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Equity (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity [abstract] |
Summary of Class A Common Shares and Class B Subordinate Voting Shares Issued and Outstanding | Class A Common Shares and Class B Subordinate Voting Shares Issued and Outstanding
Shares (in 000’s) |  | Class A Common Shares |  | Class B Subordinate Voting Shares
As at January 1, 2022 |  | 7,765 |  |  | 526,448 |
Shares issued on options exercised (d) |  | — |  |  | 10,209 |
Acquired and cancelled pursuant to normal course issuer bid (i) |  | — |  |  | (30,703) |
As at December 31, 2022 |  | 7,765 |  |  | 505,954 |
Class A common shares conversion |  | (110) |  |  | 110 |
Shares issued on dual class amendment (b) |  | — |  |  | 5,203 |
Shares issued on options exercised (d) |  | — |  |  | 3,139 |
Acquired and cancelled pursuant to normal course issuer bid (i) |  | — |  |  | (4,738) |
As at December 31, 2023 |  | 7,655 |  |  | 509,668 |
Summary of Weighted Average Assumptions | The weighted average fair value of share options granted in the year was estimated at $22.69 per option (2022 – $17.13) at the grant date based on the Black-Scholes option-pricing model using the following assumptions:
|  | 2023 |  | 2022
Weighted average exercise price |  | $ | 54.66 |  | $ | 45.51
Dividend yield |  | 0.92 | % |  | 1.10 | %
Risk-free interest rate |  | 3.52 | % |  | 1.50 | %
Expected option life |  | 5.9 years |  | 6.1 years
Expected volatility |  | 42 | % |  | 41 | %
Forfeiture rate |  | 1.93 | % |  | 1.43 | %
Summary of Outstanding Share Options | Outstanding share options are as follows:
|  | 2023 |  | 2022
|  | Share Options (in 000’s) |  | Weighted Average Exercise Price |  | Share Options (in 000’s) |  | Weighted Average Exercise Price
Outstanding at beginning of year |  | 15,057 |  |  | $ | 22.38 |  |  | 23,680 |  |  | $ | 21.12 |
Granted |  | 1,383 |  |  | 54.66 |  |  | 1,729 |  |  | 45.51 |
Exercised |  | (3,117) |  |  | 20.07 |  |  | (10,117) |  |  | 23.16 |
Forfeited |  | (252) |  |  | 44.32 |  |  | (216) |  |  | 32.26 |
Expired |  | (4) |  |  | 26.70 |  |  | (19) |  |  | 26.75 |
Outstanding at end of year |  | 13,067 |  |  | $ | 25.92 |  |  | 15,057 |  |  | $ | 22.38 |
Vested and exercisable at end of year |  | 10,018 |  |  | $ | 20.04 |  |  | 9,854 |  |  | $ | 19.04 |
Summary of Information Relating to Share Options Outstanding | Information relating to share options outstanding at December 31, 2023, is as follows:
Outstanding Share Options (in 000’s) |  | Exercise Price Range |  | Weighted Average Remaining Life of Outstanding Options (months)
1,787 |  | $5.34 – $13.57 |  | 25
2,571 |  | $13.58 – $17.14 |  | 66
3,020 |  | $17.15 – $28.05 |  | 29
2,997 |  | $28.06 – $39.89 |  | 67
2,692 |  | $39.90 – $63.11 |  | 100
13,067 |  | $5.34 – $63.11 |  | 59
Summary of Exercise Price Range for Share Options | Information relating to share options outstanding at December 31, 2023, is as follows:
Outstanding Share Options (in 000’s) |  | Exercise Price Range |  | Weighted Average Remaining Life of Outstanding Options (months)
1,787 |  | $5.34 – $13.57 |  | 25
2,571 |  | $13.58 – $17.14 |  | 66
3,020 |  | $17.15 – $28.05 |  | 29
2,997 |  | $28.06 – $39.89 |  | 67
2,692 |  | $39.90 – $63.11 |  | 100
13,067 |  | $5.34 – $63.11 |  | 59
Summary of Outstanding Units | The outstanding Units are summarized in the following table:
(in 000’s) |  | 2023 |  | 2022
|  | Outstanding |  | Vested |  | Outstanding |  | Vested
DSUs |  | 1,837 |  |  | 1,837 |  |  | 2,129 |  |  | 2,129 |
RSUs |  | 1,336 |  |  | — |  |  | 2,203 |  |  | — |
PSUs |  | 656 |  |  | — |  |  | 1,072 |  |  | — |
PDSUs |  | 253 |  |  | 219 |  |  | 227 |  |  | 177 |
|  | 4,082 |  |  | 2,056 |  |  | 5,631 |  |  | 2,306 |
Summary of Accumulated Other Comprehensive Income (Loss) |
(CAD$ in millions) |  | 2023 |  | 2022
Accumulated other comprehensive income – beginning of year |  | $ | 1,062 |  |  | $ | 202 |
Currency translation differences: |  |  |  |
Unrealized gain (loss) on translation of foreign subsidiaries |  | (421) |  |  | 822 |
Foreign exchange differences on debt designated as a hedge of our investment in foreign subsidiaries (net of taxes of $(9) and $9) (Note 31(b)) |  | 56 |  |  | (56) |
|  | (365) |  |  | 766 |
Gain (loss) on marketable equity and debt securities (net of taxes of $1 and $(14)) |  | (4) |  |  | 93 |
Share of other comprehensive income of joint venture |  | — |  |  | 1 |
Remeasurements of retirement benefit plans (net of taxes of $(68) and $13) |  | 151 |  |  | (45) |
Total other comprehensive income (loss) |  | (218) |  |  | 815 |
Less remeasurements of retirement benefit plans recorded in retained earnings |  | (151) |  |  | 45 |
Accumulated other comprehensive income – end of year |  | $ | 693 |  |  | $ | 1,062 |
Summary of Basic and Diluted Earnings Per Share | The following table reconciles our basic and diluted earnings (loss) per share:
(CAD$ in millions, except per share data) |  | 2023 |  | 2022
Net basic and diluted profit from continuing operations |  | $ | 2,334 |  |  | $ | 4,070 |
Net basic and diluted loss attributable to non-controlling interest |  | (101) |  |  | (19) |
Net basic and diluted profit attributable to shareholders of the company from continuing operations |  | 2,435 |  |  | 4,089 |
Net basic and diluted loss attributable to shareholders of the company from discontinued operations |  | (26) |  |  | (772) |
Total basic and diluted profit attributable to shareholders of the company |  | $ | 2,409 |  |  | $ | 3,317 |
Weighted average shares outstanding (000’s) |  | 517,828 |  |  | 526,718 |
Dilutive effect of share options |  | 7,516 |  |  | 9,136 |
Weighted average diluted shares outstanding (000’s) |  | 525,344 |  |  | 535,854 |
Earnings per share from continuing operations |  |  |  |
Basic |  | $ | 4.70 |  |  | $ | 7.77 |
Diluted |  | $ | 4.64 |  |  | $ | 7.63 |
Loss per share from discontinued operations |  |  |  |
Basic and diluted |  | $ | (0.05) |  |  | $ | (1.47) |
Earnings per share |  |  |  |
Basic earnings per share |  | $ | 4.65 |  |  | $ | 6.30 |
Diluted earnings per share |  | $ | 4.59 |  |  | $ | 6.19 |

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