Share repurchases

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Share repurchases

Share repurchases

On February 27, 2025, the Company announced a normal course issuer bid ("NCIB"), commencing March 3, 2025, to purchase up to 37.3 million Common Shares in the open market for cancellation on or before March 2, 2026. All purchases were made in accordance with the respective NCIB at prevailing market prices plus brokerage fees, with consideration allocated to "Share capital" up to the average carrying amount of the shares and any excess allocated to "Retained earnings".

In accordance with Canadian federal income tax legislation, the Company has accrued for a two percent tax on the fair market value of shares repurchased (net of qualifying issuances of equity) as a direct cost of common share repurchases recorded in Shareholders’ equity. The Company has accrued a liability of $7 million for the tax due on the net share repurchases made in the first three months of 2025, payable within the first quarter of the following year.

The following table provides activities under the share repurchase program:

	For the three months ended March 31 2025
Number of Common Shares repurchased(1)	3,480,658
Weighted-average price per share(2)	$107.68
Amount of repurchase (in millions of Canadian dollars)(2)	$375

(1) Includes shares repurchased but not yet cancelled at end of period.

(2) Includes brokerage fees and applicable tax on share repurchases.