Share-based Payments

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Payments

16. Share-based Payments

The following table summarizes the components of share-based payment expense by consolidated income statement classification:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Selling, general and administrative:
Stock option compensation expense	$	0.8	$	1.6	$	2.3	$	4.3
Equity-classified share units	17.3		9.4		25.6		12.9
Liability-classified share units	0.2		0.5		1.5		0.5
Employee share purchase plan	1.7		0.8		4.6		1.3
	20.0		12.3		34.0		19.0
Acquisition-related and integration costs:
Acceleration of share-based payments expense	—		0.9		0.9		5.9
Share-based continuing employment costs	—		0.9		0.2		1.9
	—		1.8		1.1		7.8
	$	20.0	$	14.1	$	35.1	$	26.8

Equity-classified and liability-classified share units

The following table summarizes share unit activity for the six months ended June 30, 2024:

	Equity-classified share units									Liability-classified share units
	PSUs with Performance Conditions			PSUs with Market Conditions			RSUs			DSUs
	Number	WA grant date fair value		Number	WA grant date fair value		Number	WA grant date fair value		Number	WA grant date fair value
Outstanding, December 31, 2023	415,429	$	58.35	174,260	$	74.83	539,671	$	53.64	100,560	$	38.36
Granted	150,461	75.42		149,444	121.25		309,807	75.46		10,103	71.43
Vested and settled	(114,315)	58.79		—	—		(223,389)	53.50		(3,759)	59.05
Forfeited	(15,175)	57.92		(10,399)	81.35		(22,832)	57.29		—	—
Outstanding at June 30, 2024	436,400	$	64.13	313,305	$	96.76	603,257	$	64.76	106,904	$	40.76

PSUs

During the six months ended June 30, 2024 the Company granted PSU's that are equity-settled to executives and senior employees, half of which vest based on performance conditions and half of which vest based on market conditions, conditional upon the Company's total shareholder return relative to a peer group. The PSU's granted in March 2024 have a three year vesting period beginning on January 1, 2024, and the PSU's granted in June 2024 have a vesting period from its date of grant date to March 2027.

The fair value of PSUs with performance vesting conditions granted during the six months ended June 30, 2024 was estimated on the respective grant dates using the closing market price of the Company's common shares listed on the NYSE.

The fair value of PSUs with market vesting conditions granted during the six months ended June 30, 2024 was estimated on the respective grant dates using a Monte Carlo simulation model incorporating the following significant assumptions, presented on a weighted average basis:

Risk free interest rate	4.5	%
Expected lives of the PSUs	3 years
Expected volatility	32.3	%
Average expected volatility of comparable companies	48.3	%

RSUs

During the six months ended June 30, 2024 the Company granted RSUs that are equity settled to employees and members of its Board of Directors which vest based on service conditions. RSUs granted to employees vest over a three year service period and RSUs granted to directors vest on the earlier of (i) the one year anniversary of the grant date and (ii) the date of the Company's next annual meeting of shareholders. The issuance of shares related to RSUs granted to directors may be deferred at the holder's election.

The fair value of RSUs granted during the six months ended June 30, 2024, was estimated on the respective grant dates using the market close price of the Company's common shares listed on the NYSE.