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Brink’s common shareholders

34.3

33.2

1.1

Dividends to:

(5.0)

Noncontrolling interests

(0.2)

Share-based compensation:

Compensation expense

4.5

Consideration from exercise of stock options

0.7

$ 0.0

0.7

Consideration from exercise of stock options, Shares

0.0

Other share-based benefit transactions

(8.4)

$ 0.4

(8.8)

Other share-based benefit transactions, shares

0.4

Ending balance at Mar. 31, 2017

421.2

$ 50.4

614.5

605.7

(873.8)

24.4

Ending balance, Shares at Mar. 31, 2017

50.4

Beginning balance at Dec. 31, 2017

338.2

$ 50.5

628.6

564.9

(926.6)

20.8

Beginning balance, Shares at Dec. 31, 2017

50.5

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

25.5

22.3

3.2

Brink’s common shareholders

12.2

11.1

1.1

Dividends to:

(7.6)

Noncontrolling interests

(0.7)

Share-based compensation:

Compensation expense

6.8

Other share-based benefit transactions

(10.1)

$ 0.4

(10.5)

Other share-based benefit transactions, shares

0.4

Ending balance at Mar. 31, 2018

366.5

$ 50.9

$ 624.9

582.9

(916.6)

$ 24.4

Ending balance, Shares at Mar. 31, 2018

50.9

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Cumulative effect of change in accounting principle

^[1]

$ 2.2

$ 3.3

$ (1.1)

[1]

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.

Condensed Consolidated Statement of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Dividends to:
Dividends (dollars per share)	$ 0.15	$ 0.10

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 25.5	$ 40.5
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations, net of tax	(0.2)	0.0
Depreciation and amortization	38.8	33.9
Share-based compensation expense	6.8	4.5
Deferred income taxes	(4.1)	(2.1)
Gains on sale of property, equipment and marketable securities	(0.5)	(0.2)
Gain on business dispositions	0.0	(0.8)
Impairment losses	1.8	0.4
Retirement benefit funding (more) less than expense:
Pension	2.8	5.2
Other than pension	5.2	3.3
Remeasurement (gains) losses due to Venezuela currency devaluation	(2.8)	0.3
Other operating	3.1	2.5
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable and income taxes receivable	(32.7)	(37.8)
Accounts payable, income taxes payable and accrued liabilities	(13.6)	(12.6)
Restricted cash held for customers	44.0	12.5
Customer obligations	(0.5)	4.2
Prepaid and other current assets	(15.7)	(14.4)
Other	(1.1)	0.0
Net cash provided by operating activities	56.8	39.4
Cash flows from investing activities:
Capital expenditures	(36.7)	(27.8)
Acquisitions, net of cash acquired	0.0	(14.2)
Dispositions, net of cash disposed	0.0	1.1
Purchases	(13.5)	(9.3)
Sales	0.5	0.4
Cash proceeds from sale of property and equipment	1.1	0.6
Net cash used by investing activities	(48.6)	(49.2)
Cash flows from financing activities:
Short-term borrowings	16.1	(11.3)
Cash supply chain customer debt	0.9	1.5
Borrowings	0.0	231.5
Repayments	0.0	(141.5)
Borrowings	1.6	0.0
Repayments	(13.3)	(14.6)
Payment of acquisition-related obligation	(0.1)	0.0
Dividends to:
Shareholders of Brink’s	(7.6)	(5.0)
Noncontrolling interests in subsidiaries	(0.7)	(0.2)
Proceeds from exercise of stock options	0.0	0.7
Tax withholdings associated with share-based compensation	(11.2)	(8.8)
Other	0.5	0.5
Net cash (used) provided by financing activities	(13.8)	52.8
Effect of exchange rate changes on cash	0.3	6.9
Cash, cash equivalents and restricted cash:
Increase (decrease)	(5.3)	49.9
Balance at beginning of period	726.9	239.0
Balance at end of period	$ 721.6	$ 288.9

Basis of presentation

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Basis of presentation

The Brink’s Company (along with its subsidiaries, “Brink’s” or “we”) has three operating segments:


•	North America


•	South America


•	Rest of World

Our unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and applicable quarterly reporting regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2017.

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 condensed consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill and other long-lived assets, pension and other retirement benefit obligations, legal contingencies and deferred tax assets.

Consolidation

The condensed 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.

Foreign Currency Translation

Our condensed 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. Nonmonetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. Revenues and expenses are translated at rates of exchange in effect during the year.

Venezuela

The economy in Venezuela has had significant inflation in the last several years. We consolidate our Venezuelan results using our accounting policy for subsidiaries operating in highly inflationary economies.

We control our Venezuela business for purposes of consolidation of financial statements. Specifically, while the Venezuela government has imposed restrictions that prevent the repatriation of funds, management continues to provide guidance and strategic oversight, including budgeting and forecasting for the Venezuela business. In addition, in this highly inflationary economy, the Venezuela business has negotiated price increases with certain customers to help offset cost inflation. We will continue to monitor the situation in Venezuela and the impact that the economic and political environment in that country has on our ability to control our Venezuela operations.

Since 2003, the Venezuelan government has controlled the exchange of local currency into other currencies, including the U.S. dollar, and has required that currency exchanges be made at rates established by the government instead of allowing open markets to determine currency rates. Different rates exist for different industries and purposes and the government does not approve all requests to convert bolivars to other currencies.

As a result of the restrictions on currency exchange, we have in the past been unable to obtain sufficient U.S. dollars to purchase certain imported supplies and fixed assets to fully operate our business in Venezuela. Consequently, our Venezuelan operations have occasionally purchased more expensive, bolivar-denominated supplies and fixed assets. There is a risk that official currency exchange mechanisms will be discontinued or will not be accessible when needed in the future, which may prevent us from repatriating dividends or obtaining dollars to operate our Venezuelan operations.

Due to the Venezuelan government's restrictions that have prevented us from repatriating funds, results from our Venezuelan operations are included in items not allocated to segments and are excluded from the operating segments.

Remeasurement rates during 2018 and 2017. In the first quarter of 2016, the Venezuelan government implemented the DICOM exchange mechanism and announced that it would allow this exchange mechanism rate to float freely. In the first three months of 2017, the DICOM rate declined approximately 5% (from 674 to 710 bolivars to the U.S. dollar). In the first three months of 2018, the rate declined approximately 93% (from 3,345 to 49,478 bolivars to the U.S. dollar). We have received only minimal U.S. dollars through this exchange mechanism. In the first three months of 2018, we recognized a $2.8 million pretax remeasurement gain. The after-tax effect of this gain attributable to noncontrolling interest was $2.0 million. In the first three months of 2017, we recognized a $0.3 million pretax remeasurement loss. The after-tax effect of this loss attributable to noncontrolling interest was $0.1 million.

Items related to our Venezuelan operations are as follows:


•	Our investment in our Venezuelan operations on an equity-method basis was $22.8 million at March 31, 2018 and $23.1 million at December 31, 2017.


•	Our Venezuelan operations had net payables to other Brink's affiliates of $1.4 million at March 31, 2018 and $2.7 million at December 31, 2017.


•	Our Venezuelan operations had net nonmonetary assets of $25.8 million at March 31, 2018 and $23.0 million at December 31, 2017.


•	Our bolivar-denominated net monetary liabilities were $1.0 million (including $0.5 million of cash and cash equivalents) at March 31, 2018 and $2.3 million (including $3.4 million of cash and cash equivalents) at December 31, 2017.


•	Accumulated other comprehensive losses attributable to Brink’s shareholders related to our Venezuelan operations were $114.6 million at March 31, 2018 and $114.9 million at December 31, 2017.

Argentina

We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary ("Brink's Argentina"). Revenues from

Brink's Argentina represented approximately 8% of our consolidated revenues for the first three months of 2018. 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 approximately 15% (from 15.9 to 18.6 pesos to the U.S. dollar). In the first three months of 2018, the Argentine peso declined approximately 8% (from 18.6 to 20.2 pesos to the U.S. dollar).

Although Argentina is not currently designated as a highly inflationary economy for accounting purposes, sustained volatility in inflation

rates as well as continued deterioration in the exchange rate could have an adverse impact on Brink's Argentina's revenues, net earnings and

net monetary asset position. Additionally, it is possible that Argentina could be designated as a highly inflationary economy for accounting purposes at some time during 2018. We continue to monitor the situation in Argentina.

At March 31, 2018, we had net monetary assets denominated in Argentine pesos of $31.5 million, including cash of $27.4 million. At March 31, 2018, we had net nonmonetary assets of $226.7 million, including $141.8 million of goodwill and $13.5 million of equity securities.

New Accounting Standards

In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts with Customers. Under the new standard, an entity recognizes an amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The standard also 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 new 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. However, adoption of the new 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 new guidance changes the accounting related to the classification and measurement of certain equity investments. In general, equity investments must be measured at fair value and 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. As a result, we recognized a cumulative-effect adjustment increasing retained earnings attributable to Brink's by $0.7 million.

The FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, in November 2016. This new guidance requires entities to include restricted cash and restricted cash equivalent balances with cash and cash equivalent balances in the statement of cash flows. As such, 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 condensed consolidated statement of cash flows for the three months ended March 31, 2017. Net cash provided by operating activities increased $12.5 million, net cash provided by financing activities increased $1.5 million and the effect of exchange rate changes on cash increased $0.7 million as compared to previously reported amounts for the prior year period.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which will require the recognition of assets and liabilities by lessees for certain leases classified as operating leases under current accounting guidance and also requires expanded disclosures regarding leasing activities. ASU 2016-02 will be effective January 1, 2019 and we are required to use the modified retrospective method to adopt the new standard. We are assessing the potential impact of the standard on financial reporting.

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. The guidance is effective January 1, 2019 with early adoption permitted. We are

currently evaluating the impact of this guidance, including transition elections and required disclosures, on our financial statements and the

timing of adoption.

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”). The guidance is effective January 1, 2019 with early adoption permitted. We are

currently evaluating the potential impact of the standard on financial reporting and the timing of adoption.

Revenue from contracts with customers

3 Months Ended

Mar. 31, 2018

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

Cash-in-transit 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. Cash-in-transit 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 processing services on behalf of utility companies and other billers plus general purpose reloadable prepaid cards and payroll 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.

Revenue Disaggregated by Reportable Segment and Type of Service



(In millions)	Core Services		High-Value Services	Other Security Services	Total
Three months ended March 31, 2018

Reportable Segments:
North America	$	190.0	130.1	—	320.1
South America	125.4		126.5	2.9	254.8
Rest of World	93.6		130.4	54.4	278.4
Total reportable segments	409.0		387.0	57.3	853.3

Not Allocated to Segments:
Venezuela	10.7		15.1	—	25.8
Total	$	419.7	402.1	57.3	879.1

Three months ended March 31, 2017

Reportable Segments:
North America	$	172.3	132.3	—	304.6
South America	96.8		101.4	4.0	202.2
Rest of World	78.7		111.0	43.8	233.5
Total reportable segments	347.8		344.7	47.8	740.3

Not Allocated to Segments:
Venezuela	24.1		24.0	—	48.1
Total	$	371.9	368.7	47.8	788.4

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 ASC 840, Leases, 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 estimates 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, 2018)	642.3		0.4	5.6
Closing (March 31, 2018)	633.9		1.5	6.9
Increase (decrease)	(8.4	)	1.1	1.3

The amount of revenue recognized in the three months ended March 31, 2018 that was included in the January 1, 2018 contract liability balance was $3.1 million. This revenue consists of services provided to customers who had prepaid for those services prior to the current quarter.

We also recognized revenue of $0.3 million in the three months ended March 31, 2018 from performance obligations satisfied in prior periods. This amount is a result of changes in the transaction price of our contracts with customers.

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 March 31, 2018, the net capitalized costs to obtain contracts was $1.7 million, which is included in other assets on the condensed consolidated balance sheet. Amortization expense was not significant and there were no impairment losses recognized related to these contract costs in the first three months of 2018.

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.

Impact on Reported Amounts

We adopted ASU 2014-09, Revenue From Contracts with Customers, effective January 1, 2018 using the modified retrospective method. As a result, we recognized a cumulative-effect adjustment to January 1, 2018 retained earnings. Comparative prior year period amounts are reported in accordance with previous accounting standards. The adoption of the new revenue recognition standard impacted our reported amounts in 2018 as follows:



(In millions)	As reported		Impact of New Revenue Recognition Standard	Pro Forma under Old Revenue Recognition Standard
Three months ended March 31, 2018

Statement of Operations
Revenues	$	879.1	3.0	876.1
Operating profit	64.8		1.0	63.8
Net income attributable to Brink's	22.3		0.6	21.7

As of March 31, 2018
Balance Sheet
Prepaid expenses and other assets	$	151.8	1.5	150.3
Other assets	155.4		1.7	153.7
Retained earnings	582.9		2.1	580.8

Segment information

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Segment information

The Brink’s Company offers transportation and logistics management services for cash and valuables throughout the world.

Core services include:


•	Cash-in-Transit (“CIT”) Services – armored vehicle transportation of valuables


•	ATM Services – replenishing and maintaining customers’ automated teller machines; providing network infrastructure services

High-value services include:


•	Global Services – secure international transportation of valuables


•	Cash Management Services


◦	Currency and coin counting and sorting; deposit preparation and reconciliations; other cash management services


◦	Safe and safe control device installation and servicing (including our patented CompuSafe^® service)


◦	Vaulting services


◦	Check imaging services for banking customers


•	Payment Services – bill payment and processing services on behalf of utility companies and other billers at any of our Brink’s or Brink’s-operated payment locations in Brazil, Colombia, Panama and Mexico and Brink’s Money™ general purpose reloadable prepaid cards and payroll cards in the U.S.

Other security services include:


•	Commercial Security Systems Services – design and installation of security systems in designated markets in Europe


•	Guarding Services – protection of airports, offices, and certain other locations in Europe and Brazil with or without electronic surveillance, access control, fire prevention and highly trained patrolling personnel

We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions. Our CODM is our President and Chief Executive Officer. Our CODM evaluates performance and allocates resources to our operating segments 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. Results from Venezuela operations are 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.

We have three operating segments:


•	North America


•	South America


•	Rest of World.

The following table summarizes our revenues and segment profit for each of our reportable segments and reconciles these amounts to consolidated revenues and operating profit:



	Revenues			Operating Profit
	Three Months Ended March 31,			Three Months Ended March 31,
(In millions)	2018		2017	2018			2017
Reportable Segments:
North America	$	320.1	304.6	$	20.6		10.2
South America	254.8		202.2	55.6			39.2
Rest of World	278.4		233.5	25.6			25.4
Total reportable segments	853.3		740.3	101.8			74.8

Reconciling Items:
Corporate expenses:
General, administrative and other expenses	—		—	(31.1		)	(19.2	)
Foreign currency transaction gains	—		—	(0.5		)	(1.2	)
Reconciliation of segment policies to GAAP	—		—	1.3			(0.9	)
Other items not allocated to segments:
Venezuela operations	25.8		48.1	3.5			21.1
Reorganization and Restructuring	—		—	(3.7		)	(4.1	)
Acquisitions and dispositions	—		—	(6.5		)	0.4
Total	$	879.1	788.4	$	64.8		70.9

Retirement benefits

3 Months Ended

Mar. 31, 2018

Retirement Benefits [Abstract]

Retirement benefits

Pension plans

We have various defined-benefit pension plans covering eligible current and former employees. Benefits under most plans are based on salary and years of service.

The components of net periodic pension cost for our pension plans were as follows:



	U.S. Plans					Non-U.S. Plans				Total
(In millions)	2018			2017		2018		2017		2018		2017

Three months ended March 31,

Service cost	$	—		—		3.0		2.9		3.0		2.9
Interest cost on projected benefit obligation	8.0			8.8		4.0		4.8		12.0		13.6
Return on assets – expected	(13.4		)	(13.3	)	(2.9	)	(2.4	)	(16.3	)	(15.7	)
Amortization of losses	7.1			6.3		1.3		1.3		8.4		7.6
Amortization of prior service cost	—			—		0.2		0.2		0.2		0.2
Settlement loss	—			—		0.5		0.3		0.5		0.3
Net periodic pension cost	$	1.7		1.8		6.1		7.1		7.8		8.9

We did not make cash contributions to the primary U.S. pension plan in 2017 or the first three months of 2018. Based on assumptions described in our Annual Report on Form 10-K for the year ended December 31, 2017, we do not expect to make any additional contributions to the primary U.S. pension plan.

Retirement benefits other than pensions

We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees. Retirement benefits related to our former U.S. coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for United Mine Workers of America Represented Employees (the “UMWA plans”) as well as costs related to Black Lung obligations.

The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows:



	UMWA Plans					Black Lung and Other Plans		Total
(In millions)	2018			2017		2018	2017	2018		2017

Three months ended March 31,

Interest cost on accumulated postretirement benefit obligations	$	4.5		4.4		0.7	0.7	5.2		5.1
Return on assets – expected	(4.2		)	(4.2	)	—	—	(4.2	)	(4.2	)
Amortization of losses	5.5			4.4		1.2	0.9	6.7		5.3
Amortization of prior service (credit) cost	(1.1		)	(1.1	)	0.3	0.5	(0.8	)	(0.6	)
Net periodic postretirement cost	$	4.7		3.5		2.2	2.1	6.9		5.6

The components of net periodic pension cost and net periodic postretirement cost other than the service cost component are included in interest and other income (expense) in the condensed consolidated statements of operations.

Income taxes

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Income taxes



	Three Months Ended March 31,
	2018			2017
Continuing operations
Provision for income taxes (in millions)	$	11.4		14.4
Effective tax rate	31.1		%	26.2	%

Tax Reform

On December 22, 2017, the Tax Reform Act was enacted into law. The Tax Reform Act included 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, included 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. We do not expect a U.S. federal current tax liability for the transition tax due to our high-tax foreign income, but we recorded a provisional $31.1 million foreign tax credit offset with a full valuation allowance related to the transition tax. 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. The Company has not yet adopted an accounting policy related to the provision of deferred taxes related to GILTI. 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. We will continue to collect and analyze data, including the undistributed earnings of foreign subsidiaries and related taxes, interpret the Tax Reform Act and apply the additional guidance and legislative changes to be issued by the U.S. federal and state authorities and may be required to make adjustments to these provisional amounts. We have not recorded any changes to the 2017 provisional amount in the first three months of 2018 and will complete the 2017 accounting for the Tax Reform Act by the end of 2018 in accordance with SAB 118.

2018 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first three months of 2018 was greater than the 21% U.S. statutory tax rate primarily due to the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and the characterization of a French business tax as an income tax, partially offset by the significant tax benefits related to the distribution of share-based payments and a French income tax credit.

2017 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first three months of 2017 was less than the 35% U.S. statutory tax rate primarily due to the significant tax benefits related to the distribution of share-based payments partially offset by the impact of Venezuela’s earnings and related tax expense. The other items that cause the rate to be higher include the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and the characterization of a French business tax as an income tax, partially offset by the geographical mix of earnings and a French income tax credit.

Acquisitions

3 Months Ended

Mar. 31, 2018

Business Combinations [Abstract]

Acquisitions

We did not acquire any business operations in the first three months of 2018. In 2017, we acquired six business operations in various countries. 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 condensed consolidated statements of operations include the results of operations for each acquired entity from the date of acquisition.

Maco Transportadora de Caudales S.A. (“Maco Transportadora”)

Argentine Cash in Transit (“CIT”) and Money Processing business

On July 18, 2017, we acquired 100% of the shares of Maco Transportadora for approximately $205 million. The total purchase price will be paid in cash and approximately $174 million was paid to the sellers through March 31, 2018. The remaining amount will be paid in scheduled installments over the next two years with the final amount based partially on the retention of customer revenue versus a target revenue amount. This contingent consideration arrangement requires us to pay a potential undiscounted amount between $0 to $30 million based on retaining the revenue levels of existing customers at the acquisition date. If there is a shortfall in revenues, a multiple of 2.5 is applied to the revenue shortfall and the contingent consideration to be paid to the former owners is reduced. We are using a probability-weighted approach to estimate the fair value of the contingent consideration and expect to finalize this estimate in the fourth quarter of 2017. The fair value of the contingent consideration reflected in the table below is the present value of the full $30 million potentially payable as of March 31, 2018.

The Maco Transportadora business will be 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 have provisionally 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. The amounts reported are considered provisional as we are completing the valuations that are required to allocate the purchase price. As a result, the allocation of the provisional purchase price may change in the future. 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 March 31, 2018	$	173.6
Fair value of future payments to sellers	2.2
Contingent consideration	28.7
Fair value of purchase consideration	$	204.5

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)	147.6
Other noncurrent assets	0.1
Current liabilities	(11.8		)
Noncurrent liabilities	(21.5		)
Fair value of net assets acquired	$	204.5


(a)	Intangible assets are composed of customer relationships, trade name and non-competition agreements. Final allocation will be determined once the valuation is complete.


(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 South America reporting unit and is not expected to be deductible for tax purposes.

Other acquisitions in 2017

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 business 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, bill payment processing and mobile phone top-up 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 $159 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 have provisionally 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 reported are considered provisional as we are completing the valuations that are required to allocate the purchase price, as a result, the allocation of the purchase price and the amount of goodwill and intangibles may change in the future. Our fair value estimates of acquisition date goodwill increased approximately $12 million, acquisition date intangible assets decreased approximately $11 million, and acquisition date noncurrent liabilities increased approximately $8 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 March 31, 2018	$	160.4
Indemnification asset	(5.6		)
Fair value of future payments to sellers	3.9
Fair value of purchase consideration	$	158.7

Fair value of net assets acquired

Cash	$	7.4
Accounts receivable	20.1
Property and equipment, net	14.0
Intangible assets ^(a)	39.6
Goodwill ^(b)	117.4
Other current and noncurrent assets	5.5
Current liabilities	(23.5		)
Noncurrent liabilities	(21.8		)
Fair value of net assets acquired	$	158.7


(a)	Intangible assets are composed of customer relationships, trade names and non-competition agreements. Final allocation will be determined after 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 have been assigned to the following reporting units: AATI (U.S.), Pag Facil (Brazil), LGS and Maco Litoral (South America), and Temis (France). We do not expect goodwill related to AATI, LGS, Maco Litoral or Temis to be deductible for tax purposes. If certain conditions are met in the future, goodwill related to Pag Facil will be deductible for tax purposes.

Pro Forma disclosures

The pro forma consolidated results of Brink’s presented below reflect a hypothetical ownership as of January 1, 2016 of the businesses we acquired during 2017. We did not acquire any business operations in the first three months of 2018.



(In millions)	Revenue		Net income attributable to Brink's

Actual results included in Brink's consolidated results for businesses acquired in 2017 from the date of acquisition

Three months ended March 31, 2018
Maco Transportadora	$	24.3	3.4
Other acquisitions^(a)	29.8		0.1
Total	$	54.1	3.5

Three months ended March 31, 2017
Maco Transportadora	$	—	—
Other acquisitions^(a)	0.6		0.1
Total	$	0.6	0.1

Pro forma results of Brink's for the three months ended March 31,
2018
Brink's as reported	$	879.1	22.3
Maco Transportadora^(b)	—		—
Other acquisitions^(b)	—		—
Total	$	879.1	22.3

2017
Brink's as reported	$	788.4	34.7
Maco Transportadora^(b)	24.9		2.6
Other acquisitions^(b)	28.0		0.5
Total	$	841.3	37.8


(a)	Includes the actual results of AATI, Pag Facil, LGS, Maco Litoral and Temis.


(b)	Represents amounts prior to acquisition by Brink's in 2017. We did not acquire any business operations in the first three months of 2018.

Acquisition costs

We have incurred $0.5 million in transaction costs related to business acquisitions in the first three months of 2018 ($0.2 million in the first three months of 2017). These costs are classified in the condensed consolidated statement of operations as selling, general and administrative expenses.

Accumulated other comprehensive income (loss)

3 Months Ended

Mar. 31, 2018

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated other comprehensive income (loss)

Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive loss into earnings, was as follows:



	Amounts Arising During the Current Period					Amounts Reclassified to Net Income (Loss)
(In millions)	Pretax			Income Tax		Pretax	Income Tax		Total Other Comprehensive Income (Loss)
Three months ended March 31, 2018

Amounts attributable to Brink's:
Benefit plan adjustments	$	(1.0	)	0.3		14.8	(3.4	)	10.7
Foreign currency translation adjustments	0.1			—		—	—		0.1
Gains (losses) on cash flow hedges	0.4			(0.1	)	—	—		0.3
	(0.5		)	0.2		14.8	(3.4	)	11.1

Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.2	—		0.2
Foreign currency translation adjustments	0.9			—		—	—		0.9
	0.9			—		0.2	—		1.1

Total
Benefit plan adjustments^(a)	(1.0		)	0.3		15.0	(3.4	)	10.9
Foreign currency translation adjustments	1.0			—		—	—		1.0
Gains (losses) on cash flow hedges^(c)	0.4			(0.1	)	—	—		0.3
	$	0.4		0.2		15.0	(3.4	)	12.2

Three months ended March 31, 2017

Amounts attributable to Brink's:
Benefit plan adjustments	$	(1.5	)	0.2		12.6	(4.5	)	6.8
Foreign currency translation adjustments	26.3			—		—	—		26.3
Unrealized gains (losses) on available-for-sale securities	0.2			(0.1	)	—	—		0.1
Gains (losses) on cash flow hedges	(0.2		)	—		0.2	—		—
	24.8			0.1		12.8	(4.5	)	33.2

Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.2	—		0.2
Foreign currency translation adjustments	0.9			—		—	—		0.9
	0.9			—		0.2	—		1.1

Total
Benefit plan adjustments^(a)	(1.5		)	0.2		12.8	(4.5	)	7.0
Foreign currency translation adjustments	27.2			—		—	—		27.2
Unrealized gains (losses) on available-for-sale securities^(b)	0.2			(0.1	)	—	—		0.1
Gains (losses) on cash flow hedges^(c)	(0.2		)	—		0.2	—		—
	$	25.7		0.1		13.0	(4.5	)	34.3

(a)

The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income. Net periodic retirement benefit cost also includes service cost, interest cost, expected return on assets, and settlement losses. 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 income (expense):



	Three Months Ended March 31,
(In millions)	2018		2017
Total net periodic retirement benefit cost included in:
Cost of revenues	$	2.4	2.3
Selling, general and administrative expenses	0.6		0.6
Interest and other income (expense)	11.7		11.6

(b)

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 condensed consolidated statements of operations when the gains or losses were realized. Pretax amounts were classified in the condensed consolidated statements of operations as interest and other income (expense).


(c)	Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as:


•	other operating income (expense) (no gains or losses in the three months ended March 31, 2018 and $0.2 million of losses in the three months ended March 31, 2017)


•	interest and other income (expense) (no gains or losses in the three months ended March 31, 2018 and no gains or losses in the three months ended March 31, 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, 2017	$	(601.0	)	(327.4	)	1.1		0.7	(926.6	)
Other comprehensive income (loss) before reclassifications	(0.7		)	0.1		—		0.3	(0.3	)
Amounts reclassified from accumulated other comprehensive loss to net income (loss)	11.4			—		—		—	11.4
Other comprehensive income (loss) attributable to Brink's	10.7			0.1		—		0.3	11.1
Cumulative effect of change in accounting principle^(a)	—			—		(1.1	)	—	(1.1	)
Balance as of March 31, 2018	$	(590.3	)	(327.3	)	—		1.0	(916.6	)


(a)	We adopted ASU 2016-01 (see Note 1) effective January 1, 2018 and recognized a cumulative-effect adjustment to retained earnings.

Fair value of financial instruments

3 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair value of financial instruments

Investments in Mutual Funds

We have investments in mutual funds 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 are as follows:



(In millions)	March 31, 2018		December 31, 2017

Senior unsecured notes
Carrying value	$	600.0	600.0
Fair value	558.9		590.6

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 March 31, 2018, the notional value of our shorter term outstanding foreign currency forward and swap contracts was $170.5 million, with average maturities of approximately one month. These shorter term foreign currency forward and swap contracts primarily offset exposures in the euro and the British pound and are not designated as hedges for accounting purposes. At March 31, 2018, the fair value of these shorter term foreign currency contracts was not significant.

In the first quarter of 2016, we entered into two interest rate swaps which hedge cash flow risk associated with changes in variable interest rates and which are designated as cash flow hedges accounting purposes. At March 31, 2018, the notional value of these contracts was $40 million with a remaining weighted-average maturity of 1.5 years. At March 31, 2018, the fair value of these interest rates swaps was a net asset of $1.4 million, of which $0.3 million was included in prepaid expenses and other and $1.1 million was included in other assets on the condensed consolidated balance sheet.

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

The estimated fair value of our liabilities for contingent consideration represents the fair value of the potential amounts payable for our acquisition of Maco Transportadora. These contingent amounts will be paid in scheduled installments over the next two years with the final amounts based partially on the retention of customer revenue versus a target revenue amount. The contingent consideration arrangement requires us to pay potential undiscounted amounts between $0 to $30.3 million based on retaining the revenue levels of existing customers at the acquisition dates. If there is a shortfall in revenues, a multiple of 2.5 is applied to the revenue shortfall and the contingent consideration to be paid to the former owners is reduced.

We used a probability-weighted approach to estimate the fair value of these contingent consideration payments. The fair value of the contingent consideration is the present value of the full $30.3 million potentially payable as of March 31, 2018 as we believe it is unlikely that the contingent consideration payments will be reduced for a revenue shortfall.

At March 31, 2018, we had recognized contingent consideration liabilities of $29.3 million of which $14.9 million was included in accrued liabilities and $14.4 million in other. The fair value of these liabilities was estimated using a discounted cash flow technique with significant inputs that are not observable in the market and thus represent a Level 3 valuation. The significant inputs in the Level 3 valuation not supported by market activity included our probability assessments of expected future cash flows related to our acquisition of this entity during the period from acquisition to the estimated settlement date of the remaining payments. Subsequent to the respective acquisition dates to each measurement date, changes in these liabilities due to the passage of time and the corresponding impact of discounting as well as the impact of changes in exchange rates between the Argentine peso and the U.S. dollar, were and will be recognized in earnings.

The contingent consideration payments may differ from the amounts that are ultimately paid, with any changes in the liabilities recorded in interest and other expense in our condensed consolidated statements of operations until the liabilities are settled.

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 the first three months of 2018.

Debt

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Debt



	March 31,		December 31,
(In millions)	2018		2017
Debt:
Short-term borrowings
Restricted cash borrowings^(a)	$	28.6	27.0
Other	36.2		18.2
Total short-term borrowings	$	64.8	45.2

Long-term debt
Bank credit facilities:
Term loan A^(b)	$	485.3	491.4
Senior unsecured notes^(c)	591.4		591.2
Other	12.6		12.0
Capital leases	101.6		96.9
Total long-term debt	$	1,190.9	1,191.5

Total debt	$	1,255.7	1,236.7

Included in:
Current liabilities	$	118.0	97.1
Noncurrent liabilities	1,137.7		1,139.6
Total debt	$	1,255.7	1,236.7


(a)	These 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 12 for more details.


(b)	Amounts outstanding are net of unamortized debt costs of $2.2 million as of March 31, 2018 and $2.3 million as of December 31, 2017.


(c)	Amounts outstanding are net of unamortized debt costs of $8.6 million as of March 31, 2018 and $8.8 million as of December 31, 2017.

Long-Term Debt

Senior Secured Credit Facility

In October 2017, we entered into a senior secured credit facility (the “Senior Secured Credit Facility”) with Wells Fargo Bank, National Association, as administrative agent, consisting of a $1 billion Revolving Credit Facility and a $500 million Term Loan Facility. Loans under the Revolving Credit Facility mature five years after the closing date (October 17, 2022) and loans under the Term Loan Facility amortize five percent annually and mature five years after the closing date. 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 March 31, 2018, $1 billion 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 2.50%, was 1.75% at March 31, 2018. The margin on alternate base rate borrowings, which can range from 0.25% to 1.50%, was 0.75% as of March 31, 2018. 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 0.40%, was 0.25% as of March 31, 2018.

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. Remaining net proceeds are expected to be used for working capital needs, capital expenditures, acquisitions and other general corporate purposes.

Letter of Credit Facilities

As of March 31, 2018, we had one $10 million unsecured multi-currency revolving bank credit facility, of which $5 million was available. This facility can be used solely for the issuance of letters of credit and bank guarantees. As of March 31, 2018, we had undrawn letters of credit and guarantees of $5 million issued under this facility, which expires in March 2019.

We have a $40 million uncommitted letter of credit facility that expires in May 2018. As of March 31, 2018, $11 million was utilized. We have two unsecured letter of credit facilities totaling $94 million, of which approximately $40 million was available at March 31, 2018. At March 31, 2018, we had undrawn letters of credit and guarantees of $54 million issued under these letter of credit facilities. The $40 million facility expires in December 2018 and the $54 million facility expires in December 2019. The Senior Secured Credit Facility is also available for issuance of letters of credit and bank guarantees.

The Senior Secured Credit Facility, Senior Unsecured Notes, the unsecured multi-currency revolving bank credit facilities and the letter of credit 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 March 31, 2018.

Share-based compensation plans

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

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 granted share-based awards to employees under the 2005 Equity Incentive Plan ("2005 Plan"), the 2013 Equity Incentive Plan ("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 2005 Plan or the 2013 Plan, although awards under these prior plans remain outstanding.

We have granted deferred stock units 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.

Outstanding awards at March 31, 2018, 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 employee and director awards considered equity grants, compensation expense is recognized from the award or 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 three months ended March 31, 2018 or the prior year period.

Compensation expenses are classified as selling, general and administrative expenses in the condensed consolidated statements of operations. Compensation expenses for the share-based awards were as follows:



	Compensation Expense
	Three Months Ended March 31,
(in millions)	2018			2017

Performance Share Units	$	3.9		2.6
Market Share Units	0.1			0.1
Restricted Stock Units	1.8			1.2
Deferred Stock Units and fees paid in stock	0.2			0.2
Stock Options	0.8			0.4
Share-based payment expense	6.8			4.5
Income tax benefit	(1.6		)	(1.6	)
Share-based payment expense, net of tax	$	5.2		2.9

Performance-Based Stock Options

In 2018, 2017 and 2016, we granted performance-based stock options that have a service condition as well as a market condition. In addition, some of the awards granted in 2016 contain a non-financial performance condition. We measure the fair value of these performance-based options at the grant date using a Monte Carlo simulation model.

The following table summarizes performance-based stock option activity during the first three months of 2018:



	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2017	879.8	$	8.04
Granted	417.6	16.73
Forfeited	—	—
Exercised	—	—
Outstanding balance as of March 31, 2018	1,297.4	$	10.83

Time-Based Stock Options

Prior to 2018, we granted time-based stock options that contain only a service condition. We measured the fair value of these time-based options at the grant date using a Black-Scholes-Merton option pricing model.

The following table summarizes time-based stock option activity during the first three months of 2018:



	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2017	40.6	$	8.66
Granted	—	—
Forfeited	—	—
Exercised	—	—
Outstanding balance as of March 31, 2018	40.6	$	8.66

Restricted Stock Units (“RSUs”)

We granted RSUs that contain only a service condition. We measure the fair value of RSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period.

The following table summarizes RSU activity during the first three months of 2018:



	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2017	265.8		$	39.80
Granted	79.0		72.28
Forfeited	(0.5	)	51.96
Vested	(90.1	)	36.11
Nonvested balance as of March 31, 2018	254.2		$	51.18

Performance Share Units ("PSUs”)

Prior to 2016, we granted PSUs that contained a performance condition, a market condition and a service condition ("Prior PSUs"). After 2015, we granted Internal Metric PSUs ("IM PSUs") and Total Shareholder Return PSUs ("TSR PSUs").

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. For the IM PSUs granted in 2018, the performance period is from January 1, 2018 to December 31, 2020.

TSR PSUs contain a market condition as well as a service condition. We measure the fair value of PSUs containing a market condition at the grant date using a Monte Carlo simulation model. For the TSR PSUs granted in 2018, the performance period is from January 1, 2018 to December 31, 2020.

The following table summarizes all PSU activity during the first three months of 2018:



	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2017	671.2		$	37.26
Granted	169.7		73.48
Forfeited	—		—
Vested^(a)	(137.7	)	29.17
Nonvested balance as of March 31, 2018	703.2		$	47.57


(a)	The vested Prior 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, 2017 were 344.3.

Market Share Units ("MSUs”)

Prior to 2016, we granted MSUs that contained a market condition as well as a service condition. We measured the fair value of MSUs using a Monte Carlo simulation model.

The following table summarizes all MSU activity during the first three months of 2018:



	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2017	74.2		$	30.37
Granted	—		—
Forfeited	—		—
Vested^(a)	(74.2	)	30.37
Nonvested balance as of March 31, 2018	—		$	—

(a)

The vested MSUs 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, 2017 were 111.3. No additional compensation expense was required to be recognized for the additional shares distributed, as the market condition was included in the $30.37 grant date fair value.

Deferred Stock Units ("DSUs")

We granted DSUs to our independent directors. We measure the fair value of DSUs at the grant date, based on the price of Brink's stock, adjusted for a discount for dividends not received or accrued during the vesting period.

Since 2015, our independent directors received grants of DSUs that vest and 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 the first three months of 2018:



	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2017	10.9	$	60.80
Granted	0.7	74.81
Forfeited	—	—
Vested	—	—
Nonvested balance as of March 31, 2018	11.6	$	61.74

Shares used to calculate earnings per share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Shares used to calculate earnings per share



	Three Months Ended March 31,
(In millions)	2018	2017

Weighted-average shares:
Basic^(a)	50.9	50.5
Effect of dilutive stock awards and options	1.2	1.0
Diluted	52.1	51.5

Antidilutive stock awards and options excluded from denominator	—	—

(a)

We have deferred compensation plans for directors and certain of our employees. For participants electing to defer compensation into common stock units, amounts owed to participants will be paid out in shares of Brink's common stock. Each unit represents one share of common stock. The number of shares used to calculate basic earnings per share includes the weighted-average units credited to employees and directors under the deferred compensation plans. Accordingly, included in basic shares are 0.3 million in the three months ended March 31, 2018, and 0.4 million in the three months ended March 31, 2017.

Supplemental cash flow information

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Information [Abstract]

Supplemental cash flow information



	Three Months Ended March 31,
(In millions)	2018		2017
Cash paid for:
Interest	$	7.5	5.8
Income taxes, net	20.5		17.9

Non-cash Investing and Financing Activities

We acquired $9.5 million in armored vehicles and other equipment under capital lease arrangements in the first three months of 2018 compared to $14.8 million in armored vehicles and other equipment acquired under capital lease arrangements in the first three months of 2017.

Restricted Cash (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 March 31, 2018, we held $159.4 million of restricted cash ($28.6 million represented short-term borrowings, $118.6 million represented restricted cash held for customers, and $12.2 million represented accrued liabilities). At December 31, 2017, we held $112.6 million of restricted cash ($27.0 million represented short-term borrowings, $74.7 million represented restricted cash held for customers and $10.9 million represented accrued liabilities).

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.



	March 31,		December 31,
(In millions)	2018		2017
Cash and cash equivalents	$	562.2	614.3
Restricted cash	159.4		112.6
Total, cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	721.6	726.9

Contingent matters	3 Months Ended
Contingent matters	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingent matters	Contingent matters We are involved in various 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. 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.

Reorganization and Restructuring

3 Months Ended

Mar. 31, 2018

Restructuring and Related Activities [Abstract]

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. We recognized an additional $17.3 million in 2017 under this restructuring for additional costs related to severance, asset-related adjustments, a benefit program termination and lease terminations. We recognized an additional $2.7 million in the first three months of 2018 under this restructuring for severance costs and asset-related adjustments. Severance actions are expected to reduce our global workforce by 800 to 900 positions and result in approximately $20 million in annualized cost savings when this restructuring is finalized. We expect to incur additional costs between $7 and $9 million in future periods, primarily severance costs.

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		Total

Balance as of January 1, 2017	$	—		7.0		0.6		7.6
Expense (benefit)	1.0			1.8		—		2.8
Payments and utilization	(1.0		)	(4.5	)	0.2		(5.3	)
Balance as of March 31, 2017	$	—		4.3		0.8		5.1

Balance as of January 1, 2018	$	—		1.6		0.4		2.0
Expense (benefit)	1.2			1.5		—		2.7
Payments and utilization	(1.2		)	(1.9	)	(0.1	)	(3.2	)
Foreign currency exchange effects	—			0.1		—		0.1
Balance as of March 31, 2018	$	—		1.3		0.3		1.6

Other Restructurings

Management routinely implements restructuring actions in targeted sections of our business. As a result of these actions, we recognized $1.0 million in the first three months of 2018, primarily severance costs. When completed, the current routine restructuring actions will reduce our workforce by 200 to 300 positions and result in approximately $4 million in annualized cost savings. For the current restructuring actions, we expect to incur additional costs between $1 and $3 million in future periods.

Basis of presentation (Policies)

3 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Use of Estimates

Consolidation

Foreign Currency Translation

Venezuela

Items related to our Venezuelan operations are as follows:


•	Our investment in our Venezuelan operations on an equity-method basis was $22.8 million at March 31, 2018 and $23.1 million at December 31, 2017.


•	Our Venezuelan operations had net payables to other Brink's affiliates of $1.4 million at March 31, 2018 and $2.7 million at December 31, 2017.


•	Our Venezuelan operations had net nonmonetary assets of $25.8 million at March 31, 2018 and $23.0 million at December 31, 2017.


•	Our bolivar-denominated net monetary liabilities were $1.0 million (including $0.5 million of cash and cash equivalents) at March 31, 2018 and $2.3 million (including $3.4 million of cash and cash equivalents) at December 31, 2017.


•	Accumulated other comprehensive losses attributable to Brink’s shareholders related to our Venezuelan operations were $114.6 million at March 31, 2018 and $114.9 million at December 31, 2017.

Argentina

We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary ("Brink's Argentina"). Revenues from

Although Argentina is not currently designated as a highly inflationary economy for accounting purposes, sustained volatility in inflation

rates as well as continued deterioration in the exchange rate could have an adverse impact on Brink's Argentina's revenues, net earnings and

New Accounting Standards

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. The guidance is effective January 1, 2019 with early adoption permitted. We are

currently evaluating the impact of this guidance, including transition elections and required disclosures, on our financial statements and the

timing of adoption.

In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,

currently evaluating the potential impact of the standard on financial reporting and the timing of adoption.

Revenue from contracts with customers (Tables)

3 Months Ended

Mar. 31, 2018

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
Three months ended March 31, 2018

Reportable Segments:
North America	$	190.0	130.1	—	320.1
South America	125.4		126.5	2.9	254.8
Rest of World	93.6		130.4	54.4	278.4
Total reportable segments	409.0		387.0	57.3	853.3

Not Allocated to Segments:
Venezuela	10.7		15.1	—	25.8
Total	$	419.7	402.1	57.3	879.1

Three months ended March 31, 2017

Reportable Segments:
North America	$	172.3	132.3	—	304.6
South America	96.8		101.4	4.0	202.2
Rest of World	78.7		111.0	43.8	233.5
Total reportable segments	347.8		344.7	47.8	740.3

Not Allocated to Segments:
Venezuela	24.1		24.0	—	48.1
Total	$	371.9	368.7	47.8	788.4

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, 2018)	642.3		0.4	5.6
Closing (March 31, 2018)	633.9		1.5	6.9
Increase (decrease)	(8.4	)	1.1	1.3

Schedule of Prospective Adoption of New Accounting Pronouncements

The adoption of the new revenue recognition standard impacted our reported amounts in 2018 as follows:



(In millions)	As reported		Impact of New Revenue Recognition Standard	Pro Forma under Old Revenue Recognition Standard
Three months ended March 31, 2018

Statement of Operations
Revenues	$	879.1	3.0	876.1
Operating profit	64.8		1.0	63.8
Net income attributable to Brink's	22.3		0.6	21.7

As of March 31, 2018
Balance Sheet
Prepaid expenses and other assets	$	151.8	1.5	150.3
Other assets	155.4		1.7	153.7
Retained earnings	582.9		2.1	580.8

Segment information (Tables)

3 Months Ended

Mar. 31, 2018

Segment Reporting [Abstract]

Reconciliation of Revenue and Operating Profit from Segments to Consolidated

The following table summarizes our revenues and segment profit for each of our reportable segments and reconciles these amounts to consolidated revenues and operating profit:



	Revenues			Operating Profit
	Three Months Ended March 31,			Three Months Ended March 31,
(In millions)	2018		2017	2018			2017
Reportable Segments:
North America	$	320.1	304.6	$	20.6		10.2
South America	254.8		202.2	55.6			39.2
Rest of World	278.4		233.5	25.6			25.4
Total reportable segments	853.3		740.3	101.8			74.8

Reconciling Items:
Corporate expenses:
General, administrative and other expenses	—		—	(31.1		)	(19.2	)
Foreign currency transaction gains	—		—	(0.5		)	(1.2	)
Reconciliation of segment policies to GAAP	—		—	1.3			(0.9	)
Other items not allocated to segments:
Venezuela operations	25.8		48.1	3.5			21.1
Reorganization and Restructuring	—		—	(3.7		)	(4.1	)
Acquisitions and dispositions	—		—	(6.5		)	0.4
Total	$	879.1	788.4	$	64.8		70.9

Retirement benefits (Tables)

3 Months Ended

Mar. 31, 2018

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

The components of net periodic pension cost for our pension plans were as follows:



	U.S. Plans					Non-U.S. Plans				Total
(In millions)	2018			2017		2018		2017		2018		2017

Three months ended March 31,

Service cost	$	—		—		3.0		2.9		3.0		2.9
Interest cost on projected benefit obligation	8.0			8.8		4.0		4.8		12.0		13.6
Return on assets – expected	(13.4		)	(13.3	)	(2.9	)	(2.4	)	(16.3	)	(15.7	)
Amortization of losses	7.1			6.3		1.3		1.3		8.4		7.6
Amortization of prior service cost	—			—		0.2		0.2		0.2		0.2
Settlement loss	—			—		0.5		0.3		0.5		0.3
Net periodic pension cost	$	1.7		1.8		6.1		7.1		7.8		8.9

Schedule of Costs of Retirement Plans

The components of net periodic postretirement cost related to retirement benefits other than pensions were as follows:



	UMWA Plans					Black Lung and Other Plans		Total
(In millions)	2018			2017		2018	2017	2018		2017

Three months ended March 31,

Interest cost on accumulated postretirement benefit obligations	$	4.5		4.4		0.7	0.7	5.2		5.1
Return on assets – expected	(4.2		)	(4.2	)	—	—	(4.2	)	(4.2	)
Amortization of losses	5.5			4.4		1.2	0.9	6.7		5.3
Amortization of prior service (credit) cost	(1.1		)	(1.1	)	0.3	0.5	(0.8	)	(0.6	)
Net periodic postretirement cost	$	4.7		3.5		2.2	2.1	6.9		5.6

Income taxes (Tables)

3 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)



	Three Months Ended March 31,
	2018			2017
Continuing operations
Provision for income taxes (in millions)	$	11.4		14.4
Effective tax rate	31.1		%	26.2	%

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2018

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 March 31, 2018	$	173.6
Fair value of future payments to sellers	2.2
Contingent consideration	28.7
Fair value of purchase consideration	$	204.5

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)	147.6
Other noncurrent assets	0.1
Current liabilities	(11.8		)
Noncurrent liabilities	(21.5		)
Fair value of net assets acquired	$	204.5


(a)	Intangible assets are composed of customer relationships, trade name and non-competition agreements. Final allocation will be determined once the valuation is complete.


(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 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 March 31, 2018	$	160.4
Indemnification asset	(5.6		)
Fair value of future payments to sellers	3.9
Fair value of purchase consideration	$	158.7

Fair value of net assets acquired

Cash	$	7.4
Accounts receivable	20.1
Property and equipment, net	14.0
Intangible assets ^(a)	39.6
Goodwill ^(b)	117.4
Other current and noncurrent assets	5.5
Current liabilities	(23.5		)
Noncurrent liabilities	(21.8		)
Fair value of net assets acquired	$	158.7


(a)	Intangible assets are composed of customer relationships, trade names and non-competition agreements. Final allocation will be determined after all valuations have been completed.

(b)

Business Acquisition, Pro Forma Information



(In millions)	Revenue		Net income attributable to Brink's

Actual results included in Brink's consolidated results for businesses acquired in 2017 from the date of acquisition

Three months ended March 31, 2018
Maco Transportadora	$	24.3	3.4
Other acquisitions^(a)	29.8		0.1
Total	$	54.1	3.5

Three months ended March 31, 2017
Maco Transportadora	$	—	—
Other acquisitions^(a)	0.6		0.1
Total	$	0.6	0.1

Pro forma results of Brink's for the three months ended March 31,
2018
Brink's as reported	$	879.1	22.3
Maco Transportadora^(b)	—		—
Other acquisitions^(b)	—		—
Total	$	879.1	22.3

2017
Brink's as reported	$	788.4	34.7
Maco Transportadora^(b)	24.9		2.6
Other acquisitions^(b)	28.0		0.5
Total	$	841.3	37.8


(a)	Includes the actual results of AATI, Pag Facil, LGS, Maco Litoral and Temis.


(b)	Represents amounts prior to acquisition by Brink's in 2017. We did not acquire any business operations in the first three months of 2018.

Accumulated other comprehensive income (loss) (Tables)

3 Months Ended

Mar. 31, 2018

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income (Loss)

Other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive loss into earnings, was as follows:



	Amounts Arising During the Current Period					Amounts Reclassified to Net Income (Loss)
(In millions)	Pretax			Income Tax		Pretax	Income Tax		Total Other Comprehensive Income (Loss)
Three months ended March 31, 2018

Amounts attributable to Brink's:
Benefit plan adjustments	$	(1.0	)	0.3		14.8	(3.4	)	10.7
Foreign currency translation adjustments	0.1			—		—	—		0.1
Gains (losses) on cash flow hedges	0.4			(0.1	)	—	—		0.3
	(0.5		)	0.2		14.8	(3.4	)	11.1

Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.2	—		0.2
Foreign currency translation adjustments	0.9			—		—	—		0.9
	0.9			—		0.2	—		1.1

Total
Benefit plan adjustments^(a)	(1.0		)	0.3		15.0	(3.4	)	10.9
Foreign currency translation adjustments	1.0			—		—	—		1.0
Gains (losses) on cash flow hedges^(c)	0.4			(0.1	)	—	—		0.3
	$	0.4		0.2		15.0	(3.4	)	12.2

Three months ended March 31, 2017

Amounts attributable to Brink's:
Benefit plan adjustments	$	(1.5	)	0.2		12.6	(4.5	)	6.8
Foreign currency translation adjustments	26.3			—		—	—		26.3
Unrealized gains (losses) on available-for-sale securities	0.2			(0.1	)	—	—		0.1
Gains (losses) on cash flow hedges	(0.2		)	—		0.2	—		—
	24.8			0.1		12.8	(4.5	)	33.2

Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.2	—		0.2
Foreign currency translation adjustments	0.9			—		—	—		0.9
	0.9			—		0.2	—		1.1

Total
Benefit plan adjustments^(a)	(1.5		)	0.2		12.8	(4.5	)	7.0
Foreign currency translation adjustments	27.2			—		—	—		27.2
Unrealized gains (losses) on available-for-sale securities^(b)	0.2			(0.1	)	—	—		0.1
Gains (losses) on cash flow hedges^(c)	(0.2		)	—		0.2	—		—
	$	25.7		0.1		13.0	(4.5	)	34.3

(a)



	Three Months Ended March 31,
(In millions)	2018		2017
Total net periodic retirement benefit cost included in:
Cost of revenues	$	2.4	2.3
Selling, general and administrative expenses	0.6		0.6
Interest and other income (expense)	11.7		11.6

(b)


(c)	Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as:


•	other operating income (expense) (no gains or losses in the three months ended March 31, 2018 and $0.2 million of losses in the three months ended March 31, 2017)


•	interest and other income (expense) (no gains or losses in the three months ended March 31, 2018 and no gains or losses in the three months ended March 31, 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, 2017	$	(601.0	)	(327.4	)	1.1		0.7	(926.6	)
Other comprehensive income (loss) before reclassifications	(0.7		)	0.1		—		0.3	(0.3	)
Amounts reclassified from accumulated other comprehensive loss to net income (loss)	11.4			—		—		—	11.4
Other comprehensive income (loss) attributable to Brink's	10.7			0.1		—		0.3	11.1
Cumulative effect of change in accounting principle^(a)	—			—		(1.1	)	—	(1.1	)
Balance as of March 31, 2018	$	(590.3	)	(327.3	)	—		1.0	(916.6	)


(a)	We adopted ASU 2016-01 (see Note 1) effective January 1, 2018 and recognized a cumulative-effect adjustment to retained earnings.

Fair value of financial instruments (Tables)

3 Months Ended

Mar. 31, 2018

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 are as follows:



(In millions)	March 31, 2018		December 31, 2017

Senior unsecured notes
Carrying value	$	600.0	600.0
Fair value	558.9		590.6

Debt (Tables)

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt



	March 31,		December 31,
(In millions)	2018		2017
Debt:
Short-term borrowings
Restricted cash borrowings^(a)	$	28.6	27.0
Other	36.2		18.2
Total short-term borrowings	$	64.8	45.2

Long-term debt
Bank credit facilities:
Term loan A^(b)	$	485.3	491.4
Senior unsecured notes^(c)	591.4		591.2
Other	12.6		12.0
Capital leases	101.6		96.9
Total long-term debt	$	1,190.9	1,191.5

Total debt	$	1,255.7	1,236.7

Included in:
Current liabilities	$	118.0	97.1
Noncurrent liabilities	1,137.7		1,139.6
Total debt	$	1,255.7	1,236.7


(a)	These 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 12 for more details.


(b)	Amounts outstanding are net of unamortized debt costs of $2.2 million as of March 31, 2018 and $2.3 million as of December 31, 2017.


(c)	Amounts outstanding are net of unamortized debt costs of $8.6 million as of March 31, 2018 and $8.8 million as of December 31, 2017.

Share-based compensation plans (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan



	Compensation Expense
	Three Months Ended March 31,
(in millions)	2018			2017

Performance Share Units	$	3.9		2.6
Market Share Units	0.1			0.1
Restricted Stock Units	1.8			1.2
Deferred Stock Units and fees paid in stock	0.2			0.2
Stock Options	0.8			0.4
Share-based payment expense	6.8			4.5
Income tax benefit	(1.6		)	(1.6	)
Share-based payment expense, net of tax	$	5.2		2.9

Nonvested share activity

The following table summarizes all DSU activity during the first three months of 2018:



	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2017	10.9	$	60.80
Granted	0.7	74.81
Forfeited	—	—
Vested	—	—
Nonvested balance as of March 31, 2018	11.6	$	61.74

The following table summarizes RSU activity during the first three months of 2018:



	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2017	265.8		$	39.80
Granted	79.0		72.28
Forfeited	(0.5	)	51.96
Vested	(90.1	)	36.11
Nonvested balance as of March 31, 2018	254.2		$	51.18

The following table summarizes all MSU activity during the first three months of 2018:



	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2017	74.2		$	30.37
Granted	—		—
Forfeited	—		—
Vested^(a)	(74.2	)	30.37
Nonvested balance as of March 31, 2018	—		$	—

(a)

The following table summarizes all PSU activity during the first three months of 2018:



	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2017	671.2		$	37.26
Granted	169.7		73.48
Forfeited	—		—
Vested^(a)	(137.7	)	29.17
Nonvested balance as of March 31, 2018	703.2		$	47.57


(a)	The vested Prior 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, 2017 were 344.3.

Option activity

The following table summarizes performance-based stock option activity during the first three months of 2018:



	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2017	879.8	$	8.04
Granted	417.6	16.73
Forfeited	—	—
Exercised	—	—
Outstanding balance as of March 31, 2018	1,297.4	$	10.83

The following table summarizes time-based stock option activity during the first three months of 2018:



	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2017	40.6	$	8.66
Granted	—	—
Forfeited	—	—
Exercised	—	—
Outstanding balance as of March 31, 2018	40.6	$	8.66

Shares used to calculate earnings per share (Tables)

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares



	Three Months Ended March 31,
(In millions)	2018	2017

Weighted-average shares:
Basic^(a)	50.9	50.5
Effect of dilutive stock awards and options	1.2	1.0
Diluted	52.1	51.5

Antidilutive stock awards and options excluded from denominator	—	—

(a)

Supplemental cash flow information (Tables)

3 Months Ended

Mar. 31, 2018

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures



	Three Months Ended March 31,
(In millions)	2018		2017
Cash paid for:
Interest	$	7.5	5.8
Income taxes, net	20.5		17.9

Reconciliation of cash, cash equivalents, and restricted cash



	March 31,		December 31,
(In millions)	2018		2017
Cash and cash equivalents	$	562.2	614.3
Restricted cash	159.4		112.6
Total, cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows	$	721.6	726.9

Reorganization and Restructuring (Tables)

3 Months Ended

Mar. 31, 2018

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		Total

Balance as of January 1, 2017	$	—		7.0		0.6		7.6
Expense (benefit)	1.0			1.8		—		2.8
Payments and utilization	(1.0		)	(4.5	)	0.2		(5.3	)
Balance as of March 31, 2017	$	—		4.3		0.8		5.1

Balance as of January 1, 2018	$	—		1.6		0.4		2.0
Expense (benefit)	1.2			1.5		—		2.7
Payments and utilization	(1.2		)	(1.9	)	(0.1	)	(3.2	)
Foreign currency exchange effects	—			0.1		—		0.1
Balance as of March 31, 2018	$	—		1.3		0.3		1.6

Basis of presentation (Details)
$ in Millions

3 Months Ended

Mar. 31, 2018

USD ($)

segment

$ / $

/ $

Mar. 31, 2017

USD ($)

/ $

Dec. 31, 2017

USD ($)

$ / $

/ $

Dec. 31, 2016

$ / $

/ $

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Number of operating segments | segment

Cash and cash equivalents

$ 562.2

$ 614.3

Accumulated other comprehensive losses related to Venezuela

916.6

926.6

Goodwill

444.7

$ 453.7

Cumulative effect of change in accounting principle

^[1]

2.2

Net Cash Provided by Operating Activities

56.8

$ 39.4

Net Cash Provided by Financing Activities

(13.8)

52.8

Effect of exchange rate changes on cash

0.3

$ 6.9

Argentina

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Nonmonetary assets

$ 226.7

Percent of Consolidated Revenue

8.00%

Goodwill

$ 141.8

Equity Securities

$ 13.5

Venezuelan bolívar fuerte | Venezuela

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Rate decrease percent

93.00%

5.00%

Remeasurement rate | / $

49,478

710

3,345

674

Net remeasurement loss

$ (2.8)

$ 0.3

Income (loss) attributable to noncontrolling interest

2.0

0.1

Net monetary assets

1.0

$ 2.3

Cash and cash equivalents

0.5

3.4

Accumulated other comprehensive losses related to Venezuela

$ 114.6

$ 114.9

Argentine pesos | Argentina

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Rate decrease percent

8.00%

15.00%

Net monetary assets

$ (31.5)

Cash and cash equivalents

$ 27.4

Official exchange rate | $ / $

20.2

18.6

15.9

Venezuela Investment | Venezuelan bolívar fuerte | Venezuela

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Investment in Venezuela operations

$ 22.8

$ 23.1

Net payables to other Brink's affiliates

1.4

2.7

Nonmonetary assets

25.8

23.0

Retained Earnings

New Accounting Pronouncements or Change in Accounting Principle [Line Items]

Cumulative effect of change in accounting principle

^[1]

$ 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

12.5

Net Cash Provided by Financing Activities

1.5

Effect of exchange rate changes on cash

$ 0.7

[1]

Revenue from contracts with customers - disaggregation of revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	$ 879.1	$ 788.4
Core services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	419.7	371.9
High-value services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	402.1	368.7
Other security services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	57.3	47.8
Reportable segments
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	853.3	740.3
Reportable segments \| Core services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	409.0	347.8
Reportable segments \| High-value services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	387.0	344.7
Reportable segments \| Other security services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	57.3	47.8
Reportable segments \| North America
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	320.1	304.6
Reportable segments \| North America \| Core services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	190.0	172.3
Reportable segments \| North America \| High-value services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	130.1	132.3
Reportable segments \| North America \| Other security services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	0.0	0.0
Reportable segments \| South America
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	254.8	202.2
Reportable segments \| South America \| Core services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	125.4	96.8
Reportable segments \| South America \| High-value services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	126.5	101.4
Reportable segments \| South America \| Other security services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	2.9	4.0
Reportable segments \| Rest of World
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	278.4	233.5
Reportable segments \| Rest of World \| Core services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	93.6	78.7
Reportable segments \| Rest of World \| High-value services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	130.4	111.0
Reportable segments \| Rest of World \| Other security services
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	54.4	43.8
Other items not allocated to segments \| Venezuela
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	25.8	48.1
Other items not allocated to segments \| Core services \| Venezuela
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	10.7	24.1
Other items not allocated to segments \| High-value services \| Venezuela
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	15.1	24.0
Other items not allocated to segments \| Other security services \| Venezuela
Disaggregation of Revenue [Line Items]
Revenue disaggregated by reportable segment and type of service	$ 0.0	$ 0.0

Revenue from contracts with customers Revenue from contracts with customers - contract balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables	$ 633.9	$ 642.3
Contract Asset	1.5
Contract Liability	6.9
Revenue - revenue from performance obligation in prior periods	0.3
Capitalized costs to obtain contracts	1.7
Pro Forma under Old Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables		642.3
Contract Asset		0.4
Contract Liability		$ 5.6
Revenue recognized included in beginning balance	3.1
Accounting Standards Update 2014-09 \| Impact of New Revenue Recognition Standard
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivable - increase (decrease)	(8.4)
Contract asset increase (decrease)	1.1
Contract liability - increase (decrease)	$ 1.3

Revenue from contracts with customers Revenue from contracts with customers - comparative periods (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 879.1	$ 788.4
Operating Profit	64.8	70.9
Reported net income attributable to Brink's	22.3	$ 34.7
Prepaid expenses and other	151.8		$ 119.0
Other assets	155.4		144.9
Retained earnings	582.9		$ 564.9
Pro Forma under Old Revenue Recognition Standard
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	876.1
Operating Profit	63.8
Reported net income attributable to Brink's	21.7
Prepaid expenses and other	150.3
Other assets	153.7
Retained earnings	580.8
Accounting Standards Update 2014-09 \| Impact of New Revenue Recognition Standard
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	3.0
Operating Profit	1.0
Reported net income attributable to Brink's	0.6
Prepaid expenses and other	1.5
Other assets	1.7
Retained earnings	$ 2.1

Segment information - Narrative (Details)	3 Months Ended
Segment information - Narrative (Details)	Mar. 31, 2018 segment
Segment Reporting [Abstract]
Number of operating segments	3

Segment information - Revenue And Operating Profits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 879.1	$ 788.4
Operating Profit	64.8	70.9
Foreign currency transaction gains	2.8	(0.3)
Reportable segments
Segment Reporting Information [Line Items]
Revenues	853.3	740.3
Operating Profit	101.8	74.8
Corporate expenses
Segment Reporting Information [Line Items]
General, administrative and other expenses	(31.1)	(19.2)
Foreign currency transaction gains	(0.5)	(1.2)
Reconciliation of segment policies to GAAP	1.3	(0.9)
Other items not allocated to segments
Segment Reporting Information [Line Items]
Acquisitions and dispositions, Revenues	0.0	0.0
Reorganization and Restructuring	(3.7)	(4.1)
Acquisitions and dispositions, Operating profit	(6.5)	0.4
Other items not allocated to segments \| Venezuela operations
Segment Reporting Information [Line Items]
Revenues	25.8	48.1
Operating Profit	3.5	21.1
North America \| Reportable segments
Segment Reporting Information [Line Items]
Revenues	320.1	304.6
Operating Profit	20.6	10.2
South America \| Reportable segments
Segment Reporting Information [Line Items]
Revenues	254.8	202.2
Operating Profit	55.6	39.2
Rest of World \| Reportable segments
Segment Reporting Information [Line Items]
Revenues	278.4	233.5
Operating Profit	$ 25.6	$ 25.4

Retirement benefits - Retirement Cost (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 3.0	$ 2.9
Interest cost on projected benefit obligation	12.0	13.6
Return on assets – expected	(16.3)	(15.7)
Amortization of losses	8.4	7.6
Amortization of prior service cost	0.2	0.2
Settlement loss	0.5	0.3
Net periodic pension cost	7.8	8.9
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation	5.2	5.1
Return on assets – expected	(4.2)	(4.2)
Amortization of losses	6.7	5.3
Amortization of prior service cost	(0.8)	(0.6)
Net periodic pension cost	6.9	5.6
U.S. Plans \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.0	0.0
Interest cost on projected benefit obligation	8.0	8.8
Return on assets – expected	(13.4)	(13.3)
Amortization of losses	7.1	6.3
Amortization of prior service cost	0.0	0.0
Settlement loss	0.0	0.0
Net periodic pension cost	1.7	1.8
Non-U.S. Plans \| Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	3.0	2.9
Interest cost on projected benefit obligation	4.0	4.8
Return on assets – expected	(2.9)	(2.4)
Amortization of losses	1.3	1.3
Amortization of prior service cost	0.2	0.2
Settlement loss	0.5	0.3
Net periodic pension cost	6.1	7.1
UMWA Plans \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation	4.5	4.4
Return on assets – expected	(4.2)	(4.2)
Amortization of losses	5.5	4.4
Amortization of prior service cost	(1.1)	(1.1)
Net periodic pension cost	4.7	3.5
Black Lung and Other Plans \| Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost on projected benefit obligation	0.7	0.7
Return on assets – expected	0.0	0.0
Amortization of losses	1.2	0.9
Amortization of prior service cost	0.3	0.5
Net periodic pension cost	$ 2.2	$ 2.1

Income taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Provision for income taxes (in millions)	$ 11.4		$ 14.4
Effective tax rate	31.10%		26.20%
Tax Reform Act Tax Expense Charge		$ 92.0
Foreign tax credit amount			$ 31.1

Acquisitions - Acquired Entities (Details)							3 Months Ended
Acquisitions - Acquired Entities (Details)	Oct. 31, 2017	Aug. 14, 2017	Jul. 18, 2017 USD ($) employee vehicle branch	Jun. 29, 2017	Apr. 19, 2017	Mar. 14, 2017	Mar. 31, 2018 USD ($) employee acquisition	Dec. 31, 2017 USD ($)
Business Acquisition [Line Items]
Number of acquired operations \| acquisition							6
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill							$ 444,700,000	$ 453,700,000
Maco
Business Acquisition [Line Items]
Acquisition date			Jul. 18, 2017
Percentage of shares acquired			100.00%
Scheduled installments period			2 years
Potential undiscounted amount minimum			$ 0
Potential undiscounted amount maximum			$ 30,300,000.0				$ 30,300,000
Revenue multiple			2.5
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			$ 173,600,000
Fair value of future payments to sellers			2,200,000
Contingent consideration			28,700,000
Fair value of purchase consideration			204,500,000
Cash			10,300,000
Accounts receivable			16,600,000
Other current assets			600,000
Property and equipment, net			2,400,000
Intangible assets			60,200,000
Goodwill			147,600,000
Other noncurrent assets			100,000
Current liabilities			(11,800,000)
Noncurrent liabilities			(21,500,000)
Fair value of net assets acquired			$ 204,500,000
Other Acquisitions
Business Acquisition [Line Items]
Number of acquired operations \| acquisition							5
Entity number of employees \| employee							1,700
Goodwill increase							$ 12,000,000
Intangible assets decrease							11,000,000
Noncurrent liability increase							8,000,000
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Purchase consideration - cash paid							160,400,000
Indemnification Assets							(5,600,000)
Fair value of future payments to sellers							3,900,000
Fair value of purchase consideration							158,700,000
Cash							7,400,000
Accounts receivable							20,100,000
Property and equipment, net							14,000,000
Intangible assets							39,600,000
Goodwill							117,400,000
Other noncurrent assets							5,500,000
Current liabilities							(23,500,000)
Noncurrent liabilities							(21,800,000)
Fair value of net assets acquired							$ 158,700,000
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%

Acquisitions - Pro Forma (Details) - USD ($) $ in Millions	3 Months Ended
Acquisitions - Pro Forma (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017
Business Acquisition [Line Items]
Actual revenue results included in consolidation	$ 54.1	$ 0.6
Actual net income results included in consolidation	3.5	0.1
Revenues	879.1	788.4
Reported net income attributable to Brink's	22.3	34.7
Pro forma revenue results	879.1	841.3
Pro forma net income results	22.3	37.8
Transaction costs	0.5	0.2
Maco
Business Acquisition [Line Items]
Actual revenue results included in consolidation	24.3	0.0
Actual net income results included in consolidation	3.4	0.0
Pro forma revenue results	0.0	24.9
Pro forma net income results	0.0	2.6
Other Acquisitions
Business Acquisition [Line Items]
Actual revenue results included in consolidation	29.8	0.6
Actual net income results included in consolidation	0.1	0.1
Pro forma revenue results	0.0	28.0
Pro forma net income results	$ 0.0	$ 0.5

Accumulated other comprehensive income (loss) - Amounts in OCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	$ 0.4	$ 25.7
Amounts Arising During the Current Period, Income Tax	0.2	0.1
Amounts Reclassified to Net Income (Loss), Pretax	15.0	13.0
Amounts Reclassified to Net Income (Loss), Income Tax	(3.4)	(4.5)
Other comprehensive income	12.2	34.3
Cost of revenues	693.6	610.3
Selling, general and administrative expenses	123.1	107.1
Interest and other income (expense)	(13.1)	(11.2)
Other operating income (expense)	(2.4)	0.1
Benefit plan adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(1.0)	(1.5)
Amounts Arising During the Current Period, Income Tax	0.3	0.2
Amounts Reclassified to Net Income (Loss), Pretax	14.8	12.6
Amounts Reclassified to Net Income (Loss), Income Tax	(3.4)	(4.5)
Other comprehensive income	10.7	6.8
Foreign currency translation adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	0.1	26.3
Amounts Arising During the Current Period, Income Tax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0
Other comprehensive income	0.1	26.3
Unrealized gains (losses) on available-for-sale securities
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax		0.2
Amounts Arising During the Current Period, Income Tax		(0.1)
Amounts Reclassified to Net Income (Loss), Pretax		0.0
Amounts Reclassified to Net Income (Loss), Income Tax		0.0
Other comprehensive income	0.0	0.1
Gains (losses) on cash flow hedges
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	0.4	(0.2)
Amounts Arising During the Current Period, Income Tax	(0.1)	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.0	0.2
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0
Other comprehensive income	0.3	0.0
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	0.0
Other operating income (expense)	0.0	0.2
AOCI Attributable to Parent
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(0.5)	24.8
Amounts Arising During the Current Period, Income Tax	0.2	0.1
Amounts Reclassified to Net Income (Loss), Pretax	14.8	12.8
Amounts Reclassified to Net Income (Loss), Income Tax	(3.4)	(4.5)
Other comprehensive income	11.1	33.2
Benefit plan adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	0.0	0.0
Amounts Arising During the Current Period, Income Tax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.2	0.2
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0
Other comprehensive income	0.2	0.2
Foreign currency translation adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	0.9	0.9
Amounts Arising During the Current Period, Income Tax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0
Other comprehensive income	0.9	0.9
AOCI Attributable to Noncontrolling Interest
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	0.9	0.9
Amounts Arising During the Current Period, Income Tax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.2	0.2
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0
Other comprehensive income	1.1	1.1
Benefit plan adjustments(a)
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(1.0)	(1.5)
Amounts Arising During the Current Period, Income Tax	0.3	0.2
Amounts Reclassified to Net Income (Loss), Pretax	15.0	12.8
Amounts Reclassified to Net Income (Loss), Income Tax	(3.4)	(4.5)
Other comprehensive income	10.9	7.0
Foreign currency translation adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	1.0	27.2
Amounts Arising During the Current Period, Income Tax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.0	0.0
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0
Other comprehensive income	1.0	27.2
Unrealized gains (losses) on available-for-sale securities(b)
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax		0.2
Amounts Arising During the Current Period, Income Tax		(0.1)
Amounts Reclassified to Net Income (Loss), Pretax		0.0
Amounts Reclassified to Net Income (Loss), Income Tax		0.0
Other comprehensive income		0.1
Gains (losses) on cash flow hedges(c)
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	0.4	(0.2)
Amounts Arising During the Current Period, Income Tax	(0.1)	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.0	0.2
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0
Other comprehensive income	0.3	0.0
Benefit Plans Adjustments \| Reclassification out of accumulated other comprehensive income
Other Comprehensive Income Loss [Line Items]
Cost of revenues	2.4	2.3
Selling, general and administrative expenses	0.6	0.6
Interest and other income (expense)	$ 11.7	$ 11.6

Accumulated Other Comprehensive Income (Loss) - Reclasses Out Of AOCI (Details) - USD ($)
$ in Millions

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Other Comprehensive Income (Loss), Net of Tax [Abstract]

$ 317.4

Cumulative effect of change in accounting principle

12.2

$ 34.3

^[1]

2.2

Other Comprehensive Income (Loss), Net of Tax [Abstract]

342.1

Benefit Plan Adjustments

Other comprehensive income (loss) before reclassifications

(601.0)

(0.7)

Amounts reclassified from accumulated other comprehensive loss to net income (loss)

11.4

10.7

6.8

Foreign Currency Translation Adjustments

(590.3)

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other comprehensive income (loss) before reclassifications

(327.4)

0.1

Amounts reclassified from accumulated other comprehensive loss to net income (loss)

0.0

0.1

26.3

Unrealized Gains (Losses) on Available-for-Sale Securities

(327.3)

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other comprehensive income (loss) before reclassifications

1.1

0.0

Amounts reclassified from accumulated other comprehensive loss to net income (loss)

0.0

0.0

0.1

Gains (Losses) on Cash Flow Hedges

0.0

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other comprehensive income (loss) before reclassifications

0.7

0.3

Amounts reclassified from accumulated other comprehensive loss to net income (loss)

0.0

0.3

0.0

AOCI Attributable to Parent

1.0

Other Comprehensive Income (Loss), Net of Tax [Abstract]

Other comprehensive income (loss) before reclassifications

(926.6)

(0.3)

Amounts reclassified from accumulated other comprehensive loss to net income (loss)

11.4

Cumulative effect of change in accounting principle

11.1

$ 33.2

^[1]

(1.1)