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STOCK OPTION AND STOCK UNIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2019
STOCK OPTION AND STOCK UNIT PLANS |
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] |
December 31, 2019 | Number |  | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value |
(units in thousands; intrinsic value in millions of Canadian dollars) |  |  |  |  |
Units outstanding at beginning of year | 1,069 |  |  |
Units granted | 1,093 |  |  |
Units cancelled | (65 | ) |  |
Units matured 1 | (25 | ) |  |
Dividend reinvestment | 117 |  |  |
Units outstanding at end of year | 2,189 |  | 1.5 | 111 |
1 The total amount paid during the years ended December 31, 2019, 2018 and 2017 for PSUs was $19 million, $18 million and $28 million, respectively.
INCENTIVE STOCK OPTIONS |
STOCK OPTION AND STOCK UNIT PLANS |
Schedule of outstanding stock options |
December 31, 2019 | Number |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value |
(options in thousands; intrinsic value in millions of Canadian dollars) |  |  |  |  |  |  |
Options outstanding at beginning of year | 34,387 |  | 43.47 |  |  |  |
Options granted | 6,777 |  | 48.32 |  |  |  |
Options exercised 1 | (4,519 | ) | 34.19 |  |  |  |
Options cancelled or expired | (1,598 | ) | 50.62 |  |  |  |
Options outstanding at end of year | 35,047 |  | 47.73 |  | 6.2 | 157 |
Options vested at end of year 2 | 20,581 |  | 47.67 |  | 4.7 | 92 |
1 | The total intrinsic value of ISOs exercised during the years ended December 31, 2019, 2018 and 2017 was $58 million, $42 million and $62 million, respectively, and cash received on exercise was $1 million, $15 million and $17 million, respectively.
2 The total fair value of ISOs vested during the years ended December 31, 2019, 2018 and 2017 was $32 million, $36 million and $44 million, respectively.
Schedule of weighted average assumptions used to determine the fair value of stock options granted | Weighted average assumptions used to determine the fair value of ISOs granted using the Black-Scholes-Merton option pricing model are as follows:
Year ended December 31, | 2019 |  | 2018 |  | 2017 |
Fair value per option (Canadian dollars)1 | 4.37 |  | 3.86 |  | 6.00 |
Valuation assumptions |  |  |
Expected option term (years)2 | 5 |  | 5 |  | 5 |
Expected volatility 3 | 19.9 | % | 21.9 | % | 20.4 | %
Expected dividend yield 4 | 6.1 | % | 6.4 | % | 4.4 | %
Risk-free interest rate 5 | 2.0 | % | 2.2 | % | 1.2 | %
1 | Options granted to United States employees are based on NYSE prices. The option value and assumptions shown are based on a weighted average of the United States and the Canadian options. The fair values per option for the years ended December 31, 2019, 2018 and 2017 were $4.04, $3.75 and $5.66, respectively, for Canadian employees and US$4.09, US$3.30 and US$5.72, respectively, for United States employees.
2 | The expected option term is six years based on historical exercise practice and three years for retirement eligible employees.
3 | Expected volatility is determined with reference to historic daily share price volatility and consideration of the implied volatility observable in call option values near the grant date.
4 | The expected dividend yield is the current annual dividend at the grant date divided by the current stock price.
5 The risk-free interest rate is based on the Government of Canada’s Canadian Bond Yields and the United States Treasury Bond Yields.
Restricted Stock Units (RSU) |
STOCK OPTION AND STOCK UNIT PLANS |
Schedule of outstanding stock units |
December 31, 2019 | Number |  | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value |
(units in thousands; intrinsic value in millions of Canadian dollars) |  |  |
Units outstanding at beginning of year | 1,213 |  |  |  |
Units granted | 1,087 |  |  |  |
Units cancelled | (96 | ) |  |  |
Units matured 1 | (706 | ) |  |  |
Dividend reinvestment | 126 |  |  |  |
Units outstanding at end of year | 1,624 |  | 1.6 | 82 |
1 The total amount paid during the years ended December 31, 2019, 2018 and 2017 for RSUs was $34 million, $41 million and $39 million, respectively.

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