Edgar Filing: BRINKS CO

form_10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2013

¨ 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 x 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 x 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 x Accelerated Filer ¨ Non-Accelerated Filer ¨ Smaller Reporting Company ¨

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

Yes ¨ No x

As of October 21, 2013, 48,268,087 shares of $1 par value common stock were outstanding.

Part I - Financial Information

Item 1. Financial Statements

THE BRINK’S COMPANY

and subsidiaries

Consolidated Balance Sheets

(Unaudited)

					September 30,	December 31,
(In millions)					2013	2012

ASSETS

Current assets:
	Cash and cash equivalents			$	242.3	201.7
	Accounts receivable, net				674.1	612.3
	Prepaid expenses and other				159.5	122.1
	Deferred income taxes				60.4	59.4
		Total current assets			1,136.3	995.5

Property and equipment, net					776.3	793.8
Goodwill					253.0	243.8
Other intangibles					58.7	56.1
Deferred income taxes					383.2	385.3
Other					91.5	79.4

		Total assets		$	2,699.0	2,553.9


LIABILITIES AND EQUITY

Current liabilities:
	Short-term borrowings			$	76.5	26.7
	Current maturities of long-term debt				25.9	27.0
	Accounts payable				168.1	172.8
	Accrued liabilities				559.0	516.5
		Total current liabilities			829.5	743.0

Long-term debt					419.8	335.6
Accrued pension costs					372.2	397.8
Retirement benefits other than pensions					299.6	304.6
Deferred income taxes					19.5	18.7
Other					169.0	177.4
		Total liabilities			2,109.6	1,977.1

Commitments and contingent liabilities (notes 3, 4 and 12)

Equity:
	The Brink’s Company (“Brink’s”) shareholders:
		Common stock			48.3	47.8
		Capital in excess of par value			561.0	568.3
		Retained earnings			660.4	659.1
		Accumulated other comprehensive loss			(759.3)	(773.4)
			Brink’s shareholders		510.4	501.8

	Noncontrolling interests				79.0	75.0

		Total equity			589.4	576.8

		Total liabilities and equity		$	2,699.0	2,553.9

See accompanying notes to consolidated financial statements.

THE BRINK’S COMPANY

and subsidiaries

Consolidated Statements of Income

(Unaudited)

				Three Months		Nine Months
				Ended September 30,		Ended September 30,
(In millions, except for per share amounts)			2013		2012	2013	2012

Revenues			$	1,003.0	944.9	2,960.4	2,811.4

Costs and expenses:
Cost of revenues				799.7	764.6	2,415.0	2,281.3
Selling, general and administrative expenses				143.5	143.5	425.7	414.0
	Total costs and expenses			943.2	908.1	2,840.7	2,695.3
Other operating income (expense)				1.2	8.9	(7.4)	9.8

	Operating profit			61.0	45.7	112.3	125.9

Interest expense				(6.5)	(5.7)	(18.5)	(17.2)
Interest and other income (expense)				0.3	1.5	1.2	6.3
	Income from continuing operations before tax			54.8	41.5	95.0	115.0
Provision for income taxes				15.5	15.5	32.0	23.3

	Income from continuing operations			39.3	26.0	63.0	91.7

Loss from discontinued operations, net of tax				(7.3)	(7.8)	(31.9)	(17.6)

	Net income			32.0	18.2	31.1	74.1
		Less net income attributable to noncontrolling interests		(8.2)	(4.7)	(15.2)	(13.1)

	Net income attributable to Brink’s			23.8	13.5	15.9	61.0

Amounts attributable to Brink’s
	Continuing operations			31.1	21.3	47.8	78.6
	Discontinued operations			(7.3)	(7.8)	(31.9)	(17.6)

	Net income attributable to Brink’s		$	23.8	13.5	15.9	61.0

Earnings (loss) per share attributable to Brink’s common shareholders(a)
	Basic:
		Continuing operations	$	0.64	0.44	0.98	1.63
		Discontinued operations		(0.15)	(0.16)	(0.66)	(0.37)
		Net income		0.49	0.28	0.33	1.26

	Diluted:
		Continuing operations	$	0.63	0.44	0.98	1.62
		Discontinued operations		(0.15)	(0.16)	(0.65)	(0.36)
		Net income		0.49	0.28	0.32	1.26

Weighted-average shares
	Basic			48.7	48.5	48.6	48.4
	Diluted			49.0	48.6	48.9	48.6

Cash dividends paid per common share			$	0.10	0.10	0.30	0.30

(a)	Amounts may not add due to rounding

See accompanying notes to consolidated financial statements.

THE BRINK’S COMPANY

and subsidiaries

Consolidated Statements of Comprehensive Income

(Unaudited)

					Three Months		Nine Months
					Ended September 30,		Ended September 30,
(In millions)					2013	2012	2013	2012

Net income				$	32.0	18.2	31.1	74.1

Benefit plan adjustments:
	Benefit plan experience gains				13.6	14.8	49.0	45.5
	Benefit plan prior service (costs) credits				5.4	1.3	6.7	(9.1)
	Deferred profit sharing				-	0.2	-	0.5
	Total benefit plan adjustments				19.0	16.3	55.7	36.9

Foreign currency translation adjustments					8.2	11.9	(23.9)	1.0
Unrealized gains (losses) on available-for-sale securities					0.3	(0.4)	0.2	(2.0)
Gains on cash flow hedges					0.3	-	1.1	-
		Other comprehensive income before tax			27.8	27.8	33.1	35.9
Provision for income taxes					6.9	5.5	19.8	12.8

	Other comprehensive income				20.9	22.3	13.3	23.1

		Comprehensive income			52.9	40.5	44.4	97.2
			Less comprehensive income attributable to noncontrolling interests		8.9	5.6	14.1	12.0

		Comprehensive income attributable to Brink's		$	44.0	34.9	30.3	85.2

See accompanying notes to consolidated financial statements.

THE BRINK’S COMPANY

and subsidiaries

Consolidated Statement of Equity

Nine Months ended September 30, 2013

(Unaudited)

			Attributable to Brink’s
						Capital		Accumulated	Attributable
						in Excess		Other	to
					Common	of Par	Retained	Comprehensive	Noncontrolling
(In millions)			Shares		Stock	Value	Earnings	Loss	Interests	Total

Balance as of December 31, 2012			47.8	$	47.8	568.3	659.1	(773.4)	75.0	576.8

Net income			-		-	-	15.9	-	15.2	31.1
Other comprehensive income (loss)			-		-	-	-	14.4	(1.1)	13.3
Dividends to:
	Brink’s common shareholders ($0.30 per share)		-		-	-	(14.4)	-	-	(14.4)
	Noncontrolling interests		-		-	-	-	-	(4.2)	(4.2)
Share-based compensation:
	Stock options and awards:
		Compensation expense	-		-	7.5	-	-	-	7.5
		Consideration from exercise of stock options	0.2		0.2	2.8	-	-	-	3.0
		Reduction in excess tax benefit of stock compensation	-		-	(2.6)	-	-	-	(2.6)
	Other share-based benefit programs		0.3		0.3	(3.2)	(0.2)	-	-	(3.1)
Acquisition of a noncontrolling interest in a subsidiary			-		-	(11.8)	-	(0.3)	(6.4)	(18.5)
Capital contributions from noncontrolling interest			-		-	-	-	-	0.5	0.5

Balance as of September 30, 2013			48.3	$	48.3	561.0	660.4	(759.3)	79.0	589.4

See accompanying notes to consolidated financial statements.

THE BRINK’S COMPANY

and subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

				Nine Months
				Ended September 30,
(In millions)				2013	2012

Cash flows from operating activities:
Net income			$	31.1	74.1
Adjustments to reconcile net income to net cash provided by operating activities:
	Loss from discontinued operations, net of tax			31.9	17.6
	Depreciation and amortization			132.6	121.4
	Share-based compensation expense			7.5	7.1
	Deferred income taxes			(26.8)	(43.7)
	Gains and losses:
		Sales of available-for-sale securities		(0.3)	(2.6)
		Sales of property and other assets		(0.7)	(7.7)
		Business acquisitions and dispositions		(2.0)	(0.8)
	Impairment losses			-	2.6
	Retirement benefit funding (more) less than expense:
		Pension		15.3	(10.3)
		Other than pension		11.5	17.0
	Loss on Venezuela currency devaluation			13.4	-
	Other operating			2.8	10.9
	Changes in operating assets and liabilities, net of effects of acquisitions:
		Accounts receivable		(101.1)	(91.3)
		Accounts payable, income taxes payable and accrued liabilities		37.8	60.4
		Customer obligations		(4.4)	0.2
		Prepaid and other current assets		(18.1)	(10.8)
		Other		(15.2)	2.9
	Discontinued operations			(10.9)	(17.7)
		Net cash provided by operating activities		104.4	129.3

Cash flows from investing activities:
Capital expenditures				(124.3)	(117.3)
Acquisitions				(18.1)	(16.8)
Sales of available-for-sale securities and other investments				9.2	15.0
Cash proceeds from sale of property and equipment				2.8	12.1
Redemption of cash-surrender value of life insurance policies				-	6.2
Other				(0.5)	4.8
Discontinued operations				(0.7)	(3.6)
		Net cash used by investing activities		(131.6)	(99.6)

Cash flows from financing activities:
Borrowings (repayments) of debt:
	Short-term debt			55.3	6.2
	Long-term revolving credit facilities			97.7	24.2
	Other long-term debt:
		Borrowings		4.5	9.7
		Repayments		(20.9)	(22.2)
Acquisition of a noncontrolling interest in a subsidiary				(18.5)	(5.9)
Payment of acquisition-related obligation				(12.8)	-
Debt financing costs				-	(1.5)
Dividends to:
	Shareholders of Brink’s			(14.4)	(14.2)
	Noncontrolling interests in subsidiaries			(4.2)	(5.9)
Proceeds from exercise of stock options				3.0	0.3
Minimum tax withholdings associated with share-based compensation				(3.3)	(5.6)
Other				(0.6)	-
Discontinued operations				(2.7)	2.2
		Net cash provided (used) by financing activities		83.1	(12.7)
Effect of exchange rate changes on cash				(15.3)	2.8
Cash and cash equivalents:
	Increase			40.6	19.8
	Balance at beginning of period			201.7	182.9
		Balance at end of period	$	242.3	202.7

See accompanying notes to consolidated financial statements.

THE BRINK’S COMPANY

and subsidiaries

Notes to Consolidated Financial Statements

(Unaudited)

Note 1 – Basis of presentation

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

· International

· North America

Our unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting and applicable quarterly reporting regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. These unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes in our Annual Report on Form 10-K for the year ended December 31, 2012.

We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ materially from these estimates. The most significant estimates are related to goodwill and other long-lived assets, pension and other retirement benefit obligations, legal contingencies, foreign currency translation and deferred tax assets.

The consolidated financial statements include all of the assets, liabilities, revenues, expenses and cash flows of Brink’s and all entities in which Brink’s has a controlling voting interest. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation.

Foreign Currency Translation

Our consolidated financial statements are reported in U.S. dollars. Our foreign subsidiaries maintain their records primarily in the currency of the country in which they operate.

The method of translating local currency financial information into U.S. dollars depends on whether the economy in which our foreign subsidiary operates has been designated as highly inflationary or not. Economies with a three-year cumulative inflation rate of more than 100% are considered highly inflationary.

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

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

Venezuela

Brink’s Venezuela accounted for $306.3 million or 10% of total Brink’s revenues and represented a significant component of total segment operating profit in the nine months ended September 30, 2013. At September 30, 2013, we had investments in our Venezuelan operations of $110.0 million on an equity-method basis. At September 30, 2013, we had bolivar fuerte-denominated net monetary assets of $101.7 million, including $84.9 million of cash denominated in bolivar fuertes.

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.

In June 2010, the Venezuelan government established an exchange process that required that each transaction be approved by the government’s central bank (the “SITME” rate). The majority of SITME transactions were approved at a rate of 5.3 bolivar fuertes to the dollar and we used

this rate to remeasure our bolivar fuerte-denominated earnings into U.S. dollars each period, and monetary assets and liabilities into U.S. dollars from June 2010 to January 2013.

In February 2013, the Venezuelan government devalued the official exchange rate resulting in a new official rate of 6.3 bolivar fuertes to the dollar. The government also announced the elimination of the SITME rate. Beginning in February 2013, we began to use the official exchange rate to remeasure our bolivar-fuerte denominated earnings, monetary assets and liabilities. We recognized a $13.4 million net remeasurement loss as a result of the devaluation in the first quarter of 2013.

Brink’s Venezuela has been unable to obtain sufficient U.S. dollars to purchase certain imported supplies and fixed assets to operate its business in Venezuela, and as a result, has purchased more expensive, locally denominated supplies and fixed assets, and we expect it will continue to do so in the future.

Note 2 – Segment information

We identify our operating segments based on how resources are allocated and operating decisions are made. Management evaluates performance and allocates resources based on operating profit or loss, excluding non-segment expenses. Under the criteria set forth in FASB ASC 280, Segment Reporting, we have four geographic operating segments, which are aggregated into two reportable segments: International and North America. We currently serve customers in more than 100 countries, including approximately 50 countries where we operate subsidiaries.

The primary services of the reportable segments include:

·	armored vehicle transportation, which we refer to as cash-in-transit (“CIT”)

·	automated teller machine replenishment, and servicing, and network infrastructure services (“ATM Services”)

·	secure international transportation of valuables (“Global Services”)

·	supply chain management of cash (“Cash Management Services”) including cash logistics services, deploying and servicing safes and safe control devices (e.g., our patented CompuSafe® service), coin sorting and wrapping, integrated check and cash processing services (“Virtual Vault Services”)

·	bill payment acceptance and processing services to utility companies and other billers (“Payment Services”)

·	security and guarding services (including airport security)


				Three Months		Nine Months
				Ended September 30,		Ended September 30,
(In millions)				2013	2012	2013	2012

Revenues:
	International		$	768.5	710.3	2,251.6	2,102.8
	North America			234.5	234.6	708.8	708.6
		Revenues	$	1,003.0	944.9	2,960.4	2,811.4


				Three Months		Nine Months
				Ended September 30,		Ended September 30,
(In millions)				2013	2012	2013	2012

Operating profit:
	International		$	81.0	59.4	166.5	168.0
	North America			0.7	8.3	5.1	25.5
		Segment operating profit		81.7	67.7	171.6	193.5
	Non-segment			(20.7)	(22.0)	(59.3)	(67.6)
		Operating profit	$	61.0	45.7	112.3	125.9

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)		2013	2012	2013	2012	2013	2012

Three months ended September 30,

Service cost	$	-	-	3.7	2.8	3.7	2.8
Interest cost on projected benefit obligation		10.6	11.0	4.7	5.0	15.3	16.0
Return on assets – expected		(14.2)	(14.9)	(3.2)	(3.0)	(17.4)	(17.9)
Amortization of losses		11.2	9.7	1.5	0.9	12.7	10.6
Amortization of prior service cost		-	-	0.2	0.6	0.2	0.6
Settlement loss		-	1.0	0.8	1.5	0.8	2.5
Net periodic pension cost	$	7.6	6.8	7.7	7.8	15.3	14.6

Nine months ended September 30,

Service cost	$	-	-	11.1	8.2	11.1	8.2
Interest cost on projected benefit obligation		31.7	33.0	14.3	13.9	46.0	46.9
Return on assets – expected		(42.7)	(44.9)	(9.6)	(9.1)	(52.3)	(54.0)
Amortization of losses		33.9	29.4	4.6	3.0	38.5	32.4
Amortization of prior service cost		-	-	0.7	1.4	0.7	1.4
Settlement loss		-	5.0	1.6	2.6	1.6	7.6
Net periodic pension cost	$	22.9	22.5	22.7	20.0	45.6	42.5

In the first nine months of 2013, we made cash contributions totalling $13.0 million to our primary U.S. pension plan. We are not required to make a contribution to the primary U.S. pension plan for the remainder of 2013.

In the first nine months of 2012, we recognized $5.0 million in settlement losses related to the payment of U.S. pension benefits.

Retirement benefits other than pensions

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

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

		UMWA Plans		Black Lung and Other Plans		Total
(In millions)		2013	2012	2013	2012	2013	2012

Three months ended September 30,

Service cost	$	-	-	-	0.2	-	0.2
Interest cost on accumulated postretirement benefit obligations		4.9	5.6	0.5	0.7	5.4	6.3
Return on assets – expected		(5.2)	(5.3)	-	-	(5.2)	(5.3)
Amortization of losses		4.9	5.1	0.2	0.4	5.1	5.5
Amortization of prior service cost		-	-	0.5	0.5	0.5	0.5
Net periodic postretirement cost	$	4.6	5.4	1.2	1.8	5.8	7.2

Nine months ended September 30,

Service cost	$	-	-	0.2	0.3	0.2	0.3
Interest cost on accumulated postretirement benefit obligations		14.8	16.8	1.5	2.2	16.3	19.0
Return on assets – expected		(15.6)	(15.9)	-	-	(15.6)	(15.9)
Amortization of losses		14.7	15.6	0.5	1.0	15.2	16.6
Amortization of prior service cost		-	-	1.3	1.5	1.3	1.5
Net periodic postretirement cost	$	13.9	16.5	3.5	5.0	17.4	21.5

Note 4 – Income taxes

		Three Months				Nine Months
		Ended September 30,				Ended September 30,
(In millions)		2013		2012		2013		2012

Continuing operations
Provision (benefit) for income taxes	$	15.5		15.5		32.0		23.3
Effective tax rate		28.3	%	37.3	%	33.7	%	20.3	%

2013 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first nine months of 2013 was lower than the 35% U.S. statutory tax rate largely due to the geographical mix of earnings, mostly offset by higher taxes due to withholding taxes, and the characterization of a French business tax as an income tax.

2012 Compared to U.S. Statutory Rate

The effective income tax rate on continuing operations in the first nine months of 2012 was lower than the 35% U.S. statutory tax rate largely due to a $21 million non-cash income tax benefit as a result of the Company changing its funding strategy for retiree health care obligations (as described below), partially offset by higher taxes due to withholding taxes, and the characterization of a French business tax as an income tax.

The Company changed its funding strategy for certain retiree health care obligations and, as a result, no longer expects to be affected by an income tax deduction limitation enacted by The Patient Protection and Affordable Care Act and The Health Care and Education Reconciliation Act of 2010 (“the Act”). The Act disallows deductions for prescription drug benefit costs funded after December 31, 2012, to the extent these costs are reimbursed by a “Medicare Part D Subsidy.”

Note 5 – Acquisitions

We acquired 100% of the capital stock of Brazil-based Rede Transacoes Eletronicas Ltda. (Rede Trel) on January 31, 2013. The purchase price of approximately $27.7 million included $25.9 million in cash and the $1.8 million acquisition-date fair value of contingent consideration. On the acquisition date, Rede Trel had $10 million of cash and cash equivalents that it uses as working capital, resulting in a net cash outflow of $16 million related to the acquisition. Rede Trel distributes electronic prepaid products, including mobile phone airtime, via a network of approximately 20,000 retail locations across Brazil. Rede Trel’s strong distribution network supplements Brink’s existing payments business, ePago, which has operations in Brazil, Mexico, Colombia and Panama.

We have provisionally estimated fair values for the assets purchased and liabilities assumed as of the date of the acquisition in the following table. The determination of estimated fair value required management to make significant estimates and assumptions. The amounts reported are considered provisional as we are completing the valuations that are required to allocate the purchase price. As a result, the allocation of the purchase price and the amount of goodwill and intangible assets may change in the future.


		Estimated Fair
		Value at
(In millions)		January 31, 2013

Fair value of purchase consideration

Cash paid for 100% of shares	$	25.9
Fair value of contingent consideration		1.8
Fair value of purchase consideration	$	27.7


Fair value of net assets acquired

Cash	$	10.0
Accounts receivable		7.8
Other current assets		19.9
Property and equipment		4.0
Intangible assets(a)		11.8
Goodwill(b)		14.0
Current liabilities		(38.8)
Noncurrent liabilities		(1.0)
Fair value of net assets acquired	$	27.7

(a)	Intangible assets are primarily comprised of agent relationships and contractual agreements with the major Brazilian telecommunications companies. Final allocation will be determined once the valuation is complete.

(b)

Consists of intangible assets that do not qualify for separate recognition, combined with synergies expected from integrating Rede Trel's distribution network into our existing ePago business. All of the goodwill has been assigned to the Latin America reporting unit and is expected to be deductible for tax purposes.

We acquired the remaining 26% ownership interest in our cash logistics business in Chile for approximately $18 million in cash on January 10, 2013. We now own 100% of this business.

Note 6 – Accumulated other comprehensive income (loss)

The following tables provide the components of other comprehensive income (loss), including the amounts reclassified from accumulated other comprehensive income (loss) into earnings for the three months and nine months ended September 30, 2013 and 2012:

			Income (Losses) Arising During		(Income) Losses Reclassified to
			the Current Period		Net Income
							Total Other
				Income		Income	Comprehensive
(In millions)			Pretax	Tax	Pretax	Tax	Income (Loss)

Three months ended September 30, 2013

Amounts attributable to Brink's:
	Benefit plan adjustments	$	(0.3)	-	19.2	(6.8)	12.1
	Foreign currency translation adjustments		7.6	-	-	-	7.6
	Unrealized gains (losses) on available-for-sale securities		0.3	(0.1)	-	-	0.2
	Gains (losses) on cash flow hedges		(0.1)	-	0.4	-	0.3
			7.5	(0.1)	19.6	(6.8)	20.2

Amounts attributable to noncontrolling interests:
	Benefit plan adjustments		-	-	0.1	-	0.1
	Foreign currency translation adjustments		0.6	-	-	-	0.6
			0.6	-	0.1	-	0.7

Total
	Benefit plan adjustments(a)		(0.3)	-	19.3	(6.8)	12.2
	Foreign currency translation adjustments(b)		8.2	-	-	-	8.2
	Unrealized gains (losses) on available-for-sale securities(c)		0.3	(0.1)	-	-	0.2
	Gains (losses) on cash flow hedges(d)		(0.1)	-	0.4	-	0.3
		$	8.1	(0.1)	19.7	(6.8)	20.9

Three months ended September 30, 2012

Amounts attributable to Brink's:
	Benefit plan adjustments	$	(3.6)	1.2	19.7	(6.8)	10.5
	Foreign currency translation adjustments		11.2	-	-	-	11.2
	Unrealized gains (losses) on available-for-sale securities		0.3	(0.1)	(0.7)	0.2	(0.3)
			7.9	1.1	19.0	(6.6)	21.4

Amounts attributable to noncontrolling interests:
	Benefit plan adjustments		0.2	-	-	-	0.2
	Foreign currency translation adjustments		0.7	-	-	-	0.7
			0.9	-	-	-	0.9