Canadian Pacific Railway Limited (CP) 10-Q 16 Jul 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2019	Jul. 15, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-01342
Entity Registrant Name	CANADIAN PACIFIC RAILWAY LTD/CN
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	98-0355078
Entity Address, Address Line One	7550 Ogden Dale Road S.E.
Entity Address, City or Town	Calgary
Entity Address, State or Province	AB
Entity Address, Postal Zip Code	T2C 4X9
City Area Code	(403)
Local Phone Number	319-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		138,576,204
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000016875
Current Fiscal Year End Date	--12-31
Common Shares, without par value | NEW YORK STOCK EXCHANGE
Entity Information [Line Items]
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	CP
Security Exchange Name	NYSE
Common Share Purchase Rights | NEW YORK STOCK EXCHANGE
Entity Information [Line Items]
Title of 12(b) Security	Common Share Purchase Rights
Security Exchange Name	NYSE

INTERIM CONSOLIDATED STATEMENTS

INTERIM CONSOLIDATED STATEMENTS OF INCOME (unaudited) - CAD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Total revenues	$ 1,977	$ 1,750	$ 3,744	$ 3,412
Operating expenses
Compensation and benefits	383	351	789	725
Fuel	236	230	445	445
Materials	54	53	111	108
Equipment rents	34	33	69	66
Depreciation and amortization	183	172	343	342
Purchased services and other	265	284	622	559
Total operating expenses	1,155	1,123	2,379	2,245
Operating income	822	627	1,365	1,167
Less:
Other expense (income)	(40)	52	(87)	103
Other components of net periodic benefit recovery	(98)	(95)	(195)	(191)
Net interest expense	112	112	226	227
Income before income tax expense	848	558	1,421	1,028
Income tax expense	124	122	263	244
Net income	$ 724	$ 436	$ 1,158	$ 784
Earnings per share
Basic earnings per share	$ 5.19	$ 3.05	$ 8.28	$ 5.46
Diluted earnings per share	$ 5.17	$ 3.04	$ 8.25	$ 5.44
Weighted-average number of shares (millions)
Basic	139.7	142.8	139.9	143.6
Diluted	140.2	143.2	140.4	144
Dividends declared per share	$ 0.8300	$ 0.6500	$ 1.4800	$ 1.2125
Freight
Revenues
Total revenues	$ 1,931	$ 1,709	$ 3,657	$ 3,334
Non-freight
Revenues
Total revenues	$ 46	$ 41	$ 87	$ 78

INTERIM CONSOLIDATED STATEMEN_2

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 724	$ 436	$ 1,158	$ 784
Net gain (loss) in foreign currency translation adjustments, net of hedging activities	15	(16)	31	(36)
Change in derivatives designated as cash flow hedges	4	14	6	35
Change in pension and post-retirement defined benefit plans	21	29	41	58
Other comprehensive income before income taxes	40	27	78	57
Income tax (expense) recovery on above items	(22)	5	(44)	11
Other comprehensive income (loss)	18	32	34	68
Comprehensive income	$ 742	$ 468	$ 1,192	$ 852

INTERIM CONSOLIDATED BALANCE SH

INTERIM CONSOLIDATED BALANCE SHEETS AS AT (unaudited) - CAD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 45			$ 61
Accounts receivable, net	795			815
Materials and supplies	195			173
Other current assets	80			68
Total current assets	1,115			1,117
Investments	210			203
Properties	18,489		$ 18,406	18,418
Goodwill and intangible assets	193			202
Pension asset	1,460			1,243
Other assets	466		470	71
Total assets	21,933			21,254
Current liabilities
Accounts payable and accrued liabilities	1,401		1,507	1,449
Long-term debt maturing within one year	273			506
Total current liabilities	1,674			1,955
Pension and other benefit liabilities	713			718
Other long-term liabilities	598		574	237
Long-term debt	8,266			8,190
Deferred income taxes	3,525		3,515	3,518
Total liabilities	14,776			14,618
Shareholders’ equity
Share capital	1,996			2,002
Additional paid-in capital	45			42
Accumulated other comprehensive (loss) income	(2,009)	$ (2,027)		(2,043)	$ (1,673)	$ (1,705)	$ (1,741)
Retained earnings	7,125		6,630	6,635
Total shareholders' equity	7,157	$ 6,814	$ 6,631	6,636	$ 6,574	$ 6,434	$ 6,437
Total liabilities and shareholders’ equity	$ 21,933			$ 21,254

INTERIM CONSOLIDATED STATEMEN_3

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating activities
Net income	$ 724	$ 436	$ 1,158	$ 784
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	183	172	343	342
Deferred income tax (recovery) expense	(18)	37	20	78
Pension recovery and funding	(89)	(82)	(177)	(154)
Foreign exchange (gain) loss on debt and lease liabilities	(37)	44	(82)	93
Settlement of forward starting swaps on debt issuance	0	(24)	0	(24)
Other operating activities, net	18	4	63	(17)
Change in non-cash working capital balances related to operations	(60)	124	(191)	6
Cash provided by operating activities	721	711	1,134	1,108
Investing activities
Additions to properties	(459)	(413)	(683)	(654)
Proceeds from sale of properties and other assets	8	5	14	9
Other investing activities	(4)	0	(5)	(1)
Cash used in investing activities	(455)	(408)	(674)	(646)
Financing activities
Dividends paid	(91)	(81)	(182)	(163)
Issuance of CP Common Shares	10	4	14	12
Purchase of CP Common Shares	(257)	(261)	(464)	(559)
Issuance of long-term debt, excluding commercial paper	0	638	397	638
Repayment of long-term debt, excluding commercial paper	(480)	(734)	(485)	(739)
Net issuance of commercial paper	246	53	246	53
Cash used in financing activities	(572)	(381)	(474)	(758)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(1)	4	(2)	9
Cash position
Increase (decrease) in cash and cash equivalents	(307)	(74)	(16)	(287)
Cash and cash equivalents at beginning of period	352	125	61	338
Cash and cash equivalents at end of period	45	51	45	51
Supplemental disclosures of cash flow information:
Income taxes paid	108	52	257	156
Interest paid	$ 83	$ 90	$ 232	$ 233

INTERIM CONSOLIDATED STATEMEN_4

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - CAD ($) shares in Millions, $ in Millions	Total	Share capital	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings
Beginning balance (shares) at Dec. 31, 2017	144.9
Beginning balance at Dec. 31, 2017	$ 6,437	$ 2,032	$ 43	$ (1,741)	$ 6,103
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	784	0	0	0	784
Other comprehensive income	68	0	0	68	0
Dividends declared	(174)	0	0	0	(174)
Effect of stock-based compensation expense	$ 6	0	6	0	0
Common Shares repurchased (shares)	(2.5)
Common Shares repurchased	$ (559)	(35)	0	0	(524)
Shares issued under stock option plan (shares)	0.1
Shares issued under stock option plan	$ 12	16	(4)	0	0
Ending balance (shares) at Jun. 30, 2018	142.5
Ending balance at Jun. 30, 2018	$ 6,574	2,013	45	(1,673)	6,189
Beginning balance (shares) at Mar. 31, 2018	143.7
Beginning balance at Mar. 31, 2018	$ 6,434	2,022	45	(1,705)	6,072
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	436	0	0	0	436
Other comprehensive income	32	0	0	32	0
Dividends declared	(93)	0	0	0	(93)
Effect of stock-based compensation expense	$ 2	0	2	0	0
Common Shares repurchased (shares)	(1.2)
Common Shares repurchased	$ (241)	(15)	0	0	(226)
Shares issued under stock option plan (shares)	0
Shares issued under stock option plan	$ 4	6	(2)	0	0
Ending balance (shares) at Jun. 30, 2018	142.5
Ending balance at Jun. 30, 2018	$ 6,574	2,013	45	(1,673)	6,189
Beginning balance (shares) at Dec. 31, 2018	140.5
Beginning balance at Dec. 31, 2018	$ 6,636	2,002	42	(2,043)	6,635
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,158	0	0	0	1,158
Other comprehensive income	34	0	0	34	0
Dividends declared	(206)	0	0	0	(206)
Effect of stock-based compensation expense	$ 8	0	8	0	0
Common Shares repurchased (shares)	(1.6)
Common Shares repurchased	$ (481)	(24)	0	0	(457)
Shares issued under stock option plan (shares)	0.2
Shares issued under stock option plan	$ 13	18	(5)	0	0
Ending balance (shares) at Jun. 30, 2019	139.1
Ending balance at Jun. 30, 2019	$ 7,157	1,996	45	(2,009)	7,125
Beginning balance (shares) at Mar. 31, 2019	139.8
Beginning balance at Mar. 31, 2019	$ 6,814	1,997	46	(2,027)	6,798
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	724	0	0	0	724
Other comprehensive income	18	0	0	18	0
Dividends declared	(115)	0	0	0	(115)
Effect of stock-based compensation expense	$ 3	0	3	0	0
Common Shares repurchased (shares)	(0.9)
Common Shares repurchased	$ (296)	(14)	0	0	(282)
Shares issued under stock option plan (shares)	0.2
Shares issued under stock option plan	$ 9	13	(4)	0	0
Ending balance (shares) at Jun. 30, 2019	139.1
Ending balance at Jun. 30, 2019	$ 7,157	$ 1,996	$ 45	$ (2,009)	$ 7,125

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
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 2018 annual consolidated financial statements and notes included in CP's 2018 Annual Report on Form 10-K. The accounting policies used are consistent with the accounting policies used in preparing the 2018 annual consolidated financial statements, except for the newly adopted accounting policy 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, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting Changes	Accounting changes Implemented in 2019 Leases On January 1, 2019, the Company adopted the new Accounting Standards Update ("ASU") 2016-02, issued by the Financial Accounting Standards Board ("FASB"), and all related amendments under FASB Accounting Standards Codification ("ASC") Topic 842, Leases. Using the cumulative-effect adjustment transition approach, the Company recognized a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Accordingly, comparative financial information has not been restated and continues to be reported under the accounting standards in effect for those periods. In January 2019, the Company implemented a lease management system to assist in delivering the required accounting changes. To facilitate the transition, the Company made policy choices to utilize available practical expedients provided by the new standard, including the: • Acceptance of the package of practical expedients, permitting the Company not to reassess lease existence, classification, and capitalization of initial direct costs previously determined for all leases under Topic 840, Leases; • Acceptance of the previous accounting treatment for land easements where Topic 840 was not applied; and • Use of hindsight at transition to determine lease term length. Operating leases with fixed terms and in-substance fixed terms were transitioned by recognizing both an operating lease liability and right-of-use ("ROU") asset. Operating lease liabilities and ROU assets were calculated at the present value of remaining lease payments using the Company’s incremental borrowing interest rate as at January 1, 2019. ROU assets were further modified to include previously accrued balances for prepayments and initial direct costs, but reduced for accrued lease incentives. The Company did not recognize operating lease liabilities or ROU assets for leases requiring variable payment not dependent on an index or rate, or short term leases with a term of 12 months or less. On adoption, the standard had a material impact on the Company's consolidated balance sheet, but did not have a significant impact on its consolidated statement of income. The most significant impact was the recognition of operating lease ROU assets and operating lease liabilities, while the Company's accounting for finance leases remained substantially unchanged. The impact of the adoption of ASC 842 as at January 1, 2019 was as follows: (in millions of Canadian dollars) As reported New lease standard As restated Assets Properties $ 18,418 $ (12 ) $ 18,406 Other assets 71 399 470 Liabilities Accounts payable and accrued liabilities $ 1,449 $ 58 $ 1,507 Other long-term liabilities 237 337 574 Deferred income taxes 3,518 (3 ) 3,515 Shareholders' equity Retained earnings $ 6,635 $ (5 ) $ 6,630 There was no significant impact to lessor accounting upon the adoption of ASC 842.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenues The following table disaggregates the Company’s revenues from contracts with customers by major source: For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Freight Grain $ 422 $ 372 $ 802 $ 729 Coal 173 164 331 315 Potash 136 116 250 228 Fertilizers and sulphur 63 55 120 116 Forest products 78 69 151 135 Energy, chemicals and plastics 346 278 661 535 Metals, minerals and consumer products 205 204 378 387 Automotive 104 91 180 162 Intermodal 404 360 784 727 Total freight revenues 1,931 1,709 3,657 3,334 Non-freight excluding leasing revenues 30 25 57 48 Revenues from contracts with customers 1,961 1,734 3,714 3,382 Leasing revenues 16 16 30 30 Total revenues $ 1,977 $ 1,750 $ 3,744 $ 3,412 Contract liabilities (in millions of Canadian dollars) 2019 2018 Balance at January 1 $ 2 $ 2 Balance at April 1 $ 73 $ 2 Balance at June 30 $ 74 $ 3 Contract liabilities represent payments received for performance obligations not yet satisfied and relate to deferred revenue and are presented as components of Accounts payable and accrued liabilities and Other long-term liabilities on the Company's Interim Consolidated Balance Sheets. Revenue recognized during the three and six months ended June 30, 2019, included in contract liabilities at the beginning of the periods, was $3 million and $2 million , respectively (three and six months ended June 30, 2018 - $2 million and $2 million , respectively). Increases in contract liabilities arising from cash received net of amounts recognized as revenue on satisfaction of performance obligations during the three and six months ended June 30, 2019 were $3 million and $74 million , respectively (three and six months ended June 30, 2018 - $3 million and $3 million , respectively).

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component	6 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [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) Foreign currency net of hedging activities (1) Derivatives and (1) Pension and post- (1) Total (1) Opening balance, April 1, 2019 $ 113 $ (61 ) $ (2,079 ) $ (2,027 ) Other comprehensive (loss) income before reclassifications (1 ) 1 — — Amounts reclassified from accumulated other comprehensive loss — 2 16 18 Net other comprehensive (loss) income (1 ) 3 16 18 Closing balance, June 30, 2019 $ 112 $ (58 ) $ (2,063 ) $ (2,009 ) Opening balance, April 1, 2018 $ 109 $ (74 ) $ (1,740 ) $ (1,705 ) Other comprehensive income before reclassifications 1 8 — 9 Amounts reclassified from accumulated other comprehensive loss — 2 21 23 Net other comprehensive income 1 10 21 32 Closing balance, June 30, 2018 $ 110 $ (64 ) $ (1,719 ) $ (1,673 ) (1) Amounts are presented net of tax. For the six months ended June 30 (in millions of Canadian dollars) Foreign currency net of hedging activities (1) Derivatives and (1) Pension and post- (1) Total (1) Opening balance, January 1, 2019 $ 113 $ (62 ) $ (2,094 ) $ (2,043 ) Other comprehensive loss before reclassifications (1 ) — (1 ) (2 ) Amounts reclassified from accumulated other comprehensive loss — 4 32 36 Net other comprehensive (loss) income (1 ) 4 31 34 Closing balance, June 30, 2019 $ 112 $ (58 ) $ (2,063 ) $ (2,009 ) Opening balance, January 1, 2018 $ 109 $ (89 ) $ (1,761 ) $ (1,741 ) Other comprehensive income (loss) before reclassifications 1 21 (1 ) 21 Amounts reclassified from accumulated other comprehensive loss — 4 43 47 Net other comprehensive income 1 25 42 68 Closing balance, June 30, 2018 $ 110 $ (64 ) $ (1,719 ) $ (1,673 ) 1) Amounts are presented net of tax. Amounts in Pension and post-retirement defined benefit plans reclassified from AOCL are as follows: For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Amortization of prior service costs (1) $ 1 $ — $ 1 $ (1 ) Recognition of net actuarial loss (1) 20 29 41 59 Total before income tax 21 29 42 58 Income tax recovery (5 ) (8 ) (10 ) (15 ) Total net of income tax $ 16 $ 21 $ 32 $ 43 (1) Impacts " Other components of net periodic benefit recovery " on the Interim Consolidated Statements of Income.

Other (Income) Expense

Other (Income) Expense	6 Months Ended
	Jun. 30, 2019
Other Income and Expenses [Abstract]
Other Income and Expenses	Other (income) expense For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Foreign exchange (gain) loss on debt and lease liabilities $ (37 ) $ 44 $ (82 ) $ 93 Other foreign exchange (gains) losses (4 ) 4 (6 ) 3 Other 1 4 1 7 Other (income) expense $ (40 ) $ 52 $ (87 ) $ 103

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
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) 2019 2018 2019 2018 Current income tax expense $ 142 $ 85 $ 243 $ 166 Deferred income tax (recovery) expense (18 ) 37 20 78 Income tax expense $ 124 $ 122 $ 263 $ 244 During the three months ended June 30, 2019, legislation was enacted to decrease the Alberta provincial corporate income tax rate. As a result of this change, the Company recorded a deferred tax recovery of $88 million in the second quarter of 2019 related to the revaluation of its deferred income tax balances as at January 1, 2019. During the three months ended June 30, 2018, legislation was enacted to decrease the Iowa and Missouri state corporate income tax rates. As a result of these changes, the Company recorded a deferred tax recovery of $21 million in the second quarter of 2018 related to the revaluation of deferred income tax balances as at January 1, 2018. The effective tax rates for the three and six months ended June 30, 2019 were 14.63% and 18.50% , respectively, compared to 21.88% and 23.73% , respectively for the same periods in 2018 . For the three months ended June 30, 2019, the effective tax rate excluding the discrete items of the foreign exchange ("FX") gain of $37 million on debt and lease liabilities and the $88 million deferred tax recovery on the Alberta provincial corporate income tax rate change, was 25.75% . For the three months ended June 30, 2018 , the effective tax rate excluding the discrete items of the FX loss of $44 million on debt and the $21 million deferred tax recovery on the Iowa and Missouri state corporate income tax rate changes, was 24.75% . For the six months ended June 30, 2019 , the effective tax rate excluding the discrete items of the FX gain of $82 million on debt and lease liabilities and the $88 million deferred tax recovery on the Alberta provincial corporate income tax rate change, was 25.75% . For the six months ended June 30, 2018 , the effective tax rate excluding the discrete items of the FX loss of $93 million on debt and the $21 million deferred tax recovery on the Iowa and Missouri state corporate income tax rate changes, was 24.75%

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per share At June 30, 2019 , the number of CP Common Shares outstanding was 139.1 million ( June 30, 2018 - 142.5 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) 2019 2018 2019 2018 Weighted-average basic shares outstanding 139.7 142.8 139.9 143.6 Dilutive effect of stock options 0.5 0.4 0.5 0.4 Weighted-average diluted shares outstanding 140.2 143.2 140.4 144.0 For the three months ended June 30 , 2019 , there were no options excluded from the computation of diluted earnings per share (three months ended June 30, 2018 - 0.1 million ). For the six months ended June 30, 2019 , there were 0.1 million options excluded from the computation of diluted earnings per share because their effects were not dilutive (six months ended June 30, 2018 - 0.2 million ).

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt Retirement of long-term debt During the three months ended June 30, 2019, the Company repaid U.S. $350 million 7.250% 10 -year notes at maturity for a total of U.S. $350 million ( $471 million ). Issuance of long-term debt During the three months ended March 31, 2019, the Company issued $400 million 3.150% 10 -year notes due March 13, 2029 for net proceeds of $397 million . These notes pay interest semi-annually and are unsecured but carry a negative pledge. 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 revolving credit facility. As at June 30, 2019 , the Company had total commercial paper borrowings of U.S. $185 million ( $242 million ), presented in "Long-term debt maturing within one year" on the Company's Interim Consolidated Balance Sheets (December 31, 2018 - $ nil ). The weighted-average interest rate on these borrowings was 2.64% . The Company presents issuances and repayments of commercial paper, all of which have a maturity of less than 90 days, in the Company's Interim Consolidated Statements of Cash Flows on a net basis.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Leases The Company has leases for rolling stock, buildings, vehicles, railway equipment, and roadway machines. CP has entered into rolling stock leases that are fully variable or contain both fixed and variable components. Variable components are dependent on the hours and miles that the underlying equipment has been used. Fixed term, short-term, and variable operating lease costs are recorded in Equipment rents and Purchased services and other on the Company's Interim Consolidated Income Statements. Components of finance lease costs are recorded in Depreciation and amortization and Net interest expense on the Company's Interim Consolidated Income Statements. The Company determines lease existence and classification at the lease inception date. Leases are identified when an agreement conveys the right to control identified property for a period of time in exchange for consideration. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments include fixed and variable payments that are based on an index or a rate. If the Company's leases do not provide a readily determinable implicit interest rate, the Company uses internal incremental secured borrowing rates for comparable tenor in the same currency at the commencement date in determining the present value of lease payments. Operating and finance lease ROU assets also include lease prepayments and initial direct costs, but are reduced by lease incentives. The lease term may include periods associated with options to extend or exclude periods associated with options to terminate the lease when it is reasonably certain that the Company will exercise these options. The Company’s leases have remaining terms from one to 12 years , some of which include options to extend for up to an additional 10 years and some of which include options to terminate within one year . The Company has short-term operating leases with terms of 12 months or less, some of which include options to purchase that the Company is not reasonably certain to exercise. The Company has elected to apply the recognition exemption and, as such, accounts for leases with a term of 12 months or less off-balance sheet. Therefore, lease payments on these short-term operating leases are not included in operating lease ROU assets and liabilities, but are recognized as an expense in the Company's Consolidated Statements of Income on a straight-line basis over the term of the lease. Further, the Company has elected to combine lease and non-lease components for all leases, except for leases of roadway machines. Residual value guarantees are provided on certain rolling stock and vehicle operating leases. Cumulatively, these guarantees are limited to $2 million and are not included in lease liabilities as it is not currently probable that any amounts will be owed under these residual value guarantees. The components of lease expense are as follows: For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2019 2019 Operating lease cost $ 23 $ 45 Short-term lease cost 1 2 Variable lease cost 5 6 Sublease income (1 ) (1 ) Finance Lease Cost Amortization of right-of use-assets 3 5 Interest on lease liabilities 2 5 Total lease costs $ 33 $ 62 Supplemental balance sheet information related to leases is as follows: As at June 30 (in millions of Canadian dollars) Classification 2019 Assets Operating Other assets $ 381 Finance Properties, net book value 181 Liabilities Current Operating Accounts payable and accrued liabilities 72 Finance Long-term debt maturing within one year 7 Long-term Operating Other long-term liabilities 303 Finance Long-term debt 148 The following table provides the Company's weighted average remaining lease terms and discount rates: As at June 30 (in millions of Canadian dollars) 2019 Weighted Average Remaining Lease Term Operating leases 8 years Finance leases 4 years Weighted Average Discount Rate Operating leases 3.50 % Finance leases 7.03 % Supplemental information related to leases is as follows: For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2019 2019 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 18 $ 46 Operating cash outflows from finance leases 2 5 Financing cash outflows from finance leases 1 2 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 14 $ 23 Finance leases 4 4 Maturities of lease liabilities are as follows: As at June 30, 2019 (in millions of Canadian dollars) Finance Leases Operating Leases 2019 $ 5 $ 50 2020 11 72 2021 9 55 2022 109 47 2023 9 48 Thereafter 30 149 Total lease payments $ 173 $ 421 Less: Imputed interest 18 46 Present value of lease payments $ 155 $ 375

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' equity On October 19, 2018, the Company announced a new normal course issuer bid ("NCIB"), commencing October 24, 2018, to purchase up to 5.68 million of its Common Shares in the open market for cancellation before October 23, 2019. As at June 30, 2019 , the Company had purchased 3.85 million Common Shares for $1,049 million under this NCIB program. On May 10, 2017, the Company announced a new NCIB, commencing May 15, 2017, to purchase up to 4.38 million Common Shares for cancellation before May 14, 2018. The Company completed this NCIB on May 10, 2018. All purchases were made in accordance with the NCIB at prevalent market prices plus brokerage fees, or such other prices that were 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 describes activities under the share repurchase program: For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Number of Common Shares repurchased (1) 956,243 1,060,262 1,663,921 2,495,962 Weighted-average price per share (2) $ 308.84 $ 226.97 $ 288.80 $ 223.97 Amount of repurchase (in millions) (2) $ 296 $ 241 $ 481 $ 559 (1) Includes shares repurchased but not yet canceled at quarter end. (2) Includes brokerage fees.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2019
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, it is based on 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, FX and commodity) and volatility, depending on the type of derivative and the 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. All derivatives and long-term debt are classified as Level 2. The carrying values of financial instruments equal or approximate their fair values with the exception of long-term debt: (in millions of Canadian dollars) June 30, 2019 December 31, 2018 Long-term debt (including current maturities): Fair value $ 9,972 $ 9,639 Carrying value 8,539 8,696 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 principal and interest at estimated interest rates expected to be available to the Company at period end. 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 Company's 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 ("U.S."). As a result, the Company is exposed to fluctuations in the 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 effect of the net investment hedge recognized in “Other comprehensive income” for the three and six months ended June 30, 2019 was an unrealized FX gain of $120 million and $240 million , respectively ( three and six months ended June 30, 2018 - unrealized FX loss of $122 million and $273 million , respectively). 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 ongoing 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 During the second quarter of 2018, the Company settled a notional U.S. $500 million of forward starting swaps related to the U.S. $500 million 4.000% 10 -year Notes issued in the same period. The fair value of these derivative instruments at the time of settlement was a loss of U.S. $19 million ( $24 million ). The changes in fair value from forward starting swaps for the three and six months ended June 30, 2019 was $ nil ( three and six months ended June 30, 2018 - gain of $12 million and $31 million , respectively). This was recorded in "Accumulated other comprehensive loss”, net of tax, and is being reclassified to "Net interest expense" on the Interim Consolidated Statements of Income until the underlying hedged notes are repaid. For the three and six months ended June 30, 2019 , a net loss of $3 million and $5 million , respectively, related to settled forward starting swap hedges have been amortized to “Net interest expense” ( three and six months ended June 30, 2018 - net loss of $2 million and $5 million , respectively). The Company expects that during the next twelve months, an additional $9 million of net losses will be amortized to “Net interest expense”.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-based compensation At June 30, 2019 , the Company had several stock-based compensation plans, including stock option plans, various cash settled liability plans and an employee share purchase plan. These plans resulted in an expense for the three and six months ended June 30, 2019 of $39 million and $73 million , respectively ( three and six months ended June 30, 2018 - $18 million and $32 million , respectively). Stock option plan In the six months ended June 30, 2019 , under CP’s stock option plans, the Company issued 222,894 options at the weighted-average price of $272.33 per share, based on the closing price on the grant date. Pursuant to the employee plan, these options may be exercised upon vesting, which is between 12 months and 48 months after the grant date, and will expire after seven years . Under the fair value method, the fair value of the stock options at the grant date was approximately $14 million . The weighted-average fair value assumptions were approximately: For the six months ended June 30, 2019 Grant price $272.33 Expected option life (years) (1) 5.00 Risk-free interest rate (2) 2.23% Expected stock price volatility (3) 25.05% Expected annual dividends per share (4) $2.6133 Expected forfeiture rate (5) 6.00% Weighted-average grant date fair value per option granted during the period $63.67 (1) Represents the period of time that awards are expected to be outstanding. Historical data on exercise behaviour or, when available, specific expectations regarding future exercise behaviour were used to estimate the expected life of the option. (2) Based on the implied yield available on zero-coupon government issues with an equivalent term commensurate with the expected term of the option. (3) Based on the historical volatility of the Company’s stock price over a period commensurate with the expected term of the option. (4) Determined by the current annual dividend at the time of grant. The Company does not employ different dividend yields throughout the contractual term of the option. On May 6, 2019, the Company announced an increase in its quarterly dividend to $0.8300 per share, representing $3.3200 on an annual basis. (5) The Company estimates forfeitures based on past experience. This rate is monitored on a periodic basis. Performance share unit plan In the six months ended June 30, 2019 , the Company issued 132,423 PSUs with a grant date fair value of approximately $36 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"). The fair value of these PSUs is measured periodically until settlement, using either a lattice-based valuation model or a Monte Carlo simulation model. The performance period for 131,844 PSUs issued in the six months ended June 30, 2019 is January 1, 2019 to December 31, 2021, and the performance factors for these PSUs are Return on Invested Capital ("ROIC"), Total Shareholder Return ("TSR") compared to the S&P/TSX 60 Index, and TSR compared to Class I Railways. The performance factors for the remaining 579 PSUs are annual revenue for the fiscal year 2020, diluted EPS for the fiscal year 2020, and share price appreciation. The performance period for the PSUs issued in 2016 was January 1, 2016 to December 31, 2018. The performance factors for these PSUs were Operating Ratio, ROIC, TSR compared to the S&P/TSX 60 index, and TSR compared to Class I railways. The resulting payout was 177% of the outstanding units multiplied by the Company's average share price that was calculated using the last 30 trading days preceding December 31, 2018 . In the three months ended March 31, 2019, payouts occurred on the total outstanding awards, including dividends reinvested, totaling $54 million on 117,228 outstanding awards. Deferred share unit plan In the six months ended June 30, 2019 , the Company granted 15,179 DSUs with a grant date fair value of approximately $4 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.

Pension and Other Benefits

Pension and Other Benefits	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Pensions and Other Benefits	Pension and other benefits In the three months ended June 30, 2019, the Company made contributions of $12 million (three months ended June 30, 2018 - $11 million ) to its defined benefit pension plans. In the six months ended June 30, 2019, the Company made contributions of $23 million (six months ended June 30, 2018 - $12 million , which is net of a $10 million refund of plan surplus) to its defined benefit pension plans. Net periodic benefit costs for defined benefit pension plans and other benefits recognized in the three and six months ended June 30, 2019 and 2018 included the following components: For the three months ended June 30 Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Current service cost (benefits earned by employees) $ 27 $ 30 $ 3 $ 3 Other components of net periodic benefit (recovery) cost: Interest cost on benefit obligation 113 109 5 5 Expected return on fund assets (237 ) (238 ) — — Recognized net actuarial loss 20 28 — 1 Amortization of prior service costs — — 1 — Total other components of net periodic benefit (recovery) cost (104 ) (101 ) 6 6 Net periodic benefit (recovery) cost $ (77 ) $ (71 ) $ 9 $ 9 For the six months ended June 30 Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Current service cost (benefits earned by employees) $ 54 $ 60 $ 6 $ 6 Other components of net periodic benefit (recovery) cost: Interest cost on benefit obligation 225 219 10 9 Expected return on fund assets (474 ) (477 ) — — Recognized net actuarial loss 41 57 2 2 Amortization of prior service costs — (1 ) 1 — Total other components of net periodic benefit (recovery) cost (208 ) (202 ) 13 11 Net periodic benefit (recovery) cost $ (154 ) $ (142 ) $ 19 $ 17

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2019
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, 2019 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 petroleum crude oil operated by Montreal Maine and Atlantic Railway (“MMAR”) or a subsidiary, Montreal Maine & Atlantic Canada Co. (“MMAC” and collectively the “MMA Group”), derailed 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. In the wake of the derailment, MMAC sought court protection in Canada under the Companies’ Creditors Arrangement Act, R.S.C. , 1985, c. C-36 and MMAR filed for bankruptcy in the United States. Plans of arrangement have been approved in both Canada and the U.S. (the “Plans”). These Plans provide for the distribution of a fund of approximately $440 million amongst those claiming derailment damages. A number of legal proceedings, set out below, were commenced after the derailment in Canada and the U.S. against CP and others: (1) Québec's Minister of Sustainable Development, Environment, Wildlife and Parks (the "Minister") ordered various parties, including CP, to clean up the derailment site (the “Cleanup Order”). CP appealed the Cleanup Order to the Administrative Tribunal of Québec (the “TAQ”). The Minister subsequently served a Notice of Claim seeking $95 million for compensation spent on cleanup. CP filed a contestation of the Notice of Claim with the TAQ (the “TAQ Proceeding”). CP and the Minister agreed to stay the TAQ Proceedings pending the outcome of the Province of Québec's action, described in item #2 below. (2) Québec’s Attorney General sued CP in the Québec Superior Court initially claiming $409 million in damages, which claim was amended and reduced to $315 million (the “Province’s Action”). The Province’s Action alleges that CP exercised custody or control over the petroleum crude oil until its delivery to Irving Oil and was negligent in that custody and control. The province alleges that CP is jointly and severally liable with third parties responsible for the derailment and vicariously liable for the acts and omissions of MMAC. (3) A class action 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”) was certified against CP, MMAC and the train conductor, Mr. Thomas Harding ("Harding"). The Class Action seeks unquantified damages, including for wrongful death, personal injury, and property damage arising from the derailment. All known wrongful death claimants in the Class Action have opted out and, by court order, cannot re-join the Class Action. (4) Eight subrogated insurers sued CP in the Québec Superior Court initially claiming approximately $16 million in damages, which claim was amended and reduced to $14 million (the “Promutuel Action”) and two additional subrogated insurers sued CP in the Québec Superior Court claiming approximately $3 million in damages (the “Royal Action”). Both Actions contain essentially the same allegations as the Province’s Action. The lawsuits do not identify the parties to which the insurers are subrogated, and therefore the extent to which these claims overlap with the proof of claims process under the Plans is difficult to determine at this stage. The Royal Action has been stayed pending the determination of the consolidated proceedings described below. The Province’s Action, the Class Action and the Promutuel Action have been consolidated and will proceed together through the litigation process in the Québec Superior Court. While each Action will remain a separate legal proceeding, there will be a trial to determine liability issues commencing mid-September 2020, and subsequently, if necessary, a trial to determine damages issues. (5) Forty-eight plaintiffs (all individual claims joined in one action) sued CP, MMAC, and Harding in the Québec Superior Court claiming approximately $5 million in damages for economic loss and pain and suffering. These plaintiffs assert essentially the same allegations as those contained in the Class Action and the Province’s Action against CP. The plaintiffs assert they have opted-out of the Class Action. All but two of the plaintiffs were plaintiffs in litigation against CP, described in paragraph 7 below, that originated in the U.S. who either withdrew their claims or had their case dismissed in the U.S. (6) An adversary proceeding commenced against CP in November 2014 in the Maine Bankruptcy Court by the MMAR U.S. estate representative (“Estate Representative”) accuses CP of failing to abide by certain regulations (the “Adversary Proceeding”). The Estate Representative alleges that CP knew or ought to have known that the shipper had misclassified the petroleum crude oil and therefore should have refused to transport it. The Estate Representative seeks damages for MMAR’s business value (as yet unquantified) allegedly destroyed by the derailment. (7) A class action and mass tort action on behalf of Lac-Mégantic residents and wrongful death representatives commenced in Texas in June 2015 and wrongful death and personal injury actions commenced in Illinois and Maine in June 2015 against CP were all removed and subsequently transferred and consolidated in Federal District Court in Maine (the “Maine Actions”). The Maine Actions allege that CP negligently misclassified and mis-packaged the petroleum crude oil being shipped. On CP’s motion, the Maine Actions were dismissed by the Court on several grounds. The plaintiffs are appealing the dismissal decision. (8) The trustee (the “WD Trustee”) for the wrongful death trust (the “WD Trust”), as defined and established by the Estate Representative under the Plans, asserts Carmack Amendment claims against CP in North Dakota federal court (the “Carmack Claims”). The WD Trustee seeks to recover approximately $6 million for damaged rail cars and lost crude and recover the settlement amounts the consignor and the consignee paid to the bankruptcy estates, alleged to be $110 million and $60 million , respectively. On CP’s motion, the District Court in North Dakota dismissed the Carmack Claims on timeliness grounds. The WD Trustee appealed this decision to the Eighth Circuit Court of Appeals ("8CCA"), who reversed that decision and remanded the matter back to the District Court. CP sought reconsideration by the 8CCA, but the 8CCA denied rehearing. CP filed a petition for judicial review of this decision to the Supreme Court on February 13, 2019. The Supreme Court denied CP’s petition for judicial review on June 3, 2019 and the District Court set a trial date for August 2020. CP is considering applying for dismissal of the Carmack Claims on other grounds. At this stage of the proceedings, any potential responsibility and the quantum of potential losses cannot be determined. Nevertheless, CP denies liability and is vigorously defending the above noted 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, 2019 was $1 million and $2 million , respectively ( three and six months ended June 30, 2018 - $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, 2019 was $79 million ( December 31, 2018 - $82 million ). Payments are expected to be made over 10 years through 2029.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Information	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, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,403 $ 528 $ — $ 1,931 Non-freight — 34 115 (103 ) 46 Total revenues — 1,437 643 (103 ) 1,977 Operating expenses Compensation and benefits — 257 125 1 383 Fuel — 189 47 — 236 Materials — 37 13 4 54 Equipment rents — 47 (13 ) — 34 Depreciation and amortization — 110 73 — 183 Purchased services and other — 240 133 (108 ) 265 Total operating expenses — 880 378 (103 ) 1,155 Operating income — 557 265 — 822 Less: Other (income) expense (5 ) (38 ) 3 — (40 ) Other components of net periodic benefit (recovery) expense — (100 ) 2 — (98 ) Net interest (income) expense (1 ) 120 (7 ) — 112 Income before income tax expense and equity in net earnings of subsidiaries 6 575 267 — 848 Less: Income tax expense 2 113 9 — 124 Add: Equity in net earnings of subsidiaries 720 258 — (978 ) — Net income $ 724 $ 720 $ 258 $ (978 ) $ 724 Interim Condensed Consolidating Statements of Income For the three months ended June 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,196 $ 513 $ — $ 1,709 Non-freight — 31 90 (80 ) 41 Total revenues — 1,227 603 (80 ) 1,750 Operating expenses Compensation and benefits — 237 114 — 351 Fuel — 178 52 — 230 Materials — 38 12 3 53 Equipment rents — 30 3 — 33 Depreciation and amortization — 105 67 — 172 Purchased services and other — 205 162 (83 ) 284 Total operating expenses — 793 410 (80 ) 1,123 Operating income — 434 193 — 627 Less: Other expense (income) 5 79 (32 ) — 52 Other components of net periodic benefit (recovery) expense — (96 ) 1 — (95 ) Net interest (income) expense (2 ) 121 (7 ) — 112 (Loss) income before income tax expense and equity in net earnings of subsidiaries (3 ) 330 231 — 558 Less: Income tax (recovery) expense (1 ) 99 24 — 122 Add: Equity in net earnings of subsidiaries 438 207 — (645 ) — Net income $ 436 $ 438 $ 207 $ (645 ) $ 436 Interim Condensed Consolidating Statements of Income For the six months ended June 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 2,647 $ 1,010 $ — $ 3,657 Non-freight — 63 229 (205 ) 87 Total revenues — 2,710 1,239 (205 ) 3,744 Operating expenses Compensation and benefits — 531 255 3 789 Fuel — 354 91 — 445 Materials — 75 28 8 111 Equipment rents — 80 (11 ) — 69 Depreciation and amortization — 206 137 — 343 Purchased services and other — 518 320 (216 ) 622 Total operating expenses — 1,764 820 (205 ) 2,379 Operating income — 946 419 — 1,365 Less: Other (income) expense (10 ) (81 ) 4 — (87 ) Other components of net periodic benefit (recovery) expense — (198 ) 3 — (195 ) Net interest (income) expense (2 ) 242 (14 ) — 226 Income before income tax expense and equity in net earnings of subsidiaries 12 983 426 — 1,421 Less: Income tax expense 2 217 44 — 263 Add: Equity in net earnings of subsidiaries 1,148 382 — (1,530 ) — Net income $ 1,158 $ 1,148 $ 382 $ (1,530 ) $ 1,158 Interim Condensed Consolidating Statements of Income For the six months ended June 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 2,351 $ 983 $ — $ 3,334 Non-freight — 58 179 (159 ) 78 Total revenues — 2,409 1,162 (159 ) 3,412 Operating expenses Compensation and benefits — 494 229 2 725 Fuel — 346 99 — 445 Materials — 73 27 8 108 Equipment rents — 61 5 — 66 Depreciation and amortization — 209 133 — 342 Purchased services and other — 423 305 (169 ) 559 Total operating expenses — 1,606 798 (159 ) 2,245 Operating income — 803 364 — 1,167 Less: Other expense (income) 11 127 (35 ) — 103 Other components of net periodic benefit (recovery) expense — (192 ) 1 — (191 ) Net interest expense (income) 6 235 (14 ) — 227 (Loss) income before income tax expense and equity in net earnings of subsidiaries (17 ) 633 412 — 1,028 Less: Income tax (recovery) expense (1 ) 185 60 — 244 Add: Equity in net earnings of subsidiaries 800 352 — (1,152 ) — Net income $ 784 $ 800 $ 352 $ (1,152 ) $ 784 Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended June 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 724 $ 720 $ 258 $ (978 ) $ 724 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 121 (106 ) — 15 Change in derivatives designated as cash flow — 4 — — 4 Change in pension and post-retirement defined — 20 1 — 21 Other comprehensive income (loss) before income taxes — 145 (105 ) — 40 Income tax expense on above items — (22 ) — — (22 ) Equity accounted investments 18 (105 ) — 87 — Other comprehensive income (loss) 18 18 (105 ) 87 18 Comprehensive income $ 742 $ 738 $ 153 $ (891 ) $ 742 Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended June 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 436 $ 438 $ 207 $ (645 ) $ 436 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (123 ) 107 — (16 ) Change in derivatives designated as cash flow — 14 — — 14 Change in pension and post-retirement defined — 27 2 — 29 Other comprehensive (loss) income before income taxes — (82 ) 109 — 27 Income tax recovery (expense) on above items — 6 (1 ) — 5 Equity accounted investments 32 108 — (140 ) — Other comprehensive income 32 32 108 (140 ) 32 Comprehensive income $ 468 $ 470 $ 315 $ (785 ) $ 468 Interim Condensed Consolidating Statements of Comprehensive Income For the six months ended June 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 1,158 $ 1,148 $ 382 $ (1,530 ) $ 1,158 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 241 (210 ) — 31 Change in derivatives designated as cash flow — 6 — — 6 Change in pension and post-retirement defined — 39 2 — 41 Other comprehensive income (loss) before income taxes — 286 (208 ) — 78 Income tax expense on above items — (44 ) — — (44 ) Equity accounted investments 34 (208 ) — 174 — Other comprehensive income (loss) 34 34 (208 ) 174 34 Comprehensive income $ 1,192 $ 1,182 $ 174 $ (1,356 ) $ 1,192 Interim Condensed Consolidating Statements of Comprehensive Income For the six months ended June 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 784 $ 800 $ 352 $ (1,152 ) $ 784 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (273 ) 237 — (36 ) Change in derivatives designated as cash flow — 35 — — 35 Change in pension and post-retirement defined — 55 3 — 58 Other comprehensive (loss) income before income taxes — (183 ) 240 — 57 Income tax recovery (expense) on above items — 12 (1 ) — 11 Equity accounted investments 68 239 — (307 ) — Other comprehensive income 68 68 239 (307 ) 68 Comprehensive income $ 852 $ 868 $ 591 $ (1,459 ) $ 852 Interim Condensed Consolidating Balance Sheets As at June 30, 2019 (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 $ — $ 20 $ 25 $ — $ 45 Accounts receivable, net — 593 202 — 795 Accounts receivable, intercompany 153 146 205 (504 ) — Short-term advances to affiliates — 1,197 4,910 (6,107 ) — Materials and supplies — 158 37 — 195 Other current assets — 61 19 — 80 153 2,175 5,398 (6,611 ) 1,115 Long-term advances to affiliates 1,090 6 85 (1,181 ) — Investments — 31 179 — 210 Investments in subsidiaries 11,819 12,225 — (24,044 ) — Properties — 9,761 8,728 — 18,489 Goodwill and intangible assets — — 193 — 193 Pension asset — 1,460 — — 1,460 Other assets — 161 305 — 466 Deferred income taxes 5 — — (5 ) — Total assets $ 13,067 $ 25,819 $ 14,888 $ (31,841 ) $ 21,933 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 156 $ 872 $ 373 $ — $ 1,401 Accounts payable, intercompany 5 354 145 (504 ) — Short-term advances from affiliates 5,749 356 2 (6,107 ) — Long-term debt maturing within one year — 273 — — 273 5,910 1,855 520 (6,611 ) 1,674 Pension and other benefit liabilities — 638 75 — 713 Long-term advances from affiliates — 1,175 6 (1,181 ) — Other long-term liabilities — 234 364 — 598 Long-term debt — 8,213 53 — 8,266 Deferred income taxes — 1,885 1,645 (5 ) 3,525 Total liabilities 5,910 14,000 2,663 (7,797 ) 14,776 Shareholders’ equity Share capital 1,996 537 6,071 (6,608 ) 1,996 Additional paid-in capital 45 1,645 95 (1,740 ) 45 Accumulated other comprehensive (loss) income (2,009 ) (2,009 ) 631 1,378 (2,009 ) Retained earnings 7,125 11,646 5,428 (17,074 ) 7,125 7,157 11,819 12,225 (24,044 ) 7,157 Total liabilities and shareholders’ equity $ 13,067 $ 25,819 $ 14,888 $ (31,841 ) $ 21,933 Condensed Consolidating Balance Sheets As at December 31, 2018 (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 $ — $ 42 $ 19 $ — $ 61 Accounts receivable, net — 629 186 — 815 Accounts receivable, intercompany 125 167 224 (516 ) — Short-term advances to affiliates — 1,602 4,651 (6,253 ) — Materials and supplies — 136 37 — 173 Other current assets — 39 29 — 68 125 2,615 5,146 (6,769 ) 1,117 Long-term advances to affiliates 1,090 5 93 (1,188 ) — Investments — 24 179 — 203 Investments in subsidiaries 11,443 12,003 — (23,446 ) — Properties — 9,579 8,839 — 18,418 Goodwill and intangible assets — — 202 — 202 Pension asset — 1,243 — — 1,243 Other assets — 57 14 — 71 Deferred income taxes 6 — — (6 ) — Total assets $ 12,664 $ 25,526 $ 14,473 $ (31,409 ) $ 21,254 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 115 $ 1,017 $ 317 $ — $ 1,449 Accounts payable, intercompany 4 344 168 (516 ) — Short-term advances from affiliates 5,909 341 3 (6,253 ) — Long-term debt maturing within one year — 506 — — 506 6,028 2,208 488 (6,769 ) 1,955 Pension and other benefit liabilities — 639 79 — 718 Long-term advances from affiliates — 1,182 6 (1,188 ) — Other long-term liabilities — 120 117 — 237 Long-term debt — 8,135 55 — 8,190 Deferred income taxes — 1,799 1,725 (6 ) 3,518 Total liabilities 6,028 14,083 2,470 (7,963 ) 14,618 Shareholders’ equity Share capital 2,002 538 5,946 (6,484 ) 2,002 Additional paid-in capital 42 1,656 92 (1,748 ) 42 Accumulated other comprehensive (loss) income (2,043 ) (2,043 ) 839 1,204 (2,043 ) Retained earnings 6,635 11,292 5,126 (16,418 ) 6,635 6,636 11,443 12,003 (23,446 ) 6,636 Total liabilities and shareholders’ equity $ 12,664 $ 25,526 $ 14,473 $ (31,409 ) $ 21,254 Interim Condensed Consolidating Statements of Cash Flows For the three months ended June 30, 2019 (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 $ 565 $ 235 $ (177 ) $ 721 Investing activities Additions to properties — (316 ) (143 ) — (459 ) Proceeds from sale of properties and other assets — 8 — — 8 Advances to affiliates — — (245 ) 245 — Repayment of advances to affiliates — 5 19 (24 ) — Capital contributions to affiliates — (125 ) — 125 — Other — 1 (5 ) — (4 ) Cash used in investing activities — (427 ) (374 ) 346 (455 ) Financing activities Dividends paid (91 ) (91 ) (86 ) 177 (91 ) Issuance of share capital — — 125 (125 ) — Issuance of CP Common Shares 10 — — — 10 Purchase of CP Common Shares (257 ) — — — (257 ) Repayment of long-term debt, excluding commercial paper — (480 ) — — (480 ) Net issuance of commercial paper — 246 — — 246 Advances from affiliates 245 — — (245 ) — Repayment of advances from affiliates (5 ) (19 ) — 24 — Cash (used in) provided by financing activities (98 ) (344 ) 39 (169 ) (572 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — — (1 ) — (1 ) Cash position Decrease in cash and cash equivalents — (206 ) (101 ) — (307 ) Cash and cash equivalents at beginning of period — 226 126 — 352 Cash and cash equivalents at end of period $ — $ 20 $ 25 $ — $ 45 Interim Condensed Consolidating Statements of Cash Flows For the three months ended June 30, 2018 (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 $ 83 $ 501 $ 328 $ (201 ) $ 711 Investing activities Additions to properties — (276 ) (137 ) — (413 ) Proceeds from sale of properties and other assets — 3 2 — 5 Advances to affiliates — (255 ) (7 ) 262 — Repurchase of share capital from affiliates — 124 — (124 ) — Cash used in investing activities — (404 ) (142 ) 138 (408 ) Financing activities Dividends paid (81 ) (81 ) (120 ) 201 (81 ) Return of share capital to affiliates — (124 ) 124 — Issuance of CP Common Shares 4 — — — 4 Purchase of CP Common Shares (261 ) — — — (261 ) Issuance of long-term debt, excluding commercial paper — 638 — — 638 Repayment of long-term debt, excluding commercial paper — (734 ) — — (734 ) Net issuance of commercial paper 53 — — 53 Advances from affiliates 255 7 — (262 ) — Cash used in financing activities (83 ) (117 ) (244 ) 63 (381 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (3 ) 7 — 4 Cash position Decrease in cash and cash equivalents — (23 ) (51 ) — (74 ) Cash and cash equivalents at beginning of period — 43 82 — 125 Cash and cash equivalents at end of period $ — $ 20 $ 31 $ — $ 51 Interim Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2019 (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 $ 785 $ 763 $ 454 $ (868 ) $ 1,134 Investing activities Additions to properties — (457 ) (226 ) — (683 ) Proceeds from sale of properties and other assets — 12 2 — 14 Advances to affiliates — (250 ) (260 ) 510 — Repayment of advances to affiliates — 648 4 (652 ) — Capital contributions to affiliates — (125 ) — 125 — Other — 1 (6 ) — (5 ) Cash used in investing activities — (171 ) (486 ) (17 ) (674 ) Financing activities Dividends paid (182 ) (782 ) (86 ) 868 (182 ) Issuance of share capital — — 125 (125 ) — Issuance of CP Common Shares 14 — — — 14 Purchase of CP Common Shares (464 ) — — — (464 ) Issuance of long-term debt, excluding commercial paper — 397 — — 397 Repayment of long-term debt, excluding commercial paper — (485 ) — — (485 ) Net issuance of commercial paper — 246 — — 246 Advances from affiliates 495 15 — (510 ) — Repayment of advances from affiliates (648 ) (4 ) — 652 — Cash (used in) provided by financing activities (785 ) (613 ) 39 885 (474 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (1 ) (1 ) — (2 ) Cash position (Decrease) increase in cash and cash equivalents — (22 ) 6 — (16 ) Cash and cash equivalents at beginning of year — 42 19 — 61 Cash and cash equivalents at end of year $ — $ 20 $ 25 $ — $ 45 Interim Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2018 (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 $ 148 $ 893 $ 463 $ (396 ) $ 1,108 Investing activities Additions to properties — (398 ) (256 ) — (654 ) Proceeds from sale of properties and other assets — 6 3 — 9 Advances to affiliates — (562 ) — 562 — Repayment of advances to affiliates — — 495 (495 ) — Repurchase of share capital from affiliates — 547 — (547 ) — Other — — (1 ) — (1 ) Cash (used in) provided by investing activities — (407 ) 241 (480 ) (646 ) Financing activities Dividends paid (163 ) (163 ) (233 ) 396 (163 ) Return of share capital to affiliates — — (547 ) 547 — Issuance of CP Common Shares 12 — — — 12 Purchase of CP Common Shares (559 ) — — — (559 ) Issuance of long-term debt, excluding commercial paper — 638 — — 638 Repayment of long-term debt, excluding commercial paper — (739 ) — — (739 ) Net issuance of commercial paper — 53 — — 53 Advances from affiliates 562 — — (562 ) — Repayment of advances from affiliates — (495 ) — 495 — Cash used in financing activities (148 ) (706 ) (780 ) 876 (758 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (1 ) 10 — 9 Cash position Decrease in cash and cash equivalents — (221 ) (66 ) — (287 ) Cash and cash equivalents at beginning of year — 241 97 — 338 Cash and cash equivalents at end of year $ — $ 20 $ 31 $ — $ 51

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2019
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 2018 annual consolidated financial statements and notes included in CP's 2018 Annual Report on Form 10-K. The accounting policies used are consistent with the accounting policies used in preparing the 2018 annual consolidated financial statements, except for the newly adopted accounting policy 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 (Policies)

Accounting Changes (Policies)	6 Months Ended
	Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting Changes	Leases On January 1, 2019, the Company adopted the new Accounting Standards Update ("ASU") 2016-02, issued by the Financial Accounting Standards Board ("FASB"), and all related amendments under FASB Accounting Standards Codification ("ASC") Topic 842, Leases. Using the cumulative-effect adjustment transition approach, the Company recognized a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Accordingly, comparative financial information has not been restated and continues to be reported under the accounting standards in effect for those periods. In January 2019, the Company implemented a lease management system to assist in delivering the required accounting changes. To facilitate the transition, the Company made policy choices to utilize available practical expedients provided by the new standard, including the: • Acceptance of the package of practical expedients, permitting the Company not to reassess lease existence, classification, and capitalization of initial direct costs previously determined for all leases under Topic 840, Leases; • Acceptance of the previous accounting treatment for land easements where Topic 840 was not applied; and • Use of hindsight at transition to determine lease term length. Operating leases with fixed terms and in-substance fixed terms were transitioned by recognizing both an operating lease liability and right-of-use ("ROU") asset. Operating lease liabilities and ROU assets were calculated at the present value of remaining lease payments using the Company’s incremental borrowing interest rate as at January 1, 2019. ROU assets were further modified to include previously accrued balances for prepayments and initial direct costs, but reduced for accrued lease incentives. The Company did not recognize operating lease liabilities or ROU assets for leases requiring variable payment not dependent on an index or rate, or short term leases with a term of 12 months or less.

Leases (Policies)

Leases (Policies)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	The Company has leases for rolling stock, buildings, vehicles, railway equipment, and roadway machines. CP has entered into rolling stock leases that are fully variable or contain both fixed and variable components. Variable components are dependent on the hours and miles that the underlying equipment has been used. Fixed term, short-term, and variable operating lease costs are recorded in Equipment rents and Purchased services and other on the Company's Interim Consolidated Income Statements. Components of finance lease costs are recorded in Depreciation and amortization and Net interest expense on the Company's Interim Consolidated Income Statements. The Company determines lease existence and classification at the lease inception date. Leases are identified when an agreement conveys the right to control identified property for a period of time in exchange for consideration. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Lease payments include fixed and variable payments that are based on an index or a rate. If the Company's leases do not provide a readily determinable implicit interest rate, the Company uses internal incremental secured borrowing rates for comparable tenor in the same currency at the commencement date in determining the present value of lease payments. Operating and finance lease ROU assets also include lease prepayments and initial direct costs, but are reduced by lease incentives. The lease term may include periods associated with options to extend or exclude periods associated with options to terminate the lease when it is reasonably certain that the Company will exercise these options. The Company’s leases have remaining terms from one to 12 years , some of which include options to extend for up to an additional 10 years and some of which include options to terminate within one year . The Company has short-term operating leases with terms of 12 months or less, some of which include options to purchase that the Company is not reasonably certain to exercise. The Company has elected to apply the recognition exemption and, as such, accounts for leases with a term of 12 months or less off-balance sheet. Therefore, lease payments on these short-term operating leases are not included in operating lease ROU assets and liabilities, but are recognized as an expense in the Company's Consolidated Statements of Income on a straight-line basis over the term of the lease. Further, the Company has elected to combine lease and non-lease components for all leases, except for leases of roadway machines.

Accounting Changes (Tables)

Accounting Changes (Tables)	6 Months Ended
	Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Impact of ASC 842 Adoption	The impact of the adoption of ASC 842 as at January 1, 2019 was as follows: (in millions of Canadian dollars) As reported New lease standard As restated Assets Properties $ 18,418 $ (12 ) $ 18,406 Other assets 71 399 470 Liabilities Accounts payable and accrued liabilities $ 1,449 $ 58 $ 1,507 Other long-term liabilities 237 337 574 Deferred income taxes 3,518 (3 ) 3,515 Shareholders' equity Retained earnings $ 6,635 $ (5 ) $ 6,630

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates the Company’s revenues from contracts with customers by major source: For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Freight Grain $ 422 $ 372 $ 802 $ 729 Coal 173 164 331 315 Potash 136 116 250 228 Fertilizers and sulphur 63 55 120 116 Forest products 78 69 151 135 Energy, chemicals and plastics 346 278 661 535 Metals, minerals and consumer products 205 204 378 387 Automotive 104 91 180 162 Intermodal 404 360 784 727 Total freight revenues 1,931 1,709 3,657 3,334 Non-freight excluding leasing revenues 30 25 57 48 Revenues from contracts with customers 1,961 1,734 3,714 3,382 Leasing revenues 16 16 30 30 Total revenues $ 1,977 $ 1,750 $ 3,744 $ 3,412
Contract Liabilities	Contract liabilities (in millions of Canadian dollars) 2019 2018 Balance at January 1 $ 2 $ 2 Balance at April 1 $ 73 $ 2 Balance at June 30 $ 74 $ 3

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component (Tables)	6 Months Ended
	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss), Net of Tax [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) Foreign currency net of hedging activities (1) Derivatives and (1) Pension and post- (1) Total (1) Opening balance, April 1, 2019 $ 113 $ (61 ) $ (2,079 ) $ (2,027 ) Other comprehensive (loss) income before reclassifications (1 ) 1 — — Amounts reclassified from accumulated other comprehensive loss — 2 16 18 Net other comprehensive (loss) income (1 ) 3 16 18 Closing balance, June 30, 2019 $ 112 $ (58 ) $ (2,063 ) $ (2,009 ) Opening balance, April 1, 2018 $ 109 $ (74 ) $ (1,740 ) $ (1,705 ) Other comprehensive income before reclassifications 1 8 — 9 Amounts reclassified from accumulated other comprehensive loss — 2 21 23 Net other comprehensive income 1 10 21 32 Closing balance, June 30, 2018 $ 110 $ (64 ) $ (1,719 ) $ (1,673 ) (1) Amounts are presented net of tax. For the six months ended June 30 (in millions of Canadian dollars) Foreign currency net of hedging activities (1) Derivatives and (1) Pension and post- (1) Total (1) Opening balance, January 1, 2019 $ 113 $ (62 ) $ (2,094 ) $ (2,043 ) Other comprehensive loss before reclassifications (1 ) — (1 ) (2 ) Amounts reclassified from accumulated other comprehensive loss — 4 32 36 Net other comprehensive (loss) income (1 ) 4 31 34 Closing balance, June 30, 2019 $ 112 $ (58 ) $ (2,063 ) $ (2,009 ) Opening balance, January 1, 2018 $ 109 $ (89 ) $ (1,761 ) $ (1,741 ) Other comprehensive income (loss) before reclassifications 1 21 (1 ) 21 Amounts reclassified from accumulated other comprehensive loss — 4 43 47 Net other comprehensive income 1 25 42 68 Closing balance, June 30, 2018 $ 110 $ (64 ) $ (1,719 ) $ (1,673 ) 1)
Amounts in Pension and Post-retirement Defined Benefit Plans Reclassified from AOCL	Amounts in Pension and post-retirement defined benefit plans reclassified from AOCL are as follows: For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Amortization of prior service costs (1) $ 1 $ — $ 1 $ (1 ) Recognition of net actuarial loss (1) 20 29 41 59 Total before income tax 21 29 42 58 Income tax recovery (5 ) (8 ) (10 ) (15 ) Total net of income tax $ 16 $ 21 $ 32 $ 43 (1) Impacts " Other components of net periodic benefit recovery " on the Interim Consolidated Statements of Income.

Other (Income) Expense (Tables)

Other (Income) Expense (Tables)	6 Months Ended
	Jun. 30, 2019
Other Income and Expenses [Abstract]
Other Income and Expenses	For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Foreign exchange (gain) loss on debt and lease liabilities $ (37 ) $ 44 $ (82 ) $ 93 Other foreign exchange (gains) losses (4 ) 4 (6 ) 3 Other 1 4 1 7 Other (income) expense $ (40 ) $ 52 $ (87 ) $ 103

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2019
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) 2019 2018 2019 2018 Current income tax expense $ 142 $ 85 $ 243 $ 166 Deferred income tax (recovery) expense (18 ) 37 20 78 Income tax expense $ 124 $ 122 $ 263 $ 244

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Number of Shares Used in the Earnings Per Share Calculation	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) 2019 2018 2019 2018 Weighted-average basic shares outstanding 139.7 142.8 139.9 143.6 Dilutive effect of stock options 0.5 0.4 0.5 0.4 Weighted-average diluted shares outstanding 140.2 143.2 140.4 144.0

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense are as follows: For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2019 2019 Operating lease cost $ 23 $ 45 Short-term lease cost 1 2 Variable lease cost 5 6 Sublease income (1 ) (1 ) Finance Lease Cost Amortization of right-of use-assets 3 5 Interest on lease liabilities 2 5 Total lease costs $ 33 $ 62
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases is as follows: As at June 30 (in millions of Canadian dollars) Classification 2019 Assets Operating Other assets $ 381 Finance Properties, net book value 181 Liabilities Current Operating Accounts payable and accrued liabilities 72 Finance Long-term debt maturing within one year 7 Long-term Operating Other long-term liabilities 303 Finance Long-term debt 148
Weighted Average Remaining Lease Terms and Discount Rates	The following table provides the Company's weighted average remaining lease terms and discount rates: As at June 30 (in millions of Canadian dollars) 2019 Weighted Average Remaining Lease Term Operating leases 8 years Finance leases 4 years Weighted Average Discount Rate Operating leases 3.50 % Finance leases 7.03 %
Supplemental Information Related to Leases	Supplemental information related to leases is as follows: For the three months ended June 30 For the six months ended June 30 (in millions of Canadian dollars) 2019 2019 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 18 $ 46 Operating cash outflows from finance leases 2 5 Financing cash outflows from finance leases 1 2 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 14 $ 23 Finance leases 4 4
Maturities of Operating and Finance Lease Liabilities	Maturities of lease liabilities are as follows: As at June 30, 2019 (in millions of Canadian dollars) Finance Leases Operating Leases 2019 $ 5 $ 50 2020 11 72 2021 9 55 2022 109 47 2023 9 48 Thereafter 30 149 Total lease payments $ 173 $ 421 Less: Imputed interest 18 46 Present value of lease payments $ 155 $ 375

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
Activities Under Share Repurchase Program	The following table describes activities under the share repurchase program: For the three months ended June 30 For the six months ended June 30 2019 2018 2019 2018 Number of Common Shares repurchased (1) 956,243 1,060,262 1,663,921 2,495,962 Weighted-average price per share (2) $ 308.84 $ 226.97 $ 288.80 $ 223.97 Amount of repurchase (in millions) (2) $ 296 $ 241 $ 481 $ 559 (1) Includes shares repurchased but not yet canceled at quarter end. (2) Includes brokerage fees.

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value and Carrying Value of Long-term Debt	The carrying values of financial instruments equal or approximate their fair values with the exception of long-term debt: (in millions of Canadian dollars) June 30, 2019 December 31, 2018 Long-term debt (including current maturities): Fair value $ 9,972 $ 9,639 Carrying value 8,539 8,696

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 Grant price $272.33 Expected option life (years) (1) 5.00 Risk-free interest rate (2) 2.23% Expected stock price volatility (3) 25.05% Expected annual dividends per share (4) $2.6133 Expected forfeiture rate (5) 6.00% Weighted-average grant date fair value per option granted during the period $63.67 (1) Represents the period of time that awards are expected to be outstanding. Historical data on exercise behaviour or, when available, specific expectations regarding future exercise behaviour were used to estimate the expected life of the option. (2) Based on the implied yield available on zero-coupon government issues with an equivalent term commensurate with the expected term of the option. (3) Based on the historical volatility of the Company’s stock price over a period commensurate with the expected term of the option. (4) Determined by the current annual dividend at the time of grant. The Company does not employ different dividend yields throughout the contractual term of the option. On May 6, 2019, the Company announced an increase in its quarterly dividend to $0.8300 per share, representing $3.3200 on an annual basis. (5) The Company estimates forfeitures based on past experience. This rate is monitored on a periodic basis.

Pension and Other Benefits (Tab

Pension and Other Benefits (Tables)	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Net Periodic Benefit Cost for Defined Benefit Pension Plans and Other Benefits	Net periodic benefit costs for defined benefit pension plans and other benefits recognized in the three and six months ended June 30, 2019 and 2018 included the following components: For the three months ended June 30 Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Current service cost (benefits earned by employees) $ 27 $ 30 $ 3 $ 3 Other components of net periodic benefit (recovery) cost: Interest cost on benefit obligation 113 109 5 5 Expected return on fund assets (237 ) (238 ) — — Recognized net actuarial loss 20 28 — 1 Amortization of prior service costs — — 1 — Total other components of net periodic benefit (recovery) cost (104 ) (101 ) 6 6 Net periodic benefit (recovery) cost $ (77 ) $ (71 ) $ 9 $ 9 For the six months ended June 30 Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Current service cost (benefits earned by employees) $ 54 $ 60 $ 6 $ 6 Other components of net periodic benefit (recovery) cost: Interest cost on benefit obligation 225 219 10 9 Expected return on fund assets (474 ) (477 ) — — Recognized net actuarial loss 41 57 2 2 Amortization of prior service costs — (1 ) 1 — Total other components of net periodic benefit (recovery) cost (208 ) (202 ) 13 11 Net periodic benefit (recovery) cost $ (154 ) $ (142 ) $ 19 $ 17

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,403 $ 528 $ — $ 1,931 Non-freight — 34 115 (103 ) 46 Total revenues — 1,437 643 (103 ) 1,977 Operating expenses Compensation and benefits — 257 125 1 383 Fuel — 189 47 — 236 Materials — 37 13 4 54 Equipment rents — 47 (13 ) — 34 Depreciation and amortization — 110 73 — 183 Purchased services and other — 240 133 (108 ) 265 Total operating expenses — 880 378 (103 ) 1,155 Operating income — 557 265 — 822 Less: Other (income) expense (5 ) (38 ) 3 — (40 ) Other components of net periodic benefit (recovery) expense — (100 ) 2 — (98 ) Net interest (income) expense (1 ) 120 (7 ) — 112 Income before income tax expense and equity in net earnings of subsidiaries 6 575 267 — 848 Less: Income tax expense 2 113 9 — 124 Add: Equity in net earnings of subsidiaries 720 258 — (978 ) — Net income $ 724 $ 720 $ 258 $ (978 ) $ 724 Interim Condensed Consolidating Statements of Income For the three months ended June 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,196 $ 513 $ — $ 1,709 Non-freight — 31 90 (80 ) 41 Total revenues — 1,227 603 (80 ) 1,750 Operating expenses Compensation and benefits — 237 114 — 351 Fuel — 178 52 — 230 Materials — 38 12 3 53 Equipment rents — 30 3 — 33 Depreciation and amortization — 105 67 — 172 Purchased services and other — 205 162 (83 ) 284 Total operating expenses — 793 410 (80 ) 1,123 Operating income — 434 193 — 627 Less: Other expense (income) 5 79 (32 ) — 52 Other components of net periodic benefit (recovery) expense — (96 ) 1 — (95 ) Net interest (income) expense (2 ) 121 (7 ) — 112 (Loss) income before income tax expense and equity in net earnings of subsidiaries (3 ) 330 231 — 558 Less: Income tax (recovery) expense (1 ) 99 24 — 122 Add: Equity in net earnings of subsidiaries 438 207 — (645 ) — Net income $ 436 $ 438 $ 207 $ (645 ) $ 436 Interim Condensed Consolidating Statements of Income For the six months ended June 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 2,647 $ 1,010 $ — $ 3,657 Non-freight — 63 229 (205 ) 87 Total revenues — 2,710 1,239 (205 ) 3,744 Operating expenses Compensation and benefits — 531 255 3 789 Fuel — 354 91 — 445 Materials — 75 28 8 111 Equipment rents — 80 (11 ) — 69 Depreciation and amortization — 206 137 — 343 Purchased services and other — 518 320 (216 ) 622 Total operating expenses — 1,764 820 (205 ) 2,379 Operating income — 946 419 — 1,365 Less: Other (income) expense (10 ) (81 ) 4 — (87 ) Other components of net periodic benefit (recovery) expense — (198 ) 3 — (195 ) Net interest (income) expense (2 ) 242 (14 ) — 226 Income before income tax expense and equity in net earnings of subsidiaries 12 983 426 — 1,421 Less: Income tax expense 2 217 44 — 263 Add: Equity in net earnings of subsidiaries 1,148 382 — (1,530 ) — Net income $ 1,158 $ 1,148 $ 382 $ (1,530 ) $ 1,158 Interim Condensed Consolidating Statements of Income For the six months ended June 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 2,351 $ 983 $ — $ 3,334 Non-freight — 58 179 (159 ) 78 Total revenues — 2,409 1,162 (159 ) 3,412 Operating expenses Compensation and benefits — 494 229 2 725 Fuel — 346 99 — 445 Materials — 73 27 8 108 Equipment rents — 61 5 — 66 Depreciation and amortization — 209 133 — 342 Purchased services and other — 423 305 (169 ) 559 Total operating expenses — 1,606 798 (159 ) 2,245 Operating income — 803 364 — 1,167 Less: Other expense (income) 11 127 (35 ) — 103 Other components of net periodic benefit (recovery) expense — (192 ) 1 — (191 ) Net interest expense (income) 6 235 (14 ) — 227 (Loss) income before income tax expense and equity in net earnings of subsidiaries (17 ) 633 412 — 1,028 Less: Income tax (recovery) expense (1 ) 185 60 — 244 Add: Equity in net earnings of subsidiaries 800 352 — (1,152 ) — Net income $ 784 $ 800 $ 352 $ (1,152 ) $ 784
Interim Condensed Consolidating Statements of Comprehensive Income	Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended June 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 724 $ 720 $ 258 $ (978 ) $ 724 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 121 (106 ) — 15 Change in derivatives designated as cash flow — 4 — — 4 Change in pension and post-retirement defined — 20 1 — 21 Other comprehensive income (loss) before income taxes — 145 (105 ) — 40 Income tax expense on above items — (22 ) — — (22 ) Equity accounted investments 18 (105 ) — 87 — Other comprehensive income (loss) 18 18 (105 ) 87 18 Comprehensive income $ 742 $ 738 $ 153 $ (891 ) $ 742 Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended June 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 436 $ 438 $ 207 $ (645 ) $ 436 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (123 ) 107 — (16 ) Change in derivatives designated as cash flow — 14 — — 14 Change in pension and post-retirement defined — 27 2 — 29 Other comprehensive (loss) income before income taxes — (82 ) 109 — 27 Income tax recovery (expense) on above items — 6 (1 ) — 5 Equity accounted investments 32 108 — (140 ) — Other comprehensive income 32 32 108 (140 ) 32 Comprehensive income $ 468 $ 470 $ 315 $ (785 ) $ 468 Interim Condensed Consolidating Statements of Comprehensive Income For the six months ended June 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 1,158 $ 1,148 $ 382 $ (1,530 ) $ 1,158 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 241 (210 ) — 31 Change in derivatives designated as cash flow — 6 — — 6 Change in pension and post-retirement defined — 39 2 — 41 Other comprehensive income (loss) before income taxes — 286 (208 ) — 78 Income tax expense on above items — (44 ) — — (44 ) Equity accounted investments 34 (208 ) — 174 — Other comprehensive income (loss) 34 34 (208 ) 174 34 Comprehensive income $ 1,192 $ 1,182 $ 174 $ (1,356 ) $ 1,192 Interim Condensed Consolidating Statements of Comprehensive Income For the six months ended June 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 784 $ 800 $ 352 $ (1,152 ) $ 784 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (273 ) 237 — (36 ) Change in derivatives designated as cash flow — 35 — — 35 Change in pension and post-retirement defined — 55 3 — 58 Other comprehensive (loss) income before income taxes — (183 ) 240 — 57 Income tax recovery (expense) on above items — 12 (1 ) — 11 Equity accounted investments 68 239 — (307 ) — Other comprehensive income 68 68 239 (307 ) 68 Comprehensive income $ 852 $ 868 $ 591 $ (1,459 ) $ 852
Interim Condensed Consolidating Balance Sheets	Interim Condensed Consolidating Balance Sheets As at June 30, 2019 (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 $ — $ 20 $ 25 $ — $ 45 Accounts receivable, net — 593 202 — 795 Accounts receivable, intercompany 153 146 205 (504 ) — Short-term advances to affiliates — 1,197 4,910 (6,107 ) — Materials and supplies — 158 37 — 195 Other current assets — 61 19 — 80 153 2,175 5,398 (6,611 ) 1,115 Long-term advances to affiliates 1,090 6 85 (1,181 ) — Investments — 31 179 — 210 Investments in subsidiaries 11,819 12,225 — (24,044 ) — Properties — 9,761 8,728 — 18,489 Goodwill and intangible assets — — 193 — 193 Pension asset — 1,460 — — 1,460 Other assets — 161 305 — 466 Deferred income taxes 5 — — (5 ) — Total assets $ 13,067 $ 25,819 $ 14,888 $ (31,841 ) $ 21,933 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 156 $ 872 $ 373 $ — $ 1,401 Accounts payable, intercompany 5 354 145 (504 ) — Short-term advances from affiliates 5,749 356 2 (6,107 ) — Long-term debt maturing within one year — 273 — — 273 5,910 1,855 520 (6,611 ) 1,674 Pension and other benefit liabilities — 638 75 — 713 Long-term advances from affiliates — 1,175 6 (1,181 ) — Other long-term liabilities — 234 364 — 598 Long-term debt — 8,213 53 — 8,266 Deferred income taxes — 1,885 1,645 (5 ) 3,525 Total liabilities 5,910 14,000 2,663 (7,797 ) 14,776 Shareholders’ equity Share capital 1,996 537 6,071 (6,608 ) 1,996 Additional paid-in capital 45 1,645 95 (1,740 ) 45 Accumulated other comprehensive (loss) income (2,009 ) (2,009 ) 631 1,378 (2,009 ) Retained earnings 7,125 11,646 5,428 (17,074 ) 7,125 7,157 11,819 12,225 (24,044 ) 7,157 Total liabilities and shareholders’ equity $ 13,067 $ 25,819 $ 14,888 $ (31,841 ) $ 21,933 Condensed Consolidating Balance Sheets As at December 31, 2018 (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 $ — $ 42 $ 19 $ — $ 61 Accounts receivable, net — 629 186 — 815 Accounts receivable, intercompany 125 167 224 (516 ) — Short-term advances to affiliates — 1,602 4,651 (6,253 ) — Materials and supplies — 136 37 — 173 Other current assets — 39 29 — 68 125 2,615 5,146 (6,769 ) 1,117 Long-term advances to affiliates 1,090 5 93 (1,188 ) — Investments — 24 179 — 203 Investments in subsidiaries 11,443 12,003 — (23,446 ) — Properties — 9,579 8,839 — 18,418 Goodwill and intangible assets — — 202 — 202 Pension asset — 1,243 — — 1,243 Other assets — 57 14 — 71 Deferred income taxes 6 — — (6 ) — Total assets $ 12,664 $ 25,526 $ 14,473 $ (31,409 ) $ 21,254 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 115 $ 1,017 $ 317 $ — $ 1,449 Accounts payable, intercompany 4 344 168 (516 ) — Short-term advances from affiliates 5,909 341 3 (6,253 ) — Long-term debt maturing within one year — 506 — — 506 6,028 2,208 488 (6,769 ) 1,955 Pension and other benefit liabilities — 639 79 — 718 Long-term advances from affiliates — 1,182 6 (1,188 ) — Other long-term liabilities — 120 117 — 237 Long-term debt — 8,135 55 — 8,190 Deferred income taxes — 1,799 1,725 (6 ) 3,518 Total liabilities 6,028 14,083 2,470 (7,963 ) 14,618 Shareholders’ equity Share capital 2,002 538 5,946 (6,484 ) 2,002 Additional paid-in capital 42 1,656 92 (1,748 ) 42 Accumulated other comprehensive (loss) income (2,043 ) (2,043 ) 839 1,204 (2,043 ) Retained earnings 6,635 11,292 5,126 (16,418 ) 6,635 6,636 11,443 12,003 (23,446 ) 6,636 Total liabilities and shareholders’ equity $ 12,664 $ 25,526 $ 14,473 $ (31,409 ) $ 21,254
Interim Condensed Consolidating Statements of Cash Flows	Interim Condensed Consolidating Statements of Cash Flows For the three months ended June 30, 2019 (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 $ 565 $ 235 $ (177 ) $ 721 Investing activities Additions to properties — (316 ) (143 ) — (459 ) Proceeds from sale of properties and other assets — 8 — — 8 Advances to affiliates — — (245 ) 245 — Repayment of advances to affiliates — 5 19 (24 ) — Capital contributions to affiliates — (125 ) — 125 — Other — 1 (5 ) — (4 ) Cash used in investing activities — (427 ) (374 ) 346 (455 ) Financing activities Dividends paid (91 ) (91 ) (86 ) 177 (91 ) Issuance of share capital — — 125 (125 ) — Issuance of CP Common Shares 10 — — — 10 Purchase of CP Common Shares (257 ) — — — (257 ) Repayment of long-term debt, excluding commercial paper — (480 ) — — (480 ) Net issuance of commercial paper — 246 — — 246 Advances from affiliates 245 — — (245 ) — Repayment of advances from affiliates (5 ) (19 ) — 24 — Cash (used in) provided by financing activities (98 ) (344 ) 39 (169 ) (572 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — — (1 ) — (1 ) Cash position Decrease in cash and cash equivalents — (206 ) (101 ) — (307 ) Cash and cash equivalents at beginning of period — 226 126 — 352 Cash and cash equivalents at end of period $ — $ 20 $ 25 $ — $ 45 Interim Condensed Consolidating Statements of Cash Flows For the three months ended June 30, 2018 (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 $ 83 $ 501 $ 328 $ (201 ) $ 711 Investing activities Additions to properties — (276 ) (137 ) — (413 ) Proceeds from sale of properties and other assets — 3 2 — 5 Advances to affiliates — (255 ) (7 ) 262 — Repurchase of share capital from affiliates — 124 — (124 ) — Cash used in investing activities — (404 ) (142 ) 138 (408 ) Financing activities Dividends paid (81 ) (81 ) (120 ) 201 (81 ) Return of share capital to affiliates — (124 ) 124 — Issuance of CP Common Shares 4 — — — 4 Purchase of CP Common Shares (261 ) — — — (261 ) Issuance of long-term debt, excluding commercial paper — 638 — — 638 Repayment of long-term debt, excluding commercial paper — (734 ) — — (734 ) Net issuance of commercial paper 53 — — 53 Advances from affiliates 255 7 — (262 ) — Cash used in financing activities (83 ) (117 ) (244 ) 63 (381 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (3 ) 7 — 4 Cash position Decrease in cash and cash equivalents — (23 ) (51 ) — (74 ) Cash and cash equivalents at beginning of period — 43 82 — 125 Cash and cash equivalents at end of period $ — $ 20 $ 31 $ — $ 51 Interim Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2019 (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 $ 785 $ 763 $ 454 $ (868 ) $ 1,134 Investing activities Additions to properties — (457 ) (226 ) — (683 ) Proceeds from sale of properties and other assets — 12 2 — 14 Advances to affiliates — (250 ) (260 ) 510 — Repayment of advances to affiliates — 648 4 (652 ) — Capital contributions to affiliates — (125 ) — 125 — Other — 1 (6 ) — (5 ) Cash used in investing activities — (171 ) (486 ) (17 ) (674 ) Financing activities Dividends paid (182 ) (782 ) (86 ) 868 (182 ) Issuance of share capital — — 125 (125 ) — Issuance of CP Common Shares 14 — — — 14 Purchase of CP Common Shares (464 ) — — — (464 ) Issuance of long-term debt, excluding commercial paper — 397 — — 397 Repayment of long-term debt, excluding commercial paper — (485 ) — — (485 ) Net issuance of commercial paper — 246 — — 246 Advances from affiliates 495 15 — (510 ) — Repayment of advances from affiliates (648 ) (4 ) — 652 — Cash (used in) provided by financing activities (785 ) (613 ) 39 885 (474 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (1 ) (1 ) — (2 ) Cash position (Decrease) increase in cash and cash equivalents — (22 ) 6 — (16 ) Cash and cash equivalents at beginning of year — 42 19 — 61 Cash and cash equivalents at end of year $ — $ 20 $ 25 $ — $ 45 Interim Condensed Consolidating Statements of Cash Flows For the six months ended June 30, 2018 (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 $ 148 $ 893 $ 463 $ (396 ) $ 1,108 Investing activities Additions to properties — (398 ) (256 ) — (654 ) Proceeds from sale of properties and other assets — 6 3 — 9 Advances to affiliates — (562 ) — 562 — Repayment of advances to affiliates — — 495 (495 ) — Repurchase of share capital from affiliates — 547 — (547 ) — Other — — (1 ) — (1 ) Cash (used in) provided by investing activities — (407 ) 241 (480 ) (646 ) Financing activities Dividends paid (163 ) (163 ) (233 ) 396 (163 ) Return of share capital to affiliates — — (547 ) 547 — Issuance of CP Common Shares 12 — — — 12 Purchase of CP Common Shares (559 ) — — — (559 ) Issuance of long-term debt, excluding commercial paper — 638 — — 638 Repayment of long-term debt, excluding commercial paper — (739 ) — — (739 ) Net issuance of commercial paper — 53 — — 53 Advances from affiliates 562 — — (562 ) — Repayment of advances from affiliates — (495 ) — 495 — Cash used in financing activities (148 ) (706 ) (780 ) 876 (758 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (1 ) 10 — 9 Cash position Decrease in cash and cash equivalents — (221 ) (66 ) — (287 ) Cash and cash equivalents at beginning of year — 241 97 — 338 Cash and cash equivalents at end of year $ — $ 20 $ 31 $ — $ 51

Accounting Changes - Impact of

Accounting Changes - Impact of ASC 842 Adoption (Details) - CAD ($) $ in Millions	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Properties	$ 18,489	$ 18,406	$ 18,418
Other assets	466	470	71
Accounts payable and accrued liabilities	1,401	1,507	1,449
Other long-term liabilities	598	574	237
Deferred income taxes	3,525	3,515	3,518
Retained earnings	$ 7,125	6,630	$ 6,635
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Properties		(12)
Other assets		399
Accounts payable and accrued liabilities		58
Other long-term liabilities		337
Deferred income taxes		(3)
Retained earnings		$ (5)

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,961	$ 1,734	$ 3,714	$ 3,382
Leasing revenues	16	16	30	30
Total revenues	1,977	1,750	3,744	3,412
Freight [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,931	1,709	3,657	3,334
Total revenues	1,931	1,709	3,657	3,334
Grain
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	422	372	802	729
Coal
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	173	164	331	315
Potash
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	136	116	250	228
Fertilizers and sulphur
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	63	55	120	116
Forest products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	78	69	151	135
Energy, chemicals and plastics
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	346	278	661	535
Metals, minerals and consumer products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	205	204	378	387
Automotive
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	104	91	180	162
Intermodal
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	404	360	784	727
Non-freight
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	30	25	57	48
Total revenues	$ 46	$ 41	$ 87	$ 78

Revenues - Contract Liabilities

Revenues - Contract Liabilities (Details) - CAD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Contract with Customer, Liability [Abstract]
Contract with Customer, Liability	$ 74	$ 73	$ 2	$ 3	$ 2	$ 2

Revenues - Narrative (Details)

Revenues - Narrative (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Change in Contract with Customer, Liability [Abstract]
Contract with Customer, Liability, Revenue Recognized	$ 3	$ 2	$ 2	$ 2
Increase (Decrease) in Contract with Customers, Liability	$ 3	$ 3	$ 74	$ 3

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component - Changes in Accumulated Other Comprehensive Loss (AOCL) by Component (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	$ (2,027)	$ (1,705)	$ (2,043)	$ (1,741)
Other comprehensive income (loss) before reclassifications	0	9	(2)	21
Amounts reclassified from accumulated other comprehensive loss	18	23	36	47
Net current-period other comprehensive income (loss)	18	32	34	68
AOC Income (Loss), Closing balance	(2,009)	(1,673)	(2,009)	(1,673)
Foreign currency net of hedging activities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	113	109	113	109
Other comprehensive income (loss) before reclassifications	(1)	1	(1)	1
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Net current-period other comprehensive income (loss)	(1)	1	(1)	1
AOC Income (Loss), Closing balance	112	110	112	110
Derivatives and other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	(61)	(74)	(62)	(89)
Other comprehensive income (loss) before reclassifications	1	8	0	21
Amounts reclassified from accumulated other comprehensive loss	2	2	4	4
Net current-period other comprehensive income (loss)	3	10	4	25
AOC Income (Loss), Closing balance	(58)	(64)	(58)	(64)
Pension and post-retirement defined benefit plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	(2,079)	(1,740)	(2,094)	(1,761)
Other comprehensive income (loss) before reclassifications	0	0	(1)	(1)
Amounts reclassified from accumulated other comprehensive loss	16	21	32	43
Net current-period other comprehensive income (loss)	16	21	31	42
AOC Income (Loss), Closing balance	$ (2,063)	$ (1,719)	$ (2,063)	$ (1,719)

Changes in Accumulated Other _4

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component - Amounts in Pension and Post-retirement Defined Benefit Plans Reclassified from AOCL (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense (recovery)	$ 124	$ 122	$ 263	$ 244
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of prior service costs	1	0	1	(1)
Recognition of net actuarial loss	20	29	41	59
Total before income tax	21	29	42	58
Income tax expense (recovery)	(5)	(8)	(10)	(15)
Total net of income tax	$ 16	$ 21	$ 32	$ 43

Other (Income) Expense - Other

Other (Income) Expense - Other Income and Expenses (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Other Income and Expenses [Abstract]
Foreign exchange (gain) loss on debt and lease liabilities	$ (37)	$ 44	$ (82)	$ 93
Other foreign exchange (gains) losses	(4)	4	(6)	3
Other	1	4	1	7
Other expense (income)	$ (40)	$ 52	$ (87)	$ 103

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Current income tax expense	$ 142	$ 85	$ 243	$ 166
Deferred income tax (recovery) expense	(18)	37	20	78
Income tax expense	$ 124	$ 122	$ 263	$ 244

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effect of change in enacted tax rate	$ (88)	$ (21)	$ (88)	$ (21)
Effective tax rate	14.63%	21.88%	18.50%	23.73%
Foreign exchange (gain) loss on debt and lease liabilities	$ (37)	$ 44	$ (82)	$ 93
Effective tax rate, excluding discrete items	25.75%	24.75%	25.75%	24.75%

Earnings Per Share - Number of

Earnings Per Share - Number of Shares Used in the Earnings Per Share Calculations (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Weighted average basic shares outstanding	139.7	142.8	139.9	143.6
Dilutive effect of stock options	0.5	0.4	0.5	0.4
Weighted average diluted shares outstanding	140.2	143.2	140.4	144

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Number of shares outstanding	139.1	142.5	139.1	142.5	139.8	140.5	140.5	143.7	144.9
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of options excluded from the computation of diluted earnings per share	0	0.1	0.1	0.2

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended				6 Months Ended
	Jun. 30, 2019CAD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019CAD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019CAD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018CAD ($)
Debt Instrument [Line Items]
Commercial Paper	$ 242,000,000				$ 242,000,000	$ 185,000,000	$ 0
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Current borrowing capacity						1,000,000,000
Commercial Paper [Member]
Debt Instrument [Line Items]
Current borrowing capacity						$ 1,000,000,000
Weighted average interest rate, Commercial paper					2.64%
CAD $400 million 3.150% 10-year Notes
Debt Instrument [Line Items]
Debt instrument, Interest rate			3.15%	4.00%
Debt instrument, Term			10 years	10 years
Debt instrument, Face amount			$ 400,000,000	$ 500,000,000
Debt instrument, Maturity date			Mar. 13, 2029
Proceeds from issuance of debt			$ 397,000,000
U.S. $350 million 7.250% 10-year Notes
Debt Instrument [Line Items]
Retirement of long-term debt, Amount	$ 471,000,000	$ 350,000,000
Debt instrument, Interest rate	7.25%				7.25%	7.25%
Debt instrument, Term	10 years	10 years

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019CAD ($)
Lessee, Lease, Description [Line Items]
Operating and finance leases, Option to extend	P10Y
Operating lease, Option to terminate	P1Y
Operating lease, Residual value guarantee	$ 2
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, Term of contract	1 year
Finance lease, Term of contract	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, Term of contract	12 years
Finance lease, Term of contract	12 years

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - CAD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 23	$ 45
Short-term lease cost	1	2
Variable lease cost	5	6
Sublease income	(1)	(1)
Finance lease cost, Amortization of right-of-use assets	3	5
Finance lease cost, Interest on lease liabilities	2	5
Total lease costs	$ 33	$ 62

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) $ in Millions	Jun. 30, 2019CAD ($)
Leases [Abstract]
Operating lease, ROU asset	$ 381
Finance lease, ROU asset	181
Operating lease, ROU liability, current	72
Finance lease, ROU asset, current	7
Operating lease, ROU asset, non-current	303
Finance lease, ROU asset, non-current	$ 148

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Jun. 30, 2019
Leases [Abstract]
Operating lease, Weighted average remaining lease term	8 years
Finance lease, Weighted average remaining lease term	4 years
Operating lease, Weighted average discount rate	3.50%
Finance lease, Weighted average discount rate	7.03%

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Details) - CAD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating cash outflows from operating leases	$ 18	$ 46
Operating cash outflows from finance leases	2	5
Financing cash outflows from finance leases	1	2
Right-of-use assets obtained in exchange for operating lease liabilities	14	23
Right-of-Use asset obtained in exchange for finance lease liabilities	$ 4	$ 4

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Millions	Jun. 30, 2019CAD ($)
Leases [Abstract]
Finance lease, Payments due remainder of year one	$ 5
Finance lease, Payments due year two	11
Finance lease, Payments due year three	9
Finance lease, Payments due year four	109
Finance lease, Payments due year five	9
Finance lease, Payments due after year five	30
Finance lease, Total lease payments	173
Finance lease, Imputed interest	18
Finance lease, Present value of lease payments	155
Operating lease, Payments due remainder of year one	50
Operating lease, Payments due year two	72
Operating lease, Payments due year three	55
Operating lease, Payments due year four	47
Operating lease, Payments due year five	48
Operating lease, Payments due after year five	149
Operating lease, Total lease payments	421
Operating lease, Imputed interest	46
Operating lease, Present value of lease payments	$ 375

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended		8 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Oct. 19, 2018	May 10, 2017
Common Shares repurchased (shares)	900,000	1,200,000	1,600,000	2,500,000
Common Shares repurchased	$ 296	$ 241	$ 481	$ 559
Current Normal Course Issuer Bid (NCIB) [Member]
Common shares authorized to be repurchased (in shares)						5,680,000
Common Shares repurchased (shares)	956,243		1,663,921		3,850,000
Common Shares repurchased	$ 296		$ 481		$ 1,049
2017 Normal Course Issuer Bid (NCIB) [Member]
Common shares authorized to be repurchased (in shares)							4,380,000
Common Shares repurchased (shares)		1,060,262		2,495,962
Common Shares repurchased		$ 241		$ 559

Shareholders' Equity - Activiti

Shareholders' Equity - Activities Under Share Repurchase Program (Detail) - CAD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended		8 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019
Common Shares repurchased (shares)	900,000	1,200,000	1,600,000	2,500,000
Common Shares repurchased	$ 296	$ 241	$ 481	$ 559
Current Normal Course Issuer Bid (NCIB) [Member]
Common Shares repurchased (shares)	956,243		1,663,921		3,850,000
Weighted-average price per share	$ 308.84		$ 288.80
Common Shares repurchased	$ 296		$ 481		$ 1,049
2017 Normal Course Issuer Bid (NCIB) [Member]
Common Shares repurchased (shares)		1,060,262		2,495,962
Weighted-average price per share		$ 226.97		$ 223.97
Common Shares repurchased		$ 241		$ 559

Financial Instruments - Fair Va

Financial Instruments - Fair Value and Carrying Value of Long-term Debt (Details) - CAD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Long-term Debt, Fair value	$ 9,972	$ 9,639
Carrying Value Measurement [Member]
Schedule of Investments [Line Items]
Long-term Debt, Carrying value	$ 8,539	$ 8,696

Financial Instruments - Narrati

Financial Instruments - Narrative (Details)	3 Months Ended			6 Months Ended
	Jun. 30, 2019CAD ($)	Mar. 31, 2019CAD ($)	Jun. 30, 2018CAD ($)	Jun. 30, 2019CAD ($)	Jun. 30, 2018CAD ($)	Jun. 30, 2018USD ($)
U.S. $500 million 4.000% 10-year Notes
Schedule of Investments [Line Items]
Debt instrument, Face amount		$ 400,000,000				$ 500,000,000
Debt instrument, Interest rate		3.15%	4.00%		4.00%	4.00%
Debt instrument, Term		10 years	10 years
Forward Starting Swaps [Member]
Schedule of Investments [Line Items]
Floating-to-fixed interest rate swaps, Notional amount						$ 500,000,000
Fair value loss			$ 24,000,000		$ 24,000,000	$ 19,000,000
Gain on Derivative			12,000,000	$ 0	31,000,000
Forward Starting Swaps [Member] | Net Interest Expense [Member]
Schedule of Investments [Line Items]
Derivative losses amortized to net interest expense	$ 3,000,000		2,000,000	5,000,000	5,000,000
Derivative losses expected to be amortized to net interest expense				9,000,000
Net Investment Hedging [Member]
Schedule of Investments [Line Items]
Gain (Loss) on Derivative, Net	$ 120,000,000		$ (122,000,000)	$ 240,000,000	$ (273,000,000)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - CAD ($) $ / shares in Units, $ in Millions	May 06, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 39		$ 18	$ 73	$ 32
Dividends declared per share		$ 0.8300		$ 0.6500	$ 1.4800	$ 1.2125
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options issued (shares)					222,894
Weighted average grant price (per share)					$ 272.33
Expiration period					7 years
Grant date fair value, options					$ 14
Dividends declared per share	$ 0.8300
Stock Options | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					12 months
Stock Options | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					48 months
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued					131,844
PSU payout percentage							177.00%
Number of trading days							30 days
PSU payout			$ 54
Units vested in the period			117,228
Performance Share Units (PSUs) | Regular and Retention Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Units issued					132,423
Grant date fair value, other than options					$ 36
Performance Share Units (PSUs) | Retention Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units issued					579
Deferred Share Units (DSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					48 months
Units issued					15,179
Grant date fair value, other than options					$ 4

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted-Average Fair Value Assumptions (Details) - Stock Options - CAD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant price (per share)	$ 272.33
Expected option life (years)	5 years
Risk-free interest rate	2.23%
Expected stock price volatility	25.05%
Expected annual dividends per share	$ 2.6133
Estimated forfeiture rate	6.00%
Weighted average grant date fair value per option granted during the period	$ 63.67
Scenario, Forecast [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected annual dividends per share		$ 3.3200

Pension and Other Benefits - Na

Pension and Other Benefits - Narrative (Details) - Pension Plans, Defined Benefit [Member] - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Contributions made by the company	$ 12	$ 11	$ 23	$ 12
Refund of plan surplus				$ 10

Pension and Other Benefits - Ne

Pension and Other Benefits - Net Periodic Benefit Cost for DB Pension Plans and Other Benefits (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Total other components of net periodic benefit (recovery) cost	$ (98)	$ (95)	$ (195)	$ (191)
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Current service cost (benefits earned by employees)	27	30	54	60
Interest cost on benefit obligation	113	109	225	219
Expected return on fund assets	(237)	(238)	(474)	(477)
Recognized net actuarial loss	20	28	41	57
Amortization of prior service costs	0	0	0	(1)
Total other components of net periodic benefit (recovery) cost	(104)	(101)	(208)	(202)
Net periodic benefit (recovery) cost	(77)	(71)	(154)	(142)
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan Disclosure [Line Items]
Current service cost (benefits earned by employees)	3	3	6	6
Interest cost on benefit obligation	5	5	10	9
Expected return on fund assets	0	0	0	0
Recognized net actuarial loss	0	1	2	2
Amortization of prior service costs	1	0	1	0
Total other components of net periodic benefit (recovery) cost	6	6	13	11
Net periodic benefit (recovery) cost	$ 9	$ 9	$ 19	$ 17

Contingencies - Legal Proceedin

Contingencies - Legal Proceedings (Details) - Lac-Megantic Rail Accident [Member] $ in Millions	6 Months Ended
	Jun. 30, 2019CAD ($)claim
Claimed damages as a result of derailment
Other Commitments [Line Items]
Amount of fund to be distributed	$ 440
Quebec Minister of Sustainable Development, Environment, Wildlife and Parks
Other Commitments [Line Items]
Value of damages sought	95
Quebec Attorney General
Other Commitments [Line Items]
Value of damages sought	315
Initial value of damages sought	409
Initial Insurer Claimants | Subrogated insurance claim
Other Commitments [Line Items]
Value of damages sought	14
Initial value of damages sought	$ 16
Number of pending claims | claim	8
Additional Insurer Claimants | Subrogated insurance claim
Other Commitments [Line Items]
Value of damages sought	$ 3
Number of pending claims | claim	2
Plaintiffs
Other Commitments [Line Items]
Value of damages sought	$ 5
Number of Plaintiffs | claim	48
The WD Trustee
Other Commitments [Line Items]
Value of damages sought	$ 60
The WD Trustee | Damaged rail cars loss recovery
Other Commitments [Line Items]
Value of damages sought	6
Montreal Maine and Atlantic Railway
Other Commitments [Line Items]
Value of damages sought	$ 110

Contingencies - Environmental L

Contingencies - Environmental Liabilities (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Site Contingency [Line Items]
Total amount provided for provisions for environmental remediation costs	$ 79		$ 79		$ 82
Term for expected payments to be made			10 years
Purchased services and other
Site Contingency [Line Items]
Environmental remediation expense	$ 1	$ 1	$ 2	$ 2

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Interim Condensed Consolidating Statements of Income (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Total revenues	$ 1,977	$ 1,750	$ 3,744	$ 3,412
Operating expenses
Compensation and benefits	383	351	789	725
Fuel	236	230	445	445
Materials	54	53	111	108
Equipment rents	34	33	69	66
Depreciation and amortization	183	172	343	342
Purchased services and other	265	284	622	559
Total operating expenses	1,155	1,123	2,379	2,245
Operating income	822	627	1,365	1,167
Less:
Other expense (income)	(40)	52	(87)	103
Other components of net periodic benefit recovery cost	(98)	(95)	(195)	(191)
Net interest (income) expense	112	112	226	227
Income before income tax expense and equity in net earnings of subsidiaries	848	558	1,421	1,028
Income tax expense (recovery)	124	122	263	244
Add: Equity in net earnings of subsidiaries	0	0	0	0
Net income	724	436	1,158	784
Freight
Revenues
Total revenues	1,931	1,709	3,657	3,334
Non-freight
Revenues
Total revenues	46	41	87	78
Consolidating Adjustments and Eliminations [Member]
Revenues
Total revenues	(103)	(80)	(205)	(159)
Operating expenses
Compensation and benefits	1	0	3	2
Fuel	0	0	0	0
Materials	4	3	8	8
Equipment rents	0	0	0	0
Depreciation and amortization	0	0	0	0
Purchased services and other	(108)	(83)	(216)	(169)
Total operating expenses	(103)	(80)	(205)	(159)
Operating income	0	0	0	0
Less:
Other expense (income)	0	0	0	0
Other components of net periodic benefit recovery cost	0	0	0	0
Net interest (income) expense	0	0	0	0
Income before income tax expense and equity in net earnings of subsidiaries	0	0	0	0
Income tax expense (recovery)	0	0	0	0
Add: Equity in net earnings of subsidiaries	(978)	(645)	(1,530)	(1,152)
Net income	(978)	(645)	(1,530)	(1,152)
Consolidating Adjustments and Eliminations [Member] | Freight
Revenues
Total revenues	0	0	0	0
Consolidating Adjustments and Eliminations [Member] | Non-freight
Revenues
Total revenues	(103)	(80)	(205)	(159)
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member]
Revenues
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 expense (income)	(5)	5	(10)	11
Other components of net periodic benefit recovery cost	0	0	0	0
Net interest (income) expense	(1)	(2)	(2)	6
Income before income tax expense and equity in net earnings of subsidiaries	6	(3)	12	(17)
Income tax expense (recovery)	2	(1)	2	(1)
Add: Equity in net earnings of subsidiaries	720	438	1,148	800
Net income	724	436	1,158	784
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member] | Freight
Revenues
Total revenues	0	0	0	0
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member] | Non-freight
Revenues
Total revenues	0	0	0	0
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Revenues
Total revenues	1,437	1,227	2,710	2,409
Operating expenses
Compensation and benefits	257	237	531	494
Fuel	189	178	354	346
Materials	37	38	75	73
Equipment rents	47	30	80	61
Depreciation and amortization	110	105	206	209
Purchased services and other	240	205	518	423
Total operating expenses	880	793	1,764	1,606
Operating income	557	434	946	803
Less:
Other expense (income)	(38)	79	(81)	127
Other components of net periodic benefit recovery cost	(100)	(96)	(198)	(192)
Net interest (income) expense	120	121	242	235
Income before income tax expense and equity in net earnings of subsidiaries	575	330	983	633
Income tax expense (recovery)	113	99	217	185
Add: Equity in net earnings of subsidiaries	258	207	382	352
Net income	720	438	1,148	800
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member] | Freight
Revenues
Total revenues	1,403	1,196	2,647	2,351
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member] | Non-freight
Revenues
Total revenues	34	31	63	58
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenues
Total revenues	643	603	1,239	1,162
Operating expenses
Compensation and benefits	125	114	255	229
Fuel	47	52	91	99
Materials	13	12	28	27
Equipment rents	(13)	3	(11)	5
Depreciation and amortization	73	67	137	133
Purchased services and other	133	162	320	305
Total operating expenses	378	410	820	798
Operating income	265	193	419	364
Less:
Other expense (income)	3	(32)	4	(35)
Other components of net periodic benefit recovery cost	2	1	3	1
Net interest (income) expense	(7)	(7)	(14)	(14)
Income before income tax expense and equity in net earnings of subsidiaries	267	231	426	412
Income tax expense (recovery)	9	24	44	60
Add: Equity in net earnings of subsidiaries	0	0	0	0
Net income	258	207	382	352
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Freight
Revenues
Total revenues	528	513	1,010	983
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Non-freight
Revenues
Total revenues	$ 115	$ 90	$ 229	$ 179

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Interim Condensed Consolidating Statements of Comprehensive Income (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Net income	$ 724	$ 436	$ 1,158	$ 784
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	15	(16)	31	(36)
Change in derivatives designated as cash flow hedges	4	14	6	35
Change in pension and post-retirement defined benefit plans	21	29	41	58
Other comprehensive income before income taxes	40	27	78	57
Income tax recovery (expense) on above items	(22)	5	(44)	11
Equity accounted investments	0	0	0	0
Other comprehensive income (loss)	18	32	34	68
Comprehensive income	742	468	1,192	852
Consolidating Adjustments and Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	(978)	(645)	(1,530)	(1,152)
Net (loss) 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 recovery (expense) on above items	0	0	0	0
Equity accounted investments	87	(140)	174	(307)
Other comprehensive income (loss)	87	(140)	174	(307)
Comprehensive income	(891)	(785)	(1,356)	(1,459)
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	724	436	1,158	784
Net (loss) 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 recovery (expense) on above items	0	0	0	0
Equity accounted investments	18	32	34	68
Other comprehensive income (loss)	18	32	34	68
Comprehensive income	742	468	1,192	852
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	720	438	1,148	800
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	121	(123)	241	(273)
Change in derivatives designated as cash flow hedges	4	14	6	35
Change in pension and post-retirement defined benefit plans	20	27	39	55
Other comprehensive income before income taxes	145	(82)	286	(183)
Income tax recovery (expense) on above items	(22)	6	(44)	12
Equity accounted investments	(105)	108	(208)	239
Other comprehensive income (loss)	18	32	34	68
Comprehensive income	738	470	1,182	868
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	258	207	382	352
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	(106)	107	(210)	237
Change in derivatives designated as cash flow hedges	0	0	0	0
Change in pension and post-retirement defined benefit plans	1	2	2	3
Other comprehensive income before income taxes	(105)	109	(208)	240
Income tax recovery (expense) on above items	0	(1)	0	(1)
Equity accounted investments	0	0	0	0
Other comprehensive income (loss)	(105)	108	(208)	239
Comprehensive income	$ 153	$ 315	$ 174	$ 591

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Interim Condensed Consolidating Balance Sheets (Details) - CAD ($) $ in Millions	Jun. 30, 2019	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 45			$ 61
Accounts receivable, net	795			815
Accounts receivable, intercompany	0			0
Short-term advances to affiliates	0			0
Materials and supplies	195			173
Other current assets	80			68
Total current assets	1,115			1,117
Long-term advances to affiliates	0			0
Investments	210			203
Investments in subsidiaries	0			0
Properties	18,489		$ 18,406	18,418
Goodwill and intangible assets	193			202
Pension asset	1,460			1,243
Other assets	466		470	71
Deferred income taxes	0			0
Total assets	21,933			21,254
Current liabilities
Accounts payable and accrued liabilities	1,401		1,507	1,449
Accounts payable, intercompany	0			0
Short-term advances from affiliates	0			0
Long-term debt maturing within one year	273			506
Total current liabilities	1,674			1,955
Pension and other benefit liabilities	713			718
Long-term advances from affiliates	0			0
Other long-term liabilities	598		574	237
Long-term debt	8,266			8,190
Deferred income taxes	3,525		3,515	3,518
Total liabilities	14,776			14,618
Shareholders’ equity
Share capital	1,996			2,002
Additional paid-in capital	45			42
Accumulated other comprehensive (loss) income	(2,009)	$ (2,027)		(2,043)	$ (1,673)	$ (1,705)	$ (1,741)
Retained earnings	7,125		6,630	6,635
Total shareholders' equity	7,157	$ 6,814	$ 6,631	6,636	$ 6,574	$ 6,434	$ 6,437
Total liabilities and shareholders’ equity	21,933			21,254
Consolidating Adjustments and Eliminations [Member]
Current assets
Cash and cash equivalents	0			0
Accounts receivable, net	0			0
Accounts receivable, intercompany	(504)			(516)
Short-term advances to affiliates	(6,107)			(6,253)
Materials and supplies	0			0
Other current assets	0			0
Total current assets	(6,611)			(6,769)
Long-term advances to affiliates	(1,181)			(1,188)
Investments	0			0
Investments in subsidiaries	(24,044)			(23,446)
Properties	0			0
Goodwill and intangible assets	0			0
Pension asset	0			0
Other assets	0			0
Deferred income taxes	(5)			(6)
Total assets	(31,841)			(31,409)
Current liabilities
Accounts payable and accrued liabilities	0			0
Accounts payable, intercompany	(504)			(516)
Short-term advances from affiliates	(6,107)			(6,253)
Long-term debt maturing within one year	0			0
Total current liabilities	(6,611)			(6,769)
Pension and other benefit liabilities	0			0
Long-term advances from affiliates	(1,181)			(1,188)
Other long-term liabilities	0			0
Long-term debt	0			0
Deferred income taxes	(5)			(6)
Total liabilities	(7,797)			(7,963)
Shareholders’ equity
Share capital	(6,608)			(6,484)
Additional paid-in capital	(1,740)			(1,748)
Accumulated other comprehensive (loss) income	1,378			1,204
Retained earnings	(17,074)			(16,418)
Total shareholders' equity	(24,044)			(23,446)
Total liabilities and shareholders’ equity	(31,841)			(31,409)
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member]
Current assets
Cash and cash equivalents	0			0
Accounts receivable, net	0			0
Accounts receivable, intercompany	153			125
Short-term advances to affiliates	0			0
Materials and supplies	0			0
Other current assets	0			0
Total current assets	153			125
Long-term advances to affiliates	1,090			1,090
Investments	0			0
Investments in subsidiaries	11,819			11,443
Properties	0			0
Goodwill and intangible assets	0			0
Pension asset	0			0
Other assets	0			0
Deferred income taxes	5			6
Total assets	13,067			12,664
Current liabilities
Accounts payable and accrued liabilities	156			115
Accounts payable, intercompany	5			4
Short-term advances from affiliates	5,749			5,909
Long-term debt maturing within one year	0			0
Total current liabilities	5,910			6,028
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	5,910			6,028
Shareholders’ equity
Share capital	1,996			2,002
Additional paid-in capital	45			42
Accumulated other comprehensive (loss) income	(2,009)			(2,043)
Retained earnings	7,125			6,635
Total shareholders' equity	7,157			6,636
Total liabilities and shareholders’ equity	13,067			12,664
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Current assets
Cash and cash equivalents	20			42
Accounts receivable, net	593			629
Accounts receivable, intercompany	146			167
Short-term advances to affiliates	1,197			1,602
Materials and supplies	158			136
Other current assets	61			39
Total current assets	2,175			2,615
Long-term advances to affiliates	6			5
Investments	31			24
Investments in subsidiaries	12,225			12,003
Properties	9,761			9,579
Goodwill and intangible assets	0			0
Pension asset	1,460			1,243
Other assets	161			57
Deferred income taxes	0			0
Total assets	25,819			25,526
Current liabilities
Accounts payable and accrued liabilities	872			1,017
Accounts payable, intercompany	354			344
Short-term advances from affiliates	356			341
Long-term debt maturing within one year	273			506
Total current liabilities	1,855			2,208
Pension and other benefit liabilities	638			639
Long-term advances from affiliates	1,175			1,182
Other long-term liabilities	234			120
Long-term debt	8,213			8,135
Deferred income taxes	1,885			1,799
Total liabilities	14,000			14,083
Shareholders’ equity
Share capital	537			538
Additional paid-in capital	1,645			1,656
Accumulated other comprehensive (loss) income	(2,009)			(2,043)
Retained earnings	11,646			11,292
Total shareholders' equity	11,819			11,443
Total liabilities and shareholders’ equity	25,819			25,526
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Current assets
Cash and cash equivalents	25			19
Accounts receivable, net	202			186
Accounts receivable, intercompany	205			224
Short-term advances to affiliates	4,910			4,651
Materials and supplies	37			37
Other current assets	19			29
Total current assets	5,398			5,146
Long-term advances to affiliates	85			93
Investments	179			179
Investments in subsidiaries	0			0
Properties	8,728			8,839
Goodwill and intangible assets	193			202
Pension asset	0			0
Other assets	305			14
Deferred income taxes	0			0
Total assets	14,888			14,473
Current liabilities
Accounts payable and accrued liabilities	373			317
Accounts payable, intercompany	145			168
Short-term advances from affiliates	2			3
Long-term debt maturing within one year	0			0
Total current liabilities	520			488
Pension and other benefit liabilities	75			79
Long-term advances from affiliates	6			6
Other long-term liabilities	364			117
Long-term debt	53			55
Deferred income taxes	1,645			1,725
Total liabilities	2,663			2,470
Shareholders’ equity
Share capital	6,071			5,946
Additional paid-in capital	95			92
Accumulated other comprehensive (loss) income	631			839
Retained earnings	5,428			5,126
Total shareholders' equity	12,225			12,003
Total liabilities and shareholders’ equity	$ 14,888			$ 14,473

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Interim Condensed Consolidating Statements of Cash Flows (Details) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	$ 721	$ 711	$ 1,134	$ 1,108
Investing activities
Additions to properties	(459)	(413)	(683)	(654)
Proceeds from sale of properties and other assets	8	5	14	9
Advances to affiliates	0	0	0	0
Repayment of advances to affiliates	0		0	0
Payments to Acquire Interest in Subsidiaries and Affiliates	0		0
Repurchase of share capital from affiliates		0		0
Other investing activities	(4)	0	(5)	(1)
Cash used in investing activities	(455)	(408)	(674)	(646)
Financing activities
Dividends paid	(91)	(81)	(182)	(163)
Proceeds from Contributed Capital	0		0
Return of share capital to affiliates		0		0
Issuance of CP Common Shares	10	4	14	12
Purchase of CP Common Shares	(257)	(261)	(464)	(559)
Issuance of long-term debt, excluding commercial paper	0	638	397	638
Repayment of long-term debt, excluding commercial paper	(480)	(734)	(485)	(739)
Net issuance of commercial paper	246	53	246	53
Advances from affiliates	0	0	0	0
Repayment of advances from affiliates	0		0	0
Cash used in financing activities	(572)	(381)	(474)	(758)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(1)	4	(2)	9
Cash position
Increase (decrease) in cash and cash equivalents	(307)	(74)	(16)	(287)
Cash and cash equivalents at beginning of period	352	125	61	338
Cash and cash equivalents at end of period	45	51	45	51
Consolidating Adjustments and Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	(177)	(201)	(868)	(396)
Investing activities
Additions to properties	0	0	0	0
Proceeds from sale of properties and other assets	0	0	0	0
Advances to affiliates	245	262	510	562
Repayment of advances to affiliates	(24)		(652)	(495)
Payments to Acquire Interest in Subsidiaries and Affiliates	125		125
Repurchase of share capital from affiliates		(124)		(547)
Other investing activities	0		0	0
Cash used in investing activities	346	138	(17)	(480)
Financing activities
Dividends paid	177	201	868	396
Proceeds from Contributed Capital	(125)		(125)
Return of share capital to affiliates		124		547
Issuance of CP Common Shares	0	0	0	0
Purchase of CP Common Shares	0	0	0	0
Issuance of long-term debt, excluding commercial paper		0	0	0
Repayment of long-term debt, excluding commercial paper	0	0	0	0
Net issuance of commercial paper	0	0	0	0
Advances from affiliates	(245)	(262)	(510)	(562)
Repayment of advances from affiliates	24		652	495
Cash used in financing activities	(169)	63	885	876
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	98	83	785	148
Investing activities
Additions to properties	0	0	0	0
Proceeds from sale of properties and other assets	0	0	0	0
Advances to affiliates	0	0	0	0
Repayment of advances to affiliates	0		0	0
Payments to Acquire Interest in Subsidiaries and Affiliates	0		0
Repurchase of share capital from affiliates		0		0
Other investing activities	0		0	0
Cash used in investing activities	0	0	0	0
Financing activities
Dividends paid	(91)	(81)	(182)	(163)
Proceeds from Contributed Capital	0		0
Return of share capital to affiliates				0
Issuance of CP Common Shares	10	4	14	12
Purchase of CP Common Shares	(257)	(261)	(464)	(559)
Issuance of long-term debt, excluding commercial paper		0	0	0
Repayment of long-term debt, excluding commercial paper	0	0	0	0
Net issuance of commercial paper	0		0	0
Advances from affiliates	245	255	495	562
Repayment of advances from affiliates	(5)		(648)	0
Cash used in financing activities	(98)	(83)	(785)	(148)
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	565	501	763	893
Investing activities
Additions to properties	(316)	(276)	(457)	(398)
Proceeds from sale of properties and other assets	8	3	12	6
Advances to affiliates	0	(255)	(250)	(562)
Repayment of advances to affiliates	5		648	0
Payments to Acquire Interest in Subsidiaries and Affiliates	(125)		(125)
Repurchase of share capital from affiliates		124		547
Other investing activities	1		1	0
Cash used in investing activities	(427)	(404)	(171)	(407)
Financing activities
Dividends paid	(91)	(81)	(782)	(163)
Proceeds from Contributed Capital	0		0
Return of share capital to affiliates		0		0
Issuance of CP Common Shares	0	0	0	0
Purchase of CP Common Shares	0	0	0	0
Issuance of long-term debt, excluding commercial paper		638	397	638
Repayment of long-term debt, excluding commercial paper	(480)	(734)	(485)	(739)
Net issuance of commercial paper	246	53	246	53
Advances from affiliates	0	7	15	0
Repayment of advances from affiliates	(19)		(4)	(495)
Cash used in financing activities	(344)	(117)	(613)	(706)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	0	(3)	(1)	(1)
Cash position
Increase (decrease) in cash and cash equivalents	(206)	(23)	(22)	(221)
Cash and cash equivalents at beginning of period	226	43	42	241
Cash and cash equivalents at end of period	20	20	20	20
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	235	328	454	463
Investing activities
Additions to properties	(143)	(137)	(226)	(256)
Proceeds from sale of properties and other assets	0	2	2	3
Advances to affiliates	(245)	(7)	(260)	0
Repayment of advances to affiliates	19		4	495
Payments to Acquire Interest in Subsidiaries and Affiliates	0		0
Repurchase of share capital from affiliates		0		0
Other investing activities	(5)		(6)	(1)
Cash used in investing activities	(374)	(142)	(486)	241
Financing activities
Dividends paid	(86)	(120)	(86)	(233)
Proceeds from Contributed Capital	125		125
Return of share capital to affiliates		(124)		(547)
Issuance of CP Common Shares	0	0	0	0
Purchase of CP Common Shares	0	0	0	0
Issuance of long-term debt, excluding commercial paper		0	0	0
Repayment of long-term debt, excluding commercial paper	0	0	0	0
Net issuance of commercial paper	0	0	0	0
Advances from affiliates	0	0	0	0
Repayment of advances from affiliates	0		0	0
Cash used in financing activities	39	(244)	39	(780)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	(1)	7	(1)	10
Cash position
Increase (decrease) in cash and cash equivalents	(101)	(51)	6	(66)
Cash and cash equivalents at beginning of period	126	82	19	97
Cash and cash equivalents at end of period	$ 25	$ 31	$ 25	$ 31

Uncategorized Items - q22019qua

Label	Element	Value
Retained Earnings [Member]
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	$ 6,630,000,000
AOCI Attributable to Parent [Member]
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	(2,043,000,000)
Additional Paid-in Capital [Member]
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	42,000,000
Common Stock [Member]
Stockholders' Equity Attributable to Parent	us-gaap_StockholdersEquity	2,002,000,000
Accounting Standards Update 2016-02 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(5,000,000)
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(5,000,000)
Accounting Standards Update 2016-02 [Member] | AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Accounting Standards Update 2016-02 [Member] | Additional Paid-in Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Accounting Standards Update 2016-02 [Member] | Common Stock [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 0