EQUITY |
6 Months Ended |
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Jun. 30, 2026 | |
| Equity [Abstract] | |
| EQUITY | EQUITY Repurchase of common shares On March 27, 2026, the Company received approval of its Normal Course Issuer Bid (“2026 NCIB”) to purchase for cancellation up to 21.5 million common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve-month period beginning March 31, 2026 and ending March 30, 2027. On June 15, 2026, the Board of Directors of the Company approved an additional $500.0 million for share repurchases under the 2026 NCIB. Under the 2026 NCIB, the Company is not obligated to acquire any common shares and may suspend or discontinue purchases at any time. During the three months ended June 30, 2026, the Company purchased 10,424,713 of its outstanding common shares at an average share price of $32.40 per share for total consideration of $337.8 million. All shares were cancelled upon purchase. Of the total consideration paid, $152.9 million was recorded as a reduction to common shares, representing the average paid-in capital per common share outstanding prior to the repurchase date. The remaining $184.8 million was recorded as a decrease to retained earnings. Conversion of 2019 Notes to common shares During the first quarter of 2026, holders of the 2019 Notes exercised their conversion rights and elected to convert their holdings to common shares. Refer to Note 16 for additional information.
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