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•	Expand offerings

•	Drive efficiency

•	Transform our culture

•	integrated armored transportation and money processing services

•	full-service management of entire ATM networks

•	CompuSafe® service (“intelligent safes”)

•	new market opportunities for Global Services

•	flattening organizational structures to enhance decision-making and reduce administrative expenses

•	centralizing support functions to reduce costs and enable country-level operating management to focus on customers and operations

•	improving route logistics with IT-based productivity tools

•	introducing new and retrofitted vehicles to accommodate one-person crews

•	leveraging global purchasing power to reduce costs for vehicles, equipment, maintenance, travel and other services.

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•	cash between businesses and financial institutions, such as banks and credit unions

•	cash, securities and other valuables between commercial banks, central banks and investment banking and brokerage firms

•	new currency, coins, bullion and precious metals for central banks and other customers

•	money processing (e.g., counting, sorting, wrapping, checking condition of bills, etc.) and other cash management services

•	deploying and servicing “intelligent” safes and safe control devices, including our patented CompuSafe®  service

•	integrated check and cash processing services (“Virtual Vault”)

•	check imaging services

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•	brand name recognition

•	reputation for a high level of service and security

•	risk management and logistics expertise

•	global infrastructure and customer base

•	proven operational excellence, and

•	high-quality insurance coverage and financial strength

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•	Poland (sold in March 2013)

•	Turkey (shut down in June 2013)

•	Hungary (sold in September 2013)

•	Germany (sold in December 2013)

•	Australia (sold in October 2014)

•	Puerto Rico (shut down in November 2014)

•	Netherlands (sold in December 2014)

•	France (January 2013)

•	Germany (July 2013)

•	We sold Threshold Financial Technologies, Inc. in Canada in November 2013.  Threshold operated private-label ATM network and payment processing businesses.  Brink’s continues to own and operate Brink’s Integrated Managed Services for ATM customers.

•	We sold ICD Limited and other affiliated subsidiaries in November 2013.  ICD had operations in China and other locations in Asia.  ICD designed and installed security systems for commercial customers.

•	In February 2015, we sold a small Mexican parcel delivery business which met the criteria for classification as a discontinued operation as of December 31, 2014.

•	We sold an Irish guarding operation in November 2015.

•	We sold our 70% ownership interest in a Russian cash management business in November 2015 and recognized a $5.9 million loss on the disposition. A significant part of the loss ($5.0 million) represented the reclassification of foreign currency translation adjustments from accumulated other comprehensive income (loss) into earnings.

•	We sold a noncontrolling interest in a CIT business based in Peru in 2014 for $60 million.

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•

reorganized the majority of Brink’s country operations under two business units: Largest 5 Markets (including U.S., France, Mexico, Brazil and Canada), and Global Markets (country operations outside the Largest 5 Markets). Country operations typically provide Cash-in-Transit (“CIT”) Services, ATM Services, Cash Management Services and Global Services. These services are described on pages 3–4.  Reporting lines within these two business units are supplemented by a matrixed centralized management of the Global Services operations.

•	decided to maintain our centralized organization structure for the Payment Services business.

•	centralized the reporting structure of our support functions, including IT, HR, finance, legal, procurement, security and project management.  Under the new structure, these functional field employees now report to the global functional leaders instead of the country or regional leaders.

•	eliminated regional roles and structures in Europe, Middle East and Africa (“EMEA”) and Latin America.

•	Each of the five countries within Largest 5 Markets (U.S., France, Mexico, Brazil and Canada)

•	Each of the three regions within Global Markets (Latin America, EMEA and Asia)

•	Payment Services

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•	Annual reports on Form 10-K

•	Quarterly reports on Form 10-Q

•	Current reports on Form 8-K, and amendments to those reports

•	Corporate Governance Policies

•	Code of Ethics

•	The charters of the following committees of our Board of Directors (the “Board”):  Audit and Ethics, Compensation and Benefits, Corporate Governance and Nominating, and Finance and Strategy

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•	the difficulty of enforcing agreements, collecting receivables and protecting assets through foreign legal systems;

•	trade protection measures and import or export licensing requirements;

•	difficulty in staffing and managing widespread operations;

•	required compliance with a variety of foreign laws and regulations;

•	enforcement of our global compliance program in foreign countries with a variety of laws, cultures and customs;

•	varying permitting and licensing requirements in different jurisdictions;

•	foreign ownership laws;

•	changes in the general political and economic conditions in the countries where we operate, particularly in emerging markets;

•	threat of nationalization and expropriation;

•	higher costs and risks of doing business in a number of foreign jurisdictions;

•	laws or other requirements and restrictions associated with organized labor;

•	limitations on the repatriation of earnings;

•	fluctuations in equity, revenues and profits due to changes in foreign currency exchange rates, including measures taken by governments to devalue official currency exchange rates;

•	inflation levels exceeding that of the U.S; and

•	inability to collect for services provided to government entities.

•	the rate of price increases for services will not keep pace with the cost of inflation;

•	adverse economic conditions may discourage business growth which could affect demand for our services;

•	the devaluation of the currency may exceed the rate of inflation and reported U.S. dollar revenues and profits may decline; and

•	these countries may be deemed “highly inflationary” for U.S. generally accepted accounting principles (“GAAP”) purposes.

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•	our ability to improve profitability in our largest five markets;

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

•	continuing market volatility and commodity price fluctuations and their impact on the demand for our services;

•	our ability to maintain or improve volumes at favorable pricing levels and increase cost and productivity efficiencies, particularly in the United States and Mexico;

•	investments in information technology and adjacent businesses and their impact on revenues and profit growth;

•	our ability to develop and implement solutions for our customers and gain market acceptance of those solutions;

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

•	risks customarily associated with operating in foreign countries including changing labor and economic conditions, currency restrictions and devaluations, safety and security issues, political instability, restrictions on repatriation of earnings and capital, nationalization, expropriation and other forms of restrictive government actions;

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

•	the stability of the Venezuelan economy, changes in Venezuelan policy regarding foreign-owned businesses;

•	regulatory and labor issues in many of our global operations, including negotiations with organized labor and the possibility of work stoppages;

•	our ability to integrate successfully recently acquired companies and improve their operating profit margins;

•	costs related to dispositions and market exits;

•	our ability to identify evaluate and pursue acquisitions and other strategic opportunities;

•	the willingness of our customers to absorb fuel surcharges and other future price increases;

•	our ability to obtain necessary information technology and other services at favorable pricing levels from third party service providers;

•	variations in costs or expenses and performance delays of any public or private sector supplier, service provider or customer;

•	our ability to obtain appropriate insurance coverage, positions taken by insurers with respect to claims made and the financial condition of insurers, safety and security performance, our loss experience, and changes in insurance costs;

•	security threats worldwide and losses of customer valuables;

•	costs associated with the purchase and implementation of cash processing and security equipment;

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

•	the impact of the Patient Protection and Affordable Care Act on black lung liability and the Company's ongoing operations;

•	changes to estimated liabilities and assets in actuarial assumptions due to payments made, investment returns, interest rates and annual actuarial revaluations, the funding requirements, accounting treatment, investment performance and costs and expenses of our pension plans, the VEBA and other employee benefits, mandatory or voluntary pension plan contributions;

•	the nature of our hedging relationships;

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

•	our ability to realize deferred tax assets;

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

•	public perception of the Company's business and reputation;

•	access to the capital and credit markets;

•	seasonality, pricing and other competitive industry factors; and

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

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(a)

For the line designated as “The Brink’s Company” the graph depicts the cumulative return on $100 invested in The Brink’s Company’s common stock at December 31, 2010.  The cumulative return for each index is measured on an annual basis for the periods from December 31, 2010, through December 31, 2015, with the value of each index set to $100 on December 31, 2010.  Total return assumes reinvestment of dividends. In 2015, we changed the indices we provide as comparisons to the stock performance of Brink’s common stock because the Russell 3000 Commercial Services Index was discontinued during 2015. We chose the S&P SmallCap 600 Index and the S&P 600 Commercial & Professional Services Index as appropriate comparisons. We believe that these indices broadly measure the performance of small-cap companies in the United States market and for a smaller subset of small-cap companies in the commercial services industry, respectively.

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•	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

•	Each of the five countries within Largest 5 Markets (U.S., France, Mexico, Brazil and Canada)

•	Each of the three regions within Global Markets (Latin America, EMEA and Asia)

•	Payment Services

•	track record of refining our business portfolio to deliver shareholder value

•	medium-term growth drivers from high-value services

•	global footprint in a world with increasing security needs

•	brand name recognition

•	reputation for a high level of service and security

•	risk management and logistics expertise

•	value-based solutions expertise

•	proven operational excellence

•	high-quality insurance coverage and general financial strength

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(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.

•	lower remeasurement loss of net monetary assets ($103.5 million) as a result of the devaluation of the Venezuelan currency (a $121.6 million charge in 2014 compared to an $18.1 million charge in 2015),

•	lower retirement benefit cost ($46.5 million)

•	organic profit improvement in Latin America ($38.5 million), Venezuela ($36.0 million), Mexico ($19.1 million), and Asia (6.0 million), and

•	lower corporate expenses ($39.4 million) on an organic basis due to lower security costs and other cost reductions.

•	unfavorable currency impact due to changes in exchange rates ($100.4 million), including devaluation in Venezuela,

•	a $44.3 million gain on sale of our minority interest in a CIT business in Peru in 2014,

•	impairment charges in Venezuela ($35.3 million), and

•	organic profit decreases in EMEA ($13.6 million) and the U.S. ($7.7 million).

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•	organic profit improvement in Latin America ($38.5 million), Mexico ($19.1 million) and Asia ($6.0 million), and

•	lower corporate expenses ($39.4 million) on an organic basis due to lower security costs and other cost reductions.

•	the negative impact of changes in currency exchange rates ($50.4 million) and

•	organic profit decreases in EMEA ($13.6 million) and the U.S. ($7.7 million).

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(a)	See pages 37 and 38 for information about reconciliations to GAAP.

(b)	2015 non-GAAP amounts exclude Venezuela capital expenditures of $4.3 million and Venezuela depreciation and amortization of fixed assets of $3.9 million. Depreciation and amortization of fixed assets does not include intangible asset amortization.

(c)	Includes capital leases for newly acquired assets only.

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(a)	Includes operating results and gains/losses on acquisitions, sales and exits of businesses.  The 2014 divestiture of an equity interest in a business in Peru is included in “Other items not allocated to segments”.

(b)	The amounts in the “Currency” column consist of the amortization of Venezuela non-monetary assets not devalued under highly inflationary accounting rules 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 items are not allocated to segment results.  Corporate items include salaries and other costs to manage the global business.

(d)	See pages 30–31 for more information.

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(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.

•	the negative impact of changes in currency exchange rates ($206.6 million), including a $121.6 million charge related to the remeasurement of net monetary assets as a result of the 88% devaluation of Venezuela currency (compared to a $13.4 million charge for a 16% devaluation in 2013) and lower translated U.S. dollar operating profit in Venezuela due to the 2014 devaluation,

•	costs associated with the 2014 restructuring plan ($21.8 million),

•	higher U.S. pension costs ($20.2 million) and

•	an organic profit decrease in Mexico ($16.6 million)

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•	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

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•	Brink’s sold an equity investment in a CIT business in Peru and recognized a $44.3 million gain in 2014.  Other divestiture gains in 2014 were $0.6 million.

•	Adjustments to the 2010 business acquisition gain for Mexico ($0.7 million favorable adjustment in 2014 and a $1.1 million in unfavorable adjustments in 2013).

•	A favorable adjustment to the purchase price of a third quarter 2014 business acquisition in EMEA ($0.3 million in the second quarter of 2015).

•	Adjustments to the purchase price of the January 2013 acquisition of Rede Trel in Brazil ($1.7 million of favorable adjustments in 2013).

•	The $0.9 million impairment in 2013 of an intangible asset acquired in the 2009 India acquisition.

•	Brink's sold its 70% interest in a cash management business in Russia in 2015 and recognized a $5.9 million loss on the sale.

•

Brink's recognized $0.4 million in pretax charges in 2015 related to a real estate transaction in Mexico. The transaction did not qualify for sale-leaseback accounting under U.S. GAAP rules due to continuing involvement with the property. A financing liability of $14.4 million was recognized for the cash proceeds received in the transaction. When the continuing involvement conditions expire, a gain will be recognized, equal to the difference between the financing liability and the remaining net book value of the property.

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(a)	In the fourth quarter of 2015, we recognized a $23.5 million increase to current tax expense related to a transaction that accelerated U.S. taxable income. We expect to recognize the majority of the foreign tax benefit in 2016 and the remainder over future years.

(a)	See pages 37–38 for a reconciliation of non-GAAP results to GAAP.

•	changes in judgment about the need for valuation allowances

•	changes in the geographical mix of earnings

•	nontaxable acquisition gains and losses

•	changes in laws in the U.S., France and Mexico

•	U.S. tax on accelerated taxable income

•	changes in the foreign currency rate used to measure Venezuela’s tax results

•	timing of benefit recognition for uncertain tax positions

•	state income taxes

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(a)	Discontinued operations include gains and losses related to businesses that we recently sold or shut down.  No interest expense was included in discontinued operations in 2015 and 2014.  Interest expense included in discontinued operations was $0.4 million in 2013.

(b)

The loss from operations in 2015 included $1.0 million in pension settlement charges related to the Mexican parcel delivery business sold in February 2015. The loss from operations in 2014 included $15.6 million in non-cash severance and impairment charges related to the Netherlands cash-in-transit operations.  The loss from operations in 2013 included $16.2 million of severance expenses paid to terminate certain employees of the German cash-in-transit operations.  We contributed a portion of the cost to fund the German severance payments to the business prior to the execution of the December 2013 sale transaction.

(c)	Primarily related to former coal businesses and BAX Global, a former freight forwarding and logistics business.

(d)

BAX Global had been defending a claim related to the apparent diversion by a third party of goods being transported for a customer.  In 2010, the Dutch Supreme Court denied the final appeal of BAX Global, letting stand the lower court ruling that BAX Global was liable for this claim.  We had contractually indemnified the purchaser of BAX Global for this contingency.  Through 2010, we had recognized $11.5 million of expense related to the payment made in satisfaction of the judgment.  In 2014, we recovered $9.5 million from insurance companies related to this matter.

•	Poland (sold in March 2013)

•	Turkey (shut down in June 2013)

•	Hungary (sold in September 2013)

•	Germany (sold in December 2013)

•	Australia (sold in October 2014)

•	Puerto Rico (shut down in November 2014)

•	Netherlands (sold in December 2014)

•	France (January 2013)

•	Germany (July 2013)

•	We sold Threshold Financial Technologies, Inc. in Canada in November 2013.  Threshold operated private-label ATM network and payment processing businesses.  Brink’s continues to own and operate Brink’s Integrated Managed Services for ATM customers.

•	We sold ICD Limited and other affiliated subsidiaries in November 2013.  ICD had operations in China and other locations in Asia.  ICD designed and installed security systems for commercial customers.

•	In February 2015, we sold a small Mexican parcel delivery business which met the criteria for classification as a discontinued operation as of December 31, 2014.

•	We sold an Irish guarding operation in November 2015.

•	We sold our 70% ownership interest in a Russian cash management business in November 2015 and recognized a $5.9 million loss on the disposition. A significant part of the loss ($5.0 million) represented the reclassification of foreign currency translation adjustments from accumulated other comprehensive income (loss) into earnings.

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(a)	From continuing operations.

(b)	See “Other Items Not Allocated To Segments” on pages 30–31 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 consolidated statements of operations.

(c)	See footnote (b) on page 24 for currency definition and calculation between periods. For Non-GAAP EPS on a constant currency basis, EPS is calculated for the most recent period at the prior period's foreign currency rates to eliminate the currency impact on EPS.

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•	invest in the infrastructure of our business (new facilities, cash sorting and other equipment for our Cash Management Services operations, armored trucks,  CompuSafe® units, and information technology) ($410 million),

•	contribute funds to a U.S. pension plan ($100 million),

•	acquire businesses and noncontrolling interests in subsidiaries ($56 million), and

•	pay dividends to Brink’s shareholders ($58 million).

•	We expect our capital expenditures (excluding assets acquired using capital leases) in 2016 to be between $100 million and $110 million as we continue to reduce maintenance capital spending through efficiency projects and reallocate more of our spending to growth and productivity initiatives.

•	Based on current assumptions, we do not expect to pay additional amounts to the primary U.S. pension plan until 2020.

•	We expect to pay between $13 and $18 million in 2016 related to restructuring actions (see note 23 to the consolidated financial statements).

(a)

To eliminate 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.

(b)	To eliminate cash flows related to our discontinued operations.

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(a)	Not provided.

(b)	Capital expenditures as well as depreciation and amortization related to Venezuela have been excluded from Global Markets.

(c)

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 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.

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(a)	In addition to cash borrowings and repayments, the change in the debt balance also includes changes in currency exchange rates.

(b)	Includes $29.1 million in short-term borrowings at December 31, 2015 and $59.4 million in short-term borrowings at December 31, 2014.

(a)	Title to cash received and processed in certain of our secure Cash Management Services operations transfers to us for a short period of time.  The cash is generally credited to customers’ accounts the following day and we 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.

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•	Changing 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

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

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(a)	For the primary U.S. pension plan, we are required by ERISA regulations to maintain minimum funding levels. Based on current assumptions, we do not expect to make contributions until 2020.

(b)

There are no minimum funding requirements for the UMWA plans because they are not covered by ERISA funding regulations. Using assumptions at the end of 2015, we project that the plan assets plus expected earnings on those investments will cover the benefit payments for these plans through 2026. We project that Brink’s will be required to contribute cash to the plan beginning in 2027 to pay beneficiaries.

(c)	Reconciling item represents the present value impact of any required contributions to the primary U.S. pension plan as discussed in (a) and the present value impact of projected benefit payments after the UMWA plans assets are depleted as discussed in (b).

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•	projected revenues and operating income for our U.S. entities,

•	projected royalties and management fees paid to U.S. entities from subsidiaries outside the U.S.,

•	estimated required contributions to our U.S. retirement plans, and

•	interest rates on projected U.S. borrowings.

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(a)	Actual future returns on investments will not affect our earnings until 2017 since the earnings in 2016 will be based on the "expected return on assets" assumption.

(a)	Assumes that our accounting policy was to use the fair market value of assets instead of the market-related value of assets to determine our expense related to our primary U.S. pension plan.

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•	Our Venezuelan operations have become a less-significant component of Brink’s consolidated revenues and operating profit.

•	Our Venezuelan operations profit margin percentage declined as the historical U.S. dollar nonmonetary assets were not remeasured to a lower U.S. dollar basis but instead retained a historical higher basis which was used for depreciation and other expense attribution. Our nonmonetary assets were $13.5 million at December 31, 2015, and $55.0 million at December 31, 2014.

•	Our investment in our Venezuelan operations on an equity-method basis has declined.  Our investment was $26.0 million at December 31, 2015, which included $18.7 million in net payables to other Brink's affiliates and $59.6 million at December 31, 2014, which included $17.6 million in net payables to other Brink's affiliates.

•	Our bolivar-denominated net monetary assets included in our consolidated balance sheets have declined.  Our bolivar-denominated net monetary assets were $9.5 million (including $6.2 million of cash and cash equivalents) at December 31, 2015, and $23.5 million (including $12.6 million of cash and cash equivalents) at December 31, 2014.

•	Accumulated other comprehensive losses attributable to Brink’s shareholders related to our Venezuelan operations were approximately $113 million at December 31, 2015 and at December 31, 2014.

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•	each of the five countries within Largest 5 Markets (U.S., France, Mexico, Brazil and Canada),

•	each of the three regions within Global Markets (Latin America, EMEA and Asia),

•	the Latin American Payment Services businesses, and

•	the U.S. Payment Services business

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•	Our Venezuelan operations have become a less-significant component of Brink’s consolidated revenues and operating profit.

•	Our Venezuelan operations profit margin percentage declined as the historical U.S. dollar nonmonetary assets were not remeasured to a lower U.S. dollar basis but instead retained a historical higher basis which was used for depreciation and other expense attribution. Our nonmonetary assets were $13.5 million at December 31, 2015, and $55.0 million at December 31, 2014.

•	Our investment in our Venezuelan operations on an equity-method basis has declined.  Our investment was $26.0 million at December 31, 2015, which included $18.7 million in net payables to other Brink's affiliates and $59.6 million at December 31, 2014, which included $17.6 million in net payables to other Brink's affiliates.

•	Our bolivar-denominated net monetary assets included in our consolidated balance sheets have declined.  Our bolivar-denominated net monetary assets were $9.5 million (including $6.2 million of cash and cash equivalents) at December 31, 2015, and $23.5 million (including $12.6 million of cash and cash equivalents) at December 31, 2014.

•	Accumulated other comprehensive losses attributable to Brink’s shareholders related to our operations in Venezuela were approximately $113 million at December 31, 2015 and at December 31, 2014.

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•	Each of the five countries within Largest 5 Markets (U.S., France, Mexico, Brazil and Canada)

•	Each of the three regions within Global Markets (Latin America, EMEA and Asia)

•	Payment Services

•	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 with or without electronic surveillance, access control, fire prevention and highly trained patrolling personnel

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(a)	Long-lived assets include only property and equipment.

(a)	Revenues are recorded in the country where service is initiated or performed. No single customer represents more than 10% of total revenue.  Geographic disclosures of country revenues include the Payments Services segment in Mexico, Brazil, Colombia and the U.S.

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(a)	Settlement losses recognized in the U.S. in 2014 relate to a lump-sum buy-out of 4,300 participants.  See “2014 Lump-sum Buy-out” below.  Settlement losses outside the U.S. relate primarily to terminated employees that participate in a Mexican severance indemnity program that is accounted for as a defined benefit plan.

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(a)	The 2014 U.S. settlement reflects the lump-sum elections accepted by approximately 4,300 terminated participants. See “2014 Lump-sum Buy-out” below.

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(a)	Includes $5.0 million of reclassification adjustments in net income (loss) in 2014 related to the sale of CIT operations in the Netherlands.  These amounts are included in loss from discontinued operations in the consolidated statements of operations and as such are not included in amortization of losses in net periodic postretirement cost.

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(a)	Salary scale assumptions are determined through historical experience and vary by age and industry.  The U.S. plan benefits are frozen.  Pension benefits will not increase due to future salary increases.

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(a)	Includes net periodic postretirement cost related to non-U.S. plans of $1.1 million in 2015, $0.7 million in 2014, and $0.7 million in 2013.

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(a)	These categories include passively managed U.S. large-cap mutual funds and actively managed U.S. small/mid-cap and international mutual funds that track various indices such as the S&P 500 Index, the Russell 2500 Index and the MSCI All Country World Ex-U.S. Index.

(b)

This category represents an actively managed mutual fund that invests primarily in equity securities of emerging market issuers.  Emerging market countries are those countries that are characterized as developing or emerging by any of the World Bank, the United Nations, the International Finance Corporation, or the European Bank for Reconstruction and Development or included in an emerging markets index by a recognized index provider.

(c)	This category represents an actively managed mutual fund that seeks to generate total return over time by selecting investments from among a broad range of asset classes.  The fund’s allocations among asset classes may be adjusted over short periods and can vary from multiple to a single asset class.

(d)	This category represents actively managed mutual funds that seek to duplicate the risk and return characteristics of a long-term fixed-income security portfolio with approximate duration of 10 years and longer by using a long duration bond portfolio.  This category also includes Treasury future contracts and zero-coupon securities created by the U.S. Treasury.

(e)	This category represents an actively managed mutual fund that invests primarily in fixed-income securities rated below investment grade, including corporate bonds and debentures, convertible and preferred securities and zero-coupon obligations. The fund’s average weighted maturity may vary and will generally not exceed ten years.

(f)	This category represents an actively managed mutual fund that invests primarily in U.S. dollar-denominated debt securities of government, government-related and corporate issuers in emerging market countries, as well as entities organized to restructure the outstanding debt of such issuers.

(g)

This category represents an actively managed hedge fund of funds.  The fund holds approximately 30 separate hedge-fund investments.  Strategies included (1) long-short equity, (2) event-driven and distressed-debt, (3) global macro, (4) credit hedging, (5) multi-strategy, and (6) fixed-income arbitrage.  Its investment objective is to seek to achieve an attractive risk-adjusted return with moderate volatility and moderate directional market exposure over a full market cycle.

(h)

This category represents an actively managed real estate fund of funds that seeks both current income and long-term capital appreciation through investing in underlying funds that acquire, manage, and dispose of commercial real estate properties.  These properties are high-quality, low-leveraged, income-generating office, industrial, retail, and multi-family properties, generally fully-leased to creditworthy companies and governmental entities.

(i)	This category invests primarily in a diversified portfolio comprised primarily of collateralized loan obligations and other structured credit investments backed primarily by bank loans.

(j)	This category represents an actively managed mutual fund that invests primarily in fixed income and equity securities and commodity linked instruments. The category seeks total returns that exceed the rate of inflation over a full market cycle regardless of market conditions.

(k)	This category will offer exposure to a diversified pool of global private assets fund investments.  Further, the category will seek to shorten the duration of the typical private assets fund of funds through a dedicated focus on secondary strategies (i.e. funds whose investment strategy is to purchase interests in other private market investments/funds as a way

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(l)

This category invests in credit securities of commodity oriented companies affected by the dislocation in the commodity markets with the investment objective of producing an equity like return with less downside risk than equity or commodity investments.  The fund has a three year lock on each investment and semi-annual redemptions.  50% of the fund balance is redeemable in the first redemption period following the end of the lock up and then 25% of the fund balance in each of the next two redemptions periods.

(m)	In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

(n)	The U.S. managed volatility fund seeks capital appreciation with lower volatility than the broad U.S. equity market. The Fund will typically invest in equity securities of U.S. companies of all capitalization ranges that exhibit low relative volatility. Over the long term, the Fund is expected to achieve a return similar to that of the Russell 3000 Index with a lower level of volatility.

(a)

These categories are comprised of equity index actively and passively managed funds that track various indices such as S&P 500 Composite Total Return Index, Russell 1000 and 2000 Indices, MSCI Europe Ex-UK Index, S&P/TSX Total Return Index, MSCI EAFE Index and others.  Some of these funds use a dynamic asset allocation investment strategy seeking to generate total return over time by selecting investments from among a broad range of asset classes, investing primarily through the use of derivatives.

(b)	This category represents investment-grade fixed income debt securities of European issuers from diverse industries.

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(c)	This category seeks to achieve a return that exceeds the Scotia Capital Markets Universe Bond Index.

(d)	This category is designed to generate income and exhibit volatility similar to that of the Sterling denominated bond market.  This category primarily invests in investment grade or better securities.

(e)	This category consists of global high-yield bonds.  This category invests in lower rated and unrated fixed income, floating rate and other debt securities issued by European and American companies.

(f)	This category consists of a diversified portfolio of debt securities issued by governments, financial institutions, companies or other entities domiciled in emerging market countries.

(g)	This category is designed to achieve a return consistent with holding longer term debt instruments.  This category invests in interest rate and inflation derivatives, government-issued bonds, real-return bonds, and futures contracts.

(a)	In accordance with Subtopic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheets.

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(a)	In the fourth quarter of 2015, we recognized a $23.5 million increase to current tax expense related to a transaction that accelerated U.S. taxable income.

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(a)	U.S. alternative minimum tax credits of $32.5 million have an unlimited carryforward period, U.S. foreign tax credits of $12.3 million have a 10 year carryforward period and the remaining credits of $2.7 million have various carryforward periods.  The U.S. foreign tax credits have a $10.4 million valuation allowance.

(a)	Changes in judgment about valuation allowances are based on a recognition threshold of “more-likely-than-not.” Amounts are based on beginning-of-year balances of deferred tax assets that could potentially be realized in future years.   Amounts are recognized in income from continuing operations.

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(a)	Amortization of capitalized software costs included in continuing operations was $20.7 million in 2015, $20.3 million in 2014 and $17.8 million in 2013.

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(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 (loss).  Net periodic retirement benefit cost also includes service cost, interest cost, expected returns on assets, and settlement costs.  The total pretax expense is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis:

(b)

Reclassification of foreign currency translation amounts in 2015 relate primarily to the sale of our Russian cash management operations. These amounts are included in other operating income (expense). Pretax benefit plan adjustments of $8 million (including related deferred tax component) and foreign currency translation adjustments reclassified to the consolidated statements of operations in 2014 relate to the sale of CIT operations in the Netherlands. Reclassification of foreign currency translation amounts in 2013 relate to the sale of ICD Limited and its affiliates, as well as CIT operations in Hungary and Poland.  The 2014 and 2013 amounts are included in loss from discontinued operations in the consolidated statements of operations.

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

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

•	other operating income (expense) ($4.1 million gains in 2015, $1.9 million gains in 2014 and $3.3 million gains in 2013)

•	interest and other income (expense) ($0.5 million losses in 2015 and $1.0 million losses in 2014 and 2013.)

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(a)	Title to cash received and processed in certain of our secure Cash Management Services operations transfers to us for a short period of time.  The cash is generally credited to customers’ accounts the following day and we record a liability while the cash is in our possession.

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(a)	No Performance Share Units and no Market Share Units had vested as of December 31, 2015. Intrinsic value for Stock Options.

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(a)	Represents the date awards were granted to employee.

(b)	Represents the date the recoupment policy was amended (see Recoupment Policy Change in 2014 above) and an additional goal was added (see 2014 Additional Performance Goal for the 2013 and 2014 PSU Grants above).  The employees and employer are deemed to have a mutual understanding of the terms of the award at this date.

(c)	PSUs are not entitled to dividends during the performance period.

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(a)	Represents the date awards were granted to employee.

(b)	Represents the date the recoupment policy was amended (see Recoupment Policy Change in 2014 above).  The employees and employer are deemed to have a mutual understanding of the terms of the award at this date.

(c)	MSUs are not entitled to dividends during the performance period.

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(a)	The intrinsic value of a stock option is the difference between the market price of the shares underlying the option and the exercise price of the option.  The market price at December 31, 2015 was $28.86.

(b)	There were 0.7 million shares of exercisable options with a weighted-average exercise price of $26.44 per share at December 31, 2014 and 1.2 million shares of exercisable options with a weighted-average exercise price of $30.92 per share at December 31, 2013.

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(a)

We have deferred compensation plans for directors and certain of our employees.  Some amounts owed to participants are denominated in common stock units.  Each unit represents one share of common stock.  The number of shares used to calculate basic earnings per share includes the weighted-average common stock units credited to employees and directors under the deferred compensation plans.  Additionally, nonvested units are also included in the computation of basic weighted average shares when the requisite service period has been completed.  Accordingly, basic and diluted shares include weighted-average units of 0.5 million in 2015, 0.5 million in 2014 and 0.6 million in 2013.

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(a)	Discontinued operations include gains and losses related to businesses that we recently sold or shut down.  No interest expense was included in discontinued operations in 2015 and 2014.  Interest expense included in discontinued operations was $0.4 million in 2013.

(b)

The loss from operations in 2015 included $1.0 million in pension settlement charges related to the Mexican parcel delivery business sold in February 2015. The loss from operations in 2014 included $15.6 million in non-cash severance and impairment charges related to the Netherlands cash-in-transit operations.  The loss from operations in 2013 included $16.2 million of severance expenses paid to terminate certain employees of the German cash-in-transit operations.  We contributed a portion of the cost to fund the German severance payments to the business prior to the execution of the December 2013 sale transaction.

(c)	Primarily related to former coal businesses and BAX Global, a former freight forwarding and logistics business.

(d)

BAX Global had been defending a claim related to the apparent diversion by a third party of goods being transported for a customer.  In 2010, the Dutch Supreme Court denied the final appeal of BAX Global, letting stand the lower court ruling that BAX Global was liable for this claim.  We had contractually indemnified the purchaser of BAX Global for this contingency.  Through 2010, we had recognized $11.5 million of expense related to the payment made in satisfaction of the judgment.  In 2014, we recovered $9.5 million from insurance companies related to this matter.

•	Poland (sold in March 2013)

•	Turkey (shut down in June 2013)

•	Hungary (sold in September 2013)

•	Germany (sold in December 2013)

•	Australia (sold in October 2014)

•	Puerto Rico (shut down in November 2014)

•	Netherlands (sold in December 2014)

•	France (January 2013)

•	Germany (July 2013)

•	We sold Threshold Financial Technologies, Inc. in Canada in November 2013.  Threshold operated private-label ATM network and payment processing businesses.  Brink’s continues to own and operate Brink’s Integrated Managed Services for ATM customers.

•	We sold ICD Limited and other affiliated subsidiaries in November 2013.  ICD had operations in China and other locations in Asia.  ICD designed and installed security systems for commercial customers.

•	In February 2015, we sold a small Mexican parcel delivery business which met the criteria for classification as a discontinued operation as of December 31, 2014.

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•	We sold an Irish guarding operation in November 2015.

•	We sold our 70% ownership interest in a Russian cash management business in November 2015 and recognized a $5.9 million loss on the disposition. A significant part of the loss ($5.0 million) represented the reclassification of foreign currency translation adjustments from accumulated other comprehensive income (loss) into earnings.

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(a)	Includes losses from devaluations in Venezuela of $18.1 million in 2015, $121.6 million in 2014 and $13.4 million in 2013.

(b)	Includes a $44.3 million gain on the sale of a noncontrolling interest in a Peruvian cash-in-transit business in 2014.

(c)	Includes $35.3 million of impairment losses in 2015 related to property and equipment in Venezuela.

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