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Stock-based compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of significant assumptions used in determining fair value of options granted The following table shows the significant assumptions used in connection with the determination of the fair value of options granted in 2020, 2021 and 2022: 
202020212022
Dividend yield0.89%0.84%1.08%0.96%
Expected life (in months)848484
Risk-free rate of interest for expected life1.50%1.12%1.37%1.71%
Volatility20.96%26.05%26.18%26.29%
Schedule of stock option activity
A summary of stock option activity during the years ended December 31, 2020, 2021 and 2022 is set out below:
Year ended December 31, 2020
Shares arising
out of options
Weighted
average
exercise price
Weighted average
remaining
contractual life (years)
Aggregate
intrinsic
value
Outstanding as of January 1, 20208,360,212 25.33 6.5
Granted431,924 43.94 — 
Forfeited(752,261)30.09 — 
Expired— — 
Exercised(692,634)20.30 — 11,813 
Outstanding as of December 31, 20207,347,241 26.41 5.7$110,925 
Vested as of December 31, 2020 and expected to vest thereafter (Note a)7,132,162 26.26 5.7$108,671 
Vested and exercisable as of December 31, 20202,713,405 19.40 2.6$59,593 
Weighted average grant-date fair value of options granted during the period$9.72 
Year ended December 31, 2021
Shares arising
out of options
Weighted
average
exercise price
Weighted average
remaining
contractual life (years)
Aggregate
intrinsic
value
Outstanding as of January 1, 20217,347,241 $26.41 5.7
Granted1,831,180 43.98 
Forfeited(25,000)31.50 
Expired— 
Exercised(1,145,125)20.23 30,463 
Outstanding as of December 31, 20218,008,296 $31.30 6.1$174,428 
Vested as of December 31, 2021 and expected to vest thereafter (Note a)7,422,919 $30.51 6.1$167,551 
Vested and exercisable as of December 31, 20213,117,333 $24.17 3.4$90,117 
Weighted average grant-date fair value of options granted during the period$11.35 
 
 
Year Ended December 31, 2022
Shares arising
out of options
Weighted
average
exercise price
Weighted average
remaining
contractual life (years)
Aggregate
intrinsic
value
Outstanding as of January 1, 20228,008,296 $31.30 6.1
Granted475,695 52.12 
Forfeited(70,841)41.46 
Expired— — 
Exercised(665,036)22.11 15,752 
Outstanding as of December 31, 20227,748,114 $33.27 5.6$105,261 
Vested as of December 31, 2022 and expected to vest thereafter (Note a)7,287,127 $32.59 5.6$103,474 
Vested and exercisable as of December 31, 20223,211,699 $25.35 3.3$67,347 
Weighted average grant-date fair value of options granted during the period$14.19 
(a) Options expected to vest after considering an estimated forfeiture rate.
Schedule of RSU activity
A summary of RSU activity during the years ended December 31, 2020, 2021 and 2022 is set out below: 
Year ended December 31, 2020
Number of 
Restricted Share Units
Weighted 
Average Grant Date Fair Value
Outstanding as of January 1, 20201,261,706 $31.41 
Granted296,332 40.40 
Vested (Note b)(640,212)28.28 
Forfeited(57,518)37.35 
Outstanding as of December 31, 2020860,308 $36.44 
Expected to vest (Note a)762,877 

Year ended December 31, 2021
Number of 
Restricted
Share Units
Weighted 
Average
Grant Date Fair Value
Outstanding as of January 1, 2021860,308 $36.44 
Granted466,702 44.00 
Vested (Note c)(501,273)34.41 
Forfeited(66,230)38.02 
Outstanding as of December 31, 2021759,507 $42.29 
Expected to vest (Note a)654,594 
18. Stock-based compensation (Continued)
 
Year ended December 31, 2022
Number of 
Restricted
Share Units
Weighted 
Average
Grant Date Fair Value
Outstanding as of January 1, 2022759,507 $42.29 
Granted206,280 45.66 
Vested (Note d)(274,521)43.23 
Forfeited(111,644)42.69 
Outstanding as of December 31, 2022579,622 $42.97 
Expected to vest (Note a)527,621 
(a)RSUs expected to vest after considering an estimated forfeiture rate.
(b)590,699 RSUs that vested during the period were net settled upon vesting by issuing 385,197 shares (net of minimum statutory tax withholding). 49,513 RSUs vested in the year ended December 31, 2020, in respect of which 49,446 shares were issued during the period ended December 31, 2022 after withholding shares to the extent required to satisfy minimum statutory withholding obligations.
(c)461,640 RSUs that vested during the period were net settled upon vesting by issuing 300,944 shares (net of minimum statutory tax withholding). 39,633 RSUs vested in the year ended December 31, 2021, shares in respect of which will be issued in 2023 after withholding shares to the extent of minimum statutory withholding taxes. 7,863 RSUs vested in the year ended December 31, 2021, in respect of which 5,496 shares were issued during the period ended December 31, 2022 after withholding shares to the extent required to satisfy minimum statutory withholding obligations.
(d)28,866 RSUs that vested during the period were net settled upon vesting by issuing 19,992 shares (net of minimum statutory tax withholding). 245,655 RSUs vested in the year ended December 31, 2022, shares in respect of which will be issued in 2023 after withholding shares to the extent of minimum statutory withholding taxes.
Schedule of Performance Units activity
A summary of PU activity during the years ended December 31, 2020, 2021 and 2022 is set out below:
Year ended December 31, 2020
Number of
Performance Units
Weighted Average
Grant Date 
Fair Value
Maximum Shares
Eligible to Receive
Outstanding as of January 1, 20206,058,464 $31.07 6,058,464 
Granted1,253,766 42.49 2,507,532 
Vested (Note b)(1,496,377)25.21 (1,496,377)
Forfeited (539,670)33.77 (560,867)
Adjustment upon final determination of level of performance goal achievement (Note c)(399,987)42.60 
Adjustment upon final determination of level of performance goal achievement (Note d)(1,632,556)
Outstanding as of December 31, 20204,876,196 $34.56 4,876,196 
Expected to vest (Note a)4,573,356 

Year ended December 31, 2021
Number of
Performance Units
Weighted Average
Grant Date 
Fair Value
Maximum Shares
Eligible to Receive
Outstanding as of January 1, 20214,876,196 $34.56 4,876,196 
Granted1,340,877 44.06 2,681,754 
Vested (Note e)(1,784,140)30.66 (1,784,140)
Forfeited(258,258)39.97 (320,098)
Adjustment upon final determination of level of performance goal achievement (Note f)408,480 43.99 
Adjustment upon final determination of level of performance goal achievement (Note g)(870,557)
Outstanding as of December 31, 20214,583,155 $39.40 4,583,155 
Expected to vest (Note a)4,263,803 
Year ended December 31, 2022
Number of
Performance Units
Weighted Average
Grant Date 
Fair Value
Maximum Shares
Eligible to Receive
Outstanding as of January 1, 20224,583,155 $39.40 4,583,155 
Granted1,590,794 44.50 3,181,588 
Vested (Note h)(2,161,789)34.61 (2,161,789)
Forfeited(487,909)43.52 (642,512)
Adjustment upon final determination of level of performance goal achievement (Note i)46,700 44.20 
Adjustment upon final determination of level of performance goal achievement (Note j)(1,389,491)
Outstanding as of December 31, 20223,570,951 $44.07 3,570,951 
Expected to vest (Note a)3,224,941 
(a)PUs expected to vest are based on the probable achievement of the performance targets after considering an estimated forfeiture rate.
18. Stock-based compensation (Continued)
(b)PUs that vested in 2020 were net settled upon vesting by issuing 902,532 shares (net of minimum statutory tax withholding).
(c)Represents a 32.98% decrease in the number of target shares expected to vest as a result of achievement of lower-than-target performance for the PUs granted in 2020, partially offset by an adjustment made in March 2020 to the number of shares subject to the PUs granted in 2019 upon certification of the level of achievement of the performance targets underlying such awards.
(d)Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2020 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2020 to the number of shares subject to the PUs granted in 2019 upon certification of the level of achievement of the performance targets underlying such awards.
(e)Vested PUs in the year 2021 were net settled upon vesting by issuing 1,102,440 shares (net of minimum statutory tax withholding).
(f)Represents a 31.20% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2021, partially offset by an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards.
(g)Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2021 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2021 to the number of shares subject to the PUs granted in 2020 upon certification of the level of achievement of the performance targets underlying such awards.
(h)2,161,789 PSUs that vested during the year 2022 were net settled upon vesting by issuing 1,300,511 shares (net of minimum statutory tax withholding).
(i)Represents a 1.31% increase in the number of target shares expected to vest as a result of achievement of higher-than-target performance for PUs granted in 2022, partially offset by an adjustment made in March 2022 to the number of shares subject to the PUs granted in 2021 upon certification of the level of achievement of the performance targets underlying such awards.
(j)Represents the difference between the maximum number of shares achievable and the number of shares expected to vest under the PU awards granted in 2022 based on the level of achievement of the performance goals. Also includes an adjustment made in March 2022 to the number of shares subject to the PUs granted in 2021 upon certification of the level of achievement of the performance targets underlying such awards.