Capital (Tables)
12 Months Ended
Dec. 31, 2021
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Summary of Change in Capital
The change in capital, which includes stated capital and contributed surplus, was as follows:
 
     
Number of
Common Shares
    
Stated Capital
    
Series II, Cumulative
Redeemable
Preference Share
Capital
    
Contributed
Surplus
    
Total Capital
 
Balance, December 31, 2019
  
 
497,459,546
 
  
 
3,466
 
  
 
110
 
  
 
1,801
 
  
 
5,377
 
Shares issued under DRIP
  
 
313,879
 
  
 
23
 
  
 
-
 
  
 
-
 
  
 
23
 
Stock compensation plans
(1)
  
 
1,896,489
 
  
 
136
 
  
 
-
 
  
 
(62)
 
  
 
74
 
Repurchases of common shares
(2)
  
 
(2,552,386)
 
  
 
(16)
 
  
 
-
 
  
 
-
 
  
 
(16)
 
Balance, December 31, 2020
  
 
497,117,528
 
  
 
3,609
 
  
 
110
 
  
 
1,739
 
  
 
5,458
 
Shares issued under DRIP
  
 
239,779
 
  
 
24
 
  
 
-
 
  
 
-
 
  
 
24
 
Stock compensation plans
(1)
  
 
1,530,915
 
  
 
148
 
  
 
-
 
  
 
(56)
 
  
 
92
 
Repurchases of common shares
  
 
(12,795,358)
 
  
 
(78)
 
  
 
-
 
  
 
-
 
  
 
(78)
 
Balance, December 31, 2021
  
 
486,092,864
 
  
 
3,703
 
  
 
110
 
  
 
1,683
 
  
 
5,496
 
(1)
Movements in contributed surplus include cash payments related to withholding tax on stock compensation plans.
(2)
Stated capital was reduced by $18 million at December 31
, 2020
related to the Company’s
pre-defined
share repurchase plan. See share repurchases below.
Summary of dividend declared and paid Details of dividends declared per common share and dividends paid on common shares are as follows:
 
    
Year ended December 31,
 
     
     
2021
    
2020
 
Dividends declared per common share
  
$
1.62
 
  
$
1.52
 
Dividends declared
  
 
797
 
  
 
753
 
Dividends reinvested
  
 
(24)
 
  
 
(23)
 
Dividends paid
  
 
773
 
  
 
730
 
Details of NCIB Share Repurchases
 
Details of share repurchases were as follows:
 
    
Year ended December 31,
 
     
     
2021
    
2020
 
Share repurchases (millions of U.S. dollars)
  
 
1,400
 
  
 
200
 
Shares repurchased (number in millions)
  
 
12.8
 
  
 
2.6
 
Share repurchases - average price per share in U.S. dollars

  
$
109.42
 
  
$
78.37