Share-based compensation plans (Tables)

6 Months Ended

Jun. 30, 2016

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

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

The following table summarizes all MSU activity during the first six 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	(1.2	)	23.34
Vested(a)	(84.3	)	27.30
Nonvested balance as of June 30, 2016	173.3		$	27.48

(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 six months of 2016: 

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2015	273.0		$	26.16
Granted	169.7		28.59
Forfeited	(15.6	)	26.15
Vested	(90.5	)	26.53
Nonvested balance as of June 30, 2016	336.6		$	27.29

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

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2015	21.4		$	32.79
Granted	26.0		29.35
Forfeited	—		—
Vested	(21.4	)	31.72
Nonvested balance as of June 30, 2016	26.0		$	29.35

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

	Shares (in thousands)		Weighted-Average Grant-Date Fair Value
Nonvested balance as of December 31, 2015	503.4		$	25.93
Granted	315.9		29.06
Forfeited	(18.8	)	26.95
Vested(a)	(162.9	)	23.73
Nonvested balance as of June 30, 2016	637.6		$	28.01

(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.

Compensation expense is 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					Compensation Expense
	Three Months Ended June 30,					Six Months Ended June 30,
(in millions)	2016			2015		2016		2015
Performance Share Units	$	1.0		2.0		2.3		4.5
Market Share Units	—			0.3		0.2		1.9
Restricted Stock Units	0.9			0.9		2.0		1.9
Deferred Stock Units	0.1			0.1		0.3		0.2
Stock Options	0.1			—		0.1		—
Share-based payment expense	2.1			3.3		4.9		8.5
Income tax benefit	(0.7		)	(1.1	)	(1.7	)	(2.9	)
Share-based payment expense, net of tax	$	1.4		2.2		3.2		5.6

Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes performance-based stock option activity during the first six months of 2016: 

	Shares (in thousands)	Weighted-Average Grant-Date Fair Value
Outstanding balance as of December 31, 2015	—	$	—
Granted	400.0	5.92
Forfeited	—	—
Exercised	—	—
Outstanding balance as of June 30, 2016	400.0	$	5.92