Canadian Pacific Railway Limited (CP) 10-Q 24 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	9 Months Ended
	Sep. 30, 2019	Oct. 22, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019
Document Period End Date	Sep. 30, 2019
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-01342
Entity Registrant Name	CANADIAN PACIFIC RAILWAY LTD/CN
Entity Central Index Key	0000016875
Entity Tax Identification Number	98-0355078
Entity Incorporation, State or Country Code	Z4
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
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	CP
Security Exchange Name	NYSE
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		137,195,014

INTERIM CONSOLIDATED STATEMENTS

INTERIM CONSOLIDATED STATEMENTS OF INCOME (unaudited) - CAD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Total revenues	$ 1,979	$ 1,898	$ 5,723	$ 5,310
Operating expenses
Compensation and benefits	355	365	1,144	1,090
Fuel	210	226	655	671
Materials	50	47	161	155
Equipment rents	33	33	102	99
Depreciation and amortization	185	174	528	516
Purchased services and other	277	263	899	822
Total operating expenses	1,110	1,108	3,489	3,353
Operating income	869	790	2,234	1,957
Less:
Other expense (income)	29	(47)	(58)	56
Other components of net periodic benefit recovery	(99)	(96)	(294)	(287)
Net interest expense	110	112	336	339
Income before income tax expense	829	821	2,250	1,849
Income tax expense	211	199	474	443
Net income	$ 618	$ 622	$ 1,776	$ 1,406
Earnings per share
Basic earnings per share	$ 4.47	$ 4.36	$ 12.75	$ 9.81
Diluted earnings per share	$ 4.46	$ 4.35	$ 12.70	$ 9.78
Weighted-average number of shares (millions)
Basic	138.1	142.6	139.3	143.2
Diluted	138.7	143.1	139.8	143.7
Dividends declared per share	$ 0.8300	$ 0.6500	$ 2.3100	$ 1.8625
Freight
Revenues
Total revenues	$ 1,932	$ 1,854	$ 5,589	$ 5,188
Non-freight
Revenues
Total revenues	$ 47	$ 44	$ 134	$ 122

INTERIM CONSOLIDATED STATEMEN_2

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 618	$ 622	$ 1,776	$ 1,406
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	(8)	12	23	(24)
Change in derivatives designated as cash flow hedges	2	1	8	36
Change in pension and post-retirement defined benefit plans	20	28	61	86
Other comprehensive income before income taxes	14	41	92	98
Income tax recovery (expense) on above items	3	(22)	(41)	(11)
Other comprehensive income (loss)	17	19	51	87
Comprehensive income	$ 635	$ 641	$ 1,827	$ 1,493

INTERIM CONSOLIDATED BALANCE SH

INTERIM CONSOLIDATED BALANCE SHEETS AS AT (unaudited) - CAD ($) $ in Millions	Sep. 30, 2019	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 145			$ 61
Accounts receivable, net	770			815
Materials and supplies	188			173
Other current assets	83			68
Total current assets	1,186			1,117
Investments	215			203
Properties	18,909		$ 18,406	18,418
Goodwill and intangible assets	195			202
Pension asset	1,572			1,243
Other assets	462		470	71
Total assets	22,539			21,254
Current liabilities
Accounts payable and accrued liabilities	1,415		1,507	1,449
Long-term debt maturing within one year	675			506
Total current liabilities	2,090			1,955
Pension and other benefit liabilities	712			718
Other long-term liabilities	579		574	237
Long-term debt	8,308			8,190
Deferred income taxes	3,635		3,515	3,518
Total liabilities	15,324			14,618
Shareholders’ equity
Share capital	1,982			2,002
Additional paid-in capital	45			42
Accumulated other comprehensive (loss) income	(1,992)	$ (2,009)		(2,043)	$ (1,654)	$ (1,673)	$ (1,741)
Retained earnings	7,180		6,630	6,635
Total shareholders' equity	7,215	$ 7,157	$ 6,631	6,636	$ 7,128	$ 6,574	$ 6,437
Total liabilities and shareholders’ equity	$ 22,539			$ 21,254

INTERIM CONSOLIDATED STATEMEN_3

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net income	$ 618	$ 622	$ 1,776	$ 1,406
Reconciliation of net income to cash provided by operating activities:
Depreciation and amortization	185	174	528	516
Deferred income tax (recovery) expense	96	77	116	155
Pension recovery and funding	(94)	(84)	(271)	(238)
Foreign exchange loss (gain) on debt and lease liabilities	25	(38)	(57)	55
Settlement of forward starting swaps on debt issuance	0	0	0	(24)
Other operating activities, net	24	(6)	87	(23)
Change in non-cash working capital balances related to operations	(31)	(72)	(222)	(66)
Cash provided by operating activities	823	673	1,957	1,781
Investing activities
Additions to properties	(464)	(430)	(1,147)	(1,084)
Proceeds from sale of properties and other assets	4	7	18	16
Other investing activities	(1)	0	(6)	(1)
Cash used in investing activities	(461)	(423)	(1,135)	(1,069)
Financing activities
Dividends paid	(116)	(92)	(298)	(255)
Issuance of CP Common Shares	6	4	20	16
Purchase of CP Common Shares	(500)	0	(964)	(559)
Issuance of long-term debt, excluding commercial paper	0	0	397	638
Repayment of long-term debt, excluding commercial paper	(6)	(5)	(491)	(744)
Net issuance of commercial paper	355	(53)	601	0
Other financing activities	(2)	0	(2)	0
Cash used in financing activities	(263)	(146)	(737)	(904)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	1	(5)	(1)	4
Cash position
Increase (decrease) in cash and cash equivalents	100	99	84	(188)
Cash and cash equivalents at beginning of period	45	51	61	338
Cash and cash equivalents at end of period	145	150	145	150
Supplemental disclosures of cash flow information:
Income taxes paid	122	74	379	230
Interest paid	$ 141	$ 147	$ 373	$ 380

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	1,406	0	0	0	1,406
Other comprehensive income	87	0	0	87	0
Dividends declared	(267)	0	0	0	(267)
Effect of stock-based compensation expense	$ 8	0	8	0	0
Common Shares repurchased (shares)	(2.5)
Common Shares repurchased	$ (559)	(35)	0	0	(524)
Shares issued under stock option plan (shares)	0.2
Shares issued under stock option plan	$ 16	20	(4)	0	0
Ending balance (shares) at Sep. 30, 2018	142.6
Ending balance at Sep. 30, 2018	$ 7,128	2,017	47	(1,654)	6,718
Beginning balance (shares) at Jun. 30, 2018	142.5
Beginning balance at Jun. 30, 2018	$ 6,574	2,013	45	(1,673)	6,189
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	622	0	0	0	622
Other comprehensive income	19	0	0	19	0
Dividends declared	(93)	0	0	0	(93)
Effect of stock-based compensation expense	$ 2	0	2	0	0
Shares issued under stock option plan (shares)	0.1
Shares issued under stock option plan	$ 4	4	0	0	0
Ending balance (shares) at Sep. 30, 2018	142.6
Ending balance at Sep. 30, 2018	$ 7,128	2,017	47	(1,654)	6,718
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	1,776	0	0	0	1,776
Other comprehensive income	51	0	0	51	0
Dividends declared	(320)	0	0	0	(320)
Effect of stock-based compensation expense	$ 11	0	11	0	0
Common Shares repurchased (shares)	(3.2)
Common Shares repurchased	$ (952)	(46)	0	0	(906)
Shares issued under stock option plan (shares)	0.2
Shares issued under stock option plan	$ 18	26	(8)	0	0
Ending balance (shares) at Sep. 30, 2019	137.5
Ending balance at Sep. 30, 2019	$ 7,215	1,982	45	(1,992)	7,180
Beginning balance (shares) at Jun. 30, 2019	139.1
Beginning balance at Jun. 30, 2019	$ 7,157	1,996	45	(2,009)	7,125
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	618	0	0	0	618
Other comprehensive income	17	0	0	17	0
Dividends declared	(114)	0	0	0	(114)
Effect of stock-based compensation expense	$ 3	0	3	0	0
Common Shares repurchased (shares)	(1.6)
Common Shares repurchased	$ (471)	(22)	0	0	(449)
Shares issued under stock option plan (shares)	0
Shares issued under stock option plan	$ 5	8	(3)	0	0
Ending balance (shares) at Sep. 30, 2019	137.5
Ending balance at Sep. 30, 2019	$ 7,215	$ 1,982	$ 45	$ (1,992)	$ 7,180

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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. Future changes Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments under FASB ASC Topic 326. This will replace the current incurred loss methodology used for establishing a provision against financial assets, including accounts receivable, with a forward-looking expected loss methodology for accounts receivable, loans and other financial instruments. The standard is effective as of January 1, 2020. Entities are required to apply the amendments in this update using a modified retrospective approach, through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is currently performing analysis to determine the impact this new accounting standard will have on its financial statements, as well as determining the most appropriate portfolios of financial assets and the expected loss methodology to apply to each portfolio.

Revenues

Revenues	9 Months Ended
	Sep. 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 September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Freight Grain $ 409 $ 384 $ 1,211 $ 1,113 Coal 183 171 514 486 Potash 117 130 367 358 Fertilizers and sulphur 66 55 186 171 Forest products 78 76 229 211 Energy, chemicals and plastics 382 339 1,043 874 Metals, minerals and consumer products 201 208 579 595 Automotive 87 85 267 247 Intermodal 409 406 1,193 1,133 Total freight revenues 1,932 1,854 5,589 5,188 Non-freight excluding leasing revenues 32 28 89 76 Revenues from contracts with customers 1,964 1,882 5,678 5,264 Leasing revenues 15 16 45 46 Total revenues $ 1,979 $ 1,898 $ 5,723 $ 5,310 Contract liabilities 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. The following tables summarize the changes in contract liabilities for the three and nine months ended September 30, 2019 and 2018: For the three months ended September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Opening balance $ 74 $ 3 $ 2 $ 2 Revenue recognized that was included in the contract liability balance at the beginning of the period (8 ) (3 ) (2 ) (2 ) Increases due to consideration received, excluding amounts recognized as revenue during the period 4 2 70 2 Closing balance $ 70 $ 2 $ 70 $ 2

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component	9 Months Ended
	Sep. 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 September 30 (in millions of Canadian dollars) Foreign currency net of hedging activities (1) Derivatives and (1) Pension and post- (1) Total (1) Opening balance, July 1, 2019 $ 112 $ (58 ) $ (2,063 ) $ (2,009 ) Other comprehensive income before reclassifications 1 — — 1 Amounts reclassified from accumulated other comprehensive loss — 1 15 16 Net other comprehensive income 1 1 15 17 Closing balance, September 30, 2019 $ 113 $ (57 ) $ (2,048 ) $ (1,992 ) Opening balance, July 1, 2018 $ 110 $ (64 ) $ (1,719 ) $ (1,673 ) Other comprehensive (loss) income before reclassifications (1 ) (2 ) 1 (2 ) Amounts reclassified from accumulated other comprehensive loss — 2 19 21 Net other comprehensive (loss) income (1 ) — 20 19 Closing balance, September 30, 2018 $ 109 $ (64 ) $ (1,699 ) $ (1,654 ) (1) Amounts are presented net of tax. For the nine months ended September 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 ) Amounts reclassified from accumulated other comprehensive loss — 5 47 52 Net other comprehensive income — 5 46 51 Closing balance, September 30, 2019 $ 113 $ (57 ) $ (2,048 ) $ (1,992 ) Opening balance, January 1, 2018 $ 109 $ (89 ) $ (1,761 ) $ (1,741 ) Other comprehensive income before reclassifications — 19 — 19 Amounts reclassified from accumulated other comprehensive loss — 6 62 68 Net other comprehensive income — 25 62 87 Closing balance, September 30, 2018 $ 109 $ (64 ) $ (1,699 ) $ (1,654 ) (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 September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Amortization of prior service costs (1) $ (1 ) $ (1 ) $ — $ (2 ) Recognition of net actuarial loss (1) 21 29 62 88 Total before income tax 20 28 62 86 Income tax recovery (5 ) (9 ) (15 ) (24 ) Total net of income tax $ 15 $ 19 $ 47 $ 62 (1) Impacts " Other components of net periodic benefit recovery " on the Interim Consolidated Statements of Income.

Other (Income) Expense

Other (Income) Expense	9 Months Ended
	Sep. 30, 2019
Other Income and Expenses [Abstract]
Other Income and Expenses	Other expense (income) For the three months ended September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Foreign exchange loss (gain) on debt and lease liabilities $ 25 $ (38 ) $ (57 ) $ 55 Other foreign exchange losses (gains) 2 (1 ) (4 ) 2 Other 2 (8 ) 3 (1 ) Other expense (income) $ 29 $ (47 ) $ (58 ) $ 56

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income taxes For the three months ended September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Current income tax expense $ 115 $ 122 $ 358 $ 288 Deferred income tax expense 96 77 116 155 Income tax expense $ 211 $ 199 $ 474 $ 443 During the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2019 were 25.43% and 21.06% , respectively, compared to 24.23% and 23.95% , respectively for the same periods of 2018 . For the three months ended September 30, 2019, the effective tax rate excluding the discrete item of the foreign exchange ("FX") loss of $25 million on debt and lease liabilities, was 25.11% . For the three months ended September 30, 2018 , the effective tax rate excluding the discrete item of the FX gain of $38 million on debt, was 24.75% . For the nine months ended September 30, 2019 , the effective tax rate excluding the discrete items of the FX gain of $57 million on debt and lease liabilities and the $88 million deferred tax recovery on the Alberta provincial corporate income tax rate change, was 25.50% . For the nine months ended September 30, 2018 , the effective tax rate excluding the discrete items of the FX loss of $55 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	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings per share At September 30, 2019 , the number of CP Common Shares outstanding was 137.5 million ( September 30, 2018 - 142.6 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 September 30 For the nine months ended September 30 (in millions) 2019 2018 2019 2018 Weighted-average basic shares outstanding 138.1 142.6 139.3 143.2 Dilutive effect of stock options 0.6 0.5 0.5 0.5 Weighted-average diluted shares outstanding 138.7 143.1 139.8 143.7 For the three months ended September 30 , 2019 , there were no options excluded from the computation of diluted earnings per share (three months ended September 30, 2018 - 0.3 million ). For the nine months ended September 30, 2019 , there were 0.1 million options excluded from the computation of diluted earnings per share because their effects were not dilutive ( nine months ended September 30, 2018 - 0.2 million ).

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt Credit facility Effective September 27, 2019, the Company amended and restated its revolving credit facility agreement to, among other things, increase the total amount available to U.S. $1.3 billion (December 31, 2018 - U.S. $1.0 billion ). The amended and restated revolving credit facility consists of a U.S. $1.0 billion tranche maturing September 27, 2024 (extended from June 28, 2023, previously) and a U.S. $300 million tranche maturing September 27, 2021. As at September 30, 2019, the revolving credit facility was undrawn (December 31, 2018 - undrawn). Effective September 27, 2019, the Company also reduced its bilateral letter of credit facilities to $300 million (December 31, 2018 - $600 million ). 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. $1.3 billion revolving credit facility. As at September 30, 2019 , the Company had total commercial paper borrowings of U.S. $455 million ( $603 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 2.38% . 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	9 Months Ended
	Sep. 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 September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2019 Operating lease cost $ 22 $ 67 Short-term lease cost 1 3 Variable lease cost 3 9 Sublease income (1 ) (2 ) Finance Lease Cost Amortization of right-of use-assets 2 7 Interest on lease liabilities 3 8 Total lease costs $ 30 $ 92 Supplemental balance sheet information related to leases is as follows: As at September 30 (in millions of Canadian dollars) Classification 2019 Assets Operating Other assets $ 376 Finance Properties, net book value 179 Liabilities Current Operating Accounts payable and accrued liabilities 73 Finance Long-term debt maturing within one year 7 Long-term Operating Other long-term liabilities 297 Finance Long-term debt 148 The following table provides the Company's weighted average remaining lease terms and discount rates: As at September 30 (in millions of Canadian dollars) 2019 Weighted Average Remaining Lease Term Operating leases 7 years Finance leases 4 years Weighted Average Discount Rate Operating leases 3.46 % Finance leases 7.05 % Supplemental information related to leases is as follows: For the three months ended September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2019 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 20 $ 66 Operating cash outflows from finance leases 5 10 Financing cash outflows from finance leases 2 4 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 8 $ 31 Finance leases — 4 Maturities of lease liabilities are as follows: As at September 30, 2019 (in millions of Canadian dollars) Finance Leases Operating Leases 2019 $ 3 $ 28 2020 11 69 2021 10 54 2022 110 52 2023 9 40 Thereafter 29 178 Total lease payments $ 172 $ 421 Less: Imputed interest 17 51 Present value of lease payments $ 155 $ 370

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' equity On October 19, 2018, the Company announced a 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 on or before October 23, 2019. As at September 30, 2019 , the Company had purchased 5.37 million Common Shares for $1,520 million under this NCIB program. On May 10, 2017, the Company announced an 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 September 30 For the nine months ended September 30 2019 2018 2019 2018 Number of Common Shares repurchased (1) 1,519,540 — 3,183,461 2,495,962 Weighted-average price per share (2) $ 310.36 $ — $ 299.09 $ 223.97 Amount of repurchase (in millions) (2) $ 471 $ — $ 952 $ 559 (1) Includes shares repurchased but not yet canceled at quarter end. (2) Includes brokerage fees.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 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 as 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) September 30, 2019 December 31, 2018 Long-term debt (including current maturities): Fair value $ 10,420 $ 9,639 Carrying value 8,983 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. 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 foreign subsidiaries with a U.S. dollar functional currency. 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 nine months ended September 30, 2019 was an unrealized FX loss of $68 million and an unrealized FX gain of $172 million , respectively ( three and nine months ended September 30, 2018 - unrealized FX gain of $96 million and an unrealized FX loss of $177 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 nine months ended September 30, 2019 was $ nil ( three and nine months ended September 30, 2018 - $ nil and a gain of $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 nine months ended September 30, 2019 , a net loss of $2 million and $7 million , respectively, related to settled forward starting swap hedges have been amortized to “Net interest expense” ( three and nine months ended September 30, 2018 - net loss of $2 million and $7 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	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-based compensation At September 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 nine months ended September 30, 2019 of $15 million and $88 million , respectively ( three and nine months ended September 30, 2018 - $28 million and $60 million , respectively). Stock option plan In the nine months ended September 30, 2019 , under CP’s stock option plans, the Company issued 224,730 options at the weighted-average price of $272.66 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 nine months ended September 30, 2019 Grant price $272.66 Expected option life (years) (1) 5.00 Risk-free interest rate (2) 2.22% Expected stock price volatility (3) 25.04% Expected annual dividends per share (4) $2.6191 Expected forfeiture rate (5) 6.05% Weighted-average grant date fair value per option granted during the period $63.69 (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 nine months ended September 30, 2019 , the Company issued 134,260 Performance Share Units ("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 133,681 PSUs issued in the nine months ended September 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 earnings per share 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 nine months ended September 30, 2019 , the Company granted 17,653 Deferred Share Units ("DSUs") with a grant date fair value of approximately $5 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	9 Months Ended
	Sep. 30, 2019
Retirement Benefits [Abstract]
Pensions and Other Benefits	Pension and other benefits In the three months ended September 30, 2019 , the Company made contributions of $17 million (three months ended September 30, 2018 - $13 million ) to its defined benefit pension plans. In the nine months ended September 30, 2019 , the Company made contributions of $40 million ( nine months ended September 30, 2018 - $25 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 nine months ended September 30, 2019 and 2018 included the following components: For the three months ended September 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 113 110 4 5 Expected return on fund assets (236 ) (239 ) — — Recognized net actuarial loss 20 29 1 — Amortization of prior service costs (1 ) (1 ) — — Total other components of net periodic benefit (recovery) cost (104 ) (101 ) 5 5 Net periodic benefit (recovery) cost $ (77 ) $ (71 ) $ 8 $ 8 For the nine months ended September 30 Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Current service cost (benefits earned by employees) $ 81 $ 90 $ 9 $ 9 Other components of net periodic benefit (recovery) cost: Interest cost on benefit obligation 338 329 14 14 Expected return on fund assets (710 ) (716 ) — — Recognized net actuarial loss 61 86 3 2 Amortization of prior service costs (1 ) (2 ) 1 — Total other components of net periodic benefit (recovery) cost (312 ) (303 ) 18 16 Net periodic benefit (recovery) cost $ (231 ) $ (213 ) $ 27 $ 25

Contingencies

Contingencies	9 Months Ended
	Sep. 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 adequate for such actions. While the outcome with respect to actions outstanding or pending at September 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”, collectively “MMA Group”), derailed in Lac-Mégantic, Québec. The derailment occurred on a section of railway owned and operated by the MMA Group and while the MMA Group had custody and control of the train. Following 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 were approved in both Canada and the U.S. (the “Plans”), providing for the distribution of approximately $440 million amongst those claiming derailment damages. A number of legal proceedings, set out below, were commenced in Canada and the U.S. against CP and others: (1) Québec's Minister of Sustainable Development, Environment, Wildlife and Parks ordered various parties, including CP, to clean up the derailment site and served CP with a Notice of Claim for $95 million for those cleanup costs. CP appealed the cleanup order and contested the Notice of Claim with the Administrative Tribunal of Québec. These proceedings are stayed pending determination of the Attorney General of Quebec (“AGQ”) action (paragraph 2 below). (2) The AGQ sued CP in the Québec Superior Court claiming $409 million in damages, which was amended and reduced to $315 million (the “AGQ Action”). The AGQ Action alleges that: (i) CP exercised custody or control over the petroleum crude oil until its delivery to Irving Oil and was negligent in that custody and control; and (ii) CP is vicariously liable for the acts and omissions of the MMA Group. (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") in May 2015. The Class Action seeks unquantified damages, including for wrongful death, personal injury, and property damage. (4) Eight subrogated insurers sued CP in the Québec Superior Court claiming approximately $16 million in damages, which was amended and reduced to $14 million (the “Promutuel Action”), and two additional subrogated insurers sued CP claiming approximately $3 million in damages (the “Royal Action”). Both actions contain similar allegations as the AGQ Action. The actions do not identify the subrogated parties, and therefore overlap with the claims process under the Plans is unclear. The Royal Action is stayed pending determination of the consolidated proceedings described below. The AGQ Action, the Class Action and the Promutuel Action have been consolidated and scheduled for a joint liability trial commencing September 14, 2020, followed by a damages trial, if necessary. (5) Forty-eight plaintiffs (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, and asserting similar allegations as in the Class Action and the AGQ Action. The plaintiffs opted-out of the Class Action and all but two are also plaintiffs in litigation against CP, described in paragraph 7 below. This action is stayed pending determination of the consolidated proceedings described above. (6) The MMAR U.S. estate representative commenced an action against CP in November 2014 in the Maine Bankruptcy Court claiming that CP failed to abide by certain regulations and seeking damages for MMAR’s loss in business value (as yet unquantified). This action asserts that CP knew or ought to have known that the shipper misclassified the petroleum crude oil and therefore should have refused to transport it. (7) The class and mass tort action commenced against CP in June 2015 in Texas (on behalf of Lac-Mégantic residents and wrongful death representatives) and the wrongful death and personal injury actions commenced against CP in June 2015 in Illinois and Maine, were all 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. On CP’s motion, the Maine Actions were dismissed. The plaintiffs are appealing the dismissal decision. (8) The trustee for the wrongful death trust commenced Carmack Amendment claims against CP in North Dakota Federal Court, seeking to recover approximately $6 million for damaged rail cars and lost crude and reimbursement for the settlement paid by the consignor and the consignee under the Plans (alleged to be $110 million and $60 million , respectively). This action is scheduled for trial in August 2020. 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 these 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 nine months ended September 30, 2019 was $2 million and $4 million , respectively ( three and nine months ended September 30, 2018 - $2 million and $4 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 September 30, 2019 was $80 million ( December 31, 2018 - $82 million ). Payments are expected to be made over 10 years through 2029.

Condensed Consolidating Financi

Condensed Consolidating Financial Information	9 Months Ended
	Sep. 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 September 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,381 $ 551 $ — $ 1,932 Non-freight — 35 115 (103 ) 47 Total revenues — 1,416 666 (103 ) 1,979 Operating expenses Compensation and benefits — 238 114 3 355 Fuel — 164 46 — 210 Materials — 35 12 3 50 Equipment rents — 36 (3 ) — 33 Depreciation and amortization — 112 73 — 185 Purchased services and other — 194 192 (109 ) 277 Total operating expenses — 779 434 (103 ) 1,110 Operating income — 637 232 — 869 Less: Other expense (income) 3 27 (1 ) — 29 Other components of net periodic benefit (recovery) expense — (100 ) 1 — (99 ) Net interest expense (income) — 118 (8 ) — 110 (Loss) income before income tax expense and equity in net earnings of subsidiaries (3 ) 592 240 — 829 Less: Income tax expense 1 156 54 — 211 Add: Equity in net earnings of subsidiaries 622 186 — (808 ) — Net income $ 618 $ 622 $ 186 $ (808 ) $ 618 Interim Condensed Consolidating Statements of Income For the three months ended September 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,316 $ 538 $ — $ 1,854 Non-freight — 31 92 (79 ) 44 Total revenues — 1,347 630 (79 ) 1,898 Operating expenses Compensation and benefits — 246 117 2 365 Fuel — 177 49 — 226 Materials — 33 11 3 47 Equipment rents — 27 6 — 33 Depreciation and amortization — 105 69 — 174 Purchased services and other — 224 123 (84 ) 263 Total operating expenses — 812 375 (79 ) 1,108 Operating income — 535 255 — 790 Less: Other (income) expense (4 ) (46 ) 3 — (47 ) Other components of net periodic benefit (recovery) expense — (97 ) 1 — (96 ) Net interest (income) expense (2 ) 121 (7 ) — 112 Income before income tax expense and equity in net earnings of subsidiaries 6 557 258 — 821 Less: Income tax (recovery) expense (1 ) 142 58 — 199 Add: Equity in net earnings of subsidiaries 615 200 — (815 ) — Net income $ 622 $ 615 $ 200 $ (815 ) $ 622 Interim Condensed Consolidating Statements of Income For the nine months ended September 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 4,028 $ 1,561 $ — $ 5,589 Non-freight — 98 344 (308 ) 134 Total revenues — 4,126 1,905 (308 ) 5,723 Operating expenses Compensation and benefits — 769 369 6 1,144 Fuel — 518 137 — 655 Materials — 110 40 11 161 Equipment rents — 116 (14 ) — 102 Depreciation and amortization — 318 210 — 528 Purchased services and other — 712 512 (325 ) 899 Total operating expenses — 2,543 1,254 (308 ) 3,489 Operating income — 1,583 651 — 2,234 Less: Other (income) expense (7 ) (54 ) 3 — (58 ) Other components of net periodic benefit (recovery) expense — (298 ) 4 — (294 ) Net interest (income) expense (2 ) 360 (22 ) — 336 Income before income tax expense and equity in net earnings of subsidiaries 9 1,575 666 — 2,250 Less: Income tax expense 3 373 98 — 474 Add: Equity in net earnings of subsidiaries 1,770 568 — (2,338 ) — Net income $ 1,776 $ 1,770 $ 568 $ (2,338 ) $ 1,776 Interim Condensed Consolidating Statements of Income For the nine months ended September 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 3,667 $ 1,521 $ — $ 5,188 Non-freight — 89 271 (238 ) 122 Total revenues — 3,756 1,792 (238 ) 5,310 Operating expenses Compensation and benefits — 740 346 4 1,090 Fuel — 523 148 — 671 Materials — 106 38 11 155 Equipment rents — 88 11 — 99 Depreciation and amortization — 314 202 — 516 Purchased services and other — 647 428 (253 ) 822 Total operating expenses — 2,418 1,173 (238 ) 3,353 Operating income — 1,338 619 — 1,957 Less: Other expense (income) 7 81 (32 ) — 56 Other components of net periodic benefit (recovery) expense — (289 ) 2 — (287 ) Net interest expense (income) 4 356 (21 ) — 339 (Loss) income before income tax expense and equity in net earnings of subsidiaries (11 ) 1,190 670 — 1,849 Less: Income tax (recovery) expense (2 ) 327 118 — 443 Add: Equity in net earnings of subsidiaries 1,415 552 — (1,967 ) — Net income $ 1,406 $ 1,415 $ 552 $ (1,967 ) $ 1,406 Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended September 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 618 $ 622 $ 186 $ (808 ) $ 618 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (68 ) 60 — (8 ) Change in derivatives designated as cash flow — 2 — — 2 Change in pension and post-retirement defined — 19 1 — 20 Other comprehensive (loss) income before income taxes — (47 ) 61 — 14 Income tax recovery on above items — 3 — — 3 Equity accounted investments 17 61 — (78 ) — Other comprehensive income 17 17 61 (78 ) 17 Comprehensive income $ 635 $ 639 $ 247 $ (886 ) $ 635 Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended September 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 622 $ 615 $ 200 $ (815 ) $ 622 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 96 (84 ) — 12 Change in derivatives designated as cash flow — 1 — — 1 Change in pension and post-retirement defined — 27 1 — 28 Other comprehensive income (loss) before income taxes — 124 (83 ) — 41 Income tax expense on above items — (22 ) — — (22 ) Equity accounted investments 19 (83 ) — 64 — Other comprehensive income (loss) 19 19 (83 ) 64 19 Comprehensive income $ 641 $ 634 $ 117 $ (751 ) $ 641 Interim Condensed Consolidating Statements of Comprehensive Income For the nine months ended September 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 1,776 $ 1,770 $ 568 $ (2,338 ) $ 1,776 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 173 (150 ) — 23 Change in derivatives designated as cash flow — 8 — — 8 Change in pension and post-retirement defined — 58 3 — 61 Other comprehensive income (loss) before income taxes — 239 (147 ) — 92 Income tax expense on above items — (41 ) — — (41 ) Equity accounted investments 51 (147 ) — 96 — Other comprehensive income (loss) 51 51 (147 ) 96 51 Comprehensive income $ 1,827 $ 1,821 $ 421 $ (2,242 ) $ 1,827 Interim Condensed Consolidating Statements of Comprehensive Income For the nine months ended September 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 1,406 $ 1,415 $ 552 $ (1,967 ) $ 1,406 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (177 ) 153 — (24 ) Change in derivatives designated as cash flow — 36 — — 36 Change in pension and post-retirement defined — 82 4 — 86 Other comprehensive (loss) income before income taxes — (59 ) 157 — 98 Income tax expense on above items — (10 ) (1 ) — (11 ) Equity accounted investments 87 156 — (243 ) — Other comprehensive income 87 87 156 (243 ) 87 Comprehensive income $ 1,493 $ 1,502 $ 708 $ (2,210 ) $ 1,493 Interim Condensed Consolidating Balance Sheets As at September 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 $ — $ 45 $ 100 $ — $ 145 Accounts receivable, net — 581 189 — 770 Accounts receivable, intercompany 158 136 232 (526 ) — Short-term advances to affiliates — 1,099 4,918 (6,017 ) — Materials and supplies — 150 38 — 188 Other current assets — 51 32 — 83 158 2,062 5,509 (6,543 ) 1,186 Long-term advances to affiliates 1,090 6 86 (1,182 ) — Investments — 31 184 — 215 Investments in subsidiaries 11,748 12,427 — (24,175 ) — Properties — 10,080 8,829 — 18,909 Goodwill and intangible assets — — 195 — 195 Pension asset — 1,572 — — 1,572 Other assets — 167 295 — 462 Deferred income taxes 5 — — (5 ) — Total assets $ 13,001 $ 26,345 $ 15,098 $ (31,905 ) $ 22,539 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 128 $ 926 $ 361 $ — $ 1,415 Accounts payable, intercompany 7 383 136 (526 ) — Short-term advances from affiliates 5,651 363 3 (6,017 ) — Long-term debt maturing within one year — 634 41 — 675 5,786 2,306 541 (6,543 ) 2,090 Pension and other benefit liabilities — 640 72 — 712 Long-term advances from affiliates — 1,176 6 (1,182 ) — Other long-term liabilities — 224 355 — 579 Long-term debt — 8,295 13 — 8,308 Deferred income taxes — 1,956 1,684 (5 ) 3,635 Total liabilities 5,786 14,597 2,671 (7,730 ) 15,324 Shareholders’ equity Share capital 1,982 537 6,071 (6,608 ) 1,982 Additional paid-in capital 45 1,648 96 (1,744 ) 45 Accumulated other comprehensive (loss) income (1,992 ) (1,992 ) 692 1,300 (1,992 ) Retained earnings 7,180 11,555 5,568 (17,123 ) 7,180 7,215 11,748 12,427 (24,175 ) 7,215 Total liabilities and shareholders’ equity $ 13,001 $ 26,345 $ 15,098 $ (31,905 ) $ 22,539 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 September 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 $ 709 $ 608 $ 267 $ (761 ) $ 823 Investing activities Additions to properties — (321 ) (143 ) — (464 ) Proceeds from sale of properties and other assets — 1 3 — 4 Advances to affiliates — — (7 ) 7 — Repayment of advances to affiliates — 101 — (101 ) — Other — — (1 ) — (1 ) Cash used in investing activities — (219 ) (148 ) (94 ) (461 ) Financing activities Dividends paid (116 ) (716 ) (45 ) 761 (116 ) Issuance of CP Common Shares 6 — — — 6 Purchase of CP Common Shares (498 ) (2 ) — — (500 ) Repayment of long-term debt, excluding commercial paper — (6 ) — — (6 ) Net issuance of commercial paper — 355 — — 355 Advances from affiliates — 7 — (7 ) — Repayment of advances from affiliates (101 ) — — 101 — Other — (2 ) — — (2 ) Cash used in financing activities (709 ) (364 ) (45 ) 855 (263 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — — 1 — 1 Cash position Increase in cash and cash equivalents — 25 75 — 100 Cash and cash equivalents at beginning of period — 20 25 — 45 Cash and cash equivalents at end of period $ — $ 45 $ 100 $ — $ 145 Interim Condensed Consolidating Statements of Cash Flows For the three months ended September 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 $ 87 $ 416 $ 319 $ (149 ) $ 673 Investing activities Additions to properties — (303 ) (127 ) — (430 ) Proceeds from sale of properties and other assets — 4 3 — 7 Advances to affiliates — — (209 ) 209 — Repayment of advances to affiliates — 499 345 (844 ) — Repurchase of share capital from affiliates 500 236 — (736 ) — Cash provided by (used in) investing activities 500 436 12 (1,371 ) (423 ) Financing activities Dividends paid (92 ) (92 ) (57 ) 149 (92 ) Return of share capital to affiliates — (500 ) (236 ) 736 — Issuance of CP Common Shares 4 — — — 4 Repayment of long-term debt, excluding commercial paper — (5 ) — — (5 ) Net repayment of commercial paper — (53 ) — — (53 ) Advances from affiliates 209 — — (209 ) — Repayment of advances from affiliates (708 ) (136 ) — 844 — Cash used in financing activities (587 ) (786 ) (293 ) 1,520 (146 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — 17 (22 ) — (5 ) Cash position Increase in cash and cash equivalents — 83 16 — 99 Cash and cash equivalents at beginning of period — 20 31 — 51 Cash and cash equivalents at end of period $ — $ 103 $ 47 $ — $ 150 Interim Condensed Consolidating Statements of Cash Flows For the nine months ended September 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 $ 1,494 $ 1,371 $ 721 $ (1,629 ) $ 1,957 Investing activities Additions to properties — (778 ) (369 ) — (1,147 ) Proceeds from sale of properties and other assets — 13 5 — 18 Advances to affiliates — (250 ) (267 ) 517 — Repayment of advances to affiliates — 749 4 (753 ) — Capital contributions to affiliates — (125 ) — 125 — Other — 1 (7 ) — (6 ) Cash used in investing activities — (390 ) (634 ) (111 ) (1,135 ) Financing activities Dividends paid (298 ) (1,498 ) (131 ) 1,629 (298 ) Issuance of share capital — — 125 (125 ) — Issuance of CP Common Shares 20 — — — 20 Purchase of CP Common Shares (962 ) (2 ) — — (964 ) Issuance of long-term debt, excluding commercial paper — 397 — — 397 Repayment of long-term debt, excluding commercial paper — (491 ) — — (491 ) Net issuance of commercial paper — 601 — — 601 Advances from affiliates 495 22 — (517 ) — Repayment of advances from affiliates (749 ) (4 ) — 753 — Other — (2 ) — — (2 ) Cash used in financing activities (1,494 ) (977 ) (6 ) 1,740 (737 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (1 ) — — (1 ) Cash position Increase in cash and cash equivalents — 3 81 — 84 Cash and cash equivalents at beginning of year — 42 19 — 61 Cash and cash equivalents at end of year $ — $ 45 $ 100 $ — $ 145 Interim Condensed Consolidating Statements of Cash Flows For the nine months ended September 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 $ 235 $ 1,309 $ 782 $ (545 ) $ 1,781 Investing activities Additions to properties — (701 ) (383 ) — (1,084 ) Proceeds from sale of properties and other assets — 10 6 — 16 Advances to affiliates — (63 ) (209 ) 272 — Repayment of advances to affiliates — — 840 (840 ) — Repurchase of share capital from affiliates 500 783 — (1,283 ) — Other — — (1 ) — (1 ) Cash provided by (used in) investing activities 500 29 253 (1,851 ) (1,069 ) Financing activities Dividends paid (255 ) (255 ) (290 ) 545 (255 ) Return of share capital to affiliates — (500 ) (783 ) 1,283 — Issuance of CP Common Shares 16 — — — 16 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 — (744 ) — — (744 ) Advances from affiliates 272 — — (272 ) — Repayment of advances from affiliates (209 ) (631 ) — 840 — Cash used in financing activities (735 ) (1,492 ) (1,073 ) 2,396 (904 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — 16 (12 ) — 4 Cash position Decrease in cash and cash equivalents — (138 ) (50 ) — (188 ) Cash and cash equivalents at beginning of year — 241 97 — 338 Cash and cash equivalents at end of year $ — $ 103 $ 47 $ — $ 150

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
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. Future changes Financial Instruments - Credit Losses In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments under FASB ASC Topic 326. This will replace the current incurred loss methodology used for establishing a provision against financial assets, including accounts receivable, with a forward-looking expected loss methodology for accounts receivable, loans and other financial instruments. The standard is effective as of January 1, 2020. Entities are required to apply the amendments in this update using a modified retrospective approach, through a cumulative-effect adjustment to retained earnings as of the effective date. The Company is currently performing analysis to determine the impact this new accounting standard will have on its financial statements, as well as determining the most appropriate portfolios of financial assets and the expected loss methodology to apply to each portfolio.

Leases (Policies)

Leases (Policies)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Freight Grain $ 409 $ 384 $ 1,211 $ 1,113 Coal 183 171 514 486 Potash 117 130 367 358 Fertilizers and sulphur 66 55 186 171 Forest products 78 76 229 211 Energy, chemicals and plastics 382 339 1,043 874 Metals, minerals and consumer products 201 208 579 595 Automotive 87 85 267 247 Intermodal 409 406 1,193 1,133 Total freight revenues 1,932 1,854 5,589 5,188 Non-freight excluding leasing revenues 32 28 89 76 Revenues from contracts with customers 1,964 1,882 5,678 5,264 Leasing revenues 15 16 45 46 Total revenues $ 1,979 $ 1,898 $ 5,723 $ 5,310
Contract Liabilities	Contract liabilities 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. The following tables summarize the changes in contract liabilities for the three and nine months ended September 30, 2019 and 2018: For the three months ended September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Opening balance $ 74 $ 3 $ 2 $ 2 Revenue recognized that was included in the contract liability balance at the beginning of the period (8 ) (3 ) (2 ) (2 ) Increases due to consideration received, excluding amounts recognized as revenue during the period 4 2 70 2 Closing balance $ 70 $ 2 $ 70 $ 2

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss ("AOCL") by Component (Tables)	9 Months Ended
	Sep. 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 September 30 (in millions of Canadian dollars) Foreign currency net of hedging activities (1) Derivatives and (1) Pension and post- (1) Total (1) Opening balance, July 1, 2019 $ 112 $ (58 ) $ (2,063 ) $ (2,009 ) Other comprehensive income before reclassifications 1 — — 1 Amounts reclassified from accumulated other comprehensive loss — 1 15 16 Net other comprehensive income 1 1 15 17 Closing balance, September 30, 2019 $ 113 $ (57 ) $ (2,048 ) $ (1,992 ) Opening balance, July 1, 2018 $ 110 $ (64 ) $ (1,719 ) $ (1,673 ) Other comprehensive (loss) income before reclassifications (1 ) (2 ) 1 (2 ) Amounts reclassified from accumulated other comprehensive loss — 2 19 21 Net other comprehensive (loss) income (1 ) — 20 19 Closing balance, September 30, 2018 $ 109 $ (64 ) $ (1,699 ) $ (1,654 ) (1) Amounts are presented net of tax. For the nine months ended September 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 ) Amounts reclassified from accumulated other comprehensive loss — 5 47 52 Net other comprehensive income — 5 46 51 Closing balance, September 30, 2019 $ 113 $ (57 ) $ (2,048 ) $ (1,992 ) Opening balance, January 1, 2018 $ 109 $ (89 ) $ (1,761 ) $ (1,741 ) Other comprehensive income before reclassifications — 19 — 19 Amounts reclassified from accumulated other comprehensive loss — 6 62 68 Net other comprehensive income — 25 62 87 Closing balance, September 30, 2018 $ 109 $ (64 ) $ (1,699 ) $ (1,654 ) (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 September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Amortization of prior service costs (1) $ (1 ) $ (1 ) $ — $ (2 ) Recognition of net actuarial loss (1) 21 29 62 88 Total before income tax 20 28 62 86 Income tax recovery (5 ) (9 ) (15 ) (24 ) Total net of income tax $ 15 $ 19 $ 47 $ 62 (1) Impacts " Other components of net periodic benefit recovery " on the Interim Consolidated Statements of Income.

Other (Income) Expense (Tables)

Other (Income) Expense (Tables)	9 Months Ended
	Sep. 30, 2019
Other Income and Expenses [Abstract]
Other Income and Expenses	For the three months ended September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Foreign exchange loss (gain) on debt and lease liabilities $ 25 $ (38 ) $ (57 ) $ 55 Other foreign exchange losses (gains) 2 (1 ) (4 ) 2 Other 2 (8 ) 3 (1 ) Other expense (income) $ 29 $ (47 ) $ (58 ) $ 56

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	For the three months ended September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2018 2019 2018 Current income tax expense $ 115 $ 122 $ 358 $ 288 Deferred income tax expense 96 77 116 155 Income tax expense $ 211 $ 199 $ 474 $ 443

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 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 September 30 For the nine months ended September 30 (in millions) 2019 2018 2019 2018 Weighted-average basic shares outstanding 138.1 142.6 139.3 143.2 Dilutive effect of stock options 0.6 0.5 0.5 0.5 Weighted-average diluted shares outstanding 138.7 143.1 139.8 143.7

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Components of Lease Expense	The components of lease expense are as follows: For the three months ended September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2019 Operating lease cost $ 22 $ 67 Short-term lease cost 1 3 Variable lease cost 3 9 Sublease income (1 ) (2 ) Finance Lease Cost Amortization of right-of use-assets 2 7 Interest on lease liabilities 3 8 Total lease costs $ 30 $ 92
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases is as follows: As at September 30 (in millions of Canadian dollars) Classification 2019 Assets Operating Other assets $ 376 Finance Properties, net book value 179 Liabilities Current Operating Accounts payable and accrued liabilities 73 Finance Long-term debt maturing within one year 7 Long-term Operating Other long-term liabilities 297 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 September 30 (in millions of Canadian dollars) 2019 Weighted Average Remaining Lease Term Operating leases 7 years Finance leases 4 years Weighted Average Discount Rate Operating leases 3.46 % Finance leases 7.05 %
Supplemental Information Related to Leases	Supplemental information related to leases is as follows: For the three months ended September 30 For the nine months ended September 30 (in millions of Canadian dollars) 2019 2019 Cash paid for amounts included in measurement of lease liabilities Operating cash outflows from operating leases $ 20 $ 66 Operating cash outflows from finance leases 5 10 Financing cash outflows from finance leases 2 4 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 8 $ 31 Finance leases — 4
Maturities of Operating and Finance Lease Liabilities	Maturities of lease liabilities are as follows: As at September 30, 2019 (in millions of Canadian dollars) Finance Leases Operating Leases 2019 $ 3 $ 28 2020 11 69 2021 10 54 2022 110 52 2023 9 40 Thereafter 29 178 Total lease payments $ 172 $ 421 Less: Imputed interest 17 51 Present value of lease payments $ 155 $ 370

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 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 September 30 For the nine months ended September 30 2019 2018 2019 2018 Number of Common Shares repurchased (1) 1,519,540 — 3,183,461 2,495,962 Weighted-average price per share (2) $ 310.36 $ — $ 299.09 $ 223.97 Amount of repurchase (in millions) (2) $ 471 $ — $ 952 $ 559 (1) Includes shares repurchased but not yet canceled at quarter end. (2) Includes brokerage fees.

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 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) September 30, 2019 December 31, 2018 Long-term debt (including current maturities): Fair value $ 10,420 $ 9,639 Carrying value 8,983 8,696

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Weighted-Average Fair Value Assumptions	The weighted-average fair value assumptions were approximately: For the nine months ended September 30, 2019 Grant price $272.66 Expected option life (years) (1) 5.00 Risk-free interest rate (2) 2.22% Expected stock price volatility (3) 25.04% Expected annual dividends per share (4) $2.6191 Expected forfeiture rate (5) 6.05% Weighted-average grant date fair value per option granted during the period $63.69 (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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2019 and 2018 included the following components: For the three months ended September 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 113 110 4 5 Expected return on fund assets (236 ) (239 ) — — Recognized net actuarial loss 20 29 1 — Amortization of prior service costs (1 ) (1 ) — — Total other components of net periodic benefit (recovery) cost (104 ) (101 ) 5 5 Net periodic benefit (recovery) cost $ (77 ) $ (71 ) $ 8 $ 8 For the nine months ended September 30 Pensions Other benefits (in millions of Canadian dollars) 2019 2018 2019 2018 Current service cost (benefits earned by employees) $ 81 $ 90 $ 9 $ 9 Other components of net periodic benefit (recovery) cost: Interest cost on benefit obligation 338 329 14 14 Expected return on fund assets (710 ) (716 ) — — Recognized net actuarial loss 61 86 3 2 Amortization of prior service costs (1 ) (2 ) 1 — Total other components of net periodic benefit (recovery) cost (312 ) (303 ) 18 16 Net periodic benefit (recovery) cost $ (231 ) $ (213 ) $ 27 $ 25

Condensed Consolidating Finan_2

Condensed Consolidating Financial Information (Tables)	9 Months Ended
	Sep. 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 September 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,381 $ 551 $ — $ 1,932 Non-freight — 35 115 (103 ) 47 Total revenues — 1,416 666 (103 ) 1,979 Operating expenses Compensation and benefits — 238 114 3 355 Fuel — 164 46 — 210 Materials — 35 12 3 50 Equipment rents — 36 (3 ) — 33 Depreciation and amortization — 112 73 — 185 Purchased services and other — 194 192 (109 ) 277 Total operating expenses — 779 434 (103 ) 1,110 Operating income — 637 232 — 869 Less: Other expense (income) 3 27 (1 ) — 29 Other components of net periodic benefit (recovery) expense — (100 ) 1 — (99 ) Net interest expense (income) — 118 (8 ) — 110 (Loss) income before income tax expense and equity in net earnings of subsidiaries (3 ) 592 240 — 829 Less: Income tax expense 1 156 54 — 211 Add: Equity in net earnings of subsidiaries 622 186 — (808 ) — Net income $ 618 $ 622 $ 186 $ (808 ) $ 618 Interim Condensed Consolidating Statements of Income For the three months ended September 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 1,316 $ 538 $ — $ 1,854 Non-freight — 31 92 (79 ) 44 Total revenues — 1,347 630 (79 ) 1,898 Operating expenses Compensation and benefits — 246 117 2 365 Fuel — 177 49 — 226 Materials — 33 11 3 47 Equipment rents — 27 6 — 33 Depreciation and amortization — 105 69 — 174 Purchased services and other — 224 123 (84 ) 263 Total operating expenses — 812 375 (79 ) 1,108 Operating income — 535 255 — 790 Less: Other (income) expense (4 ) (46 ) 3 — (47 ) Other components of net periodic benefit (recovery) expense — (97 ) 1 — (96 ) Net interest (income) expense (2 ) 121 (7 ) — 112 Income before income tax expense and equity in net earnings of subsidiaries 6 557 258 — 821 Less: Income tax (recovery) expense (1 ) 142 58 — 199 Add: Equity in net earnings of subsidiaries 615 200 — (815 ) — Net income $ 622 $ 615 $ 200 $ (815 ) $ 622 Interim Condensed Consolidating Statements of Income For the nine months ended September 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 4,028 $ 1,561 $ — $ 5,589 Non-freight — 98 344 (308 ) 134 Total revenues — 4,126 1,905 (308 ) 5,723 Operating expenses Compensation and benefits — 769 369 6 1,144 Fuel — 518 137 — 655 Materials — 110 40 11 161 Equipment rents — 116 (14 ) — 102 Depreciation and amortization — 318 210 — 528 Purchased services and other — 712 512 (325 ) 899 Total operating expenses — 2,543 1,254 (308 ) 3,489 Operating income — 1,583 651 — 2,234 Less: Other (income) expense (7 ) (54 ) 3 — (58 ) Other components of net periodic benefit (recovery) expense — (298 ) 4 — (294 ) Net interest (income) expense (2 ) 360 (22 ) — 336 Income before income tax expense and equity in net earnings of subsidiaries 9 1,575 666 — 2,250 Less: Income tax expense 3 373 98 — 474 Add: Equity in net earnings of subsidiaries 1,770 568 — (2,338 ) — Net income $ 1,776 $ 1,770 $ 568 $ (2,338 ) $ 1,776 Interim Condensed Consolidating Statements of Income For the nine months ended September 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Revenues Freight $ — $ 3,667 $ 1,521 $ — $ 5,188 Non-freight — 89 271 (238 ) 122 Total revenues — 3,756 1,792 (238 ) 5,310 Operating expenses Compensation and benefits — 740 346 4 1,090 Fuel — 523 148 — 671 Materials — 106 38 11 155 Equipment rents — 88 11 — 99 Depreciation and amortization — 314 202 — 516 Purchased services and other — 647 428 (253 ) 822 Total operating expenses — 2,418 1,173 (238 ) 3,353 Operating income — 1,338 619 — 1,957 Less: Other expense (income) 7 81 (32 ) — 56 Other components of net periodic benefit (recovery) expense — (289 ) 2 — (287 ) Net interest expense (income) 4 356 (21 ) — 339 (Loss) income before income tax expense and equity in net earnings of subsidiaries (11 ) 1,190 670 — 1,849 Less: Income tax (recovery) expense (2 ) 327 118 — 443 Add: Equity in net earnings of subsidiaries 1,415 552 — (1,967 ) — Net income $ 1,406 $ 1,415 $ 552 $ (1,967 ) $ 1,406
Interim Condensed Consolidating Statements of Comprehensive Income	Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended September 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 618 $ 622 $ 186 $ (808 ) $ 618 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (68 ) 60 — (8 ) Change in derivatives designated as cash flow — 2 — — 2 Change in pension and post-retirement defined — 19 1 — 20 Other comprehensive (loss) income before income taxes — (47 ) 61 — 14 Income tax recovery on above items — 3 — — 3 Equity accounted investments 17 61 — (78 ) — Other comprehensive income 17 17 61 (78 ) 17 Comprehensive income $ 635 $ 639 $ 247 $ (886 ) $ 635 Interim Condensed Consolidating Statements of Comprehensive Income For the three months ended September 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 622 $ 615 $ 200 $ (815 ) $ 622 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 96 (84 ) — 12 Change in derivatives designated as cash flow — 1 — — 1 Change in pension and post-retirement defined — 27 1 — 28 Other comprehensive income (loss) before income taxes — 124 (83 ) — 41 Income tax expense on above items — (22 ) — — (22 ) Equity accounted investments 19 (83 ) — 64 — Other comprehensive income (loss) 19 19 (83 ) 64 19 Comprehensive income $ 641 $ 634 $ 117 $ (751 ) $ 641 Interim Condensed Consolidating Statements of Comprehensive Income For the nine months ended September 30, 2019 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 1,776 $ 1,770 $ 568 $ (2,338 ) $ 1,776 Net gain (loss) in foreign currency translation adjustments, net of hedging activities — 173 (150 ) — 23 Change in derivatives designated as cash flow — 8 — — 8 Change in pension and post-retirement defined — 58 3 — 61 Other comprehensive income (loss) before income taxes — 239 (147 ) — 92 Income tax expense on above items — (41 ) — — (41 ) Equity accounted investments 51 (147 ) — 96 — Other comprehensive income (loss) 51 51 (147 ) 96 51 Comprehensive income $ 1,827 $ 1,821 $ 421 $ (2,242 ) $ 1,827 Interim Condensed Consolidating Statements of Comprehensive Income For the nine months ended September 30, 2018 (in millions of Canadian dollars) CPRL (Parent Guarantor) CPRC (Subsidiary Issuer) Non-Guarantor Subsidiaries Consolidating Adjustments and Eliminations CPRL Consolidated Net income $ 1,406 $ 1,415 $ 552 $ (1,967 ) $ 1,406 Net (loss) gain in foreign currency translation adjustments, net of hedging activities — (177 ) 153 — (24 ) Change in derivatives designated as cash flow — 36 — — 36 Change in pension and post-retirement defined — 82 4 — 86 Other comprehensive (loss) income before income taxes — (59 ) 157 — 98 Income tax expense on above items — (10 ) (1 ) — (11 ) Equity accounted investments 87 156 — (243 ) — Other comprehensive income 87 87 156 (243 ) 87 Comprehensive income $ 1,493 $ 1,502 $ 708 $ (2,210 ) $ 1,493
Interim Condensed Consolidating Balance Sheets	Interim Condensed Consolidating Balance Sheets As at September 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 $ — $ 45 $ 100 $ — $ 145 Accounts receivable, net — 581 189 — 770 Accounts receivable, intercompany 158 136 232 (526 ) — Short-term advances to affiliates — 1,099 4,918 (6,017 ) — Materials and supplies — 150 38 — 188 Other current assets — 51 32 — 83 158 2,062 5,509 (6,543 ) 1,186 Long-term advances to affiliates 1,090 6 86 (1,182 ) — Investments — 31 184 — 215 Investments in subsidiaries 11,748 12,427 — (24,175 ) — Properties — 10,080 8,829 — 18,909 Goodwill and intangible assets — — 195 — 195 Pension asset — 1,572 — — 1,572 Other assets — 167 295 — 462 Deferred income taxes 5 — — (5 ) — Total assets $ 13,001 $ 26,345 $ 15,098 $ (31,905 ) $ 22,539 Liabilities and shareholders’ equity Current liabilities Accounts payable and accrued liabilities $ 128 $ 926 $ 361 $ — $ 1,415 Accounts payable, intercompany 7 383 136 (526 ) — Short-term advances from affiliates 5,651 363 3 (6,017 ) — Long-term debt maturing within one year — 634 41 — 675 5,786 2,306 541 (6,543 ) 2,090 Pension and other benefit liabilities — 640 72 — 712 Long-term advances from affiliates — 1,176 6 (1,182 ) — Other long-term liabilities — 224 355 — 579 Long-term debt — 8,295 13 — 8,308 Deferred income taxes — 1,956 1,684 (5 ) 3,635 Total liabilities 5,786 14,597 2,671 (7,730 ) 15,324 Shareholders’ equity Share capital 1,982 537 6,071 (6,608 ) 1,982 Additional paid-in capital 45 1,648 96 (1,744 ) 45 Accumulated other comprehensive (loss) income (1,992 ) (1,992 ) 692 1,300 (1,992 ) Retained earnings 7,180 11,555 5,568 (17,123 ) 7,180 7,215 11,748 12,427 (24,175 ) 7,215 Total liabilities and shareholders’ equity $ 13,001 $ 26,345 $ 15,098 $ (31,905 ) $ 22,539 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 September 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 $ 709 $ 608 $ 267 $ (761 ) $ 823 Investing activities Additions to properties — (321 ) (143 ) — (464 ) Proceeds from sale of properties and other assets — 1 3 — 4 Advances to affiliates — — (7 ) 7 — Repayment of advances to affiliates — 101 — (101 ) — Other — — (1 ) — (1 ) Cash used in investing activities — (219 ) (148 ) (94 ) (461 ) Financing activities Dividends paid (116 ) (716 ) (45 ) 761 (116 ) Issuance of CP Common Shares 6 — — — 6 Purchase of CP Common Shares (498 ) (2 ) — — (500 ) Repayment of long-term debt, excluding commercial paper — (6 ) — — (6 ) Net issuance of commercial paper — 355 — — 355 Advances from affiliates — 7 — (7 ) — Repayment of advances from affiliates (101 ) — — 101 — Other — (2 ) — — (2 ) Cash used in financing activities (709 ) (364 ) (45 ) 855 (263 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — — 1 — 1 Cash position Increase in cash and cash equivalents — 25 75 — 100 Cash and cash equivalents at beginning of period — 20 25 — 45 Cash and cash equivalents at end of period $ — $ 45 $ 100 $ — $ 145 Interim Condensed Consolidating Statements of Cash Flows For the three months ended September 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 $ 87 $ 416 $ 319 $ (149 ) $ 673 Investing activities Additions to properties — (303 ) (127 ) — (430 ) Proceeds from sale of properties and other assets — 4 3 — 7 Advances to affiliates — — (209 ) 209 — Repayment of advances to affiliates — 499 345 (844 ) — Repurchase of share capital from affiliates 500 236 — (736 ) — Cash provided by (used in) investing activities 500 436 12 (1,371 ) (423 ) Financing activities Dividends paid (92 ) (92 ) (57 ) 149 (92 ) Return of share capital to affiliates — (500 ) (236 ) 736 — Issuance of CP Common Shares 4 — — — 4 Repayment of long-term debt, excluding commercial paper — (5 ) — — (5 ) Net repayment of commercial paper — (53 ) — — (53 ) Advances from affiliates 209 — — (209 ) — Repayment of advances from affiliates (708 ) (136 ) — 844 — Cash used in financing activities (587 ) (786 ) (293 ) 1,520 (146 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — 17 (22 ) — (5 ) Cash position Increase in cash and cash equivalents — 83 16 — 99 Cash and cash equivalents at beginning of period — 20 31 — 51 Cash and cash equivalents at end of period $ — $ 103 $ 47 $ — $ 150 Interim Condensed Consolidating Statements of Cash Flows For the nine months ended September 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 $ 1,494 $ 1,371 $ 721 $ (1,629 ) $ 1,957 Investing activities Additions to properties — (778 ) (369 ) — (1,147 ) Proceeds from sale of properties and other assets — 13 5 — 18 Advances to affiliates — (250 ) (267 ) 517 — Repayment of advances to affiliates — 749 4 (753 ) — Capital contributions to affiliates — (125 ) — 125 — Other — 1 (7 ) — (6 ) Cash used in investing activities — (390 ) (634 ) (111 ) (1,135 ) Financing activities Dividends paid (298 ) (1,498 ) (131 ) 1,629 (298 ) Issuance of share capital — — 125 (125 ) — Issuance of CP Common Shares 20 — — — 20 Purchase of CP Common Shares (962 ) (2 ) — — (964 ) Issuance of long-term debt, excluding commercial paper — 397 — — 397 Repayment of long-term debt, excluding commercial paper — (491 ) — — (491 ) Net issuance of commercial paper — 601 — — 601 Advances from affiliates 495 22 — (517 ) — Repayment of advances from affiliates (749 ) (4 ) — 753 — Other — (2 ) — — (2 ) Cash used in financing activities (1,494 ) (977 ) (6 ) 1,740 (737 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — (1 ) — — (1 ) Cash position Increase in cash and cash equivalents — 3 81 — 84 Cash and cash equivalents at beginning of year — 42 19 — 61 Cash and cash equivalents at end of year $ — $ 45 $ 100 $ — $ 145 Interim Condensed Consolidating Statements of Cash Flows For the nine months ended September 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 $ 235 $ 1,309 $ 782 $ (545 ) $ 1,781 Investing activities Additions to properties — (701 ) (383 ) — (1,084 ) Proceeds from sale of properties and other assets — 10 6 — 16 Advances to affiliates — (63 ) (209 ) 272 — Repayment of advances to affiliates — — 840 (840 ) — Repurchase of share capital from affiliates 500 783 — (1,283 ) — Other — — (1 ) — (1 ) Cash provided by (used in) investing activities 500 29 253 (1,851 ) (1,069 ) Financing activities Dividends paid (255 ) (255 ) (290 ) 545 (255 ) Return of share capital to affiliates — (500 ) (783 ) 1,283 — Issuance of CP Common Shares 16 — — — 16 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 — (744 ) — — (744 ) Advances from affiliates 272 — — (272 ) — Repayment of advances from affiliates (209 ) (631 ) — 840 — Cash used in financing activities (735 ) (1,492 ) (1,073 ) 2,396 (904 ) Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents — 16 (12 ) — 4 Cash position Decrease in cash and cash equivalents — (138 ) (50 ) — (188 ) Cash and cash equivalents at beginning of year — 241 97 — 338 Cash and cash equivalents at end of year $ — $ 103 $ 47 $ — $ 150

Accounting Changes - Impact of

Accounting Changes - Impact of ASC 842 Adoption (Details) - CAD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Properties	$ 18,909	$ 18,406	$ 18,418
Other assets	462	470	71
Accounts payable and accrued liabilities	1,415	1,507	1,449
Other long-term liabilities	579	574	237
Deferred income taxes	3,635	3,515	3,518
Retained earnings	$ 7,180	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,964	$ 1,882	$ 5,678	$ 5,264
Leasing revenues	15	16	45	46
Total revenues	1,979	1,898	5,723	5,310
Freight [Member]
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,932	1,854	5,589	5,188
Total revenues	1,932	1,854	5,589	5,188
Grain
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	409	384	1,211	1,113
Coal
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	183	171	514	486
Potash
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	117	130	367	358
Fertilizers and sulphur
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	66	55	186	171
Forest products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	78	76	229	211
Energy, chemicals and plastics
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	382	339	1,043	874
Metals, minerals and consumer products
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	201	208	579	595
Automotive
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	87	85	267	247
Intermodal
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	409	406	1,193	1,133
Non-freight
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	32	28	89	76
Total revenues	$ 47	$ 44	$ 134	$ 122

Revenues - Contract Liabilities

Revenues - Contract Liabilities (Details) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Contract with Customer, Liability [Abstract]
Contract liability, opening balance	$ 74	$ 3	$ 2	$ 2
Revenue recognized that was included in the contract liability balance at the beginning of the period	(8)	(3)	(2)	(2)
Increases due to consideration received, excluding amounts recognized as revenue during the period	4	2	70	2
Contract liability, closing balance	$ 70	$ 2	$ 70	$ 2

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	$ (2,009)	$ (1,673)	$ (2,043)	$ (1,741)
Other comprehensive income (loss) before reclassifications	1	(2)	(1)	19
Amounts reclassified from accumulated other comprehensive loss	16	21	52	68
Net current-period other comprehensive income (loss)	17	19	51	87
AOC Income (Loss), Closing balance	(1,992)	(1,654)	(1,992)	(1,654)
Foreign currency net of hedging activities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	112	110	113	109
Other comprehensive income (loss) before reclassifications	1	(1)	0	0
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Net current-period other comprehensive income (loss)	1	(1)	0	0
AOC Income (Loss), Closing balance	113	109	113	109
Derivatives and other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
AOC Income (Loss), Opening balance	(58)	(64)	(62)	(89)
Other comprehensive income (loss) before reclassifications	0	(2)	0	19
Amounts reclassified from accumulated other comprehensive loss	1	2	5	6
Net current-period other comprehensive income (loss)	1	0	5	25
AOC Income (Loss), Closing balance	(57)	(64)	(57)	(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	(2,063)	(1,719)	(2,094)	(1,761)
Other comprehensive income (loss) before reclassifications	0	1	(1)	0
Amounts reclassified from accumulated other comprehensive loss	15	19	47	62
Net current-period other comprehensive income (loss)	15	20	46	62
AOC Income (Loss), Closing balance	$ (2,048)	$ (1,699)	$ (2,048)	$ (1,699)

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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Income tax expense (recovery)	$ 211	$ 199	$ 474	$ 443
Reclassification out of Accumulated Other Comprehensive Income [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amortization of prior service costs	(1)	(1)	0	(2)
Recognition of net actuarial loss	21	29	62	88
Total before income tax	20	28	62	86
Income tax expense (recovery)	(5)	(9)	(15)	(24)
Total net of income tax	$ 15	$ 19	$ 47	$ 62

Other (Income) Expense - Other

Other (Income) Expense - Other Income and Expenses (Details) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other Income and Expenses [Abstract]
Foreign exchange loss (gain) on debt and lease liabilities	$ 25	$ (38)	$ (57)	$ 55
Other foreign exchange losses (gains)	2	(1)	(4)	2
Other	2	(8)	3	(1)
Other expense (income)	$ 29	$ (47)	$ (58)	$ 56

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Details) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Current income tax expense	$ 115	$ 122	$ 358	$ 288
Deferred income tax (recovery) expense	96	77	116	155
Income tax expense	$ 211	$ 199	$ 474	$ 443

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Effect of change in enacted tax rate			$ (88)	$ (21)
Effective tax rate	25.43%	24.23%	21.06%	23.95%
Foreign exchange loss (gain) on debt and lease liabilities	$ 25	$ (38)	$ (57)	$ 55
Effective tax rate, excluding discrete items	25.11%	24.75%	25.50%	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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Weighted average basic shares outstanding	138.1	142.6	139.3	143.2
Dilutive effect of stock options	0.6	0.5	0.5	0.5
Weighted average diluted shares outstanding	138.7	143.1	139.8	143.7

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Number of shares outstanding	137.5	142.6	137.5	142.6	139.1	140.5	140.5	142.5	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	0.3	0.1	0.2

Debt - Narrative (Details)

Debt - Narrative (Details)	3 Months Ended				9 Months Ended
	Jun. 30, 2019CAD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019CAD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2019CAD ($)	Sep. 30, 2019USD ($)	Sep. 27, 2019USD ($)	Dec. 31, 2018CAD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Commercial Paper					$ 603,000,000	$ 455,000,000		$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity						1,300,000,000			$ 1,000,000,000
Current borrowing capacity						1,300,000,000
U.S $1.0 Billion Tranche
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 1,000,000,000
U.S. $3 Million Tranche
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity							$ 300,000,000
Bilateral Letter of Credit Facilities
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity					$ 300,000,000			$ 600,000,000
Commercial Paper
Debt Instrument [Line Items]
Current borrowing capacity						$ 1,000,000,000
Weighted average interest rate, Commercial paper					2.38%
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%
Debt instrument, Term	10 years	10 years

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019CAD ($)
Lessee, Lease, Description [Line Items]
Operating lease, 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	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 22	$ 67
Short-term lease cost	1	3
Variable lease cost	3	9
Sublease income	(1)	(2)
Finance lease cost, Amortization of right-of-use assets	2	7
Finance lease cost, Interest on lease liabilities	3	8
Total lease costs	$ 30	$ 92

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information (Details) $ in Millions	Sep. 30, 2019CAD ($)
Leases [Abstract]
Operating lease, ROU asset	$ 376
Finance lease, ROU asset	179
Operating lease, ROU liability, current	73
Finance lease, ROU liability, current	7
Operating lease, ROU liability, non-current	297
Finance lease, ROU liability, non-current	$ 148

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Sep. 30, 2019
Leases [Abstract]
Operating lease, Weighted average remaining lease term	7 years
Finance lease, Weighted average remaining lease term	4 years
Operating lease, Weighted average discount rate	3.46%
Finance lease, Weighted average discount rate	7.05%

Leases - Supplemental Informati

Leases - Supplemental Information Related to Leases (Details) - CAD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating cash outflows from operating leases	$ 20	$ 66
Operating cash outflows from finance leases	5	10
Financing cash outflows from finance leases	2	4
Right-of-use assets obtained in exchange for operating lease liabilities	8	31
Right-of-use assets obtained in exchange for finance lease liabilities	$ 0	$ 4

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Millions	Sep. 30, 2019CAD ($)
Leases [Abstract]
Finance lease, Payments due remainder of year one	$ 3
Finance lease, Payments due year two	11
Finance lease, Payments due year three	10
Finance lease, Payments due year four	110
Finance lease, Payments due year five	9
Finance lease, Payments due after year five	29
Finance lease, Total lease payments	172
Finance lease, Imputed interest	17
Finance lease, Present value of lease payments	155
Operating lease, Payments due remainder of year one	28
Operating lease, Payments due year two	69
Operating lease, Payments due year three	54
Operating lease, Payments due year four	52
Operating lease, Payments due year five	40
Operating lease, Payments due after year five	178
Operating lease, Total lease payments	421
Operating lease, Imputed interest	51
Operating lease, Present value of lease payments	$ 370

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended		11 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Oct. 19, 2018	May 10, 2017
Number of Common Shares repurchased	1,600,000		3,200,000	2,500,000
Amount of repurchase (in millions)	$ 471		$ 952	$ 559
Current Normal Course Issuer Bid (NCIB) [Member]
Common Shares authorized to be repurchased						5,680,000
Number of Common Shares repurchased	1,519,540		3,183,461		5,370,000
Amount of repurchase (in millions)	$ 471		$ 952		$ 1,520
2017 Normal Course Issuer Bid (NCIB) [Member]
Common Shares authorized to be repurchased							4,380,000
Number of Common Shares repurchased		0		2,495,962
Amount of repurchase (in millions)		$ 0		$ 559

Shareholders' Equity - Activiti

Shareholders' Equity - Activities Under Share Repurchase Program (Detail) - CAD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended		11 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019
Number of Common Shares repurchased	1,600,000		3,200,000	2,500,000
Amount of repurchase (in millions)	$ 471		$ 952	$ 559
Current Normal Course Issuer Bid (NCIB) [Member]
Number of Common Shares repurchased	1,519,540		3,183,461		5,370,000
Weighted-average price per share	$ 310.36		$ 299.09
Amount of repurchase (in millions)	$ 471		$ 952		$ 1,520
2017 Normal Course Issuer Bid (NCIB) [Member]
Number of Common Shares repurchased		0		2,495,962
Weighted-average price per share		$ 0		$ 223.97
Amount of repurchase (in millions)		$ 0		$ 559

Financial Instruments - Fair Va

Financial Instruments - Fair Value and Carrying Value of Long-term Debt (Details) - CAD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Long-term Debt, Fair value	$ 10,420	$ 9,639
Carrying Value Measurement [Member]
Schedule of Investments [Line Items]
Long-term Debt, Carrying value	$ 8,983	$ 8,696

Financial Instruments - Narrati

Financial Instruments - Narrative (Details)	3 Months Ended				9 Months Ended
	Sep. 30, 2019CAD ($)	Mar. 31, 2019CAD ($)	Sep. 30, 2018CAD ($)	Jun. 30, 2018CAD ($)	Sep. 30, 2019CAD ($)	Sep. 30, 2018CAD ($)	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%
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			$ 19,000,000
Gain on Derivative			$ 0		$ 0	$ 31,000,000
Forward Starting Swaps [Member] | Net Interest Expense [Member]
Schedule of Investments [Line Items]
Derivative losses amortized to net interest expense	$ 2,000,000		2,000,000		7,000,000	7,000,000
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	$ (68,000,000)		$ 96,000,000		$ 172,000,000	$ (177,000,000)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - CAD ($) $ / shares in Units, $ in Millions	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 15		$ 28	$ 88	$ 60
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options issued (shares)				224,730
Weighted average grant price				$ 272.66
Expiration period				7 years
Grant date fair value, options				$ 14
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				133,681
PSU payout percentage						177.00%
Number of trading days						30 days
PSU cash 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				134,260
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				17,653
Grant date fair value, other than options				$ 5

Stock-Based Compensation - Weig

Stock-Based Compensation - Weighted-Average Fair Value Assumptions (Details) - CAD ($)	May 06, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per share		$ 0.8300	$ 0.6500	$ 2.3100	$ 1.8625
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant price				$ 272.66
Expected option life (years)				5 years
Risk-free interest rate				2.22%
Expected stock price volatility				25.04%
Expected annual dividends per share				$ 2.6191
Estimated forfeiture rate				6.05%
Weighted average grant date fair value per option granted during the period				$ 63.69
Dividends declared per share	$ 0.8300
Stock Options | 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Contributions made by the company	$ 17	$ 13	$ 40	$ 25
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan and Other Postretirement Benefit Plans
Total other components of net periodic benefit (recovery) cost	$ (99)	$ (96)	$ (294)	$ (287)
Pension Plans, Defined Benefit [Member]
Defined Benefit Plan and Other Postretirement Benefit Plans
Current service cost (benefits earned by employees)	27	30	81	90
Interest cost on benefit obligation	113	110	338	329
Expected return on fund assets	(236)	(239)	(710)	(716)
Recognized net actuarial loss	20	29	61	86
Amortization of prior service costs	(1)	(1)	(1)	(2)
Total other components of net periodic benefit (recovery) cost	(104)	(101)	(312)	(303)
Net periodic benefit (recovery) cost	(77)	(71)	(231)	(213)
Other Postretirement Benefit Plans, Defined Benefit [Member]
Defined Benefit Plan and Other Postretirement Benefit Plans
Current service cost (benefits earned by employees)	3	3	9	9
Interest cost on benefit obligation	4	5	14	14
Expected return on fund assets	0	0	0	0
Recognized net actuarial loss	1	0	3	2
Amortization of prior service costs	0	0	1	0
Total other components of net periodic benefit (recovery) cost	5	5	18	16
Net periodic benefit (recovery) cost	$ 8	$ 8	$ 27	$ 25

Contingencies - Legal Proceedin

Contingencies - Legal Proceedings (Details) - Lac-Megantic Rail Accident [Member] $ in Millions	9 Months Ended
	Sep. 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
Attorney General of Quebec
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
Wrongful Death Trustee | Damaged rail cars and lost crude
Other Commitments [Line Items]
Value of damages sought	$ 6
Wrongful Death Trustee | Reimbursement for settlement paid by consignor
Other Commitments [Line Items]
Value of damages sought	110
Wrongful Death Trustee | Reimbursement for settlement paid by consignee
Other Commitments [Line Items]
Value of damages sought	$ 60

Contingencies - Environmental L

Contingencies - Environmental Liabilities (Details) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Site Contingency [Line Items]
Total amount provided for provisions for environmental remediation costs	$ 80		$ 80		$ 82
Term for expected payments to be made			10 years
Purchased services and other
Site Contingency [Line Items]
Environmental remediation expense	$ 2	$ 2	$ 4	$ 4

Condensed Consolidating Finan_3

Condensed Consolidating Financial Information - Interim Condensed Consolidating Statements of Income (Details) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues
Total revenues	$ 1,979	$ 1,898	$ 5,723	$ 5,310
Operating expenses
Compensation and benefits	355	365	1,144	1,090
Fuel	210	226	655	671
Materials	50	47	161	155
Equipment rents	33	33	102	99
Depreciation and amortization	185	174	528	516
Purchased services and other	277	263	899	822
Total operating expenses	1,110	1,108	3,489	3,353
Operating income	869	790	2,234	1,957
Less:
Other expense (income)	29	(47)	(58)	56
Other components of net periodic benefit recovery cost	(99)	(96)	(294)	(287)
Net interest (income) expense	110	112	336	339
(Loss) income before income tax expense and equity in net earnings of subsidiaries	829	821	2,250	1,849
Income tax expense (recovery)	211	199	474	443
Add: Equity in net earnings of subsidiaries	0	0	0	0
Net income	618	622	1,776	1,406
Freight
Revenues
Total revenues	1,932	1,854	5,589	5,188
Non-freight
Revenues
Total revenues	47	44	134	122
Consolidating Adjustments and Eliminations [Member]
Revenues
Total revenues	(103)	(79)	(308)	(238)
Operating expenses
Compensation and benefits	3	2	6	4
Fuel	0	0	0	0
Materials	3	3	11	11
Equipment rents	0	0	0	0
Depreciation and amortization	0	0	0	0
Purchased services and other	(109)	(84)	(325)	(253)
Total operating expenses	(103)	(79)	(308)	(238)
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
(Loss) 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	(808)	(815)	(2,338)	(1,967)
Net income	(808)	(815)	(2,338)	(1,967)
Consolidating Adjustments and Eliminations [Member] | Freight
Revenues
Total revenues	0	0	0	0
Consolidating Adjustments and Eliminations [Member] | Non-freight
Revenues
Total revenues	(103)	(79)	(308)	(238)
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)	3	(4)	(7)	7
Other components of net periodic benefit recovery cost	0	0	0	0
Net interest (income) expense	0	(2)	(2)	4
(Loss) income before income tax expense and equity in net earnings of subsidiaries	(3)	6	9	(11)
Income tax expense (recovery)	1	(1)	3	(2)
Add: Equity in net earnings of subsidiaries	622	615	1,770	1,415
Net income	618	622	1,776	1,406
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	1,416	1,347	4,126	3,756
Operating expenses
Compensation and benefits	238	246	769	740
Fuel	164	177	518	523
Materials	35	33	110	106
Equipment rents	36	27	116	88
Depreciation and amortization	112	105	318	314
Purchased services and other	194	224	712	647
Total operating expenses	779	812	2,543	2,418
Operating income	637	535	1,583	1,338
Less:
Other expense (income)	27	(46)	(54)	81
Other components of net periodic benefit recovery cost	(100)	(97)	(298)	(289)
Net interest (income) expense	118	121	360	356
(Loss) income before income tax expense and equity in net earnings of subsidiaries	592	557	1,575	1,190
Income tax expense (recovery)	156	142	373	327
Add: Equity in net earnings of subsidiaries	186	200	568	552
Net income	622	615	1,770	1,415
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member] | Freight
Revenues
Total revenues	1,381	1,316	4,028	3,667
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member] | Non-freight
Revenues
Total revenues	35	31	98	89
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Revenues
Total revenues	666	630	1,905	1,792
Operating expenses
Compensation and benefits	114	117	369	346
Fuel	46	49	137	148
Materials	12	11	40	38
Equipment rents	(3)	6	(14)	11
Depreciation and amortization	73	69	210	202
Purchased services and other	192	123	512	428
Total operating expenses	434	375	1,254	1,173
Operating income	232	255	651	619
Less:
Other expense (income)	(1)	3	3	(32)
Other components of net periodic benefit recovery cost	1	1	4	2
Net interest (income) expense	(8)	(7)	(22)	(21)
(Loss) income before income tax expense and equity in net earnings of subsidiaries	240	258	666	670
Income tax expense (recovery)	54	58	98	118
Add: Equity in net earnings of subsidiaries	0	0	0	0
Net income	186	200	568	552
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Freight
Revenues
Total revenues	551	538	1,561	1,521
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | Non-freight
Revenues
Total revenues	$ 115	$ 92	$ 344	$ 271

Condensed Consolidating Finan_4

Condensed Consolidating Financial Information - Interim Condensed Consolidating Statements of Comprehensive Income (Details) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Net income	$ 618	$ 622	$ 1,776	$ 1,406
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	(8)	12	23	(24)
Change in derivatives designated as cash flow hedges	2	1	8	36
Change in pension and post-retirement defined benefit plans	20	28	61	86
Other comprehensive income before income taxes	14	41	92	98
Income tax recovery (expense) on above items	3	(22)	(41)	(11)
Equity accounted investments	0	0	0	0
Other comprehensive income (loss)	17	19	51	87
Comprehensive income	635	641	1,827	1,493
Consolidating Adjustments and Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	(808)	(815)	(2,338)	(1,967)
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	(78)	64	96	(243)
Other comprehensive income (loss)	(78)	64	96	(243)
Comprehensive income	(886)	(751)	(2,242)	(2,210)
CPRL (Parent Guarantor) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	618	622	1,776	1,406
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	17	19	51	87
Other comprehensive income (loss)	17	19	51	87
Comprehensive income	635	641	1,827	1,493
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	622	615	1,770	1,415
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	(68)	96	173	(177)
Change in derivatives designated as cash flow hedges	2	1	8	36
Change in pension and post-retirement defined benefit plans	19	27	58	82
Other comprehensive income before income taxes	(47)	124	239	(59)
Income tax recovery (expense) on above items	3	(22)	(41)	(10)
Equity accounted investments	61	(83)	(147)	156
Other comprehensive income (loss)	17	19	51	87
Comprehensive income	639	634	1,821	1,502
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Net income	186	200	568	552
Net (loss) gain in foreign currency translation adjustments, net of hedging activities	60	(84)	(150)	153
Change in derivatives designated as cash flow hedges	0	0	0	0
Change in pension and post-retirement defined benefit plans	1	1	3	4
Other comprehensive income before income taxes	61	(83)	(147)	157
Income tax recovery (expense) on above items	0	0	0	(1)
Equity accounted investments	0	0	0	0
Other comprehensive income (loss)	61	(83)	(147)	156
Comprehensive income	$ 247	$ 117	$ 421	$ 708

Condensed Consolidating Finan_5

Condensed Consolidating Financial Information - Interim Condensed Consolidating Balance Sheets (Details) - CAD ($) $ in Millions	Sep. 30, 2019	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 145			$ 61
Accounts receivable, net	770			815
Accounts receivable, intercompany	0			0
Short-term advances to affiliates	0			0
Materials and supplies	188			173
Other current assets	83			68
Total current assets	1,186			1,117
Long-term advances to affiliates	0			0
Investments	215			203
Investments in subsidiaries	0			0
Properties	18,909		$ 18,406	18,418
Goodwill and intangible assets	195			202
Pension asset	1,572			1,243
Other assets	462		470	71
Deferred income taxes	0			0
Total assets	22,539			21,254
Current liabilities
Accounts payable and accrued liabilities	1,415		1,507	1,449
Accounts payable, intercompany	0			0
Short-term advances from affiliates	0			0
Long-term debt maturing within one year	675			506
Total current liabilities	2,090			1,955
Pension and other benefit liabilities	712			718
Long-term advances from affiliates	0			0
Other long-term liabilities	579		574	237
Long-term debt	8,308			8,190
Deferred income taxes	3,635		3,515	3,518
Total liabilities	15,324			14,618
Shareholders’ equity
Share capital	1,982			2,002
Additional paid-in capital	45			42
Accumulated other comprehensive (loss) income	(1,992)	$ (2,009)		(2,043)	$ (1,654)	$ (1,673)	$ (1,741)
Retained earnings	7,180		6,630	6,635
Total shareholders' equity	7,215	$ 7,157	$ 6,631	6,636	$ 7,128	$ 6,574	$ 6,437
Total liabilities and shareholders’ equity	22,539			21,254
Consolidating Adjustments and Eliminations [Member]
Current assets
Cash and cash equivalents	0			0
Accounts receivable, net	0			0
Accounts receivable, intercompany	(526)			(516)
Short-term advances to affiliates	(6,017)			(6,253)
Materials and supplies	0			0
Other current assets	0			0
Total current assets	(6,543)			(6,769)
Long-term advances to affiliates	(1,182)			(1,188)
Investments	0			0
Investments in subsidiaries	(24,175)			(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	(31,905)			(31,409)
Current liabilities
Accounts payable and accrued liabilities	0			0
Accounts payable, intercompany	(526)			(516)
Short-term advances from affiliates	(6,017)			(6,253)
Long-term debt maturing within one year	0			0
Total current liabilities	(6,543)			(6,769)
Pension and other benefit liabilities	0			0
Long-term advances from affiliates	(1,182)			(1,188)
Other long-term liabilities	0			0
Long-term debt	0			0
Deferred income taxes	(5)			(6)
Total liabilities	(7,730)			(7,963)
Shareholders’ equity
Share capital	(6,608)			(6,484)
Additional paid-in capital	(1,744)			(1,748)
Accumulated other comprehensive (loss) income	1,300			1,204
Retained earnings	(17,123)			(16,418)
Total shareholders' equity	(24,175)			(23,446)
Total liabilities and shareholders’ equity	(31,905)			(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	158			125
Short-term advances to affiliates	0			0
Materials and supplies	0			0
Other current assets	0			0
Total current assets	158			125
Long-term advances to affiliates	1,090			1,090
Investments	0			0
Investments in subsidiaries	11,748			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	13,001			12,664
Current liabilities
Accounts payable and accrued liabilities	128			115
Accounts payable, intercompany	7			4
Short-term advances from affiliates	5,651			5,909
Long-term debt maturing within one year	0			0
Total current liabilities	5,786			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	5,786			6,028
Shareholders’ equity
Share capital	1,982			2,002
Additional paid-in capital	45			42
Accumulated other comprehensive (loss) income	(1,992)			(2,043)
Retained earnings	7,180			6,635
Total shareholders' equity	7,215			6,636
Total liabilities and shareholders’ equity	13,001			12,664
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Current assets
Cash and cash equivalents	45			42
Accounts receivable, net	581			629
Accounts receivable, intercompany	136			167
Short-term advances to affiliates	1,099			1,602
Materials and supplies	150			136
Other current assets	51			39
Total current assets	2,062			2,615
Long-term advances to affiliates	6			5
Investments	31			24
Investments in subsidiaries	12,427			12,003
Properties	10,080			9,579
Goodwill and intangible assets	0			0
Pension asset	1,572			1,243
Other assets	167			57
Deferred income taxes	0			0
Total assets	26,345			25,526
Current liabilities
Accounts payable and accrued liabilities	926			1,017
Accounts payable, intercompany	383			344
Short-term advances from affiliates	363			341
Long-term debt maturing within one year	634			506
Total current liabilities	2,306			2,208
Pension and other benefit liabilities	640			639
Long-term advances from affiliates	1,176			1,182
Other long-term liabilities	224			120
Long-term debt	8,295			8,135
Deferred income taxes	1,956			1,799
Total liabilities	14,597			14,083
Shareholders’ equity
Share capital	537			538
Additional paid-in capital	1,648			1,656
Accumulated other comprehensive (loss) income	(1,992)			(2,043)
Retained earnings	11,555			11,292
Total shareholders' equity	11,748			11,443
Total liabilities and shareholders’ equity	26,345			25,526
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Current assets
Cash and cash equivalents	100			19
Accounts receivable, net	189			186
Accounts receivable, intercompany	232			224
Short-term advances to affiliates	4,918			4,651
Materials and supplies	38			37
Other current assets	32			29
Total current assets	5,509			5,146
Long-term advances to affiliates	86			93
Investments	184			179
Investments in subsidiaries	0			0
Properties	8,829			8,839
Goodwill and intangible assets	195			202
Pension asset	0			0
Other assets	295			14
Deferred income taxes	0			0
Total assets	15,098			14,473
Current liabilities
Accounts payable and accrued liabilities	361			317
Accounts payable, intercompany	136			168
Short-term advances from affiliates	3			3
Long-term debt maturing within one year	41			0
Total current liabilities	541			488
Pension and other benefit liabilities	72			79
Long-term advances from affiliates	6			6
Other long-term liabilities	355			117
Long-term debt	13			55
Deferred income taxes	1,684			1,725
Total liabilities	2,671			2,470
Shareholders’ equity
Share capital	6,071			5,946
Additional paid-in capital	96			92
Accumulated other comprehensive (loss) income	692			839
Retained earnings	5,568			5,126
Total shareholders' equity	12,427			12,003
Total liabilities and shareholders’ equity	$ 15,098			$ 14,473

Condensed Consolidating Finan_6

Condensed Consolidating Financial Information - Interim Condensed Consolidating Statements of Cash Flows (Details) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	$ 823	$ 673	$ 1,957	$ 1,781
Investing activities
Additions to properties	(464)	(430)	(1,147)	(1,084)
Proceeds from sale of properties and other assets	4	7	18	16
Advances to affiliates	0	0	0	0
Repayment of advances to affiliates	0	0	0	0
Capital contributions to affiliates			0
Repurchase of share capital from affiliates		0		0
Other investing activities	(1)	0	(6)	(1)
Cash used in investing activities	(461)	(423)	(1,135)	(1,069)
Financing activities
Dividends paid	(116)	(92)	(298)	(255)
Issuance of share capital			0
Return of share capital to affiliates		0		0
Issuance of CP Common Shares	6	4	20	16
Purchase of CP Common Shares	(500)	0	(964)	(559)
Issuance of long-term debt, excluding commercial paper	0	0	397	638
Repayment of long-term debt, excluding commercial paper	(6)	(5)	(491)	(744)
Net issuance of commercial paper	355	(53)	601	0
Advances from affiliates	0	0	0	0
Repayment of advances from affiliates	0	0	0	0
Other financing activities	(2)	0	(2)	0
Cash used in financing activities	(263)	(146)	(737)	(904)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	1	(5)	(1)	4
Cash position
Increase (decrease) in cash and cash equivalents	100	99	84	(188)
Cash and cash equivalents at beginning of period	45	51	61	338
Cash and cash equivalents at end of period	145	150	145	150
Consolidating Adjustments and Eliminations [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	(761)	(149)	(1,629)	(545)
Investing activities
Additions to properties	0	0	0	0
Proceeds from sale of properties and other assets	0	0	0	0
Advances to affiliates	7	209	517	272
Repayment of advances to affiliates	(101)	(844)	(753)	(840)
Capital contributions to affiliates			125
Repurchase of share capital from affiliates		(736)		(1,283)
Other investing activities	0		0	0
Cash used in investing activities	(94)	(1,371)	(111)	(1,851)
Financing activities
Dividends paid	761	149	1,629	545
Issuance of share capital			(125)
Return of share capital to affiliates		736		1,283
Issuance of CP Common Shares	0	0	0	0
Purchase of CP Common Shares	0		0	0
Issuance of long-term debt, excluding commercial paper			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	(7)	(209)	(517)	(272)
Repayment of advances from affiliates	101	844	753	840
Other financing activities	0		0
Cash used in financing activities	855	1,520	1,740	2,396
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	709	87	1,494	235
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	0
Capital contributions to affiliates			0
Repurchase of share capital from affiliates		500		500
Other investing activities	0		0	0
Cash used in investing activities	0	500	0	500
Financing activities
Dividends paid	(116)	(92)	(298)	(255)
Issuance of share capital			0
Return of share capital to affiliates		0		0
Issuance of CP Common Shares	6	4	20	16
Purchase of CP Common Shares	(498)		(962)	(559)
Issuance of long-term debt, excluding commercial paper			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	0	209	495	272
Repayment of advances from affiliates	(101)	(708)	(749)	(209)
Other financing activities	0		0
Cash used in financing activities	(709)	(587)	(1,494)	(735)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	0	0	0	0
Cash position
Increase (decrease) in cash and cash equivalents	0	0	0	0
Cash and cash equivalents at beginning of period	0	0	0	0
Cash and cash equivalents at end of period	0	0	0	0
CPRC (Subsidiary Issuer) [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	608	416	1,371	1,309
Investing activities
Additions to properties	(321)	(303)	(778)	(701)
Proceeds from sale of properties and other assets	1	4	13	10
Advances to affiliates	0	0	(250)	(63)
Repayment of advances to affiliates	101	499	749	0
Capital contributions to affiliates			(125)
Repurchase of share capital from affiliates		236		783
Other investing activities	0		1	0
Cash used in investing activities	(219)	436	(390)	29
Financing activities
Dividends paid	(716)	(92)	(1,498)	(255)
Issuance of share capital			0
Return of share capital to affiliates		(500)		(500)
Issuance of CP Common Shares	0	0	0	0
Purchase of CP Common Shares	(2)		(2)	0
Issuance of long-term debt, excluding commercial paper			397	638
Repayment of long-term debt, excluding commercial paper	(6)	(5)	(491)	(744)
Net issuance of commercial paper	355	(53)	601
Advances from affiliates	7	0	22	0
Repayment of advances from affiliates	0	(136)	(4)	(631)
Other financing activities	(2)		(2)
Cash used in financing activities	(364)	(786)	(977)	(1,492)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	0	17	(1)	16
Cash position
Increase (decrease) in cash and cash equivalents	25	83	3	(138)
Cash and cash equivalents at beginning of period	20	20	42	241
Cash and cash equivalents at end of period	45	103	45	103
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member]
Condensed Financial Statements, Captions [Line Items]
Cash provided by operating activities	267	319	721	782
Investing activities
Additions to properties	(143)	(127)	(369)	(383)
Proceeds from sale of properties and other assets	3	3	5	6
Advances to affiliates	(7)	(209)	(267)	(209)
Repayment of advances to affiliates	0	345	4	840
Capital contributions to affiliates			0
Repurchase of share capital from affiliates		0		0
Other investing activities	(1)		(7)	(1)
Cash used in investing activities	(148)	12	(634)	253
Financing activities
Dividends paid	(45)	(57)	(131)	(290)
Issuance of share capital			125
Return of share capital to affiliates		(236)		(783)
Issuance of CP Common Shares	0	0	0	0
Purchase of CP Common Shares	0		0	0
Issuance of long-term debt, excluding commercial paper			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	0	0	0	0
Repayment of advances from affiliates	0	0	0	0
Other financing activities	0		0
Cash used in financing activities	(45)	(293)	(6)	(1,073)
Effect of foreign currency fluctuations on U.S. dollar-denominated cash and cash equivalents	1	(22)	0	(12)
Cash position
Increase (decrease) in cash and cash equivalents	75	16	81	(50)
Cash and cash equivalents at beginning of period	25	31	19	97
Cash and cash equivalents at end of period	$ 100	$ 47	$ 100	$ 47

Uncategorized Items - q32019qua

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