Convertible Senior Notes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Convertible Senior Notes | Convertible Senior Notes In September 2020, the Company issued $920 million aggregate principal amount of 0.125% convertible senior notes due 2025. The net proceeds from the issuance of the Notes were $908 million after deducting underwriting fees and offering costs. The interest on the Notes was payable semi-annually in arrears on May 1 and November 1 of each year, beginning on May 1, 2021. The Notes matured on November 1, 2025. The Notes had a conversion rate of 6.9440 Class A subordinate voting shares per one thousand dollars of principal amount of Notes, adjusted to give effect to the share split effected in June 2022, which is equivalent to a conversion price of approximately $144.01 per share. On November 3, 2025, the Company settled the Notes and the embedded derivative for $1.0 billion in cash and a nominal amount of Class A subordinate voting shares. The Company recognized a realized loss of $123 million in the year ended December 31, 2025 to reflect the value settled over the conversion price of $144.01. After the Company settled the Notes, the net carrying amount as of December 31, 2025 is nil (December 31, 2024 - $918 million), net of unamortized offering costs, classified as current "Convertible senior notes" in the consolidated balance sheets. The following table sets forth the interest expense recognized related to the Notes:
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