Shareholders' equity

12 Months Ended

Dec. 31, 2023

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. As at December 31, 2023, 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)	2023	2022	2021
Share capital, January 1	930.5	929.7	666.3
Shares issued under stock option plan	1.6	0.8	0.8
Shares issued for KCS acquisition (Note 11)	—	—	262.6
Share capital, December 31	932.1	930.5	929.7

The change in the “Share capital” balance includes $17 million of stock-based compensation transferred from “Additional paid-in capital” (2022 – $9 million; 2021 – $7 million).

Share repurchases

In connection with the KCS transaction, the Company suspended share repurchases and did not have an active program as at December 31, 2023 and December 31, 2022.

On January 27, 2021, the Company announced a NCIB, commencing January 29, 2021, to purchase up to 16.7 million Common Shares in the open market for cancellation on or before January 28, 2022. The Company did not purchase any Common Shares under this NCIB.

Share split

On April 21, 2021, the Company's shareholders approved a five-for-one share split to common shareholders of record as of May 5, 2021. Proportional adjustments were made to all outstanding awards under the Company's stock-based compensation plans in order to reflect the share split. All common share and per common share amounts have been retroactively adjusted to reflect the impact of the share split.