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Preference Shares | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Preference Shares | PREFERENCE SHARES Authorized An unlimited number of first preference shares and second preference shares, without nominal or par value.
Issued and Outstanding | 2024 | 2023
First Preference Shares | Number |  |  | Number |  |
of Shares |  | Amount | of Shares |  | Amount
(thousands) |  | ($ millions) | (thousands) |  | ($ millions)
Series F | 5,000 |  |  | 122 |  | 5,000 |  |  | 122 |
Series G | 9,200 |  |  | 225 |  | 9,200 |  |  | 225 |
Series H | 7,665 |  |  | 188 |  | 7,665 |  |  | 188 |
Series I | 2,335 |  |  | 57 |  | 2,335 |  |  | 57 |
Series J | 8,000 |  |  | 196 |  | 8,000 |  |  | 196 |
Series K | 10,000 |  |  | 244 |  | 10,000 |  |  | 244 |
Series M | 24,000 |  |  | 591 |  | 24,000 |  |  | 591 |
| 66,200 |  |  | 1,623 |  | 66,200 |  |  | 1,623 |
Characteristics of the first preference shares are as follows:
|  | Reset |  |  | Right to
| Dividend | Annual | Dividend | Redemption | Redemption | Convert on
| Rate | Dividend | Yield | and/or Conversion | Value | a One-For-
First Preference Shares (1) (2) | (%) | ($) | (%) | Option Date | ($) | One Basis
Perpetual fixed rate |  |  |  |  |  |
Series F | 4.90 |  | 1.2250 |  | — |  | Currently Redeemable | 25.00 |  | — |
Series J | 4.75 |  | 1.1875 |  | — |  | Currently Redeemable | 25.00 |  | — |
Fixed rate reset (3) (4) |  |  |  |  |  |
Series G | 6.12 |  | 1.5308 |  | 2.13 |  | September 1, 2028 | 25.00 |  | — |
Series H | 1.84 |  | 0.4588 |  | 1.45 |  | June 1, 2025 | 25.00 |  | Series I
Series K | 5.47 |  | 1.3673 |  | 2.05 |  | March 1, 2029 | 25.00 |  | Series L
Series M | 5.49 |  | 1.3733 |  | 2.48 |  | December 1, 2029 | 25.00 |  | Series N
Floating rate reset (4) (5) |  |  |  |  |  |
Series I | (5) | — |  | 1.45 |  | June 1, 2025 | 25.00 |  | Series H
Series L | — |  | — |  | — |  | — |  | — |  | Series K
Series N | — |  | — |  | — |  | — |  | — |  | Series M
(1) Holders are entitled to receive a fixed or floating cumulative quarterly cash dividend as and when declared by the Board of Directors of the Corporation, payable in equal installments on the first day of each quarter. (2) On or after the specified redemption dates, the Corporation has the option to redeem for cash the outstanding first preference shares, in whole or in part, at the specified per share redemption value plus all accrued and unpaid dividends up to but excluding the dates fixed for redemption, and in the case of the first preference shares that reset, on every fifth anniversary date thereafter. (3) On the redemption and/or conversion option date, and on each five-year anniversary thereafter, the reset annual dividend per share will be determined by multiplying $25.00 per share by the annual fixed dividend rate, which is the sum of the five-year Government of Canada Bond Yield on the applicable reset date, plus the applicable reset dividend yield. (4) On each conversion option date, the holders have the option, subject to certain conditions, to convert any or all of their shares into an equal number of Cumulative Redeemable first preference shares of a specified series. (5) The floating quarterly dividend rate will be reset every quarter based on the then current three‑month Government of Canada Treasury Bill rate plus the applicable reset dividend yield. On the liquidation, dissolution or winding-up of Fortis, holders of common shares are entitled to participate ratably in any distribution of assets of Fortis, subject to the rights of holders of first and second preference shares, and any other class of shares of the Corporation entitled to receive the assets of the Corporation on such a distribution, in priority to or ratably with the holders of the common shares.

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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