Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Share-based Compensation Expense

Share-based compensation expense consisted of the following for the periods presented:

	2015		2014		2013
Stock options, stock options with tandem SARs and restricted stock units (a)	$	50.8	$	43.1	$	14.8
Accelerated vesting of Tim Hortons restricted stockunits and performance stock units (b)		—		14.8		—
Total share-based compensation expense (c)	$	50.8	$	57.9	$	14.8

(a) Includes (i) $5.1 million and $9.8 million due to accelerated vesting of awards due to terminations in 2015 and 2014, respectively, and (ii) $9.0 million, $10.4 million and $4.0 million in 2015, 2014 and 2013, respectively, due to modification of awards.

(b) Represents expense attributed to the post-combination service associated with the accelerated vesting of restricted and performance stock units in connection with the Transactions. See Note 2, The Transactions.

(c) Generally classified as selling, general and administrative expenses in the consolidated statements of operations.

Summary of the Significant Assumptions Used During the Year to Estimate the Fair Value of Stock Options

The following assumptions were used in the Black-Scholes option-pricing model to determine the fair value of stock option awards at the grant date and, for stock options issued with tandem SARs, at each subsequent re-measurement date:

	2015	2014	2013
Risk-free interest rate	1.17% - 2.07%	0.96% - 2.11%		1.26	%
Expected term (in years)	3.53 - 7.35	1.00 - 6.71		6.83
Expected volatility	24.0% - 25.0%	20.0% - 25.0%		30.0	%
Expected dividend yield	1.00% - 1.09%	1.00% - 1.03%		1.10	%

Summary of Option Activity under the Various Plan

The following is a summary of stock option activity under our plans for the year ended December 31, 2015:

	Total Number of Options (in 000’s)			Weighted Average Exercise Price		Aggregate Intrinsic Value (1) (in 000’s)		Weighted Average Remaining Contractual Term (Yrs)
Outstanding at January 1, 2015		21,328		$	11.42
Granted		5,046		$	41.34
Exercised		(1,703	)	$	16.95
Forfeited		(655	)	$	31.75
Outstanding at December 31, 2015		24,016		$	16.28	$	521,555		6.8
Exercisable at December 31, 2015		8,120		$	4.69	$	265,297		5.0
Vested or expected to vest at December 31, 2015		21,765		$	15.71	$	484,263		6.8

(1) The intrinsic value represents the amount by which the fair value of our stock exceeds the option exercise price at December 31, 2015.

Summary of RSU Activity

The following is a summary of RSU activity for the year ended December 31, 2015:

	Total Number of Shares (in 000’s)		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015		287	$	18.23
Granted		299	$	35.00
Vested & Settled		—		—
Forfeited		—		—
Outstanding at December 31, 2015		586	$	26.61