Shareholders' Equity

6 Months Ended

Jun. 30, 2020

Stockholders' Equity Note [Abstract]

Shareholders' equity

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. As at June 30, 2020, the Company had purchased 1.90 million Common Shares for $620 million under this NCIB.

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.

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, 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 the three months ended June 30				For the six months ended June 30
	2020		2019		2020		2019
Number of Common Shares repurchased⁽¹⁾	150,860		956,243		1,606,714		1,663,921
Weighted-average price per share⁽²⁾	$	341.27	$	308.84	$	323.54	$	288.80
Amount of repurchase (in millions of Canadian dollars)⁽²⁾	$	52	$	296	$	520	$	481


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

⁽²⁾

Includes brokerage fees.