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EQUITY (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [abstract]  
Schedule of equity Equity consists of the following:
AS AT DEC. 31
(MILLIONS)
Note20242023
Preferred equity (a)$4,103 $4,103 
Non-controlling interests(b)119,406 122,465 
Common equity (c)41,874 41,674 
$165,383 $168,242 
Preferred equity includes perpetual preferred shares and rate-reset preferred shares and consists of the following:
Average Rate
AS AT DEC. 31
(MILLIONS)
2024202320242023
Perpetual preferred shares
Floating rate4.52 %5.29 %$463 $463 
Fixed rate4.82 %4.82 %739 739 
4.70 %5.00 %1,202 1,202 
Fixed rate-reset preferred shares5.04 %4.72 %2,901 2,901 
4.94 %4.80 %$4,103 $4,103 
Further details on each series of preferred shares are as follows:
Issued and Outstanding
AS AT DEC. 31
(MILLIONS, EXCEPT PER SHARE INFORMATION)
Rate2024202320242023
Class A preferred shares
Perpetual preferred shares
Series 270% P10,220,175 10,220,175 $169 $169 
Series 4 70% P3,983,910 3,983,910 45 45 
Series 1370% P8,792,596 8,792,596 195 195 
Series 174.75 %7,840,204 7,840,204 171 171 
Series 18 4.75 %7,681,088 7,681,088 178 178 
Series 364.85 %7,842,909 7,842,909 197 197 
Series 374.90 %7,830,091 7,830,091 193 193 
Series 51Variable up to P3,320,486 3,320,486 54 54 
1,202 1,202 
Rate-reset preferred shares1
Series 243.24 %10,808,027 10,808,027 265 265 
Series 263.85 %9,770,928 9,770,928 240 240 
Series 284.61 %9,233,927 9,233,927 232 232 
Series 30 6.09 %9,787,090 9,787,090 241 241 
Series 322
6.74 %11,750,299 11,750,299 297 297 
Series 343
6.15 %9,876,735 9,876,735 253 253 
Series 383.57 %7,906,132 7,906,132 179 179 
Series 404
5.83 %11,841,025 11,841,025 271 271 
Series 423.25 %11,887,500 11,887,500 266 266 
Series 445.00 %9,831,929 9,831,929 187 187 
Series 465.39 %11,740,797 11,740,797 217 217 
Series 486.23 %11,885,972 11,885,972 244 244 
Series 522.75 %1,177,580 1,177,580 9 9 
2,901 2,901 
Total$4,103 $4,103 
1.Dividend rates are fixed for 5 to 6 years from the quarter end dates after issuance, June 30, 2011, March 31, 2012, June 30, 2012, December 31, 2012, September 30, 2013, March 31, 2014, June 30, 2014, December 31, 2014, December 31, 2015, December 31, 2016 and December 31, 2017, respectively and reset after 5 to 6 years to the 5-year Government of Canada bond rate plus between 180 and 417 basis points.
2.Dividend rate reset commenced October 1, 2023.
3.Dividend rate reset commenced April 1, 2024.
4.Dividend rate reset commenced October 1, 2024.
P – Prime Rate
Non-controlling interests represent the common and preferred equity in consolidated entities that are owned by other shareholders.
AS AT DEC. 31
(MILLIONS)
20242023
Common equity$114,389 $117,318 
Preferred equity5,017 5,147 
Total$119,406 $122,465 
The company’s common equity is comprised of the following:
AS AT DEC. 31
(MILLIONS)
20242023
Common shares$10,806 $10,879 
Contributed surplus114 112 
Retained earnings17,066 18,006 
Ownership changes5,045 4,510 
Accumulated other comprehensive income8,843 8,167 
Common equity$41,874 $41,674 
The number of issued and outstanding Class A and Class B shares and unexercised options are as follows:
AS AT DEC. 31
20242023
Class A shares1
1,506,464,968 1,523,372,339 
Class B shares85,120 85,120 
Shares outstanding1
1,506,550,088 1,523,457,459 
Unexercised options, other share-based plans2 and exchangeable shares of affiliate
95,805,397 91,632,045 
Total diluted shares1,602,355,485 1,615,089,504 
1.Net of 104,786,155 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2024 (December 31, 2023 – 81,849,805).
2.Includes management share option plan and escrowed stock plan.
The authorized common share capital consists of an unlimited number of Class A shares and 85,120 Class B shares. Shares issued and outstanding changed as follows:
FOR THE YEARS ENDED DEC. 31
20242023
Outstanding, beginning of year1
1,523,457,459 1,573,371,868 
Issued (Repurchased)
Issuances
3,351,357 794,418 
Repurchases2
(26,676,978)(54,547,332)
Long-term share ownership plans3
6,371,747 3,722,567 
Dividend reinvestment plan and other46,503 115,938 
Outstanding, end of year4
1,506,550,088 1,523,457,459 
1.Net of 81,849,805 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2023 (December 31, 2022 – 62,910,220).
2.During 2023, 32,934,574 BN Class A shares (“BN shares”) were voluntarily exchanged for newly-issued BWS class A-1 exchangeable non-voting shares on a one-for-one basis. BWS Class A-1 shares are convertible in BN shares.
3.Includes management share option plan and restricted stock plan.
4.Net of 104,786,155 Class A shares held by the company in respect of long-term compensation agreements as at December 31, 2024 (December 31, 2023 – 81,849,805).
The expense arising from share-based compensation is summarized in the following table:
FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20242023
Expense arising from equity-settled share-based payment transactions$103 $104 
Expense arising from cash-settled share-based payment transactions410 290 
Total expense arising from share-based payment transactions513 394 
Effect of hedging program(407)(289)
Total expense included in consolidated income$106 $105 
The changes in the number of options during 2024 and 2023 were as follows:
NYSE
Number of Options (000’s)1
Weighted- Average Exercise Price
Outstanding as at January 1, 2024
39,745 US$26.30 
Granted 1,165 40.03 
Exercised(10,187)20.58 
Cancelled (232)40.96 
Outstanding as at December 31, 2024
30,491 US$28.63 
1.Options to acquire NYSE listed Class A shares.
NYSE
Number of Options (000’s)1
Weighted- Average Exercise Price
Outstanding as at January 1, 2023
44,093 US$25.16 
Granted 716 36.37 
Exercised(4,731)16.25 
Cancelled (333)39.57 
Outstanding as at December 31, 2023
39,745 US$26.30 
1.Options to acquire NYSE listed Class A shares.
The weighted-average fair value of options granted for the year ended December 31, 2024 was $12.51 (2023 – $9.61), and was determined using the Black-Scholes valuation model, with inputs to the model as follows:
FOR THE YEARS ENDED DEC. 31Unit20242023
Weighted-average share priceUS$40.03 36.37 
Average term to exerciseYears7.5 7.5 
Share price volatility1
%35.0 28.7 
Liquidity discount%25.0 25.0 
Weighted-average annual dividend yield%1.0 1.0 
Risk-free rate%4.2 4.0 
1.Share price volatility was determined based on historical share prices over a similar period to the average term to exercise.
As at December 31, 2024, the following options to purchase Class A shares were outstanding:
Options Outstanding (000’s)
Exercise PriceWeighted-Average Remaining LifeVestedUnvestedTotal
US$14.61 – US$16.70
1.1 years2,611 — 2,611 
US$18.43 – US$22.05
2.5 years10,142 — 10,142 
US$24.15 – US$31.64
4.2 years5,776 102 5,878 
US$35.56 – US$46.62
6.6 years6,127 5,733 11,860 
24,656 5,835 30,491 
As at December 31, 2023, the following options to purchase Class A shares were outstanding:
Options Outstanding (000’s)
Exercise PriceWeighted-Average Remaining LifeVestedUnvestedTotal
US$13.77 – US$16.70
1.8 years4,845 — 4,845 
US$18.43 – US$22.05
3.0 years16,604 — 16,604 
US$24.15 – US$31.64
5.2 years5,539 1,390 6,929 
US$35.56 – US$46.62
7.3 years4,175 7,192 11,367 
31,163 8,582 39,745 
The weighted-average fair value of escrowed shares granted for the year ended December 31, 2024 was $12.51 (2023 – $9.61), and was determined using the Black-Scholes model of valuation with inputs to the model as follows:
FOR THE YEARS ENDED DEC. 31Unit20242023
Weighted-average share priceUS$40.03 36.37 
Average term to exerciseYears7.5 7.5 
Share price volatility1
%35.0 28.7 
Liquidity discount%25.0 25.0 
Weighted-average annual dividend yield%1.0 1.0 
Risk-free rate%4.2 4.0 
1.Share price volatility was determined based on historical share prices over a similar period to the average term to exercise.
The change in the number of ES shares during 2024 and 2023 was as follows:
Number of
Units (000’s)		Weighted- Average Exercise Price
Outstanding as at January 1, 2024
41,337 $35.03 
Granted16,375 40.03 
Exercised(1,292)35.70 
Cancelled(10)42.18 
Outstanding as at December 31, 2024
56,410 $36.47 
Number of
Units (000’s)		Weighted- Average Exercise Price
Outstanding as at January 1, 2023
39,425 $35.00 
Granted2,155 36.37 
Exercised(228)34.84 
Cancelled(15)43.51 
Outstanding as at December 31, 2023
41,337 $35.03 
The change in the number of DSUs and RSUs during 2024 and 2023 was as follows:
DSUsRSUs
Number
of Units
(000’s)		Number
of Units
(000’s)		Weighted- Average Exercise Price
Outstanding as at January 1, 2024
20,951 13,679 C$6.10 
Granted and reinvested 219 — — 
Exercised and cancelled (1,703)(13,679)6.10 
Outstanding as at December 31, 2024
19,467 — C$— 
DSUsRSUs
Number
of Units
(000’s)		Number
of Units
(000’s)		Weighted- Average Exercise Price
Outstanding as at January 1, 2023
21,648 13,679 C$6.10 
Granted and reinvested 271 — — 
Exercised and cancelled (968)— — 
Outstanding as at December 31, 2023
20,951 13,679 C$6.10 
The fair value of each DSU is equal to the traded price of the company’s common shares.
UnitDec. 31, 2024Dec. 31, 2023
Share price on date of measurementC$82.62 53.15 
Share price on date of measurementUS$57.45 40.12 
The fair value of RSUs was determined primarily using the following inputs:
UnitDec. 31, 2024Dec. 31, 2023
Share price on date of measurementC$— 53.15 
Weighted-average fair value of a unitC$— 47.05 
Schedule of basic and diluted earnings per share
The components of basic and diluted earnings per share are summarized in the following table:
FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20242023
Net income attributable to shareholders$641 $1,130 
Preferred share dividends(168)(166)
Net income available to shareholders473 964 
Dilutive impact of exchangeable shares12 5 
Net income available to shareholders including dilutive impact of exchangeable shares$485 $969 
FOR THE YEARS ENDED DEC. 31
(MILLIONS)
20242023
Weighted average – Class A and Class B shares1,511.5 1,558.5 
Dilutive effect of conversion of options and escrowed shares using treasury stock method and exchangeable shares of affiliate73.1 29.7 
Class A and Class B shares and share equivalents1,584.6 1,588.2