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Stock-based compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Plan
The following table summarizes the activity related to the stock options during 2024:

Options outstandingNon-vested options
Number of
stock options		Weighted-average
exercise price		Number of
stock options		Weighted-average
grant date
fair value
Outstanding, January 1, 20246,471,932 $71.03 2,303,103 $22.87 
Granted817,609 $118.29 817,609 $33.27 
Exercised(1,445,290)$48.29 N/AN/A
VestedN/AN/A(967,431)$20.45 
Forfeited(109,651)$116.48 (109,651)$32.26 
Outstanding, December 31, 20245,734,600 $86.59 2,043,630 $27.68 
Vested or expected to vest at December 31, 2024(1)
5,697,159 $86.43 N/AN/A
Exercisable, December 31, 20243,690,970 $74.40 N/AN/A
(1) As at December 31, 2024, the weighted-average remaining term of vested or expected to vest options was 3.2 years with an aggregate intrinsic value of $116 million.
Stock Options Outstanding and Exercisable
The following table provides the number of stock options outstanding and exercisable as at December 31, 2024 by range of exercise price and their related intrinsic aggregate value, and for stock options outstanding, the weighted-average years to expiration. The table also provides the aggregate intrinsic value for in-the-money stock options, which represents the amount that would have been received by option holders had they exercised their options on December 31, 2024 at the Company’s closing stock price of $104.08.

Options outstandingOptions exercisable
Range of exercise pricesNumber of
stock options		Weighted-average
years to
expiration		Weighted-average
exercise
price		Aggregate
intrinsic
value
(millions)		Number of
stock options		Weighted-average
exercise
price		Aggregate
intrinsic
value
(millions)
$33.15 - $68.94
1,371,256 1.0$48.49 $77 1,371,256 $48.49 $76 
$68.95 - $91.73
1,479,444 2.7$80.21 $35 1,222,834 $78.30 $32 
$91.74 - $105.49
1,357,794 3.5$100.95 $4 906,268 $100.77 $2 
$105.50 - $121.28
1,526,106 5.6$114.24 $— 190,612 $110.51 $— 
Total(1)
5,734,600 3.2$86.59 $116 3,690,970 $74.40 $110 
(1) As at December 31, 2024, the total number of in-the-money stock options outstanding was 4,206,139 with a weighted-average exercise price of $74.40. The weighted-average years to expiration of exercisable stock options is 2.1 years.
Weighted-Average Fair Value Assumptions The following table provides assumptions used to determine the fair values of stock option awards, and the weighted-average grant date fair values for units granted in 2024, 2023 and 2022:
202420232022
Expected option life (years)(1)
4.754.754.75
Risk-free interest rate(2)
3.88 %3.35 %1.62 %
Expected stock price volatility(3)
28.38 %28.44 %26.85 %
Expected annual dividends per share(4)
$0.76 $0.76 $0.76 
Expected forfeiture rate(5)
3.12 %3.18 %3.01 %
Weighted-average grant date fair value of options granted during the year$33.27 $29.79 $21.33 
(1) Represents the period of time that awards are expected to be outstanding. Historical data on exercise behaviour or, when available, specific expectations regarding future exercise behaviour were used to estimate the expected life of the option.
(2) Based on the implied yield available on zero-coupon government issues with an equivalent term commensurate with the expected term of the option.
(3) Based on the historical volatility of the Company’s stock price over a period commensurate with the expected term of the option.
(4) Determined by the current annual dividend at the time of grant. The Company does not employ different dividend yields throughout the contractual term of the option.
(5) The Company estimates forfeitures based on past experience. The rate is monitored on a periodic basis.
Schedule of Options Exercised
The following table provides information related to all stock options exercised in the plan during the years ended December 31:

(in millions of Canadian dollars)202420232022
Total intrinsic value$92 $101 $53 
Cash received by the Company upon exercise of options69 69 32 
Summary of Performance Share Unit Plan
The following table summarizes the activity related to PSUs and PDSUs for each of the years ended December 31:

20242023
Outstanding, January 11,678,553 1,336,358 
Granted593,748 917,744 
Issued in lieu of dividends12,843 10,845 
Settled(401,182)(460,667)
PDSUs converted into DSUs(11,461)(45,058)
Forfeited(128,768)(80,669)
Outstanding, December 311,743,733 1,678,553 
Summary of Deferred Share Unit Plan
The following table summarizes the activity related to DSUs for each of the years ended December 31:

20242023
Outstanding, January 1899,818 744,530 
Granted71,082 85,750 
PDSUs converted into DSUs14,079 81,533 
Issued in lieu of dividends6,253 5,685 
Settled(82,624)(15,935)
Forfeited(5,554)(1,745)
Outstanding, December 31903,054 899,818 
Summary of Share-Based Liabilities Paid
The following table summarizes the total share unit liabilities settled for each of the years ended December 31:

(in millions of Canadian dollars)202420232022
Plan
PSUs$54 $86 $116 
DSUs9 2 16 
Other1 1 5 
Total$64 $89 $137