Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 27, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Fiscal Year Focus | 2,015 | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | BRINKS CO | |
Entity Central Index Key | 78,890 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 48,847,646 | |
Trading Symbol | bco |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 181.1 | $ 176.2 |
Accounts receivable, net | 508.2 | 530.5 |
Prepaid expenses and other | 143.9 | 129 |
Deferred income taxes | 64.3 | 71.9 |
Total current assets | 897.5 | 907.6 |
Property and equipment, net | 571.2 | 669.5 |
Goodwill | 201.1 | 215.7 |
Other intangibles | 34.2 | 39.8 |
Deferred income taxes | 279 | 289.5 |
Other | 64.5 | 70.1 |
Total assets | 2,047.5 | 2,192.2 |
Current liabilities: | ||
Short-term borrowings | 40.5 | 59.4 |
Current maturities of long-term debt | 38.1 | 34.1 |
Accounts payable | 146.2 | 168.6 |
Accrued liabilities | 430.8 | 466.3 |
Total current liabilities | 655.6 | 728.4 |
Long-term debt | 411.5 | 373.3 |
Accrued pension costs | 197.6 | 219 |
Retirement benefits other than pensions | 253.2 | 257.1 |
Deferred income taxes | 9.8 | 10.8 |
Other | 111.8 | 129.8 |
Total liabilities | $ 1,639.5 | $ 1,718.4 |
Contingent liabilities | ||
The Brink's Company (Brink's) shareholders: | ||
Common stock | $ 48.8 | $ 48.6 |
Capital in excess of par value | 595.8 | 584.5 |
Retained earnings | 567.1 | 592.9 |
Accumulated other comprehensive loss | (818.5) | (792) |
Brink’s shareholders | 393.2 | 434 |
Noncontrolling interests | 14.8 | 39.8 |
Total equity | 408 | 473.8 |
Total liabilities and equity | $ 2,047.5 | $ 2,192.2 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues | $ 760.3 | $ 859 | $ 1,536.4 | $ 1,808.6 |
Costs and expenses: | ||||
Cost of revenues | 620.9 | 718.9 | 1,250 | 1,478.6 |
Selling, general and administrative expenses | 120 | 130.8 | 232.3 | 271.3 |
Total costs and expenses | 740.9 | 849.7 | 1,482.3 | 1,749.9 |
Other operating expense | (34) | (0.6) | (55.8) | (123.7) |
Operating profit (loss) | (14.6) | 8.7 | (1.7) | (65) |
Interest expense | (4.7) | (5.9) | (9.6) | (11.7) |
Interest and other income | 0.4 | 0.6 | 0.8 | 0.6 |
Income (loss) from continuing operations before tax | (18.9) | 3.4 | (10.5) | (76.1) |
Provision for income taxes | 7.6 | 4.1 | 23.1 | 12.8 |
Loss from continuing operations | (26.5) | (0.7) | (33.6) | (88.9) |
Income (loss) from discontinued operations, net of tax | 0.1 | 0.7 | (2.3) | 1.2 |
Net loss | (26.4) | 0 | (35.9) | (87.7) |
Less net loss attributable to noncontrolling interests | (13.5) | (1.6) | (20) | (30.8) |
Net income (loss) attributable to Brink’s | (12.9) | 1.6 | (15.9) | (56.9) |
Amounts attributable to Brink’s | ||||
Continuing operations | (13) | 0.9 | (13.6) | (58.1) |
Discontinued operations | 0.1 | 0.7 | (2.3) | 1.2 |
Net income (loss) attributable to Brink’s | $ (12.9) | $ 1.6 | $ (15.9) | $ (56.9) |
Basic: | ||||
Continuing operations (dollars per share) | $ (0.26) | $ 0.02 | $ (0.28) | $ (1.19) |
Discontinued operations (dollars per share) | 0 | 0.01 | (0.05) | 0.02 |
Net income (loss) (dollars per share) | (0.26) | 0.03 | (0.32) | (1.16) |
Diluted: | ||||
Continuing operations (dollars per share) | (0.26) | 0.02 | (0.28) | (1.19) |
Discontinued operations (dollars per share) | 0 | 0.01 | (0.05) | 0.02 |
Net income (loss) (dollars per share) | $ (0.26) | $ 0.03 | $ (0.32) | $ (1.16) |
Weighted-average shares | ||||
Basic (shares) | 49.3 | 49 | 49.2 | 49 |
Diluted (shares) | 49.3 | 49.4 | 49.2 | 49 |
Cash dividends paid per common share (dollars per share) | $ 0.10 | $ 0.10 | $ 0.20 | $ 0.20 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (26.4) | $ 0 | $ (35.9) | $ (87.7) |
Benefit plan adjustments: | ||||
Benefit plan experience gains | 13.4 | 9.1 | 27.6 | 19.6 |
Benefit plan prior service cost | (0.5) | (0.5) | (3.5) | (0.9) |
Deferred profit sharing | 0.2 | 0 | 0.2 | |
Total benefit plan adjustments | 13.1 | 8.6 | 24.3 | 18.7 |
Foreign currency translation adjustments | 6.9 | 8.3 | (43.5) | 4.1 |
Unrealized net gains (losses) on available-for-sale securities | (0.1) | (0.1) | (0.1) | (0.1) |
Gains (losses) on cash flow hedges | 0.4 | (0.6) | 0.4 | 0 |
Other comprehensive income (loss) before tax | 20.3 | 16.2 | (18.9) | 22.7 |
Provision for income taxes | 4.5 | 3.3 | 8.5 | 7 |
Other comprehensive income (loss) | 15.8 | 12.9 | (27.4) | 15.7 |
Comprehensive income (loss) | (10.6) | 12.9 | (63.3) | (72) |
Less comprehensive loss attributable to noncontrolling interests | (13) | (0.5) | (20.9) | (30.4) |
Comprehensive income (loss) attributable to Brink's | $ 2.4 | $ 13.4 | $ (42.4) | $ (41.6) |
Consolidated Statement of Equit
Consolidated Statement of Equity - 6 months ended Jun. 30, 2015 - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Attributable to Noncontrolling Interests |
Beginning balance at Dec. 31, 2014 | $ 473.8 | $ 48.6 | $ 584.5 | $ 592.9 | $ (792) | $ 39.8 |
Beginning balance, Shares at Dec. 31, 2014 | 48.6 | |||||
Net loss | (35.9) | (15.9) | (20) | |||
Other comprehensive loss | (27.4) | (26.5) | (0.9) | |||
Dividends to: | ||||||
Brink’s common shareholders ($0.20 per share) | (9.7) | (9.7) | ||||
Noncontrolling interests | (4.1) | (4.1) | ||||
Share-based compensation: | ||||||
Compensation expense | 8.5 | 8.5 | ||||
Consideration from exercise of stock options | 3.6 | $ 0.1 | 3.5 | |||
Consideration from exercise of stock options, shares | 0.1 | |||||
Other share-based benefit programs | (0.8) | $ 0.1 | (0.7) | (0.2) | ||
Other share-based benefit programs, shares | 0.1 | |||||
Ending balance at Jun. 30, 2015 | $ 408 | $ 48.8 | $ 595.8 | $ 567.1 | $ (818.5) | $ 14.8 |
Ending balance, Shares at Jun. 30, 2015 | 48.8 |
Consolidated Statement of Equi6
Consolidated Statement of Equity (Parenthetical) | 6 Months Ended |
Jun. 30, 2015$ / shares | |
Dividends to: | |
Dividends (dollars per share) | $ 0.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (35.9) | $ (87.7) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
(Income) loss from discontinued operations, net of tax | 2.3 | (1.2) |
Depreciation and amortization | 73.2 | 82.8 |
Share-based compensation expense | 8.5 | 13.5 |
Deferred income taxes | (4.1) | (23.1) |
Sales of available-for-sale securities | (0.1) | (0.1) |
Sales of property and other assets | (0.5) | (0.5) |
Venezuela impairment | 34.5 | 0 |
Other impairment losses | 1.3 | 0 |
Retirement benefit funding (more) less than expense: | ||
Pension | 2.9 | (21.6) |
Other than pension | 5.1 | 2.1 |
Loss on Venezuela currency devaluation | 18.2 | 122.2 |
Other operating | 3.4 | 3.2 |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | (35.4) | (80.1) |
Accounts payable, income taxes payable and accrued liabilities | (15.4) | 33.6 |
Customer obligations | 6.7 | 9.4 |
Prepaid and other current assets | (19.3) | 1 |
Other | (0.8) | (7.5) |
Discontinued operations | (2) | 1.6 |
Net cash provided by operating activities | 42.6 | 47.6 |
Cash flows from investing activities: | ||
Capital expenditures | (35.2) | (56.1) |
Sale of available-for-sale securities | 0.4 | 1.3 |
Cash proceeds from sale of property, equipment and investments | 0.6 | 1.6 |
Other | (0.5) | (0.1) |
Discontinued operations | 1.9 | (5.5) |
Net cash used by investing activities | (32.8) | (58.8) |
Cash flows from financing activities: | ||
Short-term debt | (12.4) | 3.9 |
Long-term revolving credit facilities | (20) | 104.2 |
Borrowings | 82.1 | 6.1 |
Repayments | (25.8) | (22.7) |
Debt financing costs | (2) | 0 |
Dividends to: | ||
Shareholders of Brink’s | (9.7) | (9.7) |
Noncontrolling interests in subsidiaries | (4.1) | (6.2) |
Proceeds from exercise of stock options | 3.6 | 0.2 |
Minimum tax withholdings associated with share-based compensation | (0.8) | (0.7) |
Other | 0.4 | (0.5) |
Net cash provided by financing activities | 11.3 | 74.6 |
Effect of exchange rate changes on cash | (16.2) | (94.2) |
Cash and cash equivalents: | ||
Increase (decrease) | 4.9 | (30.8) |
Balance at beginning of period | 176.2 | 255.5 |
Balance at end of period | $ 181.1 | $ 224.7 |
Basis of presentation
Basis of presentation | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation Effective December 2014, The Brink’s Company (along with its subsidiaries, “Brink’s” or “we”) has 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 Our unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and applicable quarterly reporting regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2014 . We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill and other long-lived assets, pension and other retirement benefit obligations, legal contingencies, foreign currency translation and deferred tax assets. The consolidated financial statements include 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, 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. Foreign Currency Translation Our consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with a three -year cumulative inflation rate of more than 100% are considered highly inflationary. Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expenses are translated at rates of exchange in effect during the year. Transaction gains and losses are recorded in net income. Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local-currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Non-monetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. Venezuela The economy in Venezuela has had significant inflation in the last several years. We consolidate our Venezuelan results using our accounting policy for subsidiaries operating in highly inflationary economies. Brink’s Venezuela accounted for $32.7 million or 2% of total Brink’s revenues in the six months ended June 30, 2015 and $153.6 million or 8% of total Brink’s revenues in the six months ended June 30, 2014 . Since 2003, the Venezuelan government has controlled the exchange of local currency into other currencies, including the U.S. dollar. During this period, the Venezuelan government has required that currency exchanges be made at official rates established by the government instead of allowing open markets to determine currency rates. Different official rates existed for different industries and purposes. The government has not approved all requests to convert bolivars to other currencies. 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. We were only able to obtain dollars once using the SICAD process. 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 in a range of 49 to 52 bolivars to the U.S. dollar. From March 2014 through December 31, 2014, we received approval to obtain a total of $1.2 million (at a weighted average exchange rate of 51 bolivars to the dollar) through the SICAD II mechanism. In February 2015, the government replaced the SICAD II process with a new process, known locally as SIMADI. The rates published since mid-February 2015 have ranged from 170 to 200 bolivars to the U.S. dollar. To date, we have received only minimal U.S. dollars through this exchange mechanism. As a result of the restrictions on currency exchange, our Venezuelan operations have in the past been unable to obtain sufficient U.S. dollars to purchase certain imported supplies and fixed assets. Consequently, our Venezuelan operations 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 continue to prevent us from repatriating dividends or obtaining U.S. dollars to operate our Venezuela operations. Remeasurement rates during 2014. Through March 23, 2014, we used the official rate of 6.3 bolivars to the U.S. dollar to remeasure our bolivar-denominated monetary assets and liabilities into U.S. dollars and to translate our revenue and expenses. Effective March 24, 2014, we began to use the exchange rate published for the SICAD II process to remeasure bolivar-denominated monetary assets and liabilities and to translate our revenue and expenses. We recognized a $122.2 million net remeasurement loss in the first half of 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 the SIMADI process in February 2015. The after-tax effect of this loss attributable to noncontrolling interests was $39.8 million in the first half of 2014. Remeasurement rates during 2015 . Through February 11, 2015, we used the SICAD II rates to remeasure our bolivar-denominated monetary assets and liabilities into U.S. dollars and to translate our revenue and expenses. Effective February 12, 2015, we began to use the exchange rate published for the SIMADI process to remeasure bolivar-denominated monetary assets and liabilities and to translate our revenue and expenses. The SIMADI rate at June 30, 2015 was 197 bolivars to the dollar. As a result, we recognized an $18.2 million net remeasurement loss in the first six months of 2015 . The after-tax effect of this loss attributable to noncontrolling interests was $5.6 million . Remeasuring our Venezuelan results using the SIMADI rate has had the following effects on our reported results: • Brink’s Venezuela became a much smaller component of Brink’s consolidated revenues and operating profit. • Brink’s Venezuela’s profit margin percentage declined as the historical U.S. dollar 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 $14.2 million at June 30, 2015 , and $55.0 million at December 31, 2014 . • Our investment in our Venezuelan operations on an equity-method basis has declined. Our investment was $24.5 million at June 30, 2015 , and $59.6 million at December 31, 2014 . • Accumulated other comprehensive losses attributable to Brink’s shareholders related to Brink’s Venezuela were $112.4 million at June 30, 2015 and $113.0 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 $4.3 million (including $3.7 million of cash and cash equivalents) at June 30, 2015 and $23.5 million (including $12.6 million of cash and cash equivalents) at December 31, 2014 . Impairment of Long-lived Assets in Venezuela During the second quarter of 2015, Brink's elected to evaluate and pursue strategic options for the Venezuelan business. Our consideration of these strategic options is ongoing and, during the second quarter of 2015, required us to perform an impairment review of the carrying values of our Venezuelan long-lived assets in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 360, Property, Plant and Equipment . Our asset impairment analysis included management's best estimate of associated cash flows relating to the long-lived assets, and included fair value assumptions that reflect conditions that exist in a volatile economic environment. The actual outcomes of future events may result in further adjustments. As a result of our analysis, we recognized a $34.5 million impairment charge in the second quarter of 2015 . After the impairment charge, the carrying value of the long-lived assets of our Venezuelan operations is $3.7 million at June 30, 2015 . We have not reclassified any of the $112.4 million of accumulated other comprehensive losses attributable to Brink’s shareholders related to Brink’s Venezuela into earnings. New Accounting Standards In April 2015, the FASB issued Accounting Standards Update (“ASU”) 2015-03, Simplifying the Presentation of Debt Issuance Costs , which will become effective for us on January 1, 2016. Under ASU 2015-3, certain debt issuance costs currently reported as assets will be reclassified and shown as direct adjustments to the reported debt liability. The adoption of this guidance will not have a material effect on our financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts with Customers, a new standard related to revenue recognition which requires an entity to recognize an amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP. In April 2015, the FASB issued a proposed ASU that would defer the effective date of this new standard to January 1, 2018. Early adoption is not permitted. The new standard can be applied retrospectively to each reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application in retained earnings. We are assessing the potential impact of this new standard on financial reporting and have not yet selected a transition method. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment information | Segment information The Brink’s Company offers transportation and logistics management services for cash and valuables throughout the world. These services include: • Cash-in-Transit (“CIT”) Services – armored vehicle transportation of valuables • ATM Services – replenishing and maintaining customers’ automated teller machines; providing network infrastructure services • Global Services – secure international transportation of valuables • Cash Management Services ◦ Currency and coin counting and sorting; deposit preparation and reconciliations; other cash management services ◦ Safe and safe control device installation and servicing (including our patented CompuSafe ® service) ◦ Check and cash processing services for banking customers (“Virtual Vault Services”) ◦ Check imaging services for banking customers • Payment Services – bill payment and processing services on behalf of utility companies and other billers at any of our Brink’s or Brink’s – operated payment locations in Latin America and Brink’s Money™ general purpose reloadable prepaid cards and payroll cards in the U.S. • Guarding Services – protection of airports, offices, and certain other locations in Europe and Brazil with or without electronic surveillance, access control, fire prevention and highly trained patrolling personnel We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. Our CODM is our President and Chief Executive Officer. Our CODM evaluates performance and allocates resources to each operating segment based on operating profit or loss, excluding income and expenses not allocated to segments. We have nine operating segments: • 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 When reviewing segment operating results for the first quarter of 2015 , the CODM determined that it was no longer useful to include the operations of Venezuela in the evaluation of the results for the Global Markets – Latin America segment. Accordingly, the Company changed the composition of its reportable segments effective January 1, 2015 to exclude the Venezuela business. The Venezuela operations are now reported as part of other items not allocated to segments for all periods presented. This change in the Company’s segment composition and segment performance measure provides the CODM with information to effectively assess segment performance and to make resource and allocation decisions. In addition, the removal of Venezuela from the Latin America segment provides our investors with an understanding of segment results that aligns with management’s view of the business, which is consistent with FASB ASC Topic 280, Segment Reporting . We believe that Brink’s has significant competitive advantages including: • brand name recognition • reputation for a high level of service and security • risk management and logistics expertise • global infrastructure and customer base • proprietary cash processing • proven operational excellence • high-quality insurance coverage and general financial strength. Revenues Operating Profit (Loss) Three Months Ended June 30, Three Months Ended June 30, (In millions) 2015 2014 2015 2014 Reportable Segments: U.S. $ 184.1 180.3 $ 6.4 5.9 France 107.4 133.1 6.7 4.9 Mexico 85.1 98.1 4.5 (0.9 ) Brazil 67.7 91.5 2.1 5.4 Canada 39.6 45.3 2.4 2.4 Largest 5 Markets 483.9 548.3 22.1 17.7 Latin America 91.2 93.1 19.2 11.4 EMEA 112.3 137.5 9.1 12.0 Asia 38.6 34.0 5.9 5.1 Global Markets 242.1 264.6 34.2 28.5 Payment Services 22.1 23.8 (3.7 ) (1.3 ) Total reportable segments 748.1 836.7 52.6 44.9 Reconciling Items: Corporate expenses: General, administrative and other expenses — — (25.3 ) (23.3 ) Foreign currency transaction gains — — 1.1 0.4 Reconciliation of segment policies to GAAP — — 2.2 2.0 Other items not allocated to segments: FX devaluation in Venezuela — — (6.0 ) (9.8 ) Venezuela operations 12.2 22.3 1.4 1.9 Venezuela impairment — — (34.5 ) — 2014 Reorganization and Restructuring — — 1.2 — Mexican settlement losses — — (1.1 ) (0.9 ) U.S. retirement plans — — (6.5 ) (3.6 ) Acquisitions and dispositions — — 0.3 1.3 Share-based compensation adj. — — — (4.2 ) Total $ 760.3 859.0 $ (14.6 ) 8.7 Revenues Operating Profit (Loss) Six Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Reportable Segments: U.S. $ 367.7 356.1 $ 14.7 7.2 France 213.1 261.9 10.8 11.5 Mexico 170.8 198.3 12.4 2.8 Brazil 141.5 177.9 8.2 15.1 Canada 78.4 89.7 4.1 4.7 Largest 5 Markets 971.5 1,083.9 50.2 41.3 Latin America 182.0 183.7 35.7 21.5 EMEA 228.0 274.4 17.3 21.2 Asia 77.3 67.0 12.4 10.3 Global Markets 487.3 525.1 65.4 53.0 Payment Services 44.9 46.0 (3.2 ) (0.5 ) Total reportable segments 1,503.7 1,655.0 112.4 93.8 Reconciling Items: Corporate expenses: General, administrative and other expenses — — (42.9 ) (52.9 ) Foreign currency transaction losses — — (3.7 ) (0.3 ) Reconciliation of segment policies to GAAP — — 5.4 4.2 Other items not allocated to segments: FX devaluation in Venezuela — — (26.6 ) (133.1 ) Venezuela operations 32.7 153.6 4.1 36.3 Venezuela impairment — — (34.5 ) — 2014 Reorganization and Restructuring — — (0.3 ) — Mexican settlement losses — — (2.4 ) (1.7 ) U.S. retirement plans — — (13.5 ) (9.6 ) Acquisitions and dispositions — — 0.3 2.5 Share-based compensation adj. — — — (4.2 ) Total $ 1,536.4 1,808.6 $ (1.7 ) (65.0 ) FX devaluation in Venezuela The rate we use to remeasure operations in Venezuela declined significantly in February 2015 (from 52 to 170 bolivars to the U.S. dollar) and in March 2014 (from 6.3 to 50 bolivars to the U.S. dollar). These currency devaluations resulted in losses from the remeasurement of bolivar-denominated net monetary assets. 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 and the excess is recognized in earnings as the asset is consumed, resulting in incremental expense until the excess basis is depleted. Expenses related to these Venezuelan devaluations have not been allocated to segment results. Venezuela operations We have excluded from our segment results all of our Venezuela operating results, including foreign exchange devaluation discussed separately above, due to management’s inability to allocate, generate or redeploy resources in-country or globally. In light of these unique circumstances, the Venezuela business is largely independent of the rest of our global operations. As a result, the CODM, the Company’s Chief Executive Officer, assesses segment performance and makes resource decisions by segment excluding Venezuela operating results. Additionally, management believes excluding Venezuela from segment results makes it possible to more effectively evaluate the company’s performance between periods. Factors considered by management in excluding Venezuela results include: • Continued inability to repatriate cash to redeploy to other operations or dividend to shareholders • Highly inflationary environment • Fixed exchange rate policy • Continued currency devaluations and • Our difficulty raising prices and controlling costs Venezuela impairment In the second quarter of 2015, we recognized an impairment of the Venezuela property, plant and equipment. This charge was not 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 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. Additional charges related to severance and lease terminations of $0.3 million were recognized in the first half of 2015 . These amounts have not been allocated to segment results. Mexican settlement losses Employee termination costs in Mexico are accounted for as retirement benefits under FASB ASC Topic 715, Compensation — Retirement Benefits . Settlement charges related to these termination benefits have not been allocated to segment results. U.S. retirement plans Costs related to our frozen U.S. retirement plans have not been allocated to segment results. Acquisitions and dispositions A favorable adjustment to the purchase price of a third quarter 2014 business acquisition in EMEA was recognized in the second quarter of 2015. Brink’s sold an equity investment in a CIT business in Peru in September 2014. The purchase price adjustment and the equity earnings have not been allocated to segment results. Share-based compensation adjustment Accounting adjustments related to share-based compensation in the second quarter of 2014 have not been allocated to segment results. The accounting adjustments revised the accounting for certain share-based awards from fixed to variable fair value accounting as noted in FASB ASC Topic 718, Stock Compensation . As of July 11, 2014, all outstanding equity awards had met the conditions for a grant date as defined in FASB ASC Topic 718 and have since been accounted for as fixed share-based compensation expense. |
Retirement Benefits
Retirement Benefits | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement benefits | Retirement benefits Pension plans We have various defined-benefit pension plans covering eligible current and former employees. Benefits under most plans are based on salary and years of service. The components of net periodic pension cost for our pension plans were as follows: U.S. Plans Non-U.S. Plans Total (In millions) 2015 2014 2015 2014 2015 2014 Three months ended June 30, Service cost $ — — 2.6 3.2 2.6 3.2 Interest cost on projected benefit obligation 9.0 11.3 3.0 4.6 12.0 15.9 Return on assets – expected (13.6 ) (16.2 ) (2.4 ) (3.8 ) (16.0 ) (20.0 ) Amortization of losses 7.7 7.0 1.2 0.6 8.9 7.6 Amortization of prior service cost — — 0.2 0.2 0.2 0.2 Settlement loss — — 1.1 1.1 1.1 1.1 Net periodic pension cost $ 3.1 2.1 5.7 5.9 8.8 8.0 Included in: Continuing operations $ 3.1 2.1 5.7 5.4 8.8 7.5 Discontinued operations — — — 0.5 — 0.5 Net periodic pension cost $ 3.1 2.1 5.7 5.9 8.8 8.0 Six months ended June 30, Service cost $ — — 5.5 6.7 5.5 6.7 Interest cost on projected benefit obligation 18.0 22.7 6.2 10.4 24.2 33.1 Return on assets – expected (27.3 ) (31.6 ) (4.8 ) (7.6 ) (32.1 ) (39.2 ) Amortization of losses 15.5 14.2 2.5 1.1 18.0 15.3 Amortization of prior service cost — — 0.2 0.4 0.2 0.4 Settlement loss — — 3.4 1.8 3.4 1.8 Net periodic pension cost $ 6.2 5.3 13.0 12.8 19.2 18.1 Included in: Continuing operations $ 6.2 5.3 11.9 11.9 18.1 17.2 Discontinued operations — — 1.1 0.9 1.1 0.9 Net periodic pension cost $ 6.2 5.3 13.0 12.8 19.2 18.1 We made cash contributions totaling $87.2 million to the primary U.S. pension plan in 2014. Based on current assumptions, as described in our Annual Report on Form 10-K for the year ended December 31, 2014 , we do not expect to make any additional contributions to the primary U.S. pension plan in the future. Retirement benefits other than pensions We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees. Retirement benefits related to our former U.S. coal operation include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for UMWA Represented Employees (the “UMWA plans”) as well as costs related to Black Lung obligations. The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows: UMWA Plans Black Lung and Other Plans Total (In millions) 2015 2014 2015 2014 2015 2014 Three months ended June 30, Service cost $ — — 0.1 0.1 0.1 0.1 Interest cost on accumulated postretirement benefit obligations 4.2 4.4 0.7 0.4 4.9 4.8 Return on assets – expected (5.1 ) (5.6 ) — — (5.1 ) (5.6 ) Amortization of losses 3.7 2.9 0.8 0.1 4.5 3.0 Amortization of prior service (credit) cost (1.1 ) (1.2 ) 0.4 0.5 (0.7 ) (0.7 ) Net periodic postretirement cost $ 1.7 0.5 2.0 1.1 3.7 1.6 Six months ended June 30, Service cost $ — — 0.1 0.1 0.1 0.1 Interest cost on accumulated postretirement benefit obligations 8.7 9.2 1.4 1.0 10.1 10.2 Return on assets – expected (10.3 ) (11.2 ) — — (10.3 ) (11.2 ) Amortization of losses 8.0 6.6 1.5 0.3 9.5 6.9 Amortization of prior service (credit) cost (2.3 ) (2.3 ) 0.9 0.9 (1.4 ) (1.4 ) Net periodic postretirement cost $ 4.1 2.3 3.9 2.3 8.0 4.6 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Continuing operations Provision for income taxes (in millions) $ 7.6 4.1 23.1 12.8 Effective tax rate (40.2 %) 120.6 % (220.0 %) (16.8 %) 2015 Compared to U.S. Statutory Rate The effective income tax rate on continuing operations in the first six months of 2015 was negative when compared to the 35% U.S. statutory tax rate primarily due to the significant nondeductible expenses resulting from the currency devaluation in Venezuela in the first quarter and from the Venezuela impairment recorded in the second quarter. These nondeductible expenses caused our earnings before tax in the period to be negative. Excluding these nondeductible expenses, our effective tax rate on continuing operations in the first six months is 46% . The rate is higher than 35% primarily due to cross border payments, nondeductible expenses in Mexico and the characterization of a French business tax as an income tax, partially offset by the geographical mix of earnings. 2014 Compared to U.S. Statutory Rate The effective income tax rate on continuing operations in the first six months of 2014 was negative and less than the 35% U.S. statutory tax rate primarily due to the significant nondeductible expenses resulting from the currency devaluation in Venezuela in the first quarter. These nondeductible expenses caused our earnings before tax in the period to be negative. Excluding these nondeductible expenses, our effective tax rate on continuing operations in the first six months was 37% . The rate was higher than 35% primarily due to cross border payments, nondeductible expenses in Mexico due to a recent law change and the characterization of a French business tax as an income tax, partially offset by the geographical mix of earnings. |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings, was as follows: Amounts Arising During the Current Period Amounts Reclassified to Net Income (Loss) (In millions) Pretax Income Tax Pretax Income Tax Total Other Comprehensive Income (Loss) Three months ended June 30, 2015 Amounts attributable to Brink's: Benefit plan adjustments $ (1.1 ) 0.3 14.1 (4.8 ) 8.5 Foreign currency translation adjustments 6.5 — — — 6.5 Unrealized gains (losses) on available-for-sale securities — — (0.1 ) — (0.1 ) Gains (losses) on cash flow hedges (0.2 ) — 0.6 — 0.4 5.2 0.3 14.6 (4.8 ) 15.3 Amounts attributable to noncontrolling interests: Benefit plan adjustments — — 0.1 — 0.1 Foreign currency translation adjustments 0.4 — — — 0.4 0.4 — 0.1 — 0.5 Total Benefit plan adjustments (a) (1.1 ) 0.3 14.2 (4.8 ) 8.6 Foreign currency translation adjustments 6.9 — — — 6.9 Unrealized gains (losses) on available-for-sale securities (b) — — (0.1 ) — (0.1 ) Gains (losses) on cash flow hedges (c) (0.2 ) — 0.6 — 0.4 $ 5.6 0.3 14.7 (4.8 ) 15.8 Three months ended June 30, 2014 Amounts attributable to Brink's: Benefit plan adjustments $ (2.6 ) 0.5 11.1 (3.8 ) 5.2 Foreign currency translation adjustments 7.4 — (0.2 ) — 7.2 Unrealized gains (losses) on available-for-sale securities (0.1 ) 0.1 — — — Gains (losses) on cash flow hedges (1.4 ) — 0.8 — (0.6 ) 3.3 0.6 11.7 (3.8 ) 11.8 Amounts attributable to noncontrolling interests: Benefit plan adjustments — — 0.1 (0.1 ) — Foreign currency translation adjustments 1.1 — — — 1.1 1.1 — 0.1 (0.1 ) 1.1 Total Benefit plan adjustments (a) (2.6 ) 0.5 11.2 (3.9 ) 5.2 Foreign currency translation adjustments 8.5 — (0.2 ) — 8.3 Unrealized gains (losses) on available-for-sale securities (b) (0.1 ) 0.1 — — — Gains (losses) on cash flow hedges (c) (1.4 ) — 0.8 — (0.6 ) $ 4.4 0.6 11.8 (3.9 ) 12.9 Amounts Arising During the Current Period Amounts Reclassified to Net Income (Loss) (In millions) Pretax Income Tax Pretax Income Tax Total Other Comprehensive Income (Loss) Six months ended June 30, 2015 Amounts attributable to Brink's: Benefit plan adjustments $ (5.7 ) 1.5 29.8 (10.0 ) 15.6 Foreign currency translation adjustments (42.4 ) — — — (42.4 ) Unrealized gains (losses) on available-for-sale securities — — (0.1 ) — (0.1 ) Gains (losses) on cash flow hedges 1.9 — (1.5 ) — 0.4 (46.2 ) 1.5 28.2 (10.0 ) (26.5 ) Amounts attributable to noncontrolling interests: Benefit plan adjustments — — 0.2 — 0.2 Foreign currency translation adjustments (1.1 ) — — — (1.1 ) (1.1 ) — 0.2 — (0.9 ) Total Benefit plan adjustments (a) (5.7 ) 1.5 30.0 (10.0 ) 15.8 Foreign currency translation adjustments (43.5 ) — — — (43.5 ) Unrealized gains (losses) on available-for-sale securities — — (0.1 ) — (0.1 ) Gains (losses) on cash flow hedges (c) 1.9 — (1.5 ) — 0.4 $ (47.3 ) 1.5 28.4 (10.0 ) (27.4 ) Six months ended June 30, 2014 Amounts attributable to Brink's: Benefit plan adjustments $ (4.3 ) 0.8 22.8 (7.8 ) 11.5 Foreign currency translation adjustments 4.0 — (0.2 ) — 3.8 Unrealized gains (losses) on available-for-sale securities (0.2 ) 0.1 0.1 — — Gains (losses) on cash flow hedges (1.7 ) — 1.7 — — (2.2 ) 0.9 24.4 (7.8 ) 15.3 Amounts attributable to noncontrolling interests: Benefit plan adjustments — — 0.2 (0.1 ) 0.1 Foreign currency translation adjustments 0.3 — — — 0.3 0.3 — 0.2 (0.1 ) 0.4 Total Benefit plan adjustments (a) (4.3 ) 0.8 23.0 (7.9 ) 11.6 Foreign currency translation adjustments 4.3 — (0.2 ) — 4.1 Unrealized gains (losses) on available-for-sale securities (b) (0.2 ) 0.1 0.1 — — Gains (losses) on cash flow hedges (c) (1.7 ) — 1.7 — — $ (1.9 ) 0.9 24.6 (7.9 ) 15.7 (a) The amortization of prior experience losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income. Net periodic retirement benefit cost also includes service costs, interest costs, expected returns on assets, and settlement costs. The total pretax expense is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Total net periodic retirement benefit cost included in: Cost of revenues $ 8.8 7.2 18.7 17.1 Selling, general and administrative expenses 3.7 1.9 7.4 4.7 (b) Gains and losses on sales of available-for-sale securities are reclassified from accumulated other comprehensive loss to the income statement when the gains or losses are realized. Pretax amounts are classified in the income statement as interest and other income (expense). (c) Pretax gains and losses on cash flow hedges are classified in the income statement as: • other operating income (expense) ( $0.4 million losses in the three months ended June 30, 2015 and $0.5 million losses in the three months ended June 30, 2014 ; as well as $1.9 million gains in the six months ended June 30, 2015 and $1.2 million losses in the six months ended June 30, 2014 ) • interest and other income (expense) ( $0.1 million losses in the three months ended June 30, 2015 and $0.3 million losses in the three months ended June 30, 2014 ; as well as $0.3 million losses in the six months ended June 30, 2015 and $0.5 million losses in the six months ended June 30, 2014 ). The changes in accumulated other comprehensive loss attributable to Brink’s are as follows: (In millions) Benefit Plan Adjustments Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities Gains (Losses) on Cash Flow Hedges Total Balance as of December 31, 2014 $ (571.7 ) (222.1 ) 1.4 0.4 (792.0 ) Other comprehensive income (loss) before reclassifications (4.2 ) (42.4 ) — 1.9 (44.7 ) Amounts reclassified from accumulated other comprehensive loss 19.8 — (0.1 ) (1.5 ) 18.2 Other comprehensive income (loss) attributable to Brink's 15.6 (42.4 ) (0.1 ) 0.4 (26.5 ) Balance as of June 30, 2015 $ (556.1 ) (264.5 ) 1.3 0.8 (818.5 ) |
Fair value of financial instrum
Fair value of financial instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair value of financial instruments [Abstract] | |
Fair value of financial instruments | Fair value of financial instruments Investments in Available-for-sale Securities We have investments in mutual funds designated as available-for-sale securities that are carried at fair value in the financial statements. For these investments, fair value was estimated based on quoted prices categorized as a Level 1 valuation. Valuation levels were defined in our 2014 Form 10-K. Fixed-Rate Debt The fair value and carrying value of our fixed-rate debts are as follows: (In millions) June 30, 2015 December 31, 2014 Unsecured notes issued in a private placement Carrying value $ 92.9 100.0 Fair value 97.6 105.6 The fair value estimate of our unsecured private-placement notes is based on the present value of future cash flows, discounted at rates for similar instruments at the respective measurement dates, which we have categorized as a Level 3 valuation. There were no transfers in or out of any of the levels of the valuation hierarchy in the first six months of 2015 . Other Financial Instruments Other financial instruments include cash and cash equivalents, short term investments, 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 June 30, 2015 , were not significant. At June 30, 2015 , the fair value of the cross-currency swap was a net asset of $6.9 million . There were no transfers in or out of any of the levels of the valuation hierarchy in the first six months of 2015 . |
Share-based compensation plans
Share-based compensation plans | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based compensation plans | 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. Share-based awards were granted to directors and remain outstanding under the Non-Employee Directors’ Stock Option Plan and the Directors’ Stock Accumulation Plan, both of which have expired. Outstanding awards at June 30, 2015 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. Compensation expenses are classified as selling, general and administrative expenses in the consolidated statements of income (loss). Compensation expenses for the share-based awards were as follows: Compensation Expense Three Months Ended June 30, Compensation Expense Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Performance Share Units $ 2.0 1.0 4.5 3.5 Market Share Units 0.3 0.1 1.9 1.8 Restricted Stock Units 0.9 3.4 1.9 5.0 Deferred Stock Units 0.1 0.5 0.2 0.5 Stock Options — 2.6 — 2.7 Share-based payment expense 3.3 7.6 8.5 13.5 Income tax benefit (1.1 ) (2.6 ) (2.9 ) (4.6 ) Share-based payment expense, net of tax $ 2.2 5.0 5.6 8.9 Recoupment Policy Change in 2014 For certain awards outstanding as of July 2010 and for awards granted between July 2010 and July 2014, 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 measure the fair value of RSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period. The following table summarizes RSU activity during the first six months of 2015 : Shares (in thousands) Weighted-Average Grant-Date Fair Value Nonvested balance as of December 31, 2014 367.1 $ 25.87 Granted 110.8 26.40 Cancelled (26.2 ) 26.11 Vested (83.0 ) 26.73 Nonvested balance as of June 30, 2015 368.7 $ 25.83 Performance Share Units (“PSUs”) The majority of PSUs granted contain a market condition in addition to a performance condition. We measure the fair value of these PSUs at the grant date using a Monte Carlo simulation model. A small portion of PSUs granted contain only performance conditions. We measure the fair value of these PSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period. The following table provides the terms and weighted average assumptions used in the valuation of those PSUs containing a market condition: Terms and Assumptions Used to Estimate Fair Value of PSUs PSUs Granted in the First Half of 2015 Date of Measurement February 20, 2015 (a) Terms of awards: Performance period Jan. 1, 2015 to Dec. 31, 2017 Beginning average price of Brink’s common stock $ 23.19 Assumptions used to estimate fair value: Expected dividend yield (b) 0 % Expected stock price volatility 30 % Risk-free interest rate 1.0 % Contractual term in years 2.9 Weighted-average fair value estimate per share $ 28.97 (a) Represents the date awards were granted to employee. (b) PSUs are not entitled to dividends during the performance period. The following table summarizes all PSU activity during the first six months of 2015 : Shares (in thousands) Weighted-Average Grant-Date Fair Value Nonvested balance as of December 31, 2014 343.6 $ 24.06 Granted 193.8 29.08 Cancelled (13.4 ) 24.85 Vested — — Nonvested balance as of June 30, 2015 524.0 $ 25.90 Market Share Units (“MSUs”) 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 the First Half of 2015 Date of Measurement February 20, 2015 (a) Terms of awards: Performance period Jan. 1, 2015 to Dec. 31, 2017 Beginning average price of Brink’s common stock $ 23.19 Assumptions used to estimate fair value: Expected dividend yield (b) 0 % Expected stock price volatility 30 % Risk-free interest rate 1.0 % Contractual term in years 2.9 Weighted-average fair value estimate per share $ 30.37 (a) Represents the date awards were granted to employee. (b) MSUs are not entitled to dividends during the performance period. The following table summarizes all MSU activity during the first six months of 2015 : Shares (in thousands) Weighted-Average Grant-Date Fair Value Nonvested balance as of December 31, 2014 163.3 $ 25.47 Granted 108.6 30.37 Cancelled — — Vested — — Nonvested balance as of June 30, 2015 271.9 $ 27.42 Deferred Stock Units ("DSUs") DSUs granted in 2015 will be paid out to our independent directors in shares of Brink's stock when the award vests, provided that the director has not elected to defer the distribution of shares until a later date. DSUs granted in prior years, in general, will be paid out in shares of stock following separation from service. 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 the first six months of 2015 : Shares (in thousands) Weighted-Average Grant-Date Fair Value Nonvested balance as of December 31, 2014 28.3 $ 24.70 Granted 21.4 32.79 Cancelled — — Vested (28.3 ) 24.70 Nonvested balance as of June 30, 2015 21.4 $ 32.79 |
Shares used to calculate earnin
Shares used to calculate earnings per share | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements [Abstract] | |
Shares used to calculate earnings per share | Shares used to calculate earnings per share Three Months Six Months (In millions) 2015 2014 2015 2014 Weighted-average shares: Basic (a) 49.3 49.0 49.2 49.0 Effect of dilutive stock awards and options — 0.4 — — Diluted 49.3 49.4 49.2 49.0 Antidilutive stock awards and options excluded from denominator 1.5 1.0 1.5 2.1 (a) We have deferred compensation plans for directors and certain of our employees. For participants electing to defer compensation into common stock units, amounts owed to participants will be paid out in shares of Brink's common stock . Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average units credited to employees and directors under the deferred compensation plans. Accordingly, included in basic shares are 0.6 million weighted-average units in the three months and 0.5 million in the six months ended June 30, 2015 , and 0.6 million weighted-average units in the three months and 0.5 million in the six months ended June 30, 2014 . |
Income (loss) from discontinued
Income (loss) from discontinued operations | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Income (loss) from discontinued operations | Income (loss) from discontinued operations Three Months Six Months (In millions) 2015 2014 2015 2014 Gain (loss) from operations (a)(b) $ — 2.0 (2.4 ) 2.9 Loss on sale (a) (0.1 ) — (0.8 ) — Adjustments to contingencies of former operations (c) : Insurance recoveries related to BAX Global indemnification (d) — — — 1.0 Other — (0.9 ) (0.1 ) (1.0 ) Income (loss) from discontinued operations before income taxes (0.1 ) 1.1 (3.3 ) 2.9 Provision (benefit) for income taxes (0.2 ) 0.4 (1.0 ) 1.7 Income (loss) from discontinued operations, net of tax $ 0.1 0.7 (2.3 ) 1.2 (a) Discontinued operations include gains and losses related to businesses that we recently sold or shut down. No interest expense was included in discontinued operations in the first six months of 2015 and 2014. (b) The loss from operations in the first six months of 2015 included $1.0 million in pension settlement charges related to the Mexican parcel delivery service sold in February 2015. (c) Primarily related to former coal businesses and BAX Global, a former freight forwarding and logistics business. (d) BAX Global had been defending a claim related to the apparent diversion by a third party of goods being transported for a customer. In 2010, the Dutch Supreme Court denied the final appeal of BAX Global, letting stand the lower court ruling that BAX Global was liable for this claim. We had contractually indemnified the purchaser of BAX Global for this contingency. Through 2010, we had recognized $11.5 million of expense related to the payment made in satisfaction of the judgment. In 2014, we recovered $9.5 million from insurance companies related to this matter, of which $1.0 million was recovered in the six months ended June 30, 2014 . Cash-in-transit operations sold or shut down: • Australia (sold in October 2014) • Puerto Rico (shut down in November 2014) • Netherlands (sold in December 2014) Other operations sold: • In February 2015, we sold a small Mexican parcel delivery business which met the criteria for classification as a discontinued operation as of December 31, 2014. |
Supplemental cash flow informat
Supplemental cash flow information | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information | Supplemental cash flow information Six Months (In millions) 2015 2014 Cash paid for: Interest 9.5 11.6 Income taxes 26.5 39.3 Non-cash Investing and Financing Activities We acquired $6.2 million in armored vehicles under capital lease arrangements in the first six months of 2015 compared to $1.4 million in armored vehicles, CompuSafe ® units and other equipment acquired under capital lease arangements in the first six months of 2014 . |
Contingent Matters
Contingent Matters | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Matters | Contingent matters On June 19, 2008, a lawsuit captioned Del Valle Gurria S.C. v. Servicio Pan Americano de Protección, S.A. de C.V. was filed with the Twenty-third Civil Judge in the Federal District in Mexico (the “Court”) against Servicio Pan American de Proteccion, S.A. de C.V. (SERPAPROSA), the Mexico subsidiary that we acquired in November 2010. The plaintiff claims it is owed legal fees and corresponding value-added tax (VAT), interest and expenses related to its legal representation of SERPAPROSA in connection with tax audits covering the 1991, 1992 and 1994 fiscal years. On October 28, 2010, the Court issued a decision in favor of SERPAPROSA in part and the plaintiff in part, ordering SERPAPROSA to pay the plaintiff less than $1 million for its previous representation of SERPAPROSA. Between November 2010 and October 2013, the judgment was subject to multiple appeals by both parties to the Fifth Civil Court of Appeal of the Federal District in Mexico (the “Fifth Civil Court of Appeal”) and to the First Civil Collegiate Tribunal of the First Circuit in Mexico (the “First Civil Collegiate Tribunal”), and was remanded twice to the Court for determination of the fees to be paid to the plaintiff. On December 6, 2013, the Fifth Civil Court of Appeal issued a decision in favor of the plaintiff, modifying the lower court’s ruling and ordering SERPAPROSA to pay the plaintiff approximately $7 million plus VAT and interest for its previous representation of SERPAPROSA. SERPAPROSA filed a constitutional injunction on January 20, 2014 with the First Civil Collegiate Tribunal. The appeal was granted in favor of SERPAPROSA on September 17, 2014, ordering SERPAPROSA to pay approximately $2 million plus VAT and interest. The plaintiff filed an appeal on October 7, 2014, with the Mexico Supreme Court, which was rejected by the court on October 22, 2014. The plaintiff filed two subsequent actions appealing the Supreme Court’s October 22, 2014 decision, one before the First Appellate Court in Civil Matters of the First Circuit (the “Appellate Court”) and one with the Mexico Supreme Court. The action filed before the Appellate Court was rejected on February 16, 2015; the action filed with the Mexico Supreme Court is pending. The Company has accrued $2 million , reflecting the Company’s best estimate of exposure, although additional reasonably possible losses could be up to $10 million , based on currency exchange rates at June 30, 2015 . 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. |
2014 Reorganization and Restruc
2014 Reorganization and Restructuring | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
2014 Reorganization and Restructuring | 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 costs and charges related to lease terminations. The actions under this program are expected to be completed by the end of 2015 with cumulative pretax charges estimated to be approximately $25 million , primarily representing severance costs. In the first half of 2015, we recognized charges related to lease terminations of $0.7 million and a net reversal of severance costs of $0.4 million related to the 2014 Reorganization and Restructuring. The following table summarizes the costs incurred and payments made in our 2014 Reorganization and Restructuring accruals: (In millions) Severance Costs Lease Terminations Total Balance as of January 1, 2015 $ 21.4 — 21.4 Expense (benefit) (0.4 ) 0.7 0.3 Payments and utilization (13.3 ) (0.5 ) (13.8 ) Foreign currency exchange effects (0.9 ) — (0.9 ) Balance as of June 30, 2015 $ 6.8 0.2 7.0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill and other long-lived assets, pension and other retirement benefit obligations, legal contingencies, foreign currency translation and deferred tax assets. |
Consolidation | The consolidated financial statements include the accounts of Brink’s and the subsidiaries it controls. Control is determined based on ownership rights or, when applicable, based on whether we are considered to be the primary beneficiary of a variable interest entity. Our interest in 20% to 50% owned companies that are not controlled are accounted for using the equity method, 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. |
Foreign Currency Translation | Foreign Currency Translation Our consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with a three -year cumulative inflation rate of more than 100% are considered highly inflationary. Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expenses are translated at rates of exchange in effect during the year. Transaction gains and losses are recorded in net income. Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency. Local-currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings. Non-monetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. |
Impairment of Long-Lived Assets in Venezuela | Impairment of Long-lived Assets in Venezuela During the second quarter of 2015, Brink's elected to evaluate and pursue strategic options for the Venezuelan business. Our consideration of these strategic options is ongoing and, during the second quarter of 2015, required us to perform an impairment review of the carrying values of our Venezuelan long-lived assets in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 360, Property, Plant and Equipment . Our asset impairment analysis included management's best estimate of associated cash flows relating to the long-lived assets, and included fair value assumptions that reflect conditions that exist in a volatile economic environment. The actual outcomes of future events may result in further adjustments. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue and Operating Profit from Segments to Consolidated | Revenues Operating Profit (Loss) Three Months Ended June 30, Three Months Ended June 30, (In millions) 2015 2014 2015 2014 Reportable Segments: U.S. $ 184.1 180.3 $ 6.4 5.9 France 107.4 133.1 6.7 4.9 Mexico 85.1 98.1 4.5 (0.9 ) Brazil 67.7 91.5 2.1 5.4 Canada 39.6 45.3 2.4 2.4 Largest 5 Markets 483.9 548.3 22.1 17.7 Latin America 91.2 93.1 19.2 11.4 EMEA 112.3 137.5 9.1 12.0 Asia 38.6 34.0 5.9 5.1 Global Markets 242.1 264.6 34.2 28.5 Payment Services 22.1 23.8 (3.7 ) (1.3 ) Total reportable segments 748.1 836.7 52.6 44.9 Reconciling Items: Corporate expenses: General, administrative and other expenses — — (25.3 ) (23.3 ) Foreign currency transaction gains — — 1.1 0.4 Reconciliation of segment policies to GAAP — — 2.2 2.0 Other items not allocated to segments: FX devaluation in Venezuela — — (6.0 ) (9.8 ) Venezuela operations 12.2 22.3 1.4 1.9 Venezuela impairment — — (34.5 ) — 2014 Reorganization and Restructuring — — 1.2 — Mexican settlement losses — — (1.1 ) (0.9 ) U.S. retirement plans — — (6.5 ) (3.6 ) Acquisitions and dispositions — — 0.3 1.3 Share-based compensation adj. — — — (4.2 ) Total $ 760.3 859.0 $ (14.6 ) 8.7 Revenues Operating Profit (Loss) Six Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Reportable Segments: U.S. $ 367.7 356.1 $ 14.7 7.2 France 213.1 261.9 10.8 11.5 Mexico 170.8 198.3 12.4 2.8 Brazil 141.5 177.9 8.2 15.1 Canada 78.4 89.7 4.1 4.7 Largest 5 Markets 971.5 1,083.9 50.2 41.3 Latin America 182.0 183.7 35.7 21.5 EMEA 228.0 274.4 17.3 21.2 Asia 77.3 67.0 12.4 10.3 Global Markets 487.3 525.1 65.4 53.0 Payment Services 44.9 46.0 (3.2 ) (0.5 ) Total reportable segments 1,503.7 1,655.0 112.4 93.8 Reconciling Items: Corporate expenses: General, administrative and other expenses — — (42.9 ) (52.9 ) Foreign currency transaction losses — — (3.7 ) (0.3 ) Reconciliation of segment policies to GAAP — — 5.4 4.2 Other items not allocated to segments: FX devaluation in Venezuela — — (26.6 ) (133.1 ) Venezuela operations 32.7 153.6 4.1 36.3 Venezuela impairment — — (34.5 ) — 2014 Reorganization and Restructuring — — (0.3 ) — Mexican settlement losses — — (2.4 ) (1.7 ) U.S. retirement plans — — (13.5 ) (9.6 ) Acquisitions and dispositions — — 0.3 2.5 Share-based compensation adj. — — — (4.2 ) Total $ 1,536.4 1,808.6 $ (1.7 ) (65.0 ) |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs | The components of net periodic pension cost for our pension plans were as follows: U.S. Plans Non-U.S. Plans Total (In millions) 2015 2014 2015 2014 2015 2014 Three months ended June 30, Service cost $ — — 2.6 3.2 2.6 3.2 Interest cost on projected benefit obligation 9.0 11.3 3.0 4.6 12.0 15.9 Return on assets – expected (13.6 ) (16.2 ) (2.4 ) (3.8 ) (16.0 ) (20.0 ) Amortization of losses 7.7 7.0 1.2 0.6 8.9 7.6 Amortization of prior service cost — — 0.2 0.2 0.2 0.2 Settlement loss — — 1.1 1.1 1.1 1.1 Net periodic pension cost $ 3.1 2.1 5.7 5.9 8.8 8.0 Included in: Continuing operations $ 3.1 2.1 5.7 5.4 8.8 7.5 Discontinued operations — — — 0.5 — 0.5 Net periodic pension cost $ 3.1 2.1 5.7 5.9 8.8 8.0 Six months ended June 30, Service cost $ — — 5.5 6.7 5.5 6.7 Interest cost on projected benefit obligation 18.0 22.7 6.2 10.4 24.2 33.1 Return on assets – expected (27.3 ) (31.6 ) (4.8 ) (7.6 ) (32.1 ) (39.2 ) Amortization of losses 15.5 14.2 2.5 1.1 18.0 15.3 Amortization of prior service cost — — 0.2 0.4 0.2 0.4 Settlement loss — — 3.4 1.8 3.4 1.8 Net periodic pension cost $ 6.2 5.3 13.0 12.8 19.2 18.1 Included in: Continuing operations $ 6.2 5.3 11.9 11.9 18.1 17.2 Discontinued operations — — 1.1 0.9 1.1 0.9 Net periodic pension cost $ 6.2 5.3 13.0 12.8 19.2 18.1 |
Schedule of Costs of Retirement Plans | The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows: UMWA Plans Black Lung and Other Plans Total (In millions) 2015 2014 2015 2014 2015 2014 Three months ended June 30, Service cost $ — — 0.1 0.1 0.1 0.1 Interest cost on accumulated postretirement benefit obligations 4.2 4.4 0.7 0.4 4.9 4.8 Return on assets – expected (5.1 ) (5.6 ) — — (5.1 ) (5.6 ) Amortization of losses 3.7 2.9 0.8 0.1 4.5 3.0 Amortization of prior service (credit) cost (1.1 ) (1.2 ) 0.4 0.5 (0.7 ) (0.7 ) Net periodic postretirement cost $ 1.7 0.5 2.0 1.1 3.7 1.6 Six months ended June 30, Service cost $ — — 0.1 0.1 0.1 0.1 Interest cost on accumulated postretirement benefit obligations 8.7 9.2 1.4 1.0 10.1 10.2 Return on assets – expected (10.3 ) (11.2 ) — — (10.3 ) (11.2 ) Amortization of losses 8.0 6.6 1.5 0.3 9.5 6.9 Amortization of prior service (credit) cost (2.3 ) (2.3 ) 0.9 0.9 (1.4 ) (1.4 ) Net periodic postretirement cost $ 4.1 2.3 3.9 2.3 8.0 4.6 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income taxes Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Continuing operations Provision for income taxes (in millions) $ 7.6 4.1 23.1 12.8 Effective tax rate (40.2 %) 120.6 % (220.0 %) (16.8 %) |
Accumulated other comprehensi24
Accumulated other comprehensive income (loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) | Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings, was as follows: Amounts Arising During the Current Period Amounts Reclassified to Net Income (Loss) (In millions) Pretax Income Tax Pretax Income Tax Total Other Comprehensive Income (Loss) Three months ended June 30, 2015 Amounts attributable to Brink's: Benefit plan adjustments $ (1.1 ) 0.3 14.1 (4.8 ) 8.5 Foreign currency translation adjustments 6.5 — — — 6.5 Unrealized gains (losses) on available-for-sale securities — — (0.1 ) — (0.1 ) Gains (losses) on cash flow hedges (0.2 ) — 0.6 — 0.4 5.2 0.3 14.6 (4.8 ) 15.3 Amounts attributable to noncontrolling interests: Benefit plan adjustments — — 0.1 — 0.1 Foreign currency translation adjustments 0.4 — — — 0.4 0.4 — 0.1 — 0.5 Total Benefit plan adjustments (a) (1.1 ) 0.3 14.2 (4.8 ) 8.6 Foreign currency translation adjustments 6.9 — — — 6.9 Unrealized gains (losses) on available-for-sale securities (b) — — (0.1 ) — (0.1 ) Gains (losses) on cash flow hedges (c) (0.2 ) — 0.6 — 0.4 $ 5.6 0.3 14.7 (4.8 ) 15.8 Three months ended June 30, 2014 Amounts attributable to Brink's: Benefit plan adjustments $ (2.6 ) 0.5 11.1 (3.8 ) 5.2 Foreign currency translation adjustments 7.4 — (0.2 ) — 7.2 Unrealized gains (losses) on available-for-sale securities (0.1 ) 0.1 — — — Gains (losses) on cash flow hedges (1.4 ) — 0.8 — (0.6 ) 3.3 0.6 11.7 (3.8 ) 11.8 Amounts attributable to noncontrolling interests: Benefit plan adjustments — — 0.1 (0.1 ) — Foreign currency translation adjustments 1.1 — — — 1.1 1.1 — 0.1 (0.1 ) 1.1 Total Benefit plan adjustments (a) (2.6 ) 0.5 11.2 (3.9 ) 5.2 Foreign currency translation adjustments 8.5 — (0.2 ) — 8.3 Unrealized gains (losses) on available-for-sale securities (b) (0.1 ) 0.1 — — — Gains (losses) on cash flow hedges (c) (1.4 ) — 0.8 — (0.6 ) $ 4.4 0.6 11.8 (3.9 ) 12.9 Amounts Arising During the Current Period Amounts Reclassified to Net Income (Loss) (In millions) Pretax Income Tax Pretax Income Tax Total Other Comprehensive Income (Loss) Six months ended June 30, 2015 Amounts attributable to Brink's: Benefit plan adjustments $ (5.7 ) 1.5 29.8 (10.0 ) 15.6 Foreign currency translation adjustments (42.4 ) — — — (42.4 ) Unrealized gains (losses) on available-for-sale securities — — (0.1 ) — (0.1 ) Gains (losses) on cash flow hedges 1.9 — (1.5 ) — 0.4 (46.2 ) 1.5 28.2 (10.0 ) (26.5 ) Amounts attributable to noncontrolling interests: Benefit plan adjustments — — 0.2 — 0.2 Foreign currency translation adjustments (1.1 ) — — — (1.1 ) (1.1 ) — 0.2 — (0.9 ) Total Benefit plan adjustments (a) (5.7 ) 1.5 30.0 (10.0 ) 15.8 Foreign currency translation adjustments (43.5 ) — — — (43.5 ) Unrealized gains (losses) on available-for-sale securities — — (0.1 ) — (0.1 ) Gains (losses) on cash flow hedges (c) 1.9 — (1.5 ) — 0.4 $ (47.3 ) 1.5 28.4 (10.0 ) (27.4 ) Six months ended June 30, 2014 Amounts attributable to Brink's: Benefit plan adjustments $ (4.3 ) 0.8 22.8 (7.8 ) 11.5 Foreign currency translation adjustments 4.0 — (0.2 ) — 3.8 Unrealized gains (losses) on available-for-sale securities (0.2 ) 0.1 0.1 — — Gains (losses) on cash flow hedges (1.7 ) — 1.7 — — (2.2 ) 0.9 24.4 (7.8 ) 15.3 Amounts attributable to noncontrolling interests: Benefit plan adjustments — — 0.2 (0.1 ) 0.1 Foreign currency translation adjustments 0.3 — — — 0.3 0.3 — 0.2 (0.1 ) 0.4 Total Benefit plan adjustments (a) (4.3 ) 0.8 23.0 (7.9 ) 11.6 Foreign currency translation adjustments 4.3 — (0.2 ) — 4.1 Unrealized gains (losses) on available-for-sale securities (b) (0.2 ) 0.1 0.1 — — Gains (losses) on cash flow hedges (c) (1.7 ) — 1.7 — — $ (1.9 ) 0.9 24.6 (7.9 ) 15.7 (a) The amortization of prior experience losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income. Net periodic retirement benefit cost also includes service costs, interest costs, expected returns on assets, and settlement costs. The total pretax expense is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis: |
Reclassification out of Accumulated Other Comprehensive Income | The total pretax expense is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2015 2014 2015 2014 Total net periodic retirement benefit cost included in: Cost of revenues $ 8.8 7.2 18.7 17.1 Selling, general and administrative expenses 3.7 1.9 7.4 4.7 (b) Gains and losses on sales of available-for-sale securities are reclassified from accumulated other comprehensive loss to the income statement when the gains or losses are realized. Pretax amounts are classified in the income statement as interest and other income (expense). (c) Pretax gains and losses on cash flow hedges are classified in the income statement as: • other operating income (expense) ( $0.4 million losses in the three months ended June 30, 2015 and $0.5 million losses in the three months ended June 30, 2014 ; as well as $1.9 million gains in the six months ended June 30, 2015 and $1.2 million losses in the six months ended June 30, 2014 ) • interest and other income (expense) ( $0.1 million losses in the three months ended June 30, 2015 and $0.3 million losses in the three months ended June 30, 2014 ; as well as $0.3 million losses in the six months ended June 30, 2015 and $0.5 million losses in the six months ended June 30, 2014 ). |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in accumulated other comprehensive loss attributable to Brink’s are as follows: (In millions) Benefit Plan Adjustments Foreign Currency Translation Adjustments Unrealized Gains (Losses) on Available-for-Sale Securities Gains (Losses) on Cash Flow Hedges Total Balance as of December 31, 2014 $ (571.7 ) (222.1 ) 1.4 0.4 (792.0 ) Other comprehensive income (loss) before reclassifications (4.2 ) (42.4 ) — 1.9 (44.7 ) Amounts reclassified from accumulated other comprehensive loss 19.8 — (0.1 ) (1.5 ) 18.2 Other comprehensive income (loss) attributable to Brink's 15.6 (42.4 ) (0.1 ) 0.4 (26.5 ) Balance as of June 30, 2015 $ (556.1 ) (264.5 ) 1.3 0.8 (818.5 ) |
Fair value of financial instr25
Fair value of financial instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair value of financial instruments [Abstract] | |
Fixed Rate Debt | The fair value and carrying value of our fixed-rate debts are as follows: (In millions) June 30, 2015 December 31, 2014 Unsecured notes issued in a private placement Carrying value $ 92.9 100.0 Fair value 97.6 105.6 |
Share-based compensation plans
Share-based compensation plans (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | Compensation expenses are classified as selling, general and administrative expenses in the consolidated statements of income (loss). Compensation expenses for the share-based awards were as follows: Compensation Expense Three Months Ended June 30, Compensation Expense Six Months Ended June 30, (in millions) 2015 2014 2015 2014 Performance Share Units $ 2.0 1.0 4.5 3.5 Market Share Units 0.3 0.1 1.9 1.8 Restricted Stock Units 0.9 3.4 1.9 5.0 Deferred Stock Units 0.1 0.5 0.2 0.5 Stock Options — 2.6 — 2.7 Share-based payment expense 3.3 7.6 8.5 13.5 Income tax benefit (1.1 ) (2.6 ) (2.9 ) (4.6 ) Share-based payment expense, net of tax $ 2.2 5.0 5.6 8.9 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes RSU activity during the first six months of 2015 : Shares (in thousands) Weighted-Average Grant-Date Fair Value Nonvested balance as of December 31, 2014 367.1 $ 25.87 Granted 110.8 26.40 Cancelled (26.2 ) 26.11 Vested (83.0 ) 26.73 Nonvested balance as of June 30, 2015 368.7 $ 25.83 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes all PSU activity during the first six months of 2015 : Shares (in thousands) Weighted-Average Grant-Date Fair Value Nonvested balance as of December 31, 2014 343.6 $ 24.06 Granted 193.8 29.08 Cancelled (13.4 ) 24.85 Vested — — Nonvested balance as of June 30, 2015 524.0 $ 25.90 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table provides the terms and weighted average assumptions used in the valuation of those PSUs containing a market condition: Terms and Assumptions Used to Estimate Fair Value of PSUs PSUs Granted in the First Half of 2015 Date of Measurement February 20, 2015 (a) Terms of awards: Performance period Jan. 1, 2015 to Dec. 31, 2017 Beginning average price of Brink’s common stock $ 23.19 Assumptions used to estimate fair value: Expected dividend yield (b) 0 % Expected stock price volatility 30 % Risk-free interest rate 1.0 % Contractual term in years 2.9 Weighted-average fair value estimate per share $ 28.97 (a) Represents the date awards were granted to employee. (b) PSUs are not entitled to dividends during the performance period. |
Market Share Units MSU | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes all MSU activity during the first six months of 2015 : Shares (in thousands) Weighted-Average Grant-Date Fair Value Nonvested balance as of December 31, 2014 163.3 $ 25.47 Granted 108.6 30.37 Cancelled — — Vested — — Nonvested balance as of June 30, 2015 271.9 $ 27.42 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | 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 the First Half of 2015 Date of Measurement February 20, 2015 (a) Terms of awards: Performance period Jan. 1, 2015 to Dec. 31, 2017 Beginning average price of Brink’s common stock $ 23.19 Assumptions used to estimate fair value: Expected dividend yield (b) 0 % Expected stock price volatility 30 % Risk-free interest rate 1.0 % Contractual term in years 2.9 Weighted-average fair value estimate per share $ 30.37 (a) Represents the date awards were granted to employee. (b) MSUs are not entitled to dividends during the performance period. |
Deferred Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes all DSU activity during the first six months of 2015 : Shares (in thousands) Weighted-Average Grant-Date Fair Value Nonvested balance as of December 31, 2014 28.3 $ 24.70 Granted 21.4 32.79 Cancelled — — Vested (28.3 ) 24.70 Nonvested balance as of June 30, 2015 21.4 $ 32.79 |
Shares used to calculate earn27
Shares used to calculate earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements [Abstract] | |
Schedule of Weighted Average Number of Shares | Three Months Six Months (In millions) 2015 2014 2015 2014 Weighted-average shares: Basic (a) 49.3 49.0 49.2 49.0 Effect of dilutive stock awards and options — 0.4 — — Diluted 49.3 49.4 49.2 49.0 Antidilutive stock awards and options excluded from denominator 1.5 1.0 1.5 2.1 (a) We have deferred compensation plans for directors and certain of our employees. For participants electing to defer compensation into common stock units, amounts owed to participants will be paid out in shares of Brink's common stock . Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average units credited to employees and directors under the deferred compensation plans. Accordingly, included in basic shares are 0.6 million weighted-average units in the three months and 0.5 million in the six months ended June 30, 2015 , and 0.6 million weighted-average units in the three months and 0.5 million in the six months ended June 30, 2014 . |
Income (loss) from discontinu28
Income (loss) from discontinued operations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Income from Discontinued Operations | Three Months Six Months (In millions) 2015 2014 2015 2014 Gain (loss) from operations (a)(b) $ — 2.0 (2.4 ) 2.9 Loss on sale (a) (0.1 ) — (0.8 ) — Adjustments to contingencies of former operations (c) : Insurance recoveries related to BAX Global indemnification (d) — — — 1.0 Other — (0.9 ) (0.1 ) (1.0 ) Income (loss) from discontinued operations before income taxes (0.1 ) 1.1 (3.3 ) 2.9 Provision (benefit) for income taxes (0.2 ) 0.4 (1.0 ) 1.7 Income (loss) from discontinued operations, net of tax $ 0.1 0.7 (2.3 ) 1.2 (a) Discontinued operations include gains and losses related to businesses that we recently sold or shut down. No interest expense was included in discontinued operations in the first six months of 2015 and 2014. (b) The loss from operations in the first six months of 2015 included $1.0 million in pension settlement charges related to the Mexican parcel delivery service sold in February 2015. (c) Primarily related to former coal businesses and BAX Global, a former freight forwarding and logistics business. (d) BAX Global had been defending a claim related to the apparent diversion by a third party of goods being transported for a customer. In 2010, the Dutch Supreme Court denied the final appeal of BAX Global, letting stand the lower court ruling that BAX Global was liable for this claim. We had contractually indemnified the purchaser of BAX Global for this contingency. Through 2010, we had recognized $11.5 million of expense related to the payment made in satisfaction of the judgment. In 2014, we recovered $9.5 million from insurance companies related to this matter, of which $1.0 million was recovered in the six months ended June 30, 2014 . |
Supplemental cash flow inform29
Supplemental cash flow information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Six Months (In millions) 2015 2014 Cash paid for: Interest 9.5 11.6 Income taxes 26.5 39.3 |
2014 Reorganization and Restr30
2014 Reorganization and Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the costs incurred and payments made in our 2014 Reorganization and Restructuring accruals: (In millions) Severance Costs Lease Terminations Total Balance as of January 1, 2015 $ 21.4 — 21.4 Expense (benefit) (0.4 ) 0.7 0.3 Payments and utilization (13.3 ) (0.5 ) (13.8 ) Foreign currency exchange effects (0.9 ) — (0.9 ) Balance as of June 30, 2015 $ 6.8 0.2 7.0 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2014USD ($)SegmentRegionVEF / $ | Jun. 30, 2015USD ($)CountryRegionVEF / $ | Jun. 30, 2015USD ($)CountrySegmentRegionVEF / $ | Jun. 30, 2014USD ($) | Feb. 28, 2015VEF / $ | Mar. 31, 2014VEF / $ | Mar. 24, 2014VEF / $ | Mar. 23, 2014VEF / $ | Dec. 31, 2013USD ($) | |
Number of operating segments | Segment | 9 | 9 | |||||||
Number of countries in which the entity operates, within the five largest markets | 5 | 5 | 5 | ||||||
Number of regions in which the entity operates, within global markets | Region | 3 | 3 | 3 | ||||||
Foreign Currency Transaction [Abstract] | |||||||||
Accumulated other comprehensive losses related to Venezuela | $ 792 | $ 818.5 | $ 818.5 | ||||||
Cash and cash equivalents | 176.2 | 181.1 | 181.1 | $ 224.7 | $ 255.5 | ||||
Venezuela impairment charge | $ 34.5 | $ 34.5 | 0 | ||||||
Venezuelan bolívar fuerte | |||||||||
Foreign Currency Transaction [Abstract] | |||||||||
Remeasurement rate | VEF / $ | 197 | 197 | |||||||
Minimum | Venezuelan bolívar fuerte | |||||||||
Foreign Currency Transaction [Abstract] | |||||||||
Remeasurement rate | VEF / $ | 52 | 6.3 | 6.3 | ||||||
Maximum | Venezuelan bolívar fuerte | |||||||||
Foreign Currency Transaction [Abstract] | |||||||||
Remeasurement rate | VEF / $ | 170 | 50 | 50 | ||||||
Venezuela | |||||||||
Foreign Currency Transaction [Abstract] | |||||||||
Revenues accounted for by Venezuela | $ 32.7 | $ 153.6 | |||||||
Venezuelan revenues as a percentage of total revenues | 2.00% | 8.00% | |||||||
Net remeasurement loss | $ (18.2) | $ (122.2) | |||||||
Loss attributable to noncontrolling interest | 5.6 | $ 39.8 | |||||||
Accumulated other comprehensive losses related to Venezuela | $ 113 | $ 112.4 | 112.4 | ||||||
Carrying value of long-lived assets | 3.7 | 3.7 | |||||||
Venezuela | Venezuelan bolívar fuerte | |||||||||
Foreign Currency Transaction [Abstract] | |||||||||
Published exchange rate | VEF / $ | 51 | ||||||||
Amount approved to be obtained | $ 1.2 | ||||||||
Remeasurement rate | VEF / $ | 6.3 | ||||||||
Nonmonetary assets | 55 | 14.2 | 14.2 | ||||||
Investment in Venezuela operations | 59.6 | 24.5 | 24.5 | ||||||
Net monetary assets | 23.5 | 4.3 | 4.3 | ||||||
Cash and cash equivalents | $ 12.6 | $ 3.7 | $ 3.7 | ||||||
Venezuela | Minimum | Venezuelan bolívar fuerte | |||||||||
Foreign Currency Transaction [Abstract] | |||||||||
Published exchange rate | VEF / $ | 10 | 170 | 49 | ||||||
Venezuela | Maximum | Venezuelan bolívar fuerte | |||||||||
Foreign Currency Transaction [Abstract] | |||||||||
Published exchange rate | VEF / $ | 12 | 200 | 52 |
Segment information - Narrative
Segment information - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014SegmentemployeesRegion | Jun. 30, 2015USD ($)CountryRegionVEF / $ | Jun. 30, 2015CountrySegmentRegionVEF / $ | Dec. 31, 2014USD ($)Region | Feb. 28, 2015VEF / $ | Mar. 31, 2014VEF / $ | Mar. 24, 2014VEF / $ | Mar. 23, 2014VEF / $ | |
Segment Reporting Information [Line Items] | ||||||||
Number of operating segments | Segment | 9 | 9 | ||||||
Number of countries in which the entity operates, within the five largest markets | 5 | 5 | 5 | 5 | ||||
Number of regions in which the entity operates, within global markets | Region | 3 | 3 | 3 | 3 | ||||
Latin American And EMEA Regions | ||||||||
Restructuring Costs [Abstract] | ||||||||
Positions eliminated across the global workforce | employees | 1,700 | |||||||
Severance costs | $ | $ 21.8 | |||||||
Charges related to severance and lease terminations | $ | $ 0.3 | |||||||
Venezuelan bolívar fuerte | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Remeasurement rate | 197 | 197 | ||||||
Venezuelan bolívar fuerte | Minimum | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Remeasurement rate | 52 | 6.3 | 6.3 | |||||
Venezuelan bolívar fuerte | Maximum | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Remeasurement rate | 170 | 50 | 50 |
Segment information - Revenue A
Segment information - Revenue And Operating Profits (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 760.3 | $ 859 | $ 1,536.4 | $ 1,808.6 |
Operating Profit (Loss) | (14.6) | 8.7 | (1.7) | (65) |
Venezuela impairment | (34.5) | (34.5) | 0 | |
Share-based compensation adj. | 13.1 | 8.6 | 24.3 | 18.7 |
Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 748.1 | 836.7 | 1,503.7 | 1,655 |
Operating Profit (Loss) | 52.6 | 44.9 | 112.4 | 93.8 |
Corporate expenses | ||||
Segment Reporting Information [Line Items] | ||||
General, administrative and other expenses | (25.3) | (23.3) | (42.9) | (52.9) |
Foreign currency transaction gains (loss) | 1.1 | 0.4 | (3.7) | (0.3) |
Reconciliation of segment policies to GAAP | 2.2 | 2 | 5.4 | 4.2 |
Other items not allocated to segments | ||||
Segment Reporting Information [Line Items] | ||||
Foreign currency transaction gains (loss) | (6) | (9.8) | (26.6) | (133.1) |
Venezuela impairment | (34.5) | (34.5) | ||
2014 Reorganization and Restructuring | 1.2 | (0.3) | ||
Mexican settlement losses | (1.1) | (0.9) | (2.4) | (1.7) |
U.S. retirement plans | (6.5) | (3.6) | (13.5) | (9.6) |
Acquisitions and dispositions | 0.3 | 1.3 | 0.3 | 2.5 |
Share-based compensation adj. | (4.2) | (4.2) | ||
Largest 5 Markets | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 483.9 | 548.3 | 971.5 | 1,083.9 |
Operating Profit (Loss) | 22.1 | 17.7 | 50.2 | 41.3 |
Global Markets | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 242.1 | 264.6 | 487.3 | 525.1 |
Operating Profit (Loss) | 34.2 | 28.5 | 65.4 | 53 |
Venezuela | Other items not allocated to segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 12.2 | 22.3 | 32.7 | 153.6 |
Operating Profit (Loss) | 1.4 | 1.9 | 4.1 | 36.3 |
U.S. | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 184.1 | 180.3 | 367.7 | 356.1 |
Operating Profit (Loss) | 6.4 | 5.9 | 14.7 | 7.2 |
France | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 107.4 | 133.1 | 213.1 | 261.9 |
Operating Profit (Loss) | 6.7 | 4.9 | 10.8 | 11.5 |
Mexico | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 85.1 | 98.1 | 170.8 | 198.3 |
Operating Profit (Loss) | 4.5 | (0.9) | 12.4 | 2.8 |
Brazil | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 67.7 | 91.5 | 141.5 | 177.9 |
Operating Profit (Loss) | 2.1 | 5.4 | 8.2 | 15.1 |
Canada | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 39.6 | 45.3 | 78.4 | 89.7 |
Operating Profit (Loss) | 2.4 | 2.4 | 4.1 | 4.7 |
Latin America | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 91.2 | 93.1 | 182 | 183.7 |
Operating Profit (Loss) | 19.2 | 11.4 | 35.7 | 21.5 |
EMEA | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 112.3 | 137.5 | 228 | 274.4 |
Operating Profit (Loss) | 9.1 | 12 | 17.3 | 21.2 |
Asia | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 38.6 | 34 | 77.3 | 67 |
Operating Profit (Loss) | 5.9 | 5.1 | 12.4 | 10.3 |
Payment Services | Total reportable segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 22.1 | 23.8 | 44.9 | 46 |
Operating Profit (Loss) | $ (3.7) | $ (1.3) | $ (3.2) | $ (0.5) |
Retirement Benefits - Retiremen
Retirement Benefits - Retirement Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Cash contributions to the primary U.S. pension plan | $ 87.2 | ||||
U.S. Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 | |
Interest cost on projected benefit obligation | 9 | 11.3 | 18 | 22.7 | |
Return on assets – expected | (13.6) | (16.2) | (27.3) | (31.6) | |
Amortization of losses | 7.7 | 7 | 15.5 | 14.2 | |
Amortization of prior service cost | 0 | 0 | 0 | 0 | |
Settlement loss | 0 | 0 | 0 | 0 | |
Net periodic pension cost | 3.1 | 2.1 | 6.2 | 5.3 | |
U.S. Plans | Continuing operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic pension cost | 3.1 | 2.1 | 6.2 | 5.3 | |
U.S. Plans | Discontinued operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amortization of prior service cost | 0 | 0 | 0 | 0 | |
Non-U.S. Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 2.6 | 3.2 | 5.5 | 6.7 | |
Interest cost on projected benefit obligation | 3 | 4.6 | 6.2 | 10.4 | |
Return on assets – expected | (2.4) | (3.8) | (4.8) | (7.6) | |
Amortization of losses | 1.2 | 0.6 | 2.5 | 1.1 | |
Amortization of prior service cost | 0.2 | 0.2 | 0.2 | 0.4 | |
Settlement loss | 1.1 | 1.1 | 3.4 | 1.8 | |
Net periodic pension cost | 5.7 | 5.9 | 13 | 12.8 | |
Non-U.S. Plans | Continuing operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic pension cost | 5.7 | 5.4 | 11.9 | 11.9 | |
Non-U.S. Plans | Discontinued operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic pension cost | 0 | 0.5 | 1.1 | 0.9 | |
UMWA Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 0 | 0 | 0 | 0 | |
Interest cost on projected benefit obligation | 4.2 | 4.4 | 8.7 | 9.2 | |
Return on assets – expected | (5.1) | (5.6) | (10.3) | (11.2) | |
Amortization of losses | 3.7 | 2.9 | 8 | 6.6 | |
Amortization of prior service cost | (1.1) | (1.2) | (2.3) | (2.3) | |
Net periodic pension cost | 1.7 | 0.5 | 4.1 | 2.3 | |
Black Lung and Other Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 0.1 | 0.1 | 0.1 | 0.1 | |
Interest cost on projected benefit obligation | 0.7 | 0.4 | 1.4 | 1 | |
Return on assets – expected | 0 | 0 | 0 | 0 | |
Amortization of losses | 0.8 | 0.1 | 1.5 | 0.3 | |
Amortization of prior service cost | 0.4 | 0.5 | 0.9 | 0.9 | |
Net periodic pension cost | 2 | 1.1 | 3.9 | 2.3 | |
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 2.6 | 3.2 | 5.5 | 6.7 | |
Interest cost on projected benefit obligation | 12 | 15.9 | 24.2 | 33.1 | |
Return on assets – expected | (16) | (20) | (32.1) | (39.2) | |
Amortization of losses | 8.9 | 7.6 | 18 | 15.3 | |
Amortization of prior service cost | 0.2 | 0.2 | 0.2 | 0.4 | |
Settlement loss | 1.1 | 1.1 | 3.4 | 1.8 | |
Net periodic pension cost | 8.8 | 8 | 19.2 | 18.1 | |
Pension Plan | Continuing operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic pension cost | 8.8 | 7.5 | 18.1 | 17.2 | |
Pension Plan | Discontinued operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic pension cost | 0 | 0.5 | 1.1 | 0.9 | |
Other Postretirement Benefit Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 0.1 | 0.1 | 0.1 | 0.1 | |
Interest cost on projected benefit obligation | 4.9 | 4.8 | 10.1 | 10.2 | |
Return on assets – expected | (5.1) | (5.6) | (10.3) | (11.2) | |
Amortization of losses | 4.5 | 3 | 9.5 | 6.9 | |
Amortization of prior service cost | (0.7) | (0.7) | (1.4) | (1.4) | |
Net periodic pension cost | $ 3.7 | $ 1.6 | $ 8 | $ 4.6 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes (in millions) | $ 7.6 | $ 4.1 | $ 23.1 | $ 12.8 |
Effective tax rate | (40.20%) | 120.60% | (220.00%) | (16.80%) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
U.S. statutory tax rate | 35.00% | 35.00% |
Effective tax rate on continuing operations excluding significant nondeductible expenses | 46.00% | 37.00% |
Accumulated other comprehensi37
Accumulated other comprehensive income (loss) - Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | ||||
Pretax, benefit plan adjustments, amounts arising during the current period | $ (1.1) | $ (2.6) | $ (5.7) | $ (4.3) |
Income tax, benefit plan adjustments, amounts arising the current period | 0.3 | 0.5 | 1.5 | 0.8 |
Pretax, benefit plan adjustments, amounts reclassified to net income (loss) | 14.2 | 11.2 | 30 | 23 |
Income tax, benefit plan adjustments, amounts reclassified to net income (loss) | (4.8) | (3.9) | (10) | (7.9) |
Total benefit plan adjustments, net of tax | 8.6 | 5.2 | 15.8 | 11.6 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Pretax, foreign currency translation adjustments, amounts arising during the current period | 6.9 | 8.5 | (43.5) | 4.3 |
Income tax, foreign currency translation adjustments, amounts arising during the current period | 0 | 0 | 0 | 0 |
Pretax, foreign currency translation adjustments, amounts reclassified to net income (loss) | 0 | (0.2) | 0 | (0.2) |
Income tax, foreign currency translation adjustments, amounts reclassified to net income (loss) | 0 | 0 | 0 | 0 |
Total foreign currency translation adjustments, net of tax | 6.9 | 8.3 | (43.5) | 4.1 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | ||||
Unrealized net gains (losses) on available-for-sale securities | 0 | (0.1) | 0 | (0.2) |
Pretax, foreign currency translation adjustments, amounts reclassified to net income (loss) | 0 | 0.1 | 0 | 0.1 |
Pretax, unrealized gains (losses) on available-for-sale securities, amounts reclassified to net income (loss) | (0.1) | 0 | (0.1) | 0.1 |
Income tax, unrealized gains (losses) on available-for-sale securities, amounts arising during the current period | 0 | 0 | 0 | 0 |
Total unrealized gains (losses) on available-for-sale securities, net of tax | (0.1) | 0 | (0.1) | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||||
Pretax, gains (losses) on cash flow hedges, amounts arising during the current period | (0.2) | (1.4) | 1.9 | (1.7) |
Income tax, gains (losses) on cash flow hedges, amounts arising during the current period | 0 | 0 | 0 | 0 |
Pretax, gains (losses) on cash flow hedges, amounts reclassified to net income (loss) | 0.6 | 0.8 | (1.5) | 1.7 |
Income tax, gains (losses) on cash flow hedges amounts reclassified to net income (loss) | 0 | 0 | 0 | 0 |
Total gains (losses) on cash flow hedges, net of tax | 0.4 | (0.6) | 0.4 | 0 |
Pretax, Other Comprehensive Income (Loss) | 5.6 | 4.4 | (47.3) | (1.9) |
Income Tax, Other Comprehensive Income (Loss) | 0.3 | 0.6 | 1.5 | 0.9 |
Pretax, Amounts Reclassified to Net Income (Loss), Other Comprehensive Income (Loss) | 14.7 | 11.8 | 28.4 | 24.6 |
Income Tax, Amounts Reclassified to Net Income (Loss), Other Comprehensive Income (Loss) | (4.8) | (3.9) | (10) | (7.9) |
Other comprehensive income (loss) | 15.8 | 12.9 | (27.4) | 15.7 |
Amounts attributable to Brink's | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | ||||
Pretax, benefit plan adjustments, amounts arising during the current period | (1.1) | (2.6) | (5.7) | (4.3) |
Income tax, benefit plan adjustments, amounts arising the current period | 0.3 | 0.5 | 1.5 | 0.8 |
Pretax, benefit plan adjustments, amounts reclassified to net income (loss) | 14.1 | 11.1 | 29.8 | 22.8 |
Income tax, benefit plan adjustments, amounts reclassified to net income (loss) | (4.8) | (3.8) | (10) | (7.8) |
Total benefit plan adjustments, net of tax | 8.5 | 5.2 | 15.6 | 11.5 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Pretax, foreign currency translation adjustments, amounts arising during the current period | 6.5 | 7.4 | (42.4) | 4 |
Income tax, foreign currency translation adjustments, amounts arising during the current period | 0 | 0 | 0 | 0 |
Pretax, foreign currency translation adjustments, amounts reclassified to net income (loss) | 0 | (0.2) | 0 | (0.2) |
Income tax, foreign currency translation adjustments, amounts reclassified to net income (loss) | 0 | 0 | 0 | 0 |
Total foreign currency translation adjustments, net of tax | 6.5 | 7.2 | (42.4) | 3.8 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax [Abstract] | ||||
Unrealized net gains (losses) on available-for-sale securities | (0.1) | 0 | (0.2) | |
Pretax, foreign currency translation adjustments, amounts reclassified to net income (loss) | 0.1 | 0 | 0.1 | |
Pretax, unrealized gains (losses) on available-for-sale securities, amounts reclassified to net income (loss) | (0.1) | 0 | (0.1) | 0.1 |
Income tax, unrealized gains (losses) on available-for-sale securities, amounts arising during the current period | 0 | 0 | 0 | 0 |
Total unrealized gains (losses) on available-for-sale securities, net of tax | (0.1) | 0 | (0.1) | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||||
Pretax, gains (losses) on cash flow hedges, amounts arising during the current period | (0.2) | (1.4) | 1.9 | (1.7) |
Income tax, gains (losses) on cash flow hedges, amounts arising during the current period | 0 | 0 | 0 | 0 |
Pretax, gains (losses) on cash flow hedges, amounts reclassified to net income (loss) | 0.6 | 0.8 | (1.5) | 1.7 |
Income tax, gains (losses) on cash flow hedges amounts reclassified to net income (loss) | 0 | 0 | 0 | 0 |
Total gains (losses) on cash flow hedges, net of tax | 0.4 | (0.6) | 0.4 | 0 |
Pretax, Other Comprehensive Income (Loss) | 5.2 | 3.3 | (46.2) | (2.2) |
Income Tax, Other Comprehensive Income (Loss) | 0.3 | 0.6 | 1.5 | 0.9 |
Pretax, Amounts Reclassified to Net Income (Loss), Other Comprehensive Income (Loss) | 14.6 | 11.7 | 28.2 | 24.4 |
Income Tax, Amounts Reclassified to Net Income (Loss), Other Comprehensive Income (Loss) | (4.8) | (3.8) | (10) | (7.8) |
Other comprehensive income (loss) | 15.3 | 11.8 | (26.5) | 15.3 |
Attributable to Noncontrolling Interests | ||||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | ||||
Pretax, benefit plan adjustments, amounts arising during the current period | 0 | 0 | 0 | 0 |
Income tax, benefit plan adjustments, amounts arising the current period | 0 | 0 | 0 | 0 |
Pretax, benefit plan adjustments, amounts reclassified to net income (loss) | 0.1 | 0.1 | 0.2 | 0.2 |
Income tax, benefit plan adjustments, amounts reclassified to net income (loss) | 0 | (0.1) | 0 | (0.1) |
Total benefit plan adjustments, net of tax | 0.1 | 0 | 0.2 | 0.1 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Pretax, foreign currency translation adjustments, amounts arising during the current period | 0.4 | 1.1 | (1.1) | 0.3 |
Income tax, foreign currency translation adjustments, amounts arising during the current period | 0 | 0 | 0 | 0 |
Pretax, foreign currency translation adjustments, amounts reclassified to net income (loss) | 0 | 0 | 0 | 0 |
Income tax, foreign currency translation adjustments, amounts reclassified to net income (loss) | 0 | 0 | 0 | 0 |
Total foreign currency translation adjustments, net of tax | 0.4 | 1.1 | (1.1) | 0.3 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||||
Pretax, Other Comprehensive Income (Loss) | 0.4 | 1.1 | (1.1) | 0.3 |
Income Tax, Other Comprehensive Income (Loss) | 0 | 0 | 0 | 0 |
Pretax, Amounts Reclassified to Net Income (Loss), Other Comprehensive Income (Loss) | 0.1 | 0.1 | 0.2 | 0.2 |
Income Tax, Amounts Reclassified to Net Income (Loss), Other Comprehensive Income (Loss) | 0 | (0.1) | 0 | (0.1) |
Other comprehensive income (loss) | $ 0.5 | $ 1.1 | $ (0.9) | $ 0.4 |
Accumulated other comprehensi38
Accumulated other comprehensive income (loss) Accumulated other comprehensive income (loss) - Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of revenues | $ 620.9 | $ 718.9 | $ 1,250 | $ 1,478.6 |
Selling, general and administrative expenses | 120 | 130.8 | 232.3 | 271.3 |
Other operating income (expense) | (34) | (0.6) | (55.8) | (123.7) |
Interest and other income (expense) | 0.4 | 0.6 | 0.8 | 0.6 |
Reclassification out of accumulated other comprehensive income | Benefit Plan Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Cost of revenues | 8.8 | 7.2 | 18.7 | 17.1 |
Selling, general and administrative expenses | 3.7 | 1.9 | 7.4 | 4.7 |
Reclassification out of accumulated other comprehensive income | Gains (Losses) on Cash Flow Hedges | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other operating income (expense) | (0.4) | (0.5) | 1.9 | (1.2) |
Interest and other income (expense) | $ (0.1) | $ (0.3) | $ (0.3) | $ (0.5) |
Accumulated other comprehensi39
Accumulated other comprehensive income (loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance - AOCI | $ (792) | |||
Other comprehensive income (loss) | $ 15.8 | $ 12.9 | (27.4) | $ 15.7 |
Ending Balance - AOCI | (818.5) | (818.5) | ||
Reclassification out of accumulated other comprehensive income | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance - AOCI | (792) | |||
Other comprehensive income (loss) before reclassifications | (44.7) | |||
Amounts reclassified from accumulated other comprehensive loss | 18.2 | |||
Other comprehensive income (loss) | (26.5) | |||
Ending Balance - AOCI | (818.5) | (818.5) | ||
Benefit Plan Adjustments | Reclassification out of accumulated other comprehensive income | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance - AOCI | (571.7) | |||
Other comprehensive income (loss) before reclassifications | (4.2) | |||
Amounts reclassified from accumulated other comprehensive loss | 19.8 | |||
Other comprehensive income (loss) | 15.6 | |||
Ending Balance - AOCI | (556.1) | (556.1) | ||
Foreign Currency Translation Adjustments | Reclassification out of accumulated other comprehensive income | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance - AOCI | (222.1) | |||
Other comprehensive income (loss) before reclassifications | (42.4) | |||
Amounts reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive income (loss) | (42.4) | |||
Ending Balance - AOCI | (264.5) | (264.5) | ||
Unrealized Gains (Losses) on Available-for-Sale Securities | Reclassification out of accumulated other comprehensive income | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance - AOCI | 1.4 | |||
Other comprehensive income (loss) before reclassifications | 0 | |||
Amounts reclassified from accumulated other comprehensive loss | (0.1) | |||
Other comprehensive income (loss) | (0.1) | |||
Ending Balance - AOCI | 1.3 | 1.3 | ||
Gains (Losses) on Cash Flow Hedges | Reclassification out of accumulated other comprehensive income | ||||
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance - AOCI | 0.4 | |||
Other comprehensive income (loss) before reclassifications | 1.9 | |||
Amounts reclassified from accumulated other comprehensive loss | (1.5) | |||
Other comprehensive income (loss) | 0.4 | |||
Ending Balance - AOCI | $ 0.8 | $ 0.8 |
Fair value of financial instr40
Fair value of financial instruments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value of the cross-currency swap, net asset | $ 6.9 | |
Foreign Exchange Contract | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Weighted average maturity for short term contracts | 1 year | |
Unsecured notes issued in a private placement | ||
DTA bonds [Abstract] | ||
Carrying value | $ 92.9 | $ 100 |
Fair value | $ 97.6 | $ 105.6 |
Share-based compensation plan41
Share-based compensation plans - Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | $ 3.3 | $ 7.6 | $ 8.5 | $ 13.5 |
Income tax benefit | (1.1) | (2.6) | (2.9) | (4.6) |
Share-based payment expense, net of tax | 2.2 | 5 | 5.6 | 8.9 |
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 2 | 1 | 4.5 | 3.5 |
Market Share Units MSU | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 0.3 | 0.1 | 1.9 | 1.8 |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 0.9 | 3.4 | 1.9 | 5 |
Deferred Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 0.1 | 0.5 | 0.2 | 0.5 |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | $ 0 | $ 2.6 | $ 0 | $ 2.7 |
Share-based compensation plan42
Share-based compensation plans - Stock activity - RSUs, PSUs, MSUs(Details) - $ / shares | Feb. 20, 2015 | Jun. 30, 2015 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested beginning balance, shares | 367,100 | |
Granted, shares | 110,800 | |
Cancelled, shares | 26,200 | |
Vested, shares | 83,000 | |
Nonvested ending balance, shares | 368,700 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Nonvested beginning balance (dollars per share) | $ 25.87 | |
Granted (dollars per share) | 26.40 | |
Cancelled (dollars per share) | 26.11 | |
Vested (dollars per share) | 26.73 | |
Nonvested ending balance (dollars per share) | $ 25.83 | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested beginning balance, shares | 343,600 | |
Granted, shares | 193,800 | |
Cancelled, shares | 13,400 | |
Vested, shares | 0 | |
Nonvested ending balance, shares | 524,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Nonvested beginning balance (dollars per share) | $ 24.06 | |
Granted (dollars per share) | 29.08 | |
Cancelled (dollars per share) | 24.85 | |
Vested (dollars per share) | 0 | |
Nonvested ending balance (dollars per share) | $ 25.90 | |
Market Share Units MSU | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested beginning balance, shares | 163,300 | |
Granted, shares | 108,600 | |
Cancelled, shares | 0 | |
Vested, shares | 0 | |
Nonvested ending balance, shares | 271,900 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Nonvested beginning balance (dollars per share) | $ 25.47 | |
Granted (dollars per share) | $ 30.37 | 30.37 |
Cancelled (dollars per share) | 0 | |
Vested (dollars per share) | 0 | |
Nonvested ending balance (dollars per share) | $ 27.42 |
Share-based compensation plan43
Share-based compensation plans - Terms and Assumptions (Details) - $ / shares | Feb. 20, 2015 | Jun. 30, 2015 |
Small Portion PSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Term of awards | Jan. 1, 2015 to Dec. 31, 2017 | |
Peformance period in years | 03 years | |
Beginning average price of Brink’s common stock (dollars per share) | $ 23.19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected dividend yield | 0.00% | |
Expected stock price volatility | 30.00% | |
Risk-free interest rate | 1.00% | |
Contractual term in years | 2 years 10 months 24 days | |
Weighted-average fair value estimate per share (dollars per share) | $ 28.97 | |
Market Share Units MSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Term of awards | Jan. 1, 2015 to Dec. 31, 2017 | |
Peformance period in years | 3 years | |
Beginning average price of Brink’s common stock (dollars per share) | $ 23,190 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Expected dividend yield | 0.00% | |
Expected stock price volatility | 30.00% | |
Risk-free interest rate | 1.00% | |
Contractual term in years | 2 years 10 months 24 days | |
Weighted-average fair value estimate per share (dollars per share) | $ 30.37 | $ 30.37 |
Share-based compensation plan44
Share-based compensation plans - Narrative (Details) $ in Millions | Jul. 11, 2014employees | Jun. 30, 2014USD ($) |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of employees impacted by policy revision | employees | 130 | |
Expense from recoupment policy change | $ 4.2 |
Share-based compensation plan45
Share-based compensation plans - Stock activity - DSUs (Details) - 6 months ended Jun. 30, 2015 - Deferred Stock Units - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested, beginning balance, shares | 28,300 |
Granted, shares | 21,400 |
Cancelled, shares | 0 |
Vested, shares | 28,300 |
Nonvested, ending balance, shares | 21,400 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested, beginning balance (dollars per share) | $ 24.70 |
Granted (dollars per share) | 32.79 |
Cancelled (dollars per share) | 0 |
Vested (dollars per share) | 24.70 |
Nonvested, ending balance (dollars per share) | $ 32.79 |
Shares used to calculate earn46
Shares used to calculate earnings per share Shares used to calculate earnings per share (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Notes to Financial Statements [Abstract] | ||||
Basic (shares) | 49.3 | 49 | 49.2 | 49 |
Effect of dilutive stock options and awards (shares) | 0 | 0.4 | 0 | 0 |
Diluted (shares) | 49.3 | 49.4 | 49.2 | 49 |
Antidilutive stock options and awards excluded from denominator (shares) | 1.5 | 1 | 1.5 | 2.1 |
Share-based goods and nonemployee services transaction, quantity of securities issued (shares) | 0.6 | 0.6 | 0.5 | 0.5 |
Income (loss) from discontinu47
Income (loss) from discontinued operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2010 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (loss) from operations | $ 0 | $ 2 | $ (2.4) | $ 2.9 | ||
Loss on sale | (0.1) | 0 | (0.8) | 0 | ||
Income (loss) from discontinued operations before income taxes | (0.1) | 1.1 | (3.3) | 2.9 | ||
Provision (benefit) for income taxes | (0.2) | 0.4 | (1) | 1.7 | ||
Income (loss) from discontinued operations, net of tax | 0.1 | 0.7 | (2.3) | 1.2 | ||
Insurance recoveries related to BAX Global indemnification | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Adjustments to contingencies of former operations | 0 | 0 | 0 | 1 | $ 9.5 | |
Other | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Adjustments to contingencies of former operations | $ 0 | $ (0.9) | (0.1) | $ (1) | ||
Mexican Parcel Services | Pension settlement charges | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (loss) from operations | $ (1) | |||||
BAX Global indemnification | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Adjustments to contingencies of former operations | $ (11.5) |
Supplemental cash flow inform48
Supplemental cash flow information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest | $ 9.5 | $ 11.6 |
Income taxes | 26.5 | 39.3 |
Capital lease arrangements | $ 6.2 | $ 1.4 |
Contingent Matters (Details)
Contingent Matters (Details) | Oct. 22, 2014appeal | Dec. 06, 2013USD ($) | Oct. 28, 2010USD ($) | Jun. 19, 2008 | Jun. 30, 2015USD ($) | Sep. 17, 2014USD ($) |
Loss Contingencies [Line Items] | ||||||
Lawsuit filing date | Jun. 19, 2008 | |||||
Damages awarded | $ 1,000,000 | |||||
Litigation settlement amount | $ 7,000,000 | |||||
Company best estimate of exposure | $ 2,000,000 | $ 2,000,000 | ||||
Possible loss maximum | $ 10,000,000 | |||||
Del Valle Gurria S.C. v. Servicio Pan Americano de Protección, S.A. de C.V [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, New Claims Filed, Number | appeal | 2 | |||||
U.S. | Del Valle Gurria S.C. v. Servicio Pan Americano de Protección, S.A. de C.V [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, New Claims Filed, Number | appeal | 1 | |||||
Mexico | Del Valle Gurria S.C. v. Servicio Pan Americano de Protección, S.A. de C.V [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, New Claims Filed, Number | appeal | 1 |
2014 Reorganization and Restr50
2014 Reorganization and Restructuring (Details) - Reorganization And Restructuring 2014 | 3 Months Ended | 6 Months Ended |
Dec. 31, 2014USD ($)employees | Jun. 30, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Positions eliminated across the global workforce | employees | 1,700 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve, beginining balance | $ 21,400,000 | |
Expenses | 300,000 | |
Payments | (13,800,000) | |
Foreign currency exchange effects | (900,000) | |
Restructuring Reserve, ending balance | $ 21,400,000 | 7,000,000 |
Severance Costs | ||
Restructuring Charges [Abstract] | ||
Restructuring and Related Cost, Expected Cost Remaining | 25,000,000 | |
2014 Reorganization and Restructuring | 400,000 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve, beginining balance | 21,400,000 | |
Expenses | (400,000) | |
Payments | (13,300,000) | |
Foreign currency exchange effects | (900,000) | |
Restructuring Reserve, ending balance | 21,400,000 | 6,800,000 |
Lease Terminations | ||
Restructuring Charges [Abstract] | ||
2014 Reorganization and Restructuring | (700,000) | |
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve, beginining balance | 0 | |
Expenses | 700,000 | |
Payments | (500,000) | |
Foreign currency exchange effects | 0 | |
Restructuring Reserve, ending balance | $ 0 | 200,000 |
Reduced Direct Costs | Minimum | ||
Restructuring Cost and Reserve [Line Items] | ||
Annual direct costs saved | 45,000,000 | |
Reduced Direct Costs | Maximum | ||
Restructuring Cost and Reserve [Line Items] | ||
Annual direct costs saved | $ 50,000,000 |