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SHARE CAPITAL | 12 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
SHARE CAPITAL | SHARE CAPITAL Our authorized share capital consists of an unlimited number of common shares with no par value and an unlimited number of preference shares. COMMON SHARES
| 2021 | 2020 | 2019
| Number |  | Number |  | Number |
December 31, | of Shares | Amount | of Shares | Amount | of Shares | Amount
(millions of Canadian dollars; number of shares in millions) |  |  |  |  |  |
Balance at beginning of year | 2,026 |  | 64,768 |  | 2,025 |  | 64,746 |  | 2,022 |  | 64,677 |
Shares issued on exercise of stock options | — |  | 31 |  | 1 |  | 22 |  | 3 |  | 69 |
Balance at end of year | 2,026 |  | 64,799 |  | 2,026 |  | 64,768 |  | 2,025 |  | 64,746 |
PREFERENCE SHARES
| 2021 | 2020 | 2019
| Number |  | Number |  | Number |
December 31, | of Shares | Amount | of Shares | Amount | of Shares | Amount
(millions of Canadian dollars; number of shares in millions) |  |  |  |  |  |
Preference Shares, Series A | 5 |  | 125 |  | 5 |  | 125 |  | 5 |  | 125 |
Preference Shares, Series B | 18 |  | 457 |  | 18 |  | 457 |  | 18 |  | 457 |
Preference Shares, Series C | 2 |  | 43 |  | 2 |  | 43 |  | 2 |  | 43 |
Preference Shares, Series D | 18 |  | 450 |  | 18 |  | 450 |  | 18 |  | 450 |
Preference Shares, Series F | 20 |  | 500 |  | 20 |  | 500 |  | 20 |  | 500 |
Preference Shares, Series H | 14 |  | 350 |  | 14 |  | 350 |  | 14 |  | 350 |
Preference Shares, Series J | 8 |  | 199 |  | 8 |  | 199 |  | 8 |  | 199 |
Preference Shares, Series L | 16 |  | 411 |  | 16 |  | 411 |  | 16 |  | 411 |
Preference Shares, Series N | 18 |  | 450 |  | 18 |  | 450 |  | 18 |  | 450 |
Preference Shares, Series P | 16 |  | 400 |  | 16 |  | 400 |  | 16 |  | 400 |
Preference Shares, Series R | 16 |  | 400 |  | 16 |  | 400 |  | 16 |  | 400 |
Preference Shares, Series 1 | 16 |  | 411 |  | 16 |  | 411 |  | 16 |  | 411 |
Preference Shares, Series 3 | 24 |  | 600 |  | 24 |  | 600 |  | 24 |  | 600 |
Preference Shares, Series 5 | 8 |  | 206 |  | 8 |  | 206 |  | 8 |  | 206 |
Preference Shares, Series 7 | 10 |  | 250 |  | 10 |  | 250 |  | 10 |  | 250 |
Preference Shares, Series 9 | 11 |  | 275 |  | 11 |  | 275 |  | 11 |  | 275 |
Preference Shares, Series 11 | 20 |  | 500 |  | 20 |  | 500 |  | 20 |  | 500 |
Preference Shares, Series 13 | 14 |  | 350 |  | 14 |  | 350 |  | 14 |  | 350 |
Preference Shares, Series 15 | 11 |  | 275 |  | 11 |  | 275 |  | 11 |  | 275 |
Preference Shares, Series 17 | 30 |  | 750 |  | 30 |  | 750 |  | 30 |  | 750 |
Preference Shares, Series 19 | 20 |  | 500 |  | 20 |  | 500 |  | 20 |  | 500 |
Issuance costs |  | (155) |  |  | (155) |  |  | (155) |
Balance at end of year |  | 7,747 |  |  | 7,747 |  |  | 7,747 |
Characteristics of the preference shares are as follows:
| Dividend Rate | Dividend 1 | Per Share Base Redemption Value 2 | Redemption and Conversion Option Date 2,3 | Right to Convert Into 3,4
(Canadian dollars unless otherwise stated) |  |  |  |
Preference Shares, Series A | 5.50 | % | $1.37500 | $25 | — |  | — |
Preference Shares, Series B | 3.42 | % | $0.85360 | $25 | June 1, 2022 | Series C
Preference Shares, Series C 5 | 3-month treasury bill plus 2.40% | — |  | $25 | June 1, 2022 | Series B
Preference Shares, Series D | 4.46 | % | $1.11500 | $25 | March 1, 2023 | Series E
Preference Shares, Series F | 4.69 | % | $1.17224 | $25 | June 1, 2023 | Series G
Preference Shares, Series H | 4.38 | % | $1.09400 | $25 | September 1, 2023 | Series I
Preference Shares, Series J | 4.89 | % | US$1.22160 | US$25 | June 1, 2022 | Series K
Preference Shares, Series L | 4.96 | % | US$1.23972 | US$25 | September 1, 2022 | Series M
Preference Shares, Series N | 5.09 | % | $1.27152 | $25 | December 1, 2023 | Series O
Preference Shares, Series P | 4.38 | % | $1.09476 | $25 | March 1, 2024 | Series Q
Preference Shares, Series R | 4.07 | % | $1.01825 | $25 | June 1, 2024 | Series S
Preference Shares, Series 1 | 5.95 | % | US$1.48728 | US$25 | June 1, 2023 | Series 2
Preference Shares, Series 3 | 3.74 | % | $0.93425 | $25 | September 1, 2024 | Series 4
Preference Shares, Series 5 | 5.38 | % | US$1.34383 | US$25 | March 1, 2024 | Series 6
Preference Shares, Series 7 | 4.45 | % | $1.11224 | $25 | March 1, 2024 | Series 8
Preference Shares, Series 9 | 4.10 | % | $1.02424 | $25 | December 1, 2024 | Series 10
Preference Shares, Series 11 | 3.94 | % | $0.98452 | $25 | March 1, 2025 | Series 12
Preference Shares, Series 13 | 3.04 | % | $0.76076 | $25 | June 1, 2025 | Series 14
Preference Shares, Series 15 | 2.98 | % | $0.74576 | $25 | September 1, 2025 | Series 16
Preference Shares, Series 17 | 5.15 | % | $1.28750 | $25 | March 1, 2022 | Series 18
Preference Shares, Series 19 | 4.90 | % | $1.22500 | $25 | March 1, 2023 | Series 20
1 The holder is entitled to receive a fixed, cumulative, quarterly preferential dividend, as declared by the Board of Directors. With the exception of Series A and Series C Preference Shares, such fixed dividend rate resets every five years beginning on the initial redemption and conversion option date. The Series 17 and Series 19 Preference Shares contain a feature where the fixed dividend rate, when reset every five years, will not be less than 5.15% and 4.90%, respectively. No other series of Preference Shares has this feature. 2 Series A Preference Shares may be redeemed any time at our option. For all other series of Preference Shares, we may at our option, redeem all or a portion of the outstanding Preference Shares for the Base Redemption Value per share plus all accrued and unpaid dividends on the Redemption Option Date and on every fifth anniversary thereafter. 3 The holder will have the right, subject to certain conditions, to convert their shares into Cumulative Redeemable Preference Shares of a specified series on a one-for-one basis on the Conversion Option Date and every fifth anniversary thereafter at an ascribed issue price equal to the Base Redemption Value. 4 With the exception of Series A Preference Shares, after the redemption and conversion option dates, holders may elect to receive quarterly floating rate cumulative dividends per share at a rate equal to: $25 x (number of days in quarter/number of days in a year) x three-month Government of Canada treasury bill rate + 2.4% (Series C), 2.4% (Series E), 2.5% (Series G), 2.1% (Series I), 2.7% (Series O), 2.5% (Series Q), 2.5% (Series S), 2.4% (Series 4), 2.6% (Series 8), 2.7% (Series 10), 2.6% (Series 12), 2.7% (Series 14), 2.7% (Series 16), 4.1% (Series 18) or 3.2% (Series 20); or US$25 x (number of days in quarter/number of days in a year) x three-month US Government treasury bill rate + 3.1% (Series K), 3.2% (Series M), 3.1% (Series 2) or 2.8% (Series 6). 5 The floating quarterly dividend amount for the Series C Preference Shares was increased to $0.15501 from $0.15349 on March 1, 2021, was increased to $0.15753 from $0.15501 on June 1, 2021, was increased to $0.16081 from $0.15753 on September 1, 2021 and was decreased to $0.15719 from $0.16081 on December 1, 2021, due to reset on a quarterly basis following the issuance thereof. PREFERENCE SHARE REDEMPTION We intend to exercise our right to redeem all of our outstanding cumulative redeemable minimum rate reset preference shares, Series 17, on March 1, 2022 at a price of $25 per Series 17 share, together with all accrued and unpaid dividends, if any. SHAREHOLDER RIGHTS PLAN The Shareholder Rights Plan is designed to encourage the fair treatment of our shareholders in connection with any takeover offer. Rights issued under the plan become exercisable when a person and any related parties acquires or announces its intention to acquire 20% or more of our outstanding common shares without complying with certain provisions set out in the plan or without approval of our Board of Directors. Should such an acquisition occur, each rights holder, other than the acquiring person and related parties, will have the right to purchase our common shares at a 50% discount to the market price at that time.

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- Definition The entire disclosure for shareholders' capital, comprised of portions attributable to the parent entity. Including, but not limited to: (1) balances of common stock, preferred stock, other capital; (2) Earning per share; (3) Dividend reinvestment plans; (4) other share related information. + References No definition available. + Details
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