Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 26, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Fiscal Year Focus | 2014 | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BRINKS CO | ||
Entity Central Index Key | 78890 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $1,365,121,928 | ||
Entity Common Stock, Shares Outstanding | 48,628,765 | ||
Trading Symbol | bco |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $176.20 | $255.50 |
Accounts receivable (net of allowance: 2014 - $10.0; 2013 - $8.2) | 530.5 | 622.2 |
Prepaid expenses and other | 129 | 153 |
Deferred income taxes | 71.9 | 72 |
Total current assets | 907.6 | 1,102.70 |
Property and equipment, net | 669.5 | 758.7 |
Goodwill | 215.7 | 240.2 |
Other Intangibles | 39.8 | 46.3 |
Deferred income taxes | 289.5 | 251.7 |
Other | 70.1 | 98.4 |
Total assets | 2,192.20 | 2,498 |
Current liabilities: | ||
Short-term borrowings | 59.4 | 80.9 |
Current maturities of long-term debt | 34.1 | 24.6 |
Accounts payable | 168.6 | 185.6 |
Accrued liabilities | 466.3 | 507.5 |
Total current liabilities | 728.4 | 798.6 |
Long-term debt | 373.3 | 330.5 |
Accrued pension costs | 219 | 214.8 |
Retirement benefits other than pensions | 257.1 | 186 |
Deferred income taxes | 10.8 | 18 |
Other | 129.8 | 170.6 |
Total liabilities | 1,718.40 | 1,718.50 |
Commitments and contingent liabilities | ||
The Brink's Company (Brink's) shareholders' equity: | ||
Common stock, par value $1 per share: Shares authorized: 100.0 Shares issued and outstanding: 2014 - 48.6; 2013 - 48.4 | 48.6 | 48.4 |
Capital in excess of par value | 584.5 | 566.4 |
Retained earnings | 592.9 | 696.4 |
Benefit plan adjustments | -571.7 | -478 |
Foreign currency translation | -222.1 | -141.5 |
Unrealized gains on available-for-sale securities | 1.4 | 1.6 |
Gains On Cash Flow Hedges | 0.4 | 0.6 |
Accumulated other comprehensive loss | -792 | -617.3 |
Brink's shareholders | 434 | 693.9 |
Noncontrolling interests | 39.8 | 85.6 |
Total equity | 473.8 | 779.5 |
Total liabilities and equity | $2,192.20 | $2,498 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $10 | $8.20 |
Par value | $1 | $1 |
Shares authorized | 100 | 100 |
Shares issued and outstanding | 48.6 | 48.4 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenues | $3,562.30 | $3,778.60 | $3,577.60 |
Costs and expenses: | |||
Cost of revenues | 2,948.20 | 3,059.20 | 2,894.20 |
Selling, general and administrative expenses | 560.6 | 546.8 | 532.4 |
Total costs and expenses | 3,508.80 | 3,606 | 3,426.60 |
Other operating income (expense) | -81 | -9.4 | 11.2 |
Operating profit (loss) | -27.5 | 163.2 | 162.2 |
Interest expense | -23.4 | -25.1 | -23.1 |
Interest and other income (expense) | 1.9 | 1.5 | 7 |
Income from continuing operations before tax | -49 | 139.6 | 146.1 |
Provision (benefit) for income taxes | 36.7 | 49.3 | 23 |
Income from continuing operations | -85.7 | 90.3 | 123.1 |
Loss from discontinued operations, net of tax | -29.1 | -9.2 | -13.4 |
Net income (loss) | -114.8 | 81.1 | 109.7 |
Less net income attributable to noncontrolling interests | -30.9 | 24.3 | 20.8 |
Net income (loss) attributable to Brink's | -83.9 | 56.8 | 88.9 |
Amounts attributable to Brink's: | |||
Continuing operations | -54.8 | 66 | 102.3 |
Discontinued operations | -29.1 | -9.2 | -13.4 |
Net income (loss) attributable to Brink's | ($83.90) | $56.80 | $88.90 |
Basic: | |||
Continuing operations | ($1.12) | $1.36 | $2.12 |
Discontinued operations | ($0.59) | ($0.19) | ($0.28) |
Net income (loss) | ($1.71) | $1.17 | $1.84 |
Diluted: | |||
Continuing operations | ($1.12) | $1.35 | $2.11 |
Discontinued operations | ($0.59) | ($0.19) | ($0.28) |
Net income (loss) | ($1.71) | $1.16 | $1.83 |
Weighted-average shares | |||
Basic | 49 | 48.7 | 48.4 |
Diluted | 49 | 49 | 48.6 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Income and Comprehensive Income [Abstract] | |||
Net income (loss) | ($114.80) | $81.10 | $109.70 |
Benefit plan adjustments: | |||
Benefit plan experience gains (losses) | -134.3 | 265 | 27.3 |
Benefit plan prior service (costs) credits | -2.9 | 63 | -5.8 |
Deferred profit sharing | 0.3 | -0.3 | 0.5 |
Total benefit plan adjustments | -136.9 | 327.7 | 22 |
Foreign currency translation adjustments | -87 | -32.8 | 3.4 |
Unrealized gains (losses) on available-for-sale securities | -0.4 | 0.1 | -2.1 |
Gains (losses) on cash flow hedges | -0.2 | 0.6 | 0 |
Other comprehensive income (loss), before tax | -224.5 | 295.6 | 23.3 |
Provision (benefit) for income taxes | -43 | 141 | 9.3 |
Other comprehensive income (loss) | -181.5 | 154.6 | 14 |
Comprehensive income (loss) | -296.3 | 235.7 | 123.7 |
Less comprehensive income (loss) attributable to noncontrolling interests | -37.7 | 22.5 | 20.3 |
Comprehensive income (loss) attributable to Brink's | ($258.60) | $213.20 | $103.40 |
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, except Share data, unless otherwise specified | ||||||
Balance at Dec. 31, 2011 | $482.40 | $46.90 | $559.50 | $589.50 | ($787.90) | $74.40 |
Balance, Shares at Dec. 31, 2011 | 46,900,000 | |||||
Net income (loss) | 109.7 | 88.9 | 20.8 | |||
Other comprehensive income (loss), net of tax | 14 | 14.5 | -0.5 | |||
Shares contributed to pension plan, value | 9 | 0.4 | 8.6 | |||
Shares contributed to pension plan | 361,446 | |||||
Dividends: | ||||||
Brink's common shareholders, value | -19 | -19 | ||||
Noncontrolling interests | -13 | -13 | ||||
Stock options and awards: | ||||||
Compensation expense | 8 | 8 | ||||
Consideration from exercise of stock options, shares | 0 | |||||
Consideration from exercise of stock options, value | 1.4 | 0 | 1.4 | |||
Reduction in excess tax benefit of stock compensation | -2.7 | -2.7 | ||||
Other share-based benefit programs, value | -3.5 | 0.5 | -3.7 | -0.3 | ||
Other Share Based Programs Shares | 500,000 | |||||
Acquisitions of Noncontrolling Interests | -10.1 | 0 | -2.8 | 0 | 0 | -7.3 |
Capital contributions from noncontrolling interest | 0.6 | 0.6 | ||||
Balance at Dec. 31, 2012 | 576.8 | 47.8 | 568.3 | 659.1 | -773.4 | 75 |
Balance, Shares at Dec. 31, 2012 | 47,800,000 | |||||
Net income (loss) | 81.1 | 56.8 | 24.3 | |||
Other comprehensive income (loss), net of tax | 154.6 | 156.4 | -1.8 | |||
Shares contributed to pension plan, value | 0 | 0 | 0 | |||
Shares contributed to pension plan | 0 | |||||
Dividends: | ||||||
Brink's common shareholders, value | -19.2 | -19.2 | ||||
Noncontrolling interests | -6 | -6 | ||||
Stock options and awards: | ||||||
Compensation expense | 9.9 | 9.9 | ||||
Consideration from exercise of stock options, shares | 300,000 | |||||
Consideration from exercise of stock options, value | 6.7 | 0.3 | 6.4 | |||
Reduction in excess tax benefit of stock compensation | -2.8 | -2.8 | ||||
Other share-based benefit programs, value | -3.6 | 0.3 | -3.6 | -0.3 | ||
Other Share Based Programs Shares | 300,000 | |||||
Business acquisitions | 0 | |||||
Acquisitions of Noncontrolling Interests | -18.5 | -11.8 | -0.3 | -6.4 | ||
Capital contributions from noncontrolling interest | 0.5 | 0.5 | ||||
Balance at Dec. 31, 2013 | 779.5 | 48.4 | 566.4 | 696.4 | -617.3 | 85.6 |
Balance, Shares at Dec. 31, 2013 | 48,400,000 | |||||
Net income (loss) | -114.8 | -83.9 | -30.9 | |||
Other comprehensive income (loss), net of tax | -181.5 | -174.7 | -6.8 | |||
Dividends: | ||||||
Brink's common shareholders, value | -19.4 | -19.4 | ||||
Noncontrolling interests | -8.6 | -8.6 | ||||
Stock options and awards: | ||||||
Compensation expense | 17.3 | 17.3 | ||||
Consideration from exercise of stock options, shares | 18,300 | 0 | ||||
Consideration from exercise of stock options, value | 0.4 | 0 | 0.4 | |||
Reduction in excess tax benefit of stock compensation | -0.6 | -0.6 | ||||
Other share-based benefit programs, value | 1 | 0.2 | 1 | -0.2 | ||
Other Share Based Programs Shares | 200,000 | |||||
Acquisitions of Noncontrolling Interests | 0 | 0 | 0 | 0 | ||
Capital contributions from noncontrolling interest | 0.5 | 0.5 | ||||
Balance at Dec. 31, 2014 | $473.80 | $48.60 | $584.50 | $592.90 | ($792) | $39.80 |
Balance, Shares at Dec. 31, 2014 | 48,600,000 |
Parenthetical_Data_To_The_Cons
Parenthetical Data To The Consolidated Statement of Equity (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends: | |||
Brink's common shareholders per share declared | $0.40 | $0.40 | $0.40 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | ($114.80) | $81.10 | $109.70 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||
Loss from discontinued operations, net of tax | 29.1 | 9.2 | 13.4 |
Depreciation and amortization | 161.9 | 165.8 | 148.4 |
Share-based compensation expense | 17.3 | 9.9 | 8 |
Deferred income taxes | -28.4 | -34.6 | -43.5 |
Sales of available-for-sale securities | -0.4 | -0.4 | -2.9 |
Property and other assets | -44.9 | -2.4 | -7.6 |
Business acquisitions and dispositions | 0 | -2.8 | -0.8 |
Bargain purchase gain | 0 | 0 | 0 |
Impairment losses | 3.3 | 2.9 | 2.4 |
Retirement benefit funding (more) less than expense: | |||
Pension | -23.6 | 11.3 | -1.9 |
Other than pension | 1.5 | 15 | 22.3 |
Remeasurement losses due to Venezuela currency devaluations | 121.6 | 13.4 | 0 |
Other operating | 7.6 | 2.3 | 11.7 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | -90.7 | -69.7 | -70.6 |
Accounts payable, income taxes payable and accrued liabilities | 105.5 | 23.6 | 15.7 |
Customer obligations | 15.4 | -9.7 | 13.9 |
Prepaid and other current assets | -9.9 | -19.4 | 3.9 |
Other | -14.7 | -11 | 7.5 |
Discontinued operations | 5.5 | 17 | 20.9 |
Net cash provided (used) by operating activities | 141.3 | 201.5 | 250.5 |
Cash flows from investing activities: | |||
Capital expenditures | -136.1 | -172.9 | -170.9 |
Acquisitions | -4.6 | -18.1 | -17.2 |
Available-for-sale secuirties: | |||
Sales of other investments and property | 0.9 | 9.9 | 15.4 |
Cash proceeds from sale of property, equipment and investments | 62.7 | 5.9 | 12.5 |
Redemption of cash-surrender value of life insurance policies | 0 | 0 | 6.2 |
Other | -3.6 | -0.5 | 4.9 |
Discontinued operations | -13.3 | 52.7 | -18.2 |
Net cash used by investing activities | -94 | -123 | -167.3 |
Cash flows from financing activities: | |||
Short-term debt | -7.8 | 60.5 | 3.3 |
Long-term revolving credit facilities | 115 | 13.8 | -4.5 |
Issuance of private placement notes | 0 | 0 | 0 |
Borrowings | 7.5 | 3.8 | 9.7 |
Repayments | -81 | -27.3 | -29.7 |
Cash proceeds from sale-leaseback transactions | 0 | 0 | 0 |
Acquisition of noncontrolling interests in subsidiaries | 0 | -18.5 | -9.4 |
Payment of acquisition-related obligation | 0 | -12.8 | 0 |
Debt financing costs | 0 | 0 | 0 |
Repurchase shares of common stock of Brink's | 0 | 0 | 0 |
Dividends to: | |||
Shareholders of Brink's | -19.4 | -19.2 | -19 |
Noncontrolling interests in subsidiaries | -8.6 | -6 | -13 |
Proceeds from exercise of stock options | 0.4 | 6.7 | 1.4 |
Minimum tax withholdings associated with share-based compensation | -1.2 | -3.5 | -5.6 |
Other | -1.6 | -1 | -1 |
Discontinued operations | 0 | -2.5 | -0.2 |
Net cash provided (used) by financing activities | 3.3 | -6 | -68 |
Effect of exchange rate changes on cash and cash equivalents | -129.9 | -18.7 | 3.6 |
Cash and cash equivalents: | |||
Increase (decrease) | -79.3 | 53.8 | 18.8 |
Balance at beginning of period | 255.5 | 201.7 | 182.9 |
Balance at end of period | $176.20 | $255.50 | $201.70 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Summary of Significant Accounting Policies [Abstract] | ||||
Summary of Significant Accounting Policies [Text Block] | Note 1 – Summary of Significant Accounting Policies | |||
Basis of Presentation | ||||
The Brink’s Company (along with its subsidiaries, “we,” “our,” “Brink’s” or the “Company”), based in Richmond, Virginia, is a leading provider of secure transportation, cash management services and other security-related services to banks and financial institutions, retailers, government agencies, mints, jewelers and other commercial operations around the world. Brink’s is the oldest and largest secure transportation and cash management services company in the U.S., and a market leader in many other countries. | ||||
Principles of Consolidation | ||||
The consolidated financial statements include the accounts of Brink’s and the subsidiaries it controls. Control is determined based on ownership rights or, when applicable, based on whether we are considered to be the primary beneficiary of a variable interest entity. Our interest in 20% to 50% owned companies that are not controlled are accounted for using the equity method (“equity affiliates”), unless we do not sufficiently influence the management of the investee. Other investments are accounted for as cost-method investments or as available-for-sale. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||
Revenue Recognition | ||||
Revenue is recognized when services related to armored vehicle transportation, ATM services, cash management services, payment services, guarding and the secure international transportation of valuables are performed. Customer contracts have prices that are fixed and determinable and we assess the customer’s ability to meet the contractual terms, including payment terms, before entering into contracts. Customer contracts generally are automatically extended after the initial contract period until either party terminates the agreement. Taxes collected from customers and remitted to governmental authorities are not included in revenues in the consolidated statements of income (loss). | ||||
Cash and Cash Equivalents | ||||
Cash and cash equivalents include cash on hand, demand deposits and investments with original maturities of three months or less. Cash and cash equivalents includes amounts held by certain of our secure cash management services operations for customers for which, under local regulations, the title transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources. We record a liability for the amounts owed to customers (see note 12). | ||||
Trade Accounts Receivable | ||||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses on our existing accounts receivable. We determine the allowance based on historical write-off experience. We review our allowance for doubtful accounts quarterly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. | ||||
Property and Equipment | ||||
Property and equipment are recorded at cost. Depreciation is calculated principally on the straight-line method based on the estimated useful lives of individual assets or classes of assets. | ||||
Leased property and equipment meeting capital lease criteria are capitalized at the lower of the present value of the related lease payments or the fair value of the leased asset at the inception of the lease. Amortization is calculated on the straight-line method based on the lease term. | ||||
Leasehold improvements are recorded at cost. Amortization is calculated principally on the straight-line method over the lesser of the estimated useful life of the leasehold improvement or lease term. Renewal periods are included in the lease term when the renewal is determined to be reasonably assured. | ||||
Part of the costs related to the development or purchase of internal-use software is capitalized and amortized over the estimated useful life of the software. Costs that are capitalized include external direct costs of materials and services to develop or obtain the software, and internal costs, including compensation and employee benefits for employees directly associated with a software development project. | ||||
Estimated Useful Lives | Years | |||
Buildings | 16 to 25 | |||
Building leasehold improvements | 3 to 10 | |||
Vehicles | 3 to 10 | |||
Capitalized software | 3 to 5 | |||
Other machinery and equipment | 3 to 10 | |||
Expenditures for routine maintenance and repairs on property and equipment are charged to expense. Major renewals, betterments and modifications are capitalized and depreciated over the lesser of the remaining life of the asset or, if applicable, the lease term. | ||||
Goodwill and Other Intangible Assets | ||||
Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Intangible assets arising from business acquisitions include customer lists, customer relationships, covenants not to compete, trademarks and other identifiable intangibles. At December 31, 2014, finite-lived intangible assets have remaining useful lives ranging from 1 to 13 years and are amortized based on the pattern in which the economic benefits are used or on a straight-line basis. | ||||
Impairment of Long-Lived Assets | ||||
Goodwill is not amortized but is tested at least annually for impairment at the reporting unit level, which is at the operating segment level or one level below an operating segment. Goodwill is assigned to one or more reporting units at the date of acquisition. Prior to the restructuring of our global organization in the fourth quarter of 2014, our reporting units were Latin America, EMEA, North America and Asia Pacific. We performed our annual goodwill impairment test on these reporting units as of October 1, 2014. | ||||
After the 2014 restructuring, we now have ten reporting units which are comprised of: | ||||
each of the five countries within Largest 5 Markets (U.S., France, Mexico, Brazil and Canada), | ||||
each of the three regions within Global Markets (Latin America, EMEA and Asia), | ||||
the Latin American Payment Services businesses, and | ||||
the U.S. Payment Services business | ||||
We performed a goodwill impairment test on the new reporting units that had goodwill as of December 31, 2014. | ||||
For both goodwill impairment tests performed in the fourth quarter of 2014, we performed quantitative analyses to determine whether reporting unit fair values exceeded their carrying amounts. We based our estimates of fair value on projected future cash flows and completed these impairment tests, as well as the annual tests in the previous two years, with no impairment charges required. | ||||
Indefinite-lived intangibles are also tested for impairment at least annually by comparing their carrying values to their estimated fair values. We have had no significant impairments of indefinite-lived intangibles in the last three years. | ||||
Long-lived assets other than goodwill and other indefinite-lived intangibles are reviewed for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. | ||||
For long-lived assets other than goodwill that are to be held and used in operations, an impairment is indicated when the estimated total undiscounted cash flow associated with the asset or group of assets is less than carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. | ||||
Retirement Benefit Plans | ||||
We account for retirement benefit obligations under FASB ASC Topic 715, Compensation – Retirement Benefits. For U.S. and certain non-U.S. retirement plans, we derive the discount rates used to measure the present value of benefit obligations using the cash flow matching method. Under this method, we compare the plan’s projected payment obligations by year with the corresponding yields on a Mercer yield curve. Each year’s projected cash flows are then discounted back to their present value at the measurement date and an overall discount rate is determined. The overall discount rate is then rounded to the nearest tenth of a percentage point. In non-U.S. locations where the cash flow matching method is not possible, rates of local high-quality long-term corporate bonds are used to select the discount rate. | ||||
We used Mercer’s Above-Mean Curve to determine the discount rates for year-end benefit obligations. | ||||
We select the expected long-term rate of return assumption for our U.S. pension plan and retiree medical plans using advice from an investment advisor and an actuary. The selected rate considers plan asset allocation targets, expected overall investment manager performance and long-term historical average compounded rates of return. | ||||
Benefit plan experience gains and losses are recognized in other comprehensive income (loss). Accumulated net benefit plan experience gains and losses that exceed 10% of the greater of a plan’s benefit obligation or plan assets at the beginning of the year are amortized into earnings from other comprehensive income (loss) on a straight-line basis. The amortization period for pension plans is the average remaining service period of employees expected to receive benefits under the plans. The amortization period for other retirement plans is primarily the average remaining life expectancy of inactive participants. | ||||
Income Taxes | ||||
Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which these items are expected to reverse. We recognize tax benefits related to uncertain tax positions if we believe it is more likely than not the benefit will be realized. We review our deferred tax assets to determine if it is more-likely-than-not that they will be realized. If we determine it is not more-likely-than-not that a deferred tax asset will be realized, we record a valuation allowance to reverse the previously recognized tax benefit. | ||||
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 (loss). | ||||
Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Non-monetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. | ||||
Venezuela Brink’s Venezuela accounted for $212 million or 6% of total Brink’s revenues and a significant component of 2014 total operating profit before items not allocated to segments. At December 31, 2014, we had investments in our Venezuelan operations of $59.6 million on an equity-method basis. At December 31, 2014, we had bolivar denominated net monetary assets of $23.5 million, including $12.6 million of cash and cash equivalents denominated in bolivars. | ||||
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. | ||||
During the period from 2003 through February 2015, the Venezuelan government controlled the exchange of local currency into other currencies, including the U.S. dollar. During this period, the Venezuelan government required that currency exchanges be made at official rates established by the government instead of allowing open markets to determine currency rates. Different official rates existed for different industries and purposes. The government did 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 2014 ranged from 10 to 12 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. | ||||
In March 2014, the government initiated another exchange mechanism known as SICAD II. Conversions under this mechanism were also subject to specific eligibility requirements. Transactions were reported to be in a range of 49 to 52 bolivars to the dollar. Through December 31, 2014, we received approval to obtain $1.2 million (weighted average exchange rate of 51) through the SICAD II mechanism. | ||||
In February 2015, the government replaced the SICAD II process with a new process, known locally as SIMADI. The rates published in mid February 2015 ranged from 170 to 174 bolivars to the U.S. dollar. | ||||
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 new SIMADI process will be discontinued or not accessible when needed in the future, which may prevent us from repatriating dividends or obtaining dollars to operate our Venezuelan operations. | ||||
Remeasurement rate during 2012. 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 revenues and expenses. | ||||
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 revenues 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 revenues and expenses. We recognized a $13.4 million net remeasurement loss in 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 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 revenues 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 revenues and expenses. We recognized a $121.6 million net remeasurement loss in 2014 when we changed from the official rate of 6.3 to the SICAD II exchange rate, which averaged approximately 50 since opening on March 24, 2014 until implementation of a new exchange process in February 2015 (SIMADI). Transaction gains and losses since March 31, 2014 have not been significant. At December 31, 2014, the rate was approximately 50. The after-tax effect of these losses attributable to noncontrolling interests was $39.7 million in 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 revenues and operating profit. | ||||
Brink’s Venezuela’s profit margin percentage declined as the historical U.S. dollar nonmonetary assets were not remeasured to a lower U.S. dollar basis but instead retained a historical higher basis which was used for depreciation and other expense attribution. Our nonmonetary assets were $59.9 million at December 31, 2013, and $55.0 million at December 31, 2014. | ||||
Our investment in our Venezuelan operations on an equity-method basis has declined. Our investment was $125.3 million at December 31, 2013, and $59.6 million at December 31, 2014. | ||||
Our bolivar-denominated net monetary assets included in our consolidated balance sheets have 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 $23.5 million (including $12.6 million of cash and cash equivalents) at December 31, 2014. | ||||
Concentration of Credit Risks | ||||
We routinely assess the financial strength of significant customers and this assessment, combined with the large number and geographic diversity of our customers, limits our concentration of risk with respect to accounts receivable. Financial instruments which potentially subject us to concentrations of credit risks are principally cash and cash equivalents and accounts receivables. Cash and cash equivalents are held by major financial institutions. | ||||
Use of Estimates | ||||
In accordance with U.S. generally accepted accounting principles (“GAAP”), 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 those estimates. The most significant estimates are related to goodwill, intangibles and other long-lived assets, pension and other retirement benefit assets and obligations, legal contingencies, deferred tax assets, purchase price allocations and foreign currency translation. | ||||
Fair-value estimates. We have various financial instruments included in our financial statements. Financial instruments are carried in our financial statements at either cost or fair value. We estimate fair value of assets using the following hierarchy using the highest level possible: | ||||
Level 1: Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities. | ||||
Level 2: Observable prices that are based on inputs not quoted on active markets, but are corroborated by market data. | ||||
Level 3: Unobservable inputs are used when little or no market data is available. | ||||
New Accounting Standard | ||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard related to revenue recognition, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP when it becomes effective on January 1, 2017. Early adoption is not permitted. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application in retained earnings. We are assessing the potential impact of the new standard on financial reporting and have not yet selected a transition method. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||
Dec. 31, 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 to each operating segment based on operating profit or loss, excluding income and expenses not allocated to segments. | |||||||||||||||||||
Effective December 2014, we reorganized the majority of Brink’s country operations under two business units: Largest 5 Markets (including U.S., France, Mexico, Brazil and Canada), and Global Markets (for the 36 countries besides the Largest 5 Markets). Country operations typically provide Cash-in-Transit (“CIT”) Services, ATM Services, Cash Management Services and Global Services. Reporting lines within these two business units are supplemented by a matrixed, centralized management of the Global Services operations. The Payment Services business has a centralized organizational structure. | |||||||||||||||||||
As a result of this reorganization, beginning in 2014, we report financial results in the following nine operating segments: | |||||||||||||||||||
Each of the five countries within Largest 5 Markets (U.S., France, Mexico, Brazil and Canada) | |||||||||||||||||||
Each of the three regions within Global Markets (Latin America, EMEA and Asia) | |||||||||||||||||||
Payment Services | |||||||||||||||||||
We currently serve customers in more than 100 countries, including 41 countries where we operate subsidiaries. | |||||||||||||||||||
The primary services of the reportable segments include: | |||||||||||||||||||
CIT Services – armored vehicle transportation of valuables | |||||||||||||||||||
ATM Services – replenishing and maintaining customers’ automated teller machines; providing network infrastructure services | |||||||||||||||||||
Global Services – secure international transportation of valuables | |||||||||||||||||||
Cash Management Services | |||||||||||||||||||
Currency and coin counting and sorting; deposit preparation and reconciliations; other cash management services | |||||||||||||||||||
Safe and safe control device installation and servicing (including our patented CompuSafe® service) | |||||||||||||||||||
Check and cash processing services for banking customers (“Virtual Vault Services”) | |||||||||||||||||||
Check imaging services for banking customers | |||||||||||||||||||
Payment Services – bill payment and processing services on behalf of utility companies and other billers at any of our Brink’s or Brink’s operated payment locations in Latin America and Brink’s Money™ general purpose reloadable prepaid cards and payroll cards in the U.S. | |||||||||||||||||||
Guarding Services – protection of airports, offices, and certain other locations in Europe with or without electronic surveillance, access control, fire prevention and highly trained patrolling personnel | |||||||||||||||||||
Revenues | Operating Profit (Loss) | ||||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Reportable Segments: | |||||||||||||||||||
U.S. | $ | 727.8 | 707.5 | 706.7 | $ | 22.8 | 12.8 | 32 | |||||||||||
France | 517.4 | 517.6 | 511.4 | 39.4 | 44.5 | 39.7 | |||||||||||||
Mexico | 388.2 | 423.9 | 395 | 9.6 | 26.9 | 17.7 | |||||||||||||
Brazil | 364.1 | 354.4 | 363.6 | 34.2 | 41.1 | 39.9 | |||||||||||||
Canada | 179.7 | 191.4 | 187.5 | 12.8 | 10.5 | 9.3 | |||||||||||||
Largest 5 Markets | 2,177.20 | 2,194.80 | 2,164.20 | 118.8 | 135.8 | 138.6 | |||||||||||||
Latin America | 592.4 | 854.2 | 744.4 | 90.6 | 136.2 | 90 | |||||||||||||
EMEA | 556.3 | 540.6 | 503.1 | 52.5 | 47 | 45.3 | |||||||||||||
Asia | 139.8 | 134.2 | 125.9 | 23.1 | 21 | 14.8 | |||||||||||||
Global Markets | 1,288.50 | 1,529.00 | 1,373.40 | 166.2 | 204.2 | 150.1 | |||||||||||||
Payment Services | 96.6 | 54.8 | 40 | -4.9 | 1 | 1.2 | |||||||||||||
Total reportable segments | 3,562.30 | 3,778.60 | 3,577.60 | 280.1 | 341 | 289.9 | |||||||||||||
Reconciling Items: | |||||||||||||||||||
Corporate items: | |||||||||||||||||||
General, administrative and other expenses | - | - | - | -108.8 | -116.4 | -87.4 | |||||||||||||
Reconciliation of segment policies to GAAP | - | - | - | -2.3 | 2.7 | 4.5 | |||||||||||||
Other items not allocated to segments: | |||||||||||||||||||
FX devaluation in Venezuela | - | - | - | -142.7 | -14.6 | - | |||||||||||||
U.S. retirement plans (see note 3) | - | - | - | -73.1 | -52.9 | -56.2 | |||||||||||||
2014 Reorganization and Restructuring | - | - | - | -21.8 | - | - | |||||||||||||
Acquisitions and dispositions | - | - | - | 49.4 | 5.8 | 14.6 | |||||||||||||
Mexican settlement losses (see note 3) | - | - | - | -5.9 | -2.4 | -3.2 | |||||||||||||
Share-based compensation adj. (see note 17) | - | - | - | -2.4 | - | - | |||||||||||||
Total | $ | 3,562.30 | 3,778.60 | 3,577.60 | $ | -27.5 | 163.2 | 162.2 | |||||||||||
FX devaluation in Venezuela The rate we use to remeasure operations in Venezuela declined 16% in February 2013 (from 5.3 to 6.3 bolivars to the U.S. dollar) and 88% in March 2014 (from 6.3 to 50 bolivars to the U.S. dollar). Expenses related to remeasured net monetary assets were $121.6 million in 2014 and $13.4 million in 2013. In addition, nonmonetary assets were not remeasured to a lower basis when the currency devalued. Instead, under highly inflationary accounting rules, these assets retained their higher historical bases, which excess is recognized in earnings as the asset is consumed resulting in incremental expense until the excess bases are depleted. Higher expenses related to nonmonetary assets were $21.1 million in 2014 and $1.2 million in 2013. Expenses related to these Venezuelan devaluations have not been allocated to segment results. | |||||||||||||||||||
2014 Reorganization and Restructuring Brink’s reorganized and restructured its business in December 2014, eliminating the management roles and structures in its former Latin America and EMEA regions and is substantially complete with implementing a plan to reduce the cost structure of various country operations by eliminating approximately 1,700 positions across its global workforce. Severance costs of $21.8 million associated with these actions were recognized in 2014. These amounts have not been allocated to segment results. | |||||||||||||||||||
Acquisitions and dispositions Gains and losses related to acquisitions and dispositions that have not been allocated to segment results are described below: | |||||||||||||||||||
Brink’s sold an equity investment in a CIT business in Peru and recognized a $44.3 million gain in 2014. Other divestiture gains in 2014 were $0.6 million. Equity earnings related to our former investment in Peru recognized in prior periods ($3.8 million in 2014, $6.1 million in 2013 and $5.8 million in 2012). | |||||||||||||||||||
Adjustments to the 2010 business acquisition gain for Mexico ($0.7 million favorable adjustment in 2014, $1.1 million in unfavorable adjustments in 2013 and a $2.1 million favorable adjustment in 2012). | |||||||||||||||||||
Adjustments to the purchase price of the January 2013 acquisition of Rede Trel in Brazil ($1.7 million of favorable adjustments in 2013). | |||||||||||||||||||
The $0.9 million impairment in 2013 of an intangible asset acquired in the 2009 India acquisition. | |||||||||||||||||||
A 2012 gain on the sale of real estate in Venezuela ($7.2 million). | |||||||||||||||||||
Unfavorable adjustments of $0.5 million recognized in 2012 related to various acquisitions and dispositions | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||
Capital Expenditures by Business Segment | |||||||||||||||||||
U.S. | $ | 31.1 | 42.4 | 39 | |||||||||||||||
France | 17.9 | 13.8 | 15.8 | ||||||||||||||||
Mexico | 13.3 | 24.5 | 27.4 | ||||||||||||||||
Brazil | 14.7 | 13.2 | 12.4 | ||||||||||||||||
Canada | 6.4 | 9.6 | 9.1 | ||||||||||||||||
Largest 5 Markets | 83.4 | 103.5 | 103.7 | ||||||||||||||||
Latin America | 22.4 | 26.8 | 37.3 | ||||||||||||||||
EMEA | 9.2 | 8.9 | 9.8 | ||||||||||||||||
Asia | 3.6 | 2.4 | 4.4 | ||||||||||||||||
Global Markets | 35.2 | 38.1 | 51.5 | ||||||||||||||||
Payment Services | 0.8 | 1.5 | 1.8 | ||||||||||||||||
Segments | 119.4 | 143.1 | 157 | ||||||||||||||||
Corporate items | 16.7 | 29.8 | 13.9 | ||||||||||||||||
Total | $ | 136.1 | 172.9 | 170.9 | |||||||||||||||
Depreciation and Amortization by Business Segment | |||||||||||||||||||
Depreciation and amortization of property and equipment: | |||||||||||||||||||
U.S. | $ | 49.8 | 49.1 | 45.6 | |||||||||||||||
France | 19.3 | 22.1 | 20.6 | ||||||||||||||||
Mexico | 19.6 | 19.2 | 14.3 | ||||||||||||||||
Brazil | 8.8 | 9 | 8.7 | ||||||||||||||||
Canada | 8.5 | 8.3 | 9 | ||||||||||||||||
Largest 5 Markets | 106 | 107.7 | 98.2 | ||||||||||||||||
Latin America | 21.9 | 22.5 | 21.1 | ||||||||||||||||
EMEA | 13.6 | 16.9 | 12.5 | ||||||||||||||||
Asia | 3.2 | 3.7 | 3.6 | ||||||||||||||||
Global Markets | 38.7 | 43.1 | 37.2 | ||||||||||||||||
Payment Services | 2.2 | 2.2 | 1.3 | ||||||||||||||||
Segments | 146.9 | 153 | 136.7 | ||||||||||||||||
Corporate items | 9.5 | 6.4 | 4.5 | ||||||||||||||||
Depreciation and amortization of property and equipment | 156.4 | 159.4 | 141.2 | ||||||||||||||||
Amortization of intangible assets: | |||||||||||||||||||
U.S. | - | 0.2 | 0.3 | ||||||||||||||||
France | 0.3 | 0.4 | 0.3 | ||||||||||||||||
Brazil | 1.4 | 1.7 | 2.1 | ||||||||||||||||
Largest 5 Markets | 1.7 | 2.3 | 2.7 | ||||||||||||||||
Latin America | 0.3 | 0.4 | 0.4 | ||||||||||||||||
EMEA | 1.1 | 1.2 | 2.3 | ||||||||||||||||
Asia | 0.9 | 1 | 1.1 | ||||||||||||||||
Global Markets | 2.3 | 2.6 | 3.8 | ||||||||||||||||
Payment Services | 1.5 | 1.5 | 0.7 | ||||||||||||||||
Amortization of intangible assets | 5.5 | 6.4 | 7.2 | ||||||||||||||||
Total | $ | 161.9 | 165.8 | 148.4 | |||||||||||||||
December 31, | |||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||
Assets held by Segment | |||||||||||||||||||
U.S. | $ | 327.4 | 330 | 345.2 | |||||||||||||||
France | 244.7 | 246.6 | 244.1 | ||||||||||||||||
Mexico | 258.9 | 285.1 | 269.3 | ||||||||||||||||
Brazil | 165 | 165.8 | 165.7 | ||||||||||||||||
Canada | 92.3 | 96.5 | 120.4 | ||||||||||||||||
Largest 5 Markets | 1,088.30 | 1,124.00 | 1,144.70 | ||||||||||||||||
Latin America | 296 | 521.1 | 418 | ||||||||||||||||
EMEA | 308 | 382.8 | 433.9 | ||||||||||||||||
Asia | 109.2 | 115.1 | 148.3 | ||||||||||||||||
Global Markets | 713.2 | 1,019.00 | 1,000.20 | ||||||||||||||||
Payment Services | 63.7 | 72 | 27.9 | ||||||||||||||||
Segments | 1,865.20 | 2,215.00 | 2,172.80 | ||||||||||||||||
Corporate items | 327 | 283 | 381.1 | ||||||||||||||||
Total | $ | 2,192.20 | 2,498.00 | 2,553.90 | |||||||||||||||
Long-Lived Assets by Geographic Area(a) | |||||||||||||||||||
Non-U.S.: | |||||||||||||||||||
France | $ | 75.7 | 88.5 | 94.3 | |||||||||||||||
Mexico | 114.4 | 136.8 | 133.7 | ||||||||||||||||
Brazil | 47.9 | 47.6 | 47.9 | ||||||||||||||||
Canada | 47.9 | 50.7 | 68.4 | ||||||||||||||||
Other | 175.5 | 216.3 | 240 | ||||||||||||||||
Subtotal | 461.4 | 539.9 | 584.3 | ||||||||||||||||
U.S. | 208.1 | 218.8 | 209.5 | ||||||||||||||||
Total | $ | 669.5 | 758.7 | 793.8 | |||||||||||||||
(a) Long-lived assets include only property and equipment. | |||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||
Revenues by Geographic Area(a) | |||||||||||||||||||
Outside the U.S.: | |||||||||||||||||||
France | $ | 517.4 | 542.5 | 535.5 | |||||||||||||||
Mexico | 388.5 | 424.1 | 395 | ||||||||||||||||
Brazil | 442.3 | 392 | 388.3 | ||||||||||||||||
Canada | 179.7 | 191.4 | 187.5 | ||||||||||||||||
Other | 1,305.80 | 1,521.10 | 1,364.60 | ||||||||||||||||
Subtotal | 2,833.70 | 3,071.10 | 2,870.90 | ||||||||||||||||
U.S. | 728.6 | 707.5 | 706.7 | ||||||||||||||||
Total | $ | 3,562.30 | 3,778.60 | 3,577.60 | |||||||||||||||
(a) Revenues are recorded in the country where service is initiated or performed. No single customer represents more than 10% of total revenue. Geographic disclosures of country revenues include the Payments Services segment in Mexico, Brazil, Colombia and the U.S. | |||||||||||||||||||
December 31, | |||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||
Net assets outside the U.S. | |||||||||||||||||||
France | $ | 96.3 | 110.8 | 79.2 | |||||||||||||||
Other EMEA countries | 146.1 | 180.6 | 192.9 | ||||||||||||||||
Mexico | 88.4 | 101.2 | 131.5 | ||||||||||||||||
Brazil | 111.1 | 105.2 | 103.1 | ||||||||||||||||
Other Latin America countries | 182.4 | 273 | 203.6 | ||||||||||||||||
Asian countries | 69.2 | 72.7 | 89.1 | ||||||||||||||||
Canada | 53.4 | 69.3 | 43.2 | ||||||||||||||||
Total | $ | 746.9 | 912.8 | 842.6 | |||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||
Information about Unconsolidated Equity Affiliates held by Global Markets – Asia Segment: | |||||||||||||||||||
Carrying value of investments at December 31 | $ | 2.7 | 2.3 | 1.8 | |||||||||||||||
Undistributed earnings at December 31 | 1.1 | 0.8 | 0.4 | ||||||||||||||||
Share of earnings included in Brink's consolidated earnings during the year | 0.5 | 0.7 | 0.2 | ||||||||||||||||
Brink’s sold an equity investment in a CIT business in Peru in 2014. This investment is not allocated to segments. The carrying value was $13.5 million at December 31, 2013, and $13.8 million at December 31, 2012. The equity earnings from this investment were $3.8 million in 2014, $6.1 million in 2013 and $5.8 million in 2012. |
Retirement_Benefits
Retirement Benefits | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||
Retirement benefits | Note 3 – Retirement Benefits | |||||||||||||||||
Defined-benefit Pension Plans | ||||||||||||||||||
Summary | ||||||||||||||||||
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. Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005. There are limits to the amount of benefits which can be paid to participants from a U.S. qualified pension plan. We maintain a nonqualified U.S. plan to pay benefits for those eligible current and former employees in the U.S. whose benefits exceed the regulatory limits. | ||||||||||||||||||
Components of Net Periodic Pension Cost | ||||||||||||||||||
(In millions) | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||
Service cost | $ | - | - | - | $ | 12.5 | 15 | 11.1 | $ | 12.5 | 15 | 11.1 | ||||||
Interest cost on projected benefit obligation | 45.3 | 42.2 | 43.8 | 18.4 | 19.1 | 19.1 | 63.7 | 61.3 | 62.9 | |||||||||
Return on assets – expected | -63.9 | -56.9 | -60 | -14.4 | -12.9 | -12.2 | -78.3 | -69.8 | -72.2 | |||||||||
Amortization of losses | 28.2 | 45.1 | 39.5 | 2.3 | 6.1 | 4 | 30.5 | 51.2 | 43.5 | |||||||||
Amortization of prior service cost | - | - | - | 1 | 0.8 | 2 | 1 | 0.8 | 2 | |||||||||
Settlement loss (a) | 56.1 | 0.1 | 5 | 6.3 | 2.6 | 3.3 | 62.4 | 2.7 | 8.3 | |||||||||
Net periodic pension cost | $ | 65.7 | 30.5 | 28.3 | $ | 26.1 | 30.7 | 27.3 | $ | 91.8 | 61.2 | 55.6 | ||||||
Included in: | ||||||||||||||||||
Continuing operations | $ | 65.7 | 30.5 | 28.3 | $ | 24.4 | 28.7 | 25.2 | $ | 90.1 | 59.2 | 53.5 | ||||||
Discontinued operations | - | - | - | 1.7 | 2 | 2.1 | 1.7 | 2 | 2.1 | |||||||||
Net periodic pension cost | $ | 65.7 | 30.5 | 28.3 | $ | 26.1 | 30.7 | 27.3 | $ | 91.8 | 61.2 | 55.6 | ||||||
Settlement losses recognized in the U.S. in 2014 relate to a lump-sum buy-out of 4,300 participants. See “2014 Lump-sum Buy-out” below. Settlement losses outside the U.S. relate primarily to terminated employees that participate in a Mexican severance indemnity program that is accounted for as a defined benefit plan. | ||||||||||||||||||
Obligations and Funded Status | ||||||||||||||||||
Changes in the projected benefit obligation (“PBO”) and plan assets for our pension plans are as follows: | ||||||||||||||||||
(In millions) | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Benefit obligation at beginning of year | $ | 934.9 | 1,031.30 | 390.4 | 392.3 | 1,325.30 | 1,423.60 | |||||||||||
Service cost | - | - | 12.5 | 15 | 12.5 | 15 | ||||||||||||
Interest cost | 45.3 | 42.2 | 18.4 | 19.1 | 63.7 | 61.3 | ||||||||||||
Participant contributions | - | - | 4.2 | 3.8 | 4.2 | 3.8 | ||||||||||||
Plan amendments | - | - | -0.1 | -4.9 | -0.1 | -4.9 | ||||||||||||
Curtailments | - | - | -0.1 | -0.2 | -0.1 | -0.2 | ||||||||||||
Settlements(a) | -149 | -0.5 | - | -2 | -149 | -2.5 | ||||||||||||
Benefits paid | -44.9 | -43.6 | -24.2 | -18.8 | -69.1 | -62.4 | ||||||||||||
Sale of Brink’s Netherlands | - | - | -132.7 | - | -132.7 | - | ||||||||||||
Actuarial (gains) losses | 117.8 | -94.5 | 59.7 | -8 | 177.5 | -102.5 | ||||||||||||
Foreign currency exchange effects | - | - | -45 | -5.9 | -45 | -5.9 | ||||||||||||
Benefit obligation at end of year | $ | 904.1 | 934.9 | 283.1 | 390.4 | 1,187.20 | 1,325.30 | |||||||||||
Fair value of plan assets at beginning of year | $ | 811.8 | 756.3 | 322 | 283 | 1,133.80 | 1,039.30 | |||||||||||
Return on assets – actual | 80.6 | 85.5 | 23.8 | 16.6 | 104.4 | 102.1 | ||||||||||||
Participant contributions | - | - | 4.2 | 3.8 | 4.2 | 3.8 | ||||||||||||
Employer contributions | 87.8 | 14.1 | 31 | 40.1 | 118.8 | 54.2 | ||||||||||||
Settlements(a) | -149 | -0.5 | - | -2 | -149 | -2.5 | ||||||||||||
Benefits paid | -44.9 | -43.6 | -24.2 | -18.8 | -69.1 | -62.4 | ||||||||||||
Sale of Brink’s Netherlands | - | - | -157.2 | - | -157.2 | - | ||||||||||||
Foreign currency exchange effects | - | - | -20.3 | -0.7 | -20.3 | -0.7 | ||||||||||||
Fair value of plan assets at end of year | $ | 786.3 | 811.8 | 179.3 | 322 | 965.6 | 1,133.80 | |||||||||||
Funded status | $ | -117.8 | -123.1 | -103.8 | -68.4 | -221.6 | -191.5 | |||||||||||
Included in: | ||||||||||||||||||
Noncurrent asset | $ | - | - | - | -28.6 | - | -28.6 | |||||||||||
Current liability, included in accrued liabilities | 0.6 | 0.8 | 2 | 4.5 | 2.6 | 5.3 | ||||||||||||
Noncurrent liability | 117.2 | 122.3 | 101.8 | 92.5 | 219 | 214.8 | ||||||||||||
Net pension liability | $ | 117.8 | 123.1 | 103.8 | 68.4 | 221.6 | 191.5 | |||||||||||
The 2014 U.S. settlement reflects the lump-sum elections accepted by approximately 4,300 terminated participants. | ||||||||||||||||||
Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) | ||||||||||||||||||
(In millions) | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Benefit plan net experience losses recognized in | ||||||||||||||||||
accumulated other comprehensive income (loss): | ||||||||||||||||||
Beginning of year | $ | -323.6 | -491.9 | -39.2 | -59.7 | -362.8 | -551.6 | |||||||||||
Net experience gains (losses) arising during the year | -101.1 | 123.1 | -50.3 | 11.7 | -151.4 | 134.8 | ||||||||||||
Reclassification adjustment for amortization of | ||||||||||||||||||
prior experience losses included in net income (loss)(a) | 84.3 | 45.2 | 3.8 | 8.8 | 88.1 | 54 | ||||||||||||
End of year | $ | -340.4 | -323.6 | -85.7 | -39.2 | -426.1 | -362.8 | |||||||||||
Benefit plan prior service cost recognized in | ||||||||||||||||||
accumulated other comprehensive income (loss): | ||||||||||||||||||
Beginning of year | $ | - | - | -10.2 | -15.8 | -10.2 | -15.8 | |||||||||||
Prior service credit (cost) from plan amendments | ||||||||||||||||||
during the year | - | - | 0.1 | 4.9 | 0.1 | 4.9 | ||||||||||||
Reclassification adjustment for amortization of | ||||||||||||||||||
prior service cost included in net income (loss)(a) | - | - | 0.8 | 0.7 | 0.8 | 0.7 | ||||||||||||
End of year | $ | - | - | -9.3 | -10.2 | -9.3 | -10.2 | |||||||||||
Includes $5.0 million of reclassification adjustments in net income (loss) in 2014 related to the sale of CIT operations in the Netherlands. These amounts are included in loss from discontinued operations in the income statement and as such are not included in amortization of losses in net periodic postretirement cost. | ||||||||||||||||||
Approximately $36.5 million of experience loss and $0.1 million of prior service cost are expected to be amortized from accumulated other comprehensive income (loss) into net periodic pension cost during 2015. | ||||||||||||||||||
The net experience losses in 2014 (the majority attributed to the U.S. plans) were primarily due to the lower discount rates at the end of the year compared to the prior year and the adoption of new mortality tables for U.S. plans, partially offset by a gain from a lump-sum buy-out (see “2014 Lump-sum Buy-out” below) and the actual return on assets being higher than expected. The net experience gains in 2013 (the majority attributed to the U.S. plans) were primarily due to the higher discount rates at the end of the year compared to the prior year and the actual return on assets being higher than expected. | ||||||||||||||||||
Information Comparing Plan Assets to Plan Obligations | ||||||||||||||||||
Information comparing plan assets to plan obligations as of December 31, 2014 and 2013 are aggregated below. The accumulated benefit obligation (“ABO”) differs from the PBO in that the ABO is based on the benefit earned through the date noted. The PBO includes assumptions about future compensation levels for plans that have not been frozen. The total ABO for our U.S. pension plans was $904.1 million in 2014 and $934.9 million in 2013. The total ABO for our Non-U.S. pension plans was $242.9 million in 2014 and $345.3 million in 2013. | ||||||||||||||||||
Includes $5.0 million of reclassification adjustments in net income (loss) in 2014 related to the sale of CIT operations in the Netherlands. These amounts are included in loss from discontinued operations in the income statement and as such are not included in amortization of losses in net periodic postretirement cost. | ||||||||||||||||||
Approximately $36.5 million of experience loss and $0.1 million of prior service cost are expected to be amortized from accumulated other comprehensive income (loss) into net periodic pension cost during 2015. | ||||||||||||||||||
The net experience losses in 2014 (the majority attributed to the U.S. plans) were primarily due to the lower discount rates at the end of the year compared to the prior year and the adoption of new mortality tables for U.S. plans, partially offset by a gain from a lump-sum buy-out (see “2014 Lump-sum Buy-out” below) and the actual return on assets being higher than expected. The net experience gains in 2013 (the majority attributed to the U.S. plans) were primarily due to the higher discount rates at the end of the year compared to the prior year and the actual return on assets being higher than expected. | ||||||||||||||||||
Information Comparing Plan Assets to Plan Obligations | ||||||||||||||||||
Information comparing plan assets to plan obligations as of December 31, 2014 and 2013 are aggregated below. The accumulated benefit obligation (“ABO”) differs from the PBO in that the ABO is based on the benefit earned through the date noted. The PBO includes assumptions about future compensation levels for plans that have not been frozen. The total ABO for our U.S. pension plans was $904.1 million in 2014 and $934.9 million in 2013. The total ABO for our Non-U.S. pension plans was $242.9 million in 2014 and $345.3 million in 2013. | ||||||||||||||||||
(In millions) | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||
December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Information for pension plans with an ABO in excess of plan assets: | ||||||||||||||||||
Fair value of plan assets | $ | 786.3 | 811.8 | 45.6 | 38.1 | 831.9 | 849.9 | |||||||||||
Accumulated benefit obligation | 904.1 | 934.9 | 111.9 | 103.6 | 1,016.00 | 1,038.50 | ||||||||||||
Projected benefit obligation | 904.1 | 934.9 | 137 | 135.1 | 1,041.10 | 1,070.00 | ||||||||||||
2014 Lump-sum Buy-out | ||||||||||||||||||
The primary U.S. pension plan made an offer to buy out certain plan participants’ pension benefits in 2014 and approximately 4,300 accepted. The pension plan settled the buy-out in the fourth quarter of 2014. After the settlement, there are approximately 15,200 beneficiaries in the plans. We recognized a $56.1 million settlement loss as a result of the buy-out. We also recognized a $40 million benefit plan experience gain arising during the year in accumulated other comprehensive income (loss) as the obligation released was more than the cash benefit payments from the plan assets. | ||||||||||||||||||
Assumptions | ||||||||||||||||||
Discount rates | ||||||||||||||||||
The weighted-average assumptions used in determining the net pension cost and benefit obligations for our pension plans were as follows: | ||||||||||||||||||
U.S. Plans | Non-U.S. Plans | |||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Discount rate: | ||||||||||||||||||
Pension cost | 5.00% | 4.20% | 4.60% | 6.30% | 5.30% | 5.40% | ||||||||||||
Benefit obligation at year end | 4.10% | 5.00% | 4.20% | 5.10% | 6.30% | 5.30% | ||||||||||||
Expected return on assets – pension cost | 8.00% | 8.00% | 8.25% | 5.83% | 4.64% | 4.92% | ||||||||||||
Average rate of increase in salaries(a): | ||||||||||||||||||
Pension cost | N/A | N/A | N/A | 3.90% | 3.80% | 3.20% | ||||||||||||
Benefit obligation at year end | N/A | N/A | N/A | 3.90% | 3.90% | 3.80% | ||||||||||||
Salary scale assumptions are determined through historical experience and vary by age and industry. The U.S. plan benefits are frozen. Pension benefits will not increase due to future salary increases. | ||||||||||||||||||
Adoption of New Mortality Tables for our U.S. Retirement Benefits | ||||||||||||||||||
The Society of Actuaries issued new mortality base tables (“RP-2014”) and a longevity improvement scale (“MP-2014”) in October of 2014, superseding the ones developed in 2000. The new tables reflect that people in the U.S. are living significantly longer than predicted in the 2000 tables. | ||||||||||||||||||
We adopted the Mercer modified RP-2014 base table and Mercer modified MP-2014 projection scale, with Blue Collar adjustments for the majority of our U.S. retirement plans, and with White Collar adjustments for our nonqualified U.S. pension plan as of December 31, 2014. The adoption of these tables significantly increased the estimated U.S. plans’ retirement obligations. The increases to our major U.S. plans were $45 million for the primary U.S. pension plan, $39 million for the UMWA retiree medical plans and $3 million for the black lung obligations. These increases were recognized as benefit plan experience losses arising during the year in accumulated other comprehensive income (loss). | ||||||||||||||||||
As of December 31, 2013, we used the tables developed by the Society of Actuaries in 2000 – the RP-2000 base table and the AA improvement scale, with similar Blue and White Collar adjustments. | ||||||||||||||||||
Estimated Future Cash Flows | ||||||||||||||||||
Estimated Future Contributions from the Company into Plan Assets | ||||||||||||||||||
Our policy is to fund at least the minimum actuarially determined amounts required by applicable regulations. We do not expect to make contributions to our primary U.S. pension plan in 2015. We expect to contribute $13.5 million to our non-U.S. pension plans and $0.6 million to our nonqualified U.S. pension plan in 2015. | ||||||||||||||||||
Estimated Future Benefit Payments from Plan Assets to Beneficiaries | ||||||||||||||||||
Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2014, are as follows: | ||||||||||||||||||
(In millions) | U.S. Plans | Non-U.S. Plans | Total | |||||||||||||||
2015 | $ | 47 | 12.1 | 59.1 | ||||||||||||||
2016 | 47.3 | 11.7 | 59 | |||||||||||||||
2017 | 48 | 12.6 | 60.6 | |||||||||||||||
2018 | 48.6 | 14.7 | 63.3 | |||||||||||||||
2019 | 49.6 | 15.9 | 65.5 | |||||||||||||||
2020 through 2024 | $ | 250.4 | 114.3 | 364.7 | ||||||||||||||
Retirement Benefits Other than Pensions | ||||||||||||||||||
Summary | ||||||||||||||||||
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. | ||||||||||||||||||
Components of Net Periodic Postretirement Cost | ||||||||||||||||||
The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows: | ||||||||||||||||||
(In millions) | UMWA Plans | Black Lung and Other Plans(a) | Total | |||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||
Service cost | $ | - | - | - | $ | 0.1 | 0.3 | 0.6 | $ | 0.1 | 0.3 | 0.6 | ||||||
Interest cost on APBO | 17.9 | 19.7 | 22.3 | 2.3 | 1.9 | 2.8 | 20.2 | 21.6 | 25.1 | |||||||||
Return on assets – expected | -22.2 | -20.8 | -21.3 | - | - | - | -22.2 | -20.8 | -21.3 | |||||||||
Amortization of losses | 12.3 | 19.6 | 21 | 0.6 | 0.7 | 1.5 | 12.9 | 20.3 | 22.5 | |||||||||
Amortization of prior service cost (credit) | -4.6 | - | - | 1.7 | 1.7 | 2 | -2.9 | 1.7 | 2 | |||||||||
Net periodic postretirement cost | $ | 3.4 | 18.5 | 22 | $ | 4.7 | 4.6 | 6.9 | $ | 8.1 | 23.1 | 28.9 | ||||||
Includes net periodic postretirement cost related to non-U.S. plans of $0.7 million in 2014, $0.7 million in 2013, and $1.0 million in 2012. | ||||||||||||||||||
Obligations and Funded Status | ||||||||||||||||||
Changes in the accumulated postretirement benefit obligation (“APBO’) and plan assets related to retirement healthcare benefits are as follows: | ||||||||||||||||||
(In millions) | UMWA Plans | Black Lung and Other Plans | Total | |||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
APBO at beginning of year | $ | 426.5 | 525.3 | 48.9 | 53 | 475.4 | 578.3 | |||||||||||
Service cost | - | - | 0.1 | 0.3 | 0.1 | 0.3 | ||||||||||||
Interest cost | 17.9 | 19.7 | 2.3 | 1.9 | 20.2 | 21.6 | ||||||||||||
Plan amendments | - | -55.7 | - | - | - | -55.7 | ||||||||||||
Benefits paid | -34.5 | -34.2 | -7.4 | -7.1 | -41.9 | -41.3 | ||||||||||||
Medicare subsidy received | 0.6 | 3.1 | - | - | 0.6 | 3.1 | ||||||||||||
Actuarial (gains) losses, net | 51.3 | -31.7 | 23.2 | 0.8 | 74.5 | -30.9 | ||||||||||||
Foreign currency exchange effects | - | - | -0.9 | - | -0.9 | - | ||||||||||||
APBO at end of year | $ | 461.8 | 426.5 | 66.2 | 48.9 | 528 | 475.4 | |||||||||||
Fair value of plan assets at beginning of year | $ | 284.4 | 268.7 | - | - | 284.4 | 268.7 | |||||||||||
Employer contributions | -0.8 | 1 | 7.4 | 7.1 | 6.6 | 8.1 | ||||||||||||
Return on assets – actual | 14.9 | 45.8 | - | - | 14.9 | 45.8 | ||||||||||||
Benefits paid | -34.5 | -34.2 | -7.4 | -7.1 | -41.9 | -41.3 | ||||||||||||
Medicare subsidy received | 0.6 | 3.1 | - | - | 0.6 | 3.1 | ||||||||||||
Fair value of plan assets at end of year | $ | 264.6 | 284.4 | - | - | 264.6 | 284.4 | |||||||||||
Funded status | $ | -197.2 | -142.1 | -66.2 | -48.9 | -263.4 | -191 | |||||||||||
Included in: | ||||||||||||||||||
Current, included in accrued liabilities | $ | - | - | 6.3 | 5 | 6.3 | 5 | |||||||||||
Noncurrent | 197.2 | 142.1 | 59.9 | 43.9 | 257.1 | 186 | ||||||||||||
Retirement benefits other than pension liability | $ | 197.2 | 142.1 | 66.2 | 48.9 | 263.4 | 191 | |||||||||||
Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) | ||||||||||||||||||
Changes in accumulated other comprehensive income (loss) of our retirement benefit plans other than pensions are as follows: | ||||||||||||||||||
Black Lung and Other | ||||||||||||||||||
(In millions) | UMWA Plans | Plans | Total | |||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Benefit plan net experience gain (loss) recognized in | ||||||||||||||||||
accumulated other comprehensive income (loss): | ||||||||||||||||||
Beginning of year | $ | -219.4 | -295.7 | -6.3 | -6.2 | -225.7 | -301.9 | |||||||||||
Net experience gains (losses) arising during the year | -58.6 | 56.7 | -23.2 | -0.8 | -81.8 | 55.9 | ||||||||||||
Reclassification adjustment for amortization of | ||||||||||||||||||
prior experience losses included in net income (loss) | 12.4 | 19.6 | 0.5 | 0.7 | 12.9 | 20.3 | ||||||||||||
End of year | $ | -265.6 | -219.4 | -29 | -6.3 | -294.6 | -225.7 | |||||||||||
Benefit plan prior service (cost) credit recognized in | ||||||||||||||||||
accumulated other comprehensive income (loss): | ||||||||||||||||||
Beginning of year | $ | 55.7 | - | -7.7 | -9.4 | 48 | -9.4 | |||||||||||
Prior service credit from plan amendments during the year | - | 55.7 | - | - | - | 55.7 | ||||||||||||
Reclassification adjustment for amortization or curtailment | ||||||||||||||||||
of prior service cost included in net income (loss) | -4.6 | - | 1.7 | 1.7 | -2.9 | 1.7 | ||||||||||||
End of year | $ | 51.1 | 55.7 | -6 | -7.7 | 45.1 | 48 | |||||||||||
We estimate that $19.8 million of experience loss and $2.9 million of prior service credit will be amortized from accumulated other comprehensive income (loss) into net periodic postretirement cost during 2014. | ||||||||||||||||||
We recognized net experience losses in 2014 associated with the UMWA obligations primarily related to the adoption of new mortality tables, a lower discount rate, and return on assets being lower than expected. We recognized net experience losses in 2014 associated with the black lung and other plans primarily related to an increase in the estimated administrative costs to be incurred by the plans in the future, a lower discount rate and the adoption of new mortality tables. | ||||||||||||||||||
We recognized a prior service credit in 2013 associated with UMWA obligations due to a plan amendment that changed the plan from a self-insured welfare benefit plan to an employer group waiver plan (“EGWP”), which reduced future expected net per capita claims costs. We recognized net experience gains in 2013 associated with the UMWA obligations primarily related to the higher discount rate, a return on assets being higher than expected and a decrease in the expected obligation related to the excise tax on high-cost health plans. The gain related to the excise tax on high-cost health plans reflects the benefit of lower per capita claims costs from the change to EGWP. | ||||||||||||||||||
Assumptions | ||||||||||||||||||
See Adoption of New Mortality Tables for our U.S. Retirement Benefits on page 81 for a description of the mortality assumptions. | ||||||||||||||||||
Discount rates | ||||||||||||||||||
The APBO for each of the plans was determined using the unit credit method and an assumed discount rate as follows: | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Weighted-average discount rate: | ||||||||||||||||||
Postretirement cost: | ||||||||||||||||||
UMWA plans | 4.7 | % | 3.9 | % | 4.4 | % | ||||||||||||
Black lung | 4.4 | % | 3.5 | % | 4.2 | % | ||||||||||||
Weighted-average | 4.7 | % | 3.9 | % | 4.4 | % | ||||||||||||
Benefit obligation at year end: | ||||||||||||||||||
UMWA plans | 4 | % | 4.7 | % | 3.9 | % | ||||||||||||
Black lung | 3.7 | % | 4.4 | % | 3.5 | % | ||||||||||||
Weighted-average | 4.1 | % | 4.7 | % | 3.9 | % | ||||||||||||
Expected return on assets | 8.25 | % | 8.25 | % | 8.5 | % | ||||||||||||
Healthcare Cost Trend Rates | ||||||||||||||||||
For UMWA plans, the assumed healthcare cost trend rate used to compute the 2014 APBO is 7.0% for 2015, declining to 5.0% in 2021 and thereafter (in 2013: 7.0% for 2014 declining to 5.0% in 2020 and thereafter). For the black lung obligation, the assumed healthcare cost trend rate used to compute the 2014 APBO was 5.0%. Other plans in the U.S. provide for fixed-dollar value coverage for eligible participants and, accordingly, are not adjusted for inflation. | ||||||||||||||||||
For the Canadian plan, the assumed healthcare cost trend rate used to compute the 2014 APBO is 7.0% for 2015, declining to 5.0% in 2021. For the Brazilian plan, the assumed healthcare cost trend rate used to compute the 2014 APBO is 3.0%. | ||||||||||||||||||
The table below shows the estimated effects of a one percentage-point change in the assumed healthcare cost trend rates for each future year. | ||||||||||||||||||
Effect of Change in Assumed Healthcare Trend Rates | ||||||||||||||||||
(In millions) | Increase 1% | Decrease 1% | ||||||||||||||||
Higher (lower): | ||||||||||||||||||
Service and interest cost in 2014 | $ | 2.1 | -1.8 | |||||||||||||||
APBO at December 31, 2014 | 59.3 | -49.6 | ||||||||||||||||
The Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Medicare Act”) provides for a prescription drug benefit under Medicare as well as a federal subsidy to sponsors of retiree healthcare benefit plans that provide a benefit that is at least actuarially equivalent to Medicare prescription drug benefits. Because of the broadness of coverage provided under our UMWA plans, we believe that the plans benefits are at least actuarially equivalent to the Medicare benefits. | ||||||||||||||||||
For the year ended December 31, 2013, we changed the way we provide healthcare benefits to our UMWA retirees who are eligible for the Medicare Act subsidy reimbursement. We changed from a self-insured welfare benefit plan to an employer group waiver plan (“EGWP”). Under this new arrangement, a government approved health insurance provider will receive the Medicare Act subsidy reimbursement on our behalf and pass these savings to us. Additionally, by moving to an EGWP, we will be able to benefit from the mandatory 50% discount that pharmaceutical companies must provide for Medicare Act-eligible prescription drugs. The combined savings of the subsidy and the 50% discount were recognized in other comprehensive income (loss) in 2013 as prior service credit, reducing the UMWA APBO. | ||||||||||||||||||
Excise Tax on Administrators by Patient Protection and Affordable Care Act of 2010 | ||||||||||||||||||
A 40% excise tax on third-party benefit plan administrators by the Patient Protection and Affordable Care Act will be imposed on high-cost health plans (“Cadillac plans”) beginning in 2018. We are currently unable to reduce the benefit levels of our UMWA medical plans to avoid this excise tax because these benefit levels are required by the Coal Industry Retiree Health Benefit Act of 1992. We have assumed that the cost of the excise tax paid by administrators will be passed through to us in the form of higher premiums or higher claims administration fees, increasing our obligations. We project that we will have to pay the benefits plan administrator this excise tax beginning in 2018, and our plan obligations at December 31, 2014, include $24.8 million related to this tax ($22.9 million at December 31, 2013). | ||||||||||||||||||
Cash Flows | ||||||||||||||||||
Estimated Contributions from the Company to Plan Assets | ||||||||||||||||||
Based on the funded status and assumptions at December 31, 2014, we expect the Company to contribute $6.3 million in cash to the plans to pay 2015 beneficiary payments for black lung and other plans. We do not expect to contribute cash to our UMWA plans in 2015 since we believe these plans have sufficient amounts held in trust to pay for beneficiary payments until 2032 based on actuarial assumptions. Our UMWA plans are not covered by ERISA or other funding laws or regulations that require these plans to meet funding ratios. | ||||||||||||||||||
Estimated Future Benefit Payments from Plan Assets to Beneficiaries | ||||||||||||||||||
Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2014, are as follows: | ||||||||||||||||||
(In millions) | UMWA Plans | Black Lung and Other Plans | Total | |||||||||||||||
2015 | $ | 30.4 | 6.3 | 36.7 | ||||||||||||||
2016 | 30.2 | 5.9 | 36.1 | |||||||||||||||
2017 | 30.3 | 5.6 | 35.9 | |||||||||||||||
2018 | 32.2 | 5.2 | 37.4 | |||||||||||||||
2019 | 31.7 | 4.9 | 36.6 | |||||||||||||||
2020 through 2024 | 143.6 | 20 | 163.6 | |||||||||||||||
Retirement Plan Assets | ||||||||||||||||||
U.S. Plans | ||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||
Fair | % | % | % | % | ||||||||||||||
Value | Total Fair | Actual | Target | Total Fair | Actual | Target | ||||||||||||
(In millions, except for percentages) | Level | Value | Allocation | Allocation | Value | Allocation | Allocation | |||||||||||
U.S. Pension Plans | ||||||||||||||||||
Cash, cash equivalents and receivables | $ | 4.1 | 1 | - | 3.8 | - | - | |||||||||||
Equity securities: | ||||||||||||||||||
U.S. large-cap(a) | 1 | 93.1 | 12 | 12 | 132.1 | 16 | 16 | |||||||||||
U.S. small/mid-cap(a) | 1 | 40.2 | 5 | 5 | 58.6 | 7 | 7 | |||||||||||
International(a) | 1 | 72.6 | 9 | 10 | 114.4 | 14 | 14 | |||||||||||
Emerging markets(b) | 1 | 13.8 | 2 | 2 | 31.7 | 4 | 4 | |||||||||||
Dynamic asset allocation(c) | 1 | 33.7 | 4 | 4 | 50.2 | 6 | 6 | |||||||||||
Fixed-income securities: | ||||||||||||||||||
Long duration(d) | 1 | 277.6 | 47 | 48 | 190.8 | 32 | 32 | |||||||||||
Long duration(d) | 2 | 95.7 | 65 | |||||||||||||||
High yield(e) | 1 | 15.3 | 2 | 2 | 24.5 | 3 | 3 | |||||||||||
Emerging markets(f) | 1 | 14.5 | 2 | 2 | 23.2 | 3 | 3 | |||||||||||
Other types of investments: | ||||||||||||||||||
Hedge fund of funds(g) | 2 | 37.9 | 5 | 5 | 37.3 | 5 | 5 | |||||||||||
Core property(h) | 2 | 45 | 6 | 5 | 40.2 | 5 | 5 | |||||||||||
Structured credit(i) | 3 | 42.8 | 5 | 5 | 40 | 5 | 5 | |||||||||||
Total | $ | 786.3 | 100 | 100 | 811.8 | 100 | 100 | |||||||||||
UMWA Plans | ||||||||||||||||||
Equity securities: | ||||||||||||||||||
U.S. large-cap(a) | 1 | $ | 58.5 | 21 | 21 | 107 | 38 | 37 | ||||||||||
U.S. small/mid-cap(a) | 1 | 25.5 | 10 | 9 | 27.9 | 10 | 9 | |||||||||||
International(a) | 1 | 49.3 | 19 | 18 | 41.8 | 15 | 14 | |||||||||||
Emerging markets(b) | 1 | 10.7 | 4 | 4 | - | - | - | |||||||||||
Dynamic asset allocation(c) | 1 | 20 | 8 | 7 | - | - | - | |||||||||||
Fixed-income securities: | ||||||||||||||||||
High yield(e) | 1 | 10.9 | 4 | 4 | 24.1 | 8 | 8 | |||||||||||
Emerging markets(f) | 1 | 10.4 | 4 | 4 | 10.9 | 4 | 4 | |||||||||||
Multi asset real return(j) | 1 | 21.6 | 8 | 8 | 29.3 | 10 | 13 | |||||||||||
Other types of investments: | ||||||||||||||||||
Hedge fund of funds(g) | 2 | 14.6 | 6 | 3 | 29.2 | 10 | 10 | |||||||||||
Core property(h) | 2 | 28.8 | 11 | 10 | 14.2 | 5 | 5 | |||||||||||
Structured credit(i) | 3 | 14.3 | 5 | 5 | - | - | - | |||||||||||
U.S. Private Equity(k) | - | - | 7 | - | - | - | ||||||||||||
Total | $ | 264.6 | 100 | 100 | 284.4 | 100 | 100 | |||||||||||
These categories include passively managed U.S. large-cap mutual funds and actively managed U.S. small/mid-cap and international mutual funds that track various indices such as the S&P 500 Index, the Russell 2500 Index and the MSCI All Country World Ex-U.S. Index. | ||||||||||||||||||
This category represents an actively managed mutual fund that invests primarily in equity securities of emerging market issuers. Emerging market countries are those countries that are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development or included in an emerging markets index by a recognized index provider. | ||||||||||||||||||
This category represents an actively managed mutual fund that seeks to generate total return over time by selecting investments from among a broad range of asset classes. The fund’s allocations among asset classes may be adjusted over short periods and can vary from multiple to a single asset class. | ||||||||||||||||||
This category represents actively managed mutual funds that seeks to duplicate the risk and return characteristics of a long-term fixed-income securities portfolio with an approximate duration of 10 years and longer by using a long duration bond portfolio, including interest-rate swap agreements and Treasury futures contracts, and zero-coupon securities created by the U.S. Treasury, for the purpose of managing the overall duration of this fund. | ||||||||||||||||||
This category represents an actively managed mutual fund that invests primarily in fixed-income securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities and zero-coupon obligations. The fund’s average weighted maturity may vary and will generally not exceed ten years. | ||||||||||||||||||
This category represents an actively managed mutual fund that invests primarily in U.S.-dollar-denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. | ||||||||||||||||||
This category represents an actively managed mutual fund that invests in different hedge-fund investments. The fund holds approximately 40 separate hedge-fund investments. Strategies included (1) long-short equity, (2) event-driven and distressed-debt, (3) global macro, (4) credit hedging, (5) multi-strategy, and (6) fixed-income arbitrage. Its investment objective is to seek to achieve an attractive risk-adjusted return with moderate volatility and moderate directional market exposure over a full market cycle. | ||||||||||||||||||
This category represents an actively managed mutual fund that seeks both current income and long-term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties. These properties are high-quality, low-leveraged, income-generating office, industrial, retail, and multi-family properties, generally fully-leased to creditworthy companies and governmental entities. | ||||||||||||||||||
This category represents an actively managed mutual fund that invests primarily in a diversified portfolio comprised primarily of collateralized loan obligations and other structured credit investments backed primarily by bank loans. | ||||||||||||||||||
This category represents an actively managed mutual fund that invests primarily in fixed income and equity securities and commodity linked instruments. The category seeks total returns that exceed the rate of inflation over a full market cycle regardless of market conditions | ||||||||||||||||||
This category will offer exposure to a diversified pool of global private assets fund investments. Further, the category will seek to shorten the duration of the typical private assets fund of funds through a dedicated focus on secondaries strategies (i.e. funds whose investment strategy is to purchase interests in other private market investments/funds as a way to provide the original investors liquidity prior to the end of those investments’/funds’ contracted end date), income-producing investment strategies (e.g. debt, real estate, and to a lesser extent, real assets), and underlying funds whose stated life is five to seven years, as opposed to the more typical 10-year life of private assets funds. | ||||||||||||||||||
Assets of our U.S. plans are invested with an objective of maximizing the total return, taking into consideration the liabilities of the plan, and minimizing the risks that could create the need for excessive contributions. Plan assets are invested primarily using actively managed accounts with asset allocation targets listed in the tables above. Our policy does not permit the purchase of Brink’s common stock if immediately after any such purchase the aggregate fair market value of the plan assets invested in Brink’s common stock exceeds 10% of the aggregate fair market value of the assets of the plan, except as permitted by an exemption under ERISA. The plans rebalance their assets on a quarterly basis if actual allocations of assets are outside predetermined ranges. Among other factors, the performance of asset groups and investment managers will affect the long-term rate of return. | ||||||||||||||||||
Most of our investments of our U.S. retirement plans can be redeemed daily. The hedge-fund-of-funds, core-property and structured-credit investments can be redeemed quarterly with 65 days’ notice. The hedge-fund-of-funds investment had a two-year lockup provision that has expired and we transferred this investment from Level 3 to Level 2 in 2013. The pension plan acquired the structured-credit investment in 2013. The investment is subject to a two-year lockup provision which will expire in November 2015. The UMWA plans acquired the structured-credit investment in 2014. The investment is subject to a two-year lockup provision which will expire in May 2016. We categorized these investments as Level 3. Beginning in 2013, a portion of the long-duration securities in our U.S. pension plan no longer have an active trading market in order to obtain quoted prices. As such, we transferred these investments from Level 1 to Level 2 in 2013. The fair value of the Level 3 investments has been estimated using the net asset value per share of the investment. | ||||||||||||||||||
Non-U.S. Plans | ||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||
% | % | % | % | |||||||||||||||
Total Fair | Actual | Target | Total Fair | Actual | Target | |||||||||||||
(In millions, except for percentages) | Value | Allocation | Allocation | Value | Allocation | Allocation | ||||||||||||
Non-U.S. Pension Plans | ||||||||||||||||||
Cash and cash equivalents | $ | 1.1 | - | - | 5.2 | 2 | - | |||||||||||
Equity securities: | ||||||||||||||||||
U.S. equity funds(a) | 31.6 | 30 | ||||||||||||||||
Canadian equity funds(a) | 39.6 | 38.3 | ||||||||||||||||
European equity funds(a) | 8.8 | 8.9 | ||||||||||||||||
Asia Pacific equity funds(a) | 1.7 | 1.7 | ||||||||||||||||
Emerging markets(a) | 3.5 | 9.3 | ||||||||||||||||
Other non-U.S. equity funds(a) | 20.4 | 38.8 | ||||||||||||||||
Total equity securities | 105.6 | 59 | 65 | 127 | 39 | 39 | ||||||||||||
Fixed-income securities: | ||||||||||||||||||
Global credit(b) | 0.3 | 37.5 | ||||||||||||||||
Canadian fixed-income funds(c) | 25.7 | 24.8 | ||||||||||||||||
European fixed-income funds(d) | 14.9 | 11 | ||||||||||||||||
High-yield(e) | 1 | 12.3 | ||||||||||||||||
Emerging markets(f) | 1.2 | 6.9 | ||||||||||||||||
Long-duration(g) | 27.9 | 79.4 | ||||||||||||||||
Total fixed-income securities | 71 | 40 | 35 | 171.9 | 53 | 55 | ||||||||||||
Other types of investments: | ||||||||||||||||||
Convertible securities(h) | - | 12 | ||||||||||||||||
Commodity derivatives(i) | - | 4.7 | ||||||||||||||||
Other | 1.6 | 1.2 | ||||||||||||||||
Total other types of investments | 1.6 | 1 | - | 17.9 | 6 | 6 | ||||||||||||
Total | $ | 179.3 | 100 | 100 | 322 | 100 | 100 | |||||||||||
These categories are comprised of equity index actively and passively managed funds that track various indices such as S&P 500 Composite Total Return Index, Russell 1000 and 2000 Indices, MSCI Europe Ex-UK Index, S&P/TSX Total Return Index, MSCI EAFE Index and others. Some of these funds use a dynamic asset allocation investment strategy seeking to generate total return over time by selecting investments from among a broad range of asset classes, investing primarily through the use of derivatives. | ||||||||||||||||||
This category represents investment-grade fixed income debt securities of European issuers from diverse industries. | ||||||||||||||||||
This category seeks to achieve a return that exceeds the Scotia Capital Markets Universe Bond Index. | ||||||||||||||||||
This category is designed to generate income and exhibit volatility similar to that of the Sterling denominated bond market. This category primarily invests in investment grade or better securities. | ||||||||||||||||||
This category consists of global high-yield bonds. This category invests in lower rated and unrated fixed income, floating rate and other debt securities issued by European and American companies. | ||||||||||||||||||
This category consists of a diversified portfolio of listed and unlisted debt securities issued by governments, financial institutions, companies or other entities domiciled in emerging market countries. | ||||||||||||||||||
This category is designed to achieve a return consistent with holding longer term debt instruments. This category invests in interest rate and inflation derivatives, government-issued bonds, real-return bonds, and futures contracts. | ||||||||||||||||||
This category invests in convertible securities of global issuers from diverse industries. | ||||||||||||||||||
This category invests in commodities through financial derivatives of global issuers and short-dated government paper and cash components. | ||||||||||||||||||
Asset allocation strategies for our non-U.S. plans are designed to accumulate a diversified portfolio among markets and asset classes in order to reduce market risk and increase the likelihood that pension assets are available to pay benefits as they are due. Assets of non-U.S. pension plans are invested primarily using actively managed accounts. The weighted-average asset allocation targets are listed in the table above, and reflect limitations on types of investments held and allocations among assets classes, as required by local regulation or market practice of the country where the assets are invested. Most of the investments of our non-U.S. retirement plans can be redeemed at least monthly, except for a portion of “Other” in the above table, which can be redeemed quarterly. | ||||||||||||||||||
Level 1 Investments. Fair values of investments totaling $177.9 million at December 31, 2014, and $167.9 million at December 31, 2013, of our non-U.S. pension plans have been estimated using quoted prices in active markets and are categorized as Level 1 valuation inputs. | ||||||||||||||||||
Level 2 Investments. Fair values for investments of our non-U.S. pension plans totaling $1.4 million at December 31, 2014, and $154.1 million at December 31, 2013, have been estimated using the net asset value per share of the investments and are categorized as Level 2 valuation inputs. | ||||||||||||||||||
The UK pension plan investment that was previously classified as Level 3 had a lockup provision that has expired and has therefore been transferred to Level 2 in 2013. | ||||||||||||||||||
Changes in Plan Assets Classified as Level 3 | ||||||||||||||||||
Changes in plan assets measured at fair value using significant unobservable inputs (Level 3) for our retirement plans are as follows: | ||||||||||||||||||
(In millions) | U.S. Pension Plans | UMWA Plans | Non-U.S. Pension Plans | |||||||||||||||
Balance at December 31, 2012 | $ | 99.3 | 40.9 | 0.6 | ||||||||||||||
Actual return on plan assets relating to assets still held at the reporting date | 0.4 | - | - | |||||||||||||||
Purchases, sales and settlements | 39.6 | - | - | |||||||||||||||
Transfers out of Level 3(a) | -99.3 | -40.9 | -0.6 | |||||||||||||||
Balance at December 31, 2013 | 40 | - | - | |||||||||||||||
Actual return on plan assets relating to assets still held at the reporting date | 2.8 | 0.5 | - | |||||||||||||||
Purchases, sales and settlements | - | 13.8 | - | |||||||||||||||
Balance at December 31, 2014 | $ | 42.8 | 14.3 | - | ||||||||||||||
Transfers out of Level 3 are deemed to have occurred at the beginning of the year. | ||||||||||||||||||
Multi-employer Pension Plans | ||||||||||||||||||
We contribute to multi-employer pension plans in a few of our non-U.S. subsidiaries. We recognized $0.1 million of multi-employer pension expense for continuing operations in 2014, $0.2 million in 2013 and $0.3 million in 2012. | ||||||||||||||||||
Savings Plans | ||||||||||||||||||
We sponsor various defined contribution plans to help eligible employees provide for retirement. We record expense for amounts that we contribute on behalf of employees, usually in the form of matching contributions. We matched the first 4% of employees’ eligible contributions to our U.S. 401(k) plan made in the first quarter of 2012. In April 2012, we reduced the matching contribution to 1% of employee contributions. Our matching contribution expense is as follows: | ||||||||||||||||||
(In millions) | ||||||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||
U.S. 401(K) | $ | 2.2 | 2.6 | 4.6 | ||||||||||||||
Other plans | 2.3 | 2.9 | 2.5 | |||||||||||||||
Total | $ | 4.5 | 5.5 | 7.1 |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income taxes | Note 4 – Income Taxes | |||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Income (loss) from continuing operations before income taxes | ||||||||||||
U.S. | $ | -79.4 | -58.1 | -25.3 | ||||||||
Foreign | 30.4 | 197.7 | 171.4 | |||||||||
Income (loss) from continuing operations before income taxes | $ | -49 | 139.6 | 146.1 | ||||||||
Provision (benefit) for income taxes from continuing operations | ||||||||||||
Current tax expense (benefit) | ||||||||||||
U.S. federal | $ | -3.8 | 0.5 | -2 | ||||||||
State | -0.8 | 1.5 | -0.3 | |||||||||
Foreign | 69.7 | 81.9 | 68.8 | |||||||||
Current tax expense | 65.1 | 83.9 | 66.5 | |||||||||
Deferred tax expense (benefit) | ||||||||||||
U.S. federal | -7.6 | -20.6 | -29.9 | |||||||||
State | -1.9 | -1.9 | -1.4 | |||||||||
Foreign | -18.9 | -12.1 | -12.2 | |||||||||
Deferred tax benefit | -28.4 | -34.6 | -43.5 | |||||||||
Provision (benefit) for income taxes of continuing operations | $ | 36.7 | 49.3 | 23 | ||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Comprehensive provision (benefit) for income taxes allocable to | ||||||||||||
Continuing operations | $ | 36.7 | 49.3 | 23 | ||||||||
Discontinued operations | 0.4 | 7.4 | 3.1 | |||||||||
Other comprehensive income (loss) | -43 | 141 | 9.3 | |||||||||
Equity | 0.6 | 2.8 | 2.7 | |||||||||
Comprehensive provision (benefit) for income taxes | $ | -5.3 | 200.5 | 38.1 | ||||||||
Rate Reconciliation | ||||||||||||
The following table reconciles the difference between the actual tax rate on continuing operations and the statutory U.S. federal income tax rate of 35%. | ||||||||||||
Years Ended December 31, | ||||||||||||
(In percentages) | 2014 | 2013 | 2012 | |||||||||
U.S. federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
Increases (reductions) in taxes due to: | ||||||||||||
Venezuela devaluation | -86.4 | - | - | |||||||||
Adjustments to valuation allowances | -16.9 | 4.2 | 1.1 | |||||||||
Foreign income taxes | -0.7 | -6.7 | -1.8 | |||||||||
Medicare subsidy for retirement plans | - | -1.1 | -15.6 | |||||||||
French business tax | -9.1 | 3.2 | 3 | |||||||||
Taxes on undistributed earnings of foreign affiliates | -3.7 | -0.1 | -2.4 | |||||||||
State income taxes, net | 5.2 | -0.1 | -0.1 | |||||||||
Change in judgment about uncertain tax positions in Mexico | - | - | -5.1 | |||||||||
Other | 1.7 | 0.9 | 1.6 | |||||||||
Actual income tax rate on continuing operations | -74.9 | % | 35.3 | % | 15.7 | % | ||||||
Components of Deferred Tax Assets and Liabilities | ||||||||||||
December 31, | ||||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Deferred tax assets | ||||||||||||
Pension liabilities | $ | 74.2 | 70 | |||||||||
Retirement benefits other than pensions | 77.8 | 60.7 | ||||||||||
Workers’ compensation and other claims | 42.4 | 35.1 | ||||||||||
Property and equipment, net | 4.1 | - | ||||||||||
Other assets and liabilities | 135.2 | 138.6 | ||||||||||
Net operating loss carryforwards | 47.4 | 26.8 | ||||||||||
Alternative minimum and other tax credits(a) | 46.7 | 44.7 | ||||||||||
Subtotal | 427.8 | 375.9 | ||||||||||
Valuation allowances | -40.1 | -32.4 | ||||||||||
Total deferred tax assets | 387.7 | 343.5 | ||||||||||
Deferred tax liabilities | ||||||||||||
Property and equipment, net | - | 9.9 | ||||||||||
Other assets and miscellaneous | 38.9 | 31 | ||||||||||
Deferred tax liabilities | 38.9 | 40.9 | ||||||||||
Net deferred tax asset | $ | 348.8 | 302.6 | |||||||||
Included in: | ||||||||||||
Current assets | $ | 71.9 | 72 | |||||||||
Noncurrent assets | 289.5 | 251.7 | ||||||||||
Current liabilities, included in accrued liabilities | -1.8 | -3.1 | ||||||||||
Noncurrent liabilities | -10.8 | -18 | ||||||||||
Net deferred tax asset | $ | 348.8 | 302.6 | |||||||||
(a) U.S. alternative minimum tax credits of $34.4 million have an unlimited carryforward period, U.S. foreign tax credits of $10.4 million with a 10 year carryforward and the remaining credits of $1.9 million have various carryforward periods. The U.S. foreign tax credits have a valuation allowance. | ||||||||||||
Valuation Allowances | ||||||||||||
Valuation allowances relate to deferred tax assets in various federal, state and non-U.S. jurisdictions. Based on our historical and expected future taxable earnings, and a consideration of available tax-planning strategies, we believe it is more likely than not that we will realize the benefit of the existing deferred tax assets, net of valuation allowances, at December 31, 2014. | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Valuation allowances: | ||||||||||||
Beginning of year | $ | 32.4 | 47.4 | 43.9 | ||||||||
Expiring tax credits | -0.5 | -1.8 | -0.8 | |||||||||
Acquisitions and dispositions | -1 | -32.7 | -0.9 | |||||||||
Changes in judgment about deferred tax assets(a) | 1.9 | -0.2 | -1 | |||||||||
Other changes in deferred tax assets, charged to: | ||||||||||||
Income from continuing operations | 6.3 | 6.1 | 3 | |||||||||
Income from discontinued operations | 3.3 | 12.6 | 2.3 | |||||||||
Other comprehensive income (loss) | 0.6 | - | 0.1 | |||||||||
Foreign currency exchange effects | -2.9 | 1 | 0.8 | |||||||||
End of year | $ | 40.1 | 32.4 | 47.4 | ||||||||
(a) Changes in judgment about valuation allowances are based on a recognition threshold of “more-likely-than-not.” Amounts are based on beginning-of-year balances of deferred tax assets that could potentially be realized in future years. Amounts are recognized in income from continuing operations | ||||||||||||
Undistributed Foreign Earnings | ||||||||||||
As of December 31, 2014, we have not recorded U.S. federal deferred income taxes on approximately $78 million of undistributed earnings of foreign subsidiaries and equity affiliates. We expect that these earnings will be permanently reinvested in operations outside the U.S. It is not practical to determine the income tax liability that might be incurred if all such income was remitted to the U.S. due to the inherent complexities associated with any hypothetical calculation, which would be dependent upon the exact form of repatriation. | ||||||||||||
Net Operating Losses | ||||||||||||
The gross amount of the net operating loss carryforwards as of December 31, 2014, was $341.2 million. The tax benefit of net operating loss carryforwards, before valuation allowances, as of December 31, 2014, was $47.4 million, and expires as follows: | ||||||||||||
(In millions) | Federal | State | Foreign | Total | ||||||||
Years of expiration | ||||||||||||
2015-2019 | $ | - | 0.2 | 4.1 | 4.3 | |||||||
2020-2024 | - | 0.4 | 10.3 | 10.7 | ||||||||
2025 and thereafter | 12.3 | 11.9 | 2.3 | 26.5 | ||||||||
No expiration | - | - | 5.9 | 5.9 | ||||||||
$ | 12.3 | 12.5 | 22.6 | 47.4 | ||||||||
Uncertain Tax Positions | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Uncertain tax positions: | ||||||||||||
Beginning of year | $ | 10.8 | 11.8 | 17.2 | ||||||||
Increases related to prior-year tax positions | 0.4 | 0.1 | 1.4 | |||||||||
Decreases related to prior-year tax positions | - | - | -6.9 | |||||||||
Increases related to current-year tax positions | 1.1 | 2.3 | 1.6 | |||||||||
Settlements | - | -0.7 | -0.7 | |||||||||
Effect of the expiration of statutes of limitation | -1.3 | -3.4 | -1.2 | |||||||||
Decrease related to dispositions | -1 | - | - | |||||||||
Foreign currency exchange effects | -2.8 | 0.7 | 0.4 | |||||||||
End of year | $ | 7.2 | 10.8 | 11.8 | ||||||||
Included in the balance of unrecognized tax benefits at December 31, 2014, are potential benefits of approximately $6.3 million that, if recognized, will reduce the effective tax rate on income from continuing operations. | ||||||||||||
We recognize accrued interest and penalties related to unrecognized tax benefits in provision (benefit) for income taxes. We reverse interest and penalties accruals when a statute of limitation lapses or when we otherwise conclude the amounts should not be accrued. Net reversals included in provision (benefit) for income taxes were $0.6 million in 2014, $1.1 million in 2013, and $2.1 million in 2012. We had accrued penalties and interest of $1.3 million at December 31, 2014, and $2.1 million at December 31, 2013. | ||||||||||||
We file income tax returns in the U.S. federal and various state and foreign jurisdictions. With a few exceptions, as of December 31, 2014, we were no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2011. Additionally, due to statute of limitations expirations and audit settlements, it is reasonably possible that approximately $0.7 million of currently remaining unrecognized tax positions may be recognized by the end of 2015. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property and Equipment [Abstract] | |||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 5 – Property and Equipment | ||||||
The following table presents our property and equipment that is classified as held and used: | |||||||
December 31, | |||||||
(In millions) | 2014 | 2013 | |||||
Land | $ | 62.7 | 68 | ||||
Buildings | 231.2 | 258 | |||||
Leasehold improvements | 199.8 | 215.6 | |||||
Vehicles | 401.6 | 438 | |||||
Capitalized software(a) | 183 | 184.6 | |||||
Other machinery and equipment | 668.1 | 692.5 | |||||
1,746.40 | 1,856.70 | ||||||
Accumulated depreciation and amortization | -1,076.90 | -1,098.00 | |||||
Property and equipment, net | $ | 669.5 | 758.7 | ||||
Amortization of capitalized software costs included in continuing operations was $20.3 million in 2014, $17.8 million in 2013 and $14.4 million in 2012. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Notes to Financial Statements [Abstract] | |||||||
Acquisitions | Note 6 – Acquisitions | ||||||
We account for acquisitions as business combinations using the acquisition method. Under the acquisition method of accounting, assets acquired and liabilities assumed from these operations are recorded at fair value on the date of acquisition. The consolidated statements of income include the results of operations for each acquired entity from the date of acquisition. | |||||||
We acquired 100% of the capital stock of Brazil-based Rede Transacoes Eletronicas Ltda. (Rede Trel) on January 31, 2013. The purchase price was $27.7 million, including $1.8 million in estimated contingent consideration. On the acquisition date, Rede Trel had $10 million of cash and cash equivalents that it uses as working capital, resulting in a net cash outflow in our consolidated statement of cash flows of $16 million related to the acquisition. Rede Trel distributes electronic prepaid products, including mobile phone airtime, via a network of approximately 20,000 retail locations across Brazil. Rede Trel’s strong distribution network supplements Brink’s existing payments business, ePago, which has operations in Brazil, Mexico, Colombia and Panama. | |||||||
We estimated fair values for the assets purchased and liabilities assumed as of the date of the acquisition. This valuation required management to make significant estimates and assumptions. We have completed the valuation work required to allocate the purchase price and our final estimates of the acquisition-date fair values of Rede Trel assets and liabilities are shown in the following table. | |||||||
Estimated Fair | |||||||
Value at | |||||||
(In millions) | 31-Jan-13 | ||||||
Fair value of purchase consideration | |||||||
Cash paid for 100% of shares | $ | 25.9 | |||||
Fair value of contingent consideration | 1.8 | ||||||
Fair value of purchase consideration | $ | 27.7 | |||||
Fair value of net assets acquired | |||||||
Cash | $ | 10 | |||||
Accounts receivable | 7.8 | ||||||
Other current assets | 19.9 | ||||||
Property and equipment | 4 | ||||||
Intangible assets(a) | 11.8 | ||||||
Goodwill(b) | 14 | ||||||
Current liabilities | -38.8 | ||||||
Noncurrent liabilities | -1 | ||||||
Fair value of net assets acquired | $ | 27.7 | |||||
Intangible assets are primarily comprised of agent relationships and contractual agreements with the major Brazilian telecommunications companies. As of the acquisition date, the weighted-average amortization period for these intangible assets was 10.9 years. | |||||||
Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating Rede Trel's distribution network into our existing ePago business. All of the goodwill was assigned to the Latin America reporting unit at the acquisition date and is expected to be deductible for tax purposes. | |||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | Note 7 – Goodwill and Other Intangible Assets | ||||||||||||||||||||
Goodwill | |||||||||||||||||||||
After the 2014 Reorganization and Restructuring, we identified nine operating segments and ten reporting units. We reallocated goodwill from our previous reporting units to our new reporting units in the fourth quarter of 2014. The changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2014 and 2013 are as follows: | |||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||
Beginning | Acquisitions/ | Ending | |||||||||||||||||||
(In millions) | Balance | Dispositions | Adjustments | Currency | Balance | ||||||||||||||||
Goodwill: | |||||||||||||||||||||
Largest 5 Markets: | |||||||||||||||||||||
U.S. | $ | 12.5 | - | - | - | 12.5 | |||||||||||||||
France | 53.6 | - | - | -7.3 | 46.3 | ||||||||||||||||
Mexico | 12.8 | - | - | -1.5 | 11.3 | ||||||||||||||||
Brazil | 17.5 | - | - | -2 | 15.5 | ||||||||||||||||
Canada | 4.7 | - | - | -0.9 | 3.8 | ||||||||||||||||
Global Markets: | |||||||||||||||||||||
Latin America | 18.1 | - | - | -2.1 | 16 | ||||||||||||||||
EMEA | 94.4 | 3.5 | -0.2 | -13.3 | 84.4 | ||||||||||||||||
Asia | 25 | - | - | -0.5 | 24.5 | ||||||||||||||||
Payment Services | 1.6 | - | - | -0.2 | 1.4 | ||||||||||||||||
Total Goodwill | $ | 240.2 | 3.5 | -0.2 | -27.8 | 215.7 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Beginning | Acquisitions/ | Ending | |||||||||||||||||||
(In millions) | Balance | Dispositions | Adjustments | Currency | Balance | ||||||||||||||||
Goodwill: | |||||||||||||||||||||
Largest 5 Markets: | |||||||||||||||||||||
U.S. | $ | 12.5 | - | - | - | 12.5 | |||||||||||||||
France | 51.2 | 0.9 | - | 1.5 | 53.6 | ||||||||||||||||
Mexico | 11.5 | 3.2 | - | -1.9 | 12.8 | ||||||||||||||||
Brazil | 15.8 | 4.4 | - | -2.7 | 17.5 | ||||||||||||||||
Canada | 8 | -2.4 | - | -0.9 | 4.7 | ||||||||||||||||
Global Markets: | |||||||||||||||||||||
Latin America | 16.3 | 4.6 | - | -2.8 | 18.1 | ||||||||||||||||
EMEA | 90.9 | 0.9 | - | 2.6 | 94.4 | ||||||||||||||||
Asia | 37.6 | -9.4 | - | -3.2 | 25 | ||||||||||||||||
Payment Services | - | 1.8 | - | -0.2 | 1.6 | ||||||||||||||||
Total Goodwill | $ | 243.8 | 4 | - | -7.6 | 240.2 | |||||||||||||||
Intangible Assets | |||||||||||||||||||||
The following table summarizes our other intangible assets by category | |||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Gross Carrying | Accumulated | Net Carrying | ||||||||||||||||
(In millions) | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||
Customer relationships | 64.7 | -43.4 | 21.3 | 69.1 | -43.5 | 25.6 | |||||||||||||||
Indefinite-lived trade names | 10.4 | - | 10.4 | 11.8 | - | 11.8 | |||||||||||||||
Finite-lived trade names | 1.6 | -1.3 | 0.3 | 1.7 | -1.3 | 0.4 | |||||||||||||||
Other contract-related assets | 8.3 | -1.5 | 6.8 | 9.3 | -0.8 | 8.5 | |||||||||||||||
Other | 4 | -3 | 1 | 2.9 | -2.9 | - | |||||||||||||||
Total | $ | 89 | -49.2 | 39.8 | $ | 94.8 | -48.5 | 46.3 | |||||||||||||
Total amortization expense for our finite-lived intangible assets was $5.5 million in 2014. Our estimated aggregate amortization expense for finite-lived intangibles recorded at December 31, 2014, for the next five years is as follows: | |||||||||||||||||||||
(In millions) | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Amortization expense | $ | 4.7 | 4.2 | 3.6 | 3.2 | 2.8 |
Prepaid_Expenses_and_Other
Prepaid Expenses and Other | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Prepaid Expenses And Other Disclosure [Abstract] | |||||||
Prepaid Expenses And Other Dislcosure [Text Block] | Note 8 – Prepaid Expenses and Other | ||||||
December 31, | |||||||
(In millions) | 2014 | 2013 | |||||
Prepaid expenses | $ | 63.5 | 89.7 | ||||
Mobile airtime inventory | 15.8 | 14.6 | |||||
Income tax receivable | 28.3 | 29.9 | |||||
Other | 21.4 | 18.8 | |||||
Prepaid expenses and other | $ | 129 | 153 |
Other_Assets
Other Assets | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Assets [Abstract] | |||||||
Other Assets Disclosure [Text Block] | Note 9 – Other Assets | ||||||
December 31, | |||||||
(In millions) | 2014 | 2013 | |||||
Deposits | $ | 26.4 | 24 | ||||
Income tax receivable | 15.9 | 8.9 | |||||
Cross currency swap contract | 4.4 | 4.7 | |||||
Prepaid pension assets | - | 28.6 | |||||
Equity method investment in unconsolidated entities | 2.7 | 15.8 | |||||
Available-for-sale securities | 3.7 | 4.5 | |||||
Other | 17 | 11.9 | |||||
Other assets | $ | 70.1 | 98.4 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||||||||||||
Disclosure Of Reclassification Amount [Text Block] | Note 10– Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The following tables provide the components of other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings: | ||||||||||||||
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) | |||||||||
2014 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -231.2 | 78.1 | 95.3 | -35.9 | -93.7 | ||||||||
Foreign currency translation adjustments | -82.2 | - | 1.3 | 0.3 | -80.6 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.1 | - | -0.5 | 0.2 | -0.2 | |||||||||
Gains (losses) on cash flow hedges | 0.7 | - | -0.9 | - | -0.2 | |||||||||
-312.6 | 78.1 | 95.2 | -35.4 | -174.7 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | -1.4 | 0.4 | 0.4 | -0.1 | -0.7 | |||||||||
Foreign currency translation adjustments | -6.1 | - | - | - | -6.1 | |||||||||
Unrealized gains (losses) on available-for-sale securities | - | - | - | - | - | |||||||||
Gains (losses) on cash flow hedges | - | - | - | - | - | |||||||||
-7.5 | 0.4 | 0.4 | -0.1 | -6.8 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a),(b) | -232.6 | 78.5 | 95.7 | -36 | -94.4 | |||||||||
Foreign currency translation adjustments(b) | -88.3 | - | 1.3 | 0.3 | -86.7 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.1 | - | -0.5 | 0.2 | -0.2 | |||||||||
Gains (losses) on cash flow hedges(d) | 0.7 | - | -0.9 | - | -0.2 | |||||||||
$ | -320.1 | 78.5 | 95.6 | -35.5 | -181.5 | |||||||||
2013 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | 251.9 | -114.1 | 76.4 | -27.1 | 187.1 | ||||||||
Foreign currency translation adjustments | -30.9 | - | -0.5 | 0.1 | -31.3 | |||||||||
Unrealized gains (losses) on available-for-sale securities | -0.3 | 0.1 | 0.4 | -0.2 | - | |||||||||
Gains (losses) on cash flow hedges | 2.9 | - | -2.3 | - | 0.6 | |||||||||
223.6 | -114 | 74 | -27.2 | 156.4 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | -0.9 | 0.3 | 0.3 | -0.1 | -0.4 | |||||||||
Foreign currency translation adjustments | -1.4 | - | - | - | -1.4 | |||||||||
Unrealized gains (losses) on available-for-sale securities | - | - | - | - | - | |||||||||
Gains (losses) on cash flow hedges | - | - | - | - | - | |||||||||
-2.3 | 0.3 | 0.3 | -0.1 | -1.8 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | 251 | -113.8 | 76.7 | -27.2 | 186.7 | |||||||||
Foreign currency translation adjustments(b) | -32.3 | - | -0.5 | 0.1 | -32.7 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | -0.3 | 0.1 | 0.4 | -0.2 | - | |||||||||
Gains (losses) on cash flow hedges(d) | 2.9 | - | -2.3 | - | 0.6 | |||||||||
$ | 221.3 | -113.7 | 74.3 | -27.3 | 154.6 | |||||||||
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) | |||||||||
2012 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -53.4 | 17.3 | 78.3 | -27.2 | 15 | ||||||||
Foreign currency translation adjustments | 1 | -0.2 | - | - | 0.8 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.8 | -0.2 | -2.9 | 1 | -1.3 | |||||||||
-51.6 | 16.9 | 75.4 | -26.2 | 14.5 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | -2.9 | - | - | - | -2.9 | |||||||||
Foreign currency translation adjustments | 2.4 | - | - | - | 2.4 | |||||||||
Unrealized gains (losses) on available-for-sale securities | - | - | - | - | - | |||||||||
-0.5 | - | - | - | -0.5 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -56.3 | 17.3 | 78.3 | -27.2 | 12.1 | |||||||||
Foreign currency translation adjustments | 3.4 | -0.2 | - | - | 3.2 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.8 | -0.2 | -2.9 | 1 | -1.3 | |||||||||
$ | -52.1 | 16.9 | 75.4 | -26.2 | 14 | |||||||||
(a) The amortization of prior experience losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income (loss). Net periodic retirement benefit cost also includes service costs, interest costs, expected returns on assets, and settlement costs. The total pretax expense is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis: | ||||||||||||||
December 31, | ||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||
Total net periodic retirement benefit cost included in: | ||||||||||||||
Cost of revenues | $ | 68 | 66.8 | 64.7 | ||||||||||
Selling, general and administrative expenses | 29.5 | 17.5 | 19.8 | |||||||||||
(b) Pretax benefit plan adjustments of $8 million (including related deferred tax component) and foreign currency translation adjustments reclassified to the income statement in 2014 relate to the sale of CIT operations in the Netherlands. Reclassification of foreign currency translation amounts in 2013 relate to the sale of ICD Limited and its affiliates, as well as CIT operations in Hungary and Poland. The amounts are included in loss from discontinued operations in the income statement. | ||||||||||||||
(c) 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). | ||||||||||||||
(d) Pretax gains and losses on cash flow hedges are classified in the income statement as | ||||||||||||||
other operating income (expense) ($1.9 million gains in 2014 and $3.3 million gains in 2013) | ||||||||||||||
interest and other income (expense) ($1.0 million losses in 2014 and 2013) | ||||||||||||||
The changes in accumulated other comprehensive loss attributable to Brink’s are as follows: | ||||||||||||||
Benefit Plan Adjustments | Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Available-for-Sale Securities | Gains (Losses) on Cash Flow Hedges | Total | ||||||||||
(In millions) | ||||||||||||||
Balance as of December 31, 2011 | $ | -680.1 | -110.7 | 2.9 | - | -787.9 | ||||||||
Other comprehensive income (loss) before reclassifications | -36.1 | 0.8 | 0.6 | - | -34.7 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 51.1 | - | -1.9 | - | 49.2 | |||||||||
Other comprehensive income (loss) attributable to Brink's | 15 | 0.8 | -1.3 | - | 14.5 | |||||||||
Balance as of December 31, 2012 | -665.1 | -109.9 | 1.6 | - | -773.4 | |||||||||
Other comprehensive income (loss) before reclassifications | 137.8 | -30.9 | -0.2 | 2.9 | 109.6 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 49.3 | -0.4 | 0.2 | -2.3 | 46.8 | |||||||||
Other comprehensive income (loss) attributable to Brink's | 187.1 | -31.3 | - | 0.6 | 156.4 | |||||||||
Acquisitions of noncontrolling interests | - | -0.3 | - | - | -0.3 | |||||||||
Balance as of December 31, 2013 | -478 | -141.5 | 1.6 | 0.6 | -617.3 | |||||||||
Other comprehensive income (loss) before reclassifications | -153.1 | -82.2 | 0.1 | 0.7 | -234.5 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 59.4 | 1.6 | -0.3 | -0.9 | 59.8 | |||||||||
Other comprehensive income (loss) attributable to Brink's | -93.7 | -80.6 | -0.2 | -0.2 | -174.7 | |||||||||
Balance as of December 31, 2014 | $ | -571.7 | -222.1 | 1.4 | 0.4 | -792 | ||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Fair value of financial instruments [Abstract] | ||||||||
Fair value of financial instruments | Note 11 – 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. | ||||||||
Fixed-Rate Debt | ||||||||
The fair value and carrying value of our fixed-rate debt are as follows: | ||||||||
December 31, | ||||||||
(In millions) | 2014 | 2013 | ||||||
Unsecured notes issued in a private placement | ||||||||
Carrying value | $ | 100 | 100 | |||||
Fair value | 105.6 | 105.8 | ||||||
DTA bonds(a) | ||||||||
Carrying value | - | 43.2 | ||||||
Fair value | - | 42.8 | ||||||
Redeemed in 2014. | ||||||||
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. The fair value estimate of our obligation related to the fixed-rate 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. | ||||||||
There were no transfers in or out of any of the levels of the valuation hierarchy in 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 December 31, 2014, were not significant. At December 31, 2014, the fair value of the cross-currency swap was an asset of $5.5 million. There were no transfers in or out of any of the levels of the valuation hierarchy in 2014. |
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accrued Liabilities, Current [Abstract] | |||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 12 – Accrued Liabilities | ||||||
December 31, | |||||||
(In millions) | 2014 | 2013 | |||||
Payroll and other employee liabilities | $ | 138.8 | 172.8 | ||||
Taxes, except income taxes | 96.3 | 110.5 | |||||
Cash held by Cash Management Services operations(a) | 28 | 31.3 | |||||
Workers’ compensation and other claims | 22.5 | 24.3 | |||||
Retirement benefits (see note 3) | 8.9 | 10.3 | |||||
Income taxes payable | 11.9 | 14.5 | |||||
Other | 159.9 | 143.8 | |||||
Accrued liabilities | $ | 466.3 | 507.5 | ||||
Title to cash received and processed in certain of our secure Cash Management Services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we record a liability while the cash is in our possession. |
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Liabilities Disclosure [Abstract] | |||||||
Other Liabilities Disclosure [Text Block] | Note 13 – Other Liabilities | ||||||
December 31, | |||||||
(In millions) | 2014 | 2013 | |||||
Workers’ compensation and other claims | $ | 47.6 | 42.1 | ||||
Post-employment benefits | 16.6 | 42 | |||||
Asset retirement and remediation obligations | 12 | 18.9 | |||||
Employee-related liabilities | 7.1 | 14 | |||||
Noncurrent tax liabilities | 6.4 | 10.2 | |||||
Other | 40.1 | 43.4 | |||||
Other liabilities | $ | 129.8 | 170.6 |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Debt Disclosure [Text Block] | Note 14 – Long-Term Debt | ||||||||||
December 31, | |||||||||||
(In millions) | 2014 | 2013 | |||||||||
Bank credit facilities: | |||||||||||
Revolving Facility (year-end weighted average interest | |||||||||||
rate of 1.6% in 2014 and 1.6% in 2013) | $ | 233 | 120.6 | ||||||||
Private Placement Notes (Series A interest rate of 4.6%, Series B interest | |||||||||||
rate of 5.2%), due 2021 | 100 | 100 | |||||||||
Other non-U.S. dollar-denominated facilities (year-end weighted | |||||||||||
average interest rate of 6.9% in 2014 and 5.7% in 2013) | 9.5 | 14.9 | |||||||||
Dominion Terminal Associates 6.0% bonds(a) | - | 43.2 | |||||||||
Capital leases (average rates: 3.5% in 2014 and 3.7% in 2013) | 64.9 | 76.4 | |||||||||
Total long-term debt | $ | 407.4 | 355.1 | ||||||||
Included in: | |||||||||||
Current liabilities | $ | 34.1 | 24.6 | ||||||||
Noncurrent liabilities | 373.3 | 330.5 | |||||||||
Total long-term debt | $ | 407.4 | 355.1 | ||||||||
(a) | Redeemed in 2014. | ||||||||||
We have a $480 million unsecured revolving bank credit facility (the “Revolving Facility”) that matures in January 2017. The Revolving Facility’s interest rate is based on LIBOR plus a margin, alternate base rate plus a margin, or competitive bid. The Revolving Facility allows us to borrow or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of December 31, 2014, $247 million was available under the Revolving Facility. Amounts outstanding under the Revolving Facility as of December 31, 2014, were denominated primarily in U.S. dollars and to a lesser extent in euros. | |||||||||||
The margin on LIBOR borrowings under the Revolving Facility, which can range from 0.9% to 1.575% depending on our credit rating, was 1.40% at December 31, 2014. The margin on alternate base rate borrowings under the Revolving Facility can range from 0.0% to 0.575%. We also pay an annual facility fee on the Revolving Facility based on our credit rating. The facility fee can range from 0.10% to 0.30% and was 0.225% at December 31, 2014. | |||||||||||
We have $100 million in unsecured notes through a private placement debt transaction (the “Notes”). The Notes comprise $50 million in series A notes with a fixed interest rate of 4.57% and $50 million in series B notes with a fixed interest rate of 5.20%. The Notes are due in January 2021 with principal payments under the series A notes beginning in January 2015. | |||||||||||
As of December 31, 2014, we had two unsecured multi-currency revolving bank credit facilities with a total of $40 million in available credit, of which approximately $20 million was available at December 31, 2014. A $20 million facility expires in December 2015 and a $20 million facility expires in February 2017. Interest on these facilities is based on LIBOR plus a margin. The margin ranges from 0.9% to 2.0%. We also have the ability to borrow from other banks, at the banks’ discretion, under short-term uncommitted agreements. Various foreign subsidiaries maintain other lines of credit and overdraft facilities with a number of banks. | |||||||||||
We have a $24 million unsecured committed credit facility that expires in April 2016. Interest on this facility is based on LIBOR plus a margin, which ranges from 1.20% to 1.575%. As of December 31, 2014, $24 million was available under the facility. | |||||||||||
We have three unsecured letter of credit facilities totaling $179 million, of which approximately $72 million was available at December 31, 2014. An $85 million facility expires in June 2015, a $40 million facility expires in December 2015, and a $54 million facility expires in December 2016. The Revolving Facility and the multi-currency revolving credit facilities are also used for issuance of letters of credit and bank guarantees. | |||||||||||
Minimum repayments of long-term debt are as follows: | |||||||||||
(In millions) | Capital leases | Other long-term debt | Total | ||||||||
2015 | $ | 21.3 | 12.8 | 34.1 | |||||||
2016 | 17.3 | 8.9 | 26.2 | ||||||||
2017 | 9.7 | 240.6 | 250.3 | ||||||||
2018 | 7.1 | 7.1 | 14.2 | ||||||||
2019 | 4.5 | 7.1 | 11.6 | ||||||||
Later years | 5 | 66 | 71 | ||||||||
Total | $ | 64.9 | 342.5 | 407.4 | |||||||
The Revolving Facility, the Notes, the unsecured multi-currency revolving bank credit facilities, the unsecured committed credit facility and the letter of credit facilities contain subsidiary guarantees and various financial and other covenants. The financial covenants, among other things, limit our total indebtedness, limit priority debt, limit asset sales, limit the use of proceeds from asset sales and provide for minimum coverage of interest costs. The credit agreements do not provide for the acceleration of payments should our credit rating be reduced. If we were not to comply with the terms of our various credit agreements, the repayment terms could be accelerated and the commitments could be withdrawn. An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other loan agreements. We were in compliance with all financial covenants at December 31, 2014. | |||||||||||
We redeemed $43.2 million of bonds issued by the Peninsula Ports Authority of Virginia at par in the third quarter of 2014. The amount paid, including accrued and unpaid interest, was $44.3 million. Although we were not the primary obligor of the debt, we recorded the obligation as debt because we had guaranteed its payment. The guarantee originated as part of a former interest in Dominion Terminal Associates, a deep water coal terminal related to our former coal business. | |||||||||||
At December 31, 2014, we had undrawn letters of credit and guarantees totaling $123.1 million, including $107.0 million issued under the letter of credit facilities, $14.3 million issued under the multi-currency revolving bank credit facilities, and $1.8 million issued under other credit facilities. These letters of credit primarily support our obligations under various self-insurance programs and credit facilities. | |||||||||||
Capital Leases | |||||||||||
Property and equipment acquired under capital leases are included in property and equipment as follows: | |||||||||||
December 31, | |||||||||||
(In millions) | 2014 | 2013 | |||||||||
Asset class: | |||||||||||
Buildings | $ | 2.3 | 2.6 | ||||||||
Vehicles | 107.5 | 103.7 | |||||||||
Machinery and equipment | 31.5 | 31.8 | |||||||||
141.3 | 138.1 | ||||||||||
Less: accumulated amortization | -71.2 | -57.6 | |||||||||
Total | $ | 70.1 | 80.5 |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Receivables [Abstract] | |||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 15 – Accounts Receivable | ||||||||||
December 31, | |||||||||||
(In millions) | 2014 | 2013 | |||||||||
Trade | $ | 516.3 | 595.2 | ||||||||
Other | 24.2 | 35.2 | |||||||||
Total accounts receivable | 540.5 | 630.4 | |||||||||
Allowance for doubtful accounts | -10 | -8.2 | |||||||||
Accounts receivable, net | $ | 530.5 | 622.2 | ||||||||
Years Ended December 31, | |||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||
Allowance for doubtful accounts: | |||||||||||
Beginning of year | $ | 8.2 | 9.2 | 8.9 | |||||||
Provision for uncollectible accounts receivable: | |||||||||||
Continuing operations | 7.5 | 4.1 | 1.7 | ||||||||
Discontinued operations | -0.5 | 0.1 | 1 | ||||||||
Write offs less recoveries | -2.6 | -3.9 | -1 | ||||||||
Foreign currency exchange effects | -2.6 | -1.3 | -1.4 | ||||||||
End of year | $ | 10 | 8.2 | 9.2 | |||||||
Operating_Leases
Operating Leases | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Leases, Operating [Abstract] | |||||||||||
Leases of Lessee Disclosure [Text Block] | Note 16 – Operating Leases | ||||||||||
We lease facilities, vehicles, computers and other equipment under long-term operating and capital leases with varying terms. Most of the operating leases contain renewal and/or purchase options. We expect that in the normal course of business, the majority of operating leases will be renewed or replaced by other leases. | |||||||||||
As of December 31, 2014, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year are included below. | |||||||||||
(In millions) | Facilities | Vehicles | Other | Total | |||||||
2015 | $ | 44.3 | 8.3 | 14.8 | 67.4 | ||||||
2016 | 34.7 | 9 | 8.5 | 52.2 | |||||||
2017 | 26.8 | 8.9 | 4.2 | 39.9 | |||||||
2018 | 20.4 | 3.6 | 1.8 | 25.8 | |||||||
2019 | 15.9 | 2.2 | 1.1 | 19.2 | |||||||
Later years | 45 | - | 0.5 | 45.5 | |||||||
$ | 187.1 | 32 | 30.9 | 250 | |||||||
The cost related to operating leases is recognized as rental expense. Net rent expense included in continuing operations amounted to $101.7 million in 2014, $100.4 million in 2013 and $91.3 million in 2012. |
ShareBased_Compensation_Plans
Share-Based Compensation Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Share-based compensation plans [Abstract] | ||||||||||||||||
Share-based compensation plans | Note 17 – Share-Based Compensation Plans | |||||||||||||||
We have share-based compensation plans to retain employees and nonemployee directors and to more closely align their interests with those of our shareholders. | ||||||||||||||||
We have granted share-based awards to employees under the 2005 Equity Incentive Plan and the 2013 Equity Incentive Plan. These plans permit grants of restricted stock, restricted stock units, performance stock, performance units, stock appreciation rights, stock options, as well as other share-based awards to eligible employees. The 2013 Plan also permits cash awards to eligible employees. The 2005 Plan was replaced by the 2013 Plan effective in February 2013. No further grants of awards will be made under the 2005 Plan. | ||||||||||||||||
We have granted deferred stock units to directors through the Non-Employee Directors’ Equity Plan. There are outstanding share-based awards granted to directors under plans that have expired, the Non-Employee Directors’ Stock Option Plan and the Directors’ Stock Accumulation Plan. | ||||||||||||||||
There are 3.7 million shares underlying share-based plans that are authorized, but not yet granted. Outstanding awards at December 31, 2014, include performance share units, market share units, restricted stock units, deferred stock units and stock options. | ||||||||||||||||
Compensation Expense | ||||||||||||||||
Compensation expense is measured using the fair-value-based method. | ||||||||||||||||
For employee and director awards considered equity grants, compensation expense is recognized from the grant date to the earlier of the retirement-eligible date or the vesting date. | ||||||||||||||||
The grant date for accounting purposes may be different than the date the award is granted to the employee. To establish a grant date for accounting purposes, the employee and the employer must have a mutual understanding of the important terms and conditions of the award. For awards considered liabilities and for equity awards that have not had a grant date established because a mutual understanding does not exist, compensation cost is based on the change in the fair value of the instrument for each reporting period and the percentage of the requisite service that has been rendered. | ||||||||||||||||
Compensation expense related to deferred stock units granted to directors prior to 2014 was recognized in its entirety at the grant date. For deferred stock units granted to directors in 2014, compensation expense is recognized either in its entirety at the grant date or over a one year vesting period if the director elects to receive the units in shares after one year. | ||||||||||||||||
Compensation expenses are classified as selling, general and administrative expenses in the consolidated statements of income (loss). Compensation expenses for the last three years and the amount of unrecognized expense for awards outstanding at December 31, 2014, were as follows: | ||||||||||||||||
Weighted- | ||||||||||||||||
Unrecognized | average | |||||||||||||||
Expense for | No. of Years | |||||||||||||||
Compensation Expense | Nonvested | Unrecognized | ||||||||||||||
Years Ended December 31, | Awards at | Expense to be | ||||||||||||||
(in millions except years) | 2014 | 2013 | 2012 | 31-Dec-14 | Recognized | |||||||||||
Performance Share Units | $ | 6.8 | 4 | - | $ | 5.6 | 1.8 | |||||||||
Market Share Units | 1.6 | 1.8 | - | 0.7 | 1.7 | |||||||||||
Restricted Stock Units | 6 | 3.1 | 5.4 | 3.6 | 1.5 | |||||||||||
Deferred Stock Units | 0.6 | 0.5 | 0.5 | 0.1 | 0.3 | |||||||||||
Stock Options | 2.3 | 0.5 | 2.1 | 0.1 | 0.6 | |||||||||||
Share-based payment expense | 17.3 | 9.9 | 8 | |||||||||||||
Income tax benefit | -5.6 | -3.4 | -2.7 | |||||||||||||
Share-based payment expense, net of tax | $ | 11.7 | 6.5 | 5.3 | ||||||||||||
The fair value of shares vested in the last three years is as follows: | ||||||||||||||||
Fair Value of Shares Vested(a) | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||||||
Restricted Stock Units | 4.1 | 4.1 | 4.4 | |||||||||||||
Deferred Stock Units | 0.3 | - | - | |||||||||||||
Stock Options | 0.1 | 2 | 0.6 | |||||||||||||
Total | 4.5 | 6.1 | 5 | |||||||||||||
No Performance Share Units and no Market Share Units have vested. Intrinsic value for Stock Options. | ||||||||||||||||
Recoupment Policy Change in 2014 | ||||||||||||||||
For certain awards granted since 2010, we concluded in the second quarter of 2014 that the employee and employer did not have a mutual understanding related to the application of a compensation recoupment policy that was established in 2010. As a result, we concluded that the service inception date preceded the grant date for equity awards outstanding at that time. Our recoupment policy was revised in July 2014 and, as a result, we concluded that certain outstanding awards have grant dates that reflect the date of the revision of the policy on July 11, 2014. Approximately 130 employees who received share-based awards were affected by the change in policy. As a result, we recognized $4.2 million of expense during the second quarter of 2014 for the cumulative effect of this accounting error. | ||||||||||||||||
Restricted Stock Units (“RSUs”) | ||||||||||||||||
We granted RSUs to senior executives and select employees in the last three years. RSUs are paid out in shares of Brink’s stock when the awards vest. For RSUs granted during the last three years, the units generally vest ratably in three equal annual installments. We measure the fair value of RSU grants based on the price of Brink’s stock, adjusted for a discount for awards that do not receive or accrue dividends. The weighted-average fair value per share at issuance date was $27.91 in 2014, $26.17 in 2013 and $22.19 in 2012. The weighted-average discount was approximately 3% in 2014, 2013 and 2012. | ||||||||||||||||
The following table summarizes RSU activity during 2014: | ||||||||||||||||
Weighted- | ||||||||||||||||
Fair Value | Average | |||||||||||||||
Shares | at Issuance | Grant Date | ||||||||||||||
(in thousands) | Date(a) | Fair Value(a) | ||||||||||||||
Nonvested balance as of December 31, 2013 | 396.4 | $ | 24.58 | |||||||||||||
Activity from January 1 to July 11, 2014: | ||||||||||||||||
Granted | 136.7 | 29.97 | ||||||||||||||
Cancelled | -5.6 | 24.75 | ||||||||||||||
Vested | -142.8 | 25.44 | ||||||||||||||
Nonvested balance as of July 11, 2014 | 384.7 | $ | 26.18 | $ | 26.47 | |||||||||||
Activity from July 12 to December 31, 2014: | ||||||||||||||||
Granted | 45 | 21.67 | ||||||||||||||
Cancelled | -50 | 26.37 | ||||||||||||||
Vested | -12.6 | 26.93 | ||||||||||||||
Nonvested balance as of December 31, 2014 | 367.1 | $ | 25.87 | |||||||||||||
From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. See Recoupment Policy Change in 2014 above | ||||||||||||||||
Performance Share Units (“PSUs”) | ||||||||||||||||
We granted PSUs to senior executives and select employees in 2014 and 2013. PSUs typically vest over three years and are paid out in shares of Brink’s stock. The number of shares paid out ranges from 0% to 200% of an employee’s award, depending on the achievement of pre-established financial goals over the performance period, generally three years. Shares are not paid out if the financial results do not meet a pre-established threshold level of performance. | ||||||||||||||||
The number of shares paid out is also affected by Brink’s total shareholder return relative to the total return of a pre-established stock index over the performance period. The number of shares paid out is increased by 25% if Brink’s total shareholder return is at or above the 75th percentile of the index’s total return. The number of shares paid out is reduced by 25% if Brink’s performance is at or below the 25th percentile. The number of shares is not adjusted if Brink’s performance is between the 25th and 75th percentile. | ||||||||||||||||
Performance Goal Added in 2014 for the 2013 and 2014 PSU Grants. The performance goals for the 2013 and the 2014 PSU grants are based on consolidated operating profit over the performance period, which may be adjusted for various items including corporate items, acquisition and dispositions, unusual or infrequently occurring events and foreign currency. In 2014, the Compensation and Benefits Committee of the Board of Directors approved a second performance goal for the PSU awards granted in 2013 and 2014 to reflect the change in currency exchange rate used to report the results of Venezuela because the rate changed significantly. After the conclusion of the performance period, the payout, if any, will be equal to the lower of the calculated payout under the two performance goals. Approximately 100 employees who received PSUs in 2013 and 2014 were affected by the change. No incremental compensation cost is expected to be recognized as the second goal is currently expected to be more difficult to achieve and we expect we will continue to recognize expense as calculated using the first performance goal. | ||||||||||||||||
The following table summarizes all PSU activity during 2014: | ||||||||||||||||
Weighted- | ||||||||||||||||
Fair Value | Average | |||||||||||||||
Shares | at Issuance | Grant Date | ||||||||||||||
(in thousands) | Date(a) | Fair Value(a) | ||||||||||||||
Nonvested balance as of December 31, 2013 | 199.3 | $ | 26.22 | |||||||||||||
Activity from January 1 to July 11, 2014: | ||||||||||||||||
Granted | 187.8 | 30.67 | ||||||||||||||
Cancelled | -2.7 | 26.46 | ||||||||||||||
Nonvested balance as of July 11, 2014 | 384.4 | $ | 28.39 | $ | 24.06 | |||||||||||
Activity from July 12 to December 31, 2014: | ||||||||||||||||
Granted | 1.5 | 24.41 | ||||||||||||||
Cancelled | -42.3 | 24.02 | ||||||||||||||
Nonvested balance as of December 31, 2014 | 343.6 | $ | 24.06 | |||||||||||||
From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. See Recoupment Policy Change in 2014 above. | ||||||||||||||||
We measure the fair value of PSUs at the grant date using a Monte Carlo simulation model. The following table provides the terms and weighted average assumptions used in the valuation of the PSUs: | ||||||||||||||||
Terms and Assumptions Used to Estimate Fair Value of PSUs | PSUs Granted in 2014 | PSUs Granted in 2013 | ||||||||||||||
Date of Measurement | February 20, 2014(a) | July 11, 2014(b) | May 3, 2013(a) | July 11, 2014(b) | ||||||||||||
Terms of awards: | ||||||||||||||||
Performance period | Jan. 1, 2014 to | April 1, 2013 to | ||||||||||||||
Dec. 31, 2016 | Dec. 31, 2015 | |||||||||||||||
Beginning average price of Brink’s common stock | $ | 33.29 | 33.29 | 27.59 | 27.59 | |||||||||||
Assumptions used to estimate fair value: | ||||||||||||||||
Expected dividend yield(c) | -% | -% | -% | -% | ||||||||||||
Expected stock price volatility | 38% | 32% | 39% | 28% | ||||||||||||
Risk-free interest rate | 0.70% | 0.70% | 0.30% | 0.30% | ||||||||||||
Contractual term in years | 2.9 | 2.5 | 2.7 | 1.5 | ||||||||||||
Weighted-average fair value estimate per share | $ | 30.71 | 24.39 | 26.22 | 23.68 | |||||||||||
Represents the date awards were granted to employee. | ||||||||||||||||
Represents the date the recoupment policy was amended (see Recoupment Policy Change in 2014 above) and an additional goal was added (see 2014 Additional Performance Goal for the 2013 and 2014 PSU Grants above). The employees and employer are deemed to have a mutual understanding of the terms of the award at this date. | ||||||||||||||||
PSUs are not entitled to dividends during the performance period. | ||||||||||||||||
Market Share Units (“MSUs”) | ||||||||||||||||
We granted MSUs to senior executives in 2014 and 2013. MSUs are paid out in shares of Brink’s stock when an award vests. MSUs reward the achievement of the appreciation of Brink’s stock over the performance period (generally three years) at a rate of 0% to 150% of the initial target number of shares awarded. The multiplier to the initial target number of MSUs awarded is calculated as the ratio of the price of Brink’s stock at the end of the performance period divided by the price of Brink’s stock at the beginning of the performance period. If the price of Brink’s stock at the end of the performance period is less than 50% of the initial price, no payout for MSUs will occur. | ||||||||||||||||
We measure the fair value of MSUs at the grant date using a Monte Carlo simulation model. The following table provides the terms and the weighted average assumptions used in the valuation of the MSUs: | ||||||||||||||||
Terms and Assumptions Used to Estimate Fair Value of MSUs | MSUs Granted in 2014 | MSUs Granted in 2013 | ||||||||||||||
Date of Measurement | February 20, 2014(a) | July 11, 2014(b) | May 3, 2013(a) | July 11, 2014(b) | ||||||||||||
Terms of awards: | ||||||||||||||||
Performance period | Jan. 1, 2014 to | April 1, 2013 to | ||||||||||||||
Dec. 31, 2016 | Dec. 31, 2015 | |||||||||||||||
Beginning average price of Brink’s common stock | $ | 33.29 | 33.29 | 27.59 | 27.59 | |||||||||||
Assumptions used to estimate fair value: | ||||||||||||||||
Expected dividend yield(c) | 0% | 0% | 0% | 0% | ||||||||||||
Expected stock price volatility | 38% | 32% | 39% | 28% | ||||||||||||
Risk-free interest rate | 0.70% | 0.70% | 0.30% | 0.30% | ||||||||||||
Contractual term in years | 2.9 | 2.5 | 2.7 | 1.5 | ||||||||||||
Weighted-average fair value estimate per share | $ | 30.87 | 23.34 | 26.42 | 27.3 | |||||||||||
Represents the date awards were granted to employee. | ||||||||||||||||
Represents the date the recoupment policy was amended (see Recoupment Policy Change in 2014 above). The employees and employer are deemed to have a mutual understanding of the terms of the award at this date. | ||||||||||||||||
MSUs are not entitled to dividends during the performance period. | ||||||||||||||||
The following table summarizes all MSU activity during 2014: | ||||||||||||||||
Weighted- | ||||||||||||||||
Fair Value | Average | |||||||||||||||
Shares | at Issuance | Grant Date | ||||||||||||||
(in thousands) | Date(a) | Fair Value(a) | ||||||||||||||
Nonvested balance as of December 31, 2013 | 96.2 | $ | 26.42 | |||||||||||||
Activity from January 1 to July 11, 2014: | ||||||||||||||||
Granted | 82.9 | 30.87 | ||||||||||||||
Nonvested balance as of July 11, 2014 | 179.1 | $ | 28.48 | $ | 25.47 | |||||||||||
Activity from July 12 to December 31, 2014: | ||||||||||||||||
Cancelled | -15.8 | 25.47 | ||||||||||||||
Nonvested balance as of December 31, 2014 | 163.3 | $ | 25.47 | |||||||||||||
From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. See Recoupment Policy Change in 2014 above. | ||||||||||||||||
Stock Options | ||||||||||||||||
No stock options were granted in 2014 and 2013. We granted stock options to select senior executives and select employees in 2012. When vested, the option entitles the holder to purchase a specified number of shares of Brink’s stock at a price set at the date the options were granted. The option price for Brink’s stock options is set equal to the market price of Brink’s stock on the award date. Stock options granted to employees have a maximum term of six years and options previously granted to directors have a maximum term of ten years. | ||||||||||||||||
Stock Option Activity | ||||||||||||||||
The table below summarizes the activity in all plans for options of our stock. | ||||||||||||||||
Weighted- | ||||||||||||||||
Fair Value | Average | |||||||||||||||
Shares | at Issuance | Grant Date | ||||||||||||||
(in thousands)(a) | Date | Fair Value(a) | ||||||||||||||
Outstanding balance as of December 31, 2013 | 1,474.90 | $ | 7.68 | |||||||||||||
Activity from January 1 to July 11, 2014: | ||||||||||||||||
Cancelled | -593.3 | 8.22 | ||||||||||||||
Exercised | -9.9 | 5.69 | ||||||||||||||
Outstanding balance as of July 11, 2014 | 871.7 | $ | 7.33 | $ | 5.74 | |||||||||||
Activity from July 12 to December 31, 2014: | ||||||||||||||||
Cancelled | -18.5 | 6.18 | ||||||||||||||
Exercised | -8.4 | 7.77 | ||||||||||||||
Outstanding balance as of December 31, 2014 | 844.8 | $ | 5.83 | |||||||||||||
From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. See Recoupment Policy Change in 2014 above. | ||||||||||||||||
The table below summarizes additional information related to all plans for options of our stock: | ||||||||||||||||
Weighted-Average | Aggregate | |||||||||||||||
Shares | Weighted- Average | Remaining Contractual | Intrinsic Value (a) | |||||||||||||
(in thousands) | Exercise Price Per Share | Term (in years) | (in millions) | |||||||||||||
Outstanding at December 31, 2013 | 1,474.90 | $ | 29.58 | |||||||||||||
Exercised | -18.3 | 20.34 | ||||||||||||||
Cancelled | -611.8 | 34.96 | ||||||||||||||
Outstanding at December 31, 2014(b) | ||||||||||||||||
844.8 | $ | 25.88 | 2.5 | $ | 1.2 | |||||||||||
Of the above, as of December 31, 2014: | ||||||||||||||||
Exercisable | 726.7 | $ | 26.44 | 2.4 | $ | 1 | ||||||||||
Expected to vest in future periods(c) | 117.6 | $ | 22.46 | 3.5 | $ | 0.2 | ||||||||||
The intrinsic value of a stock option in the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2014 was $24.41. | ||||||||||||||||
There were 1.2 million shares of exercisable options with a weighted-average exercise price of $30.92 per share at December 31, 2013 and 2.0 million shares of exercisable options with a weighted-average exercise price of $32.15 per share at December 31, 2012. | ||||||||||||||||
The number of options expected to vest takes into account an estimate of expected forfeitures. | ||||||||||||||||
The fair value of outstanding stock options granted during 2012 was estimated at the accounting grant date using the Black-Scholes option-pricing model. The fair value was calculated using the following estimated weighted-average assumptions: | ||||||||||||||||
Stock Options Granted in | July 11, | |||||||||||||||
Assumptions Used to Estimate Fair Value of Stock Options | 2012(a) | 2014(a) | ||||||||||||||
Weighted-average exercise price per share | $ | 22.55 | 22.52 | |||||||||||||
Assumptions used to estimate fair value | ||||||||||||||||
Weighted-average expected dividend yield(b): | 1.80% | 1.50% | ||||||||||||||
Weighted-average expected volatility(c): | 40% | 37% | ||||||||||||||
Weighted-average risk-free interest rate: | 0.60% | 0.90% | ||||||||||||||
Expected term in years(d): | ||||||||||||||||
Weighted-average | 4.3 | 2.5 | ||||||||||||||
Range | 3.3 | – | 5.3 | 2.4 | – | 2.8 | ||||||||||
Weighted-average fair value estimate per share | $ | 6.32 | 7.78 | |||||||||||||
From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. July 11, 2014, represents the date the recoupment policy was amended (see Recoupment Policy Change in 2014 above). The employees and employer are deemed to have a mutual understanding of the terms of the award at this date. | ||||||||||||||||
The expected dividend yield is the calculated yield on Brink’s stock at the accounting grant date. | ||||||||||||||||
The expected volatility was estimated after reviewing the historical volatility of our stock using daily close prices. | ||||||||||||||||
The expected term of the options was based on historical option exercise, expiration and post-vesting cancellation behaviors. | ||||||||||||||||
Deferred Stock Units (“DSUs”) | ||||||||||||||||
We granted DSUs to our directors. DSUs are paid out in shares of Brink’s stock when the award vests. | ||||||||||||||||
We measure the fair value of DSUs at the grant date, based on the price of Brink’s stock. | ||||||||||||||||
The following table summarizes all DSU activity during 2014: | ||||||||||||||||
Shares(in thousands) | Weighted-Average Grant-Date Fair Value | |||||||||||||||
Nonvested balance as of December 31, 2013 | 19.2 | $ | 26.8 | |||||||||||||
Granted | 28.3 | 24.7 | ||||||||||||||
Vested | -19.2 | 26.8 | ||||||||||||||
Nonvested balance as of December 31, 2014 | 28.3 | $ | 24.7 | |||||||||||||
The weighted-average grant-date fair value estimate per share for DSUs granted was $24.70 in 2014, $26.80 in 2013 and $22.35 in 2012. | ||||||||||||||||
Other Share-Based Compensation | ||||||||||||||||
We have a deferred compensation plan that allows participants to defer a portion of their compensation into stock units. Units may be redeemed by employees for an equal number of shares of Brink’s stock. Employee accounts held 292,221 units at December 31, 2014, and 222,227 units at December 31, 2013. | ||||||||||||||||
We have a stock accumulation plan for our non-employee directors denominated in Brink’s stock units. Directors’ accounts held 53,335 units at December 31, 2014, and 72,541 units at December 31, 2013. |
Capital_Stock
Capital Stock | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Notes to Financial Statements [Abstract] | ||||||||
Capital stock | Note 18 – Capital Stock | |||||||
Common Stock | ||||||||
At December 31, 2014, we had 100 million shares of common stock authorized and 48.6 million shares issued and outstanding. | ||||||||
Shares Contributed to U.S. Pension Plan | ||||||||
On March 6, 2012, we issued 361,446 shares of our common stock and contributed the shares to our primary U.S. pension plan. Sales of these shares by the plan were covered under our shelf registration statement. The common stock was valued for purposes of the contribution at $24.90 per share, or $9 million in the aggregate, which reflected a 2.4% discount from the $25.51 per share closing share price of our common stock on March 5, 2012. | ||||||||
Dividends | ||||||||
We paid regular quarterly dividends on our common stock during the last three years. On January 22, 2015, the board declared a regular quarterly dividend of 10 cents per share payable on March 2, 2015. The payment of future dividends is at the discretion of the board of directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors. | ||||||||
Shelf Registration of Common Stock | ||||||||
At December 31, 2014, $141.5 million was available under a shelf registration statement filed with the SEC in February 2012. The shelf registration expired on February 28, 2015. | ||||||||
Preferred Stock | ||||||||
At December 31, 2014, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $10 per share. | ||||||||
Shares Used to Calculate Earnings per Share | ||||||||
Years Ended December 31, | ||||||||
(In millions) | 2014 | 2013 | 2012 | |||||
Weighted-average shares | ||||||||
Basic(a) | 49 | 48.7 | 48.4 | |||||
Effect of dilutive stock awards | - | 0.3 | 0.2 | |||||
Diluted(a) | 49 | 49 | 48.6 | |||||
Antidilutive stock awards excluded from denominator | 1.7 | 1.3 | 2.4 | |||||
(a) 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, basic and diluted shares include weighted-average units of 0.5 million in 2014, 0.6 million in 2013 and 0.9 million in 2012. |
Loss_from_Discontinued_Operati
Loss from Discontinued Operations | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
Income from discontinued operations [Text Block] | Note 19 – Loss from Discontinued Operations | |||||||||
Years Ended December 31, | ||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||
Loss from operations(a)(b) | $ | -13.3 | -17.4 | -9.5 | ||||||
Gain (loss) on sales | -18.9 | 16.3 | -0.3 | |||||||
Adjustments to contingencies of former operations(c): | ||||||||||
Workers' compensation | -4.4 | -1.7 | -0.2 | |||||||
Insurance recoveries related to BAX Global indemnification(d) | 9.5 | - | - | |||||||
Other | -1.6 | 1 | -0.3 | |||||||
Loss from discontinued operations before income taxes | -28.7 | -1.8 | -10.3 | |||||||
Provision for income taxes | 0.4 | 7.4 | 3.1 | |||||||
Loss from discontinued operations, net of tax | $ | -29.1 | -9.2 | -13.4 | ||||||
Discontinued operations include gains and losses related to businesses that we recently sold or shut down or that we expect to sell in 2015. No interest expense was included in discontinued operations in 2014. Interest expense included in discontinued operations was $0.4 million in 2013 and $0.8 million in 2012. | ||||||||||
The loss from operations in 2014 included $15.6 million in non-cash severance and impairment charges related to the Netherlands cash-in-transit operations. The loss from operations in 2013 included $16.2 million of severance expenses paid to terminate certain employees of the German cash-in-transit operations. We contributed a portion of the cost to fund the German severance payments to the business prior to the execution of the December 2013 sale transaction. | ||||||||||
Primarily related to former coal businesses and BAX Global, a former freight forwarding and logistics business. | ||||||||||
BAX Global had been defending a claim related to the apparent diversion by a third party of goods being transported for a customer. In 2010, the Dutch Supreme Court denied the final appeal of BAX Global, letting stand the lower court ruling that BAX Global was liable for this claim. We had contractually indemnified the purchaser of BAX Global for this contingency. Through 2010, we had recognized $11.5 million of expense related to the payment made in satisfaction of the judgment. In 2014, we recovered $9.5 million from insurance companies related to this matter. | ||||||||||
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) | ||||||||||
Australia (sold in October 2014) | ||||||||||
Puerto Rico (shut down in November 2014) | ||||||||||
Netherlands (sold in December 2014) | ||||||||||
Guarding operations sold: | ||||||||||
Morocco (December 2012) | ||||||||||
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 had operations in China and other locations in Asia. ICD designed and installed security systems for commercial customers. | ||||||||||
We sold a small Mexican parcel delivery business in 2015. | ||||||||||
The results of the above operations have been excluded from continuing operations and are reported as discontinued operations for the current and prior periods. The table below shows revenues by operating segment which have been reclassified to discontinued operations: | ||||||||||
December 31, | ||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||
France | $ | - | - | 16.4 | ||||||
Mexico | 21.2 | 26.5 | 29.1 | |||||||
Canada | - | 41.2 | 52.1 | |||||||
Largest 5 Markets | 21.2 | 67.7 | 97.6 | |||||||
Latin America | 4.9 | 6.6 | 6.3 | |||||||
EMEA | 126 | 197.1 | 231.5 | |||||||
Asia | 7.6 | 34.6 | 33.5 | |||||||
Global Markets | 138.5 | 238.3 | 271.3 | |||||||
Total | $ | 159.7 | 306 | 368.9 | ||||||
The table below shows revenues and income (loss) from operations before tax for the Netherlands cash-in-transit operations sold in 2014 and for the German cash-in-transit operations sold in 2013: | ||||||||||
Years Ended December 31, | ||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||
Netherlands CIT operations: | ||||||||||
Revenues | $ | 126 | 119.5 | 111 | ||||||
Income (loss) from operations before tax | -2 | 13 | 15.2 | |||||||
German CIT operations: | ||||||||||
Revenues | $ | - | 56.4 | 57.7 | ||||||
Loss from operations before tax | - | -24.3 | -10 |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||
Supplemental cash flow information | Note 20 – Supplemental Cash Flow Information | |||||||||
Years Ended December 31, | ||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||
Cash paid for: | ||||||||||
Interest | $ | 22.9 | 23.7 | 22.7 | ||||||
Income taxes, net | 68.6 | 92.7 | 89.3 | |||||||
We acquired armored vehicles, CompuSafe® units and other equipment under capital lease arrangements in the last three years including $12.1 million in 2014, $5.5 million in 2013 and $18.1 million in 2012. | ||||||||||
We contributed $9 million of Brink’s common stock to our primary U.S. pension plan in 2012. |
Other_Operating_Income_Expense
Other Operating Income (Expense) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Other Income and Expenses [Abstract] | |||||||||||
Other Income and Other Expense Disclosure [Text Block] | Note 21 – Other Operating Income (Expense) | ||||||||||
Years Ended December 31, | |||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||
Foreign currency items: | |||||||||||
Transaction losses(a) | $ | -130.8 | -20.2 | -4 | |||||||
Hedge gains (losses) | 1.4 | -0.4 | 0.2 | ||||||||
Gains on sale of property and other assets(b) | 44.9 | 2.4 | 7.6 | ||||||||
Impairment losses | -3.3 | -2.9 | -2.4 | ||||||||
Share in earnings of equity affiliates | 4.3 | 6.7 | 6 | ||||||||
Royalty income | 1.5 | 1.9 | 2.1 | ||||||||
Gains on business acquisitions and dispositions | - | 2.8 | 0.8 | ||||||||
Other | 1 | 0.3 | 0.9 | ||||||||
Other operating income (expense) | $ | -81 | -9.4 | 11.2 | |||||||
Includes losses from devaluations in Venezuela of $121.6 million in 2014 and $13.4 million in 2013. | |||||||||||
Includes a $44.3 million gain on the sale of a noncontrolling interest in a Peruvian cash-in-transit business. | |||||||||||
Interest_and_Other_Nonoperatin
Interest and Other Nonoperating Income (Expense) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Interest and Other Income [Abstract] | |||||||||
Interest and Other Income [Text Block] | Note 22 – Interest and Other Nonoperating Income (Expense) | ||||||||
Years Ended December 31, | |||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||
Interest income | $ | 3 | 2.7 | 4.6 | |||||
Gain on available-for-sale securities | 0.4 | 0.4 | 2.9 | ||||||
Foreign currency hedge losses | -1 | -1 | - | ||||||
Other | -0.5 | -0.6 | -0.5 | ||||||
Total | $ | 1.9 | 1.5 | 7 |
Other_Commitments_and_Continge
Other Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 23 – Other Commitments and Contingencies |
On June 19, 2008, a lawsuit captioned Del Valle Gurria S.C. v. Servicio Pan Americano de Protección, S.A. de C.V. was filed with the Twenty-third Civil Judge in the Federal District in Mexico (the “Court”) against Servicio Pan American de Proteccion, S.A. de C.V. (SERPAPROSA), the Mexico subsidiary that we acquired in November 2010. The plaintiff claims it is owed legal fees and corresponding value-added tax (VAT), interest and expenses related to its legal representation of SERPAPROSA in connection with tax audits covering the 1991, 1992 and 1994 fiscal years. On October 28, 2010, the Court issued a decision in favor of SERPAPROSA in part and the plaintiff in part, ordering SERPAPROSA to pay the plaintiff less than $1 million for its previous representation of SERPAPROSA. Between November 2010 and October 2013, the judgment was subject to multiple appeals by both parties to the Fifth Civil Court of Appeal of the Federal District in Mexico (the “Fifth Civil Court of Appeal”) and to the First Civil Collegiate Tribunal of the First Circuit in Mexico (the “First Civil Collegiate Tribunal”), and was remanded twice to the Court for determination of the fees to be paid to the plaintiff. On December 6, 2013, the Fifth Civil Court of Appeal issued a decision in favor of the plaintiff, modifying the lower court’s ruling and ordering SERPAPROSA to pay the plaintiff approximately $7 million plus VAT and interest for its previous representation of SERPAPROSA. SERPAPROSA filed a constitutional injunction on January 20, 2014 with the First Civil Collegiate Tribunal. The appeal was granted in favor of SERPAPROSA on September 17, 2014, ordering SERPAPROSA to pay approximately $2 million plus VAT and interest. The plaintiff filed an appeal on October 7, 2014, with the Mexico Supreme Court, which was rejected by the court on October 22, 2014. The plaintiff filed two subsequent actions appealing the Supreme Court’s October 22, 2014 decision, one before the First Appellate Court in Civil Matters of the First Circuit (the “Appellate Court”) and one with the Mexico Supreme Court. The action filed before the Appellate Court was rejected on February 16, 2015; the action filed with the Mexico Supreme Court is pending. The Company has accrued $2 million, reflecting the Company’s best estimate of exposure, although additional reasonably possible losses could be up to $10 million, based on currency exchange rates at December 31, 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. | |
At December 31, 2014, we had noncancellable commitments for $11.2 million in equipment purchases, and information technology and other services. |
Restrucutring
Restrucutring | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Restructuring and Related Activities [Abstract] | |||||||
Restructuring and Related Activities Disclosure [Text Block] | Note 24 – 2014 Reorganization and Restructuring | ||||||
In the fourth quarter of 2014, we announced a reorganization and restructuring of Brink’s global organization (“2014 Reorganization and Restructuring”) to accelerate the execution of our strategy by reducing costs and providing for a more streamlined and centralized organization. As part of this program, we expect to reduce our total workforce by approximately 1,700 positions. We believe the restructuring will save annual direct costs of approximately $45 to $50 million in 2015 compared to 2014, excluding severance, lease termination, accelerated depreciation and pension settlement charges. We recorded total pretax severance charges of $21.8 million in the fourth quarter of 2014 related to the 2014 Reorganization and Restructuring. The actions under this program are expected to be substantially completed by the end of 2015 with cumulative pretax charges estimated to be approximately $25 million, primarily severance costs. | |||||||
The following table summarizes the costs incurred and payments made in our 2014 Reorganization and Restructuring accruals: | |||||||
(In millions) | Severance Costs | ||||||
Balance as of January 1, 2014 | $ | - | |||||
Expenses | 21.8 | ||||||
Payments | -0.3 | ||||||
Foreign currency exchange effects | -0.1 | ||||||
Balance as of December 31, 2014 | $ | 21.4 | |||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||||
Quarterly Financial Information [Text Block] | Note 25 – Selected Quarterly Financial Data (unaudited) | ||||||||||||||||||||
2014 Quarters | 2013 Quarters | ||||||||||||||||||||
(In millions, except for per share amounts) | 1st | 2nd | 3rd | 4th | 1st | 2nd | 3rd | 4th | |||||||||||||
Revenues | $ | 949.6 | 859 | 872.5 | 881.2 | $ | 910.3 | 929 | 942.1 | 997.2 | |||||||||||
Operating profit | -73.7 | 8.7 | 61.2 | -23.7 | 15.2 | 31.7 | 56.9 | 59.4 | |||||||||||||
Amounts attributable to Brink’s: | |||||||||||||||||||||
Income (loss) from: | |||||||||||||||||||||
Continuing operations | $ | -59 | 0.9 | 28.8 | -25.5 | $ | 1.6 | 12.1 | 28.4 | 23.9 | |||||||||||
Discontinued operations | 0.5 | 0.7 | -8.6 | -21.7 | -18.2 | -3.4 | -4.6 | 17 | |||||||||||||
Net income (loss) attributable to Brink’s | $ | -58.5 | 1.6 | 20.2 | -47.2 | $ | -16.6 | 8.7 | 23.8 | 40.9 | |||||||||||
Depreciation and amortization | $ | 41.9 | 40.9 | 39.7 | 39.4 | $ | 40.2 | 40.4 | 40.4 | 44.8 | |||||||||||
Capital expenditures | 23.8 | 32.3 | 26.3 | 53.7 | 32.5 | 43.6 | 43.1 | 53.7 | |||||||||||||
Earnings (loss) per share attributable to Brink’s common shareholders: | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Continuing operations | $ | -1.21 | 0.02 | 0.59 | -0.52 | $ | 0.03 | 0.25 | 0.58 | 0.49 | |||||||||||
Discontinued operations | 0.01 | 0.01 | -0.17 | -0.44 | -0.37 | -0.07 | -0.09 | 0.35 | |||||||||||||
Net income (loss) | $ | -1.2 | 0.03 | 0.41 | -0.96 | $ | -0.34 | 0.18 | 0.49 | 0.84 | |||||||||||
Diluted | |||||||||||||||||||||
Continuing operations | $ | -1.21 | 0.02 | 0.58 | -0.52 | $ | 0.03 | 0.25 | 0.58 | 0.49 | |||||||||||
Discontinued operations | 0.01 | 0.01 | -0.17 | -0.44 | -0.37 | -0.07 | -0.09 | 0.35 | |||||||||||||
Net income (loss) | $ | -1.2 | 0.03 | 0.41 | -0.96 | $ | -0.34 | 0.18 | 0.49 | 0.83 | |||||||||||
Earnings per share. Earnings per share amounts for each quarter are required to be computed independently. As a result, their sum may not equal the annual earnings per share. | |||||||||||||||||||||
Discontinued operations. In early 2015, we sold a small Mexican parcel delivery business. In 2014, we completed the divestures of cash-in-transit operations in the Netherlands, Australia and Puerto Rico. In 2013, we completed the divestitures of cash-in-transit operations in Poland, Turkey, Hungary, and Germany as well as guarding operations in France and an aviation security services business in Germany. We also sold ICD Limited and its affiliates and Threshold Financial Technology Inc. in Canada in 2013. | |||||||||||||||||||||
The results of these operations have been excluded from continuing operations and are reported as discontinued operations for all periods. | |||||||||||||||||||||
Significant pretax items in a quarter. In the first quarter of 2014, we recognized a $121.9 million remeasurement loss related to our change in March 2014 from the official exchange rate in Venezuela to the SICAD II exchange rate mechanism in Venezuela. In the third quarter of 2014, we recognized a $44.3 million gain on the sale of a noncontrolling interest in a Peruvian cash-in-transit business. In the fourth quarter of 2014, we recognized a $56.1 million pension settlement charge related to a lump-sum buy-out offer and a $21.8 million severance charge related to the reorganization and restructuring of our global organization. | |||||||||||||||||||||
In the first quarter of 2013, we recognized a $13.4 million remeasurement loss related to the February 2013 devaluation of the official exchange rate in Venezuela. In the same quarter, we also recognized an $18.7 million loss related to a theft in Belgium. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Summary of Significant Accounting Policies [Abstract] | ||||
Basis of Presentation [Policy Text Block] | Basis of Presentation | |||
The Brink’s Company (along with its subsidiaries, “we,” “our,” “Brink’s” or the “Company”), based in Richmond, Virginia, is a leading provider of secure transportation, cash management services and other security-related services to banks and financial institutions, retailers, government agencies, mints, jewelers and other commercial operations around the world. Brink’s is the oldest and largest secure transportation and cash management services company in the U.S., and a market leader in many other countries. | ||||
Principles of Consolidation [Policy Text Block] | Principles of Consolidation | |||
The consolidated financial statements include the accounts of Brink’s and the subsidiaries it controls. Control is determined based on ownership rights or, when applicable, based on whether we are considered to be the primary beneficiary of a variable interest entity. Our interest in 20% to 50% owned companies that are not controlled are accounted for using the equity method (“equity affiliates”), unless we do not sufficiently influence the management of the investee. Other investments are accounted for as cost-method investments or as available-for-sale. All significant intercompany accounts and transactions have been eliminated in consolidation. | ||||
Revenue Recognition [Policy Text Block] | Revenue Recognition | |||
Revenue is recognized when services related to armored vehicle transportation, ATM services, cash management services, payment services, guarding and the secure international transportation of valuables are performed. Customer contracts have prices that are fixed and determinable and we assess the customer’s ability to meet the contractual terms, including payment terms, before entering into contracts. Customer contracts generally are automatically extended after the initial contract period until either party terminates the agreement. Taxes collected from customers and remitted to governmental authorities are not included in revenues in the consolidated statements of income (loss). | ||||
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents | |||
Cash and cash equivalents include cash on hand, demand deposits and investments with original maturities of three months or less. Cash and cash equivalents includes amounts held by certain of our secure cash management services operations for customers for which, under local regulations, the title transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources. We record a liability for the amounts owed to customers (see note 12). | ||||
Trade Accounts Receivable [Policy Text Block] | Trade Accounts Receivable | |||
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses on our existing accounts receivable. We determine the allowance based on historical write-off experience. We review our allowance for doubtful accounts quarterly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. | ||||
Property and Equipment [Policy Text Block] | Property and Equipment | |||
Property and equipment are recorded at cost. Depreciation is calculated principally on the straight-line method based on the estimated useful lives of individual assets or classes of assets. | ||||
Leased property and equipment meeting capital lease criteria are capitalized at the lower of the present value of the related lease payments or the fair value of the leased asset at the inception of the lease. Amortization is calculated on the straight-line method based on the lease term. | ||||
Leasehold improvements are recorded at cost. Amortization is calculated principally on the straight-line method over the lesser of the estimated useful life of the leasehold improvement or lease term. Renewal periods are included in the lease term when the renewal is determined to be reasonably assured. | ||||
Part of the costs related to the development or purchase of internal-use software is capitalized and amortized over the estimated useful life of the software. Costs that are capitalized include external direct costs of materials and services to develop or obtain the software, and internal costs, including compensation and employee benefits for employees directly associated with a software development project. | ||||
Estimated Useful Lives | Years | |||
Buildings | 16 to 25 | |||
Building leasehold improvements | 3 to 10 | |||
Vehicles | 3 to 10 | |||
Capitalized software | 3 to 5 | |||
Other machinery and equipment | 3 to 10 | |||
Expenditures for routine maintenance and repairs on property and equipment are charged to expense. Major renewals, betterments and modifications are capitalized and depreciated over the lesser of the remaining life of the asset or, if applicable, the lease term. | ||||
Goodwill and Other Intangible Assets [Policy Text Block] | Goodwill and Other Intangible Assets | |||
Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Intangible assets arising from business acquisitions include customer lists, customer relationships, covenants not to compete, trademarks and other identifiable intangibles. At December 31, 2014, finite-lived intangible assets have remaining useful lives ranging from 1 to 13 years and are amortized based on the pattern in which the economic benefits are used or on a straight-line basis. | ||||
Impairment of Long-Lived Assets [Policy Text Block] | Impairment of Long-Lived Assets | |||
Goodwill is not amortized but is tested at least annually for impairment at the reporting unit level, which is at the operating segment level or one level below an operating segment. Goodwill is assigned to one or more reporting units at the date of acquisition. Prior to the restructuring of our global organization in the fourth quarter of 2014, our reporting units were Latin America, EMEA, North America and Asia Pacific. We performed our annual goodwill impairment test on these reporting units as of October 1, 2014. | ||||
After the 2014 restructuring, we now have ten reporting units which are comprised of: | ||||
each of the five countries within Largest 5 Markets (U.S., France, Mexico, Brazil and Canada), | ||||
each of the three regions within Global Markets (Latin America, EMEA and Asia), | ||||
the Latin American Payment Services businesses, and | ||||
the U.S. Payment Services business | ||||
We performed a goodwill impairment test on the new reporting units that had goodwill as of December 31, 2014. | ||||
For both goodwill impairment tests performed in the fourth quarter of 2014, we performed quantitative analyses to determine whether reporting unit fair values exceeded their carrying amounts. We based our estimates of fair value on projected future cash flows and completed these impairment tests, as well as the annual tests in the previous two years, with no impairment charges required. | ||||
Indefinite-lived intangibles are also tested for impairment at least annually by comparing their carrying values to their estimated fair values. We have had no significant impairments of indefinite-lived intangibles in the last three years. | ||||
Long-lived assets other than goodwill and other indefinite-lived intangibles are reviewed for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. | ||||
For long-lived assets other than goodwill that are to be held and used in operations, an impairment is indicated when the estimated total undiscounted cash flow associated with the asset or group of assets is less than carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. | ||||
Retirement Benefit Plans [Policy Text Block] | Retirement Benefit Plans | |||
We account for retirement benefit obligations under FASB ASC Topic 715, Compensation – Retirement Benefits. For U.S. and certain non-U.S. retirement plans, we derive the discount rates used to measure the present value of benefit obligations using the cash flow matching method. Under this method, we compare the plan’s projected payment obligations by year with the corresponding yields on a Mercer yield curve. Each year’s projected cash flows are then discounted back to their present value at the measurement date and an overall discount rate is determined. The overall discount rate is then rounded to the nearest tenth of a percentage point. In non-U.S. locations where the cash flow matching method is not possible, rates of local high-quality long-term corporate bonds are used to select the discount rate. | ||||
We used Mercer’s Above-Mean Curve to determine the discount rates for year-end benefit obligations. | ||||
We select the expected long-term rate of return assumption for our U.S. pension plan and retiree medical plans using advice from an investment advisor and an actuary. The selected rate considers plan asset allocation targets, expected overall investment manager performance and long-term historical average compounded rates of return. | ||||
Benefit plan experience gains and losses are recognized in other comprehensive income (loss). Accumulated net benefit plan experience gains and losses that exceed 10% of the greater of a plan’s benefit obligation or plan assets at the beginning of the year are amortized into earnings from other comprehensive income (loss) on a straight-line basis. The amortization period for pension plans is the average remaining service period of employees expected to receive benefits under the plans. The amortization period for other retirement plans is primarily the average remaining life expectancy of inactive participants. | ||||
Income Taxes [Policy Text Block] | Income Taxes | |||
Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which these items are expected to reverse. We recognize tax benefits related to uncertain tax positions if we believe it is more likely than not the benefit will be realized. We review our deferred tax assets to determine if it is more-likely-than-not that they will be realized. If we determine it is not more-likely-than-not that a deferred tax asset will be realized, we record a valuation allowance to reverse the previously recognized tax benefit. | ||||
Foreign Currency Translation [Policy Text Block] | 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 (loss). | ||||
Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Non-monetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. | ||||
Venezuela Brink’s Venezuela accounted for $212 million or 6% of total Brink’s revenues and a significant component of 2014 total operating profit before items not allocated to segments. At December 31, 2014, we had investments in our Venezuelan operations of $59.6 million on an equity-method basis. At December 31, 2014, we had bolivar denominated net monetary assets of $23.5 million, including $12.6 million of cash and cash equivalents denominated in bolivars. | ||||
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. | ||||
During the period from 2003 through February 2015, the Venezuelan government controlled the exchange of local currency into other currencies, including the U.S. dollar. During this period, the Venezuelan government required that currency exchanges be made at official rates established by the government instead of allowing open markets to determine currency rates. Different official rates existed for different industries and purposes. The government did 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 2014 ranged from 10 to 12 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. | ||||
In March 2014, the government initiated another exchange mechanism known as SICAD II. Conversions under this mechanism were also subject to specific eligibility requirements. Transactions were reported to be in a range of 49 to 52 bolivars to the dollar. Through December 31, 2014, we received approval to obtain $1.2 million (weighted average exchange rate of 51) through the SICAD II mechanism. | ||||
In February 2015, the government replaced the SICAD II process with a new process, known locally as SIMADI. The rates published in mid February 2015 ranged from 170 to 174 bolivars to the U.S. dollar. | ||||
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 new SIMADI process will be discontinued or not accessible when needed in the future, which may prevent us from repatriating dividends or obtaining dollars to operate our Venezuelan operations. | ||||
Remeasurement rate during 2012. 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 revenues and expenses. | ||||
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 revenues 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 revenues and expenses. We recognized a $13.4 million net remeasurement loss in 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 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 revenues 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 revenues and expenses. We recognized a $121.6 million net remeasurement loss in 2014 when we changed from the official rate of 6.3 to the SICAD II exchange rate, which averaged approximately 50 since opening on March 24, 2014 until implementation of a new exchange process in February 2015 (SIMADI). Transaction gains and losses since March 31, 2014 have not been significant. At December 31, 2014, the rate was approximately 50. The after-tax effect of these losses attributable to noncontrolling interests was $39.7 million in 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 revenues and operating profit. | ||||
Brink’s Venezuela’s profit margin percentage declined as the historical U.S. dollar nonmonetary assets were not remeasured to a lower U.S. dollar basis but instead retained a historical higher basis which was used for depreciation and other expense attribution. Our nonmonetary assets were $59.9 million at December 31, 2013, and $55.0 million at December 31, 2014. | ||||
Our investment in our Venezuelan operations on an equity-method basis has declined. Our investment was $125.3 million at December 31, 2013, and $59.6 million at December 31, 2014. | ||||
Our bolivar-denominated net monetary assets included in our consolidated balance sheets have 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 $23.5 million (including $12.6 million of cash and cash equivalents) at December 31, 2014. | ||||
Concentration of Credit Risks [Policy Text Block] | Concentration of Credit Risks | |||
We routinely assess the financial strength of significant customers and this assessment, combined with the large number and geographic diversity of our customers, limits our concentration of risk with respect to accounts receivable. Financial instruments which potentially subject us to concentrations of credit risks are principally cash and cash equivalents and accounts receivables. Cash and cash equivalents are held by major financial institutions. | ||||
Use of Estimates [Policy Text Block] | Use of Estimates | |||
In accordance with U.S. generally accepted accounting principles (“GAAP”), 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 those estimates. The most significant estimates are related to goodwill, intangibles and other long-lived assets, pension and other retirement benefit assets and obligations, legal contingencies, deferred tax assets, purchase price allocations and foreign currency translation. | ||||
Fair-value estimates [Policy Text Block] | Fair-value estimates. We have various financial instruments included in our financial statements. Financial instruments are carried in our financial statements at either cost or fair value. We estimate fair value of assets using the following hierarchy using the highest level possible: | |||
Level 1: Quoted prices in active markets that are accessible at the measurement date for identical assets and liabilities. | ||||
Level 2: Observable prices that are based on inputs not quoted on active markets, but are corroborated by market data. | ||||
Level 3: Unobservable inputs are used when little or no market data is available. | ||||
New Accounting Standard | ||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard related to revenue recognition, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP when it becomes effective on January 1, 2017. Early adoption is not permitted. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application in retained earnings. We are assessing the potential impact of the new standard on financial reporting and have not yet selected a transition method. | ||||
New Acconting Standard Policy [Policy Text Block] | New Accounting Standard | |||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued a new standard related to revenue recognition, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP when it becomes effective on January 1, 2017. Early adoption is not permitted. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application in retained earnings. We are assessing the potential impact of the new standard on financial reporting and have not yet selected a transition method. | ||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||
Reconciliation of Revenue and Operating Profit from Segments to Consolidated [Table Text Block] | Revenues | Operating Profit (Loss) | |||||||||||||||||
Years Ended December 31, | Years Ended December 31, | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Reportable Segments: | |||||||||||||||||||
U.S. | $ | 727.8 | 707.5 | 706.7 | $ | 22.8 | 12.8 | 32 | |||||||||||
France | 517.4 | 517.6 | 511.4 | 39.4 | 44.5 | 39.7 | |||||||||||||
Mexico | 388.2 | 423.9 | 395 | 9.6 | 26.9 | 17.7 | |||||||||||||
Brazil | 364.1 | 354.4 | 363.6 | 34.2 | 41.1 | 39.9 | |||||||||||||
Canada | 179.7 | 191.4 | 187.5 | 12.8 | 10.5 | 9.3 | |||||||||||||
Largest 5 Markets | 2,177.20 | 2,194.80 | 2,164.20 | 118.8 | 135.8 | 138.6 | |||||||||||||
Latin America | 592.4 | 854.2 | 744.4 | 90.6 | 136.2 | 90 | |||||||||||||
EMEA | 556.3 | 540.6 | 503.1 | 52.5 | 47 | 45.3 | |||||||||||||
Asia | 139.8 | 134.2 | 125.9 | 23.1 | 21 | 14.8 | |||||||||||||
Global Markets | 1,288.50 | 1,529.00 | 1,373.40 | 166.2 | 204.2 | 150.1 | |||||||||||||
Payment Services | 96.6 | 54.8 | 40 | -4.9 | 1 | 1.2 | |||||||||||||
Total reportable segments | 3,562.30 | 3,778.60 | 3,577.60 | 280.1 | 341 | 289.9 | |||||||||||||
Reconciling Items: | |||||||||||||||||||
Corporate items: | |||||||||||||||||||
General, administrative and other expenses | - | - | - | -108.8 | -116.4 | -87.4 | |||||||||||||
Reconciliation of segment policies to GAAP | - | - | - | -2.3 | 2.7 | 4.5 | |||||||||||||
Other items not allocated to segments: | |||||||||||||||||||
FX devaluation in Venezuela | - | - | - | -142.7 | -14.6 | - | |||||||||||||
U.S. retirement plans (see note 3) | - | - | - | -73.1 | -52.9 | -56.2 | |||||||||||||
2014 Reorganization and Restructuring | - | - | - | -21.8 | - | - | |||||||||||||
Acquisitions and dispositions | - | - | - | 49.4 | 5.8 | 14.6 | |||||||||||||
Mexican settlement losses (see note 3) | - | - | - | -5.9 | -2.4 | -3.2 | |||||||||||||
Share-based compensation adj. (see note 17) | - | - | - | -2.4 | - | - | |||||||||||||
Total | $ | 3,562.30 | 3,778.60 | 3,577.60 | $ | -27.5 | 163.2 | 162.2 | |||||||||||
Schedule of Capital Expenditures, Depreciation and Amortization by Segment [Table Text Block] | Years Ended December 31, | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||
Capital Expenditures by Business Segment | |||||||||||||||||||
U.S. | $ | 31.1 | 42.4 | 39 | |||||||||||||||
France | 17.9 | 13.8 | 15.8 | ||||||||||||||||
Mexico | 13.3 | 24.5 | 27.4 | ||||||||||||||||
Brazil | 14.7 | 13.2 | 12.4 | ||||||||||||||||
Canada | 6.4 | 9.6 | 9.1 | ||||||||||||||||
Largest 5 Markets | 83.4 | 103.5 | 103.7 | ||||||||||||||||
Latin America | 22.4 | 26.8 | 37.3 | ||||||||||||||||
EMEA | 9.2 | 8.9 | 9.8 | ||||||||||||||||
Asia | 3.6 | 2.4 | 4.4 | ||||||||||||||||
Global Markets | 35.2 | 38.1 | 51.5 | ||||||||||||||||
Payment Services | 0.8 | 1.5 | 1.8 | ||||||||||||||||
Segments | 119.4 | 143.1 | 157 | ||||||||||||||||
Corporate items | 16.7 | 29.8 | 13.9 | ||||||||||||||||
Total | $ | 136.1 | 172.9 | 170.9 | |||||||||||||||
Depreciation and Amortization by Business Segment | |||||||||||||||||||
Depreciation and amortization of property and equipment: | |||||||||||||||||||
U.S. | $ | 49.8 | 49.1 | 45.6 | |||||||||||||||
France | 19.3 | 22.1 | 20.6 | ||||||||||||||||
Mexico | 19.6 | 19.2 | 14.3 | ||||||||||||||||
Brazil | 8.8 | 9 | 8.7 | ||||||||||||||||
Canada | 8.5 | 8.3 | 9 | ||||||||||||||||
Largest 5 Markets | 106 | 107.7 | 98.2 | ||||||||||||||||
Latin America | 21.9 | 22.5 | 21.1 | ||||||||||||||||
EMEA | 13.6 | 16.9 | 12.5 | ||||||||||||||||
Asia | 3.2 | 3.7 | 3.6 | ||||||||||||||||
Global Markets | 38.7 | 43.1 | 37.2 | ||||||||||||||||
Payment Services | 2.2 | 2.2 | 1.3 | ||||||||||||||||
Segments | 146.9 | 153 | 136.7 | ||||||||||||||||
Corporate items | 9.5 | 6.4 | 4.5 | ||||||||||||||||
Depreciation and amortization of property and equipment | 156.4 | 159.4 | 141.2 | ||||||||||||||||
Amortization of intangible assets: | |||||||||||||||||||
U.S. | - | 0.2 | 0.3 | ||||||||||||||||
France | 0.3 | 0.4 | 0.3 | ||||||||||||||||
Brazil | 1.4 | 1.7 | 2.1 | ||||||||||||||||
Largest 5 Markets | 1.7 | 2.3 | 2.7 | ||||||||||||||||
Latin America | 0.3 | 0.4 | 0.4 | ||||||||||||||||
EMEA | 1.1 | 1.2 | 2.3 | ||||||||||||||||
Asia | 0.9 | 1 | 1.1 | ||||||||||||||||
Global Markets | 2.3 | 2.6 | 3.8 | ||||||||||||||||
Payment Services | 1.5 | 1.5 | 0.7 | ||||||||||||||||
Amortization of intangible assets | 5.5 | 6.4 | 7.2 | ||||||||||||||||
Total | $ | 161.9 | 165.8 | 148.4 | |||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||
Assets held by Segment | |||||||||||||||||||
U.S. | $ | 327.4 | 330 | 345.2 | |||||||||||||||
France | 244.7 | 246.6 | 244.1 | ||||||||||||||||
Mexico | 258.9 | 285.1 | 269.3 | ||||||||||||||||
Brazil | 165 | 165.8 | 165.7 | ||||||||||||||||
Canada | 92.3 | 96.5 | 120.4 | ||||||||||||||||
Largest 5 Markets | 1,088.30 | 1,124.00 | 1,144.70 | ||||||||||||||||
Latin America | 296 | 521.1 | 418 | ||||||||||||||||
EMEA | 308 | 382.8 | 433.9 | ||||||||||||||||
Asia | 109.2 | 115.1 | 148.3 | ||||||||||||||||
Global Markets | 713.2 | 1,019.00 | 1,000.20 | ||||||||||||||||
Payment Services | 63.7 | 72 | 27.9 | ||||||||||||||||
Segments | 1,865.20 | 2,215.00 | 2,172.80 | ||||||||||||||||
Corporate items | 327 | 283 | 381.1 | ||||||||||||||||
Total | $ | 2,192.20 | 2,498.00 | 2,553.90 | |||||||||||||||
Schedule of Long Lived Assets By Geographical Areas [TableTextBlock] | Long-Lived Assets by Geographic Area(a) | ||||||||||||||||||
Non-U.S.: | |||||||||||||||||||
France | $ | 75.7 | 88.5 | 94.3 | |||||||||||||||
Mexico | 114.4 | 136.8 | 133.7 | ||||||||||||||||
Brazil | 47.9 | 47.6 | 47.9 | ||||||||||||||||
Canada | 47.9 | 50.7 | 68.4 | ||||||||||||||||
Other | 175.5 | 216.3 | 240 | ||||||||||||||||
Subtotal | 461.4 | 539.9 | 584.3 | ||||||||||||||||
U.S. | 208.1 | 218.8 | 209.5 | ||||||||||||||||
Total | $ | 669.5 | 758.7 | 793.8 | |||||||||||||||
Schedule of Revenues By Geographical Areas [TableTextBlock] | Years Ended December 31, | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||
Revenues by Geographic Area(a) | |||||||||||||||||||
Outside the U.S.: | |||||||||||||||||||
France | $ | 517.4 | 542.5 | 535.5 | |||||||||||||||
Mexico | 388.5 | 424.1 | 395 | ||||||||||||||||
Brazil | 442.3 | 392 | 388.3 | ||||||||||||||||
Canada | 179.7 | 191.4 | 187.5 | ||||||||||||||||
Other | 1,305.80 | 1,521.10 | 1,364.60 | ||||||||||||||||
Subtotal | 2,833.70 | 3,071.10 | 2,870.90 | ||||||||||||||||
U.S. | 728.6 | 707.5 | 706.7 | ||||||||||||||||
Total | $ | 3,562.30 | 3,778.60 | 3,577.60 | |||||||||||||||
(a) Revenues are recorded in the country where service is initiated or performed. No single customer represents more than 10% of total revenue. Geographic disclosures of country revenues include the Payments Services segment in Mexico, Brazil, Colombia and the U.S | |||||||||||||||||||
Schedule of Net Assets Outside the U.S. [TableTextBlock] | December 31, | ||||||||||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||||||||||
Net assets outside the U.S. | |||||||||||||||||||
France | $ | 96.3 | 110.8 | 79.2 | |||||||||||||||
Other EMEA countries | 146.1 | 180.6 | 192.9 | ||||||||||||||||
Mexico | 88.4 | 101.2 | 131.5 | ||||||||||||||||
Brazil | 111.1 | 105.2 | 103.1 | ||||||||||||||||
Other Latin America countries | 182.4 | 273 | 203.6 | ||||||||||||||||
Asian countries | 69.2 | 72.7 | 89.1 | ||||||||||||||||
Canada | 53.4 | 69.3 | 43.2 | ||||||||||||||||
Total | $ | 746.9 | 912.8 | 842.6 | |||||||||||||||
Schedule Of Financial Information About Equity Affiliates Held By Segments [Table Text Block] | (In millions) | 2014 | 2013 | 2012 | |||||||||||||||
Information about Unconsolidated Equity Affiliates held by Global Markets – Asia Segment: | |||||||||||||||||||
Carrying value of investments at December 31 | $ | 2.7 | 2.3 | 1.8 | |||||||||||||||
Undistributed earnings at December 31 | 1.1 | 0.8 | 0.4 | ||||||||||||||||
Share of earnings included in Brink's consolidated earnings during the year | 0.5 | 0.7 | 0.2 | ||||||||||||||||
Brink’s sold an equity investment in a CIT business in Peru in 2014. This investment is not allocated to segments. The carrying value was $13.5 million at December 31, 2013, and $13.8 million at December 31, 2012. The equity earnings from this investment were $3.8 million in 2014, $6.1 million in 2013 and $5.8 million in 2012. |
Retirement_Benefits_Tables
Retirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Retirement Benefits Pension And Postretirement [Line Items] | ||||||||||||||||||
Schedule Of Net Benefit Costs [Table Text Block] | (In millions) | U.S. Plans | Non-U.S. Plans | Total | ||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||
Service cost | $ | - | - | - | $ | 12.5 | 15 | 11.1 | $ | 12.5 | 15 | 11.1 | ||||||
Interest cost on projected benefit obligation | 45.3 | 42.2 | 43.8 | 18.4 | 19.1 | 19.1 | 63.7 | 61.3 | 62.9 | |||||||||
Return on assets – expected | -63.9 | -56.9 | -60 | -14.4 | -12.9 | -12.2 | -78.3 | -69.8 | -72.2 | |||||||||
Amortization of losses | 28.2 | 45.1 | 39.5 | 2.3 | 6.1 | 4 | 30.5 | 51.2 | 43.5 | |||||||||
Amortization of prior service cost | - | - | - | 1 | 0.8 | 2 | 1 | 0.8 | 2 | |||||||||
Settlement loss (a) | 56.1 | 0.1 | 5 | 6.3 | 2.6 | 3.3 | 62.4 | 2.7 | 8.3 | |||||||||
Net periodic pension cost | $ | 65.7 | 30.5 | 28.3 | $ | 26.1 | 30.7 | 27.3 | $ | 91.8 | 61.2 | 55.6 | ||||||
Included in: | ||||||||||||||||||
Continuing operations | $ | 65.7 | 30.5 | 28.3 | $ | 24.4 | 28.7 | 25.2 | $ | 90.1 | 59.2 | 53.5 | ||||||
Discontinued operations | - | - | - | 1.7 | 2 | 2.1 | 1.7 | 2 | 2.1 | |||||||||
Net periodic pension cost | $ | 65.7 | 30.5 | 28.3 | $ | 26.1 | 30.7 | 27.3 | $ | 91.8 | 61.2 | 55.6 | ||||||
Settlement losses recognized in the U.S. in 2014 relate to a lump-sum buy-out of 4,300 participants. See “2014 Lump-sum Buy-out” below. Settlement losses outside the U.S. relate primarily to terminated employees that participate in a Mexican severance indemnity program that is accounted for as a defined benefit plan. | ||||||||||||||||||
Schedule of Obligations and Funded Status [Table Text Block] | (In millions) | U.S. Plans | Non-U.S. Plans | Total | ||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Benefit obligation at beginning of year | $ | 934.9 | 1,031.30 | 390.4 | 392.3 | 1,325.30 | 1,423.60 | |||||||||||
Service cost | - | - | 12.5 | 15 | 12.5 | 15 | ||||||||||||
Interest cost | 45.3 | 42.2 | 18.4 | 19.1 | 63.7 | 61.3 | ||||||||||||
Participant contributions | - | - | 4.2 | 3.8 | 4.2 | 3.8 | ||||||||||||
Plan amendments | - | - | -0.1 | -4.9 | -0.1 | -4.9 | ||||||||||||
Curtailments | - | - | -0.1 | -0.2 | -0.1 | -0.2 | ||||||||||||
Settlements(a) | -149 | -0.5 | - | -2 | -149 | -2.5 | ||||||||||||
Benefits paid | -44.9 | -43.6 | -24.2 | -18.8 | -69.1 | -62.4 | ||||||||||||
Sale of Brink’s Netherlands | - | - | -132.7 | - | -132.7 | - | ||||||||||||
Actuarial (gains) losses | 117.8 | -94.5 | 59.7 | -8 | 177.5 | -102.5 | ||||||||||||
Foreign currency exchange effects | - | - | -45 | -5.9 | -45 | -5.9 | ||||||||||||
Benefit obligation at end of year | $ | 904.1 | 934.9 | 283.1 | 390.4 | 1,187.20 | 1,325.30 | |||||||||||
Fair value of plan assets at beginning of year | $ | 811.8 | 756.3 | 322 | 283 | 1,133.80 | 1,039.30 | |||||||||||
Return on assets – actual | 80.6 | 85.5 | 23.8 | 16.6 | 104.4 | 102.1 | ||||||||||||
Participant contributions | - | - | 4.2 | 3.8 | 4.2 | 3.8 | ||||||||||||
Employer contributions | 87.8 | 14.1 | 31 | 40.1 | 118.8 | 54.2 | ||||||||||||
Settlements(a) | -149 | -0.5 | - | -2 | -149 | -2.5 | ||||||||||||
Benefits paid | -44.9 | -43.6 | -24.2 | -18.8 | -69.1 | -62.4 | ||||||||||||
Sale of Brink’s Netherlands | - | - | -157.2 | - | -157.2 | - | ||||||||||||
Foreign currency exchange effects | - | - | -20.3 | -0.7 | -20.3 | -0.7 | ||||||||||||
Fair value of plan assets at end of year | $ | 786.3 | 811.8 | 179.3 | 322 | 965.6 | 1,133.80 | |||||||||||
Funded status | $ | -117.8 | -123.1 | -103.8 | -68.4 | -221.6 | -191.5 | |||||||||||
Included in: | ||||||||||||||||||
Noncurrent asset | $ | - | - | - | -28.6 | - | -28.6 | |||||||||||
Current liability, included in accrued liabilities | 0.6 | 0.8 | 2 | 4.5 | 2.6 | 5.3 | ||||||||||||
Noncurrent liability | 117.2 | 122.3 | 101.8 | 92.5 | 219 | 214.8 | ||||||||||||
Net pension liability | $ | 117.8 | 123.1 | 103.8 | 68.4 | 221.6 | 191.5 | |||||||||||
The 2014 U.S. settlement reflects the lump-sum elections accepted by approximately 4,300 terminated participants. See “2014 Lump-sum Buy-out” below. | ||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | U.S. Plans | Non-U.S. Plans | ||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||
Discount rate: | ||||||||||||||||||
Pension cost | 5.00% | 4.20% | 4.60% | 6.30% | 5.30% | 5.40% | ||||||||||||
Benefit obligation at year end | 4.10% | 5.00% | 4.20% | 5.10% | 6.30% | 5.30% | ||||||||||||
Expected return on assets – pension cost | 8.00% | 8.00% | 8.25% | 5.83% | 4.64% | 4.92% | ||||||||||||
Average rate of increase in salaries(a): | ||||||||||||||||||
Pension cost | N/A | N/A | N/A | 3.90% | 3.80% | 3.20% | ||||||||||||
Benefit obligation at year end | N/A | N/A | N/A | 3.90% | 3.90% | 3.80% | ||||||||||||
Salary scale assumptions are determined through historical experience and vary by age and industry. The U.S. plan benefits are frozen. Pension benefits will not increase due to future salary increases. | ||||||||||||||||||
Schedule of Changes of Level 3 Plan Assets [Table Text Block] | (In millions) | U.S. Pension Plans | UMWA Plans | Non-U.S. Pension Plans | ||||||||||||||
Balance at December 31, 2012 | $ | 99.3 | 40.9 | 0.6 | ||||||||||||||
Actual return on plan assets relating to assets still held at the reporting date | 0.4 | - | - | |||||||||||||||
Purchases, sales and settlements | 39.6 | - | - | |||||||||||||||
Transfers out of Level 3(a) | -99.3 | -40.9 | -0.6 | |||||||||||||||
Balance at December 31, 2013 | 40 | - | - | |||||||||||||||
Actual return on plan assets relating to assets still held at the reporting date | 2.8 | 0.5 | - | |||||||||||||||
Purchases, sales and settlements | - | 13.8 | - | |||||||||||||||
Balance at December 31, 2014 | $ | 42.8 | 14.3 | - | ||||||||||||||
Transfers out of Level 3 are deemed to have occurred at the beginning of the year. | ||||||||||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | (In millions) | |||||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | |||||||||||||||
U.S. 401(K) | $ | 2.2 | 2.6 | 4.6 | ||||||||||||||
Other plans | 2.3 | 2.9 | 2.5 | |||||||||||||||
Total | $ | 4.5 | 5.5 | 7.1 | ||||||||||||||
US Plans [Member] | ||||||||||||||||||
Retirement Benefits Pension And Postretirement [Line Items] | ||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Fair | % | % | % | % | ||||||||||||||
Value | Total Fair | Actual | Target | Total Fair | Actual | Target | ||||||||||||
(In millions, except for percentages) | Level | Value | Allocation | Allocation | Value | Allocation | Allocation | |||||||||||
U.S. Pension Plans | ||||||||||||||||||
Cash, cash equivalents and receivables | $ | 4.1 | 1 | - | 3.8 | - | - | |||||||||||
Equity securities: | ||||||||||||||||||
U.S. large-cap(a) | 1 | 93.1 | 12 | 12 | 132.1 | 16 | 16 | |||||||||||
U.S. small/mid-cap(a) | 1 | 40.2 | 5 | 5 | 58.6 | 7 | 7 | |||||||||||
International(a) | 1 | 72.6 | 9 | 10 | 114.4 | 14 | 14 | |||||||||||
Emerging markets(b) | 1 | 13.8 | 2 | 2 | 31.7 | 4 | 4 | |||||||||||
Dynamic asset allocation(c) | 1 | 33.7 | 4 | 4 | 50.2 | 6 | 6 | |||||||||||
Fixed-income securities: | ||||||||||||||||||
Long duration(d) | 1 | 277.6 | 47 | 48 | 190.8 | 32 | 32 | |||||||||||
Long duration(d) | 2 | 95.7 | 65 | |||||||||||||||
High yield(e) | 1 | 15.3 | 2 | 2 | 24.5 | 3 | 3 | |||||||||||
Emerging markets(f) | 1 | 14.5 | 2 | 2 | 23.2 | 3 | 3 | |||||||||||
Other types of investments: | ||||||||||||||||||
Hedge fund of funds(g) | 2 | 37.9 | 5 | 5 | 37.3 | 5 | 5 | |||||||||||
Core property(h) | 2 | 45 | 6 | 5 | 40.2 | 5 | 5 | |||||||||||
Structured credit(i) | 3 | 42.8 | 5 | 5 | 40 | 5 | 5 | |||||||||||
Total | $ | 786.3 | 100 | 100 | 811.8 | 100 | 100 | |||||||||||
UMWA Plans | ||||||||||||||||||
Equity securities: | ||||||||||||||||||
U.S. large-cap(a) | 1 | $ | 58.5 | 21 | 21 | 107 | 38 | 37 | ||||||||||
U.S. small/mid-cap(a) | 1 | 25.5 | 10 | 9 | 27.9 | 10 | 9 | |||||||||||
International(a) | 1 | 49.3 | 19 | 18 | 41.8 | 15 | 14 | |||||||||||
Emerging markets(b) | 1 | 10.7 | 4 | 4 | - | - | - | |||||||||||
Dynamic asset allocation(c) | 1 | 20 | 8 | 7 | - | - | - | |||||||||||
Fixed-income securities: | ||||||||||||||||||
High yield(e) | 1 | 10.9 | 4 | 4 | 24.1 | 8 | 8 | |||||||||||
Emerging markets(f) | 1 | 10.4 | 4 | 4 | 10.9 | 4 | 4 | |||||||||||
Multi asset real return(j) | 1 | 21.6 | 8 | 8 | 29.3 | 10 | 13 | |||||||||||
Other types of investments: | ||||||||||||||||||
Hedge fund of funds(g) | 2 | 14.6 | 6 | 3 | 29.2 | 10 | 10 | |||||||||||
Core property(h) | 2 | 28.8 | 11 | 10 | 14.2 | 5 | 5 | |||||||||||
Structured credit(i) | 3 | 14.3 | 5 | 5 | - | - | - | |||||||||||
U.S. Private Equity(k) | - | - | 7 | - | - | - | ||||||||||||
Total | $ | 264.6 | 100 | 100 | 284.4 | 100 | 100 | |||||||||||
These categories include passively managed U.S. large-cap mutual funds and actively managed U.S. small/mid-cap and international mutual funds that track various indices such as the S&P 500 Index, the Russell 2500 Index and the MSCI All Country World Ex-U.S. Index. | ||||||||||||||||||
This category represents an actively managed mutual fund that invests primarily in equity securities of emerging market issuers. Emerging market countries are those countries that are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development or included in an emerging markets index by a recognized index provider. | ||||||||||||||||||
This category represents an actively managed mutual fund that seeks to generate total return over time by selecting investments from among a broad range of asset classes. The fund’s allocations among asset classes may be adjusted over short periods and can vary from multiple to a single asset class. | ||||||||||||||||||
This category represents actively managed mutual funds that seeks to duplicate the risk and return characteristics of a long-term fixed-income securities portfolio with an approximate duration of 10 years and longer by using a long duration bond portfolio, including interest-rate swap agreements and Treasury futures contracts, and zero-coupon securities created by the U.S. Treasury, for the purpose of managing the overall duration of this fund. | ||||||||||||||||||
This category represents an actively managed mutual fund that invests primarily in fixed-income securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities and zero-coupon obligations. The fund’s average weighted maturity may vary and will generally not exceed ten years. | ||||||||||||||||||
This category represents an actively managed mutual fund that invests primarily in U.S.-dollar-denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. | ||||||||||||||||||
This category represents an actively managed mutual fund that invests in different hedge-fund investments. The fund holds approximately 40 separate hedge-fund investments. Strategies included (1) long-short equity, (2) event-driven and distressed-debt, (3) global macro, (4) credit hedging, (5) multi-strategy, and (6) fixed-income arbitrage. Its investment objective is to seek to achieve an attractive risk-adjusted return with moderate volatility and moderate directional market exposure over a full market cycle. | ||||||||||||||||||
This category represents an actively managed mutual fund that seeks both current income and long-term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties. These properties are high-quality, low-leveraged, income-generating office, industrial, retail, and multi-family properties, generally fully-leased to creditworthy companies and governmental entities. | ||||||||||||||||||
This category represents an actively managed mutual fund that invests primarily in a diversified portfolio comprised primarily of collateralized loan obligations and other structured credit investments backed primarily by bank loans. | ||||||||||||||||||
This category represents an actively managed mutual fund that invests primarily in fixed income and equity securities and commodity linked instruments. The category seeks total returns that exceed the rate of inflation over a full market cycle regardless of market conditions | ||||||||||||||||||
This category will offer exposure to a diversified pool of global private assets fund investments. Further, the category will seek to shorten the duration of the typical private assets fund of funds through a dedicated focus on secondaries strategies (i.e. funds whose investment strategy is to purchase interests in other private market investments/funds as a way to provide the original investors liquidity prior to the end of those investments’/funds’ contracted end date), income-producing investment strategies (e.g. debt, real estate, and to a lesser extent, real assets), and underlying funds whose stated life is five to seven years, as opposed to the more typical 10-year life of private assets funds. | ||||||||||||||||||
Non-US Plans [Member] | ||||||||||||||||||
Retirement Benefits Pension And Postretirement [Line Items] | ||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | 31-Dec-14 | 31-Dec-13 | ||||||||||||||||
% | % | % | % | |||||||||||||||
Total Fair | Actual | Target | Total Fair | Actual | Target | |||||||||||||
(In millions, except for percentages) | Value | Allocation | Allocation | Value | Allocation | Allocation | ||||||||||||
Non-U.S. Pension Plans | ||||||||||||||||||
Cash and cash equivalents | $ | 1.1 | - | - | 5.2 | 2 | - | |||||||||||
Equity securities: | ||||||||||||||||||
U.S. equity funds(a) | 31.6 | 30 | ||||||||||||||||
Canadian equity funds(a) | 39.6 | 38.3 | ||||||||||||||||
European equity funds(a) | 8.8 | 8.9 | ||||||||||||||||
Asia Pacific equity funds(a) | 1.7 | 1.7 | ||||||||||||||||
Emerging markets(a) | 3.5 | 9.3 | ||||||||||||||||
Other non-U.S. equity funds(a) | 20.4 | 38.8 | ||||||||||||||||
Total equity securities | 105.6 | 59 | 65 | 127 | 39 | 39 | ||||||||||||
Fixed-income securities: | ||||||||||||||||||
Global credit(b) | 0.3 | 37.5 | ||||||||||||||||
Canadian fixed-income funds(c) | 25.7 | 24.8 | ||||||||||||||||
European fixed-income funds(d) | 14.9 | 11 | ||||||||||||||||
High-yield(e) | 1 | 12.3 | ||||||||||||||||
Emerging markets(f) | 1.2 | 6.9 | ||||||||||||||||
Long-duration(g) | 27.9 | 79.4 | ||||||||||||||||
Total fixed-income securities | 71 | 40 | 35 | 171.9 | 53 | 55 | ||||||||||||
Other types of investments: | ||||||||||||||||||
Convertible securities(h) | - | 12 | ||||||||||||||||
Commodity derivatives(i) | - | 4.7 | ||||||||||||||||
Other | 1.6 | 1.2 | ||||||||||||||||
Total other types of investments | 1.6 | 1 | - | 17.9 | 6 | 6 | ||||||||||||
Total | $ | 179.3 | 100 | 100 | 322 | 100 | 100 | |||||||||||
These categories are comprised of equity index actively and passively managed funds that track various indices such as S&P 500 Composite Total Return Index, Russell 1000 and 2000 Indices, MSCI Europe Ex-UK Index, S&P/TSX Total Return Index, MSCI EAFE Index and others. Some of these funds use a dynamic asset allocation investment strategy seeking to generate total return over time by selecting investments from among a broad range of asset classes, investing primarily through the use of derivatives. | ||||||||||||||||||
This category represents investment-grade fixed income debt securities of European issuers from diverse industries. | ||||||||||||||||||
This category seeks to achieve a return that exceeds the Scotia Capital Markets Universe Bond Index. | ||||||||||||||||||
This category is designed to generate income and exhibit volatility similar to that of the Sterling denominated bond market. This category primarily invests in investment grade or better securities. | ||||||||||||||||||
This category consists of global high-yield bonds. This category invests in lower rated and unrated fixed income, floating rate and other debt securities issued by European and American companies. | ||||||||||||||||||
This category consists of a diversified portfolio of listed and unlisted debt securities issued by governments, financial institutions, companies or other entities domiciled in emerging market countries. | ||||||||||||||||||
This category is designed to achieve a return consistent with holding longer term debt instruments. This category invests in interest rate and inflation derivatives, government-issued bonds, real-return bonds, and futures contracts. | ||||||||||||||||||
This category invests in convertible securities of global issuers from diverse industries. | ||||||||||||||||||
This category invests in commodities through financial derivatives of global issuers and short-dated government paper and cash components. | ||||||||||||||||||
Pension plan [Member] | ||||||||||||||||||
Retirement Benefits Pension And Postretirement [Line Items] | ||||||||||||||||||
Schedule of Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income [Table Text Block] | (In millions) | U.S. Plans | Non-U.S. Plans | Total | ||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Benefit plan net experience losses recognized in | ||||||||||||||||||
accumulated other comprehensive income (loss): | ||||||||||||||||||
Beginning of year | $ | -323.6 | -491.9 | -39.2 | -59.7 | -362.8 | -551.6 | |||||||||||
Net experience gains (losses) arising during the year | -101.1 | 123.1 | -50.3 | 11.7 | -151.4 | 134.8 | ||||||||||||
Reclassification adjustment for amortization of | ||||||||||||||||||
prior experience losses included in net income (loss)(a) | 84.3 | 45.2 | 3.8 | 8.8 | 88.1 | 54 | ||||||||||||
End of year | $ | -340.4 | -323.6 | -85.7 | -39.2 | -426.1 | -362.8 | |||||||||||
Benefit plan prior service cost recognized in | ||||||||||||||||||
accumulated other comprehensive income (loss): | ||||||||||||||||||
Beginning of year | $ | - | - | -10.2 | -15.8 | -10.2 | -15.8 | |||||||||||
Prior service credit (cost) from plan amendments | ||||||||||||||||||
during the year | - | - | 0.1 | 4.9 | 0.1 | 4.9 | ||||||||||||
Reclassification adjustment for amortization of | ||||||||||||||||||
prior service cost included in net income (loss)(a) | - | - | 0.8 | 0.7 | 0.8 | 0.7 | ||||||||||||
End of year | $ | - | - | -9.3 | -10.2 | -9.3 | -10.2 | |||||||||||
Includes $5.0 million of reclassification adjustments in net income (loss) in 2014 related to the sale of CIT operations in the Netherlands. These amounts are included in loss from discontinued operations in the income statement and as such are not included in amortization of losses in net periodic postretirement cost. | ||||||||||||||||||
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | (In millions) | U.S. Plans | Non-U.S. Plans | Total | ||||||||||||||
December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Information for pension plans with an ABO in excess of plan assets: | ||||||||||||||||||
Fair value of plan assets | $ | 786.3 | 811.8 | 45.6 | 38.1 | 831.9 | 849.9 | |||||||||||
Accumulated benefit obligation | 904.1 | 934.9 | 111.9 | 103.6 | 1,016.00 | 1,038.50 | ||||||||||||
Projected benefit obligation | 904.1 | 934.9 | 137 | 135.1 | 1,041.10 | 1,070.00 | ||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | (In millions) | U.S. Plans | Non-U.S. Plans | Total | ||||||||||||||
2015 | $ | 47 | 12.1 | 59.1 | ||||||||||||||
2016 | 47.3 | 11.7 | 59 | |||||||||||||||
2017 | 48 | 12.6 | 60.6 | |||||||||||||||
2018 | 48.6 | 14.7 | 63.3 | |||||||||||||||
2019 | 49.6 | 15.9 | 65.5 | |||||||||||||||
2020 through 2024 | $ | 250.4 | 114.3 | 364.7 | ||||||||||||||
Retirement benefits other than pension [Member] | ||||||||||||||||||
Retirement Benefits Pension And Postretirement [Line Items] | ||||||||||||||||||
Schedule Of Net Benefit Costs [Table Text Block] | (In millions) | UMWA Plans | Black Lung and Other Plans(a) | Total | ||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||
Service cost | $ | - | - | - | $ | 0.1 | 0.3 | 0.6 | $ | 0.1 | 0.3 | 0.6 | ||||||
Interest cost on APBO | 17.9 | 19.7 | 22.3 | 2.3 | 1.9 | 2.8 | 20.2 | 21.6 | 25.1 | |||||||||
Return on assets – expected | -22.2 | -20.8 | -21.3 | - | - | - | -22.2 | -20.8 | -21.3 | |||||||||
Amortization of losses | 12.3 | 19.6 | 21 | 0.6 | 0.7 | 1.5 | 12.9 | 20.3 | 22.5 | |||||||||
Amortization of prior service cost (credit) | -4.6 | - | - | 1.7 | 1.7 | 2 | -2.9 | 1.7 | 2 | |||||||||
Net periodic postretirement cost | $ | 3.4 | 18.5 | 22 | $ | 4.7 | 4.6 | 6.9 | $ | 8.1 | 23.1 | 28.9 | ||||||
Includes net periodic postretirement cost related to non-U.S. plans of $0.7 million in 2014, $0.7 million in 2013, and $1.0 million in 2012. | ||||||||||||||||||
Schedule of Obligations and Funded Status [Table Text Block] | (In millions) | UMWA Plans | Black Lung and Other Plans | Total | ||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
APBO at beginning of year | $ | 426.5 | 525.3 | 48.9 | 53 | 475.4 | 578.3 | |||||||||||
Service cost | - | - | 0.1 | 0.3 | 0.1 | 0.3 | ||||||||||||
Interest cost | 17.9 | 19.7 | 2.3 | 1.9 | 20.2 | 21.6 | ||||||||||||
Plan amendments | - | -55.7 | - | - | - | -55.7 | ||||||||||||
Benefits paid | -34.5 | -34.2 | -7.4 | -7.1 | -41.9 | -41.3 | ||||||||||||
Medicare subsidy received | 0.6 | 3.1 | - | - | 0.6 | 3.1 | ||||||||||||
Actuarial (gains) losses, net | 51.3 | -31.7 | 23.2 | 0.8 | 74.5 | -30.9 | ||||||||||||
Foreign currency exchange effects | - | - | -0.9 | - | -0.9 | - | ||||||||||||
APBO at end of year | $ | 461.8 | 426.5 | 66.2 | 48.9 | 528 | 475.4 | |||||||||||
Fair value of plan assets at beginning of year | $ | 284.4 | 268.7 | - | - | 284.4 | 268.7 | |||||||||||
Employer contributions | -0.8 | 1 | 7.4 | 7.1 | 6.6 | 8.1 | ||||||||||||
Return on assets – actual | 14.9 | 45.8 | - | - | 14.9 | 45.8 | ||||||||||||
Benefits paid | -34.5 | -34.2 | -7.4 | -7.1 | -41.9 | -41.3 | ||||||||||||
Medicare subsidy received | 0.6 | 3.1 | - | - | 0.6 | 3.1 | ||||||||||||
Fair value of plan assets at end of year | $ | 264.6 | 284.4 | - | - | 264.6 | 284.4 | |||||||||||
Funded status | $ | -197.2 | -142.1 | -66.2 | -48.9 | -263.4 | -191 | |||||||||||
Included in: | ||||||||||||||||||
Current, included in accrued liabilities | $ | - | - | 6.3 | 5 | 6.3 | 5 | |||||||||||
Noncurrent | 197.2 | 142.1 | 59.9 | 43.9 | 257.1 | 186 | ||||||||||||
Retirement benefits other than pension liability | $ | 197.2 | 142.1 | 66.2 | 48.9 | 263.4 | 191 | |||||||||||
Schedule of Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income [Table Text Block] | Black Lung and Other | |||||||||||||||||
(In millions) | UMWA Plans | Plans | Total | |||||||||||||||
Years Ended December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Benefit plan net experience gain (loss) recognized in | ||||||||||||||||||
accumulated other comprehensive income (loss): | ||||||||||||||||||
Beginning of year | $ | -219.4 | -295.7 | -6.3 | -6.2 | -225.7 | -301.9 | |||||||||||
Net experience gains (losses) arising during the year | -58.6 | 56.7 | -23.2 | -0.8 | -81.8 | 55.9 | ||||||||||||
Reclassification adjustment for amortization of | ||||||||||||||||||
prior experience losses included in net income (loss) | 12.4 | 19.6 | 0.5 | 0.7 | 12.9 | 20.3 | ||||||||||||
End of year | $ | -265.6 | -219.4 | -29 | -6.3 | -294.6 | -225.7 | |||||||||||
Benefit plan prior service (cost) credit recognized in | ||||||||||||||||||
accumulated other comprehensive income (loss): | ||||||||||||||||||
Beginning of year | $ | 55.7 | - | -7.7 | -9.4 | 48 | -9.4 | |||||||||||
Prior service credit from plan amendments during the year | - | 55.7 | - | - | - | 55.7 | ||||||||||||
Reclassification adjustment for amortization or curtailment | ||||||||||||||||||
of prior service cost included in net income (loss) | -4.6 | - | 1.7 | 1.7 | -2.9 | 1.7 | ||||||||||||
End of year | $ | 51.1 | 55.7 | -6 | -7.7 | 45.1 | 48 | |||||||||||
Schedule of Assumptions Used [Table Text Block] | 2014 | 2013 | 2012 | |||||||||||||||
Weighted-average discount rate: | ||||||||||||||||||
Postretirement cost: | ||||||||||||||||||
UMWA plans | 4.7 | % | 3.9 | % | 4.4 | % | ||||||||||||
Black lung | 4.4 | % | 3.5 | % | 4.2 | % | ||||||||||||
Weighted-average | 4.7 | % | 3.9 | % | 4.4 | % | ||||||||||||
Benefit obligation at year end: | ||||||||||||||||||
UMWA plans | 4 | % | 4.7 | % | 3.9 | % | ||||||||||||
Black lung | 3.7 | % | 4.4 | % | 3.5 | % | ||||||||||||
Weighted-average | 4.1 | % | 4.7 | % | 3.9 | % | ||||||||||||
Expected return on assets | 8.25 | % | 8.25 | % | 8.5 | % | ||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | (In millions) | UMWA Plans | Black Lung and Other Plans | Total | ||||||||||||||
2015 | $ | 30.4 | 6.3 | 36.7 | ||||||||||||||
2016 | 30.2 | 5.9 | 36.1 | |||||||||||||||
2017 | 30.3 | 5.6 | 35.9 | |||||||||||||||
2018 | 32.2 | 5.2 | 37.4 | |||||||||||||||
2019 | 31.7 | 4.9 | 36.6 | |||||||||||||||
2020 through 2024 | 143.6 | 20 | 163.6 | |||||||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | Effect of Change in Assumed Healthcare Trend Rates | |||||||||||||||||
(In millions) | Increase 1% | Decrease 1% | ||||||||||||||||
Higher (lower): | ||||||||||||||||||
Service and interest cost in 2014 | $ | 2.1 | -1.8 | |||||||||||||||
APBO at December 31, 2014 | 59.3 | -49.6 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Income (loss) from continuing operations before income taxes [Table Text Block] | Years Ended December 31, | |||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Income (loss) from continuing operations before income taxes | ||||||||||||
U.S. | $ | -79.4 | -58.1 | -25.3 | ||||||||
Foreign | 30.4 | 197.7 | 171.4 | |||||||||
Income (loss) from continuing operations before income taxes | $ | -49 | 139.6 | 146.1 | ||||||||
Schedule Of Components Of Income Tax Expense Benefit [TableText Block] | Provision (benefit) for income taxes from continuing operations | |||||||||||
Current tax expense (benefit) | ||||||||||||
U.S. federal | $ | -3.8 | 0.5 | -2 | ||||||||
State | -0.8 | 1.5 | -0.3 | |||||||||
Foreign | 69.7 | 81.9 | 68.8 | |||||||||
Current tax expense | 65.1 | 83.9 | 66.5 | |||||||||
Deferred tax expense (benefit) | ||||||||||||
U.S. federal | -7.6 | -20.6 | -29.9 | |||||||||
State | -1.9 | -1.9 | -1.4 | |||||||||
Foreign | -18.9 | -12.1 | -12.2 | |||||||||
Deferred tax benefit | -28.4 | -34.6 | -43.5 | |||||||||
Provision (benefit) for income taxes of continuing operations | $ | 36.7 | 49.3 | 23 | ||||||||
Comprehensive provision (benefit) for income taxes allocation [Table Text Block] | Years Ended December 31, | |||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Comprehensive provision (benefit) for income taxes allocable to | ||||||||||||
Continuing operations | $ | 36.7 | 49.3 | 23 | ||||||||
Discontinued operations | 0.4 | 7.4 | 3.1 | |||||||||
Other comprehensive income (loss) | -43 | 141 | 9.3 | |||||||||
Equity | 0.6 | 2.8 | 2.7 | |||||||||
Comprehensive provision (benefit) for income taxes | $ | -5.3 | 200.5 | 38.1 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended December 31, | |||||||||||
(In percentages) | 2014 | 2013 | 2012 | |||||||||
U.S. federal tax rate | 35 | % | 35 | % | 35 | % | ||||||
Increases (reductions) in taxes due to: | ||||||||||||
Venezuela devaluation | -86.4 | - | - | |||||||||
Adjustments to valuation allowances | -16.9 | 4.2 | 1.1 | |||||||||
Foreign income taxes | -0.7 | -6.7 | -1.8 | |||||||||
Medicare subsidy for retirement plans | - | -1.1 | -15.6 | |||||||||
French business tax | -9.1 | 3.2 | 3 | |||||||||
Taxes on undistributed earnings of foreign affiliates | -3.7 | -0.1 | -2.4 | |||||||||
State income taxes, net | 5.2 | -0.1 | -0.1 | |||||||||
Change in judgment about uncertain tax positions in Mexico | - | - | -5.1 | |||||||||
Other | 1.7 | 0.9 | 1.6 | |||||||||
Actual income tax rate on continuing operations | -74.9 | % | 35.3 | % | 15.7 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, | |||||||||||
(In millions) | 2014 | 2013 | ||||||||||
Deferred tax assets | ||||||||||||
Pension liabilities | $ | 74.2 | 70 | |||||||||
Retirement benefits other than pensions | 77.8 | 60.7 | ||||||||||
Workers’ compensation and other claims | 42.4 | 35.1 | ||||||||||
Property and equipment, net | 4.1 | - | ||||||||||
Other assets and liabilities | 135.2 | 138.6 | ||||||||||
Net operating loss carryforwards | 47.4 | 26.8 | ||||||||||
Alternative minimum and other tax credits(a) | 46.7 | 44.7 | ||||||||||
Subtotal | 427.8 | 375.9 | ||||||||||
Valuation allowances | -40.1 | -32.4 | ||||||||||
Total deferred tax assets | 387.7 | 343.5 | ||||||||||
Deferred tax liabilities | ||||||||||||
Property and equipment, net | - | 9.9 | ||||||||||
Other assets and miscellaneous | 38.9 | 31 | ||||||||||
Deferred tax liabilities | 38.9 | 40.9 | ||||||||||
Net deferred tax asset | $ | 348.8 | 302.6 | |||||||||
Included in: | ||||||||||||
Current assets | $ | 71.9 | 72 | |||||||||
Noncurrent assets | 289.5 | 251.7 | ||||||||||
Current liabilities, included in accrued liabilities | -1.8 | -3.1 | ||||||||||
Noncurrent liabilities | -10.8 | -18 | ||||||||||
Net deferred tax asset | $ | 348.8 | 302.6 | |||||||||
(a) U.S. alternative minimum tax credits of $34.4 million have an unlimited carryforward period, U.S. foreign tax credits of $10.4 million with a 10 year carryforward and the remaining credits of $1.9 million have various carryforward periods. The U.S. foreign tax credits have a valuation allowance. | ||||||||||||
Summary of Valuation Allowance [Table Text Block] | Years Ended December 31, | |||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Valuation allowances: | ||||||||||||
Beginning of year | $ | 32.4 | 47.4 | 43.9 | ||||||||
Expiring tax credits | -0.5 | -1.8 | -0.8 | |||||||||
Acquisitions and dispositions | -1 | -32.7 | -0.9 | |||||||||
Changes in judgment about deferred tax assets(a) | 1.9 | -0.2 | -1 | |||||||||
Other changes in deferred tax assets, charged to: | ||||||||||||
Income from continuing operations | 6.3 | 6.1 | 3 | |||||||||
Income from discontinued operations | 3.3 | 12.6 | 2.3 | |||||||||
Other comprehensive income (loss) | 0.6 | - | 0.1 | |||||||||
Foreign currency exchange effects | -2.9 | 1 | 0.8 | |||||||||
End of year | $ | 40.1 | 32.4 | 47.4 | ||||||||
(a) Changes in judgment about valuation allowances are based on a recognition threshold of “more-likely-than-not.” Amounts are based on beginning-of-year balances of deferred tax assets that could potentially be realized in future years. Amounts are recognized in income from continuing operations. | ||||||||||||
Net Operating Losses [Table Text Block] | (In millions) | Federal | State | Foreign | Total | |||||||
Years of expiration | ||||||||||||
2015-2019 | $ | - | 0.2 | 4.1 | 4.3 | |||||||
2020-2024 | - | 0.4 | 10.3 | 10.7 | ||||||||
2025 and thereafter | 12.3 | 11.9 | 2.3 | 26.5 | ||||||||
No expiration | - | - | 5.9 | 5.9 | ||||||||
$ | 12.3 | 12.5 | 22.6 | 47.4 | ||||||||
Uncertain Tax Positions [Table Text Block] | Years Ended December 31, | |||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||
Uncertain tax positions: | ||||||||||||
Beginning of year | $ | 10.8 | 11.8 | 17.2 | ||||||||
Increases related to prior-year tax positions | 0.4 | 0.1 | 1.4 | |||||||||
Decreases related to prior-year tax positions | - | - | -6.9 | |||||||||
Increases related to current-year tax positions | 1.1 | 2.3 | 1.6 | |||||||||
Settlements | - | -0.7 | -0.7 | |||||||||
Effect of the expiration of statutes of limitation | -1.3 | -3.4 | -1.2 | |||||||||
Decrease related to dispositions | -1 | - | - | |||||||||
Foreign currency exchange effects | -2.8 | 0.7 | 0.4 | |||||||||
End of year | $ | 7.2 | 10.8 | 11.8 |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property and Equipment [Abstract] | |||||||
Schedule Of Property, Plant and Equipment [Table Text Block] | December 31, | ||||||
(In millions) | 2014 | 2013 | |||||
Land | $ | 62.7 | 68 | ||||
Buildings | 231.2 | 258 | |||||
Leasehold improvements | 199.8 | 215.6 | |||||
Vehicles | 401.6 | 438 | |||||
Capitalized software(a) | 183 | 184.6 | |||||
Other machinery and equipment | 668.1 | 692.5 | |||||
1,746.40 | 1,856.70 | ||||||
Accumulated depreciation and amortization | -1,076.90 | -1,098.00 | |||||
Property and equipment, net | $ | 669.5 | 758.7 | ||||
Amortization of capitalized software costs included in continuing operations was $20.3 million in 2014, $17.8 million in 2013 and $14.4 million in 2012. |
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Business Acquisition [Line Items] | |||||||
Schedule of Fair Value of Purchase Consideration [Table Text Block] | Estimated Fair | ||||||
Value at | |||||||
(In millions) | 31-Jan-13 | ||||||
Fair value of purchase consideration | |||||||
Cash paid for 100% of shares | $ | 25.9 | |||||
Fair value of contingent consideration | 1.8 | ||||||
Fair value of purchase consideration | $ | 27.7 | |||||
Schedule of Purchase Price Allocation [Table Text Block] | |||||||
Fair value of net assets acquired | |||||||
Cash | $ | 10 | |||||
Accounts receivable | 7.8 | ||||||
Other current assets | 19.9 | ||||||
Property and equipment | 4 | ||||||
Intangible assets(a) | 11.8 | ||||||
Goodwill(b) | 14 | ||||||
Current liabilities | -38.8 | ||||||
Noncurrent liabilities | -1 | ||||||
Fair value of net assets acquired | $ | 27.7 | |||||
Intangible assets are primarily comprised of agent relationships and contractual agreements with the major Brazilian telecommunications companies. As of the acquisition date, the weighted-average amortization period for these intangible assets was 10.9 years. | |||||||
Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating Rede Trel's distribution network into our existing ePago business. All of the goodwill was assigned to the Latin America reporting unit at the acquisition date and is expected to be deductible for tax purposes | |||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Change in Goodwill and Other Intangible Assets [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||
Beginning | Acquisitions/ | Ending | |||||||||||||||||||
(In millions) | Balance | Dispositions | Adjustments | Currency | Balance | ||||||||||||||||
Goodwill: | |||||||||||||||||||||
Largest 5 Markets: | |||||||||||||||||||||
U.S. | $ | 12.5 | - | - | - | 12.5 | |||||||||||||||
France | 53.6 | - | - | -7.3 | 46.3 | ||||||||||||||||
Mexico | 12.8 | - | - | -1.5 | 11.3 | ||||||||||||||||
Brazil | 17.5 | - | - | -2 | 15.5 | ||||||||||||||||
Canada | 4.7 | - | - | -0.9 | 3.8 | ||||||||||||||||
Global Markets: | |||||||||||||||||||||
Latin America | 18.1 | - | - | -2.1 | 16 | ||||||||||||||||
EMEA | 94.4 | 3.5 | -0.2 | -13.3 | 84.4 | ||||||||||||||||
Asia | 25 | - | - | -0.5 | 24.5 | ||||||||||||||||
Payment Services | 1.6 | - | - | -0.2 | 1.4 | ||||||||||||||||
Total Goodwill | $ | 240.2 | 3.5 | -0.2 | -27.8 | 215.7 | |||||||||||||||
31-Dec-13 | |||||||||||||||||||||
Beginning | Acquisitions/ | Ending | |||||||||||||||||||
(In millions) | Balance | Dispositions | Adjustments | Currency | Balance | ||||||||||||||||
Goodwill: | |||||||||||||||||||||
Largest 5 Markets: | |||||||||||||||||||||
U.S. | $ | 12.5 | - | - | - | 12.5 | |||||||||||||||
France | 51.2 | 0.9 | - | 1.5 | 53.6 | ||||||||||||||||
Mexico | 11.5 | 3.2 | - | -1.9 | 12.8 | ||||||||||||||||
Brazil | 15.8 | 4.4 | - | -2.7 | 17.5 | ||||||||||||||||
Canada | 8 | -2.4 | - | -0.9 | 4.7 | ||||||||||||||||
Global Markets: | |||||||||||||||||||||
Latin America | 16.3 | 4.6 | - | -2.8 | 18.1 | ||||||||||||||||
EMEA | 90.9 | 0.9 | - | 2.6 | 94.4 | ||||||||||||||||
Asia | 37.6 | -9.4 | - | -3.2 | 25 | ||||||||||||||||
Payment Services | - | 1.8 | - | -0.2 | 1.6 | ||||||||||||||||
Total Goodwill | $ | 243.8 | 4 | - | -7.6 | 240.2 | |||||||||||||||
Schedule of Intangible Assets and Goodwill [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
Gross Carrying | Accumulated | Net Carrying | Gross Carrying | Accumulated | Net Carrying | ||||||||||||||||
(In millions) | Amount | Amortization | Amount | Amount | Amortization | Amount | |||||||||||||||
Customer relationships | 64.7 | -43.4 | 21.3 | 69.1 | -43.5 | 25.6 | |||||||||||||||
Indefinite-lived trade names | 10.4 | - | 10.4 | 11.8 | - | 11.8 | |||||||||||||||
Finite-lived trade names | 1.6 | -1.3 | 0.3 | 1.7 | -1.3 | 0.4 | |||||||||||||||
Other contract-related assets | 8.3 | -1.5 | 6.8 | 9.3 | -0.8 | 8.5 | |||||||||||||||
Other | 4 | -3 | 1 | 2.9 | -2.9 | - | |||||||||||||||
Total | $ | 89 | -49.2 | 39.8 | $ | 94.8 | -48.5 | 46.3 | |||||||||||||
Schedule of Expected Amortization Expense [Table Text Block] | (In millions) | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||||
Amortization expense | $ | 4.7 | 4.2 | 3.6 | 3.2 | 2.8 |
Prepaid_Expenses_and_Other_Tab
Prepaid Expenses and Other (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Prepaid Expenses And Other Disclosure [Abstract] | |||||||
Schdule of Prepaid Expenses and Other [Table Text Block] | December 31, | ||||||
(In millions) | 2014 | 2013 | |||||
Prepaid expenses | $ | 63.5 | 89.7 | ||||
Mobile airtime inventory | 15.8 | 14.6 | |||||
Income tax receivable | 28.3 | 29.9 | |||||
Other | 21.4 | 18.8 | |||||
Prepaid expenses and other | $ | 129 | 153 |
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Assets [Abstract] | |||||||
Schedule of Other Assets [Table Text Block] | December 31, | ||||||
(In millions) | 2014 | 2013 | |||||
Deposits | $ | 26.4 | 24 | ||||
Income tax receivable | 15.9 | 8.9 | |||||
Cross currency swap contract | 4.4 | 4.7 | |||||
Prepaid pension assets | - | 28.6 | |||||
Equity method investment in unconsolidated entities | 2.7 | 15.8 | |||||
Available-for-sale securities | 3.7 | 4.5 | |||||
Other | 17 | 11.9 | |||||
Other assets | $ | 70.1 | 98.4 |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 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) | |||||||||
2014 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -231.2 | 78.1 | 95.3 | -35.9 | -93.7 | ||||||||
Foreign currency translation adjustments | -82.2 | - | 1.3 | 0.3 | -80.6 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.1 | - | -0.5 | 0.2 | -0.2 | |||||||||
Gains (losses) on cash flow hedges | 0.7 | - | -0.9 | - | -0.2 | |||||||||
-312.6 | 78.1 | 95.2 | -35.4 | -174.7 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | -1.4 | 0.4 | 0.4 | -0.1 | -0.7 | |||||||||
Foreign currency translation adjustments | -6.1 | - | - | - | -6.1 | |||||||||
Unrealized gains (losses) on available-for-sale securities | - | - | - | - | - | |||||||||
Gains (losses) on cash flow hedges | - | - | - | - | - | |||||||||
-7.5 | 0.4 | 0.4 | -0.1 | -6.8 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a),(b) | -232.6 | 78.5 | 95.7 | -36 | -94.4 | |||||||||
Foreign currency translation adjustments(b) | -88.3 | - | 1.3 | 0.3 | -86.7 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.1 | - | -0.5 | 0.2 | -0.2 | |||||||||
Gains (losses) on cash flow hedges(d) | 0.7 | - | -0.9 | - | -0.2 | |||||||||
$ | -320.1 | 78.5 | 95.6 | -35.5 | -181.5 | |||||||||
2013 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | 251.9 | -114.1 | 76.4 | -27.1 | 187.1 | ||||||||
Foreign currency translation adjustments | -30.9 | - | -0.5 | 0.1 | -31.3 | |||||||||
Unrealized gains (losses) on available-for-sale securities | -0.3 | 0.1 | 0.4 | -0.2 | - | |||||||||
Gains (losses) on cash flow hedges | 2.9 | - | -2.3 | - | 0.6 | |||||||||
223.6 | -114 | 74 | -27.2 | 156.4 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | -0.9 | 0.3 | 0.3 | -0.1 | -0.4 | |||||||||
Foreign currency translation adjustments | -1.4 | - | - | - | -1.4 | |||||||||
Unrealized gains (losses) on available-for-sale securities | - | - | - | - | - | |||||||||
Gains (losses) on cash flow hedges | - | - | - | - | - | |||||||||
-2.3 | 0.3 | 0.3 | -0.1 | -1.8 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | 251 | -113.8 | 76.7 | -27.2 | 186.7 | |||||||||
Foreign currency translation adjustments(b) | -32.3 | - | -0.5 | 0.1 | -32.7 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | -0.3 | 0.1 | 0.4 | -0.2 | - | |||||||||
Gains (losses) on cash flow hedges(d) | 2.9 | - | -2.3 | - | 0.6 | |||||||||
$ | 221.3 | -113.7 | 74.3 | -27.3 | 154.6 | |||||||||
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) | |||||||||
2012 | ||||||||||||||
Amounts attributable to Brink's: | ||||||||||||||
Benefit plan adjustments | $ | -53.4 | 17.3 | 78.3 | -27.2 | 15 | ||||||||
Foreign currency translation adjustments | 1 | -0.2 | - | - | 0.8 | |||||||||
Unrealized gains (losses) on available-for-sale securities | 0.8 | -0.2 | -2.9 | 1 | -1.3 | |||||||||
-51.6 | 16.9 | 75.4 | -26.2 | 14.5 | ||||||||||
Amounts attributable to noncontrolling interests: | ||||||||||||||
Benefit plan adjustments | -2.9 | - | - | - | -2.9 | |||||||||
Foreign currency translation adjustments | 2.4 | - | - | - | 2.4 | |||||||||
Unrealized gains (losses) on available-for-sale securities | - | - | - | - | - | |||||||||
-0.5 | - | - | - | -0.5 | ||||||||||
Total | ||||||||||||||
Benefit plan adjustments(a) | -56.3 | 17.3 | 78.3 | -27.2 | 12.1 | |||||||||
Foreign currency translation adjustments | 3.4 | -0.2 | - | - | 3.2 | |||||||||
Unrealized gains (losses) on available-for-sale securities(c) | 0.8 | -0.2 | -2.9 | 1 | -1.3 | |||||||||
$ | -52.1 | 16.9 | 75.4 | -26.2 | 14 | |||||||||
(a) The amortization of prior experience losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income (loss). Net periodic retirement benefit cost also includes service costs, interest costs, expected returns on assets, and settlement costs. The total pretax expense is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis: | ||||||||||||||
December 31, | ||||||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||||||
Total net periodic retirement benefit cost included in: | ||||||||||||||
Cost of revenues | $ | 68 | 66.8 | 64.7 | ||||||||||
Selling, general and administrative expenses | 29.5 | 17.5 | 19.8 | |||||||||||
(b) Pretax benefit plan adjustments of $8 million (including related deferred tax component) and foreign currency translation adjustments reclassified to the income statement in 2014 relate to the sale of CIT operations in the Netherlands. Reclassification of foreign currency translation amounts in 2013 relate to the sale of ICD Limited and its affiliates, as well as CIT operations in Hungary and Poland. The amounts are included in loss from discontinued operations in the income statement. | ||||||||||||||
(c) 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). | ||||||||||||||
(d) Pretax gains and losses on cash flow hedges are classified in the income statement as | ||||||||||||||
other operating income (expense) ($1.9 million gains in 2014 and $3.3 million gains in 2013) | ||||||||||||||
interest and other income (expense) ($1.0 million losses in 2014 and 2013) | ||||||||||||||
Reclassification Out Of Accumulated Other Comprehensive Income [Table Text Block] | 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, 2011 | $ | -680.1 | -110.7 | 2.9 | - | -787.9 | ||||||||
Other comprehensive income (loss) before reclassifications | -36.1 | 0.8 | 0.6 | - | -34.7 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 51.1 | - | -1.9 | - | 49.2 | |||||||||
Other comprehensive income (loss) attributable to Brink's | 15 | 0.8 | -1.3 | - | 14.5 | |||||||||
Balance as of December 31, 2012 | -665.1 | -109.9 | 1.6 | - | -773.4 | |||||||||
Other comprehensive income (loss) before reclassifications | 137.8 | -30.9 | -0.2 | 2.9 | 109.6 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 49.3 | -0.4 | 0.2 | -2.3 | 46.8 | |||||||||
Other comprehensive income (loss) attributable to Brink's | 187.1 | -31.3 | - | 0.6 | 156.4 | |||||||||
Acquisitions of noncontrolling interests | - | -0.3 | - | - | -0.3 | |||||||||
Balance as of December 31, 2013 | -478 | -141.5 | 1.6 | 0.6 | -617.3 | |||||||||
Other comprehensive income (loss) before reclassifications | -153.1 | -82.2 | 0.1 | 0.7 | -234.5 | |||||||||
Amounts reclassified from accumulated other comprehensive loss | 59.4 | 1.6 | -0.3 | -0.9 | 59.8 | |||||||||
Other comprehensive income (loss) attributable to Brink's | -93.7 | -80.6 | -0.2 | -0.2 | -174.7 | |||||||||
Balance as of December 31, 2014 | $ | -571.7 | -222.1 | 1.4 | 0.4 | -792 | ||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Fair value of financial instruments [Abstract] | ||||||||
Fixed Rate Debt [Table Text Block] | December 31, | |||||||
(In millions) | 2014 | 2013 | ||||||
Unsecured notes issued in a private placement | ||||||||
Carrying value | $ | 100 | 100 | |||||
Fair value | 105.6 | 105.8 | ||||||
DTA bonds(a) | ||||||||
Carrying value | - | 43.2 | ||||||
Fair value | - | 42.8 | ||||||
Redeemed in 2014 |
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accrued Liabilities, Current [Abstract] | |||||||
Schedule of Accrued Liabilities [Table Text Block] | December 31, | ||||||
(In millions) | 2014 | 2013 | |||||
Payroll and other employee liabilities | $ | 138.8 | 172.8 | ||||
Taxes, except income taxes | 96.3 | 110.5 | |||||
Cash held by Cash Management Services operations(a) | 28 | 31.3 | |||||
Workers’ compensation and other claims | 22.5 | 24.3 | |||||
Retirement benefits (see note 3) | 8.9 | 10.3 | |||||
Income taxes payable | 11.9 | 14.5 | |||||
Other | 159.9 | 143.8 | |||||
Accrued liabilities | $ | 466.3 | 507.5 | ||||
Title to cash received and processed in certain of our secure Cash Management Services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we record a liability while the cash is in our possession. |
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Liabilities Disclosure [Abstract] | |||||||
Schedule of Other Assets and Other Liabilities [Table Text Block] | December 31, | ||||||
(In millions) | 2014 | 2013 | |||||
Workers’ compensation and other claims | $ | 47.6 | 42.1 | ||||
Post-employment benefits | 16.6 | 42 | |||||
Asset retirement and remediation obligations | 12 | 18.9 | |||||
Employee-related liabilities | 7.1 | 14 | |||||
Noncurrent tax liabilities | 6.4 | 10.2 | |||||
Other | 40.1 | 43.4 | |||||
Other liabilities | $ | 129.8 | 170.6 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Debt Disclosure [Abstract] | |||||||||||
Schedule of Long-term Debt | December 31, | ||||||||||
(In millions) | 2014 | 2013 | |||||||||
Bank credit facilities: | |||||||||||
Revolving Facility (year-end weighted average interest | |||||||||||
rate of 1.6% in 2014 and 1.6% in 2013) | $ | 233 | 120.6 | ||||||||
Private Placement Notes (Series A interest rate of 4.6%, Series B interest | |||||||||||
rate of 5.2%), due 2021 | 100 | 100 | |||||||||
Other non-U.S. dollar-denominated facilities (year-end weighted | |||||||||||
average interest rate of 6.9% in 2014 and 5.7% in 2013) | 9.5 | 14.9 | |||||||||
Dominion Terminal Associates 6.0% bonds(a) | - | 43.2 | |||||||||
Capital leases (average rates: 3.5% in 2014 and 3.7% in 2013) | 64.9 | 76.4 | |||||||||
Total long-term debt | $ | 407.4 | 355.1 | ||||||||
Included in: | |||||||||||
Current liabilities | $ | 34.1 | 24.6 | ||||||||
Noncurrent liabilities | 373.3 | 330.5 | |||||||||
Total long-term debt | $ | 407.4 | 355.1 | ||||||||
(a) | Redeemed in 2014. | ||||||||||
Schedule of Minimum Repayments of Long-term Debt | Minimum repayments of long-term debt are as follows: | ||||||||||
(In millions) | Capital leases | Other long-term debt | Total | ||||||||
2015 | $ | 21.3 | 12.8 | 34.1 | |||||||
2016 | 17.3 | 8.9 | 26.2 | ||||||||
2017 | 9.7 | 240.6 | 250.3 | ||||||||
2018 | 7.1 | 7.1 | 14.2 | ||||||||
2019 | 4.5 | 7.1 | 11.6 | ||||||||
Later years | 5 | 66 | 71 | ||||||||
Total | $ | 64.9 | 342.5 | 407.4 | |||||||
Schedule of Capital Lease Aset Classes | December 31, | ||||||||||
(In millions) | 2014 | 2013 | |||||||||
Asset class: | |||||||||||
Buildings | $ | 2.3 | 2.6 | ||||||||
Vehicles | 107.5 | 103.7 | |||||||||
Machinery and equipment | 31.5 | 31.8 | |||||||||
141.3 | 138.1 | ||||||||||
Less: accumulated amortization | -71.2 | -57.6 | |||||||||
Total | $ | 70.1 | 80.5 |
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Receivables [Abstract] | |||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, | ||||||||||
(In millions) | 2014 | 2013 | |||||||||
Trade | $ | 516.3 | 595.2 | ||||||||
Other | 24.2 | 35.2 | |||||||||
Total accounts receivable | 540.5 | 630.4 | |||||||||
Allowance for doubtful accounts | -10 | -8.2 | |||||||||
Accounts receivable, net | $ | 530.5 | 622.2 | ||||||||
Schedule of Allowance for Doubtful Accounts [Table Text Block] | Years Ended December 31, | ||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||
Allowance for doubtful accounts: | |||||||||||
Beginning of year | $ | 8.2 | 9.2 | 8.9 | |||||||
Provision for uncollectible accounts receivable: | |||||||||||
Continuing operations | 7.5 | 4.1 | 1.7 | ||||||||
Discontinued operations | -0.5 | 0.1 | 1 | ||||||||
Write offs less recoveries | -2.6 | -3.9 | -1 | ||||||||
Foreign currency exchange effects | -2.6 | -1.3 | -1.4 | ||||||||
End of year | $ | 10 | 8.2 | 9.2 | |||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Leases, Operating [Abstract] | |||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | (In millions) | Facilities | Vehicles | Other | Total | ||||||
2015 | $ | 44.3 | 8.3 | 14.8 | 67.4 | ||||||
2016 | 34.7 | 9 | 8.5 | 52.2 | |||||||
2017 | 26.8 | 8.9 | 4.2 | 39.9 | |||||||
2018 | 20.4 | 3.6 | 1.8 | 25.8 | |||||||
2019 | 15.9 | 2.2 | 1.1 | 19.2 | |||||||
Later years | 45 | - | 0.5 | 45.5 | |||||||
$ | 187.1 | 32 | 30.9 | 250 |
Sharebased_Compensation_Plans_
Share-based Compensation Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Nonvested share activity [Table Text Block] | Weighted- | |||||||||||||||
Unrecognized | average | |||||||||||||||
Expense for | No. of Years | |||||||||||||||
Compensation Expense | Nonvested | Unrecognized | ||||||||||||||
Years Ended December 31, | Awards at | Expense to be | ||||||||||||||
(in millions except years) | 2014 | 2013 | 2012 | 31-Dec-14 | Recognized | |||||||||||
Performance Share Units | $ | 6.8 | 4 | - | $ | 5.6 | 1.8 | |||||||||
Market Share Units | 1.6 | 1.8 | - | 0.7 | 1.7 | |||||||||||
Restricted Stock Units | 6 | 3.1 | 5.4 | 3.6 | 1.5 | |||||||||||
Deferred Stock Units | 0.6 | 0.5 | 0.5 | 0.1 | 0.3 | |||||||||||
Stock Options | 2.3 | 0.5 | 2.1 | 0.1 | 0.6 | |||||||||||
Share-based payment expense | 17.3 | 9.9 | 8 | |||||||||||||
Income tax benefit | -5.6 | -3.4 | -2.7 | |||||||||||||
Share-based payment expense, net of tax | $ | 11.7 | 6.5 | 5.3 | ||||||||||||
Share-based Compensation, Fair Value of Shares Vested [Table Text Block] | ||||||||||||||||
Fair Value of Shares Vested(a) | ||||||||||||||||
Years Ended December 31, | ||||||||||||||||
(in millions) | 2014 | 2013 | 2012 | |||||||||||||
Restricted Stock Units | 4.1 | 4.1 | 4.4 | |||||||||||||
Deferred Stock Units | 0.3 | - | - | |||||||||||||
Stock Options | 0.1 | 2 | 0.6 | |||||||||||||
Total | 4.5 | 6.1 | 5 | |||||||||||||
No Performance Share Units and no Market Share Units have vested. Intrinsic value for Stock Options. | ||||||||||||||||
Option Activity [Table Text Block] | Weighted-Average | Aggregate | ||||||||||||||
Shares | Weighted- Average | Remaining Contractual | Intrinsic Value (a) | |||||||||||||
(in thousands) | Exercise Price Per Share | Term (in years) | (in millions) | |||||||||||||
Outstanding at December 31, 2013 | 1,474.90 | $ | 29.58 | |||||||||||||
Exercised | -18.3 | 20.34 | ||||||||||||||
Cancelled | -611.8 | 34.96 | ||||||||||||||
Outstanding at December 31, 2014(b) | ||||||||||||||||
844.8 | $ | 25.88 | 2.5 | $ | 1.2 | |||||||||||
Of the above, as of December 31, 2014: | ||||||||||||||||
Exercisable | 726.7 | $ | 26.44 | 2.4 | $ | 1 | ||||||||||
Expected to vest in future periods(c) | 117.6 | $ | 22.46 | 3.5 | $ | 0.2 | ||||||||||
The intrinsic value of a stock option in the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2014 was $24.41. | ||||||||||||||||
There were 1.2 million shares of exercisable options with a weighted-average exercise price of $30.92 per share at December 31, 2013 and 2.0 million shares of exercisable options with a weighted-average exercise price of $32.15 per share at December 31, 2012. | ||||||||||||||||
The number of options expected to vest takes into account an estimate of expected forfeitures. | ||||||||||||||||
Restricted Stock Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Nonvested share activity [Table Text Block] | Weighted- | |||||||||||||||
Fair Value | Average | |||||||||||||||
Shares | at Issuance | Grant Date | ||||||||||||||
(in thousands) | Date(a) | Fair Value(a) | ||||||||||||||
Nonvested balance as of December 31, 2013 | 396.4 | $ | 24.58 | |||||||||||||
Activity from January 1 to July 11, 2014: | ||||||||||||||||
Granted | 136.7 | 29.97 | ||||||||||||||
Cancelled | -5.6 | 24.75 | ||||||||||||||
Vested | -142.8 | 25.44 | ||||||||||||||
Nonvested balance as of July 11, 2014 | 384.7 | $ | 26.18 | $ | 26.47 | |||||||||||
Activity from July 12 to December 31, 2014: | ||||||||||||||||
Granted | 45 | 21.67 | ||||||||||||||
Cancelled | -50 | 26.37 | ||||||||||||||
Vested | -12.6 | 26.93 | ||||||||||||||
Nonvested balance as of December 31, 2014 | 367.1 | $ | 25.87 | |||||||||||||
From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. See Recoupment Policy Change in 2014 above. | ||||||||||||||||
Performance Shares PSU [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Nonvested share activity [Table Text Block] | Weighted- | |||||||||||||||
Fair Value | Average | |||||||||||||||
Shares | at Issuance | Grant Date | ||||||||||||||
(in thousands) | Date(a) | Fair Value(a) | ||||||||||||||
Nonvested balance as of December 31, 2013 | 199.3 | $ | 26.22 | |||||||||||||
Activity from January 1 to July 11, 2014: | ||||||||||||||||
Granted | 187.8 | 30.67 | ||||||||||||||
Cancelled | -2.7 | 26.46 | ||||||||||||||
Nonvested balance as of July 11, 2014 | 384.4 | $ | 28.39 | $ | 24.06 | |||||||||||
Activity from July 12 to December 31, 2014: | ||||||||||||||||
Granted | 1.5 | 24.41 | ||||||||||||||
Cancelled | -42.3 | 24.02 | ||||||||||||||
Nonvested balance as of December 31, 2014 | 343.6 | $ | 24.06 | |||||||||||||
From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. See Recoupment Policy Change in 2014 above. | ||||||||||||||||
Fair value of options calculation assumptions [Table Text Block] | Terms and Assumptions Used to Estimate Fair Value of PSUs | PSUs Granted in 2014 | PSUs Granted in 2013 | |||||||||||||
Date of Measurement | February 20, 2014(a) | July 11, 2014(b) | May 3, 2013(a) | July 11, 2014(b) | ||||||||||||
Terms of awards: | ||||||||||||||||
Performance period | Jan. 1, 2014 to | April 1, 2013 to | ||||||||||||||
Dec. 31, 2016 | Dec. 31, 2015 | |||||||||||||||
Beginning average price of Brink’s common stock | $ | 33.29 | 33.29 | 27.59 | 27.59 | |||||||||||
Assumptions used to estimate fair value: | ||||||||||||||||
Expected dividend yield(c) | -% | -% | -% | -% | ||||||||||||
Expected stock price volatility | 38% | 32% | 39% | 28% | ||||||||||||
Risk-free interest rate | 0.70% | 0.70% | 0.30% | 0.30% | ||||||||||||
Contractual term in years | 2.9 | 2.5 | 2.7 | 1.5 | ||||||||||||
Weighted-average fair value estimate per share | $ | 30.71 | 24.39 | 26.22 | 23.68 | |||||||||||
Represents the date awards were granted to employee. | ||||||||||||||||
Represents the date the recoupment policy was amended (see Recoupment Policy Change in 2014 above) and an additional goal was added (see 2014 Additional Performance Goal for the 2013 and 2014 PSU Grants above). The employees and employer are deemed to have a mutual understanding of the terms of the award at this date. | ||||||||||||||||
PSUs are not entitled to dividends during the performance period. | ||||||||||||||||
Market Share Units MSU [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Nonvested share activity [Table Text Block] | Weighted- | |||||||||||||||
Fair Value | Average | |||||||||||||||
Shares | at Issuance | Grant Date | ||||||||||||||
(in thousands) | Date(a) | Fair Value(a) | ||||||||||||||
Nonvested balance as of December 31, 2013 | 96.2 | $ | 26.42 | |||||||||||||
Activity from January 1 to July 11, 2014: | ||||||||||||||||
Granted | 82.9 | 30.87 | ||||||||||||||
Nonvested balance as of July 11, 2014 | 179.1 | $ | 28.48 | $ | 25.47 | |||||||||||
Activity from July 12 to December 31, 2014: | ||||||||||||||||
Cancelled | -15.8 | 25.47 | ||||||||||||||
Nonvested balance as of December 31, 2014 | 163.3 | $ | 25.47 | |||||||||||||
From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. See Recoupment Policy Change in 2014 above. | ||||||||||||||||
Fair value of options calculation assumptions [Table Text Block] | Terms and Assumptions Used to Estimate Fair Value of MSUs | MSUs Granted in 2014 | MSUs Granted in 2013 | |||||||||||||
Date of Measurement | February 20, 2014(a) | July 11, 2014(b) | May 3, 2013(a) | July 11, 2014(b) | ||||||||||||
Terms of awards: | ||||||||||||||||
Performance period | Jan. 1, 2014 to | April 1, 2013 to | ||||||||||||||
Dec. 31, 2016 | Dec. 31, 2015 | |||||||||||||||
Beginning average price of Brink’s common stock | $ | 33.29 | 33.29 | 27.59 | 27.59 | |||||||||||
Assumptions used to estimate fair value: | ||||||||||||||||
Expected dividend yield(c) | 0% | 0% | 0% | 0% | ||||||||||||
Expected stock price volatility | 38% | 32% | 39% | 28% | ||||||||||||
Risk-free interest rate | 0.70% | 0.70% | 0.30% | 0.30% | ||||||||||||
Contractual term in years | 2.9 | 2.5 | 2.7 | 1.5 | ||||||||||||
Weighted-average fair value estimate per share | $ | 30.87 | 23.34 | 26.42 | 27.3 | |||||||||||
Represents the date awards were granted to employee. | ||||||||||||||||
Represents the date the recoupment policy was amended (see Recoupment Policy Change in 2014 above). The employees and employer are deemed to have a mutual understanding of the terms of the award at this date. | ||||||||||||||||
MSUs are not entitled to dividends during the performance period. | ||||||||||||||||
Stock Options [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Nonvested share activity [Table Text Block] | Weighted- | |||||||||||||||
Fair Value | Average | |||||||||||||||
Shares | at Issuance | Grant Date | ||||||||||||||
(in thousands)(a) | Date | Fair Value(a) | ||||||||||||||
Outstanding balance as of December 31, 2013 | 1,474.90 | $ | 7.68 | |||||||||||||
Activity from January 1 to July 11, 2014: | ||||||||||||||||
Cancelled | -593.3 | 8.22 | ||||||||||||||
Exercised | -9.9 | 5.69 | ||||||||||||||
Outstanding balance as of July 11, 2014 | 871.7 | $ | 7.33 | $ | 5.74 | |||||||||||
Activity from July 12 to December 31, 2014: | ||||||||||||||||
Cancelled | -18.5 | 6.18 | ||||||||||||||
Exercised | -8.4 | 7.77 | ||||||||||||||
Outstanding balance as of December 31, 2014 | 844.8 | $ | 5.83 | |||||||||||||
From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. See Recoupment Policy Change in 2014 above. | ||||||||||||||||
Fair value of options calculation assumptions [Table Text Block] | Stock Options Granted in | July 11, | ||||||||||||||
Assumptions Used to Estimate Fair Value of Stock Options | 2012(a) | 2014(a) | ||||||||||||||
Weighted-average exercise price per share | $ | 22.55 | 22.52 | |||||||||||||
Assumptions used to estimate fair value | ||||||||||||||||
Weighted-average expected dividend yield(b): | 1.80% | 1.50% | ||||||||||||||
Weighted-average expected volatility(c): | 40% | 37% | ||||||||||||||
Weighted-average risk-free interest rate: | 0.60% | 0.90% | ||||||||||||||
Expected term in years(d): | ||||||||||||||||
Weighted-average | 4.3 | 2.5 | ||||||||||||||
Range | 3.3 | – | 5.3 | 2.4 | – | 2.8 | ||||||||||
Weighted-average fair value estimate per share | $ | 6.32 | 7.78 | |||||||||||||
From 2010 through the first quarter of 2014, we accounted for share-based compensation using the fair value of the award at the date granted to the employee. We recognized an immaterial adjustment in the second quarter of 2014 to reflect the establishment of a mutual understanding between the employee and employer of the terms of the various share-based awards as of July 11, 2014, and established a grant-date fair value for accounting purpose as of that date. July 11, 2014, represents the date the recoupment policy was amended (see Recoupment Policy Change in 2014 above). The employees and employer are deemed to have a mutual understanding of the terms of the award at this date. | ||||||||||||||||
The expected dividend yield is the calculated yield on Brink’s stock at the accounting grant date. | ||||||||||||||||
The expected volatility was estimated after reviewing the historical volatility of our stock using daily close prices. | ||||||||||||||||
The expected term of the options was based on historical option exercise, expiration and post-vesting cancellation behaviors | ||||||||||||||||
Deferred Stock Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Nonvested share activity [Table Text Block] | Shares(in thousands) | Weighted-Average Grant-Date Fair Value | ||||||||||||||
Nonvested balance as of December 31, 2013 | 19.2 | $ | 26.8 | |||||||||||||
Granted | 28.3 | 24.7 | ||||||||||||||
Vested | -19.2 | 26.8 | ||||||||||||||
Nonvested balance as of December 31, 2014 | 28.3 | $ | 24.7 |
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||||||
Schedule Of Weighted Average Number Of Shares [Table Text Block] | Years Ended December 31, | |||||||
(In millions) | 2014 | 2013 | 2012 | |||||
Weighted-average shares | ||||||||
Basic(a) | 49 | 48.7 | 48.4 | |||||
Effect of dilutive stock awards | - | 0.3 | 0.2 | |||||
Diluted(a) | 49 | 49 | 48.6 | |||||
Antidilutive stock awards excluded from denominator | 1.7 | 1.3 | 2.4 | |||||
(a) 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, basic and diluted shares include weighted-average units of 0.5 million in 2014, 0.6 million in 2013 and 0.9 million in 2012. |
Loss_from_Discontinued_Operati1
Loss from Discontinued Operations (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
Income from Discontinued Operations [Table Text Block] | Years Ended December 31, | |||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||
Loss from operations(a)(b) | $ | -13.3 | -17.4 | -9.5 | ||||||
Gain (loss) on sales | -18.9 | 16.3 | -0.3 | |||||||
Adjustments to contingencies of former operations(c): | ||||||||||
Workers' compensation | -4.4 | -1.7 | -0.2 | |||||||
Insurance recoveries related to BAX Global indemnification(d) | 9.5 | - | - | |||||||
Other | -1.6 | 1 | -0.3 | |||||||
Loss from discontinued operations before income taxes | -28.7 | -1.8 | -10.3 | |||||||
Provision for income taxes | 0.4 | 7.4 | 3.1 | |||||||
Loss from discontinued operations, net of tax | $ | -29.1 | -9.2 | -13.4 | ||||||
Discontinued operations include gains and losses related to businesses that we recently sold or shut down or that we expect to sell in 2015. No interest expense was included in discontinued operations in 2014. Interest expense included in discontinued operations was $0.4 million in 2013 and $0.8 million in 2012. | ||||||||||
The loss from operations in 2014 included $15.6 million in non-cash severance and impairment charges related to the Netherlands cash-in-transit operations. The loss from operations in 2013 included $16.2 million of severance expenses paid to terminate certain employees of the German cash-in-transit operations. We contributed a portion of the cost to fund the German severance payments to the business prior to the execution of the December 2013 sale transaction. | ||||||||||
Primarily related to former coal businesses and BAX Global, a former freight forwarding and logistics business. | ||||||||||
BAX Global had been defending a claim related to the apparent diversion by a third party of goods being transported for a customer. In 2010, the Dutch Supreme Court denied the final appeal of BAX Global, letting stand the lower court ruling that BAX Global was liable for this claim. We had contractually indemnified the purchaser of BAX Global for this contingency. Through 2010, we had recognized $11.5 million of expense related to the payment made in satisfaction of the judgment. In 2014, we recovered $9.5 million from insurance companies related to this matter. | ||||||||||
Schedule Of Revenues And Losses From Operations [Table Text Block] | December 31, | |||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||
France | $ | - | - | 16.4 | ||||||
Mexico | 21.2 | 26.5 | 29.1 | |||||||
Canada | - | 41.2 | 52.1 | |||||||
Largest 5 Markets | 21.2 | 67.7 | 97.6 | |||||||
Latin America | 4.9 | 6.6 | 6.3 | |||||||
EMEA | 126 | 197.1 | 231.5 | |||||||
Asia | 7.6 | 34.6 | 33.5 | |||||||
Global Markets | 138.5 | 238.3 | 271.3 | |||||||
Total | $ | 159.7 | 306 | 368.9 | ||||||
Years Ended December 31, | ||||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||
Netherlands CIT operations: | ||||||||||
Revenues | $ | 126 | 119.5 | 111 | ||||||
Income (loss) from operations before tax | -2 | 13 | 15.2 | |||||||
German CIT operations: | ||||||||||
Revenues | $ | - | 56.4 | 57.7 | ||||||
Loss from operations before tax | - | -24.3 | -10 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||
Schedule Of Cash Flow Supplemental Disclosures [TableTextBlock] | Years Ended December 31, | |||||||||
(In millions) | 2014 | 2013 | 2012 | |||||||
Cash paid for: | ||||||||||
Interest | $ | 22.9 | 23.7 | 22.7 | ||||||
Income taxes, net | 68.6 | 92.7 | 89.3 |
Other_Operating_Income_Expense1
Other Operating Income (Expense) (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Other Income and Expenses [Abstract] | |||||||||||
Interest and Other Income [Table Text Block] | Years Ended December 31, | ||||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||||
Foreign currency items: | |||||||||||
Transaction losses(a) | $ | -130.8 | -20.2 | -4 | |||||||
Hedge gains (losses) | 1.4 | -0.4 | 0.2 | ||||||||
Gains on sale of property and other assets(b) | 44.9 | 2.4 | 7.6 | ||||||||
Impairment losses | -3.3 | -2.9 | -2.4 | ||||||||
Share in earnings of equity affiliates | 4.3 | 6.7 | 6 | ||||||||
Royalty income | 1.5 | 1.9 | 2.1 | ||||||||
Gains on business acquisitions and dispositions | - | 2.8 | 0.8 | ||||||||
Other | 1 | 0.3 | 0.9 | ||||||||
Other operating income (expense) | $ | -81 | -9.4 | 11.2 | |||||||
Includes losses from devaluations in Venezuela of $121.6 million in 2014 and $13.4 million in 2013. | |||||||||||
Includes a $44.3 million gain on the sale of a noncontrolling interest in a Peruvian cash-in-transit business. | |||||||||||
Interest_and_Other_Nonoperatin1
Interest and Other Nonoperating Income (Expense) (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Interest and Other Income [Abstract] | |||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Years Ended December 31, | ||||||||
(In millions) | 2014 | 2013 | 2012 | ||||||
Interest income | $ | 3 | 2.7 | 4.6 | |||||
Gain on available-for-sale securities | 0.4 | 0.4 | 2.9 | ||||||
Foreign currency hedge losses | -1 | -1 | - | ||||||
Other | -0.5 | -0.6 | -0.5 | ||||||
Total | $ | 1.9 | 1.5 | 7 |
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Restructuring and Related Activities [Abstract] | |||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | (In millions) | Severance Costs | |||||
Balance as of January 1, 2014 | $ | - | |||||
Expenses | 21.8 | ||||||
Payments | -0.3 | ||||||
Foreign currency exchange effects | -0.1 | ||||||
Balance as of December 31, 2014 | $ | 21.4 | |||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | 2014 Quarters | 2013 Quarters | |||||||||||||||||||
(In millions, except for per share amounts) | 1st | 2nd | 3rd | 4th | 1st | 2nd | 3rd | 4th | |||||||||||||
Revenues | $ | 949.6 | 859 | 872.5 | 881.2 | $ | 910.3 | 929 | 942.1 | 997.2 | |||||||||||
Operating profit | -73.7 | 8.7 | 61.2 | -23.7 | 15.2 | 31.7 | 56.9 | 59.4 | |||||||||||||
Amounts attributable to Brink’s: | |||||||||||||||||||||
Income (loss) from: | |||||||||||||||||||||
Continuing operations | $ | -59 | 0.9 | 28.8 | -25.5 | $ | 1.6 | 12.1 | 28.4 | 23.9 | |||||||||||
Discontinued operations | 0.5 | 0.7 | -8.6 | -21.7 | -18.2 | -3.4 | -4.6 | 17 | |||||||||||||
Net income (loss) attributable to Brink’s | $ | -58.5 | 1.6 | 20.2 | -47.2 | $ | -16.6 | 8.7 | 23.8 | 40.9 | |||||||||||
Depreciation and amortization | $ | 41.9 | 40.9 | 39.7 | 39.4 | $ | 40.2 | 40.4 | 40.4 | 44.8 | |||||||||||
Capital expenditures | 23.8 | 32.3 | 26.3 | 53.7 | 32.5 | 43.6 | 43.1 | 53.7 | |||||||||||||
Earnings (loss) per share attributable to Brink’s common shareholders: | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Continuing operations | $ | -1.21 | 0.02 | 0.59 | -0.52 | $ | 0.03 | 0.25 | 0.58 | 0.49 | |||||||||||
Discontinued operations | 0.01 | 0.01 | -0.17 | -0.44 | -0.37 | -0.07 | -0.09 | 0.35 | |||||||||||||
Net income (loss) | $ | -1.2 | 0.03 | 0.41 | -0.96 | $ | -0.34 | 0.18 | 0.49 | 0.84 | |||||||||||
Diluted | |||||||||||||||||||||
Continuing operations | $ | -1.21 | 0.02 | 0.58 | -0.52 | $ | 0.03 | 0.25 | 0.58 | 0.49 | |||||||||||
Discontinued operations | 0.01 | 0.01 | -0.17 | -0.44 | -0.37 | -0.07 | -0.09 | 0.35 | |||||||||||||
Net income (loss) | $ | -1.2 | 0.03 | 0.41 | -0.96 | $ | -0.34 | 0.18 | 0.49 | 0.83 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2011 | Feb. 28, 2013 | Feb. 28, 2015 |
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Revenues | $3,562.30 | $3,778.60 | $3,577.60 | ||||
Net monetary assets | 746.9 | 912.8 | 842.6 | ||||
Cash and cash equivalents | 176.2 | 255.5 | 201.7 | 182.9 | |||
Foreign currency translation losses total | -87 | -32.8 | 3.4 | ||||
Brinks investments in Venzuelan Operations on an equity-method basis | 2.7 | 15.8 | |||||
Venezuela [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Revenues | 212 | ||||||
Venezuelan revenues as a percentage of total revenues | 6.00% | ||||||
Net monetary assets | 23.5 | 120.4 | |||||
Cash and cash equivalents | 12.6 | 93.8 | |||||
Nonmonetary assets | 55 | 59.9 | |||||
Foreign Currency Amount | 1.2 | ||||||
Foreign currency translation losses attributable to noncontrolling interests | 39.7 | 4.7 | |||||
Net remeasurement loss | 13.4 | 121.6 | |||||
Brinks investments in Venzuelan Operations on an equity-method basis | 59.6 | 125.3 | |||||
Venezuelan Bolivar Fuerte [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Net remeasurement loss | 121.6 | 13.4 | |||||
Venezuelan Bolivar Fuerte [Member] | Venezuela [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Foreign Currency Exchange Rate Translation | 50 | ||||||
SICAD II [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Net remeasurement loss | $121.90 | ||||||
SICAD II [Member] | Venezuela [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Foreign Currency Exchange Rate Translation | 51 | ||||||
Maximum [Member] | Venezuelan Bolivar Fuerte [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Foreign Currency Exchange Rate to the US dollar, Remeasurement | 50 | 6.3 | |||||
Maximum [Member] | SICAD [Member] | Venezuela [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Foreign Currency Exchange Rate Translation | 12 | 6.3 | |||||
Maximum [Member] | SICAD II [Member] | Venezuela [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Foreign Currency Exchange Rate Translation | 52 | ||||||
Maximum [Member] | SIMADI [Member] | Venezuela [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Foreign Currency Exchange Rate Translation | 174 | ||||||
Minimum [Member] | Venezuelan Bolivar Fuerte [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Foreign Currency Exchange Rate to the US dollar, Remeasurement | 6.3 | 5.3 | |||||
Minimum [Member] | Venezuelan Bolivar Fuerte [Member] | Venezuela [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Foreign Currency Exchange Rate to the US dollar, Remeasurement | 5.3 | ||||||
Minimum [Member] | SICAD [Member] | Venezuela [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Foreign Currency Exchange Rate Translation | 10 | 5.3 | |||||
Minimum [Member] | SICAD II [Member] | Venezuela [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Foreign Currency Exchange Rate Translation | 49 | ||||||
Minimum [Member] | SIMADI [Member] | Venezuela [Member] | |||||||
Venezuela Foreign Currency Transaction [Abstract] | |||||||
Foreign Currency Exchange Rate Translation | 170 |
Segment_information_Narrative_
Segment information - Narrative (Details) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2013 |
headcounts | ||||||
locations | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of Countries in which Entity Operates | 100 | |||||
Number of Countries In Which Entity Operate Subsidiaries | 41 | |||||
2014 Reorganization and Restructuring Costs [Abstract] | ||||||
Number of Positions Eliminated | 1,700 | |||||
Severance costs | $21.80 | |||||
Acquisitions and disposition [Abstract] | ||||||
Share of earnings of unconsolidated equity affiliates | 4.3 | 6.7 | 6 | |||
Business Acquisitions 2010 Mexico [Member] | ||||||
Acquisitions and disposition [Abstract] | ||||||
Business Acquisition Adjustments | 0.7 | -1.1 | 2.1 | |||
Acquisitions 2013 Rede Trel Brazil [Member] | ||||||
Acquisitions and disposition [Abstract] | ||||||
Business Acquisition Adjustments | 1.7 | |||||
India Acquisitions 2009 [Member] | ||||||
Acquisitions and disposition [Abstract] | ||||||
Impairment Of Intangible Assets | 0.9 | |||||
Other Acquisitions Dispositions [Member] | ||||||
Acquisitions and disposition [Abstract] | ||||||
Divestiture of Equity Investment | 0.6 | |||||
Business Acquisition Adjustments | -0.5 | |||||
CIT Business Peru [Member] | ||||||
Acquisitions and disposition [Abstract] | ||||||
Divestiture of Equity Investment | 44.3 | |||||
Share of earnings of unconsolidated equity affiliates | 3.8 | 6.1 | 5.8 | |||
Carrying value of equity investment | 13.5 | 13.8 | ||||
Venezuela [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net remeasurement loss | 13.4 | 121.6 | ||||
Acquisitions and disposition [Abstract] | ||||||
Gain (Loss) on Disposition of Real Estate | 7.2 | |||||
Venezuelan Bolivar Fuerte [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net remeasurement loss | 121.6 | 13.4 | ||||
Change in currency rate | 88.00% | 16.00% | ||||
Venezuelan Bolivar Fuerte [Member] | Minimum [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Foreign Currency Exchange Rate to the US dollar, Remeasurement | 6.3 | 6.3 | 5.3 | |||
Venezuelan Bolivar Fuerte [Member] | Minimum [Member] | Venezuela [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Foreign Currency Exchange Rate to the US dollar, Remeasurement | 5.3 | |||||
Venezuelan Bolivar Fuerte [Member] | Maximum [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Foreign Currency Exchange Rate to the US dollar, Remeasurement | 50 | 50 | 6.3 | |||
Monetary Assets Rate - Bolivar [Member] | Venezuela [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net remeasurement loss | 121.6 | 13.4 | ||||
Nonmonetary Assets Rate - Bolivar [Member] | Venezuela [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net remeasurement loss | $21.10 | $1.20 |
Segment_information_Revenue_An
Segment information - Revenue And Operating Profits (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $881.20 | $872.50 | $859 | $949.60 | $997.20 | $942.10 | $929 | $910.30 | $3,562.30 | $3,778.60 | $3,577.60 |
Operating profit | -23.7 | 61.2 | 8.7 | -73.7 | 59.4 | 56.9 | 31.7 | 15.2 | -27.5 | 163.2 | 162.2 |
Largest 5 Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,177.20 | 2,194.80 | 2,164.20 | ||||||||
Operating profit | 118.8 | 135.8 | 138.6 | ||||||||
Global Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,288.50 | 1,529 | 1,373.40 | ||||||||
Operating profit | 166.2 | 204.2 | 150.1 | ||||||||
Payment Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 96.6 | 54.8 | 40 | ||||||||
Operating profit | -4.9 | 1 | 1.2 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,562.30 | 3,778.60 | 3,577.60 | ||||||||
Operating profit | 280.1 | 341 | 289.9 | ||||||||
Reconciling Items [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | -108.8 | -116.4 | -87.4 | ||||||||
Reconciling Items [Member] | Reconciliation Of Segment Policies To GAAP [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | -2.3 | 2.7 | 4.5 | ||||||||
Reconciling Items [Member] | FX devaluation in Venezuela [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | -142.7 | -14.6 | 0 | ||||||||
Reconciling Items [Member] | US retirement plans [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | -73.1 | -52.9 | -56.2 | ||||||||
Reconciling Items [Member] | 2014 Reorganization and Restructuring [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | -21.8 | 0 | 0 | ||||||||
Reconciling Items [Member] | Acquisition and Disposition [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | 49.4 | 5.8 | 14.6 | ||||||||
Reconciling Items [Member] | Mexican settlement losses [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | -5.9 | -2.4 | -3.2 | ||||||||
Reconciling Items [Member] | Share-based compensation adjustment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating profit | -2.4 | 0 | 0 | ||||||||
Latin America [Member] | Global Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 592.4 | 854.2 | 744.4 | ||||||||
Operating profit | 90.6 | 136.2 | 90 | ||||||||
Europe, Middle East and Africa [Member] | Global Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 556.3 | 540.6 | 503.1 | ||||||||
Operating profit | 52.5 | 47 | 45.3 | ||||||||
Asia Pacific [Member] | Global Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 139.8 | 134.2 | 125.9 | ||||||||
Operating profit | 23.1 | 21 | 14.8 | ||||||||
US [Member] | Largest 5 Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 727.8 | 707.5 | 706.7 | ||||||||
Operating profit | 22.8 | 12.8 | 32 | ||||||||
France [Member] | Largest 5 Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 517.4 | 517.6 | 511.4 | ||||||||
Operating profit | 39.4 | 44.5 | 39.7 | ||||||||
Mexico [Member] | Largest 5 Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 388.2 | 423.9 | 395 | ||||||||
Operating profit | 9.6 | 26.9 | 17.7 | ||||||||
Brazil [Member] | Largest 5 Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 364.1 | 354.4 | 363.6 | ||||||||
Operating profit | 34.2 | 41.1 | 39.9 | ||||||||
Canada [Member] | Largest 5 Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 179.7 | 191.4 | 187.5 | ||||||||
Operating profit | $12.80 | $10.50 | $9.30 |
Segment_information_Capital_Ex
Segment information - Capital Expenditures, Depreciation, Amortization (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | $53.70 | $26.30 | $32.30 | $23.80 | $53.70 | $43.10 | $43.60 | $32.50 | $136.10 | $172.90 | $170.90 |
Depreciation and amortization by business segments | 39.4 | 39.7 | 40.9 | 41.9 | 44.8 | 40.4 | 40.4 | 40.2 | 161.9 | 165.8 | 148.4 |
Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 156.4 | 159.4 | 141.2 | ||||||||
Largest 5 Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 83.4 | 103.5 | 103.7 | ||||||||
Largest 5 Markets [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 106 | 107.7 | 98.2 | ||||||||
Largest 5 Markets [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 1.7 | 2.3 | 2.7 | ||||||||
Global Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 35.2 | 38.1 | 51.5 | ||||||||
Global Markets [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 38.7 | 43.1 | 37.2 | ||||||||
Global Markets [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 2.3 | 2.6 | 3.8 | ||||||||
Payment Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 0.8 | 1.5 | 1.8 | ||||||||
Payment Services [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 2.2 | 2.2 | 1.3 | ||||||||
Payment Services [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 1.5 | 1.5 | 0.7 | ||||||||
Business Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 119.4 | 143.1 | 157 | ||||||||
Business Segments [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 146.9 | 153 | 136.7 | ||||||||
Business Segments [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 5.5 | 6.4 | 7.2 | ||||||||
Corporate Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 16.7 | 29.8 | 13.9 | ||||||||
Corporate Items [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 9.5 | 6.4 | 4.5 | ||||||||
Corporate Items [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 0 | 0 | 0 | ||||||||
Latin America [Member] | Global Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 22.4 | 26.8 | 37.3 | ||||||||
Latin America [Member] | Global Markets [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 21.9 | 22.5 | 21.1 | ||||||||
Latin America [Member] | Global Markets [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 0.3 | 0.4 | 0.4 | ||||||||
Europe, Middle East and Africa [Member] | Global Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 9.2 | 8.9 | 9.8 | ||||||||
Europe, Middle East and Africa [Member] | Global Markets [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 13.6 | 16.9 | 12.5 | ||||||||
Europe, Middle East and Africa [Member] | Global Markets [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 1.1 | 1.2 | 2.3 | ||||||||
Asia Pacific [Member] | Global Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 3.6 | 2.4 | 4.4 | ||||||||
Asia Pacific [Member] | Global Markets [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 3.2 | 3.7 | 3.6 | ||||||||
Asia Pacific [Member] | Global Markets [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 0.9 | 1 | 1.1 | ||||||||
US [Member] | Largest 5 Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 31.1 | 42.4 | 39 | ||||||||
US [Member] | Largest 5 Markets [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 49.8 | 49.1 | 45.6 | ||||||||
US [Member] | Largest 5 Markets [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 0 | 0.2 | 0.3 | ||||||||
France [Member] | Largest 5 Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 17.9 | 13.8 | 15.8 | ||||||||
France [Member] | Largest 5 Markets [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 19.3 | 22.1 | 20.6 | ||||||||
France [Member] | Largest 5 Markets [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 0.3 | 0.4 | 0.3 | ||||||||
Mexico [Member] | Largest 5 Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 13.3 | 24.5 | 27.4 | ||||||||
Mexico [Member] | Largest 5 Markets [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 19.6 | 19.2 | 14.3 | ||||||||
Mexico [Member] | Largest 5 Markets [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 0 | 0 | 0 | ||||||||
Brazil [Member] | Largest 5 Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 14.7 | 13.2 | 12.4 | ||||||||
Brazil [Member] | Largest 5 Markets [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 8.8 | 9 | 8.7 | ||||||||
Brazil [Member] | Largest 5 Markets [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 1.4 | 1.7 | 2.1 | ||||||||
Canada [Member] | Largest 5 Markets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital expenditures by business segments | 6.4 | 9.6 | 9.1 | ||||||||
Canada [Member] | Largest 5 Markets [Member] | Property and Equipment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | 8.5 | 8.3 | 9 | ||||||||
Canada [Member] | Largest 5 Markets [Member] | Intangible assets member [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization by business segments | $0 | $0 | $0 |
Segment_information_Assets_Lon
Segment information - Assets, Long Lived Assets, Revnues, Net Assets by Geographic Area (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Total assets | $2,192.20 | $2,498 | $2,553.90 |
Long-Lived Assets | 669.5 | 758.7 | 793.8 |
Revenues | 3,562.30 | 3,778.60 | 3,577.60 |
Assets Net | 746.9 | 912.8 | 842.6 |
Largest 5 Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,088.30 | 1,124 | 1,144.70 |
Global Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 713.2 | 1,019 | 1,000.20 |
Payment Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 63.7 | 72 | 27.9 |
Business Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 1,865.20 | 2,215 | 2,172.80 |
Corporate Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 327 | 283 | 381.1 |
Latin America [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets Net | 182.4 | 273 | 203.6 |
Latin America [Member] | Global Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 296 | 521.1 | 418 |
Europe, Middle East and Africa [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets Net | 146.1 | 180.6 | 192.9 |
Europe, Middle East and Africa [Member] | Global Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 308 | 382.8 | 433.9 |
Asia Pacific [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets Net | 69.2 | 72.7 | 89.1 |
Asia Pacific [Member] | Global Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 109.2 | 115.1 | 148.3 |
Non US Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | 461.4 | 539.9 | 584.3 |
Revenues | 2,833.70 | 3,071.10 | 2,870.90 |
US [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | 208.1 | 218.8 | 209.5 |
Revenues | 728.6 | 707.5 | 706.7 |
US [Member] | Largest 5 Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 327.4 | 330 | 345.2 |
France [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets Net | 96.3 | 110.8 | 79.2 |
France [Member] | Largest 5 Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 244.7 | 246.6 | 244.1 |
France [Member] | Non US Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | 75.7 | 88.5 | 94.3 |
Revenues | 517.4 | 542.5 | 535.5 |
Mexico [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets Net | 88.4 | 101.2 | 131.5 |
Mexico [Member] | Largest 5 Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 258.9 | 285.1 | 269.3 |
Mexico [Member] | Non US Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | 114.4 | 136.8 | 133.7 |
Revenues | 388.5 | 424.1 | 395 |
Brazil [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets Net | 111.1 | 105.2 | 103.1 |
Brazil [Member] | Largest 5 Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 165 | 165.8 | 165.7 |
Brazil [Member] | Non US Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | 47.9 | 47.6 | 47.9 |
Revenues | 442.3 | 392 | 388.3 |
Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets Net | 53.4 | 69.3 | 43.2 |
Canada [Member] | Largest 5 Markets [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | 92.3 | 96.5 | 120.4 |
Canada [Member] | Non US Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | 47.9 | 50.7 | 68.4 |
Revenues | 179.7 | 191.4 | 187.5 |
Other [Member] | Non US Region [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-Lived Assets | 175.5 | 216.3 | 240 |
Revenues | $1,305.80 | $1,521.10 | $1,364.60 |
Segment_information_Informatio
Segment information - Information About Unconsolidated Equity Affiliates (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unconsolidated Equity Affiliates held by International Segment [Abstract] | |||
Carrying value of investments at year end | $2.70 | $15.80 | |
Share of earnings of unconsolidated equity affiliates | 4.3 | 6.7 | 6 |
Asia Pacific [Member] | Global Markets [Member] | |||
Unconsolidated Equity Affiliates held by International Segment [Abstract] | |||
Carrying value of investments at year end | 2.7 | 2.3 | 1.8 |
Share of earnings of unconsolidated equity affiliates | 0.5 | 0.7 | 0.2 |
Undistributed earnings of equity affiliates included in consolidated retained earrings [Abstract] | |||
Undistributed earnings | $1.10 | $0.80 | $0.40 |
Retirement_Benefits_Retirement
Retirement Benefits - Retirement Cost (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
US Plans [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Service cost | $0 | $0 | $0 | |
Interest cost on projected benefit obligation | 45.3 | 42.2 | 43.8 | |
Return on assets - expected | -63.9 | -56.9 | -60 | |
Amortization of losses | 28.2 | 45.1 | 39.5 | |
Amortization of prior service cost | 0 | 0 | 0 | |
Settlement loss | 56.1 | 56.1 | 0.1 | 5 |
Net periodic pension cost | 65.7 | 30.5 | 28.3 | |
US Plans [Member] | Continuing Operations [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Net periodic pension cost | 65.7 | 30.5 | 28.3 | |
US Plans [Member] | Discontinued Operations [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Net periodic pension cost | 0 | 0 | 0 | |
Non-US Plans [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Service cost | 12.5 | 15 | 11.1 | |
Interest cost on projected benefit obligation | 18.4 | 19.1 | 19.1 | |
Return on assets - expected | -14.4 | -12.9 | -12.2 | |
Amortization of losses | 2.3 | 6.1 | 4 | |
Amortization of prior service cost | 1 | 0.8 | 2 | |
Settlement loss | 6.3 | 2.6 | 3.3 | |
Net periodic pension cost | 26.1 | 30.7 | 27.3 | |
Non-US Plans [Member] | Continuing Operations [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Net periodic pension cost | 24.4 | 28.7 | 25.2 | |
Non-US Plans [Member] | Discontinued Operations [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Net periodic pension cost | 1.7 | 2 | 2.1 | |
UMWA Plans Postretirement Medical [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Service cost | 0 | 0 | 0 | |
Interest cost on projected benefit obligation | 17.9 | 19.7 | 22.3 | |
Return on assets - expected | -22.2 | -20.8 | -21.3 | |
Amortization of losses | 12.3 | 19.6 | 21 | |
Amortization of prior service cost | -4.6 | 0 | 0 | |
Net periodic pension cost | 3.4 | 18.5 | 22 | |
Black Lung And Other Plans Postretirement Medical [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Service cost | 0.1 | 0.3 | 0.6 | |
Interest cost on projected benefit obligation | 2.3 | 1.9 | 2.8 | |
Return on assets - expected | 0 | 0 | 0 | |
Amortization of losses | 0.6 | 0.7 | 1.5 | |
Amortization of prior service cost | 1.7 | 1.7 | 2 | |
Net periodic pension cost | 4.7 | 4.6 | 6.9 | |
Pension plan [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Service cost | 12.5 | 15 | 11.1 | |
Interest cost on projected benefit obligation | 63.7 | 61.3 | 62.9 | |
Return on assets - expected | -78.3 | -69.8 | -72.2 | |
Amortization of losses | 30.5 | 51.2 | 43.5 | |
Amortization of prior service cost | 1 | 0.8 | 2 | |
Settlement loss | 62.4 | 2.7 | 8.3 | |
Net periodic pension cost | 91.8 | 61.2 | 55.6 | |
Pension plan [Member] | Continuing Operations [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Net periodic pension cost | 90.1 | 59.2 | 53.5 | |
Pension plan [Member] | Discontinued Operations [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Net periodic pension cost | 1.7 | 2 | 2.1 | |
Retirement benefits other than pension [Member] | ||||
Net periodic pension cost (credit) [Line Items] | ||||
Service cost | 0.1 | 0.3 | 0.6 | |
Interest cost on projected benefit obligation | 20.2 | 21.6 | 25.1 | |
Return on assets - expected | -22.2 | -20.8 | -21.3 | |
Amortization of losses | 12.9 | 20.3 | 22.5 | |
Amortization of prior service cost | -2.9 | 1.7 | 2 | |
Net periodic pension cost | $8.10 | $23.10 | $28.90 |
Retirement_Benefits_Obligation
Retirement Benefits - Obligations and Funded Status (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Noncurrent asset | $0 | ($28.60) | |
US Plans [Member] | |||
Changes in the benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 934.9 | 1,031.30 | |
Service cost | 0 | 0 | 0 |
Interest cost | 45.3 | 42.2 | 43.8 |
Participant contributions | 0 | 0 | |
Plan amendments | 0 | 0 | |
Curtailments | 0 | 0 | |
Settlements | -149 | -0.5 | |
Acquisition | 0 | 0 | |
Benefits paid | -44.9 | -43.6 | |
Sale of Brinks Netherlands | 0 | 0 | |
Actuarial (gains) losses | 117.8 | -94.5 | |
Foreign currency exchange effects | 0 | 0 | |
Benefit obligation at end of year | 904.1 | 934.9 | 1,031.30 |
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 811.8 | 756.3 | |
Return on assets - actual | 80.6 | 85.5 | |
Employer contributions | 87.8 | 14.1 | |
Participant contributions | 0 | 0 | |
Settlements | -149 | -0.5 | |
Acquisition | 0 | 0 | |
Benefits paid | -44.9 | -43.6 | |
Sale of Brink's Netherlands | 0 | 0 | |
Foreign currency effects | 0 | 0 | |
Fair value of plan assets at end of year | 786.3 | 811.8 | 756.3 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | -117.8 | -123.1 | |
Noncurrent asset | 0 | 0 | |
Current liability, included in accrued liabilities | 0.6 | 0.8 | |
Noncurrent liability | 117.2 | 122.3 | |
Net pension liability | 117.8 | 123.1 | |
Defined Benefit Plan Change In Net Actuarial Gains And Losses In Other Comprehensive Income [Roll Forward] | |||
Beginning of year - net gains and losses | -323.6 | -491.9 | |
Net experience losses arising during the year | -101.1 | 123.1 | |
Reclassification adjustment for amortization of prior experience losses included in net income | 84.3 | 45.2 | |
End of year - net gains and losses | -340.4 | -323.6 | -491.9 |
Defined Benefit Plan Change In Net Prior Service Cost Credit In Other Comprehensive Income [Roll Forward] | |||
Beginning of year - net prior service (cost) credit | 0 | 0 | |
Prior service cost from plan amendments during the year | 0 | 0 | |
Reclassification adjustment for amortization of prior service cost included in net income | 0 | 0 | |
End of year - net prior service (cost) credit | 0 | 0 | 0 |
Non-US Plans [Member] | |||
Changes in the benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 390.4 | 392.3 | |
Service cost | 12.5 | 15 | 11.1 |
Interest cost | 18.4 | 19.1 | 19.1 |
Participant contributions | 4.2 | 3.8 | |
Plan amendments | -0.1 | -4.9 | |
Curtailments | -0.1 | -0.2 | |
Settlements | 0 | -2 | |
Acquisition | 0 | 0 | |
Benefits paid | -24.2 | -18.8 | |
Sale of Brinks Netherlands | -132.7 | 0 | |
Actuarial (gains) losses | 59.7 | -8 | |
Foreign currency exchange effects | -45 | -5.9 | |
Benefit obligation at end of year | 283.1 | 390.4 | 392.3 |
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 322 | 283 | |
Return on assets - actual | 23.8 | 16.6 | |
Employer contributions | 31 | 40.1 | |
Participant contributions | 4.2 | 3.8 | |
Settlements | 0 | -2 | |
Acquisition | 0 | 0 | |
Benefits paid | -24.2 | -18.8 | |
Sale of Brink's Netherlands | -157.2 | 0 | |
Foreign currency effects | -20.3 | -0.7 | |
Fair value of plan assets at end of year | 179.3 | 322 | 283 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | -103.8 | -68.4 | |
Noncurrent asset | 0 | -28.6 | |
Current liability, included in accrued liabilities | 2 | 4.5 | |
Noncurrent liability | 101.8 | 92.5 | |
Net pension liability | 103.8 | 68.4 | |
Defined Benefit Plan Change In Net Actuarial Gains And Losses In Other Comprehensive Income [Roll Forward] | |||
Beginning of year - net gains and losses | -39.2 | -59.7 | |
Net experience losses arising during the year | -50.3 | 11.7 | |
Reclassification adjustment for amortization of prior experience losses included in net income | 3.8 | 8.8 | |
End of year - net gains and losses | -85.7 | -39.2 | -59.7 |
Defined Benefit Plan Change In Net Prior Service Cost Credit In Other Comprehensive Income [Roll Forward] | |||
Beginning of year - net prior service (cost) credit | -10.2 | -15.8 | |
Prior service cost from plan amendments during the year | 0.1 | 4.9 | |
Reclassification adjustment for amortization of prior service cost included in net income | 0.8 | 0.7 | |
End of year - net prior service (cost) credit | -9.3 | -10.2 | -15.8 |
UMWA Plans Postretirement Medical [Member] | |||
Changes in the benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 426.5 | 525.3 | |
Service cost | 0 | 0 | 0 |
Interest cost | 17.9 | 19.7 | 22.3 |
Plan amendments | 0 | -55.7 | |
Benefits paid | -34.5 | -34.2 | |
Medicare subsidy received | 0.6 | 3.1 | |
Actuarial (gains) losses | 51.3 | -31.7 | |
Foreign currency exchange effects | 0 | 0 | |
Benefit obligation at end of year | 461.8 | 426.5 | 525.3 |
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 284.4 | 268.7 | |
Return on assets - actual | 14.9 | 45.8 | |
Employer contributions | -0.8 | 1 | |
Benefits paid | -34.5 | -34.2 | |
Medicare subsidy received | 0.6 | 3.1 | |
Fair value of plan assets at end of year | 264.6 | 284.4 | 268.7 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | -197.2 | -142.1 | |
Current liability, included in accrued liabilities | 0 | 0 | |
Noncurrent liability | 197.2 | 142.1 | |
Net pension liability | 197.2 | 142.1 | |
Defined Benefit Plan Change In Net Actuarial Gains And Losses In Other Comprehensive Income [Roll Forward] | |||
Beginning of year - net gains and losses | -219.4 | -295.7 | |
Net experience losses arising during the year | -58.6 | 56.7 | |
Reclassification adjustment for amortization of prior experience losses included in net income | 12.4 | 19.6 | |
End of year - net gains and losses | -265.6 | -219.4 | -295.7 |
Defined Benefit Plan Change In Net Prior Service Cost Credit In Other Comprehensive Income [Roll Forward] | |||
Beginning of year - net prior service (cost) credit | 55.7 | 0 | |
Prior service cost from plan amendments during the year | 0 | 55.7 | |
Reclassification adjustment for amortization of prior service cost included in net income | -4.6 | 0 | |
End of year - net prior service (cost) credit | 51.1 | 55.7 | 0 |
Black Lung And Other Plans Postretirement [Member] | |||
Changes in the benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 48.9 | 53 | |
Service cost | 0.1 | 0.3 | |
Interest cost | 2.3 | 1.9 | |
Plan amendments | 0 | 0 | |
Benefits paid | -7.4 | -7.1 | |
Medicare subsidy received | 0 | 0 | |
Actuarial (gains) losses | 23.2 | 0.8 | |
Foreign currency exchange effects | -0.9 | 0 | |
Benefit obligation at end of year | 66.2 | 48.9 | |
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Return on assets - actual | 0 | 0 | |
Employer contributions | 7.4 | 7.1 | |
Benefits paid | -7.4 | -7.1 | |
Medicare subsidy received | 0 | 0 | |
Fair value of plan assets at end of year | 0 | 0 | |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | -66.2 | -48.9 | |
Current liability, included in accrued liabilities | 6.3 | 5 | |
Noncurrent liability | 59.9 | 43.9 | |
Net pension liability | 66.2 | 48.9 | |
Defined Benefit Plan Change In Net Actuarial Gains And Losses In Other Comprehensive Income [Roll Forward] | |||
Beginning of year - net gains and losses | -6.3 | -6.2 | |
Net experience losses arising during the year | -23.2 | -0.8 | |
Reclassification adjustment for amortization of prior experience losses included in net income | 0.5 | 0.7 | |
End of year - net gains and losses | -29 | -6.3 | |
Defined Benefit Plan Change In Net Prior Service Cost Credit In Other Comprehensive Income [Roll Forward] | |||
Beginning of year - net prior service (cost) credit | -7.7 | -9.4 | |
Prior service cost from plan amendments during the year | 0 | 0 | |
Reclassification adjustment for amortization of prior service cost included in net income | 1.7 | 1.7 | |
End of year - net prior service (cost) credit | -6 | -7.7 | |
Pension plan [Member] | |||
Changes in the benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 1,325.30 | 1,423.60 | |
Service cost | 12.5 | 15 | 11.1 |
Interest cost | 63.7 | 61.3 | 62.9 |
Participant contributions | 4.2 | 3.8 | |
Plan amendments | -0.1 | -4.9 | |
Curtailments | -0.1 | -0.2 | |
Settlements | -149 | -2.5 | |
Acquisition | 0 | 0 | |
Benefits paid | -69.1 | -62.4 | |
Sale of Brinks Netherlands | -132.7 | 0 | |
Actuarial (gains) losses | 177.5 | -102.5 | |
Foreign currency exchange effects | -45 | -5.9 | |
Benefit obligation at end of year | 1,187.20 | 1,325.30 | 1,423.60 |
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1,133.80 | 1,039.30 | |
Return on assets - actual | 104.4 | 102.1 | |
Employer contributions | 118.8 | 54.2 | |
Participant contributions | 4.2 | 3.8 | |
Settlements | -149 | -2.5 | |
Acquisition | 0 | 0 | |
Benefits paid | -69.1 | -62.4 | |
Sale of Brink's Netherlands | -157.2 | 0 | |
Foreign currency effects | -20.3 | -0.7 | |
Fair value of plan assets at end of year | 965.6 | 1,133.80 | 1,039.30 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | -221.6 | -191.5 | |
Noncurrent asset | 0 | -28.6 | |
Current liability, included in accrued liabilities | 2.6 | 5.3 | |
Noncurrent liability | 219 | 214.8 | |
Net pension liability | 221.6 | 191.5 | |
Defined Benefit Plan Change In Net Actuarial Gains And Losses In Other Comprehensive Income [Roll Forward] | |||
Beginning of year - net gains and losses | -362.8 | -551.6 | |
Net experience losses arising during the year | -151.4 | 134.8 | |
Reclassification adjustment for amortization of prior experience losses included in net income | 88.1 | 54 | |
End of year - net gains and losses | -426.1 | -362.8 | -551.6 |
Defined Benefit Plan Change In Net Prior Service Cost Credit In Other Comprehensive Income [Roll Forward] | |||
Beginning of year - net prior service (cost) credit | -10.2 | -15.8 | |
Prior service cost from plan amendments during the year | 0.1 | 4.9 | |
Reclassification adjustment for amortization of prior service cost included in net income | 0.8 | 0.7 | |
End of year - net prior service (cost) credit | -9.3 | -10.2 | -15.8 |
Retirement benefits other than pension [Member] | |||
Changes in the benefit obligation [Roll Forward] | |||
Benefit obligation at beginning of year | 475.4 | 578.3 | |
Service cost | 0.1 | 0.3 | 0.6 |
Interest cost | 20.2 | 21.6 | 25.1 |
Plan amendments | 0 | -55.7 | |
Benefits paid | -41.9 | -41.3 | |
Medicare subsidy received | 0.6 | 3.1 | |
Actuarial (gains) losses | 74.5 | -30.9 | |
Foreign currency exchange effects | -0.9 | 0 | |
Benefit obligation at end of year | 528 | 475.4 | 578.3 |
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 284.4 | 268.7 | |
Return on assets - actual | 14.9 | 45.8 | |
Employer contributions | 6.6 | 8.1 | |
Benefits paid | -41.9 | -41.3 | |
Medicare subsidy received | 0.6 | 3.1 | |
Fair value of plan assets at end of year | 264.6 | 284.4 | 268.7 |
Defined Benefit Plan, Funded Status of Plan [Abstract] | |||
Funded status | -263.4 | -191 | |
Current liability, included in accrued liabilities | 6.3 | 5 | |
Noncurrent liability | 257.1 | 186 | |
Net pension liability | 263.4 | 191 | |
Defined Benefit Plan Change In Net Actuarial Gains And Losses In Other Comprehensive Income [Roll Forward] | |||
Beginning of year - net gains and losses | -225.7 | -301.9 | |
Net experience losses arising during the year | -81.8 | 55.9 | |
Reclassification adjustment for amortization of prior experience losses included in net income | 12.9 | 20.3 | |
End of year - net gains and losses | -294.6 | -225.7 | -301.9 |
Defined Benefit Plan Change In Net Prior Service Cost Credit In Other Comprehensive Income [Roll Forward] | |||
Beginning of year - net prior service (cost) credit | 48 | -9.4 | |
Prior service cost from plan amendments during the year | 0 | 55.7 | |
Reclassification adjustment for amortization of prior service cost included in net income | -2.9 | 1.7 | |
End of year - net prior service (cost) credit | $45.10 | $48 | ($9.40) |
Retirement_Benefits_Informatio
Retirement Benefits - Information Comparing Plan Assets to Plan Obligations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
US Plans [Member] | ||
Pension plans with an accumulated benefit obligation in excess of plan assets [Abstract] | ||
Fair value of plan assets | $786.30 | $811.80 |
Accumulated benefit obligation | 904.1 | 934.9 |
Projected benefit obligation | 904.1 | 934.9 |
Non-US Plans [Member] | ||
Pension plans with an accumulated benefit obligation in excess of plan assets [Abstract] | ||
Fair value of plan assets | 45.6 | 38.1 |
Accumulated benefit obligation | 111.9 | 103.6 |
Projected benefit obligation | 137 | 135.1 |
Pension plan [Member] | ||
Pension plans with an accumulated benefit obligation in excess of plan assets [Abstract] | ||
Fair value of plan assets | 831.9 | 849.9 |
Accumulated benefit obligation | 1,016 | 1,038.50 |
Projected benefit obligation | $1,041.10 | $1,070 |
Retirement_Benefits_Assumption
Retirement Benefits - Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
US Plans [Member] | |||
Net periodic pension cost (credit) [Line Items] | |||
Discount rate - pension cost | 5.00% | 4.20% | 4.60% |
Discount rate - benefit obligation at year end | 4.10% | 5.00% | 4.20% |
Expected return on assets - Pension cost | 8.00% | 8.00% | 8.25% |
Non-US Plans [Member] | |||
Net periodic pension cost (credit) [Line Items] | |||
Discount rate - pension cost | 6.30% | 5.30% | 5.40% |
Discount rate - benefit obligation at year end | 5.10% | 6.30% | 5.30% |
Expected return on assets - Pension cost | 5.83% | 4.64% | 4.92% |
Average rate of increase in salaries - pension cost | 3.90% | 3.80% | 3.20% |
Average rate of increase in salaries - benefit obligation at year end | 3.90% | 3.90% | 3.80% |
UMWA Plans Postretirement Medical [Member] | |||
Net periodic pension cost (credit) [Line Items] | |||
Discount rate - pension cost | 4.70% | 3.90% | 4.40% |
Discount rate - benefit obligation at year end | 4.00% | 4.70% | 3.90% |
Black Lung And Other Plans Postretirement [Member] | |||
Net periodic pension cost (credit) [Line Items] | |||
Discount rate - pension cost | 4.40% | 3.50% | 4.20% |
Discount rate - benefit obligation at year end | 3.70% | 4.40% | 3.50% |
Retirement benefits other than pension [Member] | |||
Net periodic pension cost (credit) [Line Items] | |||
Discount rate - pension cost | 4.70% | 3.90% | 4.40% |
Discount rate - benefit obligation at year end | 4.10% | 4.70% | 3.90% |
Expected return on assets - Pension cost | 8.25% | 8.25% | 8.50% |
Retirement_Benefits_Estimated_
Retirement Benefits - Estimated Future Pension Benef Pmts (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
US Plans [Member] | |
Net periodic pension cost (credit) [Line Items] | |
2015 | $47 |
2016 | 47.3 |
2017 | 48 |
2018 | 48.6 |
2019 | 49.6 |
2019 through 2023 | 250.4 |
Non-US Plans [Member] | |
Net periodic pension cost (credit) [Line Items] | |
2015 | 12.1 |
2016 | 11.7 |
2017 | 12.6 |
2018 | 14.7 |
2019 | 15.9 |
2019 through 2023 | 114.3 |
UMWA Plans Postretirement Medical [Member] | |
Net periodic pension cost (credit) [Line Items] | |
2015 | 30.4 |
2016 | 30.2 |
2017 | 30.3 |
2018 | 32.2 |
2019 | 31.7 |
2019 through 2023 | 143.6 |
Pension plan [Member] | |
Net periodic pension cost (credit) [Line Items] | |
2015 | 59.1 |
2016 | 59 |
2017 | 60.6 |
2018 | 63.3 |
2019 | 65.5 |
2019 through 2023 | 364.7 |
Retirement benefits other than pension [Member] | |
Net periodic pension cost (credit) [Line Items] | |
2015 | 36.7 |
2016 | 36.1 |
2017 | 35.9 |
2018 | 37.4 |
2019 | 36.6 |
2019 through 2023 | 163.6 |
Black Lung And Other Plans Postretirement [Member] | |
Net periodic pension cost (credit) [Line Items] | |
2015 | 6.3 |
2016 | 5.9 |
2017 | 5.6 |
2018 | 5.2 |
2019 | 4.9 |
2019 through 2023 | $20 |
Retirement_Benefits_Health_Car
Retirement Benefits - Health Care Cost Trends and OPEB Future Ben Pmts (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ||
Effects of 1% increase on service and interest cost | $2.10 | |
Effects of 1% increase on APBO | 59.3 | |
Effects of 1% decrease on service and interest cost | -1.8 | |
Effects of 1% decrease on APBO | -49.6 | |
US Plans [Member] | ||
Estimated Future Benefits Payments [Line Items] | ||
2015 | 47 | |
2016 | 47.3 | |
2017 | 48 | |
2018 | 48.6 | |
2019 | 49.6 | |
2019 through 2023 | 250.4 | |
Non-US Plans [Member] | ||
Estimated Future Benefits Payments [Line Items] | ||
2015 | 12.1 | |
2016 | 11.7 | |
2017 | 12.6 | |
2018 | 14.7 | |
2019 | 15.9 | |
2019 through 2023 | 114.3 | |
UMWA Plans Postretirement Medical [Member] | ||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Assumed health care cost trend rate used to compute current APBO for next year | 7.00% | 7.00% |
Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Estimated Future Benefits Payments [Line Items] | ||
2015 | 30.4 | |
2016 | 30.2 | |
2017 | 30.3 | |
2018 | 32.2 | |
2019 | 31.7 | |
2019 through 2023 | 143.6 | |
Black Lung And Other Plans Postretirement [Member] | ||
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract] | ||
Assumed health care cost trend rate used to compute current APBO for next year | 5.00% | |
Estimated Future Benefits Payments [Line Items] | ||
2015 | 6.3 | |
2016 | 5.9 | |
2017 | 5.6 | |
2018 | 5.2 | |
2019 | 4.9 | |
2019 through 2023 | 20 | |
Pension plan [Member] | ||
Estimated Future Benefits Payments [Line Items] | ||
2015 | 59.1 | |
2016 | 59 | |
2017 | 60.6 | |
2018 | 63.3 | |
2019 | 65.5 | |
2019 through 2023 | 364.7 | |
Retirement benefits other than pension [Member] | ||
Estimated Future Benefits Payments [Line Items] | ||
2015 | 36.7 | |
2016 | 36.1 | |
2017 | 35.9 | |
2018 | 37.4 | |
2019 | 36.6 | |
2019 through 2023 | $163.60 |
Retirement_Benefits_Plan_Assse
Retirement Benefits - Plan Asssets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
US Plans [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | $786.30 | $811.80 | $756.30 |
Actual Allocation | 100.00% | 100.00% | |
Target Allocation | 100.00% | 100.00% | |
US Plans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 42.8 | 40 | 99.3 |
US Plans [Member] | Cash, cash equivalents and receivables [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 4.1 | 3.8 | |
Actual Allocation | 1.00% | 0.00% | |
Target Allocation | 0.00% | 0.00% | |
US Plans [Member] | Us Large Cap Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 12.00% | 16.00% | |
Target Allocation | 12.00% | 16.00% | |
US Plans [Member] | Us Large Cap Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 93.1 | 132.1 | |
US Plans [Member] | Us Small Mid Cap Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 5.00% | 7.00% | |
Target Allocation | 5.00% | 7.00% | |
US Plans [Member] | Us Small Mid Cap Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 40.2 | 58.6 | |
US Plans [Member] | International Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 9.00% | 14.00% | |
Target Allocation | 10.00% | 14.00% | |
US Plans [Member] | International Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 72.6 | 114.4 | |
US Plans [Member] | Emerging Markets Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 2.00% | 4.00% | |
Target Allocation | 2.00% | 4.00% | |
US Plans [Member] | Emerging Markets Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 13.8 | 31.7 | |
US Plans [Member] | Dynamic Asset Allocation [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 4.00% | 6.00% | |
Target Allocation | 4.00% | 6.00% | |
US Plans [Member] | Dynamic Asset Allocation [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 33.7 | 50.2 | |
US Plans [Member] | High Yield Fixed Income Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 2.00% | 3.00% | |
Target Allocation | 2.00% | 3.00% | |
US Plans [Member] | High Yield Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 15.3 | 24.5 | |
US Plans [Member] | Emerging Markets Fixed Income Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 2.00% | 3.00% | |
Target Allocation | 2.00% | 3.00% | |
US Plans [Member] | Emerging Markets Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 14.5 | 23.2 | |
US Plans [Member] | Long-duration 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 47.00% | 32.00% | |
Target Allocation | 48.00% | 32.00% | |
US Plans [Member] | Long-duration 1 [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 277.6 | 190.8 | |
US Plans [Member] | Long-duration 2 [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 95.7 | 65 | |
US Plans [Member] | Hedge fund of funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 5.00% | 5.00% | |
Target Allocation | 5.00% | 5.00% | |
US Plans [Member] | Hedge fund of funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 37.9 | 37.3 | |
US Plans [Member] | Core Property [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 6.00% | 5.00% | |
Target Allocation | 5.00% | 5.00% | |
US Plans [Member] | Core Property [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 45 | 40.2 | |
US Plans [Member] | Structured Credit [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 5.00% | 5.00% | |
Target Allocation | 5.00% | 5.00% | |
US Plans [Member] | Structured Credit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 42.8 | 40 | |
Non-US Plans [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 179.3 | 322 | 283 |
Actual Allocation | 100.00% | 100.00% | |
Target Allocation | 100.00% | 100.00% | |
Non-US Plans [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 177.9 | 167.9 | |
Non-US Plans [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 1.4 | 154.1 | |
Non-US Plans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 0 | 0.6 | |
Non-US Plans [Member] | Cash, cash equivalents and receivables [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 1.1 | 5.2 | |
Actual Allocation | 0.00% | 2.00% | |
Non-US Plans [Member] | Equity Securities [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 105.6 | 127 | |
Actual Allocation | 59.00% | 39.00% | |
Target Allocation | 65.00% | 39.00% | |
Non-US Plans [Member] | Us Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 31.6 | 30 | |
Non-US Plans [Member] | Canadian Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 39.6 | 38.3 | |
Non-US Plans [Member] | European Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 8.8 | 8.9 | |
Non-US Plans [Member] | Asia Pacific Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 1.7 | 1.7 | |
Non-US Plans [Member] | Emerging Markets Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 3.5 | 9.3 | |
Non-US Plans [Member] | Other Non Us Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 20.4 | 38.8 | |
Non-US Plans [Member] | Fixed-income securities [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 71 | 171.9 | |
Actual Allocation | 40.00% | 53.00% | |
Target Allocation | 35.00% | 55.00% | |
Non-US Plans [Member] | High Yield Fixed Income Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 1 | 12.3 | |
Non-US Plans [Member] | Emerging Markets Fixed Income Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 1.2 | 6.9 | |
Non-US Plans [Member] | Global Credit Fixed Income Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 0.3 | 37.5 | |
Non-US Plans [Member] | Canadian Fixed Income Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 25.7 | 24.8 | |
Non-US Plans [Member] | European Fixed Income Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 14.9 | 11 | |
Non-US Plans [Member] | Long-duration 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 27.9 | 79.4 | |
Non-US Plans [Member] | Other Types Of Investments [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 1.6 | 17.9 | |
Actual Allocation | 1.00% | 6.00% | |
Target Allocation | 0.00% | 6.00% | |
Non-US Plans [Member] | Convertible securities [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 0 | 12 | |
Non-US Plans [Member] | Commodity Derivatives [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 0 | 4.7 | |
Non-US Plans [Member] | Other Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 1.6 | 1.2 | |
UMWA Plans Postretirement Medical [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 264.6 | 284.4 | 268.7 |
Actual Allocation | 100.00% | 100.00% | |
Target Allocation | 100.00% | 100.00% | |
UMWA Plans Postretirement Medical [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 14.3 | 40.9 | |
UMWA Plans Postretirement Medical [Member] | Us Large Cap Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 21.00% | 38.00% | |
Target Allocation | 21.00% | 37.00% | |
UMWA Plans Postretirement Medical [Member] | Us Large Cap Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 58.5 | 107 | |
UMWA Plans Postretirement Medical [Member] | Us Small Mid Cap Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 10.00% | 10.00% | |
Target Allocation | 9.00% | 9.00% | |
UMWA Plans Postretirement Medical [Member] | Us Small Mid Cap Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 25.5 | 27.9 | |
UMWA Plans Postretirement Medical [Member] | International Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 19.00% | 15.00% | |
Target Allocation | 18.00% | 14.00% | |
UMWA Plans Postretirement Medical [Member] | International Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 49.3 | 41.8 | |
UMWA Plans Postretirement Medical [Member] | Emerging Markets Equity Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 4.00% | 4.00% | |
Target Allocation | 4.00% | 4.00% | |
UMWA Plans Postretirement Medical [Member] | Emerging Markets Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 10.7 | ||
UMWA Plans Postretirement Medical [Member] | Dynamic Asset Allocation [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 8.00% | ||
Target Allocation | 7.00% | ||
UMWA Plans Postretirement Medical [Member] | Dynamic Asset Allocation [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 20 | ||
UMWA Plans Postretirement Medical [Member] | High Yield Fixed Income Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 4.00% | 8.00% | |
Target Allocation | 4.00% | 8.00% | |
UMWA Plans Postretirement Medical [Member] | High Yield Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 10.9 | 24.1 | |
UMWA Plans Postretirement Medical [Member] | Emerging Markets Fixed Income Funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 4.00% | ||
Target Allocation | 4.00% | ||
UMWA Plans Postretirement Medical [Member] | Emerging Markets Fixed Income Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 10.4 | 10.9 | |
UMWA Plans Postretirement Medical [Member] | Multi Asset Real Return [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 8.00% | 10.00% | |
Target Allocation | 8.00% | 13.00% | |
UMWA Plans Postretirement Medical [Member] | Multi Asset Real Return [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 21.6 | 29.3 | |
UMWA Plans Postretirement Medical [Member] | Hedge fund of funds [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 6.00% | 10.00% | |
Target Allocation | 3.00% | 10.00% | |
UMWA Plans Postretirement Medical [Member] | Hedge fund of funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 14.6 | 29.2 | |
UMWA Plans Postretirement Medical [Member] | Core Property [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 11.00% | 5.00% | |
Target Allocation | 10.00% | 5.00% | |
UMWA Plans Postretirement Medical [Member] | Core Property [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 28.8 | 14.2 | |
UMWA Plans Postretirement Medical [Member] | Structured Credit [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Actual Allocation | 5.00% | 0.00% | |
Target Allocation | 5.00% | 0.00% | |
UMWA Plans Postretirement Medical [Member] | Structured Credit [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 14.3 | 0 | |
UMWA Plans Postretirement Medical [Member] | US Private Equity Funds | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Actual Allocation | 0.00% | 0.00% | |
Target Allocation | 7.00% | 0.00% | |
Black Lung And Other Plans Postretirement [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | 0 |
Pension plan [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | 965.6 | 1,133.80 | 1,039.30 |
Retirement benefits other than pension [Member] | |||
Fair Value Of Retirement Plan Investments [Line Items] | |||
Fair Value of Plan Assets | $264.60 | $284.40 | $268.70 |
Retirement_Benefits_Changes_in
Retirement Benefits - Changes in Level 3 Investments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
US Plans [Member] | |||
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $756.30 | ||
Fair value of plan assets at end of year | 786.3 | 811.8 | 756.3 |
US Plans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 40 | 99.3 | |
Return on assets - relating to assets still held at the reporting date | 2.8 | 0.4 | |
Purchases, sales and settlements | 0 | 39.6 | |
Transfers in and/or out of Level 3 | 0 | -99.3 | |
Fair value of plan assets at end of year | 42.8 | 40 | |
Non-US Plans [Member] | |||
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 283 | ||
Fair value of plan assets at end of year | 179.3 | 322 | 283 |
Non-US Plans [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0.6 | ||
Return on assets - relating to assets still held at the reporting date | 0 | 0 | |
Purchases, sales and settlements | 0 | 0 | |
Transfers in and/or out of Level 3 | 0 | -0.6 | |
Fair value of plan assets at end of year | 0 | ||
UMWA Plans Postretirement Medical [Member] | |||
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 268.7 | ||
Fair value of plan assets at end of year | 264.6 | 284.4 | 268.7 |
UMWA Plans Postretirement Medical [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 40.9 | ||
Return on assets - relating to assets still held at the reporting date | 0.5 | 0 | |
Purchases, sales and settlements | 13.8 | 0 | |
Transfers in and/or out of Level 3 | 0 | -40.9 | |
Fair value of plan assets at end of year | 14.3 | ||
Black Lung And Other Plans Postretirement [Member] | |||
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | 0 |
Pension plan [Member] | |||
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 1,039.30 | ||
Fair value of plan assets at end of year | 965.6 | 1,133.80 | 1,039.30 |
Retirement benefits other than pension [Member] | |||
Changes in plan assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 268.7 | ||
Fair value of plan assets at end of year | $264.60 | $284.40 | $268.70 |
Retirement_Benefits_Narrative_
Retirement Benefits - Narrative (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Apr. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amounts in AOCI to be recognized in retirement cost in next fiscal year [Abstract] | |||||
Benefit plan experience gains (losses) | ($134.30) | $265 | $27.30 | ||
Other Benefit Plans [Abstract] | |||||
Multiemployer Pension Expense | 0.1 | 0.2 | 0.3 | ||
Matching defined contribution expense | 4.5 | 5.5 | 7.1 | ||
Defined contribution plan maximum annual contribution per employee percent | 1.00% | 4.00% | |||
Retirement Assets [Abstract] | |||||
Discount Rate Prescription Drugs | 50.00% | ||||
Netherlands CIT Operations [Member] | |||||
Retirement Assets [Abstract] | |||||
Reclassification adjustments in net income (loss) | 5 | ||||
US Plans [Member] | |||||
Amounts in AOCI to be recognized in retirement cost in next fiscal year [Abstract] | |||||
Benefit plan experience gains (losses) | -45 | ||||
Accumulated benefit obligation | 904.1 | 934.9 | |||
UMWA obligation increase due to "Cadillac" plan excise tax | -101.1 | 123.1 | |||
Retirement Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 786.3 | 811.8 | 756.3 | ||
Reclassification adjustments in net income (loss) | 84.3 | 45.2 | |||
Net periodic pension cost (credit) | 65.7 | 30.5 | 28.3 | ||
Non-US Plans [Member] | |||||
Amounts in AOCI to be recognized in retirement cost in next fiscal year [Abstract] | |||||
Accumulated benefit obligation | 242.9 | 345.3 | |||
Estimated contributions | 13.5 | ||||
UMWA obligation increase due to "Cadillac" plan excise tax | -50.3 | 11.7 | |||
Retirement Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 179.3 | 322 | 283 | ||
Reclassification adjustments in net income (loss) | 3.8 | 8.8 | |||
Net periodic pension cost (credit) | 26.1 | 30.7 | 27.3 | ||
Non-US Plans [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Retirement Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 177.9 | 167.9 | |||
Non-US Plans [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Retirement Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1.4 | 154.1 | |||
UMWA Plans Postretirement Medical [Member] | |||||
Amounts in AOCI to be recognized in retirement cost in next fiscal year [Abstract] | |||||
Benefit plan experience gains (losses) | -39 | ||||
UMWA obligation increase due to "Cadillac" plan excise tax | -58.6 | 56.7 | |||
Retirement Benefit Plan Remeasurements [Abstract] | |||||
Black lung health care cost trend rate | 7.00% | 7.00% | |||
Black lung health care cost ultimate rate | 5.00% | 5.00% | |||
Retirement Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 264.6 | 284.4 | 268.7 | ||
Reclassification adjustments in net income (loss) | 12.4 | 19.6 | |||
Net periodic pension cost (credit) | 3.4 | 18.5 | 22 | ||
Black Lung And Other Plans Postretirement [Member] | |||||
Amounts in AOCI to be recognized in retirement cost in next fiscal year [Abstract] | |||||
Benefit plan experience gains (losses) | -3 | ||||
UMWA obligation increase due to "Cadillac" plan excise tax | -23.2 | -0.8 | |||
Retirement Benefit Plan Remeasurements [Abstract] | |||||
Black lung health care cost trend rate | 5.00% | ||||
Retirement Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 | ||
Reclassification adjustments in net income (loss) | 0.5 | 0.7 | |||
Pension plan [Member] | |||||
Amounts in AOCI to be recognized in retirement cost in next fiscal year [Abstract] | |||||
Net Gains Losses to be recognized in retirement cost next fiscal year | 36.5 | ||||
Net Prior Service Cost Credit to be recognized in retirement cost next fiscal year | 0.1 | ||||
UMWA obligation increase due to "Cadillac" plan excise tax | -151.4 | 134.8 | |||
Retirement Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 965.6 | 1,133.80 | 1,039.30 | ||
Reclassification adjustments in net income (loss) | 88.1 | 54 | |||
Net periodic pension cost (credit) | 91.8 | 61.2 | 55.6 | ||
Retirement benefits other than pension [Member] | |||||
Amounts in AOCI to be recognized in retirement cost in next fiscal year [Abstract] | |||||
Net Gains Losses to be recognized in retirement cost next fiscal year | 19.8 | ||||
Net Prior Service Cost Credit to be recognized in retirement cost next fiscal year | 2.9 | ||||
UMWA obligation increase due to "Cadillac" plan excise tax | -81.8 | 55.9 | |||
Retirement Assets [Abstract] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 264.6 | 284.4 | 268.7 | ||
Reclassification adjustments in net income (loss) | 12.9 | 20.3 | |||
Net periodic pension cost (credit) | 8.1 | 23.1 | 28.9 | ||
Primary U.S. retirement plan [Member] | |||||
Amounts in AOCI to be recognized in retirement cost in next fiscal year [Abstract] | |||||
Estimated contributions | 0 | ||||
Nonqualified U.S. pension plan [Member] | |||||
Amounts in AOCI to be recognized in retirement cost in next fiscal year [Abstract] | |||||
Estimated contributions | 0.6 | ||||
Us Definded Contribtution Expense [Member] | |||||
Other Benefit Plans [Abstract] | |||||
Matching defined contribution expense | 2.2 | 2.6 | 4.6 | ||
Other Defined Contribution Plans Expense [Member] | |||||
Other Benefit Plans [Abstract] | |||||
Matching defined contribution expense | 2.3 | 2.9 | 2.5 | ||
UMWA Excise Tax [Member] | |||||
Amounts in AOCI to be recognized in retirement cost in next fiscal year [Abstract] | |||||
UMWA obligation increase due to "Cadillac" plan excise tax | 24.8 | 22.9 | |||
Canada Plan [Member] | |||||
Retirement Benefit Plan Remeasurements [Abstract] | |||||
Black lung health care cost trend rate | 7.00% | ||||
Black lung health care cost ultimate rate | 5.00% | ||||
Brazil Plan [Member] | |||||
Retirement Benefit Plan Remeasurements [Abstract] | |||||
Black lung health care cost trend rate | 3.00% | ||||
2014 Lump Sum Buy Out [Member] | |||||
Amounts in AOCI to be recognized in retirement cost in next fiscal year [Abstract] | |||||
Benefit plan experience gains (losses) | 40 | ||||
Pension Plan Beneficiaries | 15,200 | ||||
Pension Plan Buy Out Number of Participants | 4,300 | ||||
Post Retirement Benefits, Non US plans [Member] | |||||
Retirement Assets [Abstract] | |||||
Net periodic pension cost (credit) | $0.70 | $0.70 | $1 |
Income_taxes_Income_and_Taxes_
Income taxes - Income and Taxes from Cont. Operations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (loss) from continuing operations before income taxes [Abstract] | |||
U.S. | ($79.40) | ($58.10) | ($25.30) |
Foreign | 30.4 | 197.7 | 171.4 |
Income from continuing operations before tax | -49 | 139.6 | 146.1 |
Income tax expense (benefit) from continuing operations [Abstract] | |||
U.S. federal - Current | -3.8 | 0.5 | -2 |
State - Current | -0.8 | 1.5 | -0.3 |
Foreign - Current | 69.7 | 81.9 | 68.8 |
Current tax expense | 65.1 | 83.9 | 66.5 |
U.S. federal - Deferred | -7.6 | -20.6 | -29.9 |
State - Deferred | -1.9 | -1.9 | -1.4 |
Foreign - Deferred | -18.9 | -12.1 | -12.2 |
Deferred income taxes | -28.4 | -34.6 | -43.5 |
Provision (benefit) for income taxes | 36.7 | 49.3 | 23 |
Comprehensive provision (benefit) for income taxes allocation [Abstract] | |||
Provision Continuing Operations | 36.7 | 49.3 | 23 |
Discontinued operations | 0.4 | 7.4 | 3.1 |
Provision (benefit) for income taxes | -43 | 141 | 9.3 |
Shareholders' equity | 0.6 | 2.8 | 2.7 |
Comprehensive provision (benefit) for income taxes | ($5.30) | $200.50 | $38.10 |
Income_Taxes_Rate_Reconciliati
Income Taxes - Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Rate Reconciliation [Abstract] | |||
U.S. federal tax rate | 35.00% | 35.00% | 35.00% |
Venezuela Devaluation | -86.40% | 0.00% | 0.00% |
Adjustments to valuation allowances | -16.90% | 4.20% | 1.10% |
Foreign income taxes | -0.70% | -6.70% | -1.80% |
Medicare subsidy for retirement plans | 0.00% | -1.10% | -15.60% |
Tax settlement | 0.00% | 0.00% | 0.00% |
French business tax | -9.10% | 3.20% | 3.00% |
Nontaxable acquisition-related (gains) losses | 0.00% | 0.00% | 0.00% |
Taxes on undistributed earnings of foreign affiliates | -3.70% | -0.10% | -2.40% |
State income taxes | 5.20% | -0.10% | -0.10% |
Nondeductible repatriation charge | 0.00% | 0.00% | 0.00% |
Change in judgment about uncertain tax positions | 0.00% | 0.00% | -5.10% |
Other | 1.70% | 0.90% | 1.60% |
Actual Income Tax Rate On Continuing Operations | -74.90% | 35.30% | 15.70% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Deferred Tax Assets [Abstract] | ||||
Pension liabilities | $74.20 | $70 | ||
Retirement benefits other than pensions | 77.8 | 60.7 | ||
Workers' compensation and other claims | 42.4 | 35.1 | ||
Property and equipment, net | 4.1 | 0 | ||
Other assets and liabilities | 135.2 | 138.6 | ||
Net operating loss carryforwards | 47.4 | 26.8 | ||
Alternative minimum and other tax credits | 46.7 | 44.7 | ||
Subtotal | 427.8 | 375.9 | ||
Valuation Allowance | -40.1 | -32.4 | -47.4 | -43.9 |
Total Deferred Tax Asset | 387.7 | 343.5 | ||
Deferred Tax Liabilities [Abstract] | ||||
Property and equipment, net | 0 | 9.9 | ||
Other assets and miscellaneous | 38.9 | 31 | ||
Deferred tax liabilities | 38.9 | 40.9 | ||
Net deferred tax asset | 348.8 | 302.6 | ||
Deferred Tax Assets (Liabilities), Net [Abstract] | ||||
Current assets | 71.9 | 72 | ||
Noncurrent assets | 289.5 | 251.7 | ||
Current liabilities, included in accrued liabilities | -1.8 | -3.1 | ||
Deferred Tax Liabilities, Noncurrent | -10.8 | -18 | ||
Net deferred tax asset | 348.8 | 302.6 | ||
Alternative minimum and other tax credits - unlimited carryforward period | 34.4 | |||
Alternative minimum and other tax credits - various carryforward periods | 1.9 | |||
Foreign Tax Credit Carryforward Amount | $10.40 |
Income_Taxes_Valuation_Allowan
Income Taxes - Valuation Allowances (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation Allowances [Roll Forward] | |||||||||||
Beginning of year | $32.40 | $47.40 | $32.40 | $47.40 | $43.90 | ||||||
Expiring tax credits | -0.5 | -1.8 | -0.8 | ||||||||
Acquisitions and dispositions | -1 | -32.7 | -0.9 | ||||||||
Changes in judgment about deferred tax assets | 1.9 | -0.2 | -1 | ||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Amounts attributable to Brink's Income (loss) from Continuing operations | -25.5 | 28.8 | 0.9 | -59 | 23.9 | 28.4 | 12.1 | 1.6 | -54.8 | 66 | 102.3 |
Income (loss) from discontinued operations | -21.7 | -8.6 | 0.7 | 0.5 | 17 | -4.6 | -3.4 | -18.2 | -29.1 | -9.2 | -13.4 |
Other comprehensive income (loss), net of tax | -181.5 | 154.6 | 14 | ||||||||
Foreign currency exchange effects | -2.9 | 1 | 0.8 | ||||||||
End of year | 40.1 | 32.4 | 40.1 | 32.4 | 47.4 | ||||||
Valuation Allowance of Deferred Tax Assets [Member] | |||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||||||||||
Amounts attributable to Brink's Income (loss) from Continuing operations | 6.3 | 6.1 | 3 | ||||||||
Income (loss) from discontinued operations | 3.3 | 12.6 | 2.3 | ||||||||
Other comprehensive income (loss), net of tax | $0.60 | $0 | $0.10 |
Income_Taxes_Net_Operating_Los
Income Taxes - Net Operating Losses (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Net Operating Losses [Line Items] | ||
2015-2019 | $4.30 | |
2020-2024 | 10.7 | |
2025 and thereafter | 26.5 | |
No Expiration | 5.9 | |
Tax benefit of net operating loss carryforwards before valuation allowances | 47.4 | 26.8 |
Federal [Member] | ||
Net Operating Losses [Line Items] | ||
2015-2019 | 0 | |
2020-2024 | 0 | |
2025 and thereafter | 12.3 | |
No Expiration | 0 | |
Tax benefit of net operating loss carryforwards before valuation allowances | 12.3 | |
State [Member] | ||
Net Operating Losses [Line Items] | ||
2015-2019 | 0.2 | |
2020-2024 | 0.4 | |
2025 and thereafter | 11.9 | |
No Expiration | 0 | |
Tax benefit of net operating loss carryforwards before valuation allowances | 12.5 | |
Foreign [Member] | ||
Net Operating Losses [Line Items] | ||
2015-2019 | 4.1 | |
2020-2024 | 10.3 | |
2025 and thereafter | 2.3 | |
No Expiration | 5.9 | |
Tax benefit of net operating loss carryforwards before valuation allowances | $22.60 |
Income_Taxes_Uncertain_Tax_Pos
Income Taxes - Uncertain Tax Positions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Uncertain Tax Positions [Roll Forward] | |||
Beginning of year | $10.80 | $11.80 | $17.20 |
Increases related to prior-year tax positions | 0.4 | 0.1 | 1.4 |
Decreases related to prior-year tax positions | 0 | 0 | -6.9 |
Increases related to current-year tax positions | 1.1 | 2.3 | 1.6 |
Settlements | 0 | -0.7 | -0.7 |
Effect of the expiration of statutes of limitation | -1.3 | -3.4 | -1.2 |
Increases (decreases) related to business combinations and dispositions | -1 | 0 | 0 |
Foreign exchange differences and reclassification | -2.8 | 0.7 | 0.4 |
End of year | $7.20 | $10.80 | $11.80 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Undistributed foreign earnings | $78 | ||
Gross amount of the net operating loss carryforwards | 341.2 | ||
Potential Benefits that Would Impact Effective Tax Rate from Continuing Operations | 6.3 | ||
Interest and penalties included in income tax expense | -0.6 | -1.1 | -2.1 |
Accrued penalties and interest | 1.3 | 2.1 | |
Currently remaining unrecognized tax positions that may be recognized by the end of following year | $0.70 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property and Equipment [Line Items] | |||
Property, plant and equipment, gross | $1,746.40 | $1,856.70 | |
Accumulated depreciation and amortization | -1,076.90 | -1,098 | |
Property, Plant and Equipment, Net | 669.5 | 758.7 | |
Amortization | 20.3 | 17.8 | 14.4 |
Land Member | |||
Property and Equipment [Line Items] | |||
Property, plant and equipment, gross | 62.7 | 68 | |
Buildings [Member] | |||
Property and Equipment [Line Items] | |||
Property, plant and equipment, gross | 231.2 | 258 | |
Leasehold improvements Member | |||
Property and Equipment [Line Items] | |||
Property, plant and equipment, gross | 199.8 | 215.6 | |
Vehicles [Member] | |||
Property and Equipment [Line Items] | |||
Property, plant and equipment, gross | 401.6 | 438 | |
Capitalized software [Member] | |||
Property and Equipment [Line Items] | |||
Property, plant and equipment, gross | 183 | 184.6 | |
Other machinery and equipment [Member] | |||
Property and Equipment [Line Items] | |||
Property, plant and equipment, gross | $668.10 | $692.50 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value of Purchase Consideration [Abstract] | |||
Net cash outflow | $4.60 | $18.10 | $17.20 |
Purchase Price Allocation [Abstract] | |||
Goodwill | 215.7 | 240.2 | 243.8 |
Bargain purchase gain | 0 | 0 | 0 |
Brazilian Acquisition [Member] | |||
Fair Value of Purchase Consideration [Abstract] | |||
Cash paid for acquired entity | 25.9 | ||
Fair value of contingent consideration | 1.8 | ||
Fair value of purchase consideration | 27.7 | ||
Net cash outflow | 16 | ||
Purchase Price Allocation [Abstract] | |||
Cash | 10 | ||
Accounts receivable | 7.8 | ||
Other current assets | 19.9 | ||
Property and equipment, net | 4 | ||
Indefinite-lived intangible asset | 11.8 | ||
Goodwill | 14 | ||
Current liabilities | -38.8 | ||
Noncurrent liabilities | -1 | ||
Fair value of net assets acquired | 27.7 | ||
Fair value of purchase consideration | $27.70 |
Acquisitions_Narratives_Detail
Acquisitions - Narratives (Details) | 12 Months Ended |
Dec. 31, 2014 | |
branches | |
Business Acquisition [Line Items] | |
Acquired entity number of branches | 20,000 |
Intangible Asset Weighted-average Amortization Period | 10 years 10 months 25 days |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Other Intagible Assets (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $89 | $94.80 |
Accumulated Amortization | -49.2 | -48.5 |
Net Carrying Amount | 39.8 | 46.3 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | ||
2015 | 4.7 | |
2016 | 4.2 | |
2017 | 3.6 | |
2018 | 3.2 | |
2019 | 2.8 | |
Indefinite Lived Trade Names [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 10.4 | 11.8 |
Accumulated Amortization | 0 | 0 |
Net Carrying Amount | 10.4 | 11.8 |
Customer Relationships [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 64.7 | 69.1 |
Accumulated Amortization | -43.4 | -43.5 |
Net Carrying Amount | 21.3 | 25.6 |
Finite-lived trade names [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1.6 | 1.7 |
Accumulated Amortization | -1.3 | -1.3 |
Net Carrying Amount | 0.3 | 0.4 |
Amortization of intangible assets | 5.5 | |
Other contract-related assets [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8.3 | 9.3 |
Accumulated Amortization | -1.5 | -0.8 |
Net Carrying Amount | 6.8 | 8.5 |
Other | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4 | 2.9 |
Accumulated Amortization | -3 | -2.9 |
Net Carrying Amount | $1 | $0 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - From Aqcuisitions (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
branches | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $240.20 | $243.80 |
Goodwill, Acquired During Period | 3.5 | 4 |
Adjustments | -0.2 | 0 |
Currency | -27.8 | -7.6 |
Goodwill, Ending Balance | 215.7 | 240.2 |
Number Of Operating Segments | 9 | |
Number Of Reporting Units | 10 | |
Payment Services [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 1.6 | 0 |
Goodwill, Acquired During Period | 0 | 1.8 |
Adjustments | 0 | 0 |
Currency | -0.2 | -0.2 |
Goodwill, Ending Balance | 1.4 | 1.6 |
Latin America [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 18.1 | 16.3 |
Goodwill, Acquired During Period | 0 | 4.6 |
Adjustments | 0 | 0 |
Currency | -2.1 | -2.8 |
Goodwill, Ending Balance | 16 | 18.1 |
Europe, Middle East and Africa [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 94.4 | 90.9 |
Goodwill, Acquired During Period | 3.5 | 0.9 |
Adjustments | -0.2 | 0 |
Currency | -13.3 | 2.6 |
Goodwill, Ending Balance | 84.4 | 94.4 |
Asia Pacific [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 25 | 37.6 |
Goodwill, Acquired During Period | 0 | -9.4 |
Adjustments | 0 | 0 |
Currency | -0.5 | -3.2 |
Goodwill, Ending Balance | 24.5 | 25 |
US [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 12.5 | 12.5 |
Goodwill, Acquired During Period | 0 | 0 |
Adjustments | 0 | 0 |
Currency | 0 | 0 |
Goodwill, Ending Balance | 12.5 | 12.5 |
France [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 53.6 | 51.2 |
Goodwill, Acquired During Period | 0 | 0.9 |
Adjustments | 0 | 0 |
Currency | -7.3 | 1.5 |
Goodwill, Ending Balance | 46.3 | 53.6 |
Mexico [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 12.8 | 11.5 |
Goodwill, Acquired During Period | 0 | 3.2 |
Adjustments | 0 | 0 |
Currency | -1.5 | -1.9 |
Goodwill, Ending Balance | 11.3 | 12.8 |
Brazil [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 17.5 | 15.8 |
Goodwill, Acquired During Period | 0 | 4.4 |
Adjustments | 0 | 0 |
Currency | -2 | -2.7 |
Goodwill, Ending Balance | 15.5 | 17.5 |
Canada [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 4.7 | 8 |
Goodwill, Acquired During Period | 0 | -2.4 |
Adjustments | 0 | 0 |
Currency | -0.9 | -0.9 |
Goodwill, Ending Balance | $3.80 | $4.70 |
Prepaid_Expenses_and_Other_Det
Prepaid Expenses and Other (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Prepaid Expense and Other Assets [Abstract] | ||
Prepaid | $63.50 | $89.70 |
Mobile Airtime Inventory | 15.8 | 14.6 |
Income tax receivable | 28.3 | 29.9 |
Other | 21.4 | 18.8 |
Prepaid expenses and other | $129 | $153 |
Other_Assets_Details
Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Assets [Abstract] | ||
Deposits | $26.40 | $24 |
Income tax receivable | 15.9 | 8.9 |
Cross currency swap contract | 4.4 | 4.7 |
Prepaid Pension Assets | 0 | 28.6 |
Equity Method Investments in unconsolidated entities | 2.7 | 15.8 |
Available-for-sale Securities | 3.7 | 4.5 |
Other | 17 | 11.9 |
Other Assets | $70.10 | $98.40 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Amounts in OCI (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease [Abstract] | |||
Pretax benefit plan adjustment amounts arising during the current period | ($232.60) | $251 | ($56.30) |
Income tax related to benefit plan adjustment amounts arising during the current period | 78.5 | -113.8 | 17.3 |
Pretax benefit plan adjustment amounts reclassified to net income | 95.7 | 76.7 | 78.3 |
Income tax related to benefit plan adjustment amounts reclassified to net income | -36 | -27.2 | -27.2 |
Total benefit plan adjustments, net of tax | -94.4 | 186.7 | 12.1 |
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 | -88.3 | -32.3 | 3.4 |
Income tax related to foreign currency adjustment amounts arising during the current period | 0 | 0 | -0.2 |
Pretax foreign currency adjustment amounts reclassified to net income | 1.3 | -0.5 | 0 |
Income tax of foreign currency adjustment amounts reclassified to net income | 0.3 | 0.1 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -86.7 | -32.7 | 3.2 |
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 | 0.8 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts arising during the current period | 0 | 0.1 | -0.2 |
Pretax unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | -0.5 | 0.4 | -2.9 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | 0.2 | -0.2 | 1 |
Total unrealized gains (losses) on available-for-sale securities, net of tax | -0.2 | 0 | -1.3 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Pretax gains (losses) on cash flow hedge amounts arising during the current period | 0.7 | 2.9 | |
Income tax related tocash flow hedge amounts arising during the current period | 0 | 0 | |
Pretax cash flow hedge amounts reclassified to net income | -0.9 | -2.3 | |
Income tax related to cash flow hedge amounts reclassified to net income | 0 | 0 | |
Total gains (losses) on cash flow hedge, net of tax | -0.2 | 0.6 | |
Total pretax other comprehensive income (loss) arising during the current period | -320.1 | 221.3 | -52.1 |
Total income tax related to other comprehensive income (loss) arising during the current period | 78.5 | -113.7 | 16.9 |
Total other comprehensive income (loss) reclassified to net income | 95.6 | 74.3 | 75.4 |
Total income tax related to other comprehensive income (loss) reclassified to net income | -35.5 | -27.3 | -26.2 |
Total other comprehensive income (loss) | -181.5 | 154.6 | 14 |
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 | -231.2 | 251.9 | -53.4 |
Income tax related to benefit plan adjustment amounts arising during the current period | 78.1 | -114.1 | 17.3 |
Pretax benefit plan adjustment amounts reclassified to net income | 95.3 | 76.4 | 78.3 |
Income tax related to benefit plan adjustment amounts reclassified to net income | -35.9 | -27.1 | -27.2 |
Total benefit plan adjustments, net of tax | -93.7 | 187.1 | 15 |
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 | -82.2 | -30.9 | 1 |
Income tax related to foreign currency adjustment amounts arising during the current period | 0 | 0 | -0.2 |
Pretax foreign currency adjustment amounts reclassified to net income | 1.3 | -0.5 | 0 |
Income tax of foreign currency adjustment amounts reclassified to net income | 0.3 | 0.1 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -80.6 | -31.3 | 0.8 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | |||
Pretax unrealized gains (losses) on available-for-sale securities amounts arising during the current period | 0.1 | -0.3 | 0.8 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts arising during the current period | 0 | 0.1 | -0.2 |
Pretax unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | -0.5 | 0.4 | -2.9 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | 0.2 | -0.2 | 1 |
Total unrealized gains (losses) on available-for-sale securities, net of tax | -0.2 | 0 | -1.3 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Pretax gains (losses) on cash flow hedge amounts arising during the current period | 0.7 | 2.9 | |
Income tax related tocash flow hedge amounts arising during the current period | 0 | 0 | |
Pretax cash flow hedge amounts reclassified to net income | -0.9 | -2.3 | |
Income tax related to cash flow hedge amounts reclassified to net income | 0 | 0 | |
Total gains (losses) on cash flow hedge, net of tax | -0.2 | 0.6 | |
Total pretax other comprehensive income (loss) arising during the current period | -312.6 | 223.6 | -51.6 |
Total income tax related to other comprehensive income (loss) arising during the current period | 78.1 | -114 | 16.9 |
Total other comprehensive income (loss) reclassified to net income | 95.2 | 74 | 75.4 |
Total income tax related to other comprehensive income (loss) reclassified to net income | -35.4 | -27.2 | -26.2 |
Total other comprehensive income (loss) | -174.7 | 156.4 | 14.5 |
Noncontrolling Interest [Member] | |||
Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Period Increase Decrease [Abstract] | |||
Pretax benefit plan adjustment amounts arising during the current period | -1.4 | -0.9 | -2.9 |
Income tax related to benefit plan adjustment amounts arising during the current period | 0.4 | 0.3 | 0 |
Pretax benefit plan adjustment amounts reclassified to net income | 0.4 | 0.3 | 0 |
Income tax related to benefit plan adjustment amounts reclassified to net income | -0.1 | -0.1 | 0 |
Total benefit plan adjustments, net of tax | -0.7 | -0.4 | -2.9 |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Period Increase Decrease [Abstract] | |||
Pretax foreign currency adjustment amounts arising during the current period | -6.1 | -1.4 | 2.4 |
Income tax related to foreign currency adjustment amounts arising during the current period | 0 | 0 | 0 |
Pretax foreign currency adjustment amounts reclassified to net income | 0 | 0 | 0 |
Income tax of foreign currency adjustment amounts reclassified to net income | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -6.1 | -1.4 | 2.4 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | |||
Pretax unrealized gains (losses) on available-for-sale securities amounts arising during the current period | 0 | 0 | 0 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts arising during the current period | 0 | 0 | 0 |
Pretax unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | 0 | 0 | 0 |
Income tax related to unrealized gains (losses) on available-for-sale securities amounts reclassified to net income | 0 | 0 | 0 |
Total unrealized gains (losses) on available-for-sale securities, net of tax | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | |||
Pretax gains (losses) on cash flow hedge amounts arising during the current period | 0 | 0 | |
Income tax related tocash flow hedge amounts arising during the current period | 0 | 0 | |
Pretax cash flow hedge amounts reclassified to net income | 0 | 0 | |
Income tax related to cash flow hedge amounts reclassified to net income | 0 | 0 | |
Total gains (losses) on cash flow hedge, net of tax | 0 | 0 | |
Total pretax other comprehensive income (loss) arising during the current period | -7.5 | -2.3 | -0.5 |
Total income tax related to other comprehensive income (loss) arising during the current period | 0.4 | 0.3 | 0 |
Total other comprehensive income (loss) reclassified to net income | 0.4 | 0.3 | 0 |
Total income tax related to other comprehensive income (loss) reclassified to net income | -0.1 | -0.1 | 0 |
Total other comprehensive income (loss) | ($6.80) | ($1.80) | ($0.50) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Reclasses Out Of AOCI (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Pretax foreign currency adjustment amounts arising during the current period | ($88.30) | ($32.30) | $3.40 |
Cost of revenues | 2,948.20 | 3,059.20 | 2,894.20 |
Selling, general and administrative expenses | 560.6 | 546.8 | 532.4 |
Other operating income (expense) | -81 | -9.4 | 11.2 |
Nonoperating Income (Expense) | 1.9 | 1.5 | 7 |
Accumulated Other Comprehensive Income [Abstract] | |||
Beginning balance - AOCI | -617.3 | ||
Other comprehensive income (loss) attributable to Brink's | -181.5 | 154.6 | 14 |
Acquisitions of Noncontrolling Interests | 0 | 18.5 | 10.1 |
Ending Balance - AOCI | -792 | -617.3 | |
Parent [Member] | |||
Accumulated Other Comprehensive Income [Abstract] | |||
Beginning balance - AOCI | -617.3 | -773.4 | -787.9 |
Other comprehensive income (loss) before reclassifications | -234.5 | 109.6 | -34.7 |
Amounts reclassified from accumulated other comprehensive loss | 59.8 | 46.8 | 49.2 |
Other comprehensive income (loss) attributable to Brink's | -174.7 | 156.4 | 14.5 |
Acquisitions of Noncontrolling Interests | 0 | -0.3 | |
Ending Balance - AOCI | -792 | -617.3 | -773.4 |
Benefit plan adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Cost of revenues | 68 | 66.8 | 64.7 |
Selling, general and administrative expenses | 29.5 | 17.5 | 19.8 |
Accumulated Other Comprehensive Income [Abstract] | |||
Beginning balance - AOCI | -478 | -665.1 | -680.1 |
Other comprehensive income (loss) before reclassifications | -153.1 | 137.8 | -36.1 |
Amounts reclassified from accumulated other comprehensive loss | 59.4 | 49.3 | 51.1 |
Other comprehensive income (loss) attributable to Brink's | -93.7 | 187.1 | 15 |
Acquisitions of Noncontrolling Interests | 0 | 0 | |
Ending Balance - AOCI | -571.7 | -478 | -665.1 |
Foreign Currency Translation Adjustments [Member] | Netherlands CIT Operations [Member] | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Pretax foreign currency adjustment amounts arising during the current period | 8 | ||
Foreign Currency Translation Adjustments [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income [Abstract] | |||
Beginning balance - AOCI | -141.5 | -109.9 | -110.7 |
Other comprehensive income (loss) before reclassifications | -82.2 | -30.9 | 0.8 |
Amounts reclassified from accumulated other comprehensive loss | 1.6 | -0.4 | 0 |
Other comprehensive income (loss) attributable to Brink's | -80.6 | -31.3 | 0.8 |
Acquisitions of Noncontrolling Interests | 0 | -0.3 | |
Ending Balance - AOCI | -222.1 | -141.5 | -109.9 |
Unrealized Gains (Losses) on Available-for-Sale Securities [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income [Abstract] | |||
Beginning balance - AOCI | 1.6 | 1.6 | 2.9 |
Other comprehensive income (loss) before reclassifications | 0.1 | -0.2 | 0.6 |
Amounts reclassified from accumulated other comprehensive loss | -0.3 | 0.2 | -1.9 |
Other comprehensive income (loss) attributable to Brink's | -0.2 | 0 | -1.3 |
Acquisitions of Noncontrolling Interests | 0 | 0 | |
Ending Balance - AOCI | 1.4 | 1.6 | 1.6 |
Gains (Losses) on Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract] | |||
Other operating income (expense) | 1.9 | 3.3 | |
Nonoperating Income (Expense) | 1 | 1 | |
Accumulated Other Comprehensive Income [Abstract] | |||
Beginning balance - AOCI | 0.6 | 0 | 0 |
Other comprehensive income (loss) before reclassifications | 0.7 | 2.9 | 0 |
Amounts reclassified from accumulated other comprehensive loss | -0.9 | -2.3 | 0 |
Other comprehensive income (loss) attributable to Brink's | -0.2 | 0.6 | 0 |
Acquisitions of Noncontrolling Interests | 0 | 0 | |
Ending Balance - AOCI | $0.40 | $0.60 | $0 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
DTA bonds [Abstract] | ||
Fair value of the outstanding cross-currency swap | $5.50 | |
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 | $105.60 | $105.80 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Payroll and other employee liabilities | $138.80 | $172.80 |
Taxes, except income taxes | 96.3 | 110.5 |
Cash held by Cash Management Services Operations | 28 | 31.3 |
Workers' compensation and other claims | 22.5 | 24.3 |
Retirement benefits (see note 3) | 8.9 | 10.3 |
Income taxes payable | 11.9 | 14.5 |
Other | 159.9 | 143.8 |
Accrued liabilities | $466.30 | $507.50 |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Workers' compensation and other claims | $47.60 | $42.10 |
Post-employment Benefits | 16.6 | 42 |
Asset Retirement and Remediation Obligations | 12 | 18.9 |
Employee Related Liabilities | 7.1 | 14 |
Noncurrent tax liability | 6.4 | 10.2 |
Other | 40.1 | 43.4 |
Other Liabilities | $129.80 | $170.60 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Long-term Debt Types [Abstract] | |||
Captial lease arrangments | $12,100,000 | $5,500,000 | $18,100,000 |
Total Long-Term Debt | 407,400,000 | 355,100,000 | |
Long Term Debt By Current And Noncurrent [Abstract] | |||
Current maturities of long-term debt | 34,100,000 | 24,600,000 | |
Long-term debt | 373,300,000 | 330,500,000 | |
Total Long-Term Debt | 407,400,000 | 355,100,000 | |
Minimum Repayments of Long-term Debt [Line Items] | |||
2015 | 34,100 | ||
2016 | 26,200 | ||
2017 | 250,300 | ||
2018 | 14,200 | ||
2019 | 11,600 | ||
Later years | 71,000 | ||
Borrowed Funds | 407,400 | ||
Captial Leases [Line Items] | |||
Capital Leased Assets Gross | 141,300 | 138,100 | |
Accumulated Amortization | -71,200 | -57,600 | |
Total | 70,100 | 80,500 | |
Buildings [Member] | |||
Captial Leases [Line Items] | |||
Capital Leased Assets Gross | 2,300 | 2,600 | |
Vehicles [Member] | |||
Captial Leases [Line Items] | |||
Capital Leased Assets Gross | 107,500 | 103,700 | |
Machinery and Equipment [Member] | |||
Captial Leases [Line Items] | |||
Capital Leased Assets Gross | 31,500 | 31,800 | |
Capital Leases Member | |||
Minimum Repayments of Long-term Debt [Line Items] | |||
2015 | 21,300 | ||
2016 | 17,300 | ||
2017 | 9,700 | ||
2018 | 7,100 | ||
2019 | 4,500 | ||
Later years | 5,000 | ||
Borrowed Funds | 64,900 | ||
Other Long-term Debt Member | |||
Minimum Repayments of Long-term Debt [Line Items] | |||
2015 | 12,800 | ||
2016 | 8,900 | ||
2017 | 240,600 | ||
2018 | 7,100 | ||
2019 | 7,100 | ||
Later years | 66,000 | ||
Borrowed Funds | 342,500 | ||
Revolving Facility [Member] | |||
Long-term Debt Types [Abstract] | |||
Bank Credit Facility | 233,000,000 | 120,600,000 | |
Interest Rate And Other Disclosures [Abstract] | |||
Average Interest Rate | 1.60% | 1.60% | |
Private Placement [Member] | |||
Long-term Debt Types [Abstract] | |||
Bank Credit Facility | 100,000,000 | 100,000,000 | |
Interest Rate And Other Disclosures [Abstract] | |||
Debt Due Date | 1-Jan-21 | ||
Private Placement [Member] | Private Placement Notes Seriesa [Member] | |||
Interest Rate And Other Disclosures [Abstract] | |||
Average Interest Rate | 4.60% | ||
Private Placement [Member] | Private Placement Notes Series B [Member] | |||
Interest Rate And Other Disclosures [Abstract] | |||
Average Interest Rate | 5.20% | ||
Other Non-US Dollar-denominated Facilities [Member] | |||
Long-term Debt Types [Abstract] | |||
Bank Credit Facility | 9,500,000 | 14,900,000 | |
Interest Rate And Other Disclosures [Abstract] | |||
Average Interest Rate | 6.90% | 5.70% | |
Dominion Terminal Associates Bonds [Member] | |||
Long-term Debt Types [Abstract] | |||
Dominion Terminal Associates Bonds | 0 | 43,200,000 | |
Interest Rate And Other Disclosures [Abstract] | |||
Average Interest Rate | 6.00% | ||
Debt Due Date | 1-Jan-33 | ||
Captial Lease Interest Rate Information [Member] | |||
Long-term Debt Types [Abstract] | |||
Captial lease arrangments | $64,900,000 | $76,400,000 | |
Interest Rate And Other Disclosures [Abstract] | |||
Average Interest Rate | 3.50% | 3.70% |
LongTerm_Debt_Narrative_Detail
Long-Term Debt (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Long-term Debt Types [Abstract] | |||
Annual Facility Fee | 0.23% | ||
Debt Required Payments Start Date | 1-Jan-15 | ||
Proceeds from Issuance of Debt | $0 | $0 | $0 |
Bonds Face Amount | 43.2 | ||
Undrawn Letters of Credit | 123.1 | ||
February 2017 Multi-currency Facility [Member] | |||
Long-term Debt Types [Abstract] | |||
Debt Due Date | 1-Feb-17 | ||
Credit Facility Availble Borrowing Credit | 20 | ||
Revolving Facility [Member] | |||
Long-term Debt Types [Abstract] | |||
Unsecured notes outstanding | 233 | 120.6 | |
Amended Revolving Facility [Member] | |||
Long-term Debt Types [Abstract] | |||
Credit Facility Borrowing Capacity | 480 | ||
Debt Due Date | 1-Jan-17 | ||
Credit Facility Availble Borrowing Credit | 247 | ||
Amended Revolving Facility [Member] | Libor [Member] | |||
Long-term Debt Types [Abstract] | |||
Margin on Base Rate | 1.40% | ||
Amended Revolving Facility [Member] | Minimum [Member] | |||
Long-term Debt Types [Abstract] | |||
Annual Facility Fee | 0.10% | ||
Amended Revolving Facility [Member] | Minimum [Member] | Libor [Member] | |||
Long-term Debt Types [Abstract] | |||
Margin on Base Rate | 0.90% | ||
Amended Revolving Facility [Member] | Minimum [Member] | Alternate Base Rate [Member] | |||
Long-term Debt Types [Abstract] | |||
Margin on Base Rate | 0.00% | ||
Amended Revolving Facility [Member] | Maximum [Member] | |||
Long-term Debt Types [Abstract] | |||
Annual Facility Fee | 0.30% | ||
Amended Revolving Facility [Member] | Maximum [Member] | Libor [Member] | |||
Long-term Debt Types [Abstract] | |||
Margin on Base Rate | 1.58% | ||
Amended Revolving Facility [Member] | Maximum [Member] | Alternate Base Rate [Member] | |||
Long-term Debt Types [Abstract] | |||
Margin on Base Rate | 0.58% | ||
Private Placement Notes [Member] | |||
Long-term Debt Types [Abstract] | |||
Debt Due Date | 1-Jan-21 | ||
Proceeds from Issuance of Debt | 100 | ||
Private Placement Notes [Member] | Private Placement Notes Seriesa [Member] | |||
Long-term Debt Types [Abstract] | |||
Unsecured notes outstanding | 50 | ||
Private Placement Notes [Member] | Private Placement Notes Series B [Member] | |||
Long-term Debt Types [Abstract] | |||
Unsecured notes outstanding | 50 | ||
Unsecured Multi-currency Debt Facilities [Member] | |||
Long-term Debt Types [Abstract] | |||
Credit Facility Borrowing Capacity | 40 | ||
Credit Facility Availble Borrowing Credit | 20 | ||
Undrawn Letters of Credit | 14.3 | ||
Unsecured Multi-currency Debt Facilities [Member] | December 2015 Multi-currency Facility [Member] | |||
Long-term Debt Types [Abstract] | |||
Debt Due Date | 1-Dec-15 | ||
Credit Facility Availble Borrowing Credit | 20 | ||
Unsecured Multi-currency Debt Facilities [Member] | Minimum [Member] | |||
Long-term Debt Types [Abstract] | |||
Margin on Base Rate | 0.90% | ||
Unsecured Multi-currency Debt Facilities [Member] | Maximum [Member] | |||
Long-term Debt Types [Abstract] | |||
Margin on Base Rate | 2.00% | ||
Unsecured Letter of Credit Facilities [Member] | |||
Long-term Debt Types [Abstract] | |||
Credit Facility Borrowing Capacity | 179 | ||
Credit Facility Availble Borrowing Credit | 72 | ||
Undrawn Letters of Credit | 107 | ||
Unsecured Letter of Credit Facilities [Member] | Fifty Four Million Unsecured Letter of Credit Facility [Member] | |||
Long-term Debt Types [Abstract] | |||
Debt Due Date | 1-Dec-16 | ||
Credit Facility Availble Borrowing Credit | 54 | ||
Unsecured Letter of Credit Facilities [Member] | Eighty Five Million Unsecured Letter of Credit Facility [Member] | |||
Long-term Debt Types [Abstract] | |||
Debt Due Date | 1-Jun-15 | ||
Credit Facility Availble Borrowing Credit | 85 | ||
Unsecured Letter of Credit Facilities [Member] | Twenty Four Million Unsecured Letter of Credit Facility [Member] | |||
Long-term Debt Types [Abstract] | |||
Debt Due Date | 1-Dec-15 | ||
Credit Facility Availble Borrowing Credit | 40 | ||
Unsecured Bilateral Commited Credit Facilities [Member] | |||
Long-term Debt Types [Abstract] | |||
Credit Facility Borrowing Capacity | 24 | ||
Debt Due Date | 1-Apr-16 | ||
Credit Facility Availble Borrowing Credit | 24 | ||
Unsecured Bilateral Commited Credit Facilities [Member] | Minimum [Member] | |||
Long-term Debt Types [Abstract] | |||
Margin on Base Rate | 1.20% | ||
Unsecured Bilateral Commited Credit Facilities [Member] | Maximum [Member] | |||
Long-term Debt Types [Abstract] | |||
Margin on Base Rate | 1.58% | ||
Dominion Terminal Associates Bonds [Member] | |||
Long-term Debt Types [Abstract] | |||
Debt Due Date | 1-Jan-33 | ||
Redemption of bonds including the interest | 44.3 | ||
Other Credit Facilities [Member] | |||
Long-term Debt Types [Abstract] | |||
Undrawn Letters of Credit | $1.80 |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Receivable, Net, Current [Abstract] | |||
Trade | $516.30 | $595.20 | |
Other | 24.2 | 35.2 | |
Total accounts receivable | 540.5 | 630.4 | |
Less-Allowance for doubtful accounts | -10 | -8.2 | -9.2 |
Accounts receivable, net | 530.5 | 622.2 | |
Allowance for doubtful accounts [RollForward] | |||
Beginning of year | 8.2 | 9.2 | 8.9 |
Write offs less recoveries | -2.6 | -3.9 | -1 |
Foreign Currency Exchange Rate Translation | -2.6 | -1.3 | -1.4 |
End of year | 10 | 8.2 | 9.2 |
Continuing Operations [Member] | |||
Allowance for doubtful accounts [RollForward] | |||
Provision for uncollectible accounts receivable | 7.5 | 4.1 | 1.7 |
Allowance For Doubtful Accounts Discontinued Operations [Member] | |||
Allowance for doubtful accounts [RollForward] | |||
Provision for uncollectible accounts receivable | ($0.50) | $0.10 | $1 |
Operating_Leases_Details
Operating Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Leased Assets [Line Items] | |||
2015 | $67.40 | ||
2016 | 52.2 | ||
2017 | 39.9 | ||
2018 | 25.8 | ||
2019 | 19.2 | ||
Later years | 45.5 | ||
Future Minimum Payments Due | 250 | ||
Guarantees | |||
Operating leases residual value guarantee | 0 | ||
Operating Leases, Rent Expense, Net [Abstract] | |||
Operating Leases, Rent Expense, Net | 101.7 | 100.4 | 91.3 |
Buildings [Member] | |||
Operating Leased Assets [Line Items] | |||
2015 | 44.3 | ||
2016 | 34.7 | ||
2017 | 26.8 | ||
2018 | 20.4 | ||
2019 | 15.9 | ||
Later years | 45 | ||
Future Minimum Payments Due | 187.1 | ||
Vehicles [Member] | |||
Operating Leased Assets [Line Items] | |||
2015 | 8.3 | ||
2016 | 9 | ||
2017 | 8.9 | ||
2018 | 3.6 | ||
2019 | 2.2 | ||
Later years | 0 | ||
Future Minimum Payments Due | 32 | ||
Other machinery and equipment [Member] | |||
Operating Leased Assets [Line Items] | |||
2015 | 14.8 | ||
2016 | 8.5 | ||
2017 | 4.2 | ||
2018 | 1.8 | ||
2019 | 1.1 | ||
Later years | 0.5 | ||
Future Minimum Payments Due | $30.90 |
Recovered_Sheet1
Share-Based Compensation Plans - Compensation Expense (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | $17.30 | $9.90 | $8 |
Income tax benefit | -5.6 | -3.4 | -2.7 |
Share-based payment expense, net of tax | 11.7 | 6.5 | 5.3 |
Fair value of shares vested | 4.5 | 6.1 | 5 |
Performance Shares PSU [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 6.8 | 4 | 0 |
Unrecognized expenses for nonvested awards | 5.6 | ||
Weighted average number of years | 1 year 9 months 18 days | ||
Market Share Units MSU [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 1.6 | 1.8 | 0 |
Unrecognized expenses for nonvested awards | 0.7 | ||
Weighted average number of years | 1 year 8 months 12 days | ||
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 6 | 3.1 | 5.4 |
Unrecognized expenses for nonvested awards | 3.6 | ||
Weighted average number of years | 1 year 6 months | ||
Fair value of shares vested | 4.1 | 4.1 | 4.4 |
Deferred Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 0.6 | 0.5 | 0.5 |
Unrecognized expenses for nonvested awards | 0.1 | ||
Weighted average number of years | 3 months 18 days | ||
Fair value of shares vested | 0.3 | 0 | 0 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation Expense | 2.3 | 0.5 | 2.1 |
Unrecognized expenses for nonvested awards | 0.1 | ||
Weighted average number of years | 7 months 6 days | ||
Fair value of shares vested | $0.10 | $2 | $0.60 |
ShareBased_Compensation_Plans_1
Share-Based Compensation Plans - Stock activity - RSUs, PSUs, MSUs (Details) (USD $) | 12 Months Ended | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Jul. 11, 2014 | Dec. 31, 2012 | |
Nonvested share activity [Rollforward] | ||||
Options Exercised - shares | -18,300 | |||
Weighted-average grant-date fair value [Rollforward] | ||||
Options Exercised - Exercise Price | $20.34 | |||
Performance Shares PSU [Member] | ||||
Nonvested share activity [Rollforward] | ||||
Nonvested beginning balance | 199,300 | 384,400 | 199,300 | |
Granted | 1,500 | 187,800 | ||
Cancelled | -42,300 | -2,700 | ||
Nonvested ending balance | 343,600 | 343,600 | 384,400 | |
Weighted-average grant-date fair value [Rollforward] | ||||
Nonvested beginning balance | $24.06 | |||
Granted | $24.41 | |||
Cancelled | $24.02 | |||
Nonvested ending balance | $24.06 | $24.06 | $24.06 | |
Fair Value at Issuance Data [Abstract] | ||||
Nonvested beginning balance | $26.22 | $28.39 | $26.22 | |
Granted | $30.67 | |||
Cancelled | $26.46 | |||
Nonvested ending balance | $28.39 | |||
Restricted Stock Units [Member] | ||||
Nonvested share activity [Rollforward] | ||||
Nonvested beginning balance | 396,400 | 384,700 | 396,400 | |
Granted | 45,000 | 136,700 | ||
Cancelled | -50,000 | -5,600 | ||
Vested | -12,600 | -142,800 | ||
Nonvested ending balance | 367,100 | 367,100 | 384,700 | |
Weighted-average grant-date fair value [Rollforward] | ||||
Nonvested beginning balance | $26.47 | |||
Granted | $21.67 | |||
Cancelled | $26.37 | |||
Vested | $26.93 | |||
Nonvested ending balance | $25.87 | $25.87 | $26.47 | |
Fair Value at Issuance Data [Abstract] | ||||
Nonvested beginning balance | $24.58 | $26.18 | $24.58 | |
Granted | $29.97 | |||
Cancelled | $24.75 | |||
Vested | $25.44 | |||
Nonvested ending balance | $26.18 | |||
Market Share Units MSU [Member] | ||||
Nonvested share activity [Rollforward] | ||||
Nonvested beginning balance | 96,200 | 179,100 | 96,200 | |
Granted | 82,900 | |||
Cancelled | -15,800 | |||
Nonvested ending balance | 163,300 | 163,300 | 179,100 | |
Weighted-average grant-date fair value [Rollforward] | ||||
Nonvested beginning balance | $25.47 | |||
Cancelled | $25.47 | |||
Nonvested ending balance | $25.47 | $25.47 | $25.47 | |
Fair Value at Issuance Data [Abstract] | ||||
Nonvested beginning balance | $26.42 | $28.48 | $26.42 | |
Granted | $30.87 | |||
Nonvested ending balance | $28.48 | |||
Stock Options [Member] | ||||
Nonvested share activity [Rollforward] | ||||
Nonvested beginning balance | 1,474,900 | 871,700 | 1,474,900 | |
Cancelled | -18,500 | -593,300 | ||
Options Exercised - shares | -8,400 | -9,900 | ||
Nonvested ending balance | 844,800 | 844,800 | 871,700 | |
Weighted-average grant-date fair value [Rollforward] | ||||
Nonvested beginning balance | $5.74 | |||
Granted | $7.78 | $6.32 | ||
Cancelled | $6.18 | |||
Options Exercised - Exercise Price | $7.77 | |||
Nonvested ending balance | $5.83 | $5.83 | $5.74 | |
Fair Value at Issuance Data [Abstract] | ||||
Nonvested beginning balance | $7.68 | $7.33 | $7.68 | |
Cancelled | $8.22 | |||
Excercised, Fair Value Issuance Date | $5.69 | |||
Nonvested ending balance | $7.33 | |||
Deferred Stock Units [Member] | ||||
Nonvested share activity [Rollforward] | ||||
Nonvested beginning balance | 19,200 | 19,200 | ||
Granted | 28,300 | |||
Vested | -19,200 | |||
Nonvested ending balance | 28,300 | 28,300 | ||
Weighted-average grant-date fair value [Rollforward] | ||||
Nonvested beginning balance | $26.80 | $26.80 | ||
Granted | $24.70 | |||
Vested | $26.80 | |||
Nonvested ending balance | $24.70 | $24.70 | $22.35 |
ShareBased_Compensation_Plans_2
Share-Based Compensation Plans - Options Activity (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based compensation plans [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,700,000 | ||
Share-based Compensation Plans Optoins Outstanding [Roll Forward] | |||
Beginning Balances - shares | 1,474,900 | ||
Options Exercised - shares | -18,300 | ||
Cancelled | -611,800 | ||
Ending Balance - shares | 844,800 | ||
Share-based Compensation Plans Optoins Outstanding Exercise Price [Abstract] | |||
Beginning Balances - Exercise Price | $29.58 | ||
Options granted - Exercise Price | $0 | ||
Options Exercised - Exercise Price | $20.34 | ||
Cancelled | $34.96 | ||
Ending Balance - Exercise Price | $25.88 | ||
Outstanding Options - Remaining Term Years | 2 years 6 months | ||
Exercisable Options - Shares | 726,700 | 1,200,000 | 2,000,000 |
Exercisable Options - Remaining Term Years | 2 years 4 months 24 days | ||
Options Expected to Vest in Future Periods - Remaining Term Years | 3 years 6 months | ||
Outstanding Options - Average Intrinsic Value | $1.20 | ||
Exercisable Options - Average Intrinsic Value | 1 | ||
Options Expected to Vest in Future Periods - Average Intrinsic Value | $0.20 | ||
Options Expected to Vest in Future Periods - Shares | 117,600 | ||
Options Expected to Vest in Future Periods - Exercise Price | $22.46 |
ShareBased_Compensation_Plans_3
Share-Based Compensation Plans - Terms and Assumptions (Details) (USD $) | 0 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jul. 11, 2014 | Feb. 20, 2014 | 3-May-13 | Jul. 11, 2014 | Dec. 31, 2012 | |
PSUs Granted in 2014 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period, description | Jan. 1, 2014 to Dec. 31, 2016 | Jan. 1, 2014 to Dec. 31, 2016 | April 1, 2013 to Dec. 31, 2015 | ||
Peferformance Period | 3 years | 3 years | |||
Share Price | $33.29 | $33.29 | $33.29 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Expected dividend yield - weighted average | 0.00% | 0.00% | |||
Expected volatility - weighted average | 32.00% | 38.00% | |||
Risk-free interest rate - weighted average | 0.70% | 0.70% | |||
Expected term in years | 2 years 6 months | 2 years 10 months 24 days | |||
Weighted-average fair value estimate per grant date | $24.39 | $30.71 | |||
PSUs Granted in 2013 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period, description | April 1, 2013 to Dec. 31, 2015 | April 1, 2013 to Dec. 31, 2015 | |||
Peferformance Period | 2 years 9 months | 2 years 9 months | |||
Share Price | $27.59 | 27.59 | $27.59 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Expected dividend yield - weighted average | 0.00% | 0.00% | |||
Expected volatility - weighted average | 28.00% | 39.00% | |||
Risk-free interest rate - weighted average | 0.30% | 0.30% | |||
Expected term in years | 1 year 6 months | 2 years 8 months 12 days | |||
Weighted-average fair value estimate per grant date | $23.68 | 26.22 | |||
MSUs Granted in 2014 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period, description | Jan. 1, 2014 to Dec. 31, 2016 | Jan. 1, 2014 to Dec. 31, 2016 | |||
Peferformance Period | 3 years | 3 years | |||
Share Price | $33.29 | $33.29 | $33.29 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Expected dividend yield - weighted average | 0.00% | 0.00% | |||
Expected volatility - weighted average | 32.00% | 38.00% | |||
Risk-free interest rate - weighted average | 0.70% | 0.70% | |||
Expected term in years | 2 years 6 months | 2 years 10 months 24 days | |||
Weighted-average fair value estimate per grant date | $23.34 | $30.87 | |||
MSUs Granted in 2013 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period, description | April 1, 2013 to Dec. 31, 2015 | April 1, 2013 to Dec. 31, 2015 | |||
Peferformance Period | 2 years 9 months | 2 years 9 months | |||
Share Price | $27.59 | 27.59 | $27.59 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Expected dividend yield - weighted average | 0.00% | 0.00% | |||
Expected volatility - weighted average | 28.00% | 39.00% | |||
Risk-free interest rate - weighted average | 0.30% | 0.30% | |||
Expected term in years | 1 year 6 months | 2 years 8 months 12 days | |||
Weighted-average fair value estimate per grant date | $27.30 | 26.42 | |||
Stock Options Granted in 2012 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Price | $22.52 | $22.52 | $22.55 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Expected dividend yield - weighted average | 1.50% | 1.80% | |||
Expected volatility - weighted average | 37.00% | 40.00% | |||
Risk-free interest rate - weighted average | 0.90% | 0.60% | |||
Expected term in years | 2 years 6 months | 4 years 3 months 0 days | |||
Weighted-average fair value estimate per grant date | $7.78 | $6.32 | |||
Stock Options Granted in 2012 [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Expected term in years | 2 years 4 months 24 days | 3 years 3 months 7 days | |||
Stock Options Granted in 2012 [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||
Expected term in years | 2 years 9 months 18 days | 5 years 3 months 7 days |
ShareBased_Compensation_Plans_4
Share-Based Compensation Plans, Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Jul. 11, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
employees | employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of employees affected by change in policy | 300 | |||||
Payment Award Plan Modification Incremental Compensation Cost | $4.20 | |||||
Weighted-average exercise price per share | $0 | |||||
Market Price per Share | $24.41 | $24.41 | ||||
Exercisable Options - Shares | 726,700 | 726,700 | 1,200,000 | 2,000,000 | ||
Exercisable Options - Exercise Price | $26.44 | $26.44 | 30.92 | $32.15 | ||
Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred compensation plan, stock units held | 292,221 | 292,221 | 222,227 | |||
Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred compensation plan, stock units held | 53,335 | 53,335 | 72,541 | |||
Performance Shares PSU [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of employees affected by change in policy | 100 | 100 | ||||
Fair value | 1,500 | 187,800 | ||||
Vesting period | 3 years | |||||
Terms of Award | The number of shares paid out is also affected by Brinkbs total shareholder return relative to the total return of a pre-established stock index over the performance period. The number of shares paid out is increased by 25% if Brinkbs total shareholder return is at or above the 75th percentile of the indexbs total return. The number of shares paid out is reduced by 25% if Brinkbs performance is at or below the 25th percentile. The number of shares is not adjusted if Brinkbs performance is between the 25th and 75th percentile. | |||||
The weighted-average grant-date fair value | $24.06 | $24.06 | $24.06 | |||
Performance Shares PSU [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reward Rate Of Stock Appreciation Over Performance Period | 0.00% | |||||
Performance Shares PSU [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reward Rate Of Stock Appreciation Over Performance Period | 200.00% | |||||
Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value | 45,000 | 136,700 | ||||
Weighted-average fair value per share at issuance date | $27.91 | $27.91 | 26.17 | $22.35 | ||
Weighted Average Discount Rate, Percent | 3.00% | 3.00% | 3.00% | |||
The weighted-average grant-date fair value | $25.87 | $25.87 | $26.47 | |||
Market Share Units MSU [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value | 82,900 | |||||
Terms of Award | If the price of Brinkbs stock at the end of the performance period is less than 50% of the initial price, no payout for MSUs will occur. | |||||
The weighted-average grant-date fair value | $25.47 | $25.47 | $25.47 | |||
Market Share Units MSU [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reward Rate Of Stock Appreciation Over Performance Period | 0.00% | |||||
Market Share Units MSU [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Reward Rate Of Stock Appreciation Over Performance Period | 150.00% | |||||
Employee Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
The weighted-average grant-date fair value | $5.83 | $5.83 | $5.74 | |||
Employee Stock Options [Member] | Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 6 years | |||||
Employee Stock Options [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 10 years | |||||
Deferred Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value | 28,300 | |||||
The weighted-average grant-date fair value | $24.70 | $24.70 | 26.8 | $22.35 |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 06, 2012 | Mar. 05, 2012 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||
Shares of common stock authorized | 100,000,000 | 100,000,000 | |||
Shares issued and outstanding | 48,600,000 | 48,400,000 | |||
Shares of Common Stock for Pension Plan Contribution | 361,446 | ||||
Shares of Common Stock for Defined Benefit Plan Contribution - Value per Share | $24.90 | ||||
Value of Shares of Common Stock for Defined Benefit Plan Contribution | $0 | $9 | |||
Date of shares issued for stock contribution | 6-Mar-12 | ||||
Discount due to lack of marketability | 2.40% | ||||
Closing share price | $25.51 | ||||
Regular Quarterly Dividend Date Declared | 22-Jan-15 | ||||
Regular Quarterly Dividend Payable - Amount per Share | $0.10 | ||||
Regular Quarterly Dividend Date Payable | 2-Mar-15 | ||||
Amount of Shares of Preferred Stock Authorized to be Issued | 2,000,000 | ||||
Common Stock Shares Available under Shelf Registration | 141,500,000 | ||||
Par Value of Preferred Stock Authorized to be Issued | $10 |
Capital_Stock_Shares_Used_To_C
Capital Stock - Shares Used To Calculate Earnings (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||
Basic | 49 | 48.7 | 48.4 |
Effect of dilutive stock awards | 0 | 0.3 | 0.2 |
Diluted | 49 | 49 | 48.6 |
Antidilutive stock options and awards excluded from denominator | 1.7 | 1.3 | 2.4 |
Deferred compensation common stock unit | 0.5 | 0.6 | 0.9 |
Loss_from_Discontinued_Operati2
Loss from Discontinued Operations (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Discontinued operations [Line Items] | ||||
Loss from operations before tax | ($13.30) | ($17.40) | ($9.50) | |
Loss on sale | -18.9 | 16.3 | -0.3 | |
Income (loss) from discontinued operations before income taxes | -28.7 | -1.8 | -10.3 | |
Provision (credit) for income taxes | 0.4 | 7.4 | 3.1 | |
Loss from discontinued operations, net of tax | -29.1 | -9.2 | -13.4 | |
Revenues - disposal group | 159.7 | 306 | 368.9 | |
Interest expense included in discontinued operations | 0 | 0.4 | 0.8 | |
Termination benefits | 21.8 | |||
Shares contributed to pension plan, value | 0 | 9 | ||
Employee Severance [Member] | ||||
Discontinued operations [Line Items] | ||||
Loss from operations before tax | 16.2 | |||
Severance and impairment charges [Member] | ||||
Discontinued operations [Line Items] | ||||
Loss from operations before tax | 15.6 | |||
France [Member] | ||||
Discontinued operations [Line Items] | ||||
Revenues - disposal group | 0 | 0 | 16.4 | |
Mexico [Member] | ||||
Discontinued operations [Line Items] | ||||
Revenues - disposal group | 21.2 | 26.5 | 29.1 | |
Canada [Member] | ||||
Discontinued operations [Line Items] | ||||
Revenues - disposal group | 0 | 41.2 | 52.1 | |
Largest 5 Markets [Member] | ||||
Discontinued operations [Line Items] | ||||
Revenues - disposal group | 21.2 | 67.7 | 97.6 | |
Latin America [Member] | ||||
Discontinued operations [Line Items] | ||||
Revenues - disposal group | 4.9 | 6.6 | 6.3 | |
Europe, Middle East and Africa [Member] | ||||
Discontinued operations [Line Items] | ||||
Revenues - disposal group | 126 | 197.1 | 231.5 | |
Asia | ||||
Discontinued operations [Line Items] | ||||
Revenues - disposal group | 7.6 | 34.6 | 33.5 | |
Global Markets [Member] | ||||
Discontinued operations [Line Items] | ||||
Revenues - disposal group | 138.5 | 238.3 | 271.3 | |
Insurance recoveries related to BAX Global indemnification [Member] | ||||
Discontinued operations [Line Items] | ||||
Adjustments to contingencies of former operations | 9.5 | 0 | 0 | 11.5 |
Workers' compensation [Member] | ||||
Discontinued operations [Line Items] | ||||
Adjustments to contingencies of former operations | -4.4 | -1.7 | -0.2 | |
Other Contingencies [Member] | ||||
Discontinued operations [Line Items] | ||||
Adjustments to contingencies of former operations | -1.6 | 1 | -0.3 | |
German CIT Operations [Member] | ||||
Discontinued operations [Line Items] | ||||
Revenues - disposal group | 0 | 56.4 | 57.7 | |
Losses from operations before tax | 0 | -24.3 | -10 | |
Netherlands CIT Operations [Member] | ||||
Discontinued operations [Line Items] | ||||
Revenues - disposal group | 126 | 119.5 | 111 | |
Losses from operations before tax | ($2) | $13 | $15.20 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow [Line Items] | |||
Interest | $22.90 | $23.70 | $22.70 |
Income taxes | 68.6 | 92.7 | 89.3 |
Captial lease arrangments | 12.1 | 5.5 | 18.1 |
Value of Shares of Common Stock for Defined Benefit Plan Contribution | $0 | $9 |
Other_Operating_Income_Expense2
Other Operating Income (Expense) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 |
Other Income and Expenses [Abstract] | ||||
Currency exchange transaction losses | ($130.80) | ($20.20) | ($4) | |
Foreign currency hedge gains | 1.4 | -0.4 | 0.2 | |
Gains (losses) on sale of property and other assets | 44.9 | 2.4 | 7.6 | |
Impairment losses | -3.3 | -2.9 | -2.4 | |
Share of earnings of unconsolidated equity affiliates | 4.3 | 6.7 | 6 | |
Royalty income | 1.5 | 1.9 | 2.1 | |
Gains on business acquisitions and dispositions | 0 | 2.8 | 0.8 | |
Other | 1 | 0.3 | 0.9 | |
Other Operating Income (Expense), Net | -81 | -9.4 | 11.2 | |
Effect of Fourth Quarter Events [Line Items] | ||||
Gains (Losses) on Business Acquisitions and Dispositions | 0 | 2.8 | 0.8 | |
Venezuelan Bolivar Fuerte [Member] | ||||
Effect of Fourth Quarter Events [Line Items] | ||||
Amount Recognized Inincome Due To Inflationary Accounting | 121.6 | 13.4 | ||
Peruvian CIT Business [Member] | ||||
Effect of Fourth Quarter Events [Line Items] | ||||
Gains (Losses) on Business Acquisitions and Dispositions | $44.30 | $44.30 |
Interest_and_Other_Nonoperatin2
Interest and Other Nonoperating Income (Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Interest income | $3 | $2.70 | $4.60 |
Gain on sale of available-for-sale securities | 0.4 | 0.4 | 2.9 |
Foreign Currency Hedge Losses | -1 | -1 | 0 |
Other | -0.5 | -0.6 | -0.5 |
Interest and other income | $1.90 | $1.50 | $7 |
Other_Commitments_and_Continge1
Other Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Oct. 28, 2010 | Dec. 06, 2013 | Sep. 17, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Noncancellable commitments in equipment purchases | $11.20 | |||
Loss Contingencies [Line Items] | ||||
Lawsuit filing date | 6/19/08 | |||
Company Best Estimate Of Exposure | 2 | |||
Maximum loss amount | 10 | |||
The Court [Member] | ||||
Loss Contingencies [Line Items] | ||||
Amount To Pay To Plaintiff | 1 | |||
Fifth Civil Court Of Appeal [Member] | ||||
Loss Contingencies [Line Items] | ||||
Amount To Pay To Plaintiff | 7 | |||
First Civil Collegiate Tribunal [Member] | ||||
Loss Contingencies [Line Items] | ||||
Amount To Pay To Plaintiff | $2 |
Restrucutring_Details
Restrucutring (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Number of Positions Eliminated | 1,700 | |
Employee Severance [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring charges incurred | $21.80 | |
Reorganization And Restructuring 2014 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of Positions Eliminated | 1,700 | |
Reorganization And Restructuring 2014 [Member] | Employee Severance [Member] | ||
Restructuring Charges [Abstract] | ||
Restructuring charges incurred | 21.8 | |
Estimated restructuring charges | 25 | 25 |
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve, beginining balance | 0 | |
Expenses | 21.8 | |
Payments | -0.3 | |
Foreign currency exchange effects | -0.1 | |
Restructuring Reserve, ending balance | 21.4 | 21.4 |
Reorganization And Restructuring 2014 [Member] | Reduced Direct Costs [Member] | Minimum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected savings in annual direct costs | -45 | -45 |
Reorganization And Restructuring 2014 [Member] | Reduced Direct Costs [Member] | Maximum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Expected savings in annual direct costs | ($50) | ($50) |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $881.20 | $872.50 | $859 | $949.60 | $997.20 | $942.10 | $929 | $910.30 | $3,562.30 | $3,778.60 | $3,577.60 |
Operating profit | -23.7 | 61.2 | 8.7 | -73.7 | 59.4 | 56.9 | 31.7 | 15.2 | -27.5 | 163.2 | 162.2 |
Amounts Attributable To Brink's Income (Loss) From [Abstract] | |||||||||||
Continuing operations | -25.5 | 28.8 | 0.9 | -59 | 23.9 | 28.4 | 12.1 | 1.6 | -54.8 | 66 | 102.3 |
Discontinued operations | -21.7 | -8.6 | 0.7 | 0.5 | 17 | -4.6 | -3.4 | -18.2 | -29.1 | -9.2 | -13.4 |
Net income attributable to Brink's | -47.2 | 20.2 | 1.6 | -58.5 | 40.9 | 23.8 | 8.7 | -16.6 | -83.9 | 56.8 | 88.9 |
Depreciation and amortization | 39.4 | 39.7 | 40.9 | 41.9 | 44.8 | 40.4 | 40.4 | 40.2 | 161.9 | 165.8 | 148.4 |
Capital expenditures | 53.7 | 26.3 | 32.3 | 23.8 | 53.7 | 43.1 | 43.6 | 32.5 | 136.1 | 172.9 | 170.9 |
Basic: | |||||||||||
Continuing operations | ($0.52) | $0.59 | $0.02 | ($1.21) | $0.49 | $0.58 | $0.25 | $0.03 | ($1.12) | $1.36 | $2.12 |
Discontinued operations | ($0.44) | ($0.17) | $0.01 | $0.01 | $0.35 | ($0.09) | ($0.07) | ($0.37) | ($0.59) | ($0.19) | ($0.28) |
Net income (loss) | ($0.96) | $0.41 | $0.03 | ($1.20) | $0.84 | $0.49 | $0.18 | ($0.34) | ($1.71) | $1.17 | $1.84 |
Diluted: | |||||||||||
Continuing operations | ($0.52) | $0.58 | $0.02 | ($1.21) | $0.49 | $0.58 | $0.25 | $0.03 | ($1.12) | $1.35 | $2.11 |
Discontinued operations | ($0.44) | ($0.17) | $0.01 | $0.01 | $0.35 | ($0.09) | ($0.07) | ($0.37) | ($0.59) | ($0.19) | ($0.28) |
Net income (loss) | ($0.96) | $0.41 | $0.03 | ($1.20) | $0.83 | $0.49 | $0.18 | ($0.34) | ($1.71) | $1.16 | $1.83 |
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Pretax Gain on Sale of Business | 0 | 2.8 | 0.8 | ||||||||
Peruvian CIT Business [Member] | |||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Pretax Gain on Sale of Business | 44.3 | 44.3 | |||||||||
Belgium [Member] | |||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Loss Due to Theft | 18.7 | ||||||||||
SICAD II [Member] | |||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Net remeasurement loss | 121.9 | ||||||||||
Venezuela 2013 Currency Devaluation [Member] | |||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Net remeasurement loss | 13.4 | ||||||||||
Employee Severance [Member] | |||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Restructuring charges incurred | 21.8 | ||||||||||
US Plans [Member] | |||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||
Settlement loss | ($56.10) | ($56.10) | ($0.10) | ($5) |