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Stock-based compensation (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
A summary of stock option activity during the nine months ended September 30, 2025 is set out below:
 
Nine months ended September 30, 2025
Shares
 arising
out of options
Weighted
 average
exercise price
Weighted average
remaining
contractual life (years)
Aggregate
intrinsic
value
Outstanding as of January 1, 20255,347,556$35.31 4.4— 
Granted— — — — 
Forfeited(53,600)44.90 — — 
Expired— — — — 
Exercised (185,920)36.32 — 1,849
Outstanding as of September 30, 20255,108,03635.17 3.741,982
Vested as of September 30, 2025 and expected to vest thereafter (Note a)5,076,12935.09 3.741,976
Vested and exercisable as of September 30, 20254,280,18633.12 3.341,517
Weighted average grant date fair value of grants during the period— 
 
(a)Options expected to vest reflect an estimated forfeiture rate.
Schedule of Restricted Share Units Activity A summary of RSU activity during the nine months ended September 30, 2025 is set out below:
 
Nine months ended September 30, 2025
Number of Restricted Share UnitsWeighted Average Grant Date Fair Value
Outstanding as of January 1, 20252,134,269$36.71 
Granted1,136,63748.02
Vested (Note a)(810,027)37.27 
Forfeited(196,237)39.32
Outstanding as of September 30, 20252,264,64241.96
Expected to vest (Note b)2,069,059
    
(a)810,027 RSUs vested during the nine months ended September 30, 2025, in respect of which 502,558 shares (net of minimum statutory tax withholding) were issued.
(b)The number of RSUs expected to vest reflects the application of an estimated forfeiture rate.
Schedule of Significant Assumptions Used in Determining Fair Value of Performance Units
The fair value of each PU granted to employees in the nine months ended September 30, 2024 and September 30, 2025 was estimated on the date of grant using the following valuation assumptions:

Nine months ended September 30, 2024Nine months ended September 30, 2025
Dividend yield1.62 %— 1.81 %1.37%
Expected life (years)2.38— 2.802.81
Risk-free rate for expected life 3.83 %— 4.37 %3.89%
Volatility for expected life 24.24 %— 26.33 %25.78%
Schedule of Performance Units Activity
A summary of PU activity during the nine months ended September 30, 2025 is set out below:
 
Nine months ended September 30, 2025
Number of Performance UnitsWeighted Average Grant Date Fair ValueMaximum Shares Eligible to Receive
Outstanding as of January 1, 20253,257,804 $39.77 6,204,877
Granted874,139 53.922,097,934
Vested (Note a)(1,154,998)44.50(1,154,998)
Forfeited(290,064)39.45(696,154)
Outstanding as of September 30, 20252,686,881 42.386,451,659
Expected to vest (Note b)2,755,910 
 
 
(a)1,154,998 PUs vested during the nine months ended September 30, 2025, in respect of which 738,490 shares (net of minimum statutory tax withholding) were issued during the nine months ended September 30, 2025.
(b)The number of PUs expected to vest is based on the probable achievement of the performance targets after considering an estimated forfeiture rate.