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EQUITY (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [abstract]  
Schedule of equity
The company’s common equity is comprised of the following:
AS AT JUN. 30, 2024 AND DEC. 31, 2023
(MILLIONS)
20242023
Common shares$10,831 $10,879 
Contributed surplus109 112 
Retained earnings17,131 18,006 
Ownership changes5,036 4,510 
Accumulated other comprehensive income8,125 8,167 
Common equity$41,232 $41,674 
The number of issued and outstanding Class A and Class B shares and unexercised options are as follows:
AS AT JUN. 30, 2024 AND DEC. 31, 2023
20242023
Class A shares1
1,508,146,799 1,523,372,339 
Class B shares85,120 85,120 
Shares outstanding1
1,508,231,919 1,523,457,459 
Unexercised options, other share-based plans2 and exchangeable shares of affiliate
88,896,428 91,632,045 
Total diluted shares1,597,128,347 1,615,089,504 
1.Net of 100,610,227 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2024 (December 31, 2023 – 81,849,805).
2.Includes management share option plan and escrowed stock plan Shares issued and outstanding changed as follows:
 Three Months EndedSix Months Ended
FOR THE PERIODS ENDED JUN. 30
2024202320242023
Outstanding, beginning of period1
1,512,906,498 1,564,393,929 1,523,457,459 1,573,371,868 
Issued (Repurchased)
Issuances
658,243 1,380 1,594,541 262,361 
Repurchases
(7,098,910)(1,189,664)(20,313,372)(11,676,545)
Long-term share ownership plans2
1,752,920 643,650 3,467,385 1,826,185 
Dividend reinvestment plan and other13,168 17,597 25,906 83,023 
Outstanding, end of period3
1,508,231,919 1,563,866,892 1,508,231,919 1,563,866,892 
1.Net of 93,511,317 Class A shares held by the company in respect of long-term compensation agreements as at March 31, 2024 (March 31, 2023 – 70,740,647) and 81,849,805 as at December 31, 2023 (December 31, 2022 – 62,910,220).
2.Includes management share option plan and restricted stock plan.
3.Net of 100,610,227 Class A shares held by the company in respect of long-term compensation agreements as at June 30, 2024 (June 30, 2023 – 71,921,167).
Schedule of basic and diluted earnings per share
The components of basic and diluted earnings per share are summarized in the following table:
Three Months EndedSix Months Ended
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
2024202320242023
Net income attributable to shareholders$43 $81 $145 $201 
Preferred share dividends(42)(41)(84)(82)
Net income available to shareholders1 40 61 119 
Dilutive impact of exchangeable shares— — — — 
Net income available to shareholders including dilutive impact of exchangeable shares$1 $40 $61 $119 
Three Months EndedSix Months Ended
FOR THE PERIODS ENDED JUN. 30
(MILLIONS)
2024202320242023
Weighted average – Class A and Class B shares1,509.6 1,564.0 1,514.3 1,568.2 
Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate26.4 14.4 24.4 14.6 
Class A and Class B shares and share equivalents1,536.0 1,578.4 1,538.7 1,582.8