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SHARE CAPITAL (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [Abstract] |
Schedule of Common Shares | COMMON SHARES
| 2023 | 2022 | 2021
December 31, | Number of Shares | Amount | Number of Shares | Amount | Number of Shares | Amount
(millions of Canadian dollars; number of shares in millions) |  |  |  |  |  |
Balance at beginning of year | 2,025 |  | 64,760 |  | 2,026 |  | 64,799 |  | 2,026 |  | 64,768 |
Shares issued, net of issue costs | 103 |  | 4,485 |  | — |  | — |  | — |  | — |
Shares issued on exercise of stock options | — |  | 3 |  | 2 |  | 53 |  | — |  | 31 |
Shares issued on vesting of RSUs, net of tax | — |  | 12 |  | — |  | — |  | — |  | — |
Share purchases at stated value 1 | (3) |  | (80) |  | (3) |  | (88) |  | — |  | — |
Other | — |  | — |  | — |  | (4) |  | — |  | — |
Balance at end of year | 2,125 |  | 69,180 |  | 2,025 |  | 64,760 |  | 2,026 |  | 64,799 |
1 Reflects the repurchase and cancellation of common shares under our normal course issuer bid.
Schedule of Preference Shares and Characteristics of Preference Shares | PREFERENCE SHARES
| 2023 | 2022 | 2021
December 31, | Number of Shares | Amount | Number of Shares | Amount | Number 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 | 20 |  | 500 |  | 20 |  | 500 |  | 18 |  | 457 |
Preference Shares, Series C 1 | — |  | — |  | — |  | — |  | 2 |  | 43 |
Preference Shares, Series D | 18 |  | 450 |  | 18 |  | 450 |  | 18 |  | 450 |
Preference Shares, Series F | 18 |  | 454 |  | 20 |  | 500 |  | 20 |  | 500 |
Preference Shares, Series G 2 | 2 |  | 46 |  | — |  | — |  | — |  | — |
Preference Shares, Series H | 12 |  | 291 |  | 14 |  | 350 |  | 14 |  | 350 |
Preference Shares, Series I 3 | 2 |  | 59 |  | — |  | — |  | — |  | — |
Preference Shares, Series J 4 | — |  | — |  | — |  | — |  | 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 5 | — |  | — |  | — |  | — |  | 30 |  | 750 |
Preference Shares, Series 19 | 20 |  | 500 |  | 20 |  | 500 |  | 20 |  | 500 |
Issuance costs |  | (135) |  |  | (135) |  |  | (155) |
Balance at end of year |  | 6,818 |  |  | 6,818 |  |  | 7,747 |
1 On June 1, 2022, all outstanding Preference Shares, Series C were converted to Preference Shares, Series B. 2 On June 1, 2023, 1,827,695 of the outstanding Preference Shares, Series F were converted into Preference Shares, Series G. 3 On September 1, 2023, 2,350,602 of the outstanding Preference Shares, Series H were converted into Preference Shares, Series I. 4 On June 1, 2022, we redeemed our US$200 million outstanding Cumulative Redeemable Preference Shares, Series J. 5 On March 1, 2022, we redeemed our $750 million outstanding Cumulative Redeemable Minimum Rate Reset Preference Shares, Series 17. Characteristics of our outstanding 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 | 5.20 | % | $1.30052 | $25 | June 1, 2027 | Series C
Preference Shares, Series D 5 | 5.41 | % | $1.35300 | $25 | March 1, 2028 | Series E
Preference Shares, Series F 6 | 5.54 | % | $1.38452 | $25 | June 1, 2028 | Series G
Preference Shares, Series G 7 | 6.96 | % | $1.90704 | $25 | June 1, 2028 | Series F
Preference Shares, Series H 8 | 6.11 | % | $1.52800 | $25 | September 1, 2028 | Series I
Preference Shares, Series I 9 | 7.19 | % | $1.81004 | $25 | September 1, 2028 | Series H
Preference Shares, Series L | 5.86 | % | US$1.46448 | US$25 | September 1, 2027 | Series M
Preference Shares, Series N 10 | 6.70 | % | $1.67400 | $25 | December 1, 2028 | 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 11 | 6.70 | % | US$1.67592 | US$25 | June 1, 2028 | 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 19 12 | 6.21 | % | $1.55300 | $25 | March 1, 2028 | 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 Preference Shares, Series A, such fixed dividend rate resets every five years beginning on the initial Redemption and Conversion Option Date. Preference Shares, Series G and I contain a feature where the dividend rate resets on a quarterly basis. The Preference Shares, Series 19 contain a feature where the fixed dividend rate, when reset every five years, will not be less than 4.90%. No other series of preference shares has this feature. 2 Preference Shares, Series A 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 Per Share Base Redemption Value 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 Per Share Base Redemption Value. 4 With the exception of Preference Shares, Series A, after the Redemption and Conversion Option Date, 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 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), or 3.2% (Series 20); or US$25 x (number of days in quarter/number of days in year) x three month US Government treasury bill rate + 3.2% (Series M), 3.1% (Series 2), or 2.8% (Series 6). 5 The quarterly dividend per share paid on Preference Shares, Series D was increased to $0.33825 from $0.27875 on March 1, 2023 due to reset of the annual dividend on March 1, 2023. 6 The quarterly dividend per share paid on Preference Shares, Series F was increased to $0.34613 from $0.29306 on June 1, 2023 due to reset of the annual dividend on June 1, 2023. 7 On June 1, 2023, 1,827,695 of the outstanding Preference Shares, Series F were converted into Preference Shares, Series G. The quarterly dividend per share paid on Preference Shares, Series G was increased to $0.47676 from $0.47245 on December 1, 2023 due to reset on a quarterly basis. 8 The quarterly dividend per share paid on Preference Shares, Series H was increased to $0.38200 from $0.27350 on September 1, 2023 due to reset of the annual dividend on September 1, 2023. 9 On September 1, 2023, 2,350,602 of the outstanding Preference Shares, Series H were converted into Preference Shares, Series I. The quarterly dividend per share paid on Preference Shares, Series I was increased to $0.45251 from $0.44814 on December 1, 2023 due to reset on a quarterly basis following the date of issuance. 10 The quarterly dividend per share paid on Preference Shares, Series N was increased to $0.41850 from $0.31788 on December 1, 2023 due to reset of the annual dividend on December 1, 2023. 11 The quarterly dividend per share paid on Preference Shares, Series 1 was increased to US$0.41898 from US$0.37182 on June 1, 2023 due to reset of the annual dividend on June 1, 2023. 12 The quarterly dividend per share paid on Preference Shares, Series 19 was increased to $0.38825 from $0.30625 on March 1, 2023 due to reset of the annual dividend on March 1, 2023.

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