Share repurchases

6 Months Ended

Jun. 30, 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 tax legislation, the Company has accrued for a 2% tax on the fair market value of shares repurchased (net of qualifying issuances of equity) as a direct cost of Common Share repurchases recognized in Shareholders’ equity. During the three and six months ended June 30, 2025, the Company has accrued a liability of $26 million and $33 million, respectively, for the tax due on the net share repurchases made, payable within the first quarter of the following year.

The following table provides activities under the share repurchase program:

	For the three months ended June 30	For the six months ended June 30
	2025	2025
Number of Common Shares repurchased	12,882,454	16,363,112
Weighted-average price per share(1)	$108.52	$108.34
Amount of repurchase (in millions of Canadian dollars)(1)	$1,398	$1,773

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