Is This Brink’s Company’s Response To Activist Jeff Smith?

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54 Improvement in the Tax Rate Non-GAAP Tax Rate (%) 46% 42% ~39% 2014 2015 Est. 2016 Est. 2015 Non-GAAP Tax Rate Estimate “Weighted” Statutory rate of estimated 2015 earnings ~33%  Inability to credit Latin America Withholding taxes against U.S. taxes ~3%  Limitation on deductibility of certain payroll expenses in Mexico ~3%  Valuation allowances ~2%  Other / imputed income ~1% 2015 Estimated Non-GAAP Tax Rate ~42%  Latin America withholding taxes (3)% 2016 Estimated Non-GAAP Tax Rate ~39%
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