Share-based compensation plans (Tables)

3 Months Ended

Mar. 31, 2016

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

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

Compensation expense are classified as selling, general and administrative expenses in the consolidated statements of operations. Compensation expenses for the share-based awards were as follows:

	Compensation Expense
	Three Months Ended March 31,
(in millions)	2016			2015
Performance Share Units	$	1.3		2.5
Market Share Units	0.2			1.6
Restricted Stock Units	1.1			1.0
Deferred Stock Units	0.2			0.1
Share-based payment expense	2.8			5.2
Income tax benefit	(1.0		)	(1.8	)
Share-based payment expense, net of tax	$	1.8		3.4

The following table summarizes all PSU activity during the first three months of 2016:

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2015	503.4		$	25.93
Granted	166.5		29.22
Forfeited	(9.4	)	27.19
Vested(a)	(162.9	)	23.73
Nonvested balance as of March 31, 2016	497.6		$	27.73

(a) The vested PSUs presented are based on the target amount of the award. Pursuant to the actual performance for the period ended December 31, 2015, the actual shares earned and distributed were 277.1, representing 171% of target or, for a smaller award, 125% of target.

The following table summarizes all DSU activity during the first three months of 2016:

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2015	21.4		$	32.79
Granted	—		—
Forfeited	—		—
Vested	(6.1	)	29.05
Nonvested balance as of March 31, 2016	15.3		$	32.79

The following table summarizes all MSU activity during the first three months of 2016: 

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2015	258.8		$	27.40
Granted	—		—
Forfeited	—		—
Vested(a)	(84.3	)	27.30
Nonvested balance as of March 31, 2016	174.5		$	27.45

(a) The vested MSUs presented are based on the target amount of the award. Pursuant to the actual performance for the period ended December 31, 2015, the actual shares earned and distributed were 91.1, or 108% of target. No additional compensation expense was required, as the market condition was included in the $27.30 grant date fair value.

The following table summarizes RSU activity during the first three months of 2016: 

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2015	273.0		$	26.16
Granted	130.2		28.38
Forfeited	(8.8	)	25.42
Vested	(60.1	)	26.46
Nonvested balance as of March 31, 2016	334.3		$	26.99

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques

The following table provides the terms and the weighted average assumptions used in the valuation of the TSR PSUs:

Terms and Assumptions Used to Estimate Fair Value of TSR PSUs	TSR PSUs Granted in the First Three Months of 2016
Date of Measurement	February 24, 2016(a)
Terms of awards:
Performance period	Jan. 1, 2016 to
	Dec. 31, 2018
Beginning average price of Brink’s common stock	$	29.79
Assumptions used to estimate fair value:
Expected dividend yield(b)	0		%
Expected stock price volatility	29		%
Risk-free interest rate	0.9		%
Contractual term in years	2.9
Weighted-average fair value estimate per share	$	33.58

(a) Represents the accounting grant date that awards granted to employee.

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