Stock-based compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

A summary of stock option activity during the three months ended March 31, 2026 is set out below:


	Three months ended March 31, 2026
	Shares arising out of options	Weighted average exercise price		Weighted average remaining contractual life (years)	Aggregate intrinsic value
Outstanding as of January 1, 2026	5,036,542	$	35.20	3.4	—
Granted	—	—		—	—
Forfeited	—	—		—	—
Expired	—	—		—	—
Exercised	(2,800)	27.65		—	27
Outstanding as of March 31, 2026	5,033,742	35.21		3.2	25,298
Vested as of March 31, 2026 and expected to vest thereafter (Note a)	5,023,866	35.18		3.2	25,298
Vested and exercisable as of March 31, 2026	4,742,980	34.20		3.0	25,298
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 three months ended March 31, 2026 is set out below:


	Three months ended March 31, 2026
	Number of Restricted Share Units	Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2026	2,302,336	$	42.29
Granted	1,306,027	44.32
Vested (Note a)	(912,286)	40.68
Forfeited	(25,621)	42.98
Outstanding as of March 31, 2026	2,670,456	43.83
Expected to vest (Note b)	2,325,210

(a)912,286 RSUs vested during the three months ended March 31, 2026, in respect of which 571,247 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 three months ended March 31, 2025 and March 31, 2026 was estimated on the date of grant using the following valuation assumptions:


	Three months ended March 31, 2025		Three months ended March 31, 2026
Dividend yield	1.37	%	1.54	%
Expected life (years)	2.81		2.92
Risk-free rate of interest for expected life	3.89	%	3.56	%
Volatility for expected life	25.78	%	28.86	%

Schedule of Performance Units Activity

A summary of PU activity during the three months ended March 31, 2026 is set out below:


	Three months ended March 31, 2026
	Number of Performance Units	Weighted Average Grant Date Fair Value		Maximum Shares Eligible to Receive
Outstanding as of January 1, 2026	2,652,354	$	42.39	6,368,794
Granted	1,106,744	44.73		2,656,186
Vested (Note a)	(417,841)	44.03		(417,841)
Forfeited	(48,433)	43.35		(116,186)
Adjustment upon final determination of level of performance goal achievement	(273,757)	44.03		(1,241,994)
Outstanding as of March 31, 2026	3,019,067	$	42.85	7,248,959
Expected to vest (Note b)	3,328,838

(a)417,364 PUs vested during the three months ended March 31, 2026, in respect of which 259,792 shares (net of minimum statutory tax withholding) were issued during the three months ended March 31, 2026. 477 PUs that vested in the three months ended March 31, 2026 will be issued subsequent to March 31, 2026 after withholding shares to the extent of minimum statutory withholding taxes.

(b)The number of PUs expected to vest is based on the probable achievement of the performance targets after considering an estimated forfeiture rate.