Investing Activities
Continuing Operations
Investing cash flows increased by $1.1 billion in 2006 compared to 2005 primarily due to the sale of BAX Global in 2006. In addition, investing cash flows in 2006 benefited from lower cash outflows of $38.8 million for acquisitions. Cash from investing activities in 2005 included $76.8 million of higher capital expenditures compared to 2004.
Capital Expenditures
| Years Ended December 31, | $ change | |||||||
| (In millions) | 2006 | 2005 | 2004 | 2006 | 2005 | |||
| Capital Expenditures | ||||||||
| Brink’s | $ | 115.1 | 109.0 | 76.2 | $ | 6.1 | 32.8 | |
| BHS | 163.9 | 162.2 | 117.6 | 1.7 | 44.6 | |||
| Corporate | 0.3 | 0.5 | 1.1 | (0.2) | (0.6) | |||
| Capital expenditures | $ | 279.3 | 271.7 | 194.9 | $ | 7.6 | 76.8 | |
Capital expenditures in 2006 were $7.6 million higher than in 2005, primarily as a result of $12.7 million higher spending on security systems at BHS. Higher spending on new subscribers more than offset a reduction in spending on facilities at BHS.
Capital expenditures in 2007 are currently expected to range from $315 million to $335 million. Expected capital expenditures for 2007 reflect an increase in customer installations at BHS and higher spending on branches and vehicles at Brink's.
Proceeds from Dispositions
Cash flows from investing activities included cash proceeds of approximately $1 billion in 2006 from the sale of BAX Global. Sales of natural resource businesses provided cash of $5.0 million in 2005 and $28.6 million in 2004.
Acquisitions
As previously described, Brink's made a number of acquisitions in the last three years including several operations in Europe. Cash paid for acquisitions totaled $14.4 million in 2006, $53.2 million in 2005 and $14.8 million in 2004.
Discontinued Operations
Cash used by investing activities was lower in 2006 compared to 2005 because capital expenditures at BAX Global were included in the Company's consolidated cash flow for only one month in 2006. Cash used for investing activities increased by $23.7 million in 2005 from 2004 primarily as a result of higher capital expenditures at BAX Global.
