10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

ýQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2017

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number 001-09148

THE BRINK’S COMPANY

(Exact name of registrant as specified in its charter)

Virginia	54-1317776
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

1801 Bayberry Court, Richmond, Virginia 23226-8100

(Address of principal executive offices) (Zip Code)

(804) 289-9600

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ý No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes  ý  No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

(Check one):  Large Accelerated Filer  ý  Accelerated Filer  ¨  Non-Accelerated Filer  ¨  Smaller Reporting Company  ¨ Emerging Growth Company  ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ¨  No  ý

As of July 24, 2017, 50,481,059 shares of $1 par value common stock were outstanding.

1

Part I - Financial Information

Item 1.  Financial Statements

THE BRINK’S COMPANY

and subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(In millions)	June 30, 2017			December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	207.1		183.5
Restricted cash	87.7			55.5
Accounts receivable, net	570.4			501.1
Prepaid expenses and other	150.1			103.6
Total current assets	1,015.3			843.7
Property and equipment, net	583.6			531.0
Goodwill	227.4			186.2
Other intangibles	45.8			19.1
Deferred income taxes	326.0			327.9
Other	90.9			86.9
Total assets	$	2,289.0		1,994.8
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	$	175.7		162.8
Current maturities of long-term debt	36.6			32.8
Accounts payable	144.9			139.3
Accrued liabilities	427.7			385.7
Restricted cash held for customers	58.2			33.2
Total current liabilities	843.1			753.8
Long-term debt	362.8			247.6
Accrued pension costs	206.3			208.8
Retirement benefits other than pensions	285.1			286.1
Deferred income taxes	7.6			7.6
Other	141.3			136.1
Total liabilities	1,846.2			1,640.0
Contingent liabilities (notes 4 and 11)
Equity:
The Brink's Company ("Brink's") shareholders:
Common stock, par value $1 per share:
Shares authorized: 100.0
Shares issued and outstanding: 2017 - 50.4; 2016 - 50.0	50.4			50.0
Capital in excess of par value	620.4			618.1
Retained earnings	612.3			576.0
Accumulated other comprehensive loss	(859.8		)	(907.0	)
Brink’s shareholders	423.3			337.1
Noncontrolling interests	19.5			17.7
Total equity	442.8			354.8
Total liabilities and equity	$	2,289.0		1,994.8

See accompanying notes to condensed consolidated financial statements.

2

THE BRINK’S COMPANY

and subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months   Ended June 30,					Six Months   Ended June 30,
(In millions, except for per share amounts)	2017			2016		2017			2016
Revenues	$	805.9		739.5		$	1,594.3		1,461.3
Costs and expenses:
Cost of revenues	628.9			596.1		1,239.2			1,185.0
Selling, general and administrative expenses	122.8			105.0		229.9			213.7
Total costs and expenses	751.7			701.1		1,469.1			1,398.7
Other operating income (expense)	(5.9		)	(6.2	)	(6.0		)	(6.9	)
Operating profit	48.3			32.2		119.2			55.7
Interest expense	(6.0		)	(4.9	)	(10.8		)	(9.8	)
Interest and other income (expense)	(11.4		)	(9.4	)	(22.6		)	(19.1	)
Income from continuing operations before tax	30.9			17.9		85.8			26.8
Provision for income taxes	17.3			14.5		31.7			23.9
Income from continuing operations	13.6			3.4		54.1			2.9
Loss from discontinued operations, net of tax	(0.1		)	—		(0.1		)	—
Net income	13.5			3.4		54.0			2.9
Less net income (loss) attributable to noncontrolling interests	(0.7		)	3.1		5.1			5.7
Net income (loss) attributable to Brink’s	14.2			0.3		48.9			(2.8	)
Amounts attributable to Brink’s
Continuing operations	14.3			0.3		49.0			(2.8	)
Discontinued operations	(0.1		)	—		(0.1		)	—
Net income (loss) attributable to Brink’s	$	14.2		0.3		$	48.9		(2.8	)
Income (loss) per share attributable to Brink’s common shareholders(a):
Basic:
Continuing operations	$	0.28		0.01		$	0.97		(0.06	)
Discontinued operations	—			—		—			—
Net income (loss)	$	0.28		0.01		$	0.97		(0.06	)
Diluted:
Continuing operations	$	0.28		0.01		$	0.95		(0.06	)
Discontinued operations	—			—		—			—
Net income (loss)	$	0.28		0.01		$	0.95		(0.06	)
Weighted-average shares
Basic	50.7			49.9		50.6			49.7
Diluted	51.6			50.3		51.5			49.7
Cash dividends paid per common share	$	0.15		0.10		$	0.25		0.20

(a)   Amounts may not add due to rounding.

See accompanying notes to condensed consolidated financial statements.

3

THE BRINK’S COMPANY

and subsidiaries

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)

	Three Months   Ended June 30,					Six Months   Ended June 30,
(In millions)	2017			2016		2017			2016
Net income	$	13.5		3.4		$	54.0		2.9
Benefit plan adjustments:
Benefit plan experience gains	11.1			12.6		22.9			24.3
Benefit plan prior service cost	(0.7		)	(0.6	)	(1.2		)	(1.0	)
Deferred profit sharing	0.1			—		0.1			—
Total benefit plan adjustments	10.5			12.0		21.8			23.3
Foreign currency translation adjustments	5.7			(3.5	)	32.9			14.3
Unrealized net gains (losses) on available-for-sale securities	0.5			(0.2	)	0.7			—
Loss on cash flow hedges	(0.1		)	(0.1	)	(0.1		)	(0.4	)
Other comprehensive income before tax	16.6			8.2		55.3			37.2
Provision for income taxes	4.4			4.2		8.8			8.0
Other comprehensive income	12.2			4.0		46.5			29.2
Comprehensive income	25.7			7.4		100.5			32.1
Less comprehensive income (loss) attributable to noncontrolling interests	(2.5		)	3.3		4.4			6.7
Comprehensive income attributable to Brink's	$	28.2		4.1		$	96.1		25.4

See accompanying notes to condensed consolidated financial statements.

4

THE BRINK’S COMPANY

and subsidiaries

Condensed Consolidated Statements of Equity

Six Months ended June 30, 2017 and 2016

(Unaudited)

	Attributable to Brink’s
(In millions)	Shares	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Attributable to Noncontrolling Interests		Total
Balance as of December 31, 2015	48.9	$	48.9	599.6		561.3		(891.9	)	12.7		330.6
Cumulative effect of change in accounting principle(a)	—	—		—		0.2		—		—		0.2
Net income (loss)	—	—		—		(2.8	)	—		5.7		2.9
Other comprehensive income	—	—		—		—		28.2		1.0		29.2
Common stock issued	0.1	0.1		2.4		—		—		—		2.5
Dividends to:
Brink’s common shareholders ($0.20 per share)	—	—		—		(9.8	)	—		—		(9.8	)
Noncontrolling interests	—	—		—		—		—		(2.1	)	(2.1	)
Share-based compensation:
Stock awards and options:
Compensation expense	—	—		4.9		—		—		—		4.9
Consideration from exercise of stock options	0.1	0.1		3.4		—		—		—		3.5
Other share-based benefit transactions	0.4	0.4		(3.9	)	(0.1	)	—		—		(3.6	)
Balance as of June 30, 2016	49.5	$	49.5	606.4		548.8		(863.7	)	17.3		358.3

	Attributable to Brink’s
(In millions)	Shares	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Attributable to Noncontrolling Interests		Total
Balance as of December 31, 2016	50.0	$	50.0	618.1		576.0		(907.0	)	17.7		354.8
Net income	—	—		—		48.9		—		5.1		54.0
Other comprehensive income	—	—		—		—		47.2		(0.7	)	46.5
Dividends to:
Brink’s common shareholders ($0.25 per share)	—	—		—		(12.6	)	—		—		(12.6	)
Noncontrolling interests	—	—		—		—		—		(2.6	)	(2.6	)
Share-based compensation:
Stock awards and options:
Compensation expense	—	—		8.5		—		—		—		8.5
Consideration from exercise of stock options	—	—		2.6		—		—		—		2.6
Other share-based benefit transactions	0.4	0.4		(8.8	)	—		—		—		(8.4	)
Balance as of June 30, 2017	50.4	$	50.4	620.4		612.3		(859.8	)	19.5		442.8

(a) We elected to early adopt the provisions of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, in the fourth quarter of 2016 resulting in a cumulative effect adjustment to Retained Earnings for previously unrecognized excess tax benefits. See Note 1 for further discussion of the impacts of this standard.

See accompanying notes to condensed consolidated financial statements

5

THE BRINK’S COMPANY

and subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months   Ended June 30,
(In millions)	2017			2016
Cash flows from operating activities:
Net income	$	54.0		2.9
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations, net of tax	0.1			—
Depreciation and amortization	68.5			65.1
Share-based compensation expense	8.5			4.9
Deferred income taxes	(7.7		)	(2.5	)
Gains and losses:
Marketable securities	(0.2		)	(0.5	)
Property and other assets	(0.8		)	1.7
Business acquisitions and dispositions	(0.6		)	(0.1	)
Impairment losses	1.0			5.4
Retirement benefit funding (more) less than expense:
Pension	9.8			6.5
Other than pension	9.0			7.3
Remeasurement losses due to Venezuela currency devaluation	8.4			4.6
Other operating	3.1			1.9
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable and income taxes receivable	(83.0		)	(31.3	)
Accounts payable, income taxes payable and accrued liabilities	41.8			(33.9	)
Customer obligations	7.1			(14.7	)
Prepaid and other current assets	(17.6		)	(6.2	)
Other	(0.7		)	2.3
Discontinued operations	0.6			—
Net cash provided by operating activities	101.3			13.4
Cash flows from investing activities:
Capital expenditures	(71.1		)	(45.0	)
Acquisitions	(65.0		)	—
Dispositions	1.1			—
Marketable securities:
Purchases	(19.3		)	(8.7	)
Sales	5.4			8.6
Cash proceeds from sale of property and equipment	1.4			2.9
Other	—			(0.7	)
Net cash used by investing activities	(147.5		)	(42.9	)
Cash flows from financing activities:
Borrowings (repayments) of debt:
Short-term borrowings	5.5			39.1
Long-term revolving credit facilities:
Borrowings	398.1			294.9
Repayments	(290.7		)	(278.1	)
Other long-term debt:
Borrowings	6.8			1.3
Repayments	(22.0		)	(25.1	)
Common stock issued	—			2.5
Dividends to:
Shareholders of Brink’s	(12.6		)	(9.8	)
Noncontrolling interests in subsidiaries	(2.6		)	(2.1	)
Proceeds from exercise of stock options	2.6			3.5
Minimum tax withholdings associated with share-based compensation	(8.9		)	(4.8	)
Other	1.0			1.3
Net cash provided by financing activities	77.2			22.7
Effect of exchange rate changes on cash	(7.4		)	(5.5	)
Cash and cash equivalents:
Increase (decrease)	23.6			(12.3	)
Balance at beginning of period	183.5			181.9
Balance at end of period	$	207.1		169.6

See accompanying notes to condensed consolidated financial statements

6

THE BRINK’S COMPANY

and subsidiaries

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1 - Basis of presentation

Effective February 2017, The Brink’s Company (along with its subsidiaries, “Brink’s” or “we”) implemented changes to its organizational and management structure. As a result of these changes, we now have 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 accruals) considered necessary for a fair presentation have been included.  Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.  These unaudited 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, 2016.

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.  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 under the cost method or, if applicable, as available-for-sale securities.  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 an officially reported three-year cumulative inflation rate of more than 100% are considered highly inflationary.

Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date.  Translation adjustments are recorded in other comprehensive income (loss).  Revenues and expenses are translated at rates of exchange in effect during the year.  Transaction gains and losses are recorded in net income (loss).

Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency.  Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings.  Non-monetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. 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.

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 official rates established by the government instead of allowing open markets to determine currency rates.  Different official rates exist for different industries and purposes and the government does not approve all requests to convert bolivars to other currencies.

7

As a result of the restrictions on currency exchange, we have in the past been unable to obtain sufficient U.S. dollars to purchase certain imported supplies and fixed assets to fully operate our business in Venezuela. Consequently, we have occasionally purchased more expensive, bolivar-denominated supplies and fixed assets. 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.

Remeasurement rates during 2017 and 2016.  At December 31, 2015, the SIMADI exchange rate used for remeasurement purposes was approximately 199 bolivars to the dollar. In the first quarter of 2016, the Venezuelan government replaced the SIMADI exchange mechanism with the DICOM exchange mechanism and announced that it would allow the DICOM exchange mechanism rate to float freely. At June 30, 2016, the DICOM rate was approximately 628 bolivars to the dollar. Since then, the rate has declined 76% to close at approximately 2,640 bolivars to the dollar at June 30, 2017. We have received only minimal U.S. dollars through this exchange mechanism. In the first six months of 2017, we recognized a $8.4 million pretax remeasurement loss.  The after-tax effect of this loss attributable to noncontrolling interest was $0.9 million. In the first six months of 2016, we recognized a $4.6 million pretax remeasurement loss. However, the after-tax effect of this loss attributable to noncontrolling interest was income of $2.6 million.

Items related to our Venezuelan operations are as follows:

• Our investment in our Venezuelan operations on an equity-method basis was $20.1 million at June 30, 2017 and $19.2 million at December 31, 2016.

• Our Venezuelan operations had net payables to other Brink's affiliates of $2.5 million at June 30, 2017 and $6.1 million at December 31, 2016.

• Our Venezuelan operations had net non-monetary assets of $20.1 million at June 30, 2017 and $17.6 million at December 31, 2016.

• Our bolivar-denominated net monetary net assets were $2.7 million (including $5.2 million of cash and cash equivalents) at June 30, 2017 and $1.4 million (including $6.8 million of cash and cash equivalents) at December 31, 2016.

• Accumulated other comprehensive losses attributable to Brink’s shareholders related to our Venezuelan operations were $114.2 million at June 30, 2017 and $114.7 million at December 31, 2016.

Argentina

The economy in Argentina has had significant inflation in recent years. Through June 30, 2017, Argentina was not designated as a highly inflationary economy for accounting purposes. We will continue to monitor developments in Argentina at each reporting date to determine whether we should consolidate Brink's Argentina results using our accounting policy for subsidiaries operating in highly inflationary economies. We use the official exchange rate to translate the Brink's Argentina balance sheet and income statement. At June 30, 2017, the official exchange rate was approximately 16.6 Argentine pesos to the U.S. dollar. At June 30, 2017, we had cash and short-term investments denominated in Argentine pesos of $28.7 million. We expect to use a significant portion of the cash and short-term investments to fund a business acquisition in Argentina (see Note 13).

Ireland

Due to management's decision in the first quarter of 2016 to exit the Republic of Ireland, the prospective impacts of shutting down this operation were included in items not allocated to segments and were excluded from the operating segments effective March 1, 2016. Beginning May 1, 2016, due to management's decision to also exit Northern Ireland, the results of shutting down these operations were treated similarly to the Republic of Ireland. International shipments to and from Ireland continue to be provided through Brink’s Global Services ("BGS").

Acquisitions

In the first six months of 2017, we completed three business acquisitions in Brazil, Chile and the U.S. which are not material to our consolidated financial statements. The aggregate purchase price, net of cash acquired, for these three acquisitions was approximately $65 million.

New Accounting Standards

In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts with Customers, a new standard related to revenue recognition, which requires an entity to recognize an amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this new standard to January 1, 2018. Subsequently, the FASB has continued to refine the standard and has issued several amendments. The most likely effects of the new standard for us will be associated with variable consideration and capitalization of costs to obtain contracts, such as sales commissions. However, we do not expect a material impact on our future consolidated statements of operations or consolidated balance sheets. The new guidance will result in expanded disclosures regarding our various performance obligations, revenue disaggregation and contractual rights. We plan to use the modified retrospective method to adopt the new standard.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, which requires entities to include restricted cash and restricted cash equivalent balances with cash and cash equivalent balances in the statement of cash flows. ASU 2016-18 will impact the presentation of our statement of cash flows, will be effective January 1, 2018, and requires using a retrospective transition method to adopt the standard.

8

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 March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies how certain features related to share-based payments are accounted for and presented in the financial statements. We elected to early adopt this ASU in the fourth quarter of 2016 and, per the requirements of the pronouncement, we applied the amendments to the beginning of 2016. Under ASU 2016-09, accounting changes adopted using the modified retrospective method must be calculated as of the beginning of 2016 and reported as a cumulative-effect adjustment. As a result, we recognized a $0.2 million cumulative-effect adjustment to January 1, 2016 retained earnings for previously unrecognized excess tax benefits. We have elected to continue our previous accounting policy of estimating forfeitures and, therefore, we did not recognize any cumulative-effect adjustment related to forfeitures. ASU 2016-09 requires that accounting changes adopted using the prospective method should be reported in the applicable interim periods of 2016. We did not have any material changes to previously reported interim financial information in 2016 as it relates to the recognition of excess tax benefits in the statement of operations or the classification of excess tax benefits in the statement of cash flows. In the first six months of 2017, the accounting under this ASU resulted in the recognition of $5.5 million in excess tax benefits.

In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires an entity to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. We elected to early adopt this ASU in the first quarter of 2017 using the retrospective transition method for the periods presented. As a result, the condensed consolidated statements of operations have been updated to reflect this guidance.

The adoption of this ASU resulted in a change in certain previously reported amounts in the first half of 2016 condensed consolidated statement of operations. Cost of revenues decreased $16.5 million, selling, general and administrative expenses decreased $3.3 million and operating profit as well as interest and other income (expense) increased $19.8 million compared to previously reported first half of 2016 amounts. The early adoption of this ASU had no impact on the previously reported loss from continuing operations or net loss for the prior year periods.

9

Note 2 - Segment information

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

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

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

• Global Services – secure international transportation of valuables

• Cash Management Services

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

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

◦ Check and cash processing services for banking customers (“Virtual Vault Services”)

◦ Check imaging services for banking customers

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

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

We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions.  Our CODM is our President and Chief Executive Officer.  Our CODM evaluates performance and allocates resources to 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 management’s inability to allocate, generate or redeploy resources in-country or globally. We also exclude certain costs, gains and losses related to acquisitions and dispositions that are special in nature. For additional information about these reconciling items see "Other Items Not Allocated to Segment" on pages 32-33.

During the first quarter of 2017, we implemented changes to our organizational and management structure that resulted in changes to our operating segments for financial reporting purposes. Through the fiscal year ended December 31, 2016, our business was reported in nine operating segments: U.S., France, Mexico, Brazil, Canada, Latin America, EMEA, Asia and Payment Services. Changes in our management reporting structure during the first quarter of 2017 required us to conduct an assessment in accordance with ASC Topic 280, Segment Reporting, to determine our operating segments.

As a result of this assessment, we now have the following operating segments:

• North America

• South America

• Rest of World (ROW).

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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 June 30,			Three Months Ended June 30,
(In millions)	2017		2016	2017			2016
Reportable Segments:
North America	$	311.0	300.8	$	16.7		3.8
South America	204.6		170.1	35.7			21.3
Rest of World	244.0		245.6	25.1			27.5
Total reportable segments	759.6		716.5	77.5			52.6
Reconciling Items:
Corporate expenses:
General, administrative and other expenses	—		—	(18.3		)	(16.1	)
Foreign currency transaction gains (losses)	—		—	1.4			1.4
Reconciliation of segment policies to GAAP	—		—	(0.9		)	1.3
Other items not allocated to segments:
Venezuela operations	46.3		21.5	(4.5		)	1.6
Reorganization and Restructuring	—		—	(5.6		)	(2.1	)
Acquisitions and dispositions	—		1.5	(1.3		)	(6.5	)
Total	$	805.9	739.5	$	48.3		32.2

	Revenues			Operating Profit
	Six Months Ended June 30,			Six Months Ended June 30,
(In millions)	2017		2016	2017			2016
Reportable Segments:
North America	$	615.6	593.5	$	26.9		7.5
South America	406.8		327.1	74.4			45.0
Rest of World	477.5		484.8	50.4			45.9
Total reportable segments	1,499.9		1,405.4	151.7			98.4
Reconciling Items:
Corporate expenses:
General, administrative and other expenses	—		—	(37.5		)	(33.7	)
Foreign currency transaction gains (losses)	—		—	0.2			2.7
Reconciliation of segment policies to GAAP	—		—	(1.8		)	4.5
Other items not allocated to segments:
Venezuela operations	94.4		53.6	16.6			4.3
Reorganization and Restructuring	—		—	(9.7		)	(8.1	)
Acquisitions and dispositions	—		2.3	(0.3		)	(12.4	)
Total	$	1,594.3	1,461.3	$	119.2		55.7

See "Other Items Not Allocated to Segment" on pages 32–33 for explanations of each of the other items not allocated to segments.

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	Six Months Ended June 30,
(In millions)	2017		2016
Capital Expenditures by Reportable Segment
North America	$	39.0	20.1
South America	15.3		7.3
Rest of World	10.1		12.4
Total reportable segments	64.4		39.8
Corporate items	5.5		2.7
Venezuela	1.2		2.5
Total	$	71.1	45.0
Depreciation and Amortization by Reportable Segment
Depreciation and amortization of property and equipment:
North America	$	33.6	33.6
South America	10.6		9.0
Rest of World	14.6		15.0
Total reportable segments	58.8		57.6
Corporate items	5.7		5.4
Venezuela	0.8		0.3
Reorganization and Restructuring	1.5		—
Depreciation and amortization of property and equipment	66.8		63.3
Amortization of intangible assets:
North America	0.1		—
South America	1.2		1.1
Rest of World	0.4		0.7
Amortization of intangible assets	1.7		1.8
Total	$	68.5	65.1

	June 30,		December 31,
(In millions)	2017		2016
Assets held by Reportable Segment
North America	$	726.1	629.4
South America	462.3		371.4
Rest of World	721.4		621.8
Total reportable segments	1,909.8		1,622.6
Corporate items	335.7		321.3
Venezuela	43.5		50.9
Total	$	2,289.0	1,994.8

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Note 3 - Retirement benefits

Pension plans

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

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

	U.S. Plans					Non-U.S. Plans				Total
(In millions)	2017			2016		2017		2016		2017		2016
Three months ended June 30,
Service cost	$	—		—		2.8		2.7		2.8		2.7
Interest cost on projected benefit obligation	8.8			9.3		4.3		3.1		13.1		12.4
Return on assets – expected	(13.3		)	(13.6	)	(2.4	)	(2.5	)	(15.7	)	(16.1	)
Amortization of losses	6.1			6.2		1.3		1.2		7.4		7.4
Amortization of prior service cost	—			—		0.2		0.2		0.2		0.2
Settlement loss	—			—		0.5		0.6		0.5		0.6
Net periodic pension cost	$	1.6		1.9		6.7		5.3		8.3		7.2
Six months ended June 30,
Service cost	$	—		—		5.7		5.5		5.7		5.5
Interest cost on projected benefit obligation	17.6			18.5		9.1		6.5		26.7		25.0
Return on assets – expected	(26.6		)	(27.3	)	(4.8	)	(4.8	)	(31.4	)	(32.1	)
Amortization of losses	12.4			12.3		2.6		2.4		15.0		14.7
Amortization of prior service cost	—			—		0.4		0.2		0.4		0.2
Settlement loss	—			—		0.8		1.4		0.8		1.4
Net periodic pension cost	$	3.4		3.5		13.8		11.2		17.2		14.7

We did not make cash contributions to the primary U.S. pension plan in 2016 or the first six months of 2017.  Based on current assumptions, as described in our Annual Report on Form 10-K for the year ended December 31, 2016, we do not expect to make any additional contributions to the primary U.S. pension plan until 2021.

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Retirement benefits other than pensions

We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees.  Retirement benefits related to our former U.S. coal operation include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for 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)	2017			2016		2017	2016	2017		2016
Three months ended June 30,
Service cost	$	—		—		0.1	—	0.1		—
Interest cost on accumulated postretirement benefit obligations	4.7			4.8		0.8	0.7	5.5		5.5
Return on assets – expected	(4.1		)	(4.3	)	—	—	(4.1	)	(4.3	)
Amortization of losses	5.0			4.5		1.1	0.7	6.1		5.2
Amortization of prior service (credit) cost	(1.2		)	(1.2	)	0.3	0.4	(0.9	)	(0.8	)
Net periodic postretirement cost	$	4.4		3.8		2.3	1.8	6.7		5.6
Six months ended June 30,
Service cost	$	—		—		0.1	—	0.1		—
Interest cost on accumulated postretirement benefit obligations	9.1			9.4		1.5	1.3	10.6		10.7
Return on assets – expected	(8.3		)	(8.7	)	—	—	(8.3	)	(8.7	)
Amortization of losses	9.4			8.8		2.0	1.2	11.4		10.0
Amortization of prior service (credit) cost	(2.3		)	(2.3	)	0.8	0.9	(1.5	)	(1.4	)
Net periodic postretirement cost	$	7.9		7.2		4.4	3.4	12.3		10.6

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.

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Note 4 - Income taxes

	Three Months Ended June 30,					Six Months Ended June 30,
	2017			2016		2017			2016
Continuing operations
Provision for income taxes (in millions)	$	17.3		14.5		$	31.7		23.9
Effective tax rate	56.0		%	81.0	%	36.9		%	89.2	%

2017 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first six months of 2017 was greater than the 35% U.S. statutory tax rate primarily due to the impact of Venezuela’s earnings and related tax expense, including the nondeductible expenses resulting from the currency devaluation, partially offset by the significant tax benefits related to the distribution of share-based payments.  The other items that cause the rate to be higher than the U.S. statutory rate 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.

2016 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first six months of 2016 was greater than the 35% U.S. statutory tax rate primarily due to the significant losses related to operations in the Republic of Ireland, for which no tax benefit can be recorded, and the nondeductible expenses resulting from the currency devaluation in Venezuela in the first six months.  The other items that cause the rate to be higher than the U.S. statutory rate include the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on undistributed earnings 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.

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Note 5 - 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 June 30, 2017
Amounts attributable to Brink's:
Benefit plan adjustments	$	(2.8	)	0.2		13.2		(4.5	)	6.1
Foreign currency translation adjustments	7.6			—		—		—		7.6
Unrealized gains (losses) on available-for-sale securities	0.7			(0.2	)	(0.2	)	0.1		0.4
Gains (losses) on cash flow hedges	—			—		(0.1	)	—		(0.1	)
	5.5			—		12.9		(4.4	)	14.0
Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.1		—		0.1
Foreign currency translation adjustments	(1.9		)	—		—		—		(1.9	)
	(1.9		)	—		0.1		—		(1.8	)
Total
Benefit plan adjustments(a)	(2.8		)	0.2		13.3		(4.5	)	6.2
Foreign currency translation adjustments	5.7			—		—		—		5.7
Unrealized gains (losses) on available-for-sale securities(b)	0.7			(0.2	)	(0.2	)	0.1		0.4
Gains (losses) on cash flow hedges(c)	—			—		(0.1	)	—		(0.1	)
	$	3.6		—		13.0		(4.4	)	12.2
Three months ended June 30, 2016
Amounts attributable to Brink's:
Benefit plan adjustments	$	(0.8	)	0.2		12.6		(4.5	)	7.5
Foreign currency translation adjustments	(3.5		)	—		—		—		(3.5	)
Unrealized gains (losses) on available-for-sale securities	0.3			(0.2	)	(0.5	)	0.2		(0.2	)
Gains (losses) on cash flow hedges	(1.2		)	0.4		1.1		(0.3	)	—
	(5.2		)	0.4		13.2		(4.6	)	3.8
Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.2		—		0.2
Foreign currency translation adjustments	—			—		—		—		—
	—			—		0.2		—		0.2
Total
Benefit plan adjustments(a)	(0.8		)	0.2		12.8		(4.5	)	7.7
Foreign currency translation adjustments	(3.5		)	—		—		—		(3.5	)
Unrealized gains (losses) on available-for-sale securities(b)	0.3			(0.2	)	(0.5	)	0.2		(0.2	)
Gains (losses) on cash flow hedges(c)	(1.2		)	0.4		1.1		(0.3	)	—
	$	(5.2	)	0.4		13.4		(4.6	)	4.0

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	Amounts Arising During the Current Period					Amounts Reclassified to Net Income (Loss)
(In millions)	Pretax			Income Tax		Pretax		Income Tax		Total Other Comprehensive Income (Loss)
Six months ended June 30, 2017
Amounts attributable to Brink's:
Benefit plan adjustments	$	(4.3	)	0.4		25.8		(9.0	)	12.9
Foreign currency translation adjustments	33.9			—		—		—		33.9
Unrealized gains (losses) on available-for-sale securities	0.9			(0.3	)	(0.2	)	0.1		0.5
Gains (losses) on cash flow hedges	(0.2		)	—		0.1		—		(0.1	)
	30.3			0.1		25.7		(8.9	)	47.2
Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.3		—		0.3
Foreign currency translation adjustments	(1.0		)	—		—		—		(1.0	)
	(1.0		)	—		0.3		—		(0.7	)
Total
Benefit plan adjustments(a)	(4.3		)	0.4		26.1		(9.0	)	13.2
Foreign currency translation adjustments	32.9			—		—		—		32.9
Unrealized gains (losses) on available-for-sale securities(b)	0.9			(0.3	)	(0.2	)	0.1		0.5
Gains (losses) on cash flow hedges(c)	(0.2		)	—		0.1		—		(0.1	)
	$	29.3		0.1		26.0		(8.9	)	46.5
Six months ended June 30, 2016
Amounts attributable to Brink's:
Benefit plan adjustments	$	(1.9	)	0.5		24.9		(8.7	)	14.8
Foreign currency translation adjustments	13.6			—		—		—		13.6
Unrealized gains (losses) on available-for-sale securities	0.5			(0.2	)	(0.5	)	0.2		—
Gains (losses) on cash flow hedges	(2.2		)	0.5		1.8		(0.3	)	(0.2	)
	10.0			0.8		26.2		(8.8	)	28.2
Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.3		—		0.3
Foreign currency translation adjustments	0.7			—		—		—		0.7
	0.7			—		0.3		—		1.0
Total
Benefit plan adjustments(a)	(1.9		)	0.5		25.2		(8.7	)	15.1
Foreign currency translation adjustments	14.3			—		—		—		14.3
Unrealized gains (losses) on available-for-sale securities(b)	0.5			(0.2	)	(0.5	)	0.2		—
Gains (losses) on cash flow hedges(c)	(2.2		)	0.5		1.8		(0.3	)	(0.2	)
	$	10.7		0.8		26.5		(8.8	)	29.2

(a) The amortization of prior experience losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income.  Net periodic retirement benefit cost also includes service cost, interest cost, expected return on assets, and settlement losses.  Due to the adoption of ASU 2017-07 (see Note 1), 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 June 30,			Six Months Ended June 30,
(In millions)	2017		2016	2017		2016
Total net periodic retirement benefit cost included in:
Cost of revenues	$	2.4	2.1	$	4.7	4.4
Selling, general and administrative expenses	0.5		0.6	1.1		1.1
Interest and other income (expense)	12.1		10.1	23.7		19.8

(b) Gains and losses on sales of available-for-sale securities are reclassified from accumulated other comprehensive loss to the income statement when the gains or losses are realized.  Pretax amounts are classified in the income statement as interest and other income (expense).

(c) Pretax gains and losses on cash flow hedges are classified in the income statement as:

• other operating income (expense) ($0.2 million of gains in the three months ended June 30, 2017 and $0.8 million of losses in the three months ended June 30, 2016; as well as no gains or losses in the six months ended June 30, 2017 and $1.4 million of losses in the six months ended June 30, 2016)

• interest and other income (expense) ($0.1 million of losses in the three months ended June 30, 2017 and $0.1 million of losses in the three months ended June 30, 2016; as well as $0.1 million of losses in the six months ended June 30, 2017 and $0.2 million of losses in the six months ended June 30, 2016).

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The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:

(In millions)	Benefit Plan Adjustments			Foreign Currency Translation Adjustments		Unrealized Gains (Losses) on Available-for-Sale Securities		Gains (Losses) on Cash Flow Hedges		Total
Balance as of December 31, 2016	$	(559.6	)	(349.1	)	1.0		0.7		(907.0	)
Other comprehensive income (loss) before reclassifications	(3.9		)	33.9		0.6		(0.2	)	30.4
Amounts reclassified from accumulated other comprehensive loss	16.8			—		(0.1	)	0.1		16.8
Other comprehensive income (loss) attributable to Brink's	12.9			33.9		0.5		(0.1	)	47.2
Balance as of June 30, 2017	$	(546.7	)	(315.2	)	1.5		0.6		(859.8	)

Note 6 - Fair value of financial instruments

Investments in Trading Securities and Available-for-sale Securities

We have investments in mutual funds designated as trading securities and as available-for-sale securities that are carried at fair value in the financial statements. For these investments, fair value was estimated based on quoted market prices 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)	June 30, 2017		December 31, 2016
Unsecured notes issued in a private placement
Carrying value	$	78.6	85.7
Fair value	80.9		88.2

The fair value estimate of our unsecured private-placement notes is based on the present value of future cash flows, discounted at rates for similar instruments at the respective measurement dates, which we have categorized as a Level 3 valuation.

Forward and Swap Contracts

We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies.  At June 30, 2017, the notional value of our shorter term outstanding foreign currency forward and swap contracts was $32.4 million, with average maturities of approximately one month.  These shorter term foreign currency forward and swap contracts primarily offset exposures in the British pound, the euro and the new Taiwan dollar and are not designated as hedges for accounting purposes. At June 30, 2017, the fair value of these shorter term foreign currency contracts was not significant.

In 2013, we entered into a longer term cross-currency swap to hedge against the change in value of a long-term intercompany loan denominated in Brazilian real.  This longer term contract is designated as a cash flow hedge for accounting purposes. At June 30, 2017, the notional value of this contract was $4.7 million with a remaining weighted-average maturity of 0.3 years.  At June 30, 2017, the fair value of this longer term swap contract was an asset of $1.9 million, which is included in prepaid expenses and other on the condensed consolidated balance sheet.

In the first quarter of 2016, we entered into two interest rate swaps with a total notional value of $40 million with a remaining weighted-average maturity of 2.0 years. These swaps were entered into to hedge cash flow risk associated with changes in variable interest rates and are designated as cash flow hedges for accounting purposes. At June 30, 2017, the fair value of these interest rates swaps was a net asset of $0.7 million, which is included in other assets on the condensed consolidated balance sheet.

The fair values of these forward and swap contracts are determined using Level 2 valuation techniques and are based on the present value of net future cash payments and receipts. 

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 six months of 2017.

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Note 7 - Debt

	June 30,		December 31,
(In millions)	2017		2016
Debt:
Short-term borrowings
Uncommitted credit facilities	$	124.0	108.3
Restricted cash borrowings(a)	26.1		22.3
Other	25.6		32.2
Total short-term borrowings	$	175.7	162.8
Long-term debt
Bank credit facilities:
Revolving Facility	$	164.5	55.8
Private Placement Notes (b)	78.5		85.6
Term loan (c)	63.1		65.6
Multi-currency revolving facility	4.1		3.6
Other	10.2		2.8
Capital leases	79.0		67.0
Total long-term debt	$	399.4	280.4
Total debt	$	575.1	443.2
Included in:
Current liabilities	$	212.3	195.6
Noncurrent liabilities	362.8		247.6
Total debt	$	575.1	443.2

(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 10 for more details.

(b) Amounts outstanding are net of unamortized debt costs of $0.1 million as of June 30, 2017 and $0.1 million as of December 31, 2016.

(c) Amounts outstanding are net of unamortized debt costs of $0.1 million as of June 30, 2017 and $0.2 million as of December 31, 2016.

Short-Term Borrowings

Uncommitted Credit Facilities

In October 2016, we entered into a $100 million uncommitted credit facility. Borrowings under this facility have a maximum maturity of not more than 30 days. Interest on this facility is generally based on LIBOR plus a margin of 1.00%. As of June 30, 2017, $100 million was outstanding.

In February 2016, we entered into a $24 million uncommitted credit facility with an initial expiration date in February 2017. The facility was amended in February 2017, which extended the expiration date to February 2018. Interest on this facility is based on LIBOR plus a margin of 1.00%. As of June 30, 2017, $24 million was outstanding.

Long-Term Debt

Revolving Facility

We have a $525 million unsecured multi-currency revolving bank credit facility (the “Revolving Facility”) that matures in March 2020. The Revolving Facility’s interest rate is based on LIBOR plus a margin or an alternate base rate plus a margin. The Revolving Facility allows us to borrow funds or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of June 30, 2017, $361 million was available under the Revolving Facility. Amounts outstanding under the Revolving Facility, as of June 30, 2017, were denominated primarily in U.S. dollars and to a lesser extent in euros.

The margin on LIBOR borrowings under the Revolving Facility, which can range from 1.0% to 1.70% depending on either our credit rating or leverage ratio as defined within the Revolving Facility, was 1.30% at June 30, 2017. The margin on alternate base rate borrowings under the Revolving Facility ranges from 0.0% to 0.70%. We also pay an annual facility fee on the Revolving Facility based on our credit rating or the leverage ratio. The facility fee can range from 0.125% to 0.30% and was 0.20% at June 30, 2017.

Private Placement Notes

As of June 30, 2017, we had $79 million principal amount of unsecured notes outstanding, which were issued through a private placement debt transaction (the “Notes”). The Notes comprise $29 million in series A notes with a fixed interest rate of 4.57% and $50 million in series

19

B notes with a fixed interest rate of 5.20%. Annual principal payments under the series A notes began in January 2015 and continue through maturity. The series B notes are due in January 2021.

Term Loan

We entered into a $75 million unsecured term loan in March 2015. Interest on this loan is based on LIBOR plus a margin of 1.75%. Monthly principal payments began April 2015 and continue through to maturity, with the remaining balance of $34 million due in March 2022. As of June 30, 2017, the principal amount outstanding was $63 million.

Multi-currency Revolving and Other Facilities

As of June 30, 2017, we had one $20 million unsecured multi-currency revolving bank credit facility, of which $11 million was available. As of June 30, 2017, we had funded debt of $4 million and undrawn letters of credit and guarantees of $5 million issued under the multi-currency revolving bank credit facility, which expires in March 2019. Interest on this facility is based on LIBOR plus a margin, which ranges from 1.0% to 1.7%. We also have the ability to borrow from other banks, at the banks' discretion, under short-term uncommitted agreements. Various foreign subsidiaries maintain other lines of credit and overdraft facilities with a number of banks.

Letter of Credit Facilities

We have a $40 million uncommitted letter of credit facility that expires in May 2018. As of June 30, 2017, $5 million was utilized. We have two unsecured letter of credit facilities totaling $94 million, of which approximately $39 million was available at June 30, 2017. At June 30, 2017, we had undrawn letters of credit and guarantees of $55 million issued under these letter of credit facilities. A $40 million facility expires in December 2018 and a $54 million facility expires in December 2019. The Revolving Facility and the multi-currency revolving credit facilities are also used for issuance of letters of credit and bank guarantees.

The Revolving Facility, the Notes, the unsecured multi-currency revolving bank credit facility, the uncommitted credit facilities, the letter of credit facilities and the unsecured term loan contain certain subsidiary guarantees and various financial and other covenants. The financial covenants, among other things, limit our total indebtedness, restrict certain payments to shareholders, limit priority debt, limit asset sales, limit the use of proceeds from asset sales, provide for a maximum leverage ratio and provide for minimum coverage of interest costs. These agreements do not provide for the acceleration of payments should our credit rating be reduced. If we were not to comply with the terms of our various 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 June 30, 2017.

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Note 8 - 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 2013 Plan, although awards under the 2013 Plan and under the 2005 Plan 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 June 30, 2017, include performance share units, market 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.

In February 2016, the Compensation and Benefits Committee of the Board of Directors modified the terms of performance share units originally awarded or granted in 2013, 2014 and 2015 to reflect the impact of removing Venezuela operations from the Company’s segment results beginning in 2015. For each of the affected performance share units, consolidated results for 2015 and each subsequent year within the respective performance period was or will be adjusted to reflect Venezuela results at the amount originally projected in the applicable performance target.No incremental compensation cost associated with the modification has been recognized as the modified goal was and is expected to be more difficult to achieve and, in accordance with FASB ASC Topic 718, Compensation - Stock Compensation, we continue to recognize expense as calculated using the original performance goal.

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					Compensation Expense
	Three Months Ended June 30,					Six Months Ended June 30,
(in millions)	2017			2016		2017			2016
Performance Share Units	$	1.9		1.0		$	4.5		2.3
Market Share Units	—			—		0.1			0.2
Restricted Stock Units	1.2			0.9		2.4			2.0
Deferred Stock Units and fees paid in stock	0.3			0.1		0.5			0.3
Stock Options	0.6			0.1		1.0			0.1
Share-based payment expense	4.0			2.1		8.5			4.9
Income tax benefit	(1.5		)	(0.7	)	(3.1		)	(1.7	)
Share-based payment expense, net of tax	$	2.5		1.4		$	5.4		3.2

Performance-Based Stock Options

In 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 six months of 2017: 

	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2016	580.9	$	6.01
Granted	298.9	11.97
Forfeited	—	—
Exercised	—	—
Outstanding balance as of June 30, 2017	879.8	$	8.04

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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 six months of 2017: 

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2016	296.5		$	27.84
Granted	98.8		52.56
Forfeited	(12.6	)	28.49
Vested	(93.2	)	27.62
Nonvested balance as of June 30, 2017	289.5		$	36.32

Performance Share Units ("PSUs”)

Prior to 2016, we granted PSUs that contained a performance condition, a market condition and a service condition. In 2017 and 2016, 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 2017, the performance period is from January 1, 2017 to December 31, 2019.

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 2017, the performance period is from January 1, 2017 to December 31, 2019.

The following table summarizes all PSU activity during the first six months of 2017:

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2016	603.2		$	28.02
Granted	217.1		53.75
Forfeited	(14.0	)	29.14
Vested(a)	(134.3	)	24.39
Nonvested balance as of June 30, 2017	672.0		$	37.04

(a) The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements or plan provisions, the actual shares earned and distributed for the performance period ended December 31, 2016 were 252.0.

Market Share Units ("MSUs”)

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

The following table summarizes all MSU activity during the first six months of 2017: 

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2016	141.7		$	27.02
Granted	—		—
Forfeited	—		—
Vested(a)	(67.5	)	23.34
Nonvested balance as of June 30, 2017	74.2		$	30.37

(a) The vested MSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements or plan provisions, the actual shares earned and distributed for the performance period ended December 31, 2016 were 81.8. No additional compensation expense was required to be recognized for the additional shares distributed, as the market condition was included in the $23.34 grant date fair value.

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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.

Grants of DSUs 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.

The following table summarizes all DSU activity during the first six months of 2017:

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2016	29.7		$	29.41
Granted	12.7		60.80
Forfeited	(3.7	)	29.35
Vested	(26.0	)	29.42
Nonvested balance as of June 30, 2017	12.7		$	60.80

Note 9 - Shares used to calculate earnings per share

	Three Months   Ended June 30,		Six Months   Ended June 30,
(In millions)	2017	2016	2017	2016
Weighted-average shares:
Basic(a)	50.7	49.9	50.6	49.7
Effect of dilutive stock awards and options	0.9	0.4	0.9	—
Diluted	51.6	50.3	51.5	49.7
Antidilutive stock awards and options excluded from denominator	0.3	0.3	0.2	1.3

(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 and 0.3 million in the six months ended June 30, 2017, and 0.5 million in the three months and 0.5 million in the six months ended June 30, 2016.

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Note 10 - Supplemental cash flow information

	Six Months   Ended June 30,
(In millions)	2017		2016
Cash paid for:
Interest	$	10.7	9.6
Income taxes, net	50.4		37.8

Non-cash Investing and Financing Activities

We acquired $23.0 million in armored vehicles under capital lease arrangements in the first six months of 2017 compared to $12.7 million in armored vehicles and other equipment acquired under capital lease arrangements in the first six months of 2016.

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 June 30, 2017, we held $87.7 million of restricted cash ($26.1 million represented short-term borrowings, $58.2 million represented restricted cash held for customers, and $3.4 million represented deposit liabilities). At December 31, 2016, we held $55.5 million of restricted cash ($22.3 million represented short-term borrowings and $33.2 million represented restricted cash held for customers).

Note 11 - Contingent matters

During the fourth quarter of 2015, we became aware of an investigation initiated by COFECE (the Mexican antitrust agency) related to potential anti-competitive practices among competitors in the cash logistics industry in Mexico (the industry in which Brink’s Mexican subsidiary, SERPAPROSA, is active). Because no legal proceedings have been initiated against SERPAPROSA, we cannot estimate the probability of loss or any range of estimate of possible loss at this time. It is possible that SERPAPROSA could become the subject of legal or administrative claims or proceedings, however, that could result in a loss that could be material to the Company’s results in a future period.

On March 21, 2016, The Bruce McDonald Holding Company, et al., filed a lawsuit in Circuit Court of Logan County, West Virginia against Addington, Inc. (“Addington”) and The Brink’s Company related to an Agreement of Lease dated September 19, 1978, between the Plaintiffs and Addington. Plaintiffs seek declaratory judgment and unspecified damages related to allegations that Addington failed to mine coal on the property leased from the Plaintiffs and failed to pay correct minimum royalties to the Plaintiffs. The Company denies the allegations asserted by the Plaintiffs, is vigorously defending itself in this matter, and has filed a counterclaim against the Plaintiffs related to Plaintiffs’ failure to consent to the assignment and subleasing the leasehold to others. Due to numerous uncertain and unresolved factors presented in this case, it is not possible to estimate a range of loss at this time and, accordingly, no accrual has been recorded in the Company’s financial statements.

In addition, we are involved in various other lawsuits and claims in the ordinary course of business. We are not able to estimate the loss or range of losses for some of these matters. We have recorded accruals for losses that are considered probable and reasonably estimable. Except as otherwise noted, we do not believe that the ultimate disposition of any of the lawsuits currently pending against the Company should have a material adverse effect on our liquidity, financial position or results of operations.

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Note 12 - 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 $8.0 million in the first six months of 2017 under this restructuring for additional costs related to severance, a benefit program termination and asset-related adjustments. Severance actions are expected to reduce our global workforce by 800 to 900 positions. We expect that the 2016 restructuring will result in $8 to $12 million in 2017 cost savings. We expect to incur additional costs between $14 and $18 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	Benefit Program Termination		Total
Balance as of January 1, 2017	$	—		7.0		0.6	—		7.6
Expense (benefit)	2.1			3.7		—	2.2		8.0
Payments and utilization	(2.1		)	(6.9	)	0.1	(1.9	)	(10.8	)
Foreign currency exchange effects	—			0.1		—	—		0.1
Balance as of June 30, 2017	$	—		3.9		0.7	0.3		4.9

Executive Leadership and Board of Directors Restructuring

In the fourth quarter of 2015, we recognized $1.8 million in costs related to the restructuring of executive leadership and the Board of Directors, which was announced in January 2016. We also recognized an additional $3.8 million in charges, primarily severance costs, in the first half of 2016.

2015 Reorganization and Restructuring

Brink's initiated a global restructuring of its business in the third quarter of 2015. We recognized $11.6 million in related 2015 costs related to employee severance, contract terminations, and property impairment. We recognized an additional $4.4 million in the first six months of 2016 related to this restructuring for additional severance costs and contract terminations. The 2015 Reorganization and Restructuring reduced the global workforce by approximately 1,100 positions and resulted in approximately $20 million in 2016 savings. The actions under this program were substantially completed by the end of 2016, with cumulative pretax charges of approximately $18 million.

Note 13 - Subsequent Events

In July 2017, we acquired 100% of the capital stock of Maco Transportadora de Caudales S.A. ("Maco") for approximately $209 million, with the final purchase price subject to post-closing adjustments and foreign exchange translation. Maco offers cash-in-transit and money processing operations in Argentina and will be integrated with our existing Argentina business. Over the last 12 months, Maco generated revenue of approximately $90 million. The provisional purchase accounting for this acquisition has not yet been completed.

We also announced in July 2017 that we have signed an exclusive agreement to negotiate the purchase of the Temis group of companies ("Temis") in France for approximately $71 million, subject to post-closing adjustments and foreign exchange translation. Temis provides cash-in-transit, money processing and ATM services and has generated revenue of approximately $50 million over the last 12 months. The acquisition is subject to customary closing conditions and is expected to close in the fourth quarter of 2017.

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THE BRINK’S COMPANY

and subsidiaries

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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

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

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

• Global Services – secure international transportation of valuables

• Cash Management Services

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

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

◦ Check and cash processing services for banking customers (“Virtual Vault Services”)

◦ Check imaging services for banking customers

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

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

We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions.  Our CODM is our President and Chief Executive Officer.  Our CODM evaluates performance and allocates resources to each operating segment based on an operating profit or loss measure, excluding income and expenses not allocated to segments.

During the first quarter of 2017, we implemented changes to our organizational and management structure that resulted in changes to our operating segments for financial reporting purposes. Through the fiscal year ended December 31, 2016, our business was reported in nine operating segments: U.S., France, Mexico, Brazil, Canada, Latin America, EMEA, Asia and Payment Services. Changes in our management reporting structure during the first quarter of 2017 required us to conduct an assessment in accordance with ASC Topic 280, Segment Reporting, to determine our operating segments.

As a result of this assessment, we now have the following operating segments:

• North America

• South America

• Rest of World (ROW).

Prior period information has been revised to reflect our new segment structure.

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RESULTS OF OPERATIONS

Consolidated Review

GAAP and Non-GAAP Financial Measures

We provide an analysis of our operations below on both a generally accepted accounting principles (“GAAP”) and non-GAAP basis.  The purpose of the non-GAAP information is to report our operating profit, income from continuing operations and earnings per share without certain income and expense items that do not reflect the ordinary earnings of our operations.  The non-GAAP financial measures are intended to provide investors with a supplemental comparison of our operating results and trends for the periods presented. Our management believes these measures are also useful to investors as such measures allow investors to evaluate our performance using the same metrics that our management uses to evaluate past performance and prospects for future performance. We do not consider these items to be reflective of our core operating performance due to the variability of such items from period-to-period in terms of size, nature and significance.  The non-GAAP adjustments used to reconcile our GAAP results are described on pages 32–33 and are reconciled to comparable GAAP measures on pages 37–38.

Definition of Organic Growth

Organic growth represents the change in revenues or operating profit between the current and prior period, excluding the effect of acquisitions and dispositions, changes in currency exchange rates (as described on page 30) and the accounting effects of reporting Venezuela under highly inflationary accounting.

	Three Months   Ended June 30,			%	Six Months   Ended June 30,			%
(In millions, except for per share amounts)	2017		2016	Change	2017	2016		Change
GAAP
Revenues	$	805.9	739.5	9	1,594.3	1,461.3		9
Cost of revenues	628.9		596.1	6	1,239.2	1,185.0		5
Selling, general and administrative expenses	122.8		105.0	17	229.9	213.7		8
Operating profit	48.3		32.2	50	119.2	55.7		fav
Income (loss) from continuing operations(a)	14.3		0.3	fav	49.0	(2.8	)	fav
Diluted EPS from continuing operations(a)	$	0.28	0.01	fav	0.95	(0.06	)	fav
Non-GAAP(b)
Non-GAAP revenues	$	759.6	716.5	6	1,499.9	1,405.4		7
Non-GAAP operating profit	59.7		39.2	52	112.6	71.9		57
Non-GAAP income from continuing operations(a)	32.9		19.7	67	62.1	35.1		77
Non-GAAP diluted EPS from continuing operations(a)	$	0.64	0.39	64	1.21	0.70		73

(a) Amounts reported in this table are attributable to the shareholders of Brink’s and exclude earnings related to noncontrolling interests.

(b) Non-GAAP results are reconciled to the applicable GAAP results on pages 37–38.

GAAP Basis

Analysis of Consolidated Results: Second Quarter2017 versus Second Quarter2016

Consolidated RevenuesRevenues increased $66.4 million as organic growth in Venezuela ($81.8 million), South America ($27.0 million), North America ($11.2 million) and Rest of World ($5.1 million), and the favorable impact of acquisitions and dispositions ($1.5 million) was partially offset by unfavorable changes in currency exchange rates ($60.2 million). A significant portion of the reduction in revenues from currency exchange rates relates to the strengthening of the U.S. dollar against the Venezuela bolivar ($57.0 million).  Revenues increased 17% on an organic basis due mainly to higher average selling prices in Venezuela and Argentina (including the effects of inflation) and organic revenue growth in Mexico, primarily driven by retail volume growth in cash-in-transit services. See above for our definition of “organic.”

Consolidated Costs andExpensesCost of revenues increased 6% to $628.9 million due to inflation-based increases on labor and other operational costs. Selling, general and administrative costs increased 17% to $122.8 million due primarily to higher incentive-based compensation.

Consolidated Operating Profit Operating profit increased $16.1 million due mainly to:

• organic increases in South America ($15.4 million), North America ($12.9 million), and Venezuela ($5.8 million) and

• the exit of operations in Ireland ($4.0 million),

partially offset by:

• unfavorable changes in currency exchange rates ($15.7 million), including the effects of Venezuela devaluations,

• higher corporate expenses ($4.5 million on an organic basis) due to higher incentive-based compensation and

• organic decreases in Rest of World ($2.1 million).

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share AmountsIncome from continuing operations attributable to Brink’s shareholders in 2017 increased $14.0 million to $14.3 million primarily due to the operating profit increase

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mentioned above and lower income attributable to noncontrolling interests ($3.8 million), partially offset by higher income tax expense ($2.8 million). Earnings per share from continuing operations was $0.28, up from $0.01 in 2016.

Analysis of Consolidated Results: First Half2017 versus First Half2016

Consolidated RevenuesRevenues increased $133.0 million as organic growth in Venezuela ($208.4 million), South America ($53.1 million), North America ($30.2 million), and Rest of World ($9.9 million) was partially offset by unfavorable changes in currency exchange rates ($164.1 million) and the impact of acquisitions and dispositions ($4.5 million). A significant portion of the reduction in revenues from currency exchange rates relates to the strengthening of the U.S. dollar against the Venezuela bolivar ($167.6 million).  Revenues increased 21% on an organic basis due mainly to higher average selling prices in Venezuela and Argentina (including the effects of inflation) and organic revenue growth in the U.S. and Mexico. Organic growth in the U.S. was primarily from the sale of onsite cash recyclers in the first quarter of 2017 and organic growth in Mexico was due to retail volume growth in cash-in-transit services. See page 27 for our definition of “organic.”

Consolidated Costs andExpensesCost of revenues increased 5% to $1,239.2 million due to inflation-based increases on labor and other operational costs, as well as higher equipment costs from recycler sales. Selling, general and administrative costs increased 8% to $229.9 million due primarily to higher incentive-based compensation, partially offset by changes in currency exchange rates.

Consolidated Operating Profit Operating profit increased $63.5 million due mainly to:

• organic increases in Venezuela ($70.6 million), South America ($30.2 million), North America ($19.8 million), and Rest of World ($3.9 million) and

• the exit of operations in Ireland ($11.5 million),

partially offset by:

• unfavorable changes in currency exchange rates ($65.9 million), including the effects of Venezuela devaluations and

• higher corporate expenses ($10.2 million on an organic basis) due to higher incentive-based compensation.

Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share AmountsIncome from continuing operations attributable to Brink’s shareholders in 2017 increased $51.8 million to $49.0 million primarily due to the operating profit increase mentioned above, partially offset by higher income tax expense ($7.8 million). Earnings per share from continuing operations was $0.95, up from negative $0.06 in 2016.

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Non-GAAP Basis

Analysis of Consolidated Results: Second Quarter2017 versus Second Quarter2016

Non-GAAP Consolidated Revenues Non-GAAP revenues increased $43.1 million primarily due to organic growth in South America ($27.0 million), North America ($11.2 million) and Rest of World ($5.1 million) as well as the impact of acquisitions and dispositions ($3.0 million), partially offset by the unfavorable impact of currency exchange rates ($3.2 million). The unfavorable currency impact was driven by the Argentine peso, euro, and Mexican peso, which was partially offset by the favorable impact of the Brazilian real. Non-GAAP revenues increased 6% on an organic basis due mainly to higher average selling prices in Argentina (including the effects of inflation) and organic revenue growth in Mexico, primarily driven by retail volume growth in cash-in-transit services. See page 27 for our definition of “organic.”

Non-GAAP Consolidated Operating Profit Non-GAAP operating profit increased $20.5 million due mainly to:

• organic increases in South America ($15.4 million), and North America ($12.9 million),

partially offset by:

• higher corporate expenses ($4.5 million on an organic basis) due to higher incentive-based compensation,

• organic decreases in Rest of World ($2.1 million) and

• unfavorable changes in currency exchange rates ($1.7 million).

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share AmountsNon-GAAP income from continuing operations attributable to Brink’s shareholders in 2017 increased $13.2 million to $32.9 million primarily due to the non-GAAP operating profit increase mentioned above, partially offset by the corresponding higher non-GAAP income tax expense ($6.2 million). Non-GAAP earnings per share from continuing operations was $0.64, up from $0.39 in 2016.

Analysis of Consolidated Results: First Half2017 versus First Half2016

Non-GAAP Consolidated Revenues Non-GAAP revenues increased $94.5 million primarily due to organic growth in South America ($53.1 million), North America ($30.2 million), and Rest of World ($9.9 million), as well as favorable changes in currency exchange rates ($3.5 million). The increase was partially offset by the unfavorable impact of acquisitions and dispositions ($2.2 million). The favorable currency impact was driven by the Brazilian real, which was mostly offset by the unfavorable impact of the Mexican peso, Argentine peso, and euro. Non-GAAP revenues increased 7% on an organic basis due mainly to higher average selling prices in Argentina (including the effects of inflation) and organic revenue growth in the U.S. and Mexico. Organic growth in the U.S. was primarily from the sale of onsite cash recyclers in the first quarter of 2017 and organic growth in Mexico was due to retail volume growth in cash-in-transit services. See page 27 for our definition of “organic.”

Non-GAAP Consolidated Operating Profit Non-GAAP operating profit increased $40.7 million due mainly to:

• organic increases in South America ($30.2 million), North America ($19.8 million), and Rest of World ($3.9 million) and

• the favorable impact of acquisitions and dispositions ($1.8 million),

partially offset by:

• higher corporate expenses ($10.2 million on an organic basis) due to higher incentive-based compensation and

• unfavorable changes in currency exchange rates ($4.8 million).

Non-GAAP Consolidated Income from Continuing Operations Attributable to Brink’s and Related Per Share AmountsNon-GAAP income from continuing operations attributable to Brink’s shareholders in 2017 increased $27.0 million to $62.1 million primarily due to the non-GAAP operating profit increase mentioned above, partially offset by the corresponding higher non-GAAP income tax expense ($13.0 million). Non-GAAP earnings per share from continuing operations was $1.21, up from $0.70 in 2016.

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Revenues and Operating Profit by Segment: Second Quarter2017 versus Second Quarter2016

				Organic		Acquisitions /						% Change
(In millions)	2Q'16			Change		Dispositions(a)		Currency(b)		2Q'17		Total		Organic
Revenues:
North America	$	300.8		11.2		2.7		(3.7	)	311.0		3		4
South America	170.1			27.0		3.6		3.9		204.6		20		16
Rest of World	245.6			5.1		(3.3	)	(3.4	)	244.0		(1	)	2
Segment revenues - GAAP and non-GAAP	716.5			43.3		3.0		(3.2	)	759.6		6		6
Other items not allocated to segments(d)	23.0			81.8		(1.5	)	(57.0	)	46.3		fav		fav
Revenues - GAAP	$	739.5		125.1		1.5		(60.2	)	805.9		9		17
Operating profit:
North America	$	3.8		12.9		0.3		(0.3	)	16.7		fav		fav
South America	21.3			15.4		0.3		(1.3	)	35.7		68		72
Rest of World	27.5			(2.1	)	(0.1	)	(0.2	)	25.1		(9	)	(8	)
Segment operating profit	52.6			26.2		0.5		(1.8	)	77.5		47		50
Corporate(c)	(13.4		)	(4.5	)	—		0.1		(17.8	)	33		34
Operating profit - non-GAAP	39.2			21.7		0.5		(1.7	)	59.7		52		55
Other items not allocated to segments(d)	(7.0		)	6.4		3.2		(14.0	)	(11.4	)	63		(91	)
Operating profit (loss) - GAAP	$	32.2		28.1		3.7		(15.7	)	48.3		50		87

Amounts may not add due to rounding.

(a) Includes operating results and gains/losses on acquisitions and dispositions of assets and of businesses.

(b) The amounts in the “Currency” column consist of the effects of Venezuela devaluations and the sum of monthly currency changes. Monthly currency changes represent the accumulation throughout the year of the impact on current period results of changes in foreign currency rates from the prior year period.

(c) Corporate expenses are not allocated to segment results. Corporate expenses include salaries and other costs to manage the global business and to perform activities required by public companies.

(d) See pages 32–33 for more information.

Analysis of Segment Results: Second Quarter2017 versus Second Quarter2016

North America

Revenues increased 3% ($10.2 million) as organic growth of 4% ($11.2 million) and the favorable impact of acquisitions ($2.7 million) was partially offset by the negative impact of currency exchange rates ($3.7 million) primarily from the Mexican peso and Canadian dollar. Organic growth was driven by Mexico, mainly due to retail volume in cash-in-transit services. Operating profit increased $12.9 million primarily due to organic growth in the U.S. from productivity improvement and lower vehicle costs and in Mexico from productivity improvement and price increases.

South America

Revenues increased 20% ($34.5 million) primarily due to 16% organic growth ($27.0 million) driven by inflation-based price increases in Argentina, increased Global Services volume in Brazil, the favorable impact of currency exchange rates ($3.9 million) and acquisitions ($3.6 million). The favorable currency impact was driven by the Brazilian real. Operating profit increased 68% ($14.4 million) driven by organic growth in Argentina and Brazil.

Rest of World

Revenues decreased 1% ($1.6 million) due to the impact of dispositions ($3.3 million) and unfavorable currency impact ($3.4 million) primarily from the euro, partially offset by 2% organic growth ($5.1 million). The organic growth was driven by Asia partially offset by an organic decrease in France due to pricing pressure in cash management and cash-in-transit services. Operating profit decreased 9% ($2.4 million) due primarily to an organic decrease in France in cash management and cash-in-transit services, partially offset by organic growth in Asia in both the core services and Global Services businesses.

30

Revenues and Operating Profit by Segment: First Half2017 versus First Half2016

				Organic		Acquisitions /						% Change
(In millions)	YTD '16			Change		Dispositions(a)		Currency(b)		YTD '17		Total		Organic
Revenues:
North America	$	593.5		30.2		3.4		(11.5	)	615.6		4		5
South America	327.1			53.1		3.6		23.0		406.8		24		16
Rest of World	484.8			9.9		(9.2	)	(8.0	)	477.5		(2	)	2
Revenues - non-GAAP	1,405.4			93.2		(2.2	)	3.5		1,499.9		7		7
Other items not allocated to segments(d)	55.9			208.4		(2.3	)	(167.6	)	94.4		69		fav
Revenues - GAAP	$	1,461.3		301.6		(4.5	)	(164.1	)	1,594.3		9		21
Operating profit:
North America	$	7.5		19.8		0.4		(0.8	)	26.9		fav		fav
South America	45.0			30.2		0.3		(1.1	)	74.4		65		67
Rest of World	45.9			3.9		1.1		(0.5	)	50.4		10		8
Segment operating profit	98.4			53.9		1.8		(2.4	)	151.7		54		55
Corporate(c)	(26.5		)	(10.2	)	—		(2.4	)	(39.1	)	48		38
Operating profit - non-GAAP	71.9			43.7		1.8		(4.8	)	112.6		57		61
Other items not allocated to segments(d)	(16.2		)	73.8		10.1		(61.1	)	6.6		fav		fav
Operating profit (loss) - GAAP	$	55.7		117.5		11.9		(65.9	)	119.2		fav		fav

Amounts may not add due to rounding.

See page 30 for footnote explanations.

Analysis of Segment Results: First Half2017 versus First Half2016

North America

Revenues increased 4% ($22.1 million) as organic growth of 5% ($30.2 million) was partially offset by the negative impact of currency exchange rates ($11.5 million) primarily from the Mexican peso. Organic revenue growth was driven by the U.S. and Mexico, with the U.S. increasing mainly due to sales of onsite cash recycler services in the first quarter of 2017 and increased Global Services volume. Organic revenue growth in Mexico was primarily due to retail volume growth in cash-in-transit services. Operating profit increased $19.4 million primarily due to organic growth in the U.S. and Mexico. Organic profit growth in the U.S. was driven by productivity improvements, lower security losses and vehicle costs and sales of onsite cash recyclers in the first quarter of 2017. Organic profit growth in Mexico was driven by productivity improvements.

South America

Revenues increased 24% ($79.7 million) primarily due to 16% organic growth ($53.1 million) driven by inflation-based price increases in Argentina, increased Global Services volume in Brazil and the favorable impact of currency exchange rates ($23.0 million) mostly from the Brazilian real. Operating profit increased 65% ($29.4 million) driven by organic growth in Argentina.

Rest of World

Revenues decreased 2% ($7.3 million) due to the impact of dispositions ($9.2 million) and unfavorable currency impact ($8.0 million) primarily from the euro, partially offset by 2% organic growth ($9.9 million). The organic growth was driven by Asia, partially offset by an organic decrease in France due to pricing pressure in cash management and cash-in-transit services and a decline in guarding activities. Operating profit increased 10% ($4.5 million) due primarily to organic growth in Asia in both the core services and Global Services businesses, as well as the favorable impact of dispositions ($1.1 million).

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Income and Expense Not Allocated to Segments

Corporate Expenses

	Three Months   Ended June 30,					%	Six Months   Ended June 30,					%
(In millions)	2017			2016		change	2017			2016		change
General, administrative and other expenses	$	(18.3	)	(16.1	)	14	$	(37.5	)	(33.7	)	11
Foreign currency transaction gains (losses)	1.4			1.4		—	0.2			2.7		(93	)
Reconciliation of segment policies to GAAP	(0.9		)	1.3		unfav	(1.8		)	4.5		unfav
Corporate expenses	$	(17.8	)	(13.4	)	33	$	(39.1	)	(26.5	)	48

Second quarter of 2017 corporate expenses were up $4.4 million and first half of 2017 corporate expenses increased $12.6 million compared to prior year periods. The increases in both the second quarter and first half of 2017 were primarily driven by higher incentive compensation expense recognized in corporate expenses. Corporate expenses include former non-segment and regional management costs, currency transaction gains and losses, and costs related to global initiatives.

Other Items Not Allocated to Segments

	Three Months   Ended June 30,					%		Six Months   Ended June 30,					%
(In millions)	2017			2016		change		2017			2016		change
Revenues:
Venezuela operations	$	46.3		21.5		fav		$	94.4		53.6		76
Acquisitions and dispositions	—			1.5		(100	)	—			2.3		(100	)
Revenues	$	46.3		23.0		fav		94.4			55.9		69
Operating profit:
Venezuela operations	$	(4.5	)	1.6		unfav		16.6			4.3		fav
Reorganization and Restructuring	(5.6		)	(2.1	)	unfav		(9.7		)	(8.1	)	20
Acquisitions and dispositions	(1.3		)	(6.5	)	(80	)	(0.3		)	(12.4	)	(98	)
Operating profit	$	(11.4	)	(7.0	)	63		$	6.6		(16.2	)	fav

The impact of other items not allocated to segments was a loss of $11.4 million in the second quarter of 2017 versus the prior year period loss of $7.0 million. The change was primarily due to losses from our Venezuela operations, which included an $8.4 million remeasurement loss from the devaluation of the Venezuelan currency, as well as higher restructuring charges in the current year quarter. These amounts were partially offset by lower costs in the current year quarter related to acquisitions and dispositions as the prior year period included losses from Ireland operations shut down in 2016 as well as a loss on the sale of corporate assets.

The impact of other items not allocated to segments was a profit of $6.6 million in the first six months of 2017 versus a loss of $16.2 million in the prior year period. The change was primarily due to higher profits from Venezuela operations along with lower charges from acquisitions and dispositions in the first half of 2017 as the prior year period included losses from Ireland operations shut down in 2016 as well as a loss on the sale of corporate assets.

Venezuela operations We have excluded from our segment results all of our Venezuela operating results, including remeasurement losses on net monetary assets related to currency devaluations of $8.4 million and $4.6 million in the first six months of 2017 and 2016, respectively, due to management’s inability to allocate, generate or redeploy resources in-country or globally. In light of these unique circumstances, our operations in Venezuela are largely independent of the rest of our global operations. As a result, the Chief Executive Officer, the Company's Chief Operating Decision maker ("CODM"), assesses segment performance and makes resource decisions by segment excluding Venezuela operating results. Additionally, management believes excluding Venezuela from segment results makes it possible to more effectively evaluate the company’s performance between periods.  

Factors considered by management in excluding Venezuela results include:

• Continued inability to repatriate cash to redeploy to other operations or dividend to shareholders

• Highly inflationary environment

• Fixed exchange rate policy

• Continued currency devaluations and

• Difficulty raising prices and controlling costs

Reorganization and Restructuring

2016 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 related to asset-related adjustments, severance costs, and lease restructuring charges. We recognized an additional $8.0 million in the first six months of 2017 from this restructuring for additional costs related to severance, a benefit program termination and asset-related adjustments. Severance actions are expected to reduce our global

32

workforce by 800 to 900 positions. We expect that the 2016 restructuring will result in $8 to $12 million in 2017 cost savings. We expect to incur additional reorganization and restructuring costs between $14 and $18 million in future periods, primarily severance costs.

Executive Leadership and Board of Directors

In 2015, we recognized $1.8 million in charges related to Executive Leadership and Board of Directors restructuring actions, which were announced in January 2016. We recognized $3.8 million in charges in the first six months of 2016 related to the Executive Leadership and Board of Directors restructuring actions.

2015 Restructuring

Brink's initiated a restructuring of its business in the third quarter of 2015. We recognized $11.6 million in related 2015 costs related to employee severance, contract terminations, and property impairment. We recognized an additional $4.4 million in the first six months of 2016 related to this restructuring for additional severance costs, contract terminations and lease terminations. The 2015 Reorganization and Restructuring reduced the global workforce by approximately 1,100 positions and resulted in approximately $20 million in 2016 savings. The actions under this program were substantially completed by the end of 2016, with cumulative pretax charges of approximately $18 million.

Due to the unique circumstances around these charges, they have not been allocated to segment results and are excluded from non-GAAP results. Charges related to the employees, assets, leases and contracts impacted by these restructuring actions were excluded from the segments and corporate expenses as shown in the table below.

	Three Months Ended June 30,					%	Six Months   Ended June 30,					%
(In millions)	2017			2016		change	2017			2016		change
Reportable Segments:
North America	$	(1.6	)	(0.1	)	unfav	$	(2.7	)	—		unfav
South America	(0.4		)	—		unfav	(2.8		)	(0.2	)	unfav
Rest of World	(1.1		)	—		unfav	(1.6		)	(2.0	)	(20	)
Total reportable segments	(3.1		)	(0.1	)	unfav	(7.1		)	(2.2	)	unfav
Corporate items	(2.5		)	(2.0	)	25	(2.6		)	(5.9	)	(56	)
Total	$	(5.6	)	(2.1	)	unfav	$	(9.7	)	(8.1	)	20

Acquisitions and dispositions Certain acquisition and disposition items that are not considered part of the ongoing activities of the business and are special in nature are consistently excluded from non-GAAP results. These items are described below:

2017 Acquisitions and Dispositions

• Transaction costs of $0.7 million related to acquisitions of new businesses in 2017.

• Gains in the first quarter of 2017 related to the liquidation of our former cash-in-transit operation in Puerto Rico.

2016 Acquisitions and Dispositions

• Due to management's decision in the first quarter of 2016 to exit the Republic of Ireland, the prospective impacts of shutting down this operation were included in items not allocated to segments and were excluded from the operating segments effective March 1, 2016. This activity is also excluded from the consolidated non-GAAP results. Beginning May 1, 2016, due to management's decision to also exit Northern Ireland, the results of shutting down these operations were treated similarly to the Republic of Ireland. 2015 revenues from both Ireland operations were approximately $20 million. Charges included in our full-year 2016 GAAP results include $4.9 million in severance costs, $1.8 million in property impairment charges, lease restructuring charges of $0.5 million and an additional $7.0 million in operating and other exit costs. These costs have been excluded from our segment and our consolidated non-GAAP results. International shipments to and from Ireland will continue to be provided through Brink’s Global Services ("BGS").

• We recognized a $2.0 million loss related to the sale of corporate assets in the second quarter of 2016.

33

Foreign Operations

We currently serve customers in more than 100 countries, including 40 countries where we operate subsidiaries.

We are subject to risks customarily associated with doing business in foreign countries, including labor and economic conditions, political instability, controls on repatriation of earnings and capital, nationalization, expropriation and other forms of restrictive action by local governments. Changes in the political or economic environments in the countries in which we operate could have a material adverse effect on our business, financial condition and results of operations. The future effects, if any, of these risks are unknown.

Our international operations conduct a majority of their business in local currencies. Because our financial results are reported in U.S. dollars, they are affected by changes in the value of various local currencies in relation to the U.S. dollar. Recent strengthening of the U.S. dollar has reduced our reported dollar revenues and operating profit, which may continue in 2017. Our operations in Venezuela are subject to local laws and regulatory interpretations that determine the exchange rate at which repatriating dividends may be converted.

Changes in exchange rates may also affect transactions which are denominated in currencies other than the functional currency.  From time to time, we use foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies.  At June 30, 2017, the notional value of our shorter term outstanding foreign currency forward and swap contracts was $32.4 million with average contract maturities of approximately one month.  These shorter term foreign currency forward and swap contracts primarily offset exposures in the British pound, the euro and the new Taiwan dollar.  Additionally, these shorter term contracts are not designated as hedges for accounting purposes, and accordingly, changes in their fair value are recorded immediately in earnings.  We recognized gains of $1.9 million on these contracts in the first six months of 2017.  At June 30, 2017, the fair value of these shorter term foreign currency contracts was not significant.

We also have a longer term cross currency swap contract to hedge exposure in Brazilian real, which is designated as a cash flow hedge for accounting purposes.  At June 30, 2017, the notional value of this longer term contract was $4.7 million with a weighted-average maturity of 0.3 years.  We recognized net losses of $0.1 million on this contract in the first six months of 2017.  At June 30, 2017, the fair value of the longer term cross currency swap contract was $1.9 million, which is included in prepaid expenses and other on the condensed consolidated balance sheet.

See Note 1 to the condensed consolidated financial statements for a description of government currency processes and restrictions in Venezuela, the effect on our operations, and how we account for currency remeasurement for our Venezuelan subsidiaries.

34

Other Operating Income (Expense)

Other operating income (expense) includes amounts included in segment results as well as income and expense not allocated to segments.

	Three Months   Ended June 30,					%		Six Months   Ended June 30,					%
(In millions)	2017			2016		change		2017			2016		change
Foreign currency items:
Transaction losses	$	(7.8	)	1.4		unfav		$	(10.0	)	1.2		unfav
Foreign currency derivative instrument gains (losses)	1.2			(1.7	)	fav		1.9			(3.1	)	fav
Gains (losses) on sale of property and other assets	0.6			(1.7	)	fav		0.8			(1.7	)	fav
Argentina conversion losses	—			—		—		—			(0.1	)	(100	)
Impairment losses	(0.6		)	(4.9	)	(88	)	(1.0		)	(5.4	)	(81	)
Share in earnings of equity affiliates	—			—		—		0.1			0.1		—
Royalty income	0.4			0.5		(20	)	1.0			1.2		(17	)
Gains (losses) on business acquisitions and dispositions	(0.2		)	—		unfav		0.6			0.1		fav
Other gains	0.5			0.2		fav		0.6			0.8		(25	)
Other operating income (expense)	$	(5.9	)	(6.2	)	(5	)	$	(6.0	)	(6.9	)	(13	)

Other operating expense was $5.9 million in the second quarter of 2017 versus $6.2 million of expense in the prior year period. The second quarter of 2016 included higher impairment losses, including impairment charges related to Ireland operations shut down in 2016, as well as a $2.0 million loss on the sale of corporate assets. In the current year quarter, we recognized foreign currency derivative instrument gains compared to foreign currency derivative instrument losses in the prior year quarter. These favorable changes in property and impairment losses and foreign currency derivative instruments were mostly offset by higher foreign currency transaction losses. These currency losses relate primarily to the currency devaluation in Venezuela in the second quarter of 2017.

Other operating expense was lower in the first half of 2017 compared to the first half of 2016. This change resulted primarily from foreign currency derivative instrument gains in the 2017 period, higher impairment charges in the first half of 2016 plus the prior year loss on sale of corporate assets. These favorable changes were partially offset by the foreign currency transaction losses related to Venezuela currency devaluation in the current year period. See Note 1 to the condensed consolidated financial statements for a description of the change in currency exchange processes and rates in Venezuela.

Nonoperating Income and Expense

Interest expense

	Three Months   Ended June 30,			%	Six Months   Ended June 30,			%
(In millions)	2017		2016	change	2017		2016	change
Interest expense	$	6.0	4.9	22	$	10.8	9.8	10

Interest and other income (expense)

	Three Months   Ended June 30,					%		Six Months   Ended June 30,					%
(In millions)	2017			2016		change		2017			2016		change
Interest income	$	0.9		0.6		50		$	1.6		1.2		33
Gains on sales of available-for-sale securities	0.2			0.5		(60	)	0.2			0.5		(60	)
Derivative instrument losses	(0.1		)	(0.4	)	(75	)	(0.1		)	(0.5	)	(80	)
Retirement benefit cost other than service cost	(12.1		)	(10.1	)	20		(23.7		)	(19.8	)	20
Other	(0.3		)	—		unfav		(0.6		)	(0.5	)	20
Interest and other income (expense)	$	(11.4	)	(9.4	)	21		$	(22.6	)	(19.1	)	18

35

Income Taxes

	Three Months   Ended June 30,					Six Months   Ended June 30,
	2017			2016		2017			2016
Continuing operations
Provision for income taxes (in millions)	$	17.3		14.5		$	31.7		23.9
Effective tax rate	56.0		%	81.0	%	36.9		%	89.2	%

2017 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first six months of 2017 was greater than the 35% U.S. statutory tax rate primarily primarily due to the impact of Venezuela’s earnings and related tax expense, including the nondeductible expenses resulting from the currency devaluation, partially offset by the significant tax benefits related to the distribution of share-based payments.  The other items that cause the rate to be higher than the U.S. statutory rate 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.

2016 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first six months of 2016 was greater than the 35% U.S. statutory tax rate primarily due to the significant losses related to operations in the Republic of Ireland, for which no tax benefit can be recorded, and the nondeductible expenses resulting from the currency devaluation in Venezuela in the first six months.  The other items that cause the rate to be higher than the U.S. statutory rate include the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on undistributed earnings 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.

Deferred Tax Assets

Deferred tax assets are future tax deductions that result primarily from the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial statement and income tax purposes.  At December 31, 2016, we had $271 million of U.S. deferred tax assets, net of valuation allowances, primarily related to our retirement plan obligations.  These future tax deductions may not be realized if tax rules change, if forecasted U.S. operational results are not realized or if any other U.S. projected future taxable income is insufficient. Consequently, not realizing our U.S. deferred tax assets may significantly and materially affect our financial condition, results of operations and cash flows.  Further, the recent proposals to lower the U.S. corporate income tax rate would require us to recognize a significant income tax expense to reduce the U.S. deferred tax asset, if such a proposal is enacted into law.

Effective Tax Rate

Our effective tax rate may fluctuate materially from these estimates due to changes in permanent book-tax differences, changes in the expected amount and geographical mix of earnings, changes in current or deferred taxes due to legislative changes, changes in valuation allowances or accruals for contingencies, changes in distributions of share-based payments and other factors.

Noncontrolling Interests

	Three Months   Ended June 30,				%	Six Months   Ended June 30,			%
(In millions)	2017			2016	change	2017		2016	change
Net income (loss) attributable to noncontrolling interests	$	(0.7	)	3.1	fav	$	5.1	5.7	(11	)

The change from $3.1 million net income attributable to noncontrolling interests in the second quarter of 2016 to $0.7 million of net loss attributable to noncontrolling interests in the second quarter of 2017 was primarily due to lower results from our Venezuelan subsidiaries. The change from a $5.7 million net income attributable to noncontrolling interests in the first half of 2016 to $5.1 million of net income attributable to noncontrolling interests in the first half of 2017 was primarily due to lower results from our Colombian subsidiaries.

See Note 1 to the condensed consolidated financial statements for more information about the currency devaluations of our Venezuelan subsidiaries and lower currency remeasurement charges from devaluation of Venezuelan currency. 

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Non-GAAP Results Reconciled to GAAP

Non-GAAP results described in this filing are financial measures that are not required by or presented in accordance with GAAP. The purpose of the non-GAAP results is to report financial information from the primary operations of our business by excluding the effects of certain income and expenses that do not reflect the ordinary earnings of our operations. The specific items excluded have not been allocated to segments, are described in detail on pages 32–33, and are reconciled to comparable GAAP measures below.

Non-GAAP results adjust the quarterly non-GAAP tax rates so that the non-GAAP tax rate in each of the quarters is equal to the full-year estimated non-GAAP tax rate. The full-year non-GAAP tax rate in both years excludes certain pretax and income tax amounts. Amounts reported for prior periods have been updated in this report to present information consistently for all periods presented.

The Non-GAAP financial measures are intended to provide investors with a supplemental comparison of our operating results and trends for the periods presented. Our management believes these measures are also useful to investors as such measures allow investors to evaluate our performance using the same metrics that our management uses to evaluate past performance and prospects for future performance. We do not consider these items to be reflective of our core operating performance due to the variability of such items from period-to-period in terms of size, nature and significance. Additionally, non-GAAP results are utilized as performance measures in certain management incentive compensation plans.

Non-GAAP results should not be considered as an alternative to revenue, income or earnings per share amounts determined in accordance with GAAP and should be read in conjunction with their GAAP counterparts.

	YTD '17							YTD '16
(In millions, except for percentages)	Pre-tax			Tax		Effective tax rate		Pre-tax		Tax		Effective tax rate
Effective Income Tax Rate(a)
GAAP	$	85.8		31.7		36.9	%	$	26.8	23.9		89.2	%
Retirement plans(d)	15.9			5.8				15.4		5.5
Other items not allocated to segments(b)	(1.5		)	(5.4	)			17.7		(4.1	)
Income tax rate adjustment(c)	—			3.0				—		(3.2	)
Non-GAAP	$	100.2		35.1		35.0	%	$	59.9	22.1		36.9	%

Amounts may not add due to rounding.

(a) From continuing operations.

(b) See “Other Items Not Allocated To Segments” on pages 32–33 for pre-tax amounts and details.  Other Items Not Allocated To Segments for noncontrolling interests, income from continuing operations attributable to Brink's and EPS are the effects of the same items at their respective line items of the condensed consolidated statements of operations.

(c) Non-GAAP income from continuing operations and non-GAAP EPS have been adjusted to reflect an effective income tax rate in each interim period equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate is estimated at ~35.0% for 2017 and was 36.9% for 2016.

(d) Our U.S. Retirement plans are frozen and costs related to these plans are excluded from non-GAAP results. Certain non-U.S. operations also have retirement plans. Settlement charges related to these non-U.S. plans are also excluded from non-GAAP results.

37

Non-GAAP Results Reconciled to GAAP

	Three Months   Ended June 30,					Six Months   Ended June 30,
(In millions, except for percentages and per share amounts)	2017			2016		2017		2016
Revenues:
GAAP	$	805.9		739.5		1,594.3		1,461.3
Other items not allocated to segments(b)	(46.3		)	(23.0	)	(94.4	)	(55.9	)
Non-GAAP	$	759.6		716.5		1,499.9		1,405.4
Operating profit:
GAAP	$	48.3		32.2		119.2		55.7
Other items not allocated to segments(b)	11.4			7.0		(6.6	)	16.2
Non-GAAP	$	59.7		39.2		112.6		71.9
Interest expense:
GAAP	$	(6.0	)	(4.9	)	(10.8	)	(9.8	)
Other items not allocated to segments(b)	—			—		—		0.1
Non-GAAP	$	(6.0	)	(4.9	)	(10.8	)	(9.7	)
Interest and other income (expense):
GAAP	$	(11.4	)	(9.4	)	(22.6	)	(19.1	)
Retirement plans(d)	8.6			8.1		15.9		15.4
Other items not allocated to segments(b)	2.2			0.7		5.1		1.4
Non-GAAP	$	(0.6	)	(0.6	)	(1.6	)	(2.3	)
Provision for income taxes:
GAAP	$	17.3		14.5		31.7		23.9
Retirement plans(d)	3.1			2.9		5.8		5.5
Other items not allocated to segments(b)	(1.9		)	(3.5	)	(5.4	)	(4.1	)
Income tax rate adjustment(c)	0.1			(1.5	)	3.0		(3.2	)
Non-GAAP	$	18.6		12.4		35.1		22.1
Net income (loss) attributable to noncontrolling interests:
GAAP	$	(0.7	)	3.1		5.1		5.7
Other items not allocated to segments(b)	2.3			(1.2	)	(2.3	)	(2.3	)
Income tax rate adjustment(c)	—			(0.3	)	0.2		(0.7	)
Non-GAAP	$	1.6		1.6		3.0		2.7
Income (loss) from continuing operations attributable to Brink's:
GAAP	$	14.3		0.3		49.0		(2.8	)
Retirement plans(d)	5.5			5.2		10.1		9.9
Other items not allocated to segments(b)	13.2			12.4		6.2		24.1
Income tax rate adjustment(c)	(0.1		)	1.8		(3.2	)	3.9
Non-GAAP	$	32.9		19.7		62.1		35.1
Diluted EPS:
GAAP	$	0.28		0.01		0.95		(0.06	)
Retirement plans(d)	0.11			0.10		0.19		0.20
Other items not allocated to segments(b)	0.24			0.24		0.12		0.48
Income tax rate adjustment(c)	—			0.04		(0.06	)	0.08
Non-GAAP	$	0.64		0.39		1.21		0.70
Non-GAAP margin	7.9		%	5.5	%	7.5	%	5.1	%

Amounts may not add due to rounding.

See page 37 for footnote explanations.

38

LIQUIDITY AND CAPITAL RESOURCES

Overview

Cash flows from operating activities increased by $87.9 million in the first six months of 2017 as compared to the first six months of 2016.  Cash used for investing activities increased by $104.6 million in the first six months of 2017 compared to the first six months of 2016 as a result of business acquisitions, an increase in capital expenditures and higher marketable security purchase activity. We financed our liquidity needs in the first six months of 2017 with cash flows from long-term debt.

Operating Activities

	Six Months   Ended June 30,					$
(In millions)	2017			2016		change
Cash flows from operating activities
Operating activities - GAAP	$	101.3		13.4		87.9
Venezuela operations	(15.1		)	(14.0	)	(1.1	)
(Increase) decrease in certain customer obligations(a)	(7.1		)	14.7		(21.8	)
Discontinued operations	(0.6		)	—		(0.6	)
Operating activities - non-GAAP	$	78.5		14.1		64.4

(a) To adjust for the change in the balance of customer obligations related to cash received and processed in certain of our secure Cash Management Services operations.  The title to this cash transfers to us for a short period of time.  The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources.

Non-GAAP cash flows from operating activities is a supplemental financial measure that is not required by, or presented in accordance with GAAP. The purpose of this non-GAAP measure is to report financial information excluding cash flows from Venezuela operations, the impact of cash received and processed in certain of our Cash Management Services operations and without cash flows from discontinued operations. We believe this measure is helpful in assessing cash flows from operations, enables period-to-period comparability and is useful in predicting future operating cash flows. This non-GAAP measure should not be considered as an alternative to cash flows from operating activities determined in accordance with GAAP and should be read in conjunction with our condensed consolidated statements of cash flows.

GAAP

Cash flows from operating activities increased by $87.9 million in the first six months of 2017 compared to the same period in 2016.  The increase was primarily due to higher operating profit and changes in customer obligations of certain of our secure Cash Management Services operations (cash held for customers increased by $7.1 million in the first six months of 2017 compared to a decrease of $14.7 million in the same period in 2016).

Non-GAAP

Non-GAAP cash flows from operating activities increased by $64.4 million in the first six months of 2017 as compared to the same period in 2016.  The increase was primarily due to higher operating profit.

39

Investing Activities

	Six Months   Ended June 30,					$
(In millions)	2017			2016		change
Cash flows from investing activities
Capital expenditures	$	(71.1	)	(45.0	)	(26.1	)
Acquisitions	(65.0		)	—		(65.0	)
Dispositions	1.1			—		1.1
Marketable securities:
Purchases	(19.3		)	(8.7	)	(10.6	)
Sales	5.4			8.6		(3.2	)
Proceeds from sale of property, equipment and investments	1.4			2.9		(1.5	)
Other	—			(0.7	)	0.7
Investing activities	$	(147.5	)	(42.9	)	(104.6	)

Cash used by investing activities increased by $104.6 million in the first six months of 2017 versus the first six months of 2016.  The increase was primarily due to three business acquisitions in Brazil, Chile and the U.S. for an aggregate purchase price, net of cash acquired, of $65 million, an increase in capital expenditures of $26.1 million and higher purchase activity of marketable securities ($10.6 million) during the first six months of 2017.

Cash used by investing activities is expected to increase significantly in the second half of 2017 as cash payments are made for the recently announced business acquisitions in Argentina and France (see Note 13). We expect to fund these acquisition payments largely through increased debt borrowings and, to a lesser extent, with the use of available cash and short-term marketable securities investments.

Capital expenditures and depreciation and amortization were as follows:

	Six Months   Ended June 30,			$		Full Year
(In millions)	2017		2016	change		2016
Property and equipment acquired during the period
Capital expenditures:(a)
North America	$	39.0	20.1	18.9		42.0
South America	15.3		7.3	8.0		24.0
Rest of World	10.1		12.4	(2.3	)	32.2
Corporate	5.5		2.7	2.8		9.0
Capital expenditures - non-GAAP	69.9		42.5	27.4		107.2
Venezuela	1.2		2.5	(1.3	)	5.0
Capital expenditures - GAAP	$	71.1	45.0	26.1		112.2
Capital leases:(b)
North America	$	19.7	12.7	7.0		23.2
South America	3.3		—	3.3		6.2
Capital leases - GAAP and non-GAAP	$	23.0	12.7	10.3		29.4
Total:
North America	$	58.7	32.8	25.9		65.2
South America	18.6		7.3	11.3		30.2
Rest of World	10.1		12.4	(2.3	)	32.2
Corporate	5.5		2.7	2.8		9.0
Total property and equipment acquired excluding Venezuela	92.9		55.2	37.7		136.6
Venezuela	1.2		2.5	(1.3	)	5.0
Total property and equipment acquired	$	94.1	57.7	36.4		141.6
Depreciation and amortization(a)
North America	$	33.7	33.6	0.1		66.8
South America	11.8		10.1	1.7		21.2
Rest of World	15.0		15.7	(0.7	)	31.2
Corporate	5.7		5.4	0.3		10.9
Depreciation and amortization - non-GAAP	66.2		64.8	1.4		130.1
Venezuela	0.8		0.3	0.5		0.7
Reorganization and Restructuring	1.5		—	1.5		0.8
Depreciation and amortization - GAAP	$	68.5	65.1	3.4		131.6

40

(a) Capital expenditures as well as depreciation and amortization related to Venezuela have been excluded from South America. In addition, accelerated depreciation related to Reorganization and Restructuring activities has been excluded from non-GAAP amounts.

(b) Represents the amount of property and equipment acquired using capital leases.  Because the assets are acquired without using cash, the acquisitions are not reflected in the condensed consolidated cash flow statement.  Amounts are provided here to assist in the comparison of assets acquired in the current year versus prior years. Sale leaseback transactions are excluded from "Capital leases" in this table.

Our reinvestment ratio, which we define as the annual amount of property and equipment acquired during the period divided by the annual amount of depreciation, was 1.4 for the twelve months ending June 30, 2017 compared to 1.1 for the twelve months ending June 30, 2016.

Capital expenditures in the first six months of 2017 were primarily for armored vehicles, CompuSafes^®, information technology and machinery and equipment.

Financing Activities

	Six Months   Ended June 30,					$
(In millions)	2017			2016		change
Cash flows from financing activities
Borrowings and repayments:
Short-term borrowings	$	5.5		39.1		(33.6	)
Long-term revolving credit facilities, net	107.4			16.8		90.6
Other long-term debt, net	(15.2		)	(23.8	)	8.6
Borrowings (repayments)	97.7			32.1		65.6
Common stock issued	—			2.5		(2.5	)
Dividends to:
Shareholders of Brink’s	(12.6		)	(9.8	)	(2.8	)
Noncontrolling interests in subsidiaries	(2.6		)	(2.1	)	(0.5	)
Proceeds from exercise of stock options	2.6			3.5		(0.9	)
Minimum tax withholdings associated with share-based compensation	(8.9		)	(4.8	)	(4.1	)
Other	1.0			1.3		(0.3	)
Financing activities	$	77.2		22.7		54.5

Debt borrowings and repayments

Cash flows from financing activities increased by $54.5 million in the first six months of 2017 compared to the first six months of 2016 as net borrowing on our revolving credit facilities exceeded net repayments of short-term borrowings.

Dividends

We paid dividends to Brink’s shareholders of $0.25 per share or $12.6 million in the first six months of 2017 compared to $0.20 per share or $9.8 million in the first six months of 2016.  Future dividends are dependent on our earnings, financial condition, shareholders’ equity levels, our cash flow and business requirements, as determined by the Board of Directors.

41

Reconciliation of Net Debt to U.S. GAAP Measures

	June 30,			December 31,
(In millions)	2017			2016
Debt:
Short-term borrowings	$	175.7		162.8
Long-term debt	399.4			280.4
Total Debt	575.1			443.2
Restricted cash borrowings(a)	(26.1		)	(22.3	)
Total Debt without restricted cash borrowings	549.0			420.9
Less:
Cash and cash equivalents	207.1			183.5
Amounts held by Cash Management Services operations(b)	(18.4		)	(9.8	)
Cash and cash equivalents available for general corporate purposes	188.7			173.7
Net Debt	$	360.3		247.2

(a) Restricted cash borrowings are 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.

(b) Title to cash received and processed in certain of our secure Cash Management Services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources and in our computation of Net Debt.

Net Debt is a supplemental non-GAAP financial measure that is not required by, or presented in accordance with GAAP. We use Net Debt as a measure of our financial leverage. We believe that investors also may find Net Debt to be helpful in evaluating our financial leverage. Net Debt should not be considered as an alternative to Debt determined in accordance with GAAP and should be reviewed in conjunction with our condensed consolidated balance sheets. Set forth above is a reconciliation of Net Debt, a non-GAAP financial measure, to Debt, which is the most directly comparable financial measure calculated and reported in accordance with GAAP, as of June 30, 2017, and December 31, 2016.  Net Debt excluding cash and debt in Venezuelan operations was $366 million at June 30, 2017, and $255 million at December 31, 2016.

Net Debt increased by $113 million primarily to fund business acquisitions and other working capital needs including insurance and bonus payments.

Liquidity Needs

Our operating liquidity needs are typically financed by cash from operations, short-term debt and the Revolving Facility (our debt facilities are described below). We have certain limitations and considerations related to the cash and borrowing capacity that are reported in our condensed consolidated financial statements.  Based on our current cash on hand, amounts available under our credit facilities and current projections of cash flows from operations, we believe that we will be able to meet our liquidity needs for more than the next twelve months.

Limitations on dividends from foreign subsidiaries.   A significant portion of our operations are outside the U.S. which may make it difficult or costly to repatriate cash for use in the U.S.  See “Risk Factors” in Item 1A of our annual report on Form 10-K for the year ended December 31, 2016, for more information on the risks associated with having businesses outside the U.S.

Incremental taxes.  Of the $207.1 million of cash and cash equivalents at June 30, 2017, $169.7 million (inclusive of $18.4 million of amounts held by Cash Management Services operations) is held by subsidiaries that we consider to be permanently invested and for which we do not expect to repatriate to the U.S.  If we were to decide to repatriate this cash to the U.S., we may have to accrue and pay additional income taxes.  Given the number of foreign operations and the complexities of the tax law, it is not practical to estimate the potential tax liability, but the amount of taxes owed could be material depending on how and when the repatriation occurred.

Venezuela.  We have $5.2 million of cash and cash equivalents denominated in Venezuelan bolivars (as remeasured at the published DICOM rate of 2,640 bolivars to the U.S. dollar) at June 30, 2017.  We believe that the DICOM process to convert bolivars (as described in Note 1 to the condensed consolidated financial statements) is the only method for which we could repatriate U.S. dollars. The Venezuelan government has restricted conversions of bolivars into U.S. dollars in the past and may do so in the future. We did not repatriate any U.S. dollars from Venezuela in 2016 and have not done so to date in 2017.

42

Debt

	June 30,		December 31,
(In millions)	2017		2016
Debt:
Short-term borrowings
Uncommitted credit facilities	$	124.0	108.3
Restricted cash borrowings(a)	26.1		22.3
Other	25.6		32.2
Total short-term borrowings	$	175.7	162.8
Long-term debt
Bank credit facilities:
Revolving Facility	$	164.5	55.8
Private Placement Notes (b)	78.5		85.6
Term loan (c)	63.1		65.6
Multi-currency revolving facility	4.1		3.6
Other	10.2		2.8
Capital leases	79.0		67.0
Total long-term debt	$	399.4	280.4
Total debt	$	575.1	443.2
Included in:
Current liabilities	$	212.3	195.6
Noncurrent liabilities	362.8		247.6
Total debt	$	575.1	443.2

(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.

(b) Amounts outstanding are net of unamortized debt costs of $0.1 million as of June 30, 2017 and $0.1 million as of December 31, 2016.

(c) Amounts outstanding are net of unamortized debt costs of $0.1 million as of June 30, 2017 and $0.2 million as of December 31, 2016.

Short-Term Borrowings

Uncommitted Credit Facilities

In October 2016, we entered into a $100 million uncommitted credit facility. Borrowings under this facility have a maximum maturity of not more than 30 days. Interest on this facility is generally based on LIBOR plus a margin of 1.00%. As of June 30, 2017, $100 million was outstanding.

In February 2016, we entered into a $24 million uncommitted credit facility with an initial expiration date in February 2017. The facility was amended in February 2017, which extended the expiration date to February 2018. Interest on this facility is based on LIBOR plus a margin of 1.00%. As of June 30, 2017, $24 million was outstanding.

Long-Term Debt

Revolving Facility

We have a $525 million unsecured multi-currency revolving bank credit facility (the “Revolving Facility”) that matures in March 2020. The Revolving Facility’s interest rate is based on LIBOR plus a margin or an alternate base rate plus a margin. The Revolving Facility allows us to borrow funds or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of June 30, 2017, $361 million was available under the Revolving Facility. Amounts outstanding under the Revolving Facility, as of June 30, 2017, were denominated primarily in U.S. dollars and to a lesser extent in euros.

The margin on LIBOR borrowings under the Revolving Facility, which can range from 1.0% to 1.70% depending on either our credit rating or leverage ratio as defined within the Revolving Facility, was 1.30% at June 30, 2017. The margin on alternate base rate borrowings under the Revolving Facility ranges from 0.0% to 0.70%. We also pay an annual facility fee on the Revolving Facility based on our credit rating or the leverage ratio. The facility fee can range from 0.125% to 0.30% and was 0.20% at June 30, 2017.

Private Placement Notes

As of June 30, 2017, we had $79 million principal amount of unsecured notes outstanding, which were issued through a private placement debt transaction (the “Notes”). The Notes comprise $29 million in series A notes with a fixed interest rate of 4.57% and $50 million in series B notes with a fixed interest rate of 5.20%. Annual principal payments under the series A notes began in January 2015 and continue through maturity. The series B notes are due in January 2021.

43

Term Loan

We entered into a $75 million unsecured term loan in March 2015. Interest on this loan is based on LIBOR plus a margin of 1.75%. Monthly principal payments began April 2015 and continue through to maturity, with the remaining balance of $34 million due in March 2022. As of June 30, 2017, the principal amount outstanding was $63 million.

Multi-currency Revolving and Other Facilities

As of June 30, 2017, we had one $20 million unsecured multi-currency revolving bank credit facility, of which $11 million was available. As of June 30, 2017, we had funded debt of $4 million and undrawn letters of credit and guarantees of $5 million issued under the multi-currency revolving bank credit facility, which expires in March 2019. Interest on this facility is based on LIBOR plus a margin, which ranges from 1.0% to 1.7%. We also have the ability to borrow from other banks, at the banks' discretion, under short-term uncommitted agreements. Various foreign subsidiaries maintain other lines of credit and overdraft facilities with a number of banks.

Letter of Credit Facilities

We have a $40 million uncommitted letter of credit facility that expires in May 2018. As of June 30, 2017, $5 million was utilized. We have two unsecured letter of credit facilities totaling $94 million, of which approximately $39 million was available at June 30, 2017. At June 30, 2017, we had undrawn letters of credit and guarantees of $55 million issued under these letter of credit facilities. A $40 million facility expires in December 2018 and a $54 million facility expires in December 2019. The Revolving Facility and the multi-currency revolving credit facilities are also used for issuance of letters of credit and bank guarantees.

The Revolving Facility, the Notes, the unsecured multi-currency revolving bank credit facility, the uncommitted credit facilities, the letter of credit facilities and the unsecured term loan contain certain subsidiary guarantees and various financial and other covenants. The financial covenants, among other things, limit our total indebtedness, restrict certain payments to shareholders, limit priority debt, limit asset sales, limit the use of proceeds from asset sales, provide for a maximum leverage ratio and provide for minimum coverage of interest costs. These agreements do not provide for the acceleration of payments should our credit rating be reduced. If we were not to comply with the terms of our various 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 June 30, 2017.

Equity

At June 30, 2017, we had 100 million shares of common stock authorized and approximately 50.4 million shares issued and outstanding.

In May 2017, our board of directors authorized a $200 million share repurchase program, which expires on December 31, 2019.  We are not obligated to repurchase any specific dollar amount or number of shares and, at June 30, 2017, $200 million remains available under this program. The timing and volume of share repurchases may be executed at the discretion of management on an opportunistic basis, or pursuant to trading plans or other arrangements. Share repurchases under the program may be made in the open market, in privately negotiated transactions, or otherwise.

44

U.S. Retirement Liabilities

Funded Status of U.S. Retirement Plans
	Actual			Actual		Projected
(In millions)	2016			1st Half 2017		2nd Half 2017		2018		2019		2020		2021
Primary U.S. pension plan
Beginning funded status	$	(113.7	)	(107.8	)	(98.6	)	(91.4	)	(74.6	)	(57.0	)	(38.7	)
Net periodic pension credit(a)	17.9			9.2		9.3		18.7		18.6		18.3		19.6
Payment from Brink’s	—			—		—		—		—		—		13.1
Benefit plan experience loss	(12.0		)	—		(2.1	)	(1.9	)	(1.0	)	—		—
Ending funded status	$	(107.8	)	(98.6	)	(91.4	)	(74.6	)	(57.0	)	(38.7	)	(6.0	)
UMWA plans
Beginning funded status	$	(205.7	)	(226.6	)	(228.2	)	(228.4	)	(230.0	)	(232.4	)	(235.6	)
Net periodic postretirement cost(a)	(1.4		)	(0.8	)	(1.0	)	(1.6	)	(2.4	)	(3.2	)	(4.1	)
Benefit plan experience loss	(19.2		)	—		—		—		—		—		—
Other	(0.3		)	(0.8	)	0.8		—		—		—		—
Ending funded status	$	(226.6	)	(228.2	)	(228.4	)	(230.0	)	(232.4	)	(235.6	)	(239.7	)
Black lung plans
Beginning funded status	$	(55.4	)	(57.2	)	(54.2	)	(53.3	)	(49.4	)	(45.7	)	(42.3	)
Net periodic postretirement cost(a)	(2.3		)	(1.1	)	(1.3	)	(2.0	)	(1.8	)	(1.7	)	(1.5	)
Payment from Brink’s	8.1			4.1		2.2		5.9		5.5		5.1		4.7
Benefit plan experience loss	(7.6		)	—		—		—		—		—		—
Ending funded status	$	(57.2	)	(54.2	)	(53.3	)	(49.4	)	(45.7	)	(42.3	)	(39.1	)

(a) Excludes amounts reclassified from accumulated other comprehensive income (loss).

Primary U.S. Pension Plan

Pension benefits provided to eligible U.S. employees were frozen on December 31, 2005, and are not provided to employees hired after 2005 or to those covered by a collective bargaining agreement.  We did not make cash contributions to the primary U.S. pension plan in 2016 or the first six months of 2017.  There are approximately 14,800 beneficiaries in the plans.

Based on current assumptions, we do not expect to make any additional contributions until 2021.

UMWA Plans

Retirement benefits related to former coal operations include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for UMWA Represented Employees.  There are approximately3,600 beneficiaries in the UMWA plans.  The company does not expect to make additional contributions to these plans until 2027 based on actuarial assumptions.

Black Lung

Under the Federal Black Lung Benefits Act of 1972, Brink’s is responsible for paying lifetime black lung benefits to miners and their dependents for claims filed and approved after June 30, 1973.  There are approximately 750 black lung beneficiaries.

Assumptions for U.S. Retirement Obligations

We have made various assumptions to estimate the amount of payments to be made in the future.  The most significant assumptions include:

• Discount rates and other assumptions in effect at measurement dates (normally December 31)

• Investment returns of plan assets

• Addition of new participants (historically immaterial due to freezing of pension benefits and exit from coal business)

• Mortality rates

• Change in laws

The assumptions used to estimate our U.S. retirement obligations can be found in our Annual Report on Form 10-K for the year ended December 31, 2016.

45

Summary of Expenses Related to All U.S. Retirement Liabilities through 2021

This table summarizes actual and projected expense related to U.S. retirement liabilities.

	Actual		Actual	Projected
(In millions)	2016		1st Half 2017	2nd Half 2017	FY2017	2018	2019	2020	2021
Primary U.S. pension plan	$	6.8	3.1	2.7	5.8	4.8	4.0	3.8	0.1
UMWA plans	14.8		7.9	8.9	16.8	13.8	13.8	13.9	14.2
Black lung plans	7.3		4.0	4.4	8.4	6.6	4.6	4.2	3.9
Total	$	28.9	15.0	16.0	31.0	25.2	22.4	21.9	18.2

Summary of Payments from Brink’s to U.S. Plans and Payments from U.S. Plans to Participants through 2021

This table summarizes actual and projected payments:

• from Brink’s to U.S. retirement plans, and

• from the plans to participants.

	Actual		Actual	Projected
(In millions)	2016		1st Half 2017	2nd Half 2017	FY2017	2018	2019	2020	2021
Payments from Brink’s to U.S. Plans
Primary U.S. pension plan	$	—	—	—	—	—	—	—	13.1
Black lung plans	8.1		4.1	2.2	6.3	5.9	5.5	5.1	4.7
Total	$	8.1	4.1	2.2	6.3	5.9	5.5	5.1	17.8
Payments from U.S. Plans to participants
Primary U.S. pension plan	$	47.1	23.7	26.2	49.9	50.2	50.5	50.7	50.8
UMWA plans	31.7		16.3	15.6	31.9	31.9	31.7	32.7	31.9
Black lung plans	8.1		4.1	2.2	6.3	5.9	5.5	5.1	4.7
Total	$	86.9	44.1	44.0	88.1	88.0	87.7	88.5	87.4

The amounts in the tables above are based on a variety of estimates, including actuarial assumptions as of the most recent measurement date.  The estimated amounts will change in the future to reflect payments made, investment returns, actuarial revaluations, and other changes in estimates.  Actual amounts could differ materially from the estimated amounts.

Contingent Matters

See Note 11 to the condensed consolidated financial statements for information about contingent matters at June 30, 2017.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We serve customers in more than 100 countries, including 40 countries where we operate subsidiaries.  These operations expose us to a variety of market risks, including the effects of changes in interest rates and foreign currency exchange rates.  In addition, we consume various commodities in the normal course of business, exposing us to the effects of changes in the prices of such commodities. These financial and commodity exposures are monitored and managed by us as an integral part of our overall risk management program.  Our risk management program seeks to reduce the potentially adverse effects that the volatility of certain markets may have on our operating results. We have not had any material change in our market risk exposures in the six months ended June 30, 2017.

Item 4. Controls and Procedures

Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”), who is our principal executive officer, and Vice President and Chief Financial Officer (“CFO”), who is our principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined under Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report.  Based upon that evaluation, as of the end of the period covered by this report, our CEO and CFO concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

Changes in internal control over financial reporting.

There has been no change in our internal control over financial reporting during the quarter ended June 30, 2017 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Forward-looking information

This document contains both historical and forward-looking information.  Words such as “anticipates,” “assumes,” “estimates,” “expects,” “projects,” “predicts,” “intends,” “plans,” “potential,” “believes,” “may,” “should” and similar expressions may identify forward-looking information.  Forward-looking information in this document includes, but is not limited to, statements concerning: the scope, anticipated savings, costs and other impacts of our Reorganization and Restructuring activities; the repatriation of cash from our Venezuelan operations; compensation costs related to equity awards; the anticipated financial effect of pending litigation; the effect of new accounting standards; realization of deferred tax assets; future pension obligations; the ability to meet liquidity needs; the use of cash and short-term investments to fund business acquisitions; expectations regarding the closing of our acquisition of Temis; expenses and payouts for the U.S. retirement plans and the non-U.S. pension plans and the expected long-term rate of return and funded status of the primary pension plan; expected liability for and future contributions to the UMWA plans; liability for black lung obligations; and our ability to obtain U.S. dollars in Venezuela.  Forward-looking information in this document is subject to known and unknown risks, uncertainties, and contingencies, which are difficult to quantify and which could cause actual results, performance or achievements to differ materially from those that are anticipated.

These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to:

• our ability to improve profitability and execute further cost and operational improvements and efficiencies in our core businesses;

• our ability to improve service levels and quality in our core businesses;

• market volatility and commodity price fluctuations;

• seasonality, pricing and other competitive industry factors;

• investment in information technology and its impact on revenue and profit growth;

• our ability to maintain an effective IT infrastructure and safeguard confidential information;

• our ability to effectively develop and implement solutions for our customers;

• risks associated with operating in foreign countries, including changing political, labor and economic conditions, regulatory issues, currency restrictions and devaluations, restrictions on and cost of repatriating earnings and capital, and restrictive government actions, including nationalization;

• labor issues, including negotiations with organized labor and work stoppages;

• the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates;

• our ability to identify, evaluate and complete acquisitions and other strategic transactions (including those in the home security industry) and to successfully integrate acquired companies;

• costs related to dispositions and market exits;

• our ability to obtain appropriate insurance coverage, positions taken by insurers relative to claims and the financial condition of insurers;

• safety and security performance and loss experience;

• employee and environmental liabilities in connection with former coal operations, including black lung claims;

• the impact of the Patient Protection and Affordable Care Act on legacy liabilities and ongoing operations; funding requirements, accounting treatment, and investment performance of our pension plans, the VEBA and other employee benefits;

• changes to estimated liabilities and assets in actuarial assumptions;

• the nature of hedging relationships and counterparty risk;

• access to the capital and credit markets;

• our ability to realize deferred tax assets;

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• the outcome of pending and future claims, litigation, and administrative proceedings;

• public perception of our business and reputation;

• changes in estimates and assumptions underlying our critical accounting policies; and

• the promulgation and adoption of new accounting standards, new government regulations and interpretation of existing standards and regulations.

This list of risks, uncertainties and contingencies is not intended to be exhaustive.  Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2016 and in our other public filings with the Securities and Exchange Commission.  The forward looking information included in this document is representative only as of the date of this document, and The Brink’s Company undertakes no obligation to update any information contained in this document.

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Part II - Other Information

Item 1.  Legal Proceedings

For a discussion of legal proceedings, see Note 11 to the condensed consolidated financial statements, “Contingent Matters,” in Part I, Item 1 of this Form 10-Q.

Item 5.  Other Information

The following information is provided in accordance with Item 5.02(e) of Form 8-K (Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers):

As previously reported on May 9, 2017, at the 2017 Annual Meeting of Shareholders of The Brink’s Company (the “Company”) held on May 5, 2017, the Company’s shareholders approved each of the Company’s Executive Incentive Plan (the “Executive Plan”) and the Company’s 2017 Equity Incentive Plan (the “Equity Incentive Plan”). A description of the material terms of each of the Executive Plan and the Equity Incentive Plan are set forth on pages 79 through 80 and 81 to 89, respectively, of the Company’s Definitive Proxy Statement on Schedule 14A, which was filed with the Securities and Exchange Commission on March 20, 2017 and is incorporated herein by reference. The descriptions of each of the Executive Plan and the Equity Incentive Plan are qualified in their entirety by reference to the Executive Plan and the Equity Incentive Plan, respectively, which are attached to this Quarterly Report on Form 10-Q as Exhibit 10.1 and 10.2, respectively, and incorporated herein by reference.  

Item 6.  Exhibits

Exhibit

Number

10.1	Executive Incentive Plan, effective as of January 1, 2017.
10.2	2017 Equity Incentive Plan, effective as of May 5, 2017.
10.3	Form of 2017 Award Agreement for deferred stock units granted under the 2017 Equity Incentive Plan.
31.1	Certification of Douglas A. Pertz, President and Chief Executive Officer (Principal Executive Officer) of The Brink’s Company, pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Ronald J. Domanico, Executive Vice President and Chief Financial Officer (Principal Financial Officer) of The Brink’s Company, pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Douglas A. Pertz, President and Chief Executive Officer (Principal Executive Officer) of The Brink’s Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Ronald J. Domanico, Executive Vice President and Chief Financial Officer (Principal Financial Officer) of The Brink’s Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	Interactive Data File (Quarterly Report on Form 10-Q, for the quarterly period ended June 30, 2017, furnished in XBRL (eXtensible Business Reporting Language)). Attached as Exhibit 101 to this report are the following documents formatted in XBRL:  (i) the Condensed Consolidated Balance Sheets at June 30, 2017, and December 31, 2016, (ii)  the Condensed Consolidated Statements of Operations for the three months ended June 30, 2017 and 2016, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three months ended June 30, 2017 and 2016, (iv) the Condensed Consolidated Statements of Equity for the three months ended June 30, 2017 and 2016, (v) the Condensed Consolidated Statements of Cash Flows for the three months ended June 30, 2017 and 2016 and (vi) the Notes to the Condensed Consolidated Financial Statements. Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities and Exchange Act of 1934, and otherwise is not subject to liability under these sections.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	THE BRINK’S COMPANY
July 26, 2017	By: /s/ Ronald J. Domanico
	Ronald J. Domanico
	(Executive Vice President and
	Chief Financial Officer)
	(principal financial officer)

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EX-10.1

EXHIBIT 10.1

THE BRINK’S COMPANY

EXECUTIVE INCENTIVE PLAN

(Effective as of January 1, 2017)

I. PURPOSE

The purpose of The Brink's Company Executive Incentive Plan (the "Plan") is to ensure that the annual incentive component of each participant’s compensation is tied directly to the achievement of Company operating profit. Such component is intended to qualify as performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code"), and be deductible by the Company. In addition, each annual incentive Award earned under the Plan, the receipt of which is not otherwise deferred under an eligible deferred compensation plan of the Company in accordance with Section 409A of the Code, is intended to be exempt from Section 409A of the Code as a “short-term deferral” of compensation.

II. DEFINITIONS

For the purposes of the Plan, the following terms shall have the following meanings:

AWARDS: The annual incentive awards made pursuant to the Plan.

BOARD OF DIRECTORS: The Board of Directors of The Brink's Company.

COMMITTEE: The Compensation and Benefits Committee of the Board of Directors or any successor thereto or other committee of the Board of Directors to which the Board of Directors delegates responsibility for this Plan. The Committee shall consist solely of two or more "outside directors" within the meaning of Section 162(m) of the Code. If the Compensation and Benefits Committee does not consist solely of two or more “outside directors,” then the Committee shall be a sub-committee of the Compensation and Benefits Committee which does consist solely of two or more “outside directors” within the meaning of Section 162(m) of the Code.

COMPANY: The Brink's Company and its subsidiary companies.

ELIGIBLE EMPLOYEE: An employee of the Company who is designated an executive officer by the Committee; provided, however, that an Eligible Employee shall include, at a

minimum, any employee of the Company who, as of the last day of the Plan Year, is, or is expected to be, the Chief Executive Officer of the Company (or is acting in such capacity) or one of the three (3) highest compensated officers of the Company (other than the Chief Executive Officer or the Chief Financial Officer) or is otherwise included in the group of “covered employees” as defined in Section 162(m) of the Code.

PLAN YEAR: The calendar year.

SECTION 409A: Section 409A of the Code and the regulations and other guidance issued thereunder by the U.S. Treasury or Internal Revenue Service.

III. EFFECTIVE DATE; TERM

The Plan is effective as of January 1, 2017, subject to approval by the affirmative vote of a majority of shares cast in the proposal to approve the plan at the Company’s 2017 Annual Meeting of Shareholders, at which the material terms of this Plan shall be disclosed to the shareholders of the Company for approval in accordance with Section 162(m) of the Code. This Plan shall be null and void if shareholder approval is not so obtained at the Company’s 2017 Annual Meeting of Shareholders. No payments may be made under the Plan prior to such shareholder approval. The Plan shall remain in effect until such time as it shall be terminated by the Committee.

IV. AMOUNTS AVAILABLE FOR AWARDS

Awards with respect to any taxable year of the Company shall not exceed the limitations specified in Section VI of the Plan.

V. ELIGIBILITY FOR AWARDS

The Committee may grant an Award to any Eligible Employee not later than the ninetieth (90^th) day of each Plan Year (and before twenty-five percent (25%) of the related service period has elapsed). The Committee shall determine each Eligible Employee who is to receive an Award, the amount to be paid if the Award becomes payable and any other terms of the Award as the Committee may establish (subject to the terms of the Plan).

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The Committee, in granting Awards, shall give consideration to the contribution made by the Eligible Employee to achievement of the Company's established objectives and such other matters as it shall deem relevant.

VI. DETERMINATION OF AMOUNTS OF AWARDS

The Committee has sole authority to determine the amount and terms of an Award. Each Award will be denoted initially as the right to receive a stated percentage of the Non-GAAP Operating Profit of the Company for the Plan Year with respect to which the Award is granted, subject to the limits set forth in the Plan, or such lesser amount as the Committee or the terms of the Award may provide. The maximum Award that may become payable to the Chief Executive Officer is 1.5% (one and one-half percent) of Non-GAAP Operating Profit for the relevant Plan Year. The maximum Award that may become payable to any other Eligible Employee is 0.75% (seventy-five hundredths of one percent) of Non-GAAP Operating Profit for the relevant Plan Year. The Committee has the authority to exercise discretion within the above maximum in determining the amount of individual Awards that may become payable for any Plan Year. The Committee also has the authority, at any time prior to payment, to exercise discretion to reduce but not increase the amount of any individual Awards that would otherwise be paid under the Plan.

VII. FORM OF AWARDS

Payment of an Award shall be made in such medium as may be determined by the Committee, in (a) cash, (b) Company common stock or stock units (based on the applicable grant date fair value for financial reporting purposes) under the Company’s shareholder approved equity plan, or (c) a combination of (a) and (b), in each case subject to such restrictions as the Committee shall determine.

VIII. PAYMENT OF AWARDS

Awards may be paid at any time following the end of the Company’s Plan Year to which the Awards relate. Prior to payment of Awards, the Committee shall determine the achievement of Non-GAAP Operating Profit for the relevant Plan Year and the amount of Awards to be paid for the Plan Year. In determining the amount of Non-GAAP Operating Profit for the Plan Year, GAAP Operating Profit shall be adjusted or modified, in the same manner as for purposes of management’s discussion and analysis for the annual report on Form 10-K, for one or more of the following events or transactions: legal settlements;

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reorganizations and restructurings; approved divestitures (including transactions where assets and/or liabilities are held for sale), exits of businesses and shut downs; mergers and acquisitions; tax rate adjustments; foreign exchange adjustments; Venezuela results; U.S. pension expense; and any significant, infrequent and/or unusual transactions.  The Committee’s certification of Non-GAAP Operating Profit will be in writing and in compliance with the requirements with Section 162(m) of the Code, so that any such Awards payable under the Plan will qualify as performance-based compensation under Section 162(m) of the Code. Notwithstanding the foregoing, after the delivery of the certification described herein, the Committee may, in its sole and absolute discretion, reduce any Award payable for such Plan Year, as described herein, but the Committee may not increase any Awards that are certified to be paid under the Plan based on the achievement of Non-GAAP Operating Profit. The Committee also shall certify, in writing, that the amount of any such Award does not exceed the limitation under Section VI. Notwithstanding the foregoing, any Award that becomes payable under the Plan, the receipt of which is not otherwise deferred under an eligible deferred compensation plan of the Company in accordance with Section 409A, shall be paid prior to the 15^th day of the 3^rd month of the Plan Year immediately following the Plan Year to which the Award relates, and as such is intended to be exempt from Section 409A as a “short-term deferral” of compensation.

Notwithstanding the foregoing, no Award will be payable under this Plan for a Plan Year to any Eligible Employee who does not remain in the employ or other service of the Company through the end of the applicable Plan Year; provided, however, that the Committee may, in its sole discretion, pay all or part of an Award to any Eligible Employee whose employment or other service with the Company is terminated prior to such date for any reason, unless such authority would result in any such Award to fail to qualify as performance-based compensation, in which event the Committee will have no such discretion. If an Eligible Employee is entitled to payment of an Award notwithstanding the termination of the Eligible Employee’s employment or other service, the Award will continue to be subject to the remaining terms of the Plan and be paid consistent with all other Awards for the Plan Year.

An Eligible Employee will be entitled to an Award for a Plan Year, which is prorated to reflect the period actually worked during that year and which will be payable at the same time Awards for other Eligible Employees are paid for that Plan Year, if the Eligible Employee is added as a participant after the ninetieth (90^th) day of the Plan Year by act of the Committee, so long as such authority to add the Eligible Employee does not cause any Awards payable under the Plan that are intended to constitute performance-based

4

compensation to fail to qualify as performance-based compensation. No such Award payable to any such Eligible Employee, however, shall constitute performance-based compensation under Section 162(m) of the Code, unless the Award is adjusted to address the requirements of Section 162(m) of the Code for Awards with a service period of less than a full Plan Year (in which case the maximum limit on Awards under the Plan also shall be prorated to reflect the reduced period of service).

In the event of a change of control of the Company during any Plan Year, the Committee may, in its sole discretion, take such action with respect to the Plan and any Award payable with respect to such Plan Year or any preceding Plan Year, as is consistent with and otherwise not contrary to the provisions of Section 162(m) of the Code with respect to Awards, as the Committee determines is in the best interest of the Company, including without limitation, providing for Awards to be payable based on performance through the date of the change in control where the change in control occurs during the Plan Year. For purposes of the Plan, change in control shall have the same definition as under the Company’s 2013 Equity Incentive Plan or any successor plan, as amended from time to time.

IX. SPECIAL AWARDS AND OTHER PLANS

Nothing contained in the Plan shall prohibit the Company from establishing other special awards or incentive compensation plans providing for the payment of incentive compensation to employees (including Eligible Employees).

X. ADMINISTRATION, AMENDMENT AND INTERPRETATION OF THE PLAN

The Committee shall administer the Plan. The Committee shall have full power to construe and interpret the Plan, establish and amend rules and regulations for its administration, and perform all other acts relating to the Plan, including, to the extent the Award would still qualify as performance-based compensation under Section 162(m) of the Code, the delegation of administrative responsibilities, that it believes reasonable and proper and in conformity with the purposes of the Plan.

If the standards or other criterion upon which Awards for any Plan Year are based shall have been affected by special factors, including, but not limited to, (a) any merger, consolidation, sale of assets, reorganization, business combination or similar event involving the Company, (b) material changes in accounting policies or practices, (c) material

5

acquisitions or dispositions of property, or (d) other unusual or unplanned items, which in the Committee’s judgment should or should not be taken into account, in whole or in part, in the equitable administration of the Plan, the Committee shall, for purposes of the Plan, adjust such standards or other criterion for such Plan Year (and subsequent Plan Years, as appropriate) and make credits, payments and reductions accordingly under the Plan. Notwithstanding the foregoing, none of the foregoing adjustments shall be authorized or made if the existence or exercise of such authority with regard to Awards payable under the Plan would cause such Awards to otherwise fail to qualify as performance-based compensation. All such adjustments shall be undertaken in a manner that will not result in the Awards to otherwise fail to qualify as performance-based compensation.

The Committee shall have the right to amend the Plan from time to time or to repeal it entirely or to direct the discontinuance of Awards either temporarily or permanently; provided, however, that (i) no amendment of the Plan shall operate to annul, without the consent of the Eligible Employee, an Award already made hereunder, (ii) no amendment of the Plan that changes the material terms of the Plan, including the Eligible Employees who may receive Awards under the Plan, the maximum Award that may become payable to any Eligible Employee, as set forth in Section VI, or the definition of Non-GAAP Operating Profit upon which all Awards are initially denoted and may become payable, shall be effective unless approved by the affirmative vote of a majority of shares voting at a meeting of the shareholders of the Company in accordance with Section 162(m) of the Code and (iii) no amendment may result in the Plan or any Awards failing to be exempt from, or in compliance with, Section 409A.

Any decision made, or action taken, by the Committee arising out of or in connection with the interpretation and/or administration of the Plan shall be final, conclusive and binding on all persons affected thereby.

XI. RIGHTS OF ELIGIBLE EMPLOYEES

Neither the Plan, nor the adoption or operation of the Plan, nor any documents describing or referring to the Plan (or any part hereof) shall confer upon any employee any right to continue in the employ or other service of the Company or in any way affect any right or power of the Company to terminate the employment or other service of any employee at any time with or without assigning a reason therefor.

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No individual to whom an Award has been made or any other party shall have any interest in the cash or any other asset of the Company prior to such Award being paid.

No right or interest of any Eligible Employee in the Plan shall be assignable or transferable, or subject to any claims of any creditor or subject to any lien.

XII. MISCELLANEOUS

All Awards under the Plan are subject to withholding, where applicable, for federal, state and local taxes.

Any provision of the Plan that is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of the Plan.

The Plan and the rights and obligations of the parties to the Plan shall be governed by, and construed and interpreted in accordance with, the law of the Commonwealth of Virginia (without regard to principles of conflicts of law). Notwithstanding anything herein to the contrary, the terms of the Plan are intended to, and shall be interpreted and applied so as to ensure that the Plan provides only for the “short-term deferral” of compensation and as such shall be exempt from 409A, unless the Award is deferred under another eligible deferred compensation plan in accordance with Section 409A. Any provision of this Plan governing the timing or form of payment of benefits hereunder may be modified by the Committee if, and to the extent deemed necessary or advisable, to ensure such exemption from Section 409A. Nothing in this Section XII shall be construed as an admission that any of the benefits payable under this Plan constitute “deferred compensation” subject to the provisions of Section 409A.

It is the intent of the Company that the Plan and any Awards payable under the Plan to Eligible Employees who are or may become persons whose compensation is subject to Section 162(m) of the Code and that are intended to constitute performance-based compensation satisfy any applicable requirements of Section 162(m) of the Code to qualify as performance-based compensation. Any provision, application or interpretation of the Plan inconsistent with this intent shall be disregarded or deemed to be amended to the extent necessary to conform to such requirements. Any Awards that are intended to constitute performance-based compensation may only become payable if the applicable performance measures are obtained. Awards that are intended to constitute performance-based compensation that are only nominally or partially contingent on obtaining the

7

performance measures may not be awarded under the Plan. However, the Company may pay discretionary bonuses, or other types of compensation, outside the Plan, which may or may not be deductible. In no event, however, may an Eligible Employee be entitled to an Award under the Plan and other eligible plans under two arrangements, where payment under another plan that is not intended to be performance-based compensation is contingent upon the failure to meet the performance measures upon which the Awards that are intended to constitute performance-based compensation are based.

All payments pursuant to the Plan shall be subject to the terms and conditions of The Brink’s Company Compensation Recoupment Policy, as may be amended from time to time, and any successor policy thereto and the provisions thereof are incorporated in the Plan by reference. Any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement).

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EX-10.2

EXHIBIT 10.2

THE BRINK’S COMPANY

2017 EQUITY INCENTIVE PLAN

(Effective as of May 5, 2017)

SECTION 1.    Purpose.

The purpose of The Brink’s Company 2017 Equity Incentive Plan (effective as of May 5, 2017) is to:

• motivate and reward individuals for the accomplishment of long-term financial goals intended to increase shareholder value;

• enhance retention of individuals who drive sustained performance;

• align management and shareholder interests by providing key employees with an opportunity to acquire an equity interest in The Brink’s Company;

• attract and retain the services of experienced independent directors for The Brink’s Company by encouraging them to acquire a proprietary interest in the Brink’s Company in the form of shares of The Brink’s Company common stock; and

• act as the successor plan to both The Brink’s Company 2013 Equity Incentive Plan (effective as of February 22, 2013) and The Brink’s Company Non-Employee Directors’ Equity Plan (amended and restated as of July 12, 2012).

SECTION 2.    Definitions.

As used in the Plan, the following terms shall have the meanings set forth below:

(a)    "Act” shall mean the Securities Exchange Act of 1934, as amended.

(b)    “Affiliate” shall mean (i) any entity that, directly or indirectly, is controlled by or under common control with the Company and (ii) any entity in which the Company has a significant equity interest, in either case as determined by the Committee (including any entity that becomes an Affiliate hereafter).

(c)     “Award” shall mean any Option, Stock Appreciation Right, award of Restricted Stock or Restricted Stock Unit, award of Performance Stock or Performance Unit, Other Stock-Based or Cash Award granted under the Plan. Each Award shall be evidenced by an Award Agreement.

(d)     “Award Agreement” shall mean any written or electronic agreement, contract or other instrument or document evidencing any Award granted under the Plan,

which may, but need not, be executed or acknowledged by a Participant. Each Award Agreement shall be subject to the terms and conditions of the Plan.

(e)     “Beneficiary” shall mean a person or persons entitled to receive payments or other benefits or exercise rights that are available under the Plan in the event of the Participant’s death.

(f)    “Board” shall mean the board of directors of the Company.

(g)     “Cause” shall mean, unless otherwise set forth in the Award Agreement, with respect to any Participant, (a) embezzlement, theft or misappropriation by the Participant of any property of the Company, (b) the Participant’s willful breach of any fiduciary duty to the Company, (c) the Participant’s willful failure or refusal to comply with laws or regulations applicable to the Company and its business or the policies of the Company governing the conduct of its employees, (d) the Participant’s gross incompetence in the performance of the Participant’s job duties, (e) commission by the Participant of a felony or of any crime involving moral turpitude, fraud or misrepresentation, (f) the failure of the Participant to perform duties consistent with a commercially reasonable standard of care, (g) conduct that results in or is reasonably likely to result in material harm to the reputation or business of the Company or any of its Affiliates, (h) material violation of state or federal securities laws, or (i) any gross negligence or willful misconduct of the Participant resulting in a loss to the Company.

(h)     “Cash Award” shall mean an Award, granted pursuant to Section 10, stated with reference to a specified dollar amount which, subject to such terms and conditions as may be prescribed by the Committee, entitles the Participant to receive cash from the Company or an Affiliate.

(i)     “Change in Control” shall mean, except as otherwise specified in Section 17, the occurrence of:

(i) consummation of (A) any consolidation or merger of the Company in which the Company is not the continuing or surviving corporation or pursuant to which the Shares would be converted into cash, securities or other property other than a consolidation or merger in which a majority of the holders of the total voting power in the election of directors of the Company of Shares outstanding (exclusive of shares held by the Company’s Affiliates) (the “Total Voting Power”) immediately prior to the consolidation or merger will have the same proportionate ownership of the total voting power in the election of directors of the surviving corporation immediately after the consolidation or merger, or (B) any sale, leases, exchange or other transfer (in one transaction or a series of transactions) of all or substantially all the assets of the Company to any entity that is not a subsidiary of the Company;

(ii) any “person” (as defined in Section 13(d) of the Act) other than the Company, its Affiliates or an employee benefit plan or trust maintained by the Company or its affiliates, becoming the “beneficial owner” (as defined in Rule

2

13d-3 under the Act), directly or indirectly, of more than 20% of the Total Voting Power; or

(iii) at any time during a period of two consecutive years, individuals who at the beginning of such period constituted the Board ceasing for any reason to constitute at least a majority thereof, provided that any individual becoming a director subsequent to the effective date of the Plan whose election or nomination for election was approved by a vote of at least two-thirds of the directors comprising the Board at the beginning of the two year period shall be considered as though such director was a member of the Board at the beginning of the two year period, but excluding for this purposes any director whose initial assumption of office occurred as a result of an actual or threatened solicitation of proxies or consents by or on behalf of a person other than the Board.

(j)     “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder.

(k)     “Committee” shall mean the Compensation and Benefits Committee of the Board or such other committee as may be designated by the Board, provided that, with respect to Directors eligible for Awards pursuant to Section 3(b), the Committee shall be the Board.

(l)    "Company” shall mean The Brink’s Company.

(m)     “Company Deferred Compensation Program” shall mean The Brink’s Company Key Employees’ Deferred Compensation Program, as amended from time to time.

(n)    “Director” shall mean a non-employee member of the Board.    

(o)    "DSAP” shall mean The Brink’s Company Directors’ Stock Accumulation Plan, amended and restated as of July 12, 2012.

(p)     “Executive Group” shall mean every person who is expected by the Committee to be both (i) a “covered employee” as defined in Section 162(m) of the Code as of the end of the taxable year in which payment of the Award may be deducted by the Company, and (ii) the recipient of compensation of more than $1,000,000 (as such number appearing in Section 162(m) of the Code may be adjusted by any subsequent legislation) for that taxable year.

(q)     “Fair Market Value” shall mean with respect to Shares, the closing price of a share of such common stock on the date in question (or, if there is no reported sale on such date, on the last preceding date on which any reported sale occurred) on the New York Stock Exchange Composite Transactions Tape or with respect to any property

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other than Shares, the fair market value of such property determined by such methods or procedures as shall be established from time to time by the Committee.

(r)     “Incentive Stock Option” shall mean an option representing the right to purchase Shares from the Company, granted under and in accordance with the terms of Section 6, that meets the requirements of Section 422 of the Code, or any successor provision thereto.

(s)     “Non-Qualified Stock Option” shall mean an option representing the right to purchase Shares from the Company, granted under and in accordance with the terms of Section 6, that is not an Incentive Stock Option.

(t)     “Option” shall mean an Incentive Stock Option or a Non-Qualified Stock Option.

(u)     “Other Stock-Based Award” shall mean any right granted under Section 10.

(v)    “Participant” shall mean an individual granted an Award under the Plan.

(w)    “Performance Stock” shall mean any Share granted under Section 9.

(x)     “Performance Unit” means a contractual right, granted pursuant to Section 9, that is denominated in Shares. Each Performance Unit represents a right to receive the value of one Share (or a percentage of such value) in cash, Shares or a combination thereof. Awards of Performance Units may include the right to receive dividend equivalents.

(y)     “Plan” shall mean The Brink’s Company 2017 Equity Incentive Plan (effective as of May 5, 2017).

(z)     “Prior Plans” shall mean The Brink’s Company 2013 Equity Incentive Plan (effective as of February 22, 2013) and The Brink’s Company Non-Employee Directors’ Equity Plan (amended and restated as of July 12, 2012).

(aa)    “Restricted Stock” shall mean any Share granted under Section 8.

(bb)     “Restricted Stock Unit” means a contractual right, granted pursuant to Section 8, that is denominated in Shares. Each Restricted Stock Unit represents a right to receive the value of one Share (or a percentage of such value) in cash, Shares or a combination thereof. Awards of Restricted Stock Units may include the right to receive dividend equivalents.

(cc)     “Retirement” shall mean, unless otherwise set forth in the Award Agreement, with respect to any Participant, any termination of the Participant’s employment on or after the date on which the Participant has (i) attained age 65 and completed at least five years of service with the Company or any of its Subsidiaries or (ii) attained age 55 and completed at least ten years of service with the Company or any

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of its Subsidiaries; provided that the Participant’s employment is not terminated for Cause. Notwithstanding the foregoing, with regards to any Director eligible to receive an Award pursuant to Section 3(b) of the Plan, “Retirement” shall mean termination of service on or after the date the Participant has attained age 65 and completed at least five years of service on the Board.

(dd)     “SAR” or “Stock Appreciation Right” shall mean any right granted to a Participant pursuant to Section 7 to receive, upon exercise by the Participant, the excess of (i) the Fair Market Value of one Share on the date of exercise or at any time during a specified period after the date of grant and before the date of exercise over (ii) the grant price of the right on the date of grant, or if granted in connection with an outstanding Option on the date of grant of the related Option, as specified by the Committee in its sole discretion, which, except in the case of Substitute Awards or in connection with an adjustment provided in Section 5(d), shall not be less than the Fair Market Value of one Share on such date of grant of the right or the exercise price of the related Option, as the case may be.

(ee)     “Shares” shall mean shares of the common stock of the Company.

(ff)     “Subsidiary” shall mean any corporation of which stock representing at least 50% of the ordinary voting power is owned, directly or indirectly, by the Company (including any entity that becomes a Subsidiary hereafter).

(gg)     “Substitute Awards” shall mean Awards granted in assumption of, or in substitution for, outstanding awards previously granted by a company acquired by the Company or any Subsidiary or Affiliate or with which the Company or any Subsidiary or Affiliate combines.

SECTION 3. Eligibility.

(a)     Any individual who is employed by the Company, any Subsidiary or any Affiliate, including any officer-director, shall be eligible to be selected to receive an Award under the Plan.

(b)     Directors who are not full-time or part-time officers or employees shall be eligible to receive Awards under the Plan.

(c)     Holders of options and other types of Awards granted by a company acquired by the Company, any Subsidiary or any Affiliate or with which the Company, any Subsidiary or any Affiliate combines are eligible for grant of Substitute Awards hereunder.

SECTION 4. Administration.

(a)     The Plan shall be administered by the Committee. The Committee shall be appointed by the Board and shall consist of not less than three directors, each of whom shall be independent, within the meaning of and to the extent required by applicable

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rulings and interpretations of the New York Stock Exchange and the Securities and Exchange Commission, and each of whom shall be a “Non-Employee Director”, as defined from time to time for purposes of Section 16 of the Act and the rules promulgated thereunder and shall satisfy the requirements for an outside director pursuant to Section 162(m) of the Code, and any regulations issued thereunder. The Board may designate one or more directors as alternate members of the Committee who may replace any absent or disqualified member at any meeting of the Committee. The Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it may determine. Notwithstanding the foregoing, with respect to Directors eligible for Awards pursuant to Section 3(b), the Committee shall be the Board.

(b)     Subject to the terms of the Plan and applicable law, the Committee shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of Awards (including Substitute Awards) to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated in connection with) Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, Shares, other securities, or other Awards, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Committee; (vii) accelerate the vesting, settlement or payment of an Award; (viii) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (ix) establish, amend, suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (x) authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan; (xi) determine the duration and purpose of leaves of absences which may be granted to a Participant without constituting termination of their employment for the purposes of the Plan, which periods shall be no shorter than the periods generally applicable to employees under the Company’s employment policies; (xii) make decisions with respect to outstanding Awards that may become necessary upon a change in corporate control or an event that triggers anti-dilution adjustments; (xiii) interpret, administer or reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; and (xiv) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.

(c)     All decisions of the Committee shall be final, conclusive and binding upon all parties, including the Company, the shareholders and the Participants, unless such decisions are determined by a court having jurisdiction to be arbitrary and capricious.

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(d)     In addition to such other rights of indemnification as they may have as directors or members of the Committee or the Board, and to the extent allowed by requirements related to or implicated by the administration of the Plan under applicable state corporate laws, United States federal and state security laws, the Code and any stock exchange or quotation system on which the Shares are listed or quoted, and the applicable laws of any foreign country or jurisdiction where Awards are granted under the Plan, the Committee and the Board shall be indemnified by the Company against the reasonable expenses, including attorney's fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the Committee or the Board may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and against all amounts paid by the Committee or the Board in settlement thereof (provided, however, that the settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the Committee or the Board in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such Committee or the Board did not act in good faith and in a manner which such person reasonably believed to be in the best interests of the Company, or in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided, however, that within 60 days after institution of any such action, suit or proceeding, such Committee or the Board shall, in writing, offer the Company the opportunity at its own expense to handle and defend such action, suit or proceeding.

SECTION 5. Shares Available for Issuance.

(a)     Subject to adjustment as provided in this Section 5, a total of 6,500,000 Shares shall be authorized for Awards granted under the Plan, plus the additional Shares that again become available for grant under Sections 5(b) and 5(c) below, less one (1) Share for every one (1) Share that was subject to an option or stock appreciation right granted on or after March 1, 2017 under any Prior Plan and less 2 Shares for every one (1) Share that was subject to an award other than an option or stock appreciation right granted on or after March 1, 2017 under any Prior Plan (the “Maximum Share Limit”). Any Shares that are subject to Options or Stock Appreciation Rights shall be counted against this limit as one (1) Share for every one (1) Share granted and any Shares that are subject to Awards other than Options of Stock Appreciation Rights shall be counted against this limit as 2 Shares for every one (1) Share granted. After the Company’s shareholders approve the Plan, no further awards may be granted under the Prior Plans. Shares up to the Maximum Share Limit may be subject to Options and Stock Appreciation Rights under the Plan, provided that no more than 5,000,000 Shares may be subject to Incentive Stock Options. 

(b)     If (i) any Shares subject to an Award are forfeited, an Award expires or otherwise terminates without issuance of Shares, or an Award is settled for cash (in whole or in part) or otherwise does not result in the issuance of all or a portion of the Shares subject to such Award (including on payment in Shares on exercise of a Stock Appreciation Right), such Shares shall, to the extent of such forfeiture, expiration,

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termination, cash settlement or non-issuance, again be available for grant under the Plan in accordance with Section 5(d) below or (ii) after February 28, 2017 any Shares subject to an award under any Prior Plan are forfeited, an award under any Prior Plan expires or otherwise terminates without issuance of such Shares, or an award under any Prior Plan is settled for cash (in whole or in part), or otherwise does not result in the issuance of all or a portion of the Shares subject to such award (including on payment in Shares on exercise of a Stock Appreciation Right), then in each such case the Shares subject to the Award or award under any Prior Plan shall, to the extent of such forfeiture, expiration, termination, cash settlement or non-issuance, again be available for grant under the Plan in accordance with Section 5(d) below.

(c)     In the event that (i) any Option or other Award granted hereunder is exercised through the tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company, or (ii) withholding tax liabilities arising from such Option or other Award are satisfied by the tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company, then in each such case the Shares so tendered or withheld shall again be available for grant under the Plan in accordance with Section 5(d) below. In the event that after February 28, 2017 (i) any option or award under any Prior Plan is exercised through the tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company, or (ii) withholding tax liabilities arising from such options or awards are satisfied by the tendering of Shares (either actually or by attestation) or by the withholding of Shares by the Company, then in each such case the Shares so tendered or withheld shall be available for grant under the Plan in accordance with Section 5(d) below.

(d) Any shares that again become available for Awards under the Plan pursuant to this Section shall be added as (i) one (1) Share subject to Options or Stock Appreciation Rights granted under the Plan or options or stock appreciation rights granted under any Prior Plan, and (ii) as two (2) Shares for every one (1) Share subject to Awards other than Options or Stock Appreciation Rights granted under the Plan or awards other than options or stock appreciation rights granted under any Prior Plan.

(e)     Substitute Awards shall not reduce the Shares authorized for grant under the Plan or the applicable limitations on grants to a Participant under Section 5(g) and Section 9(d), nor shall Shares subject to a Substitute Award again be available for Awards under the Plan as provided in paragraphs (b) and (c) above. Additionally, in the event that a company acquired by the Company or any Affiliate or with which the Company or any Affiliate combines has shares available under a pre-existing plan approved by shareholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not again be available for Awards under the Plan as provided in

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paragraphs (b) and (c) above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employees prior to such acquisition or combination.

(f)     Any Shares issued hereunder may consist, in whole or in part, of authorized and unissued shares or shares purchased in the open market or otherwise.

(g)     In the event that the Committee shall determine that any dividend (other than an ordinary cash dividend) or other distribution (whether in the form of cash, Shares or other securities), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event affects the Shares such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, make any such substitution or adjustments as it, in its sole discretion, deems appropriate and equitable, which may include, without limitation, adjustments to any or all of (i) the number and type of Shares (or other securities) which thereafter may be made the subject of Awards, including the aggregate and individual limits specified in Section 5(a) and Section 9(d), (ii) the number and type of Shares (or other securities) subject to outstanding Awards and any performance condition applicable to outstanding Awards, and (iii) the grant, purchase, or exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; provided, however, that the number of Shares subject to any Award denominated in Shares shall always be a whole number and that dividends shall be subject to the same vesting requirements of the underlying Award.

SECTION 6. Options.

The Committee is hereby authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in either case not inconsistent with the provisions of the Plan, as the Committee shall determine:

(a)     The purchase price per Share under an Option shall be determined by the Committee; provided, however, that, except in the case of Substitute Awards, such purchase price shall not be less than the Fair Market Value of a Share on the date of grant of such Option. In no event shall dividends or dividend equivalents be paid with respect to Options.

(b)     The term of each Option shall be fixed by the Committee but shall not exceed 6 years from the date of grant thereof.

(c)     The Committee shall determine the time or times at which an Option may be exercised in whole or in part; provided, however, that, except in the event of a

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Change in Control, an Option shall not be exercisable before the expiration of one year from the date the Option is granted. Notwithstanding the foregoing, with regards to any Director eligible to receive an Award pursuant to Section 3(b) of the Plan, an Option shall not be exercisable before the expiration of six months from the date the Option is granted.

(d)     The Committee shall determine the method or methods by which, and the form or forms, including, without limitation, cash, Shares (either actually or by attestation or by withholding by the Company), other Awards, or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price, in which, payment of the exercise price with respect thereto may be made or deemed to have been made.

(e)     The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code, or any successor provision thereto, and any regulations promulgated thereunder. Without limiting the foregoing, Incentive Stock Options shall only be granted to employees of the Company or a Subsidiary and the aggregate Fair Market Value (determined at the time of grant) of Shares with respect to which Incentive Stock Options are exercisable for the first time by any Participant during any calendar year shall not exceed $100,000. An Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during the lifetime of the Participant only by the Participant. A ten percent shareholder of the Company shall not be granted an Incentive Stock Option unless the Option exercise price is at least 110% of the Fair Market Value of the Shares at the grant date and the Option is not exercisable after the expiration of five years from the grant date.

(f)     Options shall not be granted under the Plan in consideration for and shall not be conditioned upon the delivery of Shares to the Company in payment of the exercise price and/or tax withholding obligation under any other employee stock option.

(g)     Sections 9 and 11 set forth certain additional provisions that shall apply to Options.

SECTION 7. Stock Appreciation Rights.

(a)     The Committee is hereby authorized to grant Stock Appreciation Rights (“SARs”) to Participants with terms and conditions as the Committee shall determine not inconsistent with the provisions of the Plan.

(b)    SARs may be granted hereunder to Participants either alone (“freestanding”) or in addition to other Awards granted under the Plan (“tandem”) and may, but need not, relate to a specific Option granted under Section 6.

(c)     Any tandem SAR related to an Option may be granted at the same time such Option is granted or at any time thereafter before exercise or expiration of such Option. In the case of any tandem SAR related to any Option, the SAR or applicable

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portion thereof shall not be exercisable until the related Option or applicable portion thereof is exercisable and shall terminate and no longer be exercisable upon the termination or exercise of the related Option, except that a SAR granted with respect to less than the full number of Shares covered by a related Option shall not be reduced until the exercise or termination of the related Option exceeds the number of Shares not covered by the SAR. Any Option related to any tandem SAR shall no longer be exercisable to the extent the related SAR has been exercised.

(d)     A freestanding SAR shall not have a term of greater than 6 years or, unless it is a Substitute Award, an exercise price less than 100% of Fair Market Value of the Share on the date of grant and, except in the event of a Change in Control, shall not be exercisable before the expiration of one year from the date the SAR is granted. Notwithstanding the foregoing, with regards to any Director eligible to receive a freestanding SAR pursuant to Section 3(b) of the Plan, a freestanding SAR shall not, in the event of a Change in Control, be exercisable before the expiration of six months from the date the SAR is granted. In no event shall dividends or dividend equivalents be paid with respect to SARs.

(e)     Sections 9 and 11 set forth certain additional provisions that shall apply to SARs.

SECTION 8. Restricted Stock and Restricted Stock Units.

(a)     Each Award of Restricted Stock or Restricted Stock Units granted under the Plan shall be evidenced by an Award Agreement. The Committee is hereby authorized to grant Awards of Restricted Stock and Restricted Stock Units to Participants.

(b)     Shares of Restricted Stock and Restricted Stock Units shall be subject to such restrictions as the Committee may impose (including, without limitation, any limitation on the right to vote a Share of Restricted Stock or the right to receive any dividend or other right), which restrictions may lapse separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate; provided, however, that subject to Section 12(g), Restricted Stock and Restricted Stock Units shall have a vesting period of not less than one year. Notwithstanding the foregoing, with regards to any Director eligible to receive an Award pursuant to Section 3(b) of the Plan (and subject to Section 12(g)), Restricted Stock and Restricted Stock Units shall have a vesting period of not less than six months.

(c)     Any Share of Restricted Stock granted under the Plan may be evidenced in such manner as the Committee may deem appropriate including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of Shares of Restricted Stock granted under the Plan, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Restricted Stock.

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(d)     The Committee may in its discretion, when it finds that a waiver would be in the best interests of the Company, waive in whole or in part any or all restrictions with respect to Shares of Restricted Stock and Restricted Stock Units; provided, that the Committee may not waive the restriction in the proviso of Section 8(b).

(e)     If the Committee intends that an Award granted under this Section 8, shall constitute or give rise to “qualified performance based compensation” under Section 162(m) of the Code, such Award may be structured in accordance with the requirements of Section 9, including the performance criteria set forth therein, and any such Award shall be considered an Award of Performance Stock or Performance Units, as applicable, for purposes of the Plan.

(f)     Section 11 sets forth certain additional provisions that shall apply to Restricted Stock and Restricted Stock Units.

SECTION 9. Performance Stock and Performance Units.

(a)     The Committee is hereby authorized to grant Awards of Performance Stock and Performance Units to Participants.

(b)     Subject to the terms of the Plan, Shares of Performance Stock and Performance Units shall be subject to such restrictions as the Committee may impose (including, without limitation, any limitation on the right to vote a Share of Performance Stock or the right to receive any dividend or other right), which restrictions may lapse, in whole or in part, upon the achievement of such performance goals during such performance periods as the Committee shall establish. Subject to the terms of the Plan, the performance goals to be achieved during any performance period, the length of any performance period, the number of Shares subject to any Award of Performance Stock or Performance Units shall be determined by the Committee; provided, however, that subject to Section 12(g), the performance period relating to Performance Stock and Performance Units shall be at least one year.

(c)     Any Share of Performance Stock granted under the Plan may be evidenced in such manner as the Committee may deem appropriate including, without limitation, book-entry registration or issuance of a stock certificate or certificates. In the event any stock certificate is issued in respect of Shares of Performance Stock granted under the Plan, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Performance Stock.

(d)     Every Award of Performance Stock and every Award of Performance Units to a member of the Executive Group shall, if the Committee intends that such Award should constitute “qualified performance-based compensation” for purposes of Section 162(m) of the Code, include a pre-established performance goal and the objective, nondiscretionary formula for determining performance thereunder, such that payment, retention or vesting of the Award is subject to the achievement during a performance period or periods, as determined by the Committee, of a level or levels, as

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determined by the Committee, based on or derived from one or more of the following performance measures with respect to the Company, any Subsidiary, any segment, line of business or selected business and/or any business unit of the Company or any Subsidiary, whether on a total or organic basis: revenue (including Acceleration of Profitable Growth initiative, market share, revenue growth, growth rate, compound annual growth, revenue versus peer group and revenue per employee); market penetration; business retention; costs (including IT, fleet, fuel, maintenance, direct labor, total labor, SG&A, facilities, real estate, corporate expenses, bad debt, interest, taxes, depreciation, and amortization, whether on an absolute basis or as a percent of revenue); profit (including operating profit (“OP”), net income, operating income, EBIT, EBITA, EBITDA, free cash flow (before or after dividends), cash from operating activities, and for each of these profit measures, growth, growth rate, compound annual growth, or performance versus peer group); margin (including Close The Gap initiative, OP margin, gross margin, earnings per share, EBIT margin, EBITA margin, EBITDA margin, and for each of these margin measures, growth, growth rate, compound annual growth, or performance versus peer group); operating leverage; stock price (including absolute change, percent change, performance versus peer group, performance versus indices, dividends); total shareholder return; stockholder equity, total market capitalization, book value (on an absolute or per share basis), analyst coverage (sell-side or buy side); stock price multiple (whether on the basis of revenue, EBIT, EBITA or EBITDA); returns on equity, assets, net assets, capital, or invested capital; economic value added; capital (including working capital improvement, DSO, DPO, cash conversion, cash, debt, net debt, financial leverage, capital expenditures, lease financing, cost of capital, weighted average cost of capital, and for each of these capital measures absolute amounts, year-end amounts, growth, growth rate, compound annual growth, performance versus peer group, performance per employee); customer focus (including new customers, customer retention, satisfaction or service levels); employee safety; employee recruiting; employee retention; employee turnover, employee satisfaction; employee overtime; mergers and acquisitions; divestitures; geographic expansion; brand expansion; licensing; critical projects; critical processes; operational effectiveness; compliance; management of debt covenants, credit ratings, NYSE listing requirements, legacy liabilities, litigation, employment practices, employee benefits, and Sarbanes-Oxley and other regulatory compliance, whether or not determined in accordance with generally accepted accounting principles but, where applicable, as consistently applied by the Company and, as so determined by the Committee prior to the release or forfeiture of the Shares of Performance Stock or the expiration of the Award of Performance Units (as applicable), adjusted, to the extent permitted under Section 162(m) of the Code if the Committee intends the Award of Performance Stock or Performance Units to continue to constitute “qualified performance-based compensation” under Section 162(m) of the Code, to omit the effects of unusual or infrequently occurring events and transactions and extraordinary items, including but not limited to, the gain or loss on the disposal of a business segment, asset write-downs, significant litigation or claim judgments or settlements, acquisitions or divestitures, reorganization or change in the capital structure of the Company, foreign exchange gains and losses, a change in the fiscal year of the Company, business interruption events, unbudgeted capital expenditures, unrealized investment gains and losses,

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impairments, significant litigation or claim judgements or settlements, expenses directly levied on the business by government intervention , accruals for awards under the Plan and cumulative effects of changes in accounting principles. Performance measures may vary from Performance Stock Award to Performance Stock Award, Performance Unit Award to Performance Unit Award and from Participant to Participant and may be established on a stand-alone basis, in tandem or in the alternative. The Committee will, in its sole discretion, designate within the first 90 days of a performance period (or, if longer or shorter, within the maximum period allowed under Section 162(m) of the Code) the member or members of the Executive Group who will be eligible to receive a Performance Stock Award intended to be qualified performance-based compensation and the applicable measurement formula. Performance measures may be expressed on an absolute basis or on a relative basis against a peer group or an index. Following the completion of a performance period, the Committee shall review and certify in writing whether, and to what extent, the performance goals for the performance period have been achieved and, if so, calculate and certify in writing the amount of the performance-based compensation Awards earned for the period based upon the performance formula. The Committee shall have the discretion to decrease, but not increase, a performance determination from the formula amount. For any Award (other than Options or SARs) subject to any such pre-established formula, the maximum number of Shares subject to any such Award granted in any calendar year shall be 500,000, subject to adjustment as provided in Section 5(f). Subject to adjustment as provided in Section 5(f), no Participant may receive Options and/or SARs under the Plan in any calendar year that relate to more than 800,000 Shares. Notwithstanding any provision of the Plan to the contrary, the Committee shall not be authorized to increase the number of Shares subject to any Award to which this Section 9(d) applies upon attainment of such pre-established formula. For any Cash Awards that are intended to constitute “qualified performance-based compensation” within the meaning of Section 162(m) of the Code and are stated with reference to a specified dollar limit, the maximum amount that may be earned and become payable to any one Participant with respect to any twelve (12)-month performance period shall equal $5,000,000 (pro-rated up or down for performance periods that are greater or lesser than twelve (12) months). Notwithstanding the foregoing, (i) if an Award is denominated in cash but an equivalent amount of Shares are delivered in lieu of delivery of cash, or the Award is denominated in Shares but an equivalent amount of cash is delivered in lieu of Shares, the foregoing limits shall be applied to the cash or Shares, as applicable, based on the methodology used by the Committee to convert the cash into Shares or Shares into cash, as applicable, and (ii) any adjustment in the number of Shares or the amount of cash delivered to reflect actual or deemed investment experience shall be disregarded. If an Award that a Participant holds is cancelled or subject to a repricing within the meaning of the regulations under Code Section 162(m), the cancelled Award shall continue to be counted against the maximum number of Shares for which Awards may be granted to the Participant in any calendar year as required under Code Section 162(m). The foregoing limits shall be subject to adjustment as provided in Section 5(f).

(e)     Section 11 sets forth certain additional provisions that shall apply to Performance Stock and Performance Units.

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SECTION 10. Other Stock-Based Awards; Cash Awards

(a)     The Committee is hereby authorized to grant to Participants such other Awards (including, without limitation, rights to dividends, dividend equivalents and units under the DSAP) that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible into Shares) as are deemed by the Committee to be consistent with the purposes of the Plan. Subject to the terms of the Plan, the Committee shall determine the terms and conditions of such Awards. Shares or other securities delivered pursuant to a purchase right granted under this Section 10 shall be purchased for such consideration, which may be paid by such method or methods and in such form or forms, including, without limitation, cash, Shares (either actually or by attestation or by withholding by the Company), other securities, other Awards, or any combination thereof, as the Committee shall determine, the value of which consideration, as established by the Committee, shall, except in the case of Substitute Awards, not be less than the Fair Market Value of such Shares or other securities as of the date such purchase right is granted and shall be treated as an Option for purposes of the Plan. If the Committee intends that Other Stock-Based Awards granted under this Section 10 shall constitute or give rise to “qualified performance-based compensation” under Section 162(m) of the Code, such Award shall be structured in accordance with the requirements of Section 9, including the performance criteria set forth herein.

(b)     The Committee is authorized (i) to grant to a Participant Shares as a bonus, (ii) to grant Shares or other Awards in lieu of other obligations of the Company, any Subsidiary or any Affiliate to pay cash or to deliver other property under this Plan or under any other plans or compensatory arrangements of the Company, any Subsidiary or any Affiliate, (iii) to use available Shares as the form of payment for compensation, grants or rights earned or due under any other compensation plans or arrangements of the Company, any Subsidiary or an Affiliate, and (iv) subject to any restrictions on repricings, to grant as alternatives to or replacements of Awards granted or outstanding under the Plan or any other plan or arrangement of the Company, any Subsidiary or any Affiliate, subject to such terms as shall be determined by the Committee and the overall limitation on the number of Shares that may be issued under the Plan. Notwithstanding any other provision hereof, Shares or other securities delivered to a Participant pursuant to a purchase right granted under this Plan shall be purchased for consideration, the Fair Market Value of which shall not be less than the Fair Market Value of such Shares or other securities as of the date such purchase right is granted.

(c)     The Committee also is authorized to grant to a Participant Cash Awards. The Committee shall determine the terms and conditions of any such Cash Awards. Cash Awards may be granted as an element of or a supplement to any other Award under the Plan or as a stand-alone Cash Award. The Committee, on the date of grant of Cash Awards, may prescribe that the Cash Awards will be earned and become payable subject to such conditions as are set forth in the Award Agreement. If and to the extent deemed necessary by the Committee, Cash Awards granted to members of the Executive Group shall become payable upon the satisfaction of objectively determinable

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performance conditions based on the criteria described in Section 9(d) and shall be subject to the other requirements set forth in Section 9 so as to enable such Cash Awards to qualify as “qualified performance-based compensation” under the regulations promulgated under Code Section 162(m). Notwithstanding any provision herein to the contrary, the Committee, in its sole discretion, may grant Cash Awards in payment of earned Awards and other compensation payable under the Plan or any other plans or compensatory arrangements of the Company, any Subsidiary or any Affiliate. Unless the Committee or the Award Agreement provides otherwise, Cash Awards shall be vested and payable upon the date of grant.

SECTION 11. Effect of Termination of Employment on Awards.

Except as otherwise provided by the Committee at the time an Option, SAR, Restricted Stock, Restricted Stock Unit, Performance Stock or Performance Unit is granted or in any amendment thereto, if a Participant ceases to be employed by the Company or any Affiliate or ceases to serve as a member of the Board (for the purposes of this Section 11, “termination”), then:

(a) with respect to an Option or SAR:

(i) subject to Section 11(a)(ii), if termination is by reason of the Participant’s Retirement or by reason of the Participant’s permanent and total disability, each Option and SAR held by the Participant shall continue to remain outstanding and shall become or remain exercisable and in full force and effect in accordance with its terms until the expiration date of the Award;

(ii) if termination is by reason of the death of the Participant, or if the Participant dies after Retirement or permanent and total disability as referred to in Section 11(a)(i), each Option and SAR held by the Participant shall become fully exercisable at the time of the Participant’s death (or, if later, at the time of the one year anniversary of the Option or SAR grant date (as applicable)) and may be exercised by the Participant’s Beneficiary at any time within a period of three years after death (but not after the expiration date of the Award);

(iii) if termination of employment is for any reason other than as provided in Section 11(a)(i) or (ii), the Participant may exercise each Option and SAR held by the Participant within 90 days after such termination (but not after the expiration date of such Award) to the extent such Award was exercisable pursuant to its terms at the date of termination; provided, however, if the Participant should die within 90 days after such termination, each Option and SAR held by the Participant may be exercised by the Participant’s Beneficiary at any time within a period of one year after death (but not after the expiration date of the Award) to the extent such Award was exercisable pursuant to its terms at the date of termination. Notwithstanding the foregoing, with regard to a Director eligible to receive an Option or SAR pursuant to Section 3(b) of the Plan (and subject to Section 12(g)), each Option or SAR held by the Director

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shall continue to remain outstanding and shall become or remain exercisable and in full force and effect in accordance with its terms until the first anniversary of such termination;

(b) with respect to Restricted Stock and Restricted Stock Units:

(i) subject to Section 11(b)(ii), if termination is by reason of the Participant’s Retirement or permanent and total disability, each Restricted Stock Award and Restricted Stock Unit Award held by the Participant shall continue to remain outstanding and in full force and effect and any restrictions with respect to such Restricted Stock Award or Restricted Stock Unit Award (as applicable) shall lapse in accordance with the terms of the Award;

(ii) if termination is by reason of the Participant’s death, or if the Participant dies after Retirement or permanent and total disability as referred to in Section 11(b)(i), any and all restrictions with respect to each Restricted Stock Award and Restricted Stock Unit Award held by the Participant shall lapse at the time of the Participant’s death (or, if later, at the time of the one year anniversary of the Restricted Stock Award or Restricted Stock Unit Award (as applicable) grant date);

(iii) if termination of employment is by reason other than as provided in Section 11(b)(i) or (b)(ii), any Restricted Stock Award and Restricted Stock Unit Award held by the Participant that remains subject to restrictions shall be canceled as of such termination of employment and shall have no further force or effect;

(c) with respect to Performance Stock and Performance Units:

(i) if termination is by reason of the Participant’s Retirement or permanent and total disability, each Performance Stock Award and Performance Unit Award held by the Participant shall remain outstanding and in full force and effect and any restrictions with respect to such Performance Stock Award or Performance Unit Award (as applicable) shall lapse in accordance with the terms of the Award regardless of whether the Participant dies during such period;

(ii) if termination of employment occurs prior to the expiration of any performance period applicable to a Performance Stock Award or Performance Unit Award (as applicable) and such termination is by reason of the Participant’s death, the Participant’s Beneficiary shall be entitled to receive following the expiration of such performance period, a pro-rata portion of the number of Shares subject to the Performance Stock Award or Performance Unit Award (as applicable) with respect to which the restrictions would have otherwise lapsed notwithstanding the Participant’s death, determined based on the number of days in the performance period that shall have elapsed prior to

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such termination and the remainder of such Performance Stock Award or Performance Unit Award (as applicable) shall be canceled; and

(iii) if termination of employment occurs prior to the expiration of any performance period applicable to a Performance Stock Award or Performance Unit Award and such termination is for any reason other than as provided in Section 11(c)(i) or (ii), any Performance Stock Award and any Award of Performance Units held by the Participant shall be canceled as of such termination of employment and shall have no further force or effect.

SECTION 12 . General Provisions Applicable to Awards.

(a)     Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by applicable law.

(b)     Awards may, in the discretion of the Committee, be granted either alone or in addition to or in tandem with any other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of such other Awards or awards.

(c)     Subject to the terms of the Plan, payments or transfers to be made by the Company upon the grant, exercise or payment of an Award may be made in the form of cash, Shares, other securities or other Awards, or any combination thereof, as determined by the Committee in its discretion at the time of grant, and may be made in a single payment or transfer, in installments, or on a deferred basis, in each case in accordance with rules and procedures established by the Committee. Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of installment or deferred payments; provided however that any dividend equivalents shall be subject to any vesting requirements applicable to the underlying award.

(d)     No Award and no right under any Award shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will or pursuant to Section 12(e). Each Award, and each right under any Award, shall be exercisable during the Participant’s lifetime only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative. The provisions of this paragraph shall not apply to any Award which has been fully exercised, earned or paid, as the case may be, and shall not preclude forfeiture of an Award in accordance with the terms thereof.

(e)     A Participant may designate a Beneficiary or change a previous beneficiary designation at such times prescribed by the Committee by using forms and following procedures approved or accepted by the Committee for that purpose. If no Beneficiary designated by the Participant is eligible to receive payments or other benefits or exercise rights that are available under the Plan at the Participant’s death, the

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Beneficiary shall be the Participant’s estate. Each designation will revoke all prior designations by the same Participant, shall be in a form reasonably prescribed by the Committee and shall be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime.

(f)     All certificates for Shares or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares or other securities are then listed, and any applicable Federal or state securities laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

(g)     Unless specifically provided to the contrary in any Award Agreement, upon a Participant’s termination within the two (2) year period immediately following a Change in Control, (i) all Awards shall become fully exercisable, shall vest and shall be settled, as applicable, and any restrictions applicable to any Award shall automatically lapse and (ii) all Performance Stock Awards and Performance Unit Awards shall be considered to be earned at their target level; any restrictions with respect to the target number of Shares subject to a Performance Stock Award and Performance Unit Award shall lapse and any remaining Shares subject to such Performance Stock Award and Performance Unit Award shall be cancelled and shall have no further force or effect. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the assets and business of the Company and its Affiliates, taken as a whole.

(h)     Notwithstanding any provision of the Plan providing for the maximum term of an Award, in the event any Award would expire prior to exercise, vesting or settlement because trading in Shares is prohibited by law or by any insider trading policy of the Company, the term of the Award shall automatically be extended until thirty (30) days after the expiration of any such prohibitions to permit the Participant to realize the value of the Award, provided such extension with respect to the applicable Award (i) is permitted by law, (ii) does not result in a violation of Section 409A with respect to the Award, (iii) permits any Award that is intended to constitute “qualified performance-based compensation” within the meaning of Section 162(m) of the Code to continue to so qualify and (iv) does not otherwise adversely impact the tax consequences of the Award (such as for incentive stock options and related Awards). An Award Agreement may provide that the Award will be automatically, and without any action by the Participant, deemed exercised, by means of a “net exercise” procedure, immediately prior to the expiration of the Award if the then Fair Market Value of the underlying shares of Common Stock at that time exceeds the exercise or purchase price or base value of the Award, in order to permit the Participant to realize the value of the Award.

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SECTION 13. Amendments and Termination.

(a)    Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, and subject to Section 17, the Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without (i) shareholder approval if such approval is required by the listed company rules of the New York Stock Exchange or (ii) the consent of the affected Participant, if such action would materially adversely affect the rights of such Participant under any outstanding Award, except to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to comply with applicable law, stock exchange rules and regulations or accounting or tax rules and regulations. Notwithstanding anything to the contrary herein, the Committee may amend the Plan in such manner as may be necessary to enable the Plan to achieve its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local rules and regulations.

(b)     The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or beneficiary of an Award, provided, however, that no such action shall impair the rights of any affected Participant or holder or beneficiary under any Award theretofore granted under the Plan, except to the extent any such action is made to cause the Plan to comply with applicable law, stock exchange rules and regulations or accounting or tax rules and regulations; and provided further that, except as provided in Section 5(d), no such action shall directly or indirectly, through cancellation and regrant or any other method, reduce, or have the effect of reducing, the exercise price of any Award established at the time of grant thereof and provided further, that the Committee’s authority under this Section 13(b) is limited in the case of Awards subject to Section 9(d), as set forth in Section 9(d).

(c)     Except as noted in Section 9(d), the Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of events (including, without limitation, the events described in Section 5(d)) affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.

(d)     The Committee may correct any defect, supply any omission, or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect.

SECTION 14. Miscellaneous.

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(a)     No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of employees, Participants, or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient.

(b)     The Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares (actually or by attestation or by withholding by the Company), other securities or other Awards) of withholding taxes due in respect of an Award, its exercise, or any payment or transfer under such Award or under the Plan and to take such other action (including, without limitation, providing for elective payment of such amounts in cash or Shares by the Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes.

(c)     Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases.

(d)     The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Company or any Affiliate or continue to serve as a member of the Board. Further, the Company or the applicable Affiliate may at any time dismiss a Participant from employment, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in such Award.

(e)     If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain in full force and effect.

(f)     Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.

(g)     No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated.

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(h)    The Committee may specify in an Award Agreement that the Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to applicable vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality, or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant, a termination of the Participant's for Cause, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates.

(i)    The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying blue sky, securities, tax or other laws of various jurisdictions in which the Company intends to grant Awards. Any sub-plans shall contain such limitations and other terms and conditions as the Committee determines are necessary or desirable. All sub-plans shall be deemed a part of the Plan, but each sub-plan shall apply only to the Participants in the jurisdiction for which the sub-plan was designed.

(j)    The Plan shall be unfunded. Neither the Company, the Board nor the Committee shall be required to establish any special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan.

(k)    No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan. The Committee shall determine whether cash, additional Awards or other securities or property shall be issued or paid in lieu of fractional shares of Common Stock or whether any fractional shares should be rounded, forfeited or otherwise eliminated.

(l)    The costs of administering the Plan shall be paid by the Company.

(m)    If any of the provisions of the Plan or any Award Agreement is held to be invalid, illegal or unenforceable, whether in whole or in part, such provision shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining provisions shall not be affected thereby.

(n)    Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement).

(o)    The law of the Commonwealth of Virginia shall govern all questions concerning the construction, validity and interpretation of this Plan, without regard to such state's conflict of law rules.

SECTION 15. Effective Date of the Plan.

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This Plan is effective on the date of its approval by the Company’s stockholders.

SECTION 16. Term of the Plan.

No Award shall be granted under the Plan after the tenth anniversary of the effective date of the Plan. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date.

SECTION 17. Section 409A of the Code.

(a)     With respect to Awards subject to Section 409A of the Code (including but not limited to Awards of Restricted Stock Units held by Participants who are or who may become eligible for Retirement during the term of the Award), the Plan is intended to comply with the requirements of Section 409A of the Code, and the provisions of the Plan and any Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. Notwithstanding the foregoing, neither the Company nor the Committee shall have any obligation to take any action to prevent the assessment of any excise tax or penalty on any Participant under Section 409A of the Code and neither the Company nor the Committee will have any liability to any Participant for such tax or penalty.

(b)     With respect to Awards subject to Section 409A of the Code (including Awards of Restricted Stock Units held by Participants who are or who may become eligible for Retirement during the term of the Award), notwithstanding Section 12(g) and unless specifically provided to the contrary in the applicable Award Agreement, in the event of a Change in Control, this paragraph 17(b) shall apply and shall supersede the provisions of Section 12(g) to the extent inconsistent therewith.

(i) If at the time of such Change in Control, the transaction(s) constituting such Change in Control do not constitute a change in the ownership or effective control of a corporation, or change in the ownership of a substantial portion of the assets of a corporation, as such terms are defined for purposes of Section 409A of the Code, any portion of the Award as to which the settlement date has not theretofore occurred shall remain outstanding and shall be settled on the applicable date(s) as specified in the Award Agreement.

(ii) If the provisions of Section 17(b)(i) are invoked such that a Change in Control occurs and any portion of the Award continues to be outstanding thereafter, the value of the Award that remains outstanding shall be determined based on the value per common share of the Company implied by the Change

23

in Control transaction and such value shall be paid in cash without interest on the applicable settlement date(s) for such Award, as specified in the Award Agreement.

(c)     With respect to Awards subject to Section 409A of the Code (including Awards of Restricted Stock Units held by Participants who are or who may become eligible for Retirement during the term of the Award), if, at the time of the Participant’s separation from service (within the meaning of Section 409A of the Code), (i) the Participant shall be a specified employee (within the meaning of Section 409A of the Code and using the identification methodology selected by the Company from time to time) and (ii) the Company shall make a good faith determination that an amount payable pursuant to an Award Agreement constitutes deferred compensation (within the meaning of Section 409A of the Code) the payment of which is required to be delayed pursuant to the six-month delay rule set forth in Section 409A of the Code in order to avoid taxes or penalties under Section 409A of the Code, then the Company (or an Affiliate, as applicable) shall not pay any such amount on the otherwise scheduled payment date but shall instead accumulate such amount and pay it, without interest, on the first day of the seventh month following such separation from service or, if earlier, the date of death of the Participant.

(d)     With respect to Awards subject to Section 409A of the Code (including Awards of Restricted Stock Units held by Participants who are or who may become eligible for Retirement during the term of the Award), neither the Participant nor any creditor or beneficiary of the Participant shall have the right to subject any deferred compensation (within the meaning of Section 409A of the Code) payable under the Award Agreement to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A of the Code, any deferred compensation (within the meaning of Section 409A of the Code) payable to or for the benefit of a Participant pursuant to an Award Agreement may not be reduced by, or offset against, any amount owing by the Participant to the Company (or an Affiliate, as applicable).

SECTION 18. Re-Pricing Prohibition.

Notwithstanding any other provision of this Plan, except for adjustments pursuant to Section 5(g) or to the extent approved by the Company’s shareholders and consistent with the rules of any stock exchange on which the Company’s securities are traded, this Plan does not permit (a) any decrease in the exercise or purchase price or base value of any outstanding Awards, (b) the issuance of any replacement Options, SARs or Other Stock-Based Awards in the nature of purchase rights where the Participant agrees to forfeit an existing Option, SAR or Other Stock-Based Award in the nature of purchase rights in exchange for the new Option, SAR or Other Stock-Based Award in the nature of purchase rights with a lower exercise or purchase price or base value, (c) the Company to repurchase underwater or out-of-the-money Options, SARs or Other Stock-Based Awards in the nature of purchase rights, which shall be deemed to be those Options, SARs or Other Stock-Based Awards in the nature of purchase rights with

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exercise or purchase prices or base values in excess of the current Fair Market Value of the Shares underlying the Option, SAR or Other Stock-Based Award in the nature of purchase rights, (d) the issuance of any replacement or substitute Awards or the payment of cash in exchange for, or in substitution of, underwater or out-of-the-money Options, SARs or Other Stock-Based Awards in the nature of purchase rights, or (e) any other action that is treated as a re-pricing under generally accepted accounting principles.

 SECTION 19. Limit on Awards to Directors.

Notwithstanding any other provisions of this Plan, no Director, other than any Director who serves as the Non-Executive Chairman of the Board, shall receive Awards under the Plan in any twelve (12)-month performance period that exceed an aggregate Fair Market Value (as of the grant date for each award) of $450,000. Notwithstanding any other provisions of this Plan, no Director who serves as the Non-Executive Chairman of the Board, shall receive Awards under the Plan in any twelve (12)-month performance period that exceed an aggregate Fair Market Value (as of the grant date for each award) of $650,000.

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EX-10.3

EXHIBIT 10.3

Notice of Grant of Deferred Stock Units Award

________________________	Grant ID:	_________________
	Plan:	2017 Equity Incentive Plan

Effective ________________, you have been granted an award of ________deferred stock units.

Each deferred stock unit represents a right to a future payment equal to one share of The Brink’s Company common stock. Such payment will be made in shares of The Brink’s Company common stock (“Shares”).

Subject to the provisions of this Award Agreement and the 2017 Equity Incentive Plan (the “Plan”), on ______________, you shall be entitled to receive (and The Brink’s Company shall deliver to you as soon as practicable following that date), the number of Shares underlying this award.

Additional terms and conditions applying to this grant are contained on pages two and three of this Award Agreement as well as within the official Plan document. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Plan.

By your signature and the authorized Company signature below and on page three of this Award Agreement, you and the Company agree that this award is granted under and governed by the terms and conditions of the Award Agreement and the Plan, the terms of which are incorporated as a part of this document.

The Brink’s Company	Date
Director	Date

Page 1

Deferred Stock Units Award Agreement

This AWARD AGREEMENT, dated as of _____________, is between The Brink’s Company, a Virginia corporation (the “Company”), and the member of the board of directors of the Company (the “Board”) identified on page one of this Award Agreement (the “Director”).

By resolution dated on the date of this Award Agreement, the Board, acting pursuant to The Brink’s Company 2017 Equity Incentive Plan (the “Plan”), a copy of which Plan has heretofore been furnished to the Director (who hereby acknowledges receipt), granted to the Director a deferred stock units award as set forth on page one of this Award Agreement.

Accordingly, the parties hereto agree as follows:

1.Subject to all the terms and conditions of the Plan, the Director is granted the deferred stock units award (the “Award”) as set forth on page one of this Award Agreement.

2.    Subject to the Director’s satisfaction of vesting conditions described below, (unless otherwise provided under the terms and conditions of the Plan or this Award Agreement), on _____________, the Director shall be entitled to receive (and the Company shall deliver to the Director as soon as practicable, but no later than 10 days following that date), the number of Shares underlying this Award.

3.    The Director shall not be entitled to any dividends or dividend equivalents prior to the satisfaction of the vesting conditions described below.

4.    The Award shall be fully vested as of _____________, provided that the Director continues to serve as a member of the Board on such date.

5.    Notwithstanding anything to the contrary in paragraph 4 above or Section 12(g) of the Plan, in the event of the occurrence of a Change in Control, the Award will fully vest upon the Change in Control (to the extent not already vested), provided, however, that, the Award will become payable on the earlier of: (1) the first day that is more than six months after the Director’s termination of service from the Board; and (2) _____________.

6.    The Shares underlying the Award, until and unless delivered to the Director, do not represent an equity interest in the Company and carry no voting rights. The Director will not have any rights of a shareholder with respect to the Shares underlying the Award until the Shares have been delivered to the Director.

7.    The Award is not transferable by the Director otherwise than by will or by the laws of descent and distribution.

Page 2

8.All other provisions contained in the Plan as in effect on the date of this Award Agreement are incorporated in this Award Agreement by reference. The Board may amend the Plan at any time, provided that if such amendment shall adversely affect the rights of a holder of an Award with respect to a previously granted Award, the Award holder’s consent shall be required except to the extent any such amendment is made to comply with any applicable law, stock exchange rules and regulations or accounting or tax rules and regulations. This Award Agreement may at any time be amended by mutual agreement of the Board (or a designee thereof) and the holder of the Award. Prior to a Change in Control of the Company, this Award Agreement may be amended by the Company, and upon written notice by the Company, given by registered or certified mail, to the holder of the Award of any such amendment of this Award Agreement or of any amendment of the Plan adopted prior to such a Change in Control, this Award Agreement shall be deemed to incorporate the amendment to this Award Agreement or to the Plan specified in such notice, unless such holder shall, within 30 days of the giving of such notice by the Company, give written notice to the Company that such amendment is not accepted by such holder, in which case the terms of this Award Agreement shall remain unchanged. Subject to any applicable provisions of the Company’s bylaws or of the Plan, any applicable determinations, order, resolutions or other actions of the Board shall be final, conclusive and binding on the Company and the holder of the Award. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Plan.

9.    All notices hereunder shall be in writing and (a) if to the Company, shall be delivered personally to the Secretary of the Company or mailed to its principal office address, 1801 Bayberry Court, P.O. Box 18100, Richmond, VA 23226-8100 USA, to the attention of the Secretary, and (b) if to the Director, shall be delivered personally or mailed to the Director at the address set forth below. Such addresses may be changed at any time by notice from one party to the other.

10.    This Award Agreement shall bind and inure to the benefit of the parties hereto and the successors and assigns of the Company and, to the extent provided in the Plan, the legal representatives of the Director.

IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement as of the day and year first above written.

The Brink’s Company	Date
Director	Date

Street address, City, State & Zip

Page 3

EX-31.1

EXHIBIT 31.1

I, Douglas A. Pertz, certify that:

1.           I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 of The Brink’s Company;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.           The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.           The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:           July 26, 2017

/s/ Douglas A. Pertz

Douglas A. Pertz

President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

I, Ronald J. Domanico, certify that:

1.           I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 of The Brink’s Company;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.           The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.           The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:          July 26, 2017

/s/ Ronald J. Domanico

Ronald J. Domanico

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of The Brink’s Company (the “Company”) for the period ending June 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Douglas A. Pertz, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)           the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)           the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Douglas A. Pertz

Douglas A. Pertz

President and Chief Executive Officer

(Principal Executive Officer)

July 26, 2017

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of The Brink’s Company (the “Company”) for the period ending June 30, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Ronald J. Domanico, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1)           the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)           the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Ronald J. Domanico

Ronald J. Domanico

Executive Vice President and Chief Financial Officer

(Principal Financial Officer)

July 26, 2017

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 24, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Document Fiscal Year Focus	2017
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Period Focus	Q2
Entity Registrant Name	BRINKS CO
Entity Central Index Key	0000078890
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		50,481,059
Trading Symbol	bco

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 207.1	$ 183.5
Restricted cash	87.7	55.5
Accounts receivable, net	570.4	501.1
Prepaid expenses and other	150.1	103.6
Total current assets	1,015.3	843.7
Property and equipment, net	583.6	531.0
Goodwill	227.4	186.2
Other intangibles	45.8	19.1
Deferred income taxes	326.0	327.9
Other	90.9	86.9
Total assets	2,289.0	1,994.8
Current liabilities:
Short-term borrowings	175.7	162.8
Current maturities of long-term debt	36.6	32.8
Accounts payable	144.9	139.3
Accrued liabilities	427.7	385.7
Restricted cash held for customers	58.2	33.2
Total current liabilities	843.1	753.8
Long-term debt	362.8	247.6
Accrued pension costs	206.3	208.8
Retirement benefits other than pensions	285.1	286.1
Deferred income taxes	7.6	7.6
Other	141.3	136.1
Total liabilities	1,846.2	1,640.0
Contingent liabilities (notes 4 and 11)
The Brink's Company (Brink's) shareholders:
Shares issued and outstanding: 2017 - 50.4; 2016 - 50.0	50.4	50.0
Capital in excess of par value	620.4	618.1
Retained earnings	612.3	576.0
Accumulated other comprehensive loss	(859.8)	(907.0)
Brink’s shareholders	423.3	337.1
Noncontrolling interests	19.5	17.7
Total equity	442.8	354.8
Total liabilities and equity	$ 2,289.0	$ 1,994.8

XML

Condensed Consolidated Balance Sheets (Unaudited) Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Par value (in dollars per share)	$ 1	$ 1
Shares authorized (in shares)	100,000,000	100,000,000
Shares issued (in shares)	50,400,000	50,000,000
Shares outstanding (in shares)	50,400,000	50,000,000

XML

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenues		$ 805.9	$ 739.5	$ 1,594.3	$ 1,461.3
Costs and expenses:
Cost of revenues		628.9	596.1	1,239.2	1,185.0
Selling, general and administrative expenses		122.8	105.0	229.9	213.7
Total costs and expenses		751.7	701.1	1,469.1	1,398.7
Other operating income (expense)		(5.9)	(6.2)	(6.0)	(6.9)
Operating profit		48.3	32.2	119.2	55.7
Interest expense		(6.0)	(4.9)	(10.8)	(9.8)
Interest and other income (expense)		(11.4)	(9.4)	(22.6)	(19.1)
Income from continuing operations before tax		30.9	17.9	85.8	26.8
Provision for income taxes		17.3	14.5	31.7	23.9
Income from continuing operations		13.6	3.4	54.1	2.9
Loss from discontinued operations, net of tax		(0.1)	0.0	(0.1)	0.0
Net income		13.5	3.4	54.0	2.9
Less net income (loss) attributable to noncontrolling interests		(0.7)	3.1	5.1	5.7
Net income (loss) attributable to Brink’s		14.2	0.3	48.9	(2.8)
Amounts attributable to Brink’s
Continuing operations		14.3	0.3	49.0	(2.8)
Discontinued operations		(0.1)	0.0	(0.1)	0.0
Net income (loss) attributable to Brink’s		$ 14.2	$ 0.3	$ 48.9	$ (2.8)
Basic:
Continuing operations (dollars per share)	[1]	$ 0.28	$ 0.01	$ 0.97	$ (0.06)
Discontinued operations (dollars per share)	[1]	0.00	0.00	0.00	0.00
Net income (loss) (dollars per share)	[1]	0.28	0.01	0.97	(0.06)
Diluted:
Continuing operations (dollars per share)	[1]	0.28	0.01	0.95	(0.06)
Discontinued operations (dollars per share)	[1]	0.00	0.00	0.00	0.00
Net income (loss) (dollars per share)	[1]	$ 0.28	$ 0.01	$ 0.95	$ (0.06)
Weighted-average shares
Basic (shares)		50.7	49.9	50.6	49.7
Diluted (shares)		51.6	50.3	51.5	49.7
Cash dividends paid per common share (dollars per share)		$ 0.15	$ 0.1	$ 0.25	$ 0.2

[1] Amounts may not add due to rounding.

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 13.5	$ 3.4	$ 54.0	$ 2.9
Benefit plan adjustments:
Benefit plan experience gains	11.1	12.6	22.9	24.3
Benefit plan prior service cost	(0.7)	(0.6)	(1.2)	(1.0)
Deferred profit sharing	0.1	0.0	0.1	0.0
Total benefit plan adjustments	10.5	12.0	21.8	23.3
Foreign currency translation adjustments	5.7	(3.5)	32.9	14.3
Unrealized net gains (losses) on available-for-sale securities	0.5	(0.2)	0.7	0.0
Loss on cash flow hedges	(0.1)	(0.1)	(0.1)	(0.4)
Other comprehensive income before tax	16.6	8.2	55.3	37.2
Provision for income taxes	4.4	4.2	8.8	8.0
Other comprehensive income	12.2	4.0	46.5	29.2
Comprehensive income	25.7	7.4	100.5	32.1
Less comprehensive income (loss) attributable to noncontrolling interests	(2.5)	3.3	4.4	6.7
Comprehensive income attributable to Brink's	$ 28.2	$ 4.1	$ 96.1	$ 25.4

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Condensed Consolidated Statement of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions		Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Attributable to Noncontrolling Interests
Beginning balance at Dec. 31, 2015		$ 330.6	$ 48.9	$ 599.6	$ 561.3	$ (891.9)	$ 12.7
Beginning balance, Shares at Dec. 31, 2015			48.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		2.9			(2.8)		5.7
Other comprehensive income		29.2				28.2	1.0
Common stock issued (in shares)			0.1
Common stock issued		2.5	$ 0.1	2.4
Dividends to:
Brink’s common shareholders ($0.10 per share)		(9.8)			(9.8)
Noncontrolling interests		(2.1)					(2.1)
Share-based compensation:
Compensation expense		4.9		4.9
Consideration from exercise of stock options		3.5	$ 0.1	3.4
Consideration from exercise of stock options, Shares			0.1
Other share-based benefit transactions		(3.6)	$ 0.4	(3.9)	(0.1)
Other share-based benefit transactions, shares			0.4
Ending balance at Jun. 30, 2016		358.3	$ 49.5	606.4	548.8	(863.7)	17.3
Ending balance, Shares at Jun. 30, 2016			49.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of change in accounting principle	[1]	0.2			0.2
Net income (loss)		3.4
Other comprehensive income		4.0				3.8
Ending balance at Jun. 30, 2016		358.3	$ 49.5	606.4	548.8	(863.7)	17.3
Ending balance, Shares at Jun. 30, 2016			49.5
Beginning balance at Dec. 31, 2016		354.8	$ 50.0	618.1	576.0	(907.0)	17.7
Beginning balance, Shares at Dec. 31, 2016			50.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		54.0			48.9		5.1
Other comprehensive income		46.5				47.2	(0.7)
Dividends to:
Brink’s common shareholders ($0.10 per share)		(12.6)			(12.6)
Noncontrolling interests		(2.6)					(2.6)
Share-based compensation:
Compensation expense		8.5		8.5
Consideration from exercise of stock options		2.6		2.6
Other share-based benefit transactions		(8.4)	$ 0.4	(8.8)
Other share-based benefit transactions, shares			0.4
Ending balance at Jun. 30, 2017		$ 442.8	$ 50.4	$ 620.4	$ 612.3	$ (859.8)	$ 19.5
Ending balance, Shares at Jun. 30, 2017			50.4

[1] We elected to early adopt the provisions of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, in the fourth quarter of 2016 resulting in a cumulative effect adjustment to Retained Earnings for previously unrecognized excess tax benefits. See Note 1 for further discussion of the impacts of this standard.

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Condensed Consolidated Statement of Equity (Unaudited) (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Dividends to:
Dividends (dollars per share)	$ 0.25	$ 0.20

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 54.0	$ 2.9
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations, net of tax	0.1	0.0
Depreciation and amortization	68.5	65.1
Share-based compensation expense	8.5	4.9
Deferred income taxes	(7.7)	(2.5)
Marketable securities	(0.2)	(0.5)
Property and other assets	(0.8)	1.7
Business acquisitions and dispositions	(0.6)	(0.1)
Impairment losses	1.0	5.4
Retirement benefit funding (more) less than expense:
Pension	9.8	6.5
Other than pension	9.0	7.3
Remeasurement losses due to Venezuela currency devaluation	8.4	4.6
Other operating	3.1	1.9
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable and income taxes receivable	(83.0)	(31.3)
Accounts payable, income taxes payable and accrued liabilities	41.8	(33.9)
Customer obligations	7.1	(14.7)
Prepaid and other current assets	(17.6)	(6.2)
Other	(0.7)	2.3
Discontinued operations	0.6	0.0
Net cash provided by operating activities	101.3	13.4
Cash flows from investing activities:
Capital expenditures	(71.1)	(45.0)
Acquisitions	(65.0)	0.0
Dispositions	1.1	0.0
Purchases	(19.3)	(8.7)
Sales	5.4	8.6
Cash proceeds from sale of property and equipment	1.4	2.9
Other	0.0	(0.7)
Net cash used by investing activities	(147.5)	(42.9)
Cash flows from financing activities:
Short-term borrowings	5.5	39.1
Borrowings	398.1	294.9
Repayments	(290.7)	(278.1)
Borrowings	6.8	1.3
Repayments	(22.0)	(25.1)
Common stock issued	0.0	2.5
Dividends to:
Shareholders of Brink’s	(12.6)	(9.8)
Noncontrolling interests in subsidiaries	(2.6)	(2.1)
Proceeds from exercise of stock options	2.6	3.5
Minimum tax withholdings associated with share-based compensation	(8.9)	(4.8)
Other	1.0	1.3
Net cash provided by financing activities	77.2	22.7
Effect of exchange rate changes on cash	(7.4)	(5.5)
Cash and cash equivalents:
Increase (decrease)	23.6	(12.3)
Balance at beginning of period	183.5	181.9
Balance at end of period	$ 207.1	$ 169.6

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Basis of presentation

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Basis of presentation

Basis of presentation

Effective February 2017, The Brink’s Company (along with its subsidiaries, “Brink’s” or “we”) implemented changes to its organizational and management structure. As a result of these changes, we now have 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 accruals) considered necessary for a fair presentation have been included.  Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.  These unaudited 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, 2016.

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.  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 under the cost method or, if applicable, as available-for-sale securities.  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 an officially reported three-year cumulative inflation rate of more than 100% are considered highly inflationary.

Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date.  Translation adjustments are recorded in other comprehensive income (loss).  Revenues and expenses are translated at rates of exchange in effect during the year.  Transaction gains and losses are recorded in net income (loss).

Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency.  Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings.  Non-monetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. 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.

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 official rates established by the government instead of allowing open markets to determine currency rates.  Different official 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, we 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.

Remeasurement rates during 2017 and 2016.  At December 31, 2015, the SIMADI exchange rate used for remeasurement purposes was approximately 199 bolivars to the dollar. In the first quarter of 2016, the Venezuelan government replaced the SIMADI exchange mechanism with the DICOM exchange mechanism and announced that it would allow the DICOM exchange mechanism rate to float freely. At June 30, 2016, the DICOM rate was approximately 628 bolivars to the dollar. Since then, the rate has declined 76% to close at approximately 2,640 bolivars to the dollar at June 30, 2017. We have received only minimal U.S. dollars through this exchange mechanism. In the first six months of 2017, we recognized a $8.4 million pretax remeasurement loss.  The after-tax effect of this loss attributable to noncontrolling interest was $0.9 million. In the first six months of 2016, we recognized a $4.6 million pretax remeasurement loss. However, the after-tax effect of this loss attributable to noncontrolling interest was income of $2.6 million.

Items related to our Venezuelan operations are as follows:

• Our investment in our Venezuelan operations on an equity-method basis was $20.1 million at June 30, 2017 and $19.2 million at December 31, 2016.

• Our Venezuelan operations had net payables to other Brink's affiliates of $2.5 million at June 30, 2017 and $6.1 million at December 31, 2016.

• Our Venezuelan operations had net non-monetary assets of $20.1 million at June 30, 2017 and $17.6 million at December 31, 2016.

• Our bolivar-denominated net monetary net assets were $2.7 million (including $5.2 million of cash and cash equivalents) at June 30, 2017 and $1.4 million (including $6.8 million of cash and cash equivalents) at December 31, 2016.

• Accumulated other comprehensive losses attributable to Brink’s shareholders related to our Venezuelan operations were $114.2 million at June 30, 2017 and $114.7 million at December 31, 2016.

Argentina

The economy in Argentina has had significant inflation in recent years. Through June 30, 2017, Argentina was not designated as a highly inflationary economy for accounting purposes. We will continue to monitor developments in Argentina at each reporting date to determine whether we should consolidate Brink's Argentina results using our accounting policy for subsidiaries operating in highly inflationary economies. We use the official exchange rate to translate the Brink's Argentina balance sheet and income statement. At June 30, 2017, the official exchange rate was approximately 16.6 Argentine pesos to the U.S. dollar. At June 30, 2017, we had cash and short-term investments denominated in Argentine pesos of $28.7 million. We expect to use a significant portion of the cash and short-term investments to fund a business acquisition in Argentina (see Note 13).

Ireland

Due to management's decision in the first quarter of 2016 to exit the Republic of Ireland, the prospective impacts of shutting down this operation were included in items not allocated to segments and were excluded from the operating segments effective March 1, 2016. Beginning May 1, 2016, due to management's decision to also exit Northern Ireland, the results of shutting down these operations were treated similarly to the Republic of Ireland. International shipments to and from Ireland continue to be provided through Brink’s Global Services ("BGS").

Acquisitions

In the first six months of 2017, we completed three business acquisitions in Brazil, Chile and the U.S. which are not material to our consolidated financial statements. The aggregate purchase price, net of cash acquired, for these three acquisitions was approximately $65 million.

New Accounting Standards

In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts with Customers, a new standard related to revenue recognition, which requires an entity to recognize an amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this new standard to January 1, 2018. Subsequently, the FASB has continued to refine the standard and has issued several amendments. The most likely effects of the new standard for us will be associated with variable consideration and capitalization of costs to obtain contracts, such as sales commissions. However, we do not expect a material impact on our future consolidated statements of operations or consolidated balance sheets. The new guidance will result in expanded disclosures regarding our various performance obligations, revenue disaggregation and contractual rights. We plan to use the modified retrospective method to adopt the new standard.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, which requires entities to include restricted cash and restricted cash equivalent balances with cash and cash equivalent balances in the statement of cash flows. ASU 2016-18 will impact the presentation of our statement of cash flows, will be effective January 1, 2018, and requires using a retrospective transition method to adopt the standard.

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 March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies how certain features related to share-based payments are accounted for and presented in the financial statements. We elected to early adopt this ASU in the fourth quarter of 2016 and, per the requirements of the pronouncement, we applied the amendments to the beginning of 2016. Under ASU 2016-09, accounting changes adopted using the modified retrospective method must be calculated as of the beginning of 2016 and reported as a cumulative-effect adjustment. As a result, we recognized a $0.2 million cumulative-effect adjustment to January 1, 2016 retained earnings for previously unrecognized excess tax benefits. We have elected to continue our previous accounting policy of estimating forfeitures and, therefore, we did not recognize any cumulative-effect adjustment related to forfeitures. ASU 2016-09 requires that accounting changes adopted using the prospective method should be reported in the applicable interim periods of 2016. We did not have any material changes to previously reported interim financial information in 2016 as it relates to the recognition of excess tax benefits in the statement of operations or the classification of excess tax benefits in the statement of cash flows. In the first six months of 2017, the accounting under this ASU resulted in the recognition of $5.5 million in excess tax benefits.

In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires an entity to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. We elected to early adopt this ASU in the first quarter of 2017 using the retrospective transition method for the periods presented. As a result, the condensed consolidated statements of operations have been updated to reflect this guidance.

The adoption of this ASU resulted in a change in certain previously reported amounts in the first half of 2016 condensed consolidated statement of operations. Cost of revenues decreased $16.5 million, selling, general and administrative expenses decreased $3.3 million and operating profit as well as interest and other income (expense) increased $19.8 million compared to previously reported first half of 2016 amounts. The early adoption of this ASU had no impact on the previously reported loss from continuing operations or net loss for the prior year periods.

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Segment information

6 Months Ended

Jun. 30, 2017

Segment Reporting [Abstract]

Segment information

Segment information

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

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

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

• Global Services – secure international transportation of valuables

• Cash Management Services

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

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

◦ Check and cash processing services for banking customers (“Virtual Vault Services”)

◦ Check imaging services for banking customers

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

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

We identify our operating segments based on how our chief operating decision maker (“CODM”) allocates resources, assesses performance and makes decisions.  Our CODM is our President and Chief Executive Officer.  Our CODM evaluates performance and allocates resources to 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 management’s inability to allocate, generate or redeploy resources in-country or globally. We also exclude certain costs, gains and losses related to acquisitions and dispositions that are special in nature. For additional information about these reconciling items see "Other Items Not Allocated to Segment" on pages 32-33.

During the first quarter of 2017, we implemented changes to our organizational and management structure that resulted in changes to our operating segments for financial reporting purposes. Through the fiscal year ended December 31, 2016, our business was reported in nine operating segments: U.S., France, Mexico, Brazil, Canada, Latin America, EMEA, Asia and Payment Services. Changes in our management reporting structure during the first quarter of 2017 required us to conduct an assessment in accordance with ASC Topic 280, Segment Reporting, to determine our operating segments.

As a result of this assessment, we now have the following operating segments:

• North America

• South America

• Rest of World (ROW).

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 June 30,			Three Months Ended June 30,
(In millions)	2017		2016	2017			2016
Reportable Segments:
North America	$	311.0	300.8	$	16.7		3.8
South America	204.6		170.1	35.7			21.3
Rest of World	244.0		245.6	25.1			27.5
Total reportable segments	759.6		716.5	77.5			52.6
Reconciling Items:
Corporate expenses:
General, administrative and other expenses	—		—	(18.3		)	(16.1	)
Foreign currency transaction gains (losses)	—		—	1.4			1.4
Reconciliation of segment policies to GAAP	—		—	(0.9		)	1.3
Other items not allocated to segments:
Venezuela operations	46.3		21.5	(4.5		)	1.6
Reorganization and Restructuring	—		—	(5.6		)	(2.1	)
Acquisitions and dispositions	—		1.5	(1.3		)	(6.5	)
Total	$	805.9	739.5	$	48.3		32.2

	Revenues			Operating Profit
	Six Months Ended June 30,			Six Months Ended June 30,
(In millions)	2017		2016	2017			2016
Reportable Segments:
North America	$	615.6	593.5	$	26.9		7.5
South America	406.8		327.1	74.4			45.0
Rest of World	477.5		484.8	50.4			45.9
Total reportable segments	1,499.9		1,405.4	151.7			98.4
Reconciling Items:
Corporate expenses:
General, administrative and other expenses	—		—	(37.5		)	(33.7	)
Foreign currency transaction gains (losses)	—		—	0.2			2.7
Reconciliation of segment policies to GAAP	—		—	(1.8		)	4.5
Other items not allocated to segments:
Venezuela operations	94.4		53.6	16.6			4.3
Reorganization and Restructuring	—		—	(9.7		)	(8.1	)
Acquisitions and dispositions	—		2.3	(0.3		)	(12.4	)
Total	$	1,594.3	1,461.3	$	119.2		55.7

See "Other Items Not Allocated to Segment" on pages 32–33 for explanations of each of the other items not allocated to segments.

	Six Months Ended June 30,
(In millions)	2017		2016
Capital Expenditures by Reportable Segment
North America	$	39.0	20.1
South America	15.3		7.3
Rest of World	10.1		12.4
Total reportable segments	64.4		39.8
Corporate items	5.5		2.7
Venezuela	1.2		2.5
Total	$	71.1	45.0
Depreciation and Amortization by Reportable Segment
Depreciation and amortization of property and equipment:
North America	$	33.6	33.6
South America	10.6		9.0
Rest of World	14.6		15.0
Total reportable segments	58.8		57.6
Corporate items	5.7		5.4
Venezuela	0.8		0.3
Reorganization and Restructuring	1.5		—
Depreciation and amortization of property and equipment	66.8		63.3
Amortization of intangible assets:
North America	0.1		—
South America	1.2		1.1
Rest of World	0.4		0.7
Amortization of intangible assets	1.7		1.8
Total	$	68.5	65.1

	June 30,		December 31,
(In millions)	2017		2016
Assets held by Reportable Segment
North America	$	726.1	629.4
South America	462.3		371.4
Rest of World	721.4		621.8
Total reportable segments	1,909.8		1,622.6
Corporate items	335.7		321.3
Venezuela	43.5		50.9
Total	$	2,289.0	1,994.8

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Retirement benefits

6 Months Ended

Jun. 30, 2017

Compensation and Retirement Disclosure [Abstract]

Retirement benefits

Retirement benefits

Pension plans

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

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

	U.S. Plans					Non-U.S. Plans				Total
(In millions)	2017			2016		2017		2016		2017		2016
Three months ended June 30,
Service cost	$	—		—		2.8		2.7		2.8		2.7
Interest cost on projected benefit obligation	8.8			9.3		4.3		3.1		13.1		12.4
Return on assets – expected	(13.3		)	(13.6	)	(2.4	)	(2.5	)	(15.7	)	(16.1	)
Amortization of losses	6.1			6.2		1.3		1.2		7.4		7.4
Amortization of prior service cost	—			—		0.2		0.2		0.2		0.2
Settlement loss	—			—		0.5		0.6		0.5		0.6
Net periodic pension cost	$	1.6		1.9		6.7		5.3		8.3		7.2
Six months ended June 30,
Service cost	$	—		—		5.7		5.5		5.7		5.5
Interest cost on projected benefit obligation	17.6			18.5		9.1		6.5		26.7		25.0
Return on assets – expected	(26.6		)	(27.3	)	(4.8	)	(4.8	)	(31.4	)	(32.1	)
Amortization of losses	12.4			12.3		2.6		2.4		15.0		14.7
Amortization of prior service cost	—			—		0.4		0.2		0.4		0.2
Settlement loss	—			—		0.8		1.4		0.8		1.4
Net periodic pension cost	$	3.4		3.5		13.8		11.2		17.2		14.7

We did not make cash contributions to the primary U.S. pension plan in 2016 or the first six months of 2017.  Based on current assumptions, as described in our Annual Report on Form 10-K for the year ended December 31, 2016, we do not expect to make any additional contributions to the primary U.S. pension plan until 2021.

Retirement benefits other than pensions

We provide retirement healthcare benefits for eligible current and former U.S., Canadian, and Brazilian employees.  Retirement benefits related to our former U.S. coal operation include medical benefits provided by the Pittston Coal Group Companies Employee Benefit Plan for 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)	2017			2016		2017	2016	2017		2016
Three months ended June 30,
Service cost	$	—		—		0.1	—	0.1		—
Interest cost on accumulated postretirement benefit obligations	4.7			4.8		0.8	0.7	5.5		5.5
Return on assets – expected	(4.1		)	(4.3	)	—	—	(4.1	)	(4.3	)
Amortization of losses	5.0			4.5		1.1	0.7	6.1		5.2
Amortization of prior service (credit) cost	(1.2		)	(1.2	)	0.3	0.4	(0.9	)	(0.8	)
Net periodic postretirement cost	$	4.4		3.8		2.3	1.8	6.7		5.6
Six months ended June 30,
Service cost	$	—		—		0.1	—	0.1		—
Interest cost on accumulated postretirement benefit obligations	9.1			9.4		1.5	1.3	10.6		10.7
Return on assets – expected	(8.3		)	(8.7	)	—	—	(8.3	)	(8.7	)
Amortization of losses	9.4			8.8		2.0	1.2	11.4		10.0
Amortization of prior service (credit) cost	(2.3		)	(2.3	)	0.8	0.9	(1.5	)	(1.4	)
Net periodic postretirement cost	$	7.9		7.2		4.4	3.4	12.3		10.6

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.

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Income taxes

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Income taxes

Income taxes

	Three Months Ended June 30,					Six Months Ended June 30,
	2017			2016		2017			2016
Continuing operations
Provision for income taxes (in millions)	$	17.3		14.5		$	31.7		23.9
Effective tax rate	56.0		%	81.0	%	36.9		%	89.2	%

2017 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first six months of 2017 was greater than the 35% U.S. statutory tax rate primarily due to the impact of Venezuela’s earnings and related tax expense, including the nondeductible expenses resulting from the currency devaluation, partially offset by the significant tax benefits related to the distribution of share-based payments.  The other items that cause the rate to be higher than the U.S. statutory rate 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.

2016 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first six months of 2016 was greater than the 35% U.S. statutory tax rate primarily due to the significant losses related to operations in the Republic of Ireland, for which no tax benefit can be recorded, and the nondeductible expenses resulting from the currency devaluation in Venezuela in the first six months.  The other items that cause the rate to be higher than the U.S. statutory rate include the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on undistributed earnings 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.

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Accumulated other comprehensive (loss)

6 Months Ended

Jun. 30, 2017

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

Accumulated other comprehensive (loss)

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 June 30, 2017
Amounts attributable to Brink's:
Benefit plan adjustments	$	(2.8	)	0.2		13.2		(4.5	)	6.1
Foreign currency translation adjustments	7.6			—		—		—		7.6
Unrealized gains (losses) on available-for-sale securities	0.7			(0.2	)	(0.2	)	0.1		0.4
Gains (losses) on cash flow hedges	—			—		(0.1	)	—		(0.1	)
	5.5			—		12.9		(4.4	)	14.0
Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.1		—		0.1
Foreign currency translation adjustments	(1.9		)	—		—		—		(1.9	)
	(1.9		)	—		0.1		—		(1.8	)
Total
Benefit plan adjustments(a)	(2.8		)	0.2		13.3		(4.5	)	6.2
Foreign currency translation adjustments	5.7			—		—		—		5.7
Unrealized gains (losses) on available-for-sale securities(b)	0.7			(0.2	)	(0.2	)	0.1		0.4
Gains (losses) on cash flow hedges(c)	—			—		(0.1	)	—		(0.1	)
	$	3.6		—		13.0		(4.4	)	12.2
Three months ended June 30, 2016
Amounts attributable to Brink's:
Benefit plan adjustments	$	(0.8	)	0.2		12.6		(4.5	)	7.5
Foreign currency translation adjustments	(3.5		)	—		—		—		(3.5	)
Unrealized gains (losses) on available-for-sale securities	0.3			(0.2	)	(0.5	)	0.2		(0.2	)
Gains (losses) on cash flow hedges	(1.2		)	0.4		1.1		(0.3	)	—
	(5.2		)	0.4		13.2		(4.6	)	3.8
Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.2		—		0.2
Foreign currency translation adjustments	—			—		—		—		—
	—			—		0.2		—		0.2
Total
Benefit plan adjustments(a)	(0.8		)	0.2		12.8		(4.5	)	7.7
Foreign currency translation adjustments	(3.5		)	—		—		—		(3.5	)
Unrealized gains (losses) on available-for-sale securities(b)	0.3			(0.2	)	(0.5	)	0.2		(0.2	)
Gains (losses) on cash flow hedges(c)	(1.2		)	0.4		1.1		(0.3	)	—
	$	(5.2	)	0.4		13.4		(4.6	)	4.0

	Amounts Arising During the Current Period					Amounts Reclassified to Net Income (Loss)
(In millions)	Pretax			Income Tax		Pretax		Income Tax		Total Other Comprehensive Income (Loss)
Six months ended June 30, 2017
Amounts attributable to Brink's:
Benefit plan adjustments	$	(4.3	)	0.4		25.8		(9.0	)	12.9
Foreign currency translation adjustments	33.9			—		—		—		33.9
Unrealized gains (losses) on available-for-sale securities	0.9			(0.3	)	(0.2	)	0.1		0.5
Gains (losses) on cash flow hedges	(0.2		)	—		0.1		—		(0.1	)
	30.3			0.1		25.7		(8.9	)	47.2
Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.3		—		0.3
Foreign currency translation adjustments	(1.0		)	—		—		—		(1.0	)
	(1.0		)	—		0.3		—		(0.7	)
Total
Benefit plan adjustments(a)	(4.3		)	0.4		26.1		(9.0	)	13.2
Foreign currency translation adjustments	32.9			—		—		—		32.9
Unrealized gains (losses) on available-for-sale securities(b)	0.9			(0.3	)	(0.2	)	0.1		0.5
Gains (losses) on cash flow hedges(c)	(0.2		)	—		0.1		—		(0.1	)
	$	29.3		0.1		26.0		(8.9	)	46.5
Six months ended June 30, 2016
Amounts attributable to Brink's:
Benefit plan adjustments	$	(1.9	)	0.5		24.9		(8.7	)	14.8
Foreign currency translation adjustments	13.6			—		—		—		13.6
Unrealized gains (losses) on available-for-sale securities	0.5			(0.2	)	(0.5	)	0.2		—
Gains (losses) on cash flow hedges	(2.2		)	0.5		1.8		(0.3	)	(0.2	)
	10.0			0.8		26.2		(8.8	)	28.2
Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.3		—		0.3
Foreign currency translation adjustments	0.7			—		—		—		0.7
	0.7			—		0.3		—		1.0
Total
Benefit plan adjustments(a)	(1.9		)	0.5		25.2		(8.7	)	15.1
Foreign currency translation adjustments	14.3			—		—		—		14.3
Unrealized gains (losses) on available-for-sale securities(b)	0.5			(0.2	)	(0.5	)	0.2		—
Gains (losses) on cash flow hedges(c)	(2.2		)	0.5		1.8		(0.3	)	(0.2	)
	$	10.7		0.8		26.5		(8.8	)	29.2

(a) The amortization of prior experience losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income.  Net periodic retirement benefit cost also includes service cost, interest cost, expected return on assets, and settlement losses.  Due to the adoption of ASU 2017-07 (see Note 1), 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 June 30,			Six Months Ended June 30,
(In millions)	2017		2016	2017		2016
Total net periodic retirement benefit cost included in:
Cost of revenues	$	2.4	2.1	$	4.7	4.4
Selling, general and administrative expenses	0.5		0.6	1.1		1.1
Interest and other income (expense)	12.1		10.1	23.7		19.8

(b) Gains and losses on sales of available-for-sale securities are reclassified from accumulated other comprehensive loss to the income statement when the gains or losses are realized.  Pretax amounts are classified in the income statement as interest and other income (expense).

(c) Pretax gains and losses on cash flow hedges are classified in the income statement as:

• other operating income (expense) ($0.2 million of gains in the three months ended June 30, 2017 and $0.8 million of losses in the three months ended June 30, 2016; as well as no gains or losses in the six months ended June 30, 2017 and $1.4 million of losses in the six months ended June 30, 2016)

• interest and other income (expense) ($0.1 million of losses in the three months ended June 30, 2017 and $0.1 million of losses in the three months ended June 30, 2016; as well as $0.1 million of losses in the six months ended June 30, 2017 and $0.2 million of losses in the six months ended June 30, 2016).

The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:

(In millions)	Benefit Plan Adjustments			Foreign Currency Translation Adjustments		Unrealized Gains (Losses) on Available-for-Sale Securities		Gains (Losses) on Cash Flow Hedges		Total
Balance as of December 31, 2016	$	(559.6	)	(349.1	)	1.0		0.7		(907.0	)
Other comprehensive income (loss) before reclassifications	(3.9		)	33.9		0.6		(0.2	)	30.4
Amounts reclassified from accumulated other comprehensive loss	16.8			—		(0.1	)	0.1		16.8
Other comprehensive income (loss) attributable to Brink's	12.9			33.9		0.5		(0.1	)	47.2
Balance as of June 30, 2017	$	(546.7	)	(315.2	)	1.5		0.6		(859.8	)

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Fair value of financial instruments

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Fair value of financial instruments

Fair value of financial instruments

Investments in Trading Securities and Available-for-sale Securities

We have investments in mutual funds designated as trading securities and as available-for-sale securities that are carried at fair value in the financial statements. For these investments, fair value was estimated based on quoted market prices 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)	June 30, 2017		December 31, 2016
Unsecured notes issued in a private placement
Carrying value	$	78.6	85.7
Fair value	80.9		88.2

The fair value estimate of our unsecured private-placement notes is based on the present value of future cash flows, discounted at rates for similar instruments at the respective measurement dates, which we have categorized as a Level 3 valuation.

Forward and Swap Contracts

We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies.  At June 30, 2017, the notional value of our shorter term outstanding foreign currency forward and swap contracts was $32.4 million, with average maturities of approximately one month.  These shorter term foreign currency forward and swap contracts primarily offset exposures in the British pound, the euro and the new Taiwan dollar and are not designated as hedges for accounting purposes. At June 30, 2017, the fair value of these shorter term foreign currency contracts was not significant.

In 2013, we entered into a longer term cross-currency swap to hedge against the change in value of a long-term intercompany loan denominated in Brazilian real.  This longer term contract is designated as a cash flow hedge for accounting purposes. At June 30, 2017, the notional value of this contract was $4.7 million with a remaining weighted-average maturity of 0.3 years.  At June 30, 2017, the fair value of this longer term swap contract was an asset of $1.9 million, which is included in prepaid expenses and other on the condensed consolidated balance sheet.

In the first quarter of 2016, we entered into two interest rate swaps with a total notional value of $40 million with a remaining weighted-average maturity of 2.0 years. These swaps were entered into to hedge cash flow risk associated with changes in variable interest rates and are designated as cash flow hedges for accounting purposes. At June 30, 2017, the fair value of these interest rates swaps was a net asset of $0.7 million, which is included in other assets on the condensed consolidated balance sheet.

The fair values of these forward and swap contracts are determined using Level 2 valuation techniques and are based on the present value of net future cash payments and receipts. 

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 six months of 2017.

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Debt

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt

Debt

	June 30,		December 31,
(In millions)	2017		2016
Debt:
Short-term borrowings
Uncommitted credit facilities	$	124.0	108.3
Restricted cash borrowings(a)	26.1		22.3
Other	25.6		32.2
Total short-term borrowings	$	175.7	162.8
Long-term debt
Bank credit facilities:
Revolving Facility	$	164.5	55.8
Private Placement Notes (b)	78.5		85.6
Term loan (c)	63.1		65.6
Multi-currency revolving facility	4.1		3.6
Other	10.2		2.8
Capital leases	79.0		67.0
Total long-term debt	$	399.4	280.4
Total debt	$	575.1	443.2
Included in:
Current liabilities	$	212.3	195.6
Noncurrent liabilities	362.8		247.6
Total debt	$	575.1	443.2

(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 10 for more details.

(b) Amounts outstanding are net of unamortized debt costs of $0.1 million as of June 30, 2017 and $0.1 million as of December 31, 2016.

(c) Amounts outstanding are net of unamortized debt costs of $0.1 million as of June 30, 2017 and $0.2 million as of December 31, 2016.

Short-Term Borrowings

Uncommitted Credit Facilities

In October 2016, we entered into a $100 million uncommitted credit facility. Borrowings under this facility have a maximum maturity of not more than 30 days. Interest on this facility is generally based on LIBOR plus a margin of 1.00%. As of June 30, 2017, $100 million was outstanding.

In February 2016, we entered into a $24 million uncommitted credit facility with an initial expiration date in February 2017. The facility was amended in February 2017, which extended the expiration date to February 2018. Interest on this facility is based on LIBOR plus a margin of 1.00%. As of June 30, 2017, $24 million was outstanding.

Long-Term Debt

Revolving Facility

We have a $525 million unsecured multi-currency revolving bank credit facility (the “Revolving Facility”) that matures in March 2020. The Revolving Facility’s interest rate is based on LIBOR plus a margin or an alternate base rate plus a margin. The Revolving Facility allows us to borrow funds or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility. As of June 30, 2017, $361 million was available under the Revolving Facility. Amounts outstanding under the Revolving Facility, as of June 30, 2017, were denominated primarily in U.S. dollars and to a lesser extent in euros.

The margin on LIBOR borrowings under the Revolving Facility, which can range from 1.0% to 1.70% depending on either our credit rating or leverage ratio as defined within the Revolving Facility, was 1.30% at June 30, 2017. The margin on alternate base rate borrowings under the Revolving Facility ranges from 0.0% to 0.70%. We also pay an annual facility fee on the Revolving Facility based on our credit rating or the leverage ratio. The facility fee can range from 0.125% to 0.30% and was 0.20% at June 30, 2017.

Private Placement Notes

As of June 30, 2017, we had $79 million principal amount of unsecured notes outstanding, which were issued through a private placement debt transaction (the “Notes”). The Notes comprise $29 million in series A notes with a fixed interest rate of 4.57% and $50 million in series B notes with a fixed interest rate of 5.20%. Annual principal payments under the series A notes began in January 2015 and continue through maturity. The series B notes are due in January 2021.

Term Loan

We entered into a $75 million unsecured term loan in March 2015. Interest on this loan is based on LIBOR plus a margin of 1.75%. Monthly principal payments began April 2015 and continue through to maturity, with the remaining balance of $34 million due in March 2022. As of June 30, 2017, the principal amount outstanding was $63 million.

Multi-currency Revolving and Other Facilities

As of June 30, 2017, we had one $20 million unsecured multi-currency revolving bank credit facility, of which $11 million was available. As of June 30, 2017, we had funded debt of $4 million and undrawn letters of credit and guarantees of $5 million issued under the multi-currency revolving bank credit facility, which expires in March 2019. Interest on this facility is based on LIBOR plus a margin, which ranges from 1.0% to 1.7%. We also have the ability to borrow from other banks, at the banks' discretion, under short-term uncommitted agreements. Various foreign subsidiaries maintain other lines of credit and overdraft facilities with a number of banks.

Letter of Credit Facilities

We have a $40 million uncommitted letter of credit facility that expires in May 2018. As of June 30, 2017, $5 million was utilized. We have two unsecured letter of credit facilities totaling $94 million, of which approximately $39 million was available at June 30, 2017. At June 30, 2017, we had undrawn letters of credit and guarantees of $55 million issued under these letter of credit facilities. A $40 million facility expires in December 2018 and a $54 million facility expires in December 2019. The Revolving Facility and the multi-currency revolving credit facilities are also used for issuance of letters of credit and bank guarantees.

The Revolving Facility, the Notes, the unsecured multi-currency revolving bank credit facility, the uncommitted credit facilities, the letter of credit facilities and the unsecured term loan contain certain subsidiary guarantees and various financial and other covenants. The financial covenants, among other things, limit our total indebtedness, restrict certain payments to shareholders, limit priority debt, limit asset sales, limit the use of proceeds from asset sales, provide for a maximum leverage ratio and provide for minimum coverage of interest costs. These agreements do not provide for the acceleration of payments should our credit rating be reduced. If we were not to comply with the terms of our various 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 June 30, 2017.

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Share-based compensation plans

6 Months Ended

Jun. 30, 2017

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

Share-based compensation plans

Share-based compensation plans

We have share-based compensation plans to attract and retain employees and nonemployee directors and to more closely align their interests with those of our shareholders.

We have 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 2013 Plan, although awards under the 2013 Plan and under the 2005 Plan 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 June 30, 2017, include performance share units, market 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.

In February 2016, the Compensation and Benefits Committee of the Board of Directors modified the terms of performance share units originally awarded or granted in 2013, 2014 and 2015 to reflect the impact of removing Venezuela operations from the Company’s segment results beginning in 2015. For each of the affected performance share units, consolidated results for 2015 and each subsequent year within the respective performance period was or will be adjusted to reflect Venezuela results at the amount originally projected in the applicable performance target.No incremental compensation cost associated with the modification has been recognized as the modified goal was and is expected to be more difficult to achieve and, in accordance with FASB ASC Topic 718, Compensation - Stock Compensation, we continue to recognize expense as calculated using the original performance goal.

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					Compensation Expense
	Three Months Ended June 30,					Six Months Ended June 30,
(in millions)	2017			2016		2017			2016
Performance Share Units	$	1.9		1.0		$	4.5		2.3
Market Share Units	—			—		0.1			0.2
Restricted Stock Units	1.2			0.9		2.4			2.0
Deferred Stock Units and fees paid in stock	0.3			0.1		0.5			0.3
Stock Options	0.6			0.1		1.0			0.1
Share-based payment expense	4.0			2.1		8.5			4.9
Income tax benefit	(1.5		)	(0.7	)	(3.1		)	(1.7	)
Share-based payment expense, net of tax	$	2.5		1.4		$	5.4		3.2

Performance-Based Stock Options

In 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 six months of 2017: 

	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2016	580.9	$	6.01
Granted	298.9	11.97
Forfeited	—	—
Exercised	—	—
Outstanding balance as of June 30, 2017	879.8	$	8.04

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 six months of 2017: 

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2016	296.5		$	27.84
Granted	98.8		52.56
Forfeited	(12.6	)	28.49
Vested	(93.2	)	27.62
Nonvested balance as of June 30, 2017	289.5		$	36.32

Performance Share Units ("PSUs”)

Prior to 2016, we granted PSUs that contained a performance condition, a market condition and a service condition. In 2017 and 2016, 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 2017, the performance period is from January 1, 2017 to December 31, 2019.

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 2017, the performance period is from January 1, 2017 to December 31, 2019.

The following table summarizes all PSU activity during the first six months of 2017:

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2016	603.2		$	28.02
Granted	217.1		53.75
Forfeited	(14.0	)	29.14
Vested(a)	(134.3	)	24.39
Nonvested balance as of June 30, 2017	672.0		$	37.04

(a) The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements or plan provisions, the actual shares earned and distributed for the performance period ended December 31, 2016 were 252.0.

Market Share Units ("MSUs”)

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

The following table summarizes all MSU activity during the first six months of 2017: 

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2016	141.7		$	27.02
Granted	—		—
Forfeited	—		—
Vested(a)	(67.5	)	23.34
Nonvested balance as of June 30, 2017	74.2		$	30.37

(a) The vested MSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements or plan provisions, the actual shares earned and distributed for the performance period ended December 31, 2016 were 81.8. No additional compensation expense was required to be recognized for the additional shares distributed, as the market condition was included in the $23.34 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.

Grants of DSUs 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.

The following table summarizes all DSU activity during the first six months of 2017:

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2016	29.7		$	29.41
Granted	12.7		60.80
Forfeited	(3.7	)	29.35
Vested	(26.0	)	29.42
Nonvested balance as of June 30, 2017	12.7		$	60.80

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Shares used to calculate earnings per share

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Shares used to calculate earnings per share

Shares used to calculate earnings per share

	Three Months   Ended June 30,		Six Months   Ended June 30,
(In millions)	2017	2016	2017	2016
Weighted-average shares:
Basic(a)	50.7	49.9	50.6	49.7
Effect of dilutive stock awards and options	0.9	0.4	0.9	—
Diluted	51.6	50.3	51.5	49.7
Antidilutive stock awards and options excluded from denominator	0.3	0.3	0.2	1.3

(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 and 0.3 million in the six months ended June 30, 2017, and 0.5 million in the three months and 0.5 million in the six months ended June 30, 2016.

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Supplemental cash flow information

6 Months Ended

Jun. 30, 2017

Supplemental Cash Flow Information [Abstract]

Supplemental cash flow information

Supplemental cash flow information

	Six Months   Ended June 30,
(In millions)	2017		2016
Cash paid for:
Interest	$	10.7	9.6
Income taxes, net	50.4		37.8

Non-cash Investing and Financing Activities

We acquired $23.0 million in armored vehicles under capital lease arrangements in the first six months of 2017 compared to $12.7 million in armored vehicles and other equipment acquired under capital lease arrangements in the first six months of 2016.

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 June 30, 2017, we held $87.7 million of restricted cash ($26.1 million represented short-term borrowings, $58.2 million represented restricted cash held for customers, and $3.4 million represented deposit liabilities). At December 31, 2016, we held $55.5 million of restricted cash ($22.3 million represented short-term borrowings and $33.2 million represented restricted cash held for customers).

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Contingent matters

6 Months Ended

Jun. 30, 2017

Commitments and Contingencies Disclosure [Abstract]

Contingent matters

Contingent matters

During the fourth quarter of 2015, we became aware of an investigation initiated by COFECE (the Mexican antitrust agency) related to potential anti-competitive practices among competitors in the cash logistics industry in Mexico (the industry in which Brink’s Mexican subsidiary, SERPAPROSA, is active). Because no legal proceedings have been initiated against SERPAPROSA, we cannot estimate the probability of loss or any range of estimate of possible loss at this time. It is possible that SERPAPROSA could become the subject of legal or administrative claims or proceedings, however, that could result in a loss that could be material to the Company’s results in a future period.

On March 21, 2016, The Bruce McDonald Holding Company, et al., filed a lawsuit in Circuit Court of Logan County, West Virginia against Addington, Inc. (“Addington”) and The Brink’s Company related to an Agreement of Lease dated September 19, 1978, between the Plaintiffs and Addington. Plaintiffs seek declaratory judgment and unspecified damages related to allegations that Addington failed to mine coal on the property leased from the Plaintiffs and failed to pay correct minimum royalties to the Plaintiffs. The Company denies the allegations asserted by the Plaintiffs, is vigorously defending itself in this matter, and has filed a counterclaim against the Plaintiffs related to Plaintiffs’ failure to consent to the assignment and subleasing the leasehold to others. Due to numerous uncertain and unresolved factors presented in this case, it is not possible to estimate a range of loss at this time and, accordingly, no accrual has been recorded in the Company’s financial statements.

In addition, we are involved in various other lawsuits and claims in the ordinary course of business. We are not able to estimate the loss or range of losses for some of these matters. We have recorded accruals for losses that are considered probable and reasonably estimable. Except as otherwise noted, we do not believe that the ultimate disposition of any of the lawsuits currently pending against the Company should have a material adverse effect on our liquidity, financial position or results of operations.

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Reorganization and Restructuring

6 Months Ended

Jun. 30, 2017

Restructuring and Related Activities [Abstract]

Reorganization and Restructuring

Reorganization and Restructuring

2016 Reorganization and Restructuring

In the fourth quarter of 2016, management implemented restructuring actions across our global business operations and our corporate functions. As a result of these actions, we recognized $18.1 million in related 2016 costs. We recognized an additional $8.0 million in the first six months of 2017 under this restructuring for additional costs related to severance, a benefit program termination and asset-related adjustments. Severance actions are expected to reduce our global workforce by 800 to 900 positions. We expect that the 2016 restructuring will result in $8 to $12 million in 2017 cost savings. We expect to incur additional costs between $14 and $18 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	Benefit Program Termination		Total
Balance as of January 1, 2017	$	—		7.0		0.6	—		7.6
Expense (benefit)	2.1			3.7		—	2.2		8.0
Payments and utilization	(2.1		)	(6.9	)	0.1	(1.9	)	(10.8	)
Foreign currency exchange effects	—			0.1		—	—		0.1
Balance as of June 30, 2017	$	—		3.9		0.7	0.3		4.9

Executive Leadership and Board of Directors Restructuring

In the fourth quarter of 2015, we recognized $1.8 million in costs related to the restructuring of executive leadership and the Board of Directors, which was announced in January 2016. We also recognized an additional $3.8 million in charges, primarily severance costs, in the first half of 2016.

2015 Reorganization and Restructuring

Brink's initiated a global restructuring of its business in the third quarter of 2015. We recognized $11.6 million in related 2015 costs related to employee severance, contract terminations, and property impairment. We recognized an additional $4.4 million in the first six months of 2016 related to this restructuring for additional severance costs and contract terminations. The 2015 Reorganization and Restructuring reduced the global workforce by approximately 1,100 positions and resulted in approximately $20 million in 2016 savings. The actions under this program were substantially completed by the end of 2016, with cumulative pretax charges of approximately $18 million.

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Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In July 2017, we acquired 100% of the capital stock of Maco Transportadora de Caudales S.A. ("Maco") for approximately $209 million, with the final purchase price subject to post-closing adjustments and foreign exchange translation. Maco offers cash-in-transit and money processing operations in Argentina and will be integrated with our existing Argentina business. Over the last 12 months, Maco generated revenue of approximately $90 million. The provisional purchase accounting for this acquisition has not yet been completed.

We also announced in July 2017 that we have signed an exclusive agreement to negotiate the purchase of the Temis group of companies ("Temis") in France for approximately $71 million, subject to post-closing adjustments and foreign exchange translation. Temis provides cash-in-transit, money processing and ATM services and has generated revenue of approximately $50 million over the last 12 months. The acquisition is subject to customary closing conditions and is expected to close in the fourth quarter of 2017.

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Basis of presentation (Policies)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Use of Estimates

We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these 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

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.  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 under the cost method or, if applicable, as available-for-sale securities.  All intercompany accounts and transactions have been eliminated in consolidation.

Foreign Currency Translation

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 an officially reported three-year cumulative inflation rate of more than 100% are considered highly inflationary.

Assets and liabilities of foreign subsidiaries in non-highly inflationary economies are translated into U.S. dollars using rates of exchange at the balance sheet date.  Translation adjustments are recorded in other comprehensive income (loss).  Revenues and expenses are translated at rates of exchange in effect during the year.  Transaction gains and losses are recorded in net income (loss).

Foreign subsidiaries that operate in highly inflationary countries use the U.S. dollar as their functional currency.  Local currency monetary assets and liabilities are remeasured into U.S. dollars using rates of exchange as of each balance sheet date, with remeasurement adjustments and other transaction gains and losses recognized in earnings.  Non-monetary assets and liabilities do not fluctuate with changes in local currency exchange rates to the dollar. 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.

New Accounting Standards

New Accounting Standards

In May 2014, the FASB issued ASU 2014-09, Revenue From Contracts with Customers, a new standard related to revenue recognition, which requires an entity to recognize an amount of revenue to which it expects to be entitled for the transfer of promised goods and services to customers. The new standard will replace most of the existing revenue recognition standards in U.S. GAAP. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of this new standard to January 1, 2018. Subsequently, the FASB has continued to refine the standard and has issued several amendments. The most likely effects of the new standard for us will be associated with variable consideration and capitalization of costs to obtain contracts, such as sales commissions. However, we do not expect a material impact on our future consolidated statements of operations or consolidated balance sheets. The new guidance will result in expanded disclosures regarding our various performance obligations, revenue disaggregation and contractual rights. We plan to use the modified retrospective method to adopt the new standard.

In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash, which requires entities to include restricted cash and restricted cash equivalent balances with cash and cash equivalent balances in the statement of cash flows. ASU 2016-18 will impact the presentation of our statement of cash flows, will be effective January 1, 2018, and requires using a retrospective transition method to adopt the standard.

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 March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which simplifies how certain features related to share-based payments are accounted for and presented in the financial statements. We elected to early adopt this ASU in the fourth quarter of 2016 and, per the requirements of the pronouncement, we applied the amendments to the beginning of 2016. Under ASU 2016-09, accounting changes adopted using the modified retrospective method must be calculated as of the beginning of 2016 and reported as a cumulative-effect adjustment. As a result, we recognized a $0.2 million cumulative-effect adjustment to January 1, 2016 retained earnings for previously unrecognized excess tax benefits. We have elected to continue our previous accounting policy of estimating forfeitures and, therefore, we did not recognize any cumulative-effect adjustment related to forfeitures. ASU 2016-09 requires that accounting changes adopted using the prospective method should be reported in the applicable interim periods of 2016. We did not have any material changes to previously reported interim financial information in 2016 as it relates to the recognition of excess tax benefits in the statement of operations or the classification of excess tax benefits in the statement of cash flows. In the first six months of 2017, the accounting under this ASU resulted in the recognition of $5.5 million in excess tax benefits.

In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires an entity to report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. We elected to early adopt this ASU in the first quarter of 2017 using the retrospective transition method for the periods presented. As a result, the condensed consolidated statements of operations have been updated to reflect this guidance.

The adoption of this ASU resulted in a change in certain previously reported amounts in the first half of 2016 condensed consolidated statement of operations. Cost of revenues decreased $16.5 million, selling, general and administrative expenses decreased $3.3 million and operating profit as well as interest and other income (expense) increased $19.8 million compared to previously reported first half of 2016 amounts. The early adoption of this ASU had no impact on the previously reported loss from continuing operations or net loss for the prior year periods.

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Segment information (Tables)

6 Months Ended

Jun. 30, 2017

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 June 30,			Three Months Ended June 30,
(In millions)	2017		2016	2017			2016
Reportable Segments:
North America	$	311.0	300.8	$	16.7		3.8
South America	204.6		170.1	35.7			21.3
Rest of World	244.0		245.6	25.1			27.5
Total reportable segments	759.6		716.5	77.5			52.6
Reconciling Items:
Corporate expenses:
General, administrative and other expenses	—		—	(18.3		)	(16.1	)
Foreign currency transaction gains (losses)	—		—	1.4			1.4
Reconciliation of segment policies to GAAP	—		—	(0.9		)	1.3
Other items not allocated to segments:
Venezuela operations	46.3		21.5	(4.5		)	1.6
Reorganization and Restructuring	—		—	(5.6		)	(2.1	)
Acquisitions and dispositions	—		1.5	(1.3		)	(6.5	)
Total	$	805.9	739.5	$	48.3		32.2

	Revenues			Operating Profit
	Six Months Ended June 30,			Six Months Ended June 30,
(In millions)	2017		2016	2017			2016
Reportable Segments:
North America	$	615.6	593.5	$	26.9		7.5
South America	406.8		327.1	74.4			45.0
Rest of World	477.5		484.8	50.4			45.9
Total reportable segments	1,499.9		1,405.4	151.7			98.4
Reconciling Items:
Corporate expenses:
General, administrative and other expenses	—		—	(37.5		)	(33.7	)
Foreign currency transaction gains (losses)	—		—	0.2			2.7
Reconciliation of segment policies to GAAP	—		—	(1.8		)	4.5
Other items not allocated to segments:
Venezuela operations	94.4		53.6	16.6			4.3
Reorganization and Restructuring	—		—	(9.7		)	(8.1	)
Acquisitions and dispositions	—		2.3	(0.3		)	(12.4	)
Total	$	1,594.3	1,461.3	$	119.2		55.7

Schedule of Capital Expenditures, Depreciation and Amortization by Segment

	Six Months Ended June 30,
(In millions)	2017		2016
Capital Expenditures by Reportable Segment
North America	$	39.0	20.1
South America	15.3		7.3
Rest of World	10.1		12.4
Total reportable segments	64.4		39.8
Corporate items	5.5		2.7
Venezuela	1.2		2.5
Total	$	71.1	45.0
Depreciation and Amortization by Reportable Segment
Depreciation and amortization of property and equipment:
North America	$	33.6	33.6
South America	10.6		9.0
Rest of World	14.6		15.0
Total reportable segments	58.8		57.6
Corporate items	5.7		5.4
Venezuela	0.8		0.3
Reorganization and Restructuring	1.5		—
Depreciation and amortization of property and equipment	66.8		63.3
Amortization of intangible assets:
North America	0.1		—
South America	1.2		1.1
Rest of World	0.4		0.7
Amortization of intangible assets	1.7		1.8
Total	$	68.5	65.1

Reconciliation of Assets from Segment to Consolidated

	June 30,		December 31,
(In millions)	2017		2016
Assets held by Reportable Segment
North America	$	726.1	629.4
South America	462.3		371.4
Rest of World	721.4		621.8
Total reportable segments	1,909.8		1,622.6
Corporate items	335.7		321.3
Venezuela	43.5		50.9
Total	$	2,289.0	1,994.8

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Retirement benefits (Tables)

6 Months Ended

Jun. 30, 2017

Compensation and Retirement Disclosure [Abstract]

Schedule of Net Benefit Costs

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

	U.S. Plans					Non-U.S. Plans				Total
(In millions)	2017			2016		2017		2016		2017		2016
Three months ended June 30,
Service cost	$	—		—		2.8		2.7		2.8		2.7
Interest cost on projected benefit obligation	8.8			9.3		4.3		3.1		13.1		12.4
Return on assets – expected	(13.3		)	(13.6	)	(2.4	)	(2.5	)	(15.7	)	(16.1	)
Amortization of losses	6.1			6.2		1.3		1.2		7.4		7.4
Amortization of prior service cost	—			—		0.2		0.2		0.2		0.2
Settlement loss	—			—		0.5		0.6		0.5		0.6
Net periodic pension cost	$	1.6		1.9		6.7		5.3		8.3		7.2
Six months ended June 30,
Service cost	$	—		—		5.7		5.5		5.7		5.5
Interest cost on projected benefit obligation	17.6			18.5		9.1		6.5		26.7		25.0
Return on assets – expected	(26.6		)	(27.3	)	(4.8	)	(4.8	)	(31.4	)	(32.1	)
Amortization of losses	12.4			12.3		2.6		2.4		15.0		14.7
Amortization of prior service cost	—			—		0.4		0.2		0.4		0.2
Settlement loss	—			—		0.8		1.4		0.8		1.4
Net periodic pension cost	$	3.4		3.5		13.8		11.2		17.2		14.7

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)	2017			2016		2017	2016	2017		2016
Three months ended June 30,
Service cost	$	—		—		0.1	—	0.1		—
Interest cost on accumulated postretirement benefit obligations	4.7			4.8		0.8	0.7	5.5		5.5
Return on assets – expected	(4.1		)	(4.3	)	—	—	(4.1	)	(4.3	)
Amortization of losses	5.0			4.5		1.1	0.7	6.1		5.2
Amortization of prior service (credit) cost	(1.2		)	(1.2	)	0.3	0.4	(0.9	)	(0.8	)
Net periodic postretirement cost	$	4.4		3.8		2.3	1.8	6.7		5.6
Six months ended June 30,
Service cost	$	—		—		0.1	—	0.1		—
Interest cost on accumulated postretirement benefit obligations	9.1			9.4		1.5	1.3	10.6		10.7
Return on assets – expected	(8.3		)	(8.7	)	—	—	(8.3	)	(8.7	)
Amortization of losses	9.4			8.8		2.0	1.2	11.4		10.0
Amortization of prior service (credit) cost	(2.3		)	(2.3	)	0.8	0.9	(1.5	)	(1.4	)
Net periodic postretirement cost	$	7.9		7.2		4.4	3.4	12.3		10.6

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Income taxes (Tables)

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

	Three Months Ended June 30,					Six Months Ended June 30,
	2017			2016		2017			2016
Continuing operations
Provision for income taxes (in millions)	$	17.3		14.5		$	31.7		23.9
Effective tax rate	56.0		%	81.0	%	36.9		%	89.2	%

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Accumulated other comprehensive (loss) (Tables)

6 Months Ended

Jun. 30, 2017

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 June 30, 2017
Amounts attributable to Brink's:
Benefit plan adjustments	$	(2.8	)	0.2		13.2		(4.5	)	6.1
Foreign currency translation adjustments	7.6			—		—		—		7.6
Unrealized gains (losses) on available-for-sale securities	0.7			(0.2	)	(0.2	)	0.1		0.4
Gains (losses) on cash flow hedges	—			—		(0.1	)	—		(0.1	)
	5.5			—		12.9		(4.4	)	14.0
Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.1		—		0.1
Foreign currency translation adjustments	(1.9		)	—		—		—		(1.9	)
	(1.9		)	—		0.1		—		(1.8	)
Total
Benefit plan adjustments(a)	(2.8		)	0.2		13.3		(4.5	)	6.2
Foreign currency translation adjustments	5.7			—		—		—		5.7
Unrealized gains (losses) on available-for-sale securities(b)	0.7			(0.2	)	(0.2	)	0.1		0.4
Gains (losses) on cash flow hedges(c)	—			—		(0.1	)	—		(0.1	)
	$	3.6		—		13.0		(4.4	)	12.2
Three months ended June 30, 2016
Amounts attributable to Brink's:
Benefit plan adjustments	$	(0.8	)	0.2		12.6		(4.5	)	7.5
Foreign currency translation adjustments	(3.5		)	—		—		—		(3.5	)
Unrealized gains (losses) on available-for-sale securities	0.3			(0.2	)	(0.5	)	0.2		(0.2	)
Gains (losses) on cash flow hedges	(1.2		)	0.4		1.1		(0.3	)	—
	(5.2		)	0.4		13.2		(4.6	)	3.8
Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.2		—		0.2
Foreign currency translation adjustments	—			—		—		—		—
	—			—		0.2		—		0.2
Total
Benefit plan adjustments(a)	(0.8		)	0.2		12.8		(4.5	)	7.7
Foreign currency translation adjustments	(3.5		)	—		—		—		(3.5	)
Unrealized gains (losses) on available-for-sale securities(b)	0.3			(0.2	)	(0.5	)	0.2		(0.2	)
Gains (losses) on cash flow hedges(c)	(1.2		)	0.4		1.1		(0.3	)	—
	$	(5.2	)	0.4		13.4		(4.6	)	4.0

	Amounts Arising During the Current Period					Amounts Reclassified to Net Income (Loss)
(In millions)	Pretax			Income Tax		Pretax		Income Tax		Total Other Comprehensive Income (Loss)
Six months ended June 30, 2017
Amounts attributable to Brink's:
Benefit plan adjustments	$	(4.3	)	0.4		25.8		(9.0	)	12.9
Foreign currency translation adjustments	33.9			—		—		—		33.9
Unrealized gains (losses) on available-for-sale securities	0.9			(0.3	)	(0.2	)	0.1		0.5
Gains (losses) on cash flow hedges	(0.2		)	—		0.1		—		(0.1	)
	30.3			0.1		25.7		(8.9	)	47.2
Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.3		—		0.3
Foreign currency translation adjustments	(1.0		)	—		—		—		(1.0	)
	(1.0		)	—		0.3		—		(0.7	)
Total
Benefit plan adjustments(a)	(4.3		)	0.4		26.1		(9.0	)	13.2
Foreign currency translation adjustments	32.9			—		—		—		32.9
Unrealized gains (losses) on available-for-sale securities(b)	0.9			(0.3	)	(0.2	)	0.1		0.5
Gains (losses) on cash flow hedges(c)	(0.2		)	—		0.1		—		(0.1	)
	$	29.3		0.1		26.0		(8.9	)	46.5
Six months ended June 30, 2016
Amounts attributable to Brink's:
Benefit plan adjustments	$	(1.9	)	0.5		24.9		(8.7	)	14.8
Foreign currency translation adjustments	13.6			—		—		—		13.6
Unrealized gains (losses) on available-for-sale securities	0.5			(0.2	)	(0.5	)	0.2		—
Gains (losses) on cash flow hedges	(2.2		)	0.5		1.8		(0.3	)	(0.2	)
	10.0			0.8		26.2		(8.8	)	28.2
Amounts attributable to noncontrolling interests:
Benefit plan adjustments	—			—		0.3		—		0.3
Foreign currency translation adjustments	0.7			—		—		—		0.7
	0.7			—		0.3		—		1.0
Total
Benefit plan adjustments(a)	(1.9		)	0.5		25.2		(8.7	)	15.1
Foreign currency translation adjustments	14.3			—		—		—		14.3
Unrealized gains (losses) on available-for-sale securities(b)	0.5			(0.2	)	(0.5	)	0.2		—
Gains (losses) on cash flow hedges(c)	(2.2		)	0.5		1.8		(0.3	)	(0.2	)
	$	10.7		0.8		26.5		(8.8	)	29.2

(a) The amortization of prior experience losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income.  Net periodic retirement benefit cost also includes service cost, interest cost, expected return on assets, and settlement losses.  Due to the adoption of ASU 2017-07 (see Note 1), 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 June 30,			Six Months Ended June 30,
(In millions)	2017		2016	2017		2016
Total net periodic retirement benefit cost included in:
Cost of revenues	$	2.4	2.1	$	4.7	4.4
Selling, general and administrative expenses	0.5		0.6	1.1		1.1
Interest and other income (expense)	12.1		10.1	23.7		19.8

(b) Gains and losses on sales of available-for-sale securities are reclassified from accumulated other comprehensive loss to the income statement when the gains or losses are realized.  Pretax amounts are classified in the income statement as interest and other income (expense).

(c) Pretax gains and losses on cash flow hedges are classified in the income statement as:

• other operating income (expense) ($0.2 million of gains in the three months ended June 30, 2017 and $0.8 million of losses in the three months ended June 30, 2016; as well as no gains or losses in the six months ended June 30, 2017 and $1.4 million of losses in the six months ended June 30, 2016)

• interest and other income (expense) ($0.1 million of losses in the three months ended June 30, 2017 and $0.1 million of losses in the three months ended June 30, 2016; as well as $0.1 million of losses in the six months ended June 30, 2017 and $0.2 million of losses in the six months ended June 30, 2016).

Reclassification out of Accumulated Other Comprehensive Income

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 June 30,			Six Months Ended June 30,
(In millions)	2017		2016	2017		2016
Total net periodic retirement benefit cost included in:
Cost of revenues	$	2.4	2.1	$	4.7	4.4
Selling, general and administrative expenses	0.5		0.6	1.1		1.1
Interest and other income (expense)	12.1		10.1	23.7		19.8

(b) Gains and losses on sales of available-for-sale securities are reclassified from accumulated other comprehensive loss to the income statement when the gains or losses are realized.  Pretax amounts are classified in the income statement as interest and other income (expense).

(c) Pretax gains and losses on cash flow hedges are classified in the income statement as:

• other operating income (expense) ($0.2 million of gains in the three months ended June 30, 2017 and $0.8 million of losses in the three months ended June 30, 2016; as well as no gains or losses in the six months ended June 30, 2017 and $1.4 million of losses in the six months ended June 30, 2016)

• interest and other income (expense) ($0.1 million of losses in the three months ended June 30, 2017 and $0.1 million of losses in the three months ended June 30, 2016; as well as $0.1 million of losses in the six months ended June 30, 2017 and $0.2 million of losses in the six months ended June 30, 2016).

Schedule of Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:

(In millions)	Benefit Plan Adjustments			Foreign Currency Translation Adjustments		Unrealized Gains (Losses) on Available-for-Sale Securities		Gains (Losses) on Cash Flow Hedges		Total
Balance as of December 31, 2016	$	(559.6	)	(349.1	)	1.0		0.7		(907.0	)
Other comprehensive income (loss) before reclassifications	(3.9		)	33.9		0.6		(0.2	)	30.4
Amounts reclassified from accumulated other comprehensive loss	16.8			—		(0.1	)	0.1		16.8
Other comprehensive income (loss) attributable to Brink's	12.9			33.9		0.5		(0.1	)	47.2
Balance as of June 30, 2017	$	(546.7	)	(315.2	)	1.5		0.6		(859.8	)

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Fair value of financial instruments Fair value of financial instruments (Tables)

6 Months Ended

Jun. 30, 2017

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)	June 30, 2017		December 31, 2016
Unsecured notes issued in a private placement
Carrying value	$	78.6	85.7
Fair value	80.9		88.2

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Debt (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt

	June 30,		December 31,
(In millions)	2017		2016
Debt:
Short-term borrowings
Uncommitted credit facilities	$	124.0	108.3
Restricted cash borrowings(a)	26.1		22.3
Other	25.6		32.2
Total short-term borrowings	$	175.7	162.8
Long-term debt
Bank credit facilities:
Revolving Facility	$	164.5	55.8
Private Placement Notes (b)	78.5		85.6
Term loan (c)	63.1		65.6
Multi-currency revolving facility	4.1		3.6
Other	10.2		2.8
Capital leases	79.0		67.0
Total long-term debt	$	399.4	280.4
Total debt	$	575.1	443.2
Included in:
Current liabilities	$	212.3	195.6
Noncurrent liabilities	362.8		247.6
Total debt	$	575.1	443.2

(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 10 for more details.

(b) Amounts outstanding are net of unamortized debt costs of $0.1 million as of June 30, 2017 and $0.1 million as of December 31, 2016.

(c) Amounts outstanding are net of unamortized debt costs of $0.1 million as of June 30, 2017 and $0.2 million as of December 31, 2016.

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Share-based compensation plans (Tables)

6 Months Ended

Jun. 30, 2017

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

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The following table summarizes all MSU activity during the first six months of 2017: 

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2016	141.7		$	27.02
Granted	—		—
Forfeited	—		—
Vested(a)	(67.5	)	23.34
Nonvested balance as of June 30, 2017	74.2		$	30.37

(a) The vested MSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements or plan provisions, the actual shares earned and distributed for the performance period ended December 31, 2016 were 81.8. No additional compensation expense was required to be recognized for the additional shares distributed, as the market condition was included in the $23.34 grant date fair value.

The following table summarizes all DSU activity during the first six months of 2017:

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2016	29.7		$	29.41
Granted	12.7		60.80
Forfeited	(3.7	)	29.35
Vested	(26.0	)	29.42
Nonvested balance as of June 30, 2017	12.7		$	60.80

The following table summarizes all PSU activity during the first six months of 2017:

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2016	603.2		$	28.02
Granted	217.1		53.75
Forfeited	(14.0	)	29.14
Vested(a)	(134.3	)	24.39
Nonvested balance as of June 30, 2017	672.0		$	37.04

(a) The vested PSUs presented are based on the target amount of the award. In accordance with the terms of the underlying award agreements or plan provisions, the actual shares earned and distributed for the performance period ended December 31, 2016 were 252.0

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					Compensation Expense
	Three Months Ended June 30,					Six Months Ended June 30,
(in millions)	2017			2016		2017			2016
Performance Share Units	$	1.9		1.0		$	4.5		2.3
Market Share Units	—			—		0.1			0.2
Restricted Stock Units	1.2			0.9		2.4			2.0
Deferred Stock Units and fees paid in stock	0.3			0.1		0.5			0.3
Stock Options	0.6			0.1		1.0			0.1
Share-based payment expense	4.0			2.1		8.5			4.9
Income tax benefit	(1.5		)	(0.7	)	(3.1		)	(1.7	)
Share-based payment expense, net of tax	$	2.5		1.4		$	5.4		3.2

The following table summarizes RSU activity during the first six months of 2017: 

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2016	296.5		$	27.84
Granted	98.8		52.56
Forfeited	(12.6	)	28.49
Vested	(93.2	)	27.62
Nonvested balance as of June 30, 2017	289.5		$	36.32

Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes performance-based stock option activity during the first six months of 2017: 

	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2016	580.9	$	6.01
Granted	298.9	11.97
Forfeited	—	—
Exercised	—	—
Outstanding balance as of June 30, 2017	879.8	$	8.04

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Shares used to calculate earnings per share (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares

	Three Months   Ended June 30,		Six Months   Ended June 30,
(In millions)	2017	2016	2017	2016
Weighted-average shares:
Basic(a)	50.7	49.9	50.6	49.7
Effect of dilutive stock awards and options	0.9	0.4	0.9	—
Diluted	51.6	50.3	51.5	49.7
Antidilutive stock awards and options excluded from denominator	0.3	0.3	0.2	1.3

(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 and 0.3 million in the six months ended June 30, 2017, and 0.5 million in the three months and 0.5 million in the six months ended June 30, 2016.

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Supplemental cash flow information (Tables)

6 Months Ended

Jun. 30, 2017

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

	Six Months   Ended June 30,
(In millions)	2017		2016
Cash paid for:
Interest	$	10.7	9.6
Income taxes, net	50.4		37.8

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Reorganization and Restructuring (Tables)

6 Months Ended

Jun. 30, 2017

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

The following table summarizes the costs incurred, payments and utilization, and foreign currency exchange effects of the 2016 Reorganization and Restructuring:

(In millions)	Asset Related Adjustments			Severance Costs		Lease Terminations	Benefit Program Termination		Total
Balance as of January 1, 2017	$	—		7.0		0.6	—		7.6
Expense (benefit)	2.1			3.7		—	2.2		8.0
Payments and utilization	(2.1		)	(6.9	)	0.1	(1.9	)	(10.8	)
Foreign currency exchange effects	—			0.1		—	—		0.1
Balance as of June 30, 2017	$	—		3.9		0.7	0.3		4.9

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Basis of presentation (Details) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2017 USD ($) ARS / $ VEF / $	Dec. 31, 2016 USD ($) segment	Jun. 30, 2016 USD ($) VEF / $	Jun. 30, 2017 USD ($) segment ARS / $ VEF / $	Jun. 30, 2016 USD ($) VEF / $	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) VEF / $
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating segments | segment			9		3
Cash and cash equivalents		$ 207.1	$ 183.5	$ 169.6	$ 207.1	$ 169.6		$ 181.9
Accumulated other comprehensive losses related to Venezuela		859.8	907.0		859.8
Aggregate purchase price					65.0	0.0
Cumulative Effect of New Accounting Principle in Period of Adoption	[1]						$ 0.2
Cost of revenues		(628.9)		(596.1)	(1,239.2)	(1,185.0)
Selling, general and administrative expenses		(122.8)		(105.0)	(229.9)	(213.7)
Operating Profit		48.3		32.2	119.2	55.7
Interest and other income (expense)		$ (11.4)		$ (9.4)	$ (22.6)	$ (19.1)
Venezuela
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Remeasurement rate | VEF / $		2,640		628	2,640	628		199
Rate decrease percent		76.00%			76.00%
Income (loss) attributable to noncontrolling interest					$ 0.9	$ 2.6
Argentina
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Official exchange rate | ARS / $		16.6			16.6
Venezuelan bolívar fuerte | Venezuela
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net remeasurement loss					$ 8.4	$ 4.6
Investment in Venezuela operations		$ 20.1	19.2		20.1
Nonmonetary assets		20.1	17.6		20.1
Net monetary assets		2.7	1.4		2.7
Cash and cash equivalents		5.2	6.8		5.2
Accumulated other comprehensive losses related to Venezuela		114.2	114.7		114.2
Argentine pesos | Argentina
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash and cash equivalents		28.7			28.7
Venezuela Investment | Venezuela
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net payables to other Brink's affiliates		$ 2.5	$ 6.1		2.5
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption	[1]						0.2
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-09, Excess Tax Benefit Component
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefit					5.5
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-09, Excess Tax Benefit Component | Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect of New Accounting Principle in Period of Adoption							$ 0.2
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2017-07
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of revenues					16.5
Selling, general and administrative expenses					3.3
Operating Profit					19.8
Interest and other income (expense)					$ 19.8

[1] We elected to early adopt the provisions of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, in the fourth quarter of 2016 resulting in a cumulative effect adjustment to Retained Earnings for previously unrecognized excess tax benefits. See Note 1 for further discussion of the impacts of this standard.

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Segment information - Narrative (Details) - segment	3 Months Ended	6 Months Ended
	Dec. 31, 2016	Jun. 30, 2017
Segment Reporting [Abstract]
Number of operating segments	9	3

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Segment information - Revenue And Operating Profits (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Revenues	$ 805.9	$ 739.5	$ 1,594.3	$ 1,461.3
Operating Profit	48.3	32.2	119.2	55.7
Reportable segments
Segment Reporting Information [Line Items]
Revenues	759.6	716.5	1,499.9	1,405.4
Operating Profit	77.5	52.6	151.7	98.4
Corporate expenses
Segment Reporting Information [Line Items]
General, administrative and other expenses	(18.3)	(16.1)	(37.5)	(33.7)
Foreign currency transaction gains (losses)	1.4	1.4	0.2	2.7
Reconciliation of segment policies to GAAP	(0.9)	1.3	(1.8)	4.5
Other items not allocated to segments
Segment Reporting Information [Line Items]
Acquisitions and dispositions, Revenues	0.0	1.5	0.0	2.3
Reorganization and Restructuring	(5.6)	(2.1)	(9.7)	(8.1)
Acquisitions and dispositions, Operating profit	(1.3)	(6.5)	(0.3)	(12.4)
Other items not allocated to segments | Venezuela operations
Segment Reporting Information [Line Items]
Revenues	46.3	21.5	94.4	53.6
Operating Profit	(4.5)	1.6	16.6	4.3
North America | Reportable segments
Segment Reporting Information [Line Items]
Revenues	311.0	300.8	615.6	593.5
Operating Profit	16.7	3.8	26.9	7.5
South America | Reportable segments
Segment Reporting Information [Line Items]
Revenues	204.6	170.1	406.8	327.1
Operating Profit	35.7	21.3	74.4	45.0
Rest of World | Reportable segments
Segment Reporting Information [Line Items]
Revenues	244.0	245.6	477.5	484.8
Operating Profit	$ 25.1	$ 27.5	$ 50.4	$ 45.9

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Segment information Segment information - Capital Expenditures, Depreciation, Amortization (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment	$ 71.1	$ 45.0
Depreciation and Amortization by Business Segment	66.8	63.3
Amortization of Intangible Assets:	1.7	1.8
Total	68.5	65.1
Reportable segments
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment	64.4	39.8
Depreciation and Amortization by Business Segment	58.8	57.6
Reportable segments | North America
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment	39.0	20.1
Depreciation and Amortization by Business Segment	33.6	33.6
Amortization of Intangible Assets:	0.1	0.0
Reportable segments | South America
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment	15.3	7.3
Depreciation and Amortization by Business Segment	10.6	9.0
Amortization of Intangible Assets:	1.2	1.1
Reportable segments | Rest of World
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment	10.1	12.4
Depreciation and Amortization by Business Segment	14.6	15.0
Amortization of Intangible Assets:	0.4	0.7
Corporate expenses
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment	5.5	2.7
Depreciation and Amortization by Business Segment	5.7	5.4
Venezuela | Other items not allocated to segments
Segment Reporting Information [Line Items]
Capital Expenditures by Business Segment	1.2	2.5
Depreciation and Amortization by Business Segment	0.8	0.3
Reorganization and Restructuring 2016 | Other items not allocated to segments
Segment Reporting Information [Line Items]
Depreciation and Amortization by Business Segment	$ 1.5	$ 0.0

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Segment information Segment information - Assets by Segment (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Assets held by Segment	$ 2,289.0	$ 1,994.8
Reportable segments
Segment Reporting Information [Line Items]
Assets held by Segment	1,909.8	1,622.6
Reportable segments | North America
Segment Reporting Information [Line Items]
Assets held by Segment	726.1	629.4
Reportable segments | South America
Segment Reporting Information [Line Items]
Assets held by Segment	462.3	371.4
Reportable segments | Rest of World
Segment Reporting Information [Line Items]
Assets held by Segment	721.4	621.8
Corporate expenses
Segment Reporting Information [Line Items]
Assets held by Segment	335.7	321.3
Venezuela | Other items not allocated to segments
Segment Reporting Information [Line Items]
Assets held by Segment	$ 43.5	$ 50.9

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Retirement benefits - Retirement Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.8	$ 2.7	$ 5.7	$ 5.5
Interest cost on projected benefit obligation	13.1	12.4	26.7	25.0
Return on assets – expected	(15.7)	(16.1)	(31.4)	(32.1)
Amortization of losses	7.4	7.4	15.0	14.7
Amortization of prior service cost	0.2	0.2	0.4	0.2
Settlement loss	0.5	0.6	0.8	1.4
Net periodic pension cost	8.3	7.2	17.2	14.7
U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.0	0.0	0.0	0.0
Interest cost on projected benefit obligation	8.8	9.3	17.6	18.5
Return on assets – expected	(13.3)	(13.6)	(26.6)	(27.3)
Amortization of losses	6.1	6.2	12.4	12.3
Amortization of prior service cost	0.0	0.0	0.0	0.0
Settlement loss	0.0	0.0	0.0	0.0
Net periodic pension cost	1.6	1.9	3.4	3.5
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	2.8	2.7	5.7	5.5
Interest cost on projected benefit obligation	4.3	3.1	9.1	6.5
Return on assets – expected	(2.4)	(2.5)	(4.8)	(4.8)
Amortization of losses	1.3	1.2	2.6	2.4
Amortization of prior service cost	0.2	0.2	0.4	0.2
Settlement loss	0.5	0.6	0.8	1.4
Net periodic pension cost	6.7	5.3	13.8	11.2
Other Postretirement Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.0	0.1	0.0
Interest cost on projected benefit obligation	5.5	5.5	10.6	10.7
Return on assets – expected	(4.1)	(4.3)	(8.3)	(8.7)
Amortization of losses	6.1	5.2	11.4	10.0
Amortization of prior service cost	(0.9)	(0.8)	(1.5)	(1.4)
Net periodic pension cost	6.7	5.6	12.3	10.6
UMWA Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost			0.0	0.0
Interest cost on projected benefit obligation	4.7	4.8	9.1	9.4
Return on assets – expected	(4.1)	(4.3)	(8.3)	(8.7)
Amortization of losses	5.0	4.5	9.4	8.8
Amortization of prior service cost	(1.2)	(1.2)	(2.3)	(2.3)
Net periodic pension cost	4.4	3.8	7.9	7.2
Black Lung and Other Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.0	0.1	0.0
Interest cost on projected benefit obligation	0.8	0.7	1.5	1.3
Return on assets – expected	0.0	0.0	0.0	0.0
Amortization of losses	1.1	0.7	2.0	1.2
Amortization of prior service cost	0.3	0.4	0.8	0.9
Net periodic pension cost	$ 2.3	$ 1.8	$ 4.4	$ 3.4

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Income taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Provision for income taxes (in millions)	$ 17.3	$ 14.5	$ 31.7	$ 23.9
Effective tax rate	56.00%	81.00%	36.90%	89.20%

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Income Taxes - Narrative (Details)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
U.S. statutory tax rate	35.00%	35.00%

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Accumulated other comprehensive (loss) - Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	$ 3.6	$ (5.2)	$ 29.3	$ 10.7
Amounts Arising During the Current Period, Income Tax	0.0	0.4	0.1	0.8
Amounts Reclassified to Net Income (Loss), Pretax	13.0	13.4	26.0	26.5
Amounts Reclassified to Net Income (Loss), Income Tax	(4.4)	(4.6)	(8.9)	(8.8)
Other comprehensive income	12.2	4.0	46.5	29.2
Cost of revenues	628.9	596.1	1,239.2	1,185.0
Selling, general and administrative expenses	122.8	105.0	229.9	213.7
Interest and other income (expense)	(11.4)	(9.4)	(22.6)	(19.1)
Other operating income (expense)	5.9	6.2	6.0	6.9
Benefit plan adjustments, Attributable to parent
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(2.8)	(0.8)	(4.3)	(1.9)
Amounts Arising During the Current Period, Income Tax	0.2	0.2	0.4	0.5
Amounts Reclassified to Net Income (Loss), Pretax	13.2	12.6	25.8	24.9
Amounts Reclassified to Net Income (Loss), Income Tax	(4.5)	(4.5)	(9.0)	(8.7)
Other comprehensive income	6.1	7.5	12.9	14.8
Foreign currency translation adjustments, Attributable to parent
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	7.6	(3.5)	33.9	13.6
Amounts Arising During the Current Period, Income Tax	0.0	0.0	0.0	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.0	0.0	0.0	0.0
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0	0.0	0.0
Other comprehensive income	7.6	(3.5)	33.9	13.6
Unrealized gains (losses) on available-for-sale securities, Attributable to parent
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	0.7	0.3	0.9	0.5
Amounts Arising During the Current Period, Income Tax	(0.2)	(0.2)	(0.3)	(0.2)
Amounts Reclassified to Net Income (Loss), Pretax	(0.2)	(0.5)	(0.2)	(0.5)
Amounts Reclassified to Net Income (Loss), Income Tax	0.1	0.2	0.1	0.2
Other comprehensive income	0.4	(0.2)	0.5	0.0
Gains (losses) on cash flow hedges, Attributable to parent
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	0.0	(1.2)	(0.2)	(2.2)
Amounts Arising During the Current Period, Income Tax	0.0	0.4	0.0	0.5
Amounts Reclassified to Net Income (Loss), Pretax	(0.1)	1.1	0.1	1.8
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	(0.3)	0.0	(0.3)
Other comprehensive income	(0.1)	0.0	(0.1)	(0.2)
Gains (losses) on cash flow hedges, Attributable to parent | Reclassification out of accumulated other comprehensive income
Other Comprehensive Income Loss [Line Items]
Interest and other income (expense)	(0.1)	(0.1)	(0.1)	(0.2)
Other operating income (expense)	(0.2)	0.8	0.0	1.4
AOCI Attributable to Parent
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	5.5	(5.2)	30.3	10.0
Amounts Arising During the Current Period, Income Tax	0.0	0.4	0.1	0.8
Amounts Reclassified to Net Income (Loss), Pretax	12.9	13.2	25.7	26.2
Amounts Reclassified to Net Income (Loss), Income Tax	(4.4)	(4.6)	(8.9)	(8.8)
Other comprehensive income	14.0	3.8	47.2	28.2
Benefit plan adjustments, Attributable to noncontrolling interest
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	0.0	0.0	0.0	0.0
Amounts Arising During the Current Period, Income Tax	0.0	0.0	0.0	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.1	0.2	0.3	0.3
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0	0.0	0.0
Other comprehensive income	0.1	0.2	0.3	0.3
Foreign currency translation adjustments, Attributable to noncontrolling interest
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(1.9)	0.0	(1.0)	0.7
Amounts Arising During the Current Period, Income Tax	0.0	0.0	0.0	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.0	0.0	0.0	0.0
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0	0.0	0.0
Other comprehensive income	(1.9)	0.0	(1.0)	0.7
AOCI Attributable to Noncontrolling Interest
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(1.9)	0.0	(1.0)	0.7
Amounts Arising During the Current Period, Income Tax	0.0	0.0	0.0	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.1	0.2	0.3	0.3
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0	0.0	0.0
Other comprehensive income	(1.8)	0.2	(0.7)	1.0
Benefit plan adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	(2.8)	(0.8)	(4.3)	(1.9)
Amounts Arising During the Current Period, Income Tax	0.2	0.2	0.4	0.5
Amounts Reclassified to Net Income (Loss), Pretax	13.3	12.8	26.1	25.2
Amounts Reclassified to Net Income (Loss), Income Tax	(4.5)	(4.5)	(9.0)	(8.7)
Other comprehensive income	6.2	7.7	13.2	15.1
Benefit plan adjustments | Reclassification out of accumulated other comprehensive income
Other Comprehensive Income Loss [Line Items]
Cost of revenues	2.4	2.1	4.7	4.4
Selling, general and administrative expenses	0.5	0.6	1.1	1.1
Interest and other income (expense)	12.1	10.1	23.7	19.8
Foreign currency translation adjustments
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	5.7	(3.5)	32.9	14.3
Amounts Arising During the Current Period, Income Tax	0.0	0.0	0.0	0.0
Amounts Reclassified to Net Income (Loss), Pretax	0.0	0.0	0.0	0.0
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	0.0	0.0	0.0
Other comprehensive income	5.7	(3.5)	32.9	14.3
Unrealized gains (losses) on available-for-sale securities(b)
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	0.7	0.3	0.9	0.5
Amounts Arising During the Current Period, Income Tax	(0.2)	(0.2)	(0.3)	(0.2)
Amounts Reclassified to Net Income (Loss), Pretax	(0.2)	(0.5)	(0.2)	(0.5)
Amounts Reclassified to Net Income (Loss), Income Tax	0.1	0.2	0.1	0.2
Other comprehensive income	0.4	(0.2)	0.5	0.0
Gains (losses) on cash flow hedges(c)
Other Comprehensive Income Loss [Line Items]
Amounts Arising During the Current Period, Pretax	0.0	(1.2)	(0.2)	(2.2)
Amounts Arising During the Current Period, Income Tax	0.0	0.4	0.0	0.5
Amounts Reclassified to Net Income (Loss), Pretax	(0.1)	1.1	0.1	1.8
Amounts Reclassified to Net Income (Loss), Income Tax	0.0	(0.3)	0.0	(0.3)
Other comprehensive income	$ (0.1)	$ 0.0	$ (0.1)	$ (0.2)

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Accumulated Other Comprehensive Income (Loss) - Reclasses Out Of AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance			$ 354.8	$ 330.6
Other comprehensive income	$ 12.2	$ 4.0	46.5	29.2
Ending balance	442.8	358.3	442.8	358.3
Benefit Plan Adjustments
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance			(559.6)
Other comprehensive income (loss) before reclassifications			(3.9)
Amounts reclassified from accumulated other comprehensive loss			16.8
Other comprehensive income	6.1	7.5	12.9	14.8
Ending balance	(546.7)		(546.7)
Foreign Currency Translation Adjustments
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance			(349.1)
Other comprehensive income (loss) before reclassifications			33.9
Amounts reclassified from accumulated other comprehensive loss			0.0
Other comprehensive income	7.6	(3.5)	33.9	13.6
Ending balance	(315.2)		(315.2)
Unrealized Gains (Losses) on Available-for-Sale Securities
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance			1.0
Other comprehensive income (loss) before reclassifications			0.6
Amounts reclassified from accumulated other comprehensive loss			(0.1)
Other comprehensive income	0.4	(0.2)	0.5	0.0
Ending balance	1.5		1.5
Gains (Losses) on Cash Flow Hedges
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance			0.7
Other comprehensive income (loss) before reclassifications			(0.2)
Amounts reclassified from accumulated other comprehensive loss			0.1
Other comprehensive income	(0.1)	0.0	(0.1)	(0.2)
Ending balance	0.6		0.6
Accumulated Other Comprehensive Loss
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Beginning balance			(907.0)	(891.9)
Other comprehensive income (loss) before reclassifications			30.4
Amounts reclassified from accumulated other comprehensive loss			16.8
Other comprehensive income	14.0	3.8	47.2	28.2
Ending balance	$ (859.8)	$ (863.7)	$ (859.8)	$ (863.7)

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Fair value of financial instruments Fair value of financial instruments (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017 USD ($)	Dec. 31, 2016 USD ($)	Mar. 31, 2016 USD ($) derivative_instrument
Fixed-Rate Debt | Unsecured notes issued in a private placement
Debt Instrument [Line Items]
Carrying value	$ 78.6	$ 85.7
Fair Value, Inputs, Level 3 | Fixed-Rate Debt | Unsecured notes issued in a private placement
Debt Instrument [Line Items]
Fair value	80.9	$ 88.2
Not Designated as Hedging Instrument | Foreign Exchange Contract
Debt Instrument [Line Items]
Notional value	$ 32.4
Weighted average maturity	1 month
Designated as Hedging Instrument | Cross currency swap
Debt Instrument [Line Items]
Notional value	$ 4.7
Weighted average maturity	3 months 18 days
Designated as Hedging Instrument | Interest Rate Swap
Debt Instrument [Line Items]
Notional value			$ 40.0
Weighted average maturity	2 years 15 days
Number of interest rate swaps | derivative_instrument			2
Prepaid Expenses and Other Current Assets | Designated as Hedging Instrument | Cross currency swap | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Fair value of contract	$ 1.9
Other Assets | Designated as Hedging Instrument | Interest Rate Swap | Fair Value, Inputs, Level 2
Debt Instrument [Line Items]
Fair Value of swap, net	$ 0.7

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Debt (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Debt Instrument [Line Items]
Short-term borrowings	$ 175.7	$ 162.8
Long-term debt
Capital Leases	23.0		$ 12.7
Total long-term debt	399.4	280.4
Total Debt	575.1	443.2
Long-term Debt by Current and Noncurrent [Abstract]
Current liabilities	212.3	195.6
Noncurrent liabilities	362.8	247.6
Revolving Facility
Long-term debt
Debt	164.5	55.8
Private Placement Notes
Long-term debt
Debt	78.5	85.6
Unamortized debt costs	0.1	0.1
Term Loan
Long-term debt
Term Loan	63.1	65.6
Unamortized debt costs	0.1	0.2
Multi-currency revolving facility
Long-term debt
Debt	4.1	3.6
Other Non-US Dollar-denominated Facilities
Long-term debt
Debt	10.2	2.8
Capital leases
Long-term debt
Capital Leases	79.0	67.0
Uncommitted credit facilities
Debt Instrument [Line Items]
Short-term borrowings	124.0	108.3
Restricted Cash Borrowings
Debt Instrument [Line Items]
Short-term borrowings	26.1	22.3
Other
Debt Instrument [Line Items]
Short-term borrowings	$ 25.6	$ 32.2

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Debt - Narrative (Details) - USD ($)	1 Months Ended			6 Months Ended	12 Months Ended
	Oct. 31, 2016	Feb. 29, 2016	Mar. 31, 2015	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Short-term borrowings				$ 175,700,000	$ 162,800,000
Letter of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity				40,000,000
Letters of Credit Guarantees				5,000,000
Two Unsecured Letter Of Credit Facilities | Letter of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity				94,000,000
Available capacity amount				39,000,000
Letters of Credit Guarantees				55,000,000
Forty Million Unsecured Letter Of Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity				40,000,000
Fifty Four Million Unsecured Letter Of Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Maximum Borrowing Capacity				54,000,000
Revolving Facility
Debt Instrument [Line Items]
Maximum Borrowing Capacity				525,000,000
Amount available				$ 361,000,000
Facility Fee Percentage				0.20%
Debt				$ 164,500,000	55,800,000
Revolving Facility | Minimum
Debt Instrument [Line Items]
Facility Fee Percentage				0.125%
Revolving Facility | Maximum
Debt Instrument [Line Items]
Facility Fee Percentage				0.30%
Private Placement Notes
Debt Instrument [Line Items]
Principal				$ 78,500,000.0
Debt				78,500,000	85,600,000
Private Placement Notes | Private Placement Notes Series A
Debt Instrument [Line Items]
Principal				$ 29,000,000
Fixed interest rate				4.57%
Private Placement Notes | Private Placement Notes Series B
Debt Instrument [Line Items]
Principal				$ 50,000,000
Fixed interest rate				5.20%
Term Loan
Debt Instrument [Line Items]
Term Loan - Amount Borrowed			$ 75,000,000
Remaining balance			$ 34,000,000
Term Loan - Amount Outstanding				$ 63,100,000	65,600,000
Multi-currency revolving facility
Debt Instrument [Line Items]
Maximum Borrowing Capacity				20,000,000
Debt				4,100,000	$ 3,600,000
Available capacity amount				11,000,000
Multi-currency revolving facility | Letter of Credit
Debt Instrument [Line Items]
Letters of Credit Guarantees				$ 5,000,000
Multi-currency revolving facility | Minimum
Debt Instrument [Line Items]
Interest rate margin				1.00%
Multi-currency revolving facility | Maximum
Debt Instrument [Line Items]
Interest rate margin					1.70%
LIBOR | Revolving Facility
Debt Instrument [Line Items]
Interest rate margin				1.30%
LIBOR | Revolving Facility | Minimum
Debt Instrument [Line Items]
Interest rate margin				1.00%
LIBOR | Revolving Facility | Maximum
Debt Instrument [Line Items]
Interest rate margin				1.70%
LIBOR | Term Loan
Debt Instrument [Line Items]
Interest rate margin			1.75%
Base Rate | Revolving Facility | Minimum
Debt Instrument [Line Items]
Interest rate margin				0.00%
Base Rate | Revolving Facility | Maximum
Debt Instrument [Line Items]
Interest rate margin				0.70%
Uncommitted credit facilities
Debt Instrument [Line Items]
Short-term borrowings				$ 124,000,000	$ 108,300,000
Uncommitted credit facilities | One Hundred Million Uncommitted Credit Facility
Debt Instrument [Line Items]
Maximum Borrowing Capacity	$ 100,000,000
Maximum Maturity Period	30 days
Short-term borrowings				100,000,000
Uncommitted credit facilities | Twenty Four Million Uncommitted Credit Facility
Debt Instrument [Line Items]
Maximum Borrowing Capacity		$ 24,000,000
Short-term borrowings				$ 24,000,000
Uncommitted credit facilities | LIBOR | One Hundred Million Uncommitted Credit Facility
Debt Instrument [Line Items]
Interest rate margin	1.00%
Uncommitted credit facilities | LIBOR | Twenty Four Million Uncommitted Credit Facility
Debt Instrument [Line Items]
Interest rate margin		1.00%

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Share-based compensation plans - Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	$ 4.0	$ 2.1	$ 8.5	$ 4.9
Income tax benefit	(1.5)	(0.7)	(3.1)	(1.7)
Share-based payment expense, net of tax	2.5	1.4	5.4	3.2
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	1.9	1.0	4.5	2.3
Market Share Units MSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	0.0	0.0	0.1	0.2
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	1.2	0.9	2.4	2.0
Deferred Stock Units and fees paid in stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	0.3	0.1	0.5	0.3
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment expense	$ 0.6	$ 0.1	$ 1.0	$ 0.1

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Share-based compensation plans- Performance stock options (Details) - Performance-based Options	6 Months Ended
	Jun. 30, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, shares | shares	580,900
Granted, shares | shares	298,900
Forfeited, shares | shares	0
Exercised, shares | shares	0
Ending balance, shares | shares	879,800
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance (dollars per share) | $ / shares	$ 6.01
Granted (dollars per share) | $ / shares	11.97
Forfeited (dollars per share) | $ / shares	0.00
Exercised (dollars per share) | $ / shares	0.00
Ending balance (dollars per share) | $ / shares	$ 8.04

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Share-based compensation plans - Stock activity - RSUs, PSUs, MSUs(Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance, shares	296,500
Granted, shares	98,800
Forfeited, shares	(12,600)
Vested, shares	(93,200)
Nonvested, ending balance, shares	289,500	296,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, beginning balance (dollars per share)	$ 27.84
Granted (dollars per share)	52.56
Forfeited (dollars per share)	28.49
Vested (dollars per share)	27.62
Nonvested, ending balance (dollars per share)	$ 36.32	$ 27.84
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance, shares	603,200
Granted, shares	217,100
Forfeited, shares	(14,000)
Vested, shares	(134,300)
Nonvested, ending balance, shares	672,000	603,200
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, beginning balance (dollars per share)	$ 28.02
Granted (dollars per share)	53.75
Forfeited (dollars per share)	29.14
Vested (dollars per share)	24.39
Nonvested, ending balance (dollars per share)	$ 37.04	$ 28.02
Number of shares earned and distributed		252,000,000
Market Share Units MSU
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance, shares	141,700
Granted, shares	0
Forfeited, shares	0
Vested, shares	(67,500)
Nonvested, ending balance, shares	74,200	141,700
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, beginning balance (dollars per share)	$ 27.02
Granted (dollars per share)	0.00
Forfeited (dollars per share)	0.00
Vested (dollars per share)	23.34
Nonvested, ending balance (dollars per share)	$ 30.37	$ 27.02
Number of shares earned and distributed		81,800,000

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Share-based compensation plans - Stock activity - DSUs (Details) - Deferred Stock Units and fees paid in stock	6 Months Ended
	Jun. 30, 2017 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested, beginning balance, shares | shares	29,700
Granted, shares | shares	12,700
Forfeited, shares | shares	(3,700)
Vested, shares | shares	(26,000)
Nonvested, ending balance, shares | shares	12,700
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Nonvested, beginning balance (dollars per share) | $ / shares	$ 29.41
Granted (dollars per share) | $ / shares	60.80
Forfeited (dollars per share) | $ / shares	29.35
Vested (dollars per share) | $ / shares	29.42
Nonvested, ending balance (dollars per share) | $ / shares	$ 60.80

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Shares used to calculate earnings per share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Basic (shares)	50.7	49.9	50.6	49.7
Effect of dilutive stock options and awards (shares)	0.9	0.4	0.9	0.0
Diluted (shares)	51.6	50.3	51.5	49.7
Antidilutive stock options and awards excluded from denominator (shares)	0.3	0.3	0.2	1.3
Share-based goods and nonemployee services transaction, quantity of securities issued (shares)	0.3	0.5	0.3	0.5

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Supplemental cash flow information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Schedule of Trading Securities and Other Trading Assets [Line Items]
Interest	$ 10.7	$ 9.6
Income taxes, net	50.4	37.8
Capital lease arrangements	23.0	$ 12.7
Restricted cash	87.7		$ 55.5
Cash from Short Term Borrowings
Schedule of Trading Securities and Other Trading Assets [Line Items]
Restricted cash	26.1		22.3
Cash Held From Customers
Schedule of Trading Securities and Other Trading Assets [Line Items]
Restricted cash	58.2		$ 33.2
Deposit liability
Schedule of Trading Securities and Other Trading Assets [Line Items]
Restricted cash	$ 3.4

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Reorganization and Restructuring (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Jun. 30, 2017 USD ($) position	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($) position	Dec. 31, 2015 USD ($)
Reorganization and Restructuring 2016
Restructuring Cost and Reserve [Line Items]
Reorganization and restructuring costs	$ 18.1		$ 8.0
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning balance			7.6
Expense (benefit)			8.0
Payments and utilization			(10.8)
Foreign currency exchange effects			0.1
Restructuring Reserve, ending balance	7.6		4.9		$ 7.6
Reorganization and Restructuring 2015
Restructuring Cost and Reserve [Line Items]
Reorganization and restructuring costs				$ 4.4		$ 11.6
Positions eliminated across the global workforce | position					1,100
Expected cost savings					$ 20.0
Cumulative pretax charges	18.0				18.0
Asset Related Adjustments | Reorganization and Restructuring 2016
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning balance			0.0
Expense (benefit)			2.1
Payments and utilization			(2.1)
Foreign currency exchange effects			0.0
Restructuring Reserve, ending balance	0.0		0.0		0.0
Severance Costs | Reorganization and Restructuring 2016
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning balance			7.0
Expense (benefit)			3.7
Payments and utilization			(6.9)
Foreign currency exchange effects			0.1
Restructuring Reserve, ending balance	7.0		3.9		7.0
Severance Costs | Director | Executive Leadership and Board of Directors Restructuring
Restructuring Cost and Reserve [Line Items]
Reorganization and restructuring costs		$ 1.8		$ 3.8
Lease Terminations | Reorganization and Restructuring 2016
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning balance			0.6
Expense (benefit)			0.0
Payments and utilization			0.1
Foreign currency exchange effects			0.0
Restructuring Reserve, ending balance	0.6		0.7		0.6
Benefit Program Termination [Member] | Reorganization and Restructuring 2016
Restructuring Reserve [Roll Forward]
Restructuring Reserve, beginning balance			0.0
Expense (benefit)			2.2
Payments and utilization			(1.9)
Foreign currency exchange effects			0.0
Restructuring Reserve, ending balance	$ 0.0		$ 0.3		$ 0.0
Minimum | Reorganization and Restructuring 2016
Restructuring Cost and Reserve [Line Items]
Positions eliminated across the global workforce | position			800
Expected cost savings			$ 8.0
Expected costs			$ 14.0
Maximum | Reorganization and Restructuring 2016
Restructuring Cost and Reserve [Line Items]
Positions eliminated across the global workforce | position			900
Expected cost savings			$ 12.0
Expected costs			$ 18.0

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Subsequent Events (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 26, 2017	Jun. 30, 2017
Maco
Subsequent Event [Line Items]
Annual revenues		$ 90
Maco | Subsequent Event
Subsequent Event [Line Items]
Acquisition date	Jul. 19, 2017
Percentage of capital stock acquired	100.00%
Purchase price	$ 209
Temis
Subsequent Event [Line Items]
Annual revenues		$ 50
Temis | Subsequent Event
Subsequent Event [Line Items]
Purchase price	$ 71
Date of Exclusive Acquisition Agreement	Jul. 24, 2017