Canadian Pacific Railway Limited (CP) 10-Q 20 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 18, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	CP
Entity Registrant Name	CANADIAN PACIFIC RAILWAY LTD/CN
Entity Central Index Key	16,875
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		146,084,032

INTERIM CONSOLIDATED STATEMENTS

INTERIM CONSOLIDATED STATEMENTS OF INCOME (unaudited) - CAD shares in Millions, CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Freight	CAD 1,598	CAD 1,406	CAD 3,161	CAD 2,954
Non-freight	45	44	85	87
Total revenues	1,643	1,450	3,246	3,041
Operating expenses
Compensation and benefits (Note 11)	277	284	510	613
Fuel	160	131	330	256
Materials	48	38	97	94
Equipment rents	37	44	73	89
Depreciation and amortization	165	161	331	323
Purchased services and other	277	241	555	462
Total operating expenses	964	899	1,896	1,837
Operating income	679	551	1,350	1,204
Less:
Other income and charges	(61)	(9)	(89)	(190)
Net interest expense	122	115	242	239
Income before income tax expense	618	445	1,197	1,155
Income tax expense	138	117	286	287
Net income	CAD 480	CAD 328	CAD 911	CAD 868
Earnings per share
Basic earnings per share (in CAD per share)	CAD 3.28	CAD 2.16	CAD 6.22	CAD 5.70
Diluted earnings per share (in CAD per share)	CAD 3.27	CAD 2.15	CAD 6.20	CAD 5.67
Weighted-average number of shares (millions)
Basic (shares)	146.5	151.7	146.5	152.3
Diluted (shares)	146.9	152.6	147	153.2
Dividends declared per share (in CAD per share)	CAD 0.5625	CAD 0.5000	CAD 1.0625	CAD 0.8500

INTERIM CONSOLIDATED STATEMENT3

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	CAD 480	CAD 328	CAD 911	CAD 868
Net gain in foreign currency translation adjustments, net of hedging activities	14	3	19	40
Change in derivatives designated as cash flow hedges	4	(29)	9	(76)
Change in pension and post-retirement defined benefit plans	37	43	75	90
Other comprehensive income before income taxes	55	17	103	54
Income tax (expense) recovery on above items	(26)	(7)	(44)	(48)
Other comprehensive income (loss)	29	10	59	6
Comprehensive income	CAD 509	CAD 338	CAD 970	CAD 874

INTERIM CONSOLIDATED BALANCE SH

INTERIM CONSOLIDATED BALANCE SHEETS AS AT (unaudited) - CAD CAD in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	CAD 238	CAD 164
Accounts receivable, net	604	591
Materials and supplies	192	184
Other current assets	85	70
Total current assets	1,119	1,009
Investments	186	194
Properties	16,703	16,689
Goodwill and intangible assets	195	202
Pension asset	1,261	1,070
Other assets	73	57
Total assets	19,537	19,221
Current liabilities
Accounts payable and accrued liabilities	1,183	1,322
Long-term debt maturing within one year	762	25
Total current liabilities	1,945	1,347
Pension and other benefit liabilities	729	734
Other long-term liabilities	222	284
Long-term debt	7,660	8,659
Deferred income taxes	3,648	3,571
Total liabilities	14,204	14,595
Shareholders’ equity
Share capital	2,038	2,002
Additional paid-in capital	42	52
Accumulated other comprehensive loss	(1,740)	(1,799)
Retained earnings	4,993	4,371
Total Shareholders' equity	5,333	4,626	CAD 4,691	CAD 4,796
Total liabilities and shareholders’ equity	CAD 19,537	CAD 19,221

INTERIM CONSOLIDATED STATEMENT5

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net income	CAD 480	CAD 328	CAD 911	CAD 868
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	165	161	331	323
Deferred income taxes	24	90	91	183
Pension funding in excess of expense	(59)	(37)	(119)	(79)
Foreign exchange loss (gain) on long-term debt	(67)	(18)	(95)	(199)
Other operating activities, net	(2)	(47)	(87)	(113)
Change in non-cash working capital balances related to operations	70	35	(110)	(253)
Cash provided by operating activities	611	512	922	730
Investing activities
Additions to properties	(346)	(330)	(576)	(608)
Proceeds from sale of properties and other assets	13	11	16	71
Other	0	(2)	5	(2)
Cash used in investing activities	(333)	(321)	(555)	(539)
Financing activities
Dividends paid	(73)	(53)	(146)	(107)
Issuance of CP Common Shares	9	4	37	9
Purchase of CP Common Shares	(142)	(788)	(142)	(788)
Repayment of long-term debt, excluding commercial paper	(9)	(7)	(14)	(18)
Net issuance (repayment) of commercial paper	0	176	0	176
Settlement of forward starting swaps	(22)	0	(22)	0
Other	0	(1)	0	(3)
Cash used in financing activities	(237)	(669)	(287)	(731)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(4)	(1)	(6)	(18)
Cash position
Increase (decrease) in cash and cash equivalents	37	(479)	74	(558)
Cash and cash equivalents at beginning of period	201	571	164	650
Cash and cash equivalents at end of period	238	92	238	92
Supplemental disclosures of cash flow information:
Income taxes paid	116	65	286	257
Interest paid	CAD 95	CAD 92	CAD 245	CAD 247

INTERIM CONSOLIDATED STATEMENT6

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) shares in Millions, CAD in Millions, $ in Millions	CADshares	Common shares/Share capital [Member]CADshares	Common shares/Share capital [Member]USD ($)shares	Additional paid-in capital [Member]CAD	Accumulated other comprehensive loss [Member]CAD	Retained earnings [Member]CAD
Beginning balance (shares) at Dec. 31, 2015 | shares		153	153
Beginning balance at Dec. 31, 2015	CAD 4,796	CAD 2,058		CAD 43	CAD (1,477)	CAD 4,172
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	868	0		0	0	868
Other comprehensive income (loss)	6	0		0	6	0
Dividends declared	(130)	0		0	0	(130)
Effect of stock-based compensation expense	8	CAD 0		8	0	0
CP Common Shares repurchased (shares) | shares		(4.7)	(4.7)
CP Common Shares repurchased	(867)	CAD (70)		0	0	(797)
Shares issued under stock option plan (shares) | shares		0.1	0.1
Shares issued under stock option plan	CAD 10	CAD 12		(2)	0	0
Ending balance (shares) at Jun. 30, 2016 | shares	148.4	148.4	148.4
Ending balance at Jun. 30, 2016	CAD 4,691	CAD 2,000		49	(1,471)	4,113
Beginning balance (shares) at Dec. 31, 2016 | shares		146.3	146.3
Beginning balance at Dec. 31, 2016	4,626	CAD 2,002		52	(1,799)	4,371
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	911	0	$ 0	0	0	911
Other comprehensive income (loss)	59	0		0	59	0
Dividends declared	(156)	CAD 0		0	0	(156)
CP Common Shares repurchased (shares) | shares		(0.7)	(0.7)
CP Common Shares repurchased	(143)	CAD (10)		0	0	(133)
Shares issued under stock option plan (shares) | shares		0.5	0.5
Shares issued under stock option plan	CAD 36	CAD 46		(10)	0	0
Ending balance (shares) at Jun. 30, 2017 | shares	146.1	146.1	146.1
Ending balance at Jun. 30, 2017	CAD 5,333	CAD 2,038		CAD 42	CAD (1,740)	CAD 4,993

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of presentation These unaudited interim consolidated financial statements of Canadian Pacific Railway Limited (“CP”, or “the Company”), expressed in Canadian dollars, reflect management’s estimates and assumptions that are necessary for their fair presentation in conformity with generally accepted accounting principles in the United States of America (“GAAP”). They do not include all disclosures required under GAAP for annual financial statements and should be read in conjunction with the 2016 annual consolidated financial statements and notes included in CP's 2016 Annual Report on Form 10-K. The accounting policies used are consistent with the accounting policies used in preparing the 2016 annual consolidated financial statements, except for the newly adopted accounting policies discussed in Note 2. CP's operations can be affected by seasonal fluctuations such as changes in customer demand and weather-related issues. This seasonality could impact quarter-over-quarter comparisons. In management’s opinion, the unaudited interim consolidated financial statements include all adjustments (consisting of normal and recurring adjustments) necessary to present fairly such information. Interim results are not necessarily indicative of the results expected for the fiscal year.

Accounting Changes

Accounting Changes	6 Months Ended
	Jun. 30, 2017
Accounting Changes and Error Corrections [Abstract]
Accounting Changes	Accounting changes Implemented in 2017 Compensation - Stock Compensation In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-09, Improvements to Employee Share-based Payment Accounting, under FASB Accounting Standards Codification ("ASC") Topic 718. The amendments clarify the guidance relating to treatment of excess tax benefits and deficiencies, acceptable forfeiture rate policies, and treatment of cash paid by an employer when directly withholding shares for tax-withholding purposes and the requirement to treat such cash flows as a financing activity. As a result of this ASU, excess tax benefits are no longer recorded in additional paid-in capital and instead are applied against taxes payable or recognized in the interim consolidated statement of income. This ASU was effective for CP beginning on January 1, 2017. The Company has determined that there were no significant changes to disclosure or financial statement presentation and changes in accounting for excess tax benefits and deficiencies were not material as a result of adoption. Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory under FASB ASC Topic 330. The amendments require that reporting entities measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments apply to inventory that is measured using the first-in, first-out or average cost basis. This ASU was effective for CP beginning on January 1, 2017 and was applied prospectively. The Company determined there were no changes to disclosure, financial statement presentation, or valuation of inventory as a result of adoption. Future changes Leases In February 2016, the FASB issued ASU 2016-02, Leases under FASB ASC Topic 842 which will supersede the lease recognition and measurement requirements in Topic 840 Leases. This new standard requires recognition of right-of-use assets and lease liabilities by lessees for those leases classified as finance and operating leases with a maximum term exceeding 12 months. For CP this new standard will be effective for interim and annual periods commencing January 1, 2019. Entities are required to use a modified retrospective approach to adopt this new standard meaning there will be no impact to the consolidated statements of income, however, the comparative consolidated balance sheet will be adjusted to reflect the provisions of this standard. The Company has a detailed plan to implement the new standard and is assessing contractual arrangements, through a cross functional team, that may qualify as leases under the new standard. CP is also working with a vendor to implement a lease management system which will assist in delivering the required accounting changes. During the second quarter, CP's cross functional team aggregated requirements, necessary to account for the different leases CP is involved in, that will permit the vendor to design a lease system solution for CP. The impact of the new standard will be a material increase to right of use assets and lease liabilities on the consolidated balance sheet, primarily, as a result of operating leases currently not recognized on the balance sheet. The Company does not anticipate a material impact to the consolidated statement of income and is currently evaluating the impact adoption of this new standard will have on disclosure. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers under FASB ASC Topic 606. In March 2016, the FASB issued amendment ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations as an update under FASB ASC Topic 606. The amendments clarify the principal versus agent guidance in determining whether to recognize revenue on a gross or net basis. The guidance in Topic 606, as amended, will be effective for CP for interim and annual periods commencing January 1, 2018, and CP has the option of adopting the new standard by using either a full retrospective or a modified retrospective approach. At this point in time, CP is inclined to adopt this new standard using a modified retrospective approach, however, a final decision has yet to be made. CP has analyzed contracts for a significant proportion of the Company’s annual rail freight revenue, which represents greater than 95% of CP’s annual revenues, and has concluded that recognizing these revenues over time as rail freight services are performed continues to be appropriate. Further detailed reviews are being performed of a variety of specific contractual terms. These include assessing potential additional performance obligations, certain arrangements in the context of the new guidance on principal versus agent, contract origination and fulfillment costs, variable compensation and an assessment of required new disclosures. At this time CP does not expect a material change to revenue recognition from adopting this standard. Intangibles - Goodwill and Other In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment under FASB ASC Topic 350. This is intended to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The amendments are effective for CP beginning on January 1, 2020. Entities are required to apply the amendments in this update prospectively from the date of adoption. The Company does not anticipate that the adoption of this ASU will impact CP's financial statements as there is a sufficient excess between the fair value and carrying value of CP's goodwill. Furthermore CP expects to continue to apply the Step 0 qualitative assessment when testing for goodwill impairment. Compensation - Retirement Benefits In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost under FASB ASC Topic 715. The amendments clarify presentation requirements for net periodic pension cost and net periodic post-retirement benefit cost and require that an employer report the current service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the consolidated statement of income separately from the current service cost component and outside a subtotal of income from operations if one is presented. The amendments also restrict capitalization to the current service cost component when applicable. The amendments are effective for CP beginning on January 1, 2018. The amendments related to presentation are required to be applied retrospectively and the restrictions on capitalization of the current service cost component are applicable prospectively on the date of adoption. The impacts of the reclassification are detailed as follows: For the three months ended June 30 For the six months ended June 30 Year ended December 31 (1) (in millions of Canadian dollars) 2017 2016 2017 2016 2017 2016 Decrease in operating income 68 43 135 86 272 167 (1) December 31, 2017 figure is an estimate. There will be no change to net income or earnings per share as a result of adoption of this new standard. The new guidance restricting capitalization of pensions to the current service cost component of net periodic benefit cost will have no impact to operating income or amounts capitalized because the Company currently only capitalizes an appropriate portion of current service cost for self-constructed properties. CP is currently assessing the disclosure requirements of this ASU.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss (AOCL) by Component	Changes in accumulated other comprehensive loss ("AOCL") by component For the three months ended June 30 (in millions of Canadian dollars, net of tax) Foreign currency Derivatives and other Pension and post-retirement defined benefit plans Total Opening balance, April 1, 2017 $ 125 $ (100 ) $ (1,794 ) $ (1,769 ) Other comprehensive (loss) income before reclassifications (1 ) (9 ) — (10 ) Amounts reclassified from accumulated other comprehensive loss — 12 27 39 Net current-period other comprehensive (loss) income (1 ) 3 27 29 Closing balance, June 30, 2017 $ 124 $ (97 ) $ (1,767 ) $ (1,740 ) Opening balance, April 1, 2016 $ 125 $ (136 ) $ (1,470 ) $ (1,481 ) Other comprehensive loss before reclassifications (1 ) (23 ) (2 ) (26 ) Amounts reclassified from accumulated other comprehensive loss — 2 34 36 Net current-period other comprehensive (loss) income (1 ) (21 ) 32 10 Closing balance, June 30, 2016 $ 124 $ (157 ) $ (1,438 ) $ (1,471 ) For the six months ended June 30 (in millions of Canadian dollars, net of tax) Foreign currency Derivatives and other Pension and post-retirement defined benefit plans Total Opening balance, January 1, 2017 $ 127 $ (104 ) $ (1,822 ) $ (1,799 ) Other comprehensive (loss) income before reclassifications (3 ) (7 ) — (10 ) Amounts reclassified from accumulated other comprehensive loss — 14 55 69 Net current-period other comprehensive (loss) income (3 ) 7 55 59 Closing balance, June 30, 2017 $ 124 $ (97 ) $ (1,767 ) $ (1,740 ) Opening balance, January 1, 2016 $ 129 $ (102 ) $ (1,504 ) $ (1,477 ) Other comprehensive loss before reclassifications (5 ) (59 ) (2 ) (66 ) Amounts reclassified from accumulated other comprehensive loss — 4 68 72 Net current-period other comprehensive (loss) income (5 ) (55 ) 66 6 Closing balance, June 30, 2016 $ 124 $ (157 ) $ (1,438 ) $ (1,471 ) Amounts in Pension and post-retirement defined benefit plans reclassified from AOCL: For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2017 2016 2017 2016 Amortization of prior service costs (1) $ (1 ) $ (1 ) $ (2 ) $ (3 ) Recognition of net actuarial loss (1) 38 48 77 97 Total before income tax 37 47 75 94 Income tax recovery (10 ) (13 ) (20 ) (26 ) Net of income tax $ 27 $ 34 $ 55 $ 68 (1) Impacts "Compensation and benefits" on the Interim Consolidated Statements of Income.

Gain on Sale of Properties

Gain on Sale of Properties	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Gain on Sale of Properties	Disposition of properties In March 2016, the Company completed the sale of CP’s Arbutus Corridor (the “Arbutus Corridor”) to the City of Vancouver for gross proceeds of $55 million . The agreement allows the Company to share in future proceeds on the eventual development and/or sale of certain parcels of the Arbutus Corridor. The Company recorded a gain on sale of $50 million ( $43 million after tax) within "Purchased services and other" from the transaction during the first quarter of 2016.

Other Income and Charges

Other Income and Charges	6 Months Ended
	Jun. 30, 2017
Other Income and Expenses [Abstract]
Other Income and Charges	Other income and charges For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2017 2016 2017 2016 Foreign exchange gain on long-term debt $ (67 ) $ (18 ) $ (95 ) $ (199 ) Other foreign exchange gains — — (1 ) (7 ) Insurance recovery of legal settlement (10 ) — (10 ) — Charge on hedge roll and de-designation (Note 10) 13 — 13 — Other 3 9 4 16 Total other income and charges $ (61 ) $ (9 ) $ (89 ) $ (190 )

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2017 2016 2017 2016 Current income tax expense $ 114 $ 27 $ 195 $ 104 Deferred income tax expense 24 90 91 183 Income tax expense $ 138 $ 117 $ 286 $ 287 During the three months ended June 30, 2017 , legislation was enacted to decrease the Saskatchewan provincial corporate income tax rate. As a result of this change, the Company recorded an income tax recovery of $17 million in the quarter related to the revaluation of its deferred income tax balances as at January 1, 2017. The effective tax rates for the three and six months ended June 30, 2017 , were 22.31% and 23.90% , respectively, compared to 26.40% and 24.86% , respectively, for the same periods in 2016 . The estimated 2017 annual effective tax rate for the three months ended June 30, 2017 , excluding the foreign exchange gain of $67 million on the Company's U.S. dollar-denominated debt, an insurance recovery of $10 million on legal settlement, the $13 million charge associated with the hedge roll and de-designation, and the $17 million tax recovery described above, is 26.50% . The estimated 2016 annual effective tax rate for the three months ended June 30, 2016 , excluding the foreign exchange gain of $18 million on the Company's U.S. dollar-denominated debt, was 26.93% . The estimated 2017 annual effective tax rate for the six months ended June 30, 2017 , excluding the discrete items of the management transition recovery of $51 million related to the retirement of the Company's Chief Executive Officer, the foreign exchange gain of $95 million on the Company's U.S. dollar-denominated debt, an insurance recovery of $10 million on legal settlement, the $13 million charge associated with the hedge roll and de-designation, and the $17 million tax recovery described above, is 26.50% . The estimated 2016 annual effective tax rate for the for the six months ended June 30, 2016 , excluding the foreign exchange gain of $199 million on the Company's U.S. dollar-denominated debt, was 27.25% .

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per share At June 30, 2017 , the number of shares outstanding was 146.1 million ( June 30, 2016 - 148.4 million ). Basic earnings per share have been calculated using net income for the period divided by the weighted-average number of shares outstanding during the period. The number of shares used in earnings per share calculations is reconciled as follows: For the three months ended June 30 For the six months ended June 30 (in millions) 2017 2016 2017 2016 Weighted-average basic shares outstanding 146.5 151.7 146.5 152.3 Dilutive effect of stock options 0.4 0.9 0.5 0.9 Weighted-average diluted shares outstanding 146.9 152.6 147.0 153.2 For the three and six months ended June 30, 2017 , there were 269,855 options and 385,928 options, respectively, excluded from the computation of diluted earnings per share because their effects were not dilutive ( three and six months ended June 30, 2016 - 440,009 and 443,000 , respectively).

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt Revolving credit facility Effective June 23, 2017, the Company extended the maturity date by one year on its existing revolving U.S. $2.0 billion credit facility, which includes a U.S. $1.0 billion five-year portion and U.S. $1.0 billion one-year plus one-year term-out portion. The maturity date on the U.S. $1.0 billion one-year plus one-year term-out portion has been extended to June 27, 2019 ; the maturity date on the U.S. $1.0 billion five-year portion was extended to June 28, 2022 . Commercial paper program The Company has a commercial paper program which enables it to issue commercial paper up to a maximum aggregate principal amount of U.S. $1.0 billion in the form of unsecured promissory notes. The commercial paper is backed by the U.S. $1.0 billion one-year plus one-year term-out portion of the revolving credit facility. As at June 30, 2017 and December 31, 2016, the Company had no commercial paper borrowings. The Company presents issuances and repayments of commercial paper in the Interim Consolidated Statements of Cash Flows on a net basis, all of which have a maturity of less than 90 days .

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Shareholders' Equity	Shareholders' equity On May 10, 2017, the Company announced a new normal course issuer bid ("bid"), commencing May 15, 2017, to purchase up to 4.38 million Common Shares for cancellation before May 14, 2018 . All purchases are made in accordance with the bid at prevalent market prices plus brokerage fees, or such other prices that may be permitted by the Toronto Stock Exchange, with consideration allocated to share capital up to the average carrying amount of the shares, and any excess allocated to retained earnings. The following table provides activities under the share repurchase program: For the three months ended June 30 For the six months ended June 30 2017 2016 2017 2016 Number of Common Shares repurchased (1) 682,900 5,127,800 682,900 5,127,800 Weighted-average price per share (2) $ 208.75 $ 169.13 $ 208.75 $ 169.13 Amount of repurchase (in millions) (2) $ 143 $ 867 $ 143 $ 867 (1) Includes shares repurchased but not yet canceled at quarter end. (2) Includes brokerage fees.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	Financial instruments A. Fair values of financial instruments The Company categorizes its financial assets and liabilities measured at fair value into a three-level hierarchy established by GAAP that prioritizes those inputs to valuation techniques used to measure fair value based on the degree to which they are observable. The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices in active markets for identical assets and liabilities; Level 2 inputs, other than quoted prices included within Level 1, are observable for the asset or liability either directly or indirectly; and Level 3 inputs are not observable in the market. When possible, the estimated fair value is based on quoted market prices and, if not available, estimates from third party brokers. For non-exchange traded derivatives classified in Level 2, the Company uses standard valuation techniques to calculate fair value. Primary inputs to these techniques include observable market prices (interest, foreign exchange (FX) and commodity) and volatility, depending on the type of derivative and nature of the underlying risk. The Company uses inputs and data used by willing market participants when valuing derivatives and considers its own credit default swap spread as well as those of its counterparties in its determination of fair value. The carrying values of financial instruments equal or approximate their fair values with the exception of long-term debt which has a fair value of approximately $9,925 million (December 31, 2016 - $9,981 million ) and a carrying value of $8,422 million (December 31, 2016 - $8,684 million ) at June 30, 2017 . The estimated fair value of current and long-term borrowings has been determined based on market information where available, or by discounting future payments of interest and principal at estimated interest rates expected to be available to the Company at period end. All derivatives and long-term debt are classified as Level 2. B. Financial risk management Derivative financial instruments Derivative financial instruments may be used to selectively reduce volatility associated with fluctuations in interest rates, FX rates, the price of fuel and stock-based compensation expense. Where derivatives are designated as hedging instruments, the relationship between the hedging instruments and their associated hedged items is documented, as well as the risk management objective and strategy for the use of the hedging instruments. This documentation includes linking the derivatives that are designated as fair value or cash flow hedges to specific assets or liabilities on the Interim Consolidated Balance Sheets, commitments or forecasted transactions. At the time a derivative contract is entered into, and at least quarterly thereafter, an assessment is made as to whether the derivative item is effective in offsetting the changes in fair value or cash flows of the hedged items. The derivative qualifies for hedge accounting treatment if it is effective in substantially mitigating the risk it was designed to address. It is not the Company’s intent to use financial derivatives or commodity instruments for trading or speculative purposes. FX management The Company conducts business transactions and owns assets in both Canada and the United States. As a result, the Company is exposed to fluctuations in value of financial commitments, assets, liabilities, income or cash flows due to changes in FX rates. The Company may enter into FX risk management transactions primarily to manage fluctuations in the exchange rate between Canadian and U.S. currencies. FX exposure is primarily mitigated through natural offsets created by revenues, expenditures and balance sheet positions incurred in the same currency. Where appropriate, the Company may negotiate with customers and suppliers to reduce the net exposure. Net investment hedge The FX gains and losses on long-term debt are mainly unrealized and can only be realized when U.S. dollar-denominated long-term debt matures or is settled. The Company also has long-term FX exposure on its investment in U.S. affiliates. The majority of the Company’s U.S. dollar-denominated long-term debt has been designated as a hedge of the net investment in foreign subsidiaries. This designation has the effect of mitigating volatility on net income by offsetting long-term FX gains and losses on U.S. dollar-denominated long-term debt and gains and losses on its net investment. The effective portion recognized in “Other comprehensive income” for the three and six months ended June 30, 2017 was an unrealized FX gain of $116 million and $162 million , respectively ( three and six months ended June 30, 2016 - an unrealized FX gain of $24 million and $332 million , respectively). There was no ineffectiveness during the three and six months ended June 30, 2017 and June 30, 2016 . Interest rate management The Company is exposed to interest rate risk, which is the risk that the fair value or future cash flows of a financial instrument will vary as a result of changes in market interest rates. In order to manage funding needs or capital structure goals, the Company enters into debt or capital lease agreements that are subject to either fixed market interest rates set at the time of issue or floating rates determined by on-going market conditions. Debt subject to variable interest rates exposes the Company to variability in interest expense, while debt subject to fixed interest rates exposes the Company to variability in the fair value of debt. To manage interest rate exposure, the Company accesses diverse sources of financing and manages borrowings in line with a targeted range of capital structure, debt ratings, liquidity needs, maturity schedule, and currency and interest rate profiles. In anticipation of future debt issuances, the Company may enter into forward rate agreements, that are designated as cash flow hedges, to substantially lock in all or a portion of the effective future interest expense. The Company may also enter into swap agreements, designated as fair value hedges, to manage the mix of fixed and floating rate debt. Forward starting swaps As at June 30, 2017, the Company had forward starting floating-to-fixed interest rate swap agreements (“forward starting swaps”) totaling a notional U.S. $500 million to fix the benchmark rate on cash flows associated with highly probable forecasted issuances of long-term notes. The effective portion of changes in fair value on the forward starting swaps is recorded in “Accumulated other comprehensive loss”, net of tax, as cash flow hedges until the highly probable forecasted notes are issued. Subsequent to the notes issuance, amounts in “Accumulated other comprehensive loss” are reclassified to “Net interest expense”. During the second quarter of 2017, the Company de-designated the hedging relationship for U.S. $700 million of forward starting swaps. The Company settled a notional U.S. $200 million of forward starting swaps for a cash payment of U.S. $16 million ( $22 million ). The Company rolled the remaining notional U.S. $500 million of forward starting swaps and did not cash settle these swaps. The impact of the U.S. $200 million settlement and U.S. $500 million roll of the forward starting swaps was a charge of $13 million to "Other income and charges" on the Company's Interim Consolidated Statements of Income. Concurrently, the Company re-designated the forward starting swaps totaling U.S. $500 million to fix the benchmark rate on cash flows associated with highly probable forecasted issuances of long-term notes. As at June 30, 2017 , the total fair value loss of $59 million ( December 31, 2016 - fair value loss of $69 million ) derived from the forward starting swaps was included in “Accounts payable and accrued liabilities”. Changes in fair value from the forward starting swaps for the three and six months ended June 30, 2017 was a loss of $14 million and $12 million , respectively ( three and six months ended June 30, 2016 - a loss of $32 million and $84 million , respectively). The effective portion for the three and six months ended June 30, 2017 was a loss of $13 million and $11 million , respectively, ( three and six months ended June 30, 2016 - a loss of $32 million and $82 million , respectively) and is recorded in “Other comprehensive income”. In addition to the charge on hedge roll and de-designation, for the three and six months ended June 30, 2017 , an ineffectiveness loss of $1 million ( three and six months ended June 30, 2016 - $ nil and a loss of $2 million , respectively) is recorded to “Net interest expense”. For the three and six months ended June 30, 2017 , a loss of $2 million and $5 million , respectively, related to previous forward starting swap hedges have been amortized to “Net interest expense” ( three and six months ended June 30, 2016 - a loss of $3 million and $5 million , respectively). The Company expects that during the next 12 months $11 million of losses will be amortized to “Net interest expense”.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-based compensation At June 30, 2017 , the Company had several stock-based compensation plans, including stock option plans, various cash settled liability plans and an employee stock savings plan. These plans resulted in an expense for the three and six months ended June 30, 2017 of $17 million and $5 million , respectively ( three and six months ended June 30, 2016 - expense of $1 million and $15 million , respectively). Effective January 31, 2017, Mr. E. Hunter Harrison resigned from all positions held by him at the Company, including as the Company’s Chief Executive Officer and a member of the Board of Directors of the Company. In connection with Mr. Harrison’s resignation, the Company entered into a separation agreement with Mr. Harrison. Under the terms of the separation agreement, the Company has agreed to a limited waiver of Mr. Harrison’s non-competition and non-solicitation obligations. Effective January 31, 2017, pursuant to the separation agreement, Mr. Harrison forfeited certain pension and post-retirement benefits and agreed to the surrender for cancellation of 22,514 performance share units ("PSU"), 68,612 deferred share units ("DSU"), and 752,145 stock options. As a result of this agreement, the Company has recognized a recovery of $51 million in "Compensation and benefits" in the first quarter of 2017. Of this amount, $27 million relates to a recovery from cancellation of certain pension benefits. Stock option plan In the six months ended June 30, 2017 , under CP’s stock option plans, the Company issued 369,980 regular options at the weighted average price of $199.08 per share, based on the closing price on the grant date. Pursuant to the employee plan, these regular options may be exercised upon vesting, which is between 12 months and 60 months after the grant date, and will expire after 7 years . Certain stock options granted in 2017 vest upon the achievement of specific performance criteria. Under the fair value method, the fair value of the stock options at the grant date was approximately $17 million . The weighted average fair value assumptions were approximately: For the six months ended June 30, 2017 Grant price $199.08 Expected option life (years) (1) 5.48 Risk-free interest rate (2) 1.85% Expected stock price volatility (3) 26.94% Expected annual dividends per share (4) $2.0010 Expected forfeiture rate (5) 3.0% Weighted-average grant date fair value per option granted during the period $45.78 (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 remaining term at the time of the grant. (3) Based on the historical stock price volatility of the Company’s stock 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. On May 10, 2017, the Company announced an increase in its quarterly dividend to $0.5625 per share, representing $2.2500 on an annual basis. (5) The Company estimated forfeitures based on past experience. This rate is monitored on a periodic basis. Performance share unit plan In the six months ended June 30, 2017 , the Company issued 134,991 PSUs with a grant date fair value of approximately $27 million . These units attract dividend equivalents in the form of additional units based on the dividends paid on the Company’s Common Shares. PSUs vest and are settled in cash, or in CP Common Shares, approximately three years after the grant date, contingent upon CP’s performance ("performance factor"). Grant recipients who are eligible to retire and have provided six months of service during the performance period are entitled to the full award. The fair value of PSUs is measured periodically until settlement, using a lattice-based valuation model. The performance period for PSUs issued in the six months ended June 30, 2017 is January 1, 2017 to December 31, 2019. The performance factors for these PSUs are Return on Invested Capital, Total Shareholder Return ("TSR") compared to the S&P/ TSX Capped Industrial Index, and TSR compared to S&P 1500 Road and Rail Index. The performance period for the PSUs issued in 2014 was January 1, 2014 to December 31, 2016. The performance factors for these PSUs were Operating Ratio, Free cash flow, TSR compared to the S&P/TSX 60 index and TSR compared to Class I railways. The resulting payout was 118% of the Company's average share price that was calculated using the last 30 trading days preceding December 31, 2016. In the first quarter of 2017, payouts occurred on the total outstanding awards, including dividends reinvested, totaling $31 million on 133,728 outstanding awards. Deferred share unit plan In the six months ended June 30, 2017 , the Company granted 17,110 DSUs with a grant date fair value of approximately $3 million . DSUs vest over various periods of up to 48 months and are only redeemable for a specified period after employment is terminated. An expense to income for DSUs is recognized over the vesting period for both the initial subscription price and the change in value between reporting periods.

Pensions and Other Benefits

Pensions and Other Benefits	6 Months Ended
	Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract]
Pensions and Other Benefits	Pension and other benefits In the three and six months ended June 30, 2017 , the Company made contributions of $12 million and $24 million , respectively ( three and six months ended June 30, 2016 - $14 million and $34 million , respectively), to its defined benefit pension plans. The elements of net periodic benefit cost for defined benefit pension plans and other benefits recognized in the three and six months ended June 30, 2017 included the following components: For the three months ended June 30 Pensions Other benefits (in millions of Canadian dollars) 2017 2016 2017 2016 Current service cost (benefits earned by employees in the period) $ 26 $ 26 $ 3 $ 3 Interest cost on benefit obligation 113 116 5 5 Expected return on fund assets (223 ) (211 ) — — Recognized net actuarial loss 38 47 — 1 Amortization of prior service costs (1 ) (1 ) — — Net periodic benefit (recovery) cost $ (47 ) $ (23 ) $ 8 $ 9 For the six months ended June 30 Pensions Other benefits (in millions of Canadian dollars) 2017 2016 2017 2016 Current service cost (benefits earned by employees in the period) $ 51 $ 53 $ 6 $ 6 Interest cost on benefit obligation 226 233 10 10 Expected return on fund assets (446 ) (423 ) — — Recognized net actuarial loss 76 95 1 2 Amortization of prior service costs (2 ) (3 ) — — Net periodic benefit (recovery) cost $ (95 ) $ (45 ) $ 17 $ 18

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies In the normal course of its operations, the Company becomes involved in various legal actions, including claims relating to injuries and damage to property. The Company maintains provisions it considers to be adequate for such actions. While the final outcome with respect to actions outstanding or pending at June 30, 2017 cannot be predicted with certainty, it is the opinion of management that their resolution will not have a material adverse effect on the Company’s financial position or results of operations. Legal proceedings related to Lac-Mégantic rail accident On July 6, 2013, a train carrying crude oil operated by Montreal Maine and Atlantic Railway (“MMA”) or a subsidiary, Montreal Maine & Atlantic Canada Co. (“MMAC” and collectively the “MMA Group”) derailed and exploded in Lac-Mégantic, Québec. The derailment occurred on a section of railway owned and operated by the MMA Group. The previous day CP had interchanged the train to the MMA Group, and after the interchange, the MMA Group exclusively controlled the train. Following the derailment, Québec's Minister of Sustainable Development, Environment, Wildlife and Parks (the "Minister") ordered the named parties to recover the contaminants and to clean up the derailment site. On August 14, 2013, the Minister added CP as a party (the “Amended Cleanup Order”). CP appealed the Amended Cleanup Order to the Administrative Tribunal of Québec. On July 5, 2016, the Minister served a Notice of Claim for nearly $95 million of compensation spent on cleanup, alleging that CP refused or neglected to undertake the work. On September 6, 2016, CP filed a contestation of the Notice of Claim with the Administrative Tribunal of Québec. In October 2016, CP and the Minister agreed to stay the tribunal proceedings pending the outcome of the Province of Québec's action, set out below. The Court's decision to stay the tribunal proceedings is pending, but de facto, the file has been suspended. Directly related to that matter, on July 6, 2015, the Province of Québec sued CP in Québec Superior Court claiming $409 million in derailment damages, including cleanup costs. The Province alleges that CP exercised custody or control over the crude oil lading and that CP was otherwise negligent. Therefore, CP is said to be solidarily (joint and severally) liable with third parties responsible for the accident. The Province filed a motion for leave to amend its complaint in September 2016, which motion was heard on July 14, 2017. The decision is under reserve. To date, no timetable governing the conduct of this lawsuit has been ordered by the Quebec Superior Court. This proceeding appears to be duplicative of the administrative proceedings A class action lawsuit has also been filed in the Québec Superior Court on behalf of persons and entities residing in, owning or leasing property in, operating a business in or physically present in Lac-Mégantic at the time of the derailment (the “Class Action”). That lawsuit seeks derailment damages, including for wrongful death, personal injury, and property harm. On August 16, 2013, CP was added as a defendant. On May 8, 2015, the Québec Superior Court authorized (certified) the Class Action against CP, the shipper - Western Petroleum, and the shipper’s parent - World Fuel Services (collectively, the “World Fuel Entities”). The World Fuel Entities have since settled. The plaintiffs filed a motion for leave to amend their complaint, but subsequently withdrew it. On October 24, 2016, the Quebec Superior Court authorized class action proceedings against two additional defendants in the same matter discussed above, i.e. against MMAC and Mr. Thomas Harding. On December 9, 2016, the Quebec Superior Court granted CP’s motion seeking to confirm the validity of the opt-outs from this class action by the estates of the deceased parties following the train derailment who had opted out to allow them to sue in the United States instead (i.e. the wrongful death cases, filed in the United States, which are further discussed hereinafter). Accordingly, at present, all known wrongful death claimants in the class action have opted out and cannot re-join the Class Action. Draft Case Protocols setting out proposed timetables for the conduct of this lawsuit were submitted to the Superior Court in mid-March 2017 by the plaintiffs and defendants, respectively. On March 27, 2017 the Superior Court adopted several of the steps included in the Case Protocol submitted by CP. In accordance with the Case Protocol, CP’s statement of defence was filed by June 2, 2017. A case management conference was held before the Quebec Superior Court on July 14, 2017 to review the status of the matter and schedule the next steps in the Case Protocol. Production of documents, examinations for discovery and the exchange of expert reports by the parties are expected to occur between mid-2017 and the end of 2018. A trial date has yet to be fixed. On July 4, 2016, eight subrogated insurers served CP with claims of approximately $16 million . On July 11, 2016, two additional subrogated insurers served CP with claims of approximately $3 million . The lawsuits do not identify the parties to which the insurers are subrogated, and therefore the extent of claim overlap and the extent that claims will be satisfied after proof of claim review and distribution from the Plans, referred to below, is difficult to determine. These lawsuits have been stayed until October 24, 2017. In the wake of the derailment and ensuing litigation, MMAC filed for bankruptcy in Canada (the “Canadian Proceeding”) and MMA filed for bankruptcy in the United States (the “U.S. Proceeding”). Plans of arrangement have been approved in both the Canadian Proceeding and the U.S. Proceeding (the “Plans”). These Plans provide for the distribution of a fund of approximately $440 million amongst those claiming derailment damages. The Plans also provide settling parties broadly worded third-party releases and injunctions preventing lawsuits against settlement contributors. CP has not settled and therefore will not benefit from those provisions. Both Plans do, however, contain judgment reduction provisions, affording CP a credit for the greater of (i) the settlement monies received by the plaintiff(s), or (ii) the amount, in contribution or indemnity, that CP would have been entitled to charge against third parties other than MMA and MMAC, but for the Plans' releases and injunctions. CP may also have judgment reduction rights, as part of the contribution/indemnification credit, for the fault of the MMA Group. Finally, the Plans provide for a potential re-allocation of the MMA Group’s liability among plaintiffs and CP, the only non-settling party. An Adversary Proceeding filed by the MMA U.S. bankruptcy trustee (now, estate representative) against CP, Irving Oil, and the World Fuel Entities accuses CP of failing to ensure that World Fuel Entities or Irving Oil properly classified the oil lading and of not refusing to ship the misclassified oil as packaged. By that action the estate representative seeks to recover MMA’s going concern value supposedly destroyed by the derailment. The estate representative has since settled with the World Fuel Entities and Irving Oil and now bases CP misfeasance on the railroad’s failure to abide in North Dakota by a Canadian regulation. That regulation supposedly would have caused the railroads to not move the crude oil train because an inaccurate classification was supposedly suspected. In a recently amended complaint, the estate representative named a CP affiliate, Soo Line Railroad Company ("Soo Line"), and asserts that CP and Soo Line breached terms or warranties allegedly contained in the bill of lading. CP’s motion to dismiss this amended complaint was heard on December 20, 2016. On July 7, 2017, the Maine bankruptcy court granted CP’s motion in part (by dismissing the contract claim), and denied CP’s motion in part (by allowing the negligence claim to proceed). CP intends to seek leave to appeal the decision (relating to the negligence claim) by July 21, 2017. In response to one of CP’s motions to withdraw the Adversary Proceedings bankruptcy reference, the estate representative maintained that Canadian law rather than U.S. law controlled. The Article III court that heard the motion found that if U.S. federal regulations governed, the case was not complex enough to warrant withdrawal. Before the bankruptcy court, CP moved to dismiss for want of personal jurisdiction, but the court denied the motion because CP had participated in the bankruptcy proceedings. Lac-Mégantic residents and wrongful death representatives commenced a class action and a mass action in Texas and wrongful death and personal injury actions in Illinois and Maine. CP removed all of these lawsuits to federal court, and a federal court thereafter consolidated those cases in Maine. These actions generally charge CP with misclassification and mis-packaging (that is, using inappropriate DOT-111 tank cars) negligence. On CP's motion, the Maine court dismissed all wrongful death and personal injury actions on several grounds on September 28, 2016. The plaintiffs’ subsequent motion for reconsideration was denied on January 9, 2017. The plaintiffs filed a notice of appeal on January 19, 2017. CP filed a motion to dismiss the appeal as untimely on April 20, 2017. Plaintiffs filed their response to the motion to dismiss on May 1, 2017. The decision on this motion is pending, and as a result, appellate briefing on the underlying judgment has not yet commenced. If the ruling is upheld on appeal these cases will be litigated, if anywhere, in Canada. As previously mentioned, these plaintiffs had previously opted-out of the Quebec Class Action in order to bring their claims in the United States. CP brought a motion on December 1, 2016 to seek a declaration from the Quebec Superior Court that the plaintiffs who had opted were precluded from opting back into the Quebec Class Action. CP’s motion was successful. Accordingly, if these plaintiffs seek to sue CP, they would have to do so in Quebec in individual actions (they could also join their individual claims in the same individual action). CP received two damage to cargo notices of claims from the shipper of the oil, Western Petroleum. Western Petroleum submitted U.S. and Canadian notices of claims for the same damages and under the Carmack Amendment (49 U.S.C. Section 11706) Western Petroleum seeks to recover for all injuries associated with, and indemnification for, the derailment. Both jurisdictions permit a shipper to recover the value of damaged lading against any carrier in the delivery chain, subject to limitations in the carrier’s tariffs. CP’s tariffs significantly restrict shipper damage claim rights. Western Petroleum is part of the World Fuel Services Entities, and those companies settled with the trustee. In settlements with the estate representative the World Fuel Services Entities and the consignee (Irving Oil) assigned all claims against CP, if any, including Carmack Amendment claims. The estate representative has since designated a trust formed for the benefit of the wrongful death plaintiff to pursue those claims. On April 12, 2016, the Trustee (the “WD Trustee”) for a wrongful death trust (the “WD Trust”), as defined and established under the confirmed Plans, sued CP in North Dakota federal court, asserting Carmack Amendment claims. The WD Trustee maintains that the estate representative assigned Carmack Amendment claims to the WD Trustee. The Plan supposedly gave the estate representative Carmack Amendment assignment rights. The WD Trustee seeks to recover amounts for damaged rail cars (approximately $6 million ) and, the settlement amounts the consignor (i.e, the shipper, the World Fuel Entities) and the consignee (Irving Oil) paid to the bankruptcy estates, alleged to be $110 million and $60 million , respectively. The WD Trustee maintains that Carmack Amendment liability extends beyond lading losses to cover all derailment related damages suffered by the World Fuel Entities or Irving Oil. CP disputes this interpretation of Carmack Amendment exposure and maintains that CP’s tariffs preclude anything except a minimal recovery. CP brought a motion to dismiss the Carmack Amendment claims. On March 24, 2017 the federal court in North Dakota dismissed, with prejudice, these claims. The court determined the claims asserted by the WD Trustee were brought too late. On March 28, 2017, the WD Trustee filed a notice of appeal to the United States Court of Appeals for the Eighth Circuit. On May 19, 2017, the WD Trustee filed his appeal brief. On June 19, 2017, CP filed its responding brief. The appeal is pending and no hearing date has yet been set. At this early stage of the proceedings, any potential responsibility and the quantum of potential losses cannot be determined. Nevertheless, CP denies liability and intends to vigorously defend against all derailment-related proceedings. Environmental liabilities Environmental remediation accruals, recorded on an undiscounted basis unless a reliable, determinable estimate as to an amount and timing of costs can be established, cover site-specific remediation programs. The accruals for environmental remediation represent CP’s best estimate of its probable future obligation and include both asserted and unasserted claims, without reduction for anticipated recoveries from third parties. Although the recorded accruals include CP’s best estimate of all probable costs, CP’s total environmental remediation costs cannot be predicted with certainty. Accruals for environmental remediation may change from time to time as new information about previously untested sites becomes known, and as environmental laws and regulations evolve and advances are made in environmental remediation technology. The accruals may also vary as the courts decide legal proceedings against outside parties responsible for contamination. These potential charges, which cannot be quantified at this time, may materially affect income in the particular period in which a charge is recognized. Costs related to existing, but as yet unknown, or future contamination will be accrued in the period in which they become probable and reasonably estimable. The expense included in “Purchased services and other” for the three and six months ended June 30, 2017 was $1 million and $2 million , respectively ( three and six months ended June 30, 2016 - $1 million and $2 million , respectively). Provisions for environmental remediation costs are recorded in “Other long-term liabilities”, except for the current portion which is recorded in “Accounts payable and accrued liabilities”. The total amount provided at June 30, 2017 was $83 million ( December 31, 2016 - $85 million ). Payments are expected to be made over 10 years through 2026.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Information	Canadian Pacific Railway Company, a 100%-owned subsidiary of Canadian Pacific Railway Limited (“CPRL”), is the issuer of certain debt securities, which are fully and unconditionally guaranteed by CPRL. The following tables present condensed consolidating financial information (“CCFI”) in accordance with Rule 3-10(c) of Regulation S-X. Investments in subsidiaries are accounted for under the equity method when presenting the CCFI. The tables include all adjustments necessary to reconcile the CCFI on a consolidated basis to CPRL’s consolidated financial statements for the periods presented. Interim Condensed Consolidating Statements of Income For the three months ended June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,129 $ 469 $ — $ 1,598 Non-freight — 34 95 (84 ) 45 Total revenues — 1,163 564 (84 ) 1,643 Operating expenses Compensation and benefits — 165 111 1 277 Fuel — 122 38 — 160 Materials — 34 8 6 48 Equipment rents — 39 (2 ) — 37 Depreciation and amortization — 108 57 — 165 Purchased services and other — 210 158 (91 ) 277 Total operating expenses — 678 370 (84 ) 964 Operating income — 485 194 — 679 Less: Other income and charges (5 ) (59 ) 3 — (61 ) Net interest (income) expense (9 ) 139 (8 ) — 122 Income before income tax expense and equity in net earnings of subsidiaries 14 405 199 — 618 Less: Income tax expense 1 62 75 — 138 Add: Equity in net earnings of subsidiaries 467 124 — (591 ) — Net income $ 480 $ 467 $ 124 $ (591 ) $ 480 Interim Condensed Consolidating Statements of Income For the three months ended June 30, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,007 $ 399 $ — $ 1,406 Non-freight — 33 98 (87 ) 44 Total revenues — 1,040 497 (87 ) 1,450 Operating expenses Compensation and benefits — 181 102 1 284 Fuel — 103 28 — 131 Materials — 27 8 3 38 Equipment rents — 53 (9 ) — 44 Depreciation and amortization — 107 54 — 161 Purchased services and other — 193 139 (91 ) 241 Total operating expenses — 664 322 (87 ) 899 Operating income — 376 175 — 551 Less: Other income and charges (4 ) (12 ) 7 — (9 ) Net interest expense (income) 10 111 (6 ) — 115 (Loss) income before income tax expense and equity in net earnings of subsidiaries (6 ) 277 174 — 445 Less: Income tax (recovery) expense (6 ) 70 53 — 117 Add: Equity in net earnings of subsidiaries 328 121 — (449 ) — Net income $ 328 $ 328 $ 121 $ (449 ) $ 328 Interim Condensed Consolidating Statements of Income For the six months ended June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 2,218 $ 943 $ — $ 3,161 Non-freight — 66 188 (169 ) 85 Total revenues — 2,284 1,131 (169 ) 3,246 Operating expenses Compensation and benefits — 289 219 2 510 Fuel — 254 76 — 330 Materials — 68 17 12 97 Equipment rents — 75 (2 ) — 73 Depreciation and amortization — 217 114 — 331 Purchased services and other — 418 320 (183 ) 555 Total operating expenses — 1,321 744 (169 ) 1,896 Operating income — 963 387 — 1,350 Less: Other income and charges (25 ) (66 ) 2 — (89 ) Net interest (income) expense (7 ) 264 (15 ) — 242 Income before income tax expense and equity in net earnings of subsidiaries 32 765 400 — 1,197 Less: Income tax expense 2 160 124 — 286 Add: Equity in net earnings of subsidiaries 881 276 — (1,157 ) — Net income $ 911 $ 881 $ 276 $ (1,157 ) $ 911 Interim Condensed Consolidating Statements of Income For the six months ended June 30, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 2,104 $ 850 $ — $ 2,954 Non-freight — 66 194 (173 ) 87 Total revenues — 2,170 1,044 (173 ) 3,041 Operating expenses Compensation and benefits — 382 228 3 613 Fuel — 206 50 — 256 Materials — 65 18 11 94 Equipment rents — 107 (18 ) — 89 Depreciation and amortization — 214 109 — 323 Purchased services and other — 329 320 (187 ) 462 Total operating expenses — 1,303 707 (173 ) 1,837 Operating income — 867 337 — 1,204 Less: Other income and charges (73 ) (150 ) 33 — (190 ) Net interest expense (income) 9 242 (12 ) — 239 Income before income tax expense and equity in net earnings of subsidiaries 64 775 316 — 1,155 Less: Income tax expense 3 181 103 — 287 Add: Equity in net earnings of subsidiaries 807 213 — (1,020 ) — Net income $ 868 $ 807 $ 213 $ (1,020 ) $ 868 Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 480 $ 467 $ 124 $ (591 ) $ 480 Net gain (loss) in foreign currency translation — 117 (103 ) — 14 Change in derivatives designated as cash flow — 4 — — 4 Change in pension and post-retirement defined — 36 1 — 37 Other comprehensive income (loss) before — 157 (102 ) — 55 Income tax expense on above items — (26 ) — — (26 ) Equity accounted investments 29 (102 ) — 73 — Other comprehensive income (loss) 29 29 (102 ) 73 29 Comprehensive income $ 509 $ 496 $ 22 $ (518 ) $ 509 Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended June 30, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 328 $ 328 $ 121 $ (449 ) $ 328 Net gain (loss) in foreign currency translation — 20 (17 ) — 3 Change in derivatives designated as cash flow — (29 ) — — (29 ) Change in pension and post-retirement defined benefit plans — 41 2 — 43 Other comprehensive income (loss) before — 32 (15 ) — 17 Income tax expense on above items — (5 ) (2 ) — (7 ) Equity accounted investments 10 (17 ) — 7 — Other comprehensive income (loss) 10 10 (17 ) 7 10 Comprehensive income $ 338 $ 338 $ 104 $ (442 ) $ 338 Interim Condensed Consolidating Statements of Comprehensive Income For the six months ended June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 911 $ 881 $ 276 $ (1,157 ) $ 911 Net gain (loss) in foreign currency translation — 162 (143 ) — 19 Change in derivatives designated as cash flow — 9 — — 9 Change in pension and post-retirement defined — 72 3 — 75 Other comprehensive income (loss) before — 243 (140 ) — 103 Income tax expense on above items — (43 ) (1 ) — (44 ) Equity accounted investments 59 (141 ) — 82 — Other comprehensive income (loss) 59 59 (141 ) 82 59 Comprehensive income $ 970 $ 940 $ 135 $ (1,075 ) $ 970 Interim Condensed Consolidating Statements of Comprehensive Income For the six months ended June 30, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 868 $ 807 $ 213 $ (1,020 ) $ 868 Net gain (loss) in foreign currency translation — 330 (290 ) — 40 Change in derivatives designated as cash flow — (76 ) — — (76 ) Change in pension and post-retirement defined benefit plans — 86 4 — 90 Other comprehensive income (loss) before — 340 (286 ) — 54 Income tax expense on above items — (46 ) (2 ) — (48 ) Equity accounted investments 6 (288 ) — 282 — Other comprehensive income (loss) 6 6 (288 ) 282 6 Comprehensive income (loss) $ 874 $ 813 $ (75 ) $ (738 ) $ 874 Interim Condensed Consolidating Balance Sheets As at June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Assets Current assets Cash and cash equivalents $ — $ 178 $ 60 $ — $ 238 Accounts receivable, net — 440 164 — 604 Accounts receivable, inter-company 95 144 192 (431 ) — Short-term advances to affiliates 499 559 4,817 (5,875 ) — Materials and supplies — 158 34 — 192 Other current assets — 55 30 — 85 594 1,534 5,297 (6,306 ) 1,119 Long-term advances to affiliates 591 — 413 (1,004 ) — Investments — 43 143 — 186 Investments in subsidiaries 9,296 11,252 — (20,548 ) — Properties — 8,850 7,853 — 16,703 Goodwill and intangible assets — — 195 — 195 Pension asset — 1,261 — — 1,261 Other assets — 68 5 — 73 Deferred income taxes 11 — — (11 ) — Total assets $ 10,492 $ 23,008 $ 13,906 $ (27,869 ) $ 19,537 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 84 $ 797 $ 302 $ — $ 1,183 Accounts payable, inter-company 16 283 132 (431 ) — Short-term advances from affiliates 5,059 807 9 (5,875 ) — Long-term debt maturing within one year — 762 — — 762 5,159 2,649 443 (6,306 ) 1,945 Pension and other benefit liabilities — 657 72 — 729 Long-term advances from affiliates — 1,004 — (1,004 ) — Other long-term liabilities — 102 120 — 222 Long-term debt — 7,606 54 — 7,660 Deferred income taxes — 1,694 1,965 (11 ) 3,648 Total liabilities 5,159 13,712 2,654 (7,321 ) 14,204 Shareholders’ equity Share capital 2,038 1,038 6,835 (7,873 ) 2,038 Additional paid-in capital 42 1,639 300 (1,939 ) 42 Accumulated other comprehensive (loss) income (1,740 ) (1,740 ) 571 1,169 (1,740 ) Retained earnings 4,993 8,359 3,546 (11,905 ) 4,993 5,333 9,296 11,252 (20,548 ) 5,333 Total liabilities and shareholders’ equity $ 10,492 $ 23,008 $ 13,906 $ (27,869 ) $ 19,537 Condensed Consolidating Balance Sheets As at December 31, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Assets Current assets Cash and cash equivalents $ — $ 100 $ 64 $ — $ 164 Accounts receivable, net — 435 156 — 591 Accounts receivable, inter-company 90 113 206 (409 ) — Short-term advances to affiliates 500 692 4,035 (5,227 ) — Materials and supplies — 150 34 — 184 Other current assets — 38 32 — 70 590 1,528 4,527 (5,636 ) 1,009 Long-term advances to affiliates 1 — 91 (92 ) — Investments — 47 147 — 194 Investments in subsidiaries 8,513 10,249 — (18,762 ) — Properties — 8,756 7,933 — 16,689 Goodwill and intangible assets — — 202 — 202 Pension asset — 1,070 — — 1,070 Other assets 1 48 8 — 57 Deferred income taxes 11 — — (11 ) — Total assets $ 9,116 $ 21,698 $ 12,908 $ (24,501 ) $ 19,221 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 73 $ 945 $ 304 $ — $ 1,322 Accounts payable, inter-company 14 292 103 (409 ) — Short-term advances from affiliates 4,403 816 8 (5,227 ) — Long-term debt maturing within one year — 25 — — 25 4,490 2,078 415 (5,636 ) 1,347 Pension and other benefit liabilities — 658 76 — 734 Long-term advances from affiliates — 92 — (92 ) — Other long-term liabilities — 152 132 — 284 Long-term debt — 8,605 54 — 8,659 Deferred income taxes — 1,600 1,982 (11 ) 3,571 Total liabilities 4,490 13,185 2,659 (5,739 ) 14,595 Shareholders’ equity Share capital 2,002 1,037 5,823 (6,860 ) 2,002 Additional paid-in capital 52 1,638 298 (1,936 ) 52 Accumulated other comprehensive (loss) income (1,799 ) (1,799 ) 712 1,087 (1,799 ) Retained earnings 4,371 7,637 3,416 (11,053 ) 4,371 4,626 8,513 10,249 (18,762 ) 4,626 Total liabilities and shareholders’ equity $ 9,116 $ 21,698 $ 12,908 $ (24,501 ) $ 19,221 Interim Condensed Consolidating Statements of Cash Flows For the three months ended June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 95 $ 468 $ 239 $ (191 ) $ 611 Investing activities Additions to properties — (192 ) (154 ) — (346 ) Proceeds from sale of properties and other assets — 5 8 — 13 Advances to affiliates (1,086 ) (553 ) (973 ) 2,612 — Repayment of advances to affiliates — 2 — (2 ) — Capital contributions to affiliates — (945 ) — 945 — Other — 1 (1 ) — — Cash used in investing activities (1,086 ) (1,682 ) (1,120 ) 3,555 (333 ) Financing activities Dividends paid (73 ) (73 ) (118 ) 191 (73 ) Issuance of share capital — — 945 (945 ) — Issuance of CP Common Shares 9 — — — 9 Purchase of CP Common Shares (142 ) — — — (142 ) Repayment of long-term debt, excluding commercial paper — (9 ) — — (9 ) Advances from affiliates 1,197 1,415 — (2,612 ) — Repayment of advances from affiliates — — (2 ) 2 — Settlement of forward starting swaps — (22 ) — — (22 ) Cash provided by (used in) financing activities 991 1,311 825 (3,364 ) (237 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (2 ) (2 ) — (4 ) Cash position Increase (decrease) in cash and cash equivalents — 95 (58 ) — 37 Cash and cash equivalents at beginning of period — 83 118 — 201 Cash and cash equivalents at end of period $ — $ 178 $ 60 $ — $ 238 Interim Condensed Consolidating Statements of Cash Flows For the three months ended June 30, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 75 $ 374 $ 219 $ (156 ) $ 512 Investing activities Additions to properties — (206 ) (124 ) — (330 ) Proceeds from sale of properties and other assets — 11 — — 11 Advances to affiliates — (482 ) (285 ) 767 — Repayment of advances to affiliates — 208 — (208 ) — Capital contributions to affiliates — (348 ) — 348 — Other — — (2 ) — (2 ) Cash used in investing activities — (817 ) (411 ) 907 (321 ) Financing activities Dividends paid (53 ) (53 ) (103 ) 156 (53 ) Issuance of share capital — — 348 (348 ) — Issuance of CP Common Shares 4 — — — 4 Purchase of CP Common Shares (788 ) — — — (788 ) Repayment of long-term debt, excluding commercial paper — (7 ) — — (7 ) Net issuance of commercial paper — 176 — — 176 Advances from affiliates 762 — 5 (767 ) — Repayment of advances from affiliates — — (208 ) 208 — Other — (1 ) — — (1 ) Cash (used in) provided by financing activities (75 ) 115 42 (751 ) (669 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (1 ) — — (1 ) Cash position Decrease in cash and cash equivalents — (329 ) (150 ) — (479 ) Cash and cash equivalents at beginning of period — 376 195 — 571 Cash and cash equivalents at end of period $ — $ 47 $ 45 $ — $ 92 Interim Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 158 $ 553 $ 503 $ (292 ) $ 922 Investing activities Additions to properties — (301 ) (275 ) — (576 ) Proceeds from sale of properties and other assets — 6 10 — 16 Advances to affiliates (1,238 ) (551 ) (1,107 ) 2,896 — Capital contributions to affiliates — (1,013 ) — 1,013 — Other — 6 (1 ) — 5 Cash used in investing activities (1,238 ) (1,853 ) (1,373 ) 3,909 (555 ) Financing activities Dividends paid (146 ) (146 ) (146 ) 292 (146 ) Issuance of share capital — — 1,013 (1,013 ) — Issuance of CP Common Shares 37 — — — 37 Purchase of CP Common Shares (142 ) — — — (142 ) Repayment of long-term debt, excluding commercial paper — (14 ) — — (14 ) Advances from affiliates 1,331 1,564 1 (2,896 ) — Settlement of forward starting swaps — (22 ) — — (22 ) Cash provided by (used in) financing activities 1,080 1,382 868 (3,617 ) (287 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (4 ) (2 ) — (6 ) Cash position Increase (decrease) in cash and cash equivalents — 78 (4 ) — 74 Cash and cash equivalents at beginning of period — 100 64 — 164 Cash and cash equivalents at end of period $ — $ 178 $ 60 $ — $ 238 Interim Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 98 $ 425 $ 417 $ (210 ) $ 730 Investing activities Additions to properties — (338 ) (270 ) — (608 ) Proceeds from sale of properties and other assets — 68 3 — 71 Advances to affiliates — (517 ) (285 ) 802 — Repayment of advances to affiliates — 208 — (208 ) — Capital contributions to affiliates — (357 ) — 357 — Repurchase of share capital from affiliates — 6 — (6 ) — Other — — (2 ) — (2 ) Cash (used in) provided by investing activities — (930 ) (554 ) 945 (539 ) Financing activities Dividends paid (107 ) (107 ) (103 ) 210 (107 ) Return of share capital to affiliates — — (6 ) 6 — Issuance of share capital — — 357 (357 ) — Issuance of CP Common Shares 9 — — — 9 Purchase of CP Common Shares (788 ) — — — (788 ) Repayment of long-term debt, excluding commercial paper — (11 ) (7 ) — (18 ) Net issuance of commercial paper — 176 — — 176 Advances from affiliates 788 — 14 (802 ) — Repayment of advances from affiliates — — (208 ) 208 — Other — (3 ) — — (3 ) Cash (used in) provided by financing activities (98 ) 55 47 (735 ) (731 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (5 ) (13 ) — (18 ) Cash position Decrease in cash and cash equivalents — (455 ) (103 ) — (558 ) Cash and cash equivalents at beginning of period — 502 148 — 650 Cash and cash equivalents at end of period $ — $ 47 $ 45 $ — $ 92

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	These unaudited interim consolidated financial statements of Canadian Pacific Railway Limited (“CP”, or “the Company”), expressed in Canadian dollars, reflect management’s estimates and assumptions that are necessary for their fair presentation in conformity with generally accepted accounting principles in the United States of America (“GAAP”). They do not include all disclosures required under GAAP for annual financial statements and should be read in conjunction with the 2016 annual consolidated financial statements and notes included in CP's 2016 Annual Report on Form 10-K. The accounting policies used are consistent with the accounting policies used in preparing the 2016 annual consolidated financial statements, except for the newly adopted accounting policies discussed in Note 2. CP's operations can be affected by seasonal fluctuations such as changes in customer demand and weather-related issues. This seasonality could impact quarter-over-quarter comparisons. In management’s opinion, the unaudited interim consolidated financial statements include all adjustments (consisting of normal and recurring adjustments) necessary to present fairly such information. Interim results are not necessarily indicative of the results expected for the fiscal year.
Accounting Changes	Implemented in 2017 Compensation - Stock Compensation In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-09, Improvements to Employee Share-based Payment Accounting, under FASB Accounting Standards Codification ("ASC") Topic 718. The amendments clarify the guidance relating to treatment of excess tax benefits and deficiencies, acceptable forfeiture rate policies, and treatment of cash paid by an employer when directly withholding shares for tax-withholding purposes and the requirement to treat such cash flows as a financing activity. As a result of this ASU, excess tax benefits are no longer recorded in additional paid-in capital and instead are applied against taxes payable or recognized in the interim consolidated statement of income. This ASU was effective for CP beginning on January 1, 2017. The Company has determined that there were no significant changes to disclosure or financial statement presentation and changes in accounting for excess tax benefits and deficiencies were not material as a result of adoption. Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory under FASB ASC Topic 330. The amendments require that reporting entities measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The amendments apply to inventory that is measured using the first-in, first-out or average cost basis. This ASU was effective for CP beginning on January 1, 2017 and was applied prospectively. The Company determined there were no changes to disclosure, financial statement presentation, or valuation of inventory as a result of adoption. Future changes Leases In February 2016, the FASB issued ASU 2016-02, Leases under FASB ASC Topic 842 which will supersede the lease recognition and measurement requirements in Topic 840 Leases. This new standard requires recognition of right-of-use assets and lease liabilities by lessees for those leases classified as finance and operating leases with a maximum term exceeding 12 months. For CP this new standard will be effective for interim and annual periods commencing January 1, 2019. Entities are required to use a modified retrospective approach to adopt this new standard meaning there will be no impact to the consolidated statements of income, however, the comparative consolidated balance sheet will be adjusted to reflect the provisions of this standard. The Company has a detailed plan to implement the new standard and is assessing contractual arrangements, through a cross functional team, that may qualify as leases under the new standard. CP is also working with a vendor to implement a lease management system which will assist in delivering the required accounting changes. During the second quarter, CP's cross functional team aggregated requirements, necessary to account for the different leases CP is involved in, that will permit the vendor to design a lease system solution for CP. The impact of the new standard will be a material increase to right of use assets and lease liabilities on the consolidated balance sheet, primarily, as a result of operating leases currently not recognized on the balance sheet. The Company does not anticipate a material impact to the consolidated statement of income and is currently evaluating the impact adoption of this new standard will have on disclosure. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers under FASB ASC Topic 606. In March 2016, the FASB issued amendment ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations as an update under FASB ASC Topic 606. The amendments clarify the principal versus agent guidance in determining whether to recognize revenue on a gross or net basis. The guidance in Topic 606, as amended, will be effective for CP for interim and annual periods commencing January 1, 2018, and CP has the option of adopting the new standard by using either a full retrospective or a modified retrospective approach. At this point in time, CP is inclined to adopt this new standard using a modified retrospective approach, however, a final decision has yet to be made. CP has analyzed contracts for a significant proportion of the Company’s annual rail freight revenue, which represents greater than 95% of CP’s annual revenues, and has concluded that recognizing these revenues over time as rail freight services are performed continues to be appropriate. Further detailed reviews are being performed of a variety of specific contractual terms. These include assessing potential additional performance obligations, certain arrangements in the context of the new guidance on principal versus agent, contract origination and fulfillment costs, variable compensation and an assessment of required new disclosures. At this time CP does not expect a material change to revenue recognition from adopting this standard. Intangibles - Goodwill and Other In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment under FASB ASC Topic 350. This is intended to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The amendments are effective for CP beginning on January 1, 2020. Entities are required to apply the amendments in this update prospectively from the date of adoption. The Company does not anticipate that the adoption of this ASU will impact CP's financial statements as there is a sufficient excess between the fair value and carrying value of CP's goodwill. Furthermore CP expects to continue to apply the Step 0 qualitative assessment when testing for goodwill impairment. Compensation - Retirement Benefits In March 2017, the FASB issued ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Post-retirement Benefit Cost under FASB ASC Topic 715. The amendments clarify presentation requirements for net periodic pension cost and net periodic post-retirement benefit cost and require that an employer report the current service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the consolidated statement of income separately from the current service cost component and outside a subtotal of income from operations if one is presented. The amendments also restrict capitalization to the current service cost component when applicable. The amendments are effective for CP beginning on January 1, 2018. The amendments related to presentation are required to be applied retrospectively and the restrictions on capitalization of the current service cost component are applicable prospectively on the date of adoption. The impacts of the reclassification are detailed as follows: For the three months ended June 30 For the six months ended June 30 Year ended December 31 (1) (in millions of Canadian dollars) 2017 2016 2017 2016 2017 2016 Decrease in operating income 68 43 135 86 272 167 (1) December 31, 2017 figure is an estimate. There will be no change to net income or earnings per share as a result of adoption of this new standard. The new guidance restricting capitalization of pensions to the current service cost component of net periodic benefit cost will have no impact to operating income or amounts capitalized because the Company currently only capitalizes an appropriate portion of current service cost for self-constructed properties. CP is currently assessing the disclosure requirements of this ASU.

Accounting Changes Accounting C

Accounting Changes Accounting Changes (Tables)	6 Months Ended
	Jun. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Reclassification Impacts of ASU 2017-07	For the three months ended June 30 For the six months ended June 30 Year ended December 31 (1) (in millions of Canadian dollars) 2017 2016 2017 2016 2017 2016 Decrease in operating income 68 43 135 86 272 167 (1) December 31, 2017 figure is an estimate.

Changes in Accumulated Other 23

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss (AOCL) by Component	For the three months ended June 30 (in millions of Canadian dollars, net of tax) Foreign currency Derivatives and other Pension and post-retirement defined benefit plans Total Opening balance, April 1, 2017 $ 125 $ (100 ) $ (1,794 ) $ (1,769 ) Other comprehensive (loss) income before reclassifications (1 ) (9 ) — (10 ) Amounts reclassified from accumulated other comprehensive loss — 12 27 39 Net current-period other comprehensive (loss) income (1 ) 3 27 29 Closing balance, June 30, 2017 $ 124 $ (97 ) $ (1,767 ) $ (1,740 ) Opening balance, April 1, 2016 $ 125 $ (136 ) $ (1,470 ) $ (1,481 ) Other comprehensive loss before reclassifications (1 ) (23 ) (2 ) (26 ) Amounts reclassified from accumulated other comprehensive loss — 2 34 36 Net current-period other comprehensive (loss) income (1 ) (21 ) 32 10 Closing balance, June 30, 2016 $ 124 $ (157 ) $ (1,438 ) $ (1,471 ) For the six months ended June 30 (in millions of Canadian dollars, net of tax) Foreign currency Derivatives and other Pension and post-retirement defined benefit plans Total Opening balance, January 1, 2017 $ 127 $ (104 ) $ (1,822 ) $ (1,799 ) Other comprehensive (loss) income before reclassifications (3 ) (7 ) — (10 ) Amounts reclassified from accumulated other comprehensive loss — 14 55 69 Net current-period other comprehensive (loss) income (3 ) 7 55 59 Closing balance, June 30, 2017 $ 124 $ (97 ) $ (1,767 ) $ (1,740 ) Opening balance, January 1, 2016 $ 129 $ (102 ) $ (1,504 ) $ (1,477 ) Other comprehensive loss before reclassifications (5 ) (59 ) (2 ) (66 ) Amounts reclassified from accumulated other comprehensive loss — 4 68 72 Net current-period other comprehensive (loss) income (5 ) (55 ) 66 6 Closing balance, June 30, 2016 $ 124 $ (157 ) $ (1,438 ) $ (1,471 )
Amounts in Pension and Post-retirement Defined Benefit Plans Reclassified from AOCL	Amounts in Pension and post-retirement defined benefit plans reclassified from AOCL: For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2017 2016 2017 2016 Amortization of prior service costs (1) $ (1 ) $ (1 ) $ (2 ) $ (3 ) Recognition of net actuarial loss (1) 38 48 77 97 Total before income tax 37 47 75 94 Income tax recovery (10 ) (13 ) (20 ) (26 ) Net of income tax $ 27 $ 34 $ 55 $ 68 (1) Impacts "Compensation and benefits" on the Interim Consolidated Statements of Income.

Other Income and Charges (Table

Other Income and Charges (Tables)	6 Months Ended
	Jun. 30, 2017
Other Income and Expenses [Abstract]
Other Income and Charges	For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2017 2016 2017 2016 Foreign exchange gain on long-term debt $ (67 ) $ (18 ) $ (95 ) $ (199 ) Other foreign exchange gains — — (1 ) (7 ) Insurance recovery of legal settlement (10 ) — (10 ) — Charge on hedge roll and de-designation (Note 10) 13 — 13 — Other 3 9 4 16 Total other income and charges $ (61 ) $ (9 ) $ (89 ) $ (190 )

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2017 2016 2017 2016 Current income tax expense $ 114 $ 27 $ 195 $ 104 Deferred income tax expense 24 90 91 183 Income tax expense $ 138 $ 117 $ 286 $ 287

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Number of Shares Used In the Earnings Per Share Calculations	The number of shares used in earnings per share calculations is reconciled as follows: For the three months ended June 30 For the six months ended June 30 (in millions) 2017 2016 2017 2016 Weighted-average basic shares outstanding 146.5 151.7 146.5 152.3 Dilutive effect of stock options 0.4 0.9 0.5 0.9 Weighted-average diluted shares outstanding 146.9 152.6 147.0 153.2

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Activities Under Share Repurchase Program	The following table provides activities under the share repurchase program: For the three months ended June 30 For the six months ended June 30 2017 2016 2017 2016 Number of Common Shares repurchased (1) 682,900 5,127,800 682,900 5,127,800 Weighted-average price per share (2) $ 208.75 $ 169.13 $ 208.75 $ 169.13 Amount of repurchase (in millions) (2) $ 143 $ 867 $ 143 $ 867 (1) Includes shares repurchased but not yet canceled at quarter end. (2) Includes brokerage fees.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Weighted-Average Fair Value Assumptions	The weighted average fair value assumptions were approximately: For the six months ended June 30, 2017 Grant price $199.08 Expected option life (years) (1) 5.48 Risk-free interest rate (2) 1.85% Expected stock price volatility (3) 26.94% Expected annual dividends per share (4) $2.0010 Expected forfeiture rate (5) 3.0% Weighted-average grant date fair value per option granted during the period $45.78 (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 remaining term at the time of the grant. (3) Based on the historical stock price volatility of the Company’s stock 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. On May 10, 2017, the Company announced an increase in its quarterly dividend to $0.5625 per share, representing $2.2500 on an annual basis. (5) The Company estimated forfeitures based on past experience. This rate is monitored on a periodic basis

Pensions and Other Benefits (Ta

Pensions and Other Benefits (Tables)	6 Months Ended
	Jun. 30, 2017
Compensation and Retirement Disclosure [Abstract]
Net Periodic Benefit Cost for Defined Benefit Pension Plans and Other Benefits	The elements of net periodic benefit cost for defined benefit pension plans and other benefits recognized in the three and six months ended June 30, 2017 included the following components: For the three months ended June 30 Pensions Other benefits (in millions of Canadian dollars) 2017 2016 2017 2016 Current service cost (benefits earned by employees in the period) $ 26 $ 26 $ 3 $ 3 Interest cost on benefit obligation 113 116 5 5 Expected return on fund assets (223 ) (211 ) — — Recognized net actuarial loss 38 47 — 1 Amortization of prior service costs (1 ) (1 ) — — Net periodic benefit (recovery) cost $ (47 ) $ (23 ) $ 8 $ 9 For the six months ended June 30 Pensions Other benefits (in millions of Canadian dollars) 2017 2016 2017 2016 Current service cost (benefits earned by employees in the period) $ 51 $ 53 $ 6 $ 6 Interest cost on benefit obligation 226 233 10 10 Expected return on fund assets (446 ) (423 ) — — Recognized net actuarial loss 76 95 1 2 Amortization of prior service costs (2 ) (3 ) — — Net periodic benefit (recovery) cost $ (95 ) $ (45 ) $ 17 $ 18

Condensed Consolidating Finan30

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interim Condensed Consolidating Statements of Income	Interim Condensed Consolidating Statements of Income For the three months ended June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,129 $ 469 $ — $ 1,598 Non-freight — 34 95 (84 ) 45 Total revenues — 1,163 564 (84 ) 1,643 Operating expenses Compensation and benefits — 165 111 1 277 Fuel — 122 38 — 160 Materials — 34 8 6 48 Equipment rents — 39 (2 ) — 37 Depreciation and amortization — 108 57 — 165 Purchased services and other — 210 158 (91 ) 277 Total operating expenses — 678 370 (84 ) 964 Operating income — 485 194 — 679 Less: Other income and charges (5 ) (59 ) 3 — (61 ) Net interest (income) expense (9 ) 139 (8 ) — 122 Income before income tax expense and equity in net earnings of subsidiaries 14 405 199 — 618 Less: Income tax expense 1 62 75 — 138 Add: Equity in net earnings of subsidiaries 467 124 — (591 ) — Net income $ 480 $ 467 $ 124 $ (591 ) $ 480 Interim Condensed Consolidating Statements of Income For the three months ended June 30, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,007 $ 399 $ — $ 1,406 Non-freight — 33 98 (87 ) 44 Total revenues — 1,040 497 (87 ) 1,450 Operating expenses Compensation and benefits — 181 102 1 284 Fuel — 103 28 — 131 Materials — 27 8 3 38 Equipment rents — 53 (9 ) — 44 Depreciation and amortization — 107 54 — 161 Purchased services and other — 193 139 (91 ) 241 Total operating expenses — 664 322 (87 ) 899 Operating income — 376 175 — 551 Less: Other income and charges (4 ) (12 ) 7 — (9 ) Net interest expense (income) 10 111 (6 ) — 115 (Loss) income before income tax expense and equity in net earnings of subsidiaries (6 ) 277 174 — 445 Less: Income tax (recovery) expense (6 ) 70 53 — 117 Add: Equity in net earnings of subsidiaries 328 121 — (449 ) — Net income $ 328 $ 328 $ 121 $ (449 ) $ 328 Interim Condensed Consolidating Statements of Income For the six months ended June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 2,218 $ 943 $ — $ 3,161 Non-freight — 66 188 (169 ) 85 Total revenues — 2,284 1,131 (169 ) 3,246 Operating expenses Compensation and benefits — 289 219 2 510 Fuel — 254 76 — 330 Materials — 68 17 12 97 Equipment rents — 75 (2 ) — 73 Depreciation and amortization — 217 114 — 331 Purchased services and other — 418 320 (183 ) 555 Total operating expenses — 1,321 744 (169 ) 1,896 Operating income — 963 387 — 1,350 Less: Other income and charges (25 ) (66 ) 2 — (89 ) Net interest (income) expense (7 ) 264 (15 ) — 242 Income before income tax expense and equity in net earnings of subsidiaries 32 765 400 — 1,197 Less: Income tax expense 2 160 124 — 286 Add: Equity in net earnings of subsidiaries 881 276 — (1,157 ) — Net income $ 911 $ 881 $ 276 $ (1,157 ) $ 911 Interim Condensed Consolidating Statements of Income For the six months ended June 30, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 2,104 $ 850 $ — $ 2,954 Non-freight — 66 194 (173 ) 87 Total revenues — 2,170 1,044 (173 ) 3,041 Operating expenses Compensation and benefits — 382 228 3 613 Fuel — 206 50 — 256 Materials — 65 18 11 94 Equipment rents — 107 (18 ) — 89 Depreciation and amortization — 214 109 — 323 Purchased services and other — 329 320 (187 ) 462 Total operating expenses — 1,303 707 (173 ) 1,837 Operating income — 867 337 — 1,204 Less: Other income and charges (73 ) (150 ) 33 — (190 ) Net interest expense (income) 9 242 (12 ) — 239 Income before income tax expense and equity in net earnings of subsidiaries 64 775 316 — 1,155 Less: Income tax expense 3 181 103 — 287 Add: Equity in net earnings of subsidiaries 807 213 — (1,020 ) — Net income $ 868 $ 807 $ 213 $ (1,020 ) $ 868
Interim Condensed Consolidating Statements of Comprehensive Income	Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 480 $ 467 $ 124 $ (591 ) $ 480 Net gain (loss) in foreign currency translation — 117 (103 ) — 14 Change in derivatives designated as cash flow — 4 — — 4 Change in pension and post-retirement defined — 36 1 — 37 Other comprehensive income (loss) before — 157 (102 ) — 55 Income tax expense on above items — (26 ) — — (26 ) Equity accounted investments 29 (102 ) — 73 — Other comprehensive income (loss) 29 29 (102 ) 73 29 Comprehensive income $ 509 $ 496 $ 22 $ (518 ) $ 509 Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended June 30, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 328 $ 328 $ 121 $ (449 ) $ 328 Net gain (loss) in foreign currency translation — 20 (17 ) — 3 Change in derivatives designated as cash flow — (29 ) — — (29 ) Change in pension and post-retirement defined benefit plans — 41 2 — 43 Other comprehensive income (loss) before — 32 (15 ) — 17 Income tax expense on above items — (5 ) (2 ) — (7 ) Equity accounted investments 10 (17 ) — 7 — Other comprehensive income (loss) 10 10 (17 ) 7 10 Comprehensive income $ 338 $ 338 $ 104 $ (442 ) $ 338 Interim Condensed Consolidating Statements of Comprehensive Income For the six months ended June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 911 $ 881 $ 276 $ (1,157 ) $ 911 Net gain (loss) in foreign currency translation — 162 (143 ) — 19 Change in derivatives designated as cash flow — 9 — — 9 Change in pension and post-retirement defined — 72 3 — 75 Other comprehensive income (loss) before — 243 (140 ) — 103 Income tax expense on above items — (43 ) (1 ) — (44 ) Equity accounted investments 59 (141 ) — 82 — Other comprehensive income (loss) 59 59 (141 ) 82 59 Comprehensive income $ 970 $ 940 $ 135 $ (1,075 ) $ 970 Interim Condensed Consolidating Statements of Comprehensive Income For the six months ended June 30, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 868 $ 807 $ 213 $ (1,020 ) $ 868 Net gain (loss) in foreign currency translation — 330 (290 ) — 40 Change in derivatives designated as cash flow — (76 ) — — (76 ) Change in pension and post-retirement defined benefit plans — 86 4 — 90 Other comprehensive income (loss) before — 340 (286 ) — 54 Income tax expense on above items — (46 ) (2 ) — (48 ) Equity accounted investments 6 (288 ) — 282 — Other comprehensive income (loss) 6 6 (288 ) 282 6 Comprehensive income (loss) $ 874 $ 813 $ (75 ) $ (738 ) $ 874
Interim Condensed Consolidating Balance Sheets	Interim Condensed Consolidating Balance Sheets As at June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Assets Current assets Cash and cash equivalents $ — $ 178 $ 60 $ — $ 238 Accounts receivable, net — 440 164 — 604 Accounts receivable, inter-company 95 144 192 (431 ) — Short-term advances to affiliates 499 559 4,817 (5,875 ) — Materials and supplies — 158 34 — 192 Other current assets — 55 30 — 85 594 1,534 5,297 (6,306 ) 1,119 Long-term advances to affiliates 591 — 413 (1,004 ) — Investments — 43 143 — 186 Investments in subsidiaries 9,296 11,252 — (20,548 ) — Properties — 8,850 7,853 — 16,703 Goodwill and intangible assets — — 195 — 195 Pension asset — 1,261 — — 1,261 Other assets — 68 5 — 73 Deferred income taxes 11 — — (11 ) — Total assets $ 10,492 $ 23,008 $ 13,906 $ (27,869 ) $ 19,537 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 84 $ 797 $ 302 $ — $ 1,183 Accounts payable, inter-company 16 283 132 (431 ) — Short-term advances from affiliates 5,059 807 9 (5,875 ) — Long-term debt maturing within one year — 762 — — 762 5,159 2,649 443 (6,306 ) 1,945 Pension and other benefit liabilities — 657 72 — 729 Long-term advances from affiliates — 1,004 — (1,004 ) — Other long-term liabilities — 102 120 — 222 Long-term debt — 7,606 54 — 7,660 Deferred income taxes — 1,694 1,965 (11 ) 3,648 Total liabilities 5,159 13,712 2,654 (7,321 ) 14,204 Shareholders’ equity Share capital 2,038 1,038 6,835 (7,873 ) 2,038 Additional paid-in capital 42 1,639 300 (1,939 ) 42 Accumulated other comprehensive (loss) income (1,740 ) (1,740 ) 571 1,169 (1,740 ) Retained earnings 4,993 8,359 3,546 (11,905 ) 4,993 5,333 9,296 11,252 (20,548 ) 5,333 Total liabilities and shareholders’ equity $ 10,492 $ 23,008 $ 13,906 $ (27,869 ) $ 19,537 Condensed Consolidating Balance Sheets As at December 31, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Assets Current assets Cash and cash equivalents $ — $ 100 $ 64 $ — $ 164 Accounts receivable, net — 435 156 — 591 Accounts receivable, inter-company 90 113 206 (409 ) — Short-term advances to affiliates 500 692 4,035 (5,227 ) — Materials and supplies — 150 34 — 184 Other current assets — 38 32 — 70 590 1,528 4,527 (5,636 ) 1,009 Long-term advances to affiliates 1 — 91 (92 ) — Investments — 47 147 — 194 Investments in subsidiaries 8,513 10,249 — (18,762 ) — Properties — 8,756 7,933 — 16,689 Goodwill and intangible assets — — 202 — 202 Pension asset — 1,070 — — 1,070 Other assets 1 48 8 — 57 Deferred income taxes 11 — — (11 ) — Total assets $ 9,116 $ 21,698 $ 12,908 $ (24,501 ) $ 19,221 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 73 $ 945 $ 304 $ — $ 1,322 Accounts payable, inter-company 14 292 103 (409 ) — Short-term advances from affiliates 4,403 816 8 (5,227 ) — Long-term debt maturing within one year — 25 — — 25 4,490 2,078 415 (5,636 ) 1,347 Pension and other benefit liabilities — 658 76 — 734 Long-term advances from affiliates — 92 — (92 ) — Other long-term liabilities — 152 132 — 284 Long-term debt — 8,605 54 — 8,659 Deferred income taxes — 1,600 1,982 (11 ) 3,571 Total liabilities 4,490 13,185 2,659 (5,739 ) 14,595 Shareholders’ equity Share capital 2,002 1,037 5,823 (6,860 ) 2,002 Additional paid-in capital 52 1,638 298 (1,936 ) 52 Accumulated other comprehensive (loss) income (1,799 ) (1,799 ) 712 1,087 (1,799 ) Retained earnings 4,371 7,637 3,416 (11,053 ) 4,371 4,626 8,513 10,249 (18,762 ) 4,626 Total liabilities and shareholders’ equity $ 9,116 $ 21,698 $ 12,908 $ (24,501 ) $ 19,221
Interim Condensed Consolidating Statements of Cash Flows	Interim Condensed Consolidating Statements of Cash Flows For the three months ended June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 95 $ 468 $ 239 $ (191 ) $ 611 Investing activities Additions to properties — (192 ) (154 ) — (346 ) Proceeds from sale of properties and other assets — 5 8 — 13 Advances to affiliates (1,086 ) (553 ) (973 ) 2,612 — Repayment of advances to affiliates — 2 — (2 ) — Capital contributions to affiliates — (945 ) — 945 — Other — 1 (1 ) — — Cash used in investing activities (1,086 ) (1,682 ) (1,120 ) 3,555 (333 ) Financing activities Dividends paid (73 ) (73 ) (118 ) 191 (73 ) Issuance of share capital — — 945 (945 ) — Issuance of CP Common Shares 9 — — — 9 Purchase of CP Common Shares (142 ) — — — (142 ) Repayment of long-term debt, excluding commercial paper — (9 ) — — (9 ) Advances from affiliates 1,197 1,415 — (2,612 ) — Repayment of advances from affiliates — — (2 ) 2 — Settlement of forward starting swaps — (22 ) — — (22 ) Cash provided by (used in) financing activities 991 1,311 825 (3,364 ) (237 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (2 ) (2 ) — (4 ) Cash position Increase (decrease) in cash and cash equivalents — 95 (58 ) — 37 Cash and cash equivalents at beginning of period — 83 118 — 201 Cash and cash equivalents at end of period $ — $ 178 $ 60 $ — $ 238 Interim Condensed Consolidating Statements of Cash Flows For the three months ended June 30, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 75 $ 374 $ 219 $ (156 ) $ 512 Investing activities Additions to properties — (206 ) (124 ) — (330 ) Proceeds from sale of properties and other assets — 11 — — 11 Advances to affiliates — (482 ) (285 ) 767 — Repayment of advances to affiliates — 208 — (208 ) — Capital contributions to affiliates — (348 ) — 348 — Other — — (2 ) — (2 ) Cash used in investing activities — (817 ) (411 ) 907 (321 ) Financing activities Dividends paid (53 ) (53 ) (103 ) 156 (53 ) Issuance of share capital — — 348 (348 ) — Issuance of CP Common Shares 4 — — — 4 Purchase of CP Common Shares (788 ) — — — (788 ) Repayment of long-term debt, excluding commercial paper — (7 ) — — (7 ) Net issuance of commercial paper — 176 — — 176 Advances from affiliates 762 — 5 (767 ) — Repayment of advances from affiliates — — (208 ) 208 — Other — (1 ) — — (1 ) Cash (used in) provided by financing activities (75 ) 115 42 (751 ) (669 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (1 ) — — (1 ) Cash position Decrease in cash and cash equivalents — (329 ) (150 ) — (479 ) Cash and cash equivalents at beginning of period — 376 195 — 571 Cash and cash equivalents at end of period $ — $ 47 $ 45 $ — $ 92 Interim Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2017 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 158 $ 553 $ 503 $ (292 ) $ 922 Investing activities Additions to properties — (301 ) (275 ) — (576 ) Proceeds from sale of properties and other assets — 6 10 — 16 Advances to affiliates (1,238 ) (551 ) (1,107 ) 2,896 — Capital contributions to affiliates — (1,013 ) — 1,013 — Other — 6 (1 ) — 5 Cash used in investing activities (1,238 ) (1,853 ) (1,373 ) 3,909 (555 ) Financing activities Dividends paid (146 ) (146 ) (146 ) 292 (146 ) Issuance of share capital — — 1,013 (1,013 ) — Issuance of CP Common Shares 37 — — — 37 Purchase of CP Common Shares (142 ) — — — (142 ) Repayment of long-term debt, excluding commercial paper — (14 ) — — (14 ) Advances from affiliates 1,331 1,564 1 (2,896 ) — Settlement of forward starting swaps — (22 ) — — (22 ) Cash provided by (used in) financing activities 1,080 1,382 868 (3,617 ) (287 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (4 ) (2 ) — (6 ) Cash position Increase (decrease) in cash and cash equivalents — 78 (4 ) — 74 Cash and cash equivalents at beginning of period — 100 64 — 164 Cash and cash equivalents at end of period $ — $ 178 $ 60 $ — $ 238 Interim Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2016 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Cash provided by operating activities $ 98 $ 425 $ 417 $ (210 ) $ 730 Investing activities Additions to properties — (338 ) (270 ) — (608 ) Proceeds from sale of properties and other assets — 68 3 — 71 Advances to affiliates — (517 ) (285 ) 802 — Repayment of advances to affiliates — 208 — (208 ) — Capital contributions to affiliates — (357 ) — 357 — Repurchase of share capital from affiliates — 6 — (6 ) — Other — — (2 ) — (2 ) Cash (used in) provided by investing activities — (930 ) (554 ) 945 (539 ) Financing activities Dividends paid (107 ) (107 ) (103 ) 210 (107 ) Return of share capital to affiliates — — (6 ) 6 — Issuance of share capital — — 357 (357 ) — Issuance of CP Common Shares 9 — — — 9 Purchase of CP Common Shares (788 ) — — — (788 ) Repayment of long-term debt, excluding commercial paper — (11 ) (7 ) — (18 ) Net issuance of commercial paper — 176 — — 176 Advances from affiliates 788 — 14 (802 ) — Repayment of advances from affiliates — — (208 ) 208 — Other — (3 ) — — (3 ) Cash (used in) provided by financing activities (98 ) 55 47 (735 ) (731 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (5 ) (13 ) — (18 ) Cash position Decrease in cash and cash equivalents — (455 ) (103 ) — (558 ) Cash and cash equivalents at beginning of period — 502 148 — 650 Cash and cash equivalents at end of period $ — $ 47 $ 45 $ — $ 92

Accounting Changes Accounting31

Accounting Changes Accounting Changes - Narrative (Details) - Accounting Standards Update 2017-07 [Member] - CAD CAD in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016
Change in Accounting Estimate [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	CAD 68	CAD 43	CAD 135	CAD 86		CAD 167
Scenario, Forecast [Member]
Change in Accounting Estimate [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification					CAD 272

Changes in Accumulated Other 32

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component - Changes in AOCL by Component (Details) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Opening balance	CAD (1,769)	CAD (1,481)	CAD (1,799)	CAD (1,477)
Other comprehensive (loss) income before reclassifications	(10)	(26)	(10)	(66)
Amounts reclassified from accumulated other comprehensive loss	39	36	69	72
Net current-period other comprehensive (loss) income	29	10	59	6
Closing balance	(1,740)	(1,471)	(1,740)	(1,471)
Foreign currency net of hedging activities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Opening balance	125	125	127	129
Other comprehensive (loss) income before reclassifications	(1)	(1)	(3)	(5)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Net current-period other comprehensive (loss) income	(1)	(1)	(3)	(5)
Closing balance	124	124	124	124
Derivatives and other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Opening balance	(100)	(136)	(104)	(102)
Other comprehensive (loss) income before reclassifications	(9)	(23)	(7)	(59)
Amounts reclassified from accumulated other comprehensive loss	12	2	14	4
Net current-period other comprehensive (loss) income	3	(21)	7	(55)
Closing balance	(97)	(157)	(97)	(157)
Pension and post-retirement defined benefit plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Opening balance	(1,794)	(1,470)	(1,822)	(1,504)
Other comprehensive (loss) income before reclassifications	0	(2)	0	(2)
Amounts reclassified from accumulated other comprehensive loss	27	34	55	68
Net current-period other comprehensive (loss) income	27	32	55	66
Closing balance	CAD (1,767)	CAD (1,438)	CAD (1,767)	CAD (1,438)

Changes in Accumulated Other 33

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component - Amounts in Pension and Post-Retirement Defined Benefit Plans Reclassified from AOCL (Details) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income before income tax expense	CAD 618	CAD 445	CAD 1,197	CAD 1,155
Income tax recovery	(138)	(117)	(286)	(287)
Net income	480	328	911	868
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of prior service costs	(1)	(1)	(2)	(3)
Recognition of net actuarial loss	38	48	77	97
Income before income tax expense	37	47	75	94
Income tax recovery	(10)	(13)	(20)	(26)
Net income	CAD 27	CAD 34	CAD 55	CAD 68

Gain on Sale of Properties - Ga

Gain on Sale of Properties - Gain on Sale of Arbutus Corridor (Details) - Arbutus Corridor [Member] CAD in Millions	3 Months Ended
	Mar. 31, 2016CAD
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale	CAD 55
Gain on sale before tax	50
Gain on sale after tax	CAD 43

Other Income and Charges (Detai

Other Income and Charges (Details) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Other Income and Expenses [Abstract]
Foreign exchange loss on long-term debt	CAD (67)	CAD (18)	CAD (95)	CAD (199)
Other foreign exchange (gains) losses	0	0	(1)	(7)
Insurance recovery of legal settlement	(10)	0	(10)	0
Charge on hedge roll and de-designation	13	0	13	0
Other	3	9	4	16
Total other income and charges	CAD (61)	CAD (9)	CAD (89)	CAD (190)

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Details) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Current income tax expense	CAD 114	CAD 27	CAD 195	CAD 104
Deferred income tax expense	24	90	91	183
Income tax expense	CAD 138	CAD 117	CAD 286	CAD 287

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Tax Adjustments, Settlements, and Unusual Provisions	CAD (17)		CAD (17)
Effective tax rate	22.31%	26.40%	23.90%	24.86%
Foreign exchange loss (gain) on long-term debt	CAD (67)	CAD (18)	CAD (95)	CAD (199)
Insurance recovery of legal settlement	(10)	0	(10)	0
Charge on hedge roll and de-designation	CAD 13	CAD 0	CAD 13	CAD 0
Estimated annual effective tax rate	26.50%	26.93%	26.50%	27.25%
Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation and benefits			CAD (51)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Line Items]
Number of shares outstanding (shares)	146,100,000	148,400,000	146,100,000	148,400,000
Stock Options [Member]
Earnings Per Share [Line Items]
Number of options excluded from the computation of diluted earnings per share (shares)	269,855	440,009	385,928	443,000

Earnings Per Share - Number of

Earnings Per Share - Number of Shares Used in Earnings Per Share Calculations (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Weighted average basic shares outstanding (shares)	146.5	151.7	146.5	152.3
Dilutive effect of weighted average number of stock options (shares)	0.4	0.9	0.5	0.9
Weighted average diluted shares outstanding (shares)	146.9	152.6	147	153.2

Debt - Credit Facility (Narrati

Debt - Credit Facility (Narrative) (Detail) $ in Billions	3 Months Ended
	Jun. 30, 2017USD ($)
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit Facility, Current Borrowing Capacity	$ 2
Five Year Portion [Member]
Line of Credit Facility [Line Items]
Credit Facility, Current Borrowing Capacity	$ 1
Credit Facility, Maturity Date	Jun. 28, 2022
One Year Plus One Year Term Out Portion [Member]
Line of Credit Facility [Line Items]
Credit Facility, Current Borrowing Capacity	$ 1
Credit Facility, Maturity Date	Jun. 27, 2019

Debt - Commercial Paper Program

Debt - Commercial Paper Program (Narrative) (Detail) $ in Billions	6 Months Ended
	Jun. 30, 2017USD ($)	Dec. 31, 2016CAD
Commercial Paper [Member]
Cash and Cash Equivalents [Line Items]
Credit Facility, Current Borrowing Capacity	$ 1
Commercial paper borrowings | CAD		CAD 0
Debt instrument maturity	less than 90 days
One Year Plus One Year Term Out Portion [Member]
Cash and Cash Equivalents [Line Items]
Credit Facility, Current Borrowing Capacity	$ 1

Shareholders Equity - Narrative

Shareholders Equity - Narrative (Details) - Current Normal Course Issuer Bid (NCIB) [Member] - CAD CAD / shares in Units, CAD in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	May 10, 2017
Stock Repurchase Program Expiration Date		May 14, 2018
CP Common Shares repurchased (shares)	682,900	682,900
Weighted-average price per share	CAD 208.75	CAD 208.75
Purchase of CP Common Shares	CAD 143	CAD 143
Maximum [Member]
Common shares authorized to be repurchase			4,380,000

Shareholders' Equity - Activiti

Shareholders' Equity - Activities Under Shares Repurchase Program (Detail) - CAD CAD / shares in Units, CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Current Normal Course Issuer Bid (NCIB) [Member]
CP Common Shares repurchased (shares)	682,900		682,900
Weighted-average price per share	CAD 208.75		CAD 208.75
Purchase of CP Common Shares	CAD 143		CAD 143
Normal Course Issuer Bid (NCIB) [Member]
CP Common Shares repurchased (shares)		5,127,800		5,127,800
Weighted-average price per share		CAD 169.13		CAD 169.13
Purchase of CP Common Shares		CAD 867		CAD 867

Financial Instruments (Details)

Financial Instruments (Details) CAD in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2017CAD	Jun. 30, 2017USD ($)	Jun. 30, 2016CAD	Jun. 30, 2017CAD	Jun. 30, 2016CAD	Jun. 30, 2017USD ($)	Dec. 31, 2016CAD
Schedule of Investments [Line Items]
Fair value of long-term debt	CAD 9,925			CAD 9,925			CAD 9,981
Gain (loss) on effective portion of derivative instrument designated as hedge	(13)		CAD (32)	(11)	CAD (82)
Payment for settlement of forward starting swaps	22		0	22	0
Charge on hedge roll and de-designation	(13)		0	(13)	0
Gain (Loss) on Derivative, Net	(14)		(32)	(12)	(84)
Derivative gain (loss) amortized to net interest expense				(11)
Net Interest Expense [Member]
Schedule of Investments [Line Items]
Derivative, ineffective portion loss	1		0	1	2
Amortized Net Interest Expensed [Member]
Schedule of Investments [Line Items]
Derivative losses amortized to net interest expense	2		3	5	5
Accounts Payable and Accrued Liabilities [Member]
Schedule of Investments [Line Items]
Fair value loss	59			59			69
Forward Starting Interest Rate Swaps [Member]
Schedule of Investments [Line Items]
Floating-to-fixed interest rate swaps | $						$ 500
Forward starting swaps, de-designated | $		$ 700
Forward starting swaps, settled | $		200
Payment for settlement of forward starting swaps	22	$ 16
Charge on hedge roll and de-designation	13
Net Investment Hedging [Member]
Schedule of Investments [Line Items]
Gain (loss) on effective portion of derivative instrument designated as hedge	116		24	162	332
Amount of ineffectiveness on net investment hedges	0		CAD 0	0	CAD 0
Reported Value Measurement [Member]
Schedule of Investments [Line Items]
Carrying value of long-term debt	CAD 8,422			CAD 8,422			CAD 8,684

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - CAD CAD / shares in Units, CAD in Millions	May 10, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award, Fair Value Assumptions, Expected Dividends Per Share	CAD 0.5625			CAD 2.0010
Stock-based compensation expense		CAD 17	CAD 1	CAD 5	CAD 15
Number of options issued (shares)				369,980
Weighted average of options issued (in CAD per share)				CAD 45.78
Scenario, Forecast [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award, Fair Value Assumptions, Expected Dividends Per Share						CAD 2.2500
Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Forfeited stock options				752,145
Compensation and benefits				CAD (51)
Pension benefits				CAD (27)
Stock Options [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Weighted average of options issued (in CAD per share)				CAD 199.08
Expiration period				7 years
Grant price				CAD 17
Stock Options [Member] | Minimum [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting period				12 months
Stock Options [Member] | Maximum [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting period				60 months
Performance Shares [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Units issued (shares)				134,991
Grant date fair value				CAD 27
PSU payout threshold							118.00%
PSU payout				CAD 31
Number of PSUs exercised (shares)				133,728
Number of trading days							30 days
Performance Shares [Member] | Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Forfeited cash settled awards				22,514
Deferred Share Units [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Vesting period				48 months
Company granted DSUs (shares)				17,110
Grant date fair value				CAD 3
Deferred Share Units [Member] | Chief Executive Officer [Member]
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Forfeited cash settled awards				68,612

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted-Average Fair Value Assumptions (Details) - CAD / shares	May 10, 2017	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted during the year (in CAD per share)		CAD 45.78
Expected option life (years)		5 years 5 months 23 days
Risk-free interest rate		1.85%
Expected stock price volatility		26.94%
Expected annual dividends per share (in CAD per share)	CAD 0.5625	CAD 2.0010
Estimated forfeiture rate		3.00%
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value of options granted during the year (in CAD per share)		CAD 199.08

Pensions and Other Benefits - N

Pensions and Other Benefits - Narrative (Details) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Contributions made by the company	CAD 12	CAD 14	CAD 24	CAD 34

Pensions and Other Benefits -48

Pensions and Other Benefits - Net Periodic Benefit Cost for DB Pension Plans and Other Benefits (Details) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Current service cost (benefits earned by employees in the period)	CAD 26	CAD 26	CAD 51	CAD 53
Interest cost on benefit obligation	113	116	226	233
Expected return on fund assets	(223)	(211)	(446)	(423)
Recognized net actuarial loss	38	47	76	95
Amortization of prior service costs	(1)	(1)	(2)	(3)
Net periodic benefit (recovery) cost	(47)	(23)	(95)	(45)
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Current service cost (benefits earned by employees in the period)	3	3	6	6
Interest cost on benefit obligation	5	5	10	10
Expected return on fund assets	0	0	0	0
Recognized net actuarial loss	0	1	1	2
Amortization of prior service costs	0	0	0	0
Net periodic benefit (recovery) cost	CAD 8	CAD 9	CAD 17	CAD 18

Contingencies - Legal Proceedin

Contingencies - Legal Proceedings (Details) CAD in Millions	Jul. 11, 2016CADclaim	Jul. 05, 2016CAD	Jul. 04, 2016CADclaim	Apr. 12, 2016CAD	Jul. 06, 2015CAD	Jun. 30, 2017CADclaim
Claimed loss or damages as a result of derailment [Member]
Commitments and Contingencies Disclosure [Line Items]
Settlement amounts						CAD 440
Lac-Megantic Rail Accident [Member]
Commitments and Contingencies Disclosure [Line Items]
Value of damages sought					CAD 409
Lac-Megantic Rail Accident [Member] | World Fuel Entities [Member]
Commitments and Contingencies Disclosure [Line Items]
Settlement amounts				CAD 110
Lac-Megantic Rail Accident [Member] | Irving Oil [Member]
Commitments and Contingencies Disclosure [Line Items]
Settlement amounts				60
Lac-Megantic Rail Accident [Member] | Quebec Minister of Sustainable Development and Environment [Member]
Commitments and Contingencies Disclosure [Line Items]
Value of damages sought		CAD 95
Lac-Megantic Rail Accident [Member] | Subrogated Insurance Claim [Member] | Initial Insurer Claimants [Member]
Commitments and Contingencies Disclosure [Line Items]
Value of damages sought			CAD 16
Number of notices for claims of damage to cargo | claim			8
Lac-Megantic Rail Accident [Member] | Subrogated Insurance Claim [Member] | Additional Insurer Claimants [Member]
Commitments and Contingencies Disclosure [Line Items]
Value of damages sought	CAD 3
Number of notices for claims of damage to cargo | claim	2
Lac-Megantic Rail Accident [Member] | Claimed loss or damages as a result of derailment [Member]
Commitments and Contingencies Disclosure [Line Items]
Number of notices for claims of damage to cargo | claim						2
Lac-Megantic Rail Accident [Member] | Lost Lading Loss Recovery [Member] | The “WD Trustee” [Member]
Commitments and Contingencies Disclosure [Line Items]
Value of damages sought				CAD 6

Contingencies - Environmental L

Contingencies - Environmental Liabilities (Details) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Site Contingency [Line Items]
Total amount provided for provisions for environmental remediation costs	CAD 83		CAD 83		CAD 85
Term for expected payments to be made			10 years
Purchased Services and Other [Member]
Site Contingency [Line Items]
Environmental remediation expense	CAD 1	CAD 1	CAD 2	CAD 2

Condensed Consolidating Finan51

Condensed Consolidating Financial Information - Interim Condensed Consolidating Statements of Income (Details) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues
Freight	CAD 1,598	CAD 1,406	CAD 3,161	CAD 2,954
Non-freight	45	44	85	87
Total revenues	1,643	1,450	3,246	3,041
Operating expenses
Compensation and benefits	277	284	510	613
Fuel	160	131	330	256
Materials	48	38	97	94
Equipment rents	37	44	73	89
Depreciation and amortization	165	161	331	323
Purchased services and other	277	241	555	462
Total operating expenses	964	899	1,896	1,837
Operating income	679	551	1,350	1,204
Less:
Other income and charges	(61)	(9)	(89)	(190)
Net interest (income) expense	122	115	242	239
Income before income tax expense	618	445	1,197	1,155
Income tax (recovery) expense	138	117	286	287
Add: Equity in net earnings of subsidiaries	0	0	0	0
Net income	480	328	911	868
Consolidating Adjustments and Eliminations [Member]
Revenues
Freight	0	0	0	0
Non-freight	(84)	(87)	(169)	(173)
Total revenues	(84)	(87)	(169)	(173)
Operating expenses
Compensation and benefits	1	1	2	3
Fuel	0	0	0	0
Materials	6	3	12	11
Equipment rents	0	0	0	0
Depreciation and amortization	0	0	0	0
Purchased services and other	(91)	(91)	(183)	(187)
Total operating expenses	(84)	(87)	(169)	(173)
Operating income	0	0	0	0
Less:
Other income and charges	0	0	0	0
Net interest (income) expense	0	0	0	0
Income before income tax expense	0	0	0	0
Income tax (recovery) expense	0	0	0	0
Add: Equity in net earnings of subsidiaries	(591)	(449)	(1,157)	(1,020)
Net income	(591)	(449)	(1,157)	(1,020)
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member]
Revenues
Freight	0	0	0	0
Non-freight	0	0	0	0
Total revenues	0	0	0	0
Operating expenses
Compensation and benefits	0	0	0	0
Fuel	0	0	0	0
Materials	0	0	0	0
Equipment rents	0	0	0	0
Depreciation and amortization	0	0	0	0
Purchased services and other	0	0	0	0
Total operating expenses	0	0	0	0
Operating income	0	0	0	0
Less:
Other income and charges	(5)	(4)	(25)	(73)
Net interest (income) expense	(9)	10	(7)	9
Income before income tax expense	14	(6)	32	64
Income tax (recovery) expense	1	(6)	2	3
Add: Equity in net earnings of subsidiaries	467	328	881	807
Net income	480	328	911	868
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Revenues
Freight	1,129	1,007	2,218	2,104
Non-freight	34	33	66	66
Total revenues	1,163	1,040	2,284	2,170
Operating expenses
Compensation and benefits	165	181	289	382
Fuel	122	103	254	206
Materials	34	27	68	65
Equipment rents	39	53	75	107
Depreciation and amortization	108	107	217	214
Purchased services and other	210	193	418	329
Total operating expenses	678	664	1,321	1,303
Operating income	485	376	963	867
Less:
Other income and charges	(59)	(12)	(66)	(150)
Net interest (income) expense	139	111	264	242
Income before income tax expense	405	277	765	775
Income tax (recovery) expense	62	70	160	181
Add: Equity in net earnings of subsidiaries	124	121	276	213
Net income	467	328	881	807
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenues
Freight	469	399	943	850
Non-freight	95	98	188	194
Total revenues	564	497	1,131	1,044
Operating expenses
Compensation and benefits	111	102	219	228
Fuel	38	28	76	50
Materials	8	8	17	18
Equipment rents	(2)	(9)	(2)	(18)
Depreciation and amortization	57	54	114	109
Purchased services and other	158	139	320	320
Total operating expenses	370	322	744	707
Operating income	194	175	387	337
Less:
Other income and charges	3	7	2	33
Net interest (income) expense	(8)	(6)	(15)	(12)
Income before income tax expense	199	174	400	316
Income tax (recovery) expense	75	53	124	103
Add: Equity in net earnings of subsidiaries	0	0	0	0
Net income	CAD 124	CAD 121	CAD 276	CAD 213

Condensed Consolidating Finan52

Condensed Consolidating Financial Information - Interim Condensed Consolidating Statements of Comprehensive Income (Details) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Financial Statements, Captions [Line Items]
Net income	CAD 480	CAD 328	CAD 911	CAD 868
Net gain in foreign currency translation adjustments, net of hedging activities	14	3	19	40
Change in derivatives designated as cash flow hedges	4	(29)	9	(76)
Change in pension and post-retirement defined benefit plans	37	43	75	90
Other comprehensive income before income taxes	55	17	103	54
Income tax expense on above items	(26)	(7)	(44)	(48)
Equity accounted investments	0	0	0	0
Other comprehensive income (loss)	29	10	59	6
Comprehensive income	509	338	970	874
Consolidating Adjustments and Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	(591)	(449)	(1,157)	(1,020)
Net gain in foreign currency translation adjustments, net of hedging activities	0	0	0	0
Change in derivatives designated as cash flow hedges	0	0	0	0
Change in pension and post-retirement defined benefit plans	0	0	0	0
Other comprehensive income before income taxes	0	0	0	0
Income tax expense on above items	0	0	0	0
Equity accounted investments	73	7	82	282
Other comprehensive income (loss)	73	7	82	282
Comprehensive income	(518)	(442)	(1,075)	(738)
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	480	328	911	868
Net gain in foreign currency translation adjustments, net of hedging activities	0	0	0	0
Change in derivatives designated as cash flow hedges	0	0	0	0
Change in pension and post-retirement defined benefit plans	0	0	0	0
Other comprehensive income before income taxes	0	0	0	0
Income tax expense on above items	0	0	0	0
Equity accounted investments	29	10	59	6
Other comprehensive income (loss)	29	10	59	6
Comprehensive income	509	338	970	874
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	467	328	881	807
Net gain in foreign currency translation adjustments, net of hedging activities	117	20	162	330
Change in derivatives designated as cash flow hedges	4	(29)	9	(76)
Change in pension and post-retirement defined benefit plans	36	41	72	86
Other comprehensive income before income taxes	157	32	243	340
Income tax expense on above items	(26)	(5)	(43)	(46)
Equity accounted investments	(102)	(17)	(141)	(288)
Other comprehensive income (loss)	29	10	59	6
Comprehensive income	496	338	940	813
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	124	121	276	213
Net gain in foreign currency translation adjustments, net of hedging activities	(103)	(17)	(143)	(290)
Change in derivatives designated as cash flow hedges	0	0	0	0
Change in pension and post-retirement defined benefit plans	1	2	3	4
Other comprehensive income before income taxes	(102)	(15)	(140)	(286)
Income tax expense on above items	0	(2)	(1)	(2)
Equity accounted investments	0	0	0	0
Other comprehensive income (loss)	(102)	(17)	(141)	(288)
Comprehensive income	CAD 22	CAD 104	CAD 135	CAD (75)

Condensed Consolidating Finan53

Condensed Consolidating Financial Information - Interim Condensed Consolidating Balance Sheets (Details) - CAD CAD in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	CAD 238	CAD 164
Accounts receivable, net	604	591
Accounts receivable, inter-company	0	0
Short-term advances to affiliates	0	0
Materials and supplies	192	184
Other current assets	85	70
Total current assets	1,119	1,009
Long-term advances to affiliates	0	0
Investments	186	194
Investments in subsidiaries	0	0
Properties	16,703	16,689
Goodwill and intangible assets	195	202
Pension asset	1,261	1,070
Other assets	73	57
Deferred income taxes	0	0
Total assets	19,537	19,221
Current liabilities
Accounts payable and accrued liabilities	1,183	1,322
Accounts payable, inter-company	0	0
Short-term advances from affiliates	0	0
Long-term debt maturing within one year	762	25
Total current liabilities	1,945	1,347
Pension and other benefit liabilities	729	734
Long-term advances from affiliates	0	0
Other long-term liabilities	222	284
Long-term debt	7,660	8,659
Deferred income taxes	3,648	3,571
Total liabilities	14,204	14,595
Shareholders’ equity
Share capital	2,038	2,002
Additional paid-in capital	42	52
Accumulated other comprehensive (loss) income	(1,740)	(1,799)
Retained earnings	4,993	4,371
Total Shareholders' equity	5,333	4,626	CAD 4,691	CAD 4,796
Total liabilities and shareholders’ equity	19,537	19,221
Consolidating Adjustments and Eliminations [Member]
Current assets
Cash and cash equivalents	0	0
Accounts receivable, net	0	0
Accounts receivable, inter-company	(431)	(409)
Short-term advances to affiliates	(5,875)	(5,227)
Materials and supplies	0	0
Other current assets	0	0
Total current assets	(6,306)	(5,636)
Long-term advances to affiliates	(1,004)	(92)
Investments	0	0
Investments in subsidiaries	(20,548)	(18,762)
Properties	0	0
Goodwill and intangible assets	0	0
Pension asset	0	0
Other assets	0	0
Deferred income taxes	(11)	(11)
Total assets	(27,869)	(24,501)
Current liabilities
Accounts payable and accrued liabilities	0	0
Accounts payable, inter-company	(431)	(409)
Short-term advances from affiliates	(5,875)	(5,227)
Long-term debt maturing within one year	0	0
Total current liabilities	(6,306)	(5,636)
Pension and other benefit liabilities	0	0
Long-term advances from affiliates	(1,004)	(92)
Other long-term liabilities	0	0
Long-term debt	0	0
Deferred income taxes	(11)	(11)
Total liabilities	(7,321)	(5,739)
Shareholders’ equity
Share capital	(7,873)	(6,860)
Additional paid-in capital	(1,939)	(1,936)
Accumulated other comprehensive (loss) income	1,169	1,087
Retained earnings	(11,905)	(11,053)
Total Shareholders' equity	(20,548)	(18,762)
Total liabilities and shareholders’ equity	(27,869)	(24,501)
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member]
Current assets
Cash and cash equivalents	0	0
Accounts receivable, net	0	0
Accounts receivable, inter-company	95	90
Short-term advances to affiliates	499	500
Materials and supplies	0	0
Other current assets	0	0
Total current assets	594	590
Long-term advances to affiliates	591	1
Investments	0	0
Investments in subsidiaries	9,296	8,513
Properties	0	0
Goodwill and intangible assets	0	0
Pension asset	0	0
Other assets	0	1
Deferred income taxes	11	11
Total assets	10,492	9,116
Current liabilities
Accounts payable and accrued liabilities	84	73
Accounts payable, inter-company	16	14
Short-term advances from affiliates	5,059	4,403
Long-term debt maturing within one year	0	0
Total current liabilities	5,159	4,490
Pension and other benefit liabilities	0	0
Long-term advances from affiliates	0	0
Other long-term liabilities	0	0
Long-term debt	0	0
Deferred income taxes	0	0
Total liabilities	5,159	4,490
Shareholders’ equity
Share capital	2,038	2,002
Additional paid-in capital	42	52
Accumulated other comprehensive (loss) income	(1,740)	(1,799)
Retained earnings	4,993	4,371
Total Shareholders' equity	5,333	4,626
Total liabilities and shareholders’ equity	10,492	9,116
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Current assets
Cash and cash equivalents	178	100
Accounts receivable, net	440	435
Accounts receivable, inter-company	144	113
Short-term advances to affiliates	559	692
Materials and supplies	158	150
Other current assets	55	38
Total current assets	1,534	1,528
Long-term advances to affiliates	0	0
Investments	43	47
Investments in subsidiaries	11,252	10,249
Properties	8,850	8,756
Goodwill and intangible assets	0	0
Pension asset	1,261	1,070
Other assets	68	48
Deferred income taxes	0	0
Total assets	23,008	21,698
Current liabilities
Accounts payable and accrued liabilities	797	945
Accounts payable, inter-company	283	292
Short-term advances from affiliates	807	816
Long-term debt maturing within one year	762	25
Total current liabilities	2,649	2,078
Pension and other benefit liabilities	657	658
Long-term advances from affiliates	1,004	92
Other long-term liabilities	102	152
Long-term debt	7,606	8,605
Deferred income taxes	1,694	1,600
Total liabilities	13,712	13,185
Shareholders’ equity
Share capital	1,038	1,037
Additional paid-in capital	1,639	1,638
Accumulated other comprehensive (loss) income	(1,740)	(1,799)
Retained earnings	8,359	7,637
Total Shareholders' equity	9,296	8,513
Total liabilities and shareholders’ equity	23,008	21,698
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Current assets
Cash and cash equivalents	60	64
Accounts receivable, net	164	156
Accounts receivable, inter-company	192	206
Short-term advances to affiliates	4,817	4,035
Materials and supplies	34	34
Other current assets	30	32
Total current assets	5,297	4,527
Long-term advances to affiliates	413	91
Investments	143	147
Investments in subsidiaries	0	0
Properties	7,853	7,933
Goodwill and intangible assets	195	202
Pension asset	0	0
Other assets	5	8
Deferred income taxes	0	0
Total assets	13,906	12,908
Current liabilities
Accounts payable and accrued liabilities	302	304
Accounts payable, inter-company	132	103
Short-term advances from affiliates	9	8
Long-term debt maturing within one year	0	0
Total current liabilities	443	415
Pension and other benefit liabilities	72	76
Long-term advances from affiliates	0	0
Other long-term liabilities	120	132
Long-term debt	54	54
Deferred income taxes	1,965	1,982
Total liabilities	2,654	2,659
Shareholders’ equity
Share capital	6,835	5,823
Additional paid-in capital	300	298
Accumulated other comprehensive (loss) income	571	712
Retained earnings	3,546	3,416
Total Shareholders' equity	11,252	10,249
Total liabilities and shareholders’ equity	CAD 13,906	CAD 12,908

Condensed Consolidating Finan54

Condensed Consolidating Financial Information - Interim Condensed Consolidating Statements of Cash Flows (Details) - CAD CAD in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	CAD 611	CAD 512	CAD 922	CAD 730
Investing activities
Additions to properties	(346)	(330)	(576)	(608)
Proceeds from sale of properties and other assets	13	11	16	71
Advances to affiliates	0	0	0	0
Repayment of advances to affiliates	0	0		0
Capital contributions to affiliates	0	0	0	0
Repurchase of share capital from affiliates				0
Other	0	(2)	5	(2)
Cash used in investing activities	(333)	(321)	(555)	(539)
Financing activities
Dividends paid	(73)	(53)	(146)	(107)
Return of share capital to affiliates				0
Issuance of share capital	0	0	0	0
Issuance of CP Common Shares	9	4	37	9
Purchase of CP Common Shares	(142)	(788)	(142)	(788)
Repayment of long-term debt, excluding commercial paper	(9)	(7)	(14)	(18)
Net issuance (repayment) of commercial paper	0	176	0	176
Advances from affiliates	0	0	0	0
Repayment of advances from affiliates	0	0		0
Settlement of forward starting swaps	(22)	0	(22)	0
Other	0	(1)	0	(3)
Cash used in financing activities	(237)	(669)	(287)	(731)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(4)	(1)	(6)	(18)
Cash position
Increase (decrease) in cash and cash equivalents	37	(479)	74	(558)
Cash and cash equivalents at beginning of period	201	571	164	650
Cash and cash equivalents at end of period	238	92	238	92
Consolidating Adjustments and Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	(191)	(156)	(292)	(210)
Investing activities
Additions to properties	0	0	0	0
Proceeds from sale of properties and other assets	0	0	0	0
Advances to affiliates	2,612	767	2,896	802
Repayment of advances to affiliates	(2)	(208)		(208)
Capital contributions to affiliates	945	348	1,013	357
Repurchase of share capital from affiliates				(6)
Other	0	0	0	0
Cash used in investing activities	3,555	907	3,909	945
Financing activities
Dividends paid	191	156	292	210
Return of share capital to affiliates				6
Issuance of share capital	(945)	(348)	(1,013)	(357)
Issuance of CP Common Shares	0	0	0	0
Purchase of CP Common Shares	0	0	0	0
Repayment of long-term debt, excluding commercial paper	0	0	0	0
Net issuance (repayment) of commercial paper		0		0
Advances from affiliates	(2,612)	(767)	(2,896)	(802)
Repayment of advances from affiliates	2	208		208
Settlement of forward starting swaps	0		0
Other		0		0
Cash used in financing activities	(3,364)	(751)	(3,617)	(735)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	0	0	0	0
Cash position
Increase (decrease) in cash and cash equivalents	0	0	0	0
Cash and cash equivalents at beginning of period	0	0	0	0
Cash and cash equivalents at end of period	0	0	0	0
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	95	75	158	98
Investing activities
Additions to properties	0	0	0	0
Proceeds from sale of properties and other assets	0	0	0	0
Advances to affiliates	(1,086)	0	(1,238)	0
Repayment of advances to affiliates	0	0		0
Capital contributions to affiliates	0	0	0	0
Repurchase of share capital from affiliates				0
Other	0	0	0	0
Cash used in investing activities	(1,086)	0	(1,238)	0
Financing activities
Dividends paid	(73)	(53)	(146)	(107)
Return of share capital to affiliates				0
Issuance of share capital	0	0	0	0
Issuance of CP Common Shares	9	4	37	9
Purchase of CP Common Shares	(142)	(788)	(142)	(788)
Repayment of long-term debt, excluding commercial paper	0	0	0	0
Net issuance (repayment) of commercial paper		0		0
Advances from affiliates	1,197	762	1,331	788
Repayment of advances from affiliates	0	0		0
Settlement of forward starting swaps	0		0
Other		0		0
Cash used in financing activities	991	(75)	1,080	(98)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	0	0	0	0
Cash position
Increase (decrease) in cash and cash equivalents	0	0	0	0
Cash and cash equivalents at beginning of period	0	0	0	0
Cash and cash equivalents at end of period	0	0	0	0
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	468	374	553	425
Investing activities
Additions to properties	(192)	(206)	(301)	(338)
Proceeds from sale of properties and other assets	5	11	6	68
Advances to affiliates	(553)	(482)	(551)	(517)
Repayment of advances to affiliates	2	208		208
Capital contributions to affiliates	(945)	(348)	(1,013)	(357)
Repurchase of share capital from affiliates				6
Other	1	0	6	0
Cash used in investing activities	(1,682)	(817)	(1,853)	(930)
Financing activities
Dividends paid	(73)	(53)	(146)	(107)
Return of share capital to affiliates				0
Issuance of share capital	0	0	0	0
Issuance of CP Common Shares	0	0	0	0
Purchase of CP Common Shares	0	0	0	0
Repayment of long-term debt, excluding commercial paper	(9)	(7)	(14)	(11)
Net issuance (repayment) of commercial paper		176		176
Advances from affiliates	1,415	0	1,564	0
Repayment of advances from affiliates	0	0		0
Settlement of forward starting swaps	(22)		(22)
Other		(1)		(3)
Cash used in financing activities	1,311	115	1,382	55
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(2)	(1)	(4)	(5)
Cash position
Increase (decrease) in cash and cash equivalents	95	(329)	78	(455)
Cash and cash equivalents at beginning of period	83	376	100	502
Cash and cash equivalents at end of period	178	47	178	47
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	239	219	503	417
Investing activities
Additions to properties	(154)	(124)	(275)	(270)
Proceeds from sale of properties and other assets	8	0	10	3
Advances to affiliates	(973)	(285)	(1,107)	(285)
Repayment of advances to affiliates	0	0		0
Capital contributions to affiliates	0	0	0	0
Repurchase of share capital from affiliates				0
Other	(1)	(2)	(1)	(2)
Cash used in investing activities	(1,120)	(411)	(1,373)	(554)
Financing activities
Dividends paid	(118)	(103)	(146)	(103)
Return of share capital to affiliates				(6)
Issuance of share capital	945	348	1,013	357
Issuance of CP Common Shares	0	0	0	0
Purchase of CP Common Shares	0	0	0	0
Repayment of long-term debt, excluding commercial paper	0	0	0	(7)
Net issuance (repayment) of commercial paper		0		0
Advances from affiliates	0	5	1	14
Repayment of advances from affiliates	(2)	(208)		(208)
Settlement of forward starting swaps	0		0
Other		0		0
Cash used in financing activities	825	42	868	47
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(2)	0	(2)	(13)
Cash position
Increase (decrease) in cash and cash equivalents	(58)	(150)	(4)	(103)
Cash and cash equivalents at beginning of period	118	195	64	148
Cash and cash equivalents at end of period	CAD 60	CAD 45	CAD 60	CAD 45