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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-based Payment Arrangements [Abstract] |
Disclosure of significant measurement estimates to determine fair value of stock-based compensation | The table below shows the weighted average fair value of stock options granted during 2024 and 2023 and the principal assumptions used in applying the Black-Scholes model for granted options to determine their fair value at the grant date.
|  | Years ended December 31
|  | 2024 | 2023
Weighted average fair value |  | $8.08 |  | $12.07 |
Risk-free interest rate |  | 3.4 | % | 3.4 | %
Dividend yield |  | 3.6 | % | 3.2 | %
Volatility of Class B Non-Voting Shares |  | 24.2 | % | 23.4 | %
Weighted average expected life |  | 5.4 years | 5.5 years
Disclosure of stock-based compensation expense | Below is a summary of our stock-based compensation expense, which is included in employee salaries and benefits expense.
|  | Years ended December 31
(In millions of dollars) |  | 2024 | 2023
Stock options |  | (58) |  | 24 |
Restricted share units |  | 20 |  | 32 |
Deferred share units |  | (10) |  | 2 |
Equity derivative effect, net of interest receipt |  | 102 |  | 7 |
Total stock-based compensation expense |  | 54 |  | 65 |
Disclosure of number and weighted average exercise prices of share options | Below is a summary of the stock option plans, including performance options.
| Year ended December 31, 2024 | Year ended December 31, 2023
(In number of units, except prices) | Number of options | Weighted average exercise price | Number of options | Weighted average exercise price
Outstanding, beginning of year | 10,593,645 |  | $63.88 |  | 9,860,208 |  | $63.58 |
Granted | 353,105 |  | $61.39 |  | 1,594,879 |  | $64.86 |
Exercised | (153,615) |  | $53.04 |  | (329,877) |  | $54.90 |
Forfeited | (1,085,288) |  | $64.44 |  | (531,565) |  | $66.92 |
Outstanding, end of year | 9,707,847 |  | $63.89 |  | 10,593,645 |  | $63.88 |
Exercisable, end of year | 6,135,190 |  | $63.69 |  | 4,749,678 |  | $62.86 |
Disclosure of range of exercise prices of outstanding share options | Below is a summary of the range of exercise prices, the weighted average exercise price, and the weighted average remaining contractual life as at December 31, 2024.
| Options outstanding | Options exercisable
Range of exercise prices | Number outstanding | Weighted average remaining contractual life (years) | Weighted average exercise price | Number exercisable | Weighted average exercise price
$44.97 - $44.99 | 75,055 |  | 0.17 | $44.97 |  | 75,055 |  | $44.97 |
$45.00 - $49.99 | 119,082 |  | 1.16 | $49.95 |  | 119,082 |  | $49.95 |
$55.00 - $59.99 | 1,446,572 |  | 5.16 | $58.46 |  | 1,226,855 |  | $58.46 |
$60.00 - $64.99 | 2,537,699 |  | 5.04 | $62.29 |  | 1,691,760 |  | $62.49 |
$65.00 - $69.99 | 4,768,804 |  | 6.79 | $65.58 |  | 2,261,803 |  | $65.65 |
$70.00 - $73.00 | 760,635 |  | 3.58 | $73.00 |  | 760,635 |  | $73.00 |
| 9,707,847 |  | 5.72 | $63.89 |  | 6,135,190 |  | $63.69 |
Disclosure of number and weighted average exercise prices of other equity instruments | Below is a summary of the RSUs outstanding, including performance RSUs.
|  | Years ended December 31
(In number of units) |  | 2024 | 2023
Outstanding, beginning of year |  | 2,551,728 |  | 2,402,489 |
Granted and reinvested dividends |  | 1,246,949 |  | 1,518,926 |
Exercised |  | (943,096) |  | (856,212) |
Forfeited |  | (407,357) |  | (513,475) |
Outstanding, end of year |  | 2,448,224 |  | 2,551,728 |
Below is a summary of the DSUs outstanding, including performance DSUs.
|  | Years ended December 31
(In number of units) |  | 2024 | 2023
Outstanding, beginning of year |  | 956,410 |  | 1,139,884 |
Granted and reinvested dividends |  | 231,590 |  | 80,510 |
Exercised |  | (279,098) |  | (259,441) |
Forfeited |  | (224) |  | (4,543) |
Outstanding, end of year |  | 908,678 |  | 956,410 |

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- Definition The disclosure of information about indirect, by reference to the fair value of the equity instruments granted, measurement of the fair value of goods or services received as consideration for the entity's share options. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2024-01-01 -Paragraph 47 -Subparagraph a -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_47_a&doctype=Standard -URIDate 2024-03-27 + Details
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- Definition The disclosure of the number and weighted average exercise prices of other equity instruments (ie other than share options). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IFRS -Number 2 -IssueDate 2024-01-01 -Paragraph 45 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45&doctype=Standard -URIDate 2024-03-27 + Details
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- Definition The disclosure of the number and weighted average exercise prices of share options. [Refer: Weighted average [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2024-01-01 -Paragraph 45 -Subparagraph b -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_b&doctype=Standard -URIDate 2024-03-27 + Details
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- Definition The disclosure of the range of exercise prices for outstanding share options. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2024-01-01 -Paragraph 45 -Subparagraph d -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_45_d&doctype=Standard -URIDate 2024-03-27 + Details
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- Definition The explanation that enables users of financial statements to understand the effect of share-based payment transactions on the entity's financial position. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 2 -IssueDate 2024-01-01 -Paragraph 50 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=2&code=ifrs-tx-2024-en-r&anchor=para_50&doctype=Standard -URIDate 2024-03-27 + Details
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