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STOCK OPTION AND STOCK UNIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Outstanding Stock Options |
December 31, 2024 | Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value
(number of options in thousands; weighted average exercise price in Canadian dollars; intrinsic value in millions of Canadian dollars) |  |  |  |
Options outstanding at beginning of year | 28,729 |  | 50.79 |  |  |
Options granted | 5,036 |  | 46.36 |  |  |
Options exercised 1 | (7,328) |  | 49.27 |  |  |
Options cancelled or expired | (1,113) |  | 51.78 |  |  |
Options outstanding at end of year | 25,324 |  | 50.31 |  | 5.7 | 70 |
Options vested at end of year 2 | 15,602 |  | 51.33 |  | 4.2 | 37 |
1 The total intrinsic value of ISOs exercised during the years ended December 31, 2024, 2023 and 2022 was $18 million, $2 million and $66 million, respectively, and cash received on exercise was $1 million, nil and $3 million, respectively. 2 The total fair value of ISOs vested during the years ended December 31, 2024, 2023 and 2022 was $17 million, $20 million and $21 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 model are as follows:
Year ended December 31, | 2024 | 2023 | 2022
Fair value per option (Canadian dollars)1 | 4.07 | 6.05 | 5.07
Valuation assumptions |  |  |
Expected option term (years)2 | 6 | 6 | 6
Expected volatility 3 | 21.1 | % | 22.2 | % | 21.9 | %
Expected dividend yield 4 | 8.1 | % | 6.7 | % | 6.5 | %
Risk-free interest rate 5 | 3.8 | % | 3.5 | % | 1.8 | %
1 Options granted to US employees are based on the NYSE prices. The option value and assumptions shown are based on a weighted average of the US and Canadian options. The fair value per option for the years ended December 31, 2024, 2023 and 2022 were $3.53, $5.38 and $4.78, respectively, for Canadian employees and US$3.58, US$5.23 and US$4.62, 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 at the grant date.
Share-Based Payment Arrangement, Performance Shares, Activity |
December 31, 2024 | Number | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value
(number of units in thousands; intrinsic value in millions of Canadian dollars) |  |  |
Units outstanding at beginning of year | 3,180 |  |  |
Units granted | 1,444 |  |  |
Units cancelled | (104) |  |  |
Units matured 1 | (1,355) |  |  |
Dividend reinvestment | 237 |  |  |
Units outstanding at end of year | 3,402 |  | 1.6 | 244 |
1 The total amount paid during the years ended December 31, 2024, 2023 and 2022 for PSUs was $65 million, $123 million and $90 million, respectively.
Schedule of Outstanding Stock Units |
December 31, 2024 | Number | Weighted Average Grant Date Fair Value 2 | Weighted Average Remaining Contractual Life (years) | Aggregate Intrinsic Value
(number of units in thousands; intrinsic value in millions of Canadian dollars) |  |  |  |
Units outstanding at beginning of year | 3,571 |  | 50.69 |  |  |
Units granted | 1,758 |  | 48.50 |  |  |
Units cancelled | (112) |  | 51.38 |  |  |
Units matured 1 | (1,910) |  | 49.99 |  |  |
Dividend reinvestment | 284 |  | 50.94 |  |  |
Units outstanding at end of year | 3,591 |  | 51.10 |  | 1.0 | 187 |
1 The total amount paid during the years ended December 31, 2024, 2023 and 2022 for RSUs was $40 million, $56 million and $32 million, respectively. 2 Weighted average grant date fair value excludes cash-settled units.

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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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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