CAPITAL STOCK (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stockholders Equity |
Activities of our capital stock for the periods included is set forth below: | | | | | | | | | | | | | Number of shares (in millions) | Common Shares | | Multiple voting shares (MVS) | | Issued and outstanding at December 31, 2022 | 103.0 | | | 18.6 | | Issued from treasury(1) | 0.05 | | | — | | | Cancelled under NCIB | (2.7) | | | — | | Conversion of MVS into Common Shares in connection with the secondary offerings (2) | 18.6 | | | (18.6) | | | Issued and outstanding at December 31, 2023 | 119.0 | | | — | | Issued from treasury(1) | 0.34 | | | — | | | Cancelled under NCIB | (3.2) | | | — | | | Issued and outstanding at December 31, 2024 | 116.1 | | | — | | Issued from treasury(1) | 0.1 | | | — | | | Cancelled under NCIB | (1.3) | | | — | | | Issued and outstanding at December 31, 2025 | 114.9 | | | — | |
(1) From time to time, we issue shares from treasury to settle our vested stock options, RSUs and PSUs. In 2025, 0.03 million Common Shares were issued from treasury upon the exercise of stock options (2024 — 0.3 million, by our Chief Executive Officer (CEO); 2023 — 0.03 million) for aggregate cash proceeds of $0.3 (2024 — $3.9; 2023 — $0.3). (2) In connection with two underwritten secondary public offerings by Onex Corporation (Onex), our then-controlling shareholder, completed in June 2023 and August 2023 (Secondary Offerings), we issued an aggregate of approximately 18.6 million Common Shares, upon conversion of an equivalent number of our MVS. Both Secondary Offerings had nil impact on our aggregate capital stock amount. Subsequent to the secondary offering completed in August 2023, we have no MVS outstanding.
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| Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award |
Information regarding Common Shares purchases for cancellation for the years indicated is set forth below: | | | | | | | | | | | | | | | | | | | Year ended December 31 | | 2025 | | 2024 | | 2023 | Aggregate cost (including transaction fees and excluding share buyback taxes) of Common Shares repurchased for cancellation (1) | $ | 150.7 | | | $ | 152.0 | | | $ | 35.6 | | Number of Common Shares repurchased for cancellation (in millions) (2) | 1.3 | | | 3.2 | | | 2.6 | | Weighted average price per share for repurchases | $ | 111.27 | | | $ | 47.15 | | | $ | 13.83 | |
(1) For 2023, excludes the $2.7 2023 NCIB Accrual. (2) Includes 0.7 million, 0.5 million and 0.9 million repurchases of Common Shares for cancellation under NCIB ASPPs in 2025, 2024 and 2023, respectively.
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| Schedule of Class of Treasury Stock |
Activities of our treasury stock for the periods included is set forth below: | | | | | | Number of shares for delivery under SBC plans (in millions) | Common Shares | Held by trustee at December 31, 2022 | 1.5 | | Repurchases in the open market through independent broker under SBC ASPPs (1) | 3.7 | | | Delivery under SBC plans | (1.9) | | Held by trustee at December 31, 2023 (2) | 3.3 | | Repurchases in the open market through independent broker under SBC ASPPs (1) | 3.0 | | | Delivery under SBC plans | (3.8) | | Held by trustee at December 31, 2024 (2) | 2.5 | | Repurchases in the open market through independent broker under SBC ASPPs (1) | 1.7 | | | Delivery under SBC plans | (2.4) | | Held by trustee at December 31, 2025 (2) | 1.8 | |
(1) Aggregated cost, including transaction fees, of Common Shares repurchased for delivery under SBC plans was $221.6 in 2025 (2024 — $119.6; 2023 — $82.3). (2) The value of Common Shares held by trustee for delivery under SBC plans was $153.8 at December 31, 2025 (December 31, 2024 — $92.9; December 31, 2023 — $72.6, excluding 2023 SBC accrual).
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| Schedule of Share-Based Payment Arrangement, Cost by Plan |
Information regarding employee SBC expense and TRS fair value adjustments (TRS FVAs, which represent changes in fair value of TRS) for the years indicated is set forth below: | | | | | | | | | | | | | | | | | | | Year ended December 31 | | | 2025 | | 2024 | | 2023 | | Employee SBC expense in cost of sales | $ | 30.2 | | | $ | 24.8 | | | $ | 22.6 | | | Employee SBC expense in SG&A | 39.6 | | | 32.6 | | | 33.0 | | Total employee SBC expense | $ | 69.8 | | | $ | 57.4 | | | $ | 55.6 | | | | | | | | TRS FVAs (gains) in cost of sales | $ | (109.3) | | | $ | (39.6) | | | $ | — | | TRS FVAs (gains) in SG&A | (143.7) | | | (51.4) | | | — | | TRS FVAs (gains) in miscellaneous expense (income) | — | | | — | | | (45.6) | | Total TRS FVAs (gains) | $ | (253.0) | | | $ | (91.0) | | | $ | (45.6) | | | | | | | | Combined effect of employee SBC expense and TRS FVAs | $ | (183.2) | | | $ | (33.6) | | | $ | 10.0 | |
Information regarding director SBC expense and director RSUs activity for the periods indicated is set forth below: | | | | | | | | | | | | | | | | | | | Year ended December 31 | | 2025 | | 2024 | | 2023 | Director SBC expense in SG&A (1) | $ | 2.4 | | | $ | 2.4 | | | $ | 2.4 | | | | | | | | Director RSUs granted: | | Number of awards (in millions) | 0.003 | | | 0.01 | | | 0.02 | | | Weighted average grant date fair value per unit | $ | 153.48 | | | $ | 57.20 | | | $ | 18.15 | |
(1) Expense consists of director compensation to be settled with Common Shares, or Common Shares and cash.
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| Schedule of Share-Based Payment Award, Awards Other than Options, Valuation Assumptions |
The assumptions used in the measurement of the grant date fair values of PSUs were as follows: | | | | | | | | | | | | | | | | | | | | | Year ended December 31 | | | 2025 | | 2024 | | 2023 | | Expected volatility | | 52 | % | | 41 | % | | 53 | % | | Expected life | | 3 years | | 3 years | | 3 years | | Risk-free interest rate (based on 3-year Treasury bonds) | | 4.3 | % | | 4.1 | % | | 3.9 | % |
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| Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity |
RSUs (excluding RSUs granted to directors, see (c) below) and PSUs activities in 2025 and information at December 31, 2025 were as follows: | | | | | | | | | | | | | | | | | | | RSUs | | PSUs | | Number of RSUs (in millions) | Weighted average grant date fair value | | Number of PSUs (in millions)* | Weighted average grant date fair value | Outstanding at December 31, 2024 | 2.1 | $ | 21.63 | | | 3.1 | $ | 19.02 | | Granted | 0.3 | $ | 127.74 | | | 0.2 | $ | 149.29 | | Vested and exercised | (1.5) | $ | 16.46 | | | (2.2) | $ | 14.43 | | Forfeited | (0.1) | $ | 57.09 | | | (0.03) | $ | 41.00 | | Added by performance factor adjustment | — | | — | | | 1.1 | $ | 14.42 | | Outstanding at December 31, 2025 | 0.8 | $ | 68.95 | | | 2.2 | $ | 32.91 | | | | | | | | At December 31, 2025: | | | | | | Total remaining unrecognized compensation expense related to non-vested awards (in millions) | | $13.3 | | | $26.8 | Weighted average remaining requisite service period | | 1.3 years | | | 0.5 years |
* For non-vested PSUs, includes 100% of target granted.
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| Schedule of Nonvested Performance-Based Units Activity |
RSUs (excluding RSUs granted to directors, see (c) below) and PSUs activities in 2025 and information at December 31, 2025 were as follows: | | | | | | | | | | | | | | | | | | | RSUs | | PSUs | | Number of RSUs (in millions) | Weighted average grant date fair value | | Number of PSUs (in millions)* | Weighted average grant date fair value | Outstanding at December 31, 2024 | 2.1 | $ | 21.63 | | | 3.1 | $ | 19.02 | | Granted | 0.3 | $ | 127.74 | | | 0.2 | $ | 149.29 | | Vested and exercised | (1.5) | $ | 16.46 | | | (2.2) | $ | 14.43 | | Forfeited | (0.1) | $ | 57.09 | | | (0.03) | $ | 41.00 | | Added by performance factor adjustment | — | | — | | | 1.1 | $ | 14.42 | | Outstanding at December 31, 2025 | 0.8 | $ | 68.95 | | | 2.2 | $ | 32.91 | | | | | | | | At December 31, 2025: | | | | | | Total remaining unrecognized compensation expense related to non-vested awards (in millions) | | $13.3 | | | $26.8 | Weighted average remaining requisite service period | | 1.3 years | | | 0.5 years |
* For non-vested PSUs, includes 100% of target granted.
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| Schedule of Nonvested Share Activity |
Information regarding DSUs activities in 2025 is set forth below: | | | | | | | | | | Number of DSUs (in millions) | Year ended Weighted average grant date fair value | DSUs outstanding at December 31, 2024 | 0.7 | | $ | 10.88 | | Granted | 0.01 | | $ | 157.98 | | Vested and exercised | (0.3) | | $ | 9.80 | | DSUs outstanding at December 31, 2025 | 0.4 | $ | 14.71 | |
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