.4 | ||||||||||
Amortization of losses | 7 | 11.2 | 0.6 | 1.5 | 7.6 | 12.7 | ||||||||||
Amortization of prior service (credit) cost | - | - | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||
Settlement loss | - | - | 2.4 | 0.8 | 2.4 | 0.8 | ||||||||||
Net periodic pension cost | $ | 2.1 | 7.6 | 7.1 | 7.7 | 9.2 | 15.3 | |||||||||
Nine months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | 9.8 | 11.1 | 9.8 | 11.1 | |||||||||
Interest cost on projected benefit obligation | 34 | 31.7 | 14.9 | 14.3 | 48.9 | 46 | ||||||||||
Return on assets – expected | -47.8 | -42.7 | -11.3 | -9.6 | -59.1 | -52.3 | ||||||||||
Amortization of losses | 21.2 | 33.9 | 1.7 | 4.6 | 22.9 | 38.5 | ||||||||||
Amortization of prior service cost | - | - | 0.6 | 0.7 | 0.6 | 0.7 | ||||||||||
Settlement loss | - | - | 4.2 | 1.6 | 4.2 | 1.6 | ||||||||||
Net periodic pension cost | $ | 7.4 | 22.9 | 19.9 | 22.7 | 27.3 | 45.6 | |||||||||
In the first nine months of 2014, we made $87.2 million in cash contributions to our primary U.S. pension plan. | ||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||
Three months ended September 30, | ||||||||||||||||
Interest cost on accumulated postretirement benefit obligations | $ | 4.4 | 4.9 | 0.6 | 0.5 | 5 | 5.4 | |||||||||
Return on assets – expected | -5.6 | -5.2 | - | - | -5.6 | -5.2 | ||||||||||
Amortization of losses | 2.9 | 4.9 | 0.2 | 0.2 | 3.1 | 5.1 | ||||||||||
Amortization of prior service (credit) cost | -1.2 | - | 0.4 | 0.5 | -0.8 | 0.5 | ||||||||||
Net periodic postretirement cost | $ | 0.5 | 4.6 | 1.2 | 1.2 | 1.7 | 5.8 | |||||||||
Nine months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | 0.1 | 0.2 | 0.1 | 0.2 | |||||||||
Interest cost on accumulated postretirement benefit obligations | 13.6 | 14.8 | 1.6 | 1.5 | 15.2 | 16.3 | ||||||||||
Return on assets – expected | -16.8 | -15.6 | - | - | -16.8 | -15.6 | ||||||||||
Amortization of losses | 9.5 | 14.7 | 0.5 | 0.5 | 10 | 15.2 | ||||||||||
Amortization of prior service (credit) cost | -3.5 | - | 1.3 | 1.3 | -2.2 | 1.3 | ||||||||||
Net periodic postretirement cost | $ | 2.8 | 13.9 | 3.5 | 3.5 | 6.3 | 17.4 |
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||
Income taxes | ' | ||||||||||||||
Note 4 – Income taxes | |||||||||||||||
Three Months | Nine Months | ||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Continuing operations | |||||||||||||||
Provision (benefit) for income taxes | $ | 23.2 | 15 | 36.9 | 31.1 | ||||||||||
Effective tax rate | 56.2 | % | 28.3 | % | -115.7 | % | 33.7 | % | |||||||
2014 Compared to U.S. Statutory Rate | |||||||||||||||
The effective income tax rate on continuing operations in the first nine months of 2014 was negative and less than the 35% U.S. statutory tax rate primarily due to the significant nondeductible expenses resulting from the currency devaluation in Venezuela in the first quarter. These nondeductible expenses caused our earnings before tax in the period to be negative. | |||||||||||||||
Excluding the Venezuela nondeductible expenses, our effective tax rate on continuing operations in the first nine months is 44%. The rate is higher than 35% primarily due to third-quarter tax expense for a divestiture of an equity-method investment in Peru and the realization of tax benefit for only a portion of the restructuring charges of the Netherlands operations, combined with higher tax expense resulting from cross border payments, nondeductible expenses in Mexico and the characterization of a French business tax as an income tax, partially offset by lower taxes resulting from the geographical mix of earnings. | |||||||||||||||
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 cross border payments, and the characterization of a French business tax as an income tax. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ' | |||||||||||||
Disclosure Of Reclassification Amount [Text Block] | ' | |||||||||||||
Note 5 – Accumulated other comprehensive income (loss) | ||||||||||||||
Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings, was as follows: | ||||||||||||||
Amounts Arising During | Amounts Reclassified to | |||||||||||||
the Current Period | Net Income (Loss) | |||||||||||||
Total Other | ||||||||||||||
Income | Income | Comprehensive | ||||||||||||
(In millions) | Pretax | Tax | Pretax | Tax | Income (Loss) | |||||||||
Three months ended September 30, 2014 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -3.6 | 0.5 | 12.4 | -3.8 | 5.5 | ||||||||
Foreign currency translation adjustments | -48.1 | - | -0.1 | - | -48.2 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.1 | -0.1 | -0.4 | 0.1 | -0.3 | |||||||||
Gains (losses) on cash flow hedges | 1.4 | - | -1.5 | - | -0.1 | |||||||||
-50.2 | 0.4 | 10.4 | -3.7 | -43.1 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | - | - | 0.1 | - | 0.1 | |||||||||
Foreign currency translation adjustments | -2.2 | - | - | - | -2.2 | |||||||||
-2.2 | - | 0.1 | - | -2.1 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -3.6 | 0.5 | 12.5 | -3.8 | 5.6 | |||||||||
Foreign currency translation adjustments(b) | -50.3 | - | -0.1 | - | -50.4 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.1 | -0.1 | -0.4 | 0.1 | -0.3 | |||||||||
Gains (losses) on cash flow hedges(d) | 1.4 | - | -1.5 | - | -0.1 | |||||||||
$ | -52.4 | 0.4 | 10.5 | -3.7 | -45.2 | |||||||||
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 | |||||||||
Amounts Arising During | Amounts Reclassified to | |||||||||||||
the Current Period | Net Income (Loss) | |||||||||||||
Total Other | ||||||||||||||
Income | Income | Comprehensive | ||||||||||||
(In millions) | Pretax | Tax | Pretax | Tax | Income (Loss) | |||||||||
Nine months ended September 30, 2014 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -7.9 | 1.3 | 35.2 | -11.6 | 17 | ||||||||
Foreign currency translation adjustments | -44.1 | - | -0.3 | - | -44.4 | |||||||||
Unrealized gains (losses) on available-for-sale securities | -0.1 | - | -0.3 | 0.1 | -0.3 | |||||||||
Gains (losses) on cash flow hedges | -0.3 | - | 0.2 | - | -0.1 | |||||||||
-52.4 | 1.3 | 34.8 | -11.5 | -27.8 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | - | - | 0.3 | -0.1 | 0.2 | |||||||||
Foreign currency translation adjustments | -1.9 | - | - | - | -1.9 | |||||||||
-1.9 | - | 0.3 | -0.1 | -1.7 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -7.9 | 1.3 | 35.5 | -11.7 | 17.2 | |||||||||
Foreign currency translation adjustments(b) | -46 | - | -0.3 | - | -46.3 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | -0.1 | - | -0.3 | 0.1 | -0.3 | |||||||||
Gains (losses) on cash flow hedges(d) | -0.3 | - | 0.2 | - | -0.1 | |||||||||
$ | -54.3 | 1.3 | 35.1 | -11.6 | -29.5 | |||||||||
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 | |||||||||
The amortization of prior experience losses and prior service cost and settlement costs are part of total net periodic retirement benefit cost when reclassified to net income. Net periodic retirement benefit cost also includes service costs, interest costs, and expected returns on assets. 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, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Total net periodic retirement benefit cost included in: | ||||||||||||||
Cost of revenues | $ | 8.8 | 16.8 | 26.7 | 50 | |||||||||
Selling, general and administrative expenses | 2.1 | 4.3 | 6.9 | 13 | ||||||||||
Pretax foreign currency translation adjustments reclassified to the income statement relate to the disposition of entities and are included in the gain (loss) on disposition. | ||||||||||||||
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 ($1.8 million in the three months and $0.6 million in the nine months ended September 30, 2014), and | ||||||||||||||
interest and other expense ($0.3 million in the three months and $0.8 million in the nine months ended September 30, 2014). | ||||||||||||||
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, 2013 | $ | -478 | -141.5 | 1.6 | 0.6 | -617.3 | ||||||||
Other comprehensive income (loss) before reclassifications | -6.6 | -44.1 | -0.1 | -0.3 | -51.1 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 23.6 | -0.3 | -0.2 | 0.2 | 23.3 | |||||||||
Other comprehensive income (loss) attributable to Brink's | 17 | -44.4 | -0.3 | -0.1 | -27.8 | |||||||||
Balance as of September 30, 2014 | $ | -461 | -185.9 | 1.3 | 0.5 | -645.1 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Fair value of financial instruments [Abstract] | ' | |||||||
Fair value of financial instruments | ' | |||||||
Note 6 – 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 2013 Form 10-K. | ||||||||
Fixed-Rate Debt | ||||||||
The fair value and carrying value of our fixed-rate debts are as follows: | ||||||||
September 30, | December 31, | |||||||
(In millions) | 2014 | 2013 | ||||||
DTA bonds | ||||||||
Carrying value(a) | $ | - | 43.2 | |||||
Fair value | - | 42.8 | ||||||
Unsecured notes issued in a private placement | ||||||||
Carrying value | 100 | 100 | ||||||
Fair value | 105.4 | 105.8 | ||||||
On September 15, 2014, all outstanding DTA bonds were redeemed for an aggregate redemption price that included 100% of the $43.2 million outstanding principal amount of the bonds, plus all accrued unpaid interest through the redemption date. | ||||||||
The fair value estimate of our obligation related to the Dominion Terminal Associates (“DTA”) bonds at December 31, 2013, was based on price information observed in a less-active market, which we 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 2014. | ||||||||
Other Financial Instruments | ||||||||
Other financial instruments include cash and cash equivalents, accounts receivable, floating rate debt, accounts payable and accrued liabilities. The financial statement carrying amounts of these items approximate the fair value. | ||||||||
We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies. 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, 2014, were not significant. At September 30, 2014, the fair value of the cross-currency swap was an asset of $4.3 million. There were no transfers in or out of any of the levels of the valuation hierarchy in the first nine months of 2014. |
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Share-based compensation plans [Abstract] | ' | |||||||||||||
Share-based compensation plans | ' | |||||||||||||
Note 7 – 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”) and the 2013 Equity Incentive Plan (the “2013 Plan”) permit grants of restricted stock, restricted stock units, performance stock, performance units, stock appreciation rights, stock options, as well as other share-based awards to eligible employees. The 2013 Plan also permits cash awards to eligible employees. The 2005 Plan was replaced by the 2013 Equity Incentive Plan effective in February 2013. No further grants of awards will be made under the 2005 Plan. | ||||||||||||||
Directors are eligible for share-based awards through the Non-Employee Directors’ Equity Plan (the “Directors’ Plan”). To date, we have granted only deferred stock units under the Directors’ Plan. There are also outstanding stock options granted to directors under a prior plan, the Non-Employee Directors’ Stock Option Plan (the “Prior Directors’ Plan”). | ||||||||||||||
At September 30, 2014, outstanding awards under these plans include performance share units (“PSUs”), market share units (“MSUs”), restricted stock units (“RSUs”), deferred stock units (“DSUs”) and stock options (“NQSOs”). | ||||||||||||||
We have a compensation recoupment policy that requires the return of compensation to the Company under certain circumstances. In the second quarter of 2014, we concluded that employees and the Company did not have a mutual understanding of the terms and conditions of equity awards subject to the policy because the policy provided the Company with discretion as to how the policy could be applied. As a result, we concluded that there was not a grant date for the awards for accounting purposes as described in ASC Topic 718 Stock Compensation. We recognized $4.2 million of expense during the second quarter of 2014 ($3.4 million net of tax) for the cumulative effect of this accounting error. Prior periods were not materially affected. We modified our recoupment policy in July 2014 to establish a grant date for accounting purposes. | ||||||||||||||
Number of shares | ||||||||||||||
(in thousands of shares) | PSUs | MSUs | RSUs | DSUs | NQSOs | |||||||||
Balance as of December 31, 2013 | 199.3 | 96.2 | 396.4 | 19.2 | 1,475.00 | |||||||||
Granted | 189.3 | 82.9 | 139.1 | 28.3 | - | |||||||||
Cancelled awards | -3.8 | - | -6.8 | - | -610 | |||||||||
Vested | - | - | -146.5 | -19.2 | - | |||||||||
Exercised | - | - | - | - | -18 | |||||||||
Balance as of September 30, 2014(a) | 384.8 | 179.1 | 382.2 | 28.3 | 847 | |||||||||
Weighted average grant date fair value | $ | 24.06 | 25.47 | 26.46 | 24.7 | 5.83 | ||||||||
For PSUs, MSUs, RSUs and DSUs, represents unvested awards. For NQSOs, represents outstanding vested and unvested awards. | ||||||||||||||
Shares_Used_to_Calculate_Earni
Shares Used to Calculate Earnings Per Share | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Notes to Financial Statements [Abstract] | ' | ||||||||||
Capital stock | ' | ||||||||||
Note 8 – Shares used to calculate earnings per share | |||||||||||
Three Months | Nine Months | ||||||||||
Ended September 30, | Ended September 30, | ||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||
Weighted-average shares: | |||||||||||
Basic(a) | 49.1 | 48.7 | 49 | 48.6 | |||||||
Effect of dilutive stock options and awards | 0.3 | 0.3 | - | 0.3 | |||||||
Diluted | 49.4 | 49 | 49 | 48.9 | |||||||
Antidilutive stock options and awards excluded from denominator | 0.5 | 1.2 | 1.9 | 1.7 | |||||||
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, 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 0.5 million in the three months and 0.5 million in the nine months ended September 30, 2014, and 0.6 million in the three months and 0.6 million in the nine months ended September 30, 2013. | |||||||||||
Loss_from_Discontinued_Operati
Loss from Discontinued Operations | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Income from discontinued operations [Text Block] | ' | |||||||||||
Note 9 – Loss from discontinued operations | ||||||||||||
Three Months | Nine Months | |||||||||||
Ended September 30, | Ended September 30, | |||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | ||||||||
Loss from operations(a)(b) | $ | - | -2.1 | - | -25.5 | |||||||
Loss on sale(a) | - | -2.9 | - | -3.6 | ||||||||
Adjustments to contingencies of former operations | -0.1 | -0.3 | -0.1 | 0.9 | ||||||||
Income (loss) from discontinued operations before income taxes | -0.1 | -5.3 | -0.1 | -28.2 | ||||||||
Provision (benefit) for income taxes | -1.6 | 0.7 | -0.8 | 1.8 | ||||||||
Income (loss) from discontinued operations, net of tax | $ | 1.5 | -6 | 0.7 | -30 | |||||||
Discontinued operations include gains and losses related to businesses that Brink’s sold or shut down in 2013. Interest expense included in discontinued operations was $0.1 million in the three months and $0.4 million in the nine months ended September 30, 2013. | ||||||||||||
The loss from operations in the nine months ended September 30, 2013, included $15.9 million of severance expenses for terminating certain employees of the German cash-in-transit operations. We contributed a portion of the cost to fund the severance payments to the business prior to the execution of the December 2013 sale transaction. | ||||||||||||
Cash-in-transit operations sold or shut down: | ||||||||||||
Poland (sold in March 2013) | ||||||||||||
Turkey (shut down in June 2013) | ||||||||||||
Hungary (sold in September 2013) | ||||||||||||
Germany (sold in December 2013) | ||||||||||||
Guarding operations sold: | ||||||||||||
France (January 2013) | ||||||||||||
Germany (July 2013) | ||||||||||||
Other operations sold: | ||||||||||||
We sold Threshold Financial Technologies, Inc. in Canada in November 2013. Threshold operated private-label ATM network and payment processing businesses. Brink’s continues to own and operate Brink’s Integrated Managed Services for ATM customers. | ||||||||||||
We sold ICD Limited and other affiliated subsidiaries in November 2013. ICD designed and installed security systems for commercial customers and had operations in China and other locations in Asia. | ||||||||||||
The results of the above disposed operations have been excluded from continuing operations and are reported as discontinued operations for the 2013 periods presented. | ||||||||||||
The table below shows the 2013 revenues by business segment which have been reclassified to discontinued operations: | ||||||||||||
Three Months | Nine Months | |||||||||||
Ended September 30, | Ended September 30, | |||||||||||
(In millions) | 2013 | 2013 | ||||||||||
EMEA | $ | 17.5 | 67.8 | |||||||||
North America | 12 | 36.9 | ||||||||||
Asia Pacific | 8.6 | 20.8 | ||||||||||
Total | $ | 38.1 | 125.5 |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Supplemental cash flow information | ' | |||||||
Note 10 – Supplemental cash flow information | ||||||||
Nine Months | ||||||||
Ended September 30, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Cash paid for: | ||||||||
Interest | $ | 19.3 | 18.4 | |||||
Income taxes | 53.6 | 68.1 | ||||||
Non-cash Investing and Financing Activities | ||||||||
We acquired $5.9 million of armored vehicles and point of sale equipment under capital lease arrangements in the first nine months of 2014, as compared to $1.6 million of armored vehicles in the first nine months of 2013. |
Cost_Associated_With_Restructu
Cost Associated With Restructuring Activities | 9 Months Ended |
Sep. 30, 2014 | |
Restructuring and Related Activities [Abstract] | ' |
Restructuring and Related Activities Disclosure [Text Block] | ' |
Note 11 – Costs associated with restructuring activities | |
We were recently notified by a significant customer of our Brink’s Netherlands business that it expects to terminate its contract for our Cash Management Services as of June 30, 2015. As a result, we plan to restructure our Netherlands operations during 2015. Restructuring activities are expected to include closure of up to three leased facilities, disposing of certain armored trucks and other assets, and reducing the workforce by approximately 600 employees. | |
Revenues from this customer were €49 million ($63 million) during the first nine months of 2014 and are expected to be €30 million ($37 million using exchange rates as of the end of September) in the first half of 2015. Revenues from the customer are projected to be less than $5 million in 2016. Revenues, profits and losses, including the restructuring charges described below, of our Netherlands business are included in the EMEA operating segment. | |
Estimated severance and other employee benefit costs. We currently estimate severance and other employee benefit costs could range up to $16 million (using exchange rates as of the end of September). The actual amount will depend on the number of employees that receive severance and the calculation of each employee’s severance. We recognized our best estimate of severance and other employee benefit costs as a charge of $10.5 million in the third quarter of 2014. The loss is included in Cost of revenues in our consolidated statements of income (loss) for the quarter and will be adjusted in future quarters. | |
We expect to begin negotiating with employee representatives in November the key terms of individual employee severance payments. The key terms include the number of years of service, monthly wages per employee and a multiplying factor. We have estimated the number of employees that will be paid severance during 2015. Our estimate has been adjusted for a projected number of employees that will not receive severance payments because they will transfer to the successor business during 2015, terminate voluntarily prior to June 2015, or elect to receive early retirement benefits instead of severance payments. | |
Fixed asset impairment. We recognized an impairment charge of $5.1 million during the third quarter of 2014, which reduced the fixed assets owned by the Netherlands subsidiary from a net book value of $13.7 million to $8.6 million. The impairment charge is reported in Other operating income (expense) in our consolidated statements of income (loss). Fair value was determined by the market approach, which is a valuation technique that uses prices and other relevant information generated by market transactions involving identical or comparable assets, assuming the highest and best use for the asset. | |
Lease termination costs for branch facilities. We have not yet recognized any termination costs related to leases of facilities that we expect to close. These costs will be recognized during the period the leased facilities are substantially vacated. The contractual amount of lease termination costs projected to be owed if the facilities are closed during July 2015 is approximately $1 million. |
Contingent_Matters
Contingent Matters | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 12 – Contingent matters | |
On June 19, 2008, a lawsuit captioned Del Valle Gurria S.C. v. Servicio Pan Americano de Protección, S.A. de C.V. was filed with the Twenty-third Civil Judge in the Federal District in Mexico (the “Court”) against Servicio Pan American de Proteccion, S.A. de C.V. (SERPAPROSA), the Mexico subsidiary that we acquired in November 2010. The plaintiff claims it is owed legal fees and corresponding value-added tax (VAT), interest and expenses related to its legal representation of SERPAPROSA in connection with tax audits conducted to the 1991, 1992 and 1994 fiscal years. On October 28, 2010, the Court issued a decision in favor of SERPAPROSA in part and the plaintiff in part, ordering SERPAPROSA to pay the plaintiff $0.4 million for its previous representation of SERPAPROSA. Between November 2010 and October 2013, the judgment was subject to multiple appeals by both parties to the Fifth Civil Court of Appeal of the Federal District in Mexico (the “Fifth Civil Court of Appeal”) and to the First Civil Collegiate Tribunal of the First Circuit in Mexico (the “First Civil Collegiate Tribunal”), and was remanded twice to the Court for determination of the fees to be paid to the plaintiff. On December 6, 2013, the Fifth Civil Court of Appeal issued a decision in favor of the plaintiff, modifying the lower court’s ruling and ordering SERPAPROSA to pay the plaintiff $7.4 million plus VAT and interest for its previous representation of SERPAPROSA. SERPAPROSA filed a constitutional injunction on January 20, 2014, with the First Civil Collegiate Tribunal. The appeal was granted in favor of SERPAPROSA on September 17, 2014, ordering SERPAPROSA to pay $1.8 million plus VAT and interest. The plaintiff filed an appeal on October 7, 2014, with the Mexico Supreme Court, which was rejected by the court on October 22, 2014; however, the plaintiff may continue to assert appeals. The Company has accrued $1.8 million, reflecting the Company’s best estimate of exposure, although additional reasonably possible losses could be up to $10 million, based on currency exchange rates at September 30, 2014. The ultimate resolution of this matter is unknown and the estimated liability may change in the future. The Company denies the allegations asserted by the plaintiff and is vigorously defending itself in this matter. | |
In addition, we are involved in various other lawsuits and claims in the ordinary course of business. We are not able to estimate the loss or range of losses for some of these matters. We have recorded accruals for losses that are considered probable and reasonably estimable. Except as otherwise noted, we do not believe that the ultimate disposition of any of the lawsuits currently pending against the Company should have a material adverse effect on our liquidity, financial position or results of operations. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Revenue From Segments To Consolidated [Table Text Block] | ' | ||||||||||||
Three Months | Nine Months | ||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||
Revenues: | |||||||||||||
Latin America | $ | 343.2 | 423.8 | 1,118.10 | 1,250.30 | ||||||||
EMEA | 303.5 | 301.2 | 904.4 | 872.4 | |||||||||
North America | 227.9 | 222.5 | 673.7 | 672 | |||||||||
Asia Pacific | 38.5 | 34.9 | 110 | 108.1 | |||||||||
Revenues | $ | 913.1 | 982.4 | 2,806.20 | 2,902.80 | ||||||||
Operating Profit Loss From Segments To Consolidated [Table Text Block] | ' | ||||||||||||
Three Months | Nine Months | ||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | |||||||||
Operating profit (loss): | |||||||||||||
Latin America | $ | -5.1 | 42.8 | -81.4 | 90.6 | ||||||||
EMEA | 15.6 | 32.1 | 47.7 | 59.4 | |||||||||
North America | 1.5 | 0.2 | 8.3 | 4.5 | |||||||||
Asia Pacific | 5 | 4.8 | 14 | 14.1 | |||||||||
Segment operating profit (loss) | 17 | 79.9 | -11.4 | 168.6 | |||||||||
Non-segment | 30.5 | -20.7 | -2.9 | -59.3 | |||||||||
Operating profit (loss) | $ | 47.5 | 59.2 | -14.3 | 109.3 |
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||
Three months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | 3.1 | 3.7 | 3.1 | 3.7 | |||||||||
Interest cost on projected benefit obligation | 11.3 | 10.6 | 4.5 | 4.7 | 15.8 | 15.3 | ||||||||||
Return on assets – expected | -16.2 | -14.2 | -3.7 | -3.2 | -19.9 | -17.4 | ||||||||||
Amortization of losses | 7 | 11.2 | 0.6 | 1.5 | 7.6 | 12.7 | ||||||||||
Amortization of prior service (credit) cost | - | - | 0.2 | 0.2 | 0.2 | 0.2 | ||||||||||
Settlement loss | - | - | 2.4 | 0.8 | 2.4 | 0.8 | ||||||||||
Net periodic pension cost | $ | 2.1 | 7.6 | 7.1 | 7.7 | 9.2 | 15.3 | |||||||||
Nine months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | 9.8 | 11.1 | 9.8 | 11.1 | |||||||||
Interest cost on projected benefit obligation | 34 | 31.7 | 14.9 | 14.3 | 48.9 | 46 | ||||||||||
Return on assets – expected | -47.8 | -42.7 | -11.3 | -9.6 | -59.1 | -52.3 | ||||||||||
Amortization of losses | 21.2 | 33.9 | 1.7 | 4.6 | 22.9 | 38.5 | ||||||||||
Amortization of prior service cost | - | - | 0.6 | 0.7 | 0.6 | 0.7 | ||||||||||
Settlement loss | - | - | 4.2 | 1.6 | 4.2 | 1.6 | ||||||||||
Net periodic pension cost | $ | 7.4 | 22.9 | 19.9 | 22.7 | 27.3 | 45.6 | |||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | ' | |||||||||||||||
UMWA Plans | Black Lung and Other Plans | Total | ||||||||||||||
(In millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||
Three months ended September 30, | ||||||||||||||||
Interest cost on accumulated postretirement benefit obligations | $ | 4.4 | 4.9 | 0.6 | 0.5 | 5 | 5.4 | |||||||||
Return on assets – expected | -5.6 | -5.2 | - | - | -5.6 | -5.2 | ||||||||||
Amortization of losses | 2.9 | 4.9 | 0.2 | 0.2 | 3.1 | 5.1 | ||||||||||
Amortization of prior service (credit) cost | -1.2 | - | 0.4 | 0.5 | -0.8 | 0.5 | ||||||||||
Net periodic postretirement cost | $ | 0.5 | 4.6 | 1.2 | 1.2 | 1.7 | 5.8 | |||||||||
Nine months ended September 30, | ||||||||||||||||
Service cost | $ | - | - | 0.1 | 0.2 | 0.1 | 0.2 | |||||||||
Interest cost on accumulated postretirement benefit obligations | 13.6 | 14.8 | 1.6 | 1.5 | 15.2 | 16.3 | ||||||||||
Return on assets – expected | -16.8 | -15.6 | - | - | -16.8 | -15.6 | ||||||||||
Amortization of losses | 9.5 | 14.7 | 0.5 | 0.5 | 10 | 15.2 | ||||||||||
Amortization of prior service (credit) cost | -3.5 | - | 1.3 | 1.3 | -2.2 | 1.3 | ||||||||||
Net periodic postretirement cost | $ | 2.8 | 13.9 | 3.5 | 3.5 | 6.3 | 17.4 |
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Continuing operations | |||||||||||||||
Provision (benefit) for income taxes | $ | 23.2 | 15 | 36.9 | 31.1 | ||||||||||
Effective tax rate | 56.2 | % | 28.3 | % | -115.7 | % | 33.7 | % |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ' | |||||||||||||
Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||
Amounts Arising During | Amounts Reclassified to | |||||||||||||
the Current Period | Net Income (Loss) | |||||||||||||
Total Other | ||||||||||||||
Income | Income | Comprehensive | ||||||||||||
(In millions) | Pretax | Tax | Pretax | Tax | Income (Loss) | |||||||||
Three months ended September 30, 2014 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -3.6 | 0.5 | 12.4 | -3.8 | 5.5 | ||||||||
Foreign currency translation adjustments | -48.1 | - | -0.1 | - | -48.2 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.1 | -0.1 | -0.4 | 0.1 | -0.3 | |||||||||
Gains (losses) on cash flow hedges | 1.4 | - | -1.5 | - | -0.1 | |||||||||
-50.2 | 0.4 | 10.4 | -3.7 | -43.1 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | - | - | 0.1 | - | 0.1 | |||||||||
Foreign currency translation adjustments | -2.2 | - | - | - | -2.2 | |||||||||
-2.2 | - | 0.1 | - | -2.1 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -3.6 | 0.5 | 12.5 | -3.8 | 5.6 | |||||||||
Foreign currency translation adjustments(b) | -50.3 | - | -0.1 | - | -50.4 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.1 | -0.1 | -0.4 | 0.1 | -0.3 | |||||||||
Gains (losses) on cash flow hedges(d) | 1.4 | - | -1.5 | - | -0.1 | |||||||||
$ | -52.4 | 0.4 | 10.5 | -3.7 | -45.2 | |||||||||
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 | |||||||||
Amounts Arising During | Amounts Reclassified to | |||||||||||||
the Current Period | Net Income (Loss) | |||||||||||||
Total Other | ||||||||||||||
Income | Income | Comprehensive | ||||||||||||
(In millions) | Pretax | Tax | Pretax | Tax | Income (Loss) | |||||||||
Nine months ended September 30, 2014 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -7.9 | 1.3 | 35.2 | -11.6 | 17 | ||||||||
Foreign currency translation adjustments | -44.1 | - | -0.3 | - | -44.4 | |||||||||
Unrealized gains (losses) on available-for-sale securities | -0.1 | - | -0.3 | 0.1 | -0.3 | |||||||||
Gains (losses) on cash flow hedges | -0.3 | - | 0.2 | - | -0.1 | |||||||||
-52.4 | 1.3 | 34.8 | -11.5 | -27.8 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | - | - | 0.3 | -0.1 | 0.2 | |||||||||
Foreign currency translation adjustments | -1.9 | - | - | - | -1.9 | |||||||||
-1.9 | - | 0.3 | -0.1 | -1.7 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -7.9 | 1.3 | 35.5 | -11.7 | 17.2 | |||||||||
Foreign currency translation adjustments(b) | -46 | - | -0.3 | - | -46.3 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | -0.1 | - | -0.3 | 0.1 | -0.3 | |||||||||
Gains (losses) on cash flow hedges(d) | -0.3 | - | 0.2 | - | -0.1 | |||||||||
$ | -54.3 | 1.3 | 35.1 | -11.6 | -29.5 | |||||||||
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 | |||||||||
The amortization of prior experience losses and prior service cost and settlement costs are part of total net periodic retirement benefit cost when reclassified to net income. Net periodic retirement benefit cost also includes service costs, interest costs, and expected returns on assets. The total pretax expense is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis: | ||||||||||||||
Pretax foreign currency translation adjustments reclassified to the income statement relate to the disposition of entities and are included in the gain (loss) on disposition. | ||||||||||||||
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 ($1.8 million in the three months and $0.6 million in the nine months ended September 30, 2014), and | ||||||||||||||
interest and other expense ($0.3 million in the three months and $0.8 million in the nine months ended September 30, 2014). | ||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||||
Three Months | Nine Months | |||||||||||||
Ended September 30, | Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Total net periodic retirement benefit cost included in: | ||||||||||||||
Cost of revenues | $ | 8.8 | 16.8 | 26.7 | 50 | |||||||||
Selling, general and administrative expenses | 2.1 | 4.3 | 6.9 | 13 | ||||||||||
Changes in Accumulated Postemployment Benefit Obligations | ' | |||||||||||||
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, 2013 | $ | -478 | -141.5 | 1.6 | 0.6 | -617.3 | ||||||||
Other comprehensive income (loss) before reclassifications | -6.6 | -44.1 | -0.1 | -0.3 | -51.1 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 23.6 | -0.3 | -0.2 | 0.2 | 23.3 | |||||||||
Other comprehensive income (loss) attributable to Brink's | 17 | -44.4 | -0.3 | -0.1 | -27.8 | |||||||||
Balance as of September 30, 2014 | $ | -461 | -185.9 | 1.3 | 0.5 | -645.1 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Fair value of financial instruments [Abstract] | ' | |||||||
Fixed Rate Debt [Table Text Block] | ' | |||||||
September 30, | December 31, | |||||||
(In millions) | 2014 | 2013 | ||||||
DTA bonds | ||||||||
Carrying value(a) | $ | - | 43.2 | |||||
Fair value | - | 42.8 | ||||||
Unsecured notes issued in a private placement | ||||||||
Carrying value | 100 | 100 | ||||||
Fair value | 105.4 | 105.8 | ||||||
On September 15, 2014, all outstanding DTA bonds were redeemed for an aggregate redemption price that included 100% of the $43.2 million outstanding principal amount of the bonds, plus all accrued unpaid interest through the redemption date. | ||||||||
Sharebased_Compensation_Plans_
Share-based Compensation Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||||||||||||
Nonvested share activity [Table Text Block] | ' | |||||||||||||
Number of shares | ||||||||||||||
(in thousands of shares) | PSUs | MSUs | RSUs | DSUs | NQSOs | |||||||||
Balance as of December 31, 2013 | 199.3 | 96.2 | 396.4 | 19.2 | 1,475.00 | |||||||||
Granted | 189.3 | 82.9 | 139.1 | 28.3 | - | |||||||||
Cancelled awards | -3.8 | - | -6.8 | - | -610 | |||||||||
Vested | - | - | -146.5 | -19.2 | - | |||||||||
Exercised | - | - | - | - | -18 | |||||||||
Balance as of September 30, 2014(a) | 384.8 | 179.1 | 382.2 | 28.3 | 847 | |||||||||
Weighted average grant date fair value | $ | 24.06 | 25.47 | 26.46 | 24.7 | 5.83 | ||||||||
For PSUs, MSUs, RSUs and DSUs, represents unvested awards. For NQSOs, represents outstanding vested and unvested awards. | ||||||||||||||
Shares_Used_to_Calculate_Earni1
Shares Used to Calculate Earnings Per Share (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
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) | 2014 | 2013 | 2014 | 2013 | |||||||
Weighted-average shares: | |||||||||||
Basic(a) | 49.1 | 48.7 | 49 | 48.6 | |||||||
Effect of dilutive stock options and awards | 0.3 | 0.3 | - | 0.3 | |||||||
Diluted | 49.4 | 49 | 49 | 48.9 | |||||||
Antidilutive stock options and awards excluded from denominator | 0.5 | 1.2 | 1.9 | 1.7 | |||||||
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, 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 0.5 million in the three months and 0.5 million in the nine months ended September 30, 2014, and 0.6 million in the three months and 0.6 million in the nine months ended September 30, 2013. | |||||||||||
Loss_from_Discontinued_Operati1
Loss from Discontinued Operations (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
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) | 2014 | 2013 | 2014 | 2013 | ||||||||
Loss from operations(a)(b) | $ | - | -2.1 | - | -25.5 | |||||||
Loss on sale(a) | - | -2.9 | - | -3.6 | ||||||||
Adjustments to contingencies of former operations | -0.1 | -0.3 | -0.1 | 0.9 | ||||||||
Income (loss) from discontinued operations before income taxes | -0.1 | -5.3 | -0.1 | -28.2 | ||||||||
Provision (benefit) for income taxes | -1.6 | 0.7 | -0.8 | 1.8 | ||||||||
Income (loss) from discontinued operations, net of tax | $ | 1.5 | -6 | 0.7 | -30 | |||||||
Discontinued operations include gains and losses related to businesses that Brink’s sold or shut down in 2013. Interest expense included in discontinued operations was $0.1 million in the three months and $0.4 million in the nine months ended September 30, 2013. | ||||||||||||
The loss from operations in the nine months ended September 30, 2013, included $15.9 million of severance expenses for terminating certain employees of the German cash-in-transit operations. We contributed a portion of the cost to fund the severance payments to the business prior to the execution of the December 2013 sale transaction. | ||||||||||||
Schedule Of Revenues And Losses From Operations [Table Text Block] | ' | |||||||||||
Three Months | Nine Months | |||||||||||
Ended September 30, | Ended September 30, | |||||||||||
(In millions) | 2013 | 2013 | ||||||||||
EMEA | $ | 17.5 | 67.8 | |||||||||
North America | 12 | 36.9 | ||||||||||
Asia Pacific | 8.6 | 20.8 | ||||||||||
Total | $ | 38.1 | 125.5 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Supplemental Cash Flow Information [Abstract] | ' | |||||||
Schedule Of Cash Flow Supplemental Disclosures [TableTextBlock] | ' | |||||||
Nine Months | ||||||||
Ended September 30, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Cash paid for: | ||||||||
Interest | $ | 19.3 | 18.4 | |||||
Income taxes | 53.6 | 68.1 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 30, 2013 | Feb. 28, 2013 | Feb. 28, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Venezuelan Operations [Member] | Venezuelan Operations [Member] | Venezuelan Operations [Member] | Venezuelan Operations [Member] | Venezuelan Operations [Member] | Venezuelan Operations [Member] | US Dollar Denominated [Member] | Bolivar Fuerte Denominated [Member] | Bolivar Fuerte Denominated [Member] | |||||
SICAD [Member] | SICADII [Member] | SICAD [Member] | SICADII [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Maximum [Member] | Minimum [Member] | SICADII [Member] | ||||||||||
Foreign Currency Translation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Exchange Rate Translation | 50 | ' | ' | ' | ' | 12 | 52 | 10 | 49 | ' | ' | ' | ' | 6.3 | 5.3 | ' | ' | ' |
Assets Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.80 | $120.40 |
Net remeasurement loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 121.6 | 13.4 | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 223 | 255.5 | 242.3 | 242.3 | 201.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | 17.6 | 93.8 |
Brinks investments in Venzuelan Operations on an equity-method basis | $60.60 | $125.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39.70 | $4.70 | ' | ' | ' | ' | ' |
Segment_information_Details
Segment information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Revenue and Operating Profit [Line Items] | ' | ' | ' | ' |
Revenues | $913.10 | $982.40 | $2,806.20 | $2,902.80 |
Operating profit | 47.5 | 59.2 | -14.3 | 109.3 |
Latin America [Member] | ' | ' | ' | ' |
Segment Revenue and Operating Profit [Line Items] | ' | ' | ' | ' |
Revenues | 343.2 | 423.8 | 1,118.10 | 1,250.30 |
Operating profit | -5.1 | 42.8 | -81.4 | 90.6 |
Europe, Middle East and Africa [Member] | ' | ' | ' | ' |
Segment Revenue and Operating Profit [Line Items] | ' | ' | ' | ' |
Revenues | 303.5 | 301.2 | 904.4 | 872.4 |
Operating profit | 15.6 | 32.1 | 47.7 | 59.4 |
North America [Member] | ' | ' | ' | ' |
Segment Revenue and Operating Profit [Line Items] | ' | ' | ' | ' |
Revenues | 227.9 | 222.5 | 673.7 | 672 |
Operating profit | 1.5 | 0.2 | 8.3 | 4.5 |
Asia Pacific [Member] | ' | ' | ' | ' |
Segment Revenue and Operating Profit [Line Items] | ' | ' | ' | ' |
Revenues | 38.5 | 34.9 | 110 | 108.1 |
Operating profit | 5 | 4.8 | 14 | 14.1 |
Segment operating profit [Member] | ' | ' | ' | ' |
Segment Revenue and Operating Profit [Line Items] | ' | ' | ' | ' |
Operating profit | 17 | 79.9 | -11.4 | 168.6 |
Non Segment [Member] | ' | ' | ' | ' |
Segment Revenue and Operating Profit [Line Items] | ' | ' | ' | ' |
Operating profit | $30.50 | ($20.70) | ($2.90) | ($59.30) |
Retirement_Benefits_Retirement
Retirement Benefits - Retirement Cost (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
US Plans [Member] | ' | ' | ' | ' |
Net periodic pension cost (credit) [Line Items] | ' | ' | ' | ' |
Service cost | $0 | $0 | $0 | $0 |
Interest cost | 11.3 | 10.6 | 34 | 31.7 |
Return on assets - expected | -16.2 | -14.2 | -47.8 | -42.7 |
Amortization of losses | 7 | 11.2 | 21.2 | 33.9 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Settlement loss | 0 | 0 | 0 | 0 |
Net periodic cost | 2.1 | 7.6 | 7.4 | 22.9 |
Non-US Plans [Member] | ' | ' | ' | ' |
Net periodic pension cost (credit) [Line Items] | ' | ' | ' | ' |
Service cost | 3.1 | 3.7 | 9.8 | 11.1 |
Interest cost | 4.5 | 4.7 | 14.9 | 14.3 |
Return on assets - expected | -3.7 | -3.2 | -11.3 | -9.6 |
Amortization of losses | 0.6 | 1.5 | 1.7 | 4.6 |
Amortization of prior service cost | 0.2 | 0.2 | 0.6 | 0.7 |
Settlement loss | 2.4 | 0.8 | 4.2 | 1.6 |
Net periodic cost | 7.1 | 7.7 | 19.9 | 22.7 |
UMWA Plans Postretirement Medical [Member] | ' | ' | ' | ' |
Net periodic pension cost (credit) [Line Items] | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 4.4 | 4.9 | 13.6 | 14.8 |
Return on assets - expected | -5.6 | -5.2 | -16.8 | -15.6 |
Amortization of losses | 2.9 | 4.9 | 9.5 | 14.7 |
Amortization of prior service cost | -1.2 | 0 | -3.5 | 0 |
Net periodic cost | 0.5 | 4.6 | 2.8 | 13.9 |
Black Lung And Other Plans Postretirement Medical [Member] | ' | ' | ' | ' |
Net periodic pension cost (credit) [Line Items] | ' | ' | ' | ' |
Service cost | 0 | 0 | 0.1 | 0.2 |
Interest cost | 0.6 | 0.5 | 1.6 | 1.5 |
Return on assets - expected | 0 | 0 | 0 | 0 |
Amortization of losses | 0.2 | 0.2 | 0.5 | 0.5 |
Amortization of prior service cost | 0.4 | 0.5 | 1.3 | 1.3 |
Net periodic cost | 1.2 | 1.2 | 3.5 | 3.5 |
Pension plan [Member] | ' | ' | ' | ' |
Net periodic pension cost (credit) [Line Items] | ' | ' | ' | ' |
Service cost | 3.1 | 3.7 | 9.8 | 11.1 |
Interest cost | 15.8 | 15.3 | 48.9 | 46 |
Return on assets - expected | -19.9 | -17.4 | -59.1 | -52.3 |
Amortization of losses | 7.6 | 12.7 | 22.9 | 38.5 |
Amortization of prior service cost | 0.2 | 0.2 | 0.6 | 0.7 |
Settlement loss | 2.4 | 0.8 | 4.2 | 1.6 |
Net periodic cost | 9.2 | 15.3 | 27.3 | 45.6 |
Retirement benefits other than pension [Member] | ' | ' | ' | ' |
Net periodic pension cost (credit) [Line Items] | ' | ' | ' | ' |
Service cost | 0 | 0 | 0.1 | 0.2 |
Interest cost | 5 | 5.4 | 15.2 | 16.3 |
Return on assets - expected | -5.6 | -5.2 | -16.8 | -15.6 |
Amortization of losses | 3.1 | 5.1 | 10 | 15.2 |
Amortization of prior service cost | -0.8 | 0.5 | -2.2 | 1.3 |
Net periodic cost | $1.70 | $5.80 | $6.30 | $17.40 |
Retirement_Benefits_Narrative_
Retirement Benefits - Narrative (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Net periodic pension cost (credit) [Line Items] | ' |
Employer contributions | $87.20 |
Primary U.S. retirement plan [Member] | ' |
Retirement Benefit Plan Remeasurements [Abstract] | ' |
Defined Benefit Plan, Estimated Future Employer Contributions in Current Fiscal Year | $0 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income tax expense (benefit) from continuing operations [Abstract] | ' | ' | ' | ' |
Provision (benefit) for income taxes | $23.20 | $15 | $36.90 | $31.10 |
Effective income tax rate | 56.20% | 28.30% | -115.70% | 33.70% |
Income_Taxes_Rate_Reconciliati
Income Taxes - Rate Reconciliation (Details) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Rate Reconciliation [Line Items] | ' | ' |
U.S. federal tax rate | 35.00% | 35.00% |
Effective Tax Rate Without Venezuela Nondeductible Expenses [Member] | ' | ' |
Rate Reconciliation [Line Items] | ' | ' |
U.S. federal tax rate | 44.00% | ' |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease [Abstract] | ' | ' | ' | ' |
Pretax benefit plan adjustment amounts arising during the current period | ($3.60) | ($0.30) | ($7.90) | ($1.60) |
Income tax related to benefit plan adjustment amounts arising during the current period | 0.5 | 0 | 1.3 | 0.4 |
Pretax benefit plan adjustment amounts reclassified to net income | 12.5 | 19.3 | 35.5 | 57.3 |
Income tax related to benefit plan adjustment amounts reclassified to net income | -3.8 | -6.8 | -11.7 | -20.2 |
Total benefit plan adjustments, net of tax | 5.6 | 12.2 | 17.2 | 35.9 |
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 | -50.3 | 8.2 | -46 | -23.8 |
Pretax foreign currency adjustment amounts reclassified to net income | -0.1 | ' | -0.3 | -0.1 |
Income tax of foreign currency adjustment amounts reclassified to net income | ' | ' | ' | 0.1 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -50.4 | 8.2 | -46.3 | -23.8 |
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 | 0.1 | 0.3 | -0.1 | 0.5 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts arising during the current period | -0.1 | -0.1 | 0 | -0.2 |
Pretax unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | -0.4 | 0 | -0.3 | -0.3 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | 0.1 | ' | 0.1 | 0.1 |
Total unrealized gains (losses) on available-for-sale securities, net of tax | -0.3 | 0.2 | ' | 0.1 |
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 | 1.4 | -0.1 | -0.3 | 2.5 |
Pretax cash flow hedge amounts reclassified to net income | -1.5 | 0.4 | 0.2 | -1.4 |
Total gains (losses) on cash flow hedge, net of tax | -0.1 | 0.3 | -0.1 | 1.1 |
Total pretax other comprehensive income (loss) arising during the current period | -52.4 | 8.1 | -54.3 | -22.4 |
Total income tax related to other comprehensive income (loss) arising during the current period | 0.4 | -0.1 | 1.3 | 0.2 |
Total other comprehensive income (loss) reclassified to net income | 10.5 | 19.7 | 35.1 | 55.5 |
Total income tax related to other comprehensive income (loss) reclassified to net income | -3.7 | -6.8 | -11.6 | -20 |
Total other comprehensive income (loss) | -45.2 | 20.9 | -29.5 | 13.3 |
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 | -3.6 | -0.3 | -7.9 | -1.6 |
Income tax related to benefit plan adjustment amounts arising during the current period | 0.5 | 0 | 1.3 | 0.4 |
Pretax benefit plan adjustment amounts reclassified to net income | 12.4 | 19.2 | 35.2 | 57.1 |
Income tax related to benefit plan adjustment amounts reclassified to net income | -3.8 | -6.8 | -11.6 | -20.2 |
Total benefit plan adjustments, net of tax | 5.5 | 12.1 | 17 | 35.7 |
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 | -48.1 | 7.6 | -44.1 | -22.5 |
Pretax foreign currency adjustment amounts reclassified to net income | -0.1 | ' | -0.3 | -0.1 |
Income tax of foreign currency adjustment amounts reclassified to net income | ' | ' | ' | 0.1 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -48.2 | 7.6 | -44.4 | -22.5 |
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 | 0.1 | 0.3 | -0.1 | 0.5 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts arising during the current period | -0.1 | -0.1 | 0 | -0.2 |
Pretax unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | -0.4 | 0 | -0.3 | -0.3 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | 0.1 | ' | 0.1 | 0.1 |
Total unrealized gains (losses) on available-for-sale securities, net of tax | -0.3 | 0.2 | ' | 0.1 |
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 | 1.4 | -0.1 | -0.3 | 2.5 |
Pretax cash flow hedge amounts reclassified to net income | -1.5 | 0.4 | 0.2 | -1.4 |
Total gains (losses) on cash flow hedge, net of tax | -0.1 | 0.3 | -0.1 | 1.1 |
Total pretax other comprehensive income (loss) arising during the current period | -50.2 | 7.5 | -52.4 | -21.1 |
Total income tax related to other comprehensive income (loss) arising during the current period | 0.4 | -0.1 | 1.3 | 0.2 |
Total other comprehensive income (loss) reclassified to net income | 10.4 | 19.6 | 34.8 | 55.3 |
Total income tax related to other comprehensive income (loss) reclassified to net income | -3.7 | -6.8 | -11.5 | -20 |
Total other comprehensive income (loss) | -43.1 | 20.2 | -27.8 | 14.4 |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease [Abstract] | ' | ' | ' | ' |
Pretax benefit plan adjustment amounts reclassified to net income | 0.1 | 0.1 | 0.3 | 0.2 |
Income tax related to benefit plan adjustment amounts reclassified to net income | 0 | ' | -0.1 | ' |
Total benefit plan adjustments, net of tax | 0.1 | 0.1 | 0.2 | 0.2 |
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 | -2.2 | 0.6 | -1.9 | -1.3 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -2.2 | 0.6 | -1.9 | -1.3 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ' | ' | ' | ' |
Total pretax other comprehensive income (loss) arising during the current period | -2.2 | 0.6 | -1.9 | -1.3 |
Total other comprehensive income (loss) reclassified to net income | 0.1 | 0.1 | 0.3 | 0.2 |
Total income tax related to other comprehensive income (loss) reclassified to net income | 0 | ' | -0.1 | ' |
Total other comprehensive income (loss) | ($2.10) | $0.70 | ($1.70) | ($1.10) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Reclasses Out Of AOCI (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
Parent [Member] | Parent [Member] | Benefit plan adjustments [Member] | Benefit plan adjustments [Member] | Benefit plan adjustments [Member] | Benefit plan adjustments [Member] | Foreign Currency Translation Adjustments [Member] | Foreign Currency Translation Adjustments [Member] | Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | Gains (Losses) on Cash Flow Hedges [Member] | Gains (Losses) on Cash Flow Hedges [Member] | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of revenues | $770.90 | $783.20 | $2,321.10 | $2,368.10 | ' | ' | $8.80 | $16.80 | $26.70 | $50 | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expenses | 135.5 | 141.2 | 416 | 418 | ' | ' | 2.1 | 4.3 | 6.9 | 13 | ' | ' | ' | ' | ' | ' |
Other operating income (expense) | 40.8 | 1.2 | -83.4 | -7.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.8 | 0.6 |
Nonoperating Income (Expense) | 0.4 | 0.3 | 0.7 | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.8 |
Accumulated Other Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance - AOCI | ' | ' | -617.3 | ' | ' | -617.3 | ' | ' | -478 | ' | ' | -141.5 | ' | 1.6 | ' | 0.6 |
Other comprehensive income (loss) before reclassifications | ' | ' | ' | ' | -51.1 | ' | -6.6 | ' | ' | ' | -44.1 | ' | -0.1 | ' | -0.3 | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' | 23.3 | ' | 23.6 | ' | ' | ' | -0.3 | ' | -0.2 | ' | 0.2 | ' |
Other comprehensive income (loss) attributable to Brink's | -45.2 | 20.9 | -29.5 | 13.3 | -27.8 | ' | 17 | ' | ' | ' | -44.4 | ' | ' | ' | ' | ' |
Ending Balance - AOCI | ($645.10) | ' | ($645.10) | ' | ($645.10) | ($617.30) | ($461) | ' | ($461) | ' | ($185.90) | ($141.50) | $1.30 | $1.60 | $0.50 | $0.50 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
DTA bonds [Abstract] | ' | ' |
Fair value of the outstanding cross-currency swap | $4.30 | ' |
DTA Bond [Member] | ' | ' |
DTA bonds [Abstract] | ' | ' |
Carrying value | 0 | 43.2 |
Fair value | 0 | 42.8 |
Unsecured Debt [Member] | ' | ' |
DTA bonds [Abstract] | ' | ' |
Carrying value | 100 | 100 |
Fair value | $105.40 | $105.80 |
Recovered_Sheet1
Share-Based Compensation Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Pretax [Member] | Performance Shares PSU [Member] | Market Share Units MSU [Member] | Restricted Stock Units RSU [Member] | Deferred Stock Units DSU [Member] | NQSOs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Accounting corrections | $3.40 | $4.20 | ' | ' | ' | ' | ' |
Nonvested share activity [Rollforward] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance - shares | ' | ' | 199.3 | 96.2 | 396.4 | 19.2 | 1,475 |
Stock units granted - shares | ' | ' | 189.3 | 82.9 | 139.1 | 28.3 | 0 |
Cancelled awards - shares | ' | ' | -3.8 | 0 | -6.8 | 0 | -610 |
Vested - shares | ' | ' | 0 | 0 | -146.5 | -19.2 | 0 |
Exercised | ' | ' | ' | ' | ' | ' | -18 |
Ending balance - shares | ' | ' | 384.8 | 179.1 | 382.2 | 28.3 | 847 |
Weighted-average grant-date fair value [Rollforward] | ' | ' | ' | ' | ' | ' | ' |
Ending Balance - grant-date fair value | ' | ' | $24.06 | $25.47 | $26.46 | $24.70 | $5.83 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ' | ' | ' | ' | ||||
Basic | 49.1 | [1] | 48.7 | [1] | 49 | [1] | 48.6 | [1] |
Effect of dilutive stock awards | 0.3 | 0.3 | 0 | 0.3 | ||||
Diluted | 49.4 | [1] | 49 | [1] | 49 | [1] | 48.9 | [1] |
Antidilutive stock options and awards excluded from denominator | 0.5 | 1.2 | 1.9 | 1.7 | ||||
Deferred compensation common stock unit | 0.5 | 0.6 | 0.5 | 0.6 | ||||
[1] | Amounts may not add due to rounding |
Loss_from_Discontinued_Operati2
Loss from Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Discontinued operations [Line Items] | ' | ' | ' | ' | |
Loss from operations before tax | ' | ($2,100,000) | ' | ($25,500,000) | |
Loss on sale | ' | -2,900,000 | ' | -3,600,000 | |
Adjustments to contingencies of former operations | -100,000 | -300,000 | -100,000 | 900,000 | |
Income (loss) from discontinued operations before income taxes | -100,000 | -5,300,000 | -100,000 | -28,200,000 | |
Provision (credit) for income taxes | -1,600,000 | 700,000 | -800,000 | 1,800,000 | |
Loss from discontinued operations, net of tax | 1,500,000 | -6,000,000 | 700,000 | -30,000,000 | |
Revenues - disposal group | ' | 38,100,000 | ' | 125,500,000 | |
Interest expense included in discontinued operations | ' | 100,000 | ' | 400,000 | [1] |
Termination benefits | ' | ' | ' | 15,900,000 | |
Europe, Middle East and Africa [Member] | ' | ' | ' | ' | |
Discontinued operations [Line Items] | ' | ' | ' | ' | |
Revenues - disposal group | ' | 17,500,000 | ' | 67,800,000 | |
North America [Member] | ' | ' | ' | ' | |
Discontinued operations [Line Items] | ' | ' | ' | ' | |
Revenues - disposal group | ' | 12,000,000 | ' | 36,900,000 | |
Asia Pacific [Member] | ' | ' | ' | ' | |
Discontinued operations [Line Items] | ' | ' | ' | ' | |
Revenues - disposal group | ' | $8,600,000 | ' | $20,800,000 | |
[1] | 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, 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 0.5million in the three months and 0.5million in the nine months endedSeptember 30,2014, and 0.6million in the three months and 0.6 million in the nine months endedSeptember 30,2013. | ||||
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Supplemental Cash Flow [Line Items] | ' | ' |
Interest | $19.30 | $18.40 |
Income taxes Paid, Net | 53.6 | 68.1 |
Captial lease arrangments | $5.90 | $1.60 |
Cost_Associated_With_Restructu1
Cost Associated With Restructuring Activities (Details)(Brink's Netherland Business [Member] Significant Customer Contract Termination [Member] Estimated Figures [Member]) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2016 | Sep. 30, 2014 | |
USD ($) | USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | Maximum [Member] | |
employees | USD ($) | ||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of positions eliminated | ' | ' | ' | 600 | 600 | ' | ' |
Revenues | ' | $37,000,000 | € 30,000,000 | $63,000,000 | € 49,000,000 | $5,000,000 | ' |
Serverance and other employee benefit costs | 10,500,000 | ' | ' | ' | ' | ' | 16,000,000 |
Restructuring Charges Recognized | 5,100,000 | ' | ' | ' | ' | ' | ' |
Fixed assets, net book value | 13,700,000 | ' | ' | 13,700,000 | ' | ' | ' |
Book value of assets net of impairment charges | 8,600,000 | ' | ' | 8,600,000 | ' | ' | ' |
Estimated lease termination costs | ' | $1,000,000 | ' | ' | ' | ' | ' |
Contingent_Matters_Details
Contingent Matters (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2010 | Sep. 30, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Amount To Pay To Plaintiff | ' | $0.40 | ' |
Modified Amount To Pay To Plaintiff | 7.4 | ' | ' |
Company Best Estimate Of Exposure | ' | ' | 1.8 |
Maximum loss amount | ' | ' | $10 |