v3.24.2.u1
Stock-based compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of stock option activity
A summary of stock option activity during the six months ended June 30, 2024 is set out below:
 
Six Months Ended June 30, 2024
Shares
 arising
out of options		Weighted
 average
exercise price
Weighted average
remaining
contractual life (years)
Aggregate
intrinsic
value
Outstanding as of January 1, 20245,998,14835.77 5.5— 
Granted— — — — 
Forfeited(226,691)45.13 — — 
Expired— — — — 
Exercised (135,051)29.11 — 519
Outstanding as of June 30, 20245,636,40635.55 5.09,831
Vested as of June 30, 2024 and expected to vest thereafter (Note a)5,487,86535.26 5.09,831
Vested and exercisable as of June 30, 20244,356,21432.22 4.49,831
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 six months ended June 30, 2024 is set out below:
 
Six Months Ended June 30, 2024
Number of Restricted Share UnitsWeighted Average Grant Date Fair Value
Outstanding as of January 1, 20241,036,61642.87
Granted1,635,94033.78
Vested (Note a)(346,177)42.55 
Forfeited(168,172)40.07
Outstanding as of June 30, 20242,158,20736.25
Expected to vest (Note b)1,926,968
    
(a)346,177 RSUs vested during the six months ended June 30, 2024, in respect of which 220,880 shares (net of minimum statutory tax withholding) were issued during the six months ended June 30, 2024.
(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 six months ended June 30, 2024 was estimated on the date of grant using the following valuation assumptions:

Six months ended June 30, 2024
Dividend yield1.81 %
Expected life (years)2.80
Risk-free rate for expected life 4.37 %
Volatility for expected life 24.24 %
Schedule of performance units activity
A summary of PU activity during the six months ended June 30, 2024 is set out below:
 
Six Months Ended June 30, 2024
Number of Performance UnitsWeighted Average Grant Date Fair ValueMaximum Shares Eligible to Receive
Outstanding as of January 1, 20243,649,599 44.324,977,057
Granted1,267,267 32.093,041,441
Vested (Note a)(1,362,776)44.13(1,362,776)
Forfeited(274,202)42.24(484,300)
Outstanding as of June 30, 20243,279,888 39.856,171,422
Expected to vest (Note b)3,236,227 
 
 
(a)1,362,776 PUs vested during the six months ended June 30, 2024, in respect of which 869,713 shares (net of minimum statutory tax withholding) were issued during the six months ended June 30, 2024.
(b)The number of PUs expected to vest reflects the application of an estimated forfeiture rate.