XML 81 R60.htm IDEA: XBRL DOCUMENT
v3.22.4

STOCK OPTION AND STOCK UNIT PLANS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Outstanding Stock Options |
December 31, 2022 | Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value
(options in thousands; weighted average exercise price in Canadian dollars; intrinsic value in millions of Canadian dollars) |  |  |  |
Options outstanding at beginning of year | 34,017 |  | 49.28 |  |  |
Options granted | 3,430 |  | 49.58 |  |  |
Options exercised 1 | (8,684) |  | 44.55 |  |  |
Options cancelled or expired | (1,139) |  | 51.32 |  |  |
Options outstanding at end of year | 27,624 |  | 48.46 |  | 5.7 | 133 |
Options vested at end of year 2 | 17,631 |  | 49.20 |  | 4.4 | 84 |
1 The total intrinsic value of ISOs exercised during the years ended December 31, 2022, 2021 and 2020 was $66 million, $24 million and $13 million, respectively, and cash received on exercise was $3 million, $2 million and $4 million, respectively. 2 The total fair value of ISOs exercised during the years ended December 31, 2022, 2021 and 2020 was $21 million, $25 million and $30 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, | 2022 | 2021 | 2020
Fair value per option (Canadian dollars)1 | 5.07 | 4.10 | 4.01
Valuation assumptions |  |  |
Expected option term (years)2 | 6 | 6 | 6
Expected volatility 3 | 21.9 | % | 25.5 | % | 18.3 | %
Expected dividend yield 4 | 6.5 | % | 7.6 | % | 5.9 | %
Risk-free interest rate 5 | 1.8 | % | 0.7 | % | 1.3 | %
1 Options granted to US employees are based on the New York Stock Exchange 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, 2022, 2021 and 2020 were $4.78, $3.91 and $3.75, respectively, for Canadian employees and US$4.62, US$3.65 and US$3.62, 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.
Share-Based Payment Arrangement, Performance Shares, Activity |
December 31, 2022 | 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 | 3,429 |  |  |
Units granted | 1,467 |  |  |
Units cancelled | (131) |  |  |
Units matured 1 | (1,700) |  |  |
Dividend reinvestment | 184 |  |  |
Units outstanding at end of year | 3,249 |  | 1.1 | 261 |
1 The total amount paid during the years ended December 31, 2022, 2021 and 2020 for PSUs was $90 million, $70 million and $14 million, respectively.
Schedule of Outstanding Stock Units |
December 31, 2022 | 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 | 2,705 |  |  |
Units granted | 1,400 |  |  |
Units cancelled | (134) |  |  |
Units matured 1 | (602) |  |  |
Dividend reinvestment | 196 |  |  |
Units outstanding at end of year | 3,565 |  | 1.0 | 185 |
1 The total amount paid during the years ended December 31, 2022, 2021 and 2020 for RSUs was $32 million, $72 million and $27 million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + 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 (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: 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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + 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 (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares. + 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) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
Name: | us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration