XML 101 R28.htm IDEA: XBRL DOCUMENT v3.20.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2020
Equity [Abstract]  
Shareholders' Equity Shareholders’ equity
Authorized and issued share capital
The Company is authorized to issue an unlimited number of Common Shares, an unlimited number of First Preferred Shares, and an unlimited number of Second Preferred Shares. At December 31, 2020, no First or Second Preferred Shares had been issued.
The following table summarizes information related to Common Share balances as at December 31:
(number of shares in millions)202020192018
Share capital, January 1137.0 140.5 144.9 
CP Common Shares repurchased(4.0)(3.8)(4.6)
Shares issued under stock option plan0.3 0.3 0.2 
Share capital, December 31133.3 137.0 140.5 

The change in the “Share capital” balance includes $10 million of stock-based compensation transferred from “Additional paid-in capital” (2019 – $7 million; 2018 – $12 million).

Share repurchases
On December 17, 2019, the Company announced a normal course issuer bid ("NCIB"), commencing December 20, 2019, to purchase up to 4.80 million Common Shares in the open market for cancellation on or before December 19, 2020. Upon expiry of this NCIB, the Company had purchased 4.27 million Common Shares for $1,577 million.

On October 19, 2018, the Company announced a NCIB, commencing October 24, 2018, to purchase up to 5.68 million Common Shares for cancellation on or before October 23, 2019. The Company completed this NCIB on October 23, 2019.

On May 10, 2017, the Company announced a NCIB, commencing May 15, 2017, to purchase up to 4.38 million Common Shares in the open market for cancellation on or before May 14, 2018. The Company completed this NCIB on May 10, 2018.

All purchases were made in accordance with the respective NCIB at prevailing market prices plus brokerage fees, or such other prices that were permitted by the Toronto Stock Exchange ("TSX"), 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 programs for each of the years ended December 31:
 202020192018
Number of Common Shares repurchased(1)
3,973,076 3,794,149 4,683,162 
Weighted-average price per share(2)
$371.74 $300.65 $240.68 
Amount of repurchase (in millions)(2)
$1,477 $1,141 $1,127 
(1) Includes shares repurchased but not yet cancelled at year end.
(2) Includes brokerage fees.
On January 27, 2021, the Company announced that the TSX has accepted its notice to implement a new NCIB, commencing January 29, 2021, to purchase up to approximately 3.33 million Common Shares for cancellation on or before January 28, 2022.