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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
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 2023 and 2022 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
  20232022
Weighted average fair value$12.07 $9.65 
 
Risk-free interest rate3.4 %1.0 %
Dividend yield3.2 %2.8 %
Volatility of Class B Non-Voting Shares23.4 %23.1 %
Weighted average expected life
5.5 years
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) 20232022
Stock options24 28 
Restricted share units32 51 
Deferred share units2 9 
Equity derivative effect, net of interest receipt 7 (21)
Total stock-based compensation expense 65 67 
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, 2023Year ended December 31, 2022
(In number of units, except prices)Number of optionsWeighted average exercise priceNumber of optionsWeighted average exercise price
Outstanding, beginning of year9,860,208 $63.58 6,494,001 $61.62 
Granted1,594,879 $64.86 4,234,288 $65.73 
Exercised(329,877)$54.90 (301,467)$50.87 
Forfeited(531,565)$66.92 (566,614)$64.04 
Outstanding, end of year10,593,645 $63.88 9,860,208 $63.58 
Exercisable, end of year4,749,678 $62.86 3,440,894 $61.84 
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, 2023.
 Options outstandingOptions exercisable
Range of exercise pricesNumber outstandingWeighted average remaining contractual life (years)Weighted average exercise priceNumber exercisableWeighted average exercise price
$42.85 - $44.99
129,697 0.75$44.10 129,697 $44.10 
$45.00 - $49.99
144,552 1.89$49.95 144,552 $49.95 
$55.00 - $59.99
1,577,172 5.71$58.42 1,357,455 $58.41 
$60.00 - $64.99
2,716,292 4.65$62.44 1,637,935 $62.53 
$65.00 - $69.99
6,025,932 7.33$66.71 1,480,039 $70.20 
 10,593,645 6.25$63.88 4,749,678 $62.86 
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) 20232022
 
Outstanding, beginning of year2,402,489 2,691,288 
Granted and reinvested dividends1,518,926 990,702 
Exercised(856,212)(678,634)
Forfeited (513,475)(600,867)
 
Outstanding, end of year 2,551,728 2,402,489 
Below is a summary of the DSUs outstanding, including performance DSUs.
Years ended December 31
(In number of units) 20232022
Outstanding, beginning of year1,139,884 1,421,342 
Granted and reinvested dividends80,510 70,692 
Exercised(259,441)(350,803)
Forfeited (4,543)(1,347)
Outstanding, end of year 956,410 1,139,884