Cover page
Cover page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-09148 | ||
Entity Registrant Name | BRINK’S CO | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-1317776 | ||
Entity Address, Address Line One | 1801 Bayberry Court | ||
Entity Address, City or Town | Richmond | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 23226-8100 | ||
City Area Code | 804 | ||
Local Phone Number | 289-9600 | ||
Title of 12(b) Security | Common Stock, par value $1.00 per share | ||
Trading Symbol | BCO | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Smaller Reporting Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 50,165,320 | ||
Entity Public Float | $ 4,016,051,640 | ||
Document Fiscal Year Focus | 2019 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000078890 | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 311 | $ 343.4 |
Restricted cash | 158 | 136.1 |
Accounts receivable (net of allowance: 2019 - $30.2; 2018 - $10.1) | 635.6 | 599.5 |
Prepaid expenses and other | 128 | 127.5 |
Total current assets | 1,232.6 | 1,206.5 |
Right-of-use assets, net | 270.3 | 0 |
Property and equipment, net | 763.3 | 699.4 |
Goodwill | 784.6 | 678.6 |
Other intangibles | 272.5 | 228.9 |
Deferred income taxes | 273.5 | 236.5 |
Other | 167 | 186.1 |
Total assets | 3,763.8 | 3,236 |
Current liabilities: | ||
Short-term borrowings | 14.3 | 28.9 |
Current maturities of long-term debt | 74.5 | 53.5 |
Accounts payable | 184.5 | 174.6 |
Accrued liabilities | 628.4 | 502.1 |
Restricted cash held for customers | 100.3 | 90.3 |
Total current liabilities | 1,002 | 849.4 |
Long-term debt | 1,554.8 | 1,471.6 |
Accrued pension costs | 228.9 | 196.9 |
Retirement benefits other than pensions | 347.8 | 366.1 |
Lease liabilities | 218.4 | 0 |
Deferred income taxes | 21.2 | 16.7 |
Other | 183.1 | 168.7 |
Total liabilities | 3,556.2 | 3,069.4 |
Commitments and contingent liabilities (notes 4, 5, 15, 17, 23 and 24) | ||
The Brink’s Company (“Brink’s”) shareholders: | ||
Common stock | 50.1 | 49.7 |
Capital in excess of par value | 663.3 | 628.2 |
Retained earnings | 457.4 | 429.1 |
Benefit plan adjustments | (583) | (572.1) |
Foreign currency translation | (382.8) | (382) |
Gains (losses) on cash flow hedges | (13.2) | 0.8 |
Accumulated other comprehensive loss | (979) | (953.3) |
Brink’s shareholders | 191.8 | 153.7 |
Noncontrolling interests | 15.8 | 12.9 |
Total equity | 207.6 | 166.6 |
Total liabilities and equity | $ 3,763.8 | $ 3,236 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance | $ 30.2 | $ 10.1 |
Par value (in dollars per share) | $ 1 | $ 1 |
Shares authorized (in shares) | 100,000,000 | 100,000,000 |
Shares issued (in shares) | 50,100,000 | 49,700,000 |
Shares outstanding (in shares) | 50,100,000 | 49,700,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Statement [Abstract] | ||||
Revenues | $ 3,683.2 | $ 3,488.9 | $ 3,347 | |
Costs and expenses: | ||||
Cost of revenues | 2,832.1 | 2,703.3 | 2,608.2 | |
Selling, general and administrative expenses | 604.9 | 509.2 | 468.2 | |
Total costs and expenses | 3,437 | 3,212.5 | 3,076.4 | |
Other operating income (expense) | (9.4) | (1.7) | 3.3 | |
Operating profit | 236.8 | 274.7 | 273.9 | |
Interest expense | (90.6) | (66.7) | (32.2) | |
Loss on deconsolidation of Venezuela operations | 0 | (126.7) | 0 | |
Interest and other nonoperating expense | (52.7) | (38.8) | (60.2) | |
Income from continuing operations before tax | 93.5 | 42.5 | 181.5 | |
Provision for income taxes | 61 | 70 | 157.7 | |
Income (loss) from continuing operations | 32.5 | (27.5) | 23.8 | |
Income (loss) from discontinued operations, net of tax | 0.7 | 0 | (0.2) | |
Net income (loss) | 33.2 | (27.5) | 23.6 | |
Less net income attributable to noncontrolling interests | 4.2 | 5.8 | 6.9 | |
Net income (loss) attributable to Brink’s | 29 | (33.3) | 16.7 | |
Amounts attributable to Brink’s: | ||||
Continuing operations | 28.3 | (33.3) | 16.9 | |
Discontinued operations | 0.7 | 0 | (0.2) | |
Net income (loss) attributable to Brink’s | $ 29 | $ (33.3) | $ 16.7 | |
Basic: | ||||
Continuing operations (in dollars per share) | [1] | $ 0.56 | $ (0.65) | $ 0.33 |
Discontinued operations (in dollars per share) | [1] | 0.01 | 0 | (0.01) |
Net income (loss) (in dollars per share) | [1] | 0.58 | (0.65) | 0.33 |
Diluted: | ||||
Continuing operations (in dollars per share) | [1] | 0.55 | (0.65) | 0.33 |
Discontinued operations (in dollars per share) | [1] | 0.01 | 0 | (0.01) |
Net income (loss) (in dollars per share) | [1] | $ 0.57 | $ (0.65) | $ 0.32 |
Weighted-average shares | ||||
Basic (shares) | 50.2 | 50.9 | 50.7 | |
Diluted (shares) | 51.1 | 50.9 | 51.8 | |
[1] | Amounts may not add due to rounding. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 33.2 | $ (27.5) | $ 23.6 |
Benefit plan adjustments: | |||
Benefit plan actuarial gains (losses) | 27.1 | 35.4 | (43.6) |
Benefit plan prior service costs | (4.1) | (1.6) | (0.9) |
Deferred profit sharing | 0.4 | (0.2) | 0 |
Total benefit plan adjustments | 23.4 | 33.6 | (44.5) |
Foreign currency translation adjustments | (0.1) | (45.2) | 23.6 |
Unrealized net gains on available-for-sale securities | 0 | 0 | 0.2 |
Gains (losses) on cash flow hedges | (19) | 0.1 | 0.1 |
Other comprehensive income (loss) before tax | 4.3 | (11.5) | (20.6) |
Provision (benefit) for income taxes | 0.4 | 5 | (1.8) |
Other comprehensive income (loss) | 3.9 | (16.5) | (18.8) |
Comprehensive income (loss) | 37.1 | (44) | 4.8 |
Less comprehensive income attributable to noncontrolling interests | 5 | 5 | 7.7 |
Comprehensive income (loss) attributable to Brink’s | $ 32.1 | $ (49) | $ (2.9) |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | AOCI | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2016 | $ 354.8 | $ 50 | $ 618.1 | $ 576 | $ (907) | $ 17.7 |
Beginning Balance (shares) at Dec. 31, 2016 | 50 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 23.6 | 16.7 | 6.9 | |||
Other comprehensive income (loss) | (18.8) | (19.6) | 0.8 | |||
Dividends to: | ||||||
Brink’s common shareholders ($0.60 per share) | (27.7) | (27.7) | ||||
Noncontrolling interests | (4.6) | (4.6) | ||||
Stock options and awards: | ||||||
Compensation expense | 17.7 | 17.7 | ||||
Consideration from exercise of stock options | 2.7 | $ 0.1 | 2.6 | |||
Consideration from exercise of stock options (shares) | 0.1 | |||||
Other share-based benefit transactions | (9.5) | $ 0.4 | (9.8) | (0.1) | ||
Other share-based benefit transactions (shares) | 0.4 | |||||
Ending Balance at Dec. 31, 2017 | 338.2 | $ 50.5 | 628.6 | 564.9 | (926.6) | 20.8 |
Ending Balance (shares) at Dec. 31, 2017 | 50.5 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (27.5) | (33.3) | 5.8 | |||
Other comprehensive income (loss) | (16.5) | (15.7) | (0.8) | |||
Stock Repurchased During Period, Value | (93.5) | $ (1.3) | (16.9) | (75.3) | ||
Stock Repurchased During Period, Shares | (1.3) | |||||
Dividends to: | ||||||
Brink’s common shareholders ($0.60 per share) | (30.4) | (30.4) | ||||
Noncontrolling interests | (5.2) | (5.2) | ||||
Stock options and awards: | ||||||
Compensation expense | 28.2 | 28.2 | ||||
Consideration from exercise of stock options | 0.8 | $ 0 | 0.8 | |||
Consideration from exercise of stock options (shares) | 0 | |||||
Other share-based benefit transactions | (9.4) | $ 0.5 | (9.8) | (0.1) | ||
Other share-based benefit transactions (shares) | 0.5 | |||||
Dispositions of noncontrolling interests | (0.4) | (0.4) | ||||
Acquisitions of noncontrolling interests | (21) | (2.7) | (9.9) | (8.4) | ||
Acquisitions with noncontrolling interests | 1.1 | 1.1 | ||||
Ending Balance at Dec. 31, 2018 | 166.6 | $ 49.7 | 628.2 | 429.1 | (953.3) | 12.9 |
Ending Balance (shares) at Dec. 31, 2018 | 49.7 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 33.2 | 29 | 4.2 | |||
Other comprehensive income (loss) | 3.9 | 3.1 | 0.8 | |||
Stock Repurchased During Period, Value | 0 | $ 0 | (0.5) | 0.5 | ||
Stock Repurchased During Period, Shares | 0 | |||||
Dividends to: | ||||||
Brink’s common shareholders ($0.60 per share) | (29.9) | (29.9) | ||||
Noncontrolling interests | (2.3) | (2.3) | ||||
Stock options and awards: | ||||||
Compensation expense | 42.7 | 42.7 | ||||
Other share-based benefit transactions | (6.8) | $ 0.4 | (7.1) | (0.1) | ||
Other share-based benefit transactions (shares) | 0.4 | |||||
Capital contributions from noncontrolling interest | 0.2 | 0.2 | ||||
Ending Balance at Dec. 31, 2019 | $ 207.6 | $ 50.1 | $ 663.3 | $ 457.4 | $ (979) | $ 15.8 |
Ending Balance (shares) at Dec. 31, 2019 | 50.1 |
Consolidated Statement of Equ_2
Consolidated Statement of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Brink's common shareholders per share declared (dollars per share) | $ 0.6 | $ 0.6 | $ 0.55 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 33.2 | $ (27.5) | $ 23.6 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
(Income) loss from discontinued operations, net of tax | (0.7) | 0 | 0.2 |
Depreciation and amortization | 185 | 162.3 | 146.6 |
Share-based compensation expense | 42.7 | 28.2 | 17.7 |
Deferred income taxes | (33.3) | (20.5) | 94.2 |
Prepayment penalties | 0 | 0 | 8.3 |
(Gains) losses on sale of property, equipment and marketable securities | (2.9) | (7.2) | (10.7) |
Gain on business dispositions | 0 | (11.2) | (0.6) |
Loss on deconsolidation of Venezuela operations | 0 | 126.7 | 0 |
Impairment losses | 7.7 | 6.5 | 3.4 |
Retirement benefit funding (more) less than expense: | |||
Pension | 24.1 | 6.6 | 15.9 |
Other than pension | 16 | 19.5 | 17.9 |
Remeasurement losses due to Argentina and Venezuela currency devaluations | 11.3 | 4 | 9.1 |
Other operating | 18.1 | 8.2 | 5.3 |
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable and income taxes receivable | (15.8) | 49.7 | 164.9 |
Accounts payable, income taxes payable and accrued liabilities | 35 | 69 | 100.9 |
Restricted cash held for customers | 23.7 | 44.4 | 44.3 |
Customer obligations | 11.4 | (1.7) | 6.1 |
Prepaid and other current assets | (11.3) | 0.3 | (11.4) |
Other | (7.2) | 6.2 | (9.5) |
Net cash provided by operating activities | 368.6 | 364.1 | 296.4 |
Cash flows from investing activities: | |||
Capital expenditures | (164.8) | (155.1) | (174.5) |
Acquisitions, net of cash acquired | (183.9) | (520.9) | (225.1) |
Dispositions, net of cash disposed | 11.2 | 8.4 | 1.4 |
Marketable securities: | |||
Purchases | (11.8) | (62.4) | (38) |
Sales | 1.3 | 54.2 | 38.3 |
Cash proceeds from sale of property, equipment and investments | 10.3 | 4 | 1.9 |
Redemption of cash-surrender value of life insurance policies | 7.8 | 0 | 0 |
Other | (3.1) | (0.9) | 1.1 |
Net cash used by investing activities | (333) | (672.7) | (394.9) |
Cash flows from financing activities: | |||
Short-term borrowings | (14.8) | 1.3 | (125.2) |
Cash supply chain customer debt | 0 | (15.6) | 1.5 |
Long-term revolving credit facilities: Borrowings | 892.7 | 982.8 | 941.8 |
Long-term revolving credit facilities: Repayments | (1,117.8) | (642.8) | (999.9) |
Other long-term debt: Borrowings | 335 | 2.2 | 1,109.9 |
Other long-term debt: Repayments | (63.8) | (56.7) | (187.4) |
Debt financing costs | (4) | 0 | (16.3) |
Acquisitions of noncontrolling interests | 0 | (21) | 0 |
Payment of acquisition-related obligation | (20.3) | (17.6) | (90.9) |
Prepayment penalties | 0 | 0 | (8.3) |
Repurchase shares of Brink's common stock | 0 | (93.5) | 0 |
Dividends to: | |||
Shareholders of Brink’s | (29.9) | (30.4) | (27.7) |
Noncontrolling interests in subsidiaries | (2.3) | (5.2) | (4.6) |
Proceeds from exercise of stock options | 0 | 0.8 | 2.7 |
Tax withholdings associated with share-based compensation | 8.9 | 11.5 | 10.2 |
Cross currency swap contract | (3.9) | 0.6 | 1.9 |
Net cash provided (used) by financing activities | (38) | 93.4 | 587.3 |
Effect of exchange rate changes on cash and cash equivalents | (8.1) | (32.2) | (0.9) |
Cash, cash equivalents and restricted cash: | |||
Increase (decrease) | (10.5) | (247.4) | 487.9 |
Balance at beginning of period | 479.5 | 726.9 | 239 |
Balance at end of period | $ 469 | $ 479.5 | $ 726.9 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The Brink’s Company (along with its subsidiaries, “we,” “our,” “Brink’s” or the “Company”), based in Richmond, Virginia, is a leading provider of secure transportation, cash management services and other security-related services to banks and financial institutions, retailers, government agencies, mints, jewelers and other commercial operations around the world. Brink’s is the oldest and largest secure transportation and cash management services company in the U.S., and a market leader in many other countries. Consolidation The consolidated financial statements include our controlled subsidiaries. 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. See "Venezuela" section below for further information. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in net income and in total equity. Investments in businesses that we do not control, but for which we have the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method and our proportionate share of income or loss is recorded in other operating income (expense). Investments in businesses for which we do not have the ability to exercise significant influence over operating and financial policies are accounted for at fair value, if readily determinable, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, we measure these investments at cost minus impairment, if any, plus or minus changes from observable price changes. See "New Accounting Standards" section below for further information. All intercompany accounts and transactions have been eliminated in consolidation. Revenue Recognition Revenue is recognized when services related to armored vehicle transportation, ATM services, cash management services, payment services, guarding and the secure international transportation of valuables are performed. We assess our customers' ability to meet contractual terms, including payment terms, before entering into contracts. Taxes collected from customers and remitted to governmental authorities are not included in revenues in the consolidated statements of operations. On January 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers , and applied the standard to all contracts using the modified retrospective method. Prior period amounts are not adjusted and continue to be reported in accordance with ASC 605, Revenue Recognition . See Note 2 for further information. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and investments with original maturities of three months or less. Cash and cash equivalents include amounts held by certain of our secure cash management services operations for customers for which, under local regulations, the title transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources. We record a liability for the amounts owed to customers (see Note 13). Trade Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses on our existing accounts receivable. We determine the allowance based on historical write-off experience. We review our allowance for doubtful accounts quarterly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. See "Internal Loss" section below for further information. Property and Equipment Property and equipment are recorded at cost. Depreciation is calculated principally on the straight-line method based on the estimated useful lives of individual assets or classes of assets. Leased property and equipment meeting financing lease criteria are capitalized at the lower of the present value of the related lease payments or the fair value of the leased asset at the inception of the lease. Amortization is calculated on the straight-line method based on the lease term. See "New Accounting Standards" section below for further information. Leasehold improvements are recorded at cost. Amortization is calculated principally on the straight-line method over the lesser of the estimated useful life of the leasehold improvement or the lease term. Renewal periods are included in the lease term when the renewal is determined to be reasonably assured. Part of the costs related to the development or purchase of internal-use software is capitalized and amortized over the estimated useful life of the software. Costs that are capitalized include external direct costs of materials and services to develop or obtain the software, and internal costs, including compensation and employee benefits for employees directly associated with a software development project. Estimated Useful Lives Years Buildings 16 to 25 Building leasehold improvements 3 to 10 Vehicles 3 to 10 Capitalized software 3 to 5 Other machinery and equipment 3 to 10 Expenditures for routine maintenance and repairs on property and equipment are charged to expense. Major renewals, betterments and modifications are capitalized and depreciated over the lesser of the remaining life of the asset or, if applicable, the lease term. Goodwill and Other Intangible Assets Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Intangible assets arising from business acquisitions include customer lists, customer relationships, covenants not to compete, trademarks and other identifiable intangibles. At December 31, 2019 , finite-lived intangible assets have remaining useful lives ranging from 1 to 14 years and are amortized based on the pattern in which the economic benefits are used or on a straight-line basis. Impairment of Goodwill and Long-Lived Assets Goodwill is not amortized but is tested for impairment at least annually and whenever events or circumstances in interim periods indicated that it is more likely than not that an impairment may have occurred. We perform these test of goodwill impairment at the reporting unit level, which is one level below an operating segment. Goodwill is assigned to one or more reporting units at the date of acquisition. We have eight reporting units: • U.S. • Mexico • Canada • France • Brazil • Global Markets - South America • Global Markets - EMEA • Global Markets - Asia We performed an interim goodwill impairment test of our France reporting unit as of July 1, 2019 because France operating profit was lower than budget through the first six months of the year and the October 1, 2018 annual impairment test resulted in France reporting unit fair value exceeding carrying value by only 9% . As a result of the July 1, 2019 interim impairment test, we concluded that the fair value of the France reporting unit exceeded its carrying value by 20% . Therefore, goodwill related to the France reporting unit ( $90.4 million at July 1, 2019) was not impaired. We used a qualitative approach to roll forward the interim test to the annual testing date of October 1, 2019 and determined there was no impairment at that date. The France reporting unit had $89.2 million of goodwill at December 31, 2019. We performed our annual goodwill impairment tests as of October 1, 2019 for all the remaining reporting units. For the interim impairment test and the annual tests in 2019, we elected to forego the optional qualitative assessment and performed a quantitative goodwill impairment test instead. We estimated the fair value of each reporting unit using a weighting of three valuation methodologies: the Income Approach, the Public Company Market Multiple Method, and the Similar Transactions Method. The resulting reporting unit fair values were compared to each reporting unit's carrying value. For the other seven reporting units, we concluded that the fair value of each reporting unit substantially exceeded its carrying value by a range of 36% to 234% as of October 1, 2019. The Canada reporting unit had the lowest percentage excess of fair value over carrying value of 36% . The Canada reporting unit had $3.4 million of goodwill at December 31, 2019. We completed these goodwill impairment tests, as well as the tests in the previous two years, with no impairment charges required. Indefinite-lived intangibles are also tested for impairment at least annually by comparing their carrying values to their estimated fair values. We have had no significant impairments of indefinite-lived intangibles in the last three years. Long-lived assets other than goodwill and other indefinite-lived intangibles are reviewed for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. For long-lived assets other than goodwill that are to be held and used in operations, an impairment is indicated when the estimated total undiscounted cash flow associated with the asset or group of assets is less than carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. Retirement Benefit Plans We account for retirement benefit obligations under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 715, Compensation – Retirement Benefits . For U.S. and certain non-U.S. retirement plans, we derive the discount rates used to measure the present value of benefit obligations using the cash flow matching method. Under this method, we compare the plan’s projected payment obligations by year with the corresponding yields on a Mercer yield curve. Each year’s projected cash flows are then discounted back to their present value at the measurement date and an overall discount rate is determined. The overall discount rate is then rounded to the nearest tenth of a percentage point. We used Mercer’s Above-Mean Curve to determine the discount rates for the year-end benefit obligations and retirement cost of our U.S. retirement plans. We use a local or regional version of the Mercer yield curve in the majority of our non-U.S. locations. In non-U.S. locations where the cash flow matching method is not possible, rates of local high-quality long-term government bonds are used to select the discount rate. We select the expected long-term rate of return assumption for our U.S. pension plan and retiree medical plans using advice from our investment advisor. The selected rate considers plan asset allocation targets, expected overall investment manager performance and long-term historical average compounded rates of return. Benefit plan actuarial gains and losses are recognized in other comprehensive income (loss). Accumulated net benefit plan actuarial gains and losses that exceed 10% of the greater of a plan’s benefit obligation or plan assets at the beginning of the year are amortized into earnings from other comprehensive income (loss) on a straight-line basis. The amortization period for pension plans is the average remaining service period of employees expected to receive benefits under the plans. The amortization period for other retirement plans is primarily the average remaining life expectancy of inactive participants. Income Taxes Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which these items are expected to reverse. We recognize tax benefits related to uncertain tax positions if we believe it is more likely than not the benefit will be realized. We review our deferred tax assets to determine if it is more-likely-than-not that they will be realized. If we determine it is not more-likely-than-not that a deferred tax asset will be realized, we record a valuation allowance to reverse the previously recognized tax benefit. Foreign Currency Translation Our consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate. The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary. Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date. Translation adjustments are recorded in other comprehensive income (loss). Revenues and expenses are translated at rates of exchange in effect during the year. Transaction gains and losses are recorded in net income. 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. Other than nonmonetary equity securities, nonmonetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. For nonmonetary equity securities traded in highly inflationary economies, the fair market value of the equity securities are remeasured at the current exchange rates to determine gain or loss to be recorded in net income. Revenues and expenses are translated at rates of exchange in effect during the year. See "Venezuela" and "Argentina" sections below for further information. Argentina We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together "Brink's Argentina"). Revenues from Brink's Argentina represented approximately 6% of our consolidated revenues for the year ended December 31, 2019 and 7% of our consolidated revenues for the years ended December 31, 2018 and 2017 , respectively. The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. For the year ended December 31, 2017. the Argentine peso declined by approximately 15% (from 15.9 to 18.6 pesos to the U.S. dollar). For the year ended December 31, 2018 , the Argentine peso declined by approximately 50% (from 18.6 to 37.6 pesos to the U.S. dollar). For the year ended December 31, 2019 , the Argentine peso declined approximately 37% (from 37.6 to 59.9 pesos to the U.S. dollar). Beginning July 1, 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, we consolidated Brink's Argentina using our accounting policy for subsidiaries operating in highly inflationary economies beginning with the third quarter of 2018. Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In the second half of 2018, we recognized a $6.2 million pretax remeasurement loss. In 2019, we recognized a $11.3 million pretax remeasurement loss. At December 31, 2019 , Argentina's economy remains highly inflationary for accounting purposes. At December 31, 2019 , we had net monetary assets denominated in Argentine pesos of $16.3 million (including cash of $16.2 million ) and net nonmonetary assets of $150.5 million (including $99.8 million of goodwill). At December 31, 2019 , we had minimal equity securities denominated in Argentine pesos. During September 2019, the Argentine government announced currency controls on both companies and individuals. The Argentine central bank issued details as to how the exchange control procedures would operate in practice. Under these procedures, central bank approval is required for many transactions, including dividend repatriation abroad. During the fourth quarter of 2019, we elected to utilize other market mechanisms to convert Argentine pesos into U.S. dollars. Conversions under these other market mechanisms settled at rates that were approximately 25% less favorable than the rates at which we remeasured the financial statements of Brink's Argentina. In 2019, we recognized $4.7 million of such conversion losses. These conversion losses are classified in the consolidated statements of operations as other operating income (expense). Although the Argentine government has implemented currency controls, Brink’s management continues to provide guidance and strategic oversight, including budgeting and forecasting for Brink’s Argentina. We continue to control our Argentina business for purposes of consolidation of our financial statements and continue to monitor the situation in Argentina. Venezuela Deconsolidation . Our Venezuelan operations offer transportation and route-based logistics management services for cash and valuables throughout Venezuela. Currency exchange regulations, combined with other government regulations, such as price controls and strict labor laws, significantly limit our ability to make and execute operational decisions at our Venezuelan subsidiaries. With the May 2018 re-election of the President in Venezuela for an additional six-year term, we expect these conditions to continue for the foreseeable future. As a result of the conditions described above, we concluded that, effective June 30, 2018, we did not meet the accounting criteria for control over our Venezuelan operations and, as a result, we began reporting the results of our investment in our Venezuelan subsidiaries using the cost method of accounting. This change resulted in a pretax charge of $127 million in the second quarter of 2018. The pretax charge included $106 million of foreign currency translation losses and benefit plan adjustments previously included in accumulated other comprehensive loss. It also included the derecognition of the carrying amounts of our Venezuelan operations’ assets and liabilities, including $32 million of assets and $11 million of liabilities, that were no longer reported in our consolidated balance sheet as of June 30, 2018. We determined the fair value of our investment in, and receivables from, our Venezuelan subsidiaries to be insignificant based on our expectations of dividend payments and settlements of such receivables in future periods. For reporting periods beginning after June 30, 2018, we have not included the operating results of our Venezuela operations. We may incur losses resulting from our Venezuelan business to the extent that we provide U.S. dollars or make future investments in our Venezuelan subsidiaries, including any additional investments made directly in our Venezuelan subsidiaries or additional costs incurred by us to address compliance with recent sanctions and other regulatory requirements imposed by the U.S. government that restrict our ability to conduct business in Venezuela. Prior to the imposition of the U.S. government sanctions, we provided immaterial amounts of financial support to our Venezuela operations in 2019 and 2018. We continue to monitor the situation in Venezuela, including the imposition of sanctions by the U.S. government targeting Venezuela. Highly Inflationary Accounting . The economy in Venezuela has had significant inflation in the last several years. Prior to deconsolidation as of June 30, 2018, we reported our Venezuelan results using our accounting policy for subsidiaries operating in highly inflationary economies. Results from our Venezuelan operations prior to the June 30, 2018 deconsolidation are included in items not allocated to segments and are excluded from the operating segments. Remeasurement rates during 2017. During 2017, the DICOM exchange rate declined 80% . We received only minimal U.S. dollars through this exchange mechanism. In 2017, we recognized a $9.1 million pretax remeasurement loss. The after-tax effect of this loss attributable to noncontrolling interest was $1.0 million . Remeasurement rates during 2018. Prior to deconsolidation as of June 30, 2018, in the first six months of 2018, the DICOM rate declined approximately 97% . We received only minimal U.S. dollars through this exchange mechanism. Prior to deconsolidation as of June 30, 2018, we recognized a $2.2 million pretax remeasurement gain. The after-tax effect of this gain attributable to noncontrolling interest was $2.0 million . Internal loss A former non-management employee in our U.S. global services operations embezzled funds from Brink's in prior years. Except for a small deductible amount, the amount of the internal loss related to the embezzlement was covered by our insurance. In an effort to cover up the embezzlement, the former employee intentionally misstated the underlying accounts receivable subledger data. In 2019, we incurred $4.5 million in costs (primarily third party expenses) to reconstruct the accounts receivables subledger. In the third quarter of 2019, we were able to identify $4.0 million of revenues billed and collected in prior periods which had never been recorded in the general ledger. We also identified and recorded $0.3 million in bank fees, which had been incurred in prior periods. The rebuild of the subledger was completed during the third quarter of 2019. Based on the reconstructed subledger, we were able to analyze and quantify the uncollected receivables from prior periods. Although we plan to attempt to collect these receivables, we estimated an increase to bad debt expense of $13.7 million in the third quarter of 2019. The impact of the bad debt expense ( $13.7 million ) and bank fees ( $0.3 million ), partially offset by the revenue adjustment ( $4.0 million ), net to a $10.0 million cumulative accounting error which was corrected in the third quarter of 2019. We have concluded that the impact of this accounting error was not material to the current or any prior period financial statements. The estimate of the allowance for doubtful accounts was adjusted in the fourth quarter of 2019 for an additional $6.4 million and will be adjusted in future periods, if needed, as assumptions related to the collectability of these accounts receivable change. Out of the total $20.1 million in bad debt expense recorded in the second half of 2019, $19.2 million represented an allowance on $34.0 million of accounts receivable or 56% . Due to the unusual nature of this internal loss and the related errors in the subledger data, along with the fact that management has excluded these amounts when evaluating internal performance, we have excluded these net charges from segment results. Restricted Cash In France, we offer services to certain of our customers where we manage some or all of their cash supply chains. In connection with this offering, we take temporary title to certain customers' cash, which is included as restricted cash in our financial statements due to customer agreement or regulation (see Note 20). Concentration of Credit Risks We routinely assess the financial strength of significant customers and this assessment, combined with the large number and geographic diversity of our customers, limits our concentration of risk with respect to accounts receivable. Financial instruments which potentially subject us to concentrations of credit risks are principally cash and cash equivalents and accounts receivables. Cash and cash equivalents are held by major financial institutions. Use of Estimates In accordance with U.S. generally accepted accounting principles (“GAAP”), we have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ materially from those estimates. The most significant estimates are related to goodwill, intangibles and other long-lived assets, pension and other retirement benefit assets and obligations, legal contingencies, allowance for doubtful accounts, deferred tax assets, purchase price allocations and foreign currency translation. Fair-value estimates. We have various financial instruments included in our financial statements. Financial instruments are carried in our financial statements at either cost or fair value. We estimate fair value of assets using the following hierarchy using the highest level possible: Level 1: Quoted prices for identical assets or liabilities in active markets. Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are directly or indirectly observable, or inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. Level 3: Unobservable inputs that reflect estimates and assumptions. New Accounting Standards In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires an entity to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. We elected to early adopt this ASU in the first quarter of 2017 using the retrospective transition method for the periods presented. As a result, the consolidated statements of operations were updated to reflect this guidance. The early adoption of this ASU had no impact on the previously reported income from continuing operations or net income for the prior year periods. In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts with Customers. Under this standard, an entity recognizes an amount of revenue to which it expects to be entitled when the transfer of goods or services to customers occurs. The standard requires expanded disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We adopted this standard effective January 1, 2018 using the modified retrospective method and recognized a cumulative-effect adjustment increasing retained earnings by $1.5 million . The most significant effects of the standard for us are associated with variable consideration and capitalization of costs to obtain contracts, such as sales commissions. Previously, we recognized the impact of pricing changes in the period they became fixed and determinable, and we expensed sales commissions and other costs to obtain contracts as they were incurred. We do not expect a material impact on our future consolidated statements of operations or consolidated balance sheets as a result of implementing this standard. However, adoption of the standard resulted in expanded disclosures related to revenue (see Note 2). The FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, in January 2016. This standard changes the accounting related to the classification and measurement of certain equity investments. Equity investments with readily determinable fair values must be measured at fair value. All changes in fair value will be recognized in net income as opposed to other comprehensive income. We adopted ASU 2016-01 effective January 1, 2018 and recognized a cumulative-effect adjustment increasing retained earnings by $1.1 million . In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which changes the timing of when certain intercompany transactions are recognized within the provision for income taxes. We adopted ASU 2016-16 effective January 1, 2018 using the modified retrospective method and we recognized a cumulative-effect adjustment increasing retained earnings by $0.7 million . The FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash , in November 2016. This standard requires entities to include restricted cash and restricted cash equivalent balances with cash and cash equivalent balances in the statements of cash flows. Inclusion of restricted cash impacts our operating activities, financing activities and the effect of exchange rate changes on cash. We adopted ASU 2016-18 effective January 1, 2018 using the retrospective transition method. The adoption of this ASU changed previously reported amounts in the consolidated statements of cash flows. Net cash provided by operating activities increased $44.3 million , net cash provided by financing activities increased $1.5 million and the effect of exchange rate changes on cash decreased favorably by $11.3 million as compared to previously reported amounts for the year ended December 31, 2017. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires the recognition of right-of-use assets and lease liabilities by lessees for certain leases classified as operating leases and also requires expanded disclosures regarding leasing activities. The accounting for financing leases (previously "capital leases") remains substantially unchanged. We have adopted the standard effective January 1, 2019 and have elected to adopt the new standard at the adoption date through a cumulative-effect adjustment to the opening balance of retained earnings. Under this approach, we will continue to report comparative periods under ASC 840. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical lease classification. We also made an accounting policy election to exclude leases with an initial term of 12 months or less from the consolidated balance sheet. We will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. As part of this adoption, we have implemented internal controls and key system functionality to enable the preparation of financial information. The adoption of the standard resulted in recording right-of-use assets of $310.1 million and lease liabilities of $320.3 million as of January 1, 2019. The right-of-use assets are lower than the lease liabilities as existing deferred rent and lease incentive liabilities were recorded as a reduction of the right-of-use assets at adoption in accordance with the standard. The standard did not affect our consolidated statements of operations or our consolidated statements of cash flows and did not result in a cumulative-effect adjustment to the opening balance of retained earnings. The standard had no impact on our debt-covenant compliance under our current agreements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which changes the way entities recognize impairment of many financial assets. This new guidance requires immediate recognition of estimated credit losses expected to occur over the life of the asset and incorporates estimated, forward-looking data when measuring lifetime Estimated Credit Losses (ECL). The standard was designed to provide greater transparency and understanding of credit risk by requiring enhanced financial statement disclosures which fall into three general categories: ECL estimate methodology and assumptions, quantitative information and metrics, and policy and process explanations. This standard will be adopted using the modified retrospective method through a cumulative-effect adjustment to the opening balance of retained earnings as of January 1, 2020. While we are still finalizing our analysis, we do not believe there will be a material impact on our consolidated financial statements as a resu |
Revenue from contracts with cus
Revenue from contracts with customers Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Performance Obligations We provide various services to meet the needs of our customers and we group these service offerings into three broad categories: Core Services, High-Value Services and Other Security Services. Core Services CIT and ATM services are core services we provide to customers throughout the world. We charge customers per service performed or based on the value of goods transported. CIT services generally involve the secure transportation of cash, securities and other valuables between businesses, financial institutions and central banks. ATM services are generally composed of management services, including cash replenishment and forecasting, remote monitoring, transaction processing, installation and maintenance. High-Value Services Our high-value services leverage our brand, global infrastructure and core services and include cash management services, global services and payment services. We offer a variety of cash management services such as currency and coin counting and sorting, deposit preparation and reconciliation, and safe device installation and servicing (including our CompuSafe ® service). Our global services business provides secure ground, sea and air transportation and storage of highly-valued commodities including diamonds, jewelry, precious metals and other valuables. We also provide payment services which include bill payment and collection services on behalf of utility companies and other billers plus general purpose reloadable prepaid cards and corporate debit cards. Other Security Services Our other security services feature the protection of airports, offices, warehouses, stores and public venues in Europe and Brazil. For performance obligations related to the services described above, we generally satisfy our obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied over time. We use an output method, units of service provided, to recognize revenue because that is the best method to represent the transfer of our services to the customer at the agreed upon rate for each action. Although not as significant as our service offerings, we also sell goods to customers from time to time, such as safe devices. In those transactions, we satisfy our performance obligation at a point in time. We recognize revenue when the goods are delivered to the customer as that is the point in time that best represents when control has transferred to the customer. Our contracts with customers describe the services we can provide along with the fees for each action to provide the service. We typically send invoices to customers for all of the services we have provided within a monthly period and payments are generally due within 30 to 60 days of the invoice date. Although our customer contracts specify the fees for each action to provide service, the majority of the services stated in our contracts do not have a defined quantity over the contract term. Accordingly, the transaction price is considered variable as there is an unknown volume of services that will be rendered over the course of the contract. We recognize revenue for these services in the period in which they are provided to the customer based on the contractual rate at which we have the right to invoice the customer for each action. Some of our contracts with customers contain clauses that define the level of service that the customer will receive. The service level agreements (“SLA”) within those contracts contain specific calculations to determine whether the appropriate level of service has been met within a specific period, which is typically a month. We estimate SLA penalties and recognize the amounts as a reduction to revenue. Taxes collected from customers and remitted to governmental authorities are not included in revenues in the consolidated statements of operations. Revenue Disaggregated by Reportable Segment and Type of Service (In millions) Core Services High-Value Services Other Security Services Total Twelve months ended December 31, 2019 Reportable Segments: North America $ 1,115.1 667.7 — 1,782.8 South America 486.4 418.8 11.3 916.5 Rest of World 351.8 494.4 134.2 980.4 Total reportable segments 1,953.3 1,580.9 145.5 3,679.7 Not Allocated to Segments: Acquisitions and dispositions — (0.5 ) — (0.5 ) Internal loss (a) — 4.0 — 4.0 Total $ 1,953.3 1,584.4 145.5 3,683.2 Twelve months ended December 31, 2018 Reportable Segments: North America $ 895.1 571.2 — 1,466.3 South America 449.8 465.1 12.0 926.9 Rest of World 357.3 512.0 175.0 1,044.3 Total reportable segments 1,702.2 1,548.3 187.0 3,437.5 Not Allocated to Segments: Venezuela (b) 18.4 33.0 — 51.4 Total $ 1,720.6 1,581.3 187.0 3,488.9 (a) See details regarding the Internal loss and the impact on revenues in Note 1. (b) Represents revenues from our Venezuela operations prior to June 30, 2018 deconsolidation. See Note 1 for details. The majority of our revenues from contracts with customers are earned by providing services and these performance obligations are satisfied over time. Smaller amounts of revenues are earned from selling goods, such as safes, to customers where the performance obligations are satisfied at a point in time. Certain of our high-value services involve the leasing of assets, such as safes, to our customers along with the regular servicing of those safe devices. Revenues related to the leasing of these assets are recognized in accordance with applicable lease guidance (ASC 842 beginning in 2019 and ASC 840 prior to 2019), but are included in the above table as the amounts are a small percentage of overall revenues. Contract Balances Contract Asset Although payment terms and conditions can vary, for the majority of our customer contracts, we invoice for all of the services provided to the customer within a monthly period. For certain customer contracts, the timing of our performance may precede our right to invoice the customer for the total transaction price. For example, Brink's affiliates in certain countries, primarily in South America, negotiate annual price adjustments with certain customers and, once the price increases are finalized, the pricing changes are made retroactive to services provided in earlier periods. These retroactive pricing adjustments are estimated and recognized as revenue with a corresponding contract asset in the same period in which the related services are performed. As the estimate of the ultimate transaction price changes, we recognize a cumulative catch-up adjustment for the change in estimate. Contract Liability For other customer contracts, we may obtain the right to payment or receive customer payments prior to performing the related services under the contract. When the right to customer payments or receipt of payments precedes our performance, we recognize a contract liability. The opening and closing balances of receivables, contract assets and contract liabilities related to contracts with customers are as follows: (In millions) Receivables Contract Asset Contract Liability Opening (January 1, 2019) $ 599.5 1.8 2.5 Closing (December 31, 2019) 635.6 1.9 12.8 Increase $ 36.1 0.1 10.3 The amount of revenue recognized in 2019 that was included in the January 1, 2019 contract liability balance was $2.5 million . This revenue consists of services provided to customers who had prepaid for those services prior to the current year. The increase in the contract liability balance resulted primarily from the acquisition of Balance Innovations, LLC in the second quarter of 2019 (see Note 7). The amount of revenue recognized in 2019 from performance obligations satisfied in the prior year as a result of changes in the transaction price of our customer contracts was not significant. Contract Costs Sales commissions directly related to obtaining new contracts with customers qualify for capitalization. These capitalized costs are amortized to expense ratably over the term of the contracts. At December 31, 2019 , the net capitalized costs to obtain contracts was $1.9 million , which is included in other assets on the consolidated balance sheet. Amortization expense in 2019 was not significant and there were no impairment losses recognized related to these contract costs in 2019. Practical Expedients For the majority of our contracts with customers, we invoice a fixed amount for each unit of service we have provided. These contracts provide us with the right to invoice for an amount or rate that corresponds to the value we have delivered to our customers. The volume of services that will be provided to customers over the term is not known at inception of these contracts. Therefore, while the rate per unit of service is known, the transaction price itself is variable. For this reason, we recognize revenue from these contracts equal to the amount for which we have the contractual right to invoice the customers. Because we are not required to estimate variable consideration related to the transaction price in order to recognize revenue, we are also not required to estimate the variable consideration to provide certain disclosures. As a result, we have elected to use the optional exemption related to the disclosure of transaction prices, amounts allocated to remaining performance obligations and the future periods in which revenue will be recognized, sometimes referred to as backlog. We have also elected to use the practical expedient for financing components related to our contract liabilities. We do not recognize interest expense on contracts for which the period between our receipt of customer payments and our service to the customer is one year or less. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment information | Segment Information We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. Our CODM is our President and Chief Executive Officer. Our CODM evaluates performance and allocates resources to each operating segment based on a profit or loss measure which, at the reportable segment level, excludes the following: • Corporate expenses - former non-segment and regional management costs, currency transaction gains and losses, adjustments to reconcile segment accounting policies to U.S. GAAP, and costs related to global initiatives • Other items not allocated to segments - certain significant items such as reorganization and restructuring actions that are evaluated on an individual basis by management and are not considered part of the ongoing activities of the business are excluded from segment results. Prior to deconsolidation (see Note 1), results from Venezuela operations were also excluded from our segment results due to the Venezuelan government's restrictions that have prevented us from repatriating funds. We also exclude certain costs, gains and losses related to acquisitions and dispositions of assets and of businesses. Beginning in the third quarter of 2018, we began to consolidate Brink's Argentina using our accounting policy for subsidiaries operating in highly inflationary economies. We have excluded from our segment results the impact of highly inflationary accounting in Argentina, including currency remeasurement losses. Incremental costs (primarily third party expenses) incurred related to the mitigation of material weaknesses and the implementation and adoption of ASU 2016-02, the new lease accounting standard effective for us as of January 1, 2019, are excluded from segment results. We have also excluded from our segment results net charges related to an internal loss in our U.S. global services operations. The net impact includes costs incurred to reconstruct an accounts receivable subledger as well as estimated bad debt expense for uncollectible receivables, partially offset by revenue billed and collected, but not previously recorded as a result of the former non-management employee's embezzlement activities. We currently serve customers in more than 100 countries, including 41 countries where we operate subsidiaries. We have the following three reportable segments: • North America • South America • Rest of World. Revenues Operating Profit Years Ended December 31, Years Ended December 31, (In millions) 2019 2018 2017 2019 2018 2017 Reportable Segments: North America $ 1,782.8 1,466.3 1,254.2 $ 186.4 129.8 74.0 South America 916.5 926.9 924.6 217.1 198.7 182.8 Rest of World 980.4 1,044.3 1,014.1 115.8 114.4 115.2 Total reportable segments 3,679.7 3,437.5 3,192.9 519.3 442.9 372.0 Reconciling Items: Corporate items: General, administrative and other expenses — — — (123.2 ) (99.4 ) (84.3 ) Foreign currency transaction losses — — — (4.8 ) (2.2 ) (1.1 ) Reconciliation of segment policies to GAAP — — — 0.3 5.6 (5.2 ) Other items not allocated to segments: Venezuela operations (a) — 51.4 154.1 — 2.3 20.4 Reorganization and Restructuring — — — (28.8 ) (20.6 ) (22.6 ) Acquisitions and dispositions (0.5 ) — — (88.5 ) (41.4 ) (5.3 ) Argentina highly inflationary impact — — — (14.5 ) (8.0 ) — Internal loss (b) 4.0 — — (20.9 ) — — Reporting compliance (c) — — — (2.1 ) (4.5 ) — Total $ 3,683.2 3,488.9 3,347.0 $ 236.8 274.7 273.9 (a) Amounts in 2018 represent revenues and operating profit from our Venezuela operations prior to the June 30, 2018 deconsolidation. See Note 1 for details. (b) See details regarding the impact of the Internal loss at Note 1. (c) Accounting standard implementation and material weakness remediation. Additional information provided at page 28 . Years Ended December 31, (In millions) 2019 2018 2017 Capital Expenditures by Reportable Segment North America $ 76.6 59.1 86.3 South America 44.4 43.3 39.2 Rest of World 33.5 37.9 35.9 Total reportable segments 154.5 140.3 161.4 Corporate items 10.3 14.8 8.9 Venezuela — — 4.2 Total $ 164.8 155.1 174.5 Depreciation and Amortization by Reportable Segment Depreciation and amortization of property and equipment: North America $ 81.1 72.1 68.4 South America 27.9 26.3 23.5 Rest of World 32.3 31.3 30.4 Total reportable segments 141.3 129.7 122.3 Corporate items 10.8 11.9 12.0 Venezuela — 1.1 1.7 Argentina highly inflationary impact 1.8 — — Acquisitions and dispositions 3.1 — — Reorganization and Restructuring 0.2 1.9 2.2 Depreciation and amortization of property and equipment 157.2 144.6 138.2 Amortization of intangible assets (a) 27.8 17.7 8.4 Total $ 185.0 162.3 146.6 (a) Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts. December 31, (In millions) 2019 2018 2017 Assets held by Reportable Segment North America $ 1,683.0 1,404.5 733.5 South America 806.1 602.5 740.5 Rest of World 1,006.8 940.7 883.3 Total reportable segments 3,495.9 2,947.7 2,357.3 Corporate items 267.9 288.3 643.6 Venezuela — — 58.7 Total $ 3,763.8 3,236.0 3,059.6 December 31, (In millions) 2019 2018 2017 Long-Lived Assets by Geographic Area (a) Non-U.S.: Mexico $ 129.4 107.0 99.6 France 74.1 79.0 84.1 Brazil 72.2 62.5 57.2 Canada 54.1 47.6 46.7 Other 150.0 135.4 146.5 Subtotal 479.8 431.5 434.1 U.S. 283.5 267.9 206.8 Total $ 763.3 699.4 640.9 (a) Long-lived assets include only property and equipment. Years Ended December 31, (In millions) 2019 2018 2017 Revenues by Geographic Area (a) Outside the U.S.: Brazil $ 440.4 405.4 434.6 France 373.2 428.5 429.4 Mexico 412.4 365.3 327.2 Argentina 214.4 247.2 250.3 Venezuela — 51.4 154.1 Canada 149.8 151.7 151.2 Other 868.4 890.1 824.4 Subtotal 2,458.6 2,539.6 2,571.2 U.S. 1,224.6 949.3 775.8 Total $ 3,683.2 3,488.9 3,347.0 (a) Revenues are recorded in the country where service is initiated or performed. No single customer represents more than 10% of total revenue. December 31, (In millions) 2019 2018 2017 Net assets outside the U.S. France $ 155.4 213.4 219.4 Other Rest of World countries 313.6 309.2 273.1 Mexico 181.3 154.8 133.7 Argentina 166.1 154.6 234.0 Brazil 274.1 147.9 151.3 Other South American countries 123.7 109.6 116.2 Canada 45.9 52.0 63.3 Total $ 1,260.1 1,141.5 1,191.0 (In millions) 2019 2018 2017 Information about Unconsolidated Equity Affiliates: Carrying value of investments and advances at December 31 $ 5.0 4.9 4.0 Undistributed earnings at December 31 3.2 3.5 2.6 Share of equity earnings (loss) 0.9 1.9 0.4 In 2019, the Rest of World segment reported equity earnings of $0.6 million related to an equity investment with a carrying value of $4.4 million as of December 31, 2019 and undistributed earnings of $2.6 million as of December 31, 2019. In 2019, the South America segment reported equity earnings of $0.3 million related to an equity investment with a carrying value of $0.6 million as of December 31, 2019 and undistributed earnings of $0.6 million as of December 31, 2019. In 2018, the Rest of World segment reported equity earnings of $0.9 million related to an equity method investment with a carrying value of $4.2 million and undistributed earnings of $2.8 million as of December 31, 2018. In 2018, the South America segment reported equity earnings of $1.0 million related to an equity method investment with a carrying value of $0.7 million and undistributed earnings of $0.7 million as of December 31, 2018. |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits Defined-benefit Pension Plans Summary We have various defined-benefit pension plans covering eligible current and former employees. Benefits under most plans are based on salary and years of service. There are limits to the amount of benefits which can be paid to participants from a U.S. qualified pension plan. We maintain a nonqualified U.S. plan to pay benefits for those eligible current and former employees in the U.S. whose benefits exceed the regulatory limits. Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005. Components of Net Periodic Pension Cost (In millions) U.S. Plans Non-U.S. Plans Total Years Ended December 31, 2019 2018 2017 2019 2018 2017 2019 2018 2017 Service cost $ — — — $ 9.9 10.5 11.3 $ 9.9 10.5 11.3 Interest cost on projected benefit obligation 34.1 31.9 35.1 10.4 11.8 15.2 44.5 43.7 50.3 Return on assets – expected (50.7 ) (53.6 ) (53.3 ) (10.3 ) (11.1 ) (9.9 ) (61.0 ) (64.7 ) (63.2 ) Amortization of losses 19.6 27.7 26.6 4.2 4.6 5.3 23.8 32.3 31.9 Amortization of prior service cost — — — 0.1 0.5 1.1 0.1 0.5 1.1 Settlement loss (a) 19.3 — — 2.1 1.7 2.0 21.4 1.7 2.0 Net periodic pension cost $ 22.3 6.0 8.4 $ 16.4 18.0 25.0 $ 38.7 24.0 33.4 (a) Settlement losses recognized in the U.S. in 2019 are related to an annuity contract buy-out of approximately 2,600 participants. See "2019 Annuity Contract Buy-out" below. Settlement losses outside the U.S. relate primarily to terminated employees that participate in a Mexican severance indemnity program that is accounted for as a defined benefit plan. The components of net periodic pension cost other than the service cost component are included in interest and other nonoperating income (expense) in the consolidated statements of operations. Obligations and Funded Status Changes in the projected benefit obligation (“PBO”) and plan assets for our pension plans are as follows: (In millions) U.S. Plans Non-U.S. Plans Total Years Ended December 31, 2019 2018 2019 2018 2019 2018 Benefit obligation at beginning of year $ 801.9 890.3 264.2 301.5 1,066.1 1,191.8 Service cost — — 9.9 10.5 9.9 10.5 Interest cost 34.1 31.9 10.4 11.8 44.5 43.7 Participant contributions — — 0.1 0.3 0.1 0.3 Plan amendments — — (0.6 ) — (0.6 ) — Plan combinations — — 1.4 0.7 1.4 0.7 Curtailments — — (0.8 ) — (0.8 ) — Settlements (53.6 ) — (0.9 ) — (54.5 ) — Benefits paid (49.1 ) (49.3 ) (18.2 ) (16.8 ) (67.3 ) (66.1 ) Divestitures (a) — — — (3.9 ) — (3.9 ) Actuarial (gains) losses 93.5 (71.0 ) 43.2 (17.7 ) 136.7 (88.7 ) Foreign currency exchange effects — — 9.7 (22.2 ) 9.7 (22.2 ) Benefit obligation at end of year $ 826.8 801.9 318.4 264.2 1,145.2 1,066.1 Fair value of plan assets at beginning of year $ 686.6 777.2 180.6 202.9 867.2 980.1 Return on assets – actual 114.1 (42.2 ) 29.2 (9.0 ) 143.3 (51.2 ) Participant contributions — — 0.1 0.3 0.1 0.3 Plan combinations — — 1.4 0.7 1.4 0.7 Employer contributions 0.7 0.9 13.9 16.5 14.6 17.4 Settlements (53.0 ) — (0.9 ) — (53.9 ) — Benefits paid (49.1 ) (49.3 ) (18.2 ) (16.8 ) (67.3 ) (66.1 ) Foreign currency exchange effects — — 9.0 (14.0 ) 9.0 (14.0 ) Fair value of plan assets at end of year $ 699.3 686.6 215.1 180.6 914.4 867.2 Funded status $ (127.5 ) (115.3 ) (103.3 ) (83.6 ) (230.8 ) (198.9 ) Included in: Current liability, included in accrued liabilities $ 0.6 1.2 1.3 0.8 1.9 2.0 Noncurrent liability 126.9 114.1 102.0 82.8 228.9 196.9 Net pension liability $ 127.5 115.3 103.3 83.6 230.8 198.9 (a) Includes amounts related to the sale of our French airport security services company and the deconsolidation of Venezuelan operations. Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) (In millions) U.S. Plans Non-U.S. Plans Total Years Ended December 31, 2019 2018 2019 2018 2019 2018 Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): Beginning of year $ (306.0 ) (308.9 ) (62.0 ) (82.9 ) (368.0 ) (391.8 ) Net actuarial gains (losses) arising during the year (29.5 ) (24.8 ) (23.5 ) (2.4 ) (53.0 ) (27.2 ) Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) 38.9 27.7 6.3 18.7 45.2 46.4 Foreign currency exchange effects — — (2.3 ) 4.6 (2.3 ) 4.6 End of year $ (296.6 ) (306.0 ) (81.5 ) (62.0 ) (378.1 ) (368.0 ) Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): Beginning of year $ — — (1.2 ) (8.3 ) (1.2 ) (8.3 ) Prior service credit (cost) from plan amendments during the year — — 0.6 — 0.6 — Reclassification adjustment for amortization of prior service cost included in net income (loss) — — 0.1 7.1 0.1 7.1 Foreign currency exchange effects — — — — — — End of year $ — — (0.5 ) (1.2 ) (0.5 ) (1.2 ) U.S. Plans The net actuarial losses of $29.5 million in 2019 and $24.8 million in 2018 were mainly driven by changes in the primary U.S. pension plan. The 2019 primary U.S. pension plan's net actuarial losses arose from a lower discount rate at the end of the year ( $96 million ), largely offset by higher actual return on assets than expected ( $63 million ) and the impact from updating the mortality projection table ( $5 million ). The 2018 primary U.S. pension plan's net actuarial losses arose from lower actual return on assets than expected ( $96 million ), largely offset by higher discount rate at the end of the year ( $65 million ) and the impact from updating the mortality projection table ( $4 million ). Non-U.S. Plans The net actuarial losses of $23.5 million in 2019 were primarily due to lower discount rates at the end of the year ( $37 million ), partially offset by actual return on assets being higher than expected ( $19 million ). The net actuarial losses of $2.4 million in 2018 were primarily due to actual return on assets being lower than expected, partially offset by higher discount rates at the end of the year. Information Comparing Plan Assets to Plan Obligations Information comparing plan assets to plan obligations as of December 31, 2019 and 2018 are aggregated below. The accumulated benefit obligation (“ABO”) differs from the PBO in that the ABO is based on the benefit earned through the date noted. The PBO includes assumptions about future compensation levels for plans that have not been frozen. The total ABO for our U.S. pension plans was $826.8 million in 2019 and $801.9 million in 2018 . The total ABO for our Non-U.S. pension plans was $280.9 million in 2019 and $233.9 million in 2018 . (In millions) U.S. Plans Non-U.S. Plans Total December 31, 2019 2018 2019 2018 2019 2018 Information for pension plans with an ABO in excess of plan assets: Fair value of plan assets $ 699.3 686.6 50.8 44.9 750.1 731.5 Accumulated benefit obligation 826.8 801.9 124.2 104.6 951.0 906.5 Projected benefit obligation 826.8 801.9 142.1 119.7 968.9 921.6 2019 Annuity Contract Buy-out On October 8, 2019, we purchased a single premium group annuity contract from an insurance company to provide for the payment of pension benefits to approximately 2,600 primary U.S. pension plan participants. We purchased the contract with $53 million of plan assets. The insurance company took over the payments of these benefits starting January 1, 2020. This transaction settled $54 million of our primary U.S. pension plan obligation. As a result, we recognized a settlement charge of $19.3 million in the fourth quarter of 2019. Assumptions The weighted-average assumptions used to determine the net pension cost and benefit obligations for our pension plans were as follows: U.S. Plans Non-U.S. Plans 2019 2018 2017 2019 2018 2017 Discount rate: Pension cost 4.4 % 3.7 % 4.3 % 4.0 % 3.5 % 3.7 % Benefit obligation at year end 3.3 % 4.4 % 3.7 % 3.2 % 4.0 % 3.5 % Expected return on assets – pension cost 7.00 % 7.25 % 7.25 % 5.64 % 5.62 % 5.50 % Average rate of increase in salaries (a): Pension cost N/A N/A N/A 2.6 % 2.6 % 2.7 % Benefit obligation at year end N/A N/A N/A 2.6 % 2.6 % 2.6 % (a) Salary scale assumptions are determined through historical experience and vary by age and industry. The U.S. plan benefits are frozen and will not increase due to future salary increases. Mortality Tables for our U.S. Retirement Benefits We use the Society of Actuaries base mortality tables for private sector plans, Pri-2012, and the Mercer modified MP-2019 projection scale, with a Blue Collar adjustment factor for the majority of our U.S. retirement plans and a White Collar adjustment factor for our nonqualified U.S. pension plan. Estimated Future Cash Flows Estimated Future Contributions from the Company into Plan Assets Our policy is to fund at least the minimum actuarially determined amounts required by applicable regulations. We do not expect to make contributions to our primary U.S. pension plan in 2020 . We expect to contribute $10.2 million to our non-U.S. pension plans and $0.6 million to our nonqualified U.S. pension plan in 2020 . Estimated Future Benefit Payments from Plan Assets to Beneficiaries Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2019 , are as follows: (In millions) U.S. Plans Non-U.S. Plans Total 2020 $ 47.6 12.1 59.7 2021 47.6 12.3 59.9 2022 47.6 12.7 60.3 2023 47.7 13.7 61.4 2024 47.5 14.9 62.4 2025 through 2029 235.5 94.0 329.5 Retirement Benefits Other than Pensions Summary We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees. Retirement benefits related to our former U.S. coal operation include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for UMWA Represented Employees (the “UMWA plans”) as well as costs related to black lung obligations. Components of Net Periodic Postretirement Cost The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows: (In millions) UMWA Plans Black Lung and Other Plans Total Years Ended December 31, 2019 2018 2017 2019 2018 2017 2019 2018 2017 Service cost $ — — — $ 0.2 0.2 0.1 $ 0.2 0.2 0.1 Interest cost on APBO 17.3 17.1 18.4 3.8 3.2 3.2 21.1 20.3 21.6 Return on assets – expected (13.3 ) (16.7 ) (16.5 ) — — — (13.3 ) (16.7 ) (16.5 ) Amortization of losses 16.6 20.3 19.5 4.6 5.8 4.1 21.2 26.1 23.6 Amortization of prior service cost (credit) (4.7 ) (4.6 ) (4.6 ) (0.3 ) 1.1 1.7 (5.0 ) (3.5 ) (2.9 ) Curtailment (gain) — — — (0.1 ) — (0.1 ) (0.1 ) — (0.1 ) Net periodic postretirement cost $ 15.9 16.1 16.8 $ 8.2 10.3 9.0 $ 24.1 26.4 25.8 The components of net periodic postretirement cost other than the service cost component are included in interest and other nonoperating income (expense) in the consolidated statements of operations. Obligations and Funded Status Changes in the accumulated postretirement benefit obligation (“APBO’) and plan assets related to retirement healthcare benefits are as follows: (In millions) UMWA Plans Black Lung and Other Plans Total Years Ended December 31, 2019 2018 2019 2018 2019 2018 APBO at beginning of year $ 479.1 513.5 76.5 75.8 555.6 589.3 Service cost — — 0.2 0.2 0.2 0.2 Interest cost 17.3 17.1 3.8 3.2 21.1 20.3 Plan amendments — — (0.3 ) — (0.3 ) — Acquisition — — 0.9 0.2 0.9 0.2 Curtailment — — (0.2 ) — (0.2 ) — Benefits paid (29.3 ) (28.6 ) (8.5 ) (8.2 ) (37.8 ) (36.8 ) Actuarial (gains) losses, net (42.5 ) (22.9 ) 39.9 6.4 (2.6 ) (16.5 ) Foreign currency exchange effects — — (0.2 ) (1.1 ) (0.2 ) (1.1 ) APBO at end of year $ 424.6 479.1 112.1 76.5 536.7 555.6 Fair value of plan assets at beginning of year $ 181.7 219.2 — — 181.7 219.2 Return on assets – actual 25.9 (7.6 ) — — 25.9 (7.6 ) Employer contributions — — 8.5 8.2 8.5 8.2 Net transfers to (from) plan assets (0.4 ) (1.3 ) — — (0.4 ) (1.3 ) Benefits paid (29.3 ) (28.6 ) (8.5 ) (8.2 ) (37.8 ) (36.8 ) Fair value of plan assets at end of year $ 177.9 181.7 — — 177.9 181.7 Funded status $ (246.7 ) (297.4 ) (112.1 ) (76.5 ) (358.8 ) (373.9 ) Included in: Current, included in accrued liabilities $ — — 11.0 7.8 11.0 7.8 Noncurrent 246.7 297.4 101.1 68.7 347.8 366.1 Retirement benefits other than pension liability $ 246.7 297.4 112.1 76.5 358.8 373.9 Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) of our retirement benefit plans other than pensions are as follows: (In millions) UMWA Plans Black Lung and Other Plans Total Years Ended December 31, 2019 2018 2019 2018 2019 2018 Benefit plan net actuarial gain (loss) recognized in accumulated other comprehensive income (loss): Beginning of year $ (290.9 ) (309.8 ) (42.9 ) (43.0 ) (333.8 ) (352.8 ) Net actuarial gains (losses) arising during the year 55.1 (1.4 ) (39.9 ) (6.4 ) 15.2 (7.8 ) Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) 16.6 20.3 4.6 5.8 21.2 26.1 Foreign currency exchange effects — — 0.1 0.7 0.1 0.7 End of year $ (219.2 ) (290.9 ) (78.1 ) (42.9 ) (297.3 ) (333.8 ) Benefit plan prior service (cost) credit recognized in accumulated other comprehensive income (loss): Beginning of year $ 32.7 37.3 1.5 0.7 34.2 38.0 Prior service credit from plan amendments during the year — — 0.3 — 0.3 — Reclassification adjustment for amortization or curtailment of prior service cost included in net income (loss) (4.7 ) (4.6 ) (0.4 ) 1.1 (5.1 ) (3.5 ) Foreign currency exchange effects — — — (0.3 ) — (0.3 ) End of year $ 28.0 32.7 1.4 1.5 29.4 34.2 UMWA Plans The net actuarial gains of $55.1 million in 2019 arose primarily as a result of favorable medical claims experience ( $53 million ), the removal of the excise tax liability due as noted in " Excise Tax on High-Cost Health Plans " below ( $29 million ), the return on assets being higher than expected ( $13 million ), the mortality and trend tables updates ( $6 million ) and updates to the UMWA census data ( $4 million ). These were largely offset by a lower discount rate at the end of the year ( $50 million ). The net actuarial losses of $1.4 million in 2018 arose primarily as a result of return on assets being lower than expected ( $24 million ) and mortality and trend tables update ( $32 million ), largely offset by a higher discount rate at the end of the year ( $33 million ) and claims assumptions updates ( $16 million ). Black Lung and Other Plans We recognized net actuarial losses of $39.9 million in 2019. This was primarily due to assumption changes for the claims approval ratings and legal and administrative expenses ( $27 million ), updates to the black lung census data ( $8 million ) and a lower discount rate compared to the prior period ( $5 million ), partially offset by mortality table updates ( $3 million ). We recognized net actuarial losses of $6.4 million in 2018. This was primarily due to updates to the black lung census data that increased the obligation ( $9 million ), partially offset by a higher discount rate compared to the prior period ( $4 million ). Assumptions See Mortality Tables for our U.S. Retirement Benefits on page 84 for a description of the mortality assumptions. The APBO for each of the plans was determined using the unit credit method and assumed rates as follows: 2019 2018 2017 Weighted-average discount rate: Postretirement cost: UMWA plans 4.3 % 3.6 % 4.1 % Black lung 4.2 % 3.5 % 3.9 % Weighted-average 4.4 % 3.7 % 4.2 % Benefit obligation at year end: UMWA plans 3.2 % 4.3 % 3.6 % Black lung 3.1 % 4.2 % 3.5 % Weighted-average 3.3 % 4.4 % 3.7 % Expected return on assets 8.00 % 8.00 % 8.25 % Healthcare Cost Trend Rates For UMWA plans, the assumed healthcare cost trend rate used to compute the 2019 APBO is 6.3% for 2020 , declining to 5.0% in 2027 and thereafter (in 2018 : 6.5% for 2019 declining to 5.0% in 2026 and thereafter). For the black lung obligation, the assumed healthcare cost trend rate used to compute the 2019 APBO was 5.0% . Other plans in the U.S. provide for fixed-dollar value coverage for eligible participants and, accordingly, are not adjusted for inflation. For the Canadian plan, the assumed healthcare cost trend rate used to compute the 2019 APBO is 6.3% for 2020 , declining to 5.0% in 2027 . For the Brazilian plan, the assumed healthcare cost trend rate used to compute the 2019 APBO is 3.3% . We provide healthcare benefits to our UMWA retirees who are eligible for the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Medicare Act”) subsidy reimbursement under an employer group waiver plan (“EGWP”). Under this arrangement, a government approved health insurance provider receives the Medicare Act subsidy reimbursement on our behalf and passes these savings to us. Additionally, by providing healthcare benefits under an EGWP, we are able to benefit from the mandatory 50% discount that pharmaceutical companies must provide for Medicare Act-eligible prescription drugs. Excise Tax on High-Cost Health Plans The Patient Protection and Affordable Care Act included a 40% excise tax on third-party benefit plan administrators for high-cost health plans (“Cadillac plans”), the effects of which were delayed to 2022 by the Tax Reform Act . As of December 31, 2018, our plan obligations include $30.5 million related to this tax. In December 2019, the excise tax provision was repealed by the Setting Every Community Up for Retirement Enhancement Act (the "SECURE Act"). The repeal of the excise tax provision reduced our plan obligations by $29 million as of December 31, 2019. Cash Flows Estimated Contributions from the Company to Plan Assets Based on the funded status and assumptions at December 31, 2019 , we expect the Company to contribute $11.0 million in cash to the plans to pay 2020 beneficiary payments for black lung and other plans. We do not expect to contribute cash to our UMWA plans in 2020 since we believe these plans have sufficient amounts held in trust to pay for beneficiary payments until 2028 based on actuarial assumptions. Our UMWA plans are not covered by ERISA or other funding laws or regulations that require these plans to meet funding ratios. Estimated Future Benefit Payments from Plan Assets to Beneficiaries Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2019 , are as follows: (In millions) UMWA Plans Black Lung and Other Plans Total 2020 $ 30.2 11.0 41.2 2021 30.2 10.3 40.5 2022 29.7 9.6 39.3 2023 29.3 9.0 38.3 2024 28.7 8.3 37.0 2025 through 2029 132.2 33.4 165.6 Retirement Plan Assets U.S. Plans December 31, 2019 December 31, 2018 (In millions, except for percentages) Fair Value Level Total Fair Value % Actual Allocation % Target Allocation Total Fair Value % Actual Allocation % Target Allocation U.S. Pension Plans Cash, cash equivalents and receivables $ 3.8 — — 4.1 — — Equity securities: U.S. large-cap (a) 1 83.6 12 12 79.1 12 12 U.S. small/mid-cap (a) 1 34.7 5 5 28.5 4 5 International (a) 1 106.2 15 15 102.3 15 15 Emerging markets (b) 1 14.0 2 2 9.9 1 2 Dynamic asset allocation (c) 1 28.3 4 4 22.4 3 4 Fixed-income securities: Long duration - mutual fund (d) 1 277.3 48 48 260.3 48 48 Long duration - Treasury strips (d) 2 53.9 68.6 High yield (e) 1 13.9 2 2 10.9 2 2 Emerging markets (f) 1 14.0 2 2 10.4 1 2 Other types of investments: Core property (g) (l) 36.3 5 5 44.7 7 5 Structured credit (h) (l) 33.3 5 5 45.4 7 5 Total $ 699.3 100 100 686.6 100 100 UMWA Plans Cash, cash equivalents and receivables $ 0.8 — — — — — Equity securities: U.S. large-cap (a) 1 32.8 19 19 29.1 16 19 U.S. small/mid-cap (a) 1 13.8 8 8 12.0 7 8 International (a) 1 40.4 23 24 35.8 20 24 Emerging markets (b) 1 6.9 4 4 6.2 3 4 Dynamic asset allocation (c) 1 12.1 7 7 10.8 6 7 Fixed-income securities: High yield (e) 1 3.5 2 2 3.3 2 2 Emerging markets (f) 1 6.9 4 4 6.1 3 4 Multi asset real return (i) 1 8.6 5 5 7.6 4 5 Other types of investments: Core property (g) (l) 20.3 11 10 25.2 14 10 Structured credit (h) (l) 9.6 5 5 13.4 7 5 Global private equity (j) (l) 14.8 8 7 15.5 9 7 Energy debt (k) (l) 7.4 4 5 16.7 9 5 Total $ 177.9 100 100 181.7 100 100 (a) These categories include a passively managed U.S. large-cap equity mutual fund, an actively managed U.S. small/mid-cap equity and a Non-U.S. equity mutual fund that track various indices such as the S&P 500 Index, the Russell 2500 Index and the MSCI All Country World Ex-U.S. Index. (b) This category represents an actively managed mutual fund that invests primarily in equity securities of emerging market issuers. Emerging market countries are those countries that are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development or included in an emerging markets index by a recognized index provider. (c) This category represents an actively managed mutual fund that seeks to generate, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes based upon the manager's expectations of risk and return. The fund’s allocations among asset classes may be adjusted over short periods and can vary from multiple to a single asset class. (d) This category represents actively managed mutual funds that seek to duplicate the risk and return characteristics of an intermediate to a long-term fixed-income security portfolio with an approximate duration of 10 to 15 years and longer. This is achieved by using an intermediate duration credit bond fund and a long duration credit bond mutual fund. This category also includes Treasury future contracts and zero -coupon securities created by the U.S. Treasury. (e) This category represents an actively managed mutual fund that invests primarily in fixed-income securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities and zero-coupon obligations. The fund’s average weighted maturity may vary and will generally not exceed ten years . (f) This category represents an actively managed mutual fund that invests primarily in U.S. dollar-denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. (g) This category represents an actively managed real estate fund of funds that seeks both current income and long-term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties. These properties are high-quality, low-leveraged, income-generating office, industrial, retail, and multi-family properties, generally fully-leased to creditworthy companies and governmental entities. (h) This category invests primarily in a diversified portfolio comprised primarily of collateralized loan obligations and other structured credit investments backed primarily by bank loans. (i) This category represents an actively managed mutual fund that invests primarily in fixed income and equity securities and commodity linked instruments. The category seeks total returns that exceed the rate of inflation over a full market cycle regardless of market conditions. (j) This category will offer exposure to a diversified pool of global private assets fund investments. Further, the category will seek to shorten the duration of the typical private assets fund of funds through a dedicated focus on secondary strategies (i.e. funds whose investment strategy is to purchase interests in other private market investments/funds as a way to provide the original investors liquidity prior to the end of those investments’/funds’ contracted end date), income-producing investment strategies (e.g. debt, real estate, and to a lesser extent, real assets), and underlying funds whose stated life is five to seven years , as opposed to the more typical 10 -year life of private assets funds. (k) This category invests in credit securities of commodity oriented companies affected by the dislocation in the commodity markets with the investment objective of producing an equity like return with less downside risk than equity or commodity investments. (l) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. Assets of our U.S. plans are invested with an objective of maximizing the total return, taking into consideration the liabilities of the plan, and minimizing the risks that could create the need for excessive contributions. Plan assets are invested primarily using actively managed accounts with asset allocation targets listed in the tables above. Our policy does not permit the purchase of Brink’s common stock if immediately after any such purchase the aggregate fair market value of the plan assets invested in Brink’s common stock exceeds 10% of the aggregate fair market value of the assets of the plan, except as permitted by an exemption under ERISA. The plans rebalance their assets on a quarterly basis if actual allocations of assets are outside predetermined ranges. Among other factors, the performance of asset groups and investment managers will affect the long-term rate of return. In 2018, the UMWA plans re-locked their energy debt investment for another three years , which will expire in 2022. The global private equity investment cannot be redeemed due to the nature of the underlying investments. As the global private equity investment matures and becomes fully invested, liquidating distributions will be provided back to investors. We expect to receive liquidating distributions over the stated life of the underlying investments. We have $7 million in unfunded commitments related to the global private equity investment. Most of the investments of our U.S. retirement plans can be redeemed daily. The structured credit investments can be redeemed quarterly with 65 days’ notice. The core property fund investment can be redeemed quarterly with 95 days’ notice. The energy debt investment can be redeemed semi-annually with 95 days' notice after the three year lock up expires. We believe all plans have sufficient liquidity to meet the needs of the plans' beneficiaries in all market scenarios. Non-U.S. Plans December 31, 2019 December 31, 2018 (In millions, except for percentages) Total Fair Value % Actual Allocation % Target Allocation Total Fair Value % Actual Allocation % Target Allocation Non-U.S. Pension Plans Cash and cash equivalents $ 0.5 — — 0.8 — — Equity securities: U.S. equity funds (a) 30.2 23.8 Canadian equity funds (a) 41.4 32.5 European equity funds (a) 3.6 4.0 Emerging markets (a) 5.0 4.8 Other global equity funds (a) 25.0 21.2 Total equity securities 105.2 49 50 86.3 48 52 Fixed-income securities: European fixed-income funds (b) 9.1 18.7 High-yield (c) 1.6 1.2 Emerging markets (d) 1.8 1.5 Long-duration (e) 79.5 70.4 Total fixed-income securities 92.0 43 41 91.8 51 47 Other types of investments: Property funds (f) 8.1 — Global infrastructure fund (g) 7.5 — Other 1.8 1.7 Total other types of investments 17.4 8 9 1.7 1 1 Total $ 215.1 100 100 180.6 100 100 (a) These categories are comprised of equity index actively and passively managed funds that track various indices such as S&P 500 Composite Total Return Index, Russell 2500 Index, MSCI World Index, S&P/TSX Total Return Index and others. Some of these funds use a dynamic asset allocation investment strategy seeking to generate total return over time by selecting investments from among a broad range of asset classes, investing primarily through the use of derivatives. (b) This category is primarily designed to generate income and exhibit volatility similar to that of the Sterling denominated bond market. This category primarily invests in investment grade or better securities. (c) This category consists of global high-yield bonds. This category invests in lower rated and unrated fixed income, floating rate and other debt securities issued by European and American companies. (d) This category consists of a diversified portfolio of debt securities issued by governments, financial institutions, companies or other entities domiciled in emerging market countries. (e) This category is designed to achieve a return consistent with holding longer term debt instruments. This category invests in interest rate and inflation derivatives, government-issued bonds, real-return bonds, and futures contracts. (f) This category offers exposure to limited partnerships invested in diversified real estate, participating mortgages, and property for development and resale. (g) This category is a limited partnership invested in fund of funds designed to acquire and maintain a diversified portfolio of global infrastructure investments (within targeted sub-sectors with varied maturities) that realizes a minimum of 10% annual return over a three-year rolling period. Asset allocation strategies for our non-U.S. plans are designed to accumulate a diversified portfolio among markets and asset classes in order to reduce market risk and increase the likelihood that pension assets are available to pay benefits as they are due. Assets of non-U.S. pension plans are invested primarily using actively managed accounts. The weighted-average asset allocation targets are listed in the table above, and reflect limitations on types of investments held and allocations among assets classes, as required by local regulation or market practice of the country where the assets are invested. Most of the investments of our non-U.S. retirement plans can be redeemed at least monthly, except for a portion of “Other” in the above table, which can be redeemed quarterly. Non-U.S. Plans - Fair Value Measurements (In millions) December 31, 2019 December 31, 2018 Quoted prices in active markets for identical assets (Level 1) $ 177.9 163.4 Net asset value per share practical expedient (a) 37.2 17.2 Total fair value $ 215.1 180.6 (a) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. Savings Plans We sponsor various defined contribution plans to help eligible employees provide for retirement. We record expense for amounts that we contribute on behalf of employees, usually in the form of matching contributions. Prior to April 1, 2017, we matched the first 1.5% of employees’ eligible contributions to our U.S. 401(k) plan. In April 2017, we increased the matching contribution to the first 2% of employees' eligible contributions. Our matching contribution expense is as follows: (In millions) Years Ended December 31, 2019 2018 2017 U.S. 401(K) $ 6.5 5.0 4.4 Other plans 4.9 4.9 4.6 Total $ 11.4 9.9 9.0 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (“Tax Reform Act”) was enacted into law. The Tax Reform Act includes a reduction in the federal tax rate for corporations from 35% to 21% as of January 1, 2018, a one-time transition tax on the cumulative undistributed earnings of foreign subsidiaries as of December 31, 2017, a repeal of the corporate alternative minimum tax, and more extensive limitations on deductibility of performance-based compensation for named executive officers. Other provisions effective as of January 1, 2018, which could materially impact the Company in the near-term, include the creation of a new U.S. minimum tax on foreign earnings called the Global Intangible Low-Taxed Income (“GILTI”) and limitations on the deductibility of interest expense. Due to the timing of the enactment and the complexity involved in applying the provisions of the Tax Reform Act, the Company recorded provisional amounts as of December 31, 2017, in accordance with Staff Accounting Bulletin No. 118 ("SAB 118"). We recorded a provisional one-time non-cash charge of $92 million in the fourth quarter of 2017 to remeasure the deferred tax assets for the new rate and for other legislative changes. In the fourth quarter of 2018, we recorded a benefit of $2.3 million to reverse a component of the provisional one-time non-cash charge as a result of guidance issued by the U.S. authorities. We filed our 2017 U.S. federal income tax return in October 2018, which did not reflect a U.S. federal current tax liability for the transition tax due to our high-tax foreign income, but we recorded an incremental $1.3 million of foreign tax credits, offset with a full valuation allowance in the fourth quarter of 2018 which was in addition to the provisional $31.1 million foreign tax credit offset with a full valuation allowance related to the transition tax recorded in the fourth quarter of 2017. We did not record a current state tax liability related to the transition tax in accordance with the interpretation of existing state laws and the provisional estimates in the fourth quarter of 2017, but we recorded the state impact of the transition tax of $0.2 million when we filed our tax returns in the fourth quarter of 2018. We adopted an accounting policy related to the provision of deferred taxes related to GILTI and determined that we would not record deferred taxes with respect to GILTI, but would instead treat GILTI as a current period cost. We did not change our assertion on the determination of which subsidiaries that we consider to be permanently invested and for which we do not expect to repatriate to the U.S. as a result of the Tax Reform Act. The accounting for the Tax Reform Act was completed in the fourth quarter of 2018 in accordance with SAB 118. Years Ended December 31, (In millions) 2019 2018 2017 Income (loss) from continuing operations before income taxes U.S. $ (90.2 ) (32.9 ) (41.6 ) Foreign 183.7 75.4 223.1 Income from continuing operations before income taxes $ 93.5 42.5 181.5 Provision (benefit) for income taxes from continuing operations Current tax expense (benefit) U.S. federal $ (0.8 ) (2.3 ) (33.7 ) State 4.3 0.7 0.4 Foreign 90.8 92.1 96.8 Current tax expense 94.3 90.5 63.5 Deferred tax expense (benefit) U.S. federal (30.4 ) (7.5 ) 106.2 State (4.8 ) (2.9 ) (4.9 ) Foreign 1.9 (10.1 ) (7.1 ) Deferred tax expense (benefit) (33.3 ) (20.5 ) 94.2 Provision for income taxes of continuing operations $ 61.0 70.0 157.7 Years Ended December 31, (In millions) 2019 2018 2017 Comprehensive provision (benefit) for income taxes allocable to Continuing operations $ 61.0 70.0 157.7 Discontinued operations 0.2 — (0.1 ) Other comprehensive income (loss) 0.4 5.0 (1.8 ) Comprehensive provision for income taxes $ 61.6 75.0 155.8 Rate Reconciliation The following table reconciles the difference between the actual tax rate on continuing operations and the statutory U.S. federal income tax rate of 21% for 2019 and 2018 and 35% for 2017. Years Ended December 31, (In percentages) 2019 2018 2017 U.S. federal tax rate 21.0 % 21.0 % 35.0 % Increases (reductions) in taxes due to: Venezuela deconsolidation and devaluations — 62.4 — Foreign rate differential 17.3 39.3 (3.7 ) Taxes on cross border income, net of credits 9.3 22.6 2.6 Tax on accelerated U.S. income (a) (7.9 ) — (0.2 ) Adjustments to valuation allowances 16.0 13.1 3.4 Foreign income taxes 13.7 18.9 5.1 Tax reform — (4.9 ) 47.4 French business tax 3.0 8.0 2.0 State income taxes, net (2.2 ) (1.3 ) (1.3 ) Share-based compensation (4.8 ) (14.4 ) (3.5 ) Other (0.2 ) — 0.1 Actual income tax rate on continuing operations 65.2 % 164.7 % 86.9 % (a) In 2019, we recognized a benefit of $7.3 million ( $0.4 million benefit in 2017) related to a previously recognized $23.5 million current tax expense that accelerated U.S. taxable income in 2015. Components of Deferred Tax Assets and Liabilities December 31, (In millions) 2019 2018 Deferred tax assets Pension liabilities $ 62.1 55.4 Retirement benefits other than pensions 61.2 73.8 Lease liabilities 62.8 — Workers’ compensation and other claims 37.0 30.6 Property and equipment, net 31.0 7.1 Other assets and liabilities 93.6 88.5 Net operating loss carryforwards 51.7 42.0 Alternative minimum and other tax credits (a) 76.8 73.4 Subtotal 476.2 370.8 Valuation allowances (118.3 ) (100.7 ) Total deferred tax assets 357.9 270.1 Deferred tax liabilities Right-of-use assets, net 59.3 — Goodwill and other intangibles 17.4 22.0 Other assets and miscellaneous 28.9 28.3 Deferred tax liabilities 105.6 50.3 Net deferred tax asset $ 252.3 219.8 Included in: Noncurrent assets 273.5 236.5 Noncurrent liabilities (21.2 ) (16.7 ) Net deferred tax asset $ 252.3 219.8 (a) U.S. foreign tax credits of $72.6 million have a 10 year carryforward period and the remaining credits of $4.2 million have various carryforward periods. The U.S. foreign tax credits and other U.S. tax credits have a valuation allowance. Valuation Allowances Valuation allowances relate to deferred tax assets for certain federal credit carryforwards, certain state and non-U.S. jurisdictions. Based on our analysis of positive and negative evidence including historical and expected future taxable earnings, and a consideration of available tax-planning strategies, we believe it is more-likely-than-not that we will realize the benefit of the existing deferred tax assets, net of valuation allowances, at December 31, 2019 . Years Ended December 31, (In millions) 2019 2018 2017 Valuation allowances: Beginning of year $ 100.7 98.9 62.8 Expiring tax credits (0.3 ) (0.6 ) (0.4 ) Acquisitions and dispositions 3.1 (0.7 ) (3.4 ) Changes in judgment about deferred tax assets (a) 5.3 — (1.8 ) Other changes in deferred tax assets, charged to: Income from continuing operations 10.0 6.1 43.9 Other comprehensive income (loss) — (0.3 ) 0.2 Foreign currency exchange effects (0.5 ) (2.7 ) (2.4 ) End of year $ 118.3 100.7 98.9 (a) Changes in judgment about valuation allowances are based on a recognition threshold of “more-likely-than-not” of realizing beginning-of-year balances of deferred tax assets. Amounts are recognized in income from continuing operations. Net Operating Losses The gross amount of the net operating loss carryforwards as of December 31, 2019 , was $414.2 million . The tax benefit of net operating loss carryforwards, before valuation allowances, as of December 31, 2019 , was $51.7 million , and expires as follows: (In millions) Federal State Foreign Total Years of expiration 2020-2024 $ — 0.1 7.6 7.7 2025-2029 — 0.7 3.7 4.4 2030 and thereafter — 15.6 0.6 16.2 Unlimited — — 23.4 23.4 $ — 16.4 35.3 51.7 Uncertain Tax Positions A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Years Ended December 31, (In millions) 2019 2018 2017 Uncertain tax positions: Beginning of year $ 9.5 10.4 6.4 Increases related to prior-year tax positions 0.2 0.3 0.1 Decreases related to prior-year tax positions (0.8 ) — (0.5 ) Increases related to current-year tax positions 1.4 1.3 1.4 Increases related to acquisitions 3.1 — 4.2 Decreases related to acquisitions — (0.2 ) — Settlements (0.1 ) (0.4 ) (0.1 ) Effect of the expiration of statutes of limitation (1.3 ) (1.1 ) (0.8 ) Foreign currency exchange effects — (0.8 ) (0.3 ) End of year $ 12.0 9.5 10.4 Included in the balance of unrecognized tax benefits at December 31, 2019 , are potential benefits of approximately $11.5 million that, if recognized, will reduce the effective tax rate on income from continuing operations. We recognize accrued interest and penalties related to unrecognized tax benefits in provision (benefit) for income taxes. We reverse interest and penalty accruals when a statute of limitation lapses or when we otherwise conclude the amounts should not be accrued. The impact of interest and penalties on the 2019 and 2018 tax provisions was not significant. The net increase (reversal) included in provision (benefit) for income taxes was ($0.3) million in 2017 . We had accrued interest and penalties of $5.4 million at December 31, 2019 , and $1.8 million at December 31, 2018 . We file income tax returns in the U.S. federal and various state and foreign jurisdictions. With a few exceptions, as of December 31, 2019 , we were no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2016 . Additionally, due to statute of limitations expirations and audit settlements, it is reasonably possible that approximately $1.6 million of currently remaining unrecognized tax positions may be recognized by the end of 2020. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment The following table presents our property and equipment that is classified as held and used: December 31, (In millions) 2019 2018 Land $ 51.9 51.7 Buildings 211.0 199.9 Leasehold improvements 236.0 219.7 Vehicles 646.3 568.4 Capitalized software (a) 213.4 203.4 Other machinery and equipment 667.3 625.5 2,025.9 1,868.6 Accumulated depreciation and amortization (1,262.6 ) (1,169.2 ) Property and equipment, net $ 763.3 699.4 (a) Amortization of capitalized software costs included in continuing operations was $15.7 million in 2019 , $16.5 million in 2018 and $20.5 million in 2017 . |
Acquisitions and Dispositions A
Acquisitions and Dispositions Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions In 2019, we acquired four business operations. In 2018, we acquired one business operation and additionally acquired a controlling interest in a second business operation. In 2017, we acquired six business operations. We accounted for these acquisitions as business combinations using the acquisition method. Under the acquisition method of accounting, assets acquired and liabilities assumed from these operations are recorded at fair value on the date of acquisition. The consolidated statements of operations include the results of operations for each acquired entity from the date of acquisition. Rodoban Transportes Aereos e Terrestres Ltda., Rodoban Servicos e Sistemas de Seguranca Ltda., and Rodoban Seguranca e Transporte de Valores Ltda ("Rodoban") Brazilian cash management business On January 4, 2019 , we acquired 100% of the capital stock of Rodoban in Brazil for $134 million . The Rodoban business is expected to expand our operations in southeastern Brazil and will be integrated with our existing Brink's Brazil operations. Rodoban has approximately 2,900 employees, 13 branches and about 190 armored vehicles across its operations. We estimated fair values for the assets purchased, liabilities assumed and purchase consideration as of the date of the acquisition in the following table. The determination of estimated fair value required management to make significant estimates and assumptions. We finalized our purchase price accounting in the fourth quarter of 2019. There have been no significant changes to our fair value estimates of the net assets acquired of Rodoban. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid through December 31, 2019 $ 135.7 Indemnification asset (1.9 ) Fair value of purchase consideration $ 133.8 Fair value of net assets acquired Cash $ 1.4 Accounts receivable 8.9 Other current assets 0.5 Property and equipment, net 2.4 Intangible assets (a) 49.0 Goodwill (b) 85.1 Other noncurrent assets 5.8 Current liabilities (11.4 ) Noncurrent liabilities (7.9 ) Fair value of net assets acquired $ 133.8 (a) Intangible assets are composed of customer relationships ( $47 million fair value and 11 year amortization period), trade name ( $1 million fair value and 1 year amortization period), and non-compete agreement ( $1 million fair value and 5 year amortization period). (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating Rodoban’s operations with our existing Brink’s Brazil operations. All of the goodwill has been assigned to the Brazil reporting unit and is expected to be deductible for tax purposes. Dunbar Armored, Inc. ("Dunbar") U.S. cash management business On August 13, 2018 , we acquired 100% of the shares of Dunbar for approximately $541 million . We paid cash of approximately $547 million and have a receivable from the seller of approximately $6 million related to a working capital adjustment. The Dunbar business is being integrated with our existing Brink's U.S. operations. This acquisition has expanded our customer base in the U.S. as a result of Dunbar's focus on small-to-medium sized retailers and financial institutions. Dunbar has approximately 5,400 employees, 78 branches and over 1,600 armored vehicles across its operations. We estimated fair values for the assets purchased, liabilities assumed and purchase consideration as of the date of the acquisition in the following table. The determination of estimated fair value required management to make significant estimates and assumptions. We finalized our purchase price accounting in the third quarter of 2019. As compared to our initial estimates in the period of acquisition, our fair value estimates of acquisition date intangible assets decreased approximately $20 million , acquisition date goodwill increased approximately $21 million , acquisition date other noncurrent assets increased approximately $11 million and acquisition date noncurrent liabilities increased approximately $16 million and total purchase consideration decreased approximately $6 million . There have been no other significant changes to our fair value estimates of the net assets acquired for the Dunbar acquisition. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid through December 31, 2019 $ 546.8 Receivable from seller (6.3 ) Fair value of purchase consideration $ 540.5 Fair value of net assets acquired Cash $ 25.8 Accounts receivable 31.9 Other current assets 11.7 Property and equipment, net 56.6 Intangible assets (a) 162.0 Goodwill (b) 304.1 Other noncurrent assets 21.1 Current liabilities (29.5 ) Noncurrent liabilities (43.2 ) Fair value of net assets acquired $ 540.5 (a) Intangible assets are composed of customer relationships ( $148 million fair value and 15 year amortization period) and rights related to the trade name ( $14 million fair value and 8 year amortization period). (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating Dunbar’s operations with our existing Brink’s U.S. operations. All of the goodwill has been assigned to the U.S. reporting unit and is expected to be deductible for tax purposes. Maco Transportadora de Caudales S.A. (“Maco Transportadora”) Argentine CIT and money processing business On July 18, 2017 , we acquired 100% of the shares of Maco Transportadora for approximately $206 million . The total purchase price was paid in cash with the final installment paid in the fourth quarter of 2019. The Maco Transportadora business is being integrated into our existing Brink’s Argentina operations. Maco Transportadora has approximately 1,450 employees, 4 branches and over 150 armored vehicles across its operations. We estimated fair values for the assets purchased, liabilities assumed and purchase consideration as of the date of the acquisition in the following table. The determination of estimated fair value required management to make significant estimates and assumptions. We finalized our purchase price accounting in the third quarter of 2018. There have been no significant changes to our fair value estimates of the net assets acquired for Maco Transportadora. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid through December 31, 2019 $ 205.9 Fair value of purchase consideration $ 205.9 Fair value of net assets acquired Cash $ 10.3 Accounts receivable 16.6 Other current assets 0.6 Property and equipment, net 2.4 Intangible assets (a) 60.2 Goodwill (b) 148.8 Other noncurrent assets 0.1 Current liabilities (11.8 ) Noncurrent liabilities (21.3 ) Fair value of net assets acquired $ 205.9 (a) Intangible assets are composed of customer relationships ( $56 million fair value and 10 year amortization period), trade name ( $4 million and 2 year amortization period) and non-competition agreements (less than $1 million and 3 year amortization period). (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating Maco Transportadora’s operations into our existing Brink’s Argentina operations. All of the goodwill has been assigned to the Global Markets-South America reporting unit and is not expected to be deductible for tax purposes. Other 2019 acquisitions On June 12, 2019 , we acquired 100% of the capital stock of Balance Innovations, LLC and its wholly owned subsidiary, Balance Innovations Services, Inc. (together "BI"). BI develops and licenses software that provides real-time data to optimize operations for general retail and convenience store industries throughout the United States and Canada. This acquisition enhances our ability to deliver technology-enabled, end-to-end retail cash management services. On June 14, 2019 , we acquired 100% of the capital stock of Comercio Eletronico Facil Ltda. ("COMEF"), a Brazil-based company. COMEF offers bank correspondent services and bill payment processing and is expected to supplement our existing Brazilian payment services businesses. On September 30, 2019 , we acquired 100% of the capital stock of Transportadora de Valores del Sur Limitada and its wholly owned subsidiary, TVS Pagos, Recaudos y Procesos S.A.S. (together "TVS"). TVS provides CIT and money processing services in Colombia. This acquisition is expected to provide opportunities for branch consolidation and route efficiencies and position our existing Colombian business as well as TVS to more effectively service our customers. The aggregate purchase price of these three business acquisitions (BI, COMEF, and TVS) was approximately $50 million . These three acquired operations employ approximately 1,300 people in the aggregate. For these three business acquisitions (BI, COMEF and TVS), we estimated fair values for the assets purchased and liabilities assumed as of the date of the acquisitions. These estimated amounts are aggregated in the following table. The determination of estimated fair value required management to make significant estimates and assumptions. The amounts are considered provisional as we are completing the valuation that is required to allocate the purchase price. As a result, the allocation of the purchase price and the amount of goodwill and intangibles may change in the future. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid through December 31, 2019 $ 53.4 Fair value of future payments to sellers 7.8 Contingent consideration 1.6 Indemnification asset (12.9 ) Fair value of purchase consideration $ 49.9 Fair value of net assets acquired Cash $ 5.1 Accounts receivable 4.4 Property and equipment, net 7.1 Intangible assets (a) 24.4 Goodwill (b) 35.2 Other current and noncurrent assets 1.9 Current liabilities (14.6 ) Noncurrent liabilities (13.6 ) Fair value of net assets acquired $ 49.9 (a) Intangible assets are composed of developed technology, customer relationships and trade names. Final allocation will be determined once all valuations have been completed. (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating these acquired operations into our existing operations. The goodwill from these acquisitions has been assigned to the following reporting units: BI (U.S.), COMEF (Brazil) and TVS (Global Markets - South America). We do not expect goodwill related to COMEF or TVS to be deductible for tax purposes. We expect goodwill related to BI to be deductible for tax purposes. Other 2018 acquisition On December 4, 2018 , we acquired 60% of the shares of Worldbridge Secure Logistics Co., Ltd. ("Worldbridge"), a Cambodian company that provides CIT and money processing services. The total purchase consideration for Worldbridge was less than $2 million . Other 2017 acquisitions On March 14, 2017 , we acquired 100% of the capital stock of American Armored Transport, Inc. ("AATI"). AATI provides secured trucking transportation of high-value cargo throughout the continental United States and is expected to complement our existing tractor trailer division in the United States. On April 19, 2017 , we acquired 100% of the capital stock of Muitofacil Holding Ltda., a Brazil-based holding company, and its subsidiary, Muitofacil Arrecadacao e Recebimento Ltda. (together "Pag Facil"). Pag Facil offers bank correspondent services and bill payment processing services in Brazil and is expected to supplement our existing Brazilian payment services businesses. On June 29, 2017 , we acquired 100% of the capital stock of Global Security S.A. (“LGS”). LGS is a Chilean security company specializing in CIT and ATM services and will be integrated into our existing Brink’s Chile operations. On August 14, 2017 , we acquired 100% of the capital stock of Maco Litoral, S.A., (“Maco Litoral”) an Argentina-based company which provides CIT and ATM services. On October 31, 2017 , we acquired 100% of the shares of Temis S.A.S. and its wholly-owned subsidiaries, Les Goelands S.A.S. and Temis Conseil et Formation S.A.R.L (together "Temis"). The Temis business provides CIT and money processing services in France and will be integrated into our existing Brink's France operations. The aggregate purchase price of these five business acquisitions (AATI, Pag Facil, LGS, Maco Litoral, and Temis) was approximately $155 million . These five acquired operations employ approximately 1,700 people in the aggregate. For these five business acquisitions (AATI, Pag Facil, LGS, Maco Litoral, and Temis), we estimated fair values for the assets purchased and liabilities assumed as of the date of the acquisitions. These estimated amounts are aggregated in the following table. The determination of estimated fair value required management to make significant estimates and assumptions. Our fair value estimates of acquisition date goodwill increased approximately $9 million , acquisition date intangible assets decreased approximately $10 million and acquisition date noncurrent liabilities increased approximately $12 million as compared to our initial estimates in the period of acquisition. There have been no other significant changes to our fair value estimates of the net assets acquired for these acquisitions. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid through December 31, 2019 $ 164.6 Indemnification asset (9.8 ) Fair value of purchase consideration $ 154.8 Fair value of net assets acquired Cash $ 7.4 Accounts receivable 20.1 Property and equipment, net 13.9 Intangible assets (a) 40.6 Goodwill (b) 114.4 Other current and noncurrent assets 7.4 Current liabilities (23.4 ) Noncurrent liabilities (25.6 ) Fair value of net assets acquired $ 154.8 (a) Intangible assets are composed of customer relationships, trade names and non-competition agreements. (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating these acquired operations into our existing operations. The goodwill from these acquisitions has been assigned to the following reporting units: AATI (U.S.), Pag Facil (Brazil), LGS and Maco Litoral (Global Markets-South America), and Temis (France). We do not expect goodwill related to AATI, LGS, Maco Litoral, and Temis to be deductible for tax purposes. Goodwill related to Pag Facil will be deductible for tax purposes. Actual and Pro Forma (unaudited) disclosures The pro forma consolidated results of Brink’s presented below are unaudited and reflect a hypothetical ownership on January 1, 2018 of the businesses we acquired during 2019 and a hypothetical ownership on January 1, 2017 for the businesses we acquired in 2018. (In millions) Revenue Net income attributable to Brink's Actual results included in Brink's consolidated 2019 results for businesses acquired in 2019 from the date of acquisition Twelve months ended December 31, 2019 Rodoban $ 66.0 4.6 Other acquisitions (a) 16.1 0.2 Total $ 82.1 4.8 (a) Includes the actual results of Balance Innovations, COMEF and TVS. (In millions) Revenue Net income attributable to Brink's Pro forma results of Brink's for the twelve months ended December 31, 2019 Brink's as reported $ 3,683.2 29.0 Rodoban (a) 0.6 — Other acquisitions (a) 26.8 1.6 Total $ 3,710.6 30.6 2018 Brink's as reported $ 3,488.9 (33.3 ) Rodoban (a) 76.0 (3.9 ) Dunbar (a) 244.0 5.4 Other acquisitions (a) 45.4 1.9 Total $ 3,854.3 (29.9 ) (a) Represents amounts prior to acquisition by Brink's. Acquisition costs We have incurred $7.9 million in transaction costs related to business acquisitions in 2019 ( $6.7 million in 2018 and $2.6 million in 2017). These costs are classified in the consolidated statement of operations as selling, general and administrative expenses. Acquisition of noncontrolling interest In November 2018 , we completed the acquisition of the 42% noncontrolling interest in our consolidated subsidiary, Brink's de Colombia, S.A. We now own 100% of the shares of this subsidiary and we accounted for this increase in ownership interest as an equity transaction. Dispositions On June 1, 2018 , we sold 100% of our ownership interest in a French airport security services company for a net sales price of approximately $19 million . We recognized an $11.2 million gain on the sale of this business, which is reported in interest and other nonoperating income (expense) in the consolidated statements of operations. The French airport security services company was part of the Rest of World reportable segment and reported revenues of $79 million |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2019 and 2018 are as follows: December 31, 2019 (In millions) Beginning Balance Acquisitions/ Dispositions (a) Currency Ending Balance Goodwill: North America $ 337.0 17.6 0.1 354.7 South America 150.1 99.6 (8.1 ) 241.6 Rest of World 191.5 0.2 (3.4 ) 188.3 Total Goodwill $ 678.6 117.4 (11.4 ) 784.6 (a) Includes adjustments related to prior year acquisitions ( $3.1 million decrease in North America and $0.2 million increase in Rest of World). December 31, 2018 (In millions) Beginning Balance Acquisitions/ Dispositions (a) Currency Ending Balance Goodwill: North America $ 32.0 307.0 (2.0 ) 337.0 South America 214.9 (3.0 ) (61.8 ) 150.1 Rest of World 206.8 (5.5 ) (9.8 ) 191.5 Total Goodwill $ 453.7 298.5 (73.6 ) 678.6 (a) Includes adjustments related to prior year acquisitions ( $0.1 million in North America, $3.0 million in South America and $0.8 million in Rest of World). Also includes derecognition of $6.2 million related to the disposition of our French airport security services company in Rest of World. Intangible Assets The following table summarizes our other intangible assets by category: December 31, 2019 December 31, 2018 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-average amortization period Customer relationships $ 322.3 (80.3 ) 242.0 $ 259.9 (58.9 ) 201.0 11.4 Indefinite-lived trade names 8.2 — 8.2 7.9 — 7.9 — Finite-lived trade names 20.7 (7.1 ) 13.6 20.3 (3.8 ) 16.5 6.2 Developed technology 8.7 (0.8 ) 7.9 0.4 (0.4 ) — 10.5 Other contract-related assets — — — 5.7 (3.1 ) 2.6 — Other 6.1 (5.3 ) 0.8 5.5 (4.6 ) 0.9 0.9 Total $ 366.0 (93.5 ) 272.5 $ 299.7 (70.8 ) 228.9 Total amortization expense for our finite-lived intangible assets was $27.8 million in 2019 and $17.7 million in 2018 . Our estimated aggregate amortization expense for finite-lived intangibles recorded at December 31, 2019 , for the next five years is as follows: (In millions) 2020 2021 2022 2023 2024 Amortization expense $ 24.8 24.4 23.1 22.6 22.2 |
Prepaid Expenses and Other
Prepaid Expenses and Other | 12 Months Ended |
Dec. 31, 2019 | |
Prepaid Expense, Current [Abstract] | |
Prepaid Expenses and Other | Prepaid Expenses and Other December 31, (In millions) 2019 2018 Prepaid expenses $ 81.6 64.0 Mobile airtime inventory — 5.8 Income tax receivable 25.7 37.6 Other 20.7 20.1 Prepaid expenses and other $ 128.0 127.5 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Assets | Other Assets December 31, (In millions) 2019 2018 Deposits $ 23.6 15.7 Deferred profit sharing asset 10.9 10.2 Income tax receivable 17.1 67.1 Derivative instruments 5.0 0.6 Equity method investment in unconsolidated entities 5.0 4.9 Stop loss insurance receivable 17.0 19.0 Cash surrender value of life insurance policies 0.9 7.4 Indemnification asset 20.6 6.6 Debt issue costs 5.5 4.7 Marketable securities 12.0 3.8 Other 49.4 46.1 Other assets $ 167.0 186.1 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables provide the components of other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings: Amounts Arising During the Current Period Amounts Reclassified to Net Income (Loss) (In millions) Pretax Income Tax Pretax Income Tax Total Other Comprehensive Income (Loss) 2019 Amounts attributable to Brink's: Benefit plan adjustments $ (38.0 ) 4.4 61.4 (9.9 ) 17.9 Foreign currency translation adjustments (b) (0.9 ) — — 0.1 (0.8 ) Gains (losses) on cash flow hedges (18.8 ) 4.8 (0.2 ) 0.2 (14.0 ) (57.7 ) 9.2 61.2 (9.6 ) 3.1 Amounts attributable to noncontrolling interests: Foreign currency translation adjustments 0.8 — — — 0.8 0.8 — — — 0.8 Total Benefit plan adjustments (a) (38.0 ) 4.4 61.4 (9.9 ) 17.9 Foreign currency translation adjustments (b) (0.1 ) — — 0.1 — Gains (losses) on cash flow hedges (d) (18.8 ) 4.8 (0.2 ) 0.2 (14.0 ) $ (56.9 ) 9.2 61.2 (9.6 ) 3.9 2018 Amounts attributable to Brink's: Benefit plan adjustments $ (31.4 ) 8.6 65.0 (13.3 ) 28.9 Foreign currency translation adjustments (151.6 ) — 107.2 (0.3 ) (44.7 ) Gains (losses) on cash flow hedges 0.3 — (0.2 ) — 0.1 (182.7 ) 8.6 172.0 (13.6 ) (15.7 ) Amounts attributable to noncontrolling interests: Foreign currency translation adjustments (0.8 ) — — — (0.8 ) (0.8 ) — — — (0.8 ) Total Benefit plan adjustments (a) (31.4 ) 8.6 65.0 (13.3 ) 28.9 Foreign currency translation adjustments (b) (152.4 ) — 107.2 (0.3 ) (45.5 ) Gains (losses) on cash flow hedges (d) 0.3 — (0.2 ) — 0.1 $ (183.5 ) 8.6 172.0 (13.6 ) (16.5 ) See page 104 for footnote explanations. 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) 2017 Amounts attributable to Brink's: Benefit plan adjustments $ (99.3 ) 21.2 54.9 (18.2 ) (41.4 ) Foreign currency translation adjustments 22.7 (1.0 ) — — 21.7 Unrealized gains (losses) on available-for-sale securities 1.7 (0.6 ) (1.5 ) 0.5 0.1 Gains (losses) on cash flow hedges (0.1 ) (0.1 ) 0.2 — — (75.0 ) 19.5 53.6 (17.7 ) (19.6 ) Amounts attributable to noncontrolling interests: Benefit plan adjustments (0.8 ) — 0.7 — (0.1 ) Foreign currency translation adjustments 0.9 — — — 0.9 0.1 — 0.7 — 0.8 Total Benefit plan adjustments (a) (100.1 ) 21.2 55.6 (18.2 ) (41.5 ) Foreign currency translation adjustments (b) 23.6 (1.0 ) — — 22.6 Unrealized gains (losses) on available-for-sale securities (c) 1.7 (0.6 ) (1.5 ) 0.5 0.1 Gains (losses) on cash flow hedges (d) (0.1 ) (0.1 ) 0.2 — — $ (74.9 ) 19.5 54.3 (17.7 ) (18.8 ) (a) The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income (loss). Net periodic retirement benefit cost also includes service cost, interest cost, expected returns on assets, and settlement costs. Total service cost is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis and the remaining net periodic retirement benefit cost items are allocated to interest and other nonoperating income (expense): December 31, (In millions) 2019 2018 2017 Total net periodic retirement benefit cost included in: Cost of revenues $ 7.8 8.4 9.0 Selling, general and administrative expenses 2.3 2.3 2.4 Interest and other nonoperating income (expense) 52.7 39.7 47.8 (b) 2018 foreign currency translation adjustment amounts reclassified to net income are due to the deconsolidation of Venezuela (see Note 1). 2018 foreign currency translation adjustment amounts arising during the current period reflect primarily the devaluation of the Argentine peso (prior to the July 1, 2018 highly inflationary designation) and Brazilian real. (c) Prior to adoption of ASU 2016-01 (see Note 1) in the first quarter of 2018, gains and losses on sales of available-for-sale securities were reclassified from accumulated other comprehensive loss to the consolidated statements of operations when the gains or losses were realized. Pretax amounts were classified in the consolidated statements of operations as interest and other nonoperating income (expense). (d) Pretax gains and losses on cash flow hedges are classified in the consolidated statements of operations as • other operating income (expense) ( $5.8 million gain in 2019 , no gains or losses in 2018 and $0.1 million losses in 2017 .) • interest expense ( $5.7 million of expense in 2019 .) • interest and other nonoperating income (expense) ( no gains or losses in 2019 , no gains or losses in 2018 and $0.1 million losses in 2017 .) 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, 2016 $ (559.6 ) (349.1 ) 1.0 0.7 (907.0 ) Other comprehensive income (loss) before reclassifications (78.1 ) 21.7 1.1 (0.2 ) (55.5 ) Amounts reclassified from accumulated other comprehensive loss to net income (loss) 36.7 — (1.0 ) 0.2 35.9 Other comprehensive income (loss) attributable to Brink's (41.4 ) 21.7 0.1 — (19.6 ) Balance as of December 31, 2017 (601.0 ) (327.4 ) 1.1 0.7 (926.6 ) Other comprehensive income (loss) before reclassifications (22.8 ) (151.6 ) — 0.3 (174.1 ) Amounts reclassified from accumulated other comprehensive loss to net income (loss) 51.7 106.9 — (0.2 ) 158.4 Other comprehensive income (loss) attributable to Brink's 28.9 (44.7 ) — 0.1 (15.7 ) Cumulative effect of change in accounting principle (a) — — (1.1 ) — (1.1 ) Acquisitions of noncontrolling interests — (9.9 ) — — (9.9 ) Balance as of December 31, 2018 (572.1 ) (382.0 ) — 0.8 (953.3 ) Other comprehensive income (loss) before reclassifications (33.6 ) (0.9 ) — (14.0 ) (48.5 ) Amounts reclassified from accumulated other comprehensive loss to net income (loss) 51.5 0.1 — — 51.6 Other comprehensive income (loss) attributable to Brink's 17.9 (0.8 ) — (14.0 ) 3.1 Cumulative effect of change in accounting principle (b) (28.8 ) — — — (28.8 ) Balance as of December 31, 2019 $ (583.0 ) (382.8 ) — (13.2 ) (979.0 ) (a) We adopted ASU 2016-01 (see Note 1) effective January 1, 2018 and recognized a cumulative-effect adjustment to retained earnings. (b) We adopted ASU 2018-02 (see Note 1) effective January 1, 2019 and recognized a cumulative-effect adjustment to retained earnings. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Investments in Marketable Securities We have investments in mutual funds and equity securities that are carried at fair value in the financial statements. For these investments, fair value was based on quoted market prices, which we have categorized as a Level 1 valuation. Fixed-Rate Debt The fair value and carrying value of our fixed-rate debt, excluding any unamortized debt issuance costs, are as follows: December 31, (In millions) 2019 2018 Senior unsecured notes Carrying value $ 600.0 600.0 Fair value 624.7 519.9 The fair value estimate of our senior unsecured notes was based on the present value of future cash flows, discounted at rates for similar instruments at the measurement date, which we have categorized as a Level 3 valuation. Forward and Swap Contracts We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies. At December 31, 2019 , the notional value of our outstanding foreign currency forward and swap contracts was $155 million , with average maturities of approximately one month . These foreign currency forward and swap contracts primarily offset exposures in the euro and the Brazilian real and are not designated as hedges for accounting purposes and, accordingly, changes in their fair value are recorded immediately in earnings. At December 31, 2019 , the fair value of these foreign currency contracts was a net asset of approximately $0.6 million , of which $0.8 million was included in prepaid expenses and other and $0.2 million was included in accrued liabilities on the consolidated balance sheet. We recognized gains of $6.9 million on our short term foreign currency contracts in 2019 , gains of $7.7 million in 2018 and gains of $0.8 million in 2017. In the first quarter of 2019, we entered into a long term cross currency swap contract to hedge exposure in Brazilian real, which is designated as a cash flow hedge for accounting purposes. At December 31, 2019 , the notional value of this long term contract was $125 million with a weighted-average maturity of 2.3 years . We recognized net gains of $0.7 million on this contract, of which gains of $5.8 million were included in other operating income (expense) to offset transaction losses of $5.8 million and expenses of $5.1 million were included in interest expense in 2019. At December 31, 2019 , the fair value of the long term cross currency swap contract was a $2.1 million net asset, of which a $4.9 million asset is included in other assets and a $2.8 million liability is included in accrued liabilities on the consolidated balance sheet. In the first quarter of 2016, we entered into two interest rate swaps to hedge cash flow risk associated with changes in variable interest rates and are designated as cash flow hedges for accounting purposes. At December 31, 2019 , the notional value of these contracts was $40 million with a weighted-average maturity of 0.7 years . At December 31, 2019 , the fair value of these interest rate swaps was an asset of $0.2 million and was included in prepaid expenses and other on the consolidated balance sheet. The effect of these swaps is included in interest expense and was not significant in 2019 . In the first quarter of 2019, we entered into ten interest rate swaps that hedge cash flow risk associated with changes in variable interest rates and that are designated as cash flow hedges for accounting purposes. At December 31, 2019 , the notional value of these contracts was $400 million with a remaining weighted-average maturity of 2.1 years . At December 31, 2019 , the fair value of these interest rate swaps was a net liability of $15.0 million , of which $3.6 million was included in accrued liabilities and $11.4 million was included in other liabilities on the consolidated balance sheet. The effect of these swaps is included in interest expense and was approximately $1.0 million in 2019. The fair values of these forward and swap contracts are based on the present value of net future cash payments and receipts, which we have categorized as a Level 2 valuation. Contingent Consideration In the fourth quarter of 2019, we paid the remaining contingent consideration payable for our acquisition of Maco Transportadora. This remaining contingent consideration paid was a scheduled second installment, with the amount to be paid in the fourth quarter of 2019 based partially on the retention of customer revenue versus a target revenue amount. If there was a shortfall in revenues, a multiple of 2.5 would have been applied to the revenue shortfall and the contingent consideration to be paid to the former owners would have been reduced. Because there was no shortfall in revenues, no reduction occurred. We paid an additional $15.1 million and settled the outstanding contingent consideration. Other Financial Instruments Other financial instruments include cash and cash equivalents, accounts receivable, floating rate debt, accounts payable and accrued liabilities. The financial statement carrying amounts of these items approximate the fair value. There were no transfers in or out of any of the levels of the valuation hierarchy in 2019 . |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Accrued Liabilities | Accrued Liabilities December 31, (In millions) 2019 2018 Payroll and other employee liabilities $ 140.8 146.3 Taxes, except income taxes 98.1 93.4 Income taxes payable 26.7 17.8 Acquisition-related obligations 7.8 20.4 Workers’ compensation and other claims 26.1 22.3 Cash held by cash management services operations (a) 26.3 14.1 Cash supply chain deposit liability 47.4 35.3 Retirement benefits (see Note 4) 12.9 9.8 Operating lease liabilities 65.9 — Other 176.4 142.7 Accrued liabilities $ 628.4 502.1 (a) Title to cash received and processed in certain of our secure cash management services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we record a liability while the cash is in our possession. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities December 31, (In millions) 2019 2018 Workers’ compensation and other claims $ 81.3 89.4 Post-employment benefits 7.2 7.6 Asset retirement and remediation obligations 18.6 19.1 Acquisition-related obligations 1.5 — Noncurrent tax liabilities 15.3 9.2 Other 59.2 43.4 Other liabilities $ 183.1 168.7 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt December 31, (In millions) 2019 2018 Debt: Short-term borrowings Restricted cash borrowings (year-end weighted-average interest rate of 0.0% in 2019 and 0.0% in 2018 (a) $ 10.3 10.5 Other (year-end weighted-average interest rate of 8.8% in 2019 and 10.1% in 2018) 4.0 18.4 Total short-term borrowings $ 14.3 28.9 Long-term debt Bank credit facilities: Term loan A (year-end effective interest rate of 3.5% in 2019 and 4.3% in 2018) less unamortized issuance cost of $3.0 million in 2019 and $1.8 million in 2018 $ 767.0 466.9 Senior unsecured notes (year-end effective interest rate of 4.6% in 2019 and 4.6% in 2018) less unamortized issuance cost of $7.1 million in 2019 and $8.0 million in 2018 592.9 592.0 Revolving Credit Facility (year-end weighted average interest rate of 3.5% in 2019 and 4.2% in 2018) 115.0 340.0 Other primarily non-U.S. dollar-denominated facilities (year-end weighted- average interest rate of 7.0% in 2019 and 4.8% in 2018) 4.9 5.7 Financing leases (year-end weighted-average interest rate of 4.9% in 2019 and 4.4% in 2018) 149.5 120.5 Total long-term debt $ 1,629.3 1,525.1 Total Debt $ 1,643.6 1,554.0 Included in: Current liabilities $ 88.8 82.4 Noncurrent liabilities 1,554.8 1,471.6 Total debt $ 1,643.6 1,554.0 (a) These 2019 and 2018 amounts are for short-term borrowings related to cash borrowed under lending arrangements used in the process of managing customer cash supply chains, which is currently classified as restricted cash and not available for general corporate purposes. See Note 20 for more details. Long-Term Debt Senior Secured Credit Facility In February 2019 , we amended our senior secured credit facility (the “Senior Secured Credit Facility”) with Wells Fargo Bank, National Association, as former administrative agent and Bank of America, N.A. as successor administrative agent. After the amendment, the Senior Secured Credit Facility consisted of a $1 billion revolving credit facility (the "Revolving Credit Facility") and a $800 million term loan facility (the "Term Loan Facility"). Prior to the amendment, the Term Loan Facility had an outstanding balance of approximately $469 million . The proceeds from the amendment were used to repay outstanding principal under the Revolving Credit Facility as well as certain fees related to the closing of the transaction. Loans under the Revolving Credit Facility mature five years after the amendment date ( February 8, 2024 ). Principal payments are due quarterly for the amended Term Loan Facility equal to 1.25% of the initial loan amount with a final lump sum payment due on February 8, 2024 . Interest rates for the Senior Secured Credit Facility are based on LIBOR plus a margin or an alternate base rate plus a margin. The Revolving Credit Facility allows us to borrow money or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of December 31, 2019 , $885 million was available under the Revolving Credit Facility. The obligations under the Senior Secured Credit Facility are secured by a first-priority lien on all or substantially all of the assets of the Company and certain of its domestic subsidiaries, including a first-priority lien on equity interests of certain of the Company’s direct and indirect subsidiaries. The Company and certain of its domestic subsidiaries also guarantee the obligations under the Senior Secured Credit Facility. The margin on both LIBOR and alternate base rate borrowings under the Senior Secured Credit Facility is based on the Company’s consolidated net leverage ratio. The margin on LIBOR borrowings, which can range from 1.25% to 2.00% , was 1.75% at December 31, 2019 . The margin on alternate base rate borrowings, which can range from 0.25% to 1.00% , was 0.75% as of December 31, 2019 . We also pay an annual commitment fee on unused portion the Revolving Credit Facility based on the Company’s consolidated net leverage ratio. The commitment fee, which can range from 0.15% to 0.30% , was 0.25% as of December 31, 2019 . Senior Unsecured Notes In October 2017 , we issued at par ten -year senior unsecured notes (the "Senior Notes") in the aggregate principal amount of $600 million . The Senior Notes will mature on October 15, 2027 , bearing an annual interest rate of 4.625% . The Senior Notes are general unsecured obligations guaranteed by certain of the Company’s existing and future U.S. subsidiaries, which are also guarantors under the Senior Secured Credit Facility. The Senior Notes have not been and will not be registered under the Securities Act of 1933 (the “Securities Act”) or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The notes were offered in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on the exception from registration set forth in Rule 144A under the Securities Act and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The aggregate proceeds from the Senior Secured Credit Facility and the Senior Notes were used in part to repay certain prior indebtedness and certain fees and expenses related to the closing of the transactions. Borrowings were used for working capital needs, capital expenditures, acquisitions and other general corporate purposes. Letter of Credit and Bank Guarantee Facilities We have three committed letter of credit facilities totaling $80 million , of which approximately $29 million was available at December 31, 2019 . At December 31, 2019 , we had undrawn letters of credit and guarantees of $51 million issued under these facilities. The $10 million facility expires in April 2022 , the $54 million facility expires in December 2022 and the $16 million facility expires in January 2024 . We have two uncommitted letter of credit facilities totaling $55 million , of which approximately $33 million was available at December 31, 2019 . At December 31, 2019 , we had undrawn letters of credit of $22 million issued under these facilities. The $40 million facility expires in July 2020 and the $15 million facility has no expiration date. The Senior Secured Credit Facility is also available for issuance of letters of credit and bank guarantees. Minimum repayments of long-term debt are as follows: (In millions) Financing leases Other long-term debt Total 2020 $ 32.5 42.0 74.5 2021 31.8 40.9 72.7 2022 28.2 41.0 69.2 2023 24.0 40.8 64.8 2024 17.4 725.2 742.6 Later years 15.6 600.0 615.6 Total $ 149.5 1,489.9 1,639.4 The Senior Secured Credit Facility, Senior Unsecured Notes, the letter of credit facilities and bank guarantee facilities contain various financial and other covenants. The financial covenants, among other things, limit our ability to provide liens, restrict fundamental changes, limit transactions with affiliates and unrestricted subsidiaries, restrict changes to our fiscal year and to organizational documents, limit asset dispositions, limit the use of proceeds from asset sales, limit sale and leaseback transactions, limit investments, limit the ability to incur debt, restrict certain payments to shareholders, limit negative pledges, limit the ability to change the nature of our business, provide for a maximum consolidated net leverage ratio and provide for minimum coverage of interest costs. If we were not to comply with the terms of our various financing agreements, the repayment terms could be accelerated and the commitments could be withdrawn. An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements. We were in compliance with all financial covenants at December 31, 2019 . Financing Leases Property and equipment acquired under financing leases are included in property and equipment as follows: December 31, (In millions) 2019 2018 Asset class: Buildings $ 4.1 2.2 Vehicles 267.5 212.4 Machinery and equipment 5.1 0.7 276.7 215.3 Less: accumulated amortization (114.2 ) (91.3 ) Total $ 162.5 124.0 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable December 31, (In millions) 2019 2018 Trade $ 595.4 555.7 Other 70.4 53.9 Total accounts receivable 665.8 609.6 Allowance for doubtful accounts (30.2 ) (10.1 ) Accounts receivable, net $ 635.6 599.5 Years Ended December 31, (In millions) 2019 2018 2017 Allowance for doubtful accounts: Beginning of year $ 10.1 11.2 8.3 Provision for uncollectible accounts receivable (a) 22.8 1.4 5.0 Write offs less recoveries (2.2 ) (0.9 ) (1.0 ) Foreign currency exchange effects (0.5 ) (1.6 ) (1.1 ) End of year $ 30.2 10.1 11.2 (a) The provision in 2019 includes a $19.2 million allowance related to the internal loss in our U.S. global services operations. See Note 1 for details. |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases We lease facilities, vehicles, CompuSafe ® units, computers and other equipment under long-term operating and financing leases with varying terms. Most of the operating leases contain renewal and/or purchase options at our sole discretion. The renewal periods differ by asset class and by country and are included in our determination of lease term if we determine we are reasonably certain to exercise the option. We have taken the component election for all material asset categories, except CompuSafe units. This election allows us to account for lease components (e.g., fixed payments or variable payments that depend on a rate that can be determined at commencement, including rent for the right to use the asset) together with nonlease components (e.g., other fixed payments that deliver a good or service including common-area maintenance costs) in the calculation of the right-of-use asset and corresponding liability. Variable costs, such as inflation adjusted payments for facilities, or nonlease components that vary periodically (included as part of the component election), are expensed as incurred. Our leases do not contain any material residual value guarantees or material restrictive covenants. The components of lease assets and liabilities were as follows: (In millions) Balance sheet classification December 31, 2019 Assets: Operating lease assets Right-of-use assets, net $ 270.3 Finance lease assets Property and equipment, net 162.5 Total leased assets $ 432.8 Liabilities: Current: Operating Accrued liabilities $ 65.9 Financing Current maturities of long-term debt 32.5 Noncurrent: Operating Lease liabilities 218.4 Financing Long-term debt 117.0 Total lease liabilities $ 433.8 The components of lease expense were as follows: (In millions) 2019 Twelve Months Ended December 31, Operating lease cost (a) $ 97.2 Short-term lease cost 27.2 Finance lease cost: Amortization of related assets 27.4 Interest on related liabilities 7.4 Total lease cost $ 159.2 (a) Includes variable lease costs, which are immaterial. Net rent expense and amortization expense and interest on finance leases included in continuing operations was $151.3 million for the twelve months ended December 31, 2018. Other information related to leases was as follows: (In millions, except for lease term and discount rate) 2019 Twelve Months Ended December 31, Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 96.0 Operating cash flows from finance leases 7.4 Financing cash flows from finance leases 29.4 Right-of-use assets obtained in exchange for lease obligations: Operating leases 56.3 Finance leases 59.7 Weighted Average Remaining Lease Term Operating leases 7.2 years Finance leases 5.2 years Weighted Average Discount Rate Operating leases 6.9 % Finance leases 4.9 % As of December 31, 2019, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows: (In millions) Facilities Vehicles Other Total 2020 $ 57.1 7.8 20.8 85.7 2021 50.5 4.2 12.6 67.3 2022 42.9 1.4 7.5 51.8 2023 36.4 0.2 4.8 41.4 2024 29.1 — 1.4 30.5 Later years 117.1 — — 117.1 Total Lease Payments $ 333.1 13.6 47.1 393.8 Less: Interest 104.4 0.6 4.5 109.5 Present value of lease liabilities $ 228.7 $ 13.0 42.6 284.3 As of December 31, 2019, minimum repayments of long-term debt under financing leases were as follows: (In millions) 2020 $ 32.5 2021 31.8 2022 28.2 2023 24.0 2024 17.4 Later years 15.6 Total $ 149.5 |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Plans | Share-Based Compensation Plans We have share-based compensation plans to attract and retain employees and nonemployee directors and to more closely align their interests with those of our shareholders. We have outstanding share-based awards granted to employees under the 2013 Equity Incentive Plan (the "2013 Plan") and the 2017 Equity Incentive Plan (the "2017 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 and the 2017 Plan also permit cash awards to eligible employees. The 2017 Plan became effective May 2017. No further grants of awards will be made under the 2013 Plan, although awards previously granted remain outstanding. We also have outstanding deferred stock units granted to directors under the 2017 Plan. Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Director's Equity Plan and the Directors’ Stock Accumulation Plan, which has expired. There are 5.7 million shares underlying the 2017 Plan that are authorized, but not yet granted. Outstanding awards at December 31, 2019 , include performance share units, restricted stock units, deferred stock units, performance-based stock options, time-based stock options and certain awards that will be settled in cash. Compensation Expense Compensation expense is measured using the fair-value-based method. For awards considered equity grants, compensation expense is recognized from the grant date to the earlier of the retirement-eligible date or the vesting date. For awards considered liability awards, compensation cost is based on the change in the fair value of the instrument for each reporting period and the percentage of the requisite service that has been rendered. Compensation cost associated with liability awards was not significant in the last three years. Compensation expenses are classified as selling, general and administrative expenses in the consolidated statements of operations. Compensation expenses for the last three years and the amount of unrecognized expense for awards outstanding at December 31, 2019 , were as follows: Compensation Expense Unrecognized Expense for Nonvested Awards at Weighted-average No. of Years Unrecognized Expense to be Recognized Years Ended December 31, Dec 31, 2019 (in millions except years) 2019 2018 2017 Performance Share Units $ 25.8 15.8 9.5 $ 16.8 1.5 Market Share Units — 0.1 0.3 — — Restricted Stock Units 6.6 6.6 4.7 3.8 1.4 Deferred Stock Units and fees paid in stock 1.2 1.2 1.0 0.3 0.4 Performance-based Options 8.1 4.5 2.2 2.6 1.1 Time-based vesting Options 1.0 — — 1.7 1.8 Share-based payment expense 42.7 28.2 17.7 Income tax benefit (9.2 ) (6.5 ) (3.4 ) Share-based payment expense, net of tax $ 33.5 21.7 14.3 Fair Value of Distributed or Exercised Awards The fair value of shares distributed or options exercised in the last three years is as follows: Fair Value of Shares Distributed or Exercised (a) Years Ended December 31, (in millions) 2019 2018 2017 Performance Share Units $ 28.7 25.3 13.3 Market Share Units — 8.2 4.3 Restricted Stock Units 11.8 8.0 7.3 Deferred Stock Units and fees paid in stock 0.9 0.7 2.7 Performance-based Options (a) 5.4 — — Time-based vesting Options (a) — 2.2 2.0 Total $ 46.8 44.4 29.6 Income tax benefit realized $ 10.2 9.9 9.2 (a) Intrinsic value for options. Restricted Stock Units (“RSUs”) We granted RSUs to select senior executives and employees in the last three years that contain only a service condition. RSUs are paid out in shares of Brink’s stock when the awards vest. For RSUs granted during the last three years, the units generally vest ratably in three equal annual installments. We measure the fair value of 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 weighted-average fair value per share at grant date was $78.28 in 2019 , $72.31 in 2018 and $55.85 in 2017 . The weighted-average discount was approximately 2% in 2019 , 2% in 2018 and 2% in 2017 . The following table summarizes RSU activity during 2019 : Shares (in thousands) Weighted-Average Grant Date Fair Value Per Share Nonvested balance as of December 31, 2018 235.8 $ 52.63 Activity from January 1 to December 31, 2019: Granted 93.9 78.28 Forfeited (11.1 ) 71.75 Vested (145.9 ) 45.34 Nonvested balance as of December 31, 2019 (a) 172.7 $ 71.87 (a) Certain RSUs were modified in the second quarter of 2019. The weighted-average grant date fair value per share at December 31, 2019 reflects the inclusion of the modified fair value per share for the modified awards. Performance Share Units (“PSUs”) We granted Internal Metric PSUs ("IM PSUs") and Total Shareholder Return PSUs ("TSR PSUs") to select senior executives and employees in the last three years. IM PSUs contain a performance condition as well as a service condition. 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. IM PSUs granted in 2019, 2018 and 2017 have a three year performance period. IM PSUs will be paid out in shares of Brink’s stock when the awards vest. For the IM PSUs granted in 2019, 2018 and 2017, the number of shares paid out ranges from 0% to 200% of an employee’s award, depending on the achievement of pre-established financial goals over the performance period. Shares are not paid out if the financial results do not meet a pre-established threshold level of performance. TSR PSUs contain a market condition as well as a service condition. We measure the fair value of TSR PSUs at the grant date using a Monte Carlo simulation model. TSR PSUs granted have a three year performance period and typically vest at the end of three years . TSR PSUs are paid out in shares of Brink’s stock when the awards vest. The number of shares paid out ranges from 0% to 200% of an employee's award for the 2019 and 2018 TSR PSU grants and from 0% to 150% of an employee’s award for the 2017 TSR PSU grants, depending on Brink's relative TSR rank among a selected peer group. The following table summarizes all PSU activity during 2019 : Shares Weighted-Average Grant Date Fair Value Per Share Nonvested balance as of December 31, 2018 697.3 $ 47.74 Activity from January 1 to December 31, 2019: Granted 204.6 81.48 Forfeited (21.6 ) 71.70 Vested (a)(b)(c) (316.1 ) 32.35 Nonvested balance as of December 31, 2019 (c) 564.2 $ 70.10 (a) The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended December 31, 2018 were 225.9 compared to target shares of 187.0 . Additionally, in accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended June 30, 2017 were 129.1 compared to target shares of 129.1 . (b) Certain PSUs were modified and distributed in the first quarter of 2019 and the resulting impact was not material. (c) Certain PSUs were modified in the second quarter of 2019. A portion of these modified PSUs were distributed in the third quarter of 2019. The weighted-average grant date fair value per share at December 31, 2019 reflects the inclusion of the modified fair value per share for the remaining modified awards. The following table provides the terms and weighted-average assumptions used in the Monte Carlo simulation model for the TSR PSUs granted in 2019, 2018 and 2017: Terms and Assumptions Used to Estimate Grant Date Fair Value 2019 TSR PSUs 2018 TSR PSUs 2017 TSR PSUs Terms of awards: Performance period Jan. 1, 2019 to Jan. 1, 2018 to Jan. 1, 2017 to Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2019 Weighted-average assumptions used to estimate fair value: Expected dividend yield (a) 0.8 % 0.8 % 0.8 % Expected stock price volatility (b) 30.8 % 29.9 % 30.6 % Risk-free interest rate (c) 2.5 % 2.4 % 1.4 % Contractual term in years 2.8 2.9 2.9 Weighted-average fair value estimates at grant date: In millions $ 3.0 $ 3.2 2.0 Fair value per share $ 105.16 $ 79.05 67.81 (a) TSR is determined assuming that dividends are reinvested. The stock price projection in the Monte Carlo simulation model assumed a 0% dividend yield, which is mathematically equivalent to reinvesting dividends over the performance period. For the valuation of the TSR PSU, because the holders of the awards have no rights to any dividend paid during the vesting period, we applied a dividend yield in the Monte Carlo simulation model to reduce the projected stock price as of the grant date. (b) The expected stock price volatility was calculated on the grant date for the most recent term equivalent to the contractual term in years. (c) The risk-free interest rate on each date of grant is the rate for a zero-coupon U.S. Treasury bill that was commensurate with the grant date contractual term. Market Share Units (“MSUs”) We previously granted MSUs but, at December 31, 2019, there were no remaining outstanding MSUs. Options In 2018 and 2017, we granted performance-based stock options to select senior executives. These performance-based awards have a service condition as well as a market condition. We measure the fair value of these awards at the grant date using a Monte Carlo simulation model. No performance-based options were granted in 2019. In 2019 and 2017, we granted time-based vesting stock options to select senior executives. We measure the fair value of these awards at the grant date using the Black-Scholes-Merton option pricing model. When vested, options entitle the holder to purchase a specified number of shares of Brink’s stock at a price set at the date the options were granted. The option price for Brink’s options was equal to the market price of Brink’s stock on the award date. All options granted to employees have a maximum term of six years . Performance-Based Option Activity The table below summarizes the activity associated with grants of performance-based options: Shares (in thousands) Weighted- Average Exercise Price Per Share Weighted-Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (a) (in millions) Outstanding at December 31, 2018 1,287.0 $ 49.18 $ 10.88 Granted — — — Forfeited or expired — — — Exercised (b) (95.9 ) 32.69 44.74 Outstanding at December 31, 2019 (b)(c) 1,191.1 $ 50.51 $ 11.52 3.1 $ 47.8 Of the above, as of December 31, 2019: Exercisable 485.0 $ 29.87 2.5 $ 29.5 Expected to vest in future periods (d) 690.9 $ 64.90 3.6 $ 17.8 (a) The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2019 was $90.68 . (b) Certain performance-based stock options were modified in the second quarter of 2019. The weighted-average grant date fair value per share for the options exercised in 2019 and for the outstanding options December 31, 2019 reflects the inclusion of the modified fair value per share. (c) There were no exercisable performance-based options at December 31, 2018 or at December 31, 2017. (d) The number of options expected to vest takes into account an estimate of expected forfeitures. We currently have applied a 0% expected forfeiture rate to the majority of the performance-based options. The following table provides the term of the performance period and the weighted-average assumptions used in the Monte Carlo simulation model for the performance-based options granted in 2018 and 2017: Terms and Assumptions Used to Estimate Grant Date Fair Value of Performance-Based Options Granted 2018 2017 Terms of awards: Performance period for achieving stock price hurdles Three years from Three years from grant date grant date Assumptions used to estimate fair value: Expected dividend yield (a) 0.8 % 0.8 % Expected stock price volatility (b) 29.3 % 29.3 % Risk-free interest rate (c) 2.6 % 1.8 % Expected term in years (d) 4.5 4.5 Weighted-average fair value estimates at grant date: In millions $ 7.0 $ 3.6 Fair value per share $ 16.73 $ 11.97 (a) Since the holders of the awards have no rights to any dividend paid during the vesting period, we applied a dividend yield in the Monte Carlo simulation model. At each grant date, the dividend yield was calculated based on the most recent annualized dividend payment and Brink's stock price at the date of grant. (b) The expected stock price volatility was calculated on each grant date for the most recent 4.5 year term. (c) The risk-free interest rate on each grant date is the rate for a zero-coupon U.S. Treasury bill that was commensurate with the expected life of 4.5 years. (d) Because we did not have historical exercise behavior for instruments with premiums, we assumed that the exercise of vested options occurred at the mid-point between the three -year vesting date and the six -year contractual term. In the Monte Carlo simulation, at each iteration of forecasted Brink's stock prices, the option was assumed to be exercised at the mid-point of 4.5 years if the stock price hurdle had been achieved. When the hurdle is achieved, the exercise price was then subtracted from the projected stock price, and discounted back to the grant date. In situations where the projected price had not met the hurdle, no value was attributed. Time-based Vesting Option Activity The table below summarizes the activity associated with grants of time-based vesting options: Shares (in thousands) Weighted- Average Exercise Price Per Share Weighted-Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (a) (in millions) Outstanding at December 31, 2018 2.7 $ 84.65 $ 21.09 Granted 138.7 79.21 21.58 Forfeited or expired (14.4 ) 79.26 21.60 Outstanding at December 31, 2019 (b) 127.0 $ 79.32 $ 21.56 5.1 $ 1.4 Of the above, as of December 31, 2019: Exercisable — $ — — $ — Expected to vest in future periods (c) 125.5 $ 79.32 5.1 $ 1.4 (a) The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2019 was $90.68 . (b) There were no shares of exercisable options at December 31, 2018 and less than 0.1 million shares of exercisable options with a weighted-average exercise price of $22.57 per share at December 31, 2017. (c) The number of options expected to vest takes into account an estimate of expected forfeitures. We currently have applied a 0% expected forfeiture rate to the majority of the time-based vesting options. The following table provides the weighted-average assumptions used in the Black-Scholes-Merton option pricing model for the time-based vesting options granted in 2019 and 2017: Assumptions Used to Estimate Grant Date Fair Value of Time-Based Options 2019 2017 Assumptions used to estimate fair value: Expected dividend yield (a) 0.8 % 0.7 % Expected stock price volatility (b) 30.3 % 28.9 % Risk-free interest rate (c) 2.5 % 1.7 % Expected term in years (d) 4.5 4.5 Weighted-average fair value estimates at grant date: In millions $ 3.0 $ 0.1 Fair value per share $ 21.58 $ 21.09 (a) The expected dividend yield is the calculated annual yield on Brink's stock at the time of the grant. (b) The expected stock price volatility was calculated at time of the grant after reviewing the historic volatility of our stock using daily close prices. (c) The risk-free interest rate at each grant date was the rate for a zero-coupon U.S. Treasury bill that was commensurate with the expected life of 4.5 years. (d) The expected term of the options was based on historical exercise, expiration and post-cancellation behavior. Deferred Stock Units (“DSUs”) We granted DSUs to our nonemployee directors in 2019 and in prior years. We measure the fair value of DSUs at the grant date, based on the price of Brink's stock, and, if applicable, adjusted for a discount for dividends not received or accrued during the vesting period. DSUs granted after 2014 will be paid out in shares of Brink's stock on the first anniversary of the grant date, provided that the director has not elected to defer the distribution of shares until a later date. DSUs granted prior to 2015, in general, will be paid out in shares of stock following separation from service. The following table summarizes all DSU activity during 2019 : Shares (in thousands) Weighted-Average Grant-Date Fair Value Nonvested balance as of December 31, 2018 12.5 $ 74.43 Activity from January 1 to December 31, 2019: Granted 12.1 79.69 Vested (12.5 ) 74.43 Nonvested balance as of December 31, 2019 12.1 $ 76.69 The weighted-average grant-date fair value estimate per share for DSUs granted was $79.69 in 2019 , $74.43 in 2018 and $60.80 in 2017 . Other Share-Based Compensation We have a deferred compensation plan that allows participants to defer a portion of their compensation into stock units. Units will be redeemed by employees for an equal number of shares of Brink’s stock. Employee accounts held 198,198 units at December 31, 2019 , and 170,672 units at December 31, 2018 . We have a stock accumulation plan for our non-employee directors that, prior to 2014, provided for awards of stock units. Additionally, some fees paid to our directors are in the form of stock and may be deferred for distribution to a later date. Directors’ accounts held 19,951 units at December 31, 2019 , and 18,159 units at December 31, 2018 . |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Common Stock At December 31, 2019 , we had 100 million shares of common stock authorized and 50.1 million shares issued and outstanding. Dividends We paid regular quarterly dividends on our common stock during the last three years. On January 16, 2020 , the Board declared a regular quarterly dividend of 15 cents per share payable on March 2, 2020 . The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors. Preferred Stock At December 31, 2019 , we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $10 per share. Share Repurchase Program In May 2017, our board of directors authorized a $200 million share repurchase program. We were not obligated to repurchase any specific dollar amount or number of shares, and, at December 31, 2019 , the share repurchase program expired with approximately $106 million remaining available under that program. The timing and volume of share repurchases that could have been executed under this program was at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Share repurchases under this program were made in the open market, in privately negotiated transactions, or otherwise. In December 2018, we entered into an ASR with a financial institution. In exchange for a $50 million up-front payment at the beginning of the purchase period, the financial institution delivered to us 700,000 shares of our common stock for an average repurchase price of $71.43 per share. The shares received were retired in the period they were delivered to us, and the up-front payment was accounted for as a reduction to shareholders' equity in the consolidated balance sheet. For purposes of calculating earnings per share, we reported the ASR as a repurchase of our common stock in December 2018 and as a forward contract indexed to our common stock. The ASR met all of the applicable criteria for equity classification, and, as a result, was not being accounted for as a derivative instrument. The ASR purchase period subsequently ended in February 2019 and we received and retired an additional 37,387 shares under the ASR, resulting in an overall average repurchase price of $67.81 per share. Additionally, during the year ended December 31, 2018, we used $43.5 million to repurchase, in the open market, 610,177 shares at an average repurchase price of $71.22 per share. These shares were retired upon repurchase. No additional shares were repurchased in the year ended December 31, 2019 . Shares Used to Calculate Earnings per Share Years Ended December 31, (In millions) 2019 2018 2017 Weighted-average shares Basic (a) 50.2 50.9 50.7 Effect of dilutive stock awards 0.9 — 1.1 Diluted (a) 51.1 50.9 51.8 Antidilutive stock awards excluded from denominator 0.1 1.6 0.1 (a) We have deferred compensation plans for directors and certain of our employees. Some amounts owed to participants are denominated in common stock units. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average common stock units credited to employees and directors under the deferred compensation plans. Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed. Accordingly, basic and diluted shares include weighted-average units of 0.3 million in 2019 , 0.3 million in 2018 and 0.3 million in 2017 . |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Years Ended December 31, (In millions) 2019 2018 2017 Cash paid for: Interest $ 84.2 63.7 27.1 Income taxes, net 23.9 90.6 83.8 Argentina Currency Conversions We have elected in the past and could continue in the future to repatriate cash from Brink's Argentina using different means to convert Argentine pesos into U.S. dollars. In 2019, cash outflows from the purchase of these financial instruments totaled $23.6 million and cash inflows from the sale of these financial instruments totaled $18.9 million . In 2018 and 2017, cash flows related to these transactions were not significant. The net cash flows from these transactions are treated as operating cash flows as the financial instruments are purchased specifically for resale and are generally sold within a short period of time from the date of purchase. Non-cash Investing and Financing Activities We acquired armored vehicles, CompuSafe ® units and other equipment under financing lease arrangements in the last three years including $59.7 million in 2019 , $51.9 million in 2018 and $51.7 million in 2017 . Cash Paid for Acquisitions Included in Financing Activities In 2019, we paid $15.6 million in scheduled installments on the Maco Transportadora acquisition that was completed in the third quarter of 2017. In 2019, we also paid $2.6 million in scheduled installments on the Rodoban acquisition that was completed in first quarter of 2019. We paid $16.3 million during 2018 and $90.9 million during 2017 in scheduled installments related to the Maco Transportadora acquisition. These payments are reported as cash outflows from financing activities as the payments were made more than three months after the acquisition date. Cash Supply Chain Services In France, we offer services to certain of our customers where we manage some or all of their cash supply chains. Providing this service requires our French subsidiary to take temporary title to the cash received from the management of our customers' cash supply chains until the cash is returned to the customers. As part of this service offering, we have entered into lending arrangements with some of our customers. Cash borrowed under these lending arrangements is used in the process of managing these customers' cash supply chains. The cash for which we have temporary title and the cash borrowed under these customer lending arrangements is restricted and cannot be used for any other purpose other than to service our customers who participate in this service offering. At December 31, 2019 , we held $158.0 million of restricted cash ( $10.3 million represented short-term borrowings, $100.3 million represented restricted cash held for customers and $47.4 million represented accrued liabilities). At December 31, 2018 , we held $136.1 million of restricted cash ( $10.5 million represented short-term borrowings, $90.3 million represented restricted cash held for customers and $ 35.3 million represented accrued liabilities). The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. December 31, (In millions) 2019 2018 Cash and cash equivalents $ 311.0 343.4 Restricted cash 158.0 136.1 Total, cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 469.0 479.5 |
Other Operating Income (Expense
Other Operating Income (Expense) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Operating Income (Expense) | Other Operating Income (Expense) Years Ended December 31, (In millions) 2019 2018 2017 Foreign currency items: Transaction losses (a) $ (22.9 ) (13.9 ) (9.2 ) Foreign currency derivative instrument gains 6.9 7.7 0.8 Gains on sale of property and equity investment (b) 5.8 4.0 9.2 Impairment losses (7.7 ) (6.5 ) (3.4 ) Share in earnings of equity affiliates 0.9 1.9 0.4 Royalty income 5.1 4.5 1.9 Gains on business acquisitions and dispositions — — 0.6 Other 2.5 0.6 3.0 Other operating income (expense) $ (9.4 ) (1.7 ) 3.3 (a) Includes remeasurement losses in Argentina of $11.3 million in 2019 and $6.2 million in 2018 related to highly inflationary accounting. Prior to the June 30, 2018 deconsolidation, Venezuela reported remeasurement gains of $2.2 million in 2018 and remeasurement losses of $9.1 million in 2017 under highly inflationary accounting. (b) Includes a $3.0 million gain in 2018 and an $8.4 million gain in 2017 related to the sale of real estate in Mexico. |
Interest and Other Nonoperating
Interest and Other Nonoperating Income (Expense) | 12 Months Ended |
Dec. 31, 2019 | |
Interest and Other Income [Abstract] | |
Interest and Other Nonoperating Income (Expense) | Interest and Other Nonoperating Income (Expense) Years Ended December 31, (In millions) 2019 2018 2017 Interest income $ 5.6 6.9 4.1 Gain (loss) on equity securities (2.9 ) 3.2 1.5 Foreign currency transaction losses (a) — (15.5 ) (7.6 ) Derivative instruments — — 1.1 Retirement benefit cost other than service cost (52.7 ) (39.7 ) (47.8 ) Prepayment penalties (b) — — (8.3 ) Interest on Colombia tax claim (h) (1.1 ) — — Interest on Brazil tax claim (c) — — (1.6 ) Non-income taxes on intercompany billings (d) (4.2 ) (2.6 ) (1.3 ) Venezuela operations (e) (0.9 ) (0.6 ) — Gain on lease termination (f) 5.2 — — Gain on a disposition of a subsidiary (g) — 11.2 — Other (1.7 ) (1.7 ) (0.3 ) Interest and other nonoperating income (expense) $ (52.7 ) (38.8 ) (60.2 ) (a) Prior to the July 1, 2018 highly inflationary designation for accounting purposes, currency transaction losses incurred by Brink's Argentina related to its U.S. dollar-denominated payables to the sellers of Maco Transporatadora and Maco Litoral. (b) Penalties upon prepayment of Private Placement notes in September 2017 and a term loan in October 2017. (c) Related to an unfavorable court ruling in 2017 on a non-income tax claim in Brazil. The court ruled that Brink's must pay interest accruing from the initial claim filing in 1994 to the current date. The principal amount of the claim was approximately $1 million and was recognized in selling, general and administrative expenses in 2017. (d) Certain of our South American subsidiaries incur non-income taxes related to the billing of intercompany charges. These intercompany charges do not impact South America segment results and are eliminated in our consolidation. (e) Charges incurred for providing financial support to Brink's Venezuelan subsidiaries after the June 30, 2018 deconsolidation. We do not expect any future funding of the Venezuela business, as long as current U.S. sanctions remain in effect. (f) Gain on termination of a mining lease obligation related to former coal operations. We have no remaining mining leases. (g) Gain on the sale of our former French airport security services subsidiary in the second quarter of 2018. (h) Related to an unfavorable court ruling in 2019 on a non-income tax claim in Colombia. The court ruled that Brink's must pay interest accruing from 2009 to the current date. The principal amount of the claim was less than $1 million and was recognized in selling, general and administrative expenses in 2019. |
Other Commitments and Contingen
Other Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments and Contingencies | Other Commitments and Contingencies During the fourth quarter of 2018, we became aware of an investigation initiated by the Chilean Fiscalía Nacional Económica (the Chilean antitrust agency) related to potential anti-competitive practices among competitors in the cash logistics industry in Chile. Because no legal proceedings have been initiated against Brink’s Chile, we cannot estimate the probability of loss or any range of possible loss at this time. It is possible, however, that Brink’s Chile could become the subject of legal or administrative claims or proceedings that could result in a loss in a future period. 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 it is reasonably possible the ultimate disposition of any of the lawsuits currently pending against the Company could have a material adverse effect on our liquidity, financial position or results of operations. At December 31, 2019 , we had noncancellable commitments for $32.2 million in equipment purchases, and information technology and other services. |
Reorganization and Restructurin
Reorganization and Restructuring | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Reorganization and Restructuring | Reorganization and Restructuring 2016 Reorganization and Restructuring In the fourth quarter of 2016, management implemented restructuring actions across our global business operations and our corporate functions. As a result of these actions, we recognized $18.1 million in related 2016 costs and an additional $17.3 million in 2017 under this restructuring related to severance, asset-related adjustments, a benefit program termination and lease terminations. We recognized an additional $13.0 million in 2018 under this restructuring for severance costs and asset-related adjustments. The actions under this program were substantially completed in 2018, with cumulative pretax charges of approximately $48 million . Severance actions reduced our global workforce by approximately 800 positions. The following table summarizes the costs incurred, payments and utilization, and foreign currency exchange effects of the 2016 reorganization and restructuring: (In millions) Asset Related Adjustments Severance Costs Lease Terminations Benefit Program Termination Total Balance as of December 31, 2016 $ — 7.0 0.6 — 7.6 Expense (benefit) 4.1 10.4 0.6 2.2 17.3 Payments and utilization (4.1 ) (16.0 ) (0.8 ) (2.2 ) (23.1 ) Foreign currency exchange effects — 0.2 — — 0.2 Balance as of December 31, 2017 $ — 1.6 0.4 — 2.0 Expense (benefit) 1.7 11.3 — — 13.0 Payments and utilization (1.7 ) (12.4 ) (0.2 ) — (14.3 ) Foreign currency exchange effects — — — — — Balance as of December 31, 2018 $ — 0.5 0.2 — 0.7 Other Restructurings Management periodically implements restructuring actions in targeted sections of our business. As a result of these actions, we recognized net costs of $4.6 million in 2017, $7.6 million in 2018 and $28.8 million in 2019, primarily severance costs. For the current restructuring actions, we expect to incur additional costs between $1 million and $3 million in future periods. The following table summarizes the costs incurred, payments and utilization, and foreign currency exchange effects of other restructurings: (In millions) Severance Costs Modification of Shared-based Awards Other Total Balance as of December 31, 2018 $ 3.3 — — 3.3 Expense (benefit) 19.7 7.7 1.8 29.2 Payments and utilization (15.6 ) (7.7 ) (1.8 ) (25.1 ) Accrual adjustment (0.4 ) — — (0.4 ) Foreign currency exchange effects — — — — Balance as of December 31, 2019 $ 7.0 — — 7.0 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data (unaudited) | Selected Quarterly Financial Data (unaudited) 2019 Quarters 2018 Quarters (In millions, except for per share amounts) 1 st 2 nd 3 rd 4 th 1 st 2 nd 3 rd 4 th Revenues $ 905.0 914.0 928.4 935.8 $ 879.1 849.7 852.4 907.7 Operating profit 58.4 52.6 52.5 73.3 64.8 61.7 67.0 81.2 Amounts attributable to Brink’s: Income (loss) from: Continuing operations $ 13.7 12.6 5.8 (3.8 ) $ 22.1 (107.8 ) 17.5 34.9 Discontinued operations — (0.1 ) (0.4 ) 1.2 0.2 (0.1 ) (0.1 ) — Net income (loss) attributable to Brink’s $ 13.7 12.5 5.4 (2.6 ) $ 22.3 (107.9 ) 17.4 34.9 Depreciation and amortization $ 47.9 48.7 42.9 45.5 $ 38.8 39.1 41.6 42.8 Capital expenditures 35.2 37.9 42.9 48.8 36.7 36.6 30.7 51.1 Earnings (loss) per share attributable to Brink’s common shareholders: Basic Continuing operations $ 0.27 0.25 0.11 (0.08 ) $ 0.43 (2.11 ) 0.34 0.69 Discontinued operations — — (0.01 ) 0.02 — — — — Net income (loss) $ 0.27 0.25 0.11 (0.05 ) $ 0.44 (2.11 ) 0.34 0.69 Diluted Continuing operations $ 0.27 0.25 0.11 (0.08 ) $ 0.42 (2.11 ) 0.34 0.68 Discontinued operations — — (0.01 ) 0.02 — — — — Net income (loss) $ 0.27 0.25 0.10 (0.05 ) $ 0.43 (2.11 ) 0.34 0.68 Earnings per share . Earnings per share amounts for each quarter are required to be computed independently. As a result, their sum may not equal the annual earnings per share. Significant pretax items in a quarter. 2019 Second quarter of 2019 We recognized a $6.9 million pretax charge related to the modification of share-based awards granted to a former senior executive. We also recognized a $5.2 million pretax gain on the termination of a mining lease obligation. Third quarter of 2019 We completed the rebuild of an accounts receivable subledger in our U.S. global services business in the third quarter of 2019. As a result, we identified $4.0 million of revenues billed and collected in prior periods, which had never been recorded in the general ledger. We also identified and recorded $0.3 million in bank fees, which had been incurred in prior periods. Finally, based on the reconstructed subledger, we estimated an increase to bad debt expense of $13.7 million . The net impact of these adjustments was a $10.0 million cumulative pretax accounting correction. Fourth quarter of 2019 We recognized a pretax settlement charge of $19.3 million related to the October 2019 purchase of a single premium group annuity contract from an insurance company to provide for the payment of pension benefits to certain primary U.S. pension plan participants. We also recognized a pretax $8.2 million credit related to lower social taxes in Brazil, primarily from the recovery of overpayments. 2018 Second quarter of 2018 Effective June 30, 2018, we deconsolidated our investment in Venezuela subsidiaries and recognized a pretax charge of $126.7 million . We also recognized currency transaction losses of $12.6 million related to Brink's Argentina's U.S. dollar-denominated payables to the sellers of Maco Transporatadora and Maco Litoral. In the second quarter, we sold our French airport security services subsidiary. We recognized a pretax gain on the sale of $11.2 million . Third quarter of 2018 Effective July 1, 2018, we designated Argentina as highly inflationary and recognized an $8.1 million pretax remeasurement loss due to the significant Argentina currency devaluation that occurred in that quarter. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Share Repurchase Program On February 6, 2020 , we announced that the board of directors authorized a $250 million share repurchase authorization that expires on December 31, 2021. The authorization replaces our previous repurchase program, which expired December 31, 2019. Acquisition of Cash Management Operations On February 26, 2020 , we announced that we agreed to purchase the majority of the cash management operations from U.K.-based G4S plc for approximately $860 million . The acquisition will be completed in multiple phases. The acquired operations, located primarily in Europe and Asia, generate approximately $800 million |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Brink’s Company (along with its subsidiaries, “we,” “our,” “Brink’s” or the “Company”), based in Richmond, Virginia, is a leading provider of secure transportation, cash management services and other security-related services to banks and financial institutions, retailers, government agencies, mints, jewelers and other commercial operations around the world. Brink’s is the oldest and largest secure transportation and cash management services company in the U.S., and a market leader in many other countries. |
Consolidation | Consolidation The consolidated financial statements include our controlled subsidiaries. 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. See "Venezuela" section below for further information. For controlled subsidiaries that are not wholly-owned, the noncontrolling interests are included in net income and in total equity. Investments in businesses that we do not control, but for which we have the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method and our proportionate share of income or loss is recorded in other operating income (expense). Investments in businesses for which we do not have the ability to exercise significant influence over operating and financial policies are accounted for at fair value, if readily determinable, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, we measure these investments at cost minus impairment, if any, plus or minus changes from observable price changes. See "New Accounting Standards" section below for further information. All intercompany accounts and transactions have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition The majority of our revenues from contracts with customers are earned by providing services and these performance obligations are satisfied over time. Smaller amounts of revenues are earned from selling goods, such as safes, to customers where the performance obligations are satisfied at a point in time. Certain of our high-value services involve the leasing of assets, such as safes, to our customers along with the regular servicing of those safe devices. Revenues related to the leasing of these assets are recognized in accordance with applicable lease guidance (ASC 842 beginning in 2019 and ASC 840 prior to 2019), but are included in the above table as the amounts are a small percentage of overall revenues. Contract Balances Contract Asset Although payment terms and conditions can vary, for the majority of our customer contracts, we invoice for all of the services provided to the customer within a monthly period. For certain customer contracts, the timing of our performance may precede our right to invoice the customer for the total transaction price. For example, Brink's affiliates in certain countries, primarily in South America, negotiate annual price adjustments with certain customers and, once the price increases are finalized, the pricing changes are made retroactive to services provided in earlier periods. These retroactive pricing adjustments are estimated and recognized as revenue with a corresponding contract asset in the same period in which the related services are performed. As the estimate of the ultimate transaction price changes, we recognize a cumulative catch-up adjustment for the change in estimate. Contract Liability For other customer contracts, we may obtain the right to payment or receive customer payments prior to performing the related services under the contract. When the right to customer payments or receipt of payments precedes our performance, we recognize a contract liability. The amount of revenue recognized in 2019 that was included in the January 1, 2019 contract liability balance was $2.5 million . This revenue consists of services provided to customers who had prepaid for those services prior to the current year. The increase in the contract liability balance resulted primarily from the acquisition of Balance Innovations, LLC in the second quarter of 2019 (see Note 7). The amount of revenue recognized in 2019 from performance obligations satisfied in the prior year as a result of changes in the transaction price of our customer contracts was not significant. Contract Costs Sales commissions directly related to obtaining new contracts with customers qualify for capitalization. These capitalized costs are amortized to expense ratably over the term of the contracts. At December 31, 2019 , the net capitalized costs to obtain contracts was $1.9 million , which is included in other assets on the consolidated balance sheet. Amortization expense in 2019 was not significant and there were no impairment losses recognized related to these contract costs in 2019. Practical Expedients For the majority of our contracts with customers, we invoice a fixed amount for each unit of service we have provided. These contracts provide us with the right to invoice for an amount or rate that corresponds to the value we have delivered to our customers. The volume of services that will be provided to customers over the term is not known at inception of these contracts. Therefore, while the rate per unit of service is known, the transaction price itself is variable. For this reason, we recognize revenue from these contracts equal to the amount for which we have the contractual right to invoice the customers. Because we are not required to estimate variable consideration related to the transaction price in order to recognize revenue, we are also not required to estimate the variable consideration to provide certain disclosures. As a result, we have elected to use the optional exemption related to the disclosure of transaction prices, amounts allocated to remaining performance obligations and the future periods in which revenue will be recognized, sometimes referred to as backlog. We have also elected to use the practical expedient for financing components related to our contract liabilities. We do not recognize interest expense on contracts for which the period between our receipt of customer payments and our service to the customer is one year or less. For performance obligations related to the services described above, we generally satisfy our obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied over time. We use an output method, units of service provided, to recognize revenue because that is the best method to represent the transfer of our services to the customer at the agreed upon rate for each action. Although not as significant as our service offerings, we also sell goods to customers from time to time, such as safe devices. In those transactions, we satisfy our performance obligation at a point in time. We recognize revenue when the goods are delivered to the customer as that is the point in time that best represents when control has transferred to the customer. Our contracts with customers describe the services we can provide along with the fees for each action to provide the service. We typically send invoices to customers for all of the services we have provided within a monthly period and payments are generally due within 30 to 60 days of the invoice date. Although our customer contracts specify the fees for each action to provide service, the majority of the services stated in our contracts do not have a defined quantity over the contract term. Accordingly, the transaction price is considered variable as there is an unknown volume of services that will be rendered over the course of the contract. We recognize revenue for these services in the period in which they are provided to the customer based on the contractual rate at which we have the right to invoice the customer for each action. Some of our contracts with customers contain clauses that define the level of service that the customer will receive. The service level agreements (“SLA”) within those contracts contain specific calculations to determine whether the appropriate level of service has been met within a specific period, which is typically a month. We estimate SLA penalties and recognize the amounts as a reduction to revenue. Taxes collected from customers and remitted to governmental authorities are not included in revenues in the consolidated statements of operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and investments with original maturities of three months or less. Cash and cash equivalents include amounts held by certain of our secure cash management services operations for customers for which, under local regulations, the title transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources. We record a liability for the amounts owed to customers (see Note 13). |
Trade Accounts Receivable | Trade Accounts Receivable |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Depreciation is calculated principally on the straight-line method based on the estimated useful lives of individual assets or classes of assets. Leased property and equipment meeting financing lease criteria are capitalized at the lower of the present value of the related lease payments or the fair value of the leased asset at the inception of the lease. Amortization is calculated on the straight-line method based on the lease term. See "New Accounting Standards" section below for further information. Leasehold improvements are recorded at cost. Amortization is calculated principally on the straight-line method over the lesser of the estimated useful life of the leasehold improvement or the lease term. Renewal periods are included in the lease term when the renewal is determined to be reasonably assured. Part of the costs related to the development or purchase of internal-use software is capitalized and amortized over the estimated useful life of the software. Costs that are capitalized include external direct costs of materials and services to develop or obtain the software, and internal costs, including compensation and employee benefits for employees directly associated with a software development project. Estimated Useful Lives Years Buildings 16 to 25 Building leasehold improvements 3 to 10 Vehicles 3 to 10 Capitalized software 3 to 5 Other machinery and equipment 3 to 10 Expenditures for routine maintenance and repairs on property and equipment are charged to expense. Major renewals, betterments and modifications are capitalized and depreciated over the lesser of the remaining life of the asset or, if applicable, the lease term. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of businesses acquired. Intangible assets arising from business acquisitions include customer lists, customer relationships, covenants not to compete, trademarks and other identifiable intangibles. At December 31, 2019 , finite-lived intangible assets have remaining useful lives ranging from 1 to 14 years and are amortized based on the pattern in which the economic benefits are used or on a straight-line basis. |
Impairment of Goodwill and Long-Lived Assets | Impairment of Goodwill and Long-Lived Assets Goodwill is not amortized but is tested for impairment at least annually and whenever events or circumstances in interim periods indicated that it is more likely than not that an impairment may have occurred. We perform these test of goodwill impairment at the reporting unit level, which is one level below an operating segment. Goodwill is assigned to one or more reporting units at the date of acquisition. We have eight reporting units: • U.S. • Mexico • Canada • France • Brazil • Global Markets - South America • Global Markets - EMEA • Global Markets - Asia We performed an interim goodwill impairment test of our France reporting unit as of July 1, 2019 because France operating profit was lower than budget through the first six months of the year and the October 1, 2018 annual impairment test resulted in France reporting unit fair value exceeding carrying value by only 9% . As a result of the July 1, 2019 interim impairment test, we concluded that the fair value of the France reporting unit exceeded its carrying value by 20% . Therefore, goodwill related to the France reporting unit ( $90.4 million at July 1, 2019) was not impaired. We used a qualitative approach to roll forward the interim test to the annual testing date of October 1, 2019 and determined there was no impairment at that date. The France reporting unit had $89.2 million of goodwill at December 31, 2019. We performed our annual goodwill impairment tests as of October 1, 2019 for all the remaining reporting units. For the interim impairment test and the annual tests in 2019, we elected to forego the optional qualitative assessment and performed a quantitative goodwill impairment test instead. We estimated the fair value of each reporting unit using a weighting of three valuation methodologies: the Income Approach, the Public Company Market Multiple Method, and the Similar Transactions Method. The resulting reporting unit fair values were compared to each reporting unit's carrying value. For the other seven reporting units, we concluded that the fair value of each reporting unit substantially exceeded its carrying value by a range of 36% to 234% as of October 1, 2019. The Canada reporting unit had the lowest percentage excess of fair value over carrying value of 36% . The Canada reporting unit had $3.4 million of goodwill at December 31, 2019. We completed these goodwill impairment tests, as well as the tests in the previous two years, with no impairment charges required. Indefinite-lived intangibles are also tested for impairment at least annually by comparing their carrying values to their estimated fair values. We have had no significant impairments of indefinite-lived intangibles in the last three years. Long-lived assets other than goodwill and other indefinite-lived intangibles are reviewed for impairment when events or changes in circumstances indicate the carrying value of an asset may not be recoverable. For long-lived assets other than goodwill that are to be held and used in operations, an impairment is indicated when the estimated total undiscounted cash flow associated with the asset or group of assets is less than carrying value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference between the carrying value and fair value. |
Retirement Benefit Plans | Retirement Benefit Plans We account for retirement benefit obligations under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 715, Compensation – Retirement Benefits . For U.S. and certain non-U.S. retirement plans, we derive the discount rates used to measure the present value of benefit obligations using the cash flow matching method. Under this method, we compare the plan’s projected payment obligations by year with the corresponding yields on a Mercer yield curve. Each year’s projected cash flows are then discounted back to their present value at the measurement date and an overall discount rate is determined. The overall discount rate is then rounded to the nearest tenth of a percentage point. We used Mercer’s Above-Mean Curve to determine the discount rates for the year-end benefit obligations and retirement cost of our U.S. retirement plans. We use a local or regional version of the Mercer yield curve in the majority of our non-U.S. locations. In non-U.S. locations where the cash flow matching method is not possible, rates of local high-quality long-term government bonds are used to select the discount rate. We select the expected long-term rate of return assumption for our U.S. pension plan and retiree medical plans using advice from our investment advisor. The selected rate considers plan asset allocation targets, expected overall investment manager performance and long-term historical average compounded rates of return. Benefit plan actuarial gains and losses are recognized in other comprehensive income (loss). Accumulated net benefit plan actuarial gains and losses that exceed 10% of the greater of a plan’s benefit obligation or plan assets at the beginning of the year are amortized into earnings from other comprehensive income (loss) on a straight-line basis. The amortization period for pension plans is the average remaining service period of employees expected to receive benefits under the plans. The amortization period for other retirement plans is primarily the average remaining life expectancy of inactive participants. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recorded to recognize the expected future tax benefits or costs of events that have been, or will be, reported in different years for financial statement purposes than tax purposes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which these items are expected to reverse. We recognize tax benefits related to uncertain tax positions if we believe it is more likely than not the benefit will be realized. We review our deferred tax assets to determine if it is more-likely-than-not that they will be realized. If we determine it is not more-likely-than-not that a deferred tax asset will be realized, we record a valuation allowance to reverse the previously recognized tax benefit. |
Foreign Currency Translation | 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. Other than nonmonetary equity securities, nonmonetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. For nonmonetary equity securities traded in highly inflationary economies, the fair market value of the equity securities are remeasured at the current exchange rates to determine gain or loss to be recorded in net income. Revenues and expenses are translated at rates of exchange in effect during the year. See "Venezuela" and "Argentina" sections below for further information. Argentina We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together "Brink's Argentina"). Revenues from Brink's Argentina represented approximately 6% of our consolidated revenues for the year ended December 31, 2019 and 7% of our consolidated revenues for the years ended December 31, 2018 and 2017 , respectively. The operating environment in Argentina continues to present business challenges, including ongoing devaluation of the Argentine peso and significant inflation. For the year ended December 31, 2017. the Argentine peso declined by approximately 15% (from 15.9 to 18.6 pesos to the U.S. dollar). For the year ended December 31, 2018 , the Argentine peso declined by approximately 50% (from 18.6 to 37.6 pesos to the U.S. dollar). For the year ended December 31, 2019 , the Argentine peso declined approximately 37% (from 37.6 to 59.9 pesos to the U.S. dollar). Beginning July 1, 2018, we designated Argentina's economy as highly inflationary for accounting purposes. As a result, we consolidated Brink's Argentina using our accounting policy for subsidiaries operating in highly inflationary economies beginning with the third quarter of 2018. Argentine peso-denominated monetary assets and liabilities are now remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings. In the second half of 2018, we recognized a $6.2 million pretax remeasurement loss. In 2019, we recognized a $11.3 million pretax remeasurement loss. At December 31, 2019 , Argentina's economy remains highly inflationary for accounting purposes. At December 31, 2019 , we had net monetary assets denominated in Argentine pesos of $16.3 million (including cash of $16.2 million ) and net nonmonetary assets of $150.5 million (including $99.8 million of goodwill). At December 31, 2019 , we had minimal equity securities denominated in Argentine pesos. During September 2019, the Argentine government announced currency controls on both companies and individuals. The Argentine central bank issued details as to how the exchange control procedures would operate in practice. Under these procedures, central bank approval is required for many transactions, including dividend repatriation abroad. During the fourth quarter of 2019, we elected to utilize other market mechanisms to convert Argentine pesos into U.S. dollars. Conversions under these other market mechanisms settled at rates that were approximately 25% less favorable than the rates at which we remeasured the financial statements of Brink's Argentina. In 2019, we recognized $4.7 million of such conversion losses. These conversion losses are classified in the consolidated statements of operations as other operating income (expense). Although the Argentine government has implemented currency controls, Brink’s management continues to provide guidance and strategic oversight, including budgeting and forecasting for Brink’s Argentina. We continue to control our Argentina business for purposes of consolidation of our financial statements and continue to monitor the situation in Argentina. Venezuela Deconsolidation . Our Venezuelan operations offer transportation and route-based logistics management services for cash and valuables throughout Venezuela. Currency exchange regulations, combined with other government regulations, such as price controls and strict labor laws, significantly limit our ability to make and execute operational decisions at our Venezuelan subsidiaries. With the May 2018 re-election of the President in Venezuela for an additional six-year term, we expect these conditions to continue for the foreseeable future. As a result of the conditions described above, we concluded that, effective June 30, 2018, we did not meet the accounting criteria for control over our Venezuelan operations and, as a result, we began reporting the results of our investment in our Venezuelan subsidiaries using the cost method of accounting. This change resulted in a pretax charge of $127 million in the second quarter of 2018. The pretax charge included $106 million of foreign currency translation losses and benefit plan adjustments previously included in accumulated other comprehensive loss. It also included the derecognition of the carrying amounts of our Venezuelan operations’ assets and liabilities, including $32 million of assets and $11 million of liabilities, that were no longer reported in our consolidated balance sheet as of June 30, 2018. We determined the fair value of our investment in, and receivables from, our Venezuelan subsidiaries to be insignificant based on our expectations of dividend payments and settlements of such receivables in future periods. For reporting periods beginning after June 30, 2018, we have not included the operating results of our Venezuela operations. We may incur losses resulting from our Venezuelan business to the extent that we provide U.S. dollars or make future investments in our Venezuelan subsidiaries, including any additional investments made directly in our Venezuelan subsidiaries or additional costs incurred by us to address compliance with recent sanctions and other regulatory requirements imposed by the U.S. government that restrict our ability to conduct business in Venezuela. Prior to the imposition of the U.S. government sanctions, we provided immaterial amounts of financial support to our Venezuela operations in 2019 and 2018. We continue to monitor the situation in Venezuela, including the imposition of sanctions by the U.S. government targeting Venezuela. Highly Inflationary Accounting . The economy in Venezuela has had significant inflation in the last several years. Prior to deconsolidation as of June 30, 2018, we reported our Venezuelan results using our accounting policy for subsidiaries operating in highly inflationary economies. Results from our Venezuelan operations prior to the June 30, 2018 deconsolidation are included in items not allocated to segments and are excluded from the operating segments. Remeasurement rates during 2017. During 2017, the DICOM exchange rate declined 80% . We received only minimal U.S. dollars through this exchange mechanism. In 2017, we recognized a $9.1 million pretax remeasurement loss. The after-tax effect of this loss attributable to noncontrolling interest was $1.0 million . Remeasurement rates during 2018. Prior to deconsolidation as of June 30, 2018, in the first six months of 2018, the DICOM rate declined approximately 97% . We received only minimal U.S. dollars through this exchange mechanism. Prior to deconsolidation as of June 30, 2018, we recognized a $2.2 million pretax remeasurement gain. The after-tax effect of this gain attributable to noncontrolling interest was $2.0 million |
Restricted Cash | Restricted Cash |
Concentration of Credit Risks | Concentration of Credit Risks We routinely assess the financial strength of significant customers and this assessment, combined with the large number and geographic diversity of our customers, limits our concentration of risk with respect to accounts receivable. Financial instruments which potentially subject us to concentrations of credit risks are principally cash and cash equivalents and accounts receivables. Cash and cash equivalents are held by major financial institutions. |
Use of Estimates | Use of Estimates In accordance with U.S. generally accepted accounting principles (“GAAP”), we have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ materially from those estimates. The most significant estimates are related to goodwill, intangibles and other long-lived assets, pension and other retirement benefit assets and obligations, legal contingencies, allowance for doubtful accounts, deferred tax assets, purchase price allocations and foreign currency translation. |
Fair-value estimates | Fair-value estimates. We have various financial instruments included in our financial statements. Financial instruments are carried in our financial statements at either cost or fair value. We estimate fair value of assets using the following hierarchy using the highest level possible: Level 1: Quoted prices for identical assets or liabilities in active markets. Level 2: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are directly or indirectly observable, or inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. Level 3: Unobservable inputs that reflect estimates and assumptions. |
New Accounting Standards | New Accounting Standards In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost , which requires an entity to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. We elected to early adopt this ASU in the first quarter of 2017 using the retrospective transition method for the periods presented. As a result, the consolidated statements of operations were updated to reflect this guidance. The early adoption of this ASU had no impact on the previously reported income from continuing operations or net income for the prior year periods. In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts with Customers. Under this standard, an entity recognizes an amount of revenue to which it expects to be entitled when the transfer of goods or services to customers occurs. The standard requires expanded disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. We adopted this standard effective January 1, 2018 using the modified retrospective method and recognized a cumulative-effect adjustment increasing retained earnings by $1.5 million . The most significant effects of the standard for us are associated with variable consideration and capitalization of costs to obtain contracts, such as sales commissions. Previously, we recognized the impact of pricing changes in the period they became fixed and determinable, and we expensed sales commissions and other costs to obtain contracts as they were incurred. We do not expect a material impact on our future consolidated statements of operations or consolidated balance sheets as a result of implementing this standard. However, adoption of the standard resulted in expanded disclosures related to revenue (see Note 2). The FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, in January 2016. This standard changes the accounting related to the classification and measurement of certain equity investments. Equity investments with readily determinable fair values must be measured at fair value. All changes in fair value will be recognized in net income as opposed to other comprehensive income. We adopted ASU 2016-01 effective January 1, 2018 and recognized a cumulative-effect adjustment increasing retained earnings by $1.1 million . In October 2016, the FASB issued ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which changes the timing of when certain intercompany transactions are recognized within the provision for income taxes. We adopted ASU 2016-16 effective January 1, 2018 using the modified retrospective method and we recognized a cumulative-effect adjustment increasing retained earnings by $0.7 million . The FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash , in November 2016. This standard requires entities to include restricted cash and restricted cash equivalent balances with cash and cash equivalent balances in the statements of cash flows. Inclusion of restricted cash impacts our operating activities, financing activities and the effect of exchange rate changes on cash. We adopted ASU 2016-18 effective January 1, 2018 using the retrospective transition method. The adoption of this ASU changed previously reported amounts in the consolidated statements of cash flows. Net cash provided by operating activities increased $44.3 million , net cash provided by financing activities increased $1.5 million and the effect of exchange rate changes on cash decreased favorably by $11.3 million as compared to previously reported amounts for the year ended December 31, 2017. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which requires the recognition of right-of-use assets and lease liabilities by lessees for certain leases classified as operating leases and also requires expanded disclosures regarding leasing activities. The accounting for financing leases (previously "capital leases") remains substantially unchanged. We have adopted the standard effective January 1, 2019 and have elected to adopt the new standard at the adoption date through a cumulative-effect adjustment to the opening balance of retained earnings. Under this approach, we will continue to report comparative periods under ASC 840. We have elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allows us to carry forward the historical lease classification. We also made an accounting policy election to exclude leases with an initial term of 12 months or less from the consolidated balance sheet. We will recognize those lease payments in the consolidated statements of operations on a straight-line basis over the lease term. As part of this adoption, we have implemented internal controls and key system functionality to enable the preparation of financial information. The adoption of the standard resulted in recording right-of-use assets of $310.1 million and lease liabilities of $320.3 million as of January 1, 2019. The right-of-use assets are lower than the lease liabilities as existing deferred rent and lease incentive liabilities were recorded as a reduction of the right-of-use assets at adoption in accordance with the standard. The standard did not affect our consolidated statements of operations or our consolidated statements of cash flows and did not result in a cumulative-effect adjustment to the opening balance of retained earnings. The standard had no impact on our debt-covenant compliance under our current agreements. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which changes the way entities recognize impairment of many financial assets. This new guidance requires immediate recognition of estimated credit losses expected to occur over the life of the asset and incorporates estimated, forward-looking data when measuring lifetime Estimated Credit Losses (ECL). The standard was designed to provide greater transparency and understanding of credit risk by requiring enhanced financial statement disclosures which fall into three general categories: ECL estimate methodology and assumptions, quantitative information and metrics, and policy and process explanations. This standard will be adopted using the modified retrospective method through a cumulative-effect adjustment to the opening balance of retained earnings as of January 1, 2020. While we are still finalizing our analysis, we do not believe there will be a material impact on our consolidated financial statements as a result of the adoption. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other: Simplifying the Test for Goodwill Impairment , which eliminates the requirement that an entity perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, impairment will be measured using the difference between the carrying amount and the fair value of the reporting unit. We early adopted this ASU effective January 1, 2019. The early adoption did not have any impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities , which amends and simplifies the application of hedge accounting guidance to better portray the economic results of risk management activities in the financial statements. The guidance expands the ability to hedge nonfinancial and financial risk components, reduces complexity in fair value hedges of interest rate risk, eliminates the requirement to separately measure and report hedge ineffectiveness, and eases certain hedge effectiveness assessment requirements. We adopted the standard effective January 1, 2019 with no significant impact on our consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (“Tax Reform Act”). We adopted ASU 2018-02 effective January 1, 2019 and elected to recognize a cumulative-effect adjustment increasing retained earnings by $28.8 million related to the change in the U.S. federal corporate tax rate. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement , which changes the fair value measurement disclosure requirements. The amendments in this ASU eliminate some disclosures that are no longer considered cost beneficial, modify/clarify the specific requirements of certain disclosures and add disclosure requirements for Level 3 fair value measurements. ASU 2018-13, effective for us on January 1, 2020, is not expected to have a significant impact on our financial statements. In August 2018, the FASB issued ASU 2018-14, Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans , to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The guidance is effective January 1, 2021 with early adoption permitted. We adopted this guidance in the fourth quarter of 2018 and, as a result, our retirement benefits note no longer includes disclosures related to amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost in the next fiscal year. Our retirement benefits note also no longer includes disclosures regarding the effects of a one-percentage-point change in assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic benefit costs and the benefit obligation for retirement benefits other than pensions. All other provisions of this ASU were either not applicable to us or we were already disclosing the information required. |
Revenue from contracts with c_2
Revenue from contracts with customers Revenue from contracts with customers (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The majority of our revenues from contracts with customers are earned by providing services and these performance obligations are satisfied over time. Smaller amounts of revenues are earned from selling goods, such as safes, to customers where the performance obligations are satisfied at a point in time. Certain of our high-value services involve the leasing of assets, such as safes, to our customers along with the regular servicing of those safe devices. Revenues related to the leasing of these assets are recognized in accordance with applicable lease guidance (ASC 842 beginning in 2019 and ASC 840 prior to 2019), but are included in the above table as the amounts are a small percentage of overall revenues. Contract Balances Contract Asset Although payment terms and conditions can vary, for the majority of our customer contracts, we invoice for all of the services provided to the customer within a monthly period. For certain customer contracts, the timing of our performance may precede our right to invoice the customer for the total transaction price. For example, Brink's affiliates in certain countries, primarily in South America, negotiate annual price adjustments with certain customers and, once the price increases are finalized, the pricing changes are made retroactive to services provided in earlier periods. These retroactive pricing adjustments are estimated and recognized as revenue with a corresponding contract asset in the same period in which the related services are performed. As the estimate of the ultimate transaction price changes, we recognize a cumulative catch-up adjustment for the change in estimate. Contract Liability For other customer contracts, we may obtain the right to payment or receive customer payments prior to performing the related services under the contract. When the right to customer payments or receipt of payments precedes our performance, we recognize a contract liability. The amount of revenue recognized in 2019 that was included in the January 1, 2019 contract liability balance was $2.5 million . This revenue consists of services provided to customers who had prepaid for those services prior to the current year. The increase in the contract liability balance resulted primarily from the acquisition of Balance Innovations, LLC in the second quarter of 2019 (see Note 7). The amount of revenue recognized in 2019 from performance obligations satisfied in the prior year as a result of changes in the transaction price of our customer contracts was not significant. Contract Costs Sales commissions directly related to obtaining new contracts with customers qualify for capitalization. These capitalized costs are amortized to expense ratably over the term of the contracts. At December 31, 2019 , the net capitalized costs to obtain contracts was $1.9 million , which is included in other assets on the consolidated balance sheet. Amortization expense in 2019 was not significant and there were no impairment losses recognized related to these contract costs in 2019. Practical Expedients For the majority of our contracts with customers, we invoice a fixed amount for each unit of service we have provided. These contracts provide us with the right to invoice for an amount or rate that corresponds to the value we have delivered to our customers. The volume of services that will be provided to customers over the term is not known at inception of these contracts. Therefore, while the rate per unit of service is known, the transaction price itself is variable. For this reason, we recognize revenue from these contracts equal to the amount for which we have the contractual right to invoice the customers. Because we are not required to estimate variable consideration related to the transaction price in order to recognize revenue, we are also not required to estimate the variable consideration to provide certain disclosures. As a result, we have elected to use the optional exemption related to the disclosure of transaction prices, amounts allocated to remaining performance obligations and the future periods in which revenue will be recognized, sometimes referred to as backlog. We have also elected to use the practical expedient for financing components related to our contract liabilities. We do not recognize interest expense on contracts for which the period between our receipt of customer payments and our service to the customer is one year or less. For performance obligations related to the services described above, we generally satisfy our obligations as each action to provide the service to the customer occurs. Because the customers simultaneously receive and consume the benefits from our services, these performance obligations are deemed to be satisfied over time. We use an output method, units of service provided, to recognize revenue because that is the best method to represent the transfer of our services to the customer at the agreed upon rate for each action. Although not as significant as our service offerings, we also sell goods to customers from time to time, such as safe devices. In those transactions, we satisfy our performance obligation at a point in time. We recognize revenue when the goods are delivered to the customer as that is the point in time that best represents when control has transferred to the customer. Our contracts with customers describe the services we can provide along with the fees for each action to provide the service. We typically send invoices to customers for all of the services we have provided within a monthly period and payments are generally due within 30 to 60 days of the invoice date. Although our customer contracts specify the fees for each action to provide service, the majority of the services stated in our contracts do not have a defined quantity over the contract term. Accordingly, the transaction price is considered variable as there is an unknown volume of services that will be rendered over the course of the contract. We recognize revenue for these services in the period in which they are provided to the customer based on the contractual rate at which we have the right to invoice the customer for each action. Some of our contracts with customers contain clauses that define the level of service that the customer will receive. The service level agreements (“SLA”) within those contracts contain specific calculations to determine whether the appropriate level of service has been met within a specific period, which is typically a month. We estimate SLA penalties and recognize the amounts as a reduction to revenue. Taxes collected from customers and remitted to governmental authorities are not included in revenues in the consolidated statements of operations. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant and Equipment | Estimated Useful Lives Years Buildings 16 to 25 Building leasehold improvements 3 to 10 Vehicles 3 to 10 Capitalized software 3 to 5 Other machinery and equipment 3 to 10 The following table presents our property and equipment that is classified as held and used: December 31, (In millions) 2019 2018 Land $ 51.9 51.7 Buildings 211.0 199.9 Leasehold improvements 236.0 219.7 Vehicles 646.3 568.4 Capitalized software (a) 213.4 203.4 Other machinery and equipment 667.3 625.5 2,025.9 1,868.6 Accumulated depreciation and amortization (1,262.6 ) (1,169.2 ) Property and equipment, net $ 763.3 699.4 (a) Amortization of capitalized software costs included in continuing operations was $15.7 million in 2019 , $16.5 million in 2018 and $20.5 million in 2017 . |
Revenue from contracts with c_3
Revenue from contracts with customers Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Revenue Disaggregated by Reportable Segment and Type of Service (In millions) Core Services High-Value Services Other Security Services Total Twelve months ended December 31, 2019 Reportable Segments: North America $ 1,115.1 667.7 — 1,782.8 South America 486.4 418.8 11.3 916.5 Rest of World 351.8 494.4 134.2 980.4 Total reportable segments 1,953.3 1,580.9 145.5 3,679.7 Not Allocated to Segments: Acquisitions and dispositions — (0.5 ) — (0.5 ) Internal loss (a) — 4.0 — 4.0 Total $ 1,953.3 1,584.4 145.5 3,683.2 Twelve months ended December 31, 2018 Reportable Segments: North America $ 895.1 571.2 — 1,466.3 South America 449.8 465.1 12.0 926.9 Rest of World 357.3 512.0 175.0 1,044.3 Total reportable segments 1,702.2 1,548.3 187.0 3,437.5 Not Allocated to Segments: Venezuela (b) 18.4 33.0 — 51.4 Total $ 1,720.6 1,581.3 187.0 3,488.9 |
Contract with Customer, Asset and Liability | The opening and closing balances of receivables, contract assets and contract liabilities related to contracts with customers are as follows: (In millions) Receivables Contract Asset Contract Liability Opening (January 1, 2019) $ 599.5 1.8 2.5 Closing (December 31, 2019) 635.6 1.9 12.8 Increase $ 36.1 0.1 10.3 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue and Operating Profit from Segments to Consolidated | Revenues Operating Profit Years Ended December 31, Years Ended December 31, (In millions) 2019 2018 2017 2019 2018 2017 Reportable Segments: North America $ 1,782.8 1,466.3 1,254.2 $ 186.4 129.8 74.0 South America 916.5 926.9 924.6 217.1 198.7 182.8 Rest of World 980.4 1,044.3 1,014.1 115.8 114.4 115.2 Total reportable segments 3,679.7 3,437.5 3,192.9 519.3 442.9 372.0 Reconciling Items: Corporate items: General, administrative and other expenses — — — (123.2 ) (99.4 ) (84.3 ) Foreign currency transaction losses — — — (4.8 ) (2.2 ) (1.1 ) Reconciliation of segment policies to GAAP — — — 0.3 5.6 (5.2 ) Other items not allocated to segments: Venezuela operations (a) — 51.4 154.1 — 2.3 20.4 Reorganization and Restructuring — — — (28.8 ) (20.6 ) (22.6 ) Acquisitions and dispositions (0.5 ) — — (88.5 ) (41.4 ) (5.3 ) Argentina highly inflationary impact — — — (14.5 ) (8.0 ) — Internal loss (b) 4.0 — — (20.9 ) — — Reporting compliance (c) — — — (2.1 ) (4.5 ) — Total $ 3,683.2 3,488.9 3,347.0 $ 236.8 274.7 273.9 (a) Amounts in 2018 represent revenues and operating profit from our Venezuela operations prior to the June 30, 2018 deconsolidation. See Note 1 for details. (b) See details regarding the impact of the Internal loss at Note 1. (c) Accounting standard implementation and material weakness remediation. Additional information provided at page 28 . |
Schedule of Capital Expenditures, Depreciation and Amortization by Segment | Years Ended December 31, (In millions) 2019 2018 2017 Capital Expenditures by Reportable Segment North America $ 76.6 59.1 86.3 South America 44.4 43.3 39.2 Rest of World 33.5 37.9 35.9 Total reportable segments 154.5 140.3 161.4 Corporate items 10.3 14.8 8.9 Venezuela — — 4.2 Total $ 164.8 155.1 174.5 Depreciation and Amortization by Reportable Segment Depreciation and amortization of property and equipment: North America $ 81.1 72.1 68.4 South America 27.9 26.3 23.5 Rest of World 32.3 31.3 30.4 Total reportable segments 141.3 129.7 122.3 Corporate items 10.8 11.9 12.0 Venezuela — 1.1 1.7 Argentina highly inflationary impact 1.8 — — Acquisitions and dispositions 3.1 — — Reorganization and Restructuring 0.2 1.9 2.2 Depreciation and amortization of property and equipment 157.2 144.6 138.2 Amortization of intangible assets (a) 27.8 17.7 8.4 Total $ 185.0 162.3 146.6 (a) Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts. |
Reconciliation of Assets from Segment to Consolidated | December 31, (In millions) 2019 2018 2017 Assets held by Reportable Segment North America $ 1,683.0 1,404.5 733.5 South America 806.1 602.5 740.5 Rest of World 1,006.8 940.7 883.3 Total reportable segments 3,495.9 2,947.7 2,357.3 Corporate items 267.9 288.3 643.6 Venezuela — — 58.7 Total $ 3,763.8 3,236.0 3,059.6 |
Schedule of Long Lived Assets By Geographic Areas | December 31, (In millions) 2019 2018 2017 Long-Lived Assets by Geographic Area (a) Non-U.S.: Mexico $ 129.4 107.0 99.6 France 74.1 79.0 84.1 Brazil 72.2 62.5 57.2 Canada 54.1 47.6 46.7 Other 150.0 135.4 146.5 Subtotal 479.8 431.5 434.1 U.S. 283.5 267.9 206.8 Total $ 763.3 699.4 640.9 (a) Long-lived assets include only property and equipment. |
Schedule of Revenue By Geographical Areas | Years Ended December 31, (In millions) 2019 2018 2017 Revenues by Geographic Area (a) Outside the U.S.: Brazil $ 440.4 405.4 434.6 France 373.2 428.5 429.4 Mexico 412.4 365.3 327.2 Argentina 214.4 247.2 250.3 Venezuela — 51.4 154.1 Canada 149.8 151.7 151.2 Other 868.4 890.1 824.4 Subtotal 2,458.6 2,539.6 2,571.2 U.S. 1,224.6 949.3 775.8 Total $ 3,683.2 3,488.9 3,347.0 (a) Revenues are recorded in the country where service is initiated or performed. No single customer represents more than 10% of total revenue. |
Schedule of Net Assets Outside the U.S. | December 31, (In millions) 2019 2018 2017 Net assets outside the U.S. France $ 155.4 213.4 219.4 Other Rest of World countries 313.6 309.2 273.1 Mexico 181.3 154.8 133.7 Argentina 166.1 154.6 234.0 Brazil 274.1 147.9 151.3 Other South American countries 123.7 109.6 116.2 Canada 45.9 52.0 63.3 Total $ 1,260.1 1,141.5 1,191.0 |
Schedule Of Financial Information About Equity Affiliates Held By Segments | (In millions) 2019 2018 2017 Information about Unconsolidated Equity Affiliates: Carrying value of investments and advances at December 31 $ 5.0 4.9 4.0 Undistributed earnings at December 31 3.2 3.5 2.6 Share of equity earnings (loss) 0.9 1.9 0.4 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows: (In millions) UMWA Plans Black Lung and Other Plans Total Years Ended December 31, 2019 2018 2017 2019 2018 2017 2019 2018 2017 Service cost $ — — — $ 0.2 0.2 0.1 $ 0.2 0.2 0.1 Interest cost on APBO 17.3 17.1 18.4 3.8 3.2 3.2 21.1 20.3 21.6 Return on assets – expected (13.3 ) (16.7 ) (16.5 ) — — — (13.3 ) (16.7 ) (16.5 ) Amortization of losses 16.6 20.3 19.5 4.6 5.8 4.1 21.2 26.1 23.6 Amortization of prior service cost (credit) (4.7 ) (4.6 ) (4.6 ) (0.3 ) 1.1 1.7 (5.0 ) (3.5 ) (2.9 ) Curtailment (gain) — — — (0.1 ) — (0.1 ) (0.1 ) — (0.1 ) Net periodic postretirement cost $ 15.9 16.1 16.8 $ 8.2 10.3 9.0 $ 24.1 26.4 25.8 Components of Net Periodic Pension Cost (In millions) U.S. Plans Non-U.S. Plans Total Years Ended December 31, 2019 2018 2017 2019 2018 2017 2019 2018 2017 Service cost $ — — — $ 9.9 10.5 11.3 $ 9.9 10.5 11.3 Interest cost on projected benefit obligation 34.1 31.9 35.1 10.4 11.8 15.2 44.5 43.7 50.3 Return on assets – expected (50.7 ) (53.6 ) (53.3 ) (10.3 ) (11.1 ) (9.9 ) (61.0 ) (64.7 ) (63.2 ) Amortization of losses 19.6 27.7 26.6 4.2 4.6 5.3 23.8 32.3 31.9 Amortization of prior service cost — — — 0.1 0.5 1.1 0.1 0.5 1.1 Settlement loss (a) 19.3 — — 2.1 1.7 2.0 21.4 1.7 2.0 Net periodic pension cost $ 22.3 6.0 8.4 $ 16.4 18.0 25.0 $ 38.7 24.0 33.4 (a) Settlement losses recognized in the U.S. in 2019 are related to an annuity contract buy-out of approximately 2,600 |
Schedule of Obligations and Funded Status | Changes in the projected benefit obligation (“PBO”) and plan assets for our pension plans are as follows: (In millions) U.S. Plans Non-U.S. Plans Total Years Ended December 31, 2019 2018 2019 2018 2019 2018 Benefit obligation at beginning of year $ 801.9 890.3 264.2 301.5 1,066.1 1,191.8 Service cost — — 9.9 10.5 9.9 10.5 Interest cost 34.1 31.9 10.4 11.8 44.5 43.7 Participant contributions — — 0.1 0.3 0.1 0.3 Plan amendments — — (0.6 ) — (0.6 ) — Plan combinations — — 1.4 0.7 1.4 0.7 Curtailments — — (0.8 ) — (0.8 ) — Settlements (53.6 ) — (0.9 ) — (54.5 ) — Benefits paid (49.1 ) (49.3 ) (18.2 ) (16.8 ) (67.3 ) (66.1 ) Divestitures (a) — — — (3.9 ) — (3.9 ) Actuarial (gains) losses 93.5 (71.0 ) 43.2 (17.7 ) 136.7 (88.7 ) Foreign currency exchange effects — — 9.7 (22.2 ) 9.7 (22.2 ) Benefit obligation at end of year $ 826.8 801.9 318.4 264.2 1,145.2 1,066.1 Fair value of plan assets at beginning of year $ 686.6 777.2 180.6 202.9 867.2 980.1 Return on assets – actual 114.1 (42.2 ) 29.2 (9.0 ) 143.3 (51.2 ) Participant contributions — — 0.1 0.3 0.1 0.3 Plan combinations — — 1.4 0.7 1.4 0.7 Employer contributions 0.7 0.9 13.9 16.5 14.6 17.4 Settlements (53.0 ) — (0.9 ) — (53.9 ) — Benefits paid (49.1 ) (49.3 ) (18.2 ) (16.8 ) (67.3 ) (66.1 ) Foreign currency exchange effects — — 9.0 (14.0 ) 9.0 (14.0 ) Fair value of plan assets at end of year $ 699.3 686.6 215.1 180.6 914.4 867.2 Funded status $ (127.5 ) (115.3 ) (103.3 ) (83.6 ) (230.8 ) (198.9 ) Included in: Current liability, included in accrued liabilities $ 0.6 1.2 1.3 0.8 1.9 2.0 Noncurrent liability 126.9 114.1 102.0 82.8 228.9 196.9 Net pension liability $ 127.5 115.3 103.3 83.6 230.8 198.9 (a) Includes amounts related to the sale of our French airport security services company and the deconsolidation of Venezuelan operations. Changes in the accumulated postretirement benefit obligation (“APBO’) and plan assets related to retirement healthcare benefits are as follows: (In millions) UMWA Plans Black Lung and Other Plans Total Years Ended December 31, 2019 2018 2019 2018 2019 2018 APBO at beginning of year $ 479.1 513.5 76.5 75.8 555.6 589.3 Service cost — — 0.2 0.2 0.2 0.2 Interest cost 17.3 17.1 3.8 3.2 21.1 20.3 Plan amendments — — (0.3 ) — (0.3 ) — Acquisition — — 0.9 0.2 0.9 0.2 Curtailment — — (0.2 ) — (0.2 ) — Benefits paid (29.3 ) (28.6 ) (8.5 ) (8.2 ) (37.8 ) (36.8 ) Actuarial (gains) losses, net (42.5 ) (22.9 ) 39.9 6.4 (2.6 ) (16.5 ) Foreign currency exchange effects — — (0.2 ) (1.1 ) (0.2 ) (1.1 ) APBO at end of year $ 424.6 479.1 112.1 76.5 536.7 555.6 Fair value of plan assets at beginning of year $ 181.7 219.2 — — 181.7 219.2 Return on assets – actual 25.9 (7.6 ) — — 25.9 (7.6 ) Employer contributions — — 8.5 8.2 8.5 8.2 Net transfers to (from) plan assets (0.4 ) (1.3 ) — — (0.4 ) (1.3 ) Benefits paid (29.3 ) (28.6 ) (8.5 ) (8.2 ) (37.8 ) (36.8 ) Fair value of plan assets at end of year $ 177.9 181.7 — — 177.9 181.7 Funded status $ (246.7 ) (297.4 ) (112.1 ) (76.5 ) (358.8 ) (373.9 ) Included in: Current, included in accrued liabilities $ — — 11.0 7.8 11.0 7.8 Noncurrent 246.7 297.4 101.1 68.7 347.8 366.1 Retirement benefits other than pension liability $ 246.7 297.4 112.1 76.5 358.8 373.9 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) of our retirement benefit plans other than pensions are as follows: (In millions) UMWA Plans Black Lung and Other Plans Total Years Ended December 31, 2019 2018 2019 2018 2019 2018 Benefit plan net actuarial gain (loss) recognized in accumulated other comprehensive income (loss): Beginning of year $ (290.9 ) (309.8 ) (42.9 ) (43.0 ) (333.8 ) (352.8 ) Net actuarial gains (losses) arising during the year 55.1 (1.4 ) (39.9 ) (6.4 ) 15.2 (7.8 ) Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) 16.6 20.3 4.6 5.8 21.2 26.1 Foreign currency exchange effects — — 0.1 0.7 0.1 0.7 End of year $ (219.2 ) (290.9 ) (78.1 ) (42.9 ) (297.3 ) (333.8 ) Benefit plan prior service (cost) credit recognized in accumulated other comprehensive income (loss): Beginning of year $ 32.7 37.3 1.5 0.7 34.2 38.0 Prior service credit from plan amendments during the year — — 0.3 — 0.3 — Reclassification adjustment for amortization or curtailment of prior service cost included in net income (loss) (4.7 ) (4.6 ) (0.4 ) 1.1 (5.1 ) (3.5 ) Foreign currency exchange effects — — — (0.3 ) — (0.3 ) End of year $ 28.0 32.7 1.4 1.5 29.4 34.2 Other Changes in Plan Assets and Benefit Recognized in Other Comprehensive Income (Loss) (In millions) U.S. Plans Non-U.S. Plans Total Years Ended December 31, 2019 2018 2019 2018 2019 2018 Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): Beginning of year $ (306.0 ) (308.9 ) (62.0 ) (82.9 ) (368.0 ) (391.8 ) Net actuarial gains (losses) arising during the year (29.5 ) (24.8 ) (23.5 ) (2.4 ) (53.0 ) (27.2 ) Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) 38.9 27.7 6.3 18.7 45.2 46.4 Foreign currency exchange effects — — (2.3 ) 4.6 (2.3 ) 4.6 End of year $ (296.6 ) (306.0 ) (81.5 ) (62.0 ) (378.1 ) (368.0 ) Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): Beginning of year $ — — (1.2 ) (8.3 ) (1.2 ) (8.3 ) Prior service credit (cost) from plan amendments during the year — — 0.6 — 0.6 — Reclassification adjustment for amortization of prior service cost included in net income (loss) — — 0.1 7.1 0.1 7.1 Foreign currency exchange effects — — — — — — End of year $ — — (0.5 ) (1.2 ) (0.5 ) (1.2 ) |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | (In millions) U.S. Plans Non-U.S. Plans Total December 31, 2019 2018 2019 2018 2019 2018 Information for pension plans with an ABO in excess of plan assets: Fair value of plan assets $ 699.3 686.6 50.8 44.9 750.1 731.5 Accumulated benefit obligation 826.8 801.9 124.2 104.6 951.0 906.5 Projected benefit obligation 826.8 801.9 142.1 119.7 968.9 921.6 |
Schedule of Assumptions Used | The weighted-average assumptions used to determine the net pension cost and benefit obligations for our pension plans were as follows: U.S. Plans Non-U.S. Plans 2019 2018 2017 2019 2018 2017 Discount rate: Pension cost 4.4 % 3.7 % 4.3 % 4.0 % 3.5 % 3.7 % Benefit obligation at year end 3.3 % 4.4 % 3.7 % 3.2 % 4.0 % 3.5 % Expected return on assets – pension cost 7.00 % 7.25 % 7.25 % 5.64 % 5.62 % 5.50 % Average rate of increase in salaries (a): Pension cost N/A N/A N/A 2.6 % 2.6 % 2.7 % Benefit obligation at year end N/A N/A N/A 2.6 % 2.6 % 2.6 % (a) Salary scale assumptions are determined through historical experience and vary by age and industry. The U.S. plan benefits are frozen and will not increase due to future salary increases. The APBO for each of the plans was determined using the unit credit method and assumed rates as follows: 2019 2018 2017 Weighted-average discount rate: Postretirement cost: UMWA plans 4.3 % 3.6 % 4.1 % Black lung 4.2 % 3.5 % 3.9 % Weighted-average 4.4 % 3.7 % 4.2 % Benefit obligation at year end: UMWA plans 3.2 % 4.3 % 3.6 % Black lung 3.1 % 4.2 % 3.5 % Weighted-average 3.3 % 4.4 % 3.7 % Expected return on assets 8.00 % 8.00 % 8.25 % |
Schedule of Expected Benefit Payments | Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2019 , are as follows: (In millions) UMWA Plans Black Lung and Other Plans Total 2020 $ 30.2 11.0 41.2 2021 30.2 10.3 40.5 2022 29.7 9.6 39.3 2023 29.3 9.0 38.3 2024 28.7 8.3 37.0 2025 through 2029 132.2 33.4 165.6 Projected benefit payments of the plans in the next 10 years using assumptions in effect at December 31, 2019 , are as follows: (In millions) U.S. Plans Non-U.S. Plans Total 2020 $ 47.6 12.1 59.7 2021 47.6 12.3 59.9 2022 47.6 12.7 60.3 2023 47.7 13.7 61.4 2024 47.5 14.9 62.4 2025 through 2029 235.5 94.0 329.5 |
Schedule of Allocation of Plan Assets | December 31, 2019 December 31, 2018 (In millions, except for percentages) Fair Value Level Total Fair Value % Actual Allocation % Target Allocation Total Fair Value % Actual Allocation % Target Allocation U.S. Pension Plans Cash, cash equivalents and receivables $ 3.8 — — 4.1 — — Equity securities: U.S. large-cap (a) 1 83.6 12 12 79.1 12 12 U.S. small/mid-cap (a) 1 34.7 5 5 28.5 4 5 International (a) 1 106.2 15 15 102.3 15 15 Emerging markets (b) 1 14.0 2 2 9.9 1 2 Dynamic asset allocation (c) 1 28.3 4 4 22.4 3 4 Fixed-income securities: Long duration - mutual fund (d) 1 277.3 48 48 260.3 48 48 Long duration - Treasury strips (d) 2 53.9 68.6 High yield (e) 1 13.9 2 2 10.9 2 2 Emerging markets (f) 1 14.0 2 2 10.4 1 2 Other types of investments: Core property (g) (l) 36.3 5 5 44.7 7 5 Structured credit (h) (l) 33.3 5 5 45.4 7 5 Total $ 699.3 100 100 686.6 100 100 UMWA Plans Cash, cash equivalents and receivables $ 0.8 — — — — — Equity securities: U.S. large-cap (a) 1 32.8 19 19 29.1 16 19 U.S. small/mid-cap (a) 1 13.8 8 8 12.0 7 8 International (a) 1 40.4 23 24 35.8 20 24 Emerging markets (b) 1 6.9 4 4 6.2 3 4 Dynamic asset allocation (c) 1 12.1 7 7 10.8 6 7 Fixed-income securities: High yield (e) 1 3.5 2 2 3.3 2 2 Emerging markets (f) 1 6.9 4 4 6.1 3 4 Multi asset real return (i) 1 8.6 5 5 7.6 4 5 Other types of investments: Core property (g) (l) 20.3 11 10 25.2 14 10 Structured credit (h) (l) 9.6 5 5 13.4 7 5 Global private equity (j) (l) 14.8 8 7 15.5 9 7 Energy debt (k) (l) 7.4 4 5 16.7 9 5 Total $ 177.9 100 100 181.7 100 100 (a) These categories include a passively managed U.S. large-cap equity mutual fund, an actively managed U.S. small/mid-cap equity and a Non-U.S. equity mutual fund that track various indices such as the S&P 500 Index, the Russell 2500 Index and the MSCI All Country World Ex-U.S. Index. (b) This category represents an actively managed mutual fund that invests primarily in equity securities of emerging market issuers. Emerging market countries are those countries that are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development or included in an emerging markets index by a recognized index provider. (c) This category represents an actively managed mutual fund that seeks to generate, over time, a total return in excess of the broad U.S. equity market by selecting investments from among a broad range of asset classes based upon the manager's expectations of risk and return. The fund’s allocations among asset classes may be adjusted over short periods and can vary from multiple to a single asset class. (d) This category represents actively managed mutual funds that seek to duplicate the risk and return characteristics of an intermediate to a long-term fixed-income security portfolio with an approximate duration of 10 to 15 years and longer. This is achieved by using an intermediate duration credit bond fund and a long duration credit bond mutual fund. This category also includes Treasury future contracts and zero -coupon securities created by the U.S. Treasury. (e) This category represents an actively managed mutual fund that invests primarily in fixed-income securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities and zero-coupon obligations. The fund’s average weighted maturity may vary and will generally not exceed ten years . (f) This category represents an actively managed mutual fund that invests primarily in U.S. dollar-denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers. (g) This category represents an actively managed real estate fund of funds that seeks both current income and long-term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties. These properties are high-quality, low-leveraged, income-generating office, industrial, retail, and multi-family properties, generally fully-leased to creditworthy companies and governmental entities. (h) This category invests primarily in a diversified portfolio comprised primarily of collateralized loan obligations and other structured credit investments backed primarily by bank loans. (i) This category represents an actively managed mutual fund that invests primarily in fixed income and equity securities and commodity linked instruments. The category seeks total returns that exceed the rate of inflation over a full market cycle regardless of market conditions. (j) This category will offer exposure to a diversified pool of global private assets fund investments. Further, the category will seek to shorten the duration of the typical private assets fund of funds through a dedicated focus on secondary strategies (i.e. funds whose investment strategy is to purchase interests in other private market investments/funds as a way to provide the original investors liquidity prior to the end of those investments’/funds’ contracted end date), income-producing investment strategies (e.g. debt, real estate, and to a lesser extent, real assets), and underlying funds whose stated life is five to seven years , as opposed to the more typical 10 -year life of private assets funds. (k) This category invests in credit securities of commodity oriented companies affected by the dislocation in the commodity markets with the investment objective of producing an equity like return with less downside risk than equity or commodity investments. (l) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. December 31, 2019 December 31, 2018 (In millions, except for percentages) Total Fair Value % Actual Allocation % Target Allocation Total Fair Value % Actual Allocation % Target Allocation Non-U.S. Pension Plans Cash and cash equivalents $ 0.5 — — 0.8 — — Equity securities: U.S. equity funds (a) 30.2 23.8 Canadian equity funds (a) 41.4 32.5 European equity funds (a) 3.6 4.0 Emerging markets (a) 5.0 4.8 Other global equity funds (a) 25.0 21.2 Total equity securities 105.2 49 50 86.3 48 52 Fixed-income securities: European fixed-income funds (b) 9.1 18.7 High-yield (c) 1.6 1.2 Emerging markets (d) 1.8 1.5 Long-duration (e) 79.5 70.4 Total fixed-income securities 92.0 43 41 91.8 51 47 Other types of investments: Property funds (f) 8.1 — Global infrastructure fund (g) 7.5 — Other 1.8 1.7 Total other types of investments 17.4 8 9 1.7 1 1 Total $ 215.1 100 100 180.6 100 100 (a) These categories are comprised of equity index actively and passively managed funds that track various indices such as S&P 500 Composite Total Return Index, Russell 2500 Index, MSCI World Index, S&P/TSX Total Return Index and others. Some of these funds use a dynamic asset allocation investment strategy seeking to generate total return over time by selecting investments from among a broad range of asset classes, investing primarily through the use of derivatives. (b) This category is primarily designed to generate income and exhibit volatility similar to that of the Sterling denominated bond market. This category primarily invests in investment grade or better securities. (c) This category consists of global high-yield bonds. This category invests in lower rated and unrated fixed income, floating rate and other debt securities issued by European and American companies. (d) This category consists of a diversified portfolio of debt securities issued by governments, financial institutions, companies or other entities domiciled in emerging market countries. (e) This category is designed to achieve a return consistent with holding longer term debt instruments. This category invests in interest rate and inflation derivatives, government-issued bonds, real-return bonds, and futures contracts. (f) This category offers exposure to limited partnerships invested in diversified real estate, participating mortgages, and property for development and resale. (g) This category is a limited partnership invested in fund of funds designed to acquire and maintain a diversified portfolio of global infrastructure investments (within targeted sub-sectors with varied maturities) that realizes a minimum of 10% annual return over a three-year rolling period. |
Schedule of Changes of Level 3 Plan Assets | Non-U.S. Plans - Fair Value Measurements (In millions) December 31, 2019 December 31, 2018 Quoted prices in active markets for identical assets (Level 1) $ 177.9 163.4 Net asset value per share practical expedient (a) 37.2 17.2 Total fair value $ 215.1 180.6 (a) In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets. |
Schedule of Costs of Retirement Plans | Our matching contribution expense is as follows: (In millions) Years Ended December 31, 2019 2018 2017 U.S. 401(K) $ 6.5 5.0 4.4 Other plans 4.9 4.9 4.6 Total $ 11.4 9.9 9.0 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of income (loss) from continuing operations before income taxes | Years Ended December 31, (In millions) 2019 2018 2017 Income (loss) from continuing operations before income taxes U.S. $ (90.2 ) (32.9 ) (41.6 ) Foreign 183.7 75.4 223.1 Income from continuing operations before income taxes $ 93.5 42.5 181.5 |
Schedule of Components of Income Tax Expense Benefit | Provision (benefit) for income taxes from continuing operations Current tax expense (benefit) U.S. federal $ (0.8 ) (2.3 ) (33.7 ) State 4.3 0.7 0.4 Foreign 90.8 92.1 96.8 Current tax expense 94.3 90.5 63.5 Deferred tax expense (benefit) U.S. federal (30.4 ) (7.5 ) 106.2 State (4.8 ) (2.9 ) (4.9 ) Foreign 1.9 (10.1 ) (7.1 ) Deferred tax expense (benefit) (33.3 ) (20.5 ) 94.2 Provision for income taxes of continuing operations $ 61.0 70.0 157.7 |
Comprehensive provision (benefit) for income taxes allocation | Years Ended December 31, (In millions) 2019 2018 2017 Comprehensive provision (benefit) for income taxes allocable to Continuing operations $ 61.0 70.0 157.7 Discontinued operations 0.2 — (0.1 ) Other comprehensive income (loss) 0.4 5.0 (1.8 ) Comprehensive provision for income taxes $ 61.6 75.0 155.8 |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the difference between the actual tax rate on continuing operations and the statutory U.S. federal income tax rate of 21% for 2019 and 2018 and 35% for 2017. Years Ended December 31, (In percentages) 2019 2018 2017 U.S. federal tax rate 21.0 % 21.0 % 35.0 % Increases (reductions) in taxes due to: Venezuela deconsolidation and devaluations — 62.4 — Foreign rate differential 17.3 39.3 (3.7 ) Taxes on cross border income, net of credits 9.3 22.6 2.6 Tax on accelerated U.S. income (a) (7.9 ) — (0.2 ) Adjustments to valuation allowances 16.0 13.1 3.4 Foreign income taxes 13.7 18.9 5.1 Tax reform — (4.9 ) 47.4 French business tax 3.0 8.0 2.0 State income taxes, net (2.2 ) (1.3 ) (1.3 ) Share-based compensation (4.8 ) (14.4 ) (3.5 ) Other (0.2 ) — 0.1 Actual income tax rate on continuing operations 65.2 % 164.7 % 86.9 % (a) In 2019, we recognized a benefit of $7.3 million ( $0.4 million benefit in 2017) related to a previously recognized $23.5 million current tax expense that accelerated U.S. taxable income in 2015. |
Schedule of Deferred Tax Assets and Liabilities | Components of Deferred Tax Assets and Liabilities December 31, (In millions) 2019 2018 Deferred tax assets Pension liabilities $ 62.1 55.4 Retirement benefits other than pensions 61.2 73.8 Lease liabilities 62.8 — Workers’ compensation and other claims 37.0 30.6 Property and equipment, net 31.0 7.1 Other assets and liabilities 93.6 88.5 Net operating loss carryforwards 51.7 42.0 Alternative minimum and other tax credits (a) 76.8 73.4 Subtotal 476.2 370.8 Valuation allowances (118.3 ) (100.7 ) Total deferred tax assets 357.9 270.1 Deferred tax liabilities Right-of-use assets, net 59.3 — Goodwill and other intangibles 17.4 22.0 Other assets and miscellaneous 28.9 28.3 Deferred tax liabilities 105.6 50.3 Net deferred tax asset $ 252.3 219.8 Included in: Noncurrent assets 273.5 236.5 Noncurrent liabilities (21.2 ) (16.7 ) Net deferred tax asset $ 252.3 219.8 (a) U.S. foreign tax credits of $72.6 million have a 10 year carryforward period and the remaining credits of $4.2 million have various carryforward periods. The U.S. foreign tax credits and other U.S. tax credits have a valuation allowance. |
Summary of Valuation Allowance | Based on our analysis of positive and negative evidence including historical and expected future taxable earnings, and a consideration of available tax-planning strategies, we believe it is more-likely-than-not that we will realize the benefit of the existing deferred tax assets, net of valuation allowances, at December 31, 2019 . Years Ended December 31, (In millions) 2019 2018 2017 Valuation allowances: Beginning of year $ 100.7 98.9 62.8 Expiring tax credits (0.3 ) (0.6 ) (0.4 ) Acquisitions and dispositions 3.1 (0.7 ) (3.4 ) Changes in judgment about deferred tax assets (a) 5.3 — (1.8 ) Other changes in deferred tax assets, charged to: Income from continuing operations 10.0 6.1 43.9 Other comprehensive income (loss) — (0.3 ) 0.2 Foreign currency exchange effects (0.5 ) (2.7 ) (2.4 ) End of year $ 118.3 100.7 98.9 (a) Changes in judgment about valuation allowances are based on a recognition threshold of “more-likely-than-not” of realizing beginning-of-year balances of deferred tax assets. Amounts are recognized in income from continuing operations. |
Net Operating Losses | The tax benefit of net operating loss carryforwards, before valuation allowances, as of December 31, 2019 , was $51.7 million , and expires as follows: (In millions) Federal State Foreign Total Years of expiration 2020-2024 $ — 0.1 7.6 7.7 2025-2029 — 0.7 3.7 4.4 2030 and thereafter — 15.6 0.6 16.2 Unlimited — — 23.4 23.4 $ — 16.4 35.3 51.7 |
Uncertain Tax Positions | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Years Ended December 31, (In millions) 2019 2018 2017 Uncertain tax positions: Beginning of year $ 9.5 10.4 6.4 Increases related to prior-year tax positions 0.2 0.3 0.1 Decreases related to prior-year tax positions (0.8 ) — (0.5 ) Increases related to current-year tax positions 1.4 1.3 1.4 Increases related to acquisitions 3.1 — 4.2 Decreases related to acquisitions — (0.2 ) — Settlements (0.1 ) (0.4 ) (0.1 ) Effect of the expiration of statutes of limitation (1.3 ) (1.1 ) (0.8 ) Foreign currency exchange effects — (0.8 ) (0.3 ) End of year $ 12.0 9.5 10.4 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Estimated Useful Lives Years Buildings 16 to 25 Building leasehold improvements 3 to 10 Vehicles 3 to 10 Capitalized software 3 to 5 Other machinery and equipment 3 to 10 The following table presents our property and equipment that is classified as held and used: December 31, (In millions) 2019 2018 Land $ 51.9 51.7 Buildings 211.0 199.9 Leasehold improvements 236.0 219.7 Vehicles 646.3 568.4 Capitalized software (a) 213.4 203.4 Other machinery and equipment 667.3 625.5 2,025.9 1,868.6 Accumulated depreciation and amortization (1,262.6 ) (1,169.2 ) Property and equipment, net $ 763.3 699.4 (a) Amortization of capitalized software costs included in continuing operations was $15.7 million in 2019 , $16.5 million in 2018 and $20.5 million in 2017 . |
Acquisitions and Dispositions_2
Acquisitions and Dispositions Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid through December 31, 2019 $ 205.9 Fair value of purchase consideration $ 205.9 Fair value of net assets acquired Cash $ 10.3 Accounts receivable 16.6 Other current assets 0.6 Property and equipment, net 2.4 Intangible assets (a) 60.2 Goodwill (b) 148.8 Other noncurrent assets 0.1 Current liabilities (11.8 ) Noncurrent liabilities (21.3 ) Fair value of net assets acquired $ 205.9 (a) Intangible assets are composed of customer relationships ( $56 million fair value and 10 year amortization period), trade name ( $4 million and 2 year amortization period) and non-competition agreements (less than $1 million and 3 year amortization period). (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating Maco Transportadora’s operations into our existing Brink’s Argentina operations. All of the goodwill has been assigned to the Global Markets-South America reporting unit and is not expected to be deductible for tax purposes. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid through December 31, 2019 $ 546.8 Receivable from seller (6.3 ) Fair value of purchase consideration $ 540.5 Fair value of net assets acquired Cash $ 25.8 Accounts receivable 31.9 Other current assets 11.7 Property and equipment, net 56.6 Intangible assets (a) 162.0 Goodwill (b) 304.1 Other noncurrent assets 21.1 Current liabilities (29.5 ) Noncurrent liabilities (43.2 ) Fair value of net assets acquired $ 540.5 (a) Intangible assets are composed of customer relationships ( $148 million fair value and 15 year amortization period) and rights related to the trade name ( $14 million fair value and 8 year amortization period). (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating Dunbar’s operations with our existing Brink’s U.S. operations. All of the goodwill has been assigned to the U.S. reporting unit and is expected to be deductible for tax purposes. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid through December 31, 2019 $ 135.7 Indemnification asset (1.9 ) Fair value of purchase consideration $ 133.8 Fair value of net assets acquired Cash $ 1.4 Accounts receivable 8.9 Other current assets 0.5 Property and equipment, net 2.4 Intangible assets (a) 49.0 Goodwill (b) 85.1 Other noncurrent assets 5.8 Current liabilities (11.4 ) Noncurrent liabilities (7.9 ) Fair value of net assets acquired $ 133.8 (a) Intangible assets are composed of customer relationships ( $47 million fair value and 11 year amortization period), trade name ( $1 million fair value and 1 year amortization period), and non-compete agreement ( $1 million fair value and 5 year amortization period). (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating Rodoban’s operations with our existing Brink’s Brazil operations. All of the goodwill has been assigned to the Brazil reporting unit and is expected to be deductible for tax purposes. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid through December 31, 2019 $ 164.6 Indemnification asset (9.8 ) Fair value of purchase consideration $ 154.8 Fair value of net assets acquired Cash $ 7.4 Accounts receivable 20.1 Property and equipment, net 13.9 Intangible assets (a) 40.6 Goodwill (b) 114.4 Other current and noncurrent assets 7.4 Current liabilities (23.4 ) Noncurrent liabilities (25.6 ) Fair value of net assets acquired $ 154.8 (a) Intangible assets are composed of customer relationships, trade names and non-competition agreements. (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating these acquired operations into our existing operations. The goodwill from these acquisitions has been assigned to the following reporting units: AATI (U.S.), Pag Facil (Brazil), LGS and Maco Litoral (Global Markets-South America), and Temis (France). We do not expect goodwill related to AATI, LGS, Maco Litoral, and Temis to be deductible for tax purposes. Goodwill related to Pag Facil will be deductible for tax purposes. (In millions) Estimated Fair Value at Acquisition Date Fair value of purchase consideration Cash paid through December 31, 2019 $ 53.4 Fair value of future payments to sellers 7.8 Contingent consideration 1.6 Indemnification asset (12.9 ) Fair value of purchase consideration $ 49.9 Fair value of net assets acquired Cash $ 5.1 Accounts receivable 4.4 Property and equipment, net 7.1 Intangible assets (a) 24.4 Goodwill (b) 35.2 Other current and noncurrent assets 1.9 Current liabilities (14.6 ) Noncurrent liabilities (13.6 ) Fair value of net assets acquired $ 49.9 (a) Intangible assets are composed of developed technology, customer relationships and trade names. Final allocation will be determined once all valuations have been completed. (b) Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating these acquired operations into our existing operations. The goodwill from these acquisitions has been assigned to the following reporting units: BI (U.S.), COMEF (Brazil) and TVS (Global Markets - South America). We do not expect goodwill related to COMEF or TVS to be deductible for tax purposes. We expect goodwill related to BI to be deductible for tax purposes. |
Business Acquisition, Pro Forma Information | The pro forma consolidated results of Brink’s presented below are unaudited and reflect a hypothetical ownership on January 1, 2018 of the businesses we acquired during 2019 and a hypothetical ownership on January 1, 2017 for the businesses we acquired in 2018. (In millions) Revenue Net income attributable to Brink's Actual results included in Brink's consolidated 2019 results for businesses acquired in 2019 from the date of acquisition Twelve months ended December 31, 2019 Rodoban $ 66.0 4.6 Other acquisitions (a) 16.1 0.2 Total $ 82.1 4.8 (a) Includes the actual results of Balance Innovations, COMEF and TVS. (In millions) Revenue Net income attributable to Brink's Pro forma results of Brink's for the twelve months ended December 31, 2019 Brink's as reported $ 3,683.2 29.0 Rodoban (a) 0.6 — Other acquisitions (a) 26.8 1.6 Total $ 3,710.6 30.6 2018 Brink's as reported $ 3,488.9 (33.3 ) Rodoban (a) 76.0 (3.9 ) Dunbar (a) 244.0 5.4 Other acquisitions (a) 45.4 1.9 Total $ 3,854.3 (29.9 ) (a) Represents amounts prior to acquisition by Brink's. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Change in Goodwill and Other Intangible Assets | The changes in the carrying amount of goodwill by operating segment for the years ended December 31, 2019 and 2018 are as follows: December 31, 2019 (In millions) Beginning Balance Acquisitions/ Dispositions (a) Currency Ending Balance Goodwill: North America $ 337.0 17.6 0.1 354.7 South America 150.1 99.6 (8.1 ) 241.6 Rest of World 191.5 0.2 (3.4 ) 188.3 Total Goodwill $ 678.6 117.4 (11.4 ) 784.6 (a) Includes adjustments related to prior year acquisitions ( $3.1 million decrease in North America and $0.2 million increase in Rest of World). December 31, 2018 (In millions) Beginning Balance Acquisitions/ Dispositions (a) Currency Ending Balance Goodwill: North America $ 32.0 307.0 (2.0 ) 337.0 South America 214.9 (3.0 ) (61.8 ) 150.1 Rest of World 206.8 (5.5 ) (9.8 ) 191.5 Total Goodwill $ 453.7 298.5 (73.6 ) 678.6 (a) Includes adjustments related to prior year acquisitions ( $0.1 million in North America, $3.0 million in South America and $0.8 million in Rest of World). Also includes derecognition of $6.2 million related to the disposition of our French airport security services company in Rest of World. |
Schedule of Intangible Assets and Goodwill | The following table summarizes our other intangible assets by category: December 31, 2019 December 31, 2018 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-average amortization period Customer relationships $ 322.3 (80.3 ) 242.0 $ 259.9 (58.9 ) 201.0 11.4 Indefinite-lived trade names 8.2 — 8.2 7.9 — 7.9 — Finite-lived trade names 20.7 (7.1 ) 13.6 20.3 (3.8 ) 16.5 6.2 Developed technology 8.7 (0.8 ) 7.9 0.4 (0.4 ) — 10.5 Other contract-related assets — — — 5.7 (3.1 ) 2.6 — Other 6.1 (5.3 ) 0.8 5.5 (4.6 ) 0.9 0.9 Total $ 366.0 (93.5 ) 272.5 $ 299.7 (70.8 ) 228.9 |
Schedule of Expected Amortization Expense | Our estimated aggregate amortization expense for finite-lived intangibles recorded at December 31, 2019 , for the next five years is as follows: (In millions) 2020 2021 2022 2023 2024 Amortization expense $ 24.8 24.4 23.1 22.6 22.2 |
Prepaid Expenses and Other (Tab
Prepaid Expenses and Other (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Prepaid Expense, Current [Abstract] | |
Schedule of Prepaid Expenses and Other | Prepaid Expenses and Other December 31, (In millions) 2019 2018 Prepaid expenses $ 81.6 64.0 Mobile airtime inventory — 5.8 Income tax receivable 25.7 37.6 Other 20.7 20.1 Prepaid expenses and other $ 128.0 127.5 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent | Other Assets December 31, (In millions) 2019 2018 Deposits $ 23.6 15.7 Deferred profit sharing asset 10.9 10.2 Income tax receivable 17.1 67.1 Derivative instruments 5.0 0.6 Equity method investment in unconsolidated entities 5.0 4.9 Stop loss insurance receivable 17.0 19.0 Cash surrender value of life insurance policies 0.9 7.4 Indemnification asset 20.6 6.6 Debt issue costs 5.5 4.7 Marketable securities 12.0 3.8 Other 49.4 46.1 Other assets $ 167.0 186.1 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Comprehensive Income (Loss) | The following tables provide the components of other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings: Amounts Arising During the Current Period Amounts Reclassified to Net Income (Loss) (In millions) Pretax Income Tax Pretax Income Tax Total Other Comprehensive Income (Loss) 2019 Amounts attributable to Brink's: Benefit plan adjustments $ (38.0 ) 4.4 61.4 (9.9 ) 17.9 Foreign currency translation adjustments (b) (0.9 ) — — 0.1 (0.8 ) Gains (losses) on cash flow hedges (18.8 ) 4.8 (0.2 ) 0.2 (14.0 ) (57.7 ) 9.2 61.2 (9.6 ) 3.1 Amounts attributable to noncontrolling interests: Foreign currency translation adjustments 0.8 — — — 0.8 0.8 — — — 0.8 Total Benefit plan adjustments (a) (38.0 ) 4.4 61.4 (9.9 ) 17.9 Foreign currency translation adjustments (b) (0.1 ) — — 0.1 — Gains (losses) on cash flow hedges (d) (18.8 ) 4.8 (0.2 ) 0.2 (14.0 ) $ (56.9 ) 9.2 61.2 (9.6 ) 3.9 2018 Amounts attributable to Brink's: Benefit plan adjustments $ (31.4 ) 8.6 65.0 (13.3 ) 28.9 Foreign currency translation adjustments (151.6 ) — 107.2 (0.3 ) (44.7 ) Gains (losses) on cash flow hedges 0.3 — (0.2 ) — 0.1 (182.7 ) 8.6 172.0 (13.6 ) (15.7 ) Amounts attributable to noncontrolling interests: Foreign currency translation adjustments (0.8 ) — — — (0.8 ) (0.8 ) — — — (0.8 ) Total Benefit plan adjustments (a) (31.4 ) 8.6 65.0 (13.3 ) 28.9 Foreign currency translation adjustments (b) (152.4 ) — 107.2 (0.3 ) (45.5 ) Gains (losses) on cash flow hedges (d) 0.3 — (0.2 ) — 0.1 $ (183.5 ) 8.6 172.0 (13.6 ) (16.5 ) See page 104 for footnote explanations. 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) 2017 Amounts attributable to Brink's: Benefit plan adjustments $ (99.3 ) 21.2 54.9 (18.2 ) (41.4 ) Foreign currency translation adjustments 22.7 (1.0 ) — — 21.7 Unrealized gains (losses) on available-for-sale securities 1.7 (0.6 ) (1.5 ) 0.5 0.1 Gains (losses) on cash flow hedges (0.1 ) (0.1 ) 0.2 — — (75.0 ) 19.5 53.6 (17.7 ) (19.6 ) Amounts attributable to noncontrolling interests: Benefit plan adjustments (0.8 ) — 0.7 — (0.1 ) Foreign currency translation adjustments 0.9 — — — 0.9 0.1 — 0.7 — 0.8 Total Benefit plan adjustments (a) (100.1 ) 21.2 55.6 (18.2 ) (41.5 ) Foreign currency translation adjustments (b) 23.6 (1.0 ) — — 22.6 Unrealized gains (losses) on available-for-sale securities (c) 1.7 (0.6 ) (1.5 ) 0.5 0.1 Gains (losses) on cash flow hedges (d) (0.1 ) (0.1 ) 0.2 — — $ (74.9 ) 19.5 54.3 (17.7 ) (18.8 ) (a) The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income (loss). Net periodic retirement benefit cost also includes service cost, interest cost, expected returns on assets, and settlement costs. Total service cost is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis and the remaining net periodic retirement benefit cost items are allocated to interest and other nonoperating income (expense): December 31, (In millions) 2019 2018 2017 Total net periodic retirement benefit cost included in: Cost of revenues $ 7.8 8.4 9.0 Selling, general and administrative expenses 2.3 2.3 2.4 Interest and other nonoperating income (expense) 52.7 39.7 47.8 (b) 2018 foreign currency translation adjustment amounts reclassified to net income are due to the deconsolidation of Venezuela (see Note 1). 2018 foreign currency translation adjustment amounts arising during the current period reflect primarily the devaluation of the Argentine peso (prior to the July 1, 2018 highly inflationary designation) and Brazilian real. (c) Prior to adoption of ASU 2016-01 (see Note 1) in the first quarter of 2018, gains and losses on sales of available-for-sale securities were reclassified from accumulated other comprehensive loss to the consolidated statements of operations when the gains or losses were realized. Pretax amounts were classified in the consolidated statements of operations as interest and other nonoperating income (expense). (d) Pretax gains and losses on cash flow hedges are classified in the consolidated statements of operations as • other operating income (expense) ( $5.8 million gain in 2019 , no gains or losses in 2018 and $0.1 million losses in 2017 .) • interest expense ( $5.7 million of expense in 2019 .) • interest and other nonoperating income (expense) ( no gains or losses in 2019 , no gains or losses in 2018 and $0.1 million losses in 2017 .) |
Reclassification Out Of Accumulated Other Comprehensive Income | 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, 2016 $ (559.6 ) (349.1 ) 1.0 0.7 (907.0 ) Other comprehensive income (loss) before reclassifications (78.1 ) 21.7 1.1 (0.2 ) (55.5 ) Amounts reclassified from accumulated other comprehensive loss to net income (loss) 36.7 — (1.0 ) 0.2 35.9 Other comprehensive income (loss) attributable to Brink's (41.4 ) 21.7 0.1 — (19.6 ) Balance as of December 31, 2017 (601.0 ) (327.4 ) 1.1 0.7 (926.6 ) Other comprehensive income (loss) before reclassifications (22.8 ) (151.6 ) — 0.3 (174.1 ) Amounts reclassified from accumulated other comprehensive loss to net income (loss) 51.7 106.9 — (0.2 ) 158.4 Other comprehensive income (loss) attributable to Brink's 28.9 (44.7 ) — 0.1 (15.7 ) Cumulative effect of change in accounting principle (a) — — (1.1 ) — (1.1 ) Acquisitions of noncontrolling interests — (9.9 ) — — (9.9 ) Balance as of December 31, 2018 (572.1 ) (382.0 ) — 0.8 (953.3 ) Other comprehensive income (loss) before reclassifications (33.6 ) (0.9 ) — (14.0 ) (48.5 ) Amounts reclassified from accumulated other comprehensive loss to net income (loss) 51.5 0.1 — — 51.6 Other comprehensive income (loss) attributable to Brink's 17.9 (0.8 ) — (14.0 ) 3.1 Cumulative effect of change in accounting principle (b) (28.8 ) — — — (28.8 ) Balance as of December 31, 2019 $ (583.0 ) (382.8 ) — (13.2 ) (979.0 ) (a) We adopted ASU 2016-01 (see Note 1) effective January 1, 2018 and recognized a cumulative-effect adjustment to retained earnings. (b) We adopted ASU 2018-02 (see Note 1) effective January 1, 2019 and recognized a cumulative-effect adjustment to retained earnings. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value and carrying value of our fixed-rate debt, excluding any unamortized debt issuance costs, are as follows: December 31, (In millions) 2019 2018 Senior unsecured notes Carrying value $ 600.0 600.0 Fair value 624.7 519.9 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued Liabilities | Accrued Liabilities December 31, (In millions) 2019 2018 Payroll and other employee liabilities $ 140.8 146.3 Taxes, except income taxes 98.1 93.4 Income taxes payable 26.7 17.8 Acquisition-related obligations 7.8 20.4 Workers’ compensation and other claims 26.1 22.3 Cash held by cash management services operations (a) 26.3 14.1 Cash supply chain deposit liability 47.4 35.3 Retirement benefits (see Note 4) 12.9 9.8 Operating lease liabilities 65.9 — Other 176.4 142.7 Accrued liabilities $ 628.4 502.1 (a) Title to cash received and processed in certain of our secure cash management services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we record a liability while the cash is in our possession. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Assets and Other Liabilities | Other Liabilities December 31, (In millions) 2019 2018 Workers’ compensation and other claims $ 81.3 89.4 Post-employment benefits 7.2 7.6 Asset retirement and remediation obligations 18.6 19.1 Acquisition-related obligations 1.5 — Noncurrent tax liabilities 15.3 9.2 Other 59.2 43.4 Other liabilities $ 183.1 168.7 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | December 31, (In millions) 2019 2018 Debt: Short-term borrowings Restricted cash borrowings (year-end weighted-average interest rate of 0.0% in 2019 and 0.0% in 2018 (a) $ 10.3 10.5 Other (year-end weighted-average interest rate of 8.8% in 2019 and 10.1% in 2018) 4.0 18.4 Total short-term borrowings $ 14.3 28.9 Long-term debt Bank credit facilities: Term loan A (year-end effective interest rate of 3.5% in 2019 and 4.3% in 2018) less unamortized issuance cost of $3.0 million in 2019 and $1.8 million in 2018 $ 767.0 466.9 Senior unsecured notes (year-end effective interest rate of 4.6% in 2019 and 4.6% in 2018) less unamortized issuance cost of $7.1 million in 2019 and $8.0 million in 2018 592.9 592.0 Revolving Credit Facility (year-end weighted average interest rate of 3.5% in 2019 and 4.2% in 2018) 115.0 340.0 Other primarily non-U.S. dollar-denominated facilities (year-end weighted- average interest rate of 7.0% in 2019 and 4.8% in 2018) 4.9 5.7 Financing leases (year-end weighted-average interest rate of 4.9% in 2019 and 4.4% in 2018) 149.5 120.5 Total long-term debt $ 1,629.3 1,525.1 Total Debt $ 1,643.6 1,554.0 Included in: Current liabilities $ 88.8 82.4 Noncurrent liabilities 1,554.8 1,471.6 Total debt $ 1,643.6 1,554.0 (a) These 2019 and 2018 amounts are for short-term borrowings related to cash borrowed under lending arrangements used in the process of managing customer cash supply chains, which is currently classified as restricted cash and not available for general corporate purposes. See Note 20 for more details. |
Schedule of Minimum Repayments of Long-term Debt | Minimum repayments of long-term debt are as follows: (In millions) Financing leases Other long-term debt Total 2020 $ 32.5 42.0 74.5 2021 31.8 40.9 72.7 2022 28.2 41.0 69.2 2023 24.0 40.8 64.8 2024 17.4 725.2 742.6 Later years 15.6 600.0 615.6 Total $ 149.5 1,489.9 1,639.4 |
Schedule of Financing Lease Asset Classes | Property and equipment acquired under financing leases are included in property and equipment as follows: December 31, (In millions) 2019 2018 Asset class: Buildings $ 4.1 2.2 Vehicles 267.5 212.4 Machinery and equipment 5.1 0.7 276.7 215.3 Less: accumulated amortization (114.2 ) (91.3 ) Total $ 162.5 124.0 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | December 31, (In millions) 2019 2018 Trade $ 595.4 555.7 Other 70.4 53.9 Total accounts receivable 665.8 609.6 Allowance for doubtful accounts (30.2 ) (10.1 ) Accounts receivable, net $ 635.6 599.5 |
Schedule of Allowance for Doubtful Accounts | Years Ended December 31, (In millions) 2019 2018 2017 Allowance for doubtful accounts: Beginning of year $ 10.1 11.2 8.3 Provision for uncollectible accounts receivable (a) 22.8 1.4 5.0 Write offs less recoveries (2.2 ) (0.9 ) (1.0 ) Foreign currency exchange effects (0.5 ) (1.6 ) (1.1 ) End of year $ 30.2 10.1 11.2 (a) The provision in 2019 includes a $19.2 million allowance related to the internal loss in our U.S. global services operations. See Note 1 for details. |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Supplemental balance sheet disclosure leases | The components of lease assets and liabilities were as follows: (In millions) Balance sheet classification December 31, 2019 Assets: Operating lease assets Right-of-use assets, net $ 270.3 Finance lease assets Property and equipment, net 162.5 Total leased assets $ 432.8 Liabilities: Current: Operating Accrued liabilities $ 65.9 Financing Current maturities of long-term debt 32.5 Noncurrent: Operating Lease liabilities 218.4 Financing Long-term debt 117.0 Total lease liabilities $ 433.8 |
Lease expenses | The components of lease expense were as follows: (In millions) 2019 Twelve Months Ended December 31, Operating lease cost (a) $ 97.2 Short-term lease cost 27.2 Finance lease cost: Amortization of related assets 27.4 Interest on related liabilities 7.4 Total lease cost $ 159.2 (a) Includes variable lease costs, which are immaterial. |
Other information leases | Other information related to leases was as follows: (In millions, except for lease term and discount rate) 2019 Twelve Months Ended December 31, Supplemental Cash Flows Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 96.0 Operating cash flows from finance leases 7.4 Financing cash flows from finance leases 29.4 Right-of-use assets obtained in exchange for lease obligations: Operating leases 56.3 Finance leases 59.7 Weighted Average Remaining Lease Term Operating leases 7.2 years Finance leases 5.2 years Weighted Average Discount Rate Operating leases 6.9 % Finance leases 4.9 % |
Operating lease future minimum lease payments | As of December 31, 2019, future minimum lease payments under noncancellable operating leases with initial or remaining lease terms in excess of one year were as follows: (In millions) Facilities Vehicles Other Total 2020 $ 57.1 7.8 20.8 85.7 2021 50.5 4.2 12.6 67.3 2022 42.9 1.4 7.5 51.8 2023 36.4 0.2 4.8 41.4 2024 29.1 — 1.4 30.5 Later years 117.1 — — 117.1 Total Lease Payments $ 333.1 13.6 47.1 393.8 Less: Interest 104.4 0.6 4.5 109.5 Present value of lease liabilities $ 228.7 $ 13.0 42.6 284.3 |
Financing lease minimum repayments | As of December 31, 2019, minimum repayments of long-term debt under financing leases were as follows: (In millions) 2020 $ 32.5 2021 31.8 2022 28.2 2023 24.0 2024 17.4 Later years 15.6 Total $ 149.5 |
Share-based Compensation Plans
Share-based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Nonvested share activity | The following table summarizes all DSU activity during 2019 : Shares (in thousands) Weighted-Average Grant-Date Fair Value Nonvested balance as of December 31, 2018 12.5 $ 74.43 Activity from January 1 to December 31, 2019: Granted 12.1 79.69 Vested (12.5 ) 74.43 Nonvested balance as of December 31, 2019 12.1 $ 76.69 The following table summarizes all PSU activity during 2019 : Shares Weighted-Average Grant Date Fair Value Per Share Nonvested balance as of December 31, 2018 697.3 $ 47.74 Activity from January 1 to December 31, 2019: Granted 204.6 81.48 Forfeited (21.6 ) 71.70 Vested (a)(b)(c) (316.1 ) 32.35 Nonvested balance as of December 31, 2019 (c) 564.2 $ 70.10 (a) The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended December 31, 2018 were 225.9 compared to target shares of 187.0 . Additionally, in accordance with the terms of the underlying award agreements, the actual shares earned and distributed for the performance period ended June 30, 2017 were 129.1 compared to target shares of 129.1 . (b) Certain PSUs were modified and distributed in the first quarter of 2019 and the resulting impact was not material. (c) Certain PSUs were modified in the second quarter of 2019. A portion of these modified PSUs were distributed in the third quarter of 2019. The weighted-average grant date fair value per share at December 31, 2019 reflects the inclusion of the modified fair value per share for the remaining modified awards. Compensation expenses for the last three years and the amount of unrecognized expense for awards outstanding at December 31, 2019 , were as follows: Compensation Expense Unrecognized Expense for Nonvested Awards at Weighted-average No. of Years Unrecognized Expense to be Recognized Years Ended December 31, Dec 31, 2019 (in millions except years) 2019 2018 2017 Performance Share Units $ 25.8 15.8 9.5 $ 16.8 1.5 Market Share Units — 0.1 0.3 — — Restricted Stock Units 6.6 6.6 4.7 3.8 1.4 Deferred Stock Units and fees paid in stock 1.2 1.2 1.0 0.3 0.4 Performance-based Options 8.1 4.5 2.2 2.6 1.1 Time-based vesting Options 1.0 — — 1.7 1.8 Share-based payment expense 42.7 28.2 17.7 Income tax benefit (9.2 ) (6.5 ) (3.4 ) Share-based payment expense, net of tax $ 33.5 21.7 14.3 The following table summarizes RSU activity during 2019 : Shares (in thousands) Weighted-Average Grant Date Fair Value Per Share Nonvested balance as of December 31, 2018 235.8 $ 52.63 Activity from January 1 to December 31, 2019: Granted 93.9 78.28 Forfeited (11.1 ) 71.75 Vested (145.9 ) 45.34 Nonvested balance as of December 31, 2019 (a) 172.7 $ 71.87 (a) Certain RSUs were modified in the second quarter of 2019. The weighted-average grant date fair value per share at December 31, 2019 reflects the inclusion of the modified fair value per share for the modified awards. |
Share-based Compensation, Fair Value of Shares Vested | The fair value of shares distributed or options exercised in the last three years is as follows: Fair Value of Shares Distributed or Exercised (a) Years Ended December 31, (in millions) 2019 2018 2017 Performance Share Units $ 28.7 25.3 13.3 Market Share Units — 8.2 4.3 Restricted Stock Units 11.8 8.0 7.3 Deferred Stock Units and fees paid in stock 0.9 0.7 2.7 Performance-based Options (a) 5.4 — — Time-based vesting Options (a) — 2.2 2.0 Total $ 46.8 44.4 29.6 Income tax benefit realized $ 10.2 9.9 9.2 (a) Intrinsic value for options. |
Fair value of options calculation assumptions | s. The following table provides the term of the performance period and the weighted-average assumptions used in the Monte Carlo simulation model for the performance-based options granted in 2018 and 2017: Terms and Assumptions Used to Estimate Grant Date Fair Value of Performance-Based Options Granted 2018 2017 Terms of awards: Performance period for achieving stock price hurdles Three years from Three years from grant date grant date Assumptions used to estimate fair value: Expected dividend yield (a) 0.8 % 0.8 % Expected stock price volatility (b) 29.3 % 29.3 % Risk-free interest rate (c) 2.6 % 1.8 % Expected term in years (d) 4.5 4.5 Weighted-average fair value estimates at grant date: In millions $ 7.0 $ 3.6 Fair value per share $ 16.73 $ 11.97 (a) Since the holders of the awards have no rights to any dividend paid during the vesting period, we applied a dividend yield in the Monte Carlo simulation model. At each grant date, the dividend yield was calculated based on the most recent annualized dividend payment and Brink's stock price at the date of grant. (b) The expected stock price volatility was calculated on each grant date for the most recent 4.5 year term. (c) The risk-free interest rate on each grant date is the rate for a zero-coupon U.S. Treasury bill that was commensurate with the expected life of 4.5 years. (d) Because we did not have historical exercise behavior for instruments with premiums, we assumed that the exercise of vested options occurred at the mid-point between the three -year vesting date and the six -year contractual term. In the Monte Carlo simulation, at each iteration of forecasted Brink's stock prices, the option was assumed to be exercised at the mid-point of 4.5 years if the stock price hurdle had been achieved. When the hurdle is achieved, the exercise price was then subtracted from the projected stock price, and discounted back to the grant date. In situations where the projected price had not met the hurdle, no value was attributed. The following table provides the terms and weighted-average assumptions used in the Monte Carlo simulation model for the TSR PSUs granted in 2019, 2018 and 2017: Terms and Assumptions Used to Estimate Grant Date Fair Value 2019 TSR PSUs 2018 TSR PSUs 2017 TSR PSUs Terms of awards: Performance period Jan. 1, 2019 to Jan. 1, 2018 to Jan. 1, 2017 to Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2019 Weighted-average assumptions used to estimate fair value: Expected dividend yield (a) 0.8 % 0.8 % 0.8 % Expected stock price volatility (b) 30.8 % 29.9 % 30.6 % Risk-free interest rate (c) 2.5 % 2.4 % 1.4 % Contractual term in years 2.8 2.9 2.9 Weighted-average fair value estimates at grant date: In millions $ 3.0 $ 3.2 2.0 Fair value per share $ 105.16 $ 79.05 67.81 (a) TSR is determined assuming that dividends are reinvested. The stock price projection in the Monte Carlo simulation model assumed a 0% dividend yield, which is mathematically equivalent to reinvesting dividends over the performance period. For the valuation of the TSR PSU, because the holders of the awards have no rights to any dividend paid during the vesting period, we applied a dividend yield in the Monte Carlo simulation model to reduce the projected stock price as of the grant date. (b) The expected stock price volatility was calculated on the grant date for the most recent term equivalent to the contractual term in years. (c) The risk-free interest rate on each date of grant is the rate for a zero-coupon U.S. Treasury bill that was commensurate with the grant date contractual term. The following table provides the weighted-average assumptions used in the Black-Scholes-Merton option pricing model for the time-based vesting options granted in 2019 and 2017: Assumptions Used to Estimate Grant Date Fair Value of Time-Based Options 2019 2017 Assumptions used to estimate fair value: Expected dividend yield (a) 0.8 % 0.7 % Expected stock price volatility (b) 30.3 % 28.9 % Risk-free interest rate (c) 2.5 % 1.7 % Expected term in years (d) 4.5 4.5 Weighted-average fair value estimates at grant date: In millions $ 3.0 $ 0.1 Fair value per share $ 21.58 $ 21.09 (a) The expected dividend yield is the calculated annual yield on Brink's stock at the time of the grant. (b) The expected stock price volatility was calculated at time of the grant after reviewing the historic volatility of our stock using daily close prices. (c) The risk-free interest rate at each grant date was the rate for a zero-coupon U.S. Treasury bill that was commensurate with the expected life of 4.5 years. (d) The expected term of the options was based on historical exercise, expiration and post-cancellation behavior. |
Option Activity | The table below summarizes the activity associated with grants of performance-based options: Shares (in thousands) Weighted- Average Exercise Price Per Share Weighted-Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (a) (in millions) Outstanding at December 31, 2018 1,287.0 $ 49.18 $ 10.88 Granted — — — Forfeited or expired — — — Exercised (b) (95.9 ) 32.69 44.74 Outstanding at December 31, 2019 (b)(c) 1,191.1 $ 50.51 $ 11.52 3.1 $ 47.8 Of the above, as of December 31, 2019: Exercisable 485.0 $ 29.87 2.5 $ 29.5 Expected to vest in future periods (d) 690.9 $ 64.90 3.6 $ 17.8 (a) The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2019 was $90.68 . (b) Certain performance-based stock options were modified in the second quarter of 2019. The weighted-average grant date fair value per share for the options exercised in 2019 and for the outstanding options December 31, 2019 reflects the inclusion of the modified fair value per share. (c) There were no exercisable performance-based options at December 31, 2018 or at December 31, 2017. (d) The number of options expected to vest takes into account an estimate of expected forfeitures. We currently have applied a 0% expected forfeiture rate to the majority of the performance-based options. The table below summarizes the activity associated with grants of time-based vesting options: Shares (in thousands) Weighted- Average Exercise Price Per Share Weighted-Average Grant Date Fair Value Per Share Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (a) (in millions) Outstanding at December 31, 2018 2.7 $ 84.65 $ 21.09 Granted 138.7 79.21 21.58 Forfeited or expired (14.4 ) 79.26 21.60 Outstanding at December 31, 2019 (b) 127.0 $ 79.32 $ 21.56 5.1 $ 1.4 Of the above, as of December 31, 2019: Exercisable — $ — — $ — Expected to vest in future periods (c) 125.5 $ 79.32 5.1 $ 1.4 (a) The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option. The market price at December 31, 2019 was $90.68 . (b) There were no shares of exercisable options at December 31, 2018 and less than 0.1 million shares of exercisable options with a weighted-average exercise price of $22.57 per share at December 31, 2017. (c) The number of options expected to vest takes into account an estimate of expected forfeitures. We currently have applied a 0% expected forfeiture rate to the majority of the time-based vesting options. |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Weighted Average Number of Shares | Shares Used to Calculate Earnings per Share Years Ended December 31, (In millions) 2019 2018 2017 Weighted-average shares Basic (a) 50.2 50.9 50.7 Effect of dilutive stock awards 0.9 — 1.1 Diluted (a) 51.1 50.9 51.8 Antidilutive stock awards excluded from denominator 0.1 1.6 0.1 (a) We have deferred compensation plans for directors and certain of our employees. Some amounts owed to participants are denominated in common stock units. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average common stock units credited to employees and directors under the deferred compensation plans. Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed. Accordingly, basic and diluted shares include weighted-average units of 0.3 million in 2019 , 0.3 million in 2018 and 0.3 million in 2017 . |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Years Ended December 31, (In millions) 2019 2018 2017 Cash paid for: Interest $ 84.2 63.7 27.1 Income taxes, net 23.9 90.6 83.8 |
Reconciliation of cash, cash equivalents and restricted cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows. December 31, (In millions) 2019 2018 Cash and cash equivalents $ 311.0 343.4 Restricted cash 158.0 136.1 Total, cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows $ 469.0 479.5 |
Other Operating Income (Expen_2
Other Operating Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income | Other Operating Income (Expense) Years Ended December 31, (In millions) 2019 2018 2017 Foreign currency items: Transaction losses (a) $ (22.9 ) (13.9 ) (9.2 ) Foreign currency derivative instrument gains 6.9 7.7 0.8 Gains on sale of property and equity investment (b) 5.8 4.0 9.2 Impairment losses (7.7 ) (6.5 ) (3.4 ) Share in earnings of equity affiliates 0.9 1.9 0.4 Royalty income 5.1 4.5 1.9 Gains on business acquisitions and dispositions — — 0.6 Other 2.5 0.6 3.0 Other operating income (expense) $ (9.4 ) (1.7 ) 3.3 (a) Includes remeasurement losses in Argentina of $11.3 million in 2019 and $6.2 million in 2018 related to highly inflationary accounting. Prior to the June 30, 2018 deconsolidation, Venezuela reported remeasurement gains of $2.2 million in 2018 and remeasurement losses of $9.1 million in 2017 under highly inflationary accounting. (b) Includes a $3.0 million gain in 2018 and an $8.4 million gain in 2017 related to the sale of real estate in Mexico. |
Interest and Other Nonoperati_2
Interest and Other Nonoperating Income (Expense) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Interest and Other Income [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Interest and Other Nonoperating Income (Expense) Years Ended December 31, (In millions) 2019 2018 2017 Interest income $ 5.6 6.9 4.1 Gain (loss) on equity securities (2.9 ) 3.2 1.5 Foreign currency transaction losses (a) — (15.5 ) (7.6 ) Derivative instruments — — 1.1 Retirement benefit cost other than service cost (52.7 ) (39.7 ) (47.8 ) Prepayment penalties (b) — — (8.3 ) Interest on Colombia tax claim (h) (1.1 ) — — Interest on Brazil tax claim (c) — — (1.6 ) Non-income taxes on intercompany billings (d) (4.2 ) (2.6 ) (1.3 ) Venezuela operations (e) (0.9 ) (0.6 ) — Gain on lease termination (f) 5.2 — — Gain on a disposition of a subsidiary (g) — 11.2 — Other (1.7 ) (1.7 ) (0.3 ) Interest and other nonoperating income (expense) $ (52.7 ) (38.8 ) (60.2 ) (a) Prior to the July 1, 2018 highly inflationary designation for accounting purposes, currency transaction losses incurred by Brink's Argentina related to its U.S. dollar-denominated payables to the sellers of Maco Transporatadora and Maco Litoral. (b) Penalties upon prepayment of Private Placement notes in September 2017 and a term loan in October 2017. (c) Related to an unfavorable court ruling in 2017 on a non-income tax claim in Brazil. The court ruled that Brink's must pay interest accruing from the initial claim filing in 1994 to the current date. The principal amount of the claim was approximately $1 million and was recognized in selling, general and administrative expenses in 2017. (d) Certain of our South American subsidiaries incur non-income taxes related to the billing of intercompany charges. These intercompany charges do not impact South America segment results and are eliminated in our consolidation. (e) Charges incurred for providing financial support to Brink's Venezuelan subsidiaries after the June 30, 2018 deconsolidation. We do not expect any future funding of the Venezuela business, as long as current U.S. sanctions remain in effect. (f) Gain on termination of a mining lease obligation related to former coal operations. We have no remaining mining leases. (g) Gain on the sale of our former French airport security services subsidiary in the second quarter of 2018. (h) Related to an unfavorable court ruling in 2019 on a non-income tax claim in Colombia. The court ruled that Brink's must pay interest accruing from 2009 to the current date. The principal amount of the claim was less than $1 million and was recognized in selling, general and administrative expenses in 2019. |
Reorganization and Restructur_2
Reorganization and Restructuring Reorganitzation and Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the costs incurred, payments and utilization, and foreign currency exchange effects of the 2016 reorganization and restructuring: (In millions) Asset Related Adjustments Severance Costs Lease Terminations Benefit Program Termination Total Balance as of December 31, 2016 $ — 7.0 0.6 — 7.6 Expense (benefit) 4.1 10.4 0.6 2.2 17.3 Payments and utilization (4.1 ) (16.0 ) (0.8 ) (2.2 ) (23.1 ) Foreign currency exchange effects — 0.2 — — 0.2 Balance as of December 31, 2017 $ — 1.6 0.4 — 2.0 Expense (benefit) 1.7 11.3 — — 13.0 Payments and utilization (1.7 ) (12.4 ) (0.2 ) — (14.3 ) Foreign currency exchange effects — — — — — Balance as of December 31, 2018 $ — 0.5 0.2 — 0.7 The following table summarizes the costs incurred, payments and utilization, and foreign currency exchange effects of other restructurings: (In millions) Severance Costs Modification of Shared-based Awards Other Total Balance as of December 31, 2018 $ 3.3 — — 3.3 Expense (benefit) 19.7 7.7 1.8 29.2 Payments and utilization (15.6 ) (7.7 ) (1.8 ) (25.1 ) Accrual adjustment (0.4 ) — — (0.4 ) Foreign currency exchange effects — — — — Balance as of December 31, 2019 $ 7.0 — — 7.0 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | 2019 Quarters 2018 Quarters (In millions, except for per share amounts) 1 st 2 nd 3 rd 4 th 1 st 2 nd 3 rd 4 th Revenues $ 905.0 914.0 928.4 935.8 $ 879.1 849.7 852.4 907.7 Operating profit 58.4 52.6 52.5 73.3 64.8 61.7 67.0 81.2 Amounts attributable to Brink’s: Income (loss) from: Continuing operations $ 13.7 12.6 5.8 (3.8 ) $ 22.1 (107.8 ) 17.5 34.9 Discontinued operations — (0.1 ) (0.4 ) 1.2 0.2 (0.1 ) (0.1 ) — Net income (loss) attributable to Brink’s $ 13.7 12.5 5.4 (2.6 ) $ 22.3 (107.9 ) 17.4 34.9 Depreciation and amortization $ 47.9 48.7 42.9 45.5 $ 38.8 39.1 41.6 42.8 Capital expenditures 35.2 37.9 42.9 48.8 36.7 36.6 30.7 51.1 Earnings (loss) per share attributable to Brink’s common shareholders: Basic Continuing operations $ 0.27 0.25 0.11 (0.08 ) $ 0.43 (2.11 ) 0.34 0.69 Discontinued operations — — (0.01 ) 0.02 — — — — Net income (loss) $ 0.27 0.25 0.11 (0.05 ) $ 0.44 (2.11 ) 0.34 0.69 Diluted Continuing operations $ 0.27 0.25 0.11 (0.08 ) $ 0.42 (2.11 ) 0.34 0.68 Discontinued operations — — (0.01 ) 0.02 — — — — Net income (loss) $ 0.27 0.25 0.10 (0.05 ) $ 0.43 (2.11 ) 0.34 0.68 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 16 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 years |
Building leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Building leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Capitalized software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Capitalized software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Other machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Other machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019USD ($)$ / $ | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($)$ / $ | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)reporting_unit$ / $ | Dec. 31, 2018USD ($)$ / $ | Dec. 31, 2017USD ($)$ / $ | Dec. 31, 2016$ / $ | |
Investment [Line Items] | ||||||||||||||
Number of reporting units | reporting_unit | 8 | |||||||||||||
Goodwill | $ 784.6 | $ 678.6 | $ 784.6 | $ 678.6 | $ 453.7 | |||||||||
Net monetary assets | 1,232.6 | 1,206.5 | 1,232.6 | 1,206.5 | ||||||||||
Cash and cash equivalents | 311 | 343.4 | 311 | 343.4 | ||||||||||
Argentina conversion losses | (22.9) | (13.9) | (9.2) | |||||||||||
Loss on deconsolidation of Venezuela operations | 0 | (126.7) | 0 | |||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Deconsolidation, pretax | (61.2) | (172) | (54.3) | |||||||||||
Revenues | $ 935.8 | $ 928.4 | $ 914 | $ 905 | $ 907.7 | $ 852.4 | $ 849.7 | $ 879.1 | 3,683.2 | 3,488.9 | 3,347 | |||
Provision for Doubtful Accounts | $ 22.8 | 1.4 | 5 | |||||||||||
Minimum | ||||||||||||||
Investment [Line Items] | ||||||||||||||
Remaining useful lives (in years) | 1 year | |||||||||||||
Percentage of Fair Value in Excess of Carrying Amount | 36.00% | 36.00% | ||||||||||||
Maximum | ||||||||||||||
Investment [Line Items] | ||||||||||||||
Remaining useful lives (in years) | 14 years | |||||||||||||
Percentage of Fair Value in Excess of Carrying Amount | 234.00% | 234.00% | ||||||||||||
Venezuela | ||||||||||||||
Investment [Line Items] | ||||||||||||||
Revenues | $ 0 | 51.4 | $ 154.1 | |||||||||||
Venezuela | Venezuelan bolívar fuerte | ||||||||||||||
Investment [Line Items] | ||||||||||||||
Rate decrease percent | 97.00% | 97.00% | 80.00% | |||||||||||
Currency remeasurement gain (loss) | $ 2.2 | $ (9.1) | ||||||||||||
Loss on deconsolidation of Venezuela operations | $ 126.7 | |||||||||||||
Derecognition of the carrying amounts of assets included in the deconsolidation charge | 32 | |||||||||||||
Derecognition of the carrying amounts of liabilities included in the deconsolidation charge | 11 | |||||||||||||
Income (loss) attributable to noncontrolling interest | $ 2 | 1 | ||||||||||||
ARGENTINA | ||||||||||||||
Investment [Line Items] | ||||||||||||||
Revenues | 214.4 | $ 247.2 | $ 250.3 | |||||||||||
ARGENTINA | Argentina, Pesos | ||||||||||||||
Investment [Line Items] | ||||||||||||||
Goodwill | $ 99.8 | $ 99.8 | ||||||||||||
Percent of Consolidated Revenue | 6.00% | 7.00% | 7.00% | |||||||||||
Rate decrease percent | 37.00% | 50.00% | 37.00% | 50.00% | 15.00% | |||||||||
Official exchange rate | $ / $ | 59.9 | 37.6 | 59.9 | 37.6 | 18.6 | 15.9 | ||||||||
Currency remeasurement gain (loss) | $ (8.1) | $ (11.3) | $ (6.2) | |||||||||||
Net monetary assets | $ 16.3 | 16.3 | ||||||||||||
Cash and cash equivalents | 16.2 | 16.2 | ||||||||||||
Net nonmonetary assets | $ 150.5 | 150.5 | ||||||||||||
Devaluation settled rates | 25.00% | |||||||||||||
Argentina conversion losses | 4.7 | |||||||||||||
Foreign Currency Translation Adjustments | ||||||||||||||
Investment [Line Items] | ||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Deconsolidation, pretax | 0 | $ (107.2) | $ 0 | |||||||||||
Foreign Currency Translation Adjustments | Venezuela | Venezuelan bolívar fuerte | ||||||||||||||
Investment [Line Items] | ||||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Deconsolidation, pretax | $ 106 | |||||||||||||
France | ||||||||||||||
Investment [Line Items] | ||||||||||||||
Percentage of Fair Value in Excess of Carrying Amount | 20.00% | 9.00% | 20.00% | 9.00% | ||||||||||
Goodwill | $ 89.2 | $ 90.4 | $ 90.4 | $ 89.2 | ||||||||||
Canada | ||||||||||||||
Investment [Line Items] | ||||||||||||||
Percentage of Fair Value in Excess of Carrying Amount | 36.00% | 36.00% | ||||||||||||
Goodwill | $ 3.4 | $ 3.4 | ||||||||||||
Internal Loss AR Rebuild | ||||||||||||||
Investment [Line Items] | ||||||||||||||
Third-party expense | $ 4.5 | |||||||||||||
Revenues | 4 | |||||||||||||
Bank fees | 0.3 | |||||||||||||
Increase to bad debt expense | 6.4 | 13.7 | 20.1 | |||||||||||
Provision for Doubtful Accounts | 19.2 | |||||||||||||
Immaterial error correction | $ 10 | |||||||||||||
Accounts receivable | $ 34 | $ 34 | ||||||||||||
Percent of Accounts Receivable | 56.00% | 56.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies New Accounting Standards (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | [1] | Jan. 01, 2019 | Mar. 31, 2018 | [2] | Jan. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative effect of change in accounting principle | $ 0 | $ 2.2 | |||||||
Net cash provided by operating activities | $ 368.6 | $ 364.1 | $ 296.4 | ||||||
Net Cash Provided by (Used in) Financing Activities | (38) | 93.4 | 587.3 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (8.1) | (32.2) | (0.9) | ||||||
Right-of-use assets, net | 270.3 | $ 0 | |||||||
Lease liabilities | $ 284.3 | ||||||||
Retained Earnings | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative effect of change in accounting principle | $ 28.8 | $ 3.3 | |||||||
Accounting Standards Update 2014-09 | Retained Earnings | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative effect of change in accounting principle | $ 1.5 | ||||||||
Accounting Standards Update 2016-01 | Retained Earnings | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative effect of change in accounting principle | 1.1 | ||||||||
Accounting Standards Update 2016-16 | Retained Earnings | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Cumulative effect of change in accounting principle | $ 0.7 | ||||||||
Accounting Standards Update 2016-18 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Net cash provided by operating activities | 44.3 | ||||||||
Net Cash Provided by (Used in) Financing Activities | 1.5 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | $ 11.3 | ||||||||
Accounting Standards Update 2016-02 | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Right-of-use assets, net | $ 310.1 | ||||||||
Lease liabilities | $ 320.3 | ||||||||
[1] | Effective January 1, 2019, we adopted the provisions of ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. We recognized a cumulative effect adjustment to January 1, 2019 retained earnings as a result of adopting this standard. See Note 1 for further details. | ||||||||
[2] | Effective January 1, 2018, we adopted the provisions of ASU 2014-09, Revenue From Contracts with Customers , ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory. We recognized a cumulative effect adjustment to January 1, 2018 retained earnings as a result of adopting each of these standards. See Note 1 for further details of the impact of each standard. |
Revenue from contracts with c_4
Revenue from contracts with customers Revenue from contracts with customers - disaggregation of revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | $ 935.8 | $ 928.4 | $ 914 | $ 905 | $ 907.7 | $ 852.4 | $ 849.7 | $ 879.1 | $ 3,683.2 | $ 3,488.9 | $ 3,347 |
Venezuela | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 0 | 51.4 | 154.1 | ||||||||
Core services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 1,953.3 | 1,720.6 | |||||||||
High-value services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 1,584.4 | 1,581.3 | |||||||||
Other security services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 145.5 | 187 | |||||||||
Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 3,679.7 | 3,437.5 | 3,192.9 | ||||||||
Reportable Segments | Core services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 1,953.3 | 1,702.2 | |||||||||
Reportable Segments | High-value services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 1,580.9 | 1,548.3 | |||||||||
Reportable Segments | Other security services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 145.5 | 187 | |||||||||
Other items not allocated to segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Acquisitions and dispositions, Revenues | (0.5) | 0 | |||||||||
Other items not allocated to segments | Venezuela | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 0 | 51.4 | 154.1 | ||||||||
Other items not allocated to segments | Core services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Acquisitions and dispositions, Revenues | 0 | ||||||||||
Other items not allocated to segments | Core services | Venezuela | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 18.4 | ||||||||||
Other items not allocated to segments | High-value services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Acquisitions and dispositions, Revenues | (0.5) | ||||||||||
Other items not allocated to segments | High-value services | Venezuela | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 33 | ||||||||||
Other items not allocated to segments | Other security services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Acquisitions and dispositions, Revenues | 0 | ||||||||||
Other items not allocated to segments | Other security services | Venezuela | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 0 | ||||||||||
North America | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 1,782.8 | 1,466.3 | 1,254.2 | ||||||||
North America | Reportable Segments | Core services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 1,115.1 | 895.1 | |||||||||
North America | Reportable Segments | High-value services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 667.7 | 571.2 | |||||||||
North America | Reportable Segments | Other security services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 0 | 0 | |||||||||
South America | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 916.5 | 926.9 | 924.6 | ||||||||
South America | Reportable Segments | Core services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 486.4 | 449.8 | |||||||||
South America | Reportable Segments | High-value services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 418.8 | 465.1 | |||||||||
South America | Reportable Segments | Other security services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 11.3 | 12 | |||||||||
Rest of World | Reportable Segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 980.4 | 1,044.3 | $ 1,014.1 | ||||||||
Rest of World | Reportable Segments | Core services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 351.8 | 357.3 | |||||||||
Rest of World | Reportable Segments | High-value services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 494.4 | 512 | |||||||||
Rest of World | Reportable Segments | Other security services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 134.2 | $ 175 | |||||||||
Internal Loss AR Rebuild | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | $ 4 | ||||||||||
Internal Loss AR Rebuild | Other items not allocated to segments | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | 4 | ||||||||||
Internal Loss AR Rebuild | Other items not allocated to segments | High-value services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue disaggregated by reportable segment and type of service | $ 4 |
Revenue from contracts with c_5
Revenue from contracts with customers Revenue from contracts with customers - contract balances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Receivables | $ 635.6 | $ 599.5 |
Customer Asset | 1.9 | |
Contract Liability | 12.8 | |
Capitalized costs to obtain contracts | 1.9 | |
Pro Forma under Old Revenue Recognition Standard | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Receivables | 599.5 | |
Customer Asset | 1.8 | |
Contract Liability | $ 2.5 | |
Revenue recognized included in beginning balance | 2.5 | |
Accounting Standards Update 2014-09 | Impact of New Revenue Recognition Standard | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Receivable - increase (decrease) | 36.1 | |
Contract Asset - increase (decrease) | 0.1 | |
Contract Liability - increase (decrease) | $ 10.3 |
Segment information - Narrative
Segment information - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019countrysegment | |
Segment Reporting Information [Line Items] | |
Number of countries in which the entity operates | 100 |
Number of operating segments | segment | 3 |
Subsidiaries | |
Segment Reporting Information [Line Items] | |
Number of countries in which the entity operates | 41 |
Segment information - Revenue A
Segment information - Revenue And Operating Profits (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 935.8 | $ 928.4 | $ 914 | $ 905 | $ 907.7 | $ 852.4 | $ 849.7 | $ 879.1 | $ 3,683.2 | $ 3,488.9 | $ 3,347 |
Operating Profit | 73.3 | 52.5 | $ 52.6 | $ 58.4 | $ 81.2 | $ 67 | $ 61.7 | $ 64.8 | 236.8 | 274.7 | 273.9 |
Foreign currency transaction losses | (22.9) | (13.9) | (9.2) | ||||||||
Reportable Segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,679.7 | 3,437.5 | 3,192.9 | ||||||||
Operating Profit | 519.3 | 442.9 | 372 | ||||||||
Corporate items: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
General, administrative and other expenses | (123.2) | (99.4) | (84.3) | ||||||||
Foreign currency transaction losses | (4.8) | (2.2) | (1.1) | ||||||||
Reconciliation of segment policies to GAAP | 0.3 | 5.6 | (5.2) | ||||||||
Other items not allocated to segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Acquisitions and dispositions, Revenues | (0.5) | 0 | |||||||||
Reorganization and Restructuring | (28.8) | (20.6) | (22.6) | ||||||||
Acquisitions and dispositions | (88.5) | (41.4) | (5.3) | ||||||||
Reporting compliance | (2.1) | (4.5) | |||||||||
Venezuela | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 51.4 | 154.1 | ||||||||
Venezuela | Other items not allocated to segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 51.4 | 154.1 | ||||||||
Operating Profit | 0 | 2.3 | 20.4 | ||||||||
ARGENTINA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 214.4 | 247.2 | 250.3 | ||||||||
ARGENTINA | Other items not allocated to segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Argentina highly inflationary impact | (14.5) | (8) | |||||||||
North America | Reportable Segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,782.8 | 1,466.3 | 1,254.2 | ||||||||
Operating Profit | 186.4 | 129.8 | 74 | ||||||||
South America | Reportable Segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 916.5 | 926.9 | 924.6 | ||||||||
Operating Profit | 217.1 | 198.7 | 182.8 | ||||||||
Rest of World | Reportable Segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 980.4 | 1,044.3 | 1,014.1 | ||||||||
Operating Profit | 115.8 | $ 114.4 | $ 115.2 | ||||||||
Internal Loss AR Rebuild | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4 | ||||||||||
Internal loss | $ (6.4) | $ (13.7) | (20.1) | ||||||||
Internal Loss AR Rebuild | Other items not allocated to segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4 | ||||||||||
Internal loss | $ (20.9) |
Segment information - Capital E
Segment information - Capital Expenditures, Depreciation, Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Capital Expenditures by Reportable Segment | $ 48.8 | $ 42.9 | $ 37.9 | $ 35.2 | $ 51.1 | $ 30.7 | $ 36.6 | $ 36.7 | $ 164.8 | $ 155.1 | $ 174.5 |
Depreciation and Amortization by Reportable Segment | 157.2 | 144.6 | 138.2 | ||||||||
Amortization of intangible assets: | 27.8 | 17.7 | 8.4 | ||||||||
Total | $ 45.5 | $ 42.9 | $ 48.7 | $ 47.9 | $ 42.8 | $ 41.6 | $ 39.1 | $ 38.8 | 185 | 162.3 | 146.6 |
Reportable Segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital Expenditures by Reportable Segment | 154.5 | 140.3 | 161.4 | ||||||||
Depreciation and Amortization by Reportable Segment | 141.3 | 129.7 | 122.3 | ||||||||
Reportable Segments: | North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital Expenditures by Reportable Segment | 76.6 | 59.1 | 86.3 | ||||||||
Depreciation and Amortization by Reportable Segment | 81.1 | 72.1 | 68.4 | ||||||||
Reportable Segments: | South America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital Expenditures by Reportable Segment | 44.4 | 43.3 | 39.2 | ||||||||
Depreciation and Amortization by Reportable Segment | 27.9 | 26.3 | 23.5 | ||||||||
Reportable Segments: | Rest of World | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital Expenditures by Reportable Segment | 33.5 | 37.9 | 35.9 | ||||||||
Depreciation and Amortization by Reportable Segment | 32.3 | 31.3 | 30.4 | ||||||||
Corporate items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital Expenditures by Reportable Segment | 10.3 | 14.8 | 8.9 | ||||||||
Depreciation and Amortization by Reportable Segment | 10.8 | 11.9 | 12 | ||||||||
Other items not allocated to segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and Amortization by Reportable Segment | 3.1 | ||||||||||
Venezuela | Other items not allocated to segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Capital Expenditures by Reportable Segment | 0 | 0 | 4.2 | ||||||||
Depreciation and Amortization by Reportable Segment | 0 | 1.1 | 1.7 | ||||||||
ARGENTINA | Other items not allocated to segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and Amortization by Reportable Segment | 1.8 | ||||||||||
Reorganization and Restructuring | Other items not allocated to segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and Amortization by Reportable Segment | $ 0.2 | $ 1.9 | $ 2.2 |
Segment information - Assets, L
Segment information - Assets, Long Lived Assets, Revenues, Net Assets by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Assets held by Reportable Segment | $ 3,763.8 | $ 3,236 | $ 3,763.8 | $ 3,236 | $ 3,059.6 | ||||||
Long-Lived Assets by Geographic Area | 763.3 | 699.4 | 763.3 | 699.4 | 640.9 | ||||||
Revenues | 935.8 | $ 928.4 | $ 914 | $ 905 | 907.7 | $ 852.4 | $ 849.7 | $ 879.1 | 3,683.2 | 3,488.9 | 3,347 |
Net assets outside the U.S. | 1,260.1 | 1,141.5 | 1,260.1 | 1,141.5 | 1,191 | ||||||
Reportable Segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets held by Reportable Segment | 3,495.9 | 2,947.7 | 3,495.9 | 2,947.7 | 2,357.3 | ||||||
Revenues | 3,679.7 | 3,437.5 | 3,192.9 | ||||||||
Corporate items | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets held by Reportable Segment | 267.9 | 288.3 | 267.9 | 288.3 | 643.6 | ||||||
North America | Reportable Segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets held by Reportable Segment | 1,683 | 1,404.5 | 1,683 | 1,404.5 | 733.5 | ||||||
Revenues | 1,782.8 | 1,466.3 | 1,254.2 | ||||||||
South America | Reportable Segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets held by Reportable Segment | 806.1 | 602.5 | 806.1 | 602.5 | 740.5 | ||||||
Revenues | 916.5 | 926.9 | 924.6 | ||||||||
Rest of World | Reportable Segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets held by Reportable Segment | 1,006.8 | 940.7 | 1,006.8 | 940.7 | 883.3 | ||||||
Revenues | 980.4 | 1,044.3 | 1,014.1 | ||||||||
Mexico | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-Lived Assets by Geographic Area | 129.4 | 107 | 129.4 | 107 | 99.6 | ||||||
Revenues | 412.4 | 365.3 | 327.2 | ||||||||
Net assets outside the U.S. | 181.3 | 154.8 | 181.3 | 154.8 | 133.7 | ||||||
France | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-Lived Assets by Geographic Area | 74.1 | 79 | 74.1 | 79 | 84.1 | ||||||
Revenues | 373.2 | 428.5 | 429.4 | ||||||||
Net assets outside the U.S. | 155.4 | 213.4 | 155.4 | 213.4 | 219.4 | ||||||
Brazil | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-Lived Assets by Geographic Area | 72.2 | 62.5 | 72.2 | 62.5 | 57.2 | ||||||
Revenues | 440.4 | 405.4 | 434.6 | ||||||||
Net assets outside the U.S. | 274.1 | 147.9 | 274.1 | 147.9 | 151.3 | ||||||
ARGENTINA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 214.4 | 247.2 | 250.3 | ||||||||
Net assets outside the U.S. | 166.1 | 154.6 | 166.1 | 154.6 | 234 | ||||||
Venezuela | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 51.4 | 154.1 | ||||||||
Venezuela | Other items not allocated to segments: | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets held by Reportable Segment | 0 | 0 | 0 | 0 | 58.7 | ||||||
Revenues | 0 | 51.4 | 154.1 | ||||||||
Canada | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-Lived Assets by Geographic Area | 54.1 | 47.6 | 54.1 | 47.6 | 46.7 | ||||||
Revenues | 149.8 | 151.7 | 151.2 | ||||||||
Net assets outside the U.S. | 45.9 | 52 | 45.9 | 52 | 63.3 | ||||||
Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-Lived Assets by Geographic Area | 150 | 135.4 | 150 | 135.4 | 146.5 | ||||||
Revenues | 868.4 | 890.1 | 824.4 | ||||||||
Subtotal | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-Lived Assets by Geographic Area | 479.8 | 431.5 | 479.8 | 431.5 | 434.1 | ||||||
Revenues | 2,458.6 | 2,539.6 | 2,571.2 | ||||||||
U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long-Lived Assets by Geographic Area | 283.5 | 267.9 | 283.5 | 267.9 | 206.8 | ||||||
Revenues | 1,224.6 | 949.3 | 775.8 | ||||||||
Other Rest of World countries | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net assets outside the U.S. | 313.6 | 309.2 | 313.6 | 309.2 | 273.1 | ||||||
Other South American countries | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net assets outside the U.S. | $ 123.7 | $ 109.6 | $ 123.7 | $ 109.6 | $ 116.2 |
Segment information - Informati
Segment information - Information About Unconsolidated Equity Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |||
Carrying value of investments at year end | $ 5 | $ 4.9 | $ 4 |
Undistributed earnings | 3.2 | 3.5 | 2.6 |
Share in earnings of equity affiliates | 0.9 | 1.9 | $ 0.4 |
Rest of World | Reportable Segments | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |||
Carrying value of investments at year end | 4.4 | 4.2 | |
Undistributed earnings | 2.6 | 2.8 | |
Share in earnings of equity affiliates | 0.6 | 0.9 | |
South America | Reportable Segments | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract] | |||
Carrying value of investments at year end | 0.6 | 0.7 | |
Undistributed earnings | 0.6 | 0.7 | |
Share in earnings of equity affiliates | $ 0.3 | $ 1 |
Retirement Benefits - Retiremen
Retirement Benefits - Retirement Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 9.9 | $ 10.5 | $ 11.3 | |
Interest cost on projected benefit obligation | 44.5 | 43.7 | 50.3 | |
Return on assets – expected | (61) | (64.7) | (63.2) | |
Amortization of losses | 23.8 | 32.3 | 31.9 | |
Amortization of prior service cost | 0.1 | 0.5 | 1.1 | |
Settlement loss | 21.4 | 1.7 | 2 | |
Net periodic pension cost | 38.7 | 24 | 33.4 | |
Retirement benefits other than pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.2 | 0.2 | 0.1 | |
Interest cost on projected benefit obligation | 21.1 | 20.3 | 21.6 | |
Return on assets – expected | (13.3) | (16.7) | (16.5) | |
Amortization of losses | 21.2 | 26.1 | 23.6 | |
Amortization of prior service cost | (5) | (3.5) | (2.9) | |
Curtailment (gain) | (0.1) | 0 | (0.1) | |
Net periodic pension cost | 24.1 | 26.4 | 25.8 | |
UMWA Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | |
Interest cost on projected benefit obligation | 17.3 | 17.1 | 18.4 | |
Return on assets – expected | (13.3) | (16.7) | (16.5) | |
Amortization of losses | 16.6 | 20.3 | 19.5 | |
Amortization of prior service cost | (4.7) | (4.6) | (4.6) | |
Curtailment (gain) | 0 | 0 | 0 | |
Net periodic pension cost | 15.9 | 16.1 | 16.8 | |
Black Lung and Other Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0.2 | 0.2 | 0.1 | |
Interest cost on projected benefit obligation | 3.8 | 3.2 | 3.2 | |
Return on assets – expected | 0 | 0 | 0 | |
Amortization of losses | 4.6 | 5.8 | 4.1 | |
Amortization of prior service cost | (0.3) | 1.1 | 1.7 | |
Curtailment (gain) | (0.1) | 0 | (0.1) | |
Net periodic pension cost | 8.2 | 10.3 | 9 | |
U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 0 | 0 | 0 | |
Interest cost on projected benefit obligation | 34.1 | 31.9 | 35.1 | |
Return on assets – expected | (50.7) | (53.6) | (53.3) | |
Amortization of losses | 19.6 | 27.7 | 26.6 | |
Amortization of prior service cost | 0 | 0 | 0 | |
Settlement loss | 19.3 | 0 | 0 | |
Net periodic pension cost | 22.3 | 6 | 8.4 | |
U.S. Plans | Total | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ (19.3) | |||
Non-U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 9.9 | 10.5 | 11.3 | |
Interest cost on projected benefit obligation | 10.4 | 11.8 | 15.2 | |
Return on assets – expected | (10.3) | (11.1) | (9.9) | |
Amortization of losses | 4.2 | 4.6 | 5.3 | |
Amortization of prior service cost | 0.1 | 0.5 | 1.1 | |
Settlement loss | 2.1 | 1.7 | 2 | |
Net periodic pension cost | $ 16.4 | $ 18 | $ 25 |
Retirement Benefits - Obligatio
Retirement Benefits - Obligations and Funded Status (Details) - USD ($) $ in Millions | Oct. 08, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Total | ||||
Changes in the benefit obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | $ 1,066.1 | $ 1,191.8 | ||
Service cost | 9.9 | 10.5 | $ 11.3 | |
Interest cost | 44.5 | 43.7 | 50.3 | |
Participant contributions | 0.1 | 0.3 | ||
Plan amendments | (0.6) | 0 | ||
Plan combinations | 1.4 | 0.7 | ||
Curtailment | (0.8) | 0 | ||
Settlements | (54.5) | 0 | ||
Benefits paid | (67.3) | (66.1) | ||
Divestitures(a) | 0 | (3.9) | ||
Actuarial (gains) losses | 136.7 | (88.7) | ||
Foreign currency exchange effects | 9.7 | (22.2) | ||
Benefit obligation at end of year | 1,145.2 | 1,066.1 | 1,191.8 | |
Changes in plan assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 867.2 | 980.1 | ||
Return on assets – actual | 143.3 | (51.2) | ||
Participant contributions | 0.1 | 0.3 | ||
Employer contributions | 14.6 | 17.4 | ||
Plan combinations | 1.4 | 0.7 | ||
Settlements | (53.9) | 0 | ||
Benefits paid | (67.3) | (66.1) | ||
Foreign currency exchange effects | 9 | (14) | ||
Fair value of plan assets at end of year | 914.4 | 867.2 | 980.1 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Funded status | (230.8) | (198.9) | ||
Current liability, included in accrued liabilities | 1.9 | 2 | ||
Noncurrent liability | 228.9 | 196.9 | ||
Net pension liability | 230.8 | 198.9 | ||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Beginning of year - net gains and losses | (368) | (391.8) | ||
Net actuarial gains (losses) arising during the year | (53) | (27.2) | ||
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) | 45.2 | 46.4 | ||
Foreign currency exchange effects | (2.3) | 4.6 | ||
End of year - net gains and losses | (378.1) | (368) | (391.8) | |
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | ||||
Beginning of year - net prior service (cost) credit | (1.2) | (8.3) | ||
Prior service credit (cost) from plan amendments during the year | 0.6 | 0 | ||
Reclassification adjustment for amortization of prior service cost included in net income (loss) | 0.1 | 7.1 | ||
Foreign currency exchange effects | 0 | 0 | ||
End of year - net prior service (cost) credit | (0.5) | (1.2) | (8.3) | |
Retirement benefits other than pension | ||||
Changes in the benefit obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 555.6 | 589.3 | ||
Service cost | 0.2 | 0.2 | 0.1 | |
Interest cost | 21.1 | 20.3 | 21.6 | |
Plan amendments | (0.3) | 0 | ||
Acquisition | 0.9 | 0.2 | ||
Curtailment | (0.2) | 0 | ||
Benefits paid | (37.8) | (36.8) | ||
Actuarial (gains) losses | (2.6) | (16.5) | ||
Foreign currency exchange effects | (0.2) | (1.1) | ||
Benefit obligation at end of year | 536.7 | 555.6 | 589.3 | |
Changes in plan assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 181.7 | 219.2 | ||
Return on assets – actual | 25.9 | (7.6) | ||
Employer contributions | 8.5 | 8.2 | ||
Net transfers to (from) plan assets | (0.4) | (1.3) | ||
Benefits paid | (37.8) | (36.8) | ||
Fair value of plan assets at end of year | 177.9 | 181.7 | 219.2 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Funded status | (358.8) | (373.9) | ||
Current liability, included in accrued liabilities | 11 | 7.8 | ||
Noncurrent liability | 347.8 | 366.1 | ||
Net pension liability | 358.8 | 373.9 | ||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Beginning of year - net gains and losses | (333.8) | (352.8) | ||
Net actuarial gains (losses) arising during the year | 15.2 | (7.8) | ||
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) | 21.2 | 26.1 | ||
Foreign currency exchange effects | 0.1 | 0.7 | ||
End of year - net gains and losses | (297.3) | (333.8) | (352.8) | |
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | ||||
Beginning of year - net prior service (cost) credit | 34.2 | 38 | ||
Prior service credit (cost) from plan amendments during the year | 0.3 | 0 | ||
Reclassification adjustment for amortization of prior service cost included in net income (loss) | (5.1) | (3.5) | ||
Foreign currency exchange effects | 0 | (0.3) | ||
End of year - net prior service (cost) credit | 29.4 | 34.2 | 38 | |
U.S. Plans | ||||
Changes in the benefit obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 801.9 | 890.3 | ||
Service cost | 0 | 0 | 0 | |
Interest cost | 34.1 | 31.9 | 35.1 | |
Participant contributions | 0 | 0 | ||
Plan amendments | 0 | 0 | ||
Plan combinations | 0 | 0 | ||
Settlements | (53.6) | 0 | ||
Benefits paid | (49.1) | (49.3) | ||
Actuarial (gains) losses | 93.5 | (71) | ||
Foreign currency exchange effects | 0 | 0 | ||
Benefit obligation at end of year | 826.8 | 801.9 | 890.3 | |
Changes in plan assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 686.6 | 777.2 | ||
Return on assets – actual | 114.1 | (42.2) | ||
Participant contributions | 0 | 0 | ||
Employer contributions | 0.7 | 0.9 | ||
Plan combinations | 0 | 0 | ||
Settlements | (53) | 0 | ||
Benefits paid | (49.1) | (49.3) | ||
Foreign currency exchange effects | 0 | 0 | ||
Fair value of plan assets at end of year | 699.3 | 686.6 | 777.2 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Funded status | (127.5) | (115.3) | ||
Current liability, included in accrued liabilities | 0.6 | 1.2 | ||
Noncurrent liability | 126.9 | 114.1 | ||
Net pension liability | 127.5 | 115.3 | ||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Beginning of year - net gains and losses | (306) | (308.9) | ||
Net actuarial gains (losses) arising during the year | (29.5) | (24.8) | ||
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) | 38.9 | 27.7 | ||
Foreign currency exchange effects | 0 | 0 | ||
End of year - net gains and losses | (296.6) | (306) | (308.9) | |
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | ||||
Beginning of year - net prior service (cost) credit | 0 | 0 | ||
Prior service credit (cost) from plan amendments during the year | 0 | 0 | ||
Reclassification adjustment for amortization of prior service cost included in net income (loss) | 0 | 0 | ||
Foreign currency exchange effects | 0 | 0 | ||
End of year - net prior service (cost) credit | 0 | 0 | 0 | |
U.S. Plans | Actuarial Gains (Losses) - Asset Return Different from Expected | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 63 | |||
U.S. Plans | Actuarial Gains (Losses) - Change in Discount Rate | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | (96) | |||
U.S. Plans | Actuarial Gains (Losses) - Change of Mortality Tables | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 5 | |||
U.S. Plans | Total | ||||
Changes in the benefit obligation [Roll Forward] | ||||
Settlements | $ (54) | |||
Non-U.S. Plans | ||||
Changes in the benefit obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 264.2 | 301.5 | ||
Service cost | 9.9 | 10.5 | 11.3 | |
Interest cost | 10.4 | 11.8 | 15.2 | |
Participant contributions | 0.1 | 0.3 | ||
Plan amendments | (0.6) | 0 | ||
Plan combinations | 1.4 | 0.7 | ||
Curtailment | (0.8) | |||
Settlements | (0.9) | 0 | ||
Benefits paid | (18.2) | (16.8) | ||
Divestitures(a) | 0 | (3.9) | ||
Actuarial (gains) losses | 43.2 | (17.7) | ||
Foreign currency exchange effects | 9.7 | (22.2) | ||
Benefit obligation at end of year | 318.4 | 264.2 | 301.5 | |
Changes in plan assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 180.6 | 202.9 | ||
Return on assets – actual | 29.2 | (9) | ||
Participant contributions | 0.1 | 0.3 | ||
Employer contributions | 13.9 | 16.5 | ||
Plan combinations | 1.4 | 0.7 | ||
Settlements | (0.9) | 0 | ||
Benefits paid | (18.2) | (16.8) | ||
Foreign currency exchange effects | 9 | (14) | ||
Fair value of plan assets at end of year | 215.1 | 180.6 | 202.9 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Funded status | (103.3) | (83.6) | ||
Current liability, included in accrued liabilities | 1.3 | 0.8 | ||
Noncurrent liability | 102 | 82.8 | ||
Net pension liability | 103.3 | 83.6 | ||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Beginning of year - net gains and losses | (62) | (82.9) | ||
Net actuarial gains (losses) arising during the year | (23.5) | (2.4) | ||
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) | 6.3 | 18.7 | ||
Foreign currency exchange effects | (2.3) | 4.6 | ||
End of year - net gains and losses | (81.5) | (62) | (82.9) | |
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | ||||
Beginning of year - net prior service (cost) credit | (1.2) | (8.3) | ||
Prior service credit (cost) from plan amendments during the year | 0.6 | 0 | ||
Reclassification adjustment for amortization of prior service cost included in net income (loss) | 0.1 | 7.1 | ||
Foreign currency exchange effects | 0 | 0 | ||
End of year - net prior service (cost) credit | (0.5) | (1.2) | (8.3) | |
Non-U.S. Plans | Actuarial Gains (Losses) - Asset Return Different from Expected | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 19 | |||
Non-U.S. Plans | Actuarial Gains (Losses) - Change in Discount Rate | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 37 | |||
UMWA Plans | ||||
Changes in the benefit obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 479.1 | 513.5 | ||
Service cost | 0 | 0 | 0 | |
Interest cost | 17.3 | 17.1 | 18.4 | |
Plan amendments | 0 | 0 | ||
Curtailment | 0 | 0 | ||
Benefits paid | (29.3) | (28.6) | ||
Actuarial (gains) losses | (42.5) | (22.9) | ||
Foreign currency exchange effects | 0 | 0 | ||
Benefit obligation at end of year | 424.6 | 479.1 | 513.5 | |
Changes in plan assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 181.7 | 219.2 | ||
Return on assets – actual | 25.9 | (7.6) | ||
Net transfers to (from) plan assets | (0.4) | (1.3) | ||
Benefits paid | (29.3) | (28.6) | ||
Fair value of plan assets at end of year | 177.9 | 181.7 | 219.2 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Funded status | (246.7) | (297.4) | ||
Current liability, included in accrued liabilities | 0 | 0 | ||
Noncurrent liability | 246.7 | 297.4 | ||
Net pension liability | 246.7 | 297.4 | ||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Beginning of year - net gains and losses | (290.9) | (309.8) | ||
Net actuarial gains (losses) arising during the year | 55.1 | |||
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) | 16.6 | 20.3 | ||
Foreign currency exchange effects | 0 | 0 | ||
End of year - net gains and losses | (219.2) | (290.9) | (309.8) | |
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | ||||
Beginning of year - net prior service (cost) credit | 32.7 | 37.3 | ||
Prior service credit (cost) from plan amendments during the year | 0 | 0 | ||
Reclassification adjustment for amortization of prior service cost included in net income (loss) | (4.7) | (4.6) | ||
Foreign currency exchange effects | 0 | 0 | ||
End of year - net prior service (cost) credit | 28 | 32.7 | 37.3 | |
UMWA Plans | Actuarial Gains (Losses) - Asset Return Different from Expected | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 13 | |||
UMWA Plans | Actuarial Gains (Losses) - Change in Discount Rate | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | (50) | |||
UMWA Plans | Actuarial Gains (Losses) - Change of Mortality Tables | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 6 | |||
UMWA Plans | Actuarial Gains (Losses) - Change in Census Data | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 4 | |||
UMWA Plans | Actuarial Gains (Losses) - Change in Claims Experience | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 53 | |||
UMWA Plans | Actuarial Gains (Losses) - Excise Tax Update | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 29 | |||
Black Lung and Other Plans | ||||
Changes in the benefit obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 76.5 | 75.8 | ||
Service cost | 0.2 | 0.2 | 0.1 | |
Interest cost | 3.8 | 3.2 | 3.2 | |
Plan amendments | (0.3) | 0 | ||
Acquisition | 0.9 | 0.2 | ||
Curtailment | (0.2) | 0 | ||
Benefits paid | (8.5) | (8.2) | ||
Actuarial (gains) losses | 39.9 | 6.4 | ||
Foreign currency exchange effects | (0.2) | (1.1) | ||
Benefit obligation at end of year | 112.1 | 76.5 | 75.8 | |
Changes in plan assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Return on assets – actual | 0 | 0 | ||
Employer contributions | 8.5 | 8.2 | ||
Benefits paid | (8.5) | (8.2) | ||
Fair value of plan assets at end of year | 0 | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract] | ||||
Funded status | (112.1) | (76.5) | ||
Current liability, included in accrued liabilities | 11 | 7.8 | ||
Noncurrent liability | 101.1 | 68.7 | ||
Net pension liability | 112.1 | 76.5 | ||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Beginning of year - net gains and losses | (42.9) | (43) | ||
Net actuarial gains (losses) arising during the year | (39.9) | |||
Reclassification adjustment for amortization of prior actuarial losses included in net income (loss) | 4.6 | 5.8 | ||
Foreign currency exchange effects | 0.1 | 0.7 | ||
End of year - net gains and losses | (78.1) | (42.9) | (43) | |
Benefit plan prior service cost recognized in accumulated other comprehensive income (loss): | ||||
Beginning of year - net prior service (cost) credit | 1.5 | 0.7 | ||
Prior service credit (cost) from plan amendments during the year | 0.3 | 0 | ||
Reclassification adjustment for amortization of prior service cost included in net income (loss) | (0.4) | 1.1 | ||
Foreign currency exchange effects | 0 | (0.3) | ||
End of year - net prior service (cost) credit | 1.4 | 1.5 | $ 0.7 | |
Black Lung and Other Plans | Actuarial Gains (Losses) - Change in Discount Rate | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | (5) | |||
Black Lung and Other Plans | Actuarial Gains (Losses) - Change of Mortality Tables | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 3 | |||
Black Lung and Other Plans | Actuarial Gains (Losses) - Change in Census Data | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | (8) | |||
Black Lung and Other Plans | Actuarial Gains (Losses) - Claims Assumptions Updates | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | $ (27) | |||
ASU 2017-07 | U.S. Plans | Actuarial Gains (Losses) - Asset Return Different from Expected | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | (96) | |||
ASU 2017-07 | U.S. Plans | Actuarial Gains (Losses) - Change in Discount Rate | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 65 | |||
ASU 2017-07 | U.S. Plans | Actuarial Gains (Losses) - Change of Mortality Tables | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 4 | |||
ASU 2017-07 | UMWA Plans | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | (1.4) | |||
ASU 2017-07 | UMWA Plans | Actuarial Gains (Losses) - Asset Return Different from Expected | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | (24) | |||
ASU 2017-07 | UMWA Plans | Actuarial Gains (Losses) - Change in Discount Rate | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 33 | |||
ASU 2017-07 | UMWA Plans | Actuarial Gains (Losses) - Change of Mortality Tables | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | (32) | |||
ASU 2017-07 | UMWA Plans | Actuarial Gains (Losses) - Claims Assumptions Updates | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 16 | |||
ASU 2017-07 | Black Lung and Other Plans | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | (6.4) | |||
ASU 2017-07 | Black Lung and Other Plans | Actuarial Gains (Losses) - Change in Discount Rate | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | 4 | |||
ASU 2017-07 | Black Lung and Other Plans | Actuarial Gains (Losses) - Change in Census Data | ||||
Benefit plan net actuarial losses recognized in accumulated other comprehensive income (loss): | ||||
Net actuarial gains (losses) arising during the year | $ (9) |
Retirement Benefits - Informati
Retirement Benefits - Information Comparing Plan Assets to Plan Obligations (Details) $ in Millions | Oct. 08, 2019USD ($)participant | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Total | |||||
Information for pension plans with an ABO in excess of plan assets: | |||||
Fair value of plan assets | $ 750.1 | $ 750.1 | $ 731.5 | ||
Accumulated benefit obligation | 951 | 951 | 906.5 | ||
Projected benefit obligation | 968.9 | 968.9 | 921.6 | ||
Primary U.S. Pension Plan Obligation Settled | 54.5 | 0 | |||
Settlement charge | (21.4) | (1.7) | $ (2) | ||
U.S. Plans | |||||
Information for pension plans with an ABO in excess of plan assets: | |||||
Fair value of plan assets | 699.3 | 699.3 | 686.6 | ||
Accumulated benefit obligation | 826.8 | 826.8 | 801.9 | ||
Projected benefit obligation | 826.8 | 826.8 | 801.9 | ||
Primary U.S. Pension Plan Obligation Settled | 53.6 | 0 | |||
Settlement charge | (19.3) | 0 | 0 | ||
U.S. Plans | Total | |||||
Information for pension plans with an ABO in excess of plan assets: | |||||
Annuity Buy Out Number of Participants | participant | 2,600 | ||||
Plan asset payment for settlement | $ 53 | ||||
Primary U.S. Pension Plan Obligation Settled | $ 54 | ||||
Settlement charge | 19.3 | ||||
Non-U.S. Plans | |||||
Information for pension plans with an ABO in excess of plan assets: | |||||
Fair value of plan assets | 50.8 | 50.8 | 44.9 | ||
Accumulated benefit obligation | 124.2 | 124.2 | 104.6 | ||
Projected benefit obligation | $ 142.1 | 142.1 | 119.7 | ||
Primary U.S. Pension Plan Obligation Settled | 0.9 | 0 | |||
Settlement charge | $ (2.1) | $ (1.7) | $ (2) |
Retirement Benefits - Assumptio
Retirement Benefits - Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement benefits other than pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension cost | 4.40% | 3.70% | 4.20% |
Benefit obligation at year end | 3.30% | 4.40% | 3.70% |
Expected return on assets | 8.00% | 8.00% | 8.25% |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension cost | 4.40% | 3.70% | 4.30% |
Benefit obligation at year end | 3.30% | 4.40% | 3.70% |
Expected return on assets | 7.00% | 7.25% | 7.25% |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension cost | 4.00% | 3.50% | 3.70% |
Benefit obligation at year end | 3.20% | 4.00% | 3.50% |
Expected return on assets | 5.64% | 5.62% | 5.50% |
Average rate of increase in salaries - pension cost | 2.60% | 2.60% | 2.70% |
Average rate of increase in salaries - benefit obligation at year end | 2.60% | 2.60% | 2.60% |
UMWA Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension cost | 4.30% | 3.60% | 4.10% |
Benefit obligation at year end | 3.20% | 4.30% | 3.60% |
Black Lung and Other Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension cost | 4.20% | 3.50% | 3.90% |
Benefit obligation at year end | 3.10% | 4.20% | 3.50% |
Retirement Benefits - Estimated
Retirement Benefits - Estimated Future Pension Benef Pmts (Details) $ in Millions | Dec. 31, 2019USD ($) |
Total | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 59.7 |
2021 | 59.9 |
2022 | 60.3 |
2023 | 61.4 |
2024 | 62.4 |
2025 through 2029 | 329.5 |
U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 47.6 |
2021 | 47.6 |
2022 | 47.6 |
2023 | 47.7 |
2024 | 47.5 |
2025 through 2029 | 235.5 |
Non-U.S. Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 12.1 |
2021 | 12.3 |
2022 | 12.7 |
2023 | 13.7 |
2024 | 14.9 |
2025 through 2029 | $ 94 |
Retirement Benefits - Estimat_2
Retirement Benefits - Estimated OPEB Future Ben Pmts (Details) $ in Millions | Dec. 31, 2019USD ($) |
Retirement benefits other than pension | |
Estimated Future Benefits Payments [Line Items] | |
2020 | $ 41.2 |
2021 | 40.5 |
2022 | 39.3 |
2023 | 38.3 |
2024 | 37 |
2025 through 2029 | 165.6 |
UMWA Plans | |
Estimated Future Benefits Payments [Line Items] | |
2020 | 30.2 |
2021 | 30.2 |
2022 | 29.7 |
2023 | 29.3 |
2024 | 28.7 |
2025 through 2029 | 132.2 |
Black Lung and Other Plans | |
Estimated Future Benefits Payments [Line Items] | |
2020 | 11 |
2021 | 10.3 |
2022 | 9.6 |
2023 | 9 |
2024 | 8.3 |
2025 through 2029 | $ 33.4 |
Retirement Benefits - Plan Asss
Retirement Benefits - Plan Asssets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum average weighted maturity (in years) | 10 years | ||
UMWA Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 177.9 | $ 181.7 | $ 219.2 |
% Actual Allocation | 100.00% | 100.00% | |
% Target Allocation | 100.00% | 100.00% | |
UMWA Plans | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 0.8 | $ 0 | |
% Actual Allocation | 0.00% | 0.00% | |
% Target Allocation | 0.00% | 0.00% | |
UMWA Plans | U.S. large-cap(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 19.00% | 16.00% | |
% Target Allocation | 19.00% | 19.00% | |
UMWA Plans | U.S. large-cap(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 32.8 | $ 29.1 | |
UMWA Plans | U.S. small/mid-cap(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 8.00% | 7.00% | |
% Target Allocation | 8.00% | 8.00% | |
UMWA Plans | U.S. small/mid-cap(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 13.8 | $ 12 | |
UMWA Plans | International(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 23.00% | 20.00% | |
% Target Allocation | 24.00% | 24.00% | |
UMWA Plans | International(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 40.4 | $ 35.8 | |
UMWA Plans | Emerging markets(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 4.00% | 3.00% | |
% Target Allocation | 4.00% | 4.00% | |
UMWA Plans | Emerging markets(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 6.9 | $ 6.2 | |
UMWA Plans | Dynamic asset allocation(c) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 7.00% | 6.00% | |
% Target Allocation | 7.00% | 7.00% | |
UMWA Plans | Dynamic asset allocation(c) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 12.1 | $ 10.8 | |
UMWA Plans | High yield(e) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 2.00% | 2.00% | |
% Target Allocation | 2.00% | 2.00% | |
UMWA Plans | High yield(e) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 3.5 | $ 3.3 | |
UMWA Plans | Emerging markets(f) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 4.00% | 3.00% | |
% Target Allocation | 4.00% | 4.00% | |
UMWA Plans | Emerging markets(f) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 6.9 | $ 6.1 | |
UMWA Plans | Multi asset real return(i) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 5.00% | 4.00% | |
% Target Allocation | 5.00% | 5.00% | |
UMWA Plans | Multi asset real return(i) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 8.6 | $ 7.6 | |
UMWA Plans | Core property(g) (l) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 11.00% | 14.00% | |
% Target Allocation | 10.00% | 10.00% | |
UMWA Plans | Core property(g) (l) | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 20.3 | $ 25.2 | |
UMWA Plans | Structured credit(h) (l) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 5.00% | 7.00% | |
% Target Allocation | 5.00% | 5.00% | |
UMWA Plans | Structured credit(h) (l) | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 9.6 | $ 13.4 | |
UMWA Plans | Global private equity(j) (l) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 14.8 | $ 15.5 | |
% Actual Allocation | 8.00% | 9.00% | |
% Target Allocation | 7.00% | 7.00% | |
UMWA Plans | Energy debt(k) (l) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 7.4 | $ 16.7 | |
% Actual Allocation | 4.00% | 9.00% | |
% Target Allocation | 5.00% | 5.00% | |
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum average weighted maturity (in years) | 5 years | ||
Minimum | Long duration - mutual fund(d) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio duration (in years) | 10 years | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum average weighted maturity (in years) | 7 years | ||
Maximum | Long duration - mutual fund(d) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio duration (in years) | 15 years | ||
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 699.3 | $ 686.6 | 777.2 |
% Actual Allocation | 100.00% | 100.00% | |
% Target Allocation | 100.00% | 100.00% | |
U.S. Plans | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 3.8 | $ 4.1 | |
% Actual Allocation | 0.00% | 0.00% | |
% Target Allocation | 0.00% | 0.00% | |
U.S. Plans | U.S. large-cap(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 12.00% | 12.00% | |
% Target Allocation | 12.00% | 12.00% | |
U.S. Plans | U.S. large-cap(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 83.6 | $ 79.1 | |
U.S. Plans | U.S. small/mid-cap(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 5.00% | 4.00% | |
% Target Allocation | 5.00% | 5.00% | |
U.S. Plans | U.S. small/mid-cap(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 34.7 | $ 28.5 | |
U.S. Plans | International(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 15.00% | 15.00% | |
% Target Allocation | 15.00% | 15.00% | |
U.S. Plans | International(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 106.2 | $ 102.3 | |
U.S. Plans | Emerging markets(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 2.00% | 1.00% | |
% Target Allocation | 2.00% | 2.00% | |
U.S. Plans | Emerging markets(a) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 14 | $ 9.9 | |
U.S. Plans | Dynamic asset allocation(c) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 4.00% | 3.00% | |
% Target Allocation | 4.00% | 4.00% | |
U.S. Plans | Dynamic asset allocation(c) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 28.3 | $ 22.4 | |
U.S. Plans | Long duration - mutual fund(d) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 48.00% | 48.00% | |
% Target Allocation | 48.00% | 48.00% | |
U.S. Plans | Long duration - mutual fund(d) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 277.3 | $ 260.3 | |
U.S. Plans | Long duration - Treasury strips(d) | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 53.9 | $ 68.6 | |
U.S. Plans | High yield(e) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 2.00% | 2.00% | |
% Target Allocation | 2.00% | 2.00% | |
U.S. Plans | High yield(e) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 13.9 | $ 10.9 | |
U.S. Plans | Emerging markets(f) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 2.00% | 1.00% | |
% Target Allocation | 2.00% | 2.00% | |
U.S. Plans | Emerging markets(f) | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 14 | $ 10.4 | |
U.S. Plans | Core property(g) (l) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 5.00% | 7.00% | |
% Target Allocation | 5.00% | 5.00% | |
U.S. Plans | Core property(g) (l) | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 36.3 | $ 44.7 | |
U.S. Plans | Structured credit(h) (l) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
% Actual Allocation | 5.00% | 7.00% | |
% Target Allocation | 5.00% | 5.00% | |
U.S. Plans | Structured credit(h) (l) | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 33.3 | $ 45.4 | |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 215.1 | $ 180.6 | $ 202.9 |
% Actual Allocation | 100.00% | 100.00% | |
% Target Allocation | 100.00% | 100.00% | |
Non-U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 177.9 | $ 163.4 | |
Non-U.S. Plans | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 0.5 | $ 0.8 | |
% Actual Allocation | 0.00% | 0.00% | |
% Target Allocation | 0.00% | 0.00% | |
Non-U.S. Plans | Equity securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 105.2 | $ 86.3 | |
% Actual Allocation | 49.00% | 48.00% | |
% Target Allocation | 50.00% | 52.00% | |
Non-U.S. Plans | U.S. equity funds(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 30.2 | $ 23.8 | |
Non-U.S. Plans | Canadian equity funds(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 41.4 | 32.5 | |
Non-U.S. Plans | European equity funds(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 3.6 | 4 | |
Non-U.S. Plans | Emerging markets(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 5 | 4.8 | |
Non-U.S. Plans | Other global equity funds(a) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 25 | 21.2 | |
Non-U.S. Plans | Fixed-income securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 92 | $ 91.8 | |
% Actual Allocation | 43.00% | 51.00% | |
% Target Allocation | 41.00% | 47.00% | |
Non-U.S. Plans | Long duration - mutual fund(d) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 79.5 | $ 70.4 | |
Non-U.S. Plans | High yield(e) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 1.6 | 1.2 | |
Non-U.S. Plans | Emerging markets(f) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 1.8 | 1.5 | |
Non-U.S. Plans | European fixed-income funds(b) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 9.1 | 18.7 | |
Non-U.S. Plans | Other types of investments: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 17.4 | $ 1.7 | |
% Actual Allocation | 8.00% | 1.00% | |
% Target Allocation | 9.00% | 1.00% | |
Non-U.S. Plans | Property funds(f) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 8.1 | ||
Non-U.S. Plans | Global infrastructure fund(g) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | 7.5 | ||
Non-U.S. Plans | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Fair Value | $ 1.8 | $ 1.7 |
Retirement Benefits - Fair Valu
Retirement Benefits - Fair Value Measurements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net asset value per share practical expedient(a) | $ 37.2 | $ 17.2 | |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 215.1 | 180.6 | $ 202.9 |
Non-U.S. Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 177.9 | $ 163.4 |
Retirement Benefits - Savings P
Retirement Benefits - Savings Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Matching defined contribution expense | $ 11.4 | $ 9.9 | $ 9 |
U.S. 401(K) | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Matching defined contribution expense | 6.5 | 5 | 4.4 |
Other plans | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Matching defined contribution expense | $ 4.9 | $ 4.9 | $ 4.6 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Apr. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated contributions | $ 11 | |||
Discount percent | 50.00% | |||
Defined contribution plan maximum annual contribution per employee percent | 1.50% | 2.00% | ||
Pension plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
UMWA obligation increase due to Cadillac plan excise tax | $ (53) | $ (27.2) | ||
Retirement benefits other than pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
UMWA obligation increase due to Cadillac plan excise tax | $ 15.2 | (7.8) | ||
Structured credit(h) (l) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Required notice | 65 days | |||
Energy debt(k) (l) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Required notice | 95 days | |||
Hedge fund of funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Required notice | 95 days | |||
Private Equity Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Unfunded commitments | $ 7 | |||
U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | 826.8 | 801.9 | ||
UMWA obligation increase due to Cadillac plan excise tax | (29.5) | (24.8) | ||
Non-U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation | 280.9 | 233.9 | ||
Estimated contributions | 10.2 | |||
UMWA obligation increase due to Cadillac plan excise tax | $ (23.5) | $ (2.4) | ||
UMWA Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Black lung health care cost trend rate | 6.30% | 6.50% | ||
Black lung health care cost ultimate rate | 5.00% | 5.00% | ||
UMWA obligation increase due to Cadillac plan excise tax | $ 55.1 | |||
UMWA Plans | Energy debt(k) (l) | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Lockup provision | 3 years | |||
Black Lung and Other Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Black lung health care cost ultimate rate | 5.00% | |||
UMWA obligation increase due to Cadillac plan excise tax | $ (39.9) | |||
Nonqualified U.S. pension plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated contributions | $ 0.6 | |||
Canada Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Black lung health care cost trend rate | 6.30% | |||
Black lung health care cost ultimate rate | 5.00% | |||
Brazil Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Black lung health care cost trend rate | 3.30% | |||
UMWA Excise Tax | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Excise tax percent | 40.00% | |||
UMWA obligation increase due to Cadillac plan excise tax | $ 30.5 | |||
ASU 2017-07 | UMWA Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
UMWA obligation increase due to Cadillac plan excise tax | (1.4) | |||
ASU 2017-07 | Black Lung and Other Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
UMWA obligation increase due to Cadillac plan excise tax | $ (6.4) |
Income Taxes - Income and Taxes
Income Taxes - Income and Taxes from Cont. Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income (loss) from continuing operations before income taxes | |||
U.S. | $ (90.2) | $ (32.9) | $ (41.6) |
Foreign | 183.7 | 75.4 | 223.1 |
Income from continuing operations before tax | 93.5 | 42.5 | 181.5 |
Current tax expense (benefit) | |||
U.S. federal | (0.8) | (2.3) | (33.7) |
State | 4.3 | 0.7 | 0.4 |
Foreign | 90.8 | 92.1 | 96.8 |
Current tax expense | 94.3 | 90.5 | 63.5 |
Deferred tax expense (benefit) | |||
U.S. federal | (30.4) | (7.5) | 106.2 |
State | (4.8) | (2.9) | (4.9) |
Foreign | 1.9 | (10.1) | (7.1) |
Deferred tax expense (benefit) | (33.3) | (20.5) | 94.2 |
Provision for income taxes of continuing operations | 61 | 70 | 157.7 |
Comprehensive provision (benefit) for income taxes allocable to | |||
Continuing operations | 61 | 70 | 157.7 |
Discontinued operations | 0.2 | 0 | (0.1) |
Other comprehensive income (loss) | 0.4 | 5 | (1.8) |
Comprehensive provision for income taxes | $ 61.6 | $ 75 | $ 155.8 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Rate Reconciliation [Abstract] | ||||
U.S. federal tax rate | 21.00% | 21.00% | 35.00% | |
Venezuela deconsolidation and devaluation | 0.00% | 62.40% | 0.00% | |
Foreign rate differential | 17.30% | 39.30% | (3.70%) | |
Taxes on cross border income, net of credits | 9.30% | 22.60% | 2.60% | |
Tax on accelerated U.S. income(a) | (7.90%) | 0.00% | (0.20%) | |
Adjustments to valuation allowances | 16.00% | 13.10% | 3.40% | |
Foreign income taxes | 13.70% | 18.90% | 5.10% | |
Tax reform | 0.00% | (4.90%) | 47.40% | |
French business tax | 3.00% | 8.00% | 2.00% | |
State income taxes, net | (2.20%) | (1.30%) | (1.30%) | |
Share-based compensation | (4.80%) | (14.40%) | (3.50%) | |
Other | (0.20%) | 0.00% | 0.10% | |
Actual income tax rate on continuing operations | 65.20% | 164.70% | 86.90% | |
Accelerated U.S. income tax expense | $ 23.5 | $ 7.3 | $ 0.4 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2016 | |
Deferred tax assets | ||||
Pension liabilities | $ 55.4 | $ 62.1 | ||
Retirement benefits other than pensions | 73.8 | 61.2 | ||
Lease liabilities | 0 | 62.8 | ||
Workers’ compensation and other claims | 30.6 | 37 | ||
Property and equipment, net | 7.1 | 31 | ||
Other assets and liabilities | 88.5 | 93.6 | ||
Net operating loss carryforwards | 42 | 51.7 | ||
Alternative minimum and other tax credits(a) | 73.4 | 76.8 | ||
Subtotal | 370.8 | 476.2 | ||
Valuation allowances | (100.7) | $ (98.9) | (118.3) | $ (62.8) |
Total deferred tax assets | 270.1 | 357.9 | ||
Deferred tax liabilities | ||||
Right-of-use assets, net | 0 | 59.3 | ||
Goodwill and other intangibles | 22 | 17.4 | ||
Other assets and miscellaneous | 28.3 | 28.9 | ||
Deferred tax liabilities | 50.3 | 105.6 | ||
Net deferred tax asset | 219.8 | 252.3 | ||
Noncurrent assets | 236.5 | 273.5 | ||
Noncurrent liabilities | (16.7) | (21.2) | ||
Operating Loss Carryforwards [Line Items] | ||||
Foreign tax credit amount | 72.6 | |||
Remaining credits | 4.2 | |||
Foreign | ||||
Deferred tax assets | ||||
Net operating loss carryforwards | $ 35.3 | |||
Operating Loss Carryforwards [Line Items] | ||||
Carryforward period (in years) | 10 years | |||
Tax Cuts and Jobs Act of 2017 | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax Reform Act Tax Expense Charge | 2.3 | 92 | ||
Foreign tax credit amount | 1.3 | $ 31.1 | ||
State tax amount | $ 0.2 |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowances (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||||||||
Beginning of year | $ 100.7 | $ 98.9 | $ 100.7 | $ 98.9 | $ 62.8 | ||||||
Expiring tax credits | (0.3) | (0.6) | (0.4) | ||||||||
Acquisitions and dispositions | 3.1 | (0.7) | (3.4) | ||||||||
Changes in judgment about deferred tax assets(a) | 5.3 | 0 | (1.8) | ||||||||
Income from continuing operations | $ (3.8) | $ 5.8 | $ 12.6 | $ 13.7 | $ 34.9 | $ 17.5 | $ (107.8) | $ 22.1 | 28.3 | (33.3) | 16.9 |
Other comprehensive income (loss) | 3.9 | (16.5) | (18.8) | ||||||||
Foreign currency exchange effects | (0.5) | (2.7) | (2.4) | ||||||||
End of year | $ 118.3 | $ 100.7 | 118.3 | 100.7 | 98.9 | ||||||
Valuation Allowance of Deferred Tax Assets | |||||||||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||||||||
Income from continuing operations | 10 | 6.1 | 43.9 | ||||||||
Other comprehensive income (loss) | $ 0 | $ (0.3) | $ 0.2 |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Losses (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Loss Carryforwards [Line Items] | ||
2020-2024 | $ 7.7 | |
2025-2029 | 4.4 | |
2030 and thereafter | 16.2 | |
Unlimited | 23.4 | |
Tax benefit of net operating loss carryforwards before valuation allowances | 51.7 | $ 42 |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
2020-2024 | 0 | |
2025-2029 | 0 | |
2030 and thereafter | 0 | |
Unlimited | 0 | |
Tax benefit of net operating loss carryforwards before valuation allowances | 0 | |
State | ||
Operating Loss Carryforwards [Line Items] | ||
2020-2024 | 0.1 | |
2025-2029 | 0.7 | |
2030 and thereafter | 15.6 | |
Unlimited | 0 | |
Tax benefit of net operating loss carryforwards before valuation allowances | 16.4 | |
Foreign | ||
Operating Loss Carryforwards [Line Items] | ||
2020-2024 | 7.6 | |
2025-2029 | 3.7 | |
2030 and thereafter | 0.6 | |
Unlimited | 23.4 | |
Tax benefit of net operating loss carryforwards before valuation allowances | $ 35.3 |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0.3 | ||
Uncertain tax positions: | |||
Beginning of year | $ 9.5 | $ 10.4 | 6.4 |
Increases related to prior-year tax positions | 0.2 | 0.3 | 0.1 |
Decreases related to prior-year tax positions | (0.8) | 0 | (0.5) |
Increases related to current-year tax positions | 1.4 | 1.3 | 1.4 |
Increases related to acquisitions | 3.1 | 0 | 4.2 |
Decreases related to acquisitions | 0 | (0.2) | 0 |
Settlements | (0.1) | (0.4) | (0.1) |
Effect of the expiration of statutes of limitation | (1.3) | (1.1) | (0.8) |
Foreign currency exchange effects | 0 | (0.8) | (0.3) |
End of year | $ 12 | $ 9.5 | $ 10.4 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | ||||
Gross amount of the net operating loss carryforwards | $ 414.2 | |||
Net operating loss carryforwards | $ 42 | 51.7 | ||
Potential benefits | 11.5 | |||
Interest and penalties included in income tax expense | $ (0.3) | |||
Accrued penalties and interest | 1.8 | 5.4 | ||
Currently remaining unrecognized tax positions that may be recognized by the end of following year | $ 1.6 | |||
Tax Cuts and Jobs Act of 2017 | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax Reform Act Tax Expense Charge | $ 2.3 | $ 92 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 2,025.9 | $ 1,868.6 | |
Accumulated depreciation and amortization | (1,262.6) | (1,169.2) | |
Property and equipment, net | 763.3 | 699.4 | |
Amortization | 15.7 | 16.5 | $ 20.5 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 51.9 | 51.7 | |
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 211 | 199.9 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 236 | 219.7 | |
Vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 646.3 | 568.4 | |
Capitalized software(a) | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 213.4 | 203.4 | |
Other machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 667.3 | $ 625.5 |
Acquisitions and Dispositions_3
Acquisitions and Dispositions Acquisitions and Dispositions - Acquired Entities (Details) $ in Millions | Sep. 30, 2019 | Jun. 14, 2019 | Jun. 12, 2019 | Jan. 04, 2019USD ($)employeevehiclebranch | Dec. 04, 2018USD ($) | Nov. 01, 2018 | Aug. 13, 2018USD ($)employeevehiclebranch | Oct. 31, 2017 | Aug. 14, 2017 | Jul. 18, 2017USD ($)employeevehiclebranch | Jun. 29, 2017 | Apr. 19, 2017 | Mar. 14, 2017 | Dec. 31, 2019USD ($)employee | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($)employeeacquisition | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)employeeacquisition |
Business Acquisition [Line Items] | ||||||||||||||||||
Number of acquired operations | acquisition | 4 | 6 | ||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Indemnification asset | $ (20.6) | $ (20.6) | $ (6.6) | |||||||||||||||
Goodwill | $ 784.6 | $ 784.6 | 678.6 | $ 453.7 | ||||||||||||||
Other Acquisitions | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Number of acquired operations | acquisition | 3 | 5 | ||||||||||||||||
Entity Number of Employees | employee | 1,300 | 1,300 | 1,700 | |||||||||||||||
Intangible asset decrease | $ 10 | |||||||||||||||||
Goodwill increase | 9 | |||||||||||||||||
Noncurrent liability increase | 12 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Purchase consideration - cash paid | $ 53.4 | 164.6 | ||||||||||||||||
Indemnification asset | $ (12.9) | (12.9) | (9.8) | |||||||||||||||
Fair value of future payments to sellers | 7.8 | 7.8 | ||||||||||||||||
Contingent consideration | 1.6 | 1.6 | ||||||||||||||||
Fair value of purchase consideration | 49.9 | 154.8 | ||||||||||||||||
Cash | 5.1 | 5.1 | 7.4 | |||||||||||||||
Accounts receivables | 4.4 | 4.4 | 20.1 | |||||||||||||||
Property and Equipment, net | 7.1 | 7.1 | 13.9 | |||||||||||||||
Intangible assets | 24.4 | 24.4 | 40.6 | |||||||||||||||
Goodwill | 35.2 | 35.2 | 114.4 | |||||||||||||||
Other noncurrent assets | 1.9 | 1.9 | 7.4 | |||||||||||||||
Current liabilities | (14.6) | (14.6) | (23.4) | |||||||||||||||
Noncurrent liabilities | (13.6) | (13.6) | (25.6) | |||||||||||||||
Fair value of net assets acquired | 49.9 | $ 49.9 | $ 154.8 | |||||||||||||||
BI | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Jun. 12, 2019 | |||||||||||||||||
Percentage of shares acquired | 100.00% | |||||||||||||||||
COMEF | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Jun. 14, 2019 | |||||||||||||||||
Percentage of shares acquired | 100.00% | |||||||||||||||||
TVS | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Sep. 30, 2019 | |||||||||||||||||
Percentage of shares acquired | 100.00% | 100.00% | ||||||||||||||||
Worldbridge | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Dec. 4, 2018 | |||||||||||||||||
Percentage of shares acquired | 60.00% | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Fair value of purchase consideration | $ 2 | |||||||||||||||||
AATI | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Mar. 14, 2017 | |||||||||||||||||
Percentage of shares acquired | 100.00% | |||||||||||||||||
Pag Facil | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Apr. 19, 2017 | |||||||||||||||||
Percentage of shares acquired | 100.00% | |||||||||||||||||
LGS | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Jun. 29, 2017 | |||||||||||||||||
Percentage of shares acquired | 100.00% | |||||||||||||||||
Maco Litoral | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Aug. 14, 2017 | |||||||||||||||||
Percentage of shares acquired | 100.00% | |||||||||||||||||
Temis | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Oct. 31, 2017 | |||||||||||||||||
Percentage of shares acquired | 100.00% | |||||||||||||||||
Rodoban | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Jan. 4, 2019 | |||||||||||||||||
Percentage of shares acquired | 100.00% | |||||||||||||||||
Entity Number of Employees | employee | 2,900 | |||||||||||||||||
Entity Number Of Branches | branch | 13 | |||||||||||||||||
Entity Number Of Armored Vehicles | vehicle | 190 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Purchase consideration - cash paid | $ 135.7 | |||||||||||||||||
Indemnification asset | (1.9) | |||||||||||||||||
Fair value of purchase consideration | 133.8 | |||||||||||||||||
Cash | 1.4 | |||||||||||||||||
Accounts receivables | 8.9 | |||||||||||||||||
Other current assets | 0.5 | |||||||||||||||||
Property and Equipment, net | 2.4 | |||||||||||||||||
Intangible assets | 49 | |||||||||||||||||
Goodwill | 85.1 | |||||||||||||||||
Other noncurrent assets | 5.8 | |||||||||||||||||
Current liabilities | (11.4) | |||||||||||||||||
Noncurrent liabilities | (7.9) | |||||||||||||||||
Fair value of net assets acquired | 133.8 | |||||||||||||||||
Dunbar | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Aug. 13, 2018 | |||||||||||||||||
Percentage of shares acquired | 100.00% | |||||||||||||||||
Entity Number of Employees | employee | 5,400 | |||||||||||||||||
Entity Number Of Branches | branch | 78 | |||||||||||||||||
Entity Number Of Armored Vehicles | vehicle | 1,600 | |||||||||||||||||
Intangible asset decrease | 20 | |||||||||||||||||
Goodwill increase | 21 | |||||||||||||||||
Noncurrent assets increase | 11 | |||||||||||||||||
Noncurrent liability increase | 16 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Purchase consideration - cash paid | $ 546.8 | |||||||||||||||||
Receivable from seller | $ (6.3) | $ 6 | ||||||||||||||||
Fair value of purchase consideration | 540.5 | |||||||||||||||||
Cash | 25.8 | |||||||||||||||||
Accounts receivables | 31.9 | |||||||||||||||||
Other current assets | 11.7 | |||||||||||||||||
Property and Equipment, net | 56.6 | |||||||||||||||||
Intangible assets | 162 | |||||||||||||||||
Goodwill | 304.1 | |||||||||||||||||
Other noncurrent assets | 21.1 | |||||||||||||||||
Current liabilities | (29.5) | |||||||||||||||||
Noncurrent liabilities | (43.2) | |||||||||||||||||
Fair value of net assets acquired | 540.5 | |||||||||||||||||
Maco | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Jul. 18, 2017 | |||||||||||||||||
Percentage of shares acquired | 100.00% | |||||||||||||||||
Entity Number of Employees | employee | 1,450 | |||||||||||||||||
Entity Number Of Branches | branch | 4 | |||||||||||||||||
Entity Number Of Armored Vehicles | vehicle | 150 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Purchase consideration - cash paid | $ 205.9 | |||||||||||||||||
Fair value of purchase consideration | 205.9 | $ 15.1 | ||||||||||||||||
Cash | 10.3 | |||||||||||||||||
Accounts receivables | 16.6 | |||||||||||||||||
Other current assets | 0.6 | |||||||||||||||||
Property and Equipment, net | 2.4 | |||||||||||||||||
Intangible assets | 60.2 | |||||||||||||||||
Goodwill | 148.8 | |||||||||||||||||
Other noncurrent assets | 0.1 | |||||||||||||||||
Current liabilities | (11.8) | |||||||||||||||||
Noncurrent liabilities | (21.3) | |||||||||||||||||
Fair value of net assets acquired | 205.9 | |||||||||||||||||
Brink's de Colombia SA | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition date | Nov. 1, 2018 | |||||||||||||||||
Percentage of shares acquired | 42.00% | |||||||||||||||||
Ownership percentage after remaining noncontrolling interest acquired | 100.00% | |||||||||||||||||
Customer relationships | Rodoban | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Remaining Amortization Period | 11 years | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Intangible assets | 47 | |||||||||||||||||
Customer relationships | Dunbar | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Remaining Amortization Period | 15 years | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Intangible assets | 148 | |||||||||||||||||
Customer relationships | Maco | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Remaining Amortization Period | 10 years | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Intangible assets | 56 | |||||||||||||||||
Finite-lived trade names | Rodoban | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Remaining Amortization Period | 1 year | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Intangible assets | 1 | |||||||||||||||||
Finite-lived trade names | Dunbar | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Remaining Amortization Period | 8 years | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Intangible assets | $ 14 | |||||||||||||||||
Finite-lived trade names | Maco | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Remaining Amortization Period | 2 years | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Intangible assets | 4 | |||||||||||||||||
Noncompete Agreements | Rodoban | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Remaining Amortization Period | 5 years | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Intangible assets | $ 1 | |||||||||||||||||
Noncompete Agreements | Maco | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Remaining Amortization Period | 3 years | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ||||||||||||||||||
Intangible assets | $ 1 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions Acquisitions and Dispositions - Pro Forma (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||||||||||
Actual revenue results included in consolidation | $ 82.1 | ||||||||||
Actual net income results included in consolidation | 4.8 | ||||||||||
Revenues | $ 935.8 | $ 928.4 | $ 914 | $ 905 | $ 907.7 | $ 852.4 | $ 849.7 | $ 879.1 | 3,683.2 | $ 3,488.9 | $ 3,347 |
Reported net income (loss) attributable to Brink's | (2.6) | $ 5.4 | $ 12.5 | $ 13.7 | 34.9 | $ 17.4 | $ (107.9) | $ 22.3 | 29 | (33.3) | 16.7 |
Pro forma revenue results | 3,710.6 | 3,854.3 | |||||||||
Pro forma net income results | 30.6 | (29.9) | |||||||||
Transaction Costs | $ 7.9 | $ 6.7 | 7.9 | 6.7 | $ 2.6 | ||||||
Rodoban | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Actual revenue results included in consolidation | 66 | ||||||||||
Actual net income results included in consolidation | 4.6 | ||||||||||
Pro forma revenue results | 0.6 | 76 | |||||||||
Pro forma net income results | 0 | (3.9) | |||||||||
Dunbar | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Pro forma revenue results | 244 | ||||||||||
Pro forma net income results | 5.4 | ||||||||||
Other Acquisitions | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Actual revenue results included in consolidation | 16.1 | ||||||||||
Actual net income results included in consolidation | 0.2 | ||||||||||
Pro forma revenue results | 26.8 | 45.4 | |||||||||
Pro forma net income results | $ 1.6 | $ 1.9 |
Acquisitions and Dispositions_5
Acquisitions and Dispositions Acquisitions and Dispositions - Dispositions (Details) - USD ($) $ in Millions | Jun. 01, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on sale of business | $ 0 | $ 11.2 | $ 0 | ||
French airport security services company | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Date | Jun. 1, 2018 | ||||
Percent of shares sold | 100.00% | ||||
Net sales price | $ 19 | ||||
Gain on sale of business | $ 11.2 | ||||
Annual revenues | $ 79 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - From Acquisitions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 678.6 | $ 453.7 |
Acquisitions/Dispositions | 117.4 | 298.5 |
Currency | (11.4) | (73.6) |
Goodwill, Ending Balance | 784.6 | 678.6 |
North America | ||
Goodwill [Line Items] | ||
Prior year acquisitions adjustments | (3.1) | (0.1) |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 337 | 32 |
Acquisitions/Dispositions | 17.6 | 307 |
Currency | 0.1 | (2) |
Goodwill, Ending Balance | 354.7 | 337 |
South America | ||
Goodwill [Line Items] | ||
Prior year acquisitions adjustments | (3) | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 150.1 | 214.9 |
Acquisitions/Dispositions | 99.6 | (3) |
Currency | (8.1) | (61.8) |
Goodwill, Ending Balance | 241.6 | 150.1 |
Rest of World | ||
Goodwill [Line Items] | ||
Prior year acquisitions adjustments | 0.2 | (0.8) |
Derecognition of disposition | 6.2 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 191.5 | 206.8 |
Acquisitions/Dispositions | 0.2 | (5.5) |
Currency | (3.4) | (9.8) |
Goodwill, Ending Balance | $ 188.3 | $ 191.5 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 366 | $ 299.7 | |
Accumulated Amortization | (93.5) | (70.8) | |
Net Carrying Amount | 272.5 | 228.9 | |
Amortization of intangible assets | 27.8 | 17.7 | $ 8.4 |
Finite-Lived Intangible Assets, Future Amortization Expense [Abstract] | |||
2020 | 24.8 | ||
2021 | 24.4 | ||
2022 | 23.1 | ||
2023 | 22.6 | ||
2024 | 22.2 | ||
Indefinite-lived trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 8.2 | 7.9 | |
Accumulated Amortization | 0 | 0 | |
Net Carrying Amount | 8.2 | 7.9 | |
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 322.3 | 259.9 | |
Accumulated Amortization | (80.3) | (58.9) | |
Net Carrying Amount | $ 242 | 201 | |
Weighted-average amortization period | 11 years 4 months 24 days | ||
Finite-lived trade names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 20.7 | 20.3 | |
Accumulated Amortization | (7.1) | (3.8) | |
Net Carrying Amount | $ 13.6 | 16.5 | |
Weighted-average amortization period | 6 years 2 months 12 days | ||
Amortization of intangible assets | $ 27.8 | 17.7 | |
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 8.7 | 0.4 | |
Accumulated Amortization | (0.8) | (0.4) | |
Net Carrying Amount | $ 7.9 | 0 | |
Weighted-average amortization period | 10 years 6 months | ||
Other contract-related assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 0 | 5.7 | |
Accumulated Amortization | 0 | (3.1) | |
Net Carrying Amount | 0 | 2.6 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 6.1 | 5.5 | |
Accumulated Amortization | (5.3) | (4.6) | |
Net Carrying Amount | $ 0.8 | $ 0.9 | |
Weighted-average amortization period | 27 days |
Prepaid Expenses and Other (Det
Prepaid Expenses and Other (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Prepaid Expense and Other Assets [Abstract] | ||
Prepaid expenses | $ 81.6 | $ 64 |
Mobile airtime inventory | 0 | 5.8 |
Income tax receivable | 25.7 | 37.6 |
Other | 20.7 | 20.1 |
Prepaid expenses and other | $ 128 | $ 127.5 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets, Noncurrent Disclosure [Abstract] | |||
Deposits | $ 23.6 | $ 15.7 | |
Deferred profit sharing asset | 10.9 | 10.2 | |
Income tax receivable | 17.1 | 67.1 | |
Derivative instruments | 5 | 0.6 | |
Equity method investment in unconsolidated entities | 5 | 4.9 | $ 4 |
Stop loss insurance receivable | 17 | 19 | |
Cash surrender value of life insurance policies | 0.9 | 7.4 | |
Indemnification asset | 20.6 | 6.6 | |
Debt issue costs | 5.5 | 4.7 | |
Marketable securities | 12 | 3.8 | |
Other | 49.4 | 46.1 | |
Other assets | $ 167 | $ 186.1 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Amounts in OCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | $ (56.9) | $ (183.5) | $ (74.9) |
Amounts Arising During the Current Period, Income Tax | 9.2 | 8.6 | 19.5 |
Amounts Reclassified to Net Income (Loss), Pretax | 61.2 | 172 | 54.3 |
Amounts Reclassified to Net Income (Loss), income Tax | (9.6) | (13.6) | (17.7) |
Other comprehensive income (loss) | 3.9 | (16.5) | (18.8) |
Cost of revenues | 2,832.1 | 2,703.3 | 2,608.2 |
Selling, general and administrative expenses | 604.9 | 509.2 | 468.2 |
Interest and other income (expense) | (52.7) | (38.8) | (60.2) |
Other operating income (expense) | (9.4) | (1.7) | 3.3 |
Interest Expense | 90.6 | 66.7 | 32.2 |
Benefit plan adjustments | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (38) | (31.4) | (99.3) |
Amounts Arising During the Current Period, Income Tax | 4.4 | 8.6 | 21.2 |
Amounts Reclassified to Net Income (Loss), Pretax | 61.4 | 65 | 54.9 |
Amounts Reclassified to Net Income (Loss), income Tax | (9.9) | (13.3) | (18.2) |
Other comprehensive income (loss) | 17.9 | 28.9 | (41.4) |
Foreign currency translation adjustments(b) | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (0.9) | (151.6) | 22.7 |
Amounts Arising During the Current Period, Income Tax | 0 | 0 | (1) |
Amounts Reclassified to Net Income (Loss), Pretax | 0 | 107.2 | 0 |
Amounts Reclassified to Net Income (Loss), income Tax | 0.1 | (0.3) | 0 |
Other comprehensive income (loss) | (0.8) | (44.7) | 21.7 |
Unrealized gains (losses) on available-for-sale securities | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | 1.7 | ||
Amounts Arising During the Current Period, Income Tax | (0.6) | ||
Amounts Reclassified to Net Income (Loss), Pretax | (1.5) | ||
Amounts Reclassified to Net Income (Loss), income Tax | 0.5 | ||
Other comprehensive income (loss) | 0 | 0 | 0.1 |
Gains (losses) on cash flow hedges | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (18.8) | 0.3 | (0.1) |
Amounts Arising During the Current Period, Income Tax | 4.8 | 0 | (0.1) |
Amounts Reclassified to Net Income (Loss), Pretax | (0.2) | (0.2) | 0.2 |
Amounts Reclassified to Net Income (Loss), income Tax | 0.2 | 0 | 0 |
Other comprehensive income (loss) | (14) | 0.1 | 0 |
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | |||
Other Comprehensive Income Loss [Line Items] | |||
Interest and other income (expense) | 0 | 0 | (0.1) |
Other operating income (expense) | 5.8 | 0 | (0.1) |
Interest Expense | 5.7 | ||
AOCI Attributable to Parent | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (57.7) | (182.7) | (75) |
Amounts Arising During the Current Period, Income Tax | 9.2 | 8.6 | 19.5 |
Amounts Reclassified to Net Income (Loss), Pretax | 61.2 | 172 | 53.6 |
Amounts Reclassified to Net Income (Loss), income Tax | (9.6) | (13.6) | (17.7) |
Other comprehensive income (loss) | 3.1 | (15.7) | (19.6) |
Benefit plan adjustments | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (0.8) | ||
Amounts Arising During the Current Period, Income Tax | 0 | ||
Amounts Reclassified to Net Income (Loss), Pretax | 0.7 | ||
Amounts Reclassified to Net Income (Loss), income Tax | 0 | ||
Other comprehensive income (loss) | (0.1) | ||
Foreign currency translation adjustments | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | 0.8 | (0.8) | 0.9 |
Amounts Arising During the Current Period, Income Tax | 0 | 0 | 0 |
Amounts Reclassified to Net Income (Loss), Pretax | 0 | 0 | 0 |
Amounts Reclassified to Net Income (Loss), income Tax | 0 | 0 | 0 |
Other comprehensive income (loss) | 0.8 | (0.8) | 0.9 |
AOCI Attributable to Noncontrolling Interest | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | 0.8 | (0.8) | 0.1 |
Amounts Arising During the Current Period, Income Tax | 0 | 0 | 0 |
Amounts Reclassified to Net Income (Loss), Pretax | 0 | 0 | 0.7 |
Amounts Reclassified to Net Income (Loss), income Tax | 0 | 0 | 0 |
Other comprehensive income (loss) | 0.8 | (0.8) | 0.8 |
Benefit plan adjustments(a) | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (38) | (31.4) | (100.1) |
Amounts Arising During the Current Period, Income Tax | 4.4 | 8.6 | 21.2 |
Amounts Reclassified to Net Income (Loss), Pretax | 61.4 | 65 | 55.6 |
Amounts Reclassified to Net Income (Loss), income Tax | (9.9) | (13.3) | (18.2) |
Other comprehensive income (loss) | 17.9 | 28.9 | (41.5) |
Benefit plan adjustments(a) | Reclassification out of Accumulated Other Comprehensive Income | |||
Other Comprehensive Income Loss [Line Items] | |||
Cost of revenues | 7.8 | 8.4 | 9 |
Selling, general and administrative expenses | 2.3 | 2.3 | 2.4 |
Interest and other income (expense) | 52.7 | 39.7 | 47.8 |
Foreign currency translation adjustments(b) | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (0.1) | (152.4) | 23.6 |
Amounts Arising During the Current Period, Income Tax | 0 | 0 | (1) |
Amounts Reclassified to Net Income (Loss), Pretax | 0 | 107.2 | 0 |
Amounts Reclassified to Net Income (Loss), income Tax | 0.1 | (0.3) | 0 |
Other comprehensive income (loss) | 0 | (45.5) | 22.6 |
Unrealized gains (losses) on available-for-sale securities(c) | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | 1.7 | ||
Amounts Arising During the Current Period, Income Tax | (0.6) | ||
Amounts Reclassified to Net Income (Loss), Pretax | (1.5) | ||
Amounts Reclassified to Net Income (Loss), income Tax | 0.5 | ||
Other comprehensive income (loss) | 0.1 | ||
Gains (losses) on cash flow hedges(d) | |||
Other Comprehensive Income Loss [Line Items] | |||
Amounts Arising During the Current Period, Pretax | (18.8) | 0.3 | (0.1) |
Amounts Arising During the Current Period, Income Tax | 4.8 | 0 | (0.1) |
Amounts Reclassified to Net Income (Loss), Pretax | (0.2) | (0.2) | 0.2 |
Amounts Reclassified to Net Income (Loss), income Tax | 0.2 | 0 | 0 |
Other comprehensive income (loss) | $ (14) | $ 0.1 | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclasses Out Of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |||
Accumulated Other Comprehensive Income [Abstract] | |||||||
Beginning Balance | $ 166.6 | $ 338.2 | $ 354.8 | ||||
Other comprehensive income (loss) | 3.9 | (16.5) | (18.8) | ||||
Cumulative effect of change in accounting principle | $ 0 | [1] | $ 2.2 | [2] | |||
Acquisitions of noncontrolling interests | (21) | ||||||
Ending Balance | 207.6 | 166.6 | 338.2 | ||||
Benefit plan adjustments | |||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||
Beginning Balance | (572.1) | (601) | (559.6) | ||||
Other comprehensive income (loss) before reclassifications | (33.6) | (22.8) | (78.1) | ||||
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | 51.5 | 51.7 | 36.7 | ||||
Other comprehensive income (loss) | 17.9 | 28.9 | (41.4) | ||||
Ending Balance | (583) | (572.1) | (601) | ||||
Foreign Currency Translation Adjustments | |||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||
Beginning Balance | (382) | (327.4) | (349.1) | ||||
Other comprehensive income (loss) before reclassifications | (0.9) | (151.6) | 21.7 | ||||
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | 0.1 | 106.9 | 0 | ||||
Other comprehensive income (loss) | (0.8) | (44.7) | 21.7 | ||||
Acquisitions of noncontrolling interests | (9.9) | ||||||
Ending Balance | (382.8) | (382) | (327.4) | ||||
Unrealized Gains (Losses) on Available-for-Sale Securities | |||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||
Beginning Balance | 0 | 1.1 | 1 | ||||
Other comprehensive income (loss) before reclassifications | 0 | 0 | 1.1 | ||||
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | 0 | 0 | (1) | ||||
Other comprehensive income (loss) | 0 | 0 | 0.1 | ||||
Ending Balance | 0 | 0 | 1.1 | ||||
Gains (Losses) on Cash Flow Hedges | |||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||
Beginning Balance | 0.8 | 0.7 | 0.7 | ||||
Other comprehensive income (loss) before reclassifications | (14) | 0.3 | (0.2) | ||||
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | 0 | (0.2) | 0.2 | ||||
Other comprehensive income (loss) | (14) | 0.1 | 0 | ||||
Ending Balance | (13.2) | 0.8 | 0.7 | ||||
AOCI Attributable to Parent | |||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||
Beginning Balance | (953.3) | (926.6) | (907) | ||||
Other comprehensive income (loss) before reclassifications | (48.5) | (174.1) | (55.5) | ||||
Amounts reclassified from accumulated other comprehensive loss to net income (loss) | 51.6 | 158.4 | 35.9 | ||||
Other comprehensive income (loss) | 3.1 | (15.7) | (19.6) | ||||
Cumulative effect of change in accounting principle | (28.8) | [1] | (1.1) | [2] | |||
Acquisitions of noncontrolling interests | (9.9) | ||||||
Ending Balance | $ (979) | $ (953.3) | $ (926.6) | ||||
Accounting Standards Update 2016-01 | Unrealized Gains (Losses) on Available-for-Sale Securities | |||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||
Cumulative effect of change in accounting principle | (1.1) | ||||||
Accounting Standards Update 2016-01 | AOCI Attributable to Parent | |||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||
Cumulative effect of change in accounting principle | $ (1.1) | ||||||
Accounting Standards Update 2018-02 | Benefit plan adjustments | |||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||
Cumulative effect of change in accounting principle | (28.8) | ||||||
Accounting Standards Update 2018-02 | AOCI Attributable to Parent | |||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||
Cumulative effect of change in accounting principle | $ (28.8) | ||||||
[1] | Effective January 1, 2019, we adopted the provisions of ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. We recognized a cumulative effect adjustment to January 1, 2019 retained earnings as a result of adopting this standard. See Note 1 for further details. | ||||||
[2] | Effective January 1, 2018, we adopted the provisions of ASU 2014-09, Revenue From Contracts with Customers , ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2016-16, Intra-Entity Transfers of Assets Other Than Inventory. We recognized a cumulative effect adjustment to January 1, 2018 retained earnings as a result of adopting each of these standards. See Note 1 for further details of the impact of each standard. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) | Jul. 18, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2019derivative_instrument | Mar. 31, 2016derivative_instrument |
Debt Securities, Available-for-sale [Line Items] | |||||||
Foreign currency derivative instrument gains | $ 6,900,000 | $ 7,700,000 | $ 800,000 | ||||
Other operating income (expense) | (9,400,000) | (1,700,000) | 3,300,000 | ||||
Foreign currency transaction losses | (22,900,000) | (13,900,000) | (9,200,000) | ||||
Interest Expense | 90,600,000 | 66,700,000 | 32,200,000 | ||||
Not Designated as Hedging Instrument | Foreign Exchange Contract | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Notional value of nonderivative instrument | $ 155,000,000 | ||||||
Weighted average maturity | 1 month | ||||||
Gain (loss) on foreign currency contract | $ 6,900,000 | 7,700,000 | $ 800,000 | ||||
Not Designated as Hedging Instrument | Foreign Exchange Contract | Level 2 | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Fair value of foreign currency contract, net | $ 600,000 | 600,000 | |||||
Designated as Hedging Instrument | Currency Swap | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Notional value of derivative instrument | 125,000,000 | $ 125,000,000 | |||||
Weighted average maturity | 2 years 3 months 18 days | ||||||
Foreign currency derivative instrument gains | $ 700,000 | ||||||
Other operating income (expense) | 5,800,000 | ||||||
Foreign currency transaction losses | 5,800,000 | ||||||
Interest Expense | 5,100,000 | ||||||
Designated as Hedging Instrument | Currency Swap | Level 2 | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Fair value of contract, asset position | 2,100,000 | 2,100,000 | |||||
Designated as Hedging Instrument | Interest Rate Swap | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Notional value of derivative instrument | 40,000,000 | $ 40,000,000 | |||||
Weighted average maturity | 8 months 12 days | ||||||
Number of interest rate swaps | derivative_instrument | 2 | ||||||
Designated as Hedging Instrument | Interest Rate Swap | Level 2 | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Fair value of swap, net | 200,000 | $ 200,000 | |||||
Designated as Hedging Instrument | $400 million interest rate swap | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Notional value of derivative instrument | 400,000,000 | $ 400,000,000 | |||||
Weighted average maturity | 2 years 1 month 6 days | ||||||
Interest Expense | $ 1,000,000 | ||||||
Number of interest rate swaps | derivative_instrument | 10 | ||||||
Designated as Hedging Instrument | $400 million interest rate swap | Level 2 | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Fair value of swap, net | 15,000,000 | 15,000,000 | |||||
Prepaid Expenses and Other Current Assets | Not Designated as Hedging Instrument | Foreign Exchange Contract | Level 2 | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Fair value of foreign currency contract, net | 800,000 | 800,000 | |||||
Accrued Liabilities | Not Designated as Hedging Instrument | Foreign Exchange Contract | Level 2 | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Fair value of foreign currency contract, net | 200,000 | 200,000 | |||||
Accrued Liabilities | Designated as Hedging Instrument | Currency Swap | Level 2 | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Fair value of contract, liability position | 2,800,000 | 2,800,000 | |||||
Accrued Liabilities | Designated as Hedging Instrument | $400 million interest rate swap | Level 2 | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Fair value of swap, liability position | 3,600,000 | 3,600,000 | |||||
Other Assets | Designated as Hedging Instrument | Currency Swap | Level 2 | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Fair value of contract, asset position | 4,900,000 | 4,900,000 | |||||
Other Liabilities | Designated as Hedging Instrument | $400 million interest rate swap | Level 2 | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Fair value of swap, liability position | 11,400,000 | 11,400,000 | |||||
Six hundred million senior unsecured notes | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Carrying value | 600,000,000 | 600,000,000 | 600,000,000 | ||||
Six hundred million senior unsecured notes | Level 3 | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Fair value | 624,700,000 | $ 624,700,000 | $ 519,900,000 | ||||
Maco | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Purchase consideration | $ 205,900,000 | $ 15,100,000 | |||||
Measurement Input, Revenue Multiple | Maco | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Revenue Multiple | 2.5 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities, Current [Abstract] | ||
Payroll and other employee liabilities | $ 140.8 | $ 146.3 |
Taxes, except income taxes | 98.1 | 93.4 |
Income taxes payable | 26.7 | 17.8 |
Acquisition-related obligations | 7.8 | 20.4 |
Workers’ compensation and other claims | 26.1 | 22.3 |
Cash held by cash management services operations(a) | 26.3 | 14.1 |
Cash supply chain deposit liability | 47.4 | 35.3 |
Retirement benefits (see Note 4) | 12.9 | 9.8 |
Operating lease liabilities | 65.9 | 0 |
Other | 176.4 | 142.7 |
Accrued liabilities | $ 628.4 | $ 502.1 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Workers’ compensation and other claims | $ 81.3 | $ 89.4 |
Post-employment benefits | 7.2 | 7.6 |
Asset retirement and remediation obligations | 18.6 | 19.1 |
Acquisition-related obligations | 1.5 | 0 |
Noncurrent tax liabilities | 15.3 | 9.2 |
Other | 59.2 | 43.4 |
Other liabilities | $ 183.1 | $ 168.7 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 14.3 | $ 28.9 |
Long-term Debt Types [Abstract] | ||
Total long-term debt | 1,629.3 | 1,525.1 |
Total Debt | 1,643.6 | 1,554 |
Long Term Debt By Current And Noncurrent [Abstract] | ||
Current liabilities | 88.8 | 82.4 |
Noncurrent liabilities | 1,554.8 | 1,471.6 |
Interest Rate And Other Disclosures [Abstract] | ||
Debt issue costs | 5.5 | 4.7 |
Term Loan A | Senior Secured Credit Facility - Amended | ||
Long-term Debt Types [Abstract] | ||
Long-term Debt | $ 767 | |
Interest Rate And Other Disclosures [Abstract] | ||
Effective interest rate | 3.50% | |
Debt issue costs | $ 3 | |
Term Loan A | Senior Secured Credit Facility - Original | ||
Long-term Debt Types [Abstract] | ||
Long-term Debt | $ 466.9 | |
Interest Rate And Other Disclosures [Abstract] | ||
Effective interest rate | 4.30% | |
Debt issue costs | $ 1.8 | |
Senior unsecured notes | Six hundred million senior unsecured notes | ||
Long-term Debt Types [Abstract] | ||
Long-term Debt | $ 592.9 | $ 592 |
Interest Rate And Other Disclosures [Abstract] | ||
Effective interest rate | 4.60% | 4.60% |
Debt issue costs | $ 7.1 | $ 8 |
Revolving Credit Facility | ||
Long-term Debt Types [Abstract] | ||
Debt | $ 115 | $ 340 |
Interest Rate And Other Disclosures [Abstract] | ||
Average interest rate | 3.50% | 4.20% |
Other Non-US Dollar-denominated Facilities | ||
Long-term Debt Types [Abstract] | ||
Debt | $ 4.9 | $ 5.7 |
Interest Rate And Other Disclosures [Abstract] | ||
Average interest rate | 7.00% | 4.80% |
Financing leases | ||
Long-term Debt Types [Abstract] | ||
Financing leases | $ 149.5 | $ 120.5 |
Interest Rate And Other Disclosures [Abstract] | ||
Average interest rate | 4.20% | 4.40% |
Restricted Cash Borrowings | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 10.3 | $ 10.5 |
Interest Rate And Other Disclosures [Abstract] | ||
Short-term borrowings interest rate | 0.00% | 0.00% |
Other | ||
Debt Instrument [Line Items] | ||
Short-term borrowings | $ 4 | $ 18.4 |
Interest Rate And Other Disclosures [Abstract] | ||
Short-term borrowings interest rate | 8.80% | 10.10% |
Debt - Narrative (Details)
Debt - Narrative (Details) $ in Millions | Feb. 08, 2019USD ($) | Oct. 31, 2017USD ($) | Dec. 31, 2019USD ($)facility | Sep. 30, 2019USD ($) |
Senior Secured Credit Facility - Original | ||||
Long-term Debt Types [Abstract] | ||||
Debt, aggregate principal amount | $ 469 | |||
Senior Secured Credit Facility - Amended | ||||
Long-term Debt Types [Abstract] | ||||
Commitment Fee | 0.25% | |||
Letter of Credit | Three Committed Letter of Credit Facilities | ||||
Long-term Debt Types [Abstract] | ||||
Available capacity amount | $ 29 | |||
Number of term loan facilities | facility | 3 | |||
Amount available | $ 80 | |||
Undrawn letters of credit | 51 | |||
Letter of Credit | Ten Million Committed Facility | ||||
Long-term Debt Types [Abstract] | ||||
Maximum borrowing capacity | 10 | |||
Letter of Credit | Fifty Four Million Committed Letter Of Credit Facility | ||||
Long-term Debt Types [Abstract] | ||||
Maximum borrowing capacity | 54 | |||
Letter of Credit | Sixteen Million Committed Letter of Credit Facility | ||||
Long-term Debt Types [Abstract] | ||||
Maximum borrowing capacity | 16 | |||
Letter of Credit | Two Unsecured Letter Of Credit Facilities | ||||
Long-term Debt Types [Abstract] | ||||
Available capacity amount | $ 33 | |||
Number of term loan facilities | facility | 2 | |||
Amount available | $ 55 | |||
Undrawn letters of credit | 22 | |||
Letter of Credit | Forty Million Unsecured Letter of Credit Facility | ||||
Long-term Debt Types [Abstract] | ||||
Amount available | 40 | |||
Letter of Credit | Fifteen Million Unsecured Letter of Credit Facility | ||||
Long-term Debt Types [Abstract] | ||||
Amount available | $ 15 | |||
Minimum | Senior Secured Credit Facility - Amended | ||||
Long-term Debt Types [Abstract] | ||||
Commitment Fee | 0.15% | |||
Maximum | Senior Secured Credit Facility - Amended | ||||
Long-term Debt Types [Abstract] | ||||
Commitment Fee | 0.30% | |||
Term Loan A | Senior Secured Credit Facility - Amended | ||||
Long-term Debt Types [Abstract] | ||||
Debt, aggregate principal amount | $ 800 | |||
Quarterly principal payment, percentage | 1.25% | |||
Revolving Credit Facility | Senior Secured Credit Facility - Amended | ||||
Long-term Debt Types [Abstract] | ||||
Maximum borrowing capacity | $ 1,000 | |||
Line of credit maturity period | 5 years | |||
Available capacity amount | $ 885 | |||
Senior unsecured notes | Six hundred million senior unsecured notes | ||||
Long-term Debt Types [Abstract] | ||||
Debt, aggregate principal amount | $ 600 | |||
Debt maturity period | 10 years | |||
Interest Rate Percentage | 4.625% | |||
LIBOR | Senior Secured Credit Facility - Amended | ||||
Long-term Debt Types [Abstract] | ||||
Interest rate margin | 1.75% | |||
LIBOR | Senior Secured Credit Facility - Amended | Minimum | ||||
Long-term Debt Types [Abstract] | ||||
Interest rate margin | 1.25% | |||
LIBOR | Senior Secured Credit Facility - Amended | Maximum | ||||
Long-term Debt Types [Abstract] | ||||
Interest rate margin | 2.00% | |||
Base Rate | Senior Secured Credit Facility - Amended | ||||
Long-term Debt Types [Abstract] | ||||
Interest rate margin | 0.75% | |||
Base Rate | Senior Secured Credit Facility - Amended | Minimum | ||||
Long-term Debt Types [Abstract] | ||||
Interest rate margin | 0.25% | |||
Base Rate | Senior Secured Credit Facility - Amended | Maximum | ||||
Long-term Debt Types [Abstract] | ||||
Interest rate margin | 1.00% |
Debt Debt - Minimum Repayments
Debt Debt - Minimum Repayments Long Term Debt (Details) $ in Millions | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 74.5 |
2021 | 72.7 |
2022 | 69.2 |
2023 | 64.8 |
2024 | 742.6 |
Later years | 615.6 |
Total | 1,639.4 |
Financing leases | |
Debt Instrument [Line Items] | |
2020 | 32.5 |
2021 | 31.8 |
2022 | 28.2 |
2023 | 24 |
2024 | 17.4 |
Later years | 15.6 |
Total | 149.5 |
Other long-term debt | |
Debt Instrument [Line Items] | |
2020 | 42 |
2021 | 40.9 |
2022 | 41 |
2023 | 40.8 |
2024 | 725.2 |
Later years | 600 |
Total | $ 1,489.9 |
Debt Debt - Financing Leases (D
Debt Debt - Financing Leases (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Financing Leases | $ 276.7 | $ 215.3 |
Less: accumulated amortization | (114.2) | (91.3) |
Total | 162.5 | 124 |
Buildings | ||
Debt Instrument [Line Items] | ||
Financing Leases | 4.1 | 2.2 |
Vehicles | ||
Debt Instrument [Line Items] | ||
Financing Leases | 267.5 | 212.4 |
Machinery and equipment | ||
Debt Instrument [Line Items] | ||
Financing Leases | $ 5.1 | $ 0.7 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Net, Current [Abstract] | |||||
Trade | $ 595.4 | $ 555.7 | |||
Other | 70.4 | 53.9 | |||
Total accounts receivable | 665.8 | 609.6 | |||
Allowance for doubtful accounts | $ (30.2) | $ (11.2) | $ (11.2) | (30.2) | (10.1) |
Accounts receivable, net | $ 635.6 | $ 599.5 | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Beginning of year | 10.1 | 11.2 | 8.3 | ||
Provision for uncollectible accounts receivable(a) | 22.8 | 1.4 | 5 | ||
Write offs less recoveries | (2.2) | (0.9) | (1) | ||
Foreign currency exchange effects | (0.5) | (1.6) | (1.1) | ||
End of year | 30.2 | $ 10.1 | $ 11.2 | ||
Internal Loss AR Rebuild | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Provision for uncollectible accounts receivable(a) | $ 19.2 |
Leases Leases - Supplemental ba
Leases Leases - Supplemental balance sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating lease assets | $ 270.3 | $ 0 |
Finance lease assets | 162.5 | 124 |
Total lease assets | 432.8 | |
Current liabilities operating leases | 65.9 | 0 |
Current liabilities financing leases | 32.5 | |
Lease liabilities | 218.4 | $ 0 |
Noncurrent liabilities financing leases | 117 | |
Total lease liabilities | $ 433.8 |
Leases Leases - Lease cost (Det
Leases Leases - Lease cost (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lease, Cost [Abstract] | ||
Operating lease cost(a) | $ 97.2 | |
Short-term lease cost | 27.2 | |
Amortization of right-of-use assets | 27.4 | |
Interest on lease liabilities | 7.4 | |
Total lease cost | $ 159.2 | $ 151.3 |
Leases Leases - Other informati
Leases Leases - Other information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 96 |
Operating cash flows from finance leases | 7.4 |
Financing cash flows from finance leases | 29.4 |
Leased assets obtained in exchange for new operating lease obligations | 56.3 |
Leased assets obtained in exchange for new finance lease obligations | $ 59.7 |
Weighted average remaining lease term operating leases (years) | 7 years 2 months 12 days |
Weighted average remaining lease term finance leases (years) | 5 years 2 months 12 days |
Weighted average discount rate operating leases (percent) | 6.90% |
Weighted average discount rate finance leases (percent) | 4.90% |
Leases Leases - Operating futur
Leases Leases - Operating future minimum lease payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating Leased Assets [Line Items] | |
2020 | $ 85.7 |
2021 | 67.3 |
2022 | 51.8 |
2023 | 41.4 |
2024 | 30.5 |
Later years | 117.1 |
Total Lease Payments | 393.8 |
Less: Interest | 109.5 |
Present value of lease liabilities | 284.3 |
Facilities | |
Operating Leased Assets [Line Items] | |
2020 | 57.1 |
2021 | 50.5 |
2022 | 42.9 |
2023 | 36.4 |
2024 | 29.1 |
Later years | 117.1 |
Total Lease Payments | 333.1 |
Less: Interest | 104.4 |
Present value of lease liabilities | 228.7 |
Vehicles | |
Operating Leased Assets [Line Items] | |
2020 | 7.8 |
2021 | 4.2 |
2022 | 1.4 |
2023 | 0.2 |
2024 | 0 |
Later years | 0 |
Total Lease Payments | 13.6 |
Less: Interest | 0.6 |
Present value of lease liabilities | 13 |
Other | |
Operating Leased Assets [Line Items] | |
2020 | 20.8 |
2021 | 12.6 |
2022 | 7.5 |
2023 | 4.8 |
2024 | 1.4 |
Later years | 0 |
Total Lease Payments | 47.1 |
Less: Interest | 4.5 |
Present value of lease liabilities | $ 42.6 |
Leases Leases - Financing lease
Leases Leases - Financing leases minimum repayments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 32.5 |
2021 | 31.8 |
2022 | 28.2 |
2023 | 24 |
2024 | 17.4 |
Later years | 15.6 |
Total | $ 149.5 |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Narrative (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized, not yet granted (in shares) | 5,700,000 | |||
Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred compensation plan, stock units held (shares) | 198,198 | 170,672 | ||
Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Deferred compensation plan, stock units held (shares) | 19,951 | 18,159 | ||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
The weighted-average fair value per share at grant date | $ 78.28 | $ 72.31 | $ 55.85 | |
Weighted-average discount percent | 2.00% | 2.00% | 2.00% | |
Vesting period | 3 years | |||
Performance Shares Units PSU | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized, not yet granted (in shares) | 129,100 | 187,000 | ||
The weighted-average fair value per share at grant date | $ 81.48 | |||
Actual shares earned and distributed (shares) | 129,100 | 225,900 | ||
TSR PSU | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Performance period | 3 years | |||
Dividend yield | 0.00% | |||
Stock Options | Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 6 years | |||
Deferred Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
The weighted-average fair value per share at grant date | $ 79.69 | |||
The weighted-average grant-date fair value (in dollars per share) | $ 79.69 | $ 74.43 | $ 60.80 | |
Share-based Compensation Award, Three-year Vesting | Internal Metric Performance Share Units (IM PSU) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance period | 3 years | |||
Share-based Compensation Award, Additional Two-year Vesting | Internal Metric Performance Share Units (IM PSU) | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of an employees award | 0.00% | |||
Share-based Compensation Award, Additional Two-year Vesting | Internal Metric Performance Share Units (IM PSU) | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of an employees award | 200.00% | |||
Share-based Compensation Award, Current-year | TSR PSU | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of an employees award | 0.00% | |||
Share-based Compensation Award, Current-year | TSR PSU | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of an employees award | 200.00% | |||
Share-based Compensation Award, Prior-year | TSR PSU | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of an employees award | 0.00% | |||
Share-based Compensation Award, Prior-year | TSR PSU | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of an employees award | 150.00% |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | $ 6.9 | $ 42.7 | $ 28.2 | $ 17.7 |
Income tax benefit | (9.2) | (6.5) | (3.4) | |
Share-based payment expense, net of tax | 33.5 | 21.7 | 14.3 | |
Fair value of shares vested | 46.8 | 44.4 | 29.6 | |
Income tax benefit realized | 10.2 | 9.9 | 9.2 | |
Performance Shares Units PSU | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 25.8 | 15.8 | 9.5 | |
Unrecognized Expense for Nonvested Awards at | $ 16.8 | |||
Weighted-average No. of Years Unrecognized Expense to be Recognized | 1 year 6 months | |||
Fair value of shares vested | $ 28.7 | 25.3 | 13.3 | |
Market Share Units MSU | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 0 | 0.1 | 0.3 | |
Unrecognized Expense for Nonvested Awards at | 0 | |||
Fair value of shares vested | 0 | 8.2 | 4.3 | |
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 6.6 | 6.6 | 4.7 | |
Unrecognized Expense for Nonvested Awards at | $ 3.8 | |||
Weighted-average No. of Years Unrecognized Expense to be Recognized | 1 year 4 months 24 days | |||
Fair value of shares vested | $ 11.8 | 8 | 7.3 | |
Deferred Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 1.2 | 1.2 | 1 | |
Unrecognized Expense for Nonvested Awards at | $ 0.3 | |||
Weighted-average No. of Years Unrecognized Expense to be Recognized | 4 months 24 days | |||
Fair value of shares vested | $ 0.9 | 0.7 | 2.7 | |
Performance-based Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 8.1 | 4.5 | 2.2 | |
Unrecognized Expense for Nonvested Awards at | $ 2.6 | |||
Weighted-average No. of Years Unrecognized Expense to be Recognized | 1 year 1 month 6 days | |||
Fair value of shares vested | $ 5.4 | 0 | 0 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based payment expense | 1 | 0 | 0 | |
Unrecognized Expense for Nonvested Awards at | $ 1.7 | |||
Weighted-average No. of Years Unrecognized Expense to be Recognized | 1 year 9 months 18 days | |||
Fair value of shares vested | $ 0 | $ 2.2 | $ 2 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans Share-Based Compensation - Activity - RSU, PSU, MSU, DSU (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted-Average Grant Date Fair Value Per Share | ||||
Target shares (shares) | 5,700,000 | |||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Discount percent | 2.00% | 2.00% | 2.00% | |
Shares (in thousands) | ||||
Nonvested, beginning balance (shares) | 235,800 | |||
Granted (shares) | 93,900 | |||
Forfeited (shares) | (11,100) | |||
Vested (shares) | (145,900) | |||
Nonvested, ending balance (shares) | 172,700 | 235,800 | ||
Weighted-Average Grant Date Fair Value Per Share | ||||
Nonvested, beginning balance (in dollars per share) | $ 52.63 | |||
Granted (in dollars per share) | 78.28 | $ 72.31 | $ 55.85 | |
Forfeited (in dollars per share) | 71.75 | |||
Vested (in dollars per share) | 45.34 | |||
Nonvested, ending balance (in dollars per share) | $ 71.87 | $ 52.63 | ||
Performance Shares Units PSU | ||||
Shares (in thousands) | ||||
Nonvested, beginning balance (shares) | 697,300 | |||
Granted (shares) | 204,600 | |||
Forfeited (shares) | (21,600) | |||
Vested (shares) | (316,100) | |||
Nonvested, ending balance (shares) | 564,200 | 697,300 | ||
Weighted-Average Grant Date Fair Value Per Share | ||||
Nonvested, beginning balance (in dollars per share) | $ 47.74 | |||
Granted (in dollars per share) | 81.48 | |||
Forfeited (in dollars per share) | 71.70 | |||
Vested (in dollars per share) | 32.35 | |||
Nonvested, ending balance (in dollars per share) | $ 70.10 | $ 47.74 | ||
Actual shares earned and distributed (shares) | 129,100 | 225,900 | ||
Target shares (shares) | 129,100 | 187,000 | ||
Deferred Stock Units | ||||
Shares (in thousands) | ||||
Nonvested, beginning balance (shares) | 12,500 | |||
Granted (shares) | 12,100 | |||
Vested (shares) | (12,500) | |||
Nonvested, ending balance (shares) | 12,100 | 12,500 | ||
Weighted-Average Grant Date Fair Value Per Share | ||||
Nonvested, beginning balance (in dollars per share) | $ 74.43 | |||
Granted (in dollars per share) | 79.69 | |||
Vested (in dollars per share) | 74.43 | |||
Nonvested, ending balance (in dollars per share) | $ 76.69 | $ 74.43 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans - Terms and Assumptions (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
TSR PSU | |||
Weighted-average assumptions used to estimate fair value: | |||
Expected dividend yield | 0.80% | 0.80% | 0.80% |
Expected stock price volatility | 30.80% | 29.90% | 30.60% |
Risk-free interest rate | 2.50% | 2.40% | 1.40% |
Contractual term in years | 2 years 9 months 18 days | 2 years 10 months 24 days | 2 years 10 months 24 days |
Weighted-average fair value estimate at grant date | $ 3 | $ 3.2 | $ 2 |
Weighted-average fair value estimate per share (in dollars per share) | $ 105.16 | $ 79.05 | $ 67.81 |
Vesting period | 3 years | ||
Performance-based Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period for achieving stock price hurdles | 3 years | ||
Weighted-average assumptions used to estimate fair value: | |||
Expected dividend yield | 0.80% | 0.80% | |
Expected stock price volatility | 29.30% | 29.30% | |
Risk-free interest rate | 2.60% | 1.80% | |
Contractual term in years | 4 years 6 months | 4 years 6 months | 4 years 6 months |
Market price (in dollars per share) | $ 90.68 | ||
Weighted-average fair value estimate at grant date | $ 7 | $ 3.6 | |
Weighted-average fair value estimate per share (in dollars per share) | $ 0 | $ 16.73 | $ 11.97 |
Vesting period | 3 years | ||
Contractual term | 6 years | ||
Time Based Vesting Option | |||
Weighted-average assumptions used to estimate fair value: | |||
Expected dividend yield | 0.80% | 0.70% | |
Expected stock price volatility | 30.30% | 28.90% | |
Risk-free interest rate | 2.50% | 1.70% | |
Contractual term in years | 4 years 6 months | 4 years 6 months | |
Market price (in dollars per share) | $ 90.68 | ||
Weighted-average fair value estimate at grant date | $ 3 | $ 0.1 | |
Weighted-average fair value estimate per share (in dollars per share) | $ 21.58 | $ 21.09 |
Share-Based Compensation Plan_6
Share-Based Compensation Plans Share-Based Compensation Plans - Options Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Performance-based Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Contractual term | 6 years | ||
Shares (in thousands) | |||
Outstanding beginning balance (in shares) | 1,287,000 | ||
Granted (in shares) | 0 | ||
Forfeited or expired (in shares) | 0 | ||
Exercised (in shares) | (95,900) | ||
Outstanding ending balance (in shares) | 1,191,100 | 1,287,000 | |
Exercisable (in shares) | 485,000 | ||
Expected to vest in future periods (in shares) | 690,900 | ||
Weighted-Average Grant Date Fair Value Per Share | |||
Beginning balance (in dollars per share) | $ 10.88 | ||
Granted (in dollars per share) | 0 | $ 16.73 | $ 11.97 |
Forfeited or expired (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 44.74 | ||
Ending balance (in dollars per share) | 11.52 | 10.88 | |
Outstanding beginning balance (in dollars per share) | 49.18 | ||
Granted (in dollars per share) | 0 | ||
Forfeited or expired (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 32.69 | ||
Outstanding ending balance (in dollars per share) | 50.51 | $ 49.18 | |
Exercisable (in dollars per share) | 29.87 | ||
Expected to vest in future periods (in dollars per share) | $ 64.90 | ||
Outstanding, Weighted-Average Remaining Contractual Term (in years) | 3 years 1 month 6 days | ||
Exercisable, Weighted-Average Remaining Contractual Term (in years) | 2 years 6 months | ||
Expected to vest in future periods, Weighted- Average Remaining Contractual Term (in years) | 3 years 7 months 6 days | ||
Outstanding, Aggregate Intrinsic Value (in millions) | $ 47.8 | ||
Exercisable, Aggregate Intrinsic Value (in millions) | 29.5 | ||
Expected to vest in future periods, Aggregate Intrinsic Value (in millions) | $ 17.8 | ||
Market price (in dollars per share) | $ 90.68 | ||
Expected forfeiture rate | 0.00% | ||
Time Based Vesting Option | |||
Shares (in thousands) | |||
Outstanding beginning balance (in shares) | 2,700 | ||
Granted (in shares) | 138,700 | ||
Forfeited or expired (in shares) | (14,400) | ||
Outstanding ending balance (in shares) | 127,000 | 2,700 | |
Exercisable (in shares) | 0 | 100,000 | |
Expected to vest in future periods (in shares) | 125,500 | ||
Weighted-Average Grant Date Fair Value Per Share | |||
Beginning balance (in dollars per share) | $ 21.09 | ||
Granted (in dollars per share) | 21.58 | $ 21.09 | |
Forfeited or expired (in dollars per share) | 21.60 | ||
Ending balance (in dollars per share) | 21.56 | $ 21.09 | |
Outstanding beginning balance (in dollars per share) | 84.65 | ||
Granted (in dollars per share) | 79.21 | ||
Forfeited or expired (in dollars per share) | 79.26 | ||
Outstanding ending balance (in dollars per share) | 79.32 | $ 84.65 | |
Exercisable (in dollars per share) | 0 | $ 22.57 | |
Expected to vest in future periods (in dollars per share) | $ 79.32 | ||
Outstanding, Weighted-Average Remaining Contractual Term (in years) | 5 years 1 month 6 days | ||
Expected to vest in future periods, Weighted- Average Remaining Contractual Term (in years) | 5 years 1 month 6 days | ||
Outstanding, Aggregate Intrinsic Value (in millions) | $ 1.4 | ||
Exercisable, Aggregate Intrinsic Value (in millions) | 0 | ||
Expected to vest in future periods, Aggregate Intrinsic Value (in millions) | $ 1.4 | ||
Market price (in dollars per share) | $ 90.68 |
Capital Stock (Details)
Capital Stock (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 25, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 16, 2020 | May 08, 2017 | |
Subsequent Event [Line Items] | |||||
Shares of common stock authorized (in shares) | 100,000,000 | 100,000,000 | |||
Shares issued and outstanding (in shares) | 50,100,000 | 49,700,000 | |||
Maximum shares allowed for issuance (in shares) | 2,000,000 | ||||
Par value (in dollars per share) | $ 10 | ||||
Stock repurchase program amount | $ 200,000,000 | ||||
Stock repurchase program remaining amount | $ 106,000,000 | ||||
Stock repurchased and retired during period, shares | 0 | 610,177 | |||
Stock repuchase program amount used | $ 43,500,000 | ||||
Average price per share (in dollars per share) | $ 71.22 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividend declared (in dollars per share) | $ 0.15 | ||||
ASR December 2018 | |||||
Subsequent Event [Line Items] | |||||
Accelerated share repurchases payment | $ 50,000,000 | ||||
Stock repurchased and retired during period, shares | 700,000 | ||||
ASR initial price per share (in dollars per share) | $ 71.43 | ||||
ASR February 2019 | |||||
Subsequent Event [Line Items] | |||||
Stock repurchased and retired during period, shares | 37,387 | ||||
ASR, final price per share (in dollars per share) | $ 67.81 |
Capital Stock - Shares Used To
Capital Stock - Shares Used To Calculate Earnings (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Basic (shares) | 50.2 | 50.9 | 50.7 |
Effect of dilutive stock awards (shares) | 0.9 | 0 | 1.1 |
Diluted (shares) | 51.1 | 50.9 | 51.8 |
Antidilutive stock options and awards excluded from denominator (shares) | 0.1 | 1.6 | 0.1 |
Deferred compensation common stock unit (shares) | 0.3 | 0.3 | 0.3 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Interest | $ 84.2 | $ 63.7 | $ 27.1 | |
Income taxes, net | 23.9 | 90.6 | 83.8 | |
Financing leases | 59.7 | 51.9 | 51.7 | |
Payment of acquisition-related obligation | (20.3) | (17.6) | (90.9) | |
Restricted cash | 158 | 136.1 | ||
Cash and cash equivalents | 311 | 343.4 | ||
Cash, Cash Equivalents, and Restricted Cash | 469 | 479.5 | 726.9 | $ 239 |
Cash from Short Term Borrowings | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Restricted cash | 10.3 | 10.5 | ||
Cash Held From Customers | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Restricted cash | 100.3 | 90.3 | ||
Deposits Liability | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Restricted cash | 47.4 | 35.3 | ||
Maco | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Payment of acquisition-related obligation | (15.6) | $ (16.3) | $ (90.9) | |
Rodoban | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Payment of acquisition-related obligation | (2.6) | |||
Argentina, Pesos | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Purchase of currency conversion instruments | 23.6 | |||
Proceeds from sale of currency conversion instruments | $ 18.9 |
Other Operating Income (Expen_3
Other Operating Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effect of Fourth Quarter Events [Line Items] | |||||
Foreign currency transaction losses | $ (22.9) | $ (13.9) | $ (9.2) | ||
Foreign currency derivative instrument gains | 6.9 | 7.7 | 0.8 | ||
Gains on sale of property and equity investment | 5.8 | 4 | 9.2 | ||
Impairment losses | (7.7) | (6.5) | (3.4) | ||
Share in earnings of equity affiliates | 0.9 | 1.9 | 0.4 | ||
Royalty Income | 5.1 | 4.5 | 1.9 | ||
Gains on business acquisitions and dispositions | 0 | 0 | 0.6 | ||
Other | 2.5 | 0.6 | 3 | ||
Other operating income (expense) | (9.4) | (1.7) | 3.3 | ||
ARGENTINA | Argentina, Pesos | |||||
Effect of Fourth Quarter Events [Line Items] | |||||
Foreign currency transaction losses | 4.7 | ||||
Currency remeasurement gain (loss) | $ (8.1) | $ (11.3) | (6.2) | ||
Venezuela | Venezuelan bolívar fuerte | |||||
Effect of Fourth Quarter Events [Line Items] | |||||
Currency remeasurement gain (loss) | $ 2.2 | (9.1) | |||
Mexico | |||||
Effect of Fourth Quarter Events [Line Items] | |||||
Gains on sale of property and equity investment | $ 3 | $ 8.4 |
Interest and Other Nonoperati_3
Interest and Other Nonoperating Income (Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investment [Line Items] | ||||
Interest income | $ 5.6 | $ 6.9 | $ 4.1 | |
Gain (loss) on equity securities | (2.9) | 3.2 | 1.5 | |
Foreign currency transaction losses(a) | 0 | (15.5) | (7.6) | |
Derivative instruments | 0 | 0 | 1.1 | |
Retirement benefit cost other than service cost | (52.7) | (39.7) | (47.8) | |
Prepayment penalties | 0 | 0 | (8.3) | |
Interest on Colombia tax claim(h) | (1.1) | |||
Interest on Brazil tax claim(c) | 0 | 0 | (1.6) | |
Non-income taxes on intercompany billings(d) | (4.2) | (2.6) | (1.3) | |
Venezuela operations(e) | (0.9) | (0.6) | ||
Gain on lease termination | $ 5.2 | 5.2 | ||
Gain on a disposition of a subsidiary(g) | 0 | 11.2 | 0 | |
Other | (1.7) | (1.7) | (0.3) | |
Total | (52.7) | $ (38.8) | (60.2) | |
Brazil | ||||
Investment [Line Items] | ||||
Tax claim | $ 1 | |||
COLOMBIA | ||||
Investment [Line Items] | ||||
Tax claim | $ 1 |
Other Commitments and Conting_2
Other Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Noncancellable commitments in equipment purchases | $ 32.2 |
Reorganization and Restructur_3
Reorganization and Restructuring Reorganization and Restructuring - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)position | Dec. 31, 2017USD ($) | |
Reorganization and Restructuring 2016 | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Cumulative pretax charges | $ 48 | |||
Positions eliminated across the global workforce | position | 800 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning balance | $ 0.7 | $ 2 | $ 7.6 | |
Expense (benefit) | $ 18.1 | 13 | 17.3 | |
Payments and utilization | (14.3) | (23.1) | ||
Foreign currency exchange effects | 0 | 0.2 | ||
Restructuring Reserve, ending balance | 7.6 | 0.7 | 2 | |
Other Restructurings | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs | 28.8 | |||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning balance | 3.3 | |||
Expense (benefit) | 29.2 | 7.6 | 4.6 | |
Payments and utilization | (25.1) | |||
Accrual adjustment | (0.4) | |||
Foreign currency exchange effects | 0 | |||
Restructuring Reserve, ending balance | 7 | 3.3 | ||
Asset Related Adjustments | Reorganization and Restructuring 2016 | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning balance | 0 | 0 | 0 | |
Expense (benefit) | 1.7 | 4.1 | ||
Payments and utilization | (1.7) | (4.1) | ||
Foreign currency exchange effects | 0 | 0 | ||
Restructuring Reserve, ending balance | 0 | 0 | 0 | |
Severance Costs | Reorganization and Restructuring 2016 | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning balance | 0.5 | 1.6 | 7 | |
Expense (benefit) | 11.3 | 10.4 | ||
Payments and utilization | (12.4) | (16) | ||
Foreign currency exchange effects | 0 | 0.2 | ||
Restructuring Reserve, ending balance | 7 | 0.5 | 1.6 | |
Severance Costs | Other Restructurings | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning balance | 3.3 | |||
Expense (benefit) | 19.7 | |||
Payments and utilization | (15.6) | |||
Accrual adjustment | (0.4) | |||
Foreign currency exchange effects | 0 | |||
Restructuring Reserve, ending balance | 7 | 3.3 | ||
Lease Terminations | Reorganization and Restructuring 2016 | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning balance | 0.2 | 0.4 | 0.6 | |
Expense (benefit) | 0 | 0.6 | ||
Payments and utilization | (0.2) | (0.8) | ||
Foreign currency exchange effects | 0 | 0 | ||
Restructuring Reserve, ending balance | 0.6 | 0.2 | 0.4 | |
Benefit Program Termination | Reorganization and Restructuring 2016 | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning balance | 0 | 0 | 0 | |
Expense (benefit) | 0 | 2.2 | ||
Payments and utilization | 0 | (2.2) | ||
Foreign currency exchange effects | 0 | 0 | ||
Restructuring Reserve, ending balance | $ 0 | 0 | $ 0 | |
Modification of Share-based Awards | Other Restructurings | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning balance | 0 | |||
Expense (benefit) | 7.7 | |||
Payments and utilization | (7.7) | |||
Accrual adjustment | 0 | |||
Foreign currency exchange effects | 0 | |||
Restructuring Reserve, ending balance | 0 | 0 | ||
Other Restructuring | Other Restructurings | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring Reserve, beginning balance | 0 | |||
Expense (benefit) | 1.8 | |||
Payments and utilization | (1.8) | |||
Accrual adjustment | 0 | |||
Foreign currency exchange effects | 0 | |||
Restructuring Reserve, ending balance | 0 | $ 0 | ||
Minimum | Other Restructurings | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected costs | 1 | |||
Maximum | Other Restructurings | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected costs | $ 3 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Quarterly Financial Data [Abstract] | |||||||||||||||
Revenues | $ 935.8 | $ 928.4 | $ 914 | $ 905 | $ 907.7 | $ 852.4 | $ 849.7 | $ 879.1 | $ 3,683.2 | $ 3,488.9 | $ 3,347 | ||||
Operating Profit | 73.3 | 52.5 | 52.6 | 58.4 | 81.2 | 67 | 61.7 | 64.8 | 236.8 | 274.7 | 273.9 | ||||
Amounts attributable to Brink’s: | |||||||||||||||
Continuing operations | (3.8) | 5.8 | 12.6 | 13.7 | 34.9 | 17.5 | (107.8) | 22.1 | 28.3 | (33.3) | 16.9 | ||||
Discontinued operations | 1.2 | (0.4) | (0.1) | 0 | 0 | (0.1) | (0.1) | 0.2 | 0.7 | 0 | (0.2) | ||||
Net income (loss) attributable to Brink’s | (2.6) | 5.4 | 12.5 | 13.7 | 34.9 | 17.4 | (107.9) | 22.3 | 29 | (33.3) | 16.7 | ||||
Depreciation and amortization | 45.5 | 42.9 | 48.7 | 47.9 | 42.8 | 41.6 | 39.1 | 38.8 | 185 | 162.3 | 146.6 | ||||
Capital expenditures | $ 48.8 | $ 42.9 | $ 37.9 | $ 35.2 | $ 51.1 | $ 30.7 | $ 36.6 | $ 36.7 | $ 164.8 | $ 155.1 | $ 174.5 | ||||
Basic | |||||||||||||||
Continuing operations (in dollars per share) | $ (0.08) | $ 0.11 | $ 0.25 | $ 0.27 | $ 0.69 | $ 0.34 | $ (2.11) | $ 0.43 | $ 0.56 | [1] | $ (0.65) | [1] | $ 0.33 | [1] | |
Discontinued operations (in dollars per share) | 0.02 | (0.01) | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | [1] | 0 | [1] | (0.01) | [1] | |
Net income (loss) (in dollars per share) | (0.05) | 0.11 | 0.25 | 0.27 | 0.69 | 0.34 | (2.11) | 0.44 | 0.58 | [1] | (0.65) | [1] | 0.33 | [1] | |
Diluted | |||||||||||||||
Continuing operations (in dollars per share) | (0.08) | 0.11 | 0.25 | 0.27 | 0.68 | 0.34 | (2.11) | 0.42 | 0.55 | [1] | (0.65) | [1] | 0.33 | [1] | |
Discontinued operations (in dollars per share) | 0.02 | (0.01) | 0 | 0 | 0 | 0 | 0 | 0 | 0.01 | [1] | 0 | [1] | (0.01) | [1] | |
Net income (loss) (in dollars per share) | $ (0.05) | $ 0.10 | $ 0.25 | $ 0.27 | $ 0.68 | $ 0.34 | $ (2.11) | $ 0.43 | $ 0.57 | [1] | $ (0.65) | [1] | $ 0.32 | [1] | |
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Share-based expense for modification | $ 6.9 | $ 42.7 | $ 28.2 | $ 17.7 | |||||||||||
Gain on lease termination | 5.2 | 5.2 | |||||||||||||
Revenues | $ 935.8 | $ 928.4 | $ 914 | $ 905 | $ 907.7 | $ 852.4 | $ 849.7 | $ 879.1 | 3,683.2 | 3,488.9 | 3,347 | ||||
Brazil social tax credit | 0.3 | 0.6 | 0.4 | ||||||||||||
Loss on deconsolidation of Venezuela operations | 0 | (126.7) | 0 | ||||||||||||
Foreign currency transaction losses | 0 | (15.5) | (7.6) | ||||||||||||
Gain on sale of business | 0 | 11.2 | 0 | ||||||||||||
Brazil | |||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||
Revenues | 440.4 | 405.4 | 434.6 | ||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Revenues | 440.4 | 405.4 | 434.6 | ||||||||||||
Brazil social tax credit | 8.2 | ||||||||||||||
Venezuela | |||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||
Revenues | 0 | 51.4 | 154.1 | ||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Revenues | 0 | 51.4 | 154.1 | ||||||||||||
ARGENTINA | |||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||
Revenues | 214.4 | 247.2 | 250.3 | ||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Revenues | 214.4 | 247.2 | 250.3 | ||||||||||||
Venezuelan bolívar fuerte | Venezuela | |||||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Loss on deconsolidation of Venezuela operations | 126.7 | ||||||||||||||
Currency remeasurement gain (loss) | $ 2.2 | (9.1) | |||||||||||||
Argentina, Pesos | ARGENTINA | |||||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Foreign currency transaction losses | 12.6 | ||||||||||||||
Currency remeasurement gain (loss) | $ (8.1) | (11.3) | (6.2) | ||||||||||||
French airport security services company | |||||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Gain on sale of business | $ 11.2 | ||||||||||||||
Internal Loss AR Rebuild | |||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||
Revenues | 4 | ||||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Revenues | 4 | ||||||||||||||
Bank fees | 0.3 | ||||||||||||||
Increase to bad debt expense | 6.4 | 13.7 | 20.1 | ||||||||||||
Immaterial error correction | $ 10 | ||||||||||||||
Pension plan | |||||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Settlement charge | (21.4) | (1.7) | (2) | ||||||||||||
U.S. Plans | |||||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Settlement charge | $ (19.3) | $ 0 | $ 0 | ||||||||||||
U.S. Plans | Pension plan | |||||||||||||||
Effect of Fourth Quarter Events [Line Items] | |||||||||||||||
Settlement charge | $ 19.3 | ||||||||||||||
[1] | Amounts may not add due to rounding. |
Subsequent Events Subsequent _2
Subsequent Events Subsequent Events (Details) - USD ($) | Feb. 26, 2020 | Feb. 06, 2020 | May 08, 2017 |
Subsequent Event [Line Items] | |||
Stock repurchase program amount | $ 200,000,000 | ||
Subsequent Event | G4S Cash Management Operations | |||
Subsequent Event [Line Items] | |||
Subsequent event date | Feb. 26, 2020 | ||
Purchase consideration | $ 860,000,000 | ||
Annual revenues | $ 800,000,000 | ||
Subsequent Event | 250 Million Share Repurchase Program | |||
Subsequent Event [Line Items] | |||
Subsequent event date | Feb. 6, 2020 | ||
Stock repurchase program amount | $ 250,000,000 |