Shareholders' Equity

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Shareholders' Equity

Shareholders' equity

On April 20, 2016, the Company announced a new normal course issuer bid ("bid"), commencing May 2, 2016 to May 1, 2017, to purchase up to 6.91 million of its outstanding Common Shares for cancellation.

All purchases are made in accordance with the bid at prevalent market prices plus brokerage fees, or such other prices that may be permitted by the Toronto Stock Exchange, with consideration allocated to share capital up to the average carrying amount of the shares, and any excess allocated to retained earnings. The following table provides activities under the share repurchase program:

	For the three months ended June 30				For the six months ended June 30
	2016		2015		2016		2015
Number of Common Shares repurchased(1)	5,127,800		3,058,900		5,127,800		5,233,688
Weighted-average price per share(2)	$	169.13	$	193.10	$	169.13	$	206.40
Amount of repurchase (in millions)(2)	$	867	$	590	$	867	$	1,080

⁽¹⁾ Includes shares repurchased but not yet canceled at quarter end.

⁽²⁾ Includes brokerage fees.