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To Our Shareholders
Brink's Incorportated
Brink's Home Security
2006 Financial Review
Financial Highlights
Management's Discussion and Analysis of Financial Condition and Results of Operations
Operations
Results of Operations
Overview of Results
Consolidated Review
Brink's, Incorporated
Brink's Home Security, Inc.
Corporate Expense-The Brink's Company
Former Operations
Retained Liabilities and Assets of Former Operations
Primary U.S. Pension Plan
Discontinued Operations
Other Operating Income, Net
Nonoperating Income and Expense
Income Taxes
Minority Interest
Foreign Operations
Liquidity and Capital Resources
Overview
Summary of Cash Flow Information
Operating Activities
Investing Activities
Business Segment Cash Flows
Financing Activities
Capitalization
Off Balance Sheet Arrangements
Contractual Obligations
Other Potential Use of Credit
Contingent Matters
Market Risk Exposures
Critical Accounting Policies
Deferred Tax Asset Valuation Allowance
Goodwill and Property and Equipment Valuations
Employee and Retiree Benefit Obligations
Recent Accounting Pronouncements
Forward-Looking Information
Management's Report on Internal Control Over Financial Reporting
Reports of Independent Registered Public Accounting Firm
Consolidated Financial Statements
Consolidated Balance Sheets
Consolidated Statements of Operations
Consolidated Statements of Comprehensive Income
Consolidated Statements of Shareholders' Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Note 1 - Summary of Significant Accounting Policies
Note 2 - Segment Information
Note 3 - Earnings Per Share
Note 4 - Employee and Retiree Benefits
Note 5 - Income Taxes
Note 6 - Property and Equipment
Note 7 - Acquisitions
Note 8 - Goodwill and Other Intangible Assets
Note 9 - Other Assets
Note 10 - Accrued Liabilities
» Note 11 - Other Liabilities
Note 12 - Long-Term Debt
Note 13 - Accounts Receivable
Note 14 - Operating Leases
Note 15 - Share-Based Compensation Plans
Note 16 - Capital Stock
Note 17 - Discontinued Operations
Note 18 - Supplemental Cash Flow Information
Note 19 - Other Operating Income, Net
Note 20 - Interest and Other Nonoperating Income (Expense), Net
Note 21 - Risk Management
Note 22 - Other Commitments and Contingencies
Note 23 - Selected Quarterly Financial Data (unaudited)
Selected Financial Data
Board of Directors and Senior Management
Corporate Information
Note 11 - Other Liabilities
December 31,
(In millions)
2006
2005
Workers’ compensation and other claims
$
62.4
61.9
Minority interest
51.8
41.5
Other
86.1
74.0
Other liabilities
$
200.3
177.4