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STOCK OPTION AND STOCK UNIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
STOCK OPTION AND STOCK UNIT PLANS |
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] |
December 31, 2020 | 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 | 2,189 |  |  |
Units granted | 1,034 |  |  |
Units cancelled | (154) |  |  |
Units matured 1 | (219) |  |  |
Dividend reinvestment | 206 |  |  |
Units outstanding at end of year | 3,056 |  | 2.2 | 129 |
1 The total amount paid during the years ended December 31, 2020, 2019 and 2018 for PSUs was $14 million, $19 million and $18 million, respectively.
INCENTIVE STOCK OPTIONS |
STOCK OPTION AND STOCK UNIT PLANS |
Schedule of outstanding stock options |
December 31, 2020 | Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value
(options in thousands; intrinsic value in millions of Canadian dollars; weighted average exercise price in Canadian dollars) |  |  |  |
Options outstanding at beginning of year | 35,047 |  | 47.73 |  |  |
Options granted | 4,783 |  | 55.50 |  |  |
Options exercised 1 | (2,656) |  | 37.12 |  |  |
Options cancelled or expired | (1,680) |  | 52.43 |  |  |
Options outstanding at end of year | 35,494 |  | 49.35 |  | 6.0 | 54 |
Options vested at end of year 2 | 22,005 |  | 48.65 |  | 4.6 | 34 |
1 The total intrinsic value of ISOs exercised during the years ended December 31, 2020, 2019 and 2018 was $13 million, $58 million and $42 million, respectively, and cash received on exercise was $4 million, $1 million and $15 million, respectively. 2 The total fair value of ISOs vested during the years ended December 31, 2020, 2019 and 2018 was $30 million, $32 million and $36 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, | 2020 | 2019 | 2018
Fair value per option (Canadian dollars)1 | 4.01 |  | 4.37 |  | 3.86 |
Valuation assumptions |  |  |
Expected option term (years)2 | 6 | 5 | 5
Expected volatility 3 | 18.3 | % | 19.9 | % | 21.9 | %
Expected dividend yield 4 | 5.9 | % | 6.1 | % | 6.4 | %
Risk-free interest rate 5 | 1.3 | % | 2.0 | % | 2.2 | %
1 Options granted to US employees are based on NYSE prices. The option value and assumptions shown are based on a weighted average of the US and the Canadian options. The fair values per option for the years ended December 31, 2020, 2019 and 2018 were $3.75, $4.04 and $3.75, respectively, for Canadian employees and US$3.62, US$4.09 and US$3.30, respectively, for US employees. 2 The expected option term is six years based on historical exercise practice and five 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 US Treasury Bond Yields.
Restricted Stock Units (RSU) |
STOCK OPTION AND STOCK UNIT PLANS |
Schedule of outstanding stock units |
December 31, 2020 | 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 | 1,624 |  |  |
Units granted | 1,281 |  |  |
Units cancelled | (87) |  |  |
Units matured 1 | (561) |  |  |
Dividend reinvestment | 196 |  |  |
Units outstanding at end of year | 2,453 |  | 2.5 | 104 |
1 The total amount paid during the years ended December 31, 2020, 2019 and 2018 for RSUs was $27 million, $34 million and $41 million, respectively.

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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