XML 67 R54.htm IDEA: XBRL DOCUMENT v3.22.0.1
Stock-based compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of significant assumptions used in determining fair value of options granted The following table shows the significant assumptions used in connection with the determination of the fair value of options granted in 2019, 2020 and 2021: 
201920202021
Dividend yield0.82%—1.08%0.89%0.84%—1.08%
Expected life (in months)848484
Risk-free rate of interest for expected life1.56%—2.63%1.50%1.12%—1.37%
Volatility21.00%—21.38%20.96%26.05%—26.18%
Schedule of stock option activity
A summary of stock option activity during the years ended December 31, 2019, 2020 and 2021 is set out below:
Year ended December 31, 2019
Shares arising
out of options		Weighted
average
exercise price		Weighted average
remaining
contractual life (years)		Aggregate
intrinsic
value
Outstanding as of January 1, 20197,261,675 23.61 6.4—
Granted1,881,068 28.50 — —
Forfeited(85,000)29.91 — —
Expired— —— —
Exercised(697,531)15.33 — 18,724 
Outstanding as of December 31, 20198,360,212 25.33 6.5$140,760 
Vested as of December 31, 2019 and expected to vest
   thereafter (Note a)		8,006,985 25.18 6.5$136,017 
Vested and exercisable as of December 31, 20193,111,039 19.16 3.4$71,584 
Weighted average grant-date fair value of options granted during the period$6.98 
Year ended December 31, 2020
Shares arising
out of options		Weighted
average
exercise price		Weighted average
remaining
contractual life (years)		Aggregate
intrinsic
value
Outstanding as of January 1, 20208,360,212 $25.33 6.5—
Granted431,924 43.94 ——
Forfeited(752,261)30.09 ——
Expired— ———
Exercised(692,634)20.30 —11,813 
Outstanding as of December 31, 20207,347,241 $26.41 5.7$110,925 
Vested as of December 31, 2020 and expected to vest thereafter (Note a)7,132,162 $26.26 5.7$108,671 
Vested and exercisable as of December 31, 20202,713,405 $19.40 2.6$59,593 
Weighted average grant-date fair value of options granted during the period$9.72 
 
 
Year Ended December 31, 2021
Shares arising
out of options		Weighted
average
exercise price		Weighted average
remaining
contractual life (years)		Aggregate
intrinsic
value
Outstanding as of January 1, 20217,347,241 $26.41 5.7—
Granted1,831,180 43.98 ——
Forfeited(25,000)31.50 ——
Expired— — ——
Exercised(1,145,125)20.23 —30,463 
Outstanding as of December 31, 20218,008,296 $31.30 6.1$174,428 
Vested as of December 31, 2021 and expected to vest thereafter (Note a)7,422,919 $30.51 6.1$167,551 
Vested and exercisable as of December 31, 20213,117,333 $24.17 3.4$90,117 
Weighted average grant-date fair value of options granted during the period$11.35 
(a) Options expected to vest after considering an estimated forfeiture rate.
Schedule of RSU activity
A summary of RSU activity during the years ended December 31, 2019, 2020 and 2021 is set out below: 
Year ended December 31, 2019
Number of 
Restricted Share Units		Weighted 
Average Grant Date Fair Value
Outstanding as of January 1, 20191,528,999 $27.45 
Granted470,939 37.58 
Vested (Note b)(672,025)26.84 
Forfeited(66,207)30.43 
Outstanding as of December 31, 20191,261,706 $31.41 
Expected to vest (Note a)1,149,286 

Year ended December 31, 2020
Number of 
Restricted
Share Units		Weighted 
Average
Grant Date Fair Value
Outstanding as of January 1, 20201,261,706 $31.41 
Granted296,332 40.40 
Vested (Note c)(640,212)28.28 
Forfeited(57,518)37.35 
Outstanding as of December 31, 2020860,308 $36.44 
Expected to vest (Note a)762,877 
18. Stock-based compensation (Continued)
 
 
Year ended December 31, 2021
Number of 
Restricted
Share Units		Weighted 
Average
Grant Date Fair Value
Outstanding as of January 1, 2021860,308 $36.44 
Granted466,702 44.00 
Vested (Note d)(501,273)34.41 
Forfeited(66,230)38.02 
Outstanding as of December 31, 2021759,507 $42.29 
Expected to vest (Note a)654,594 
(a)RSUs expected to vest after considering an estimated forfeiture rate.
(b)637,933 RSUs that vested during the period were net settled upon vesting by issuing 521,707 shares (net of minimum statutory tax withholding). 34,092 RSUs that vested in the year ended December 31, 2019 were issued during the period ended December 31, 2021.
(c)590,699 RSUs that vested during the period were net settled upon vesting by issuing 385,197 shares (net of minimum statutory tax withholding). 49,513 RSUs vested in the year ended December 31, 2020, shares in respect of which will be issued in 2022 after withholding shares to the extent of minimum statutory withholding taxes.
(d)461,640 RSUs that vested during the period were net settled upon vesting by issuing 300,944 shares (net of minimum statutory tax withholding). 39,633 RSUs vested in the year ended December 31, 2021, shares in respect of which will be issued in 2022 after withholding shares to the extent of minimum statutory withholding taxes.
Schedule of Performance Units activity
A summary of PU activity during the years ended December 31, 2019, 2020 and 2021 is set out below:
Year ended December 31, 2019
Number of
Performance Units		Weighted Average
Grant Date 
Fair Value		Maximum Shares
Eligible to Receive
Outstanding as of January 1, 20193,712,402 $28.40 3,712,402 
Granted1,579,109 34.68 3,158,218 
Vested (Note b)(3,276)27.47 (3,276)
Forfeited (248,031)29.04 (278,755)
Adjustment upon final determination of level of performance goal achievement (Note c)1,018,260 34.72 
Adjustment upon final determination of level of performance goal achievement (Note d)(530,125)
Outstanding as of December 31, 20196,058,464 $31.07 6,058,464 
Expected to vest (Note a)5,507,640 

Year ended December 31, 2020
Number of
Performance Units		Weighted Average
Grant Date 
Fair Value		Maximum Shares
Eligible to Receive
Outstanding as of January 1, 20206,058,464 $31.07 6,058,464 
Granted1,253,766 42.49 2,507,532 
Vested (Note e)(1,496,377)25.21 (1,496,377)
Forfeited(539,670)33.77 (560,867)
Adjustment upon final determination of level of performance goal achievement (Note f)(399,987)42.60 
Adjustment upon final determination of level of performance goal achievement (Note g)(1,632,556)
Outstanding as of December 31, 20204,876,196 $34.56 4,876,196 
Expected to vest (Note a)4,573,356 
Year ended December 31, 2021
Number of
Performance Units		Weighted Average
Grant Date 
Fair Value		Maximum Shares
Eligible to Receive
Outstanding as of January 1, 20214,876,196 $34.56 4,876,196 
Granted1,340,877 44.06 2,681,754 
Vested (Note h)(1,784,140)30.66 (1,784,140)
Forfeited(258,258)39.97 (320,098)
Adjustment upon final determination of level of performance goal achievement (Note i)408,480 43.99 
Adjustment upon final determination of level of performance goal achievement (Note j)(870,557)
Outstanding as of December 31, 20214,583,155 $39.40 4,583,155 
Expected to vest (Note a)4,263,803 
(a)PUs expected to vest are based on the probable achievement of the performance targets after considering an estimated forfeiture rate.
18. Stock-based compensation (Continued)
(b)PUs that vested in 2019 were net settled upon vesting by issuing 2,151 shares (net of minimum statutory tax withholding).
(c)Represents a 66.67% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2019 partially offset by an adjustment made in March 2019 to the number of shares subject to the PUs granted in 2018 upon certification of the level of achievement of the performance targets underlying such awards.
(d)Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2019 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2019 to the number of shares subject to the PUs granted in 2018 upon certification of the level of achievement of the performance targets underlying such awards.
(e)Vested PUs in the year 2020 were net settled upon vesting by issuing 902,532 shares (net of minimum statutory tax withholding).
(f)Represents a 32.98% decrease in the number of target shares expected to vest as a result of achievement of lower-than-target performance for PUs granted in 2020, partially offset by an adjustment made in March 2020 to the number of shares subject to the PUs granted in 2019 upon certification of the level of achievement of the performance targets underlying such awards.
(g)Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2020 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2020 to the number of shares subject to the PUs granted in 2019 upon certification of the level of achievement of the performance targets underlying such awards.
(h)1,784,140 PSUs that vested during the year 2021 were net settled upon vesting by issuing 1,102,440 shares (net of minimum statutory tax withholding).
(i)Represents a 31.20% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2021, partially offset by an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards.
(j)Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2021 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards.